What changed in this filing

/stocks — the workspaceLOADING

Item 4. Controls and Procedures

2026-05-01 compared with 2025-11-04 · 273 added, 356 removed, 743 unchanged (46% of the section changed)

1 unchanged sentence

(a) Disclosure Controls and Procedures

The Company’s management, including the Company’s principal executive officer and principal financial officer, have evaluated the effectiveness of the Company’s “disclosure controls and procedures,” as such term is defined in Rule 13a-15(e) and 15d-15(e) promulgated under the Securities Exchange Act of 1934, as amended, (the “Exchange Act”).

Based upon their evaluation, the principal executive officer and principal financial officer concluded that, as of the end of the period covered by this report, the Company’s disclosure controls and procedures were effective.

Disclosure controls and procedures are the controls and other procedures that are designed to ensure that the information required to be disclosed in the reports that the Company files or submits under the Exchange Act with the Securities and Exchange Commission (the “SEC”) (1) is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and (2) is accumulated and communicated to the Company’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

Disclosure controls and procedures are the controls and other procedures that are designed to ensure that the information required to be disclosed in the reports that the Company files or submits under the Exchange Act with the SEC (1) is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and (2) is accumulated and communicated to the Company’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) Changes in Internal Control Over Financial Reporting

There were no changes in the Company’s internal control over financial reporting during the quarter ended September 30, 2025 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

There were no changes in the Company’s internal control over financial reporting during the quarter ended March 31, 2026 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

OceanFirst Financial Corp.

1 unchanged sentence

(dollars in thousands, except per share amounts)

September 30, December 31,

March 31, December 31,

Cash and due from banks $ 136,981 $ 135,130

Debt securities available-for-sale, at estimated fair value 1,181,087 1,231,827

Debt securities held-to-maturity, net of allowance for securities credit losses of $ 968 at September 30, 2025 and $ 967 at December 31, 2024 (estimated fair value of $ 856,550 at September 30, 2025 and $ 952,917 at December 31, 2024)

Debt securities held-to-maturity, net of allowance for securities credit losses of $ 754 at March 31, 2026 and $ 811 at December 31, 2025 (estimated fair value of $ 793,409 at March 31, 2026 and $ 825,790 at December 31, 2025)

852,917 881,568

1 unchanged sentence

Restricted equity investments, at cost 119,503 129,329

Loans receivable, net of allowance for loan credit losses of $ 81,236 at September 30, 2025 and $ 73,607 at December 31, 2024

Loans receivable, net of allowance for loan credit losses of $ 86,110 at March 31, 2026 and $ 83,726 at December 31, 2025

11,059,275 10,970,666

10 unchanged sentences

Deposits $ 11,155,916 $ 10,964,405

Federal Home Loan Bank (“FHLB”) advances 1,705,585 1,072,611

FHLB advances

1,180,179 1,397,179

Securities sold under agreements to repurchase with customers 67,249 54,434

4 unchanged sentences

Stockholders’ equity:

Preferred stock, $ 0.01 par value, $ 1,000 liquidation preference, 5,000,000 shares authorized, 0 and 57,370 shares issued at September 30, 2025 and December 31, 2024, respectively

Common stock, $ 0.01 par value, 150,000,000 shares authorized, 62,911,177 and 62,182,767 shares issued at September 30, 2025 and December 31, 2024, respectively;

and 57,388,603 and 58,554,871 shares outstanding at September 30, 2025 and December 31, 2024, respectively

Preferred stock, $ 0.01 par value, $ 1,000 liquidation preference, 5,000,000 shares authorized, no shares issued at March 31, 2026 and December 31, 2025, respectively

Common stock, $ 0.01 par value, 150,000,000 shares authorized, 63,329,377 and 62,942,427 shares issued at March 31, 2026 and December 31, 2025, respectively;

and 57,600,069 and 57,390,569 shares outstanding at March 31, 2026 and December 31, 2025, respectively

Additional paid-in capital 1,121,646 1,118,331

1 unchanged sentence

Accumulated other comprehensive loss ( 4,573 ) ( 2,159 )

Unallocated common stock held by Employee Stock Ownership Plan ("ESOP") ( 1,611 ) ( 2,542 )

Treasury stock, 5,522,574 and 4,118,321 shares at September 30, 2025 and December 31, 2024, respectively

Unallocated common stock held by ESOP

( 991 ) ( 1,301 )

OceanFirst Financial Corp.

stockholders’ equity 1,652,537 1,701,650

Non-controlling interest 890 1,107

Treasury stock, 5,729,308 and 5,551,858 shares at March 31, 2026 and December 31, 2025, respectively

( 119,000 ) ( 115,562 )

Total stockholders’ equity 1,669,368 1,662,550

4 unchanged sentences

(in thousands, except per share amounts)

For the Three Months Ended September 30, For the Nine Months Ended September 30,

2025 2024 2025 2024

(Unaudited) (Unaudited)

For the Three Months Ended March 31,

Interest income:

14 unchanged sentences

Fees and service charges 2,813 4,712

Net gain on sales of loans 900 505 2,935 1,282

Net (loss) gain on sales of loans ( 28 ) 858

Net (loss) gain on equity investments ( 354 ) 205

Net gain (loss) from other real estate operations 1 — ( 275 ) —

Net loss from other real estate operations ( 164 ) ( 16 )

Income from bank owned life insurance 1,874 1,852

19 unchanged sentences

Net income 20,506 21,463

Net income attributable to non-controlling interest 56 70 49 72

Net loss attributable to non-controlling interest — ( 46 )

Net income attributable to OceanFirst Financial Corp.

1 unchanged sentence

Dividends on preferred shares — 1,004

Loss on redemption of preferred stock — — 1,842 —

Net income available to common stockholders $ 20,506 $ 20,505

7 unchanged sentences

(in thousands)

For the Three Months Ended September 30, For the Nine Months Ended September 30,

2025 2024 2025 2024

(Unaudited) (Unaudited)

For the Three Months Ended March 31,

Net income $ 20,506 $ 21,463

Other comprehensive income:

Net unrealized gain on debt securities (net of tax expense of $ 804 and $ 2,134 in 2025 and $ 1,225 and $ 2,569 in 2024, respectively)

2,530 3,847 6,696 8,066

Accretion of unrealized loss on debt securities reclassified to held-to-maturity (net of tax expense of $ 41 and $ 159 in 2025 and $ 43 and $ 125 in 2024, respectively)

56 62 229 180

Unrealized (loss) gain on cash flow derivative hedges (net of tax benefit of $ 2 and $ 32 in 2025 and net of tax expense of $ 267 and tax benefit of $ 133 in 2024, respectively)

( 9 ) 837 ( 102 ) ( 418 )

Reclassification adjustment for losses included in net income (net of tax expense of $ 21 and $ 76 in 2025 and $ 80 and $ 270 in 2024, respectively)

Other comprehensive (loss) income:

Net unrealized (loss) gain on debt securities (net of tax benefit of $ 788 in 2026 and tax expense of $ 788 in 2025)

( 2,472 ) 2,473

Total other comprehensive income, net of tax 2,649 5,000 7,065 8,677

Accretion of unrealized loss on debt securities reclassified to HTM (net of tax expense of $ 40 in 2026 and $ 44 in 2025)

Reclassification adjustment for losses included in net income (net of tax expense of $ 20 in 2025)

Total other comprehensive (loss) income, net of tax ( 2,414 ) 2,601

Total comprehensive income 18,092 24,064

comprehensive income attributable to non-controlling interest 56 70 49 72

comprehensive loss attributable to non-controlling interest — ( 46 )

Comprehensive income attributable to OceanFirst Financial Corp.

