INVESTING IN OPPORTUNITY. INSPIRING IMPACT.
2022 ANNUAL REPORT
OceanFirst delivered some of the strongest
financial and operating results in our history
in 2022. We produced record net income, an
expanding net interest margin, outstanding
credit quality, and increased book value per
share – while maintaining our commitment to
the communities in which we live and work.
NASDAQ:
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Financial
Summary
2022
Deposits
$ in billions
$9.4
$9.7
$9.7
Loans Receivable
(Net of allowance for loan credit losses)
$ in billions
Total Assets
$ in billions
$9.9
$8.6
$7.7
$13.1
$11.4
$11.7
$6.3
$5.8
$6.2
$5.6
$8.2
$7.5
’18
’19
’20
’21
’22
’18
’19
’20
’21
’22
’18
’19
’20
’21
’22
(dollars in thousands, except per share amounts)
2022
2021
2020
2019
2018
At or for the year ended December 31,
Deposits
$ in billions
Loans Receivable
$ in billions
10
8
6
4
2
0
10
8
6
4
2
0
Net Income Available
to Common Stockholders
$ in millions
$13,103,896
9,868,718
$11,739,616
Diluted Earnings
per Share
8,583,352
$11,448,313
$8,246,145
7,704,857
6,207,680
Net Income Available
$7,516,154
to Common Stockholders
$ in millions
5,579,222
Diluted Earnings
per Share
9,675,206
$142.6
1,585,464
9,732,816
1,516,553
9,427,616
$2.42
1,484,130
6,328,777
150
5,814,569
1,153,119
1,039,358
Selected Financial Condition Data
Total assets
Loans receivable, net of allowance for loan credit losses
Deposits
Total stockholders’ equity
Selected Operating Data
Net interest income
Other income(1)
Operating expenses(1)
$106.1
Net income available to common stockholders(1)
$61.2
Diluted earnings per share(1)
Selected Financial Ratios and Other Data(1)
Tangible common equity per common
share at end of period(2)
Stockholders’ equity per common share at end of period
’21
’20
’22
Cash dividends per common share
Tangible stockholders’ equity to tangible assets(2)
Stockholders’ equity to total assets
Return on average assets(1) (3)
Return on average tangible stockholders’ equity(1) (2) (3)
Return on average stockholders’ equity(1) (3)
Net interest margin
Operating expenses to average assets(1)
Efficiency ratio(1)
Non-performing loans as a percent of total loans receivable
377,477
59,094
234,881
142,587
2.42
17.08
26.81
0.74
8.47 %
12.10
1.15
13.96
9.24
3.37
120
305,338
$1.78
312,951
255,971
240,502
51,931
73,926
42,165
34,827
90
226,860
246,431
189,142
186,337
106,060
$1.02
1.78
61,212
1.02
88,574
1.75
71,932
1.51
60
30
15.93
25.63
14.98
15.13
14.26
24.57
22.88
0
21.68
’20
’21
’22
0.68
8.89 %
0.68
8.79 %
0.68
9.71 %
0.62
Lorem ipsum
9.55 %
12.92
0.91
10.73
7.02
2.93
1.94
63.50
0.30
12.96
0.55
6.59
4.20
3.16
2.20
63.70
0.60
13.98
1.10
11.96
7.84
3.62
2.35
63.44
0.40
13.83
0.98
11.16
7.31
3.71
2.53
67.68
0.37
1.90
Commercial Loans
by Geography
53.80
As of December 31, 2022
0.23
(1) Performance ratios for 2022 included a net benefit related to merger related expenses, net branch consolidation expense, and gain on equity investments of $6.2 million, or $4.6 million, net of tax expense.
Performance ratios for 2021 include merger related expenses, branch consolidation expenses, and a net gain on equity investments of $6.7 million or $5.1 million, net of tax benefit. Performance ratios for 2020
include a net gain on equity investments, gain on sale of Paycheck Protection Program (“PPP”) loans, Federal Home Loan Bank (“FHLB”) advance prepayment fees, merger related expenses, branch consolidation
expenses, and Two River Bancorp (“Two River”) and Country Bank Holding Company, Inc. (“Country Bank”) opening credit loss expense under the current expected credit losses (“CECL”) model of $14.3 million
or $11.0 million, net of tax benefit. Performance ratios for 2019 include merger related expenses, branch consolidation expenses, non-recurring professional fees, compensation expense due to the retirement
of an executive officer, and the reduction in income tax expense from revaluation of state deferred tax assets as a result of a change in the New Jersey tax code of $20.6 million, or $16.3 million, net of tax benefit.
Performance ratios for 2018 include merger related expenses, branch consolidation expenses, and an income tax benefit related to Tax Cuts and Jobs Act of $28.2 million, or $22.2 million, net of tax benefit.
(2) Tangible stockholders’ equity and tangible assets exclude intangible assets related to goodwill and core deposit intangible. Tangible common equity excludes goodwill, core deposit intangible and preferred equity.
(3) Ratios for each period are based on net income available to common stockholders.
Commercial Loans
by Geography
As of December 31, 2022
42% New Jersey
30% Metro New York City
22% Greater Philadelphia
6% Boston/Baltimore
ANNUAL REPORT 2022 1
2.5
2.0
1.5
1.0
0.5
0.0
DEAR FELLOW STOCKHOLDERS
OceanFirst delivered some of the strongest financial and operating results in
our history in 2022, even while facing one of the most challenging economic
and geopolitical environments the world has seen in many years. Despite the
highest inflation level in more than four decades, rising interest rates, and
other economic turbulence, our performance was distinguished by record
net income, an expanding net interest margin, outstanding credit quality,
and increased book value per share. A major contributor to these excellent
results was our record organic loan growth – which was largely due to our
successful efforts in recent years to build a meaningful commercial lending
franchise and to expand our served market along the Northeast corridor.
