# EDGAR Filing Document

**Accession Number:** 0001004702
**File Stem:** 0001004702-23-000002
**Filing Date:** 2023-1
**Character Count:** 110266
**Document Hash:** fd9de320c3c029a1152e922c36621725
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001004702-23-000002.hdr.sgml**: 20230119

**ACCESSION NUMBER**: 0001004702-23-000002

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 39

**CONFORMED PERIOD OF REPORT**: 20230119

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230119

**DATE AS OF CHANGE**: 20230119

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** OCEANFIRST FINANCIAL CORP
- **CENTRAL INDEX KEY:** 0001004702
- **STANDARD INDUSTRIAL CLASSIFICATION:** SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035]
- **IRS NUMBER:** 223412577
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-11713
- **FILM NUMBER:** 23537688

**BUSINESS ADDRESS:**
- **STREET 1:** 975 HOOPER AVE
- **CITY:** TOMS RIVER
- **STATE:** NJ
- **ZIP:** 08753-8396
- **BUSINESS PHONE:** 7322404500

**MAIL ADDRESS:**
- **STREET 1:** 975 HOOPER AVENUE
- **CITY:** TOMS RIVER
- **STATE:** NJ
- **ZIP:** 08723

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** OCEAN FINANCIAL CORP
- **DATE OF NAME CHANGE:** 19951208

?xml version="1.0" ? ocfc-20230119

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

**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): January 19, 2023**

**OCEANFIRST FINANCIAL CORP.** 

**(Exact name of registrant as specified in its charter)**

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| | | |
|:---|:---|:---|
| **Delaware** | **001-11713** | **22-3412577** |
| **(State or other jurisdiction of<br>incorporation or organization)** | **(Commission<br>File No.)** | **(IRS Employer<br>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 |
| Depositary Shares (each representing a 1/40th interest in a share of 7.0% Series A Non-Cumulative, perpetual preferred stock) | OCFCP | 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. ☐

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**ITEM 2.02RESULTS OF OPERATION AND FINANCIAL CONDITION**

On January 19, 2023, OceanFirst Financial Corp. (the "Company") issued a press release announcing its financial results for the quarter ended December 31, 2022. That press release is attached to this Report as Exhibit 99.1.

**ITEM 7.01REGULATION FD DISCLOSURE**

The Company is scheduled to make presentations to current and prospective investors after January 19, 2023. 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 <u>www.oceanfirst.com</u>. This report is being furnished to the SEC and shall not be deemed "filed" for any purpose.

**ITEM 8.01OTHER EVENTS**

In the press release described in Item 2.02, the Company announced that its Board of Directors declared a quarterly cash dividend of $0.4375 per share for every depositary share, representing 1/40th interest in the Series A Preferred Stock, payable on February 15, 2023 to stockholders of record on January 31, 2023.

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 February 17, 2023 to the stockholders of record at the close of business on February 6, 2023.

**ITEM 9.01FINANCIAL STATEMENTS AND EXHIBITS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| (d) | EXHIBITS | EXHIBITS |
| <u>[99.1](ex991-earningsreleasedecem.htm)</u> | Press Release dated | January 19, 2023 |
| <u>[99.2](ex992q4-22investorpresen.htm)</u> | Text of written presentation which OceanFirst Financial Corp. intends to provide to current and prospective investors after January 19, 2023. | Text of written presentation which OceanFirst Financial Corp. intends to provide to current and prospective investors after January 19, 2023. |

---

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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 | January 19, 2023 | /s/ Patrick S. Barrett |
| | | Patrick S. Barrett |
| | | Executive Vice President and Chief Financial Officer |

---

## Exhibit 99.1

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| | |
|:---|:---|
| ![oceanfirstpressreleasimage.jpg](oceanfirstpressreleasimage.jpg) | Press Release |

---

**Exhibit 99.1**

**Company Contact:**

**Patrick S. Barrett**

**Chief Financial Officer**

**OceanFirst Financial Corp.**

**Tel: (732) 240-4500, ext. 7507**

**Email: pbarrett@oceanfirst.com**

**<u>FOR IMMEDIATE RELEASE</u>**

**OCEANFIRST FINANCIAL CORP.**

**ANNOUNCES RECORD QUARTERLY AND ANNUAL** 

**EARNINGS AND FINANCIAL RESULTS**

&nbsp;&nbsp;&nbsp;&nbsp;**RED BANK, NEW JERSEY, January 19, 2023 - OceanFirst Financial Corp. (NASDAQ:"OCFC")** (the "Company"), the holding company for OceanFirst Bank N.A. (the "Bank"), announced net income available to common stockholders of $52.3 million, or $0.89 per diluted share, for the quarter ended December 31, 2022, as compared to $37.6 million, or $0.64 per diluted share, for the prior linked quarter, and $21.7 million, or $0.37 per diluted share, for the corresponding prior year period. For the year ended December 31, 2022, the Company reported net income available to common stockholders of $142.6 million, or $2.42 per diluted share, as compared to $106.1 million, or $1.78 per diluted share, for the prior year. Selected performance metrics are as follows (refer to "Selected Quarterly Financial Data" for additional information):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended,** | **For the Three Months Ended,** | **For the Three Months Ended,** | **For the Year Ended,** | **For the Year Ended,** |
| **Performance Ratios (Quarterly Ratios Annualized):** | **December 31,** | **September 30,** | **December 31,** | **December 31,** | **December 31,** |
| **Performance Ratios (Quarterly Ratios Annualized):** | **2022** | **2022** | **2021** | **2022** | **2021** |
| Return on average assets | 1.62% | 1.19% | 0.72% | 1.15% | 0.91% |
| Return on average stockholders' equity | 13.25 | 9.68 | 5.65 | 9.24 | 7.02 |
| Return on average tangible stockholders' equity <sup>(a)</sup> | 19.85 | 14.62 | 8.59 | 13.96 | 10.73 |
| Return on average tangible common equity <sup>(a)</sup> | 20.97 | 15.47 | 9.09 | 14.76 | 11.37 |
| Efficiency ratio | 44.56 | 53.10 | 72.04 | 53.80 | 63.50 |
| Net interest margin | 3.64 | 3.36 | 2.99 | 3.37 | 2.93 |

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(a) Return on average tangible stockholders' equity and return on average tangible common equity ("ROTCE"), which are non-GAAP ("generally accepted accounting principles") financial measures, exclude the impact of intangible assets and goodwill from both assets and stockholders' equity. ROTCE also excludes preferred stock from stockholders' equity. Refer to "Explanation of Non-GAAP Financial Measures" and the "Non-GAAP Reconciliation" tables for additional information regarding non-GAAP financial measures.

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Core earnings<sup>1</sup> for the quarter and year ended December 31, 2022 amounted to $39.5 million and $138.0 million, respectively, or $0.67 and $2.34 per diluted share, an increase from core earnings of $28.5 million and $111.2 million, or $0.48 and $1.86 per diluted share, for the corresponding prior year periods. Non-core operations, net of tax, had a favorable impact of $12.7 million and $4.6 million for the quarter and year ended December 31, 2022, respectively. Non-core operations, net of tax, had an adverse impact of $6.8 million and $5.1 million for the quarter and year ended December 31, 2021, respectively.

Core earnings for the quarter ended December 31, 2022 increased $4.5 million from $35.0 million, or $0.60 per diluted share, for the prior linked quarter. Non-core operations, net of tax, had a favorable impact of $2.6 million for the prior linked quarter.

Core earnings PTPP for the quarter and year ended December 31, 2022 were $56.5 million and $190.7 million, respectively, or $0.96 and $3.24 per diluted share, as compared to $33.1 million and $133.1 million, or $0.56 and $2.23 per diluted share for the corresponding prior year periods. Selected performance metrics are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended,** | **For the Three Months Ended,** | **For the Three Months Ended,** | **For the Year Ended,** | **For the Year Ended,** |
| | **December 31,** | **September 30,** | **December 31,** | **December 31,** | **December 31,** |
| **Core Ratios**<sup>1</sup> **(Quarterly Ratios Annualized):** | **2022** | **2022** | **2021** | **2022** | **2021** |
| Return on average assets | 1.22% | 1.11% | 0.95% | 1.11% | 0.95% |
| Return on average tangible stockholders' equity | 15.01 | 13.62 | 11.30 | 13.50 | 11.25 |
| Return on average tangible common equity | 15.86 | 14.40 | 11.96 | 14.28 | 11.92 |
| Efficiency ratio | 50.78 | 54.80 | 62.57 | 54.21 | 60.84 |
| Core diluted earnings per share | $0.67 | $0.60 | $0.48 | $2.34 | $1.86 |
| Core PTPP diluted earnings per share | 0.96 | 0.81 | 0.56 | 3.24 | 2.23 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Core earnings and core earnings before income taxes and credit loss provision ("PTPP or Pre-Tax-Pre-Provision"), and ratios derived therefrom, are non-GAAP financial measures. For the periods presented, core earnings exclude merger related expenses, net branch consolidation (benefit) expense, net loss (gain) on equity investments, and the income tax effect of these items, (collectively referred to as "non-core" operations). PTPP excludes the aforementioned pre-tax "non-core" items along with income tax expense (benefit) and credit loss provision (benefit). Refer to "Explanation of Non-GAAP Financial Measures" and the "Non-GAAP Reconciliation" tables for additional information regarding non-GAAP financial measures.

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Key developments for the recent quarter are described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Net Interest Income and Margin Expansion:** Net interest income increased by $10.5 million to $106.5 million, from $96.0 million in the prior linked quarter. Net interest margin increased to 3.64%, from 3.36% in the prior linked quarter, largely driven by the impact of the rising rate environment on interest earning assets and loan growth, partly offset by an increased cost of funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Loan Growth:** Loan growth for the quarter was $199.3 million, reflecting loan originations of $684.1 million, while loan growth for the year was $1.30 billion, reflecting record loan originations of $3.09 billion for the year ended December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Stockholders' Equity per Common Share Growth:** Stockholders' equity per common share increased to $26.81, from $26.04 in the prior linked quarter. Tangible common equity per common share increased to $17.08, from $16.30 in the prior linked quarter, reflecting capital accretion from earnings growth and stable other comprehensive income.

Chairman and Chief Executive Officer, Christopher D. Maher, commented on the Company's results, "We are pleased to report exceptional financial performance for the fourth quarter and for the year driven by record net income and net interest income, net interest margin expansion, and continued loan growth. Throughout the challenging economic environment in 2022, OceanFirst has produced some of the strongest results in the history of our Company." Mr. Maher added, "I am very proud of the entire team who worked tirelessly to serve our customers, to drive these results, and position OceanFirst to continue to deliver for our stockholders in 2023."

As previously announced, in November 2022, the Company made an additional minority, non-controlling equity investment in Auxilior Capital Partners, Inc. ("Auxilior"), of $2.8 million as part of a

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new round of financing by the Company and other investors, in addition to the original $10.0 million investment the Company made in 2021. The new round of financing resulted in an unrealized gain of $17.5 million on the prior investments, which is included in other income for the quarter and year ended December 31, 2022.

The Company's Board of Directors declared its 104th consecutive quarterly cash dividend on common stock. The quarterly cash dividend on common stock of $0.20 per share will be paid on February 17, 2023 to common stockholders of record on February 6, 2023. The Board declared a quarterly cash dividend on preferred stock of $0.4375 per depositary share, representing 1/40th interest in the Series A Preferred Stock. This dividend will be paid on February 15, 2023 to preferred stockholders of record on January 31, 2023.

