OceanFirst Financial : Investor Presentation (Investor-Presentation-q1-2026)

Published: 2026-04-23 17:28:39 ET OCFC

Published on 04/23/2026 at 05:28 pm EDT

April 2026

(1) The Q1 2026 Earnings Release Supplement should be read in conjunction with the Earnings Release furnished as Exhibit 99.1 to the Form 8-K filed with the SEC on April 23, 2026.

Financial Highlights

$0.43

Core Diluted EPS(1)

$96 million

Net Interest Income

0.68%

Core ROAA(1)

8.56%

Core ROTCE(1)

$0.60

Core PTPP Diluted EPS(1)

10.7%

CET1 Ratio(2)

Net interest income increased $1 million (or 1%) from the linked quarter and $10 million (or 11%) compared to Q1-25 showing the continued momentum from interest earning asset growth.

Total loans grew by $92 million (3% annualized), led by an increase of $105 million (19% annualized) in commercial and

industrial loans. With $429 million in originations and a $418 million pipeline, the company's growth trajectory remains strong.

Non-interest expense decreased by 13%, or $11 million, to $73 million, and operating expenses, excluding non-core operations, decreased to $69 million from $71 million(1).

Our announced merger on December 29, 2025, with Flushing Financial Corporation, which has recently been approved by shareholders, the New York State Department of Financial Services, and the Office of the Comptroller of the Currency, remains subject to regulatory approval by the Board of Governors of the Federal Reserve System and to other customary closing conditions.

(1) For non-GAAP financial measures, please refer to the "Non-GAAP Reconciliations" in the Appendix for a reconciliation to GAAP financial information.

Moderated Loan Growth ($'millions)

5.37%

5.41%

5.49%

3,128

999

1,302

226

749

5,200

3,053

203

3,194

1,228

986

1,017

997

897

3,119

863

221

5,211

5,068

5,479

5,421

914

3,135

10,558

5.43%

11,032

5.34%

11,124

198

Total loans increased $92 million (3%

annualized), including $105 million (19% annualized) of commercial and industrial loan growth.

10,125 10,185

216

The company maintained strong momentum,

delivering $429 million in loan originations and a $418 million pipeline.

NDFI(1) loan balances remain minimal, totaling $351 million (or ~3% of total loans) at Q1-26.

C&I - non-real estate C&I - real estate CRE Investor-Owned

Q1-25

Q2-25

Q3-25

Q4-25 Q1-26

Strong asset quality trends driven by prudent growth and strong credit risk management

Non-Performing Loans and Assets ($'000)(1) Special Mention and Substandard Loans ($'000)

Criticized loans as a % of total loans remain low at 1.53% as of Q1-26 compared to 2.06% as of Q4-19 (pre-pandemic).

0.34%

0.29%

0.30%

0.27%

0.23%

0.26%

0.22%

35,586

0.26%

7,498

10,393

7,680

10,266

22,359

26,711

28,738

29,246

3.82%

3.70%

3.68%

3.47%

1,917

0.20%

OCFC 10-Year (2015-2025) Average Criticized Loans / Total Loans = 1.78%

1.47%

1.43%

1.53%

1.17%

1.01%

18,972

18,161

(3)

93,715

104,773

124,112

125,454

154,441

21,521

23,811

15,901

Q1-25

Q2-25

Q3-25

Q4-25

Q1-26

Q1-25

Q2-25

Q3-25

Q4-25 Q1-26

(1) PCD loans are not included in these metrics. Refer to Asset Quality section in the Earnings Release for additional information.

Note: At March 31, 2026, of the Special Mention loans and Substandard loans represented above, 88.2% and 66.8% were current on payments, respectively.

(1) OCFC criticized loans exclude other real estate owned.

(2) Peer data is on a one quarter lag.

Loan Allowance for Credit Losses (ACL) Plus PCD & General Credit Marks / Total Loans

NCOs / (Recoveries) and Provision for Credit Loss Expense

($'thousands)

0.78%

0.77%

0.78%

0.76%

0.04%

0.05%

0.83% 0.83% 0.81% 0.80% 0.81%

4,092

3,700

3,039

2,738

2,218

1,974

617

701

636

2,086

Includes $3.3 million of increased provision related to elevated uncertainty in the macroeconomic environment despite strong asset quality metrics.