1 unchanged sentence

dividends on preferred shares — 1,004

loss on redemption of preferred stock — — 1,842 —

Total comprehensive income available to common stockholders $ 18,092 $ 23,106

3 unchanged sentences

(dollars in thousands, except per share amounts)

For the Three Months Ended September 30, 2025 and 2024

Stock Additional

Capital Retained

Earnings Accumulated

Comprehensive

(Loss) Income Employee

Plan Treasury

Stock Non-Controlling Interest Total

Balance at June 30, 2024 $ 1 $ 613 $ 1,164,813 $ 620,021 $ ( 17,185 ) $ ( 3,161 ) $ ( 89,217 ) $ 784 $ 1,676,669

Net income — — — 25,116 — — — 70 25,186

Other comprehensive income, net of tax — — — — 5,000 — — — 5,000

Stock compensation — — 1,383 — — — — — 1,383

Allocation of ESOP stock — — ( 27 ) — — 309 — — 282

Cash dividend - $ 0.20 per share

— — — ( 11,657 ) — — — — ( 11,657 )

Exercise of stock options — — 48 — — — — — 48

Repurchase 87,324 shares of common stock

— — 1 — — — ( 1,400 ) — ( 1,399 )

Preferred stock dividend — — — ( 1,004 ) — — — — ( 1,004 )

Balance at September 30, 2024 $ 1 $ 613 $ 1,166,218 $ 632,476 $ ( 12,185 ) $ ( 2,852 ) $ ( 90,617 ) $ 854 $ 1,694,508

Balance at June 30, 2025 $ — $ 625 $ 1,115,441 $ 655,095 $ ( 11,437 ) $ ( 1,922 ) $ ( 114,956 ) $ 834 $ 1,643,680

Net income — — — 17,330 — — — 56 17,386

Other comprehensive income, net of tax — — — — 2,649 — — — 2,649

Stock compensation — — 869 — — — — — 869

Allocation of ESOP stock — — ( 17 ) — — 311 — — 294

Cash dividend - $ 0.20 per share

— — — ( 11,451 ) — — — — ( 11,451 )

Exercise of stock options — — 42 — — — — — 42

Repurchase of 2,308 shares of common stock

— — — — — — ( 42 ) — ( 42 )

Balance at September 30, 2025 $ — $ 625 $ 1,116,335 $ 660,974 $ ( 8,788 ) $ ( 1,611 ) $ ( 114,998 ) $ 890 $ 1,653,427

OceanFirst Financial Corp.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(dollars in thousands, except per share amounts)

For the Nine Months Ended September 30, 2025 and 2024

For the Three Months Ended March 31, 2026 and 2025

Stock Additional

6 unchanged sentences

Balance at December 31, 2024 $ 1 $ 613 $ 1,168,321 $ 641,727 $ ( 15,853 ) $ ( 2,542 ) $ ( 90,617 ) $ 1,107 $ 1,702,757

Net income — — — 78,156 — — — 72 78,228

Net income (loss) — — — 21,509 — — — ( 46 ) 21,463

Other comprehensive income, net of tax — — — — 2,601 — — — 2,601

1 unchanged sentence

Allocation of ESOP stock

— — ( 18 ) — — 310 — — 292

Cash dividend - $ 0.20 per share

4 unchanged sentences

Preferred stock dividend — — — ( 1,004 ) — — — — ( 1,004 )

Balance at September 30, 2024 $ 1 $ 613 $ 1,166,218 $ 632,476 $ ( 12,185 ) $ ( 2,852 ) $ ( 90,617 ) $ 854 $ 1,694,508

Distributions to non-controlling interest — — — — — — — ( 266 ) ( 266 )

Balance at March 31, 2025 $ 1 $ 625 $ 1,170,179 $ 650,546 $ ( 13,252 ) $ ( 2,232 ) $ ( 97,545 ) $ 795 $ 1,709,117

Balance at December 31, 2025 $ — $ 625 $ 1,118,331 $ 662,616 $ ( 2,159 ) $ ( 1,301 ) $ ( 115,562 ) $ — $ 1,662,550

Net income — — — 20,506 — — — — 20,506

Other comprehensive income, net of tax — — — — 7,065 — — — 7,065

Other comprehensive loss, net of tax — — — — ( 2,414 ) — — — ( 2,414 )

Stock compensation — 3 950 — — — — — 953

Allocation of ESOP stock

— — ( 6 ) — — 310 — — 304

Cash dividend - $ 0.20 per share

1 unchanged sentence

Exercise of stock options — 1 2,322 — — — — — 2,323

Repurchase 1,404,253 shares of common stock

Repurchase of 177,450 shares of common stock

— — 49 — — — ( 3,438 ) — ( 3,389 )

Preferred stock dividend — — — ( 2,008 ) — — — — ( 2,008 )

Redemption of preferred stock ( 1 ) — ( 55,527 ) ( 1,842 ) — — — — ( 57,370 )

Distributions to non-controlling interest — — — — — — — ( 266 ) ( 266 )

Balance at September 30, 2025 $ — $ 625 $ 1,116,335 $ 660,974 $ ( 8,788 ) $ ( 1,611 ) $ ( 114,998 ) $ 890 $ 1,653,427

Balance at March 31, 2026 $ — $ 629 $ 1,121,646 $ 671,657 $ ( 4,573 ) $ ( 991 ) $ ( 119,000 ) $ — $ 1,669,368

See accompanying Notes to Unaudited Consolidated Financial Statements.

