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OceanFirst Financial (NASDAQ: OCFC) Q2 core EPS $0.43, merger hit GAAP

Filing Impact
(Very High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

OceanFirst Financial Corp. reported a GAAP net loss of $3.0 million, or $(0.04) per diluted share, for the quarter ended June 30, 2026, compared with net income available to common stockholders of $16.2 million, or $0.28 per share, a year earlier and $20.5 million, or $0.36, in the prior quarter. Results were heavily affected by $42.8 million of non-recurring merger-related expenses from the acquisition of Flushing Financial Corporation, equal to about $0.48 per share after tax, which pushed the GAAP efficiency ratio to 98.88%.

Underlying performance was stronger: non-GAAP core earnings were $30.5 million, or $0.43 per diluted share, up from $17.7 million, or $0.31, a year earlier, and core pre-tax, pre-provision earnings rose to $44.5 million. Net interest income increased to $120.7 million and net interest margin expanded to 3.05% from 2.93% in the prior quarter, aided by the Flushing acquisition and organic commercial growth.

On June 1, 2026, OceanFirst completed the Flushing acquisition, adding $8.69 billion of assets, $6.19 billion of loans, $7.44 billion of deposits and 30 branches, and closed a $225 million strategic equity investment from Warburg Pincus. The company sold $1.31 billion of multifamily loans from Flushing at 92.25% of par and reinvested roughly $1.20 billion of proceeds into highly liquid investment-grade securities, reducing the regulatory commercial real estate concentration to 381%, lifting on-hand liquidity to 11.5% of assets and lowering the loan-to-deposit ratio to 91.60%. Asset quality remained controlled, with net loan charge-offs of $1.5 million, or 0.05% of average loans, and the allowance for loan credit losses increased to 1.29% of total loans. Capital stayed above “well-capitalized” levels, including an estimated common equity tier 1 ratio of 10.7%, while book value per common share declined to $24.50 and tangible book value per share to $18.19 following the merger and equity issuance. The board declared its 118th consecutive quarterly dividend of $0.20 per share, payable August 21, 2026 to stockholders of record on August 10, 2026.

Positive

  • Core earnings strength despite GAAP loss: non-GAAP core earnings reached $30.5 million (core diluted EPS $0.43), up from $17.7 million (EPS $0.31) a year earlier, with core pre-tax, pre-provision earnings climbing to $44.5 million and core ROAA/ROTCE at 0.71% and 8.92%, respectively.
  • Transformative Flushing acquisition and capital raise: closing the Flushing deal added $8.69 billion of assets, $7.44 billion of deposits and 30 branches, while a $225 million Warburg Pincus equity investment lifted tangible common equity to $1.79 billion and helped keep CET1 at a strong 10.7%.
  • Balance sheet de-risking and improved liquidity: sale of $1.31 billion of multifamily loans at 92.25% reduced the regulatory CRE concentration to 381%, cut rent-regulated exposure, raised on-hand liquidity to 11.5% of assets and lowered the loan-to-deposit ratio to 91.60%, while the allowance for loan credit losses increased to 1.29% of loans.

Negative

  • Merger costs drive swing to loss: the company reported a Q2 GAAP net loss of $3.0 million versus $16.2 million net income a year earlier and $20.5 million in Q1 2026, as $42.8 million of non-recurring merger-related and restructuring expenses pushed the GAAP efficiency ratio to 98.88%.
  • Higher non-performing and criticized assets post-acquisition: non-performing loans rose to $108.2 million (0.67% of loans) from $27.8 million (0.25%), and criticized and classified loans plus other real estate owned increased to $541.5 million from $122.1 million, largely reflecting Flushing’s portfolio.
  • Per-share capital metrics diluted: despite higher absolute equity, book value per common share fell from $28.97 to $24.50 and tangible book value per share from $19.79 to $18.19, with the tangible common equity to tangible assets ratio slipping to 7.91% from 8.09% over the first half.

Filing Explained

Completed equity issuance increased the share base, reducing existing holders’ percentage ownership; warrants add possible future share issuance.

The July 30 Form 8-K reports that OceanFirst completed its June 1 Flushing acquisition and its $225 million Warburg equity investment. The investment was exchanged for approximately $9.6 million shares of common stock, $1.8 million shares of NVCE stock, and warrants to purchase $11.4 million shares of NVCE stock.

The issued shares increase the total share count and reduce existing holders’ percentage ownership absent offsetting changes; the warrants are described as rights to purchase shares, not as shares already issued. At June 30, 2026, common shares outstanding totaled 98.4 million, including 1.8 million NVCE shares on an as-converted basis.

The presentation describes asset quality as showing strong trends, but the filing reports total non-performing loans of $108.2 million, or 0.67% of loans, versus $27.8 million, or 0.25%, at December 31, 2025; it attributes $53.8 million of current non-performing loans to Flushing-acquired loans.

The next specified integration milestone is a targeted September 2026 core-systems conversion, while the filing says goodwill remains subject to adjustment for up to one year after the acquisition date.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01 Regulation FD Disclosure Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 8.01 Other Events Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q2 2026 net (loss) income to common $3.0 million Net loss available to common stockholders for the three months ended June 30, 2026
Q2 2026 core earnings $30.5 million Non-GAAP core earnings for the three months ended June 30, 2026
Net interest income Q2 2026 $120.7 million Net interest income for the quarter ended June 30, 2026
Net interest margin Q2 2026 3.05% Quarterly net interest margin, up from 2.93% in Q1 2026
Flushing assets added $8.69 billion Total assets contributed by Flushing Financial Corporation at acquisition on June 1, 2026
Multifamily loans sold $1.31 billion Multifamily loans from the Flushing portfolio sold at a price of 92.25% of par
Common equity tier 1 ratio 10.7% Estimated CET1 capital ratio at June 30, 2026
Quarterly dividend per share $0.20 Regular cash dividend declared on common stock, payable August 21, 2026
core earnings financial
"Core earnings for the three and six months ended June 30, 2026 were $30.5 million"
Core earnings are the profit a business generates from its normal, ongoing operations after removing one-time gains or losses and unusual accounting adjustments; think of it as the recurring paycheck a household can expect each month rather than a one-off inheritance or sale. Investors care because it highlights the company’s sustainable cash-making ability and makes performance easier to compare across periods and with other firms.
Pre-Tax-Pre-Provision financial
"core earnings before income taxes and provision for credit losses (“PTPP” or “Pre-Tax-Pre-Provision”)"
Earnings measured before deducting income tax and before setting aside money for potential loan losses; it shows a bank or lender’s operating profit without the effects of taxes and provisions for bad loans. Investors use it to see the business’s core earning power—like looking at a store’s sales and expenses before it reserves cash for damaged goods and pays taxes—while remembering it omits credit risk and tax impacts.
tangible common equity financial
"The Company’s tangible common equity increased by $654.6 million to $1.79 billion"
Tangible common equity is the portion of a company’s net worth that belongs to ordinary shareholders after removing intangible items (like goodwill or patents) and any preferred claims; it’s often expressed on a per-share basis. Think of it as the hard, sellable value left for common owners if you removed non-physical assets and paid off debts—investors use it to judge how much real cushion a company has and whether the stock might be under- or over-valued.
purchased with credit deterioration financial
"The Company identified $750.4 million of purchased with credit deterioration (“PCD”) loans from the Flushing acquisition"
non-performing loans financial
"Non-performing loans increased to $108.2 million, from $27.8 million"
Loans on a bank’s books where the borrower has stopped making scheduled payments for a prolonged period (commonly about 90 days), so the lender no longer expects full repayment on time. Think of them as overdue IOUs that may never be paid back; a rising level of such loans weakens a lender’s earnings and balance sheet, signals greater credit risk in the economy, and can hurt investors through lower dividends, loan losses, or declines in the lender’s stock value.
net interest margin financial
"Net interest margin increased 12 basis points to 3.05% from 2.93%"
Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.
Net income (loss) available to common stockholders $(3.0) million compared with $16.2 million net income for the quarter ended June 30, 2025 and $20.5 million for the quarter ended March 31, 2026
Diluted earnings per share (GAAP) $(0.04) down from $0.28 for the quarter ended June 30, 2025 and $0.36 for the quarter ended March 31, 2026
Net interest income $120.7 million up from $87.6 million for the quarter ended June 30, 2025 and $96.4 million for the quarter ended March 31, 2026
Net interest margin 3.05% increased from 2.91% for the quarter ended June 30, 2025 and 2.93% for the quarter ended March 31, 2026
Core diluted earnings per share $0.43 up from $0.31 for the quarter ended June 30, 2025 and flat versus $0.43 for the quarter ended March 31, 2026
Provision for credit losses $4.0 million compared with $3.0 million for the quarter ended June 30, 2025 and $2.7 million for the quarter ended March 31, 2026
Guidance

Management’s outlook in the investor presentation targets loan growth of 1–2% by year-end 2026, deposits growing in line with loans with a loan-to-deposit ratio at or below 95%, modest further net interest margin expansion in the second half of 2026, and maintaining a common equity tier 1 ratio above 10.5%.

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FAQ

How did OceanFirst Financial (OCFC) perform financially in Q2 2026?
OceanFirst reported a GAAP net loss of $3.0 million, or $(0.04) per diluted share, for Q2 2026. The loss mainly reflected $42.8 million of non-recurring merger-related and restructuring expenses; net interest income and underlying core earnings both increased year over year.

What were OceanFirst Financial (OCFC) core earnings and margins in Q2 2026?
Non-GAAP core earnings were $30.5 million, or $0.43 per diluted share, in Q2 2026. Core pre-tax, pre-provision earnings reached $44.5 million, while net interest income rose to $120.7 million and net interest margin expanded to 3.05% from 2.93% in Q1 2026.

What did the Flushing acquisition contribute to OceanFirst Financial (OCFC)?
The June 1, 2026 Flushing acquisition added $8.69 billion of assets, $6.19 billion of loans, $7.44 billion of deposits and 30 branches. Results from June 1–30, 2026 are included in Q2, and Flushing contributed $19.1 million of net interest income during the quarter.

How did OceanFirst Financial (OCFC) de-risk its balance sheet after the Flushing deal?
OceanFirst sold $1.31 billion of multifamily loans from Flushing at 92.25% of par, reinvesting about $1.20 billion of proceeds into highly liquid investment-grade securities. This reduced the regulatory CRE concentration to 381%, raised on-hand liquidity to 11.5% of assets and lowered the loan-to-deposit ratio to 91.60%.

What is OceanFirst Financial (OCFC) saying about credit quality in Q2 2026?
Net loan charge-offs were $1.5 million, or 0.05% of average loans, in Q2 2026. The allowance for loan credit losses increased to 1.29% of total loans, and non-performing loans rose to $108.2 million, 0.67% of loans, largely due to acquired Flushing credits.

What dividend did OceanFirst Financial (OCFC) declare for Q2 2026?
The board declared a regular quarterly cash dividend of $0.20 per share, the company’s 118th consecutive quarterly dividend on common stock. It will be paid on August 21, 2026 to stockholders of record at the close of business on August 10, 2026.

How strong is OceanFirst Financial (OCFC) capital after the Flushing acquisition?
Total stockholders’ equity increased to $2.41 billion, and tangible common equity to $1.79 billion, helped by a $225 million Warburg Pincus investment and Flushing’s equity. The estimated common equity tier 1 capital ratio was 10.7%, above well-capitalized regulatory thresholds.
0001004702false00010047022026-07-302026-07-30

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): July 30, 2026
OCEANFIRST FINANCIAL CORP.
(Exact name of registrant as specified in its charter)
Delaware 001-11713 22-3412577
(State or other jurisdiction of
incorporation or organization)		 (Commission
File No.)		 (IRS Employer
Identification No.)
110 West Front Street, Red Bank, New Jersey 07701
(Address of principal executive offices, including zip code)
(732)240-4500
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbolName of each exchange in which registered
Common stock, $0.01 par value per shareOCFCNASDAQ
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



ITEM 2.02RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On July 30, 2026, OceanFirst Financial Corp. (the “Company”) issued a press release announcing its financial results for the quarter ended June 30, 2026. That press release is attached to this Report as Exhibit 99.1. The information included in this item and the related presentation is being furnished to the SEC and shall not be deemed “filed” for any purpose.

ITEM 7.01    REGULATION FD DISCLOSURE
The Company is scheduled to make presentations to current and prospective investors after July 30, 2026. Attached as Exhibit 99.2 of this Form 8-K is a copy of the presentation which OceanFirst Financial Corp. will make available at these presentations and will post on its website at www.oceanfirst.com. The information included in this item and the related press release is being furnished to the SEC and shall not be deemed “filed” for any purpose.

ITEM 8.01OTHER EVENTS
In the press release described in Item 2.02, the Company announced that the Board of Directors declared a regular quarterly cash dividend on the Company’s outstanding common stock. The cash dividend will be in the amount of $0.20 per share and will be payable on August 21, 2026 to the stockholders of record at the close of business on August 10, 2026.
ITEM 9.01FINANCIAL STATEMENTS AND EXHIBITS
 
(d)EXHIBITS
99.1
Press Release datedJuly 30, 2026
99.2
Text of written presentation which OceanFirst Financial Corp. intends to provide to current and prospective investors after July 30, 2026.




SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

OCEANFIRST FINANCIAL CORP.
Dated:
July 30, 2026
/s/ Patrick S. Barrett
Patrick S. Barrett
Senior Executive Vice President and Chief Financial Officer




















































oceanfirstpressreleas19a.jpg
Press Release
Exhibit 99.1
Company Contact:                                        
Patrick S. Barrett
Chief Financial Officer
OceanFirst Financial Corp.
Tel: (732) 240-4500, ext. 27507
Email: pbarrett@oceanfirst.com

FOR IMMEDIATE RELEASE


OCEANFIRST FINANCIAL CORP.
ANNOUNCES SECOND QUARTER
FINANCIAL RESULTS
    RED BANK, NEW JERSEY, July 30, 2026 - OceanFirst Financial Corp. (NASDAQ:OCFC) (the “Company”), the holding company for OceanFirst Bank N.A. (the “Bank”), reported a net loss of $3.0 million, or $0.04 per diluted share1, for the three months ended June 30, 2026, compared to net income available for common stockholders of $16.2 million, or $0.28 per diluted share, for the corresponding prior year period, and net income of $20.5 million, or $0.36 per diluted share, for the linked quarter. For the six months ended June 30, 2026, the Company reported net income available to common stockholders of $17.5 million, or $0.27 per diluted share, as compared to $36.7 million, or $0.63 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 Six Months Ended,
Performance Ratios (Annualized):June 30,March 31,June 30,June 30,June 30,
20262026202520262025
Return on average assets (0.07)%0.57 %0.49 %0.22 %0.56 %
Return on average stockholders’ equity(0.63)4.95 3.86 1.95 4.36 
Return on average tangible stockholders’ equity (a)
(0.88)7.22 5.66 2.79 6.36 
Return on average tangible common equity (a)
(0.88)7.22 5.66 2.79 6.36 
Efficiency ratio98.88 71.13 71.93 86.67 68.82 
Net interest margin3.05 2.93 2.91 2.99 2.91 
(a) Return on average tangible stockholders’ equity and return on average tangible common equity are non-GAAP (“generally accepted accounting principles”) financial measures. Refer to “Explanation of Non-GAAP Financial Measures” and tables included in this release for reconciliation and additional information regarding non-GAAP financial measures.

1 The number of shares outstanding and all common share-related calculations, including earnings per share, book value per share, and tangible book value per share, are calculated using both common stock and non-voting common equivalent (“NVCE”) stock, which are participating securities. All NVCE shares presented in this document are reported on an as-converted common stock equivalent basis.



Core earnings2 for the three and six months ended June 30, 2026 were $30.5 million and $54.9 million, respectively, or $0.43 and $0.86 per diluted share, an increase from $17.7 million and $38.0 million, respectively, or $0.31 and $0.66 per diluted share, for the corresponding prior year periods, and an increase from $24.3 million, while remaining flat at $0.43 per diluted share, for the linked quarter.
Core earnings PTPP2 for the three and six months ended June 30, 2026 were $44.5 million and $78.9 million, respectively, or $0.63 and $1.24 per diluted share, an increase from $26.4 million and $58.8 million, respectively, or $0.46 and $1.02 per diluted share, for the corresponding prior year periods, and an increase from $34.4 million or $0.60 per diluted share, for the linked quarter. Selected performance metrics are as follows:
For the Three Months Ended,For the Six Months Ended,
June 30,March 31,June 30,June 30,June 30,
Core Ratios2 (Annualized):
20262026202520262025
Return on average assets 0.71 %0.68 %0.53 %0.70 %0.58 %
Return on average tangible stockholders’ equity8.92 8.56 6.17 8.76 6.59 
Return on average tangible common equity8.92 8.56 6.17 8.76 6.59 
Efficiency ratio66.20 66.76 72.28 66.44 69.06 
Diluted earnings per share$0.43 $0.43 $0.31 $0.86 $0.66 
PTPP diluted earnings per share 0.63 0.60 0.46 1.24 1.02 
Key developments for the quarter, compared to the linked quarter, are described below:
•Organic Growth: The Company generated continued organic growth across its legacy portfolio, with commercial loans increasing $154 million, or 2%, non-interest bearing deposits increasing $101 million, or 6%, and $150 million of deposit growth from Premier Banking teams, reflecting the Company’s focus on core relationships. These results underscore the continued strength of the core growth initiatives, which the Flushing franchise will further bolster.
2 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 that exclude certain non-core items. Refer to “Explanation of Non-GAAP Financial Measures” and “Other Items - Non-GAAP Reconciliation” tables for additional information regarding non-GAAP financial measures.

2

•Net Interest Margin Expansion: Net interest margin increased 12 basis points to 3.05% from 2.93%, and net interest income increased by $24.3 million to $120.7 million.
•Flushing Acquisition: On June 1, 2026, the Company completed its acquisition of Flushing Financial Corporation (“Flushing”), the holding company of Flushing Bank. Flushing added $8.69 billion to total assets, $6.19 billion to loans and loans held for sale, and $7.44 billion to deposits. Flushing added 30 retail branches across New York City and Long Island.
•Balance Sheet Repositioning: The Company sold $1.31 billion of multifamily loans from the Flushing acquisition at a price of 92.25% and invested the $1.20 billion of net proceeds into highly-liquid, investment grade securities. The repositioning reduces commercial real estate concentration by approximately 50 percentage points to 381%3, while increasing liquidity as indicated by on-hand liquidity4 increasing to 11.5% of assets and the loan-to-deposit ratio falling to 91.60%. Additionally, the allowance for credit losses increased to 1.29% of total loans receivable.
•Operating Expenses: The Company anticipates full integration of Flushing’s operations and systems in the third quarter of 2026. The resulting operating synergies are expected to improve efficiency and reduce operating expenses in future periods.
Chief Executive Officer, Christopher D. Maher, commented on the Company’s results, “We are pleased to see continued momentum in our core business and to have welcomed Flushing into the OceanFirst family during the quarter. Full integration and the rebranding of Flushing branches is scheduled to occur in the third quarter of 2026, allowing for the realization of synergies well before year-end. We look forward to building on the strong customer relationships Flushing has developed
3 Reflects the bank-level regulatory CRE concentration ratio, calculated as regulatory commercial real estate divided by Tier 1 capital plus the ACL.
4 On-hand liquidity equals cash, unpledged securities and funding capacity at the Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”) Discount Window.
3

over the years.” Mr. Maher added, “The execution of the loan sale reduced the Company’s exposure to rent-regulated properties in New York City. These actions reflect our commitment to maintain a strong balance sheet and an enhanced liquidity profile, positioning the combined organization for sustainable, long-term growth.”
The Company’s Board of Directors declared its 118th consecutive quarterly cash dividend on common stock. The quarterly cash dividend on common stock of $0.20 per share will be paid on August 21, 2026, to common stockholders and NVCE stockholders of record on August 10, 2026.
Results of Operations
On June 1, 2026, the Company completed its acquisition of Flushing and its results of operations from June 1, 2026 through June 30, 2026 are included in the consolidated results for the three and six months ended June 30, 2026, but are not included in the results of operations for the corresponding prior year periods. Further, the current quarter included $42.8 million of non-recurring merger-related expenses for the Flushing acquisition, representing $33.6 million net of tax, or $0.48 per share.
Net Interest Income and Margin
Three months ended June 30, 2026 vs. June 30, 2025
Net interest income increased to $120.7 million, from $87.6 million, reflecting the net impact of the interest rate environment and the acquisition of Flushing, which added $19.1 million of net interest income. Net interest margin increased to 3.05%, from 2.91%, which included the impact of purchase accounting accretion and prepayment fees of 0.05% and 0.04%, respectively, and the impact of purchase accounting on average-interest earning assets.
Average interest-earning assets increased by $3.81 billion, which was impacted by $2.50 billion of average interest-earning assets acquired from Flushing and increases in commercial loans and securities. The average yield for interest-earning assets increased to 5.29%, from 5.14%, primarily due
4

to the repricing of assets and new originations, and the addition of loans acquired from Flushing at higher yields.
The cost of average interest-bearing liabilities decreased to 2.74%, from 2.77%, primarily due to repricing of deposits and, to a lesser extent, Federal Home Loan Bank (“FHLB”) advances, partially offset by the addition of deposits acquired from Flushing at higher rates. The total cost of deposits remained stable at 2.06% for both periods. Average interest-bearing liabilities increased by $3.25 billion, driven by liabilities assumed from Flushing, and the remainder attributable to increases in deposits and FHLB advances.
Six months ended June 30, 2026 vs. June 30, 2025
Net interest income increased to $217.2 million, from $174.3 million, reflecting the net impact of the interest rate environment and the acquisition of Flushing. Net interest margin increased to 2.99%, from 2.91%, which included the impact of purchase accounting accretion and prepayment fees of 0.04% for both periods.
Average interest-earning assets increased by $2.53 billion, driven by $1.26 billion acquired from Flushing and increases in commercial loans and securities. The average yield for interest-earning assets increased to 5.20%, from 5.14%, primarily due to the repricing of assets and new originations, and the addition of loans acquired from Flushing at higher yields.
The cost of average interest-bearing liabilities decreased to 2.70%, from 2.77%, primarily due to repricing of deposits and FHLB advances, partially offset by the addition of deposits acquired from Flushing at higher rates. The total cost of deposits decreased four basis points to 2.02%, from 2.06%. Average interest-bearing liabilities increased by $2.23 billion, driven by the acquisition of Flushing, with the remaining increases related to deposits and FHLB advances.
5

Three months ended June 30, 2026 vs. March 31, 2026
Net interest income increased by $24.3 million, to $120.7 million from $96.4 million, and net interest margin increased to 3.05%, from 2.93%. Net interest margin included the impact of purchase accounting accretion and prepayment fees of 0.05% and 0.01%, respectively.
Average interest-earning assets increased by $2.52 billion, and the yield on average interest-earning assets increased to 5.29%, from 5.10%. As noted above, the current quarter was impacted by interest-earning assets acquired from Flushing and repricing of assets and new originations.
The cost of average interest-bearing liabilities increased to 2.74%, from 2.66%. The total cost of deposits increased to 2.06%, from 1.97%. Average interest-bearing liabilities increased by $2.03 billion, driven by Flushing as noted above, partly offset by government deposit outflows.
Provision for Credit Losses
    Provision for credit losses for the three and six months ended June 30, 2026 was $4.0 million and $6.7 million, as compared to $3.0 million and $8.4 million for the corresponding prior year periods, and $2.7 million in the linked quarter. The current quarter provision was primarily driven by a reserve build of $2.5 million and replenishment of net charge-offs of $1.5 million.
Net loan charge-offs were $1.5 million and $2.2 million for the three and six months ended June 30, 2026, as compared to $2.2 million and $2.9 million for the corresponding prior year periods and $701,000 for the linked quarter. Net loan charge-offs to average total loans were 0.05% and 0.04% for the three and six months ended June 30, 2026, as compared to 0.09% and 0.06% for the corresponding prior year periods and 0.03% for the linked quarter.
Non-interest Income
Three months ended June 30, 2026 vs. June 30, 2025    
Other income decreased to $10.6 million, as compared to $11.7 million. Other income was adversely impacted by non-core operations of $347,000 related to net losses on equity investments in the current quarter. The prior period other income was favorably impacted by non-core operations of
6

