FOR IMMEDIATE RELEASE

OCEANFIRST FINANCIAL CORP.

ANNOUNCES QUARTERLY

FINANCIAL RESULTS

TOMS RIVER, NEW JERSEY, July 23, 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 $0.31 for the quarter ended June 30, 2015, as compared to $0.30 for the corresponding prior year quarter. For the six months ended June 30, 2015, diluted earnings per share increased to $0.63, as compared to $0.58 for the corresponding prior year period. Diluted earnings per share for the quarter and six months ended June 30, 2015 were impacted by $0.01 due to non-recurring merger related costs relating to the acquisition of Colonial American Bank (“Colonial”) which is expected to close on July 31, 2015. Excluding these merger costs, diluted earnings per share for the six months ended June 30, 2015 increased 10.3%, as compared to the same prior year period.

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Highlights for the quarter are described below.

Chief Executive Officer and President Christopher D. Maher commented on the results, “We are pleased to deliver another strong quarter of commercial loan growth while maintaining our focus on underwriting standards and credit quality.” Mr. Maher added, “We have received all regulatory and shareholder approvals required for the Colonial acquisition, allowing for an expedited closing on July 31, 2015 with the systems integration before the end of the year. We look forward to welcoming the Colonial customers and enhancing our presence in the attractive Monmouth County market.”

The Company also announced that the Board of Directors declared its seventy-fourth consecutive quarterly cash dividend on common stock. The dividend for the quarter ended June 30, 2015 of $0.13 per share, representing a 42% payout ratio, will be paid on August 14, 2015 to shareholders of record on August 3, 2015.

With strong loan portfolio growth, the Bank has recently focused on expanding its funding sources. At the end of the quarter, the Bank took advantage of an opportunity to expand its Monmouth County branch presence by opening a new branch in Long Branch, New Jersey at Pier

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Village. The Bank expects to open an additional branch in Jackson Township, Ocean County, in the third quarter. Both branches will be operated by universal bankers and the Jackson branch will employ advanced technology in the form of interactive teller machines, resulting in modest staffing complements.

Results of Operations

Net income for the three months ended June 30, 2015 was $5.1 million, or $0.31 per diluted share, as compared to net income of $5.1 million, or $0.30 per diluted share, for the corresponding prior year period. Net income for the six months ended June 30, 2015 increased to $10.4 million, or $0.63 per diluted share, as compared to net income of $9.8 million, or $0.58 per diluted share, for the corresponding prior year period. Net income for the three and six months ended June 30, 2015 includes non-recurring merger related costs, net of tax benefit, of $153,000 and $190,000, respectively. The increases in diluted earnings per share over the previous year periods were primarily due to lower operating expenses, higher net interest income and a reduction in average shares outstanding, partly offset by a reduction in other income. As compared to the prior linked quarter, higher net interest income and other income were offset by an increase in operating expenses.

Net interest income for the three and six months ended June 30, 2015 increased to $18.4 million and $36.6 million, respectively, as compared to $18.2 million and $36.2 million, respectively, for the same prior year periods, reflecting an increase in interest-earning assets, partly offset by a lower net interest margin. Average interest-earning assets increased $114.2 million and $103.1 million, respectively, for the three and six months ended June 30, 2015, as compared to the same prior year periods. Average loans receivable, net increased $174.2 million and $159.9 million, respectively, for the three and six months ended June 30, 2015, as compared to the same prior year periods, although this growth was partly offset by decreases in average securities of $62.1

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million and $57.2 million, respectively. The net interest margin decreased to 3.23% for both the three and six months ended June 30, 2015, from 3.35% and 3.36%, respectively, for the same prior year periods. The yield on average interest-earning assets decreased to 3.61% and 3.60%, respectively, for the three and six months ended June 30, 2015, as compared to 3.67% for both prior year periods, while the cost of average interest-bearing liabilities increased to 0.46% for both the three and six months ended June 30, 2015, as compared to 0.39% and 0.38%, respectively, in the prior year periods. In anticipation of a rising interest rate environment, the Company extended its borrowed funds into higher-costing longer-term maturities. Since December 31, 2013, the Bank extended $178.3 million of short-term funding into 3-5 year maturities, extending the weighted average maturity of term borrowings from 1.3 years to 3.3 years at June 30, 2015. Despite the increase in the cost of borrowed funds, the total cost of deposits (including non-interest bearing deposits) decreased to 0.22% for the six months ended June 30, 2015, as compared to 0.24% for the corresponding prior year period.

Net interest income for the quarter ended June 30, 2015 increased $300,000 as compared to the prior linked quarter. A slight decrease in the net interest margin to 3.23%, from 3.24%, was offset by an increase in average interest-earning assets of $41.4 million. The yield on average interest-earning assets increased to 3.61% for the quarter ended June 30, 2015, from 3.60% for the prior linked quarter, while the cost of average interest-bearing liabilities increased to 0.46% from 0.45%. The asset yield benefited from the growth in higher-yielding average loans receivable of $60.3 million, as compared to the prior linked quarter, while lower-yielding average securities decreased $19.2 million.

