OceanFirst Financial三季度核心EPS同比增至0.48美元并完成Flushing整合，盘后一度上涨约12%

RED BANK, N.J., Oct. 27, 2026 (GLOBE NEWSWIRE) --
OceanFirst Financial Corp. (NASDAQ:OCFC)
(the “Company”), the holding company for OceanFirst Bank N.A. (the “Bank”), reported net income available for common stockholders of $16.5 million, or $0.17 per diluted share
1
, for the three months ended September 30, 2026, as compared to $17.3 million, or $0.30 per diluted share, for the corresponding prior year period, and a net loss of $3.0 million, or $0.04 per diluted share, for the linked quarter. For the nine months ended September 30, 2026, the Company reported net income available to common stockholders of $33.9 million, or $0.45 per diluted share, as compared to $54.0 million, or $0.94 per diluted share, for the corresponding prior year period. Selected performance metrics are as follows (refer to “Selected Quarterly Financial Data” for additional information):
For the Three Months Ended,
For the Nine Months Ended,
Performance Ratios (Annualized):
September 30,
June 30,
September 30,
September 30,
September 30,
2026
2026
2025
2026
2025
Return (loss) on average assets
0.28
%
(0.07
)%
0.51
%
0.25
%
0.54
%
Return (loss) on average stockholders’ equity
2.70
(0.63
)
4.15
2.26
4.29
Return (loss) on average tangible stockholders’ equity
(a)
3.63
(0.88
)
6.13
3.14
6.28
Return (loss) on average tangible common equity
(a)
3.63
(0.88
)
6.13
3.14
6.28
Efficiency ratio
81.76
98.88
74.13
84.51
70.64
Net interest margin
3.18
3.05
2.91
3.07
2.91
(a)
Return (loss) on average tangible stockholders’ equity and return (loss) 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.
Core earnings
2
for the three and nine months ended September 30, 2026 were $46.9 million and $101.8 million, respectively, or $0.48 and $1.35 per diluted share, an increase from $20.3 million and $58.4 million, respectively, or $0.36 and $1.01 per diluted share, for the corresponding prior year periods, and an increase from $30.5 million, or $0.43 per diluted share, for the linked quarter.
Core earnings PTPP
2
for the three and nine months ended September 30, 2026 were $70.8 million and $149.7 million, respectively, or $0.72 and $1.99 per diluted share, an increase from $30.5 million and $89.3 million, respectively, or $0.54 and $1.55 per diluted share, for the corresponding prior year periods, and an increase from $44.5 million, or $0.63 per diluted share, for the linked quarter. Selected performance metrics are as follows:
For the Three Months Ended,
For the Nine Months Ended,
September 30,
June 30,
September 30,
September 30,
September 30,
Core Ratios
2
(Annualized):
2026
2026
2025
2026
2025
Return on average assets
0.80
%
0.71
%
0.60
%
0.74
%
0.58
%
Return on average tangible stockholders’ equity
10.35
8.92
7.19
9.43
6.79
Return on average tangible common equity
10.35
8.92
7.19
9.43
6.79
Efficiency ratio
61.75
66.20
70.30
64.38
69.49
Diluted earnings per share
$
0.48
$
0.43
$
0.36
$
1.35
$
1.01
PTPP diluted earnings per share
0.72
0.63
0.54
1.99
1.55
Key developments for the quarter, compared to the linked quarter, are described below:
Loan Growth:
Total loans increased $215.7 million, representing a 5% annualized growth rate, driven by $325.0 million of commercial loan growth. Commercial loan originations increased 15% to $734.8 million, from $641.5 million in the linked quarter.
Deposit Growth:
Total deposits increased $319.3 million to $18.1 billion from $17.8 billion.
Completion of Core Conversion:
The Company successfully completed its core system conversion and integration activities in September, positioning the Company to realize anticipated cost savings beginning in the fourth quarter of 2026.
Capital Outlook:
With the completion of the core conversion and substantially all major integration activities, the Company expects to resume excess capital accretion in the fourth quarter of 2026.
Chief Executive Officer, Christopher D. Maher, commented on the Company’s results, “We are pleased with the increases in margin and profitability and the timely and successful completion of the Flushing integration. The integration of Flushing clients into OceanFirst was executed smoothly, allowing us to deliver a unified operating platform under the OceanFirst Bank brand. This achievement has allowed us to eliminate redundant back-office operating expenses, improve operational efficiencies, and launch our first advertising campaigns in the New York market.” Mr. Maher added, “With the integration complete, we are focused on leveraging the scale and capabilities of the combined company to enhance the customer service experience and support long-term, profitable growth.”
The Company’s Board of Directors declared its 119
th
consecutive quarterly cash dividend on common stock. The quarterly cash dividend on common stock of $0.20 per share will be paid on November 20, 2026, to common stockholders and NVCE stockholders of record on November 9, 2026.
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.
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.