$488,000 related to net gains on equity investments. Excluding the impact of non-core operations, other income decreased by $300,000. The current year period includes $1.4 million of other income from the acquisition of Flushing which largely was offset by the reduction in fees and services charges from the discontinuation of our title business for the comparable prior year period.
Excluding the impact of non-core operations and Flushing, the decrease in other income of $1.7 million was driven by a decrease in fees and service charges of $1.8 million and a decrease in net gain on sale of loans of $1.2 million due to the discontinuation of residential loan originations, including the disposition of the title business at the beginning of the fourth quarter last year. In addition, the prior period included non-recurring other income of $1.1 million. This was partly offset by increases in net gain on other real estate operations of $1.5 million and commercial loan swap income of $1.4 million.
Six months ended June 30, 2026 vs. June 30, 2025
Other income decreased to $17.3 million, as compared to $23.0 million. Other income was adversely impacted by non-core operations of $701,000 related to net losses on equity investments in the current period. The prior period other income was favorably impacted by non-core operations of $693,000 related to net gains on equity investments. Excluding the impact of non-core operations, other income decreased by $4.2 million. This was partly offset by the acquisition of Flushing, as noted above.
The remaining decrease in other income by $5.6 million was driven by a decrease in fees and service charges of $3.6 million and a decrease in a net gain on sale of loans of $2.1 million due to the same drivers as noted above. In addition, the prior period included non-recurring other income of $1.9 million. This was partly offset by increases in net gain on other real estate operations of $1.3 million and commercial loan swap income of $1.1 million.
Three months ended June 30, 2026 vs. March 31, 2026
Other income in the linked quarter was $6.7 million and included non-core operations of $354,000 related to net losses on equity investments. Excluding non-core operations and Flushing’s other income stated above, other income increased by $2.5 million. The primary drivers were increases
7

in net gain on other real estate operations of $1.4 million and commercial loan swap income of $1.2 million.
Non-interest Expense
Three months ended June 30, 2026 vs. June 30, 2025
Operating expenses increased to $129.9 million, as compared to $71.5 million. Operating expenses in the current quarter were adversely impacted by non-core operations of $42.7 million, due to merger-related expenses. Excluding the impact of non-core operations, other expenses increased by $15.7 million, primarily due to $14.8 million of operating expenses recognized in June from the acquisition of Flushing.
The remaining increase in operating expenses of $877,000 was driven by an increase in compensation and benefits of $2.5 million, mostly due to commercial banking hires adjusted for annual inflationary increases, partly offset by the impact of our residential outsourcing initiative. Additional drivers were decreases in professional fees of $1.3 million, mostly due to recruitment fees for the Company’s commercial banking hires in the prior year.
Six months ended June 30, 2026 vs. June 30, 2025
Operating expenses increased to $203.3 million, as compared to $135.8 million. Operating expenses in the current quarter were adversely impacted by non-core operations of $47.0 million, due to merger-related expenses and restructuring charges. Excluding the impact of non-core operations, other expenses increased by $20.5 million primarily due to the acquisition of Flushing, as noted above.
The remaining increase in operating expenses of $5.7 million was driven by an increase in compensation and benefits of $5.3 million, mostly due to commercial banking hires adjusted for annual inflationary increases, partly offset by the impact of our residential outsourcing initiative.
Three months ended June 30, 2026 vs. March 31, 2026
Operating expenses in the linked quarter were $73.4 million and included non-core operations of $4.3 million related to merger-related expenses and restructuring charges. Excluding non-core
8

operations and Flushing’s other expense stated above, operating expenses increased by $3.2 million. The primary drivers were increases in compensation and benefits of $3.3 million, partly due to new hires and an additional working day, and marketing expense of $646,000. These were partly offset by a decrease in data processing expense of $975,000.
Income Tax Expense
The provision for income taxes was $496,000 and $7.0 million for the three and six months ended June 30, 2026, as compared to $5.8 million and $12.6 million for the same prior year periods and $6.5 million for the linked quarter. The effective tax rate was (19.6)% and 28.7% for the three and six months ended June 30, 2026, as compared to 23.2% and 23.7% for the same prior year period and 24.2% for the linked quarter. The effective tax rate for the three and six months ended June 30, 2026 was adversely impacted by non-deductible merger related expenses, which were offset by a one-time revaluation of deferred taxes as a result of the Flushing acquisition. Excluding the impact of these adjustments, the effective tax rate would have been 28.1% and increased as a result of the new tax profile due to the acquisition of Flushing.
Financial Condition5
June 30, 2026 vs. December 31, 2025
Total assets increased by $8.71 billion to $23.27 billion, due to the acquisition of Flushing which added $8.69 billion to total assets. Total loans increased by $5.24 billion to $16.28 billion, from $11.03 billion, primarily due to Flushing totaling $6.19 billion partly offset by $1.31 billion of multifamily loans sold during the quarter for a price of $1.20 billion, net of costs to sell. Debt securities held-to-maturity and available-for-sale increased by $2.82 billion, primarily due to the acquisition of Flushing totaling $1.54 billion and the reinvestment of proceeds from the loan sales into securities. Bank owned life insurance increased by $233.6 million to $503.9 million, from $270.3 million driven by the acquisition of Flushing. As part of the acquisition of Flushing, the Company’s goodwill balance
5 Flushing amounts refer to estimated fair values as of the June 1, 2026 acquisition date, unless otherwise noted.

9

increased to $529.8 million, from $517.5 million and intangibles increased to $90.6 million, from $9.0 million.
Other assets increased by $217.7 million to $367.0 million, from $149.3 million primarily due to revaluation of deferred tax assets as a result of the acquisition of Flushing and increase in market values of derivatives associated with customer interest rate swaps.
Total liabilities increased by $7.96 billion to $20.86 billion, from $12.90 billion primarily due to the acquisition of Flushing, which added $8.16 billion. Deposits increased by $6.80 billion to $17.76 billion, from $10.96 billion, primarily due to acquired deposits from Flushing totaling $7.44 billion. Excluding Flushing, the decrease in deposits was primarily attributable to a decrease in government deposits due to seasonality. Time deposits increased by $1.74 billion to $4.21 billion, from $2.47 billion, representing 23.7% and 22.5% of total deposits, respectively. Time deposits included an increase in retail time deposits of $1.41 billion and brokered time deposits of $276.0 million. FHLB advances increased by $335.2 million to $1.73 billion, from $1.40 billion, partly due to Flushing and additional borrowing needs. Other borrowings increased by $238.0 million to $493.2 million, from $255.2 million driven by the addition of subordinated debt and trust preferred securities from the acquisition of Flushing. The loan-to-deposit ratio was 91.6%, as compared to 100.6%.
Other liabilities increased by $489.8 million to $699.1 million, from $209.3 million, mostly related to $337.0 million of unsettled security purchases and increases in market values of derivatives associated with customer interest rate swaps.
Capital levels remain strong and in excess of “well-capitalized” regulatory levels at June 30, 2026, including the Company’s estimated common equity tier one capital ratio of 10.7%.
    Total stockholders’ equity increased to $2.41 billion, as compared to $1.66 billion, primarily due to the acquisition of Flushing which added $535.6 million to stockholders’ equity. The current period also included a $225 million strategic investment from affiliates of funds managed by Warburg, in exchange for approximately 9.6 million shares of common stock, 1.8 million shares of NVCE stock,
10

and warrants to purchase 11.4 million shares of NVCE stock. Additionally, accumulated other comprehensive loss increased by $1.2 million primarily due to decreases in the fair market value of available-for-sale debt securities and derivative hedges, net of tax.
During the six months ended June 30, 2026, the Company repurchased 376,277 shares totaling $7.1 million representing a weighted average cost of $18.70, for repurchases of exercised options and vesting of awards from employees outside of the authorized share repurchase program. On June 1, 2026 the Company donated 273,973 shares totaling $5.0 million to the OceanFirst Foundation, which was funded through treasury stock. As of June 30, 2026, the Company had 3,226,284 shares available for repurchase under the authorized repurchase programs.
The Company’s tangible common equity6 increased by $654.6 million to $1.79 billion. The Company’s stockholders’ equity to assets ratio was 10.36% at June 30, 2026, and tangible common equity to tangible assets ratio decreased by 18 basis points during the year to 7.91%, primarily due to the drivers described above.
Book value per common share6 decreased to $24.50, as compared to $28.97. Tangible book value per common share decreased to $18.19, as compared to $19.79.

Asset Quality
June 30, 2026 vs. December 31, 2025
The Company’s allowance for loan credit losses was 1.29% of total loans, as compared to 0.76%. The increase in the allowance for credit losses was largely driven by incremental allowance for loan credit losses of $121 million added for the Flushing portfolio and the reserve build. Refer to “Provision for Credit Losses” section for further discussion.
Non-performing loans increased to $108.2 million, from $27.8 million, primarily due to $53.8 million of non-performing loans acquired from Flushing and one commercial relationship of
6 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. Tangible book value per common share is based on common shares outstanding at period end Refer to “Explanation of Non-GAAP Financial Measures” and the “Other Items - Non-GAAP Reconciliation” tables for additional information regarding non-GAAP financial measures.
11

$20.6 million. Non-performing loans represented 0.67% and 0.25% of total loans, respectively. The allowance for loan credit losses as a percentage of total non-performing loans was 193.75%, as compared to 301.27%. The level of 30 to 89 days delinquent loans decreased to $47.1 million, from $47.8 million, primarily due to the one commercial relationship noted above, which was partially offset by $18.2 million of 30 to 89 days delinquent loans acquired from Flushing. Criticized and classified loans and investment, and other real estate owned, increased to $541.5 million, from $122.1 million, primarily due to $293.2 million of loans and a $20.7 million investment acquired from Flushing, which were re-risked at the date of acquisition based on the Company’s credit standards. The remaining increase was driven by two commercial relationships totaling $56.1 million.
The Company identified $750.4 million of purchased with credit deterioration (“PCD”) loans from the Flushing acquisition largely consisting of criticized and classified loans and loans with any rent-regulated exposure. Non-performing loans in the current period included $51.6 million of PCD loans acquired from Flushing, and 30 to 89 days delinquent loans in the current period included $8.6 million of PCD loans acquired from Flushing.
The Company’s asset quality, excluding PCD loans, was as follows. Non-performing loans increased to $54.1 million, from $22.4 million. The allowance for loan credit losses as a percentage of total non-performing loans was 388.00%, as compared to 374.46%. The level of 30 to 89 days delinquent loans, excluding non-performing loans, decreased to $36.9 million, from $44.7 million.
12

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 and goodwill, 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 Friday, July 31, 2026 at 11:00 a.m. Eastern Time. The direct dial number for the call is (833) 461-5787, using the meeting ID 387420595. For those unable to participate in the conference call, a replay will be available which can be accessed through the following URL: https://events.q4inc.com/attendee/387420595. The conference call will also be available (listen-only) by internet webcast at https://ir.oceanfirst.com/. Web users should go to the site at least fifteen minutes prior to the call to register.
* * *
13

    OceanFirst Financial Corp.’s subsidiary, OceanFirst Bank N.A., founded in 1902, is a $23.3 billion regional bank serving business and retail customers throughout New Jersey, New York, Long Island, and the major metropolitan areas from Massachusetts through 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 press release contains certain forward-looking statements within the meaning of the federal securities laws, which are based on certain assumptions and describe future plans, strategies and expectations of the Company. Forward-looking statements may be identified by the use of the words such as “ estimate,” “plan,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “seek,” “strategy,” “future,” “opportunity,” “may,” “could,” “target,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” or similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. These statements are based on various assumptions, whether or not identified in this document, and on the current expectations of the Company’s management and are not predictions of actual performance, and, as a result, are subject to risks and uncertainties. These forward-looking statements are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict, may differ from assumptions and many are beyond the control of the Company. The forward-looking statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995.
Factors that 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, trade restrictions and retaliatory measures impacting the Company’s borrowers and the broader economy, the effects of a potential future federal government shutdown, debt ceiling impasses or fiscal uncertainty, 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, our ability to enter into new markets and capitalize on growth opportunities, the adequacy of and changes in the economic assumptions and methodology for computing the allowance for credit losses, availability of capital, competition, our ability to maintain and increase market share and control expenses, changes in investor sentiment and consumer spending, borrowing and savings habits, changes in accounting principles, risks associated with cybersecurity threats, data breaches, ransomware attacks, or other failures in the Company’s operational or security systems and infrastructure, including the risks arising from the Company’s dependence on third-party service providers and vendors, the failure to maintain current technologies and the operational risks associated with the adoption of artificial intelligence and other emerging 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.
You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of OceanFirst’s Annual Report on Form 10-K for the year ended December 31, 2025, and other documents filed by OceanFirst from time to time with the U.S. Securities and Exchange Commission (the “SEC”). The Company does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions that 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.