**<u>Results of Operations</u>**

On April 1, 2022, the Company completed its acquisition of a majority interest in Trident Abstract Title Agency, LLC ("Trident") and its results of operations are included in the consolidated results for the quarter and year ended December 31, 2022, but do not impact the results of operations for the period from January 1, 2021 to March 31, 2022. Refer to "Supplemental Information on Trident" for the impact of Trident on the Company's consolidated results.

**<u>Net Interest Income and Margin</u>**

Net interest income for the quarter and year ended December 31, 2022 increased to $106.5 million and $377.5 million, respectively, as compared to $80.6 million and $305.3 million for the corresponding prior year periods, reflecting an increase in average interest-earning assets and net interest margin.

Net interest margin for the quarter and year ended December 31, 2022 increased to 3.64% and 3.37%, respectively, from 2.99% and 2.93% for the same prior year periods. Excluding the impact of purchase accounting accretion and prepayment fees of 0.10% and 0.18% for the quarter ended December 31, 2022 and 2021, respectively, net interest margin increased to 3.54% from 2.81%.

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Excluding the impact of purchase accounting accretion and prepayment fees of 0.11% and 0.17% for the year ended December 31, 2022 and 2021, respectively, net interest margin increased to 3.26% from 2.76%. Net interest margin for both the quarter and year ended December 31, 2022 were enhanced by the impact of the rising rate environment on interest earning assets and the redeployment of excess cash into loans, partly offset by an increased cost of funds and the growth of interest-bearing liabilities.

Average interest-earning assets increased by $899.7 million and $779.9 million for the quarter and year ended December 31, 2022, respectively, as compared to the corresponding prior year periods, primarily due to loan growth and, to a lesser extent securities growth, funded by the redeployment of excess cash and increased Federal Home Loan Bank ("FHLB") advances. Average loans receivable, net of allowance for loan credit losses, increased by $1.47 billion and $1.40 billion, primarily in commercial loans, for the quarter and year ended December 31, 2022, respectively, as compared to the same prior year periods.

For the quarter and year ended December 31, 2022, the cost of average interest-bearing liabilities increased to 1.09% and 0.65%, respectively, from 0.40% and 0.49% for the corresponding prior year periods, as a result of higher costs associated with FHLB advances and interest-bearing deposits, including time deposits issued in an elevated rate environment in 2022. The total cost of deposits (including non-interest bearing deposits) was 0.53% and 0.31% for the quarter and year ended December 31, 2022, respectively, as compared to 0.20% and 0.26% for the same prior year periods. While costs of deposits have increased, deposit betas remain under 10% and are a fraction of the Company's historical experience in the last rising interest rate cycle.

Net interest income for the quarter ended December 31, 2022 increased by $10.5 million, as compared to the prior linked quarter, reflecting an increase in net interest margin to 3.64%, as compared to 3.36% for the prior linked quarter. Excluding the impact of purchase accounting accretion and prepayment fees of 0.10% and 0.08% for the quarter ended December 31, 2022 and September 30, 2022, respectively, net interest margin increased to 3.54% from 3.28%. The expansion in net interest

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margin was primarily attributable to the impact of the rising rate environment on interest earning assets, loan growth and, to a lesser extent, loan payoffs impacting interest income. This was partly offset by an increased cost of funds and the expansion in FHLB advances to fund loan growth. Average interest-earning assets increased by $279.1 million for the quarter ended December 31, 2022, as compared to the prior linked quarter, primarily due to loan growth. The yield on average interest-earning assets increased to 4.46% for the quarter ended December 31, 2022, from 3.88% in the prior linked quarter, primarily due to the impact of the rising rate environment on interest earning assets. The total cost of average interest-bearing liabilities increased to 1.09% for the quarter ended December 31, 2022, as compared to 0.69% in the prior linked quarter, primarily due to higher costs associated with interest-bearing deposits and higher costs and balances of FHLB advances.

**<u>Credit Loss Expense (Benefit)</u>**

Credit loss expense for the quarter and year ended December 31, 2022, was $3.6 million and $7.8 million, respectively, as compared to credit loss benefit of $1.6 million and $11.8 million for the corresponding prior year periods, and a credit loss expense of $1.0 million in the prior linked quarter. The credit loss expense for the quarter and year ended December 31, 2022 was primarily influenced by loan growth, slowing prepayment assumptions, and increasingly uncertain macro-economic forecasts due to persistent inflation, interest rate increases, and global economic headwinds, partly offset by positive trends in the Company's criticized and classified assets. The Company's credit loss expense for the quarter ended December 31, 2022 increased from the prior linked quarter due to the heightened levels of uncertainty in macro-environment projections, despite the strength in the Company's borrower performance and overall asset quality.

Net loan recoveries were $5,000 and $340,000 for the quarter and year ended December 31, 2022, respectively. Net loan recoveries were $19,000 and $461,000 for the quarter and year ended December 31, 2021, respectively. Net loan recoveries were $252,000 in the prior linked quarter. Refer to "Asset Quality" section for further discussion.

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**<u>Non-interest Income</u>**

&nbsp;&nbsp;&nbsp;&nbsp;For the quarter and year ended December 31, 2022, other income increased to $27.6 million and $59.1 million, respectively, as compared to $9.4 million and $51.9 million for the corresponding prior year periods.

Other income for the quarter and year ended December 31, 2022 was impacted by non-core operations of $17.2 million and $9.7 million, respectively, related to net gains on equity investments, which included a $17.5 million unrealized gain on the Auxilior investment. The year ended December 31, 2022 included $8.9 million of net unrealized losses, mostly on preferred stock equity investments, primarily due to the impact of the rising interest rate environment. The preferred stock equity investments carried a weighted average yield of 5.1% and an amortized cost of $73.0 million at December 31, 2022. Other income for the quarter and year ended December 31, 2021 included net losses on equity investments of $1.3 million and net gains on equity investments of $7.1 million, respectively, which are considered non-core operations.

Excluding non-core operations noted above, other income decreased $298,000 for the quarter ended December 31, 2022, as compared to the corresponding prior year period. This decrease was primarily due to decreases in bankcard services of $1.9 million, primarily as a result of the Durbin amendment, which became effective for the Company on July 1, 2022, and commercial loan swap income of $804,000. These decreases were partly offset by the acquisition of a majority interest in Trident, which added $2.6 million primarily due to title-related fees and service charges.

Excluding non-core operations noted above, other income increased by $4.6 million for the year ended December 31, 2022, as compared to the prior year. The increase was primarily due to the impact of Trident, which added $10.4 million, mostly due to title-related fees and services charges, and an increase in commercial loan swap income of $3.0 million. These increases were partly offset by decreases in bankcard services of $4.1 million, primarily as a result of the Durbin amendment, net gain

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on sale of loans of $2.8 million, fees and service charges (excluding Trident) of $814,000, and Paycheck Protection Program loan origination referral fees of $800,000 recognized in the prior year.

&nbsp;&nbsp;&nbsp;&nbsp;Excluding non-core operations of $3.4 million related to net gain on equity investments in the prior linked quarter, other income for the quarter ended December 31, 2022 decreased by $1.4 million, primarily due to a decrease in commercial loan swap income of $952,000.

**<u>Non-interest Expense</u>**

Operating expenses decreased to $59.7 million and increased to $234.9 million for the quarter and year ended December 31, 2022, respectively, as compared to $64.8 million and $226.9 million, for the same prior year periods. Operating expenses for the quarter and year ended December 31, 2022 were adversely impacted by $387,000 and $3.4 million of non-core operations, respectively. Operating expenses for the quarter and year ended December 31, 2021 were adversely impacted by non-core operations of $7.7 million and $13.8 million, respectively.

Excluding non-core operations, operating expenses increased by $2.2 million for the quarter ended December 31, 2022, as compared to the corresponding prior year period. This increase was partly due to the acquisition of a majority interest in Trident, which added $2.5 million of expenses for the quarter ended December 31, 2022. Other increases, excluding Trident, included professional fees of $2.0 million and compensation and benefits of $1.3 million, partly offset by a decrease in data processing expense of $3.2 million.

Excluding non-core operations, operating expenses increased by $18.4 million for the year ended December 31, 2022, as compared to the prior year. This increase was partly due to the impact of Trident, which added $8.5 million of expenses. Other increases, excluding Trident, included compensation and benefits expense of $6.6 million, primarily related to higher compensation and incentive costs, professional fees of $1.9 million, data processing expense of $1.5 million, and federal deposit insurance and regulatory assessments of $1.2 million, partly offset by a decrease in amortization of core deposit intangible of $734,000.

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Excluding non-core operations of $48,000, which favorably impacted operating expenses in the prior linked quarter, operating expenses for the quarter ended December 31, 2022 increased by $296,000 primarily due to an increase in professional fees of $2.2 million, partly offset by a decrease in data processing expense of $1.9 million.

**<u>Income Tax Expense</u>**

&nbsp;&nbsp;&nbsp;&nbsp;The provision for income taxes was $17.4 million and $46.6 million for the quarter and year ended December 31, 2022, respectively, as compared to $4.1 million and $32.2 million, for the same prior year periods, and $12.3 million for the prior linked quarter. The effective tax rate was 24.6% and 24.0% for the quarter and year ended December 31, 2022, respectively, as compared to 15.3% and 22.6% for the same prior year periods, and 24.1% for the prior linked quarter. The lower effective tax rate for the quarter ended December 31, 2021, as compared to the current year periods and prior linked quarter, was primarily due to allocation of taxable income to jurisdictions other than New Jersey, which was tied to our commercial banking strategy, and other tax optimization efforts.

**<u>Financial Condition</u>**

&nbsp;&nbsp;&nbsp;&nbsp;Total assets increased by $1.36 billion to $13.10 billion at December 31, 2022, from $11.74 billion at December 31, 2021. Total loans increased by $1.30 billion to $9.92 billion at December 31, 2022, from $8.62 billion at December 31, 2021, due to strong loan originations and to a lesser extent, residential loan pool purchases. Total debt securities decreased by $28.7 million at December 31, 2022, as compared to December 31, 2021, primarily due to principal repayments and maturities, and to a lesser extent, an increase in unrealized losses driven by the rising rate environment. This was partly offset by purchases in the second half of the year, which included approximately $227 million of fixed rate bonds at amortized cost, with a weighted average life of 8.5 years and a weighted average yield of 5.1%, to provide stability to the Company's net interest income position. Other assets increased by $74.1 million to $221.1 million at December 31, 2022 from $147.0 million at December 31, 2021, primarily due to an increase in market values associated with customer interest rate swap programs.

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&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities increased by $1.30 billion to $11.52 billion at December 31, 2022, from $10.22 billion at December 31, 2021. FHLB advances increased to $1.21 billion at December 31, 2022 from $0 at December 31, 2021 to fund liquidity needs, as deposits decreased by $57.6 million during this period from $9.73 billion to $9.68 billion. Total deposits, excluding time deposits, decreased by $824.6 million to $8.13 billion at December 31, 2022, from $8.96 billion at December 31, 2021, due to the net runoff of non-interest-bearing and interest-bearing checking balances. Time deposits increased to $1.54 billion, or 15.9% of total deposits, at December 31, 2022, from $775.0 million, or 8.0% of total deposits, at December 31, 2021, primarily due to an increase in brokered time deposits. The loans-to-deposit ratio at December 31, 2022 was 102.5%, as compared to 88.6% at December 31, 2021. Other borrowings also decreased by $33.7 million to $195.4 million at December 31, 2022, from $229.1 million at December 31, 2021, primarily due to the extinguishment of $35.0 million of subordinated debt in March 2022.

&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities increased by $224.1 million to $346.2 million at December 31, 2022, from $122.0 million at December 31, 2021, primarily due to an increase in the market values associated with customer interest rate swap programs and related collateral received from counterparties.

