OceanFirst Financial Corp. Annual Report 2023

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FY2023 Annual Report · OceanFirst Financial Corp.

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2023 AN NUAL REPORT

DEPOSITS

($ in billions)

Loans

($ in billions)

Loans

($ in billions)

DEPOSITS

($ in billions)

LOANS RECEIVABLE

(Net of allowance for loan credit losses)

($ in billions)

TOTAL ASSETS

($ in billions)

Deposits: 10.4 9.7 9.7 9.4 6.3

Loan Receivable : 10.1 9.9 8.6 7.7 6.2

Total assets : 13.5

13.1 11.7 11.4 8.2

BOOK VALUE PER

COMMON SHARE

$30

$20

’19

’20

’21

’22

’23

TANGIBLE BOOK VALUE
PER COMMON SHARE

$15

’19

’20

’21

’22

’23

’19

’20

’21

’22

’23

’19

’20

’21

’22

’23

$12

FINANCIAL SUMMARY 2023

DEPOSITS
($ in billions)

$12

LOANS RECEIVABLE
(Net of allowance for loan credit losses)

($ in billions)

TOTAL ASSETS
($ in billions)

$15

’19

’20

’21

’22

’23

’19

’20

’21

’22

’23

’19

’20

’21

’22

’23

At or for the year ended December 31,

(dollars in thousands, except per share amounts)

2023

2022

2021

2020

2019

10
“OCEANFIRST IS A STRONG FINANCIAL INSTITUTION
WITH A WELL-ESTABLISHED HISTORY OF OUTSTANDING
5
ASSET QUALITY, A SOUND CAPITAL FOUNDATION,
AND SOLID PROFITABILITY.”

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

’19

’20

’21

’22

’23

Other income(1)

Operating expenses(1)

Net income available to common stockholders(1)

Diluted earnings per share(1)

Selected Financial Ratios and Other Data(1)

Tangible book value per common share(2)

Book value per common share

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)

Common equity tier 1 (CET1) capital ratio

Non-performing loans as a percent of total loans receivable

$13,538,253

10,136,721

10,434,949

1,661,945

$13,103,896

$11,739,616

$11,448,313

$8,246,145

9,868,718

8,583,352

7,704,857

6,207,680

9,675,206

9,732,816

9,427,616

6,328,777

1,585,464

1,516,553

1,484,130

1,153,119

369,731

33,624

248,912

100,013

1.70

18.35

27.96

0.80

8.80 %

12.28

0.74

8.97

6.13

3.02

1.85

61.71

10.86

0.29

377,477

59,094

234,881

142,587

2.42

17.08

26.81

0.74

305,338

51,931

226,860

106,060

1.78

15.93

25.63

0.68

8.47 %

8.89 %

12.10

1.15

13.96

9.24

3.37

1.90

53.80

9.93

0.23

12.92

0.91

10.73

7.02

2.93

1.94

63.50

10.26

0.30

312,951

255,971

73,926

246,431

61,212

1.02

42,165

189,142

88,574

1.75

14.98

24.57

0.68

8.79 %

12.96

0.55

6.59

4.20

3.16

2.20

63.70

11.05

0.60

15.13

22.88

0.68

9.71 %

13.98

1.10

11.96

7.84

3.62

2.35

63.44

12.14

0.40

(1) Performance ratios for 2023 included a net expense related to merger related expenses, net branch consolidation expense, Federal Deposit Insurance Corporation (“FDIC”) special assessment, net loss on sale of
investments and net gain on equity investments of $6.2 million, or $4.7 million, net of tax benefit. 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.

(2) These are non-GAAP measures; refer to “Explanation of non-GAAP Financial Measures” and the “Non-GAAP Reconciliation” table” in the Company’s Earnings Release furnished as Exhibit 99.1 to Form 8-K as filed with the

SEC on January 18, 2024.

(3) Ratios for each period are based on net income available to common stockholders.

