---
title: "OceanFirst Financial Corp. Announces Second Quarter Financial Results | OCFC Stock News"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/294422965.md"
description: "OceanFirst Financial Corp. reported a net loss of $3.0 million for Q2 2026, contrasting with prior year profits. However, core earnings rose to $30.5 million. Key drivers included the completed acquisition of Flushing Financial Corporation, adding $8.69 billion in assets, and strategic balance sheet repositioning involving the sale of $1.31 billion in multifamily loans to reduce CRE concentration and boost liquidity."
datetime: "2026-07-30T14:15:00.000Z"
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  - [en](https://longbridge.com/en/news/294422965.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/294422965.md)
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---

# OceanFirst Financial Corp. Announces Second Quarter Financial Results | OCFC Stock News

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RED BANK, N.J., July 30, 2026 (GLOBE NEWSWIRE) -- **OceanFirst Financial Corp. (NASDAQ:OCFC)** (the “Company”), the holding company for OceanFirst Bank N.A. (the “Bank”), reported a net loss of $3.0 million, or $0.04 per diluted share1, for the three months ended June 30, 2026, compared to net income available for common stockholders of $16.2 million, or $0.28 per diluted share, for the corresponding prior year period, and net income of $20.5 million, or $0.36 per diluted share, for the linked quarter. For the six months ended June 30, 2026, the Company reported net income available to common stockholders of $17.5 million, or $0.27 per diluted share, as compared to $36.7 million, or $0.63 per diluted share, for the corresponding prior year period. Selected performance metrics are as follows (refer to “Selected Quarterly Financial Data” for additional information):

**For the Three Months Ended,**

**For the Six Months Ended,**

**Performance Ratios (Annualized):**

**June 30,**

**March 31,**

**June 30,**

**June 30,**

**June 30,**

**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 earnings2 for the three and six months ended June 30, 2026 were $30.5 million and $54.9 million, respectively, or $0.43 and $0.86 per diluted share, an increase from $17.7 million and $38.0 million, respectively, or $0.31 and $0.66 per diluted share, for the corresponding prior year periods, and an increase from $24.3 million, while remaining flat at $0.43 per diluted share, for the linked quarter.  
Core earnings PTPP2 for the three and six months ended June 30, 2026 were $44.5 million and $78.9 million, respectively, or $0.63 and $1.24 per diluted share, an increase from $26.4 million and $58.8 million, respectively, or $0.46 and $1.02 per diluted share, for the corresponding prior year periods, and an increase from $34.4 million or $0.60 per diluted share, for the linked quarter. Selected performance metrics are as follows:

**For the Three Months Ended,**

**For the Six Months Ended,**

**June 30,**

**March 31,**

**June 30,**

**June 30,**

**June 30,**

**Core 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%, and net interest income increased by $24.3 million to $120.7 million.
-   **Flushing Acquisition:** On June 1, 2026, the Company completed its acquisition of Flushing Financial Corporation (“Flushing”), the holding company of Flushing Bank. Flushing added $8.69 billion to total assets, $6.19 billion to loans and loans held for sale, and $7.44 billion to deposits. Flushing added 30 retail branches across New York City and Long Island.
-   **Balance** **Sheet Repositioning****:** The Company sold $1.31 billion of multifamily loans from the Flushing acquisition at a price of 92.25% and invested the $1.20 billion of net proceeds into highly-liquid, investment grade securities. The repositioning reduces commercial real estate concentration by approximately 50 percentage points to 381%3, while increasing liquidity as indicated by on-hand liquidity4 increasing to 11.5% of assets and the loan-to-deposit ratio falling to 91.60%. Additionally, the allowance for credit losses increased to 1.29% of total loans receivable.
-   **Operating Expenses:** The Company anticipates full integration of Flushing’s operations and systems in the third quarter of 2026. The resulting operating synergies are expected to improve efficiency and reduce operating expenses in future periods.

Chief Executive Officer, Christopher D. Maher, commented on the Company’s results, “We are pleased to see continued momentum in our core business and to have welcomed Flushing into the OceanFirst family during the quarter. Full integration and the rebranding of Flushing branches is scheduled to occur in the third quarter of 2026, allowing for the realization of synergies well before year-end. We look forward to building on the strong customer relationships Flushing has developed over the years.” Mr. Maher added, “The execution of the loan sale reduced the Company’s exposure to rent-regulated properties in New York City. These actions reflect our commitment to maintain a strong balance sheet and an enhanced liquidity profile, positioning the combined organization for sustainable, long-term growth.”

The Company’s Board of Directors declared its 118th consecutive quarterly cash dividend on common stock. The quarterly cash dividend on common stock of $0.20 per share will be paid on August 21, 2026, to common stockholders and NVCE stockholders of record on August 10, 2026.

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

2 Core earnings and core earnings before income taxes and provision for credit losses (“PTPP” or “Pre-Tax-Pre-Provision”), and ratios derived therefrom, are non-GAAP financial measures that exclude certain non-core items. Refer to “Explanation of Non-GAAP Financial Measures” and “Other Items - Non-GAAP Reconciliation” tables for additional information regarding non-GAAP financial measures.

3 Reflects the bank-level regulatory CRE concentration ratio, calculated as regulatory commercial real estate divided by Tier 1 capital plus the ACL.

4 On-hand liquidity equals cash, unpledged securities and funding capacity at the Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”) Discount Window.

**Results of Operations**  
On June 1, 2026, the Company completed its acquisition of Flushing and its results of operations from June 1, 2026 through June 30, 2026 are included in the consolidated results for the three and six months ended June 30, 2026, but are not included in the results of operations for the corresponding prior year periods. Further, the current quarter included $42.8 million of non-recurring merger-related expenses for the Flushing acquisition, representing $33.6 million net of tax, or $0.48 per share.

**Net Interest Income and Margin**  
*Three months ended June 30, 2026 vs.* *June 30, 2025*  
Net interest income increased to $120.7 million, from $87.6 million, reflecting the net impact of the interest rate environment and the acquisition of Flushing, which added $19.1 million of net interest income. Net interest margin increased to 3.05%, from 2.91%, which included the impact of purchase accounting accretion and prepayment fees of 0.05% and 0.04%, respectively, and the impact of purchase accounting on average-interest earning assets.

Average interest-earning assets increased by $3.81 billion, which was impacted by $2.50 billion of average interest-earning assets acquired from Flushing and increases in commercial loans and securities. The average yield for interest-earning assets increased to 5.29%, from 5.14%, primarily due to the repricing of assets and new originations, and the addition of loans acquired from Flushing at higher yields.

The cost of average interest-bearing liabilities decreased to 2.74%, from 2.77%, primarily due to repricing of deposits and, to a lesser extent, Federal Home Loan Bank (“FHLB”) advances, partially offset by the addition of deposits acquired from Flushing at higher rates. The total cost of deposits remained stable at 2.06% for both periods. Average interest-bearing liabilities increased by $3.25 billion, driven by liabilities assumed from Flushing, and the remainder attributable to increases in deposits and FHLB advances.

*Six months ended June 30, 2026* *vs.* *June 30, 2025*  
Net interest income increased to $217.2 million, from $174.3 million, reflecting the net impact of the interest rate environment and the acquisition of Flushing. Net interest margin increased to 2.99%, from 2.91%, which included the impact of purchase accounting accretion and prepayment fees of 0.04% for both periods.

Average interest-earning assets increased by $2.53 billion, driven by $1.26 billion acquired from Flushing and increases in commercial loans and securities. The average yield for interest-earning assets increased to 5.20%, from 5.14%, primarily due to the repricing of assets and new originations, and the addition of loans acquired from Flushing at higher yields.