At the same time, we maintained our commitment to the communities in which
we live and work – through efforts such as our Company-wide volunteer
initiative, known as CommUNIT YFirst Day, as well as the grants and other
support provided to local organizations by OceanFirst Foundation.
We are proud of the entire OceanFirst team, who worked tirelessly during
the past year to serve our customers, support our community, deliver positive
results for our stockholders, and position the Company for continued profitable
growth going forward.
Strategic Strength in Uncertain Times
The global economy began 2023 much as it ended 2022: in an environment
of fiscal uncertainty, marked by persistent inflation and high interest rates.
These conditions were further complicated in March 2023 by liquidity issues at
a small number of banks that required regulatory intervention. It is important
to note that these issues were specific to those institutions, rather than systemic.
The U.S. banking system overall is sound and secure. And banks such as
OceanFirst – which have remained focused on serving their communities and
being prudent stewards of capital – are well positioned for what may be a
difficult year.
In this regard, we are pleased to note that OceanFirst was included in the 2022
S&P Global Market Intelligence ranking of the highest performing U.S. public
banks with total assets exceeding $10 billion as of December 31, 2022. The
ranking is based on our 2022 financial performance in categories including
various measures of profitability, as well as safety and soundness as reflected
in capital strength and credit quality.
OCEANFIRST
FINANCIAL
2022
OUTSTANDING AND
PROVEN GROWTH
Christopher D. Maher
Chairman of the Board
and Chief Executive Officer
2
More broadly speaking, there are early signs that the pace of inflation may be
easing a bit, and employment data remains reassuring, which could indicate
that the U.S. economy may yet avoid a severe downturn of the kind we saw
in the Great Financial Crisis. We certainly hope, given this set of factors, that
our nation’s financial policymakers will be able to achieve a delicate balance
– controlling inflation while avoiding a significant or protracted recession.
At OceanFirst, we believe our job is not to try to predict the future course
of the economy, but rather to prepare for a range of scenarios – including,
at the current time, elevated interest rates and possible adverse impacts
on credit quality. We know that our customers, employees, stockholders,
and communities depend on us to take a responsible, risk-aware approach
to navigating a potential downturn. Accordingly, we have taken prudent
measures to maintain our financial resiliency while supporting our continued
growth, despite the vagaries of the economy.
• Our balance sheet is well positioned for capital strength, with stockholders’
equity of $1.59 billion, and ample liquidity, with a mix of cost-effective
deposits, FHLB advances and other borrowings.
• We are sharply focused on sustaining our pristine record of credit quality
through continued underwriting discipline, pricing credit appropriately
and managing our loan portfolios to avoid concentrations in any sector,
property type or geography. Maintaining this posture will allow us to
continue to provide our communities with the capital required to sustain
responsible growth.
• In addition, our efforts in recent years to expand our franchise across the
Middle Atlantic region – from Baltimore to Boston – have given OceanFirst
a strong foothold in a thriving, widely diversified market with a long history
of economic resiliency.
We also recognize that our stakeholders would be ill-served by an overly
constrictive approach to credit, which would deprive individuals, businesses
and communities of vital financial resources and could deepen the impact
of a recession or forestall a future economic recovery. For this reason, we
will continue to support the needs of creditworthy clients, while engaging
actively to identify and mitigate early-stage issues that might pose a risk to
credit quality.
$1.59 BILLION
12.98%
STOCKHOLDERS’
EQUITY
TOTAL CAPITAL
RATIO
OCEANFIRST FINANCIAL CORP. 2022 ANNUAL REPORT
To make CommUNITYFirst Day
a success, more than 700 employees
volunteered over 3,000 hours in just
one afternoon to work with nonprofit
organizations helping our neighbors
across our market area.
3
Deposits
$ in billions
$9.4
$9.7
$9.7
Loans Receivable
$ in billions
Total Assets
$ in billions
Deposits
$ in billions
Loans Receivable
$ in billions
$6.3
$5.8
$6.2
$5.6
$8.2
$7.5
$9.9
$8.6
$7.7
$13.1
$11.4
$11.7
10
8
6
4
2
0
10
8
6
4
2
0
’18
’19
’20
’21
’22
’18
’19
’20
’21
’22
’18
’19
’20
’21
’22
Net Income Available
to Common Stockholders
$ in millions
Diluted Earnings
per Share
$142.6
$2.42
OCEANFIRST’S FINANCIAL STRENGTH –
$106.1
$1.78
AND OUR POTENTIAL FOR PROFITABLE
GROWTH – WERE CLEARLY EVIDENT IN
OUR RECORD 2022 RESULTS.
$61.2
$1.02
Net Income Available
to Common Stockholders
$ in millions
Diluted Earnings
per Share
150
120
90
60
30
0
2.5
2.0
1.5
1.0
0.5
0.0
’20
’21
’22
’20
’21
’22
Lorem ipsum
Commercial Loans
by Geography
42% New Jersey
30% New York
22% Philadelphia
6% Boston/
Baltimore
As of December 31, 2022
OCEANFIRST FINANCIAL CORP. 2022 ANNUAL REPORT
Record Financial Performance
OceanFirst’s financial strength and our potential for profitable growth were
clearly evident in our record 2022 results. Full-year earnings reached an
all-time high of $142.6 million, or $2.42 per diluted share, as core earnings
increased by 39%. Our performance ratios were equally robust: return on
average assets was 1.15%, return on average tangible common equity was
14.76%, and net interest margin expanded to 3.37%.