ANNUAL REPORT 2023 1

Christopher D. Maher
Chairman of the Board
and Chief Executive Officer

$100M

NET INCOME AVAILABLE TO
COMMON STOCKHOLDERS
(FULL-YEAR 2023)

$276.5M

INCREASE IN TOTAL LOANS
(YEAR-END 2022-2023)

$759.7M

INCREASE IN DEPOSITS
(YEAR-END 2022-2023)

DEAR FELLOW STOCKHOLDERS:

WE ARE PLEASED TO REPORT THAT OCEANFIRST DELIVERED
PROFITABLE GROWTH IN 2023, WHILE ALSO STRENGTHENING
OUR FINANCIAL POSITION IN RESPONSE TO A DIFFICULT
OPERATING ENVIRONMENT.

Among our more noteworthy accomplish-
ments, we produced the third highest
net income in the Company’s history,
increased deposits, and prudently grew
our loan portfolio, while continuing to
invest in the capabilities needed to serve
our customers and communities, build
value for stockholders, and attract and
retain talented employees.

Significantly, our team achieved these
accomplishments while also taking
decisive action to protect our business,
our customers, and our stockholder
value against external economic and
market challenges. The past year saw
the continuation of an inflationary
environment, coupled with high interest
rates stemming from the Federal
Reserve’s anti-inflationary policies. Early
in 2023, a small number of banking
institutions experienced liquidity issues

that ultimately required regulatory
intervention. That intervention negatively
impacted their customers and resulted in
severe losses to common shareholders at
those institutions, a reminder of the need
for a conservative bias when operating
a leveraged financial institution. More
recently, questions have been raised
about some lenders’ exposure to the
commercial real estate (CRE) sector.

Overall, the U.S. banking system is sound
and secure, and it is important to note
that these issues have been limited to a
few individual institutions. That said, as
an organization that has navigated many
economic cycles over our 122-year his-
tory, we know that challenging times call
for thoughtful and decisive action. The
environment in 2023 was a case in point,
and OceanFirst was well prepared. We
grew our customer deposits by 7.9% and

at the same time enhanced the stability of
our deposit mix, including a reduction of
brokered time deposits. We substantially
strengthened OceanFirst’s capital base;
total stockholders’ equity increased to
$1.66 billion and our common equity Tier 1
ratio ended the year at 10.86%. Despite
the impact on operating expenses of
non-core items such as an industry-wide
Federal Deposit Insurance Corporation
(FDIC) special assessment in the current
year, and merger-related and branch
consolidation expenses in the prior year,
we drove core non-interest expenses
down by $815,000 comparing the fourth
quarters of 2023 and 2022.

Delivering Profitable Growth

The Company’s performance for the past
year reflected continued profitability,
responsible loan growth, and pristine asset
quality. For full-year 2023, we reported net
income available to common stockholders
of $100.0 million, or $1.70 per diluted
share, compared to $142.6 million, or $2.42
per diluted share, for the prior year. Our
results largely reflected a decrease in
net interest income due to our measured
loan growth, a shift in our deposit mix,

and repricing of deposits that outpaced
the increase in yields on interest-earning
assets. As noted earlier, we produced
the third highest earnings performance
in the Company’s history and delivered
a return on average assets of 0.74% and
return on average tangible common
equity of 9.44%.

Taking a prudent approach to loan
underwriting, while continuing to serve
our customers’ credit needs, total loans
increased by $276.5 million to $10.19
billion. Deposits increased by $759.7
million, to reach $10.43 billion. Our
efforts to achieve a more stable deposit
mix resulted in an increase in retail time
deposits of $1.13 billion, while brokered
time deposits decreased $242.0 million.
We also were able to reduce Federal
Home Loan Bank (FHLB) advances by
$362.5 million due to the mix shift in
funding sources from FHLB advances
to deposits.

