OceanFirst Financial Corp. Announces Third Quarter Financial Results

Rhea-AI Summary

OceanFirst Financial (NASDAQ:OCFC) reported Q3 2025 net income available to common stockholders of $17.3M ($0.30 diluted), down from $24.1M ($0.42) year-over-year and up from $16.2M ($0.28) sequentially. Nine-month net income was $54.0M ($0.94), down from $75.1M ($1.29) a year earlier. Key metrics: net interest income $90.7M, NIM 2.91%, total loans +$372.9M (14% annualized), total deposits $10.4B. The quarter included $4.1M restructuring charges for outsourcing residential loan originations and title, with ~$8M additional charges next quarter, an expected 11% workforce reduction and anticipated annual savings of $14M. The board declared a quarterly cash dividend of $0.20 per share payable November 14, 2025.

Positive

• Total loans increased $372.9M (14% annualized)
• Total deposits grew to $10.4B sequentially
• Net interest income of $90.7M and NIM improved to 2.91%
• Board declared quarterly dividend of $0.20 per share

Negative

• Q3 2025 net income down to $17.3M (-28% YoY)
• Restructuring charges of $4.1M with ~ $8M more next quarter
• Provision for credit losses rose to $4.1M from $0.517M YoY
• Efficiency ratio worsened to 74.13% from 65.77% YoY

Insights

Banking financial analyst

Quarterly earnings fell year‑over‑year despite stronger loan and deposit growth; restructuring will raise near‑term charges and cut 2026 residential gains.

OceanFirst Financial Corp. reported net income available to common stockholders of $17.3 million ($0.30 diluted) for the quarter ended September 30, 2025, down from $24.1 million a year earlier but up from the linked quarter. Net interest income rose to $90.7 million and net interest margin improved to 2.91%, driven by lower cost of funds and higher commercial loan balances.

The company recorded $4.1 million of restructuring charges tied to outsourcing residential originations and expects ~$8 million more next quarter. Management forecasts an 11% workforce reduction and ~$14 million of annual expense savings, partially offset by lower gain‑on‑sale revenue starting in 2026. Deposits reached $10.4 billion and total loans grew by 14% annualized, with a strong commercial pipeline of $710.9 million.

Risks and dependencies include the upcoming additional restructuring charges, the stated reduction in future gain‑on‑sale income from residential outsourcing, and a higher provision for credit losses of $4.1 million this quarter driven by loan growth and unfunded commitments. Monitor the next quarter for the announced ~$8 million charge, trends in provision and net charge‑offs, and the impact on core earnings and gain‑on‑sale revenue into 2026.

RED BANK, N.J., Oct. 22, 2025 (GLOBE NEWSWIRE) -- OceanFirst Financial Corp. (NASDAQ:OCFC) (the “Company”), the holding company for OceanFirst Bank N.A. (the “Bank”), announced net income available to common stockholders of $17.3 million, or $0.30 per diluted share, for the three months ended September 30, 2025, a decrease from $24.1 million, or $0.42 per diluted share, for the corresponding prior year period, and an increase from $16.2 million, or $0.28 per diluted share, for the linked quarter. For the nine months ended September 30, 2025, the Company reported net income available to common stockholders of $54.0 million, or $0.94 per diluted share, a decrease from $75.1 million, or $1.29 per diluted share, for the corresponding prior year period. Selected performance metrics are as follows (refer to “Selected Quarterly Financial Data” for additional information):

	For the Three Months Ended,									For the Nine Months Ended,
Performance Ratios (Annualized):	September 30,			June 30,			September 30,			September 30,			September 30,
	2025			2025			2024			2025			2024
Return on average assets	0.51	%		0.49	%		0.71	%		0.54	%		0.74	%
Return on average stockholders’ equity	4.15			3.86			5.68			4.29			5.98
Return on average tangible stockholders’ equity(a)	6.13			5.66			8.16			6.28			8.62
Return on average tangible common equity(a)	6.13			5.66			8.57			6.28			9.05
Efficiency ratio	74.13			71.93			65.77			70.64			62.71
Net interest margin	2.91			2.91			2.67			2.91			2.73

_{^(a) Return on average tangible stockholders’ equity and return on average tangible common equity (“ROTCE”) are non-GAAP (“generally accepted accounting principles”) financial measures. Refer to “Explanation of Non-GAAP Financial Measures,” “Selected Quarterly Financial Data” and “Other Items - Non-GAAP Reconciliation” tables for reconciliation and additional information regarding non-GAAP financial measures.}

Core earnings¹ for the three and nine months ended September 30, 2025 were $20.3 million and $58.4 million, respectively, or $0.36 and $1.01 per diluted share, a decrease from $23.2 million and $71.5 million, respectively, or $0.39 and $1.22 per diluted share, for the corresponding prior year periods, and an increase from $17.7 million, or $0.31 per diluted share, for the linked quarter.

Core earnings PTPP¹ for the three and nine months ended September 30, 2025 was $30.5 million and $89.3 million, or $0.54 and $1.55 per diluted share, a decrease from $30.9 million and $99.8 million, respectively, or $0.53 and $1.71 per diluted share, for the corresponding prior year periods, and an increase from $26.4 million or $0.46 per diluted share, for the linked quarter. Selected performance metrics are as follows:

	For the Three Months Ended,												For the Nine Months Ended,
	September 30,				June 30,				September 30,				September 30,				September 30,
Core Ratios1(Annualized):	2025				2025				2024			2025					2024
Return on average assets		0.60	%			0.53	%			0.69	%			0.58	%			0.71	%
Return on average tangible stockholders’ equity		7.19				6.17				7.85				6.79				8.20
Return on average tangible common equity		7.19				6.17				8.24				6.79				8.61
Efficiency ratio		70.30				72.28				66.00				69.49				63.49
Diluted earnings per share	$	0.36			$	0.31			$	0.39			$	1.01			$	1.22
PTPP diluted earnings per share		0.54				0.46				0.53				1.55				1.71

Key developments for the quarter are described below:

• Loan Growth: Total loans increased $372.9 million, representing a 14% annualized growth rate, which included $219.1 million of commercial and industrial loan growth. Commercial loan originations increased 74% to $739.2 million, from $425.9 million in the linked quarter, and the commercial loan pipeline remains robust at $710.9 million, as compared to a record high of $790.8 million in the linked quarter.
• Deposit Growth: Total deposits increased to $10.4 billion from $10.2 billion in the linked quarter. Deposits, excluding $117.7 million of brokered deposit run-off, increased $321.2 million.
• Residential Outsourcing: The current quarter results include the impact of the Company’s strategic decision to outsource residential loan originations and title business. In connection with this decision, the Company recognized $4.1 million of restructuring charges during the quarter and will incur approximately $8 million of additional charges next quarter. The residential outsourcing initiative will result in an 11% reduction in workforce and result in an anticipated annual expense savings of $14 million offset in part by a reduction in gain on sale of loans starting in 2026.

Chairman and Chief Executive Officer, Christopher D. Maher, commented on the Company’s results, “We are pleased to present our current quarter results, which reflect increased earnings, driven by strong organic loan and deposit growth while maintaining a robust commercial loan pipeline. We are also announcing a shift in our residential business where we have partnered with a national mortgage banking company to originate residential loans, materially reducing the number of employees and operating expenses as we move into 2026.” Mr. Maher added, “Additionally, the Bank hosted its annual CommUNITYFirst Day last month. Thank you to our exceptional employees and nonprofit partners who help enrich our communities, not only during this event, but throughout the year.”

The Company’s Board of Directors declared its 115^th consecutive quarterly cash dividend on common stock. The quarterly cash dividend on common stock of $0.20 per share will be paid on November 14, 2025 to common stockholders of record on November 3, 2025.