5,340

0.05%

0.04%

Q1-25

Q2-25

Q3-25

Q4-25

Q1-26

Q1-25 Q2-25 Q3-25 Q4-25 Q1-26

PCD & General Credit Marks

Note: The allowance for credit losses plus the unamortized credit and PCD marks amounted to $89.9 million, or 0.81% of

total loans at Q1-26, as compared to $87.7 million, or 0.80% of total loans at Q4-25.

Note: Q2-25 charge-offs primarily relate to two commercial relationships of $1.6 million and $445K for NPL sale.

Global Financial Crisis Hurricane Sandy

COVID-19

Pandemic

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1-26

OCFC NCO / Avg Loans

( 1) Commercial Banks ($10-50 bn) NCO / Avg Loans

(2)

From 2006 to Q1-26, inclusive of the Global Financial Crisis, Hurricane Sandy, and the COVID-19 Pandemic, OCFC's NCO to average loans

totaled 14 bps per year compared to 72 bps for all commercial banks between $10 - $50 billion in assets.

From 2006 to Q1-26, peak net charge-offs to average loans for OCFC totaled 56 bps in 2011. Peak charge-offs for commercial banks between $10 - $50 billion in assets were 253 bps in 2009.

Source: S&P Global.

Deposit Mix Remains Stable ($'millions)

10,177

1,661

10,232

1,687

10,436

1,732

10,964

1,742

11,156

1,757

4,007

3,845

4,091

4,354

4,537

1,337

1,052

1,378

1,023

1,398

1,000

1,413

986

1,489

986

2,120

2,299

2,215

2,469

2,387

Deposits increased by $192 million (or 1.7%), driven by an increase in non-maturity deposits of $273 million (or 3.2%) from the prior quarter.

The decrease in time deposits by $82 million was primarily

driven by lower brokered CD's of $122 million.

Q1-25 Q2-25 Q3-25 Q4-25 Q1-26

Deposit Beta(1)

42%

22%

Cost of Deposits

Type of Account

Spot

Avg

Q1-25

Q2-25

Q3-25

Q4-25

Q1-26

Int. Bearing Checking

2.04%

2.02%

2.08%

2.05%

2.15%

2.05%

Money Market

2.83%

2.94%

2.75%

2.43%

Savings

0.67%

0.66%

0.63%

0.55%

0.52%

0.54%

Time Deposits

3.75%

3.74%

3.64%

3.48%

3.55%

Total (incl. non-int. bearing)

2.03%

2.07%

2.04%

2.00%

1.99%

1.97%

Up Cycle Down Cycle

(1) Deposit beta is calculated as the increase in rate paid on total deposits per quarter divided by the incremental increase in the fed funds rate since January 1, 2022. Up cycle is the period from

Net Interest Income ($'000)

96,447

NIM Bridge

2.87%

0.04%

0.02%

2.93%

95,278

90,657

87,636

86,652

Q1-25

Q2-25

Q3-25

Q4-25

Q1-26

Q4-25 NIM

Mix-shift in balances and rates excluding subordinated debt

Subordinated debt impact

Q1-26 NIM

Net Interest Margin

2.91%

2.90%

2.87%

2.93%

Net interest income increased 1% and 11% compared to Q4-25 and Q1-25, respectively.

Net interest margin increased 6 bps and 3 bps compared to Q4-25 and Q1-25, respectively.

Competitive market environment may pressure margin as peers compete on rate for quality credit and deposits.

Q1-25

Q2-25

Q3-25

Q4-25

Q1-26

Core Non-Interest Expense(1) ($'000)

9,081

10,517

10,867

2,425

3,222

40,984

4,336

9,757

9,399

3,579

7,104

3,102

6,701

7,164

6,418

41,387

6,753

6,323

36,740

39,484

40,242

3,467

6,647

2,826

7,029

2,898

3,215

6,808

2,983

7,052

71,474 72,390 71,227

64,294

69,125

Core Efficiency Ratio(1)

70.30%

68.19%

65.81%

66.76%

2.16%

2.12%

1.96%

1.97%

1.93%

72.28%

Q1-25

Q2-25

Q3-25

Q4-25

Q1-26

Q1-26 core non-interest expenses decreased by $2.1 million (or 3%) from the linked quarter driven primarily by lower compensation expenses.

Q1-25 Q2-25 Q3-25 Q4-25 Q1-26

Occupancy & equipment

Book Value and Tangible Book Value per Common Share(1) ($) Core ROAA(1), ROTE(1), and ROTCE(1)

7.00%

0.62%

7.34%

6.17%

7.19%

0.68%

0.53%

0.60%

0.65%

29.27 28.64 28.81 28.97 28.98

8.21%

8.56%

19.79

19.86

19.52

19.34

19.16

Q1-25 Q2-25 Q3-25 Q4-25 Q1-26

Q1-25

Q2-25

Q3-25

Q4-25

Q1-26

Capital Management ($'millions)

Capital remains strong and above "well capitalized" levels.