Significantly, at a time when high interest
rates and rising office vacancies in certain
markets have posed a challenge to
some lenders with large, non-diversified
CRE concentrations, our asset quality

remained exceptionally strong. Our
diverse loan portfolio held less than
1% of assets in loans secured by office
properties in central business districts,
and less than 0.30% of total assets
secured by rent-regulated multi-family
properties. Non-performing assets at
year-end remained among the lowest
we have ever recorded at 0.22% of total
assets. The Company held no foreclosed
property for the second year in a row.

We continued our responsible stewardship
of stockholder value. Book value and
tangible book value per share at year-
end 2023 were $27.96 and $18.35,
respectively, growing $1.15 and $1.27
respectively from the prior year. Tangible
book value per share increased 7.4% after
the payment of $0.80 per share in common
dividends. Following the 2023 fourth
quarter, the Board of Directors declared
our 108th consecutive quarterly cash
dividend on the common stock. While
the Company did not repurchase any
common shares during 2023, we believe
we are in a strong position to resume
repurchases during 2024 and there are
more than 2.9 million shares available
under the existing buyback authorization.

While operating performance for 2023
was solid, the market value of our shares
reflected a tumultuous year in the capital
markets for bank stocks. Our share
price decreased by 18.3%, reflecting
industry trends as several sources of
concern emerged during the year. These
concerns, which included interest rate
risk positions, liquidity profiles, and
concentrated CRE credit exposures,
have weighed heavily on bank stocks for
some time. Our Company is positioned
well in all aspects, but more time – and
an extended period of stability – will
be needed for the market to overcome
these concerns about the financial
industry. In the meantime, the Board
and management are highly focused
on building a business that should be
substantially more valuable as economic
conditions in the sector normalize. It
is important to note that the Board of
Directors, management, employees, and
the OceanFirst Foundation own over
4.4 million shares collectively and we
are strongly aligned with all common
stockholders in the desire to create value
with your investment.

2 OCEANFIRST FINANCIAL CORP. NASDAQ:OCFC

ANNUAL REPORT 2023 3

Joseph J. Lebel III
President and
Chief Operating Officer

“WE CONTINUE TO MAKE INVESTMENTS
TO ENHANCE THE SERVICES AND SOLUTIONS
AVAILABLE TO OUR CUSTOMERS AND TO
EXPAND OUR CAPACITY FOR LONG-TERM
PROFITABLE GROWTH AND VALUE CREATION.”

Expanding Services and Solutions

While maintaining a robust capital
position and controlling operating
expenses were major priorities over
the past year, given the challenging
economic environment, OceanFirst
continued to make investments to
enhance the services and solutions
available to our customers and to
expand our capacity for long-term
profitable growth and value creation.

To enhance our customer service and
support future growth, we have invested
in both talent and technology. For
example, we added 18 experienced
bankers to expand our commercial
lending and residential lending teams
in the past year. And we implemented
an advanced digital portal powered by
an auto decision engine to accelerate
our approval process for small business
loans and lines of credit.

We demonstrated our commitment to
serving the financing needs of small
businesses within our communities.
During the past year, we introduced an
unsecured line of credit product with

accelerated approvals. For credit lines
of up to $25,000 to qualified borrowers,
decisions are provided within 48 hours.

At the same time, we have continued
to optimize our retail branch network to
better serve our markets and respond
to customers’ evolving banking needs.
In December, we opened our first-ever
retail branch in New Brunswick, NJ,
and we are very appreciative of the
warm welcome we have received from
the community. Plans are underway
to modernize our branches in Brick
and Bridgeton, NJ, in the coming
year, with a completely new building
constructed to replace the facility
that has been our home in Brick since
1961, and a complete renovation at the
Bridgeton office that will be followed by
replacement of the existing standalone
drive-thru with new video teller
machines offering efficient extended
banking hours.