_{¹ Core earnings and core earnings before income taxes and provision for credit losses (“PTPP” or “Pre-Tax-Pre-Provision”), and ratios derived therefrom, are non-GAAP financial measures. For the periods presented, merger related expenses, restructuring charges, net (gain) loss on equity investments, net gain on sale of trust business, the opening provision for credit losses in connection with the acquisition of Spring Garden Capital Group, LLC (“Spring Garden”), the Federal Deposit Insurance Corporation (“FDIC”) special assessment (release) expense, and the income tax effect of these items, as well as loss on redemption of preferred stock (collectively referred to as “non-core” operations). PTPP excludes the aforementioned pre-tax “non-core” items along with income tax expense (benefit) and provision for credit losses (exclusive of the Spring Garden opening provision). Refer to “Explanation of Non-GAAP Financial Measures,” “Selected Quarterly Financial Data” and the “Other Items - Non-GAAP Reconciliation” tables for additional information regarding non-GAAP financial measures.}

Results of Operations
During the current quarter, the Company recognized $4.1 million of restructuring charges related to the Company’s residential outsourcing initiative. 

Net Interest Income and Margin
Three months ended September 30, 2025 vs. September 30, 2024

Net interest income increased to $90.7 million, from $82.2 million, primarily due to increased balances and net interest margin. Net interest margin increased to 2.91%, from 2.67%, which included the impact of purchase accounting accretion and prepayment fees of 0.02% for both periods. Net interest margin increased primarily due to the decrease in cost of funds.

Average interest-earning assets increased by $131.3 million, primarily due to increases in commercial and residential loans, partly offset by a reduction in cash and securities. The average yield for interest-earning assets decreased to 5.21%, from 5.26%, due to the lower interest rate environment.

The cost of average interest-bearing liabilities decreased to 2.85%, from 3.20%, primarily due to lower cost of deposits and, to a lesser extent, Federal Home Loan Bank (“FHLB”) advances, partly offset by an increase in the cost of other borrowings. The total cost of deposits decreased 38 basis points to 2.06%, from 2.44%. Average interest-bearing liabilities increased by $100.7 million, primarily due to increases in FHLB advances, partly offset by a decrease in other borrowings. 

Nine months ended September 30, 2025 vs. September 30, 2024

Net interest income increased to $264.9 million, from $250.7 million, reflecting the net impact of the decreasing interest rate environment. Net interest margin increased to 2.91%, from 2.73%, which included the impact of purchase accounting accretion and prepayment fees of 0.03% and 0.04% for the respective periods. 

Average interest-earning assets decreased by $79.0 million, primarily driven by a decrease in securities and, to a lesser extent, interest-earning deposits and short term investments, partly offset by an increase in residential loans. The average yield decreased to 5.16%, from 5.25%. 

The cost of average interest-bearing liabilities decreased to 2.80%, from 3.12%. The total cost of deposits decreased to 2.06%, from 2.37%. Average interest-bearing liabilities decreased by $85.2 million, primarily due to decreases in other borrowings and total deposits, partly offset by an increase in FHLB advances. 

Three months ended September 30, 2025 vs. June 30, 2025

Net interest income increased by $3.0 million, to $90.7 million from $87.6 million and net interest margin was 2.91% for both periods, primarily reflecting a net increase in interest-earning assets and yields. Net interest income included the impact of purchase accounting accretion and prepayment fees of 0.02% and 0.04%, respectively. 

Average interest-earning assets increased by $298.5 million, primarily due to increases in commercial loans, residential loans, and securities. The yield on average interest-earning assets increased to 5.21%, from 5.14%.

The cost of average interest-bearing liabilities increased to 2.85%, from 2.77%, primarily due to an increase in the cost of other borrowings related to subordinated debt that repriced to a variable rate in May 2025. The total cost of deposits remained stable at 2.06% for both periods. Average interest-bearing liabilities increased by $235.3 million, primarily due to an increase in FHLB advances.

Provision for Credit Losses

Provision for credit losses for the three and nine months ended September 30, 2025 was $4.1 million and $12.5 million, respectively, as compared to $517,000 and $4.2 million for the corresponding prior year periods, and $3.0 million for the linked quarter. The current quarter provision was primarily driven by net loan growth and an increase in unfunded loan balances and commitments, partly offset by overall improvements in criticized and classified loans.

Net loan charge-offs were $617,000 and $3.5 million for the three and nine months ended September 30, 2025, respectively, as compared to net loan recoveries of $88,000 and net loan charge-offs of $1.7 million for the corresponding prior year periods and $2.2 million for the linked quarter. The linked quarter included charge-offs of $1.6 million for two commercial relationships related to the Company’s recent acquisition and charge-offs of $445,000 related to sales of non-performing residential and consumer loans of $2.2 million. The nine months ended September 30, 2024 includes the impact of a $1.6 million charge-off related to a single commercial real estate relationship that was sold in the prior year.

Non-interest Income
Three months ended September 30, 2025 vs. September 30, 2024        

Other income decreased to $12.3 million, as compared to $14.7 million. Other income was adversely impacted by non-core operations related to net losses on equity investments of $7,000 in the current quarter. Other income was favorably impacted by net gains on equity investments of $1.4 million and a $1.4 million gain on sale of a portion of the Company’s trust business in the prior year quarter.

Excluding non-core operations, other income increased by $485,000. The primary drivers were increases in commercial loan swap income of $1.3 million due to new swaps, and net gain on sale of loans of $395,000, partly offset by a decrease in fees and service charges of $906,000, primarily due to lower retail deposit fees. In addition, the prior period included a non-recurring gain on sale of assets held for sale of $855,000.

Nine months ended September 30, 2025 vs. September 30, 2024

Other income decreased to $35.3 million, as compared to $38.0 million. Other income was favorably impacted by non-core operations related to net gains on equity investments of $686,000 and $4.2 million, for the respective periods, and a $2.6 million gain on sale of a portion of the Company’s trust business for the prior year period.

Excluding non-core operations, other income increased by $3.5 million. The primary drivers were increases related to commercial loan swap income of $1.7 million due to new swaps, net gain on sale of loans of $1.7 million, and non-recurring other income of $1.9 million in the current period. These were partly offset by a decrease of $855,000 related to a non-recurring gain on sale of assets held for sale in the prior year and a decrease in fees and service charges of $713,000, primarily due to lower retail deposit fees.

Three months ended September 30, 2025 vs. June 30, 2025

Other income in the linked quarter was $11.7 million and was favorably impacted by non-core operations of $488,000 related to net gain on equity investments. Excluding non-core operations, other income increased by $1.1 million. The primary drivers were an increase in commercial loan swap income of $1.5 million and a decrease in net loss on other real estate operations of $261,000, partly offset by non-recurring other income of $1.1 million in the prior quarter.

Non-interest Expense
Three months ended September 30, 2025 vs. September 30, 2024

Operating expenses increased to $76.3 million, as compared to $63.7 million. Operating expenses in the current quarter were adversely impacted by non-core operations of $3.9 million, related to restructuring charges partly offset by a reversal of FDIC special assessment fees. Operating expenses in the prior year were adversely impacted by non-core operations of $1.7 million for merger related expenses. 

Excluding non-core operations, operating expenses increased by $10.3 million. The primary driver was an increase in compensation and benefits of $5.5 million, mostly due to additional commercial banking team hires, acquisitions at the end of the prior year and annual merit increases. Additional drivers were increases in professional fees of $1.5 million, partly due to higher consulting fees, data processing expense of $1.2 million, occupancy expense of $941,000, partly due to additional space for commercial banking hires, addition of a new branch and acquisitions at the end of the prior year, and other operating expenses of $738,000, mostly due to additional loan servicing expense.