Results of Operations
On June 1, 2026, the Company completed its acquisition of Flushing Financial Corporation and its wholly-owned subsidiary Flushing Bank (collectively, “Flushing”), and its results of operations from June 1, 2026 through September 30, 2026 are included in the consolidated results for the three and nine months ended September 30, 2026, but are not included in the results of operations for the corresponding prior year periods. The current quarter included $37.1 million of non-recurring merger-related expenses for the Flushing acquisition, representing $29.4 million net of tax, or $0.30 per share. Additionally, the current quarter included $5.5 million of non-recurring interest income related to payoffs of a non-performing investment and loan acquired from Flushing, including $4.0 million and $1.5 million of interest recoveries, respectively.
Net Interest Income and Margin
Three months ended September 30, 2026
vs.
September 30, 2025
Net interest income increased to $172.1 million, from $90.7 million, reflecting the net impact of the acquisition of Flushing and the interest rate environment. Net interest margin increased to 3.18%, from 2.91%, which included the impact of purchase accounting accretion and prepayment fees of 0.16% and 0.02%, respectively, and the impact of purchase accounting on average interest-earning assets.
Average interest-earning assets increased by $9.13 billion, which was impacted by assets acquired from Flushing combined with increases in commercial loans and securities. The average yield for interest-earning assets increased to 5.57%, from 5.21%, primarily due to the net impact of the Flushing acquisition, including purchase accounting and recovery of interest income, as well as repricing of assets and new originations.
The cost of average interest-bearing liabilities increased to 2.92%, from 2.85%, primarily due to the full quarter impact of higher-cost deposits acquired from Flushing, partially offset by the repricing of deposits and, to a lesser extent, Federal Home Loan Bank (“FHLB”) advances. The total cost of deposits increased 11 basis points to 2.17%, from 2.06%. Average interest-bearing liabilities increased by $7.62 billion, driven by liabilities assumed from Flushing, growth in deposits and increases in FHLB advances.
Nine months ended September 30, 2026
vs.
September 30, 2025
Net interest income increased to $389.3 million, from $264.9 million, reflecting the acquisition of Flushing and the net impact of the interest rate environment. Net interest margin increased to 3.07%, from 2.91%, which included the impact of purchase accounting accretion and prepayment fees of 0.09% and 0.03%, respectively.
Average interest-earning assets increased by $4.76 billion, driven by assets acquired from Flushing and increases in commercial loans and, to a lesser extent, securities. The average yield for interest-earning assets increased to 5.36%, from 5.16%, 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 was 2.80% for both periods, primarily due to the full quarter impact of deposits acquired from Flushing at higher rates, offset by the net impact of repricing of deposits and FHLB advances. The total cost of deposits increased two basis points to 2.08%, from 2.06%. Average interest-bearing liabilities increased by $4.04 billion, driven by the acquisition of Flushing, with the remaining increases reflecting deposit growth and increased FHLB advances.
Three months ended September 30, 2026
vs.
June 30, 2026
Net interest income increased by $51.4 million, to $172.1 million from $120.7 million, and net interest margin increased to 3.18%, from 3.05%. Net interest margin included the impact of purchase accounting accretion and prepayment fees of 0.16% and 0.05%, respectively.
Average interest-earning assets increased by $5.62 billion, and the yield on average interest-earning assets increased to 5.57%, from 5.29%. As discussed above, the current quarter was impacted by the drivers noted in the year-over-year discussion.
The cost of average interest-bearing liabilities increased to 2.92%, from 2.74%. The total cost of deposits increased to 2.17%, from 2.06%. Average interest-bearing liabilities increased by $4.60 billion, driven by the inclusion of Flushing balances for the full quarter, and an increase in FHLB advances.
Provision for Credit Losses
Provision for credit losses for the three and nine months ended September 30, 2026 was $4.3 million and $11.0 million, as compared to $4.1 million and $12.5 million for the corresponding prior year periods, and $4.0 million in the linked quarter. The current quarter provision reflected continuing stable asset quality.
Net loan charge-offs were $1.5 million and $3.7 million for the three and nine months ended September 30, 2026, as compared to $617,000 and $3.5 million for the corresponding prior year periods and $1.5 million for the linked quarter. Annualized net loan charge-offs to average total loans were 0.04% for both the three and nine months ended September 30, 2026, as compared to 0.02% and 0.05% for the corresponding prior year periods and 0.05% for the linked quarter.
Non-interest Income
Three months ended September 30, 2026
vs.
September 30, 2025
Other income increased to $13.0 million, as compared to $12.3 million. The increase in other income of $715,000 was driven by an increase in income from bank owned life insurance of $2.5 million, partly offset by decreases in commercial loan swap income of $796,000. Additionally, net gain on sale of loans decreased by $683,000 due to the discontinuation of residential loan originations, including the disposition of the title business at the beginning of the fourth quarter last year.
Nine months ended September 30, 2026
vs.
September 30, 2025
Other income decreased to $30.4 million, as compared to $35.3 million. Other income included $711,000 of net losses on equity investments in the current period. The prior period other income included $686,000 of net gains on equity investments. Excluding the impact of these non-core operations, other income decreased by $3.5 million.
The primary drivers were decreases in fees and service charges of $3.4 million and net gain on sale of loans of $2.7 million, both due to the same discontinuation drivers noted above, partly offset by an increase in income from bank owned life insurance of $3.2 million. In addition, the prior period included non-recurring other income of $1.9 million.
Three months ended September 30, 2026
vs.