Although home mortgage lending on
a nationwide scale has recently been
hampered by higher interest rates and
limited housing inventory for sale, we
continue to view residential lending

as both a long-term opportunity to
gather quality assets and a vital part of
OceanFirst’s service portfolio. In 2023,
we strengthened our offerings in this
area with the appointment of Stephen
Adamo as President of Residential and
Consumer Lending. Steve is responsible
for making residential and consumer
lending a center of excellence for the
Company, with a focus on the growth
and expansion of all residential home
lending and consumer lending products,
as well as our sales, servicing, and
delivery channels.

OceanFirst’s initiatives in commercial,
small business, residential and consumer
lending, and branch banking are
consistent with our goal of providing
a comprehensive range of financial
services and solutions, delivered with
the engagement and personal touch
of a community bank. Our successful
track record of investing in an enhanced
customer experience has included the
NestEgg financial advisory platform,
our partnership in the Auxilior Capital
equipment leasing and supply chain
financing unit, and our majority investment
in Trident Abstract Title Agency.

4 OCEANFIRST FINANCIAL CORP. NASDAQ:OCFC

ANNUAL REPORT 2023 5

“BY MEETING WITH LOCAL ORGANIZATIONS
AND COMMUNITY LEADERS, WE CAN SEE
FIRSTHAND WHAT LOCAL PEOPLE AND
BUSINESSES WANT AND NEED FROM THEIR
BANKING PARTNERS.”

Investing in Our Community

Banks play a unique role in the American
financial services system. As bankers,
we generate deposits, originate loans,
and deliver services directly to the
neighborhoods where our customers live
and work – helping residents to thrive and
businesses to grow.

During the past year, we embarked on an
initiative to “take to the streets” and get
to know our communities and their needs
even better. A number of senior OceanFirst
executives participated in a series of what
we call “walkabouts” – meeting with local
organizations and community leaders
on their own turf, walking around the
neighborhoods, and seeing firsthand what
local people and businesses want and
need from their banking partners. In the
past year, we visited Asbury Park, Atlantic
City, Bridgeton, Camden, Neptune, New
Brunswick, Trenton and Vineland, NJ; Bronx,
NY; and Philadelphia, PA – with more to
come in 2024.

What we’ve seen and learned on our
walkabouts will help us focus the Bank’s
resources where our communities need
them most. That not only applies to banking
services such as loans, but also grants
provided by OceanFirst Foundation, and
volunteer efforts like our CommUNITYFirst
Day and WaveMakers programs.

A number of new or enhanced initiatives
have resulted from the walkabouts. The New
Brunswick banking center, noted earlier,
was inspired by our visit to that community.
Another example is the expansion of our
NeighborFirst program, launched in 2022,
which makes mortgages more accessible
and affordable for first-time homebuyers in
New Jersey, New York and Pennsylvania.
The program currently offers qualified
applicants a discounted mortgage interest
rate, lower down payment, and reduced
fees, among other features. Eligible first-
time homebuyers also may qualify for grants
towards closing costs. During 2023, we
originated $42.5 million in loans to over
150 borrowers through our NeighborFirst
program. As a result of the insights gained
from the walkabouts, OceanFirst Foundation
announced an additional $385,000 for
grants to several dozen organizations
that provide housing assistance, food
pantries, education, job placement
and other much-needed services in our
communities, bringing total Foundation
support for our communities to $2.3 million
in grants awarded for 2023. Over half ($1.2
million) of these grants helped nonprofit
organizations serve low- and moderate-
income communities and individuals.

The walkabouts were just the latest addition
to our extensive range of initiatives to
expand access to economic opportunity

across our communities. OceanFirst Bank
also provided approximately $21.7 million
in community development investments,
and community development loans of $103
million for a range of projects in 2023. Loans
to minority-owned and women-owned
businesses last year amounted to $106
million. The Bank also provided 332 hours of
financial literacy program, in partnership with
local nonprofit organizations and schools,
helping hundreds of community members to
learn about healthy financial habits.

