OceanFirst Financial Q3业绩超预期：核心EPS $0.48、NIM升至3.18%，Flushing整合完成，盘后涨约12%

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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):
October 27, 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 class
Trading symbol
Name of each exchange in which registered
Common stock, $0.01 par value per share
OCFC
NASDAQ
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 2.02
RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On October 27, 2026, OceanFirst Financial Corp. (the “Company”) issued a press release announcing its financial results for the quarter ended September 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 October 27, 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 8.01
OTHER 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 November 20, 2026 to the stockholders of record at the close of business on November 9, 2026.
ITEM 9.01
FINANCIAL STATEMENTS AND EXHIBITS
(d)
EXHIBITS
99.1
Press Release dated
October 27, 2026
99.2
Text of written presentation which OceanFirst Financial Corp. intends to provide to current and prospective investors after October 27, 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:
October 27, 2026
/s/ Patrick S. Barrett
Patrick S. Barrett
Senior Executive Vice President and Chief Financial Officer

----- ex991-earningsreleasesepte.htm -----
EX-99.1
2
ex991-earningsreleasesepte.htm
EX-99.1
Document
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 THIRD QUARTER
FINANCIAL RESULTS
RED BANK, NEW JERSEY, October 27, 2026 - 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.
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 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.
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
•
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 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.
3
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
4
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 a
ddition 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.
5
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
6
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.
7
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
8
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
3
Flushing amounts refer to estimated fair values as of the June 1, 2026 acquisition date, unless otherwise noted.
9
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
10
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.
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
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.
11
total non-performing loans was 150.84%, as compared to 301.27%. The level of 30 to 89 days delinquent loans
decrease
d 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.
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 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.
* * *
13
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.
14
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
15
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
16
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.
17
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.
18
(continued)
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.
19
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
%
20
(continued)
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 interest-earning assets.
21
OceanFirst Financial Corp.
SELECTED QUARTERLY FINANCIAL DATA
(in thousands, except per share amounts)
September 30,
June 30,
March 31,
December 31,
September 30,
2026
2026
2026
2025
2025
Selected Financial Condition Data:
Total assets
$
23,370,456
$
23,270,010
$
14,556,336
$
14,564,317
$
14,324,664
Debt securities available-for-sale, at estimated fair value
1,770,923
2,067,668
1,181,087
1,231,827
1,261,580
Debt securities held-to-maturity, net of allowance for securities credit losses
2,996,502
2,862,196
852,917
881,568
919,734
Equity investments
65,845
75,965
88,239
91,882
90,731
Restricted equity investments, at cost
184,051
180,711
119,503
129,329
142,398
Loans receivable, net of allowance for loan credit losses
16,297,353
16,086,532
11,059,275
10,970,666
10,489,852
Deposits
18,079,389
17,760,073
11,155,916
10,964,405
10,435,994
Federal Home Loan Bank advances
1,774,967
1,732,373
1,180,179
1,397,179
1,705,585
Securities sold under agreements to repurchase from customers and other borrowings
529,417
554,545
322,767
309,667
263,007
Total stockholders’ equity
2,395,971
2,411,080
1,669,368
1,662,550
1,653,427
For the Three Months Ended,
September 30,
June 30,
March 31,
December 31,
September 30,
2026
2026
2026
2025
2025
Selected Operating Data:
Interest income
$
301,699
$
209,604
$
168,291
$
171,732
$
162,194
Interest expense
129,583
88,874
71,844
76,454
71,537
Net interest income
172,116
120,730
96,447
95,278
90,657
Provision for credit losses
4,268
4,002
2,738
3,700
4,092
Net interest income after provision for credit losses
167,848
116,728
93,709
91,578
86,565
Other income (excluding equity investments)
13,029
10,945
7,102
9,181
12,311
Net (loss) gain on equity investments
(10)
(347)
(354)
230
(7)
Operating expenses (excluding non-core operations)
114,335
87,165
69,125
71,227
72,390
Restructuring (release) charges
(49)
(71)
128
7,379
4,147
Credit risk transfer execution expense
—
—
—
1,283
—
FDIC special assessment release
—
—
—
—
(210)
Merger-related expenses
37,088
42,765
4,150
4,253
—
Income (loss) before provision for income taxes
29,493
(2,533)
27,054
16,847
22,542
Provision for income taxes
13,031
496
6,548
3,754
5,156
Net income (loss)
16,462
(3,029)
20,506
13,093
17,386
Net income attributable to non-controlling interest
—
—
—
—
56
Net income (loss) attributable to OceanFirst Financial Corp.