&nbsp;&nbsp;&nbsp;&nbsp;Stockholders' equity increased to $1.59 billion at December 31, 2022, as compared to $1.52 billion at December 31, 2021. Accumulated other comprehensive loss increased by $33.2 million to $36.0 million at December 31, 2022 from $2.8 million at December 31, 2021, primarily due to unrealized losses on debt securities available-for-sale, which were adversely impacted by the rising interest rate environment. For the year ended December 31, 2022, the Company repurchased 373,223 shares totaling $7.4 million under its stock repurchase program at a weighted average cost of $19.82. There were 2,934,438 shares available for repurchase at December 31, 2022 under the existing repurchase program. Stockholders' equity per common share increased to $26.81 at December 31,

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2022, as compared to $25.63 at December 31, 2021. Tangible common equity per common share<sup>2</sup> increased to $17.08 at December 31, 2022, as compared to $15.93 at December 31, 2021.

**<u>Asset Quality</u>**

&nbsp;&nbsp;&nbsp;&nbsp;The Company's non-performing loans decreased to $23.3 million at December 31, 2022, as compared to $25.5 million at December 31, 2021. The Company's non-performing loans, excluding $3.9 million and $6.5 million of non-performing purchased with credit deterioration ("PCD") loans from prior bank acquisitions at December 31, 2022 and 2021, respectively, increased to $19.3 million at December 31, 2022, as compared to $18.9 million at December 31, 2021. The allowance for loan credit losses as a percentage of total non-performing loans was 244.25% at December 31, 2022, as compared to 191.61% at December 31, 2021. The allowance for loan credit losses as a percentage of total non-performing loans, excluding PCD loans, was 294.10% at December 31, 2022, as compared to 257.81% at December 31, 2021. The level of 30 to 89 days delinquent loans improved to $14.1 million at December 31, 2022, from $14.5 million at December 31, 2021. The level of 30 to 89 days delinquent loans, excluding non-performing and PCD loans, improved to $10.5 million at December 31, 2022, from $13.5 million at December 31, 2021.

The Company's allowance for loan credit losses was 0.57% of total loans at both December 31, 2022 and 2021. The allowance for loan credit losses plus the unamortized credit and PCD marks amounted to $68.2 million, or 0.69% of total loans, at December 31, 2022, as compared to $67.8 million, or 0.79% of total loans at December 31, 2021.

<sup>2</sup> Tangible common equity per common share, a non-GAAP financial measure, excludes the impact of intangible assets, goodwill, and preferred equity from stockholders' equity. Refer to "Explanation of Non-GAAP Financial Measures" and the "Non-GAAP Reconciliation" tables for additional information regarding non-GAAP financial measures.

------

**<u>Explanation of Non-GAAP Financial Measures</u>**

&nbsp;&nbsp;&nbsp;&nbsp;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 credit loss provision, and reporting equity and asset amounts excluding intangible assets, goodwill or preferred stock, which can vary from period to period, provides a better comparison of period-to-period operating performance. In addition, a non-GAAP table has been presented excluding the results associated with the acquisition of a majority interest in Trident for better comparison period over period. 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.

**<u>Annual Meeting</u>**

The Company also announced today that its Annual Meeting of Stockholders will be held on Tuesday, May 23, 2023 at 8:00 a.m. Eastern Time. The record date for stockholders to vote at the Annual Meeting is Tuesday, April 4, 2023. Additional information regarding virtual access to the meeting will be distributed prior to the meeting.

------

**<u>Conference Call</u>**

&nbsp;&nbsp;&nbsp;&nbsp;As previously announced, the Company will host an earnings conference call on Friday, January 20, 2023 at 11:00 a.m. Eastern Time. The direct dial number for the call is 1-844-200-6205, toll free, using the access code 433036. For those unable to participate in the conference call, a replay will be available. To access the replay, dial 1-866-813-9403, access code 427414, from one hour after the end of the call until April 20, 2023. The conference call, as well as the replay, are also available (listen-only) by internet webcast at <u>www.oceanfirst.com</u> - in the Investor Relations section.

\* \* \*

&nbsp;&nbsp;&nbsp;&nbsp;OceanFirst Financial Corp.'s subsidiary, OceanFirst Bank N.A., founded in 1902, is a $13.1 billion regional bank providing financial services throughout New Jersey and in the major metropolitan markets of Philadelphia, New York, Baltimore, and Boston. 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 <u>www.oceanfirst.com</u>.

<u>Forward-Looking Statements</u>

&nbsp;&nbsp;&nbsp;&nbsp;

In addition to historical information, this news release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are based on certain assumptions and describe future plans, strategies and expectations of the Company. These forward-looking statements are generally identified by use of the words "believe," "expect," "intend," "anticipate," "estimate," "project," "will," "should," "may," "view," "opportunity," "potential," or similar expressions or expressions of confidence. The Company's ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on the operations of the Company and its subsidiaries include, but are not limited to: implications arising from the termination of the proposed merger with Partners Bancorp, including reputational risks and potential adverse effects on the ability to attract other merger partners; the impact of the COVID-19 pandemic or any other pandemic on our operations and financial results and those of our customers, changes in interest rates, inflation, general economic conditions, potential recessionary conditions, levels of unemployment in the Bank's lending area, real estate market values in the Bank's lending area, future natural disasters, potential increases to flood insurance premiums, the current or anticipated impact of military conflict, terrorism or other geopolitical events, 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, competition, demand for financial services in the Company's market area, changes in consumer spending, borrowing and savings habits, changes in accounting principles, a failure in or breach of the Company's operational or security systems or infrastructure, including cyberattacks, the failure to maintain current technologies, failure to retain or attract employees and the Bank's ability to successfully integrate acquired operations. These risks and uncertainties are further discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2021, under Item 1A - Risk Factors and elsewhere, and subsequent securities filings and should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. The Company does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions which 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)

---

| | | | |
|:---|:---|:---|:---|
| | **December 31, 2022** | **September 30, 2022** | **December 31, 2021** |
| | **(Unaudited)** | **(Unaudited)** | |
| **Assets** | | | |
| Cash and due from banks | $167946 | $170668 | $204949 |
| Debt securities available-for-sale, at estimated fair value | 457648 | 470300 | 568255 |
| Debt securities held-to-maturity, net of allowance for securities credit losses of $1,128 at December 31, 2022, $1,234 at September 30, 2022, and $1,467 at December 31, 2021 (estimated fair value of $1,110,041 at December 31, 2022, $905,426 at September 30, 2022, and $1,152,744 at December 31, 2021) | 1221138 | 1027712 | 1139193 |
| Equity investments | 102037 | 81722 | 101155 |
| Restricted equity investments, at cost | 109278 | 77556 | 53195 |
| Loans receivable, net of allowance for loan credit losses of $56,824 at December 31, 2022, $53,521 at September 30, 2022, and $48,850 at December 31, 2021 | 9868718 | 9672488 | 8583352 |
| Loans held-for-sale | 690 | 3549 |  |
| Interest and dividends receivable | 44704 | 38388 | 32606 |
| Other real estate owned |  |  | 106 |
| Premises and equipment, net | 126705 | 127868 | 125828 |
| Bank owned life insurance | 261603 | 261118 | 259207 |
| Assets held for sale | 2719 | 3216 | 6229 |
| Goodwill | 506146 | 506146 | 500319 |
| Core deposit intangible | 13497 | 14656 | 18215 |
| Other assets | 221067 | 228066 | 147007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $13103896 | $12683453 | $11739616 |
| **Liabilities and Stockholders' Equity** |  |  |  |
| Deposits | $9675206 | $9959469 | $9732816 |
| Federal Home Loan Bank advances | 1211166 | 514200 |  |
| Securities sold under agreements to repurchase with customers | 69097 | 96289 | 118769 |
| Other borrowings | 195403 | 194914 | 229141 |
| Advances by borrowers for taxes and insurance | 21405 | 25457 | 20305 |
| Other liabilities | 346155 | 352908 | 122032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 11518432 | 11143237 | 10223063 |
| Stockholders' equity: |  |  |  |
| OceanFirst Financial Corp. stockholders' equity | 1584662 | 1539253 | 1516553 |
| Non-controlling interest | 802 | 963 |  |
| Total stockholders' equity | 1585464 | 1540216 | 1516553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $13103896 | $12683453 | $11739616 |

---

------

**OceanFirst Financial Corp.**

**CONSOLIDATED STATEMENTS OF INCOME** 

(in thousands, except per share amounts)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Year Ended** | **For the Year Ended** |
| | | | | **December 31,** | **December 31,** |
| | **December 31,**<br>**2022** | **September 30,**<br>**2022** | **December 31,**<br>**2021** | **2022** | **2021** |
| | **\|--------------------- (Unaudited) ---------------------\|** | **\|--------------------- (Unaudited) ---------------------\|** | **\|--------------------- (Unaudited) ---------------------\|** | **(Unaudited)** | |
| **Interest income:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans | $117046 | $100141 | $81392 | $390386 | $315237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt securities | 10951 | 8479 | 5654 | 34407 | 22033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity investments and other | 2280 | 1879 | 1411 | 6382 | 4822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest income | 130277 | 110499 | 88457 | 431175 | 342092 |
| **Interest expense:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposits | 13425 | 9238 | 5010 | 31021 | 25210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowed funds | 10364 | 5296 | 2861 | 22677 | 11544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest expense | 23789 | 14534 | 7871 | 53698 | 36754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest income | 106488 | 95965 | 80586 | 377477 | 305338 |
| Credit loss expense (benefit) | 3647 | 1016 | (1573) | 7768 | (11832) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest income after credit loss expense (benefit) | 102841 | 94949 | 82159 | 369709 | 317170 |
| **Other income:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bankcard services revenue | 1437 | 1509 | 3308 | 9219 | 13360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trust and asset management revenue | 551 | 568 | 562 | 2386 | 2336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fees and service charges | 5776 | 6320 | 3314 | 22802 | 13833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain on sales of loans | 10 | 168 | 6 | 358 | 3186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) on equity investments | 17187 | 3362 | (1252) | 9685 | 7145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (loss) gain from other real estate operations |  |  | (3) | 48 | (15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income from bank owned life insurance | 1697 | 1356 | 2061 | 6578 | 6832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial loan swap income | 519 | 1471 | 1323 | 7065 | 4095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 374 | 396 | 91 | 953 | 1159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income | 27551 | 15150 | 9410 | 59094 | 51931 |
| **Operating expenses:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensation and employee benefits | 33943 | 34124 | 31006 | 131915 | 120014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Occupancy | 5027 | 5288 | 5101 | 20817 | 20481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equipment | 1131 | 1150 | 1435 | 4987 | 5443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing | 705 | 655 | 614 | 2947 | 2169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal deposit insurance and regulatory assessments | 1924 | 1757 | 1733 | 7359 | 6155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Data processing | 4629 | 6560 | 7774 | 23095 | 21570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Check card processing | 1243 | 1231 | 1170 | 4971 | 5182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 4697 | 2502 | 2726 | 12993 | 11043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of core deposit intangible | 1159 | 1171 | 1343 | 4718 | 5453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Branch consolidation expense (benefit), net | 111 | (346) | 7286 | 713 | 12337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merger related expenses | 276 | 298 | 451 | 2735 | 1503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating expense | 4883 | 4607 | 4195 | 17631 | 15510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 59728 | 58997 | 64834 | 234881 | 226860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income before provision for income taxes | 70664 | 51102 | 26735 | 193922 | 142241 |
| Provision for income taxes | 17353 | 12298 | 4078 | 46565 | 32165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income | 53311 | 38804 | 22657 | 147357 | 110076 |
| Net income attributable to non-controlling interest | 39 | 193 |  | 754 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to OceanFirst Financial Corp. | 53272 | 38611 | 22657 | 146603 | 110076 |
| Dividends on preferred shares | 1004 | 1004 | 1004 | 4016 | 4016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income available to common stockholders | $52268 | $37607 | $21653 | $142587 | $106060 |
| Basic earnings per share | $0.89 | $0.64 | $0.37 | $2.43 | $1.79 |
| Diluted earnings per share | $0.89 | $0.64 | $0.37 | $2.42 | $1.78 |
| Average basic shares outstanding | 58584 | 58681 | 58801 | 58730 | 59406 |
| Average diluted shares outstanding | 58751 | 58801 | 59044 | 58878 | 59649 |