For the three and six months ended June 30, 2015, the provision for loan losses was $300,000 and $675,000, respectively, as compared to $275,000 and $805,000, for the corresponding prior year periods. Net charge-offs decreased to $185,000 and $458,000, respectively, for the three

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and six months ended June 30, 2015, as compared to net charge-offs of $273,000 and $799,000, respectively, in the corresponding prior year periods. The provision exceeded net charge-offs for both the three and six months ended June 30, 2015 to account for loan growth. The provision for loan losses also decreased as compared to $375,000 in the prior linked quarter, consistent with the decline in net charge-offs to $185,000 from $273,000.

For the three and six months ended June 30, 2015, other income decreased to $4.2 million and $8.2 million, respectively, as compared to $4.8 million and $8.7 million, in the same prior year periods. In the fourth quarter of 2014, the Company sold the servicing rights on a majority of residential mortgage loans serviced for the Federal agencies, recognizing a gain of $408,000. Smaller, supplemental sales occurred in 2015 resulting in gains of $30,000 in the second quarter and $111,000 for the six months ended June 30, 2015. The sale of loan servicing caused a decrease of $167,000 and $343,000 in loan servicing income for the three and six months ended June 30, 2015, respectively, as compared to the same prior year periods but also reduced operating expenses by a similar amount. For both the three and six months ended June 30, 2014 the Company recognized a gain of $348,000 on the sale of equity securities, as compared to no gains in the current year periods.

For the three months ended June 30, 2015, other income increased $185,000, as compared to the prior linked quarter, due to increases of $170,000 in fees and service charges, $116,000 in Bankcard services revenue and $101,000 in wealth management revenue. The increases were partly offset by a lower net (loss) gain from other real estate operations of $93,000.

Operating expenses decreased to $14.4 million and $28.1 million, respectively, for the three and six months ended June 30, 2015, as compared to $14.8 million and $28.9 million, respectively, in the same prior year periods. Operating expenses for the three and six months ended June 30, 2015 include $184,000 and $234,000, respectively, in non-recurring merger related expenses

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relating to the pending acquisition of Colonial. Compensation and employee benefits expense decreased $431,000 and $577,000, respectively, as compared to the same prior year periods. The prior year periods included $196,000 in severance related expenses due to the Company’s strategic decision to improve efficiency in the residential mortgage loan area. Marketing expense decreased $195,000 and $453,000, respectively, for the three and six months ended June 30, 2015, as compared to the same prior year periods, due to the timing of promotions and a significant campaign in the prior year period. For the three months ended June 30, 2015, operating expenses increased $654,000, as compared to the prior linked quarter, primarily due to a $134,000 increase in non-recurring merger related expenses, an increase of $161,000 in compensation and employee benefits, a $144,000 increase in professional fees and a $141,000 increase in marketing.

The provision for income taxes was $2.8 million and $5.5 million, respectively, for the three and six months ended June 30, 2015, as compared to $2.8 million and $5.3 million, respectively, for the same prior year periods. The effective tax rate was 35.1% and 34.7%, respectively, for the three and six months ended June 30, 2015, as compared to 35.1% and 35.2%, respectively, in the same prior year periods and 34.3% in the prior linked quarter.

Financial Condition

Total assets increased by $38.4 million to $2,395.1 million at June 30, 2015, from $2,356.7 million at December 31, 2014. Loans receivable, net, increased by $84.0 million, to $1,772.9 million at June 30, 2015, from $1,688.8 million at December 31, 2014, primarily due to growth in commercial loans of $75.6 million and the purchase of a pool of performing, locally-originated, one-to-four family, non-conforming mortgage loans for $7.2 million. The increase in loans receivable, net was partly offset by a decrease in total securities of $44.6 million.

Deposits increased by $41.5 million, to $1,761.7 million at June 30, 2015, from $1,720.1 million at December 31, 2014, partly due to an increase in business deposits of $53.5 million

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demonstrating the value of relationship based lending. The deposit growth funded a decrease in FHLB advances of $9.6 million, to $295.6 million at June 30, 2015, from $305.2 million at December 31, 2014. Stockholders’ equity increased to $221.5 million at June 30, 2015, as compared to $218.3 million at December 31, 2014, as net income for the period was partly offset by the repurchase of 259,940 shares of common stock for $4.5 million (average cost per share of $17.13) and the cash dividend on common stock. At June 30, 2015, there were 358,458 shares available for repurchase under the stock repurchase program adopted in July of 2014. Tangible stockholders’ equity per common share was $13.25 at June 30, 2015, as compared to $12.91 at December 31, 2014.

Asset Quality

The Company’s non-performing loans totaled $20.9 million at June 30, 2015, a $2.6 million increase from December 31, 2014 but a $19.8 million decrease from June 30, 2014. The reduction from June 30, 2014 was due to the bulk sale of $23.1 million in non-performing loans in the third quarter of 2014.

Conference Call

As previously announced, the Company will host an earnings conference call on Friday, July 24, 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 10068755 from one hour after the end of the call until October 24, 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-four 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, 2014 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

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LOANS RECEIVABLE

DEPOSITS

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OceanFirst Financial Corp.

ANALYSIS OF NET INTEREST INCOME

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