$
16,462
$
(3,029)
$
20,506
$
13,093
$
17,330
Net income (loss) available to common stockholders
$
16,462
$
(3,029)
$
20,506
$
13,093
$
17,330
Diluted earnings (loss) per share
(6)
$
0.17
$
(0.04)
$
0.36
$
0.23
$
0.30
Net accretion/amortization of purchase accounting adjustments included in net interest income
$
7,697
$
1,151
$
59
$
222
$
510
22
(continued)
At or For the Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2026
2026
2026
2025
2025
Selected Financial Ratios and Other Data
(1) (2)
:
Performance Ratios (Annualized):
Return (loss) on average assets
(3)
0.28
%
(0.07)
%
0.57
%
0.36
%
0.51
%
Return (loss) on average tangible assets
(3) (4)
0.29
(0.07)
0.59
0.38
0.53
Return (loss) on average stockholders’ equity
(3)
2.70
(0.63)
4.95
3.12
4.15
Return (loss) on average tangible stockholders’ equity
(3) (4)
3.63
(0.88)
7.22
4.57
6.13
Return (loss) on average tangible common equity
(3) (4)
3.63
(0.88)
7.22
4.57
6.13
Stockholders’ equity to total assets
10.25
10.36
11.47
11.42
11.54
Tangible stockholders’ equity to tangible assets
(4)
7.83
7.91
8.15
8.09
8.12
Tangible common equity to tangible assets
(4)
7.83
7.91
8.15
8.09
8.12
Net interest rate spread
2.65
2.55
2.44
2.36
2.36
Net interest margin
3.18
3.05
2.93
2.87
2.91
Operating expenses to average assets
2.58
3.01
2.05
2.33
2.23
Efficiency ratio
(5)
81.76
98.88
71.13
80.37
74.13
Loan-to-deposit ratio
91.20
91.60
99.70
100.60
101.20
For the Nine Months Ended September 30,
2026
2025
Performance Ratios (Annualized):
Return on average assets
(3)
0.25
%
0.54
%
Return on average tangible assets
(3) (4)
0.25
0.56
Return on average stockholders’ equity
(3)
2.26
4.29
Return on average tangible stockholders’ equity
(3) (4)
3.14
6.28
Return on average tangible common equity
(3) (4)
3.14
6.28
Net interest rate spread
2.56
2.36
Net interest margin
3.07
2.91
Operating expenses to average assets
2.58
2.12
Efficiency ratio
(5)
84.51
70.64
23
(continued)
At or For the Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2026
2026
2026
2025
2025
Trust and Asset Management:
Wealth assets under administration and management (“AUA/M”)
$
158,057
$
158,650
$
142,962
$
142,030
$
143,708
Nest Egg AUA/M
502,243
503,818
469,586
485,606
463,906
Total AUA/M
660,300
662,468
612,548
627,636
607,614
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)
24.32
24.50
28.98
28.97
28.81
Tangible book value per common share at end of period
(4) (6)
18.08
18.19
19.86
19.79
19.52
Common shares outstanding at end of period
(6)
98,507,991
98,416,195
57,600,069
57,390,569
57,388,603
Number of full-service customer facilities:
72
71
41
41
40
Quarterly Average Balances
Total securities
$
5,145,177
$
2,789,029
$
2,282,663
$
2,339,646
$
1,990,917
Loans receivable, net
16,173,361
12,929,839
10,992,163
10,724,240
10,278,610
Total interest-earning assets
21,492,883
15,877,684
13,357,862
13,157,360
12,363,997
Total goodwill and intangibles
618,356
557,717
526,228
529,006
533,835
Total assets
23,307,757
17,277,025
14,550,698
14,337,776
13,551,194
Time deposits
3,798,395
2,990,624
2,372,824
2,270,671
2,105,734
Total deposits (including non-interest-bearing deposits)
17,758,436
13,328,742
11,076,407
11,122,681
10,263,523
Total borrowings
2,727,837
1,770,304
1,621,709
1,350,390
1,432,196
Total interest-bearing liabilities
17,594,770
12,991,485
10,966,327
10,717,860
9,975,062
Non-interest bearing deposits
2,891,503
2,107,561
1,731,789
1,755,211
1,720,657
Stockholders' equity
2,417,540
1,930,902
1,678,482
1,665,201
1,655,893
Tangible stockholders’ equity
(4)
1,799,184
1,373,185
1,152,254
1,136,195
1,122,058
Quarterly Yields and Costs
Total securities
4.87
%
4.21
%
3.96
%
4.10
%
3.83
%
Loans receivable, net
5.82
5.55
5.34
5.43
5.49
Total interest-earning assets
5.57
5.29
5.10
5.19
5.21
Time deposits
3.08
3.31
3.55
3.68
3.73
Total cost of deposits (including non-interest-bearing deposits)
2.17
2.06
1.97
2.13
2.06
Total borrowed funds
4.74
4.66
4.54
4.95
5.07
Total interest-bearing liabilities
2.92
2.74
2.66
2.83
2.85