The cost of average interest-bearing liabilities decreased to 2.70%, from 2.77%, primarily due to repricing of deposits and FHLB advances, partially offset by the addition of deposits acquired from Flushing at higher rates. The total cost of deposits decreased four basis points to 2.02%, from 2.06%. Average interest-bearing liabilities increased by $2.23 billion, driven by the acquisition of Flushing, with the remaining increases related to deposits and FHLB advances.

*Three months ended June 30, 2026* *vs.* *March 31, 2026*  
Net interest income increased by $24.3 million, to $120.7 million from $96.4 million, and net interest margin increased to 3.05%, from 2.93%. Net interest margin included the impact of purchase accounting accretion and prepayment fees of 0.05% and 0.01%, respectively.

Average interest-earning assets increased by $2.52 billion, and the yield on average interest-earning assets increased to 5.29%, from 5.10%. As noted above, the current quarter was impacted by interest-earning assets acquired from Flushing and repricing of assets and new originations.

The cost of average interest-bearing liabilities increased to 2.74%, from 2.66%. The total cost of deposits increased to 2.06%, from 1.97%. Average interest-bearing liabilities increased by $2.03 billion, driven by Flushing as noted above, partly offset by government deposit outflows.

**Provision for Credit Losses**  
Provision for credit losses for the three and six months ended June 30, 2026 was $4.0 million and $6.7 million, as compared to $3.0 million and $8.4 million for the corresponding prior year periods, and $2.7 million in the linked quarter. The current quarter provision was primarily driven by a reserve build of $2.5 million and replenishment of net charge-offs of $1.5 million.

Net loan charge-offs were $1.5 million and $2.2 million for the three and six months ended June 30, 2026, as compared to $2.2 million and $2.9 million for the corresponding prior year periods and $701,000 for the linked quarter. Net loan charge-offs to average total loans were 0.05% and 0.04% for the three and six months ended June 30, 2026, as compared to 0.09% and 0.06% for the corresponding prior year periods and 0.03% for the linked quarter.

**Non-interest Income**  
*Three months ended June 30, 2026 vs. June 30, 2025*  
Other income decreased to $10.6 million, as compared to $11.7 million. Other income was adversely impacted by non-core operations of $347,000 related to net losses on equity investments in the current quarter. The prior period other income was favorably impacted by non-core operations of $488,000 related to net gains on equity investments. Excluding the impact of non-core operations, other income decreased by $300,000. The current year period includes $1.4 million of other income from the acquisition of Flushing which largely was offset by the reduction in fees and services charges from the discontinuation of our title business for the comparable prior year period.

Excluding the impact of non-core operations and Flushing, the decrease in other income of $1.7 million was driven by a decrease in fees and service charges of $1.8 million and a decrease in net gain on sale of loans of $1.2 million due to the discontinuation of residential loan originations, including the disposition of the title business at the beginning of the fourth quarter last year. In addition, the prior period included non-recurring other income of $1.1 million. This was partly offset by increases in net gain on other real estate operations of $1.5 million and commercial loan swap income of $1.4 million.

*Six months ended June 30, 2026* *vs. June 30, 2025*  
Other income decreased to $17.3 million, as compared to $23.0 million. Other income was adversely impacted by non-core operations of $701,000 related to net losses on equity investments in the current period. The prior period other income was favorably impacted by non-core operations of $693,000 related to net gains on equity investments. Excluding the impact of non-core operations, other income decreased by $4.2 million. This was partly offset by the acquisition of Flushing, as noted above.

The remaining decrease in other income by $5.6 million was driven by a decrease in fees and service charges of $3.6 million and a decrease in a net gain on sale of loans of $2.1 million due to the same drivers as noted above. In addition, the prior period included non-recurring other income of $1.9 million. This was partly offset by increases in net gain on other real estate operations of $1.3 million and commercial loan swap income of $1.1 million.

*Three months ended June 30, 2026 vs. March 31, 2026*  
Other income in the linked quarter was $6.7 million and included non-core operations of $354,000 related to net losses on equity investments. Excluding non-core operations and Flushing’s other income stated above, other income increased by $2.5 million. The primary drivers were increases in net gain on other real estate operations of $1.4 million and commercial loan swap income of $1.2 million.

**Non-interest Expense**  
*Three months ended June 30, 2026 vs. June 30, 2025*  
Operating expenses increased to $129.9 million, as compared to $71.5 million. Operating expenses in the current quarter were adversely impacted by non-core operations of $42.7 million, due to merger-related expenses. Excluding the impact of non-core operations, other expenses increased by $15.7 million, primarily due to $14.8 million of operating expenses recognized in June from the acquisition of Flushing.

The remaining increase in operating expenses of $877,000 was driven by an increase in compensation and benefits of $2.5 million, mostly due to commercial banking hires adjusted for annual inflationary increases, partly offset by the impact of our residential outsourcing initiative. Additional drivers were decreases in professional fees of $1.3 million, mostly due to recruitment fees for the Company’s commercial banking hires in the prior year.

*Six months ended June 30, 2026* *vs. June 30, 2025*  
Operating expenses increased to $203.3 million, as compared to $135.8 million. Operating expenses in the current quarter were adversely impacted by non-core operations of $47.0 million, due to merger-related expenses and restructuring charges. Excluding the impact of non-core operations, other expenses increased by $20.5 million primarily due to the acquisition of Flushing, as noted above.

The remaining increase in operating expenses of $5.7 million was driven by an increase in compensation and benefits of $5.3 million, mostly due to commercial banking hires adjusted for annual inflationary increases, partly offset by the impact of our residential outsourcing initiative.

*Three months ended June 30, 2026 vs. March 31, 2026*  
Operating expenses in the linked quarter were $73.4 million and included non-core operations of $4.3 million related to merger-related expenses and restructuring charges. Excluding non-core operations and Flushing’s other expense stated above, operating expenses increased by $3.2 million. The primary drivers were increases in compensation and benefits of $3.3 million, partly due to new hires and an additional working day, and marketing expense of $646,000. These were partly offset by a decrease in data processing expense of $975,000.

**Income Tax Expense**  
The provision for income taxes was $496,000 and $7.0 million for the three and six months ended June 30, 2026, as compared to $5.8 million and $12.6 million for the same prior year periods and $6.5 million for the linked quarter. The effective tax rate was (19.6)% and 28.7% for the three and six months ended June 30, 2026, as compared to 23.2% and 23.7% for the same prior year period and 24.2% for the linked quarter. The effective tax rate for the three and six months ended June 30, 2026 was adversely impacted by non-deductible merger related expenses, which were offset by a one-time revaluation of deferred taxes as a result of the Flushing acquisition. Excluding the impact of these adjustments, the effective tax rate would have been 28.1% and increased as a result of the new tax profile due to the acquisition of Flushing.

**Financial Condition**5  
*June 30, 2026 vs. December 31, 2025*  
Total assets increased by $8.71 billion to $23.27 billion, due to the acquisition of Flushing which added $8.69 billion to total assets. Total loans increased by $5.24 billion to $16.28 billion, from $11.03 billion, primarily due to Flushing totaling $6.19 billion partly offset by $1.31 billion of multifamily loans sold during the quarter for a price of $1.20 billion, net of costs to sell. Debt securities held-to-maturity and available-for-sale increased by $2.82 billion, primarily due to the acquisition of Flushing totaling $1.54 billion and the reinvestment of proceeds from the loan sales into securities. Bank owned life insurance increased by $233.6 million to $503.9 million, from $270.3 million driven by the acquisition of Flushing. As part of the acquisition of Flushing, the Company’s goodwill balance increased to $529.8 million, from $517.5 million and intangibles increased to $90.6 million, from $9.0 million.

