Exhibit 99.1

FOR IMMEDIATE RELEASE

OCEANFIRST FINANCIAL CORP.

ANNOUNCES QUARTERLY AND ANNUAL FINANCIAL RESULTS

TOMS RIVER, NEW JERSEY, January 22, 2015…OceanFirst Financial Corp. (NASDAQ:“OCFC”), (the “Company”), the holding company for OceanFirst Bank (the “Bank”), today announced that diluted earnings per share increased to $0.30 for the quarter ended December 31, 2014, as compared to $0.11 for the corresponding prior year period. For the year ended December 31, 2014, diluted earnings per share increased to $1.19, as compared to $0.95 for the prior year. Results of the Company’s strategic initiatives for the quarter are described below.

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Chief Executive Officer and President Christopher D. Maher commented on the results, “We are pleased to report another quarter of strong commercial loan growth. Effective expense discipline, in combination with continued loan growth will provide an opportunity for additional operating leverage. The expansion of commercial lending relationships remains a key focus. To further penetrate the broader central New Jersey market, we will be opening a new commercial loan production office in Mercer County.”

Results of Operations

Net income for the quarter ended December 31, 2014 was $4.9 million, or $0.30 per diluted share as compared to net income of $1.9 million, or $0.11 per diluted share, for the corresponding prior year period. For the year ended December 31, 2014, net income totaled $19.9 million, or $1.19 per diluted share, as compared to net income of $16.3 million or $0.95 per diluted share for the prior year. Net income for the quarter and year ended December 31, 2013 was adversely impacted by non-recurring expenses related to the prepayment of Federal Home Loan Bank (“FHLB”) advances and the consolidation of two branches. The net, after tax amount of these items reduced net income and diluted earnings per share for the quarter and year ended December 2013 by $3.1 million and $0.19, respectively.

Net interest income for the quarter ended December 31, 2014 decreased to $18.0 million as compared to $18.3 million for the same prior year period, reflecting a decrease in the net interest

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margin, partly offset by an increase in average interest-earning assets. The net interest margin decreased to 3.27%, for the quarter ended December 31, 2014, from 3.38% for the same prior year period. The yield on average interest-earning assets decreased to 3.64% for the quarter ended December 31, 2014, as compared to 3.70% in the same prior year period, while the cost of average interest-bearing liabilities increased to 0.45%, as compared to 0.37%. Net interest income for the year ended December 31, 2014 increased to $72.3 million, as compared to $70.5 million in the same prior year period, reflecting an increase in the net interest margin and an increase in average interest-earning assets. The net interest margin increased to 3.31% for the year ended December 31, 2014, from 3.24% for the same prior year period. The yield on average interest-earning assets decreased to 3.65% for the year ended December 31, 2014, as compared to 3.68% in the same prior year period, while the cost of average interest-bearing liabilities decreased to 0.42%, as compared to 0.52%. Despite the slight decline in the yield on interest earning assets, the asset yield for both the quarter and year ended December 31, 2014 benefited from a shift in the mix of interest-earning assets as average loans receivable, net increased $105.8 million and $85.1 million, respectively, for the quarter and year ended December 31, 2014, while average interest-earning securities decreased $69.2 million and $67.8 million, respectively, as compared to the same prior year periods. The increase in the cost of average interest-bearing liabilities for the quarter ended December 31, 2014 was partly due to the prepayment, early in the fourth quarter of 2013, of $159.0 million of FHLB advances with a weighted average cost of 2.31% and a weighted term to maturity of 16 months. The prepayment was initially funded by low cost short-term advances which immediately benefited net interest income and margin in the fourth quarter of 2013. During 2014, these short-term borrowings were gradually extended causing an increase in the cost of interest-bearing liabilities. Finally, average interest-earning assets increased $47.5 million and $6.2 million, respectively, for the quarter and year ended December 31, 2014, as compared to the same prior year periods.