Nine months ended September 30, 2025 vs. September 30, 2024

Operating expenses increased to $212.1 million, as compared to $181.0 million. Operating expenses in the current year were adversely impacted by non-core operations of $3.9 million, related to restructuring charges partly offset by a reversal of FDIC special assessment fees. Operating expenses in the prior year were adversely impacted by non-core operations of $2.1 million from merger related expenses and an FDIC special assessment expense.

Excluding non-core operations, operating expenses increased by $29.2 million. The primary driver was an increase in compensation and benefits of $16.6 million, mostly due to acquisitions at the end of the prior year, additional commercial banking team hires, and annual merit increases. Additional drivers were increases in other operating expenses of $3.7 million, mostly due to additional loan servicing expense, professional fees of $3.4 million, partly due to the recruitment of commercial bankers, data processing of $2.7 million, partly due to acquisitions at the end of the prior year, occupancy of $1.5 million, partly due to additional space for commercial banking hires, addition of a new branch and acquisitions from end of the prior year, and marketing of $637,000.

Three months ended September 30, 2025 vs. June 30, 2025

Operating expenses in the linked quarter were $71.5 million. Excluding non-core operations in the current quarter, operating expenses increased by $916,000. The primary drivers were increases in compensation and benefits of $1.1 million due to additional banking team hires in the prior quarter, and occupancy expense of $644,000, partly offset by a decrease in professional fees of $869,000, primarily due to recruitment fees in the prior quarter.

Income Tax Expense

The provision for income taxes was $5.2 million and $17.7 million for the three and nine months ended September 30, 2025, as compared to $7.5 million and $25.2 million for the same prior year periods and $5.8 million for the linked quarter. The effective tax rate was 22.9% and 23.4% for the three and nine months ended September 30, 2025, as compared to 22.9% and 24.4% for the same prior year periods and 23.2% for the linked quarter. The effective tax rate for the prior year quarter was positively impacted by geographic mix and nine months ended September 30, 2024 was adversely impacted by a non-recurring write-off of a deferred tax asset of $1.2 million net of other state tax effects.

Financial Condition
September 30, 2025 vs. December 31, 2024

Total assets increased by $903.4 million to $14.32 billion, from $13.42 billion, primarily due to increases in loans and debt securities available-for-sale. Total loans increased by $439.9 million to $10.56 billion, from $10.12 billion, while the loan pipeline increased by $557.3 million to $863.9 million, from $306.7 million, primarily due to an increase in the commercial loan pipeline of $513.4 million. Debt securities available-for-sale increased by $434.1 million to $1.26 billion, from $827.5 million, primarily due to new purchases in the current quarter. Debt securities held-to-maturity decreased by $126.1 million to $919.7 million, from $1.05 billion, primarily due to principal repayments. Other assets decreased by $27.2 million to $158.5 million, from $185.7 million, primarily due to a decrease in market values associated with customer interest rate swap programs. 

Total liabilities increased by $952.7 million to $12.67 billion, from $11.72 billion primarily related to an increase in FHLB advances and deposits. FHLB advances increased by $633.0 million to $1.71 billion, from $1.07 billion. Deposits increased by $369.7 million to $10.44 billion, from $10.07 billion, mostly driven by Premier banking deposits. Time deposits increased to $2.22 billion, from $2.08 billion, representing 21.2% and 20.7% of total deposits, respectively. Time deposits included an increase in brokered time deposits of $330.4 million, partly offset by a decrease in retail time deposits of $195.1 million. The loan-to-deposit ratio was 101.2%, as compared to 100.5%.   

Other liabilities decreased by $55.5 million to $242.9 million, from $298.4 million, mostly due to a decrease in the market values of derivatives associated with customer interest rate swaps and related collateral received from counterparties.

The Company completed its annual goodwill impairment test as of August 31, 2025. Based on a quantitative assessment, the Company concluded that goodwill was not impaired. However, the Company continues to monitor its goodwill, and negative industry and economic trends and possible declines in the Company’s stock price may result in a re-evaluation before the next required annual test.

Capital levels remain strong and in excess of “well-capitalized” regulatory levels at September 30, 2025, including the Company’s estimated common equity tier one capital ratio which declined to 10.6%, driven primarily by loan growth, increased lending commitments and stock repurchases.

Total stockholders’ equity decreased to $1.65 billion, as compared to $1.70 billion, primarily due to the redemption of preferred stock for $55.5 million and capital returns comprised of dividends and share repurchases, partially offset by net income. Additionally, accumulated other comprehensive loss decreased by $7.1 million primarily due to increases in the fair market value of available-for-sale debt securities, net of tax.

During the nine months ended September 30, 2025, the Company repurchased 1,404,253 shares totaling $24.4 million representing a weighted average cost of $17.17, which includes repurchases of exercised options and awards from employees outside of the share repurchase program. On July 16, 2025, the Company announced its Board of Directors authorized a 2025 Stock Repurchase Program to repurchase up to an additional 3.0 million shares. As of September 30, 2025, the Company had 3,226,284 shares available for repurchase under the authorized repurchase programs. 

The Company’s tangible common equity² increased by $8.9 million to $1.12 billion. The Company’s stockholders’ equity to assets ratio was 11.54% at September 30, 2025, and tangible common equity to tangible assets ratio decreased by 50 basis points during the year to 8.12%, primarily due to the drivers described above.

Book value per common share decreased to $28.81, as compared to $29.08. Tangible book value per common share² increased to $19.52, as compared to $18.98.

_{² Tangible book value per common share and tangible common equity to tangible assets are non-GAAP financial measures and exclude the impact of intangible assets, goodwill, and preferred equity from both stockholders’ equity and total assets. Refer to “Explanation of Non-GAAP Financial Measures” and the “Other Items - Non-GAAP Reconciliation” tables for additional information regarding non-GAAP financial measures.}

Asset Quality
September 30, 2025 vs. December 31, 2024

The Company’s non-performing loans increased to $41.3 million, from $35.5 million, and represented 0.39% and 0.35% of total loans, respectively. The allowance for loan credit losses as a percentage of total non-performing loans was 196.87%, as compared to 207.19%. The level of 30 to 89 days delinquent loans decreased to $19.8 million, from $36.6 million, primarily related to residential loans. Criticized and classified loans and other real estate owned decreased to $131.2 million, from $159.9 million. The Company’s allowance for loan credit losses was 0.77% of total loans, as compared to 0.73%. Refer to “Provision for Credit Losses” section for further discussion.

The Company’s asset quality, excluding purchased with credit deterioration (“PCD”) loans, was as follows. Non-performing loans increased to $35.6 million, from $27.6 million. The allowance for loan credit losses as a percentage of total non-performing loans was 228.28%, as compared to 266.73%. The level of 30 to 89 days delinquent loans, excluding non-performing loans, decreased to $16.8 million, from $33.6 million.

Explanation of Non-GAAP Financial Measures

Reported amounts are presented in accordance with GAAP. The Company’s management believes that the supplemental non-GAAP information, which consists of reported net income excluding non-core operations and in some instances excluding income taxes and provision for credit losses, and reporting equity and asset amounts excluding intangible assets, goodwill or preferred stock, all of which can vary from period to period, provides a better comparison of period-to-period operating performance. Additionally, the Company believes this information is utilized by regulators and market analysts to evaluate a company’s financial condition and, therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for financial results in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures, which may be presented by other companies. Refer to the Non-GAAP Reconciliation table at the end of this document for details on the earnings impact of these items.

Conference Call

As previously announced, the Company will host an earnings conference call on Thursday, October 23, 2025 at 8:00 a.m. Eastern Time. The direct dial number for the call is (833) 470-1428, using the access code 969824. For those unable to participate in the conference call, a replay will be available. To access the replay, dial (866) 813-9403 using the access code 865080, from one hour after the end of the call until October 31, 2025. The conference call, as well as the replay, are also available (listen-only) by internet webcast at www.oceanfirst.com in the Investor Relations section.