Net interest spread
2.65
2.55
2.44
2.36
2.36
Net interest margin
3.18
3.05
2.93
2.87
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 September 30, 2026 and June 30, 2026. Those shares are participating securities, and are presented on 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
September 30,
June 30,
March 31,
December 31,
September 30,
2026
2026
2026
2025
2025
Core Earnings:
Net income available to common stockholders
(GAAP)
$
16,462
$
(3,029)
$
20,506
$
13,093
$
17,330
Adjustments to exclude the impact of non-recurring and non-core items:
Net loss (gain) on equity investments
10
347
354
(230)
7
Restructuring (release) charges
(49)
(71)
128
7,379
4,147
Credit risk transfer execution expense
—
—
—
1,283
—
FDIC special assessment release
—
—
—
—
(210)
Merger-related expenses
37,088
42,765
4,150
4,253
—
Income tax benefit on items
(6,586)
(9,467)
(806)
(2,254)
(926)
Core earnings
(Non-GAAP)
$
46,925
$
30,545
$
24,332
$
23,524
$
20,348
Income tax expense
$
13,031
$
496
$
6,548
$
3,754
$
5,156
Provision for credit losses
4,268
4,002
2,738
3,700
4,092
Less: income tax benefit on non-core items
(6,586)
(9,467)
(806)
(2,254)
(926)
Core earnings PTPP
(Non-GAAP)
$
70,810
$
44,510
$
34,424
$
33,232
$
30,522
Core earnings diluted earnings per share
$
0.48
$
0.43
$
0.43
$
0.41
$
0.36
Core earnings PTPP diluted earnings per share
$
0.72
$
0.63
$
0.60
$
0.58
$
0.54
Core Ratios (Annualized):
Return on average assets
0.80
%
0.71
%
0.68
%
0.65
%
0.60
%
Return on average tangible stockholders’ equity
10.35
8.92
8.56
8.21
7.19
Return on average tangible common equity
10.35
8.92
8.56
8.21
7.19
Efficiency ratio
61.75
66.20
66.76
68.19
70.30
25
For the Nine Months Ended September 30,
2026
2025
Core Earnings:
Net income available to common stockholders
(GAAP)
$
33,939
$
54,035
Adjustments to exclude the impact of non-recurring and non-core items:
Net loss (gain) on equity investments
711
(686)
Restructuring charges
8
4,147
FDIC special assessment release
—
(210)
Merger related expenses
84,003
—
Income tax benefit on items
(16,859)
(762)
Loss on redemption of preferred stock
—
1,842
Core earnings
(Non-GAAP)
$
101,802
$
58,366
Income tax expense
$
20,075
$
17,735
Provision for credit losses
11,008
12,471
Less: income tax benefit on non-core items
(16,859)
(762)
Core earnings PTPP
(Non-GAAP)
$
149,744
$
89,334
Core diluted earnings per share
$
1.35
$
1.01
Core earnings PTPP diluted earnings per share
$
1.99
$
1.55
Core Ratios (Annualized):
Return on average assets
0.74
%
0.58
%
Return on average tangible stockholders’ equity
9.43
6.79
Return on average tangible common equity
9.43
6.79
Efficiency ratio
64.38
69.49
26
(continued)
September 30,
June 30,
March 31,
December 31,
September 30,
2026
2026
2026
2025
2025
Tangible Equity:
Total stockholders' equity
$
2,395,971
$
2,411,080
$
1,669,368
$
1,662,550
$
1,653,427
Less:
Goodwill
530,846
529,836
517,481
517,481
523,308
Intangibles
84,491
90,613
8,198
9,046
9,934
Tangible stockholders' equity
1,780,634
1,790,631
1,143,689
1,136,023
1,120,185
Less:
Preferred stock
—
—
—
—
—
Tangible common equity
$
1,780,634
$
1,790,631
$
1,143,689
$
1,136,023
$
1,120,185
Tangible Assets:
Total assets
$
23,370,456
$
23,270,010
$
14,556,336
$
14,564,317
$
14,324,664
Less:
Goodwill
530,846
529,836
517,481
517,481
523,308
Intangibles
84,491
90,613
8,198
9,046
9,934
Tangible assets
$
22,755,119
$
22,649,561
$
14,030,657
$
14,037,790
$
13,791,422
Tangible stockholders' equity to tangible assets
7.83
%
7.91
%
8.15
%
8.09
%
8.12
%
Tangible common equity to tangible assets
7.83
%
7.91
%
8.15
%
8.09
%
8.12
%
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 acquisition date of Flushing, net of the total consideration paid (in thousands):
At June 1, 2026
Flushing Book Value
Purchase Accounting Adjustments
Estimated Fair Value
Total Purchase Price:
538,351
Assets Acquired:
Cash and cash equivalents
$
308,470
$
—
$
308,470
Securities
1,560,808
(332)
1,560,476
Loans receivable, net of allowance for loan credit losses