14


OceanFirst Financial Corp.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(dollars in thousands)

June 30,March 31,December 31,June 30,
2026202620252025
(Unaudited)(Unaudited)(Unaudited)
Assets
Cash and due from banks$274,057 $136,981 $135,130 $170,599 
Debt securities available-for-sale, at estimated fair value2,067,668 1,181,087 1,231,827 735,561 
Debt securities held-to-maturity, net of allowance for securities credit losses of $663 at June 30, 2026, $754 at March 31, 2026, $811 at December 31, 2025, and $809 at June 30, 2025 (estimated fair value of $2,803,466 at June 30, 2026, $793,409 at March 31, 2026, $825,790 at December 31, 2025, and $896,090 at June 30, 2025)
2,862,196 852,917 881,568 968,969 
Equity investments75,965 88,239 91,882 87,808 
Restricted equity investments, at cost180,711 119,503 129,329 106,538 
Loans receivable, net of allowance for loan credit losses of $209,716 at June 30, 2026, $86,110 at March 31, 2026, $83,726 at December 31, 2025, and $79,266 at June 30, 2025
16,086,532 11,059,275 10,970,666 10,119,781 
Loans held-for-sale— — 5,768 15,744 
Interest and dividends receivable91,497 49,588 49,010 44,032 
Other real estate owned13,453 10,393 10,266 7,680 
Premises and equipment, net126,609 112,066 112,743 113,474 
Bank owned life insurance503,910 271,650 270,301 271,184 
Goodwill529,836 517,481 517,481 523,308 
Intangibles90,613 8,198 9,046 10,834 
Other assets366,963 148,958 149,300 152,335 
Total assets$23,270,010 $14,556,336 $14,564,317 $13,327,847 
Liabilities and Stockholders’ Equity
Deposits$17,760,073 $11,155,916 $10,964,405 $10,232,442 
Federal Home Loan Bank advances1,732,373 1,180,179 1,397,179 938,687 
Securities sold under agreements to repurchase with customers61,329 67,249 54,434 61,490 
Other borrowings493,216 255,518 255,233 198,019 
Advances by borrowers for taxes and insurance112,876 25,851 21,245 18,759 
Other liabilities699,063 202,255 209,271 234,770 
Total liabilities20,858,930 12,886,968 12,901,767 11,684,167 
Stockholders’ equity:
OceanFirst Financial Corp. stockholders’ equity2,411,080 1,669,368 1,662,550 1,642,846 
Non-controlling interest— — — 834 
Total stockholders’ equity2,411,080 1,669,368 1,662,550 1,643,680 
Total liabilities and stockholders’ equity$23,270,010 $14,556,336 $14,564,317 $13,327,847 












15

OceanFirst Financial Corp.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share amounts)
For the Three Months Ended,For the Six Months Ended,
June 30,March 31,June 30,June 30,June 30,
20262026202520262025
|---------------------- (Unaudited) ----------------------||---------- (Unaudited) -----------|
Interest income:
Loans$178,982 $145,324 $135,478 $324,306 $268,497 
Debt securities26,633 19,810 15,950 46,443 33,220 
Equity investments and other3,989 3,157 3,397 7,146 6,811 
Total interest income209,604 168,291 154,825 377,895 308,528 
Interest expense:
Deposits68,308 53,695 52,273 122,003 103,319 
Borrowed funds20,566 18,149 14,916 38,715 30,921 
Total interest expense88,874 71,844 67,189 160,718 134,240 
Net interest income120,730 96,447 87,636 217,177 174,288 
Provision for credit losses4,002 2,738 3,039 6,740 8,379 
Net interest income after provision for credit losses116,728 93,709 84,597 210,437 165,909 
Other income (loss):
Bankcard services revenue1,772 1,629 1,619 3,401 3,082 
Trust and asset management revenue384 433 374 817 780 
Fees and service charges3,389 2,813 4,969 6,202 9,681 
Net gain (loss) on sales of loans38 (28)1,177 10 2,035 
Net (loss) gain on equity investments(347)(354)488 (701)693 
Net gain (loss) from other real estate operations1,203 (164)(260)1,039 (276)
Income from bank owned life insurance2,471 1,874 1,786 4,345 3,638 
Commercial loan swap income1,654 345 207 1,999 827 
Other34 200 1,373 234 2,526 
Total other income10,598 6,748 11,733 17,346 22,986 
Operating expenses:
Compensation and employee benefits50,202 39,484 40,242 89,686 76,982 
Occupancy7,333 5,832 5,454 13,165 10,951 
Equipment1,111 921 869 2,032 1,790 
Marketing1,894 963 1,541 2,857 2,649 
Federal deposit insurance and regulatory assessments4,130 3,215 2,898 7,345 5,881 
Data processing7,655 7,052 6,808 14,707 13,455 
Check card processing1,097 1,098 1,156 2,195 2,326 
Professional fees3,405 3,222 4,336 6,627 6,761 
Amortization of intangibles2,586 848 906 3,434 1,846 
Merger-related expenses42,765 4,150 — 46,915 — 
Restructuring (release) charges(71)128 — 57 — 
Other operating expenses7,752 6,490 7,264 14,242 13,127 
Total operating expenses129,859 73,403 71,474 203,262 135,768 
(Loss) Income before provision for income taxes(2,533)27,054 24,856 24,521 53,127 
Provision for income taxes496 6,548 5,771 7,044 12,579 
Net (loss) income(3,029)20,506 19,085 17,477 40,548 
Net gain (loss) attributable to non-controlling interest— — 39 — (7)
Net (loss) income attributable to OceanFirst Financial Corp.(3,029)20,506 19,046 17,477 40,555 
Dividends on preferred shares— — 1,004 — 2,008 
Loss on redemption of preferred stock— — 1,842 — 1,842 
Net (loss) income available to common stockholders$(3,029)$20,506 $16,200 $17,477 $36,705 
Basic earnings per share$(0.04)$0.36 $0.28 $0.27 $0.63 
Diluted earnings per share$(0.04)$0.36 $0.28 $0.27 $0.63 
Average basic shares outstanding70,239 57,043 57,738 63,630 57,889 
Average diluted shares outstanding70,239 57,048 57,740 63,638 57,891 
16

OceanFirst Financial Corp.
SELECTED LOAN AND DEPOSIT DATA
(dollars in thousands)
LOANS RECEIVABLEAt
June 30,March 31,December 31,September 30,June 30,
20262026202520252025
Commercial:
Commercial real estate - investor$9,125,313 $5,478,832 $5,420,989 $5,211,220 $5,068,125 
Commercial and industrial:
Commercial and industrial - real estate
1,800,501 1,016,912 986,431 997,122 914,406 
Commercial and industrial - non-real estate 1,907,719 1,302,128 1,227,556 998,860 862,504 
Total commercial and industrial3,708,220 2,319,040 2,213,987 1,995,982 1,776,910 
Total commercial12,833,533 7,797,872 7,634,976 7,207,202 6,845,035 
Consumer:
Residential real estate3,245,311 3,128,023 3,194,264 3,135,200 3,119,232 
Home equity loans and lines and other consumer ("other consumer")196,908 198,048 202,763 215,581 220,820 
Total consumer3,442,219 3,326,071 3,397,027 3,350,781 3,340,052 
Total loans16,275,752 11,123,943 11,032,003 10,557,983 10,185,087 
Deferred origination costs (fees), net20,496 21,442 22,389 13,105 13,960 
Allowance for loan credit losses(209,716)(86,110)(83,726)(81,236)(79,266)
Loans receivable, net$16,086,532 $11,059,275 $10,970,666 $10,489,852 $10,119,781 
Residential mortgage loans serviced for others$333,605 $344,316 $365,431 $340,740 $288,211 
At June 30, 2026 Average Yield
Loan pipeline (1):
Commercial6.54 %$409,448 $417,356 $464,602 $710,933 $790,768 
Residential real estate (2)
— — 461 9,457 136,797 146,921 
Other consumer (2)
— — — — 16,184 17,110 
Total6.54 %$409,448 $417,817 $474,059 $863,914 $954,799 
For the Three Months Ended
June 30,March 31,December 31,September 30,June 30,
20262026202520252025
Average Yield
Loan originations:
Commercial6.71 %$641,505 $422,907 $786,186 $739,154 $425,877 
Residential real estate (2)
6.07 406 5,824 249,540 250,066 274,314 
Other consumer (2)
— — — 14,859 18,087 15,813 
Total6.71 %$641,911 $428,731 $1,050,585 $1,007,307 $716,004 
(1)Loan pipeline includes loans approved but not funded.
(2)As of December 31, 2025, the Company has discontinued its residential and consumer originations.

DEPOSITSAt
June 30,March 31,December 31,September 30,June 30,
20262026202520252025
Type of Account
Non-interest-bearing$2,836,711 $1,757,097 $1,741,958 $1,731,760 $1,686,627 
Interest-bearing checking6,276,653 4,536,726 4,354,485 4,090,930 3,845,602 
Money market3,375,564 1,488,653 1,412,917 1,397,434 1,377,999 
Savings1,060,481 986,208 986,195 1,000,488 1,022,918 
Time deposits (1)
4,210,664 2,387,232 2,468,850 2,215,382 2,299,296 
  Total deposits$17,760,073 $11,155,916 $10,964,405 $10,435,994 $10,232,442 
(1)Includes brokered time deposits of $885.7 million, $487.9 million, $609.8 million, $405.1 million, and $522.8 million at June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025, and June 30, 2025, respectively.
17

OceanFirst Financial Corp.
ASSET QUALITY
(dollars in thousands)
ASSET QUALITY (1) (2)
June 30,March 31,December 31,September 30,June 30,
20262026202520252025
Non-performing loans:
Commercial real estate - investor$76,721 $18,970 $13,636 $23,570 $20,457 
Commercial and industrial:
Commercial and industrial - real estate16,980 5,541 4,813 7,469 4,499 
Commercial and industrial - non-real estate5,045 228 640 394 311 
Total commercial and industrial22,025 5,769 5,453 7,863 4,810 
Residential real estate7,043 7,011 6,200 7,334 5,318 
Other consumer2,452 2,888 2,502 2,496 2,926 
Total non-performing loans (2) (3)
$108,241 $34,638 $27,791 $41,263 $33,511 
Other real estate owned13,453 10,393 10,266 7,498 7,680 
Non-performing investment (4)
20,729 — — — — 
Total non-performing assets
$142,423 $45,031 $38,057 $48,761 $41,191 
Delinquent loans 30 to 89 days (3)
$47,097 $55,876 $47,808 $19,817 $14,740 
Modifications to borrowers experiencing financial difficulty
Non-performing (included in total non-performing loans above)$7,151 $5,460 $956 $7,693 $8,129 
Performing15,072 15,083 23,898 23,952 31,986 
Total modifications to borrowers experiencing financial difficulty$22,223 $20,543 $24,854 $31,645 $40,115 
Allowance for loan credit losses$209,716 $86,110 $83,726 $81,236 $79,266 
Allowance for unfunded commitments4,194 3,738 4,028 4,636 3,289 
Allowance for loan credit losses as a percent of total loans receivable1.29 %0.77 %0.76 %0.77 %0.78 %
Allowance for loan credit losses as a percent of total non-performing loans193.75 248.60 301.27 196.87 236.54 
Non-performing loans as a percent of total loans receivable0.67 0.31 0.25 0.39 0.33 
Non-performing assets as a percent of total assets0.61 0.31 0.26 0.34 0.31 
Supplemental PCD and non-performing loans
PCD loans, net of allowance for loan credit losses (3)
$696,763 $14,604 $14,968 $19,003 $20,934 
Non-performing PCD loans (3)
54,190 5,900 5,432 5,677 6,800 
Delinquent PCD and non-performing loans 30 to 89 days (3)
10,221 8,794 3,103 2,987 2,590 
PCD modifications to borrowers experiencing financial difficulty (2)
1,710 16 18 20 20 
Asset quality, excluding PCD loans
Non-performing loans (2)
54,051 28,738 22,359 35,586 26,711 
Non-performing assets
88,233 39,131 32,625 43,084 34,391 
Delinquent loans 30 to 89 days (excludes non-performing loans)
36,876 47,082 44,705 16,830 12,150 
Modifications to borrowers experiencing financial difficulty (2)
20,513 20,527 24,836 31,625 40,095 
Allowance for loan credit losses as a percent of total non-performing loans 388.00 %299.64 %374.46 %228.28 %296.75 %
Non-performing loans as a percent of total loans receivable
0.33 0.26 0.20 0.34 0.26 
Non-performing assets as a percent of total assets0.38 0.27 0.22 0.30 0.26 
(1)Asset quality metrics exclude loans held for sale.
(2)The quarters ended June 30, 2026, December 31, 2025, and June 30, 2025 included the sale of non-performing residential and consumer loans of $2.0 million, $2.5 million and $2.2 million, respectively.
(3)The quarter ended June 30, 2026 included loans acquired from the Flushing acquisition. Non-performing, delinquent 30 to 89 days, and PCD loans included $53.8 million, $18.2 million, and $750.4 million, respectively, of acquired loans from Flushing. Non-performing PCD and delinquent 30 to 89 days PCD loans included $51.6 million and $8.6 million, respectively, from Flushing.
(4)Non-performing investment acquired from Flushing.
18

(continued)

NET LOAN CHARGE-OFFSFor the Three Months Ended
June 30,March 31,December 31,September 30,June 30,
20262026202520252025
Net loan charge-offs:
Loan charge-offs $(1,776)$(956)$(2,190)$(850)$(2,415)
Recoveries on loans262 255 216 233 197 
Net loan charge-offs$(1,514)

$(701)$(1,974)$(617)$(2,218)
Net loan charge-offs to average total loans (annualized)0.05 %0.03 %0.07 %0.02 %0.09 %
Net loan (charge-offs) recoveries detail:
Commercial (1)
$(1,074)$(736)$(1,676)$(522)$(1,666)
Residential real estate (2)
(352)(7)(268)(24)(348)
Other consumer (2)
(88)42 (30)(71)(204)
Net loan charge-offs$(1,514)$(701)$(1,974)$(617)$(2,218)
(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 December 31, 2025 and June 30, 2025 included charge-offs of $342,000 and $445,000, respectively, related to the sale of non-performing residential and consumer loans.