2 unchanged sentences

(dollars in thousands)

For the Nine Months Ended September 30,

For the Three Months Ended March 31,

Cash flows from operating activities:

12 unchanged sentences

Provision for credit losses 2,738 5,340

Net loss (gain) on sale of fixed assets 2 ( 131 )

Net loss on sales of available-for-sale securities 64 106

Net gain on equity investments ( 686 ) ( 4,230 )

Net gain on sales of loans ( 2,935 ) ( 1,282 )

Net (gain) loss on sale of OREO and fixed assets

Net loss (gain) on equity investments 354 ( 205 )

Net loss (gain) on sales of loans 28 ( 858 )

Proceeds from sales of residential loans held for sale 2,676 105,849

Residential loans originated for sale 3,064 ( 93,478 )

Write down of other real estate owned 198 —

Increase in value of bank owned life insurance ( 5,412 ) ( 4,796 )

Net gain on sale of assets held for sale — ( 855 )

Increase in cash surrender value of bank owned life insurance ( 1,756 ) ( 1,852 )

(Increase) decrease in interest and dividends receivable ( 578 ) 1,071

1 unchanged sentence

Decrease in other assets 4,590 15,409

(Decrease) increase in other liabilities ( 56,556 ) ( 43,849 )

Decrease in other liabilities ( 6,801 ) ( 57,697 )

Total adjustments 4,704 ( 23,249 )

Net cash provided by operating activities 51,208 47,440

Net cash provided by (used in) operating activities 25,210 ( 1,786 )

Cash flows from investing activities:

1 unchanged sentence

Proceeds from sales of non-performing loans — 4,583

Purchase of loan pools ( 26,859 ) —

Discounts received on purchased loan pool 2,562 —

Purchase of debt securities available-for-sale ( 757,723 ) ( 243,795 )

Purchase of debt securities held-to-maturity — ( 6,971 )

Purchase of loan pools, net of discount — ( 24,297 )

Purchase of debt securities AFS

( 8,356 ) ( 6,943 )

Purchase of equity investments ( 2,212 ) ( 3,160 )

Proceeds from maturities and calls of debt securities available-for-sale 5,600 15,870

Proceeds from maturities and calls of debt securities held-to-maturity 44,458 19,202

Proceeds from sales of debt securities available-for-sale 99,187 2,121

Proceeds from maturities and calls of debt securities AFS

Proceeds from maturities and calls of debt securities HTM

Proceeds from calls and sales of equity investments 5,395 —

Principal repayments on debt securities available-for-sale 218,194 78,413

Principal repayments on debt securities held-to-maturity 83,819 73,799

Principal repayments on debt securities AFS

50,796 89,767

Principal repayments on debt securities HTM

20,580 25,025

Proceeds from bank owned life insurance 407 2,662

1 unchanged sentence

Purchases of restricted equity investments ( 147,890 ) ( 49,298 )

Proceeds from sale of other real estate owned 912 —

Proceeds from sales of assets held-for-sale — 883

Capitalized improvements to OREO

Proceeds from sale of OREO

Purchases of premises and equipment ( 1,952 ) ( 1,856 )

Proceeds from disposal of premises and equipment — 3,380

Net cash consideration paid for acquisition — ( 1,000 )

Net cash (used in) provided by investing activities ( 1,590 ) 123,612

2 unchanged sentences

(dollars in thousands)

For the Nine Months Ended September 30,

For the Three Months Ended March 31,

Cash flows from financing activities:

Increase (decrease) in deposits $ 369,654 $ ( 318,686 )

Increase in deposits $ 191,511 $ 110,683

Increase in short-term borrowings 12,800 4,546

Net proceeds from FHLB advances 632,974 43,224

Net proceeds from other borrowings — 222,662

Net repayment of FHLB advances

( 217,000 ) ( 181,590 )

Increase in advances by borrowers for taxes and insurance 4,606 5,758

3 unchanged sentences

Dividends paid ( 11,465 ) ( 12,690 )

Redemption of preferred stock ( 57,370 ) —

Distributions to non-controlling interest — ( 266 )

Net cash provided by (used in) provided by financing activities 887,565 ( 101,985 )

Net cash used in financing activities ( 21,769 ) ( 81,720 )

Net increase in cash and due from banks and restricted cash 1,851 40,106

14 unchanged sentences

Net loan charge-offs 701 636

Transfer of securities from held-to-maturity to available-for-sale — 500

Transfer of loans receivable to other real estate owned 6,797 —

Transfer of loans receivable to OREO

Transfer of loans receivable to loans held-for-sale — 4,583

4 unchanged sentences

The consolidated financial statements include the accounts of:

OceanFirst Financial Corp.

(the “Company”);

its wholly-owned subsidiaries, OceanFirst Bank N.A.

(the “Bank”) and OceanFirst Risk Management, Inc.;

its wholly-owned subsidiaries, the Bank and OceanFirst Risk Management, Inc.;

the Bank’s direct and indirect wholly-owned subsidiaries, OceanFirst REIT Holdings, Inc., OceanFirst Management Corp., OceanFirst Realty Corp., Casaba Real Estate Holdings Corporation, Country Property Holdings, Inc., OFB Acquisition LLC;

Spring Garden Capital Group, LLC (and its subsidiaries), and a majority controlling interest in Trident Abstract Title Agency, LLC (“Trident”).

and Spring Garden Capital Group, LLC (and its subsidiaries).

The Company disposed of its 60 % controlling interest in Trident Abstract Title Agency, LLC on October 1, 2025, which was included in the Company’s consolidated financial statements for previous periods.

All significant intercompany accounts and transactions have been eliminated in consolidation.

The interim consolidated financial statements reflect all normal and recurring adjustments, which are, in the opinion of management, considered necessary for a fair presentation of the financial condition and results of operations for the periods presented.

The results of operations for the three and nine months ended September 30, 2025 are not necessarily indicative of the results of operations that may be expected for the full year 2025 or any other period.

The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results of operations that may be expected for the full year 2026 or any other period.

In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the statements of financial condition and the results of operations for the periods presented.

Actual results could differ from these estimates.

In 2025, the Company reclassified loans secured by owner-occupied commercial real estate to commercial and industrial - real estate to reflect the variation in the management and underlying risk profile of such loans as compared with non-owner-occupied (“investor”) commercial real estate loans.

Similarly, the Company also reclassified commercial and industrial loans that were not secured by real estate to commercial and industrial - non-real estate.

Collectively, these two loan portfolios are referred to as ‘Commercial and industrial’ loans.

Certain information and note disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”).

Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC.

These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

1 unchanged sentence

The Company’s operations are solely in the financial services industry and provide a range of regional community banking services to retail and commercial customers.

The Company operates throughout New Jersey and in the major metropolitan areas between Massachusetts and Virginia.

Operating segments are defined as components of an entity for which separate financial information is available and is regularly reviewed by the chief operating decision maker (“CODM”).

The Company operates throughout New Jersey and in the major metropolitan areas from Massachusetts through Virginia.