June 30, 2026
Other income in the linked quarter was $10.6 million and included non-core operations of $347,000 related to net losses on equity investments. Excluding non-core operations, other income increased by $2.1 million. The primary drivers were increases in income from bank owned life insurance of $2.0 million and fees and service charges of $1.9 million, primarily due to a full quarter of Flushing activity. This was partly offset by decreases in net gain on other real estate operations of $1.5 million and commercial loan swap income of $747,000.
Non-interest Expense
Three months ended September 30, 2026
vs.
September 30, 2025
Operating expenses increased to $151.4 million, as compared to $76.3 million. Operating expenses in the current quarter were impacted by non-core operations of $37.0 million, primarily due to merger-related expenses. Operating expenses in the prior year were impacted by non-core operations of $3.9 million, related to restructuring charges partly offset by a reversal of FDIC special assessment fees. Excluding the impact of non-core operations, operating expenses increased by $41.9 million.
The primary drivers were increases in compensation and benefits of $19.9 million, amortization of intangibles of $5.2 million, data processing of $5.1 million, occupancy expense of $4.9 million and other operating expenses of $3.8 million, which all increased primarily due to the acquisition of Flushing.
Nine months ended September 30, 2026
vs.
September 30, 2025
Operating expenses increased to $354.6 million, as compared to $212.1 million. Operating expenses in the current year were impacted by non-core operations of $84.0 million, primarily due to merger-related expenses. Operating expenses in the prior year were impacted by non-core operations of $3.9 million, related to restructuring charges partly offset by a reversal of FDIC special assessment fees. Excluding the impact of non-core operations, operating expenses increased by $62.5 million.
The primary drivers were increases in compensation and benefits of $32.6 million, occupancy expense of $7.1 million, amortization of intangibles of $6.8 million, data processing of $6.4 million and other operating expenses of $4.9 million, which all increased primarily due to the acquisition of Flushing.
Three months ended September 30, 2026
vs.
June 30, 2026
Operating expenses in the linked quarter were $129.9 million and included non-core operations of $42.7 million, primarily related to merger-related expenses. Excluding non-core operations, operating expenses increased by $27.2 million, which was primarily due to a full quarter of Flushing activity. The primary drivers were increases in compensation and benefits of $11.1 million, data processing of $4.6 million, occupancy expense of $3.6 million, amortization of intangibles of $3.5 million, and other operating expense of $3.0 million.
Income Tax Expense
The provision for income taxes was $13.0 million and $20.1 million for the three and nine months ended September 30, 2026, as compared to $5.2 million and $17.7 million for the same prior year periods and $496,000 for the linked quarter. The effective tax rate was 44.2% and 37.2% for the three and nine months ended September 30, 2026, as compared to 22.9% and 23.4% for the same prior year periods and (19.6)% for the linked quarter.
The effective tax rate for the three and nine months ended September 30, 2026 was adversely impacted by non-deductible merger-related expenses, and the effective tax rate for the nine month period was partially offset by the revaluation of deferred taxes as a result of the Flushing acquisition. Excluding the tax impact of non-deductible merger-related expenses, the effective tax rate would have been 26.6% and 29.5% for the three and nine months ended September 30, 2026, respectively.
Financial Condition
3
September 30, 2026 vs. June 30, 2026
Total assets increased by $100.4 million to $23.37 billion, primarily due to increases in total loans of $215.7 million, debt securities held-to-maturity of $134.3 million and other assets of $60.9 million, partially offset by a decrease in debt securities available-for-sale of $296.7 million.
Total liabilities increased by $115.6 million to $20.97 billion, primarily due to increases in deposits of $319.3 million and FHLB advances of $42.6 million, partially offset by a decrease in other liabilities of $197.5 million, mainly reflecting the settlement of security purchases that were outstanding at the end of the prior quarter.
Total stockholders’ equity decreased by $15.1 million, primarily due to an increase in accumulated other comprehensive loss of $14.4 million, net of tax, driven by decreases in the fair market value of available-for-sale debt securities of $25.4 million partially offset by increases in the market value of derivative hedges of $10.5 million.
September 30, 2026
vs.
December 31, 2025
Total assets increased by $8.81 billion to $23.37 billion, due to the acquisition of Flushing which added $8.69 billion to total assets. Total loans increased by $5.46 billion to $16.49 billion, from $11.03 billion, primarily due to Flushing totaling $6.20 billion partly offset by $1.31 billion of multifamily loans sold in the prior quarter for a price of $1.20 billion, net of costs to sell. Debt securities held-to-maturity and available-for-sale increased by $2.65 billion, primarily due to the acquisition of Flushing totaling $1.56 billion and the reinvestment of proceeds from loan sales into securities. Bank owned life insurance increased by $237.1 million to $507.4 million, from $270.3 million driven by the acquisition of Flushing. As part of the acquisition of Flushing, the Company’s goodwill balance increased to $530.8 million, from $517.5 million and intangibles increased to $84.5 million, from $9.0 million.
Other assets increased by $278.5 million to $427.8 million, from $149.3 million, primarily due to deferred tax assets acquired from the Flushing acquisition and an increase in market values of derivatives associated with customer interest rate swaps.