19

OceanFirst Financial Corp.
ANALYSIS OF NET INTEREST INCOME
For the Three Months Ended
June 30, 2026March 31, 2026June 30, 2025
(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$158,816 $1,375 3.47 %$83,036 $662 3.23 %$111,631 $1,090 3.92 %
Securities (2)
2,789,029 29,247 4.21 2,282,663 22,305 3.96 1,917,114 18,257 3.82 
Loans receivable, net (3)
Commercial9,701,371 142,903 5.91 7,687,461 109,097 5.76 6,786,611 100,004 5.91 
Residential real estate3,145,110 33,135 4.21 3,167,262 33,141 4.19 3,091,227 31,861 4.12 
Other consumer188,131 2,944 6.28 199,318 3,086 6.28 225,311 3,613 6.43 
Allowance for loan credit losses, net of deferred loan costs and fees(104,773)— — (61,878)— — (66,364)— — 
Loans receivable, net12,929,839 178,982 5.55 10,992,163 145,324 5.34 10,036,785 135,478 5.41 
Total interest-earning assets15,877,684 209,604 5.29 13,357,862 168,291 5.10 12,065,530 154,825 5.14 
Non-interest-earning assets1,399,341 1,192,836 1,182,543 
Total assets$17,277,025 $14,550,698 $13,248,073 
Liabilities and Stockholders’ Equity:
Interest-bearing liabilities:
Interest-bearing checking$5,107,262 28,186 2.21 %$4,509,841 22,820 2.05 %$3,990,602 20,605 2.07 %
Money market2,120,250 14,128 2.67 1,472,989 8,808 2.43 1,342,194 9,718 2.90 
Savings1,003,045 1,284 0.51 988,964 1,306 0.54 1,029,490 1,680 0.65 
Time deposits2,990,624 24,710 3.31 2,372,824 20,761 3.55 2,175,564 20,270 3.74 
Total11,221,181 68,308 2.44 9,344,618 53,695 2.33 8,537,850 52,273 2.46 
FHLB Advances1,312,502 13,169 4.02 1,261,984 12,884 4.14 880,746 9,933 4.52 
Securities sold under agreements to repurchase60,009 399 2.67 59,806 384 2.60 60,477 419 2.78 
Other borrowings397,793 6,998 7.06 299,919 4,881 6.60 260,655 4,564 7.02 
Total borrowings1,770,304 20,566 4.66 1,621,709 18,149 4.54 1,201,878 14,916 4.98 
Total interest-bearing liabilities12,991,485 88,874 2.74 10,966,327 71,844 2.66 9,739,728 67,189 2.77 
Non-interest-bearing deposits2,107,561 1,731,789 1,639,045 
Non-interest-bearing liabilities247,077 174,100 186,653 
Total liabilities15,346,123 12,872,216 11,565,426 
Stockholders’ equity1,930,902 1,678,482 1,682,647 
Total liabilities and stockholders’ equity$17,277,025 $14,550,698 $13,248,073 
Net interest income$120,730 $96,447 $87,636 
Net interest rate spread (4)
2.55 %2.44 %2.37 %
Net interest margin (5)
3.05 %2.93 %2.91 %
Total cost of deposits (including non-interest-bearing deposits)2.06 %1.97 %2.06 %






20

(continued)
For the Six Months Ended June 30,
 20262025
(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$121,135 $2,037 3.39 %$106,230 $2,073 3.94 %
Securities (2)
2,537,245 51,552 4.10 1,959,922 37,958 3.91 
Loans receivable, net (3)
Commercial8,699,979 252,000 5.84 6,783,823 198,265 5.89 
Residential real estate3,156,125 66,276 4.20 3,078,524 63,131 4.10 
Other consumer193,693 6,030 6.28 226,923 7,101 6.31 
Allowance for loan credit losses, net of deferred loan costs and fees(83,445)— — (64,121)— — 
Loans receivable, net11,966,352 324,306 5.46 10,025,149 268,497 5.39 
Total interest-earning assets14,624,732 377,895 5.20 12,091,301 308,528 5.14 
Non-interest-earning assets1,296,661 1,188,506 
Total assets$15,921,393 $13,279,807 
Liabilities and Stockholders’ Equity:
Interest-bearing liabilities:
Interest-bearing checking$4,810,202 51,006 2.14 %$4,062,502 42,039 2.09 %
Money market1,798,408 22,936 2.57 1,332,154 19,070 2.89 
Savings996,043 2,589 0.52 1,043,674 3,465 0.67 
Time deposits2,683,430 45,472 3.42 2,046,927 38,745 3.82 
Total10,288,083 122,003 2.39 8,485,257 103,319 2.46 
FHLB Advances1,287,383 26,053 4.08 938,200 21,293 4.58 
Securities sold under agreements to repurchase59,908 783 2.64 62,385 846 2.73 
Other borrowings349,126 11,879 6.86 271,840 8,782 6.51 
Total borrowings1,696,417 38,715 4.60 1,272,425 30,921 4.90 
Total interest-bearing liabilities11,984,500 160,718 2.70 9,757,682 134,240 2.77 
Non-interest-bearing deposits1,920,713 1,618,622 
Non-interest-bearing liabilities210,791 204,702 
Total liabilities14,116,004 11,581,006 
Stockholders’ equity1,805,389 1,698,801 
Total liabilities and stockholders’ equity$15,921,393 $13,279,807 
Net interest income$217,177 $174,288 
Net interest rate spread (4)
2.50 %2.37 %
Net interest margin (5)
2.99 %2.91 %
Total cost of deposits (including non-interest-bearing deposits)2.02 %2.06 %
(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.
​
​
21

OceanFirst Financial Corp.
SELECTED QUARTERLY FINANCIAL DATA
(in thousands, except per share amounts)
June 30,March 31,December 31,September 30,June 30,
20262026202520252025
Selected Financial Condition Data:
Total assets$23,270,010 $14,556,336 $14,564,317 $14,324,664 $13,327,847 
Debt securities available-for-sale, at estimated fair value
2,067,668 1,181,087 1,231,827 1,261,580 735,561 
Debt securities held-to-maturity, net of allowance for securities credit losses2,862,196 852,917 881,568 919,734 968,969 
Equity investments75,965 88,239 91,882 90,731 87,808 
Restricted equity investments, at cost180,711 119,503 129,329 142,398 106,538 
Loans receivable, net of allowance for loan credit losses16,086,532 11,059,275 10,970,666 10,489,852 10,119,781 
Deposits17,760,073 11,155,916 10,964,405 10,435,994 10,232,442 
Federal Home Loan Bank advances1,732,373 1,180,179 1,397,179 1,705,585 938,687 
Securities sold under agreements to repurchase from customers and other borrowings554,545 322,767 309,667 263,007 259,509 
Total stockholders’ equity2,411,080 1,669,368 1,662,550 1,653,427 1,643,680 

For the Three Months Ended,
June 30,March 31,December 31,September 30,June 30,
20262026202520252025
Selected Operating Data:
Interest income$209,604 $168,291 $171,732 $162,194 $154,825 
Interest expense88,874 71,844 76,454 71,537 67,189 
Net interest income120,730 96,447 95,278 90,657 87,636 
Provision for credit losses4,002 2,738 3,700 4,092 3,039 
Net interest income after provision for credit losses116,728 93,709 91,578 86,565 84,597 
Other income (excluding equity investments)10,945 7,102 9,181 12,311 11,245 
Net (loss) gain on equity investments(347)(354)230 (7)488 
Operating expenses (excluding non-core operations)87,165 69,125 71,227 72,390 71,474 
Restructuring (release) charges(71)128 7,379 4,147 — 
Credit risk transfer execution expense— — 1,283 — — 
FDIC special assessment release— — — (210)— 
Merger-related expenses42,765 4,150 4,253 — — 
(Loss) income before provision for income taxes(2,533)27,054 16,847 22,542 24,856 
Provision for income taxes496 6,548 3,754 5,156 5,771 
Net (loss) income(3,029)20,506 13,093 17,386 19,085 
Net income (loss) attributable to non-controlling interest— — — 56 39 
Net (loss) income attributable to OceanFirst Financial Corp.$(3,029)$20,506 $13,093 $17,330 $19,046 
Net (loss) income available to common stockholders$(3,029)$20,506 $13,093 $17,330 $16,200 
Diluted earnings per share (6)
$(0.04)$0.36 $0.23 $0.30 $0.28 
Net accretion/amortization of purchase accounting adjustments included in net interest income$1,151 $59 $222 $510 $420 
22

(continued)
At or For the Three Months Ended
June 30,March 31,December 31,September 30,June 30,
20262026202520252025
Selected Financial Ratios and Other Data(1) (2):
Performance Ratios (Annualized):
Return on average assets (3)
(0.07)%0.57 %0.36 %0.51 %0.49 %
Return on average tangible assets (3) (4)
(0.07)0.59 0.38 0.53 0.51 
Return on average stockholders’ equity (3)
(0.63)4.95 3.12 4.15 3.86 
Return on average tangible stockholders’ equity (3) (4)
(0.88)7.22 4.57 6.13 5.66 
Return on average tangible common equity (3) (4)
(0.88)7.22 4.57 6.13 5.66 
Stockholders’ equity to total assets10.36 11.47 11.42 11.54 12.33 
Tangible stockholders’ equity to tangible assets (4)
7.91 8.15 8.09 8.12 8.67 
Tangible common equity to tangible assets (4)
7.91 8.15 8.09 8.12 8.67 
Net interest rate spread2.55 2.44 2.36 2.36 2.37 
Net interest margin3.05 2.93 2.87 2.91 2.91 
Operating expenses to average assets 3.01 2.05 2.33 2.23 2.16 
Efficiency ratio (5)
98.88 71.13 80.37 74.13 71.93 
Loan-to-deposit ratio91.60 99.70 100.60 101.20 99.50 


For the Six Months Ended June 30,
20262025
Performance Ratios (Annualized):
Return on average assets (3)
0.22 %0.56 %
Return on average tangible assets (3) (4)
0.23 0.58 
Return on average stockholders’ equity (3)
1.95 4.36 
Return on average tangible stockholders’ equity (3) (4)
2.79 6.36 
Return on average tangible common equity (3) (4)
2.79 6.36 
Net interest rate spread2.50 2.37 
Net interest margin2.99 2.91 
Operating expenses to average assets2.57 2.06 
Efficiency ratio (5)
86.67 68.82 


23

(continued)
At or For the Three Months Ended
June 30,March 31,December 31,September 30,June 30,
20262026202520252025
Trust and Asset Management:
Wealth assets under administration and management (“AUA/M”)$158,650 $142,962 $142,030 $143,708 $141,921 
Nest Egg AUA/M503,818 469,586 485,606 463,906 462,664 
Total AUA/M662,468 612,548 627,636 607,614 604,585 
Per Share Data:
Cash dividends per common share (6)
$0.20 $0.20 $0.20 $0.20 $0.20 
Book value per common share at end of period (6)
24.50 28.98 28.97 28.81 28.64 
Tangible book value per common share at end of period (4) (6)
18.19 19.86 19.79 19.52 19.34 
Common shares outstanding at end of period (6)
98,416,19557,600,06957,390,56957,388,60357,383,975
Number of full-service customer facilities:71 41 41 40 40 
Quarterly Average Balances
Total securities$2,789,029 $2,282,663 $2,339,646 $1,990,917 $1,917,114 
Loans receivable, net12,929,839 10,992,163 10,724,240 10,278,610 10,036,785 
Total interest-earning assets15,877,684 13,357,862 13,157,360 12,363,997 12,065,530 
Total goodwill and intangibles557,717 526,228 529,006 533,835 534,734 
Total assets17,277,025 14,550,698 14,337,776 13,551,194 13,248,073 
Time deposits2,990,624 2,372,824 2,270,671 2,105,734 2,175,564 
Total deposits (including non-interest-bearing deposits)13,328,742 11,076,407 11,122,681 10,263,523 10,176,895 
Total borrowings1,770,304 1,621,709 1,350,390 1,432,196 1,201,878 
Total interest-bearing liabilities12,991,485 10,966,327 10,717,860 9,975,062 9,739,728 
Non-interest bearing deposits2,107,561 1,731,789 1,755,211 1,720,657 1,639,045 
Stockholders' equity1,930,902 1,678,482 1,665,201 1,655,893 1,682,647 
Tangible stockholders’ equity (4)
1,373,185 1,152,254 1,136,195 1,122,058 1,147,913 
Quarterly Yields and Costs
Total securities4.21 %3.96 %4.10 %3.83 %3.82 %
Loans receivable, net5.55 5.34 5.43 5.49 5.41 
Total interest-earning assets5.29 5.10 5.19 5.21 5.14 
Time deposits3.31 3.55 3.68 3.73 3.74 
Total cost of deposits (including non-interest-bearing deposits)2.06 1.97 2.13 2.06 2.06 
Total borrowed funds4.66 4.54 4.95 5.07 4.98 
Total interest-bearing liabilities2.74 2.66 2.83 2.85 2.77 
Net interest spread2.55 2.44 2.36 2.36 2.37 
Net interest margin3.05 2.93 2.87 2.91 2.91 
(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.
(6)    Shares include NVCE stock of 1,812,000 as of June 30, 2026 which are participating securities, and represents an as-converted common stock equivalent basis.