Other assets increased by $217.7 million to $367.0 million, from $149.3 million primarily due to revaluation of deferred tax assets as a result of the acquisition of Flushing and increase in market values of derivatives associated with customer interest rate swaps.

Total liabilities increased by $7.96 billion to $20.86 billion, from $12.90 billion primarily due to the acquisition of Flushing, which added $8.16 billion. Deposits increased by $6.80 billion to $17.76 billion, from $10.96 billion, primarily due to acquired deposits from Flushing totaling $7.44 billion. Excluding Flushing, the decrease in deposits was primarily attributable to a decrease in government deposits due to seasonality. Time deposits increased by $1.74 billion to $4.21 billion, from $2.47 billion, representing 23.7% and 22.5% of total deposits, respectively. Time deposits included an increase in retail time deposits of $1.41 billion and brokered time deposits of $276.0 million. FHLB advances increased by $335.2 million to $1.73 billion, from $1.40 billion, partly due to Flushing and additional borrowing needs. Other borrowings increased by $238.0 million to $493.2 million, from $255.2 million driven by the addition of subordinated debt and trust preferred securities from the acquisition of Flushing. The loan-to-deposit ratio was 91.6%, as compared to 100.6%.

Other liabilities increased by $489.8 million to $699.1 million, from $209.3 million, mostly related to $337.0 million of unsettled security purchases and increases in market values of derivatives associated with customer interest rate swaps.

Capital levels remain strong and in excess of “well-capitalized” regulatory levels at June 30, 2026, including the Company’s estimated common equity tier one capital ratio of 10.7%.

Total stockholders’ equity increased to $2.41 billion, as compared to $1.66 billion, primarily due to the acquisition of Flushing which added $535.6 million to stockholders’ equity. The current period also included a $225 million strategic investment from affiliates of funds managed by Warburg, in exchange for approximately 9.6 million shares of common stock, 1.8 million shares of NVCE stock, and warrants to purchase 11.4 million shares of NVCE stock. Additionally, accumulated other comprehensive loss increased by $1.2 million primarily due to decreases in the fair market value of available-for-sale debt securities and derivative hedges, net of tax.

During the six months ended June 30, 2026, the Company repurchased 376,277 shares totaling $7.1 million representing a weighted average cost of $18.70, for repurchases of exercised options and vesting of awards from employees outside of the authorized share repurchase program. On June 1, 2026 the Company donated 273,973 shares totaling $5.0 million to the OceanFirst Foundation, which was funded through treasury stock. As of June 30, 2026, the Company had 3,226,284 shares available for repurchase under the authorized repurchase programs.

The Company’s tangible common equity6 increased by $654.6 million to $1.79 billion. The Company’s stockholders’ equity to assets ratio was 10.36% at June 30, 2026, and tangible common equity to tangible assets ratio decreased by 18 basis points during the year to 7.91%, primarily due to the drivers described above.

Book value per common share6 decreased to $24.50, as compared to $28.97. Tangible book value per common share decreased to $18.19, as compared to $19.79.

5 Flushing amounts refer to estimated fair values as of the June 1, 2026 acquisition date, unless otherwise noted.  
6 Tangible book value per common share and tangible common equity to tangible assets are non-GAAP financial measures and exclude the impact of intangible assets, goodwill, and preferred equity from both stockholders’ equity and total assets. Tangible book value per common share is based on common shares outstanding at period end Refer to “Explanation of Non-GAAP Financial Measures” and the “Other Items - Non-GAAP Reconciliation” tables for additional information regarding non-GAAP financial measures.

**Asset Quality**  
*June 30, 2026 vs. December 31, 2025*  
The Company’s allowance for loan credit losses was 1.29% of total loans, as compared to 0.76%. The increase in the allowance for credit losses was largely driven by incremental allowance for loan credit losses of $121 million added for the Flushing portfolio and the reserve build. Refer to “Provision for Credit Losses” section for further discussion.

Non-performing loans increased to $108.2 million, from $27.8 million, primarily due to $53.8 million of non-performing loans acquired from Flushing and one commercial relationship of $20.6 million. Non-performing loans represented 0.67% and 0.25% of total loans, respectively. The allowance for loan credit losses as a percentage of total non-performing loans was 193.75%, as compared to 301.27%. The level of 30 to 89 days delinquent loans decreased to $47.1 million, from $47.8 million, primarily due to the one commercial relationship noted above, which was partially offset by $18.2 million of 30 to 89 days delinquent loans acquired from Flushing. Criticized and classified loans and investment, and other real estate owned, increased to $541.5 million, from $122.1 million, primarily due to $293.2 million of loans and a $20.7 million investment acquired from Flushing, which were re-risked at the date of acquisition based on the Company’s credit standards. The remaining increase was driven by two commercial relationships totaling $56.1 million.

The Company identified $750.4 million of purchased with credit deterioration (“PCD”) loans from the Flushing acquisition largely consisting of criticized and classified loans and loans with any rent-regulated exposure. Non-performing loans in the current period included $51.6 million of PCD loans acquired from Flushing, and 30 to 89 days delinquent loans in the current period included $8.6 million of PCD loans acquired from Flushing.

The Company’s asset quality, excluding PCD loans, was as follows. Non-performing loans increased to $54.1 million, from $22.4 million. The allowance for loan credit losses as a percentage of total non-performing loans was 388.00%, as compared to 374.46%. The level of 30 to 89 days delinquent loans, excluding non-performing loans, decreased to $36.9 million, from $44.7 million.

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

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

OceanFirst Financial Corp.’s subsidiary, OceanFirst Bank N.A., founded in 1902, is a $23.3 billion regional bank serving business and retail customers throughout New Jersey, New York, Long Island, and the major metropolitan areas from Massachusetts through Virginia. OceanFirst Bank delivers commercial and residential financing, treasury management, trust and asset management, and deposit services and is one of the largest and oldest community-based financial institutions headquartered in New Jersey. To learn more about OceanFirst, go to www.oceanfirst.com. 

Forward-Looking Statements

In addition to historical information, this press release contains certain forward-looking statements within the meaning of the federal securities laws, which are based on certain assumptions and describe future plans, strategies and expectations of the Company. Forward-looking statements may be identified by the use of the words such as “ estimate,” “plan,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “seek,” “strategy,” “future,” “opportunity,” “may,” “could,” “target,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” or similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. These statements are based on various assumptions, whether or not identified in this document, and on the current expectations of the Company’s management and are not predictions of actual performance, and, as a result, are subject to risks and uncertainties. These forward-looking statements are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict, may differ from assumptions and many are beyond the control of the Company. The forward-looking statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995.

Factors that could have a material adverse effect on the operations of the Company and its subsidiaries include, but are not limited to: changes in interest rates, inflation, general economic conditions, including potential recessionary conditions, levels of unemployment in the Company’s lending area, real estate market values in the Company’s lending area, potential goodwill impairment, natural disasters, potential increases to flood insurance premiums, the current or anticipated impact of military conflict, terrorism or other geopolitical events, the imposition of tariffs or other domestic or international governmental policies, trade restrictions and retaliatory measures impacting the Company's borrowers and the broader economy, the effects of a potential future federal government shutdown, debt ceiling impasses or fiscal uncertainty, the level of prepayments on loans and mortgage-backed securities, legislative/regulatory changes, monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System, the quality or composition of the loan or investment portfolios, demand for loan products, deposit flows, the availability of low-cost funding, changes in liquidity, including the size and composition of the Company’s deposit portfolio and the percentage of uninsured deposits in the portfolio, changes in capital management and balance sheet strategies and the ability to successfully implement such strategies, competition, demand for financial services in the Company’s market area, our ability to enter into new markets and capitalize on growth opportunities, the adequacy of and changes in the economic assumptions and methodology for computing the allowance for credit losses, availability of capital, competition, our ability to maintain and increase market share and control expenses, changes in investor sentiment and consumer spending, borrowing and savings habits, changes in accounting principles, risks associated with cybersecurity threats, data breaches, ransomware attacks, or other failures in the Company’s operational or security systems and infrastructure, including the risks arising from the Company’s dependence on third-party service providers and vendors, the failure to maintain current technologies and the operational risks associated with the adoption of artificial intelligence and other emerging technologies, failure to retain or attract employees, the impact of pandemics on our operations and financial results and those of our customers and the Bank’s ability to successfully integrate acquired operations.