Total liabilities increased by $8.07 billion to $20.97 billion, from $12.90 billion, primarily due to the acquisition of Flushing, which added $8.16 billion. Deposits increased by $7.11 billion to $18.08 billion, from $10.96 billion, primarily due to acquired deposits from Flushing. At the date of acquisition, the estimated fair value of Flushing deposits was $7.44 billion. Time deposits increased by $1.88 billion to $4.35 billion, from $2.47 billion, representing 24.1% and 22.5% of total deposits, respectively. Time deposits included an increase in retail time deposits of $1.44 billion and brokered time deposits of $439.6 million. FHLB advances increased by $377.8 million to $1.77 billion, from $1.40 billion, partly due to Flushing and additional borrowing needs. Other borrowings increased by $241.3 million to $496.6 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 91.2%, as compared to 100.6%.
Other liabilities increased by $292.3 million to $501.6 million, from $209.3 million, mostly related to 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 September 30, 2026, including the Company’s estimated common equity tier one capital ratio of 10.6%.
Total stockholders’ equity increased to $2.40 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 capital raise consisting of 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. Additionally, accumulated other comprehensive loss increased by $15.6 million, net of tax, primarily due to decreases in the fair market value of available-for-sale debt securities of $26.2 million partially offset by increases in the market value of derivative hedges of $9.9 million.
During the nine months ended September 30, 2026, the Company repurchased 415,348 shares of common stock related to exercised options and vesting of employee awards outside of the authorized share repurchase program, at a weighted average cost of $18.76. The repurchases, including applicable excise tax, reduced stockholders’ equity by $7.9 million. As of September 30, 2026, the Company had 3,226,284 shares available for repurchase under the authorized repurchase programs.
The Company’s tangible common equity
4
increased by $644.6 million to $1.78 billion. The Company’s stockholders’ equity to assets ratio was 10.25% at September 30, 2026, and tangible common equity to tangible assets ratio decreased by 26 basis points during the year to 7.83%, primarily due to the drivers described above.
Book value per common share decreased to $24.32, as compared to $28.97. Tangible book value per common share
4
decreased to $18.08, as compared to $19.79.
3
Flushing amounts refer to estimated fair values as of the June 1, 2026 acquisition date, unless otherwise noted.
4
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.
Asset Quality
September 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 on June 1 and the reserve build. Refer to “Provision for Credit Losses” section for further discussion.
Non-performing loans increased to $140.7 million, from $27.8 million, primarily due to $84.6 million of non-performing loans acquired from Flushing. Non-performing loans represented 0.85% and 0.25% of total loans, respectively. The allowance for loan credit losses as a percentage of total non-performing loans was 150.84%, as compared to 301.27%. The level of 30 to 89 days delinquent loans decreased to $43.1 million, from $47.8 million, which was partially offset by $13.2 million of 30 to 89 days delinquent loans acquired from Flushing. Criticized and classified loans, and other real estate owned, increased to $529.6 million, from $122.1 million, largely due to Flushing loans that were re-risked at acquisition.
At September 30, 2026, the Company had $727.1 million of purchased with credit deterioration (“PCD”) loans, excluding the related allowance, from the Flushing acquisition, which largely consisted of criticized and classified loans and loans with any rent-regulated exposure. Non-performing loans in the current period included $79.3 million of PCD loans acquired from Flushing, and 30 to 89 days delinquent loans in the current period included $7.1 million of PCD loans acquired from Flushing.
The Company’s asset quality measures, excluding PCD loans, were as follows. Non-performing loans increased to $60.9 million, from $22.4 million. The allowance for loan credit losses as a percentage of total non-performing loans was 348.74%, as compared to 374.46%. The level of 30 to 89 days delinquent loans, excluding non-performing loans, decreased to $26.2 million, from $44.7 million.
Explanation of Non-GAAP Financial Measures
Reported amounts are presented in accordance with GAAP. The Company’s management believes that the supplemental non-GAAP information, which consists of reported net income excluding non-core operations and in some instances excluding income taxes and provision for credit losses, and reporting equity and asset amounts excluding intangible assets 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 Wednesday, October 28, 2026 at 8:00 a.m. Eastern Time. The direct dial number for the call is (833) 461-5787, using the meeting ID 545140997. For those unable to participate in the conference call, a replay will be available at the following URL:
https://events.q4inc.com/attendee/545140997
. 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.
OceanFirst Financial Corp.’s subsidiary, OceanFirst Bank N.A., founded in 1902, is a $23.4 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, the shape of the yield curve, 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 Company’s ability to achieve the estimated cost savings and efficiencies from the Flushing acquisition, 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.
Readers 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.