5,221,067
(226,079)
4,994,988
Loans held-for-sale
1,309,849
(106,635)
1,203,214
Core deposit intangible
647
84,353
85,000
Other assets
457,057
76,557
533,614
Total assets acquired
8,857,898
(172,136)
8,685,762
Liabilities assumed:
Deposits
7,436,454
7,497
7,443,951
FHLB advances and other borrowings
406,241
(5,894)
400,347
Other liabilities
316,879
(401)
316,478
Total liabilities assumed
8,159,574
1,202
8,160,776
Net assets acquired
$
698,324
$
(173,338)
$
524,986
Goodwill recorded in the merger
$
13,365
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.
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. . . 1 OceanFirst Bank OceanFirst Financial Corp. Q3 2026 Earnings Release Supplement(1) (1) The Q3 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 October 27, 2026. OCEANFIRST BANK | O c t o b e r 27, 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, 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, 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 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. 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 October 27, 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
. . .Q3-26 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) Estimated CET1 Ratio Financial Highlights $0.48 Core Diluted EPS(1) $172 million Net Interest Income 0.80% Core ROAA(1) 10.35% Core ROTCE(1) $0.72 Core PTPP Diluted EPS(1) 10.6% CET1 Ratio(2) • Completed the Flushing core system conversion in September, bringing the combined company onto a single operating platform. With integration substantially complete, both the remaining cost savings and a return to excess capital accretion are anticipated in Q4-26.​ • Net interest income of $172.1 million increased $51.4 million (or 43%) from the linked quarter and $81.5 million (or 90%) from Q3-25, the ninth consecutive quarterly increase, reflecting a full quarter of Flushing and $5.5 million of non-recurring interest income from payoffs of acquired non-performing assets. • Commercial loan originations increased 15% to $735 million, driving total loan growth of $216 million (5% annualized). Forward pipeline remains robust totaling $541 million at Q3-26. • Capital remains strong with our CET1 Ratio(2) relatively flat from the linked quarter at 10.6%. 4
. . .Loan Portfolio Trends Consistent loan growth with increasing portfolio yields ($’millions)  Total loans increased $216 million (5% annualized).  We maintained strong momentum, delivering $735 million (15% increase) in loan originations and had $541 million in loan pipeline at Q3-26. 5,211 5,421 5,479 9,125 9,328997 986 1,017 1,801 1,833 999 1,228 1,302 1,908 1,998 3,135 3,194 3,128 3,245 3,143 5.49% 216 Q3-25 5.43% 203 Q4-25 5.34% 198 Q1-26 5.55% 197 Q2-26 5.82% 189 Q3-26 10,558 11,032 11,124 16,276 16,491 Average Loan Yield Home Equity & Consumer Residential C&I - non-real estate C&I - real estate CRE Investor-Owned 5
. . .Deposit Trends – Deposits increased $319 million (or 7% annualized) of which non-maturity deposits grew $178 million. – Total weighted average cost of deposits of 2.17% during Q3-26. – Loan-to-deposit ratio of 91.2% Deposit Mix Remains Stable ($’millions) 2,215 2,469 2,387 4,211 4,3521,000 986 986 1,059 1,047 1,398 1,413 1,489 3,376 3,4714,091 4,354 4,537 6,277 6,334 1,732 1,742 1,757 2,837 2,875 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 10,436 10,964 11,156 17,760 18,079 Non-Int. Bearing Int. Bearing Checking Money Market Savings Time Deposits 6 Cost of Deposits Spot Avg Type of Account Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Q3-26 Int. Bearing Checking 2.08% 2.05% 2.15% 2.35% 2.46% 2.46% Money Market 2.75% 2.43% 2.43% 2.92% 2.84% 2.92% Savings 0.63% 0.55% 0.52% 0.52% 0.54% 0.52% Time Deposits 3.74% 3.64% 3.48% 3.53% 3.54% 3.08% Total (incl. non-int. bearing) 2.04% 2.00% 1.99% 2.26% 2.28% 2.17%
