Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 ________________________________________________ FORM 10-Q ________________________________________________ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-11713 ________________________ ...

OceanFirst Financial Corp. (NASDAQ: OCFC ) is a smaller New Jersey-based regional bank that we first highlighted in January 2024. The 5% dividend yield is juicy here, but we remain cautious about the bank's loan portfolioSelloff got you down? We are thriving during it at BAD BEAT InvestingWe have the right high-conviction picks and have helped our members hedge, and done well in this selloff. We also have pinpointed areas to buy during the correction. Enjoy more rapid-returns with our strategy to advance yo ...

Exhibit 99.2 OceanFirst Financial Corp. 1Q 2025 Earnings Release Supplement(1) April 2025 (1) The 1Q 2025 Earnings Release Supplement should be read in conjunction with the Earnings Release furnished as Exhibit 99.1 to Form 8-K filed with the SEC on April 24, 2025. . . . 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 ba ...

Financial Data and Key Metrics Changes - The company reported earnings per share of $0.35 on a fully diluted GAAP and core basis, marking a second consecutive quarter of growth in both net and interest income, which increased by more than $3 million for the quarter [7][10] - Net interest margin expanded by 21 basis points, driven by deposit repricing efforts [7][18] - Operating expenses for the quarter were $64 million, modestly lower than the prior quarter [8][22] - Capital levels remain robust with an estimated common equity Tier one capital ratio of 11.2% and tangible book value per share of $19.16 [10][23] Business Line Data and Key Metrics Changes - Commercial and industrial loan growth was reported at 6%, or 24% annualized, with total commercial loan pipeline increasing to $376 million [7][12] - Noninterest income decreased by 8% to $11.3 million during the quarter, primarily driven by seasonally lower title fees and service charges [17] - The residential division faced uneven loan demand due to volatility in rates and limited inventory [13] Market Data and Key Metrics Changes - Excluding brokered CDs, deposit balances decreased by approximately 2% compared to the prior quarter, primarily due to a runoff of higher-cost time deposits [16] - Asset quality remained strong with annualized net charge-offs at just three basis points and total loans classified as special mention and substandard decreased by 5% [9][20] Company Strategy and Development Direction - The company is focused on launching the premier bank initiative, which is expected to drive organic deposit growth and additional margin improvement in the second half of the year [10][11] - The recruitment of commercial bankers has begun to pay dividends, with a significant increase in the commercial loan pipeline [12][15] - The company aims to maintain a diversified business model, growing both the premier bank and other segments like consumer banking and commercial real estate [128] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding economic uncertainty and its potential impact on rates and affordability [13] - The company anticipates a modest increase in operating expenses due to recent hires and expects to see additional margin expansion in the second half of the year [22][120] - Management noted that they are monitoring exposures to industries and geographies for any emerging impacts from recent political and administrative policy changes, but have seen no signs of weakness across their customer base [21] Other Important Information - The board approved a quarterly cash dividend of $0.20 for common shares, representing 57% of GAAP earnings [10] - The company repurchased nearly 400,000 shares for a total of $6.9 million at a weighted average cost of $17.2 per share [23][140] Q&A Session Summary Question: What sectors are targeted for the new teams brought over? - The teams have a robust variety of commercial clients, ranging from deposit-rich clients to traditional commercial borrowers [27] Question: What are the expectations for deposit rates and costs? - The portfolios maintained by these clients typically have a substantial portion of noninterest deposits, leading to an attractive cost of deposits [28][29] Question: What is the anticipated impact of the new hires on expenses? - The increase in expenses is primarily driven by compensation expense increases and some inflationary increases in contracts [32][33] Question: Can you provide an update on the Premier Bank initiative's reception? - The Premier Bank appeals to a certain segment of clients, and the majority of new customers are expected to be net additions to the bank [40][43] Question: What is the current concentration in commercial real estate (CRE)? - The CRE concentration at the bank level is 4.16%, and the company is happy with its current position, managing it prudently [107][108] Question: What are the expectations for loan growth in the second quarter? - The company anticipates mid-single-digit loan growth, supported by the progress in the Premier Bank initiative [136] Question: How does the company balance buybacks versus growth? - The company has options around capital management and can pursue both buybacks and growth depending on market conditions [140]

OceanFirst Financial (OCFC) reported $97.91 million in revenue for the quarter ended March 2025, representing a year-over-year decline of 0.6%. EPS of $0.35 for the same period compares to $0.44 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $95.13 million, representing a surprise of +2.92%. The company has not delivered EPS surprise, with the consensus EPS estimate being $0.35.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- an ...