Operating segments are defined as components of an entity for which separate financial information is available and is regularly reviewed by the CODM.

The CODM makes operating decisions and manages the activities of the business on a consolidated basis.

6 unchanged sentences

Earnings per Share

The following reconciles shares outstanding for basic and diluted earnings per share for the three and nine months ended September 30, 2025 and 2024 (in thousands):

The following reconciles shares outstanding for basic and diluted earnings per share for the three months ended March 31, 2026 and 2025 (in thousands):

Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

Weighted average shares outstanding 57,466 58,541

Unallocated ESOP shares

( 58 ) ( 123 )

Unallocated incentive award shares ( 365 ) ( 316 )

3 unchanged sentences

Average diluted shares outstanding 57,048 58,111

For the three and nine months ended September 30, 2025, antidilutive stock options of 1,359,000 , for both periods, were excluded from the earnings per share calculation.

For the three and nine months ended September 30, 2024, antidilutive stock options of 1,668,000 and 1,790,000 , respectively, were excluded from the earnings per share calculation.

For the three months ended March 31, 2026 and 2025, antidilutive stock options of 1,338,000 and 1,359,000 , respectively, were excluded from the earnings per share calculation.

OceanFirst Financial Corp.

Notes to Unaudited Consolidated Financial Statements (Continued)

The amortized cost, estimated fair value, and allowance for securities credit losses of debt securities available-for-sale and held-to-maturity at September 30, 2025 and December 31, 2024 are as follows (in thousands):

The amortized cost, estimated fair value, and allowance for securities credit losses of debt securities AFS and HTM at March 31, 2026 and December 31, 2025 are as follows (in thousands):

Losses Estimated

Value Allowance for Securities Credit Losses

At September 30, 2025

Debt securities available-for-sale:

At March 31, 2026

Debt securities AFS:

government and agency obligations $ 54,619 $ — $ ( 2,598 ) $ 52,021 $ —

2 unchanged sentences

Asset-backed securities 95,524 4 ( 225 ) 95,303 —

Mortgage-backed securities (“MBS”):

Agency residential 836,019 843 ( 5,505 ) 831,357 —

4 unchanged sentences

( 6,700 ) — 6,700 — —

Total debt securities available-for-sale $ 1,272,455 $ 6,815 $ ( 17,690 ) $ 1,261,580 $ —

Debt securities held-to-maturity:

Total debt securities AFS

$ 1,186,555 $ 5,536 $ ( 11,004 ) $ 1,181,087 $ —

Debt securities HTM:

State and municipal debt obligations $ 159,656 $ 418 $ ( 9,584 ) $ 150,490 $ ( 21 )

5 unchanged sentences

Total mortgage-backed securities 647,879 980 ( 51,765 ) 597,094 ( 16 )

Total debt securities held-to-maturity $ 920,702 $ 1,889 $ ( 66,041 ) $ 856,550 $ ( 968 )

Total debt securities HTM

$ 853,671 $ 1,609 $ ( 61,871 ) $ 793,409 $ ( 754 )

Total debt securities $ 2,040,226 $ 7,145 $ ( 72,875 ) $ 1,974,496 $ ( 754 )

At December 31, 2025

Debt securities available-for-sale:

Debt securities AFS:

government and agency obligations $ 54,607 $ — $ ( 2,666 ) $ 51,941 $ —

State, municipal and sovereign debt obligations 75,776 7,359 — 83,135 —

Corporate debt securities 27,947 575 ( 298 ) 28,224 —

4 unchanged sentences

Total mortgage-backed securities 965,149 1,775 ( 12,891 ) 954,033 —

Total debt securities available-for-sale $ 847,272 $ 1,545 $ ( 21,317 ) $ 827,500 $ —

Debt securities held-to-maturity:

Total excluding fair value hedge basis adjustment 1,238,074 9,769 ( 16,016 ) 1,231,827 —

Fair value hedge basis adjustment (1)

( 4,038 ) — 4,038 — —

Total debt securities AFS

$ 1,234,036 $ 9,769 $ ( 11,978 ) $ 1,231,827 $ —

Debt securities HTM:

State and municipal debt obligations $ 165,267 $ 434 $ ( 8,518 ) $ 157,183 $ ( 22 )

5 unchanged sentences

Total mortgage-backed securities 668,126 1,796 ( 49,860 ) 620,062 ( 17 )

Total debt securities held-to-maturity $ 1,046,842 $ 1,019 $ ( 94,944 ) $ 952,917 $ ( 967 )

Total debt securities HTM

$ 882,379 $ 2,481 $ ( 59,070 ) $ 825,790 $ ( 811 )

Total debt securities $ 2,116,415 $ 12,250 $ ( 71,048 ) $ 2,057,617 $ ( 811 )

2 unchanged sentences

Notes to Unaudited Consolidated Financial Statements (Continued)

The following table presents the activity in the allowance for credit losses for debt securities held-to-maturity for the three and nine months ended September 30, 2025 and 2024 (in thousands):

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

The following table presents the activity in the allowance for credit losses for debt securities HTM for the three months ended March 31, 2026 and 2025 (in thousands):

Three Months Ended March 31,

Allowance for securities credit losses

Beginning balance $ ( 811 ) $ ( 967 )

(Provision) benefit for credit losses ( 159 ) 56 ( 1 ) 231

Benefit for credit losses 57 69

Total ending allowance balance $ ( 754 ) $ ( 898 )

The Company monitors the credit quality of debt securities held-to-maturity on a quarterly basis through the use of internal credit analysis supplemented by external credit ratings.

The Company monitors the credit quality of debt securities HTM on a quarterly basis through the use of internal credit analysis supplemented by external credit ratings.

Credit ratings of BBB- or Baa3 or higher are considered investment grade.

Where multiple ratings are available, the Company considers the lowest rating when determining the allowance for securities credit losses.

Under this approach, the amortized cost of debt securities held-to-maturity at September 30, 2025, aggregated by credit quality indicator, are as follows (in thousands):

Under this approach, the amortized cost of debt securities HTM at March 31, 2026, aggregated by credit quality indicator, are as follows (in thousands):

Investment Grade Non-Investment Grade/Non-rated Total

As of September 30, 2025

As of March 31, 2026

State and municipal debt obligations $ 159,656 $ — $ 159,656

1 unchanged sentence

Non-agency commercial MBS

1,065 — 1,065

Total debt securities held-to-maturity $ 193,771 $ 13,086 $ 206,857

There were $ 8,000 and $ 64,000 of realized losses on sale of debt securities available-for-sale for the three and nine months ended September 30, 2025, respectively, as compared to no realized gains/losses and $ 106,000 of realized losses for the corresponding prior year periods.