---

------

**OceanFirst Financial Corp.**

**SELECTED LOAN AND DEPOSIT DATA**

(dollars in thousands)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **<u>LOANS RECEIVABLE</u>** | | **At** | **At** | **At** | **At** | **At** |
| | | **December 31, 2022** | **September 30,<br>2022** | **June 30,<br>2022** | **March 31,<br>2022** | **December 31,<br>2021** |
| Commercial: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial real estate - investor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial real estate - investor | $5171952 | $5007637 | $4808965 | $4607880 | $4378061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial real estate - owner-occupied | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial real estate - owner-occupied | 997367 | 983784 | 1020873 | 1057246 | 1055065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial and industrial |  | 622372 | 652620 | 584464 | 502739 | 449224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial |  | 6791691 | 6644041 | 6414302 | 6167865 | 5882350 |
| Consumer: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential real estate |  | 2861991 | 2813209 | 2758269 | 2687927 | 2479701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home equity loans and lines and other consumer ("other consumer") | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home equity loans and lines and other consumer ("other consumer") | 264372 | 261510 | 252314 | 253184 | 260819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total consumer |  | 3126363 | 3074719 | 3010583 | 2941111 | 2740520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total loans |  | 9918054 | 9718760 | 9424885 | 9108976 | 8622870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred origination costs (fees), net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred origination costs (fees), net | 7488 | 7249 | 7864 | 7301 | 9332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allowance for loan credit losses |  | (56824) | (53521) | (52061) | (50598) | (48850) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans receivable, net |  | $9868718 | $9672488 | $9380688 | $9065679 | $8583352 |
| Mortgage loans serviced for others | Mortgage loans serviced for others | $51736 | $53869 | $56045 | $58089 | $60447 |
|  | At December 31, 2022 Average Yield |  |  |  |  |  |
| Loan pipeline <sup>(1)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial | 6.53% | $114232 | $339487 | $273843 | $385986 | $539426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential real estate | 6.10 | 36958 | 80591 | 104920 | 116554 | 123211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other consumer | 5.95 | 14890 | 19395 | 6278 | 12814 | 8381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 6.38% | $166080 | $439473 | $385041 | $515354 | $671018 |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | |
| | **December 31,** | **December 31,** | | | | | | | | |
| | **2022** | **2022** | | **September 30,**<br>**2022** | | **June 30,**<br>**2022** | **March 31,**<br>**2022** | | **December 31,**<br>**2021** | |
| | Average Yield | | | | | | | | | |
| Loan originations: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial | 6.32% | $539949 |  | $356726 |  | $645863 | $816517 |  | $780464 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential real estate | 5.48 | 101530 | <sup>(2)</sup> | 129808 |  | 173365 | 192721 | <sup>(2)</sup> | 195942 | <sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other consumer | 5.28 | 42624 |  | 57254 |  | 16253 | 12718 |  | 12552 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 6.13% | $684103 |  | $543788 |  | $835481 | $1021956 |  | $988958 |  |
| Loans sold |  | $2340 |  | $9425 | <sup>(3)</sup> | $— | $703 | <sup>(4)</sup> | $649 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1)Loan pipeline includes loans approved but not funded.

&nbsp;&nbsp;&nbsp;&nbsp;(2)Excludes residential real estate loan pool purchases of $9.9 million, $161.7 million and $82.2 million for the three months ended December 31, 2022, March 31, 2022 and December 31, 2021, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(3)Excludes the sale of a small business administration loan of $1.2 million for the three months ended September 30, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(4)Excludes the sale of higher risk commercial loans of $12.0 million for the three months ended March 31, 2022.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>DEPOSITS</u>** | **At** | **At** | **At** | **At** | **At** |
| | **December 31, 2022** | **September 30,<br>2022** | **June 30,<br>2022** | **March 31,<br>2022** | **December 31,<br>2021** |
| **Type of Account** | | | | | |
| &nbsp;&nbsp;&nbsp;Non-interest-bearing | $2101308 | $2325547 | $2312126 | $2444833 | $2412056 |
| &nbsp;&nbsp;&nbsp;Interest-bearing checking | 3829683 | 3909864 | 3696067 | 4287745 | 4201736 |
| &nbsp;&nbsp;&nbsp;Money market | 714386 | 749229 | 716782 | 811588 | 736090 |
| &nbsp;&nbsp;&nbsp;Savings | 1487809 | 1570472 | 1606534 | 1624751 | 1607933 |
| &nbsp;&nbsp;&nbsp;Time deposits | 1542020 | 1404357 | 1499975 | 887316 | 775001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deposits | $9675206 | $9959469 | $9831484 | $10056233 | $9732816 |

---

------

**OceanFirst Financial Corp.** 

**ASSET QUALITY** 

(dollars in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>ASSET QUALITY</u>** | **December 31, 2022** | **September 30,<br>2022** | **June 30,<br>2022** | **March 31,<br>2022** | **December 31,<br>2021** |
| Non-performing loans: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial real estate - investor | $10483 | $9866 | $2609 | $3575 | $3614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial real estate - owner-occupied | 4025 | 1976 | 8233 | 9632 | 11904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial and industrial | 331 | 321 | 364 | 2830 | 277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential real estate | 5969 | 5958 | 5846 | 7047 | 6114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other consumer | 2457 | 3377 | 3701 | 3841 | 3585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-performing loans | 23265 | 21498 | 20753 | 26925 | 25494 |
| Other real estate owned |  |  |  | 106 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-performing assets | $23265 | $21498 | $20753 | $27031 | $25600 |
| Delinquent loans 30 to 89 days | $14148 | $11846 | $9558 | $18691 | $14546 |
| Troubled debt restructuring ("TDR"): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-performing (included in total non-performing loans above) | $6361 | $10047 | $10493 | $11914 | $11311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performing | 7530 | 6065 | 6946 | 7716 | 12320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total TDRs | $13891 | $16112 | $17439 | $19630 | $23631 |
| Allowance for loan credit losses | $56824 | $53521 | $52061 | $50598 | $48850 |
| Allowance for loan credit losses as a percent of total loans receivable <sup>(1)</sup> | 0.57% | 0.55% | 0.55% | 0.56% | 0.57% |
| Allowance for loan credit losses as a percent of total non-performing loans <sup>(1)</sup> | 244.25 | 248.96 | 250.86 | 187.92 | 191.61 |
| Non-performing loans as a percent of total loans receivable | 0.23 | 0.22 | 0.22 | 0.30 | 0.30 |
| Non-performing assets as a percent of total assets | 0.18 | 0.17 | 0.17 | 0.22 | 0.22 |
| **Supplemental PCD and non-performing loans** |  |  |  |  |  |
| PCD loans, net of allowance for loan credit losses | $27129 | $29249 | $35227 | $37032 | $41817 |
| Non-performing PCD loans | 3944 | 3043 | 3529 | 3745 | 6546 |
| Delinquent PCD and non-performing loans 30 to 89 days | 3657 | 1434 | 1381 | 2749 | 1000 |
| TDR PCD loans | 765 | 715 | 997 | 1033 | 337 |
| **Asset quality, excluding PCD loans** <sup>(2)</sup> |  |  |  |  |  |
| Non-performing loans | 19321 | 18455 | 17224 | 23180 | 18948 |
| Non-performing assets | 19321 | 18455 | 17224 | 23286 | 19054 |
| Delinquent loans 30 to 89 days (excludes non-performing loans)  | 10491 | 10412 | 8177 | 15942 | 13546 |
| TDRs  | 13126 | 15397 | 16442 | 18597 | 23294 |
| Allowance for loan credit losses as a percent of total non-performing loans <sup>(1)</sup> | 294.10% | 290.01% | 302.26% | 218.28% | 257.81% |
| Non-performing loans as a percent of total loans receivable  | 0.19 | 0.19 | 0.18 | 0.25 | 0.22 |
| Non-performing assets as a percent of total assets | 0.15 | 0.15 | 0.14 | 0.19 | 0.16 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1)Loans acquired from prior bank acquisitions were recorded at fair value. The net unamortized credit and PCD marks on these loans, not reflected in the allowance for loan credit losses, was $11.4 million, $13.6 million, $15.5 million, $16.9 million, and $18.9 million at December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022, and December 31, 2021, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(2)All balances and ratios exclude PCD loans.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>NET LOAN RECOVERIES (CHARGE-OFFS)</u>** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** |
| | **December 31, 2022** | **September 30,<br>2022** | **June 30,<br>2022** | **March 31,<br>2022** | **December 31,<br>2021** |
| Net loan recoveries (charge-offs): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loan charge-offs | $(138) | $(5) | $(287) | $(143) | $(92) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recoveries on loans | 143 | 257 | 278 | 235 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loan recoveries (charge-offs) | $5 | $252 | $(9) | $92 | $19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loan recoveries (charge-offs) to average total loans (annualized) | NM\* | NM\* | —% | NM\* | NM\* |
| Net loan recoveries (charge-offs) detail: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial | $(46) | $117 | $154 | $25 | $(24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential real estate | 9 | 44 | (47) | 94 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other consumer | 42 | 91 | (116) | (27) | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loan recoveries (charge-offs) | $5 | $252 | $(9) | $92 | $19 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* Not meaningful as amounts are net loan recoveries.