OceanFirst Financial (OCFC) came out with quarterly earnings of $0.35 per share, in line with the Zacks Consensus Estimate. This compares to earnings of $0.44 per share a year ago. These figures are adjusted for non-recurring items. A quarter ago, it was expected that this holding company for OceanFirst Bank would post earnings of $0.36 per share when it actually produced earnings of $0.38, delivering a surprise of 5.56%. Over the last four quarters, the company has surpassed consensus EPS estimates two tim ...

Financial Performance - Net income available to common stockholders for Q1 2025 was $20.5 million, or $0.35 per diluted share, down from $27.7 million, or $0.47 per diluted share, in Q1 2024[2] - Core earnings for Q1 2025 were $20.3 million, or $0.35 per diluted share, a decrease from $25.6 million, or $0.44 per diluted share, in the prior year[3] - Net income for Q1 2025 was $21.463 million, a decrease of 3.2% from $22.162 million in Q4 2024[45] - Basic earnings per share for Q1 2025 was $0.35, unchanged from Q4 2024[45] - For the three months ended March 31, 2025, net income available to common stockholders was $20,505,000, a decrease from $27,663,000 in the same period last year[67] - The return on average assets for the quarter was 0.62%, compared to 0.82% in the same quarter last year[67] Income and Expenses - Total interest income for Q1 2025 was $153.703 million, a decrease of 3.7% from $159.620 million in Q4 2024[45] - Net interest income after provision for credit losses was $81.312 million, compared to $79.862 million in Q4 2024, reflecting a 1.8% increase[45] - Total other income of $11.253 million for Q1 2025, down from $12.232 million in Q4 2024[45] - Operating expenses (excluding FDIC special assessment and merger-related expenses) were $64,294, slightly down from $64,739 in the previous quarter[62] Assets and Liabilities - Total assets decreased by $112.0 million to $13.31 billion, primarily due to decreases in total debt securities[25] - Total liabilities decreased by $118.3 million to $11.60 billion, with deposits increasing by $110.7 million to $10.18 billion[27] - Total assets as of March 31, 2025, were $13,311,893, a decrease from $13,545,052 as of December 31, 2024[62] - Total assets decreased to $13,309,278 million from $13,418,978 million a year ago, indicating a decline of approximately 0.8%[69] Loans and Credit Quality - Provision for credit losses was $5.3 million, reflecting a net loan reserve build of $5.2 million due to macroeconomic uncertainty[6] - Non-performing loans increased to $37.0 million, representing 0.37% of total loans, with an allowance for loan credit losses at 213.14% of non-performing loans[31] - The level of 30 to 89 days delinquent loans rose to $46.2 million from $36.6 million, primarily related to commercial loans[31] - Provision for credit losses increased to $5.340 million in Q1 2025, compared to $3.467 million in Q4 2024[45] - Total non-performing loans increased to $36,970 million as of March 31, 2025, compared to $35,527 million in the previous quarter, reflecting a 4.1% increase[51] - The allowance for loan credit losses rose to $78,798 million, representing 0.78% of total loans receivable, up from 0.73% in the previous quarter[51] Capital and Equity - Capital levels remained strong, with the common equity tier one capital ratio at 11.2%[28] - Total stockholders' equity increased to $1.71 billion from $1.70 billion, reflecting net income and offset by capital returns of dividends and share repurchases[29] - Tangible common equity rose by $7.3 million to $1.12 billion, with a stockholders' equity to assets ratio of 12.84%[30] - Tangible book value per common share at the end of the period was $19.16, up from $18.63 a year ago[65] - Total stockholders' equity increased to $1,709,117 million as of March 31, 2025, up from $1,665,837 million a year earlier, reflecting a growth of approximately 2.6%[69] Shareholder Actions - The Company repurchased 398,395 shares totaling $6.9 million at a weighted average cost of $17.20, with 1,228,863 shares available for repurchase[29] - Cash dividends per common share remained stable at $0.20 for the last five quarters[65] Future Outlook - The Company will host an earnings conference call on April 25, 2025, at 11:00 a.m. Eastern Time[37]