24



OceanFirst Financial Corp.
OTHER ITEMS
(dollars in thousands, except per share amounts)

NON-GAAP RECONCILIATION
For the Three Months Ended
June 30,March 31,December 31,September 30,June 30,
20262026202520252025
Core Earnings:
Net income available to common stockholders (GAAP)
$(3,029)$20,506 $13,093 $17,330 $16,200 
Adjustments to exclude the impact of non-recurring and non-core items:
Net loss (gain) on equity investments347 354 (230)7 (488)
Restructuring (release) charges(71)128 7,379 4,147 — 
Credit risk transfer execution expense— — 1,283 — — 
FDIC special assessment release— — — (210)— 
Merger-related expenses42,765 4,150 4,253 — — 
Income tax (benefit) expense on items(9,467)(806)(2,254)(926)115 
Loss on redemption of preferred stock— — — — 1,842 
Core earnings (Non-GAAP)
$30,545 $24,332 $23,524 $20,348 $17,669 
Income tax expense$496 $6,548 $3,754 $5,156 $5,771 
Provision for credit losses4,002 2,738 3,700 4,092 3,039 
Less: income tax (benefit) expense on non-core items(9,467)(806)(2,254)(926)115 
Core earnings PTPP (Non-GAAP)
$44,510 $34,424 $33,232 $30,522 $26,364 
Core earnings diluted earnings per share$0.43 $0.43 $0.41 $0.36 $0.31 
Core earnings PTPP diluted earnings per share$0.63 $0.60 $0.58 $0.54 $0.46 
Core Ratios (Annualized):
Return on average assets0.71 %0.68 %0.65 %0.60 %0.53 %
Return on average tangible stockholders’ equity8.92 8.56 8.21 7.19 6.17 
Return on average tangible common equity8.92 8.56 8.21 7.19 6.17 
Efficiency ratio66.20 66.76 68.19 70.30 72.28 
25

For the Six Months Ended June 30,
20262025
Core Earnings:
Net income available to common stockholders (GAAP)
$17,477 $36,705 
Adjustments to exclude the impact of non-recurring and non-core items:
Net loss (gain) on equity investments701 (693)
Restructuring charges57 — 
Merger related expenses46,915 — 
Income tax (benefit) expense on items(10,273)164 
Loss on redemption of preferred stock— 1,842 
Core earnings (Non-GAAP)
$54,877 $38,018 
Income tax expense$7,044 $12,579 
Provision for credit losses6,740 8,379 
Less: income tax (benefit) expense on non-core items(10,273)164 
Core earnings PTPP (Non-GAAP)
$78,934 $58,812 
Core diluted earnings per share$0.86 $0.66 
Core earnings PTPP diluted earnings per share$1.24 $1.02 
Core Ratios (Annualized):
Return on average assets0.70 %0.58 %
Return on average tangible stockholders’ equity8.76 6.59 
Return on average tangible common equity8.76 6.59 
Efficiency ratio66.44 69.06 


26

(continued)

June 30,March 31,December 31,September 30,June 30,
20262026202520252025
Tangible Equity:
Total stockholders' equity$2,411,080 $1,669,368 $1,662,550 $1,653,427 $1,643,680 
Less:
Goodwill529,836 517,481 517,481 523,308 523,308 
Intangibles90,613 8,198 9,046 9,934 10,834 
Tangible stockholders' equity1,790,631 1,143,689 1,136,023 1,120,185 1,109,538 
Less:
Preferred stock— — — — — 
Tangible common equity$1,790,631 $1,143,689 $1,136,023 $1,120,185 $1,109,538 
Tangible Assets:
Total assets$23,270,010 $14,556,336 $14,564,317 $14,324,664 $13,327,847 
Less:
Goodwill529,836 517,481 517,481 523,308 523,308 
Intangibles90,613 8,198 9,046 9,934 10,834 
Tangible assets$22,649,561 $14,030,657 $14,037,790 $13,791,422 $12,793,705 
Tangible stockholders' equity to tangible assets7.91 %8.15 %8.09 %8.12 %8.67 %
Tangible common equity to tangible assets7.91 %8.15 %8.09 %8.12 %8.67 %

​

27

ACQUISITION DATE - FAIR VALUE BALANCE SHEET

The following table summarizes the estimated fair values of the assets acquired and the liabilities assumed at the date of the acquisition for Flushing, net of the total consideration paid (in thousands):

At June 1, 2026
Flushing Book ValuePurchase Accounting AdjustmentsEstimated Fair Value
Total Purchase Price:538,351 
Assets Acquired:
Cash and cash equivalents$308,470 $— $308,470 
Securities1,560,808 (332)1,560,476 
Loans receivable, net of allowance for loan credit losses5,221,067 (229,810)4,991,257 
Loans held-for-sale1,309,849 (108,063)1,201,786 
Core deposit intangible647 84,353 85,000 
Other assets457,057 82,513 539,570 
Total assets acquired8,857,898 (171,339)8,686,559 
Liabilities assumed:
Deposits7,436,454 7,497 7,443,951 
FHLB advances and other borrowings406,241 (6,106)400,135 
Other liabilities316,879 (401)316,478 
Total liabilities assumed8,159,574 990 8,160,564 
Net assets acquired$698,324 $(172,329)$525,995 
Goodwill recorded in the merger$12,356 

The calculation of goodwill is subject to change for up to one year after the date of acquisition as additional information relative
to the closing date estimates and uncertainties become available. As the Company finalizes its review of the acquired assets and
liabilities, certain adjustments to the recorded carrying values may be required.

28
. . . 1 OceanFirst Bank OceanFirst Financial Corp. Q2 2026 Earnings Release Supplement(1) (1) The Q2 2026 Earnings Release Supplement should be read in conjunction with the Earnings Release furnished as Exhibit 99.1 to the Form 8-K filed with the SEC on July 30, 2026. OCEANFIRST BANK | J u l y 30, 2026 Exhibit 99.2

 

. . .Legal Disclaimer 2 FORWARD LOOKING STATEMENTS. In addition to historical information, this presentation contains certain forward-looking statements within the meaning of the federal securities laws, which are based on certain assumptions and describe future plans, strategies and expectations of OceanFirst Financial Corp (the “Company”). Forward looking statements may be identified by the use of the words such as “ estimate,” “plan,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “seek,” “strategy,” “future,” “opportunity,” “may,” “could,” “target,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” or similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. These statements are based on various assumptions, whether or not identified in this document, and on the current expectations of the Company’s management and are not predictions of actual performance, and, as a result, are subject to risks and uncertainties. These forward-looking statements are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict, may differ from assumptions and many are beyond the control of the Company. The forward-looking statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995. 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, trade restrictions and retaliatory measures impacting the Company’s borrowers and the broader economy, the effects of a potential future federal government shutdown, debt ceiling impasses or fiscal uncertainty, 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, our ability to enter into new markets and capitalize on growth opportunities, the adequacy of and changes in the economic assumptions and methodology for computing the allowance for credit losses, availability of capital, competition, our ability to maintain and increase market share and control expenses, changes in investor sentiment and consumer spending, borrowing and savings habits, changes in accounting principles, risks associated with cybersecurity threats, data breaches, ransomware attacks, or other failures in the Company’s operational or security systems or infrastructure, including the risks arising from the Company’s dependence on third-party service providers and vendors, the failure to maintain current technologies and the operational risks associated with the adoption of artificial intelligence and other emerging 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. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of OceanFirst’s Annual Report on Form 10-K for the year ended December 31, 2025, and other documents filed by OceanFirst from time to time with the U.S. Securities and Exchange Commission (the “SEC”). The Company does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions that 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. NON-GAAP FINANCIAL INFORMATION. This presentation contains certain non-GAAP (generally accepted accounting principles) measures. These non-GAAP measures, as calculated by the Company, are not necessarily comparable to similarly titled measures reported by other companies. Additionally, these non-GAAP measures are not measures of financial performance or liquidity under GAAP and should not be considered alternatives to the Company's other financial information determined under GAAP. See reconciliations of certain non-GAAP measures included at the end of this presentation and in the Company’s Earnings Release furnished as Exhibit 99.1 to the Form 8-K as filed with the SEC on July 30, 2026. MARKET AND INDUSTRY DATA. This presentation references certain market, industry and demographic data, forecasts and other statistical information. We have obtained this data, forecasts and information from various independent, third-party industry sources and publications. Nothing in the data, forecasts or information used or derived from third-party sources should be construed as advice. Some data and other information are also based on our good faith estimates, which are derived from our review of industry publications and surveys and independent sources. We believe that these sources and estimates are reliable but have not independently verified them. Statements as to our market position are based on market data currently available to us. These estimates involve inherent risks and uncertainties and are based on assumptions that are subject to change.

 

. . . 33 OceanFirst Bank Quarterly Earnings Update

 

. . .Q2-26 Financial Highlights (1) For non-GAAP financial measures, please refer to the “Non-GAAP Reconciliations” in the Appendix for a reconciliation to GAAP financial information. (2) Rent-regulated NYC multi-family is defined as collateral with > 50% of the units subject to rent regulation. Financial Highlights $0.43 Core Diluted EPS(1) $121 million Net Interest Income 0.71% Core ROAA(1) 8.92% Core ROTCE(1) $0.63 Core PTPP Diluted EPS(1) 10.7% CET1 Ratio • On June 1, 2026, we closed the acquisition of Flushing and closed our $225 million strategic equity investment from Warburg Pincus. We subsequently sold $1.3 billion of Flushing’s multifamily loan portfolio, reducing CRE concentration to 381% and our concentration of rent-regulated loans(2) to total assets to 2.5%. • Net interest income increased, representing the eighth consecutive quarterly increase, by $24 million (or 25%) from the linked quarter and $33 million (or 38%) compared to Q2-25. • Commercial loan originations increased by 50% to $642 million compared to linked quarter, driven by organic performance. Forward pipeline remains robust totaling $409 million at Q2-26. • Capital remained robust with our CET1 ratio remaining flat from the linked quarter at 10.7%. 4

 

. . .Update on the Acquisition of Flushing Financial ✓ December 29, 2025 Merger Announcement ✓ April 6, 2026 Shareholder Approvals Received ✓ April 24, 2026 Regulatory Approvals Received ✓ June 1, 2026 Acquisition Close & $225mm Capital Raise ✓ June 26, 2026 $1.3bn Multifamily Loan Sale September 2026 Targeted Core Systems Conversion  $538 million total consideration paid to Flushing shareholders at close  Closed $225 million strategic equity investment from Warburg Pincus  Sold $1.3 billion of Flushing’s multifamily loan portfolio  $5 million contribution to the OceanFirst Foundation supporting nonprofits across the combined footprint  Shares outstanding totaled 98.4 million as of June 30, 2026  CET-1 totaled 10.7% as of June 30, 2026 KEY MILESTONES 5

 

. . .Merger Metrics Remain On Track – Balance Derisked Expectations at Announcement Actual Post-Close Closing date 2Q 2026 June 1, 2026 Balance Sheet Composition Loans Sold – $1.3 billion Loans / Deposits 96% 92% % of Rent-Regulated to Assets(1) 5% 2.5% Financial Impacts '27E EPS $2.48 Unchanged ACL Coverage at Close 1.50% 1.29% ’27E Profitability Metrics ROAA 1.00% Unchanged ROATCE 12.6% Unchanged NIM 3.2% Unchanged Capital at Close CRE Concentration (2) 461% 381% CET1 Ratio (3) 10.8% 10.7% Key Financial Updates Post-Close ✓ On June 26, 2026, closed the sale of $1.3 billion of multifamily loans acquired from Flushing – Sale price of 92.25% consistent with initial valuation estimates at announcement – Eliminated majority of exposure to rent- regulated properties in New York City with the % of rent-regulated to assets totaling 2.5%(1) – Reduces CRE concentration to 381%(2) – Proceeds redeployed into highly-liquid, investment-grade securities at yields approximating the loans sold ✓ Merger metrics remain unchanged from announcement with a stronger balance sheet at close ✓ On track to achieve announced cost savings of 35% ✓ Core systems conversion in progress; targeted for September 2026 ✓ No material customer attrition to date ✓ Successfully closed $225mm strategic equity investment from Warburg Pincus (1) Rent-regulated NYC multi-family is defined as collateral with > 50% of the units subject to rent regulation. (2) Reflects the bank-level regulatory CRE concentration ratio, calculated as regulatory CRE divided by Tier 1 capital plus the ACL. (3) CET1 estimate. 6

 

. . .Loan Portfolio Trends Moderated Loan Growth ($’millions)  Total loans grew by $5.1 billion (46%) and $6.1 billion (60%) compared to Q1-26 and Q2-25, respectively, largely driven by Flushing(1)  Excluding Flushing, total commercial loan growth was 2% compared to Q1-26  We maintained strong momentum, delivering $642 million in loan originations and $409 million in loan pipeline  NDFI(2) loan balances remain minimal, totaling $416 million (or ~2.6% of total loans) at Q2-26 5,068 5,211 5,421 5,479 9,125 914 997 986 1,017 1,801 863 999 1,228 1,302 1,908 3,119 3,135 3,194 3,128 3,245 5.41% 221 Q2-25 5.49% 216 Q3-25 5.43% 203 Q4-25 5.34% 198 Q1-26 5.55% 197 Q2-26 10,185 10,558 11,032 11,124 16,276 Average Loan Yield Home Equity & Consumer Residential C&I - non-real estate C&I - real estate CRE Investor-Owned 7 (1) Net of Flushing acquired loans and multifamily loans sold during quarter. (2) Non-Depository Financial Institution.