. . .Net Interest Income and Net Interest Margin Trends Net Interest Margin NIM Bridge 2.91% Q3-25 2.87% Q4-25 2.93% Q1-26 3.05% Q2-26 3.18% Q3-26 NIM Net Interest Income ($’000s) 90,657 Q3-25 95,278 Q4-25 96,447 Q1-26 120,730 Q2-26 172,116 Q3-26 Net Interest Income  Net interest income increased $51 million (or 43%) and $81 million (or 90%) compared to Q2-26 and Q3-25, respectively, reflecting a full quarter of Flushing and $5.5 million of non- recurring interest income.  Net interest margin of 3.18% increased 13 bps from the linked quarter; which included ~10 bps of one-time interest recoveries on non-performing assets. 7 Q2-26 NIM 0.11% Impact of Purchase Accounting 0.10% Impact of Non-Recurring NPA Payoffs -0.08% Impact of Acquisition & other Portfolio changes Q3-26 NIM 3.05% 3.18% (1) (2) (1) Non-Recurring Interest Income related to payoffs of non-performing assets (2) Net Impact of Full Quarter Acquisition Balances and other related changes
. . . Core Efficiency Ratio(1) Expense Discipline and Focused Investment Core Non-Interest Expense(1) ($’000) 10,517 9,757 9,399 13,329 20,0943,467 3,579 3,222 3,405 3,596 7,164 7,104 7,052 7,655 12,291 4,130 4,617 7,029 6,701 6,753 8,444 12,427 41,387 40,984 39,484 50,202 61,310 2,826 Q3-25 3,102 Q4-25 3,215 Q1-26 Q2-26 Q3-26 72,390 71,227 69,125 87,165 114,335 Compensation & employee benefits Occupancy & equipment FDIC & regulatory assessments Data processing Professional fees Other Opex  Q3-26 core non-interest expenses increased by $27.2 million (or 31%) from the linked quarter, driven primarily by a full quarter of Flushing activity across all expense categories.  Increased expenses from a full quarter of Flushing operations were partially offset by initial cost savings, in line with previously announced targets. (2) 8 70.30% Q3-25 68.19% Q4-25 66.76% Q1-26 66.20% Q2-26 61.75% Q3-26 2.12% 1.97% 1.93% 2.02% 1.95% Core Efficiency Ratio Core Non-Interest Expense to Average Assets (Annualized) (1) For non-GAAP financial measures, please refer to the “Non-GAAP Reconciliations” in the Appendix for a reconciliation to GAAP financial information. (2) Other Opex includes marketing, check card processing, amortization of intangibles, and other expenses.
. . .Generating Consistent Returns Book Value and Tangible Book Value per Common Share(1) ($) Core ROAA(1) and ROTCE(1)  Capital remains strong and above “well capitalized” levels.  CET-1 ratio declined modestly due to loan growth and the impact of non-recurring Flushing related merger expenses.(3)  Capital accretion expected to resume in Q4-26. Capital Management ($’millions) 19.52 19.79 19.86 18.19 18.08 28.81 28.97 28.98 24.50 24.32 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Book Value per Share Tangible Book Value per Common Share 12 12 12 12 20 3 4 8.1% 10.6% 0 Q3-25 8.1% 10.7% 0 Q4-25 8.2% 10.7% Q1-26 7.9% 10.7% Q2-26 7.8% 10.6% 1 Q3-26 Tangible Stockholders’ Equity to Tangible Assets(1) CET1 Share Repurchases Common Dividend 9 (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. (3) Estimated CET1 Ratio (2) (3) 0.60 0.65 0.68 0.71 0.80 7.19% Q3-25 8.21% Q4-25 8.56% Q1-26 8.92% Q2-26 10.35% Q3-26 Core ROTCE Core ROAA
. . .Management Q4-26 and Q1-27 Outlook 10 Q4-26 Q1-27 Comments Loans ~1-2% per quarter • Expecting continued steady growth. • Credit is expected to remain benign and reserves sufficient. Deposits Consistent with loan growth • Maintain loan-to-deposit ratio <=95%. Net Interest Margin Stable to modest expansion; low single digit • Subject to expected growth and interest rate trends. • 1 rate hike in December 2026 and 1 rate hike in March 2027. Other Income ~$13 million • Subject to loan swap activity. Operating Expenses ~$110 million ~$105 million • Remaining cost savings are expected to flow through operating expenses in October. • Additional strategies focused on improving operating leverage on our baseline operating model are in process, moving our quarterly run-rate towards $105 million. Capital Strong CET1 ratio (>10.5%) • Will manage over time to support anticipated growth, while minimizing excess capital accumulation above 11% CET1 ratio.
