| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------|-----------------|-------|------------------------------------------------|-------|-----------------|-------|-----------------|-------|---------------------------------------------|-------| | Performance Ratios (Annualized): | June 30, \n2024 | | For the Three Months Ended, \nMarch 31, \n2024 | | June 30, \n2023 | \n | June 30, \n2024 | | For the Six Months Ended, \nJune 30, \n2023 | | ...

While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise. Revenues are expected to be $94.93 million, down 6.1% from the year-ago quarter. Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts. The Zacks Earnings ESP compares the ...

RED BANK, N.J., June 24, 2024 (GLOBE NEWSWIRE) -- OceanFirst Financial Corp. (NASDAQ:OCFC), the holding company for OceanFirst Bank, today announced that it will issue its earnings release for the quarter ended June 30, 2024 on Thursday, July 18, 2024 after market close. Management will then conduct a conference call at 11:00 a.m. Eastern Time, on Friday, July 19, 2024 to discuss highlights of the Company's quarterly operating performance. OceanFirst Financial Corp.'s press releases are available at http:// ...

The conference call will also be available (listen-only) by accessing the Company's Web address: www.oceanfirst.com – Investor Relations. Web users should go to the site at least fifteen minutes prior to the call to register, download, and install any necessary audio software. The webcast will be available for at least 30 days. 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 ...

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 110 West Front Street, Red Bank, NJ 07701 (I.R.S. Employer Identification No.) (Address of principal executive offices) (Zip Code) For the quarterly period ended March 31, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) ...

Financial Data and Key Metrics Changes - The company reported GAAP diluted earnings per share of $0.47 for Q1 2024, with net interest income of $86 million, a slight decrease from $88 million in the prior quarter [6][12] - Operating expenses decreased to $59 million, maintaining a stable range of $58 million to $60 million per quarter [19][14] - The common equity Tier 1 capital ratio increased to 11%, with tangible book value rising by $0.28 or 1.5% to $18.63 [13][20] Business Line Data and Key Metrics Changes - Loan origination saw a modest decline in loan balances of less than 1%, attributed to reduced customer demand and price discipline [9] - Non-maturity deposits remained stable, decreasing approximately 1% compared to the prior quarter, while overall deposit balances declined by about 2% [14] - Asset quality metrics remained strong, with non-performing loans at 0.35% and criticized assets at 1.65% of total loans [15] Market Data and Key Metrics Changes - The company experienced a negligible increase in deposit betas to 40%, up from 38% in the prior quarter [18] - The overall deposit mix is gradually shifting towards higher-yielding products, although this trend is slowing [13] Company Strategy and Development Direction - The company is focused on responsible growth, expense discipline, and prudent balance sheet management, with a commitment to returning capital to shareholders while maintaining growth opportunities [8][92] - The management indicated that most growth in loans and deposits is expected to occur in the second half of 2024, with a target of low-to-mid single-digit growth by year-end [9][64] Management's Comments on Operating Environment and Future Outlook - Management noted a gradual increase in loan demand and confidence among customers, particularly in the C&I sector, with expectations for improved pipelines in Q2 and Q3 [46][64] - The company remains cautious about the impact of potential interest rate cuts, indicating a stable outlook regardless of minor fluctuations in rates [47][48] Other Important Information - The Board approved a quarterly cash dividend of $0.20 per common share, marking the 109th consecutive quarterly cash dividend [8] - The company repurchased nearly 1 million shares at a weighted average cost of $15.64 during the quarter [13] Q&A Session Summary Question: CET1 ratio and capital return strategy - Management expressed comfort with current capital ratios and indicated that while they have room for capital return, they also anticipate returning to growth, thus being cautious with excess capital [26][27] Question: Loan demand and macroeconomic factors - Management acknowledged that early in the year, customers were hesitant due to expectations of lower rates, but this sentiment is moderating as confidence returns [42][46] Question: Outlook for loan growth and pipelines - Management highlighted the addition of C&I lenders and an increase in the pipeline, expecting this to translate into closings in the upcoming quarters [64] Question: Impact of rate cuts on net interest income - Management indicated that minor rate changes would not significantly impact the outlook for net interest income, maintaining a stable perspective [47][48] Question: High-yield savings and deposit pricing strategy - Management confirmed that they are fine-tuning deposit pricing and expect to see stability in deposit balances despite some planned attrition [66] Question: Operating leverage and expense management - Management stated that they aim to maintain flat expenses while allowing for growth, with a focus on managing non-interest expenses effectively [115][125] Question: Talent acquisition and market opportunities - Management confirmed that they will continue to hire talent as opportunities arise, emphasizing a flexible approach to recruitment [120][121]

For the Three Months Ended, Press Release Exhibit 99.1 Company Contact: Patrick S. Barrett Chief Financial Officer OceanFirst Financial Corp. Tel: (732) 240-4500, ext. 27507 Email: pbarrett@oceanfirst.com FOR IMMEDIATE RELEASE OCEANFIRST FINANCIAL CORP. ANNOUNCES FIRST QUARTER FINANCIAL RESULTS RED BANK, NEW JERSEY, April 18, 2024 - 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 $27 ...