In times of economic uncertainty, it is especially important to preserve the
Company’s earnings-generation capacity through outstanding asset quality
and cost-effective operations. OceanFirst’s stellar credit quality is shown
by our ratio of non-performing assets to total assets of 0.18% at year-end
2022. We also benefitted from our actions in prior years to limit our potential
exposure, such as disposing of roughly $89 million in higher-risk loans in
2020. Reflecting this risk-aware approach, we had no “other real estate owned”
(OREO) as of the end of last year.
We also have continued to enhance operational efficiency, as demonstrated
by our 53.80% efficiency ratio at December 31, 2022, which improved
significantly from 63.50% a year earlier. Our investment in digital banking
offerings during the past few years has contributed to the cost-efficiency
of our operations, while also providing customers with important benefits in
terms of convenience and ease of access to their financial resources.
OceanFirst’s strong financial performance is coupled with a continuing focus
on responsible stewardship of stockholder value. Stockholders’ equity per
common share increased to $26.81 at year-end 2022, as compared to $25.63 a
year earlier. Following the 2022 fourth quarter, the Board of Directors declared
our 104th consecutive quarterly cash dividend on the common stock, and our
2022 full-year cash payout of $0.74 represented 31.6% of core earnings. The
Company repurchased 373,223 shares of common stock during 2022.
Strong Growth in an Expanding Market
Robust organic loan growth was a significant contributor to our strong
performance. We produced record loan originations of $3.1 billion in 2022
– resulting in net loan growth of $1.3 billion – most of which was generated
organically and in keeping with our conservative credit discipline. Our focus
in recent years on expanding throughout the Middle Atlantic region has
provided OceanFirst with a foothold in a growing and historically resilient
market, and given us access to a diverse group of primarily corporate
customers arrayed along the Northeast corridor from Baltimore to Boston.
In fact, slightly more than half of our commercial loan volume last year
originated in our Philadelphia and New York markets, and we are gaining
traction in our newer Boston and Baltimore markets, which we entered
for the first time in 2021.
39%
1.15%
14.76%
CORE EARNINGS
INCREASE
RETURN ON
AVERAGE ASSETS
RETURN ON AVERAGE
TANGIBLE COMMON EQUITY
5
OCEANFIRST FINANCIAL CORP. 2022 ANNUAL REPORT
Joseph J. Lebel III
President and
Chief Operating Officer
We have continued to support our capacity for loan growth with the addition
of seasoned commercial bankers. In 2022, we continued to add experienced
bankers to support and grow both our new and existing markets. This investment
in talent has enabled OceanFirst to build a solid commercial banking business
that serves businesses of all sizes, from emerging entrepreneurs to middle
market enterprises, in diverse industry sectors.
Investment in New Opportunities
OceanFirst’s organic growth was complemented by strategic investments
that have expanded our range of financial solutions and provided additional
income-generation opportunities.
During 2022, OceanFirst made an additional minority, non-controlling equity
investment of $2.8 million in Auxilior Capital Partners, Inc., as a follow-up to
our original investment of $10.0 million in 2021. An innovative provider of
equipment financing and leasing and supply chain financing solutions, with a
national client base, Auxilior funded $695 million in transactions last year. Our
additional investment was part of a new round of financing and will support
Auxilior’s continued growth. The Company’s latest investment resulted in an
unrealized gain of $17.5 million on the prior investment, which is reflected in
other income for the quarter and year ended December 31, 2022. Auxilior is now
the third largest independent commercial finance business in North America.
Also during the past year, the Company acquired Trident Abstract Title Agency,
LLC. Established in 1975, Trident is a New Jersey-based, family-owned and
operated business that writes title insurance through the nation’s leading
underwriters. With the addition of Trident, OceanFirst is able to offer our clients
the option of working with a preferred title partner, which can facilitate faster
and more efficient loan closings and an improved borrowing experience. In
addition, Trident provides us with access to new revenue streams that represent
a quality source of non-interest income.
The Nest Egg financial advisory platform, in which OceanFirst has been an
investor since 2018, has continued to be an important part of our portfolio of
customer solutions. Offering a mix of technology-enabled and more traditional
person-to-person investment services, the platform served as a valued resource
to clients in a year marked by financial market volatility. In particular, Nest Egg
experienced strong growth in its fixed rate annuity offerings as many customers
sought alternatives to traditional equity and bond assets. Nest Egg ended
2022 with assets under administration and management of $403.5 million. As an
equity investor in Nest Egg, we are further pleased to see Nest Egg appealing
to banks and credit unions throughout the U.S. with 11 institutions offering or
in the process of launching Nest Egg products.
$3.1 BILLION
LOAN ORIGINATIONS
6
Deposits
$ in billions
$9.4
$9.7
$9.7
Loans Receivable
(Net of allowance for loan credit losses)
$ in billions
Total Assets
$ in billions
$9.9
$8.6
$7.7
$13.1
$11.4
$11.7
$6.3
$5.8
$6.2
$5.6
$8.2
$7.5
’18
’19
’20
’21
’22
’18
’19
’20
’21
’22
’18
’19
’20
’21
’22
Deposits
$ in billions
Loans Receivable
$ in billions
10
8
6
4
2
0
10
8
6
4
2
0
Net Income Available
to Common Stockholders
$ in millions
Diluted Earnings
per Share
Net Income Available
to Common Stockholders
$ in millions
Diluted Earnings
per Share
$142.6
$2.42
$106.1
$1.78
$61.2
$1.02
150
120
90
60
30
0
’20
’21
’22
’20
’21
’22
Lorem ipsum
2.5
2.0
1.5
1.0
0.5
0.0
OUR FOCUS ON EXPANDING
THROUGHOUT THE MIDDLE
ATLANTIC REGION HAS PROVIDED
OCEANFIRST WITH A FOOTHOLD
IN A GROWING AND HISTORICALLY
RESILIENT MARKET ARRAYED
ALONG THE NORTHEAST CORRIDOR
FROM BALTIMORE TO BOSTON.