These realized gains/losses on debt securities are presented within Other and included within Total other income on the Consolidated Statements of Income.

The amortized cost and estimated fair value of debt securities at September 30, 2025 by contractual maturity are shown below (in thousands):

September 30, 2025 Amortized

There were no realized gains/losses on sale of debt securities AFS for either the three months ended March 31, 2026 or 2025.

The amortized cost and estimated fair value of debt securities at March 31, 2026 by contractual maturity are shown below (in thousands):

March 31, 2026 Amortized

Less than one year $ 56,464 $ 55,811

3 unchanged sentences

$ 455,220 $ 447,480

(1) The amortized cost of available-for-sale securities excludes the portfolio layer fair value hedge basis adjustments of $ 341,000 at September 30, 2025.

(1) The amortized cost of AFS securities excludes the portfolio layer fair value hedge basis adjustments of $ 6.7 million at March 31, 2026.

Actual maturities may differ from contractual maturities in instances where issuers have the right to call or prepay obligations with or without call or prepayment penalties.

At September 30, 2025, corporate debt securities, state and municipal obligations, and asset-backed securities with an amortized cost, excluding the fair value hedge basis adjustments, of $ 80.7 million, $ 118.1 million, and $ 129.6 million, respectively, and an estimated fair value of $ 79.8 million, $ 122.5 million, and $ 129.8 million, respectively, were callable prior to the maturity date.

At March 31, 2026, corporate debt securities, state and municipal obligations, and asset-backed securities with an amortized cost, excluding the fair value hedge basis adjustments, of $ 68.7 million, $ 114.2 million, and $ 95.5 million, respectively, and an estimated fair value of $ 68.8 million, $ 118.0 million, and $ 95.3 million, respectively, were callable prior to the maturity date.

Mortgage-backed securities are excluded from the above table since their effective lives are expected to be shorter than the contractual maturity date due to principal prepayments.

1 unchanged sentence

Notes to Unaudited Consolidated Financial Statements (Continued)

The estimated fair value and unrealized losses for debt securities available-for-sale and held-to-maturity at September 30, 2025 and December 31, 2024, segregated by the duration of the unrealized losses, are as follows (in thousands):

The estimated fair value and unrealized losses for debt securities AFS and HTM at March 31, 2026 and December 31, 2025, segregated by the duration of the unrealized losses, are as follows (in thousands):

Less than 12 months 12 months or longer Total

2 unchanged sentences

Value Unrealized

At September 30, 2025

Debt securities available-for-sale:

At March 31, 2026

Debt securities AFS:

government and agency obligations $ — $ — $ 52,021 $ ( 2,598 ) $ 52,021 $ ( 2,598 )

State and municipal debt obligations 832 ( 8 ) — — 832 ( 8 )

Corporate debt securities 2,256 ( 53 ) 1,928 ( 72 ) 4,184 ( 125 )

2 unchanged sentences

Agency commercial 489 — 98,076 ( 9,243 ) 98,565 ( 9,243 )

Total MBS 509,052 ( 4,642 ) 162,555 ( 10,001 ) 671,607 ( 14,643 )

Total debt securities available-for-sale 537,618 ( 4,670 ) 219,387 ( 13,361 ) 757,005 ( 18,031 )

Debt securities held-to-maturity:

516,523 ( 5,458 ) 115,620 ( 9,290 ) 632,143 ( 14,748 )

Total debt securities AFS

612,910 ( 5,744 ) 169,569 ( 11,960 ) 782,479 ( 17,704 )

Debt securities HTM:

State and municipal debt obligations 9,738 ( 179 ) 126,077 ( 9,405 ) 135,815 ( 9,584 )

3 unchanged sentences

Non-agency commercial — — 984 ( 81 ) 984 ( 81 )

Total MBS 2,543 — 543,087 ( 54,550 ) 545,630 ( 54,550 )

Total debt securities held-to-maturity 6,893 ( 759 ) 706,144 ( 65,282 ) 713,037 ( 66,041 )

81,804 ( 1,355 ) 433,885 ( 50,410 ) 515,689 ( 51,765 )

Total debt securities HTM

95,945 ( 1,758 ) 572,195 ( 60,113 ) 668,140 ( 61,871 )

Total debt securities $ 708,855 $ ( 7,502 ) $ 741,764 $ ( 72,073 ) $ 1,450,619 $ ( 79,575 )

At December 31, 2025

Debt securities available-for-sale:

Debt securities AFS:

government and agency obligations $ — $ — $ 51,941 $ ( 2,666 ) $ 51,941 $ ( 2,666 )

3 unchanged sentences

Agency commercial — — 98,518 ( 9,061 ) 98,518 ( 9,061 )

Total MBS 202,961 ( 801 ) 93,962 ( 14,648 ) 296,923 ( 15,449 )

Total debt securities available-for-sale 242,563 ( 877 ) 208,677 ( 20,440 ) 451,240 ( 21,317 )

Debt securities held-to-maturity:

498,047 ( 3,771 ) 120,065 ( 9,120 ) 618,112 ( 12,891 )

Total debt securities AFS

571,564 ( 4,029 ) 175,804 ( 11,987 ) 747,368 ( 16,016 )

Debt securities HTM:

State and municipal debt obligations 245 — 138,624 ( 8,518 ) 138,869 ( 8,518 )

3 unchanged sentences

Non-agency commercial 459 ( 1 ) 989 ( 82 ) 1,448 ( 83 )

Total MBS 118,451 ( 1,667 ) 569,030 ( 78,196 ) 687,481 ( 79,863 )

Total debt securities held-to-maturity 126,796 ( 2,062 ) 763,982 ( 92,882 ) 890,778 ( 94,944 )

24,007 ( 73 ) 498,246 ( 49,787 ) 522,253 ( 49,860 )

Total debt securities HTM

28,710 ( 314 ) 651,165 ( 58,756 ) 679,875 ( 59,070 )

Total debt securities $ 600,274 $ ( 4,343 ) $ 826,969 $ ( 70,743 ) $ 1,427,243 $ ( 75,086 )

(1) The unrealized losses of available-for-sale securities excludes the portfolio layer fair value hedge basis adjustments of $ 341,000 at September 30, 2025.

OceanFirst Financial Corp.

Notes to Unaudited Consolidated Financial Statements (Continued)

The Company concluded that no debt securities were impaired at September 30, 2025 based on consideration of several factors.

(1) The unrealized losses of AFS securities excludes the portfolio layer fair value hedge basis adjustments of $ 6.7 million and $ 4.0 million at March 31, 2026 and December 31, 2025, respectively.

The Company concluded that no debt securities were impaired at March 31, 2026 based on consideration of several factors.

The Company noted that each issuer made all contractually due payments when required.