You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of OceanFirst’s Annual Report on Form 10-K for the year ended December 31, 2025, and other documents filed by OceanFirst from time to time with the U.S. Securities and Exchange Commission (the “SEC”). The Company does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

**OceanFirst Financial Corp.**

**CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION**

(dollars in thousands)

**June 30,**

**March 31,**

**December 31,**

**June 30,**

**2026**  

**2026**  

**2025**  

**2025**  

**(Unaudited)**

**(Unaudited)**

**(Unaudited)**

**Assets**

Cash and due from banks

$

274,057

$

136,981

$

135,130

$

170,599

Debt securities available-for-sale, at estimated fair value

2,067,668

1,181,087

1,231,827

735,561

Debt securities held-to-maturity, net of allowance for securities credit losses of $663 at June 30, 2026, $754 at March 31, 2026, $811 at December 31, 2025, and $809 at June 30, 2025 (estimated fair value of $2,803,466 at June 30, 2026, $793,409 at March 31, 2026, $825,790 at December 31, 2025, and $896,090 at June 30, 2025)

2,862,196

852,917

881,568

968,969

Equity investments

75,965

88,239

91,882

87,808

Restricted equity investments, at cost

180,711

119,503

129,329

106,538

Loans receivable, net of allowance for loan credit losses of $209,716 at June 30, 2026, $86,110 at March 31, 2026, $83,726 at December 31, 2025, and $79,266 at June 30, 2025

16,086,532

11,059,275

10,970,666

10,119,781

Loans held-for-sale

—

—

5,768

15,744

Interest and dividends receivable

91,497

49,588

49,010

44,032

Other real estate owned

13,453

10,393

10,266

7,680

Premises and equipment, net

126,609

112,066

112,743

113,474

Bank owned life insurance

503,910

271,650

270,301

271,184

Goodwill

529,836

517,481

517,481

523,308

Intangibles

90,613

8,198

9,046

10,834

Other assets

366,963

148,958

149,300

152,335

Total assets

$

23,270,010

$

14,556,336

$

14,564,317

$

13,327,847

**Liabilities and Stockholders’ Equity**

Deposits

$

17,760,073

$

11,155,916

$

10,964,405

$

10,232,442

Federal Home Loan Bank advances

1,732,373

1,180,179

1,397,179

938,687

Securities sold under agreements to repurchase with customers

61,329

67,249

54,434

61,490

Other borrowings

493,216

255,518

255,233

198,019

Advances by borrowers for taxes and insurance

112,876

25,851

21,245

18,759

Other liabilities

699,063

202,255

209,271

234,770

Total liabilities

20,858,930

12,886,968

12,901,767

11,684,167

Stockholders’ equity:

OceanFirst Financial Corp. stockholders’ equity

2,411,080

1,669,368

1,662,550

1,642,846

Non-controlling interest

—

—

—

834

Total stockholders’ equity

2,411,080

1,669,368

1,662,550

1,643,680

Total liabilities and stockholders’ equity

$

23,270,010

$

14,556,336

$

14,564,317

$

13,327,847

**OceanFirst Financial Corp.**

**CONSOLIDATED STATEMENTS OF INCOME** 

(in thousands, except per share amounts)

**For the Three Months Ended,**

**For the Six Months Ended,**

**June 30,**

**March 31,**

**June 30,**

**June 30,**

**June 30,**

**2026**

**2026**

**2025**

**2026**

**2025**

**|---------------------- (Unaudited) ----------------------|**

**|---------- (Unaudited) -----------|**

**Interest income:**

Loans

$

178,982

$

145,324

$

135,478

$

324,306

$

268,497

Debt securities

26,633

19,810

15,950

46,443

33,220

Equity investments and other

3,989

3,157

3,397

7,146

6,811

Total interest income

209,604

168,291

154,825

377,895

308,528

**Interest expense:**

Deposits

68,308

53,695

52,273

122,003

103,319

Borrowed funds

20,566

18,149

14,916

38,715

30,921

Total interest expense

88,874

71,844

67,189

160,718

134,240

Net interest income

120,730

96,447

87,636

217,177

174,288

Provision for credit losses

4,002

2,738

3,039

6,740

8,379

Net interest income after provision for credit losses

116,728

93,709

84,597

210,437

165,909

**Other income (loss):**

Bankcard services revenue

1,772

1,629

1,619

3,401

3,082

Trust and asset management revenue

384

433

374

817

780

Fees and service charges

3,389

2,813

4,969

6,202

9,681

Net gain (loss) on sales of loans

38

(28

)

1,177

10

2,035

Net (loss) gain on equity investments

(347

)

(354

)

488

(701

)

693

Net gain (loss) from other real estate operations

1,203

(164

)

(260

)

1,039

(276

)

Income from bank owned life insurance

2,471

1,874

1,786

4,345

3,638

Commercial loan swap income

1,654

345

207

1,999

827

Other

34

200

1,373

234

2,526

Total other income

10,598

6,748

11,733

17,346

22,986

**Operating expenses:**

Compensation and employee benefits

50,202

39,484

40,242

89,686

76,982

Occupancy

7,333

5,832

5,454

13,165

10,951

Equipment

1,111

921

869

2,032

1,790

Marketing

1,894

963

1,541

2,857

2,649

Federal deposit insurance and regulatory assessments

4,130

3,215

2,898

7,345

5,881

Data processing

7,655

7,052

6,808

14,707

13,455

Check card processing

1,097

1,098

1,156

2,195

2,326

Professional fees

3,405

3,222

4,336

6,627

6,761

Amortization of intangibles

2,586

848

906

3,434

1,846

Merger-related expenses

42,765

4,150

—

46,915

—

Restructuring (release) charges

(71

)

128

—

57

—

Other operating expenses

7,752

6,490

7,264

14,242

13,127

Total operating expenses

129,859

73,403

71,474

203,262

135,768

(Loss) Income before provision for income taxes

(2,533

)

27,054

24,856

24,521

53,127

Provision for income taxes

496

6,548

5,771

7,044

12,579

Net (loss) income

(3,029

)

20,506

19,085

17,477

40,548

Net gain (loss) attributable to non-controlling interest

—

—

39

—

(7

)

Net (loss) income attributable to OceanFirst Financial Corp.