Commercial Loans
by Geography
As of December 31, 2022
Commercial Loans
by Geography
As of December 31, 2022
42% New Jersey
30% Metro New York City
22% Greater Philadelphia
6% Boston/Baltimore
6
Responsibility to Our Stakeholders
At OceanFirst, we measure success not only by the operational and financial
performance of the Company, but also by how well we have fulfilled our
responsibilities to all our stakeholders. We are proud of our continued progress
on environmental, social and governance (ESG) initiatives.
Reflecting our commitment to expand access to economic opportunity across
our communities, OceanFirst Bank provided approximately $75 million in
loans and investments for community development and similar projects in 2022.
Loans by the Bank to minority-owned and women-owned businesses last
year amounted to $143 million. First-time homebuyers benefitted from our
NeighborFirst Program, established in 2022, which makes a home purchase
more affordable through reduced down payments, discounted rates, and
other features. In addition, we launched a Special Purpose Credit Program in
Middlesex County. These facilities provide subsidized residential mortgages
to borrowers in geographies that will benefit from additional credit access.
Our CommUNITYFirst Day in October 2022 drew tremendous participation by our
employees. All branch locations and offices closed at noon on that day to allow
our team members to volunteer with nonprofit organizations in our communities.
More than 700 employees, called WaveMakers, volunteered more than 3,000
hours to work at over 100 nonprofit organization project sites across New Jersey,
New York City, Philadelphia, Baltimore, and Boston. CommUNITYFirst Day is
just one of the ways OceanFirst supports our communities. Our WaveMakers
are active all year, volunteering thousands of hours to local nonprofits. In addition,
OceanFirst Foundation, established in 1996 in conjunction with our initial public
offering, has contributed over $45 million since inception to support charitable
efforts in our communities. The work of the Foundation is discussed in greater
detail later in this report.
Under the leadership of our Diversity and Inclusion Council, we have pursued
efforts to create an environment of respect, professionalism, equity and
inclusiveness. To recruit and cultivate diverse talent, we offer a number of career
development options for employees, such as our Leadership Development
Program, WomenCONNECT mentorship, the EDGE Management Training
Program, and Summer Internship programs, and have partnered with organizations
such as the African American Chamber of Commerce of New Jersey. The
Company conducted over 2,000 hours of Diversity Training in 2022.
Among our efforts to promote environmental stewardship, OceanFirst provided
roughly $87 million in 2022 in financing for clients that have energy efficient
facilities, including LEED certified buildings. Our significant commitment to
digital transformation is helping to reduce energy usage, waste and water
consumption, as we offer digital alternatives to traditional physical branches,
and migrate many transactions to all-electronic, paperless formats.
We are proud of our commitment to
expand access to economic opportunity
across our communities.
8
OCEANFIRST FINANCIAL CORP. 2022 ANNUAL REPORT
OCEANFIRST’S STRATEGIC VISION IS
TO CREATE A BANKING INSTITUTION
THAT OFFERS AN ARRAY OF FINANCIAL
SOLUTIONS FOR OUR CUSTOMERS,
CONTRIBUTES TO THE SUCCESS OF
OUR COMMUNITIES, IS A MAGNET FOR
TALENTED PROFESSIONALS, AND
DELIVERS PROFITABLE GROWTH FOR
OUR STOCKHOLDERS.
Strategic Focus for 2023 and Beyond
Undaunted by the near-term economic uncertainties, OceanFirst will continue to
implement our strategic vision to create a super-community banking institution
that offers an array of financial solutions for our customers, contributes to the
success of our communities, is a magnet for talented professionals, and delivers
profitable growth for our stockholders. Key elements of our strategic focus for
our various business lines in 2023 and beyond include the following:
• Continue the build-out of our commercial banking business by recruiting and
developing bankers skilled in commercial and industrial (C&I) lending and
Corporate Treasury Management, to complement our demonstrated capa-
bilities in commercial real estate (CRE) banking. In addition to providing new
lending and fee income opportunities, this effort will continue to diversify
the composition of the commercial business.
• Attract and retain deposits as a reliable and cost-effective source of funding.
We will aim to accomplish this goal through an expanded mix of corporate
cash management, retail core, and CD products, with an enhanced digital
presence to meet customers’ needs and drive growth.
• Develop our residential lending business through the addition of talent,
geographic expansion, and additional product offerings that will serve as a
supplementary revenue engine.
• Maintain credit discipline, as noted earlier. We believe this must be a core
competency in order to provide a source of stability in volatile economic
periods.
• Focus on continued operational efficiency and effectiveness, providing a
solid foundation for sustained growth and enhanced stockholder value.
As an organization whose history dates back to 1902, OceanFirst has weathered
more than a century of economic cycles, wars, and pandemics. With a resilient
market that can support responsible growth, a talented and highly motivated
team, a disciplined approach to asset quality and capital stewardship, and a
strong connection to our customers and communities, we are confident that
OceanFirst is well positioned – both for the current environment and for a
bright future.
April 4, 2023
Christopher D. Maher
Chairman of the Board
and Chief Executive Officer
Joseph J. Lebel III
President and
Chief Operating Officer
9
OCEANFIRST BANK
SERVING THE NORTHEASTERN
UNITED STATES MEGALOPOLIS
POPULATION OVER
50 MILLION
ME
NH
MA
NY
NY
RI
CT
PA
NJ
MD
Regional/Market Presidents
R. Thomas Crawford
Baltimore
Vincent M. D’Alessandro
Community & Retail Banking
George Destafney
New Jersey Region
Bradley J. Fouss
Greater Philadelphia
Daniel L. Griggs
Boston Region
Daniel J. Harris
New York Region and
Chief Commercial
Real Estate Officer
AnnMarie Sorena
Metropolitan New York
Susanne Svizeny
Mid-Atlantic Region
10
9,000+
GRANTS PROVIDED
SINCE 1996 BY
OCEANFIRST FOUNDATION
OceanFirstFoundation From the beginning, OceanFirst has been
deeply committed to supporting the communities where our colleagues and customers
live and work. For more than 25 years, OceanFirst Foundation has played a vital role
in these efforts – partnering with local community organizations and schools, and
providing the resources and expertise to inspire impact and help to put great ideas
into action. The Foundation was created in 1996 in connection with OceanFirst’s
initial public offering. As the first foundation ever created as part of a mutual-to-stock
conversion, this community-spirited innovation has inspired at least 85 other banks
nationwide to adopt a similar model.