OceanFirst Financial Corp.’s subsidiary, OceanFirst Bank N.A., founded in 1902, is a $14.3 billion regional bank providing financial services throughout New Jersey and in the major metropolitan areas between Massachusetts and Virginia. OceanFirst Bank delivers commercial and residential financing, treasury management, trust and asset management, and deposit services and is one of the largest and oldest community-based financial institutions headquartered in New Jersey. To learn more about OceanFirst, go to www.oceanfirst.com. 

Forward-Looking Statements
        
In addition to historical information, this news release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are based on certain assumptions and describe future plans, strategies and expectations of the Company. These forward-looking statements are generally identified by use of the words “believe”, “expect”, “intend”, “anticipate”, “estimate”, “project”, “will”, “should”, “may”, “view”, “opportunity”, “potential”, or similar expressions or expressions of confidence. The Company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on the operations of the Company and its subsidiaries include, but are not limited to: changes in interest rates, inflation, general economic conditions, including potential recessionary conditions, levels of unemployment in the Company’s lending area, real estate market values in the Company’s lending area, potential goodwill impairment, natural disasters, potential increases to flood insurance premiums, the current or anticipated impact of military conflict, terrorism or other geopolitical events, the imposition of tariffs or other domestic or international governmental policies, and retaliatory responses, the effects of the federal government shutdown, the level of prepayments on loans and mortgage-backed securities, legislative/regulatory changes, monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System, the quality or composition of the loan or investment portfolios, demand for loan products, deposit flows, the availability of low-cost funding, changes in liquidity, including the size and composition of the Company’s deposit portfolio, and the percentage of uninsured deposits in the portfolio, changes in capital management and balance sheet strategies and the ability to successfully implement such strategies, competition, demand for financial services in the Company’s market area, changes in investor sentiment and consumer spending, borrowing and saving habits, changes in accounting principles, a failure in or breach of the Company’s operational or security systems or infrastructure, including cyberattacks, the failure to maintain current technologies, failure to retain or attract employees, the impact of pandemics on our operations and financial results and those of our customers and the Bank’s ability to successfully integrate acquired operations. These risks and uncertainties are further discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, under Item 1A - Risk Factors and elsewhere, and subsequent securities filings and should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. The Company does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

OceanFirst Financial Corp. CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (dollars in thousands)
	September 30,			June 30,			December 31,			September 30,
	2025			2025			2024			2024
	(Unaudited)			(Unaudited)						(Unaudited)
Assets
Cash and due from banks	$	274,125		$	170,599		$	123,615		$	214,171
Debt securities available-for-sale, at estimated fair value		1,261,580			735,561			827,500			911,753
Debt securities held-to-maturity, net of allowance for securities credit losses of $968 at September 30, 2025, $809 at June 30, 2025, $967 at December 31, 2024 and $902 at September 30, 2024 (estimated fair value of $856,550 at September 30, 2025, $896,090 at June 30, 2025, $952,917 at December 31, 2024 and $1,007,781 at September 30, 2024)		919,734			968,969			1,045,875			1,075,131
Equity investments		90,731			87,808			84,104			95,688
Restricted equity investments, at cost		142,398			106,538			108,634			98,545
Loans receivable, net of allowance for loan credit losses of $81,236 at September 30, 2025, $79,266 at June 30, 2025, $73,607 at December 31, 2024 and $69,066 at September 30, 2024		10,489,852			10,119,781			10,055,429			9,963,598
Loans held-for-sale		17,766			15,744			21,211			23,036
Interest and dividends receivable		47,606			44,032			45,914			48,821
Other real estate owned		7,498			7,680			1,811			—
Premises and equipment, net		112,449			113,474			115,256			116,087
Bank owned life insurance		269,136			271,184			270,208			269,138
Goodwill		523,308			523,308			523,308			506,146
Intangibles		9,934			10,834			12,680			7,056
Other assets		158,547			152,335			185,702			159,313
Total assets	$	14,324,664		$	13,327,847		$	13,421,247		$	13,488,483
Liabilities and Stockholders’ Equity
Deposits	$	10,435,994		$	10,232,442		$	10,066,342		$	10,116,167
Federal Home Loan Bank advances		1,705,585			938,687			1,072,611			891,860
Securities sold under agreements to repurchase with customers		64,869			61,490			60,567			81,163
Other borrowings		198,138			198,019			197,546			419,927
Advances by borrowers for taxes and insurance		23,708			18,759			23,031			27,282
Other liabilities		242,943			234,770			298,393			257,576
Total liabilities		12,671,237			11,684,167			11,718,490			11,793,975
Stockholders’ equity:
OceanFirst Financial Corp. stockholders’ equity		1,652,537			1,642,846			1,701,650			1,693,654
Non-controlling interest		890			834			1,107			854
Total stockholders’ equity		1,653,427			1,643,680			1,702,757			1,694,508
Total liabilities and stockholders’ equity	$	14,324,664		$	13,327,847		$	13,421,247		$	13,488,483

OceanFirst Financial Corp. CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share amounts)
	For the Three Months Ended,											For the Nine Months Ended,
	September 30,				June 30,				September 30,			September 30,				September 30,
	2025				2025				2024			2025				2024
	|---------------------- (Unaudited) ----------------------|											|---------- (Unaudited) -----------|
Interest income:
Loans	$	141,847			$	135,478			$	136,635		$	410,344			$	409,805
Debt securities		17,156				15,950				19,449			50,376				58,349
Equity investments and other		3,191				3,397				5,441			10,002				14,399
Total interest income		162,194				154,825				161,525			470,722				482,553
Interest expense:
Deposits		53,246				52,273				62,318			156,565				182,244
Borrowed funds		18,291				14,916				16,988			49,212				49,603
Total interest expense		71,537				67,189				79,306			205,777				231,847
Net interest income		90,657				87,636				82,219			264,945				250,706
Provision for credit losses		4,092				3,039				517			12,471				4,222
Net interest income after provision for credit losses		86,565				84,597				81,702			252,474				246,484
Other income (loss):
Bankcard services revenue		1,663				1,619				1,615			4,745				4,602
Trust and asset management revenue		384				374				384			1,164				1,329
Fees and service charges		5,190				4,969				6,096			14,871				15,584
Net gain on sales of loans		900				1,177				505			2,935				1,282
Net (loss) gain on equity investments		(7	)			488				1,420			686				4,230
Net gain (loss) from other real estate operations		1				(260	)			—			(275	)			—
Income from bank owned life insurance		1,988				1,786				1,779			5,626				5,367
Commercial loan swap income		1,703				207				414			2,530				793
Other		482				1,373				2,471			3,008				4,768
Total other income		12,304				11,733				14,684			35,290				37,955
Operating expenses:
Compensation and employee benefits		41,387				40,242				35,844			118,369				101,739
Occupancy		6,098				5,454				5,157			17,049				15,531
Equipment		931				869				1,026			2,721				3,224
Marketing		1,538				1,541				1,385			4,187				3,550
Federal deposit insurance and regulatory assessments		2,616				2,898				2,618			8,497				8,438
Data processing		7,164				6,808				5,940			20,619				17,914
Check card processing		1,170				1,156				1,153			3,496				3,278
Professional fees		3,467				4,336				1,970			10,228				6,863
Amortization of intangibles		900				906				803			2,746				2,457
Merger related expenses		—				—				1,669			—				1,669
Restructuring charges		4,147				—				—			4,147				—
Other operating expenses		6,909				7,264				6,171			20,036				16,365
Total operating expenses		76,327				71,474				63,736			212,095				181,028
Income before provision for income taxes		22,542				24,856				32,650			75,669				103,411
Provision for income taxes		5,156				5,771				7,464			17,735				25,183
Net income		17,386				19,085				25,186			57,934				78,228
Net income attributable to non-controlling interest		56				39				70			49				72
Net income attributable to OceanFirst Financial Corp.		17,330				19,046				25,116			57,885				78,156
Dividends on preferred shares		—				1,004				1,004			2,008				3,012
Loss on redemption of preferred stock		—				1,842				—			1,842				—
Net income available to common stockholders	$	17,330			$	16,200			$	24,112		$	54,035			$	75,144
Basic earnings per share	$	0.30			$	0.28			$	0.42		$	0.94			$	1.29
Diluted earnings per share	$	0.30			$	0.28			$	0.42		$	0.94			$	1.29
Average basic shares outstanding		57,031				57,738				58,065			57,599				58,405
Average diluted shares outstanding		57,036				57,740				58,068			57,602				58,407