(3,029

)

20,506

19,046

17,477

40,555

Dividends on preferred shares

—

—

1,004

—

2,008

Loss on redemption of preferred stock

—

—

1,842

—

1,842

Net (loss) income available to common stockholders

$

(3,029

)

$

20,506

$

16,200

$

17,477

$

36,705

Basic earnings per share

$

(0.04

)

$

0.36

$

0.28

$

0.27

$

0.63

Diluted earnings per share

$

(0.04

)

$

0.36

$

0.28

$

0.27

$

0.63

Average basic shares outstanding

70,239

57,043

57,738

63,630

57,889

Average diluted shares outstanding

70,239

57,048

57,740

63,638

57,891

**OceanFirst Financial Corp.**  

**SELECTED LOAN AND DEPOSIT DATA**  

(dollars in thousands)

**LOANS RECEIVABLE**

**At**

**June 30,**

**March 31,**

**December 31,**

**September 30,**

**June 30,**

**2026**

**2026**

**2025**

**2025**

**2025**

Commercial:

Commercial real estate - investor

$

9,125,313

$

5,478,832

$

5,420,989

$

5,211,220

$

5,068,125

Commercial and industrial:

Commercial and industrial - real estate

1,800,501

1,016,912

986,431

997,122

914,406

Commercial and industrial - non-real estate

1,907,719

1,302,128

1,227,556

998,860

862,504

Total commercial and industrial

3,708,220

2,319,040

2,213,987

1,995,982

1,776,910

Total commercial

12,833,533

7,797,872

7,634,976

7,207,202

6,845,035

Consumer:

Residential real estate

3,245,311

3,128,023

3,194,264

3,135,200

3,119,232

Home equity loans and lines and other consumer ("other consumer")

196,908

198,048

202,763

215,581

220,820

Total consumer

3,442,219

3,326,071

3,397,027

3,350,781

3,340,052

Total loans

16,275,752

11,123,943

11,032,003

10,557,983

10,185,087

Deferred origination costs (fees), net

20,496

21,442

22,389

13,105

13,960

Allowance for loan credit losses

(209,716

)

(86,110

)

(83,726

)

(81,236

)

(79,266

)

Loans receivable, net

$

16,086,532

$

11,059,275

$

10,970,666

$

10,489,852

$

10,119,781

Residential mortgage loans serviced for others

$

333,605

$

344,316

$

365,431

$

340,740

$

288,211

At June 30, 2026 Average Yield

Loan pipeline(1):

Commercial

6.54

%

$

409,448

$

417,356

$

464,602

$

710,933

$

790,768

Residential real estate(2)

—

—

461

9,457

136,797

146,921

Other consumer(2)

—

—

—

—

16,184

17,110

Total

6.54

%

$

409,448

$

417,817

$

474,059

$

863,914

$

954,799

**For the Three Months Ended**

**June 30,**

**March 31,**

**December 31,**

**September 30,**

**June 30,**

**2026**

**2026**  

**2025**  

**2025**  

**2025**  

Average Yield

Loan originations:

Commercial

6.71

%

$

641,505

$

422,907

$

786,186

$

739,154

$

425,877

Residential real estate(2)

6.07

406

5,824

249,540

250,066

274,314

Other consumer(2)

—

—

—

14,859

18,087

15,813

Total

6.71

%

$

641,911

$

428,731

$

1,050,585

$

1,007,307

$

716,004

(1)

Loan pipeline includes loans approved but not funded.

(2)

As of December 31, 2025, the Company has discontinued its residential and consumer originations.

**DEPOSITS**

**At**

**June 30,**

**March 31,**

**December 31,**

**September 30,**

**June 30,**

**2026**  

**2026**  

**2025**  

**2025**  

**2025**  

**Type of Account**

Non-interest-bearing

$

2,836,711

$

1,757,097

$

1,741,958

$

1,731,760

$

1,686,627

Interest-bearing checking

6,276,653

4,536,726

4,354,485

4,090,930

3,845,602

Money market

3,375,564

1,488,653

1,412,917

1,397,434

1,377,999

Savings

1,060,481

986,208

986,195

1,000,488

1,022,918

Time deposits(1)

4,210,664

2,387,232

2,468,850

2,215,382

2,299,296

Total deposits

$

17,760,073

$

11,155,916

$

10,964,405

$

10,435,994

$

10,232,442

(1)

Includes brokered time deposits of $885.7 million, $487.9 million, $609.8 million, $405.1 million, and $522.8 million at June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025, and June 30, 2025, respectively.

**OceanFirst Financial Corp.**

**ASSET QUALITY**

(dollars in thousands)

**ASSET QUALITY****(1) (2)**

**June 30,**

**March 31,**

**December 31,**

**September 30,**

**June 30,**

**2026**

**2026**

**2025**

**2025**

**2025**

Non-performing loans:

Commercial real estate - investor

$

76,721

$

18,970

$

13,636

$

23,570

$

20,457

Commercial and industrial:

Commercial and industrial - real estate

16,980

5,541

4,813

7,469

4,499

Commercial and industrial - non-real estate

5,045

228

640

394

311

Total commercial and industrial

22,025

5,769

5,453

7,863

4,810

Residential real estate

7,043

7,011

6,200

7,334

5,318

Other consumer

2,452

2,888

2,502

2,496

2,926

Total non-performing loans(2)(3)

$

108,241

$

34,638

$

27,791

$

41,263

$

33,511

Other real estate owned

13,453

10,393

10,266

7,498

7,680

Non-performing investment(4)

20,729

—

—

—

—

Total non-performing assets

$

142,423

$

45,031

$

38,057

$

48,761

$

41,191

Delinquent loans 30 to 89 days(3)

$

47,097

$

55,876

$

47,808

$

19,817

$

14,740

Modifications to borrowers experiencing financial difficulty

Non-performing (included in total non-performing loans above)

$

7,151

$

5,460

$

956

$

7,693

$

8,129

Performing

15,072

15,083

23,898

23,952

31,986

Total modifications to borrowers experiencing financial difficulty

$

22,223

$

20,543

$

24,854

$

31,645

$

40,115

Allowance for loan credit losses

$

209,716

$

86,110

$

83,726

$

81,236

$

79,266

Allowance for unfunded commitments

4,194

3,738

4,028

4,636

3,289

Allowance for loan credit losses as a percent of total loans receivable

1.29

%

0.77

%

0.76

%

0.77

%

0.78

%

Allowance for loan credit losses as a percent of total non-performing loans

193.75

248.60

301.27

196.87

236.54

Non-performing loans as a percent of total loans receivable

0.67

0.31

0.25

0.39

0.33

Non-performing assets as a percent of total assets

0.61

0.31

0.26

0.34

0.31

**Supplemental PCD and non-performing loans**

PCD loans, net of allowance for loan credit losses(3)

$

696,763

$

14,604

$

14,968

$

19,003

$

20,934

Non-performing PCD loans(3)

54,190

5,900

5,432

5,677

6,800

Delinquent PCD and non-performing loans 30 to 89 days(3)

10,221

8,794

3,103

2,987

2,590

PCD modifications to borrowers experiencing financial difficulty(2)

1,710

16

18

20

20

**Asset quality, excluding PCD loans**

Non-performing loans(2)

54,051

28,738

22,359

35,586

26,711

Non-performing assets

88,233

39,131

32,625

43,084

34,391

Delinquent loans 30 to 89 days (excludes non-performing loans)

36,876

47,082

44,705

16,830

12,150

Modifications to borrowers experiencing financial difficulty(2)

20,513

20,527

24,836

31,625

40,095

Allowance for loan credit losses as a percent of total non-performing loans

388.00

%

299.64

%

374.46

%

228.28

%

296.75

%

Non-performing loans as a percent of total loans receivable

0.33

0.26

0.20

0.34

0.26

Non-performing assets as a percent of total assets

0.38

0.27

0.22

0.30

0.26

(1)

Asset quality metrics exclude loans held for sale.

(2)

The quarters ended June 30, 2026, December 31, 2025, and June 30, 2025 included the sale of non-performing residential and consumer loans of $2.0 million, $2.5 million and $2.2 million, respectively.