Over the past quarter-century, the Foundation has been a valuable contributor
to the lives of our neighbors – providing grants and other assistance to nonprofit
organizations schools and communities in central and southern New Jersey. As of
year-end 2022, the Foundation has contributed a total of over $45 million in grants to
organizations that improve the quality of life and promote access to housing, health
and wellness, youth development, higher education, and enriching arts and culture.
In 2022 alone, the Foundation awarded grants totaling $1.8 million to local organizations
in the following categories, several of which are highlighted on the following pages.
9,000+
GRANTS PROVIDED
SINCE 1996 BY
OCEANFIRST FOUNDATION
Improving Quality of Life
Disaster Response
Youth Development/Education
Supporting First Responders
GRANTS
$45M+
Health/Wellness
Military/Veterans
Housing
Environment
Arts/Culture/History
11
Environment
Disaster Response
Housing
Supporting First
Responders
Arts/Culture/History
Youth Development/
Education
Military/Veterans
Health/Wellness
Improving the
Quality of Life
GRANTS
COVID-19
Grantmakers (CNJG)
Environment
Environment
Housing
Health
Fire/First Aid
Council of New Jersey
Military/Veterans
Youth Development
68%
ENVIRONMENT
YOUTH
DEVELOPMENT
HEALTH/
WELLNESS
OCEANFIRST FOUNDATION + YOU:
PARTNERING FOR OUR COMMUNITIES
OceanFirst Foundation was originally funded with an allocation of over $13 million
of OceanFirst Financial Corp. common stock at the time of the Company’s initial
public offering. The value of that first share grant has grown exponentially with the
value of the Company’s business – the total amount awarded by the Foundation
since that time is more than 300% of the original contribution.
Now, OceanFirst Financial Corp. stockholders have an opportunity to become
partners in the Foundation’s efforts to support our communities. The by-laws of the
Foundation have been amended to allow individuals and institutions to donate
shares of OceanFirst Financial Corp. stock directly to the Foundation. Similar to
other charitable donation programs, there are options for donors to contribute
shares now, while continuing to receive dividends during their lifetime. For advice
about gifting stock to OceanFirst Foundation, please consult your attorney or
tax advisor.
We hope stockholders are as excited as we are by the opportunity to expand the
resources available to the Foundation, and to positively impact our communities
for generations to come. For information on donating shares to the Foundation,
please contact info@oceanfirstfdn.org.
12
VISIT OCEANFIRSTFDN.ORG
TO LEARN MORE.
HABITAT FOR HUMANITY
OceanFirst Foundation currently supports 10 Habitat for Humanity
chapters across southern and central New Jersey and Philadelphia.
As part of a national movement, the local Habitat chapters bring
people together to build homes, communities and hope. Habitat
homeowners help to construct their own homes alongside volunteers
and receive an affordable mortgage. With strong roots in their
communities, Habitat homeowners can achieve the stability, security
and independence they need to build a better life for themselves
and for their families.
Cumberland County Habitat for Humanity, for example, has built
30 new homes since 1989. Participating families contribute at least
250 hours of “sweat equity” per adult to bring their home projects
to reality, and commit to attending financial management classes.
While Cumberland County Habitat has worked with over 100
families, the program’s impact is even broader and deeper. Home
ownership and the potential for greater economic independence
not only changes the lives of Habitat families, but also provides an
enriching experience for Habitat volunteers and contributes to the
revitalization of many communities.
$45,000,000+ TOTAL GRANTS
SINCE 1996
HOUSING
DISASTER
RELIEF
ARTS/CULTURE
13
LUNCH BREAK
As a caring community, Lunch Break’s mission since 1983
has been to provide food, clothing, life skills and fellow-
ship to those in need in Monmouth County, New Jersey
and beyond. It provides assistance to those struggling with
financial insecurity, including low-income, poverty-level
and working poor community members; as well as single
parents, veterans, senior citizens living on fixed incomes,
the physically disabled, and others.
Lunch Break offers individuals the help they need today,
with the hope for a better tomorrow through its meal
programs, food pantry, clothing distribution, life skills and
job training, English as a Second Language (ESL) classes,
temporary housing for homeless families, and mentoring,
wellness and social service programs. The organization
strives to break the cycle of poverty for community mem-
bers – and to serve everyone with compassion and dignity.
Recent donations from the Foundation have helped
Lunch Break expand its facilities, and have supported
vital programs and services, including the Soup Kitchen,
Client Choice Pantry, Life Skills Program, Clara’s Closet,
mentoring, and social and wellness programs. In addition,
OceanFirst Bank staff members have provided several
financial education programs to neighbors using Lunch
Break services.
14
QUALITY OF LIFE
FIRST RESPONDERS
MILITARY/VETERANS
LATIN AMERICAN
ECONOMIC DEVELOPMENT
For the past 35 years, Latin American Economic Development (LAEDA)
has served underinvested communities across Camden, Burlington,
Gloucester, Atlantic, and Cumberland counties in southern New Jersey –
communities that are primarily home to low-to-moderate income Latino and
Black residents. Opening the door to opportunity for future entrepreneurs,
while supporting the dreams and aspirations of all entrepreneurs from
underserved communities, is LAEDA’s goal. The organization is dedicated
to helping emerging entrepreneurs and small business owners to start
and grow businesses in their communities.