Volunteer efforts are another way we
give back to our communities. For our
annual CommUNITYFirst Day, held in
September 2023, more than 730 employees
volunteered 2,900 hours to work with
over 90 nonprofit organizations across
New Jersey, New York City, Philadelphia,
Baltimore, and Boston. In addition, our
employees, whom we call WaveMakers,
are active all year-round, volunteering
thousands of hours to local nonprofits.
OceanFirst Foundation, established in 1996
in conjunction with our initial public offering,
has contributed over $48 million since
inception to support charitable efforts in
our communities.

6 OCEANFIRST FINANCIAL CORP. NASDAQ:OCFC

ANNUAL REPORT 2023 7

Deposits: 10.4 9.7 9.7 9.4 6.3

Loan Receivable : 10.1 9.9 8.6 7.7 6.2

Deposits: 10.4 9.7 9.7 9.4 6.3

Total assets : 13.5

13.1 11.7 11.4 8.2

Loan Receivable : 10.1 9.9 8.6 7.7 6.2

Total assets : 13.5

13.1 11.7 11.4 8.2

“OCEANFIRST’S INITIATIVES ARE CONSISTENT WITH
OUR GOAL OF PROVIDING A COMPREHENSIVE
RANGE OF FINANCIAL SERVICES AND SOLUTIONS,
DELIVERED WITH THE ENGAGEMENT AND
PERSONAL TOUCH OF A COMMUNITY BANK.”

Strengthening Governance

OceanFirst’s commitment to strong
governance includes periodically
refreshing the membership of our Board
of Directors. In 2023, we welcomed
three new members to the Board: John
F. Barros, Managing Principal of Civitas
Builder – Boston, MA; Robert C. Garrett,
CEO of Hackensack Meridian Health –
Morris Township, NJ; and Dalila Wilson-
Scott, EVP and Chief Diversity Officer
of Comcast Corporation and President,
Comcast NBCUniversal Foundation –
Philadelphia, PA. Our new Board members
bring significant professional experience
with large and complex organizations,
a breadth of geographic and industry
knowledge, and diverse backgrounds.

Director John Walsh, a Board member
since 2000, will retire from service when
his current term expires in 2024.

In addition to being our longest tenured
director, John served as Independent Lead
Director for over 19 years, a role that was
critical to our success, and we are deeply
grateful for his leadership and dedication.

We want to take this opportunity to
honor the memory of Director Emeritus
and former President Robert Knemoller,
who passed away in 2023. Bob held
several positions at the Bank beginning
in the 1960s, serving as President from
1982–1985 and as a member of the Board
of Directors from 1982 until his retirement
in 2002, when he was named Director
Emeritus. Bob’s career spanned a period
of growth and transformation for the
Company, including branch expansion, our
initial public offering, and the transition
from Ocean Federal to OceanFirst. We
appreciate his many contributions, which
provided the foundation for the Company
as we know it today.

We also note with sadness the passing
of John Lloyd, who served on OceanFirst
Financial Corp. and Bank Boards
from 2018 through 2022. John built a
distinguished career in health care, as
President of Jersey Shore Medical Center,
and was a leading force in the series
of mergers that led to the creation of
Hackensack Meridian Health, where he
served as co-CEO until 2019. Respected
throughout the healthcare industry, John
contributed to the success of OceanFirst
through his unfailing professionalism,
wisdom, generosity and compassion.