OceanFirst Financial Corp
.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(dollars in thousands)
September 30,
June 30,
December 31,
September 30,
2026
2026
2025
2025
(Unaudited)
(Unaudited)
(Unaudited)
Assets
Cash and due from banks
$
269,825
$
274,057
$
135,130
$
274,125
Debt securities available-for-sale, at estimated fair value
1,770,923
2,067,668
1,231,827
1,261,580
Debt securities held-to-maturity, net of allowance for securities credit losses of $601 at September 30, 2026, $663 at June 30, 2026, $811 at December 31, 2025, and $968 at September 30, 2025 (estimated fair value of $2,822,226 at September 30, 2026, $2,803,466 at June 30, 2026, $825,790 at December 31, 2025, and $856,550 at September 30, 2025)
2,996,502
2,862,196
881,568
919,734
Equity investments
65,845
75,965
91,882
90,731
Restricted equity investments, at cost
184,051
180,711
129,329
142,398
Loans receivable, net of allowance for loan credit losses of $212,288 at September 30, 2026, $209,716 at June 30, 2026, $83,726 at December 31, 2025, and $81,236 at September 30, 2025
16,297,353
16,086,532
10,970,666
10,489,852
Loans held-for-sale
—
—
5,768
17,766
Interest and dividends receivable
95,449
91,497
49,010
47,606
Other real estate owned
13,575
13,453
10,266
7,498
Premises and equipment, net
126,414
126,609
112,743
112,449
Bank owned life insurance
507,363
503,910
270,301
269,136
Goodwill
530,846
529,836
517,481
523,308
Intangibles
84,491
90,613
9,046
9,934
Other assets
427,819
366,963
149,300
158,547
Total assets
$
23,370,456
$
23,270,010
$
14,564,317
$
14,324,664
Liabilities and Stockholders’ Equity
Deposits
$
18,079,389
$
17,760,073
$
10,964,405
$
10,435,994
Federal Home Loan Bank advances
1,774,967
1,732,373
1,397,179
1,705,585
Securities sold under agreements to repurchase with customers
32,852
61,329
54,434
64,869
Other borrowings
496,565
493,216
255,233
198,138
Advances by borrowers for taxes and insurance
89,126
112,876
21,245
23,708
Other liabilities
501,586
699,063
209,271
242,943
Total liabilities
20,974,485
20,858,930
12,901,767
12,671,237
Stockholders’ equity:
OceanFirst Financial Corp. stockholders’ equity
2,395,971
2,411,080
1,662,550
1,652,537
Non-controlling interest
—
—
—
890
Total stockholders’ equity
2,395,971
2,411,080
1,662,550
1,653,427
Total liabilities and stockholders’ equity
$
23,370,456
$
23,270,010
$
14,564,317
$
14,324,664
OceanFirst Financial Corp.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share amounts)
For the Three Months Ended,
For the Nine Months Ended,
September 30,
June 30,
September 30,
September 30,
September 30,
2026
2026
2025
2026
2025
|---------------------- (Unaudited) ----------------------|
|---------- (Unaudited) -----------|
Interest income:
Loans
$
237,051
$
178,982
$
141,847
$
561,357
$
410,344
Debt securities
59,974
26,633
17,156
106,417
50,376
Equity investments and other
4,674
3,989
3,191
11,820
10,002
Total interest income
301,699
209,604
162,194
679,594
470,722
Interest expense:
Deposits
96,997
68,308
53,246
219,000
156,565
Borrowed funds
32,586
20,566
18,291
71,301
49,212
Total interest expense
129,583
88,874
71,537
290,301
205,777
Net interest income
172,116
120,730
90,657
389,293
264,945
Provision for credit losses
4,268
4,002
4,092
11,008
12,471
Net interest income after provision for credit losses
167,848
116,728
86,565
378,285
252,474
Other income (loss):
Bankcard services revenue
1,895
1,772
1,663
5,296
4,745
Trust and asset management revenue
509
384
384
1,326
1,164
Fees and service charges
5,273
3,389
5,190
11,475
14,871
Net gain on sales of loans
217
38
900
227
2,935
Net (loss) gain on equity investments
(10
)
(347
)
(7
)
(711
)
686
Net (loss) gain from other real estate operations
(247
)
1,203
1
792
(275
)
Income from bank owned life insurance
4,518
2,471
1,988
8,863
5,626
Commercial loan swap income
907
1,654
1,703
2,906
2,530
Other
(43
)
34
482
191
3,008
Total other income
13,019
10,598
12,304
30,365
35,290
Operating expenses:
Compensation and employee benefits
61,310
50,202
41,387
150,996
118,369
Occupancy
10,975
7,333
6,098
24,140
17,049
Equipment
1,452
1,111
931
3,484
2,721
Marketing
2,087
1,894
1,538
4,944
4,187
Federal deposit insurance and regulatory assessments
4,617
4,130
2,616
11,962
8,497
Data processing
12,291
7,655
7,164
26,998
20,619
Check card processing
1,179
1,097
1,170
3,374
3,496
Professional fees
3,596
3,405
3,467
10,223
10,228
Amortization of intangibles
6,121
2,586
900
9,555
2,746
Merger-related expenses
37,088
42,765
—
84,003
—
Restructuring (release) charges
(49
)
(71
)
4,147
8
4,147
Other operating expenses
10,707
7,752
6,909
24,949
20,036
Total operating expenses
151,374
129,859
76,327
354,636
212,095
Income (loss) before provision for income taxes
29,493
(2,533
)
22,542
54,014
75,669
Provision for income taxes
13,031
496
5,156
20,075
17,735
Net income (loss)
16,462
(3,029
)
17,386
33,939
57,934
Net income attributable to non-controlling interest
—
—
56
—
49
Net income (loss) attributable to OceanFirst Financial Corp.