Credit Losses and Allowances - The Bank's loan allowance for credit losses (ACL) as a percentage of total loans increased to 0.66% in 2023 from 0.57% in 2022[69] - The net unamortized credit and purchased credit deteriorated (PCD) marks on all acquired loans were $7.5 million in 2023, down from $11.4 million in 2022[69] - The loan ACL as a percentage of total non-performing loans decreased to 227.21% in 2023 from 244.25% in 2022[69] - Total charge-offs for the year ended December 31, 2023, amounted to $8.693 million, significantly higher than $573,000 in 2022[71] - The provision for credit losses increased to $18.695 million in 2023 from $7.634 million in 2022[71] - The Bank's total ACL at the end of 2023 was $67.137 million, up from $56.824 million in 2022[73] Deposits and Loans - The average net loans outstanding during 2023 were $10,016.859 million, compared to $9,323.619 million in 2022[72] - The Company's deposits increased by $759.7 million to $10.43 billion at December 31, 2023, compared to $9.68 billion in the prior year[85] - Total uninsured deposits were $5.32 billion at December 31, 2023, representing 15.2% of total deposits, down from 19.6% in the prior year[87] - The Bank's total average deposits for 2023 were $10.26 billion, with time deposits making up 23.78% of total deposits[88] Investment and Equity - The Company held equity investments of $100.2 million as of December 31, 2023, down from $102.0 million in 2022[83] - The Bank's investment policy is overseen by the Board of Directors and includes a focus on government and federal agency obligations, among other securities[75] - The Bank's investment in FHLB New York stock was $53.7 million as of December 31, 2023, down from $69.4 million in 2022[160] - The Federal Reserve Bank of Philadelphia stock investment by the company was $39.7 million as of December 31, 2023, compared to $39.5 million in 2022[162] Capital and Regulatory Compliance - At December 31, 2023, the Company exceeded all regulatory capital requirements, with Tier 1 capital to average assets at 9.31% and Common equity Tier 1 to risk-weighted assets at 10.86%[123] - The Company is required to maintain a common equity Tier 1 capital to risk-weighted assets ratio of at least 4.5%[136] - The Bank is classified as "well capitalized" under regulatory guidelines as of December 31, 2023[144] - The capital conservation buffer requirement of 2.50% was included in the capital ratios reported[141] Interest Rate Risk Management - The company actively manages interest rate risk (IRR) through various strategies, including managing loan origination and retention, and utilizing interest rate swaps[382] - The asset liability committee (ALCO) regularly reviews the company's IRR position and trends, ensuring compliance with board-approved guidelines[381] - The company’s interest rate sensitivity is monitored using an IRR model that measures changes in EVE and net interest income under various interest rate scenarios[383] Employee and Diversity Initiatives - The Bank had 920 employees as of December 31, 2023, with 67% being female and an average tenure of over seven years[99] - The Company is committed to diversity, with 20% of employees being persons of color as of December 31, 2023[103] Financial Performance - For the year ended December 31, 2023, the Bank's revenues from interchange fees were $5.0 million, a decrease of $3.3 million from 2022, due to limitations on debit card interchange fees[116] - The 2023 average net interchange fee per transaction was $0.14, compared to $0.29 in the prior year[116] - The Bank incurred total deposit insurance assessment expenses of $9.9 million in 2023, up from $5.9 million in 2022, primarily due to a special assessment of $1.7 million related to the protection of uninsured depositors[148] Corporate Governance and Strategy - The Company completed the acquisition of 60% of Trident Abstract Title Agency for $7.1 million, enhancing its service offerings[94] - The Company elected to become a financial holding company, allowing it to engage in a broader scope of financial activities[130] - The FRB has issued a policy statement that may restrict the ability of the Company to pay dividends or repurchase shares if certain financial conditions are not met[124] - The Bank's CRA Performance Evaluation rating was "Needs to Improve," affecting its ability to expand through mergers and acquisitions[156] - The Bank's management is committed to addressing deficiencies cited in the CRA evaluation, including increasing compliance staff[156] Economic Value and Sensitivity - The company's economic value of equity (EVE) decreased by 12.8% under a 300 basis points interest rate shock as of December 31, 2023, compared to a 14.3% decrease in 2022[387] - The net interest income sensitivity showed a modest asset sensitivity to falling rates and liability sensitivity to rising rates as of December 31, 2023[387] - The overall measure of EVE at risk increased in all rate scenarios from December 31, 2022, to December 31, 2023, due to rising market rates and increased deposit costs[388] - The company refined fair value assumptions related to the loan portfolio during 2023, resulting in a modest increase to EVE and a decrease in sensitivity[385] - The company's methodology for measuring EVE and net interest income IRR includes certain assumptions that may oversimplify actual market responses[389]

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 September 30, 2023 ☐ 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 ____________________ ...

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 June 30, 2023 Registrant's telephone number, including area code: (732) 240-4500 ________________________________________________ Securities registered pursuant to Section 12(b) of the Act: | Title ...