DEPOSITS

($ in billions)

DEPOSITS
($ in billions)

Loans

($ in billions)

Loans
($ in billions)

+4.8%

INCREASE IN TOTAL
STOCKHOLDERS’ EQUITY
(YEAR-END 2022-2023)

20
15

15
10

+7.4%

10
5

INCREASE IN TANGIBLE BOOK
VALUE PER COMMON SHARE
(YEAR-END 2022-2023)

5
0

Loans

($ in billions)

Loans
($ in billions)

12
15

9
12

6
9

3
6

0
3

$12

10
$12

8
10

6
8

4
6

2
4

0
2

DEPOSITS

($ in billions)

DEPOSITS
($ in billions)

LOANS RECEIVABLE

(Net of allowance for loan credit losses)

($ in billions)

LOANS RECEIVABLE

(Net of allowance for loan credit losses)

($ in billions)

TOTAL ASSETS

($ in billions)

TOTAL ASSETS

($ in billions)

’19

’20

’21

’22

’23

’19

’20

’21

’22

’23

’19

’20

’21

’22

’23

’19

’20

’21

’22

’23

’19

’20

’21

’22

’23

’19

’20

’21

’22

’23

$12

$15

DEPOSITS
($ in billions)

LOANS RECEIVABLE

(Net of allowance for loan credit losses)

($ in billions)

LOANS RECEIVABLE

(Net of allowance for loan credit losses)

($ in billions)

TOTAL ASSETS

($ in billions)

TOTAL ASSETS

($ in billions)

’19

’20

’21

’22

’23

’19

’20

’21

’22

’23

’19

’20

’21

’22

’23

’19

’20

’21

’22

’23

’19

’20

’21

’22

’23

’19

’20

’21

’22

’23

BOOK VALUE PER
COMMON SHARE

’19

’20

’21

’22

’23

’19

’20

’21

’22

’23

TANGIBLE BOOK VALUE
PER COMMON SHARE

$12

$12
8

10
6

8
4

6
2

4
0

’19

’20

’21

’22

’23

’19

’20

’21

’22

’23

$30

25
$30

20
25

15
20

10
15

5
10

0
5

$20

$20
15

15
10

10
5

5
0

8 OCEANFIRST FINANCIAL CORP. NASDAQ:OCFC

ANNUAL REPORT 2023 9

Moving Forward With Confidence

As a result of our longstanding
unwavering focus on our customers,
communities and shareholders, and
demonstrated admirably by the
Company’s actions in 2023, we can
say with confidence that OceanFirst
is a strong financial institution with a
history of outstanding asset quality,
a sound capital foundation, and solid
profitability, even in turbulent economic
environments. Our confidence is
reinforced by a set of differentiating
strengths – including our team of
extremely talented and highly motivated
professionals, our presence in a robust
Northeast market with a diverse and
resilient economic base, and a successful
business model that combines a
relationship-based community approach
with a breadth of services competitive
with much larger banks.

In the years ahead, we will continue
to pursue the strategies that have
enabled OceanFirst to grow and thrive
across more than a century of shifting
economic cycles. We will meet the
needs of our customers with a broad
range of quality financial services and
solutions, provide a rewarding workplace
environment that encourages and
retains talented employees, and support
the communities in which we live and
work. Importantly, we will continue to
maintain a sharp focus on sound credit
risk management, a stable retail deposit
base, a solid capital foundation, and
disciplined expense control. This focus
should create an increasingly valuable
business for the benefit of all.

OceanFirst enters 2024 as a dynamic
community-oriented financial institution
with a longstanding commitment to
serving the needs of our stakeholders.

We deeply appreciate the loyalty of
our customers and stockholders, the
dedication of our team members, and
the guidance of our Board of Directors,
and we look forward to reporting on
our future progress.

Christopher D. Maher
Chairman of the Board
and Chief Executive Officer

Joseph J. Lebel III
President and
Chief Operating Officer

“ WE CONTINUE TO PURSUE THE STRATEGIES THAT HAVE
ENABLED OCEANFIRST TO GROW AND THRIVE ACROSS
MORE THAN A CENTURY OF SHIFTING ECONOMIC CYCLES.”