11.2%

9.2%

11.0%

8.7%

10.6%

8.1%

10.7%

8.1%

10.7%

8.2%

Tangible book value per common share increased $0.70 or 4% from the same quarter last year.

Total share repurchases of 177,450 for employee related

awards in Q1-26(3).

Q1-25

Q2-25

Q3-25

Q4-25

Q1-26

Outlook

Comments

Loans

1-2% growth sequentially

Expecting continued steady growth, subject to unanticipated payoffs.

Growth will be predominately driven by C&I with muted growth in CRE and Construction.

Credit expected to remain benign.

Deposits

Consistent with loan growth

Maintain loan-to-deposit ratio <=100%.

Net Interest Income

1-2% growth sequentially

NIM is expected to remain stable with modest expansion.

Subject to expected growth and interest rate trends, we expect net interest income dollars to grow in-line with loans.

Other Income

$7 to $8 million

Subject to loan swap activity.

Operating Expenses

$70 to $71 million

Includes anticipated increases related to new commercial banking hires, partly offset by lower data processing spend.

Capital

Strong CET1 ratio (>10.5%)

Sufficient capital to fund near-term growth.

Outlook

Comments

Loans

7-9% growth

Expecting continued steady growth, subject to unanticipated payoffs and supported by our strong pipeline.

Growth will be driven by C&I verticals offset by run-off from the Residential portfolio.

Credit is expected to remain benign.

Deposits

Consistent with loan growth

Maintain loan-to-deposit ratio <=100%.

Net Interest Income

> 3.00% NIM

Subject to expected growth and interest rate trends, we expect net interest income dollars to grow in-line with loans.

No rate cuts modeled through the rest of the year.

Other Income

$25 to $35 million

Levels reduced year-over-year related to the outsourcing of residential

and title platforms.

Operating Expenses

$275 to $285 million

Includes inflationary increases in compensation and new commercial

banking hires, partly offset by lower data processing spend.

Capital

Strong CET1 ratio (>10.5%)

Continuing to explore ways to optimize capital in relation to loan growth.

CRE Investor-Ow ned - Collateral Details

$'millions

CRE: Investor-Ow ned

% of Total

WA LTV (%)

WA DSCR (x)

Office

1,040

21.3%

55.1%

1.74x

Retail

1,128

23.1%

60.5%

1.88x

Multi-Family

984

20.1%

61.4%

1.49x

Industrial / Warehouse

809

16.5%

50.8%

2.04x

Hospitality

174

3.6%

46.4%

1.80x

Other (1)

755

15.4%

52.1%

1.80x

CRE: Investor-Ow ned

Construction

4,890

589

100.0%

56.2%

1.78x

CRE IO and Construction Total

5,479

Underlying collateral is diversified.

Low concentration in the Multi-Family portfolio, which represents 7% of total assets.

Maturity wall is modest and has a minimal impact: Our CRE Investor-Owned maturity wall, totaling $1.56 billion (or 14% of total loans), is set to mature in 2026 and 2027 with weighted average rates of 4.49% and 4.43%, for each respective cohort. The impact of repriced loans to-date has been benign.

CRE Investor-Ow ned - Maturity Wall

Maturity Year

Balance

($'millions)

Weighted Average

Rate (%) LTV (%)

DSCR (x)

% of

Loans

2026

695

4.49%

56.8%

1.83x

6.24%

2027

865

4.43%

53.7%

1.92x

7.78%

Total

1,560

4.46%

55.1%

1.88x

14.02%

CRE Investor-Owned Portfolio by Geography(3)

Limited underlying concentration exposure:

NYC rent-regulated(2) multi-family:

$27.8 million

NYC Office Central Business District (CBD): $7.0 million

28%

J 26%

30%

4% 3%

MD/DC

Other

PA/DE

Notes:

All data represents CRE Investor-Owned balances, excluding purchase accounting marks and Construction as of March 31, 2026, unless otherwise noted.

WA rate includes borrower fixed-rate exposure for loans with swap contracts and excludes any benefit from back-to-back rate swaps

WA LTV represents the weighted average of loan balances as of March 31, 2026 divided by their most recent appraisal value, which is generally obtained at the time of origination.