(3)

The quarter ended June 30, 2026 included loans acquired from the Flushing acquisition. Non-performing, delinquent 30 to 89 days, and PCD loans included $53.8 million, $18.2 million, and $750.4 million, respectively, of acquired loans from Flushing. Non-performing PCD and delinquent 30 to 89 days PCD loans included $51.6 million and $8.6 million, respectively, from Flushing.

(4)

Non-performing investment acquired from Flushing.

**NET LOAN CHARGE-OFFS**

**For the Three Months Ended**

**June 30,**

**March 31,**

**December 31,**

**September 30,**

**June 30,**

**2026**

**2026**

**2025**

**2025**

**2025**

Net loan charge-offs:

Loan charge-offs

$

(1,776

)

$

(956

)

$

(2,190

)

$

(850

)

$

(2,415

)

Recoveries on loans

262

255

216

233

197

Net loan charge-offs

$

(1,514

)

$

(701

)

$

(1,974

)

$

(617

)

$

(2,218

)

Net loan charge-offs to average total loans (annualized)

0.05

%

0.03

%

0.07

%

0.02

%

0.09

%

Net loan (charge-offs) recoveries detail:

Commercial(1)

$

(1,074

)

$

(736

)

$

(1,676

)

$

(522

)

$

(1,666

)

Residential real estate(2)

(352

)

(7

)

(268

)

(24

)

(348

)

Other consumer(2)

(88

)

42

(30

)

(71

)

(204

)

Net loan charge-offs

$

(1,514

)

$

(701

)

$

(1,974

)

$

(617

)

$

(2,218

)

(1)

The three months ended June 30, 2025 included charge-offs related to two commercial relationships of $1.6 million.

(2)

The three months ended December 31, 2025 and June 30, 2025 included charge-offs of $342,000 and $445,000, respectively, related to the sale of non-performing residential and consumer loans.

**OceanFirst Financial Corp.**  

**ANALYSIS OF NET INTEREST INCOME**  

**For the Three Months Ended**

**June 30, 2026**

**March 31, 2026**

**June 30, 2025**

**(dollars in thousands)**

**Average**  
**Balance**

**Interest**

**Average**  
**Yield/**  
**Cost****(1)**

**Average**  
**Balance**

**Interest**

**Average**  
**Yield/**  
**Cost****(1)**

**Average**  
**Balance**

**Interest**

**Average**  
**Yield/**  
**Cost****(1)**

**Assets:**

Interest-earning assets:

Interest-earning deposits and short-term investments

$

158,816

$

1,375

3.47

%

$

83,036

$

662

3.23

%

$

111,631

$

1,090

3.92

%

Securities(2)

2,789,029

29,247

4.21

2,282,663

22,305

3.96

1,917,114

18,257

3.82

Loans receivable, net(3)

Commercial

9,701,371

142,903

5.91

7,687,461

109,097

5.76

6,786,611

100,004

5.91

Residential real estate

3,145,110

33,135

4.21

3,167,262

33,141

4.19

3,091,227

31,861

4.12

Other consumer

188,131

2,944

6.28

199,318

3,086

6.28

225,311

3,613

6.43

Allowance for loan credit losses, net of deferred loan costs and fees

(104,773

)

—

—

(61,878

)

—

—

(66,364

)

—

—

Loans receivable, net

12,929,839

178,982

5.55

10,992,163

145,324

5.34

10,036,785

135,478

5.41

Total interest-earning assets

15,877,684

209,604

5.29

13,357,862

168,291

5.10

12,065,530

154,825

5.14

Non-interest-earning assets

1,399,341

1,192,836

1,182,543

Total assets

$

17,277,025

$

14,550,698

$

13,248,073

**Liabilities and Stockholders’ Equity:**

Interest-bearing liabilities:

Interest-bearing checking

$

5,107,262

28,186

2.21

%

$

4,509,841

22,820

2.05

%

$

3,990,602

20,605

2.07

%

Money market

2,120,250

14,128

2.67

1,472,989

8,808

2.43

1,342,194

9,718

2.90

Savings

1,003,045

1,284

0.51

988,964

1,306

0.54

1,029,490

1,680

0.65

Time deposits

2,990,624

24,710

3.31

2,372,824

20,761

3.55

2,175,564

20,270

3.74

Total

11,221,181

68,308

2.44

9,344,618

53,695

2.33

8,537,850

52,273

2.46

FHLB Advances

1,312,502

13,169

4.02

1,261,984

12,884

4.14

880,746

9,933

4.52

Securities sold under agreements to repurchase

60,009

399

2.67

59,806

384

2.60

60,477

419

2.78

Other borrowings

397,793

6,998

7.06

299,919

4,881

6.60

260,655

4,564

7.02

Total borrowings

1,770,304

20,566

4.66

1,621,709

18,149

4.54

1,201,878

14,916

4.98

Total interest-bearing liabilities

12,991,485

88,874

2.74

10,966,327

71,844

2.66

9,739,728

67,189

2.77

Non-interest-bearing deposits

2,107,561

1,731,789

1,639,045

Non-interest-bearing liabilities

247,077

174,100

186,653

Total liabilities

15,346,123

12,872,216

11,565,426

Stockholders’ equity

1,930,902

1,678,482

1,682,647

Total liabilities and stockholders’ equity

$

17,277,025

$

14,550,698

$

13,248,073

Net interest income

$

120,730

$

96,447

$

87,636

Net interest rate spread(4)

2.55

%

2.44

%

2.37

%

Net interest margin(5)

3.05

%

2.93

%

2.91

%

Total cost of deposits (including non-interest-bearing deposits)

2.06

%

1.97

%

2.06

%

**For the Six Months Ended June 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

$

121,135

$

2,037

3.39

%

$

106,230

$

2,073

3.94

%

Securities(2)

2,537,245

51,552

4.10

1,959,922

37,958

3.91

Loans receivable, net(3)

Commercial

8,699,979

252,000

5.84

6,783,823

198,265

5.89

Residential real estate

3,156,125

66,276

4.20

3,078,524

63,131

4.10

Other consumer

193,693

6,030

6.28

226,923

7,101

6.31

Allowance for loan credit losses, net of deferred loan costs and fees

(83,445

)

—

—

(64,121

)

—

—

Loans receivable, net

11,966,352

324,306

5.46

10,025,149

268,497

5.39

Total interest-earning assets

14,624,732

377,895

5.20

12,091,301

308,528

5.14

Non-interest-earning assets

1,296,661

1,188,506

Total assets

$

15,921,393

$

13,279,807

**Liabilities and Stockholders’ Equity:**

Interest-bearing liabilities:

Interest-bearing checking

$

4,810,202

51,006

2.14

%

$

4,062,502

42,039

2.09

%

Money market

1,798,408

22,936

2.57

1,332,154

19,070

2.89

Savings

996,043

2,589

0.52

1,043,674

3,465

0.67

Time deposits

2,683,430

45,472

3.42

2,046,927

38,745

3.82

Total

10,288,083

122,003

2.39

8,485,257

103,319

2.46

FHLB Advances

1,287,383

26,053

4.08

938,200

21,293

4.58

Securities sold under agreements to repurchase

59,908

783

2.64

62,385

846

2.73

Other borrowings

349,126

11,879

6.86

271,840

8,782

6.51

Total borrowings

1,696,417

38,715

4.60

1,272,425

30,921

4.90

Total interest-bearing liabilities

11,984,500

160,718

2.70

9,757,682

134,240

2.77

Non-interest-bearing deposits

1,920,713

1,618,622

Non-interest-bearing liabilities

210,791

204,702

Total liabilities

14,116,004

11,581,006

Stockholders’ equity

1,805,389

1,698,801

Total liabilities and stockholders’ equity

$

15,921,393

$

13,279,807

Net interest income

$

217,177

$

174,288

Net interest rate spread(4)

2.50

%

2.37

%

Net interest margin(5)

2.99

%

2.91

%

Total cost of deposits (including non-interest-bearing deposits)

2.02

%

2.06

%

(1)

Average yields and costs are annualized.