10 OCEANFIRST FINANCIAL CORP. NASDAQ:OCFC

ANNUAL REPORT 2023 11

OCEANFIRST BANK
SERVING THE
NORTHEASTERN UNITED
STATES MEGALOPOLIS
POPULATION OVER
50 MILLION

“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

CUSTOMERS ARRAYED ALONG THE NORTHEAST

CORRIDOR FROM BALTIMORE TO BOSTON.”

NY
NY

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 and
Chief Commercial and
Industrial Loans Officer

12 OCEANFIRST FINANCIAL CORP. NASDAQ:OCFC

ANNUAL REPORT 2023 13

COMMITMENT TO OUR COMMUNITIES: OceanFirst Foundation

FOR MORE THAN 27 YEARS, OCEANFIRST FOUNDATION
HAS PLAYED A VITAL ROLE BY HELPING TO
INSPIRE PROGRESS AND IMPROVE LIVES ACROSS
OUR MARKET AREA.

DEPOSITS
($ in billions)

$12

OceanFirst’s commitment to our
communities is expressed in many ways –
from our programs to increase and extend
access to financial services; to our loans
and investments supporting affordable
housing, community revitalization and
economic development; to efforts of our
WaveMaker employee volunteers.
Another important way that we support
our communities is through the activities
of OceanFirst Foundation. For more than
27 years, OceanFirst Foundation has

played a vital role by partnering with local
nonprofit organizations and schools, and
providing the financial resources and
expertise to help inspire progress and
improve lives across our market area.

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

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banks nationwide to adopt a similar model.
Since inception, the Foundation has
provided more than $48 million in grants
to nonprofit organizations that promote
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access to housing, health and wellness,
youth development and education, the
arts and culture, and overall quality of life.
The Foundation also matches charitable
donations by OceanFirst Bank employees
to eligible organizations, up to a total of

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$50,000 annually.

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$48M

TOTAL GRANTS
SINCE INCEPTION

Improving Quality of Life 29.5%

Disaster Response 2.4%

Youth Development/Education 27.7%

Supporting First Responders 2.2%

Health/Wellness 18.6%

Military/Veteran 1.6%

Housing 8.7%

Environment 1.0%

Arts/Culture 8.3%

New Brunswick Tomorrow

New Brunswick Tomorrow (NBT) is a New
Jersey-based nonprofit organization
whose ideas, partnerships and initiatives
are moving people forward. NBT is
dedicated to fostering public/private
networks of agencies, institutions, and
community organizations that enrich the
lives of the people of New Brunswick,
promoting self-sufficiency and personal
dignity for every individual. The

LOANS RECEIVABLE
(Net of allowance for loan credit losses)
($ in billions)

TOTAL ASSETS
($ in billions)

$15

New Brunswick Tomorrow—163 French Street

NHSNYC

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IN 2023, THE
FOUNDATION
AWARDED 675
GRANTS TOTALING
$2.3 MILLION
TO LOCAL
ORGANIZATIONS.

organization is focused on improving
the quality of life for all city residents,
identifying critical community needs, and
responding to those needs. They believe
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that a thriving neighborhood must include
a thriving economy built on the success
and growth of small businesses.

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With a grant from the Foundation,
NBT will focus on putting into action a
model for small business incubation and
acceleration, targeting neighborhood
and economic development through
equitable growth strategies in the city.
A key element of this effort will be
supporting local businesses and their
owners and employees along the French
Street Commercial Corridor. This support
will include technical assistance in areas
such as training and coaching to aspiring
and established entrepreneurs, and
helping small businesses, particularly
women- and minority-owned businesses,
access resources and capital to ensure
sustainable success. NBT also is taking
a multi-pronged approach to enrich
the overall safety and aesthetics of the
Corridor by implementing physical and
aesthetic improvements.

Neighborhood Housing
Services of New York City, Inc.