------

**OceanFirst Financial Corp.**

**ANALYSIS OF NET INTEREST INCOME**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** |
| | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **September 30, 2022** | **September 30, 2022** | **September 30, 2022** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** |
| **(dollars in thousands)** | **Average<br>Balance** | **Interest** | **Average**<br>**Yield/**<br>**Cost** <sup>(1)</sup> | **Average<br>Balance** | **Interest** | **Average**<br>**Yield/**<br>**Cost** <sup>(1)</sup> | **Average<br>Balance** | **Interest** | **Average**<br>**Yield/**<br>**Cost** <sup>(1)</sup> |
| **Assets:** | | | | | | | | | |
| Interest-earning assets: |  |  |  |  |  |  |  |  |  |
| Interest-earning deposits and short-term investments | $70023 | $634 | 3.59% | $65648 | $336 | 2.03% | $698652 | $300 | 0.17% |
| Securities <sup>(2)</sup>  | 1764764 | 12597 | 2.83 | 1748687 | 10022 | 2.27 | 1710143 | 6765 | 1.57 |
| Loans receivable, net <sup>(3)</sup> |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial | 6715896 | 88991 | 5.26 | 6509515 | 74309 | 4.53 | 5635642 | 57829 | 4.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential real estate | 2841073 | 24532 | 3.45 | 2791067 | 22818 | 3.27 | 2430635 | 20454 | 3.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other consumer | 262911 | 3523 | 5.32 | 256638 | 3014 | 4.66 | 273007 | 3109 | 4.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for loan credit losses, net of deferred loan costs and fees | (48776) |  |  | (44773) |  |  | (41889) |  |  |
| Loans receivable, net | 9771104 | 117046 | 4.76 | 9512447 | 100141 | 4.18 | 8297395 | 81392 | 3.89 |
| Total interest-earning assets | 11605891 | 130277 | 4.46 | 11326782 | 110499 | 3.88 | 10706190 | 88457 | 3.28 |
| Non-interest-earning assets | 1228520 |  |  | 1191173 |  |  | 1247420 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $12834411 |  |  | $12517955 |  |  | $11953610 |  |  |
| **Liabilities and Stockholders' Equity:** |  |  |  |  |  |  |  |  |  |
| Interest-bearing liabilities: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing checking | $3989403 | 4911 | 0.49% | $3873968 | 2671 | 0.27% | $4249001 | 2851 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Money market | 738637 | 917 | 0.49 | 793230 | 721 | 0.36 | 790471 | 282 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Savings | 1539175 | 285 | 0.07 | 1603147 | 187 | 0.05 | 1611522 | 141 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Time deposits | 1486410 | 7312 | 1.95 | 1467297 | 5659 | 1.53 | 819025 | 1736 | 0.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 7753625 | 13425 | 0.69 | 7737642 | 9238 | 0.47 | 7470019 | 5010 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;FHLB advances | 632207 | 6475 | 4.06 | 352392 | 2208 | 2.49 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities sold under agreements to repurchase | 88191 | 41 | 0.18 | 96147 | 35 | 0.14 | 132520 | 50 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other borrowings | 195167 | 3848 | 7.82 | 194755 | 3053 | 6.22 | 228980 | 2811 | 4.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total borrowings | 915565 | 10364 | 4.49 | 643294 | 5296 | 3.27 | 361500 | 2861 | 3.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | 8669190 | 23789 | 1.09 | 8380936 | 14534 | 0.69 | 7831519 | 7871 | 0.40 |
| Non-interest-bearing deposits | 2221884 |  |  | 2328700 |  |  | 2467588 |  |  |
| Non-interest-bearing liabilities | 378481 |  |  | 266564 |  |  | 134527 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 11269555 |  |  | 10976200 |  |  | 10433634 |  |  |
| Stockholders' equity | 1564856 |  |  | 1541755 |  |  | 1519976 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $12834411 |  |  | $12517955 |  |  | $11953610 |  |  |
| Net interest income |  | $106488 |  |  | $95965 |  |  | $80586 |  |
| Net interest rate spread <sup>(4)</sup> |  |  | 3.37% |  |  | 3.19% |  |  | 2.88% |
| Net interest margin <sup>(5)</sup> |  |  | 3.64% |  |  | 3.36% |  |  | 2.99% |
| Total cost of deposits (including non-interest-bearing deposits) |  |  | 0.53% |  |  | 0.36% |  |  | 0.20% |

---

*(footnotes on following page)*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** |
| | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** |
| **(dollars in thousands)** | **Average<br>Balance** | **Interest** | **Average<br>Yield/<br>Cost** | **Average<br>Balance** | **Interest** | **Average<br>Yield/<br>Cost** |
| **Assets:** | | | | | | |
| Interest-earning assets: |  |  |  |  |  |  |
| Interest-earning deposits and short-term investments | $72913 | $1106 | 1.52% | $969982 | $1258 | 0.13% |
| Securities <sup>(2)</sup> | 1792598 | 39683 | 2.21 | 1517649 | 25597 | 1.69 |
| Loans receivable, net <sup>(3)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial | 6386755 | 287044 | 4.49 | 5362265 | 221144 | 4.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential real estate | 2724398 | 91432 | 3.36 | 2309790 | 79696 | 3.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other consumer | 256912 | 11910 | 4.64 | 298193 | 14397 | 4.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allowance for loan credit losses, net of deferred loan costs and fees | (44446) |  |  | (48637) |  |  |
| Loans receivable, net | 9323619 | 390386 | 4.19 | 7921611 | 315237 | 3.98 |
| Total interest-earning assets | 11189130 | 431175 | 3.85 | 10409242 | 342092 | 3.29 |
| Non-interest-earning assets | 1200725 |  |  | 1260079 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $12389855 |  |  | $11669321 |  |  |
| **Liabilities and Stockholders' Equity:** |  |  |  |  |  |  |
| Interest-bearing liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing checking | $4063716 | 11344 | 0.28% | $3878465 | 13400 | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money market | 764837 | 2234 | 0.29 | 769157 | 1105 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Savings | 1597648 | 758 | 0.05 | 1581472 | 631 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time deposits | 1167499 | 16685 | 1.43 | 985328 | 10074 | 1.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 7593700 | 31021 | 0.41 | 7214422 | 25210 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLB advances | 389750 | 10365 | 2.66 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities sold under agreements to repurchase | 101377 | 159 | 0.16 | 134939 | 253 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other borrowings | 203117 | 12153 | 5.98 | 228600 | 11291 | 4.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total borrowings | 694244 | 22677 | 3.27 | 363539 | 11544 | 3.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | 8287944 | 53698 | 0.65 | 7577961 | 36754 | 0.49 |
| Non-interest-bearing deposits | 2319657 |  |  | 2429547 |  |  |
| Non-interest-bearing liabilities | 239861 |  |  | 151950 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 10847462 |  |  | 10159458 |  |  |
| Stockholders' equity | 1542393 |  |  | 1509863 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $12389855 |  |  | $11669321 |  |  |
| Net interest income |  | $377477 |  |  | $305338 |  |
| Net interest rate spread <sup>(4)</sup> |  |  | 3.20% |  |  | 2.80% |
| Net interest margin <sup>(5)</sup> |  |  | 3.37% |  |  | 2.93% |
| Total cost of deposits (including non-interest-bearing deposits) |  |  | 0.31% |  |  | 0.26% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;Average yields and costs are annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;Net interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp;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)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2022** | **September 30,<br>2022** | **June 30,<br>2022** | **March 31,<br>2022** | **December 31,<br>2021** |
| **Selected Financial Condition Data:** | | | | | |
| Total assets | $13103896 | $12683453 | $12438653 | $12164945 | $11739616 |
| Debt securities available-for-sale, at estimated fair value | 457648 | 470300 | 507276 | 546470 | 568255 |
| Debt securities held-to-maturity, net of allowance for securities credit losses | 1221138 | 1027712 | 1068034 | 1099514 | 1139193 |
| Equity investments | 102037 | 81722 | 75269 | 93888 | 101155 |
| Restricted equity investments, at cost | 109278 | 77556 | 76047 | 56704 | 53195 |
| Loans receivable, net of allowance for loan credit losses | 9868718 | 9672488 | 9380688 | 9065679 | 8583352 |
| Deposits | 9675206 | 9959469 | 9831484 | 10056233 | 9732816 |
| Federal Home Loan Bank advances | 1211166 | 514200 | 488750 | 75002 |  |
| Securities sold under agreements to repurchase and other borrowings | 264500 | 291203 | 300149 | 312178 | 347910 |
| Total stockholders' equity | 1585464 | 1540216 | 1521432 | 1519334 | 1516553 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** |
| | **December 31, 2022** | **September 30,<br>2022** | **June 30,<br>2022** | **March 31,<br>2022** | **December 31,<br>2021** |
| **Selected Operating Data:** | | | | | |
| Interest income | $130277 | $110499 | $99416 | $90983 | $88457 |
| Interest expense | 23789 | 14534 | 8619 | 6756 | 7871 |
| Net interest income | 106488 | 95965 | 90797 | 84227 | 80586 |
| Credit loss expense (benefit) | 3647 | 1016 | 1254 | 1851 | (1573) |
| Net interest income after credit loss expense (benefit) | 102841 | 94949 | 89543 | 82376 | 82159 |
| Other income (excluding net gain (loss) on equity investments) | 10364 | 11788 | 15619 | 11638 | 10662 |
| Net gain (loss) on equity investments | 17187 | 3362 | (8078) | (2786) | (1252) |
| Operating expenses (excluding merger related and branch consolidation expense (benefit), net) | 59341 | 59045 | 57919 | 55128 | 57097 |
| Branch consolidation expense (benefit), net | 111 | (346) | 546 | 402 | 7286 |
| Merger related expenses | 276 | 298 | 196 | 1965 | 451 |
| Income before provision for income taxes | 70664 | 51102 | 38423 | 33733 | 26735 |
| Provision for income taxes | 17353 | 12298 | 8940 | 7974 | 4078 |
| Net income | 53311 | 38804 | 29483 | 25759 | 22657 |
| Net income attributable to non-controlling interest | 39 | 193 | 522 |  |  |
| Net income attributable to OceanFirst Financial Corp. | $53272 | $38611 | $28961 | $25759 | $22657 |
| Net income available to common stockholders | $52268 | $37607 | $27957 | $24755 | $21653 |
| Diluted earnings per share | $0.89 | $0.64 | $0.47 | $0.42 | $0.37 |
| Net accretion/amortization of purchase accounting adjustments included in net interest income | $2278 | $2004 | $2196 | $2953 | $3610 |

---

------

(continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **At or For the Three Months Ended** | **At or For the Three Months Ended** | **At or For the Three Months Ended** | **At or For the Three Months Ended** | **At or For the Three Months Ended** |
| | **December 31, 2022** | **September 30,<br>2022** | **June 30,<br>2022** | **March 31,<br>2022** | **December 31,<br>2021** |
| **Selected Financial Ratios and Other Data** <sup>(1) (2)</sup>**:** | | | | | |
| **Performance Ratios (Annualized):** | | | | | |
| Return on average assets <sup>(3)</sup> | 1.62% | 1.19% | 0.92% | 0.84% | 0.72% |
| Return on average tangible assets <sup>(3) (4)</sup> | 1.68 | 1.24 | 0.96 | 0.88 | 0.75 |
| Return on average stockholders' equity <sup>(3)</sup> | 13.25 | 9.68 | 7.31 | 6.57 | 5.65 |
| Return on average tangible stockholders' equity <sup>(3) (4)</sup> | 19.85 | 14.62 | 11.08 | 9.94 | 8.59 |
| Return on average tangible common equity <sup>(3) (4)</sup> | 20.97 | 15.47 | 11.72 | 10.52 | 9.09 |
| Stockholders' equity to total assets | 12.10 | 12.14 | 12.23 | 12.49 | 12.92 |
| Tangible stockholders' equity to tangible assets <sup>(4)</sup> | 8.47 | 8.38 | 8.39 | 8.60 | 8.89 |
| Tangible common equity to tangible assets <sup>(4)</sup> | 8.03 | 7.92 | 7.92 | 8.13 | 8.40 |
| Net interest rate spread | 3.37 | 3.19 | 3.18 | 3.08 | 2.88 |
| Net interest margin | 3.64 | 3.36 | 3.29 | 3.18 | 2.99 |
| Operating expenses to average assets | 1.85 | 1.87 | 1.92 | 1.95 | 2.15 |
| Efficiency ratio <sup>(5)</sup> | 44.56 | 53.10 | 59.65 | 61.77 | 72.04 |
| Loans-to-deposits | 102.50 | 97.60 | 95.90 | 90.60 | 88.60 |