LAEDA’s Comprehensive Economic Development Strategy is based
upon initiatives such as counseling and training individuals in the
creation of their own businesses, and providing technical assistance
to existing businesses. It maintains a bilingual staff, in English and
Spanish, and employs individuals from various ethnic backgrounds.
OceanFirst Foundation has provided grants to LAEDA to help our
neighbors thrive.
URBAN AFFAIRS COALITION
For more than five decades, the Urban Affairs Coalition
(UAC) has worked to strengthen local agencies in Greater
Philadelphia through fiscal sponsorship, to improve
opportunities for youth and low-income families, and to
assist minority- and women-owned businesses through
its array of programs, services and public policy initiatives.
The largest and oldest Black-led fiscal sponsor in the
nation, UAC’s mission is to unite government, business,
community, and individual initiatives to improve
the quality of life in the region, build wealth in urban
communities, and solve emerging issues.
UAC celebrated its 53rd anniversary last year,marking
over half a century of impact on the Greater Philadelphia
area. As one of the Philadelphia region’s largest nonprofit
agencies, UAC serves over 250,000 people in
the surrounding region annually through a network
of over 160 nonprofits and community initiatives. Its
programs include efforts around early learning,
youth development, adult education, job training and
workforce development, and small business development,
as well as anti-predatory lending, economic inclusion,
and a range of health and human services. OceanFirst
Foundation is proud to support UAC so they may
continue providing programs to serve our neighbors.
15
QUALITY OF LIFE
FIRST RESPONDERS
MILITARY/VETERANS
Corporate Information
OceanFirst Bank N.A.
Executive Officers
Christopher D. Maher
Chairman of the Board and
Chief Executive Officer
Joseph J. Lebel III
President and Chief
Operating Officer
Patrick S. Barrett
Executive Vice President and
Chief Financial Officer
Michele B. Estep
Executive Vice President and
Chief Administrative Officer
Karthik K. Sridharan
Executive Vice President and
Chief Information Officer
Steven J. Tsimbinos
Executive Vice President and
General Counsel
Grace M. Vallacchi
Executive Vice President and
Chief Risk Officer
Angela K. Ho
Senior Vice President and
Chief Compliance Officer
Board of Directors
Director Emeritus
Anthony R. Coscia, Esq.
Partner, Windels Marx
Michael D. Devlin
Retired
Cape Bancorp, Inc.
Jack M. Farris
Retired
Verizon Communications, Inc.
Kimberly M. Guadagno, Esq.
President and Executive Director
Mercy Center
Nicos Katsoulis
Retired
Sun National Bank
Joseph J. Lebel
President and Chief
Operating Officer,
OceanFirst Bank N.A.
Christopher D. Maher
Chairman of the Board and
Chief Executive Officer
OceanFirst Bank, N.A.
Joseph M. Murphy, Jr.
Retired
Country Bank Holding
Company, Inc.
Steven M. Scopellite
Consultant
Retired–Goldman Sachs
Grace C. Torres
Trustee
Prudential Retail Mutual Funds
Patricia L. Turner, MD
Executive Director
American College of Surgeons
John E. Walsh
Senior Vice President
T&M Associates, Inc.
Angelo J. Catania
John W. Chadwick
John R. Garbarino
Robert E. Knemoller
Donald E. McLaughlin
Diane F. Rhine
James T. Synder
OceanFirst Financial Corp.
Corporate Officers
Christopher D. Maher
Chairman of the Board,
President and Chief
Executive Officer
Joseph J. Lebel III
Executive Vice President and
Chief Operating Officer
Patrick S. Barrett
Executive Vice President and
Chief Financial Officer
Steven J. Tsimbinos
Executive Vice President and
Corporate Secretary
Grace M. Vallacchi
Executive Vice President and
Chief Risk Officer
David R. Howard
First Senior Vice President
and Treasurer
Patrick Chong
Senior Vice President,
Corporate Controller and
Principal Accounting Officer
Alfred Goon
Senior Vice President Corporate
Development and Investor Relations
Angela K. Ho
Senior Vice President and
Chief Compliance Officer
B. Matthew McCue
Vice President and Assistant
Corporate Secretary
16
INSPIRING IMPACT
Some of the organizations supported by OceanFirst Foundation: 180 Turning Lives Around • 21 Plus • Acenda • Affordable Housing Alliance • Algonquin Arts Theatre
• All Saints Community Center • Alliance for a Living Ocean • Allies In Caring • Alternatives • Alzheimer’s New Jersey • American Cancer Society • American Heart
Association • American Littoral Society • American National Red Cross • America’s Keswick • Applegarth Middle School • Applegarth Volunteer Engine Company 1 •
Army Emergency Relief • Asbury Park Music Foundation • Aslan • Associated Humane Societies • Association for the Multiple Impaired Blind • Atlantic Cape Community
College • Atlantic City Arts Foundation • Atlantic City Rescue Mission • AtlantiCare • Autism New Jersey • AVANZAR • Axelrod Performing Arts Center • Bacharach
Hospital Foundation • Barnegat High School • Bayville Elementary School • Bayville First Aid Squad Inc • Belmar Arts • Berkeley Township Elementary School • Big
Brothers Big Sisters of Atlantic & Cape May Counties • Big Brothers Big Sisters of Coastal & Northern New Jersey • Big Brothers Big Sisters of Cumberland & Salem Counties
• Boy Scouts of America, Jersey Shore Council • Boy Scouts of America, Monmouth Council • Boys & Girls Club of Atlantic City • Boys & Girls Clubs of Cumberland County
• Boys & Girls Clubs of Gloucester County • Boys & Girls Clubs of Monmouth County • Brick Children’s Community Theatre • Brick Township High School • Brick Township
Memorial High School • Brielle Fire Company No 1 • Bright Harbor Healthcare • Brookdale Community College Foundation • Campaign for Working Families • Cape
Hope • Cape May County Coast Guard Community Foundation • Cape May MAC • Cape Regional Medical Center • Caregiver Volunteers of Central Jersey • Carl W.