OceanFirst Financial Corp. SELECTED LOAN AND DEPOSIT DATA (dollars in thousands)
LOANS RECEIVABLE				At
				September 30,				June 30,				March 31,				December 31,				September 30,
					2025				2025				2025				2024				2024
Commercial:
Commercial real estate - investor				$	5,211,220			$	5,068,125			$	5,200,137			$	5,287,683			$	5,273,159
Commercial and industrial:
Commercial and industrial - real estate					997,122				914,406				896,647				902,219				841,930
Commercial and industrial - non-real estate					998,860				862,504				748,575				647,945				660,879
Total commercial and industrial					1,995,982				1,776,910				1,645,222				1,550,164				1,502,809
Total commercial					7,207,202				6,845,035				6,845,359				6,837,847				6,775,968
Consumer:
Residential real estate					3,135,200				3,119,232				3,053,318				3,049,763				3,003,213
Home equity loans and lines and other consumer ("other consumer")					215,581				220,820				226,633				230,462				242,975
Total consumer					3,350,781				3,340,052				3,279,951				3,280,225				3,246,188
Total loans					10,557,983				10,185,087				10,125,310				10,118,072				10,022,156
Deferred origination costs (fees), net					13,105				13,960				11,560				10,964				10,508
Allowance for loan credit losses					(81,236	)			(79,266	)			(78,798	)			(73,607	)			(69,066	)
Loans receivable, net				$	10,489,852			$	10,119,781			$	10,058,072			$	10,055,429			$	9,963,598
Mortgage loans serviced for others				$	340,740			$	288,211			$	222,963			$	191,279			$	142,394
	At September 30, 2025 Average Yield
Loan pipeline(1):
Commercial	6.74	%		$	710,933			$	790,768			$	375,622			$	197,491			$	199,818
Residential real estate	6.23				136,797				146,921				116,121				97,385				137,978
Other consumer	8.40				16,184				17,110				12,681				11,783				13,788
Total	6.69	%		$	863,914			$	954,799			$	504,424			$	306,659			$	351,584

	For the Three Months Ended
	September 30,						June 30,			March 31,			December 31,			September 30,
	2025						2025			2025			2024			2024
	Average Yield
Loan originations:
Commercial(2)	6.80	%		$	739,154		$	425,877		$	233,968		$	268,613		$	245,886
Residential real estate	6.41				250,066			274,314			167,162			235,370			169,273
Other consumer	8.49				18,087			15,813			15,825			11,204			15,760
Total	6.73	%		$	1,007,307		$	716,004		$	416,955		$	515,187		$	430,919
Loans sold(3)				$	145,735		$	142,431		$	104,991		$	127,508		$	65,296

(1)		Loan pipeline includes loans approved but not funded.
(2)		Excludes commercial loan pool purchases of $24.3 million and $76.1 million for the three months ended March 31, 2025 and December 31, 2024, respectively.
(3)		Excludes sale of non-performing residential and consumer loans of $2.2 million and $5.1 million for the three months ended June 30, 2025 and March 31, 2025, respectively.

DEPOSITS	At
	September 30,			June 30,			March 31,			December 31,			September 30,
	2025			2025			2025			2024			2024
Type of Account
Non-interest-bearing	$	1,731,760		$	1,686,627		$	1,660,738		$	1,617,182		$	1,638,447
Interest-bearing checking		4,090,930			3,845,602			4,006,653			4,000,553			3,896,348
Money market		1,397,434			1,377,999			1,337,570			1,301,197			1,288,555
Savings		1,000,488			1,022,918			1,052,504			1,066,438			1,071,946
Time deposits(1)		2,215,382			2,299,296			2,119,558			2,080,972			2,220,871
Total deposits	$	10,435,994		$	10,232,442		$	10,177,023		$	10,066,342		$	10,116,167

(1)		Includes brokered time deposits of $405.1 million, $522.8 million, $370.5 million, $74.7 million, and $201.0 million at September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024, and September 30, 2024, respectively.

OceanFirst Financial Corp. ASSET QUALITY (dollars in thousands)
ASSET QUALITY(1)	September 30,				June 30,				March 31,				December 31,				September 30,
		2025				2025				2025				2024				2024
Non-performing loans:
Commercial real estate - investor	$	23,570			$	20,457			$	23,595			$	17,000			$	12,478
Commercial and industrial:
Commercial and industrial - real estate		7,469				4,499				4,690				4,787				4,368
Commercial and industrial - non-real estate		394				311				22				32				122
Total commercial and industrial		7,863				4,810				4,712				4,819				4,490
Residential real estate		7,334				5,318				5,709				10,644				9,108
Other consumer		2,496				2,926				2,954				3,064				2,063
Total non-performing loans(1)	$	41,263			$	33,511			$	36,970			$	35,527			$	28,139
Other real estate owned		7,498				7,680				1,917				1,811				—
Total non-performing assets	$	48,761			$	41,191			$	38,887			$	37,338			$	28,139
Delinquent loans 30 to 89 days	$	19,817			$	14,740			$	46,246			$	36,550			$	15,458
Modifications to borrowers experiencing financial difficulty(2)
Non-performing (included in total non-performing loans above)	$	7,693			$	8,129			$	8,307			$	3,232			$	3,043
Performing		23,952				31,986				27,592				27,631				20,652
Total modifications to borrowers experiencing financial difficulty(2)	$	31,645			$	40,115			$	35,899			$	30,863			$	23,695
Allowance for loan credit losses	$	81,236			$	79,266			$	78,798			$	73,607			$	69,066
Allowance for unfunded commitments		4,636				3,289				2,846				3,264				2,797
Allowance for loan credit losses as a percent of total loans receivable(3)		0.77	%			0.78	%			0.78	%			0.73	%			0.69	%
Allowance for loan credit losses as a percent of total non-performing loans(3)		196.87				236.54				213.14				207.19				245.45
Non-performing loans as a percent of total loans receivable		0.39				0.33				0.37				0.35				0.28
Non-performing assets as a percent of total assets		0.34				0.31				0.29				0.28				0.21
Supplemental PCD and non-performing loans
PCD loans, net of allowance for loan credit losses	$	19,003			$	20,934			$	21,737			$	22,006			$	15,323
Non-performing PCD loans		5,677				6,800				7,724				7,931				2,887
Delinquent PCD and non-performing loans 30 to 89 days		2,987				2,590				10,489				2,997				1,279
PCD modifications to borrowers experiencing financial difficulty(2)		20				20				22				23				24
Asset quality, excluding PCD loans
Non-performing loans(1)		35,586				26,711				29,246				27,596				25,252
Non-performing assets		43,084				34,391				31,163				29,407				25,252
Delinquent loans 30 to 89 days (excludes non-performing loans)		16,830				12,150				35,757				33,553				14,179
Modifications to borrowers experiencing financial difficulty(2)		31,625				40,095				35,877				30,840				23,671
Allowance for loan credit losses as a percent of total non-performing loans(3)		228.28	%			296.75	%			269.43	%			266.73	%			273.51	%
Non-performing loans as a percent of total loans receivable		0.34				0.26				0.29				0.27				0.25
Non-performing assets as a percent of total assets		0.30				0.26				0.23				0.22				0.19

(1)		The quarters ended June 30, 2025 and March 31, 2025 included the sale of non-performing residential and consumer loans of $2.2 million and $5.1 million, respectively.
(2)		Balances represent only modifications to borrowers experiencing financial difficulty, in accordance with ASU 2022-02 adopted on January 1, 2023.
(3)		Loans acquired from acquisitions were recorded at fair value. The net unamortized credit and PCD marks on these loans, not reflected in the allowance for loan credit losses, was $4.4 million, $5.0 million, $5.6 million, $6.0 million and $5.7 million at September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024, and September 30, 2024, respectively.

