FOR IMMEDIATE RELEASE

OCEANFIRST FINANCIAL CORP.

ANNOUNCES STRONGER QUARTERLY EARNINGS,

INCREASED DIVIDEND

TOMS RIVER, NEW JERSEY, October 23, 2014 … OceanFirst Financial Corp. (NASDAQ: “OCFC”), (the “Company”), the holding company for OceanFirst Bank (the “Bank”), today announced that diluted earnings per share increased to $0.31 for the quarter ended September 30, 2014, as compared to $0.29 for the corresponding prior year quarter. For the nine months ended September 30, 2014, diluted earnings per share increased to $0.89, as compared to $0.84 for the corresponding prior year period. Additionally, the quarterly dividend was increased by 8.3%, to $0.13 per share. Further highlights for the quarter included:

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The $0.13 cash dividend represents a 42% payout of current earnings and is the Company’s seventy-first consecutive quarterly cash dividend on common stock. The dividend for the quarter ended September 30, 2014 will be paid November 14, 2014 to shareholders of record on November 3, 2014.

On September 30, 2014 the Company took advantage of favorable market conditions to complete the bulk sale of certain non-performing residential mortgage loans with an aggregate carrying value of $23.1 million, for net cash consideration of $18.7 million. The sale resulted in a total loan charge-off of $5.0 million through the Allowance for Loan Losses in the quarter ended September 30, 2014. The sale represented 56.9% of the Company’s reported non-performing loans at June 30, 2014.

Chairman and Chief Executive Officer, John R. Garbarino stated, “We are pleased to deliver this increased quarterly dividend to our shareholders, which underscores our confidence in the future earning power of our Company to sustain our targeted payout of current earnings. Our continued strong commercial loan growth and the strategic measures we have taken in recent periods prepare OceanFirst for the evolving economic environment and opportunities that lie ahead.”

Results of Operations

Net income for the three and nine months ended September 30, 2014 was $5.2 million and $15.0 million, respectively, or $0.31 per diluted share and $0.89 per diluted share, respectively, as compared to net income of $5.0 million and $14.4 million, respectively, or $0.29 per diluted share and $0.84 per diluted share, respectively, for the corresponding prior year periods. The increases were primarily due to improved net interest income, higher other income

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primarily relating to gains on the sale of securities, partly offset by increased operating expenses. Net income for the nine months ended September 30, 2014 also benefited from a reduction in the provision for loan losses. Additionally, earnings per share for both the three and nine months ended September 30, 2014 benefited from the reduction in average shares outstanding.

Net interest income for the three and nine months ended September 30, 2014 increased to $18.1 million and $54.3 million, respectively, as compared to $17.5 million and $52.3 million, respectively, for the same prior year periods, reflecting an increase in the net interest margin. The net interest margin increased to 3.27% and 3.33%, respectively, for the three and nine months ended September 30, 2014 from 3.20% and 3.19% for the same prior year periods. The yield on average interest-earning assets decreased to 3.63% and 3.66%, respectively, for the three and nine months ended September 30, 2014, as compared to 3.64% and 3.67% for corresponding prior year periods. Despite the one basis point decline in each period, the asset yield benefited from a shift in the mix of interest-earning assets as average loans receivable, net increased $112.7 million and $78.2 million, respectively, for the three and nine months ended September 30, 2014, while average interest-earning securities decreased $101.9 million and $67.2 million, respectively, as compared to the same prior year periods. The cost of average interest-bearing liabilities decreased to 0.45% and 0.40%, respectively, for the three and nine months ended September 30, 2014, as compared to 0.53% and 0.57%, respectively, for the same prior year periods. The decrease was partly due to the prepayment of $159.0 million of Federal Home Loan Bank (“FHLB”) advances with a weighted average cost of 2.31% in the fourth quarter of 2013. Average interest-earning assets increased $21.0 million for the three months ended September 30, 2014, as compared to the same prior year period. For the nine months ended September 30, 2014, average interest-earning assets decreased $7.6 million as compared to the same prior year period.

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For the three months ended September 30, 3014, net interest income decreased by $59,000, as compared to the prior linked quarter primarily due to a decrease in net interest margin to 3.27% from 3.35%. The decrease in the net interest margin was partly due to a temporary increase in low yielding interest-earning deposits and short-term investments of $30.0 million caused by seasonally high deposit flows. Additionally, the average cost of borrowed funds increased to 1.27% for the three months ended September 30, 2014, as compared to 0.91% in the prior linked quarter as the Company extended overnight borrowings into longer-term borrowings.