---

---

| | | |
|:---|:---|:---|
| | **At or For the Year Ended December 31,** | **At or For the Year Ended December 31,** |
| | **2022** | **2021** |
| **Performance Ratios:** |  |  |
| Return on average assets <sup>(3)</sup> | 1.15% | 0.91% |
| Return on average tangible assets <sup>(3) (4)</sup> | 1.20 | 0.95 |
| Return on average stockholders' equity <sup>(3)</sup> | 9.24 | 7.02 |
| Return on average tangible stockholders' equity <sup>(3) (4)</sup> | 13.96 | 10.73 |
| Return on average tangible common equity <sup>(3) (4)</sup> | 14.76 | 11.37 |
| Net interest rate spread | 3.20 | 2.80 |
| Net interest margin | 3.37 | 2.93 |
| Operating expenses to average assets | 1.90 | 1.94 |
| Efficiency ratio <sup>(5)</sup> | 53.80 | 63.50 |

---

------

(continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **At or For the Three Months Ended** | **At or For the Three Months Ended** | **At or For the Three Months Ended** | **At or For the Three Months Ended** | **At or For the Three Months Ended** |
| | **December 31,**<br>**2022** | **September 30,**<br>**2022** | **June 30,**<br>**2022** | **March 31,**<br>**2022** | **December 31,**<br>**2021** |
| **Trust and Asset Management:** |  |  |  |  |  |
| Wealth assets under administration and management ("AUA/M") | $324066 | $273815 | $279222 | $296818 | $287404 |
| Nest Egg AUA/M | 403538 | 402256 | 398344 | 415478 | 428558 |
| Total AUA/M | 727604 | 676071 | 677566 | 712296 | 715962 |
| **Per Share Data:** |  |  |  |  |  |
| Cash dividends per common share | $0.20 | $0.20 | $0.17 | $0.17 | $0.17 |
| Stockholders' equity per common share at end of period | 26.81 | 26.04 | 25.73 | 25.58 | 25.63 |
| Tangible common equity per common share at end of period <sup>(4)</sup> | 17.08 | 16.30 | 15.96 | 15.94 | 15.93 |
| Common shares outstanding at end of period | 59144128 | 59138507 | 59130236 | 59388983 | 59175046 |
| Preferred shares outstanding at end of period | 57370 | 57370 | 57370 | 57370 | 57370 |
| Number of full-service customer facilities: | 38 | 38 | 38 | 38 | 47 |
| **Quarterly Average Balances** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total securities | $1764764 | $1748687 | $1811869 | $1846452 | $1710143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans receivable, net | 9771104 | 9512447 | 9204583 | 8796861 | 8297395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-earning assets | 11605891 | 11326782 | 11083892 | 10732139 | 10706190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total goodwill and core deposit intangible | 520400 | 521566 | 522666 | 518106 | 519401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 12834411 | 12517955 | 12251985 | 11947210 | 11953610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time deposits | 1486410 | 1467297 | 937387 | 767709 | 819025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deposits (including non-interest-bearing deposits) | 9975509 | 10066342 | 9665200 | 9944352 | 9937607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total borrowings | 915565 | 643294 | 837164 | 375578 | 361500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | 8669190 | 8380936 | 8174240 | 7918133 | 7831519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-interest bearing deposits | 2221884 | 2328700 | 2328124 | 2401797 | 2467588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholders' equity | 1564856 | 1541755 | 1534721 | 1527839 | 1519976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tangible stockholders' equity <sup>(4)</sup> | 1044456 | 1020189 | 1012055 | 1009733 | 1000575 |
| **Quarterly Yields and Costs** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total securities | 2.83% | 2.27% | 1.90% | 1.86% | 1.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans receivable, net | 4.76 | 4.18 | 3.95 | 3.79 | 3.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-earning assets | 4.46 | 3.88 | 3.60 | 3.43 | 3.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time deposits | 1.95 | 1.53 | 0.97 | 0.77 | 0.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cost of deposits (including non-interest-bearing deposits) | 0.53 | 0.36 | 0.18 | 0.16 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total borrowed funds | 4.49 | 3.27 | 2.06 | 2.93 | 3.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | 1.09 | 0.69 | 0.42 | 0.35 | 0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest spread | 3.37 | 3.19 | 3.18 | 3.08 | 2.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest margin | 3.64 | 3.36 | 3.29 | 3.18 | 2.99 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;With the exception of end of quarter ratios, all ratios are based on average daily balances.

&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;Performance ratios for each period are presented on a GAAP basis and include non-core operations. Refer to "Non-GAAP Reconciliation."

&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;Ratios for each period are based on net income available to common stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Tangible stockholders' equity and tangible assets exclude intangible assets related to goodwill and core deposit intangible. Tangible common equity excludes goodwill, core deposit intangible and preferred equity. Refer to "Non-GAAP Reconciliation."

&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp;Efficiency ratio represents the ratio of operating expenses to the aggregate of other income and net interest income.

------

**OceanFirst Financial Corp.**

**OTHER ITEMS**

(dollars in thousands, except per share amounts)

**<u>NON-GAAP RECONCILIATION</u>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** |
| | **December 31, 2022** | **September 30,<br>2022** | **June 30,<br>2022** | **March 31,<br>2022** | **December 31,<br>2021** |
| **Core Earnings:** | | | | | |
| Net income available to common stockholders **(GAAP)** | $52268 | $37607 | $27957 | $24755 | $21653 |
| Add (less) non-recurring and non-core items: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merger related expenses | 276 | 298 | 196 | 1965 | 451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Branch consolidation expense (benefit), net <sup>(1)</sup> | 111 | (346) | 546 | 402 | 7286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (gain) loss on equity investments | (17187) | (3362) | 8078 | 2786 | 1252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax expense (benefit) on items | 4060 | 824 | (2132) | (1141) | (2144) |
| Core earnings **(Non-GAAP)** | $39528 | $35021 | $34645 | $28767 | $28498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | $17353 | $12298 | $8940 | $7974 | $4078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit loss expense (benefit) | 3647 | 1016 | 1254 | 1851 | (1573) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: income tax expense (benefit) on non-core items | 4060 | 824 | (2132) | (1141) | (2144) |
| Core earnings PTPP **(Non-GAAP)** | $56468 | $47511 | $46971 | $39733 | $33147 |
| Core diluted earnings per share | $0.67 | $0.60 | $0.59 | $0.49 | $0.48 |
| Core earnings PTPP diluted earnings per share | $0.96 | $0.81 | $0.80 | $0.67 | $0.56 |
| **Core Ratios (Annualized):** |  |  |  |  |  |
| Return on average assets | 1.22% | 1.11% | 1.13% | 0.98% | 0.95% |
| Return on average tangible stockholders' equity | 15.01 | 13.62 | 13.73 | 11.55 | 11.30 |
| Return on average tangible common equity | 15.86 | 14.40 | 14.53 | 12.23 | 11.96 |
| Efficiency ratio | 50.78 | 54.80 | 54.43 | 57.51 | 62.57 |
| (1) Includes $2.0 million of gains related to the sale of two branches for the three months ended December 31, 2021. | (1) Includes $2.0 million of gains related to the sale of two branches for the three months ended December 31, 2021. | (1) Includes $2.0 million of gains related to the sale of two branches for the three months ended December 31, 2021. | (1) Includes $2.0 million of gains related to the sale of two branches for the three months ended December 31, 2021. | (1) Includes $2.0 million of gains related to the sale of two branches for the three months ended December 31, 2021. | (1) Includes $2.0 million of gains related to the sale of two branches for the three months ended December 31, 2021. |

---

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(continued)

---

| | | |
|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| | **2022** | **2021** |
| **Core Earnings:** |  |  |
| Net income available to common stockholders **(GAAP)** | $142587 | $106060 |
| Add (less) non-recurring and non-core items: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merger related expenses | 2735 | 1503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Branch consolidation expense, net <sup>(1)</sup> | 713 | 12337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain on equity investments | (9685) | (7145) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax expense (benefit) on items | 1611 | (1590) |
| Core earnings **(Non-GAAP)** | $137961 | $111165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | $46565 | $32165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit loss expense (benefit) | 7768 | (11832) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: income tax expense (benefit) on non-core items | 1611 | (1590) |
| Core earnings PTPP **(Non-GAAP)** | $190683 | $133088 |
| Core diluted earnings per share | $2.34 | $1.86 |
| Core earnings PTPP diluted earnings per share | $3.24 | $2.23 |
| **Core Ratios:** |  |  |
| Return on average assets | 1.11% | 0.95% |
| Return on average tangible stockholders' equity | 13.50 | 11.25 |
| Return on average tangible common equity | 14.28 | 11.92 |
| Efficiency ratio | 54.21 | 60.84 |
| (1) Includes $2.0 million of gains related to the sale of two branches for the year ended December 31, 2021. | (1) Includes $2.0 million of gains related to the sale of two branches for the year ended December 31, 2021. | (1) Includes $2.0 million of gains related to the sale of two branches for the year ended December 31, 2021. |

---

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(continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31,**<br>**2022** | **September 30,**<br>**2022** | **June 30,**<br>**2022** | **March 31,**<br>**2022** | **December 31,**<br>**2021** |
| **Tangible Equity:** |  |  |  |  |  |
| Total stockholders' equity | $1585464 | $1540216 | $1521432 | $1519334 | $1516553 |
| Less: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 506146 | 506146 | 506146 | 500319 | 500319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Core deposit intangible | 13497 | 14656 | 15827 | 17005 | 18215 |
| Tangible stockholders' equity | 1065821 | 1019414 | 999459 | 1002010 | 998019 |
| Less: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred stock | 55527 | 55527 | 55527 | 55527 | 55527 |
| Tangible common equity | $1010294 | $963887 | $943932 | $946483 | $942492 |
| **Tangible Assets:** |  |  |  |  |  |
| Total assets | $13103896 | $12683453 | $12438653 | $12164945 | $11739616 |
| Less: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 506146 | 506146 | 506146 | 500319 | 500319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Core deposit intangible | 13497 | 14656 | 15827 | 17005 | 18215 |
| Tangible assets | $12584253 | $12162651 | $11916680 | $11647621 | $11221082 |
| Tangible stockholders' equity to tangible assets | 8.47% | 8.38% | 8.39% | 8.60% | 8.89% |
| Tangible common equity to tangible assets | 8.03% | 7.92% | 7.92% | 8.13% | 8.40% |

---

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(continued)

**<u>SUPPLEMENTAL INFORMATION ON TRIDENT</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** 

---

| | | | |
|:---|:---|:---|:---|
| | **For the Three Months Ended,** | **For the Three Months Ended,** | **For the Year Ended,** |
| | **December 31, 2022** | **September 30, 2022** | **December 31, 2022** |
| **GAAP Measures:** | | | |
| Net interest income | $106488 | $95965 | $377477 |
| Other income | 27551 | 15150 | 59094 |
| Total income | 134039 | 111115 | 436571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: income attributable to Trident <sup>(1)</sup> | 2617 | 3259 | 10387 |
| Total income, excluding Trident | 131422 | 107856 | 426184 |
| Total operating expense | 59728 | 58997 | 234881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: expense attributable to Trident <sup>(2)</sup> | 2519 | 2777 | 8502 |
| Total operating expense, excluding Trident | 57209 | 56220 | 226379 |
| Efficiency ratio | 44.56% | 53.10% | 53.80% |
| Efficiency ratio, excluding Trident | 43.53 | 52.13 | 53.12 |
| **Core Measures (non-GAAP):** |  |  |  |
| Net interest income | $106488 | $95965 | $377477 |
| Other income | 10364 | 11788 | 49409 |
| Total income | 116852 | 107753 | 426886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: income attributable to Trident <sup>(1)</sup> | 2617 | 3259 | 10387 |
| Total core income, excluding Trident | 114235 | 104494 | 416499 |
| Core operating expense | 59341 | 59045 | 231433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: expense attributable to Trident <sup>(2)</sup> | 2519 | 2777 | 8502 |
| Total operating expense, excluding Trident | 56822 | 56268 | 222931 |
| Core efficiency ratio | 50.78% | 54.80% | 54.21% |
| Core efficiency ratio, excluding Trident | 49.74 | 53.85 | 53.52 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;Trident title-related activity is primarily included in fees and service charges in the Consolidated Statements of Income.