. . . 1.53% Strong asset quality trends driven by prudent growth and strong credit risk management Quarterly Credit Trends (1 of 2) Non-Performing Loans(1) and Assets(2) ($’000) Special Mention and Substandard Loans ($’000) Criticized loans as a % of total loans remains stable at 3.13%. The increase in Q2-26 was driven by the Flushing acquisition. 11 104,773 93,715 154,441 370,650 388,168 136,705 127,843 1.17% 18,972 Q3-25 1.01% 18,161 Q4-25 1.53% 15,901 Q1-26 3.12% Q2-26 3.13% Q3-26 (1) PCD loans are not included in these metrics. Refer to Asset Quality section in the Earnings Release for additional information. (2) Q2-26 Includes non-performing investments of $20.7 million acquired from Flushing. (3) OCFC criticized loans exclude other real estate owned. OCFC Criticized Loans / Total Loans Special Mention Substandard(3) 35,586 22,359 28,738 54,051 60,872 7,498 10,266 10,393 13,453 13,575 0.34% 0.30% Q3-25 0.20% 0.22% Q4-25 0.26% 0.27% Q1-26 0.33% 0.38% Q2-26 0.37% 0.32% Q3-26 NPL to total loans NPA to total assets OREO Non-performing loans
. . .Quarterly Credit Trends (2 of 2) NCOs / (Recoveries) and Provision for Credit Loss Expense ($’000) 12 Loan Allowance for Credit Losses (ACL) ($’000) 81,236 83,726 86,110 209,716 212,288 0.77% Q3-25 0.76% Q4-25 0.77% Q1-26 1.29% Q2-26 1.29% Q3-26 ACL % of Total Loans ACL 4,092 3,700 2,738 4,002 4,268 617 1,974 701 1,514 1,456 0.02% Q3-25 0.07% Q4-25 0.03% Q1-26 0.05% Q2-26 0.04% Q3-26 Net Charge-offs / Avg Loans (annualized) Provision Expense Net Charge-offs (Recoveries)
. . . COVID-19 Pandemic Track Record of Strong Credit Performance  From 2006 to Q3-26, 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 Q3-26, 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 Q2-26 Q3-26 OCFC NCO / Avg Loans Commercial Banks ($10-50 bn) NCO / Avg Loans(1) 13 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)
. . . 1414 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 72 branches; 8 commercial banking centers Moody’s and KBRA Ratings(1) Baa3 and BBB+ Market Cap at 9/30/26 $1.6 billion Balance Sheet and Capital (Q1-26) Assets $23.4 billion Net Loans $16.3 billion Deposits $18.1 billion Non-performing Loans / Loans(2) 0.37% Tang. Equity / Tang. Assets(3) 7.8% CET1 Ratio (Estimated) 10.6% Q3-26 Loan Portfolio ($’millions) Q3-26 Deposit Base ($’millions) Core Profitability (Q1-26)2 Net Income $46.9 million EPS $0.48 Net Interest Margin (%)(4) 3.18% Efficiency Ratio (%) 61.8% ROAA (%) 0.80% ROTCE (%) 10.35% Corporate Overview and Market Data Balance Sheet and Capital Q3-26 Core Profitability Q3-26(3) $9,328 CRE Investor -Owned $1,833C&I - real estate $1,998C&I - non-real estate $3,143 Residential $189 Home Eq. & Consumer Note: All data presented is as of September 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. $2,875 Non-interest $6,334 Interest Checking$3,471 Money market $1,047Savings $4,352 Time deposits 15 OCFC – Retail Branches (72) OCFC – Commercial Centers (8) PA NJ NYMA MD ✓ Operates in or near five MSAs within the I-95 corridor, the deepest banking market within the U.S. ✓ High-density, contiguous footprint supports efficient growth and cross-sell opportunities ✓ Full-service commercial bank serving retail and commercial clients ✓ Relationship-driven lending model with a diversified product offering