3 unchanged sentences

Additionally, the Company has not utilized securities sales as a source of liquidity and the Company’s liquidity plans include adequate sources of liquidity outside securities sales.

OceanFirst Financial Corp.

Notes to Unaudited Consolidated Financial Statements (Continued)

Equity Investments

At September 30, 2025 and December 31, 2024, the Company held equity investments of $ 90.7 million and $ 84.1 million, respectively.

At March 31, 2026 and December 31, 2025, the Company held equity investments of $ 88.2 million and $ 91.9 million, respectively.

The equity investments are primarily comprised of select financial services institutions’ preferred stocks, investments in other financial institutions and funds.

The realized and unrealized gains or losses on equity securities for the three and nine months ended September 30, 2025 and 2024 are shown in the table below (in thousands):

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

The realized and unrealized gains or losses on equity securities for the three months ended March 31, 2026 and 2025 are shown in the table below (in thousands):

Three Months Ended March 31,

Net (loss) gain on equity investments $ ( 354 ) $ 205

1 unchanged sentence

Unrealized (losses) gains recognized on equity investments still held $ ( 354 ) $ 205

OceanFirst Financial Corp.

Notes to Unaudited Consolidated Financial Statements (Continued)

Loans Receivable, Net

Loans receivable, net at September 30, 2025 and December 31, 2024 consisted of the following (in thousands):

September 30, December 31,

Loans receivable, net at March 31, 2026 and December 31, 2025 consisted of the following (in thousands):

March 31, December 31,

Commercial real estate – investor $ 5,478,832 $ 5,420,989

5 unchanged sentences

Residential real estate 3,128,023 3,194,264

Home equity loans and lines and other consumer (“other consumer”) 215,581 230,462

Other consumer

198,048 202,763

Total consumer 3,326,071 3,397,027

13 unchanged sentences

Loans classified as Substandard are inadequately protected by the current net worth and paying capacity of the borrower or of the collateral pledged, if any.

These loans have a well-defined weakness or weaknesses that

OceanFirst Financial Corp.

Notes to Unaudited Consolidated Financial Statements (Continued)

jeopardize the collection or the liquidation of the debt.

These loans have a well-defined weakness or weaknesses that jeopardize the collection or the liquidation of the debt.

They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected.

Loans classified as Doubtful have all the weaknesses inherent in those classified as Substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable.

The following tables summarize total loans by year of origination, internally assigned credit grades and risk characteristics (in thousands):

OceanFirst Financial Corp.

Notes to Unaudited Consolidated Financial Statements (Continued)

The following tables summarize total loans (in thousands) by year of origination, internally assigned credit grades, and risk characteristics.

The tables also include gross charge-offs that were recorded for the year to date periods presented, by year of origination (in thousands):

2026 2025 2024 2023 2022 2021 and prior Revolving lines of credit Total

September 30, 2025

As of March 31, 2026

Commercial real estate - investor

3 unchanged sentences

Total commercial real estate - investor 107,977 621,661 66,868 165,584 1,168,857 2,720,366 627,519 5,478,832

Gross charge-offs — — — — — ( 84 ) — ( 84 )

Commercial and industrial:

4 unchanged sentences

Total commercial and industrial - real estate 73,731 246,315 72,491 57,525 84,673 447,277 34,900 1,016,912

Gross charge-offs — — — — — — — —

Commercial and industrial - non-real estate

3 unchanged sentences

Total commercial and industrial - non-real estate 51,721 320,743 172,251 38,018 29,863 42,817 646,715 1,302,128

Gross charge-offs — ( 64 ) ( 738 ) — — — — ( 802 )

Total commercial and industrial 125,452 567,058 244,742 95,543 114,536 490,094 681,615 2,319,040

4 unchanged sentences

Total residential real estate 5,840 471,180 223,456 195,838 490,350 1,741,359 — 3,128,023

Gross charge-offs — ( 29 ) — — — — — ( 29 )

Other consumer (1)

3 unchanged sentences

Total other consumer — 30,603 24,417 22,256 13,316 105,160 2,296 198,048

Gross charge-offs — — — — — ( 41 ) — ( 41 )

Total loans $ 239,269 $ 1,690,502 $ 559,483 $ 479,221 $ 1,787,059 $ 5,056,979 $ 1,311,430 $ 11,123,943

Total gross charge-offs $ — $ ( 93 ) $ ( 738 ) $ — $ — $ ( 125 ) $ — $ ( 956 )

(1) For residential real estate and other consumer loans, the Company evaluates credit quality based on the aging status of the loan and by payment activity.

2 unchanged sentences

2025 2024 2023 2022 2021 2020 and prior Revolving lines of credit Total

December 31, 2024

As of December 31, 2025

Commercial real estate - investor

3 unchanged sentences

Total commercial real estate - investor 647,595 66,035 166,397 1,185,011 1,299,916 1,470,548 585,487 5,420,989

Gross charge-offs ( 102 ) ( 310 ) ( 1,938 ) ( 649 ) ( 24 ) ( 511 ) — ( 3,534 )

Commercial and industrial:

4 unchanged sentences

Total commercial and industrial - real estate 255,690 74,534 58,970 90,142 59,476 415,775 31,844 986,431

Gross charge-offs — — — — — — — —

Commercial and industrial - non-real estate

3 unchanged sentences

Total commercial and industrial - non-real estate 325,219 182,290 41,314 31,193 8,963 36,831 601,746 1,227,556

Gross charge-offs — ( 815 ) — ( 20 ) — — — ( 835 )

Total commercial and industrial 580,909 256,824 100,284 121,335 68,439 452,606 633,590 2,213,987

4 unchanged sentences

Total residential real estate 472,253 227,596 210,720 501,666 745,487 1,036,542 — 3,194,264

Gross charge-offs ( 37 ) ( 218 ) ( 106 ) ( 319 ) ( 345 ) ( 426 ) — ( 1,451 )

Other consumer (1)

3 unchanged sentences

Total other consumer 27,971 24,482 23,322 13,764 15,094 94,888 3,242 202,763

Gross charge-offs — — — ( 48 ) — ( 385 ) — ( 433 )

Total loans $ 1,728,728 $ 574,937 $ 500,723 $ 1,821,776 $ 2,128,936 $ 3,054,584 $ 1,222,319 $ 11,032,003

Total gross charge-offs $ ( 139 ) $ ( 1,343 ) $ ( 2,044 ) $ ( 1,036 ) $ ( 369 ) $ ( 1,322 ) $ — $ ( 6,253 )

(1) For residential real estate and other consumer loans, the Company evaluates credit quality based on the aging status of the loan and by payment activity.