For the three and nine months ended September 30, 2014, the provision for loan losses was $1.0 million and $1.8 million, respectively, as compared to $700,000 and $2.6 million, respectively, for the corresponding prior year periods and $275,000 for the prior linked quarter. The increase for the three months ended September 30, 2014, as compared to the prior linked quarter and prior year quarter was due to the non-performing loan sale which resulted in a charge-off of $5.0 million on these loans. Also, for the three months ended September 30, 2014 there were additional net charge-offs of $654,000 on loans retained in the loan portfolio as compared to net charge-offs of $273,000 in the prior linked quarter and $633,000 in the prior year quarter. In evaluating the level of the Allowance for Loan Losses at September 30, 2014 and related provision for loan losses, the Company considered the improved risk profile of the loan portfolio in light of the significant reduction in residential non-performing loans from the bulk sale and an improvement in the collectability of several commercial loans. Non-performing loans amounted to $18.4 million at September 30, 2014, a decrease of $22.3 million, or 54.8%,

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as compared to June 30, 2014 and $27.0 million, or 59.5% as compared to December 31, 2013. Non-performing loans as a percent of total loans receivable decreased to 1.11% at September 30, 2014, as compared to 2.44% at June 30, 2014 and 2.88% at December 31, 2013. Additionally, the allowance for loan losses as a percent of total non-performing loans increased to 88.68% at September 30, 2014, from 51.44% at June 30, 2014 and 46.14% at December 31, 2013.

For the three and nine months ended September 30, 2014, other income increased to $5.3 million and $14.0 million, respectively, as compared to $4.4 million and $12.4 million, respectively, in the same prior year periods. For the three and nine months ended September 30, 2014, fees and service charges increased $280,000 and $862,000, respectively, as compared to the same prior year periods primarily due to a revised fee and product structure. For the three and nine months ended September 30, 2014, the net gain on the sale of loans decreased to $226,000 and $577,000, respectively, as compared to $316,000 and $877,000, respectively, in the same prior year periods. The gain on the sale of loans for the nine months ended September 30, 2013 was adversely impacted by a provision of $975,000 added to the reserve for repurchased loans and loss sharing obligations, as compared to no provision in the current period. The prior year provision was related to loans sold to the FHLB as part of its Mortgage Partnership Finance program. Compared to prior periods, the gain on sale of loans was adversely impacted by reductions in loans sold, as increasing longer-term interest rates reduced one-to-four family loan refinance activity. For both the three and nine months ended September 30, 2014, the Company recognized gains of $591,000 and $938,000, respectively, on the sale of equity securities, as compared to gains of $0 and $42,000, respectively, in the corresponding prior year periods.

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For the three months ended September 30, 2014, other income increased $457,000 as compared to the prior linked quarter due to an increase of $243,000 in the gain on sale of equity securities and an increase of $119,000 in fees and service charges relating to the revised fee and product structure implemented in the second quarter.

Operating expenses increased to $14.4 million and $43.4 million, respectively, for the three and nine months ended September 30, 2014, as compared to $13.7 million and $39.8 million, respectively, in the same prior year periods. Compensation and employee benefits expense increased $349,000 and $2.5 million, respectively, for the three and nine months ended September 30, 2014, as compared to the same prior year periods, primarily due to personnel additions in revenue producing areas. Additionally, compensation and employee benefits expense for the nine months ended September 30, 2014 includes $196,000 in non-recurring severance related expenses due to the Company’s second quarter strategic decision to improve efficiency in the residential mortgage loan area. For the three months ended September 30, 2014, professional fees increased by $346,000 as compared to the corresponding prior year period.

For the three months ended September 30, 2014, operating expenses decreased $398,000 as compared to the prior linked quarter. Compensation and employee benefits expense decreased $385,000 partly due to the inclusion of non-recurring severance expense in the prior linked quarter and the full benefit of the related personnel reductions in the current quarter. Marketing expenses decreased by $316,000 due to a promotional campaign in the prior quarter to attract retail checking accounts and incent bankcard usage while professional fees increased $181,000.

The provision for income taxes was $2.8 million and $8.1 million, respectively, for the three and nine months ended September 30, 2014, as compared to $2.7 million and $7.8 million, respectively, for the same prior year periods. The effective tax rate was 35.1% for both the three and nine months ended September 30, 2014, as compared to 34.9% and 35.2%, respectively, in the same prior year periods and 35.1% for the prior linked quarter.