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For the quarter ended December 31, 2014, net interest income decreased by $76,000, as compared to the prior linked quarter. The net interest margin was unchanged at 3.27% and average interest-earning assets decreased by $10.4 million. The Company’s commercial loan growth during the quarter was concentrated at the end of the period providing only a limited benefit to fourth quarter net interest income. Loans receivable, net (including mortgage loans held for sale), was $1,693.0 million at December 31, 2014, $58.2 million more than the fourth quarter average of $1,634.8 million.

For the quarter and year ended December 31, 2014, the provision for loan losses was $825,000 and $2.6 million, respectively, as compared to $200,000 and $2.8 million, respectively, for the corresponding prior year periods and $1.0 million for the prior linked quarter. The provision for loan losses for the prior linked quarter and year ended December 31, 2014, was elevated due to the bulk sale of non-performing loans which resulted in a charge-off of $5.0 million on these loans. Net charge-offs were $818,000 for the quarter ended December 31, 2014, as compared to net charge-offs of $654,000 in the prior linked quarter (excluding net charge-offs relating to the bulk sale of non-performing loans) and $157,000 in the prior year quarter. The net charge-offs for the quarter ended December 31, 2014 included $532,000 relating to loans that were restructured in previous years that were no longer considered collectable. For the year ended December 31, 2014, net charges-offs, excluding net charge-offs relating to the bulk sale of non-performing loans, were $2.3 million, as compared to $2.4 million in the same prior year period. In evaluating the level of the allowance for loan losses at December 31, 2014 and related provision for loan losses for the quarter and year ended December 31, 2014, 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 during the third quarter of 2014. Non-performing loans amounted to $18.3 million at December 31, 2014, a

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decrease of $85,000 as compared to September 30, 2014 and a decrease of $27.1 million, or 59.6%, as compared to December 31, 2013. Non-performing loans as a percent of total loans receivable decreased to 1.06% at December 31, 2014, as compared to 1.11% at September 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 89.1% at December 31, 2014, from 88.7% at September 30, 2014 and 46.1% at December 31, 2013.

For the quarter and year ended December 31, 2014, other income increased to $4.6 million and $18.6 million, respectively, as compared to $4.1 million and $16.5 million, respectively, in the same prior year periods. For the quarter and year ended December 31, 2014, fees and service charges increased $297,000 and $1.1 million, respectively, as compared to the same prior year periods primarily due to a revised deposit fee and product structure. For the quarter and year ended December 31, 2014, the net gain on the sale of loans decreased to $194,000 and $772,000, respectively, as compared to $287,000 and $1.2 million, respectively, in the same prior year periods. The gain on the sale of loans for the year ended December 31, 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 year. The prior year provision was related to loans sold to the FHLB as part of its Mortgage Partnership Finance program. Compared to prior years, the gain on sale of loans in the 2014 periods was adversely impacted by reductions in loans sold, as increasing longer-term interest rates reduced one-to-four family loan refinance activity. For the quarter and year ended December 31, 2014, the Company recognized gains of $93,000 and $1.0 million, respectively, on the sale of equity securities, as compared to gains of $4,000 and $46,000, respectively, in the corresponding prior year periods.

For the quarter ended December 31, 2014, other income decreased $666,000, as compared to the prior linked quarter due to decreases of $498,000 in the gain on sale of equity securities,

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$272,000 in fees and service charges, $116,000 in loan servicing income, and a higher net loss from other real estate operations of $202,000. These decreases were partly offset by the net gain on the sale of loan servicing of $408,000.

Operating expenses decreased to $14.4 million and $57.8 million, respectively, for the quarter and the year ended December 31, 2014, as compared to $19.5 million and $59.2 million in the same prior year periods. The decreases were primarily due to the expenses incurred in the fourth quarter of 2013 associated with the FHLB advance prepayment fee and the branch consolidations totaling $4.8 million. Compensation and employee benefits expense increased $118,000 and $2.7 million, respectively, for the quarter and the year ended December 31, 2014, as compared to the same prior year periods. The increase for the year ended December 31, 2014 was primarily due to personnel additions in revenue producing areas in mid-2013 through early 2014. Additionally, compensation and employee benefits expense for the year ended December 31, 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 quarter ended December 31, 2014, operating expenses decreased $35,000 as compared to the prior linked quarter.