16,462
(3,029
)
17,330
33,939
57,885
Dividends on preferred shares
—
—
—
—
2,008
Loss on redemption of preferred stock
—
—
—
—
1,842
Net income (loss) available to common stockholders
$
16,462
$
(3,029
)
$
17,330
$
33,939
$
54,035
Basic earnings (loss) per share
$
0.17
$
(0.04
)
$
0.30
$
0.45
$
0.94
Diluted earnings (loss) per share
$
0.17
$
(0.04
)
$
0.30
$
0.45
$
0.94
Average basic shares outstanding
98,051
70,239
57,031
75,205
57,599
Average diluted shares outstanding
98,101
70,239
57,036
75,232
57,602
OceanFirst Financial Corp.
SELECTED LOAN AND DEPOSIT DATA
(dollars in thousands)
LOANS RECEIVABLE
At
September 30,
June 30,
March 31,
December 31,
September 30,
2026
2026
2026
2025
2025
Commercial:
Commercial real estate - investor
$
9,327,705
$
9,125,313
$
5,478,832
$
5,420,989
$
5,211,220
Commercial and industrial:
Commercial and industrial - real estate
1,833,051
1,800,501
1,016,912
986,431
997,122
Commercial and industrial - non-real estate
1,997,819
1,907,719
1,302,128
1,227,556
998,860
Total commercial and industrial
3,830,870
3,708,220
2,319,040
2,213,987
1,995,982
Total commercial
13,158,575
12,833,533
7,797,872
7,634,976
7,207,202
Consumer:
Residential real estate
3,144,328
3,245,311
3,128,023
3,194,264
3,135,200
Home equity loans and lines and other consumer ("other consumer")
188,516
196,908
198,048
202,763
215,581
Total consumer
3,332,844
3,442,219
3,326,071
3,397,027
3,350,781
Total loans
16,491,419
16,275,752
11,123,943
11,032,003
10,557,983
Deferred origination costs (fees), net
18,222
20,496
21,442
22,389
13,105
Allowance for loan credit losses
(212,288
)
(209,716
)
(86,110
)
(83,726
)
(81,236
)
Loans receivable, net
$
16,297,353
$
16,086,532
$
11,059,275
$
10,970,666
$
10,489,852
Residential mortgage loans serviced for others
$
322,573
$
333,605
$
344,316
$
365,431
$
340,740
At September 30, 2026 Average Yield
Loan pipeline
(1)
:
Commercial
7.00
%
$
541,234
$
409,448
$
417,356
$
464,602
$
710,933
Residential real estate
(2)
—
—
—
461
9,457
136,797
Other consumer
(2)
—
—
—
—
—
16,184
Total
7.00
%
$
541,234
$
409,448
$
417,817
$
474,059
$
863,914
For the Three Months Ended
September 30,
June 30
March 31,
December 31,
September 30,
2026
2026
2026
2025
2025
Average Yield
Loan originations:
Commercial
7.10
%
$
734,830
$
641,505
$
422,907
$
786,186
$
739,154
Residential real estate
(2)
—
—
406
5,824
249,540
250,066
Other consumer
(2)
—
—
—
—
14,859
18,087
Total
7.10
%
$
734,830
$
641,911
$
428,731
$
1,050,585
$
1,007,307
(1)
Loan pipeline includes loans approved but not funded.
(2)
As of December 31, 2025, the Company has discontinued its residential and consumer originations.
DEPOSITS
At
September 30,
June 30
March 31,
December 31,
September 30,
2026
2026
2026
2025
2025
Type of Account
Non-interest-bearing
$
2,875,003
$
2,836,711
$
1,757,097
$
1,741,958
$
1,731,760
Interest-bearing checking
6,333,822
6,276,653
4,536,726
4,354,485
4,090,930
Money market
3,470,934
3,375,564
1,488,653
1,412,917
1,397,434
Savings
1,047,597
1,060,481
986,208
986,195
1,000,488
Time deposits
(1)
4,352,033
4,210,664
2,387,232
2,468,850
2,215,382
Total deposits
$
18,079,389
$
17,760,073
$
11,155,916
$
10,964,405
$
10,435,994
(1)
Includes brokered time deposits of $1.05 billion, $885.7 million, $487.9 million, $609.8 million, and $405.1 million at September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025, and September 30, 2025, respectively.
OceanFirst Financial Corp.