Offering a comprehensive continuum of
services for low- and moderate-income
individuals and families, Neighborhood
TOTAL ASSETS
($ in billions)
Housing Services of New York City, Inc.
(NHSNYC) works to provide low- and
moderate-income New Yorkers with a
pathway to purchase affordable homes –
and to access the financial and personal
opportunities that come with home
ownership. Established in 1982, NHSNYC’s
programs have helped individuals and
families realize their home ownership
dreams, while building vital communities.
Core programs include Community
Development Financial Institution Lending
Services; free Homebuyer Orientation
Seminars, Education and Counseling;
Financial Education Seminars and
Coaching; Landlord Training Seminars;
and Foreclosure Prevention Seminars
and Counseling.

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The Foundation’s grant to NHSNYC will
help support their general operations,
sustaining programs and services for
low- and moderate-income New Yorkers
in pursuit of lasting homeownership and
overall financial wellness.

14 OCEANFIRST FINANCIAL CORP. NASDAQ:OCFC

ANNUAL REPORT 2023 15

Improving Quality of Life 14,197,562.59
Youth Development/Education 13,296,487.8

Heath/Wellness 8,919,040.10

Housing 4,197,121

Arts/Culture 4,011,907.36

Disaster Response 1,131,750

Supporting First Responders 1,058,350

Military/Veteran 782,869.26

Environment 474,640.00

OCEANFIRST HAS BEEN DEEPLY COMMITTED TO SUPPORTING
THE COMMUNITIES WHERE OUR COLLEAGUES AND CUSTOMERS
LIVE AND WORK.

PIDC Community Capital

Active throughout Philadelphia, PIDC
Community Capital finances growing
businesses of all sizes, across all industry
sectors, and delivers business support
services to increase the capacity and
resilience of diverse entrepreneurs. By
coupling flexible capital with business
education, PIDC provides small businesses
with the capital and knowledge to scale
and grow. The organization focuses
on driving investment into historically
marginalized and underdeveloped areas
and neighborhoods that stand to benefit
most from increased access to amenities,
goods, services for residents, and jobs.

With support from the Foundation, PIDC
Community Capital expects to provide
more than $12 million in flexible capital
in the coming year to approximately 50
small businesses in Philadelphia, while
delivering business support services to
more than 800 small businesses, with
a focus on BIPOC (Black, Indigenous
and people of color) entrepreneurs and
women-owned businesses.

PIDC Community Capital Client:
Shannon Maldonado, Founder & Creative Director of YOWIE Hotel & Shop

16 OCEANFIRST FINANCIAL CORP. NASDAQ:OCFC

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

David L. Berninger
Executive Vice President and
Chief Risk Officer

Michele B. Estep
Executive Vice President and
Chief Administrative Officer

Brian Schaeffer
Executive Vice President and
Chief Information Officer

Steven J. Tsimbinos
Executive Vice President and
General Counsel

Corporate Information

Board of Directors

Director Emeritus

Angelo J. Catania

John W. Chadwick

John R. Garbarino

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

David Berninger
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

John F. Barros
Managing Principal
Civitas Builders

Anthony R. Coscia, Esq.
Partner
Windels Marx Lane & Mittendorf, LLP

Michael D. Devlin
Retired
Cape Bancorp, Inc.

Jack M. Farris
Retired
Verizon Communications, Inc.

Robert C. Garrett
CEO
Hackensack Meridian Health

Kimberly M. Guadagno, Esq.
President and Executive Director
Mercy Center

Nicos Katsoulis
Retired
Sun National Bank

Joseph J. Lebel III
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 and CEO
American College of Surgeons

John E. Walsh
Senior Vice President
T&M Associates, Inc.

Dalila Wilson-Scott
Executive Vice President and
Chief Diversity Officer
Comcast Corporation

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

Independent Registered
Public Accounting Firm

The annual meeting of
stockholders will be held
virtually on May 21, 2024 at
8:00 a.m. 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 27516 or
investorrelations@oceanfirst.com.

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

NASDAQ: OCFC

Equal Opportunity Lender
Equal Housing Lender

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