NET LOAN (CHARGE-OFFS) RECOVERIES	For the Three Months Ended
	September 30,				June 30,				March 31,				December 31,				September 30,
	2025				2025				2025				2024				2024
Net loan (charge-offs) recoveries:
Loan charge-offs	$	(850	)		$	(2,415	)		$	(798	)		$	(55	)		$	(124	)
Recoveries on loans		233				197				162				213				212
Net loan (charge-offs) recoveries	$	(617	)		$	(2,218	)		$	(636	)		$	158			$	88
Net loan (charge-offs) recoveries to average total loans (annualized)		0.02	%			0.09	%			0.03	%		NM*				NM*
Net loan (charge-offs) recoveries detail:
Commercial(1)	$	(522	)		$	(1,666	)		$	25			$	92			$	129
Residential real estate(2)		(24	)			(348	)			(720	)			(17	)			(6	)
Other consumer(2)		(71	)			(204	)			59				83				(35	)
Net loan (charge-offs) recoveries	$	(617	)		$	(2,218	)		$	(636	)		$	158			$	88

(1)		The three months ended June 30, 2025 included charge-offs related to two commercial relationships of $1.6 million.
(2)		The three months ended June 30, 2025 and March 31, 2025 included charge-offs of $445,000 and $720,000, respectively, related to the sale of non-performing residential and consumer loans.
*		Not meaningful as amounts are net loan recoveries.

OceanFirst Financial Corp. ANALYSIS OF NET INTEREST INCOM
	For the Three Months Ended
	September 30, 2025										June 30, 2025										September 30, 2024
(dollars in thousands)	Average Balance				Interest			Average Yield/ Cost(1)			Average Balance				Interest			Average Yield/ Cost(1)			Average Balance				Interest			Average Yield/ Cost(1)
Assets:
Interest-earning assets:
Interest-earning deposits and short-term investments	$	94,470			$	1,115		4.68	%		$	111,631			$	1,090		3.92	%		$	210,245			$	2,971		5.62	%
Securities(2)		1,990,917				19,232		3.83				1,917,114				18,257		3.82				2,063,633				21,919		4.23
Loans receivable, net(3)
Commercial		6,975,780				105,587		6.01				6,786,611				100,004		5.91				6,782,777				102,881		6.03
Residential real estate		3,151,177				32,685		4.15				3,091,227				31,861		4.12				2,992,138				29,677		3.97
Other consumer		218,465				3,575		6.49				225,311				3,613		6.43				242,942				4,077		6.68
Allowance for loan credit losses, net of deferred loan costs and fees		(66,812	)			—		—				(66,364	)			—		—				(59,063	)			—		—
Loans receivable, net		10,278,610				141,847		5.49				10,036,785				135,478		5.41				9,958,794				136,635		5.46
Total interest-earning assets		12,363,997				162,194		5.21				12,065,530				154,825		5.14				12,232,672				161,525		5.26
Non-interest-earning assets		1,187,197										1,182,543										1,206,024
Total assets	$	13,551,194									$	13,248,073									$	13,438,696
Liabilities and Stockholders’ Equity:
Interest-bearing liabilities:
Interest-bearing checking	$	4,000,804				21,253		2.11	%		$	3,990,602				20,605		2.07	%		$	3,856,281				21,731		2.24	%
Money market		1,426,586				10,507		2.92				1,342,194				9,718		2.90				1,256,536				11,454		3.63
Savings		1,009,742				1,674		0.66				1,029,490				1,680		0.65				1,088,926				2,218		0.81
Time deposits		2,105,734				19,812		3.73				2,175,564				20,270		3.74				2,339,370				26,915		4.58
Total		8,542,866				53,246		2.47				8,537,850				52,273		2.46				8,541,113				62,318		2.90
FHLB Advances		1,123,946				12,793		4.52				880,746				9,933		4.52				757,535				9,140		4.80
Securities sold under agreements to repurchase		59,017				438		2.94				60,477				419		2.78				75,871				491		2.57
Other borrowings		249,233				5,060		8.05				260,655				4,564		7.02				499,839				7,357		5.86
Total borrowings		1,432,196				18,291		5.07				1,201,878				14,916		4.98				1,333,245				16,988		5.07
Total interest-bearing liabilities		9,975,062				71,537		2.85				9,739,728				67,189		2.77				9,874,358				79,306		3.20
Non-interest-bearing deposits		1,720,657										1,639,045										1,634,743
Non-interest-bearing liabilities		199,582										186,653										240,560
Total liabilities		11,895,301										11,565,426										11,749,661
Stockholders’ equity		1,655,893										1,682,647										1,689,035
Total liabilities and stockholders’ equity	$	13,551,194									$	13,248,073									$	13,438,696
Net interest income					$	90,657									$	87,636									$	82,219
Net interest rate spread(4)								2.36	%									2.37	%									2.06	%
Net interest margin(5)								2.91	%									2.91	%									2.67	%
Total cost of deposits (including non-interest-bearing deposits)								2.06	%									2.06	%									2.44	%

	For the Nine Months Ended September 30,
		2025										2024
(dollars in thousands)	Average Balance				Interest			Average Yield/ Cost(1)			Average Balance				Interest			Average Yield/ Cost(1)
Assets:
Interest-earning assets:
Interest-earning deposits and short-term investments	$	102,267			$	3,188		4.17	%		$	168,822			$	6,966		5.51	%
Securities(2)		1,970,368				57,190		3.88				2,073,552				65,782		4.24
Loans receivable, net(3)
Commercial		6,848,512				303,852		5.93				6,851,021				309,922		6.04
Residential real estate		3,103,008				95,816		4.12				2,981,822				87,345		3.91
Other consumer		224,073				10,676		6.37				245,777				12,538		6.81
Allowance for loan credit losses, net of deferred loan costs and fees		(65,028	)			—		—				(58,825	)			—		—
Loans receivable, net		10,110,565				410,344		5.42				10,019,795				409,805		5.46
Total interest-earning assets		12,183,200				470,722		5.16				12,262,169				482,553		5.25
Non-interest-earning assets		1,188,063										1,216,562
Total assets	$	13,371,263									$	13,478,731
Liabilities and Stockholders’ Equity:
Interest-bearing liabilities:
Interest-bearing checking	$	4,041,710				63,292		2.09	%		$	3,881,344				63,570		2.19	%
Money market		1,363,977				29,577		2.90				1,177,612				31,107		3.53
Savings		1,032,239				5,138		0.67				1,202,533				9,284		1.03
Time deposits		2,066,745				58,558		3.79				2,363,542				78,283		4.42
Total		8,504,671				156,565		2.46				8,625,031				182,244		2.82
FHLB Advances		1,000,796				34,086		4.55				704,911				25,657		4.86
Securities sold under agreements to repurchase		61,250				1,284		2.80				72,239				1,380		2.55
Other borrowings		264,222				13,842		7.00				513,951				22,566		5.86
Total borrowings		1,326,268				49,212		4.96				1,291,101				49,603		5.13
Total interest-bearing liabilities		9,830,939				205,777		2.80				9,916,132				231,847		3.12
Non-interest-bearing deposits		1,653,007										1,631,841
Non-interest-bearing liabilities		202,976										251,878
Total liabilities		11,686,922										11,799,851
Stockholders’ equity		1,684,341										1,678,880
Total liabilities and stockholders’ equity	$	13,371,263									$	13,478,731
Net interest income					$	264,945									$	250,706
Net interest rate spread(4)								2.36	%									2.13	%
Net interest margin(5)								2.91	%									2.73	%
Total cost of deposits (including non-interest-bearing deposits)								2.06	%									2.37	%

(1)		Average yields and costs are annualized.
(2)		Amounts represent debt and equity securities, including FHLB and Federal Reserve Bank stock, and are recorded at average amortized cost, net of allowance for securities credit losses.
(3)		Amount is net of deferred loan costs and fees, undisbursed loan funds, discounts and premiums and allowance for loan credit losses, and includes loans held-for-sale and non-performing loans.
(4)		Net interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.
(5)		Net interest margin represents net interest income divided by average interest-earning assets.