Core Financial Performance - OceanFirst Financial Corp. reported net income available to common stockholders of $20.5 million, or $0.35 per diluted share, for Q1 2025, down from $27.7 million, or $0.47 per diluted share, in the same period last year [1] - Core earnings for the same quarter were $20.3 million, or $0.35 per diluted share, a decrease from $25.6 million, or $0.44 per diluted share, year-over-year [2] - Core earnings before taxes and provision for credit losses (PTPP) were $32.4 million, or $0.56 per diluted share, compared to $36.2 million, or $0.62 per diluted share, in the prior year [3] Performance Ratios - Return on average assets was 0.62% for Q1 2025, slightly up from 0.61% in the previous quarter but down from 0.82% a year ago [1] - Return on average stockholders' equity was 4.85% for Q1 2025, down from 6.65% in the same quarter last year [1] - Efficiency ratio improved to 65.67% from 67.86% in the previous quarter but was higher than 59.56% a year ago [1] Net Interest Income and Margin - Net interest income increased to $86.7 million for Q1 2025, up from $83.3 million in the previous quarter and $86.2 million a year ago [40] - Net interest margin rose to 2.90%, an increase of 21 basis points from 2.69% in the previous quarter and from 2.81% a year ago [5][12] - The total cost of deposits decreased to 2.06% from 2.32% in the previous quarter, contributing to margin expansion [11] Loan and Deposit Growth - Total loans increased by $7.2 million to $10.13 billion, while the loan pipeline increased by $197.8 million to $504.4 million [23] - Commercial and industrial loans rose by $95.1 million, or 6.1%, compared to the previous quarter [5] - Deposits increased by $110.7 million to $10.18 billion, primarily due to increases in non-interest bearing, savings, and time deposits [24] Provision for Credit Losses - Provision for credit losses was $5.3 million for Q1 2025, up from $591,000 in the same quarter last year [15] - Net loan charge-offs were $636,000, compared to $349,000 in the prior year [16] - The allowance for loan credit losses increased to 0.78% of total loans, up from 0.73% [29] Stockholder Returns and Dividends - The Board of Directors declared a quarterly cash dividend of $0.20 per share, marking the 113th consecutive quarterly dividend [4] - The Company repurchased 398,395 shares totaling $6.9 million during the quarter [26] Financial Condition - Total assets decreased by $112.0 million to $13.31 billion, primarily due to decreases in total debt securities [23] - Total stockholders' equity increased to $1.71 billion, reflecting net income and capital returns [26] - The Company's common equity tier one capital ratio remained strong at 11.2% [25]

Core Viewpoint - OceanFirst Financial Corp. will redeem all outstanding shares of its 7.00% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series A, on May 15, 2025, as part of its strategy to optimize its balance sheet and reduce liabilities with higher funding costs [1][4]. Summary by Sections Redemption Details - The company will redeem 57,370 shares of Series A Preferred Stock at a cash redemption price of $1,000 per share, equivalent to $25 per Depositary Share [1]. - The redemption will occur on the next dividend payment date, May 15, 2025, and will include a previously declared dividend payment due on that date [1]. - The depositary will also redeem 2,294,800 Depositary Shares, each representing a 1/40th interest in a share of the Series A Preferred Stock [1]. Post-Redemption Effects - After the Redemption Date, dividends on the Series A Preferred Stock will cease to accrue, and both the Series A Preferred Stock and the Depositary Shares will no longer be considered outstanding [3]. - Holders will retain the right to receive the Redemption Price without interest [3]. Company Background - OceanFirst Financial Corp. is a regional bank with $13.3 billion in assets, providing various financial services across New Jersey and major metropolitan areas from Massachusetts to Virginia [4]. - The bank has a long history, having been founded in 1902, and is recognized as one of the largest community-based financial institutions in New Jersey [4].