&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;Trident operating expenses are primarily included in compensation and employee benefits and other operating expenses in the Consolidated Statements of Income.

## Exhibit 99.2

![](ex992q4-22investorpresen001.jpg)

. . . 1 The 4Q 2022 Investor Presentation should be read in conjunction with the Earnings Release furnished as Exhibit 99.1 to Form 8-K filed with the SEC on January 19, 2023. Exhibit 99.2 OceanFirst Financial Corp. 4Q 2022 Investor Presentation1 January 2023

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![](ex992q4-22investorpresen002.jpg)

. . .Legal Disclaimer FORWARD LOOKING STATEMENTS. In addition to historical information, this presentation contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are based on certain assumptions and describe future plans, strategies and expectations of the Company. These forward-looking statements are generally identified by use of the words "believe," "expect," "intend," "anticipate," "estimate," "project," "will," "should," "may," "view," "opportunity," "potential," or similar expressions or expressions of confidence. The Company's ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on the operations of the Company and its subsidiaries include, but are not limited to: implications arising from the termination of the proposed merger with Partners Bancorp, including reputational risks and potential adverse effects on the ability to attract other merger partners; the impact of the COVID-19 pandemic or any other pandemic on our operations and financial results and those of our customers, changes in interest rates, inflation, general economic conditions, potential recessionary conditions, levels of unemployment in the Bank's lending area, real estate market values in the Bank's lending area, future natural disasters, potential increases to flood insurance premiums, the current or anticipated impact of military conflict, terrorism or other geopolitical events, 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, competition, demand for financial services in the Company's market area, changes in consumer spending, borrowing and savings habits, changes in accounting principles, a failure in or breach of the Company's operational or security systems or infrastructure, including cyberattacks, the failure to maintain current technologies, failure to retain or attract employees and the Bank's ability to successfully integrate acquired operations. These risks and uncertainties are further discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2021, under Item 1A - Risk Factors and elsewhere, and subsequent securities filings and should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. The Company does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions which 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 in the Company's Earnings Release furnished as Exhibit 99.1 to Form 8-K as filed with the SEC on January 19, 2023. 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. 2

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![](ex992q4-22investorpresen003.jpg)

. . .Strategic and Operational Focus 3 Outstanding and Proven Growth Efficiency Cost Model Focused on Investment in Technology Efficient Funding Base and Competitive Spreads Strategic Capital Utilization Significant top-line revenue growth driven by robust loan growth. Optimized branch network by refocusing spend on technology to enhance our customer experience and operational efficiency. NIM continues to trend upward with expansion spurred by loan growth and our asset-sensitive balance sheet. Significant stockholder capital returns, minimally dilutive acquisitions, maintaining strong regulatory capital thresholds.

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![](ex992q4-22investorpresen004.jpg)

. . .2022 Financial Highlights 4 Performance Year-over-Year (1) Core metrics exclude merger related expenses, net branch consolidation expenses (benefit), net loss/gain on equity investments, and the income tax effect of these items, (collectively referred to as "non-core" items). TBV (tangible book value) per common share excludes goodwill, core deposit intangible, and preferred equity. Refer to the "Non-GAAP Reconciliation" in the Earnings Release for additional information. (2) PTPP (Pre-tax Pre-provision) excludes the pre-tax "non-core" items along with income tax expense (benefit) and credit loss provision (benefit). Refer to the "Non-GAAP Reconciliation" in the Earnings Release for additional information. (3) NIM (Net Interest Margin) +39.6% +71.4% Core Diluted EPS 1 Core Diluted PTPP per Share 1, 2 +38.7% +70.4% Core Earnings 1 Core PTPP 1, 2 +$1.15 +65 bps TBV per Share 1 NIM 3 Performance Quarter-over-Quarter +11.7% +2.1% Core Diluted EPS 1 Loan Growth -4.0% +28 bps Core Efficiency Ratio 1 NIM 3 Record Full Year 2022 Performance $3.1 billion Loans Originated $377.5 million Net Interest Income $17.08 Tangible Book Value per Share +11 bps +10.1% Core ROAA 1 Core ROTCE 1

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![](ex992q4-22investorpresen005.jpg)

. . .Proven Historical Net Interest Income and Loan Growth 5 76,829 120,262 169,218 240,502 255,971 312,951 305,338 377,477 2016 3.71% 3.46% 3.25% 2015 3.52% 2017 2018 3.62% 2019 3.16% 2020 2.93% 2021 3.37% 2022 Net Interest Margin Net Interest Income Peer Leading Net Interest Income Growth ($'000) Net Interest Income CAGR 25.5% 1,135 1,187 2,023 2,296 3,492 4,378 5,172741 793 1,145 1,055 997 145 623 831 1,704 1,749 2,045 2,321 2,309 2,480 2,862 308 193 261 339 511 2015 153 291 534 3,817 2016 281 408 188570 8,623 2017 7,756 475 305 2018 396 2019 6,214 471 2020 449 2021 264 1,988 2022 3,975 5,589 9,918 Home Equity & Consumer Residential C&I Loan Owner Occupied CRE Investor CRE Significant Growth in Commercial Loan Portfolio ($'millions) Investor CRE CAGR 39.2% Owner Occupied CRE / C&I CAGR 20.0%

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![](ex992q4-22investorpresen006.jpg)

. . .Successful Commercial Loan Growth and Geographic Diversification 6 49% 69% 2015 Q4-22 +20% (Commercial % of Loan Portfolio) Commercial Loans by Geography as of Q4-22 52% of commercial loans originated in Philadelphia and NY Emphasis on Commercial Increase of $5.8B in commercial loans since 2015 42% 30% 22% 6% New Jersey New York Philadelphia Boston & Baltimore Total: $6.8B New York commercial loan balance surpassed $2 billion in Q2-22

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![](ex992q4-22investorpresen007.jpg)

. . .Balanced Approach to Deposit Pricing and Growth 7 Shift Toward Non-Interest Bearing Deposits ($'millions) 1,661 3,542 3,736 4,948 5,393 8,055 8,958 8,133647 607 866 936 1,373 775 1,542 2020 255 202120182015 2016 2017 2019 2022 1,916 4,189 4,343 5,814 6,329 9,428 9,733 9,675 CoreNon-Core (1) Core deposits represent all deposits less time deposits. Organic Deposit Growth Bolstered by Acquisitions ($'millions) 4,343 9,733 9,675 2,123 1,616 1,894 4,187 2015 449 123 2016 201920182017 2020 2021 2022 1,916 5,814 6,329 9,428 Organic DepositsAcquired Deposits 60% 40% ConsumerCommercial Total: $9.7B Average Cost of Deposits YTD Int. Bearing Checking 0.28% Money Market 0.29% Savings 0.05% Time Deposits 1.43% Total (incl. non-int bearing) 0.31% Deposit costs are increasing, but deposit betas remain under 10% and are a fraction of the Company's historical experience in the last rising rate cycle.

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![](ex992q4-22investorpresen008.jpg)

. . . Core Efficiency Ratio1 Expense Discipline and Focused Investment 8 Core Non-Interest Expense1 ($'000) 43,126 42,802 41,721 42,331 45,711 13,971 12,326 12,992 13,937 11,111 Q1-22Q4-21 3,206 Q2-22 2,777 Q4-22 2,519 Q3-22 57,097 55,128 57,919 59,045 59,341 Trident Technology Expense Other Core Non-Int Exp 1.87% 1.83% 57.51% 62.57% Q4-21 Q1-22 54.43% Q2-22 54.80% Q3-22 50.78% Q4-22 1.90% 1.89% 1.87% Core Efficiency Ratio Core Non-Interest Expense to Average Assets (Annualized) (1) Core metrics exclude merger related expenses, net branch consolidation expenses (benefit), net loss/gain on equity investments, and the income tax effect of these items. Refer to the "Non-GAAP Reconciliation" in the Earnings Release for additional information.  Core Non-Interest Expense remained relatively flat quarter-over-quarter.  Q4-22 expenses included $2.5 million of Trident Abstract Title Agency, LLC ("Trident") expenses. We anticipate Trident run-rate to continue at approximately $2 – $4 million per quarter.

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![](ex992q4-22investorpresen009.jpg)

. . .Core Non-Interest Income ($'000)1 Expansion Opportunity 9  Q4-22 non-interest income included Trident operations, which generated $2.6 million of non-interest income in the quarter. We anticipate Trident run- rate fee income of $3 – $5 million per quarter. 656 731 784 873 745 1,323 2,781 2,294 1,471 2,061 2,103 1,422 1,356 1,697 3,314 3,060 3,299 3,320 3,349 3,308 2,963 3,310 1,509 1,437 Q4-21 3,259 2,617 Q1-22 Q3-22 4,510 Q2-22 519 Q4-22 10,662 11,638 15,619 11,788 10,364 Trident Fee Income Income from BOLIBankcard Services Fees and Service Charges Commercial Loan Swap Income Other (1) Core Non-Interest Income excludes net loss/gain on equity investments. Refer to the "Non-GAAP Reconciliation" in the Earnings Release for additional information.

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![](ex992q4-22investorpresen010.jpg)

. . .Operational Efficiency 10 Deposits per Branch ($'millions) (56) bps2.39% 1.83% 2015 2022 Core Non-interest Expense1 to Total Avg. Assets 71 69 94 99 113 152 207 255 20182015 20222016 20212017 2019 2020 3.6x Operating Efficiency ($'millions) (1) Core metrics exclude merger related expenses, net branch consolidation expenses (benefit), and net loss/gain on equity investments. In addition, for comparison purposes, Trident operations have been excluded from expenses. Refer to the "Non-GAAP Reconciliation" and "Supplemental Information on Trident" in the Earnings Release for additional information. 7 7 8 9 9 12 13 13 96 85 118 127 147 185 250 345 2015 20172016 202220192018 2020 2021 Assets per FTE Assets per Branch

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![](ex992q4-22investorpresen011.jpg)

. . .Growth in Net Interest Margin 11  Asset-sensitive balance sheet well-positioned for rising interest rates with 29% of the loan portfolio at 12/31/22 set to re-price.  Average loan balances increased by $263 million from the linked quarter with a loan pipeline of $166 million at 12/31/22.  Competitive market environment as peers compete on rate for quality credit.  Maintaining a healthy loan-to-deposit ratio while remaining disciplined on deposit pricing and managing funding costs. (1) Core NIM excludes purchase accounting and prepayment fee income. Refer to the Earnings Release for additional information. Core NIM1 vs NIM NIM Bridge Headwinds Tailwinds 0.22% 3.36% Q3-22 NIM Rate environment, change in balances, funding mix, and other 0.05% Impact of prepayment fees and payoffs Q4-22 NIM 0.01% Purchase accounting impact 3.64% Q4-22Q2-22 2.99% 2.81% Q4-21 3.18% 3.06% Q1-22 3.29% 3.12% 3.36% 3.28% Q3-22 3.64% 3.54% NIM Core NIM

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![](ex992q4-22investorpresen012.jpg)

. . .Generating Consistent and Attractive Returns 12 Book Value and Tangible Book Value per Common Share ($)1 Core ROAA, ROTE1, and ROTCE1 • Tangible book value per common share increased by $0.78 (or 4.8%) per share compared to the linked quarter. • Announced and paid increased dividend by 18% to $0.20 per share in Q3-22. Capital Management ($'millions) 15.93 15.94 15.96 16.30 17.08 25.63 25.58 25.73 26.04 26.81 Q1-22Q4-21 Q2-22 Q4-22Q3-22 Book Value per Share Tangible Book Value per Common Share 11.30% 11.96% 0.95% 12.23% Q4-21 11.55% 1.13% 0.98% Q1-22 13.73% 14.53% Q2-22 13.62% 14.40% 1.11% Q4-22Q3-22 15.01% 15.86% 1.22% Core ROTE Core ROAA Core ROTCE 10 10 10 12 12 5 2 5 8.39% 8.89% 8.60% Q4-21 0 Q2-22Q1-22 8.38% Q3-22 8.47% 0 Q4-22 Tangible Stockholders' Equity to Tangible Assets1 Share Repurchases QTD Cash Dividend QTD (1) Core metrics exclude merger related expenses, net branch consolidation expenses (benefit), net loss/gain on equity investments, and the income tax effect of these items. Tangible book value and tangible assets exclude goodwill, core deposit intangible, and preferred equity. Refer to the "Non-GAAP Reconciliation" in the Earnings Release for additional information.

