OceanFirst Financial Corp. Announces Second Quarter Financial Results

OceanFirst Financial Corp. (NASDAQ:OCFC) (the “Company”), the holding company for OceanFirst Bank N.A. (the “Bank”), reported a net loss of $3.0 million, or $0.04 per diluted share 1 , for the three months ended June 30, 2026, compared to net income available for common stockholders of $16.2 million, or $0.28 per diluted share, for the corresponding prior year period, and net income of $20.5 million, or $0.36 per diluted share, for the linked quarter.

For the six months ended June 30, 2026, the Company reported net income available to common stockholders of $17.5 million, or $0.27 per diluted share, as compared to $36.7 million, or $0.63 per diluted share, for the corresponding prior year period.

Selected performance metrics are as follows (refer to “Selected Quarterly Financial Data” for additional information):

For the Three Months Ended, For the Six Months Ended, Performance Ratios (Annualized): June 30, March 31, June 30, June 30, June 30, 2026 2026 2025 2026 2025 Return on average assets (0.07 )% 0.57 % 0.49 % 0.22 % 0.56 % Return on average stockholders’ equity (0.63 ) 4.95 3.86 1.95 4.36 Return on average tangible stockholders’ equity (a) (0.88 ) 7.22 5.66 2.79 6.36 Return on average tangible common equity (a) (0.88 ) 7.22 5.66 2.79 6.36 Efficiency ratio 98.88 71.13 71.93 86.67 68.82 Net interest margin 3.05 2.93 2.91 2.99 2.91

(a) Return on average tangible stockholders’ equity and return on average tangible common equity are non-GAAP (“generally accepted accounting principles”) financial measures. Refer to “Explanation of Non-GAAP Financial Measures” and tables included in this release for reconciliation and additional information regarding non-GAAP financial measures.

Core earnings 2 for the three and six months ended June 30, 2026 were $30.5 million and $54.9 million, respectively, or $0.43 and $0.86 per diluted share, an increase from $17.7 million and $38.0 million, respectively, or $0.31 and $0.66 per diluted share, for the corresponding prior year periods, and an increase from $24.3 million, while remaining flat at $0.43 per diluted share, for the linked quarter.

Core earnings PTPP 2 for the three and six months ended June 30, 2026 were $44.5 million and $78.9 million, respectively, or $0.63 and $1.24 per diluted share, an increase from $26.4 million and $58.8 million, respectively, or $0.46 and $1.02 per diluted share, for the corresponding prior year periods, and an increase from $34.4 million or $0.60 per diluted share, for the linked quarter.

Selected performance metrics are as follows:

For the Three Months Ended, For the Six Months Ended, June 30, March 31, June 30, June 30, June 30, Core Ratios 2 (Annualized): 2026 2026 2025 2026 2025 Return on average assets 0.71 % 0.68 % 0.53 % 0.70 % 0.58 % Return on average tangible stockholders’ equity 8.92 8.56 6.17 8.76 6.59 Return on average tangible common equity 8.92 8.56 6.17 8.76 6.59 Efficiency ratio 66.20 66.76 72.28 66.44 69.06 Diluted earnings per share $ 0.43 $ 0.43 $ 0.31 $ 0.86 $ 0.66 PTPP diluted earnings per share 0.63 0.60 0.46 1.24 1.02

Key developments for the quarter, compared to the linked quarter, are described below:

Organic Growth: The Company generated continued organic growth across its legacy portfolio, with commercial loans increasing $154 million, or 2%, non-interest bearing deposits increasing $101 million, or 6%, and $150 million of deposit growth from Premier Banking teams, reflecting the Company’s focus on core relationships. These results underscore the continued strength of the core growth initiatives, which the Flushing franchise will further bolster.

Net Interest Margin Expansion: Net interest margin increased 12 basis points to 3.05% from 2.93%, ...