2024 Annual Report

2024 Financial Summary

For more than 100 years, OceanFirst has taken great pride in the strong connections we make. We connect individuals and businesses with the capital and resources to reach their financial goals. We connect our communities with the services and support they need to thrive. We connect our team

Cash Dividends Per Common Share

members with opportunities for professional growth. For our stockholders, we connect our strategic vision with strong performance to enhance value.

$0.68 $0.68

$0.80 $0.80

$0.74

As 2024 began, the regional bank sector experienced the second significant shock in two years - a crisis at New York Community Bank that brought the liquidity crisis of 2023 back into the forefront. The specter of the 2023 issues at Silvergate Bank, Silicon Valley Bank, Signature Bank and First Republic loomed over the markets again. While the episode at New York Community was resolved with a $1 billion capital infusion on March 11th, questions about the regional bank model persisted, especially in regard to all regional banks operating in the greater New York City metropolitan area. In response, for the second time in two years, we prudently decided to defer growth plans and focus on protecting the balance sheet and your investment in our Company. This strategy was motivated by a desire to prepare for possible adverse events, and to reinforce investor and customer confidence.

2020 2021 2022 2023 2024

Efforts to protect the balance sheet were very successful, as evidenced by the Company earning an investment grade rating by Moody's in November 2024 and another year of stellar credit performance. Earnings remained stable while the Bank set aside additional funds to build loan loss reserves, and net charge-offs to average total loans totaled just 2 basis points, or 0.02%, for the year. At the same time, credit risk indicators, such as delinquencies and the level of criticized and classified assets, remained well below pre-pandemic averages and are among the lowest in our peer group. This conservatism served the Company

well, supporting growth in tangible book value per share to $18.98. Your Company is on very solid footing.

We made a number of strategic investments during the year to expand OceanFirst's solutions for customers-and our capacity for growth.

Total Assets

($ in billions)

However, the decision to defer growth negatively impacted earnings momentum. Beginning in the fourth quarter, the Company shifted its posture to achieve a level of growth and performance designed to improve earnings momentum in

2025 and beyond. There are two important aspects of this strategy. First, the inverted yield curve that persisted for over two years has finally broken, producing a rate environment that will help improve net interest margins over time. Net interest income, our primary source of revenue, increased in the fourth quarter of 2024 and is positioned for additional growth in 2025. Second, recruiting efforts escalated late in the year to attract the seasoned commercial bankers that drive our growth. As of this writing, the Bank has hired 31 bankers to drive the deposit and loan growth needed to improve earnings. We expect these new bankers to be immediately productive, although it may take a few quarters for their efforts to produce net income growth. Significantly, our loan pipeline at 2024 year-end was a strong $306.7 million.

In addition, the Company invested in two acquisitions in the second half of 2024, Garden State Home Loan and Spring Garden Capital, which are described on page 6. Our efforts in late 2024 should produce higher growth rates in 2025, a key driver of financial performance over the long-term.

At a time when persistent inflation, elevated interest rates, and changing policy priorities have contributed to an uncertain economic and business environment, OceanFirst remains sharply focused on delivering consistent growth and profitability, maintaining expense and credit discipline, and continuing to build connections to a prosperous future.

Strength, Profitability and Growth

OceanFirst reported net income available to common stockholders of $96.0 million, or $1.65 per diluted share, for 2024, approaching the level of $100.0 million, or $1.70 per diluted share, reported for the prior year. The earnings comparison was primarily the result of lower net interest income due to the prevailing interest rate environment, partly offset by rising non-interest income. Retuon average assets for 2024 was 0.71% and retuon average tangible common equity was 8.65%. These results reflect a difficult operating environment and we are highly focused on improving returns in the coming quarters.

Asset quality has remained consistently strong. Non- performing loans to total loans amounted to 0.35%, while the allowance for credit losses as a percentage of total non- performing loans was 207% at year-end 2024. In contrast to some lenders faced with large exposures to vacant office properties, our diverse loan portfolio held less than 1%

of assets in loans secured by office properties in central business districts.

Capital levels remain strong and in excess of "well-capitalized" regulatory levels. With tangible common equity of $1.1 billion at December 31, 2024, the common equity tier one capital ratio was a robust 11.2%. OceanFirst has continued to be a good steward of stockholder value, increasing book value per common share to $29.08 for 2024 from $27.96 a year ago. Tangible book value per common share increased to $18.98, compared to $18.35 in the previous year.

The Company paid cash dividends on our common stock totaling $0.80 per share in 2024; our Board of Directors approved our first quarterly cash dividend for the new year of $0.20 per common share in January 2025-marking our 112th consecutive quarterly cash dividend as a public company. We repurchased more than 1.38 million shares of common stock in the past year, totaling $21.5 million at a weighted average cost of $15.38, and there were over 1.55 million shares remaining for repurchase under the authorized repurchase program as of year-end 2024.