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![](ex992q4-22investorpresen013.jpg)

. . .Business Model Strength Driving Significant Capital Return 13 $0.49 $1.01 $1.55 $2.15 $2.77 $3.45 $4.13 $4.81 $5.55 $0.55 $0.94 $1.04 $1.09 $1.39 $1.97 $2.25 $2.86 $2.98 $14.26 2013 $12.33 2014 $12.33 20202016 2018 $12.91 $17.08 $13.67 20222015 $12.94 2021 $13.58 $21.36 2017 $15.13 2019 $23.60 $14.98 $15.93 $13.95 $15.53$15.62 $16.82 $18.42 $20.55 $25.61 Cumulative Dividends/ShareCumulative Share Repurchase/Share TBVPCS The growth in TBV per common share (TBVPCS1) is attributed to:  Minimally dilutive and strategic acquisitions in critical new markets  Stock buybacks  2.9 million available shares for repurchase  Stable & competitive dividend  104th consecutive quarter  Historical Payout Ratio of 30% to 40%  Announced an increase in the dividend of 18% to $0.20 per share in Q3-22 (1) Tangible book value per common share excludes goodwill, core deposit intangible, and preferred equity. Refer to the "Non-GAAP Reconciliation" in the Earnings Release for additional information. 2022 Growth Since 2013 Tangible Book Value per Share 1 38.5% Total Capital Return per Share 107.7%

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![](ex992q4-22investorpresen014.jpg)

. . . I N V E S T O R P R E S E N T A T I O N 14 Appendix

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![](ex992q4-22investorpresen015.jpg)

. . .OCFC's Strong History of Credit Discipline 15 Global Financial Crisis Net Charge Offs (NCOs) / Avg. Loans (%) Hurricane Sandy (1) Source: S&P Global (2) Proxy and US Bank industry reporting is on a one quarter lag (3) Peer group disclosed in OCFC's DEF-14A filed 4/26/22. This excludes (i) Investors Bancorp due to the sale the Citizens Financial Group; (ii) Boston Private Financial Holdings due to the sale to SVB Financial Group; and (iii) Meridian Bancorp due to the sale to Independent Bank Corp. 1.00% 0.00% 3.00% 2.00% 0.50 2.50 -0.50 1.50 Q1-222019 20212007 2008 2009 2010 2011 20182012 2013 2014 2015 20202016 2017 Q2-22 Q3-22 US Commercial Banks $10-50 bn 1, 2 OCFC Peer Group 1, 2, 3 OCFC's average NCO totaled 6 bps over the last five years, approximately 80% lower than the 32 bps average NCO for US Commercial Banks $10-50 billion in size over the same period.

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. . .Conservative Credit Risk Profile 16 0.21% 2021 0.03% 0.01% 2022 0.07% 0.08% 0.36% 0.35% 0.01% 0.10% 2016 2018 0.05% 0.02% 0.05% 0.11% 0.04% 2017 0.05% 0.12% 0.13% 0.31% 0.00% 0.29% 0.12% 2019 0.02% 0.30% 0.03% 0.11% 2020 0.00% 0.12% 0.47% 0.02% 0.00% 0.11% 0.06% 0.52% 0.22% 0.19 ResidentialCommercial & Industrial Commercial Real Estate Consumer (1) PCD loans are not included in these metrics. Refer to "Asset Quality" section in the Earnings Release for additional information. (2) Source: S&P Global. (3) Peer group reporting is on a one quarter lag. Peer group disclosed in OCFC's DEF-14A filed 4/26/22. This excludes (i) Investors Bancorp due to the sale the Citizens Financial Group; (ii) Boston Private Financial Holdings due to the sale to SVB Financial Group; and (iii) Meridian Bancorp due to the sale to Independent Bank Corp. 0.16% 0.54% 2022 0.22% 0.45% 2016 2017 2019 0.25% 2018 0.32% 2020 2021 0.15% Q3-22 Peer Group Average: 0.41%2,3 NPA/Assets Continued Focus on Credit Risk1Non-performing Loans by Type as % of Loans1

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. . .Quarterly Credit Trends (1 of 2) 17 Loan Allowance for Credit Losses (ACL) Plus PCD & General Credit Marks / Total Loans Net Charge-offs (NCOs) / (Recoveries) and Credit Loss Expense (Benefit) ($'000) 0.57% 0.12% 0.22% 0.69% 0.56%0.57% Q4-21 0.18% 0.17% Q1-22 0.55% Q2-22 0.14% 0.55% Q3-22 Q4-22 0.79% 0.74% 0.72% 0.69% ACLPCD & General Credit Marks (19) (92) 9 (252) (5) 0.00% (1,573) 1,254 0.00% Q1-22 0.00% Q4-21 Q4-22 1,851 Q3-22Q2-22 1,016 0.00% 3,647 0.00% Credit Loss Expense (Benefit) Net Charge-offs (Recoveries) NCOs / Average loans

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. . . Strong asset quality trends driven by prudent loan growth and credit decisioning. Quarterly Credit Trends (2 of 2) 18 Non-Performing Loans and Assets ($'000)1 Special Mention and Substandard Loans ($'000) Note: Of the $48.2 million in Special Mention loans and $50.8 million of Substandard loans, $43.2 million (or 89.5%) and $37.9 million (or 74.6%) are current on payments, respectively. 0.25% 0.22% Q4-21 0.16% 0.19% 106 106 Q3-22 0.18% Q1-22 0.14% 0 Q2-22 0.15% 0.19% 0 0.19% 0.15% 0 Q4-22 Non-performing loans to total loans OREO Non-performing assets to total assets Non-performing loans 18,948 23,180 17,224 18,455 19,321 148,557 114,030 103,294 97,353 50,776 91,607 91,611 60,812 54,330 48,214 164,106 Q4-22Q1-22 205,641 Q3-22Q4-21 Q2-22 240,164 151,683 98,990 Special Mention Substandard (1) PCD loans are not included in these metrics. Refer to Asset Quality section in the Earnings Release for additional information. Special mention and substandard loan totals declined 35% from Q3-22 to Q4-22.

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. . .Asset Growth Supplemented by Strategic M&A 19 ($ in millions) Target Closing Date Transaction Value Total Assets Colonial American Bank July 31, 2015 ~$12 million $142 million Cape Bancorp May 2, 2016 ~$196 million $1,518 million Ocean Shore Holding Co. November 30, 2016 ~$146 million $1,097 million Sun Bancorp, Inc. January 31, 2018 ~$475 million $2,044 million Capital Bank of New Jersey January 31, 2019 ~$77 million $495 million Two River Bancorp January 1, 2020 ~$197 million $1,109 million Country Bank Holding Company Inc. January 1, 2020 ~$113 million $798 million Weighted average1: Price/Tangible Book Value 158%; Core Deposit Premium 9.0% 2,615 2017 $142 2016 20192015 $2,044 $495 2018 $1,907 2020 2021 2022 $11,448 $7,516 $2,593 5,167 $8,246 $5,416 $11,740 13,104 Acquired Assets Organic Assets (1) At time of announcement.

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. . .Northeast and Mid-Atlantic Expansion Opportunities1 20 • New Jersey is an attractive market. • Statewide total population of 9.3 million. • Most densely populated state. • 11th most populous state. • Median household income of $85,245. • Significant opportunities for acquisitions to build customer base. • Support expansion in Pennsylvania, Metropolitan New York, Boston, Baltimore, and Washington D.C. Northeast U.S., DE, MD + D.C. Metro provides access to ~20% of the U.S. population (1) Source: U.S. Census Bureau VA PA NY MA CT RI MD DC DE NJ NH ME VT New Jersey Region Greater Philadelphia Region New York Region Boston Region Baltimore / D.C. Region

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. . .Experienced Management Team with Banking Expertise 21 Substantial insider ownership of 11%2, including Directors, Executive Officers, ESOP and OceanFirst Foundation. Executive Title Years with OceanFirst1 Select Experience Christopher D. Maher Chairman & Chief Executive Officer 9 • Director of the Federal Reserve Bank of Philadelphia • Former President and CEO of Patriot National Bancorp • Former EVP at Dime Community Bancshares, Inc. Joseph J. Lebel III President & Chief Operating Officer 16 • Wachovia Bank • Member of the Board for the New Jersey Chamber of Commerce Patrick S. Barrett Executive Vice President & Chief Financial Officer <1 • Former CFO of First Midwest Bancorp, Inc. and Fulton Financial Corp. • Extensive leadership and management experience at several financial institutions Steven J. Tsimbinos Executive Vice President, General Counsel & Corporate Secretary 12 • Thacher Proffitt & Wood • Lowenstein Sandler PC Grace M. Vallacchi Executive Vice President & Chief Risk Officer 5 • Office of the Comptroller of the Currency • First Fidelity Michele B. Estep Executive Vice President & Chief Administrative Officer 15 • Sun National Bancorp • Key Bank Karthik Sridharan Executive Vice President & Chief Information Officer 3 • Citigroup • JP Morgan Chase • Bank of America (1) Represents years of experience at OceanFirst and includes years at acquired banks. (2) As of 12/31/22.

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. . .Interest Rate Sensitivity (1 of 2) 22  OceanFirst Bank's balance sheet is asset-sensitive. An upward climb in rates should yield positive results in net interest income. Economic Value of Equity (EVE)1 - % ChangeEarnings at Risk (EAR)1 - % Change -5 0 5 10 15 14.3% +300 bps +100 bps 8.5% Base+200 bps 4.3% -2.5% -100 bps OceanFirst % Change -2.0 -1.5 -1.0 -0.5 0.0 0.5 1.0 1.5 2.0 1.6% Base+300 bps -1.6% 1.2% +100 bps+200 bps 0.6% -100 bps OceanFirst % Change Impact to Net Interest Income1 +$7.1MM +$5.4MM +$2.8MM -$7.0MM (1) Refer to the Quantitative and Qualitative Disclosures About Market Risk to be filed with the Form 10-K for additional details.

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. . .Interest Rate Sensitivity (2 of 2) 23 Rate Characteristics 79% 91% 57% 46% 62% 90% 84% 21% 9% 43% 54% 38% 10% 16% Mortgage LoansSecurities Consumer Loans DepositsCommercial Loans (CRE & C&I) Total Assets (Weighted Avg) Borrowings Adjustable/Floating Core DepositsFixed Note: Data as of 12/31/22 3.8 6.4 2.6 2.1 3.3 0.9 Time DepositsMortgage LoansSecurities Commercial LoansConsumer Loans Total Assets (Weighted Avg) Duration (Years) Asset and Liability Duration (Years)

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