Goetz Middle School • CASA for Children of Atlantic, Cape May, and Camden Counties • CASA for Children of Camden County • CASA for Children of Monmouth County
• CASA of Ocean County • Catholic Charities, Diocese of Trenton • Cedar Creek Elementary • Center for Family Services • Center for Holocaust, Human Rights & Genocide
Education (Chhange) • Central Regional High School • Central Regional Middle School • CentraState Healthcare Foundation • Chariot Riders • Children’s Specialized
Hospital Foundation • Bancroft NeuroHealth • Christian Brothers Academy • Clara B. Worth Elementary School • Clean Ocean Action • Clifton Avenue Grade School •
Coastal Habitat for Humanity • Coastal Volunteers in Medicine • Collier Youth Services • Community FoodBank of New Jersey • Community Foundation of New Jersey •
Community Health Care • Community Loan Fund of New Jersey • Community Medical Center Foundation • Community Options • Compass 82 • Conserve Wildlife
Foundation of New Jersey • Contact Cape-Atlantic • Contact of Ocean & Monmouth Counties • Council of New Jersey Grantmakers • Count Basie Center for the Arts •
Covenant House Atlantic City • CPC Behavioral Healthcare • CR Foundation • Cumberland Cape Atlantic YMCA • Cumberland County Campus Educational Foundation
• Cumberland County Habitat for Humanity • Deborah Hospital Foundation • Dennis Township School District • DH/Perfil Latino TV • Donovan Catholic High School •
Dottie’s House • Dr. Gerald H. Woehr Elementary School • Drum Point Road Elementary School • Eagle Theatre • Eagleswood Elementary School • EarthShare New
Jersey • East Dover Elementary School • East Dover First Aid & Rescue Squad • Egg Harbor Township Police Athletic League • Eisenhower Middle School • Elms
Elementary School • Emma Havens Young Elementary School • Family & Children’s Service • Family Promise of Cape May County • Family Promise of Southwest New
Jersey • Family Promise of the Jersey Shore • Family Resource Associates • Farmingdale Elementary School • First Tee Jersey Shore • Food Bank of South Jersey •
Forked River Volunteer Fire Co • Freehold Learning Center • Friends of the Ocean City Pops • Fulfill (FoodBank of Monmouth & Ocean Counties) • Garden State
Philharmonic • Gateway Community Action Partnership • GCIT Foundation • Georgian Court University • GI Go Fund • Gilda’s Club South Jersey • Girl Scouts of Central
and Southern New Jersey • Girl Scouts of Ocean County New Jersey Inc • Gloucester County Habitat for Humanity • Green Flag Committee • H&M Potter Elementary
School • HABcore • Habitat for Humanity Cape May County • Habitat for Humanity in Monmouth County • Habitat for Humanity of South Central New Jersey • Habitat
For Humanity of Southern Ocean County • Habitat For Humanity Philadelphia • Hackensack Meridian Health Foundations • Hansen Foundation • Herbertsville Elementary
School • Holiday Express • Holiday Heights First Aid Squad Inc • Homes for All • Homes Now • Hope Sheds Light • House of Hope of Ocean County • Inspira Health
Foundation • Inspire-NJ • Interfaith Family Services of Ocean County • Interfaith Health and Support Services of Southern Ocean County • Interfaith Neighbors • Jazz
Arts Project • Jersey Shore Animal Center • Jersey Shore Jazz & Blues Foundation • Jersey Shore Partnership Foundation • JEVS Human Services • Jewish Family Service
of Atlantic County • Jewish Family Service of Southern Middlesex County • Jewish Federation in the Heart of New Jersey • Jewish Federation of Ocean County • Jewish
Federation of Southern New Jersey • John F. Peto Studio Museum • John R. Elliott Foundation • Joseph’s House of Camden • Just Believe • Kimmel Center • Lacey
Food Bank • Lacey Township High School • LADACIN Network • Lakehurst Elementary School • Lakewood High School • Lakewood Middle School • Lakewood Resource
and Referral Center • Lanoka Harbor Elementary School • Latin American Economic Development Association • Lavallette Elementary School • Lavallette Volunteer First
Squad • Legal Aid Society of Monmouth County • Leukemia & Lymphoma Society • Levoy Theatre • Literacy New Jersey • Literacy Volunteers of America • LivWell
Healthcare • Long Beach Island Community Center (St. Francis Center) • Long Beach Island Foundation of the Arts and Sciences • Lt. Dennis W. Zilinski II, Memorial Fund
• Lunch Break • M25 Initiative • March of Dimes Foundation • Marine Academy of Science and Technology • Marine Academy of Technology & Environmental Science •
Meals on Wheels of Ocean County • Memorial Elementary School • Memorial Middle School • Mental Health Association in New Jersey • Mental Health Association of
Monmouth County • Mercy Center • Metropolitan Camden Habitat for Humanity • Mill Pond School • Millville Development Corporation • Monmouth Arts • Monmouth
Conservation Foundation • Monmouth County Historical Association • Monmouth Day Care Center • Monmouth Medical Center Foundation • Monmouth Medical Center
Southern Campus Foundation • Monmouth Museum • Monmouth Park Charity Fund • Monmouth University • Move for Hunger • National Guard State Family Readiness
Council • National Multiple Sclerosis Society • Nature Conservancy • Navy-Marine Corps Relief Society • Nellie F. Bennett Elementary School • New Egypt Middle School