Credit Losses and Allowances - The Bank's loan allowance for credit losses (ACL) as a percentage of total loans increased to 0.73% in 2024 from 0.66% in 2023[76] - The total charge-offs for 2024 were $2.22 million, a decrease from $8.69 million in 2023[77] - The provision for credit losses for 2024 was $5.48 million, down from $18.70 million in 2023[77] - The net charge-offs for 2024 were $1.56 million, compared to $8.38 million in 2023, reflecting improved credit quality[78] - The Bank's total ACL at the end of 2024 was $73.61 million, up from $67.14 million in 2023[79] - The commercial real estate - investor category accounted for 41.8% of the total ACL in 2024, with an amount of $30.78 million[79] Loans and Deposits - The average net loans outstanding during 2024 were $10.02 billion, slightly up from $10.01 billion in 2023[78] - Total deposits decreased by $368.6 million to $10.07 billion at December 31, 2024, from $10.43 billion in the prior year, primarily due to a planned runoff of brokered time deposits[90] - The Bank's total uninsured deposits increased to $5.75 billion at December 31, 2024, compared to $5.32 billion in 2023, with adjusted uninsured deposits representing 16.5% of total deposits[91] - The Bank's average deposits for the year ended December 31, 2024, were $10.26 billion, with an average interest rate of 2.36%[92] - The Bank's time deposits of $250,000 or more totaled $457.2 million, with a weighted average rate of 4.47%[92] Securities and Investments - The Bank's securities portfolio is primarily viewed as a source of income and liquidity, providing collateral for deposits and managing interest rate risk[80] - The majority of the Bank's mortgage-backed securities are issued or guaranteed by U.S. government agencies, which entail a lesser degree of credit risk[83] - The municipal portfolio provides tax-advantaged yield and is generally comprised of general obligation and revenue bonds issued by governmental entities[84] - The Bank's total debt securities amounted to $1.89 billion at December 31, 2024, with a weighted average yield of 4.11%[86] - The Bank's investment in FHLB New York stock was $68.4 million and $53.7 million at December 31, 2024 and 2023, respectively[164] - The Bank's total investment in Federal Reserve Bank of Philadelphia stock was $39.8 million and $39.7 million at December 31, 2024 and 2023, respectively[165] - The Federal Reserve Bank of Philadelphia paid dividends totaling $1.7 million for the year ended December 31, 2024, compared to $1.6 million in the prior year[166] Capital and Regulatory Compliance - The Company exceeded all regulatory capital requirements as of December 31, 2024, with Tier 1 capital to average assets at 9.50% compared to the required 4.00%[126] - Common equity Tier 1 capital to risk-weighted assets was reported at 11.17%, exceeding the required 7.00%[126] - Total capital to risk-weighted assets stood at 14.52%, surpassing the required 10.50%[126] - As of December 31, 2024, the Bank's Tier 1 capital to average assets ratio was 8.99%, exceeding the required 4.00%[142] - The Common Equity Tier 1 capital to risk-weighted assets ratio was 11.83%, surpassing the required 7.00%[142] - Total capital to risk-weighted assets ratio stood at 12.61%, above the required 10.50%[142] - The Bank was in compliance with the loans-to-one borrower limitations as of December 31, 2024[153] - The Bank and the Company are in compliance with the capital conservation buffer requirements[140] - The Bank's capital position indicates it satisfies the criteria to be classified as well-capitalized[147] - The Bank's management is not aware of any practices that could lead to the termination of deposit insurance[151] - The Bank's capital distribution may be restricted if it falls below regulatory requirements, impacting its ability to pay dividends or repurchase stock[155] Acquisitions and Growth - The Company completed the acquisition of Spring Garden on October 1, 2024, for a total consideration of $162.7 million, enhancing its specialty finance offerings[97] - The Company has made several acquisitions, including Spring Garden Capital Group, LLC, to expand its specialty finance offerings[102] - The Company will continue to evaluate potential acquisition opportunities to further create stockholder value[98] Employee and Community Engagement - As of December 31, 2024, the Bank had a total of 1,031 employees, with approximately 67% being female and an average tenure of over seven years[103] - The Bank promotes health and wellness by offering flexible work schedules and various programs focusing on mental and emotional health[105] - The Bank's talent acquisition strategy emphasizes internal promotions and employee referrals to develop talent from within[106] - The Company is committed to maintaining a workforce that reflects the communities it serves, supported by internship and entry-level development programs[107] - Since 2020, the Bank has provided over $625 million in loans and investments benefiting communities it serves[163] - The Bank committed to invest at least $14 million in a mortgage loan subsidy fund over five years as part of settlement agreements with the DOJ and HUD[162] Operating Expenses and Assessments - The Bank incurred total deposit insurance assessment expenses of $9.7 million in 2024, slightly down from $9.9 million in 2023[152] - A special assessment of $418,000 was incurred in 2024 due to the FDIC's final rule, compared to $1.7 million in 2023[152] - The Bank paid OCC assessments totaling $1.3 million and $1.2 million for the years ended December 31, 2024 and 2023, respectively[156] - The FDIC's risk-based assessment system charges lower premiums to institutions deemed less risky, impacting the Bank's operating expenses[148] Performance and Evaluation - The Bank received a CRA Performance Evaluation rating of "Outstanding" for the evaluation period from 2021 to 2023[160] - The Company was in compliance with Board guidelines for interest rate risk sensitivity scenarios as of December 31, 2024 and 2023[377] - The measure of Economic Value of Equity (EVE) at risk decreased in all rate scenarios from December 31, 2023 to December 31, 2024[379]