(2)

Amounts represent debt and equity securities, including FHLB and Federal Reserve Bank stock, and are recorded at average amortized cost, net of allowance for securities credit losses.

(3)

Amount is net of deferred loan costs and fees, undisbursed loan funds, discounts and premiums and allowance for loan credit losses, and includes loans held-for-sale and non-performing loans.

(4)

Net interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.

(5)

Net interest margin represents net interest income divided by average interest-earning assets.

**OceanFirst Financial Corp.**

**SELECTED QUARTERLY FINANCIAL DATA**

(in thousands, except per share amounts)

**June 30,**

**March 31,**

**December 31,**

**September 30,**

**June 30,**

**2026**  

**2026**  

**2025**  

**2025**  

**2025**  

**Selected Financial Condition Data:**

Total assets

$

23,270,010

$

14,556,336

$

14,564,317

$

14,324,664

$

13,327,847

Debt securities available-for-sale, at estimated fair value

2,067,668

1,181,087

1,231,827

1,261,580

735,561

Debt securities held-to-maturity, net of allowance for securities credit losses

2,862,196

852,917

881,568

919,734

968,969

Equity investments

75,965

88,239

91,882

90,731

87,808

Restricted equity investments, at cost

180,711

119,503

129,329

142,398

106,538

Loans receivable, net of allowance for loan credit losses

16,086,532

11,059,275

10,970,666

10,489,852

10,119,781

Deposits

17,760,073

11,155,916

10,964,405

10,435,994

10,232,442

Federal Home Loan Bank advances

1,732,373

1,180,179

1,397,179

1,705,585

938,687

Securities sold under agreements to repurchase from customers and other borrowings

554,545

322,767

309,667

263,007

259,509

Total stockholders’ equity

2,411,080

1,669,368

1,662,550

1,653,427

1,643,680

**For the Three Months Ended,**

**June 30,**

**March 31,**

**December 31,**

**September 30,**

**June 30,**

**2026**  

**2026**  

**2025**  

**2025**  

**2025**  

**Selected Operating Data:**

Interest income

$

209,604

$

168,291

$

171,732

$

162,194

$

154,825

Interest expense

88,874

71,844

76,454

71,537

67,189

Net interest income

120,730

96,447

95,278

90,657

87,636

Provision for credit losses

4,002

2,738

3,700

4,092

3,039

Net interest income after provision for credit losses

116,728

93,709

91,578

86,565

84,597

Other income (excluding equity investments)

10,945

7,102

9,181

12,311

11,245

Net (loss) gain on equity investments

(347

)

(354

)

230

(7

)

488

Operating expenses (excluding non-core operations)

87,165

69,125

71,227

72,390

71,474

Restructuring (release) charges

(71

)

128

7,379

4,147

—

Credit risk transfer execution expense

—

—

1,283

—

—

FDIC special assessment release

—

—

—

(210

)

—

Merger-related expenses

42,765

4,150

4,253

—

—

(Loss) income before provision for income taxes

(2,533

)

27,054

16,847

22,542

24,856

Provision for income taxes

496

6,548

3,754

5,156

5,771

Net (loss) income

(3,029

)

20,506

13,093

17,386

19,085

Net income (loss) attributable to non-controlling interest

—

—

—

56

39

Net (loss) income attributable to OceanFirst Financial Corp.

$

(3,029

)

$

20,506

$

13,093

$

17,330

$

19,046

Net (loss) income available to common stockholders

$

(3,029

)

$

20,506

$

13,093

$

17,330

$

16,200

Diluted earnings per share(6)

$

(0.04

)

$

0.36

$

0.23

$

0.30

$

0.28

Net accretion/amortization of purchase accounting adjustments included in net interest income

$

1,151

$

59

$

222

$

510

$

420

**At or For the Three Months Ended**

**June 30,**

**March 31,**

**December 31,**

**September 30,**

**June 30,**

**2026**  

**2026**  

**2025**  

**2025**  

**2025**  

**Selected Financial Ratios and Other Data****(1) (2)****:**

**Performance Ratios (Annualized):**

Return on average assets(3)

(0.07

)%

0.57

%

0.36

%

0.51

%

0.49

%

Return on average tangible assets(3) (4)

(0.07

)

0.59

0.38

0.53

0.51

Return on average stockholders’ equity(3)

(0.63

)

4.95

3.12

4.15

3.86

Return on average tangible stockholders’ equity(3) (4)

(0.88

)

7.22

4.57

6.13

5.66

Return on average tangible common equity(3) (4)

(0.88

)

7.22

4.57

6.13

5.66

Stockholders’ equity to total assets

10.36

11.47

11.42

11.54

12.33

Tangible stockholders’ equity to tangible assets(4)

7.91

8.15

8.09

8.12

8.67

Tangible common equity to tangible assets(4)

7.91

8.15

8.09

8.12

8.67

Net interest rate spread

2.55

2.44

2.36

2.36

2.37

Net interest margin

3.05

2.93

2.87

2.91

2.91

Operating expenses to average assets

3.01

2.05

2.33

2.23

2.16

Efficiency ratio(5)

98.88

71.13

80.37

74.13

71.93

Loan-to-deposit ratio

91.60

99.70

100.60

101.20

99.50

**For the Six Months Ended June 30,**

**2026**  

**2025**  

**Performance Ratios (Annualized):**

Return on average assets(3)

0.22

%

0.56

%

Return on average tangible assets(3) (4)

0.23

0.58

Return on average stockholders’ equity(3)

1.95

4.36

Return on average tangible stockholders’ equity(3) (4)

2.79

6.36

Return on average tangible common equity(3) (4)

2.79

6.36

Net interest rate spread

2.50

2.37

Net interest margin

2.99

2.91

Operating expenses to average assets

2.57

2.06

Efficiency ratio(5)

86.67

68.82

**At or For the Three Months Ended**

**June 30,**

**March 31,**

**December 31,**

**September 30,**

**June 30,**

**2026**

**2026**

**2025**

**2025**

**2025**

**Trust and Asset Management:**

Wealth assets under administration and management (“AUA/M”)

$

158,650

$

142,962

$

142,030

$

143,708

$

141,921

Nest Egg AUA/M

503,818

469,586

485,606

463,906

462,664

Total AUA/M

662,468

612,548

627,636

607,614

604,585

**Per Share Data:**

Cash dividends per common share(6)

$

0.20

$

0.20

$

0.20

$

0.20

$

0.20

Book value per common share at end of period(6)

24.50

28.98

28.97

28.81

28.64

Tangible book value per common share at end of period(4)(6)

18.19

19.86

19.79

19.52

19.34

Common shares outstanding at end of period(6)

98,416,195

57,600,069

57,390,569

57,388,603

57,383,975

Number of full-service customer facilities:

71

41

41

40

40

**Quarterly Average Balances**

Total securities

$

2,789,029

$

2,282,663

$

2,339,646

$

1,990,917

$

1,917,114

Loans receivable, net

12,929,839

10,992,163

10,724,240

10,278,610

10,036,785

Total interest-earning assets

15,877,684

13,357,862

13,157,360

12,363,997

12,065,530

Total goodwill and intangibles

557,717

526,228

529,006

533,835

534,734

Total assets

17,277,025

14,550,698

14,337,776

13,551,194

13,248,073

Time deposits

2,990,624

2,372,824

2,270,671

2,105,734

2,175,564

Total deposits (including non-interest-bearing deposits)