OceanFirstFinancial Corp. SELECTED QUARTERLY FINANCIAL DATA (in thousands, except per share amounts)
	September 30,			June 30,			March 31,			December 31,			September 30,
	2025			2025			2025			2024			2024
Selected Financial Condition Data:
Total assets	$	14,324,664		$	13,327,847		$	13,309,278		$	13,421,247		$	13,488,483
Debt securities available-for-sale, at estimated fair value		1,261,580			735,561			746,168			827,500			911,753
Debt securities held-to-maturity, net of allowance for securities credit losses		919,734			968,969			1,005,476			1,045,875			1,075,131
Equity investments		90,731			87,808			87,365			84,104			95,688
Restricted equity investments, at cost		142,398			106,538			102,172			108,634			98,545
Loans receivable, net of allowance for loan credit losses		10,489,852			10,119,781			10,058,072			10,055,429			9,963,598
Deposits		10,435,994			10,232,442			10,177,023			10,066,342			10,116,167
Federal Home Loan Bank advances		1,705,585			938,687			891,021			1,072,611			891,860
Securities sold under agreements to repurchase from customers and other borrowings		263,007			259,509			262,940			258,113			501,090
Total stockholders’ equity		1,653,427			1,643,680			1,709,117			1,702,757			1,694,508

	For the Three Months Ended,
	September 30,				June 30,			March 31,				December 31,				September 30,
	2025				2025			2025				2024				2024
Selected Operating Data:
Interest income	$	162,194			$	154,825		$	153,703			$	159,620			$	161,525
Interest expense		71,537				67,189			67,051				76,291				79,306
Net interest income		90,657				87,636			86,652				83,329				82,219
Provision for credit losses (excluding Spring Garden)		4,092				3,039			5,340				2,041				517
Spring Garden opening provision for credit losses		—				—			—				1,426				—
Net interest income after provision for credit losses		86,565				84,597			81,312				79,862				81,702
Other income (excluding equity investments and sale of trust)		12,311				11,245			11,048				12,237				11,826
Net (loss) gain on equity investments		(7	)			488			205				(5	)			1,420
Net gain on sale of trust business		—				—			—				—				1,438
Operating expenses (excluding merger related expenses, restructuring charges, and FDIC special assessment release)		72,390				71,474			64,294				64,739				62,067
Merger related expenses		—				—			—				110				1,669
Restructuring charges		4,147				—			—				—				—
FDIC special assessment release		(210	)			—			—				—				—
Income before provision for income taxes		22,542				24,856			28,271				27,245				32,650
Provision for income taxes		5,156				5,771			6,808				5,083				7,464
Net income		17,386				19,085			21,463				22,162				25,186
Net income (loss) attributable to non-controlling interest		56				39			(46	)			253				70
Net income attributable to OceanFirst Financial Corp.	$	17,330			$	19,046		$	21,509			$	21,909			$	25,116
Net income available to common stockholders	$	17,330			$	16,200		$	20,505			$	20,905			$	24,112
Diluted earnings per share	$	0.30			$	0.28		$	0.35			$	0.36			$	0.42
Net accretion/amortization of purchase accounting adjustments included in net interest income	$	510			$	420		$	219			$	20			$	741

	At or For the Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2025			2025			2025			2024			2024
Selected Financial Ratios and Other Data(1) (2):
Performance Ratios (Annualized):
Return on average assets(3)	0.51	%		0.49	%		0.62	%		0.61	%		0.71	%
Return on average tangible assets(3) (4)	0.53			0.51			0.65			0.64			0.74
Return on average stockholders’ equity(3)	4.15			3.86			4.85			4.88			5.68
Return on average tangible stockholders’ equity(3) (4)	6.13			5.66			7.05			7.12			8.16
Return on average tangible common equity(3) (4)	6.13			5.66			7.40			7.47			8.57
Stockholders’ equity to total assets	11.54			12.33			12.84			12.69			12.56
Tangible stockholders’ equity to tangible assets(4)	8.12			8.67			9.19			9.06			9.10
Tangible common equity to tangible assets(4)	8.12			8.67			8.76			8.62			8.68
Net interest rate spread	2.36			2.37			2.35			2.11			2.06
Net interest margin	2.91			2.91			2.90			2.69			2.67
Operating expenses to average assets	2.23			2.16			1.96			1.90			1.89
Efficiency ratio(5)	74.13			71.93			65.67			67.86			65.77
Loan-to-deposit ratio	101.20			99.50			99.50			100.50			99.10

	For the Nine Months Ended September 30,
	2025			2024
Performance Ratios (Annualized):
Return on average assets (3)	0.54	%		0.74	%
Return on average tangible assets (3) (4)	0.56			0.77
Return on average stockholders’ equity (3)	4.29			5.98
Return on average tangible stockholders’ equity (3) (4)	6.28			8.62
Return on average tangible common equity (3) (4)	6.28			9.05
Net interest rate spread	2.36			2.13
Net interest margin	2.91			2.73
Operating expenses to average assets	2.12			1.79
Efficiency ratio (5)	70.64			62.71

	At or For the Three Months Ended
	September 30,				June 30,				March 31,				December 31,				September 30,
	2025				2025				2025				2024				2024
Trust and Asset Management:
Wealth assets under administration and management (“AUA/M”)	$	143,708			$	141,921			$	149,106			$	147,956			$	152,797
Nest Egg AUA/M		463,906				462,664				453,803				431,434				430,413
Total AUA/M		607,614				604,585				602,909				579,390				583,210
Per Share Data:
Cash dividends per common share	$	0.20			$	0.20			$	0.20			$	0.20			$	0.20
Book value per common share at end of period		28.81				28.64				29.27				29.08				29.02
Tangible book value per common share at end of period(4)		19.52				19.34				19.16				18.98				19.28
Common shares outstanding at end of period		57,388,603				57,383,975				58,383,525				58,554,871				58,397,094
Preferred shares outstanding at end of period		—				—				57,370				57,370				57,370
Number of full-service customer facilities:		40				40				39				39				39
Quarterly Average Balances
Total securities	$	1,990,917			$	1,917,114			$	2,003,206			$	2,116,911			$	2,063,633
Loans receivable, net		10,278,610				10,036,785				10,013,383				10,018,742				9,958,794
Total interest-earning assets		12,363,997				12,065,530				12,112,028				12,331,483				12,232,672
Total goodwill and intangibles		533,835				534,734				535,657				534,942				513,731
Total assets		13,551,194				13,248,073				13,311,893				13,545,052				13,438,696
Time deposits		2,105,734				2,175,564				1,916,109				2,212,750				2,339,370
Total deposits (including non-interest-bearing deposits)		10,263,523				10,176,895				10,030,051				10,286,489				10,175,856
Total borrowings		1,432,196				1,201,878				1,343,757				1,328,016				1,333,245
Total interest-bearing liabilities		9,975,062				9,739,728				9,775,836				9,987,129				9,874,358
Non-interest bearing deposits		1,720,657				1,639,045				1,597,972				1,627,376				1,634,743
Stockholders' equity		1,655,893				1,682,647				1,715,134				1,703,326				1,689,035
Tangible stockholders’ equity(4)		1,122,058				1,147,913				1,179,477				1,168,384				1,175,304
Quarterly Yields and Costs
Total securities		3.83	%			3.82	%			3.99	%			4.09	%			4.23	%
Loans receivable, net		5.49				5.41				5.37				5.38				5.46
Total interest-earning assets		5.21				5.14				5.13				5.15				5.26
Time deposits		3.73				3.74				3.91				4.34				4.58
Total cost of deposits (including non-interest-bearing deposits)		2.06				2.06				2.06				2.32				2.44
Total borrowed funds		5.07				4.98				4.83				4.91				5.07
Total interest-bearing liabilities		2.85				2.77				2.78				3.04				3.20
Net interest spread		2.36				2.37				2.35				2.11				2.06
Net interest margin		2.91				2.91				2.90				2.69				2.67