. . .Proven Historical Net Interest Income and Loan Growth 120,262 169,218 240,502 255,971 312,951 305,338 377,477 369,731 334,035 360,223 389,293 3.46% 2016 3.52% 2017 3.71% 2018 3.62% 2019 3.16% 2020 2.93% 2021 3.37% 2022 3.02% 2023 2.72% 2024 2.90% 2025 3.07% YTD Sep-26 Net Interest Margin Net Interest Income Net Interest Income Growth ($’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 9,328 687 758 1,046 1,189 1,616 1,504 1,620 1,610 1,550 2,214 3,831 1,704 1,749 2,045 2,321 2,309 2,480 2,862 2,980 3,050 3,194 3,143 291 281 2016 2017 475 2018 408 2019 339 2020 261 2021 264 2022 203 2025 189 Q3-26 3,817 3,975 5,589 6,214 7,756 8,623 9,918 10,195 10,118 11,032 16,491 230 2023 251 2024 Home Equity & Consumer Residential C&I Investor-Owned CRE Significant Growth in Commercial Loan Portfolio ($’millions) Investor-Owned CRE CAGR 24% C&I CAGR 19% 16 (1) (1) NII CAGR is based on a 2026 Annualized estimate
. . .Balanced Approach to Deposit Pricing and Growth Deposit Composition ($’millions) 646 867 937 1,373 1,542 2,445 2,081 2,469 4,352 877 898 1,491 1,608 1,488 1,399 1,066 986 1,0471,022 1,301 1,413 3,471 1,627 1,954 2,350 2,539 3,647 4,202 3,830 3,912 4,001 4,354 6,334 1,151 1,377 2,133 2,412 2,101 1,657 1,617 1,742 2,875 757 364 661607 2017 570 2018 578 2019 784 2020 736 775 2021 714783 2023 2024 2025 Q3-26 4,188 4,343 5,815 6,329 9,428 9,733 9,675 10,435 10,066 459673 2016 10,964 18,079 2022 Non-interest-bearing deposits Interest-bearing deposits Money Market Savings Time deposits Organic Deposit Growth ($’millions) 2,065 4,343 4,199 5,880 7,534 9,733 9,675 10,435 10,066 10,964 11,139 2,123 1,616 1,894 6,940 2016 2017 2018 449 2019 2020 2021 2022 2023 2024 2025 Q3-26 4,188 5,815 6,329 9,428 18,079 61% 39% Commercial Consumer Total: $18.1B Deposit Stratification 17 Acquired Deposits Organic Deposits Q3-26 Avg. Cost of Deposits 2.17%
. . .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. 0.54% 2017 0.25% 2018 0.22% 2019 0.32% 2020 0.16% 2021 0.15% 2022 0.19% 2023 0.22% 2024 0.22% 2025 0.38% Q2-26 0.32% Q3-26 NPA/Assets Continued Focus on Credit Risk(1)Non-performing Loans by Type as % of Loans(1) 18 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 0.24% 0.03% 0.01% 0.04% Q2-26 0.24% 0.21% 0.02% 0.06% Q3-26 0.52% 0.31% 0.29% 0.47% 0.22% 0.04% 0.26% 0.27% 0.20% 0.33% 0.37% 0.15% 0.01% 0.11% 0.19% CRE: IO C&I - Real Estate C&I - Non-Real Estate Residential Consumer 0.01% 0.01%0.02% 0.01%
. . .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 $3.86 $8.55 $18.08 Q3-262013 $15.62 $15.53 $16.82 $18.42 $20.55 $21.36 $23.60 $13.95 $27.68 $29.48 $31.48 $30.49 $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 ‒ 119th consecutive quarter  Historical target Payout Ratio of 30% to 50%  Q3-26 decrease in TBVPS attributable to the Flushing acquisition Growth Since 2013 Tangible Book Value per Share(1) 46.6% Total Capital Return per Share 147.3% Cumulative Share Repurchase/Share Cumulative Dividends/Share TBVPS 19 (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 20  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
. . . 21 21 21 OceanFirst Bank Appendix OCEANFIRST BANK | O c t o b e r 2 7 , 2026
. . .Diversified CRE Portfolio with Conservative Risk Profile  Underlying collateral is diversified.  Low concentration in the Multi-Family portfolio, which represents 7.6% of total assets.  Maturity wall is modest and has a minimal impact: Our CRE Investor-Owned maturity wall, totaling $1.5 billion (or 9% of total loans), is set to mature in 2026 and 2027 with weighted average rates of 5.16% and 4.97%, 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 September 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 September 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. 