13,328,742

11,076,407

11,122,681

10,263,523

10,176,895

Total borrowings

1,770,304

1,621,709

1,350,390

1,432,196

1,201,878

Total interest-bearing liabilities

12,991,485

10,966,327

10,717,860

9,975,062

9,739,728

Non-interest bearing deposits

2,107,561

1,731,789

1,755,211

1,720,657

1,639,045

Stockholders' equity

1,930,902

1,678,482

1,665,201

1,655,893

1,682,647

Tangible stockholders’ equity(4)

1,373,185

1,152,254

1,136,195

1,122,058

1,147,913

**Quarterly Yields and Costs**

Total securities

4.21

%

3.96

%

4.10

%

3.83

%

3.82

%

Loans receivable, net

5.55

5.34

5.43

5.49

5.41

Total interest-earning assets

5.29

5.10

5.19

5.21

5.14

Time deposits

3.31

3.55

3.68

3.73

3.74

Total cost of deposits (including non-interest-bearing deposits)

2.06

1.97

2.13

2.06

2.06

Total borrowed funds

4.66

4.54

4.95

5.07

4.98

Total interest-bearing liabilities

2.74

2.66

2.83

2.85

2.77

Net interest spread

2.55

2.44

2.36

2.36

2.37

Net interest margin

3.05

2.93

2.87

2.91

2.91

(1)

With the exception of end of quarter ratios, all ratios are based on average daily balances.

(2)

Performance ratios for each period are presented on a GAAP basis and include non-core operations. Refer to “Other Items - Non-GAAP Reconciliation.” 

(3)

Ratios for each period are based on net income available to common stockholders.

(4)

Tangible stockholders’ equity and tangible assets exclude goodwill and other intangibles. Tangible common equity (also referred to as “tangible book value”) excludes goodwill, intangibles and preferred equity. Refer to “Other Items - Non-GAAP Reconciliation.”

(5)

Efficiency ratio represents the ratio of operating expenses to the aggregate of other income and net interest income.

(6)

Shares include NVCE stock of 1,812,000 as of June 30, 2026 which are participating securities, and represents an as-converted common stock equivalent basis.

**OceanFirst Financial Corp.**  

**OTHER ITEMS**  

(dollars in thousands, except per share amounts)

**NON-GAAP RECONCILIATION**

**For the Three Months Ended**

**June 30,**

**March 31,**

**December 31,**

**September 30,**

**June 30,**

**2026**

**2026**

**2025**

**2025**

**2025**

**Core Earnings:**

Net income available to common stockholders **(GAAP)**

$

(3,029

)

$

20,506

$

13,093

$

17,330

$

16,200

Adjustments to exclude the impact of non-recurring and non-core items:

Net loss (gain) on equity investments

347

354

(230

)

7

(488

)

Restructuring (release) charges

(71

)

128

7,379

4,147

—

Credit risk transfer execution expense

—

—

1,283

—

—

FDIC special assessment release

—

—

—

(210

)

—

Merger-related expenses

42,765

4,150

4,253

—

—

Income tax (benefit) expense on items

(9,467

)

(806

)

(2,254

)

(926

)

115

Loss on redemption of preferred stock

—

—

—

—

1,842

Core earnings **(Non-GAAP)**

$

30,545

$

24,332

$

23,524

$

20,348

$

17,669

Income tax expense

$

496

$

6,548

$

3,754

$

5,156

$

5,771

Provision for credit losses

4,002

2,738

3,700

4,092

3,039

Less: income tax (benefit) expense on non-core items

(9,467

)

(806

)

(2,254

)

(926

)

115

Core earnings PTPP **(Non-GAAP)**

$

44,510

$

34,424

$

33,232

$

30,522

$

26,364

Core earnings diluted earnings per share

$

0.43

$

0.43

$

0.41

$

0.36

$

0.31

Core earnings PTPP diluted earnings per share

$

0.63

$

0.60

$

0.58

$

0.54

$

0.46

**Core Ratios (Annualized):**

Return on average assets

0.71

%

0.68

%

0.65

%

0.60

%

0.53

%

Return on average tangible stockholders’ equity

8.92

8.56

8.21

7.19

6.17

Return on average tangible common equity

8.92

8.56

8.21

7.19

6.17

Efficiency ratio

66.20

66.76

68.19

70.30

72.28

**For the Six Months Ended June 30,**

**2026**

**2025**

**Core Earnings:**

Net income available to common stockholders **(GAAP)**

$

17,477

$

36,705

Adjustments to exclude the impact of non-recurring and non-core items:

Net loss (gain) on equity investments

701

(693

)

Restructuring charges

57

—

Merger related expenses

46,915

—

Income tax (benefit) expense on items

(10,273

)

164

Loss on redemption of preferred stock

—

1,842

Core earnings **(Non-GAAP)**

$

54,877

$

38,018

Income tax expense

$

7,044

$

12,579

Provision for credit losses

6,740

8,379

Less: income tax (benefit) expense on non-core items

(10,273

)

164

Core earnings PTPP **(Non-GAAP)**

$

78,934

$

58,812

Core diluted earnings per share

$

0.86

$

0.66

Core earnings PTPP diluted earnings per share

$

1.24

$

1.02

**Core Ratios (Annualized):**

Return on average assets

0.70

%

0.58

%

Return on average tangible stockholders’ equity

8.76

6.59

Return on average tangible common equity

8.76

6.59

Efficiency ratio

66.44

69.06

**June 30,**

**March 31,**

**December 31,**

**September 30,**

**June 30,**

**2026**

**2026**

**2025**

**2025**

**2025**

**Tangible Equity:**

Total stockholders' equity

$

2,411,080

$

1,669,368

$

1,662,550

$

1,653,427

$

1,643,680

Less:

Goodwill

529,836

517,481

517,481

523,308

523,308

Intangibles

90,613

8,198

9,046

9,934

10,834

Tangible stockholders' equity

1,790,631

1,143,689

1,136,023

1,120,185

1,109,538

Less:

Preferred stock

—

—

—

—

—

Tangible common equity

$

1,790,631

$

1,143,689

$

1,136,023

$

1,120,185

$

1,109,538

**Tangible Assets:**

Total assets

$

23,270,010

$

14,556,336

$

14,564,317

$

14,324,664

$

13,327,847

Less:

Goodwill

529,836

517,481

517,481

523,308

523,308

Intangibles

90,613

8,198

9,046

9,934

10,834

Tangible assets

$

22,649,561

$

14,030,657

$

14,037,790

$

13,791,422

$

12,793,705

Tangible stockholders' equity to tangible assets

7.91

%

8.15

%

8.09

%

8.12

%

8.67

%

Tangible common equity to tangible assets

7.91

%

8.15

%

8.09

%

8.12

%

8.67

%

**ACQUISITION DATE - FAIR VALUE BALANCE SHEET**

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

**At June 1, 2026**

**Flushing Book 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

(229,810

)

4,991,257

Loans held-for-sale

1,309,849

(108,063

)

1,201,786

Core deposit intangible

647

84,353

85,000

Other assets

457,057

82,513

539,570

Total assets acquired

8,857,898

(171,339

)

8,686,559

Liabilities assumed:

Deposits

7,436,454

7,497

7,443,951

FHLB advances and other borrowings

406,241

(6,106

)

400,135

Other liabilities

316,879

(401

)

316,478

Total liabilities assumed

8,159,574

990

8,160,564

Net assets acquired

$

698,324

$

(172,329

)

$

525,995

Goodwill recorded in the merger

$

12,356

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

**Company Contact:**

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

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---
> **Disclaimer: This article is for reference only and does not constitute any investment advice.**