WA DSCR represents the weighted average of net operating income on the property before debt service divided by the loan's respective annual debt service based on the most recent credit review of the borrower.

Footnotes:

(1) Other includes underlying co-operatives, single purpose, stores and some living units / mixed use, investor-owned 1-4 family, land / development, and other.

Hurricane Sandy

Global Financial Crisis

GFC Peak NCOs

COVID-19

Pandemic

1.43%

0.29%

Northeast

Mid Southeast Midwest Southwest West

Atlantic

0.51% 0.63%

0.32%

0.80%

1.8x

2.2x

1.1x

2.8x

4.9x

Historically, net charge-offs for Northeastern headquartered banks have greatly outperformed major exchange traded U.S. banks

headquartered in other regions

Median net charge-offs / average assets for Northeastern banks averaged 20 bps during the Global Financial Crisis compared to 50 bps for other regions.

Hurricane Sandy

Global Financial Crisis

COVID-19

Pandemic

GFC Peak CRE NCOs

0.16%

0.11%

0.10% 0.09%

0.03%

0.04%

Northeast

Mid Southeast Midwest Southwest West Atlantic

Northeastern banks' CRE portfolio net charge-offs have also historically outperformed major exchange traded banks in other regions

Median CRE net charge-offs / average assets for Northeastern banks averaged 2 bps during the Global Financial Crisis compared to 6 bps for other regions

Non-GAAP Reconciliation

Core Earnings:

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

March 31,

2025

Net income available to common stockholders (GAAP)

$ 20,506

$ 13,093

$ 17,330

$ 16,200

$ 20,505

Adjustments to exclude the impact of non-recurring and non-

core items:

Net loss (gain) on equity investments

354

(230)

(488)

(205)

Restructuring charges

128

7,379

4,147

Credit risk transfer execution expense

1,283

FDIC special assessment release

(210)

Merger related expenses

4,150

4,253

Income tax (benefit) expense on items

(806)

(2,254)

(926)

115

Loss on redemption of preferred stock

1,842

Core earnings (Non-GAAP)

$ 24,332

$ 23,524

$ 20,348

$ 17,669

$ 20,349

Income tax expense

6,548

3,754

5,156

5,771

6,808

Provision for credit losses

2,738

3,700

4,092

3,039

5,340

Less: income tax (benefit) expense on non-core items

(806)

(2,254)

(926)

115

Core earnings PTPP (Non-GAAP)

$ 34,424

$ 33,232

$ 30,522

$ 26,364

$ 32,448

Core earnings diluted earnings per share

$ 0.43

$ 0.41

$ 0.36

$ 0.31

$ 0.35

Core earnings PTPP diluted earnings per share

$ 0.60

$ 0.58

$ 0.54

$ 0.46

$ 0.56

Core Ratios (Annualized):

Return on average assets

0.68%

0.65%

0.60%

0.53%

0.62%

Return on average tangible stockholders' equity

8.56

8.21

7.19

6.17

7.00

Return on average tangible common equity

8.56

8.21

7.19

6.17

7.34

Efficiency ratio

66.76

68.19

70.30

72.28

65.81

For the Three Months Ended

Non-GAAP Reconciliation

Tangible Equity:

For the Three Months Ended

March 31, December 31, September 30, June 30, March 31,

2026 2025 2025 2025 2025

Total stockholders' equity $ 1,669,368

$ 1,662,550

$ 1,653,427

$ 1,643,680

$ 1,709,117

Less:

Goodwill

517,481

523,308

Intangibles

8,198

9,046

9,934

10,834

11,740

Tangible stockholders' equity Less:

1,143,689

1,136,023

1,120,185

1,109,538

1,174,069

Preferred stock

55,527

Tangible common equity

$ 1,143,689

$ 1,136,023

$ 1,120,185

$ 1,109,538

$ 1,118,542

Tangible Assets:

Total Assets

$ 14,556,336

$ 14,564,317

$ 14,324,664

$ 13,327,847

$ 13,309,278

Less:

Goodwill

517,481

523,308

Intangibles

8,198

9,046

9,934

10,834

11,740

Tangible Assets

$ 14,030,657

$ 14,037,790

$ 13,791,422

$ 12,793,705

$ 12,774,230

Tangible stockholders' equity to tangible assets

8.15%

8.09%

8.12%

8.67%

9.19%

Tangible common equity to tangible assets

8.15%

8.09%

8.12%

8.67%

8.76%

Disclaimer

OceanFirst Financial Corporation published this content on April 23, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 23, 2026 at 21:19 UTC.