• New Jersey Audubon Society • New Jersey Center for Nonprofits • New Jersey Chamber of Commerce Foundation • New Jersey Citizen Action Education Fund • New
Jersey Council for Economic Education • New Jersey Institute for Disabilities • New Jersey Museum of Boating • New Jersey Repertory Company • New Jersey Theatre
Alliance • New Jersey Vietnam Veterans Memorial Foundation • New Jersey Voluntary Organizations Active in Disaster • Northern Ocean Habitat for Humanity • Nueva
Esperanza • O.C.E.A.N., Inc. • Ocean City Arts Center • Ocean City Theatre Company • Ocean County Artists Guild • Ocean County College Foundation • Ocean
County Family Support Organization • Ocean County Foundation for Vocational Technical Education • Ocean County Historical Society • Ocean County Library Foundation
• Ocean County YMCA • Ocean Fire Company Number One • Ocean Gate First Aid Squad • Ocean Gate Volunteer Fire Co Inc • Ocean Health Initiatives • Ocean Housing
Alliance • Ocean of Love • Ocean Partnership for Children • Oceanaires Barbershop Chorus • Ocean’s Harbor House • Operation First Response • Operation Warm •
Parents of Autistic Children of Ocean County • Parker Family Health Center • Philabundance • Pine Shores Art Association • Pinelands Preservation Alliance • Pinelands
Regional High School • Pinelands Regional Junior High School • Pinewald Pioneer Forest Fire Fighters Inc • Point Pleasant Beach High School • Point Pleasant Borough
Fire Department • Point Pleasant Borough High School • Point Pleasant First Aid & Emergency Squad • Police Athletic League of Atlantic City • Preferred Behavioral Health
Group • Puerto Rican Action Board • Revive South Jersey • Ridgeway Volunteer Fire Company • Rising Treetops at Oakhurst • Riverfront Renaissance Center for the Arts
• Ronald McDonald House of Central & Northern New Jersey • Ronald McDonald House Southern New Jersey • Rowan University Foundation • Saint Joseph’s Church •
Saint Rose High School • Save Barnegat Bay • Schultz-Hill Foundation • Seashore Gardens Foundation • Seaside Park Elementary School • Seaside Park Volunteer Fire
Company No 1 • Senior Citizens Activities Network (SCAN) • Shore Clubhouse • Shore Medical Center • Silver Ridge Park First Aid Squad • Society for the Prevention of
Teen Suicide • Society of St. Vincent de Paul • Somebody C.A.R.E.S. • South Jersey Area Wind Ensemble • South Jersey Cultural Alliance • South Jersey Jazz Society •
Southern Regional High School • Special People United To Ride • Special Strides • Spring Lake Fire Co 1 • Springpoint Foundation • St. Peters Preparatory School • St.
Veronica School • Stockton University Foundation • Surf City Volunteer Fire Co 1 • Surflight Theatre • Switlik Elementary School • T. Thomas Fortune Foundation and
Cultural Center • The Academy of Allied Health and Science • The Appel Farm Arts And Music Center • The Arc of Atlantic County • The Arc of Monmouth • The Arc,
Ocean County Chapter • The Center in Asbury Park • The Children’s Home Society of New Jersey • The College of New Jersey Foundation • The Historic Village at Allaire
• The Salvation Army • The Strand Center for the Arts • Tomchei Shabbos • Toms River Field of Dreams • Toms River Fire Company • Toms River High School North •
Toms River High School South • Toms River Intermediate North • Toms River Seaport Society • Trenton Area Soup Kitchen • Tri-Boro First Aid Squad • Trinity Hall •
Tuckerton Seaport & Baymen’s Museum • Two River Theater • United Advocacy Group • United Way of Monmouth and Ocean Counties • Vetwork • Village Resources
Incorporated • Visiting HomeCare Service of Ocean County • Visiting Nurse Association of Central Jersey • Visiting Nurse Association of Central Jersey Community Health
Center • Volunteers in Medicine • Volunteers of America • Wall Township Intermediate School • Walnut Street Elementary School • Warren Grove Volunteer Fire Company
• WheatonArts • Whiting Elementary School • YMCA of Greater Monmouth County • Your Grandmothers Cupboard • Zzak G Applaud Our Kids Foundation
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Headquarters (HQ1)
Operations Center
975 Hooper Avenue
Toms River, NJ 08753
Administrative Offices
(HQ2)
110 West Front Street
Red Bank, NJ 07701
www.oceanfirst.com
Virtual Annual Meeting
of Stockholders
The annual meeting of
stockholders will be held
virtually on May 23, 2023 at
8:00am ET. Instructions to
access the virtual meeting
are referenced in the proxy
statement and available at
www.oceanfirst.com in the
Investor Relations area.
Investor Relations
Copies of the Company’s
earnings releases and financial
publications, including the
annual report on Form 10-K
(without exhibits) filed with
the Securities and Exchange
Commission are available
without charge by contacting:
Alfred Goon, Senior Vice
President, 1.888.623.2633
Extension 7516 or
investorrelations@oceanfirst.com
Independent Registered
Public Accounting Firm
Deloitte & Touche LLP
1700 Market Street
Philadelphia, PA 19103
Stock Transfer and
Registrar
Shareholders wishing to
change the name, address
or ownership of stock, to
report lost certificates or to
consolidate accounts are asked
to contact the Company’s
stock registrar and transfer
agent directly:
Broadridge Corporate
Issuer Solutions
P.O. Box 1342
Brentwood, NY 11717
(877) 724-6454
Equal Opportunity Lender
Equal Housing Lender