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Financial Condition

Total assets increased by $59.0 million to $2,308.7 million at September 30, 2014, from $2,249.7 million at December 31, 2013. Loans receivable, net, increased by $90.6 million, to $1,632.0 million at September 30, 2014 from $1,541.5 million at December 31, 2013, primarily due to growth in commercial loans of $90.0 million. On June 30, 2014 the Company purchased a pool of performing, locally originated, one-to-four family, non-conforming mortgage loans for $20.6 million and on September 30, 2014, the Company sold a pool of non-performing loans with a book balance of $23.1 million. The increase in loans receivable, net was partly offset by a decrease in total securities of $31.9 million.

Deposits increased by $34.5 million, to $1,781.2 million at September 30, 2014, from $1,746.8 million at December 31, 2013, due to growth in non-interest-bearing deposit accounts of $69.5 million relating to a revised fee and product structure adopted in the second quarter. To fund loan growth, FHLB advances increased $30.2 million, to $205.2 million at September 30, 2014, from $175.0 million at December 31, 2013. Stockholders’ equity increased to $218.7 million at September 30, 2014, as compared to $214.4 million at December 31, 2013, as net income for the period was partly offset by the repurchase of 334,630 shares of common stock for $5.6 million (average cost per share of $16.62) and the cash dividend on common stock. At September 30, 2014, there were 835,059 shares available for repurchase under the stock repurchase program adopted in July of 2014. Tangible stockholders’ equity per common share was $12.77 at September 30, 2014, as compared to $12.33 at December 31, 2013.

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Compared to the prior linked quarter, total assets decreased $20.4 million primarily due to a reduction of $16.2 million in cash and due from banks. Loans receivable, net increased $207,000, as $27.2 million in commercial loan growth was offset by the sale of non-performing loans with a book value of $23.1 million. Deposits increased by $75.7 million primarily due to a seasonal increase in government deposits. The increase in deposits and the reduction in excess cash were used to reduce FHLB advances which decreased $99.8 million during the quarter. The Company repurchased 32,864 shares of common stock during the quarter for $541,000 (average cost per share of $16.46).

Asset Quality

The Company’s non-performing loans totaled $18.4 million at September 30, 2014, a $22.3 million decrease from June 30, 2014 and a $27.0 million decrease from December 31, 2014 primarily due to the bulk sale of non-performing loans with a book value of $23.1 million. Non-performing loans as a percent of total loans receivable decreased to 1.11% at September 30, 2014, as compared to 2.44% at June 30, 2014 and 2.88% at December 31, 2013.

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Conference Call

As previously announced, the Company will host an earnings conference call on Friday, October 24, 2014 at 11:00 a.m. Eastern time. The direct dial number for the call is (888) 338-7143. For those unable to participate in the conference call, a replay will be available. To access the replay, dial (877) 344-7529, Replay Conference Number 10052761 from one hour after the end of the call until January 20, 2015. The conference call, as well as the replay, are also available (listen-only) by internet webcast at www.oceanfirst.com in the Investor Relations section.

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OceanFirst Financial Corp.’s subsidiary, OceanFirst Bank, founded in 1902, is a federally-chartered savings bank with $2.3 billion in assets and twenty-three branches located in Ocean, Monmouth and Middlesex Counties, New Jersey. The Bank is the largest and oldest community-based financial institution headquartered in Ocean County, New Jersey.

OceanFirst Financial Corp.’s press releases are available by visiting us at www.oceanfirst.com.

Forward-Looking Statements

In addition to historical information, this news release contains certain forward-looking statements within the meaning of the Private Securities Reform Act of 1995 which are based on certain assumptions and describe future plans, strategies and expectations of the Company. These forward-looking statements are generally identified by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” “will,” “should,” “may,” “view,” “opportunity,” “potential,” or similar expressions or expressions of confidence. The Company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on the operations of the Company and its subsidiaries include, but are not limited to: changes in interest rates, general economic conditions, levels of unemployment in the Bank’s lending area, real estate market values in the Bank’s lending area, future natural disasters and increases to flood insurance premiums, the level of prepayments on loans and mortgage-backed securities, legislative/regulatory changes, monetary and fiscal policies of the U.S. Government including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System, the quality or composition of the loan or investment portfolios, demand for loan products, deposit flows, competition, demand for financial services in the Company’s market area and accounting principles and guidelines. These risks and uncertainties are further discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013 and subsequent securities filings and should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. The Company does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

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CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

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ANALYSIS OF NET INTEREST INCOME