ASSET QUALITY
(dollars in thousands)
ASSET QUALITY
(1) (2)
September 30,
June 30,
March 31,
December 31,
September 30,
2026
2026
2026
2025
2025
Non-performing loans:
Commercial real estate - investor
$
103,225
$
76,721
$
18,970
$
13,636
$
23,570
Commercial and industrial:
Commercial and industrial - real estate
20,058
16,980
5,541
4,813
7,469
Commercial and industrial - non-real estate
3,635
5,045
228
640
394
Total commercial and industrial
23,693
22,025
5,769
5,453
7,863
Residential real estate
11,232
7,043
7,011
6,200
7,334
Other consumer
2,586
2,452
2,888
2,502
2,496
Total non-performing loans
(2) (3)
$
140,736
$
108,241
$
34,638
$
27,791
$
41,263
Other real estate owned
13,575
13,453
10,393
10,266
7,498
Non-performing investment
(4)
—
20,729
—
—
—
Total non-performing assets
$
154,311
$
142,423
$
45,031
$
38,057
$
48,761
Delinquent loans 30 to 89 days
(3)
$
43,142
$
47,097
$
55,876
$
47,808
$
19,817
Modifications to borrowers experiencing financial difficulty
Non-performing (included in total non-performing loans above)
$
8,078
$
7,151
$
5,460
$
956
$
7,693
Performing
16,683
15,072
15,083
23,898
23,952
Total modifications to borrowers experiencing financial difficulty
$
24,761
$
22,223
$
20,543
$
24,854
$
31,645
Allowance for loan credit losses
$
212,288
$
209,716
$
86,110
$
83,726
$
81,236
Allowance for unfunded commitments
4,345
4,194
3,738
4,028
4,636
Allowance for loan credit losses as a percent of total loans receivable
1.29
%
1.29
%
0.77
%
0.76
%
0.77
%
Allowance for loan credit losses as a percent of total non-performing loans
150.84
193.75
248.60
301.27
196.87
Non-performing loans as a percent of total loans receivable
0.85
0.67
0.31
0.25
0.39
Non-performing assets as a percent of total assets
0.66
0.61
0.31
0.26
0.34
Supplemental PCD and non-performing loans
PCD loans, net of allowance for loan credit losses
(3)
$
674,201
$
696,763
$
14,604
$
14,968
$
19,003
Non-performing PCD loans
(3)
79,864
54,190
5,900
5,432
5,677
Delinquent PCD and non-performing loans 30 to 89 days
(3)
16,919
10,221
8,794
3,103
2,987
PCD modifications to borrowers experiencing financial difficulty
(2)
1,709
1,710
16
18
20
Asset quality, excluding PCD loans
Non-performing loans
(2)
60,872
54,051
28,738
22,359
35,586
Non-performing assets
74,447
88,233
39,131
32,625
43,084
Delinquent loans 30 to 89 days (excludes non-performing loans)
26,223
36,876
47,082
44,705
16,830
Modifications to borrowers experiencing financial difficulty
(2)
23,052
20,513
20,527
24,836
31,625
Allowance for loan credit losses as a percent of total non-performing loans
348.74
%
388.00
%
299.64
%
374.46
%
228.28
%
Non-performing loans as a percent of total loans receivable
0.37
0.33
0.26
0.20
0.34
Non-performing assets as a percent of total assets
0.32
0.38
0.27
0.22
0.30
(1)
Asset quality metrics exclude loans held for sale.
(2)
The quarter ended September 30, 2026 included the sale of non-performing commercial real estate - investor loans of $1.4 million. The quarters ended June 30, 2026 and December 31, 2025, included the sale of non-performing residential and consumer loans of $2.0 million and $2.5 million, respectively.
(3)
The quarters ended September 30, 2026 and June 30, 2026 included loans acquired from the Flushing acquisition. Non-performing, delinquent 30 to 89 days, and PCD loans as of September 30, 2026 included $84.6 million, $13.2 million, and $727.1 million, respectively, of acquired loans from Flushing. Non-performing PCD and delinquent 30 to 89 days PCD loans as of September 30, 2026 included $79.3 million and $7.1 million, respectively, from Flushing.
(4)
Non-performing investment acquired from Flushing, which was subsequently sold during the quarter ended September 30, 2026.
NET LOAN CHARGE-OFFS
For the Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2026
2026
2026
2025
2025
Net loan charge-offs:
Loan charge-offs
$
(2,599
)
$
(1,776
)
$
(956
)
$
(2,190
)
$
(850
)
Recoveries on loans
1,143
262
255
216
233
Net loan charge-offs
$
(1,456
)
$
(1,514
)
$
(701
)
$
(1,974
)
$
(617
)
Net loan charge-offs to average total loans (annualized)
0.04
%
0.05
%
0.03
%
0.07
%
0.02
%
Net loan (charge-offs) recoveries detail:
Commercial
$
(1,500
)
$
(1,074
)
$
(736
)
$
(1,676
)
$
(522
)
Residential real estate
(
1
)
(10
)
(352
)
(7
)
(268
)
(24
)
Other consumer
(
1
)
54
(88
)
42
(30
)
(71
)
Net loan charge-offs
$
(1,456
)
$
(1,514
)
$
(701
)
$
(1,974
)
$
(617
)
(1)
The three months ended December 31, 2025 included charge-offs of $342,000, related to the sale of non-performing residential and consumer loans.
OceanFirst Financial Corp.