 

. . .Deposit Trends  Deposits increased by $6.6 billion, primarily due to acquired deposits from Flushing  Deposit trends excluding Flushing balances:  Total deposits decreased primarily due to seasonality of government deposits  Non-interest bearing deposits increased $101 million (or 6%) compared to Q1-26  Brokered deposits decreased $192 million Deposit Mix Remains Stable ($’millions) 2,299 2,215 2,469 2,387 4,2111,023 1,000 986 986 1,060 1,378 1,398 1,413 1,489 3,3763,845 4,091 4,354 4,537 6,277 1,687 1,732 1,742 1,757 2,837 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 10,232 10,436 10,964 11,156 17,761 Non-Int. Bearing Int. Bearing Checking Money Market Savings Time Deposits 8 Cost of Deposits Spot Avg Type of Account Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q2-26 Int. Bearing Checking 2.02% 2.08% 2.05% 2.15% 2.35% 2.21% Money Market 2.94% 2.75% 2.43% 2.43% 2.92% 2.67% Savings 0.66% 0.63% 0.55% 0.52% 0.52% 0.51% Time Deposits 3.75% 3.74% 3.64% 3.48% 3.53% 3.31% Total (incl. non-int. bearing) 2.07% 2.04% 2.00% 1.99% 2.26% 2.06%

 

. . .Net Interest Income and Net Interest Margin Trends Net Interest Margin NIM Bridge 2.91% Q2-25 2.91% Q3-25 2.87% Q4-25 2.93% Q1-26 3.05% Q2-26 NIM Net Interest Income ($’000) 87,636 Q2-25 90,657 Q3-25 95,278 Q4-25 96,447 Q1-26 120,730 Q2-26 Net Interest Income  Net interest income increased $24 million (or 25%) and $33 million (or 38%), compared to Q1-26 and Q2-25, respectively.  Excluding the impact of Flushing acquisition, growth was 5% and 15%, compared to Q1-26 and Q2-25, respectively.  Net interest margin increased 12 bps and 14 bps compared to Q1-26 and Q2-25, respectively.  Competitive market environment may pressure margin as peers compete on rate for quality credit and deposits. 9 Q1-26 NIM 0.05% Impact of acquisition 0.02 Prepayment impact 0.05% Mix-shift, originations and repricing Q2-26 NIM 2.93% 3.05%

 

. . . Core Efficiency Ratio(1) Expense Discipline and Focused Investment Core Non-Interest Expense(1) ($’000) 10,867 10,517 9,757 9,399 13,329 4,336 3,467 3,579 3,222 3,405 6,808 7,164 7,104 7,052 7,655 2,898 2,826 3,102 3,215 4,1306,323 7,029 6,701 6,753 8,444 40,242 41,387 40,984 39,484 50,202 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 71,474 72,390 71,227 69,125 87,165 Compensation & employee benefits Occupancy & equipment FDIC & regulatory assessments Data processing Professional fees Other Opex  Q2-26 core non-interest expenses increased by $18.0 million (or 26%) from the linked quarter driven primarily by the impact of the Flushing acquisition. (2) 10 72.28% Q2-25 70.30% Q3-25 68.19% Q4-25 66.76% Q1-26 66.20% Q2-26 2.16% 2.12% 1.97% 1.93% 2.02% Core Efficiency Ratio Core Non-Interest Expense to Average Assets (Annualized) (1) For non-GAAP financial measures, please refer to the “Non-GAAP Reconciliations” in the Appendix for a reconciliation to GAAP financial information. (2) Other Opex includes marketing, check card processing, amortization of intangibles, and other expenses.

 

. . .Generating Consistent Returns Book Value and Tangible Book Value per Common Share(1) ($) Core ROAA(1) and ROTCE(1)  Capital remains strong and above “well capitalized” levels.  CET-1 ratio remained flat from the linked quarter despite the impact from the Flushing acquisition.  Tangible book value per common share decreased $1.15 (or 6%) from the same quarter last year due to the Flushing acquisition. Capital Management ($’millions) 19.34 19.52 19.79 19.86 18.19 28.64 28.81 28.97 28.98 24.50 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Book Value per Share Tangible Book Value per Common Share 6.17% 0.53% Q2-25 7.19% 0.60% Q3-25 8.21% 0.65% Q4-25 8.56% 0.68% Q1-26 8.92% 0.71% Q2-26 Core ROTCE Core ROAA 12 12 12 12 12 17 3 8.7% 11.0% Q2-25 8.1% 10.6% 0 Q3-25 8.1% 10.7% 0 Q4-25 8.2% 10.7% Q1-26 7.9% 10.7% 0 Q2-26 Tangible Stockholders’ Equity to Tangible Assets(1) CET1 Share Repurchases Common Dividend 11 (1) For non-GAAP financial measures, please refer to the “Non-GAAP Reconciliations” in the Appendix for a reconciliation to GAAP financial information. (2) Represents share repurchases from employees who have elected to have shares withheld to cover withholding taxes. These shares are not included as repurchases under the authorized share repurchase programs.

 

. . .Management Q3-26 and Q4-26 Outlook 12 Q3-26 Q4-26 Comments Loans 1-2% by year-end • Expecting continued steady growth. • Growth will be driven by the C&I vertical offset by run-off from the Residential portfolio. • Credit is expected to remain benign and reserves sufficient. Deposits Consistent with loan growth • Maintain loan-to-deposit ratio <=95%. Net Interest Margin 3.07% - 3.12% 3.09% - 3.14% • Subject to expected growth and interest rate trends. • No rate changes modeled through the rest of the year. • Continued modest expansion. Other Income $12 - $16 million per quarter • Subject to loan swap activity. Operating Expenses $120 - $125 million $110 - $115 million • Includes one-time expenses for implementation of a new digital banking platform. • The impact from the majority cost savings are expected to flow through operating expenses in October. Capital Strong CET1 ratio (>10.5%) • Sufficient capital to fund near-term growth. • Continuing to explore ways to optimize capital in relation to loan growth.

 

. . . 1.53% Strong asset quality trends driven by prudent growth and strong credit risk management Quarterly Credit Trends (1 of 2) Non-Performing Loans(1) and Assets(2) ($’000) Special Mention and Substandard Loans ($’000) Criticized loans as a % of total loans increased to 3.12% vs. Q1-26 impacted by the Flushing Acquisition. Combined metric remains below historic peer averages 26,711 35,586 22,359 28,738 54,051 7,680 7,498 10,266 10,393 13,453 0.73% 0.26% Q2-25 0.62% 0.34% 0.30% Q3-25 0.58% 0.20% 0.22% Q4-25 0.64% 0.26% 0.27% Q1-26 0.33% 0.38% Q2-26 Peer average NPL to total loans NPL to total loans NPA to total assets OREO Non-performing loans 13 (3) Peer data is on a one quarter lag. (4) OCFC criticized loans exclude other real estate owned. 124,112 104,773 93,715 154,441 370,650 136,705 3.82% 21,521 Q2-25 3.68% 1.17% 18,972 Q3-25 3.47% 1.01% 18,161 Q4-25 3.41% 1.53% 15,901 Q1-26 3.12% Q2-26 (1) PCD loans are not included in these metrics. Refer to Asset Quality section in the Earnings Release for additional information. (2) Includes non-performing investments of $20.7 million acquired from Flushing. Peer Average Criticized Loans / Total Loans OCFC Criticized Loans / Total Loans Special Mention Substandard 1.43% (4) (3)(3)

 

. . .Quarterly Credit Trends (2 of 2) NCOs / (Recoveries) and Provision for Credit Loss Expense ($’000) 14 Loan Allowance for Credit Losses (ACL) ($’000) 79,266 81,236 83,726 86,110 209,716 1.21% 0.78% Q2-25 1.18% 0.77% Q3-25 1.19% 0.76% Q4-25 1.17% 0.77% Q1-26 1.29% Q2-26 Peer Average ACL % of Total Loans ACL % of Total Loans ACL 3,039 4,092 3,700 2,738 4,002 2,218 617 1,974 701 1,514 0.09% Q2-25 0.02% Q3-25 0.07% Q4-25 0.03% Q1-26 0.05% Q2-26 Net Charge-offs / Avg Loans (annualized) Provision Expense Net Charge-offs (Recoveries) (1) Peer data is on a one quarter lag. (1)

 

. . . COVID-19 Pandemic Track Record of Strong Credit Performance  From 2006 to Q2-26, inclusive of the Global Financial Crisis, Hurricane Sandy, and the COVID-19 Pandemic, OCFC’s NCO to average loans totaled 12 bps per year compared to 67 bps for all commercial banks between $10 - $50 billion in assets.  From 2006 to Q2-26, peak net charge-offs to average loans for OCFC totaled 56 bps in 2011. Peak charge-offs for commercial banks between $10 - $50 billion in assets were 253 bps in 2009. Global Financial Crisis Hurricane Sandy 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1-26 Q2-26 OCFC NCO / Avg Loans Commercial Banks ($10-50 bn) NCO / Avg Loans(1) 15 Source: S&P Global. (1) Any period with net recoveries is denoted as 0% NCO / Avg Loans in the graph. (2) Commercial bank reporting is on a one quarter lag (2)

 

. . . 1616 OceanFirst Bank Company Overview

 

. . . Tailored Footprint Across Key Markets(5) Overview of OceanFirst Corporate Overview & Market Data Ticker OCFC (NASDAQ) HQ Red Bank, NJ Branch Network 71 branches; 8 commercial banking centers Moody’s and KBRA Ratings(1) Baa3 and BBB+ Market Cap at 6/30/26 $1.9 billion Balance Sheet and Capital (Q1-26) Assets $23.3 billion Net Loans $16.1 billion Deposits $17.8 billion Non-performing Loans / Loans(2) 0.33% Tang. Equity / Tang. Assets(3) 7.9% CET1 Ratio 10.7% Q2-26 Loan Portfolio ($’millions) Q2-26 Deposit Base ($’millions) Core Profitability (Q1-26)2 Net Income $30.5 million EPS $0.43 Net Interest Margin (%)(4) 3.05% Efficiency Ratio (%) 66.2% ROAA (%) 0.71% ROTCE (%) 8.92% Corporate Overview and Market Data Balance Sheet and Capital Q2-26 Core Profitability Q2-26(3) $9,125 CRE Investor -Owned $1,801C&I - real estate $1,908C&I - non-real estate $3,245 Residential $197 Home Eq. & Consumer Note: All data presented is as of June 30, 2026. (1) Moody's: Holding Company Long Term Issuer rating. KBRA: Holding Company Senior Unsecured Debt rating. (2) PCD loans are not included in these metrics. (3) For non-GAAP financial measures, please refer to the “Non-GAAP Reconciliations” in the Appendix for a reconciliation to GAAP financial information. (4) GAAP NIM includes prepayment fee income and purchase accounting accretion. (5) Premier Banking Locations not shown on map located at Third Ave, New York City and Melville, Long Island. $2,837 Non-interest $6,277 Interest-bearing$3,376 Money market $1,060Savings $4,211 Time deposits 17 OCFC – Retail Branches (71) OCFC – Commercial Centers (8) PA NJ NYMA MD ✓ Operates in or near five MSAs within the I-95 corridor, the deepest banking market within the U.S. ✓ High-density, contiguous footprint supports efficient growth and cross-sell opportunities ✓ Full-service commercial bank serving retail and commercial clients ✓ Relationship-driven lending model with a diversified product offering

 

. . .Proven Historical Net Interest Income and Loan Growth 120,262 169,218 240,502 255,971 312,951 305,338 377,477 369,731 334,035 360,223 3.46% 2016 3.52% 2017 3.71% 2018 3.62% 2019 3.16% 2020 2.93% 2021 3.37% 2022 3.02% 2023 2.72% 2024 2.90% 2025 2.99% YTD Jun-26 Net Interest Margin Net Interest Income Net Interest Income Growth ($’thousands) Net Interest Income CAGR 17% 1,135 1,187 2,023 2,296 3,492 4,378 5,172 5,354 5,288 5,421 9,125 687 758 1,046 1,189 1,616 1,504 1,620 1,610 1,550 2,214 3,708 1,704 1,749 2,045 2,321 2,309 2,480 2,862 2,980 3,050 3,194 3,245 291 281 2016 2017 475 2018 408 2019 339 2020 261 2021 264 2022 203 2025 197 Q2-26 3,817 3,975 5,589 6,214 7,756 8,623 9,918 10,195 10,118 230 2023 251 11,032 16,276 2024 Home Equity & Consumer Residential C&I Investor-Owned CRE Significant Growth in Commercial Loan Portfolio ($’millions) Investor-Owned CRE CAGR 25% C&I CAGR 19% 18 217,177 Note: Q2-26 includes one month of Flushing Financials' operating results and acquired balances.