Reflecting our strong financial condition, OceanFirst Financial Corp. and our OceanFirst Bank subsidiary

received first-time Investment Grade ratings from Moody's Ratings-adistinction achieved by only 1% of all US banks.

The Company and the Bank have had Investment Grade ratings from Kroll Bond Rating Agency since 2016. We are also honored to have been named one of America's Best Regional Banks for 2024 by Newsweek, which recognizes the nation's top-ranked 250 regional banks, as well as one of the Best Companies to Work For by US News & World Report.

$18.98

Tangible Book Value

Per Common Share

(At December 31, 2024)

Connecting Customers with Solutions

As noted earlier, we made a number of strategic investments during the year to expand OceanFirst's capabilities for customers-and our capacity for growth-by acquiring complementary services and adding to our pool of talent.

In August 2024, Garden State Home Loans LLC became a division of OceanFirst Bank. Founded in 2011 and headquartered in Cherry Hill, NJ, Garden State is primarily a direct-to-consumer mortgage lending business with a multi-state presence. The addition of Garden State represents a meaningful expansion of OceanFirst's long-term mortgage origination capabilities, and our combined resources will enable us to build a true national lending platform and offer more comprehensive services to our customers. Garden State will provide an opportunity to increase gain-on-sale income in the coming quarters.

OceanFirst Bank acquired Spring Garden Capital Group, LLC in October 2024, expanding our offerings of specialty finance products. Spring Garden will continue to operate as a wholly- owned subsidiary of OceanFirst, providing a full array of financial and advisory services to real estate entrepreneurs, including loans, equity capital and other financing services to help clients acquire, renovate, construct, and refinance real estate. They serve a wide area that includes Philadelphia, Pittsburgh, Baltimore, and Washington, DC, and recently entered the Cleveland and

Loan Portfolio

Composition

(As of December 31, 2024) ($ in millions)

$5,288 CRE Investor Owned

$3,050 Residential

$902 CRE Owner Occupied

$648 C&I

$230 Home Equity & Consumer

Cincinnati markets. Notably, Spring Garden has a track record of supporting entrepreneurs, including women and people of color, who have historically faced barriers to securing funding from traditional capital sources, as well as a focus on financing projects such as affordable and workforce housing. Spring Garden will generate high quality, low-risk assets with attractive yields.

The Garden State and Spring Garden acquisitions are part of an ongoing effort to expand our array of financial services through strategic transactions-strengthening profitability and enhancing OceanFirst's ability to provide an extensive range of financial services and solutions, delivered with the engagement and personal touch of a community bank. These are just the latest

in a series of initiatives that have included an investment in the Nest Egg financial advisory platform (2018), a minority stake in the Auxilior Capital Partners equipment leasing and supply chain financing unit (2021), and our decision to invest in Trident Abstract Title Agency to enhance our customers' title insurance options (2022).

We are also focused on expanding via organic means, primarily by bringing on-board talented individuals with specialized expertise in areas we have targeted for growth. For example, we added 31 experienced bankers in 2024 to help grow that line of business, and we look forward to adding more bankers in 2025.

Similarly, we are excited about the potential for our recently established Premier Banking team, which was created to deliver highly personalized, relationship-based solutions to meet the specialized needs of commercial businesses, their owners, and senior managers. Employing an exclusive high-touch approach, our Personal Bankers can help commercial clients to access OceanFirst's full range of services, including deposit accounts, lending and credit options, treasury management, financial planning tools, and other resources. We view Premier Banking as a pivotal opportunity to enhance our already strong delivery of client services, while also attracting cost-effective deposits that can fuel future loan growth.

Commercial Loans by Geography(1)

(As of December 31, 2024)

39% New Jersey

29% New York

23% Philadelphia

9% Other Markets(2)

(1)Based on location.

(2)Comprised of Boston, Baltimore, Washington, DC, NortheVirginia, and Pittsburgh.

Connecting Communities with Capital

At OceanFirst, we are proud of our 123-year history of providing credit and other financial services to all residents of the communities we serve. We are pleased to note that the Bank received the highest overall rating of "Outstanding" for its 2024 Community Reinvestment Act (CRA) Performance Evaluation by our primary regulator, which is a reflection of our efforts to provide equitable access to credit across our market area. A few of our many initiatives to enhance and extend financial opportunities are noted below:

NeighborFirst Program

This first-mortgage program provides down payment assistance, discounted interest rates and reduced fees among other features for borrowers buying a home in majority-Black, Hispanic and Asian census tracts and low- or moderate- income homebuyers in New Jersey, New York, and Pennsylvania. Eligible first-time homebuyers also may qualify for grants towards closing costs. In 2024, the Bank originated $166 million in loans to over 450 borrowers, a significant increase over the $42.5 million in loans to over 150 borrowers in 2023.

Community Development Loans and Investments

In 2024, OceanFirst Bank made over $25 million in community development investments and $145 million in community development loans for a range of projects.