1 unchanged sentence

Notes to Unaudited Consolidated Financial Statements (Continued)

An analysis of the allowance for credit losses on loans for the three and nine months ended September 30, 2025 and 2024 was as follows (in thousands):

An analysis of the allowance for credit losses on loans for the three months ended March 31, 2026 and 2025 was as follows (in thousands):

Commercial and Industrial

3 unchanged sentences

Real Estate Other Consumer Total

For the three months ended September 30, 2025

For the three months ended March 31, 2026

Allowance for credit losses on loans

4 unchanged sentences

Balance at end of period $ 29,014 $ 7,293 $ 23,663 $ 25,140 $ 1,000 $ 86,110

For the three months ended September 30, 2024

Allowance for credit losses on loans

Balance at beginning of period $ 27,853 $ 3,931 $ 7,915 $ 27,833 $ 1,307 $ 68,839

Provision (benefit) for credit losses 3,074 ( 220 ) 1,767 ( 4,564 ) 82 139

Charge-offs — — — ( 35 ) ( 89 ) ( 124 )

Recoveries 123 4 2 29 54 212

Balance at end of period $ 31,050 $ 3,715 $ 9,684 $ 23,263 $ 1,354 $ 69,066

For the nine months ended September 30, 2025

For the three months ended March 31, 2025

Allowance for credit losses on loans

4 unchanged sentences

Balance at end of period $ 33,947 $ 4,102 $ 12,837 $ 26,810 $ 1,102 $ 78,798

For the nine months ended September 30, 2024

Allowance for credit losses on loans

Balance at beginning of period $ 27,899 $ 4,354 $ 6,867 $ 27,029 $ 988 $ 67,137

Provision (benefit) for credit losses 4,671 ( 668 ) 2,808 ( 3,913 ) 744 3,642

( 1,646 ) — — ( 35 ) ( 484 ) ( 2,165 )

Recoveries 126 29 9 182 106 452

Balance at end of period $ 31,050 $ 3,715 $ 9,684 $ 23,263 $ 1,354 $ 69,066

The following tables summarize gross charge-offs by vintage (in thousands):

2024 2023 2022 2021 2020 and prior Total

For the three months ended September 30, 2025

Commercial real estate – investor $ ( 72 ) $ ( 297 ) $ — $ — $ — $ ( 369 )

Commercial and industrial – non-real estate ( 347 ) — — — — ( 347 )

Residential real estate ( 23 ) ( 4 ) — — — ( 27 )

Other consumer — — — — ( 107 ) ( 107 )

Total charge-offs $ ( 442 ) $ ( 301 ) $ — $ — $ ( 107 ) $ ( 850 )

For the nine months ended September 30, 2025

Commercial real estate – investor $ ( 250 ) $ ( 1,862 ) $ ( 30 ) $ ( 24 ) $ ( 48 ) $ ( 2,214 )

Commercial and industrial – non-real estate ( 347 ) — — — — ( 347 )

Residential real estate ( 91 ) ( 59 ) ( 255 ) ( 344 ) ( 370 ) ( 1,119 )

Other consumer — — — — ( 383 ) ( 383 )

Total charge-offs $ ( 688 ) $ ( 1,921 ) $ ( 285 ) $ ( 368 ) $ ( 801 ) $ ( 4,063 )

OceanFirst Financial Corp.

Notes to Unaudited Consolidated Financial Statements (Continued)

2023 2021 2019 and prior Total

For the three months ended September 30, 2024

Residential real estate $ ( 33 ) $ — $ ( 2 ) $ ( 35 )

Other consumer — — ( 89 ) ( 89 )

Total charge-offs $ ( 33 ) $ — $ ( 91 ) $ ( 124 )

For the nine months ended September 30, 2024

Commercial real estate – investor $ — $ ( 46 ) $ ( 1,600 ) $ ( 1,646 )

Residential real estate ( 33 ) — ( 2 ) ( 35 )

Other consumer — — ( 484 ) ( 484 )

Total charge-offs $ ( 33 ) $ ( 46 ) $ ( 2,086 ) $ ( 2,165 )

A loan is considered collateral dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral and, therefore, is classified as non-accruing.

At September 30, 2025 and December 31, 2024, the Company had collateral dependent loans with an amortized cost balance as follows:

At March 31, 2026 and December 31, 2025, the Company had collateral dependent loans with an amortized cost balance as follows:

commercial real estate - investor of $ 19.0 million and $ 13.6 million, respectively, commercial and industrial - real estate of $ 5.5 million and $ 4.8 million, respectively, and commercial and industrial - non-real estate of $ 228,000 and $ 603,000 , respectively.

In addition, the Company had collateral dependent residential and consumer loans with an amortized cost balance of $ 5.3 million and $ 8.6 million at September 30, 2025 and December 31, 2024, respectively.

The following table presents the recorded investment in non-accrual loans, by loan portfolio segment as of September 30, 2025 and December 31, 2024 (in thousands):

September 30, December 31,

In addition, the Company had collateral dependent residential and consumer loans with an amortized cost balance of $ 4.1 million and $ 5.5 million at March 31, 2026 and December 31, 2025, respectively.

The following table presents the recorded investment in non-accrual loans, by loan portfolio segment as of March 31, 2026 and December 31, 2025 (in thousands):

March 31, December 31,

Commercial real estate – investor $ 18,970 $ 13,636

6 unchanged sentences

Total non-performing loans $ 34,638 $ 27,791

(1) The nine months ended September 30, 2025 included the sale of non-performing residential and consumer loans of $ 7.3 million.

At September 30, 2025 and December 31, 2024, non-accrual loans were included in the allowance for credit loss calculation and the Company did not recognize or accrue interest income on these loans.

At September 30, 2025 and December 31, 2024, there were no loans greater than 90 days past due that were accruing interest.

At March 31, 2026 and December 31, 2025, non-accrual loans were included in the allowance for credit loss calculation and the Company did not recognize or accrue interest income on these loans.

At March 31, 2026 and December 31, 2025, there were no loans greater than 90 days past due that were accruing interest.

OceanFirst Financial Corp.

Notes to Unaudited Consolidated Financial Statements (Continued)

The following table presents the aging of the recorded investment in past due loans as of September 30, 2025 and December 31, 2024 by loan portfolio segment (in thousands):

The following table presents the aging of the recorded investment in past due loans as of March 31, 2026 and December 31, 2025 by loan portfolio segment (in thousands):

Past Due 60-89

3 unchanged sentences

Past Due Total

September 30, 2025

March 31, 2026

Commercial real estate – investor $ 37,935 $ 1,256 $ 13,596 $ 52,787 $ 5,426,045 $ 5,478,832

5 unchanged sentences

Other consumer

328 463 1,939 2,730 195,318 198,048

Total loans $ 52,969 $ 2,907 $ 22,449 $ 78,325 $ 11,045,618 $ 11,123,943

7 unchanged sentences

Other consumer

1,027 60 1,819 2,906 199,857 202,763

Total loans $ 42,867 $ 4,941 $ 22,684 $ 70,492 $ 10,961,511 $ 11,032,003

Loan Modifications to Borrowers Experiencing Financial Difficulty

In accordance with Accounting Standards Update (“ASU”) 2022-02, the Company has modified and may modify in the future certain loans to borrowers experiencing financial difficulty.