 

. . .Balanced Approach to Deposit Pricing and Growth Deposit Composition ($’millions) 646 867 937 1,373 1,542 2,445 2,081 2,469 4,211 877 898 1,491 1,608 1,488 1,399 1,066 986 1,0601,022 1,301 1,413 3,376 1,627 1,954 2,350 2,539 3,647 4,202 3,830 3,912 4,001 4,354 6,277 1,151 1,377 2,133 2,412 2,101 1,657 1,617 1,742 2,837 661607 2017 570 2018 578 2019 2020 2021 2022 2023 2024 2025 Q2-26 4,188 459 5,815 6,329 9,428 9,733 9,675 10,435 10,066 10,964 17,760 673 2016 364 783 757 784 736 775 714 4,343 Non-interest-bearing deposits Interest-bearing deposits Money Market Savings Time deposits Organic Deposit Growth ($’millions) 4,343 9,733 9,675 10,435 10,066 10,964 2,123 1,616 1,894 6,940 2016 2017 2018 449 2019 2020 2021 2022 2023 2024 2025 Q2-26 4,188 5,815 6,329 9,428 17,760 2016 – Q2-26 Organic Deposit CAGR: 19% 2016 – Q2-26 CAGR: 16% 56% 44% Commercial Consumer Total: $17.8B Deposit Stratification 19 Acquired Deposits Organic Deposits Q2-26 Avg. Cost of Deposits 2.06%

 

. . .Conservative Credit Risk Profile (1) PCD loans are not included in these metrics. Refer to the “Asset Quality” section in the Earnings Release for additional information. (2) Peer reporting is on a one quarter lag. 0.22% 0.59% 2019 0.32% 0.64% 2020 0.40% 2022 0.19% 0.38% 2023 0.22% 0.55% 2024 0.22% 0.47% 2025 0.16% 0.50% Q1-26 0.38% Q2-26 0.54% 0.69% 0.44% 2017 0.25% 2021 0.60% 2018 0.15% 0.27% NPA/Assets Peer Average NPA/Assets Continued Focus on Credit Risk(1)Non-performing Loans by Type as % of Loans(1) 20 (2) 0.05% 2017 0.09% 0.01% 0.03% 0.13% 0.05% 2018 0.05% 0.08% 0.00% 0.12% 0.04% 2019 0.14% 0.17% 0.02% 0.11% 0.03% 2020 0.02% 0.10% 0.00% 0.07% 0.02% 2021 0.07% 0.04% 0.00% 0.06% 0.02% 2022 0.18% 0.00% 0.05% 0.02% 2023 0.10% 0.04% 0.00% 0.10% 0.03% 2024 0.08% 0.04% 0.01% 0.06% 2025 0.13% 0.04% 0.00% 0.06% Q1-26 0.21% 0.03% 0.01% 0.04% 0.01% Q2-26 0.52% 0.31% 0.29% 0.47% 0.24%0.19% 0.26% 0.27% 0.20% 0.26% 0.33% 0.15% 0.01% 0.11% 0.22% CRE: IO C&I - Real Estate C&I - Non-Real Estate Residential Consumer 0.01% 0.02%

 

. . .Business Model Strength Driving Significant Capital Return $12.33 $0.49 $0.55 $1.01 $13.67 2015 $1.04 $1.55 $12.94 2016 $1.09 $2.15 $13.58 2017 $1.39 $2.77 $14.26 2018 $1.97 $3.45 $15.13 2019 $2.25 $4.13 $14.98 2020 $2.86 $4.81 $15.93 2021 $2.98 $5.55 $17.08 2022 $2.98 $6.35 $18.35 2023 $3.35 $7.15 $18.98 2024 $3.74 $7.95 $19.79 2025 $3.80 $8.35 $18.19 Q2-262013 $15.62 $15.53 $16.82 $18.42 $20.55 $21.36 $23.60 $13.95 $27.68 $29.48 $31.48 $30.35 $12.91 2014 $0.94 $25.61 The growth in TBV per common share(1) over the past decade is attributed to:  Minimally dilutive and strategic acquisitions including in existing and critical new markets  Stable and competitive dividend ‒ 118th consecutive quarter  Historical target Payout Ratio of 30% to 50%  Q2-26 decrease attributable to the Flushing acquisition. Growth Since 2013 Tangible Book Value per Share(1) 47.6% Total Capital Return per Share 146.1% Cumulative Share Repurchase/Share Cumulative Dividends/Share TBVPS 21 (1) For non-GAAP financial measures, please refer to the “Non-GAAP Reconciliations” in the Appendix for a reconciliation to GAAP financial information.

 

. . .OceanFirst’s AI and Automation 22  Drive operating leverage and scale through automation  Enhance the customer experience through best in-class speed to market, advanced functionality, and service quality  Strengthen risk management and operational controls through automation Long-term Strategic Vision  Established a centralized Automation Transformation Office (ATO) to govern AI investment with disciplined, ROI-based prioritization, concentrating capital on the highest-value use cases and compressing time-to-deployment across the enterprise  Built a unified, governed data platform that serves as the scalable foundation for every downstream AI initiative  Deployed conversational AI across our omni-channel platform, elevating customer experience while lowering cost-to-serve  Rolled out AI productivity tools enterprise-wide, embedding measurable efficiency gains into every department  Adopted AI-assisted software development to speed delivery and redirect engineering toward high-value architecture and business solutions Current State of Automation 2023- 2025 2026- 2027 2028 & onward Foundation & Quick Wins Scale & Integration Optimization & Innovation INFRASTRUCTURE EXPANSION DIFFERENTIATION Enterprise data management upgraded AI governance framework approved Data governance foundation established Employee AI rollout Automation Engineers aligned with business Advanced analytics supporting all business lines Scaled delivery of AI & decisioning capabilities AI-native workflows with human oversight Embedded AI across business lines Enterprise model lifecycle management Controlled AI innovation sandbox Continue to Embed AI across business lines Proprietary data & intelligence advantage Centralized intake and ROI- based prioritization Back-office automation & streamlined processing

 

. . . 23 23 23 OceanFirst Bank Appendix OCEANFIRST BANK | J u l y 3 0 , 2026

 

. . .Diversified CRE Portfolio with Conservative Risk Profile  Underlying collateral is diversified.  Low concentration in the Multi-Family portfolio, which represents 6.5% of total assets. Rent regulated NYC multi-family portfolio(3) represents less than 2.5% of total assets.  Maturity wall is modest and has a minimal impact: Our CRE Investor- Owned maturity wall, totaling $1.6 billion (or 10% of total loans), is set to mature in 2026 and 2027 with weighted average rates of 4.55% and 4.24%, for each respective cohort. CRE Investor-Owned Portfolio by Geography(2) Notes: • All data represents CRE Investor-Owned balances, excluding purchase accounting marks and Construction as of June 30, 2026, unless otherwise noted. • WA rate includes borrower fixed-rate exposure for loans with swap contracts and excludes any benefit from back-to-back rate swaps • WA LTV represents the weighted average of loan balances as of June 30, 2026 divided by their most recent appraisal value, which is generally obtained at the time of origination. • WA DSCR represents the weighted average of net operating income on the property before debt service divided by the loan’s respective annual debt service based on the most recent credit review of the borrower. Footnotes: (1) Other includes underlying co-operatives, single purpose, stores and some living units / mixed use, investor-owned 1-4 family, land / development, and other. (2) Based on location of collateral. (3) Rent-regulated NYC multi-family is defined as collateral with > 50% of the units subject to rent regulation. 56% 17% 16% 6% NY PA/DE NJ 2% MA 3% MD/DC Other Limited underlying concentration exposure: • NYC Office Central Business District (CBD): $63.6 million 24 CRE Investor-Owned - Collateral Details $'millions CRE: Investor-Owned % of Total WA LTV (%) WA DSCR (x) Office 1,296 15.3% 54.5% 1.73x Retail 1,915 22.6% 56.5% 1.88x Multi-Family 1,506 17.8% 59.4% 1.49x Industrial / Warehouse 975 11.5% 49.5% 1.99x Hospitality 234 2.8% 46.4% 1.72x Other (1) 2,535 30.0% 40.9% 1.73x CRE: Investor-Owned 8,461 100.0% 51.0% 1.75x Construction 664 CRE IO and Construction Total 9,125 CRE Investor-Owned - Maturity Wall Balance Weighted Average % of Maturity Year ($'millions) Rate (%) LTV (%) DSCR (x) Loans 2026 641 4.55% 56.3% 1.69x 3.94% 2027 987 4.24% 51.4% 1.87x 6.06% Total 1,627 4.37% 53.3% 1.80x 10.00%

 

. . . COVID-19 Pandemic Hurricane Sandy Global Financial Crisis Northeast Outperforms Through Credit Cycles…  Historically, net charge-offs for Northeastern headquartered banks have greatly outperformed major exchange traded U.S. banks headquartered in other regions  Median net charge-offs / average assets for Northeastern banks averaged 20 bps during the Global Financial Crisis compared to 50 bps for other regions. GFC Peak NCOs 1.1x1.8x 2.2x 4.9x2.8x 25 Source: S&P Global. Note: Commercial bank reporting is on a one quarter lag. 0.29% 0.51% 0.63% 0.32% 0.80% 1.43% Northeast Mid Atlantic Southeast Midwest Southwest West

 

. . .Non-GAAP Reconciliations (1 of 2) 26 Non-GAAP Reconciliation For the Three Months Ended June 30, March 31, December 31, September 30, June 30, 2026 2026 2025 2025 2025 Core Earnings: Net income available to common stockholders (GAAP) $ (3,029) $ 20,506 $ 13,093 $ 17,330 $ 16,200 Adjustments to exclude the impact of non-recurring and non- core items: Net loss (gain) on equity investments 347 354 (230) 7 (488) Restructuring charges (71) 128 7,379 4,147 - Credit risk transfer execution expense - - 1,283 - - FDIC special assessment release - - - (210) - Merger related expenses 42,765 4,150 4,253 - - Income tax (benefit) expense on items (9,467) (806) (2,254) (926) 115 Loss on redemption of preferred stock - - - - 1,842 Core earnings (Non-GAAP) $ 30,545 $ 24,332 $ 23,524 $ 20,348 $ 17,669 Income tax expense 496 6,548 3,754 5,156 5,771 Provision for credit losses 4,002 2,738 3,700 4,092 3,039 Less: income tax (benefit) expense on non-core items (9,467) (806) (2,254) (926) 115 Core earnings PTPP (Non-GAAP) $ 44,510 $ 34,424 $ 33,232 $ 30,522 $ 26,364 Core earnings diluted earnings per share $ 0.43 $ 0.43 $ 0.41 $ 0.36 $ 0.31 Core earnings PTPP diluted earnings per share $ 0.63 $ 0.60 $ 0.58 $ 0.54 $ 0.46 Core Ratios (Annualized): Return on average assets 0.71% 0.68% 0.65% 0.60% 0.53% Return on average tangible stockholders’ equity 8.92 8.56 8.21 7.19 6.17 Return on average tangible common equity 8.92 8.56 8.21 7.19 6.17 Efficiency ratio 66.20 66.76 68.19 70.30 72.28

 

. . .Non-GAAP Reconciliations (2 of 2) 27 Non-GAAP Reconciliation For the Three Months Ended June 30, March 31, December 31, September 30, June 30, 2026 2026 2025 2025 2025 Tangible Equity: Total stockholders' equity $ 2,411,080 $ 1,669,368 $ 1,662,550 $ 1,653,427 $ 1,643,680 Less: Goodwill 529,836 517,481 517,481 523,308 523,308 Intangibles 90,613 8,198 9,046 9,934 10,834 Tangible stockholders' equity 1,790,631 1,143,689 1,136,023 1,120,185 1,109,538 Less: Preferred stock - - - - - Tangible common equity $ 1,790,631 $ 1,143,689 $ 1,136,023 $ 1,120,185 $ 1,109,538 Tangible Assets: Total Assets $ 23,270,010 $ 14,556,336 $ 14,564,317 $ 14,324,664 $ 13,327,847 Less: Goodwill 529,836 517,481 517,481 523,308 523,308 Intangibles 90,613 8,198 9,046 9,934 10,834 Tangible Assets $ 22,649,561 $ 14,030,657 $ 14,037,790 $ 13,791,422 $ 12,793,705 Tangible stockholders' equity to tangible assets 7.91% 8.15% 8.09% 8.12% 8.67% Tangible common equity to tangible assets 7.91% 8.15% 8.09% 8.12% 8.67%

 

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