Core Insights - OceanFirst Financial (OCFC) reported revenue of $93.25 million for the quarter ended June 2024, reflecting a year-over-year decline of 7.7% and an EPS of $0.39 compared to $0.46 a year ago [5] - The reported revenue was below the Zacks Consensus Estimate of $94.93 million, resulting in a revenue surprise of -1.78% and an EPS surprise of -7.14% against a consensus estimate of $0.42 [1] - The company's stock has returned +26% over the past month, significantly outperforming the Zacks S&P 500 composite's +2.1% change, although it currently holds a Zacks Rank 4 (Sell), indicating potential underperformance in the near term [4] Financial Metrics - Efficiency Ratio was reported at 62.9%, slightly higher than the estimated 62% by analysts [3] - Net Interest Margin was 2.7%, below the estimated 2.8% [3] - Average Balance of Total Interest-Earning Assets was $12.20 billion, compared to the average estimate of $12.32 billion [3] - Total Non-Interest Income was $10.99 million, exceeding the estimated $9.39 million [3] - Net Interest Income was $82.26 million, lower than the average estimate of $85.22 million [3] - Bankcard services revenue was $1.57 million, above the estimated $1.22 million [3] - Fees and service charges reached $5.02 million, surpassing the estimated $4.74 million [3] - Trust and asset management revenue was $0.42 million, below the estimated $0.75 million [3] - Income from bank-owned life insurance was $1.73 million, slightly below the average estimate of $1.77 million [3]

This quarterly report represents an earnings surprise of -7.14%. A quarter ago, it was expected that this holding company for OceanFirst Bank would post earnings of $0.42 per share when it actually produced earnings of $0.44, delivering a surprise of 4.76%. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. While OceanFirst has underperformed the market so far t ...

Press Release RED BANK, NEW JERSEY, July 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 $23.4 million, or $0.40 per diluted share, for the three months ended June 30, 2024, a decrease from $26.8 million, or $0.45 per diluted share, for the corresponding prior year period, and $27.7 million, or $0.47 per diluted share, for the prior linked quarter. For the six months ended ...

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------|-----------------|-------|------------------------------------------------|-------|-----------------|-------|-----------------|-------|---------------------------------------------|-------| | 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 | | ...

Core Viewpoint - The sustainability of immediate price changes and future earnings expectations will largely depend on management's discussion during the earnings call, with a focus on the potential for a positive EPS surprise [1] Company Overview: OceanFirst - OceanFirst is expected to report revenues of $94.93 million, reflecting a decline of 6.1% compared to the same quarter last year [2] - The Most Accurate Estimate for OceanFirst is higher than the Zacks Consensus Estimate, indicating a recent bullish sentiment among analysts, resulting in an Earnings ESP of +0.20% [5] - For the last reported quarter, OceanFirst's actual earnings were $0.44 per share, surpassing the expected $0.42, leading to a surprise of +4.76% [6] - The consensus EPS estimate for OceanFirst has been revised down by 3.08% over the last 30 days, indicating a reassessment by covering analysts [15] - OceanFirst currently holds a Zacks Rank of 4, suggesting a less favorable outlook [24] Industry Context: Citizens Financial Group - Citizens Financial Group is projected to post earnings of $0.79 per share for the quarter ended June 2024, which represents a year-over-year decline of 14.1% [12] - Revenues for Citizens Financial Group are expected to be $1.95 billion, down 6.9% from the previous year [12] - The consensus EPS estimate for Citizens Financial Group has been revised up by 0.7% over the last 30 days, with an Earnings ESP of 0.75% [20] - Citizens Financial Group has not beaten consensus EPS estimates in any of the last four quarters [30] Earnings Prediction Insights - A positive Earnings ESP is a strong predictor of an earnings beat, especially when combined with a Zacks Rank of 1, 2, or 3, with historical data showing a nearly 70% success rate for this combination [9] - The predictive power of the Earnings ESP model is significant primarily for positive readings [23] - Despite a positive Earnings ESP, OceanFirst's combination with a Zacks Rank of 4 makes it difficult to predict a consensus EPS beat conclusively [10]

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 ...