The provision for income taxes was $2.5 million and $10.6 million, respectively, for the quarter and the year ended December 31, 2014, as compared to $784,000 and $8.6 million, respectively, for the same prior year periods. The effective tax rate was 33.6% and 34.8%, respectively, for the quarter and year ended December 31, 2014, as compared to 28.8% and 34.5%, 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 $107.0 million to $2,356.7 million at December 31, 2014, from $2,249.7 million at December 31, 2013. Loans receivable, net, increased by $147.4 million, to $1,688.8 million at December 31, 2014 from $1,541.5 million at December 31, 2013, primarily due to growth in commercial loans of $144.4 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. Separately, 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 $50.2 million.

Deposits decreased by $26.6 million, to $1,720.1 million at December 31, 2014, from $1,746.8 million at December 31, 2013, due to a reduction in government deposits of $50.4 million partly offset by growth in business checking accounts. Deposits added in 2014 from commercial loan clients totaled $35.7 million, demonstrating the focus on relationship based lending. Non-interest-bearing deposit accounts grew $72.3 million for the year relating to a revised fee and product structure adopted in the second quarter. To fund loan growth, FHLB advances increased $130.2 million, to $305.2 million at December 31, 2014, from $175.0 million at December 31, 2013. Stockholders’ equity increased to $218.3 million at December 31, 2014, as compared to $214.4 million at December 31, 2013, as net income for the period was partly offset by the repurchase of 551,291 shares of common stock for $9.2 million (average cost per share of $16.65) and the cash dividend on common stock. At December 31, 2014, there were 618,398 shares available for repurchase under the stock repurchase program adopted in July of 2014. Tangible stockholders’ equity per common share was $12.91 at December 31, 2014, as compared to $12.33 at December 31, 2013.

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Compared to the prior linked quarter, total assets increased $48.0 million primarily due to an increase in loans receivable, net of $56.8 million, almost all of which was related to commercial loan growth. Deposits decreased by $61.1 million primarily due to a seasonal outflow in government deposits. The decrease in deposits and the increase in commercial loans were funded with FHLB advances which increased $100.0 million during the quarter. The Company repurchased 216,661 shares of common stock during the quarter for $3.6 million (average cost per share of $16.69).

Asset Quality

The Company’s non-performing loans totaled $18.3 million at December 31, 2014, a $85,000 decrease from September 30, 2014 and a $27.1 million decrease from December 31, 2013. The decrease from December 31, 2013 was primarily due to the third quarter 2014 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 1.06% at December 31, 2014, as compared to 1.11% at September 30, 2014 and 2.88% at December 31, 2013.

Annual Meeting

The Company also announced today that its Annual Meeting of Stockholders will be held on Wednesday, May 6, 2015 at 10:00 a.m. Eastern time, at the Crystal Point Yacht Club located at 3900 River Road at the intersection of State Highway 70, Point Pleasant, New Jersey. The record date for shareholders entitled to vote at the Annual Meeting is March 10, 2015.

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Conference Call

As previously announced, the Company will host an earnings conference call on Friday, January 23, 2015 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 10058035 from one hour after the end of the call until April 23, 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 community bank with $2.4 billion in assets and twenty-three branches located in Ocean, Monmouth and Middlesex Counties, New Jersey. The Bank delivers commercial and residential financing solutions, wealth management, and deposit services throughout the central New Jersey region and is the largest and oldest 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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OceanFirst Financial Corp.

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(dollars in thousands, except per share amounts)

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OceanFirst Financial Corp.

CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share amounts)

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OceanFirst Financial Corp.

SELECTED CONSOLIDATED FINANCIAL DATA

(in thousands, except per share amounts)

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OceanFirst Financial Corp.

SELECTED LOAN AND DEPOSIT DATA

(in thousands)

LOANS RECEIVABLE

DEPOSITS

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OceanFirst Financial Corp.

ANALYSIS OF NET INTEREST INCOME

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