56% 17% 16% NY PA/DE NJ 3% MA 3% MD/DC 5% Other Limited underlying concentration exposure: • NYC Office Central Business District (CBD): $67.2 million 22 CRE Investor-Owned - Collateral Details $'millions CRE: Investor-Owned % of Total WA LTV (%) WA DSCR (x) Office 1,102 12.8% 56.4% 1.76x Retail 1,937 22.5% 56.8% 1.87x Multi-Family 1,766 20.5% 53.9% 1.48x Industrial / Warehouse 1,026 11.9% 50.1% 2.02x Hospitality 283 3.3% 43.0% 1.38x Other (1) 2,488 29.0% 44.0% 1.68x CRE: Investor-Owned 8,602 100.0% 51.2% 1.72x Construction 726 CRE: Investor Owned & Construction Total 9,328 CRE Investor-Owned - Maturity Wall Balance Weighted Average % of Maturity Year ($'millions) Rate (%) LTV (%) DSCR (x) Loans 2026 468 5.16% 60.4% 1.59x 2.84% 2027 997 4.97% 49.4% 1.86x 6.04% Total 1,465 5.03% 52.9% 1.77x 8.88%
. . .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. 23 Source: S&P Global. Note: Commercial bank reporting is on a one quarter lag. COVID-19 Pandemic Hurricane Sandy Global Financial Crisis GFC Peak NCOs 1.1x1.8x 2.2x 4.9x2.8x 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) 24 Non-GAAP Reconciliation For the Three Months Ended September 30, June 30, March 31, December 31, September 30, 2026 2026 2026 2025 2025 Core Earnings: Net income available to common stockholders (GAAP) $ 16,462 $ (3,029) $ 20,506 $ 13,093 $ 17,330 Adjustments to exclude the impact of non-recurring and non-core items: Net loss (gain) on equity investments 10 347 354 (230) 7 Restructuring (release) charges (49) (71) 128 7,379 4,147 Credit risk transfer execution expense - - - 1,283 - FDIC special assessment release - - - - (210) Merger related expenses 37,088 42,765 4,150 4,253 - Income tax benefit on items (6,586) (9,467) (806) (2,254) (926) Core earnings (Non-GAAP) $ 46,925 $ 30,545 $ 24,332 $ 23,524 $ 20,348 Income tax expense $ 13,031 $ 496 $ 6,548 $ 3,754 $ 5,156 Provision for credit losses 4,268 4,002 2,738 3,700 4,092 Less: income tax benefit on items (6,586) (9,467) (806) (2,254) (926) Core earnings PTPP (Non-GAAP) $ 70,810 $ 44,510 $ 34,424 $ 33,232 $ 30,522 Core earnings diluted earnings per share $ 0.48 $ 0.43 $ 0.43 $ 0.41 $ 0.36 Core earnings PTPP diluted earnings per share $ 0.72 $ 0.63 $ 0.60 $ 0.58 $ 0.54 Core Ratios (Annualized): Return on average assets 0.80% 0.71% 0.68% 0.65% 0.60% Return on average tangible stockholders’ equity 10.35 8.92 8.56 8.21 7.19 Return on average tangible common equity 10.35 8.92 8.56 8.21 7.19 Efficiency ratio 61.75 66.20 66.76 68.19 70.30
. . .Non-GAAP Reconciliations (2 of 2) 25 Non-GAAP Reconciliation For the Three Months Ended September 30, June 30, March 31, December 31, September 30, 2026 2026 2026 2025 2025 Tangible Equity: Total stockholders' equity $ 2,395,971 $ 2,411,080 $ 1,669,368 $ 1,662,550 $ 1,653,427 Less: Goodwill 530,846 529,836 517,481 517,481 523,308 Intangibles 84,491 90,613 8,198 9,046 9,934 Tangible stockholders' equity 1,780,634 1,790,631 1,143,689 1,136,023 1,120,185 Less: Preferred stock - - - - - Tangible common equity $ 1,780,634 $ 1,790,631 $ 1,143,689 $ 1,136,023 $ 1,120,185 Tangible Assets: Total Assets $ 23,370,456 $ 23,270,010 $ 14,556,336 $ 14,564,317 $ 14,324,664 Less: Goodwill 530,846 529,836 517,481 517,481 523,308 Intangibles 84,491 90,613 8,198 9,046 9,934 Tangible Assets $ 22,755,119 $ 22,649,561 $ 14,030,657 $ 14,037,790 $ 13,791,422 Tangible stockholders' equity to tangible assets 7.83% 7.91% 8.15% 8.09% 8.12% Tangible common equity to tangible assets 7.83% 7.91% 8.15% 8.09% 8.12%