ANALYSIS OF NET INTEREST INCOME
For the Three Months Ended
September 30, 2026
June 30, 2026
September 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
$
174,345
$
1,459
3.32
%
$
158,816
$
1,375
3.47
%
$
94,470
$
1,115
4.68
%
Securities
(2)
5,145,177
63,189
4.87
2,789,029
29,247
4.21
1,990,917
19,232
3.83
Loans receivable, net
(3)
Commercial
13,006,563
200,603
6.12
9,701,371
142,903
5.91
6,975,780
105,587
6.01
Residential real estate
3,172,827
33,521
4.23
3,145,110
33,135
4.21
3,151,177
32,685
4.15
Other consumer
185,142
2,927
6.27
188,131
2,944
6.28
218,465
3,575
6.49
Allowance for loan credit losses, net of deferred loan costs and fees
(191,171
)
—
—
(104,773
)
—
—
(66,812
)
—
—
Loans receivable, net
16,173,361
237,051
5.82
12,929,839
178,982
5.55
10,278,610
141,847
5.49
Total interest-earning assets
21,492,883
301,699
5.57
15,877,684
209,604
5.29
12,363,997
162,194
5.21
Non-interest-earning assets
1,814,874
1,399,341
1,187,197
Total assets
$
23,307,757
$
17,277,025
$
13,551,194
Liabilities and Stockholders’ Equity:
Interest-bearing liabilities:
Interest-bearing checking
$
6,506,421
40,366
2.46
%
$
5,107,262
28,186
2.21
%
$
4,000,804
21,253
2.11
%
Money market
3,506,127
25,777
2.92
2,120,250
14,128
2.67
1,426,586
10,507
2.92
Savings
1,055,990
1,386
0.52
1,003,045
1,284
0.51
1,009,742
1,674
0.66
Time deposits
3,798,395
29,468
3.08
2,990,624
24,710
3.31
2,105,734
19,812
3.73
Total
14,866,933
96,997
2.59
11,221,181
68,308
2.44
8,542,866
53,246
2.47
FHLB Advances
2,090,088
21,183
4.02
1,312,502
13,169
4.02
1,123,946
12,793
4.52
Securities sold under agreements to repurchase
45,998
263
2.27
60,009
399
2.67
59,017
438
2.94
Other borrowings
591,751
11,140
7.47
397,793
6,998
7.06
249,233
5,060
8.05
Total borrowings
2,727,837
32,586
4.74
1,770,304
20,566
4.66
1,432,196
18,291
5.07
Total interest-bearing liabilities
17,594,770
129,583
2.92
12,991,485
88,874
2.74
9,975,062
71,537
2.85
Non-interest-bearing deposits
2,891,503
2,107,561
1,720,657
Non-interest-bearing liabilities
403,944
247,077
199,582
Total liabilities
20,890,217
15,346,123
11,895,301
Stockholders’ equity
2,417,540
1,930,902
1,655,893
Total liabilities and stockholders’ equity
$
23,307,757
$
17,277,025
$
13,551,194
Net interest income
$
172,116
$
120,730
$
90,657
Net interest rate spread
(4)
2.65
%
2.55
%
2.36
%
Net interest margin
(5)
3.18
%
3.05
%
2.91
%
Total cost of deposits (including non-interest-bearing deposits)
2.17
%
2.06
%
2.06
%
For the Nine Months Ended September 30,
2026
2025
(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
$
139,067
$
3,497
3.36
%
$
102,267
$
3,188
4.17
%
Securities
(2)
3,416,108
114,740
4.49
1,970,368
57,190
3.88
Loans receivable, net
(3)
Commercial
10,151,282
452,604
5.96
6,848,512
303,852
5.93
Residential real estate
3,161,753
99,797
4.21
3,103,008
95,816
4.12
Other consumer
190,812
8,956
6.28
224,073
10,676
6.37
Allowance for loan credit losses, net of deferred loan costs and fees
(119,748
)
—
—
(65,028
)
—
—
Loans receivable, net
13,384,099
561,357
5.60
10,110,565
410,344
5.42
Total interest-earning assets
16,939,274
679,594
5.36
12,183,200
470,722
5.16
Non-interest-earning assets
1,471,296
1,188,063
Total assets
$
18,410,570
$
13,371,263
Liabilities and Stockholders’ Equity:
Interest-bearing liabilities:
Interest-bearing checking
$
5,381,821
91,372
2.27
%
$
4,041,710
63,292
2.09
%
Money market
2,373,903
48,713
2.74
1,363,977
29,577
2.90
Savings
1,016,245
3,975
0.52
1,032,239
5,138
0.67
Time deposits
3,059,169
74,940
3.28
2,066,745
58,558
3.79
Total
11,831,138
219,000
2.47
8,504,671
156,565
2.46
FHLB Advances
1,557,891
47,236
4.05
1,000,796
34,086
4.55
Securities sold under agreements to repurchase
55,220
1,046
2.53
61,250
1,284
2.80
Other borrowings
430,890
23,019
7.14
264,222
13,842
7.00
Total borrowings
2,044,001
71,301
4.66
1,326,268
49,212
4.96
Total interest-bearing liabilities
13,875,139
290,301
2.80
9,830,939
205,777
2.80
Non-interest-bearing deposits
2,247,866
1,653,007
Non-interest-bearing liabilities
275,884
202,976
Total liabilities
16,398,889
11,686,922
Stockholders’ equity
2,011,681
1,684,341
Total liabilities and stockholders’ equity
$
18,410,570
$
13,371,263
Net interest income
$
389,293
$
264,945
Net interest rate spread
(4)
2.56
%
2.36
%
Net interest margin
(5)
3.07
%
2.91
%
Total cost of deposits (including non-interest-bearing deposits)
2.08
%
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 intere