(1)		With the exception of end of quarter ratios, all ratios are based on average daily balances.
(2)		Performance ratios for each period are presented on a GAAP basis and include non-core operations. Refer to “Other Items - Non-GAAP Reconciliation.”
(3)		Ratios for each period are based on net income available to common stockholders.
(4)		Tangible stockholders’ equity and tangible assets exclude goodwill and other intangibles. Tangible common equity (also referred to as “tangible book value”) excludes goodwill, intangibles and preferred equity. Refer to “Other Items - Non-GAAP Reconciliation.”
(5)		Efficiency ratio represents the ratio of operating expenses to the aggregate of other income and net interest income.

OceanFirst Financial Corp. OTHER ITEMS (dollars in thousands, except per share amounts)
NON-GAAP RECONCILIATION
	For the Three Months Ended
	September 30,				June 30,				March 31,				December 31,				September 30,
	2025				2025				2025				2024				2024
Core Earnings:
Net income available to common stockholders(GAAP)	$	17,330			$	16,200			$	20,505			$	20,905			$	24,112
Adjustments to exclude the impact of non-recurring and non-core items:
Spring Garden opening provision for credit losses		—				—				—				1,426				—
Net loss (gain) on equity investments		7				(488	)			(205	)			5				(1,420	)
Net gain on sale of trust business		—				—				—				—				(1,438	)
Restructuring charges		4,147				—				—				—				—
FDIC special assessment release		(210	)			—				—				—				—
Merger related expenses		—				—				—				110				1,669
Income tax (benefit) expense on items		(926	)			115				49				(388	)			270
Loss on redemption of preferred stock		—				1,842				—				—				—
Core earnings(Non-GAAP)	$	20,348			$	17,669			$	20,349			$	22,058			$	23,193
Income tax expense	$	5,156			$	5,771			$	6,808			$	5,083			$	7,464
Provision for credit losses		4,092				3,039				5,340				3,467				517
Less: non-core provision for credit losses		—				—				—				1,426				—
Less: income tax (benefit) expense on non-core items		(926	)			115				49				(388	)			270
Core earnings PTPP(Non-GAAP)	$	30,522			$	26,364			$	32,448			$	29,570			$	30,904
Core earnings diluted earnings per share	$	0.36			$	0.31			$	0.35			$	0.38			$	0.39
Core earnings PTPP diluted earnings per share	$	0.54			$	0.46			$	0.56			$	0.51			$	0.53
Core Ratios (Annualized):
Return on average assets		0.60	%			0.53	%			0.62	%			0.65	%			0.69	%
Return on average tangible stockholders’ equity		7.19				6.17				7.00				7.51				7.85
Return on average tangible common equity		7.19				6.17				7.34				7.89				8.24
Efficiency ratio		70.30				72.28				65.81				67.74				66.00

	For the Nine Months Ended September 30,
	2025				2024
Core Earnings:
Net income available to common stockholders(GAAP)	$	54,035			$	75,144
Adjustments to exclude the impact of non-recurring and non-core items:
Net gain on equity investments		(686	)			(4,230	)
Net gain on sale of trust business		—				(2,600	)
Restructuring charges		4,147				—
FDIC special assessment (release) expense		(210	)			418
Merger related expenses		—				1,669
Income tax (benefit) expense on items		(762	)			1,100
Loss on redemption of preferred stock		1,842				—
Core earnings(Non-GAAP)	$	58,366			$	71,501
Income tax expense	$	17,735			$	25,183
Provision for credit losses		12,471				4,222
Less: income tax (benefit) expense on non-core items		(762	)			1,100
Core earnings PTPP(Non-GAAP)	$	89,334			$	99,806
Core diluted earnings per share	$	1.01			$	1.22
Core earnings PTPP diluted earnings per share	$	1.55			$	1.71
Core Ratios (Annualized):
Return on average assets		0.58	%			0.71	%
Return on average tangible stockholders’ equity		6.79				8.20
Return on average tangible common equity		6.79				8.61
Efficiency ratio		69.49				63.49

	September 30,				June 30,				March 31,				December 31,				September 30,
	2025				2025				2025				2024				2024
Tangible Equity:
Total stockholders' equity	$	1,653,427			$	1,643,680			$	1,709,117			$	1,702,757			$	1,694,508
Less:
Goodwill		523,308				523,308				523,308				523,308				506,146
Intangibles		9,934				10,834				11,740				12,680				7,056
Tangible stockholders' equity		1,120,185				1,109,538				1,174,069				1,166,769				1,181,306
Less:
Preferred stock		—				—				55,527				55,527				55,527
Tangible common equity	$	1,120,185			$	1,109,538			$	1,118,542			$	1,111,242			$	1,125,779
Tangible Assets:
Total assets	$	14,324,664			$	13,327,847			$	13,309,278			$	13,421,247			$	13,488,483
Less:
Goodwill		523,308				523,308				523,308				523,308				506,146
Intangibles		9,934				10,834				11,740				12,680				7,056
Tangible assets	$	13,791,422			$	12,793,705			$	12,774,230			$	12,885,259			$	12,975,281
Tangible stockholders' equity to tangible assets		8.12	%			8.67	%			9.19	%			9.06	%			9.10	%
Tangible common equity to tangible assets		8.12	%			8.67	%			8.76	%			8.62	%			8.68	%

Company Contact:                                                                                     

Patrick S. Barrett
Chief Financial Officer
OceanFirst Financial Corp.
Tel: (732) 240-4500, ext. 27507
Email: pbarrett@oceanfirst.com

FAQ

What were OceanFirst (OCFC) Q3 2025 earnings per share and net income?

OCFC reported Q3 2025 net income available to common stockholders of $17.3M, or $0.30 per diluted share.

How much did OceanFirst (OCFC) loans and deposits change in Q3 2025?

Total loans increased by $372.9M (14% annualized) and total deposits rose to $10.4B sequentially.

What is the impact of OceanFirst (OCFC) outsourcing of residential originations?

The company recognized $4.1M of restructuring charges this quarter, expects ~$8M more next quarter, an 11% workforce reduction, and ~$14M annual expense savings.

Did OceanFirst (OCFC) change its dividend after Q3 2025 results?

The board declared a quarterly cash dividend of $0.20 per share, payable November 14, 2025 to holders of record November 3, 2025.

How did OceanFirst (OCFC) perform on key margins and credit metrics in Q3 2025?

Net interest margin was 2.91%; provision for credit losses was $4.1M and net loan charge-offs were $0.617M for the quarter.