In accordance with ASU 2022-02, the Company has modified and may modify in the future certain loans to borrowers experiencing financial difficulty.

These modifications may include a reduction in interest rate, an extension in term, principal forgiveness and/or other than insignificant payment delay.

1 unchanged sentence

Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount, and the allowance for credit losses is subsequently adjusted by an amount equal to the total loss rate as applied to the reduced amortized cost basis.

As of September 30, 2025 and December 31, 2024, loans with modifications to borrowers experiencing financial difficulty totaled $ 31.6 million and $ 30.9 million, respectively.

There were no outstanding commitments to lend additional funds to such borrowers with loan modifications as of September 30, 2025 or December 31, 2024.

The following table presents loan modifications made to borrowers experiencing financial difficulty during the three and nine months ended September 30, 2025 and 2024 (in thousands):

Term Extension Combination of Term Extension and Other Than Insignificant Payment Delay Total % of Total by Loan Portfolio Segment

For the three months ended September 30, 2025

As of March 31, 2026 and December 31, 2025, loans with modifications to borrowers experiencing financial difficulty totaled $ 20.5 million and $ 24.9 million, respectively.

There were no outstanding commitments to lend additional funds to such borrowers with loan modifications as of March 31, 2026 or December 31, 2025.

The following table presents loan modifications made to borrowers experiencing financial difficulty during the three months ended March 31, 2026 and 2025 (in thousands):

Term Extension Combination of Term Extension and Interest Rate Reduction Total % of Total by Loan Portfolio Segment

For the three months ended March 31, 2026

Residential real estate $ — $ 86 $ 86 — %

$ — $ 86 $ 86 — %

For the nine months ended September 30, 2025

For the three months ended March 31, 2025

Commercial real estate – investor $ 5,160 $ — $ 5,160 0.10 %

Residential real estate 246 — 246 0.01

$ 5,160 $ — $ 5,160 0.05 %

The modifications during the periods presented had an insignificant financial effect on the Company.

OceanFirst Financial Corp.

Notes to Unaudited Consolidated Financial Statements (Continued)

Term Extension Interest Rate Reduction Combination of Term Extension and Interest Rate Reduction Other Than Insignificant Payment Delay Total % of Total by Loan Portfolio Segment

For the three months ended September 30, 2024

$ — $ — $ — $ — $ — — %

For the nine months ended September 30, 2024

Commercial real estate – investor $ — $ 4,878 $ 7,000 $ — $ 11,878 0.23 %

Commercial and industrial – real estate — — — 2,994 2,994 0.36

Residential real estate 129 — — — 129 —

Other consumer — — 148 — 148 0.06

$ 129 $ 4,878 $ 7,148 $ 2,994 $ 15,149 0.15 %

The modifications during the periods presented had an insignificant financial effect on the Company.

The Company closely monitors the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts.

The following table provides the performance of loans modified to borrowers experiencing financial difficulty during the twelve months ended September 30, 2025 and 2024 (in thousands):

Current 60 - 89 Days past due Total

September 30, 2025

The following table provides the performance of loans modified to borrowers experiencing financial difficulty during the twelve months ended March 31, 2026 and 2025 (in thousands):

Current 60 - 89 Days past due 90 Days or Greater past due Total

March 31, 2026

Commercial real estate – investor $ 4,423 $ 951 $ — $ 5,374

1 unchanged sentence

$ 4,423 $ 951 $ 86 $ 5,460

September 30, 2024

March 31, 2025

Commercial real estate – investor $ 24,275 $ — $ — $ 24,275

Commercial and industrial – real estate 2,896 — 2,896

Residential real estate 128 — 128

Other consumer 47 147 194

$ 24,275 $ — $ — $ 24,275

At September 30, 2025 and 2024, there were no loans to borrowers experiencing financial difficulty that were 90 days or greater past due.

The major types of deposits at September 30, 2025 and December 31, 2024 were as follows (in thousands):

Type of Account September 30, December 31,

(1) Represents one residential loan that defaulted during the three months ended March 31, 2026, which had been modified within the last 12 months.

The major types of deposits at March 31, 2026 and December 31, 2025 were as follows (in thousands):

Type of Account March 31, December 31,

Non-interest-bearing $ 1,757,097 $ 1,741,958

4 unchanged sentences

Total deposits $ 11,155,916 $ 10,964,405

Included in time deposits at September 30, 2025 and December 31, 2024 was $ 440.5 million and $ 457.2 million, respectively, of deposits of $250,000 or more.

Time deposits also include brokered deposits of $ 405.1 million and $ 74.7 million at September 30, 2025 and December 31, 2024, respectively.

OceanFirst Financial Corp.

Notes to Unaudited Consolidated Financial Statements (Continued)

Included in time deposits at March 31, 2026 and December 31, 2025 was $ 493.8 million and $ 474.6 million, respectively, of deposits of $250,000 or more.

Time deposits also include brokered deposits of $ 487.9 million and $ 609.8 million at March 31, 2026 and December 31, 2025, respectively.

Borrowed Funds

Borrowed funds at September 30, 2025 and December 31, 2024 were as follows (in thousands):

September 30, December 31,

Borrowed funds at March 31, 2026 and December 31, 2025 were as follows (in thousands):

March 31, December 31,

FHLB advances

$ 1,180,179 $ 1,397,179

Securities sold under agreements to repurchase with customers 67,249 54,434

1 unchanged sentence

Total borrowed funds $ 1,502,946 $ 1,706,846

At September 30, 2025, there were $ 762.6 million of term advances and $ 943.0 million of overnight borrowings from the FHLB, as compared to $ 1.07 billion and none at December 31, 2024, respectively.

At each of March 31, 2026 and December 31, 2025, there were $ 929.2 million of FHLB term advances.

There were $ 251.0 million and $ 468.0 million of overnight borrowings from the FHLB at March 31, 2026 and December 31, 2025, respectively.

OceanFirst Financial Corp.

Notes to Unaudited Consolidated Financial Statements (Continued)

Pledged assets

1 unchanged sentence

Loans Debt securities Total

September 30, 2025

FHLB and FRB $ 7,480,265 $ 964,222 $ 8,444,487

March 31, 2026

$ 7,935,364 $ 1,333,151 $ 9,268,515

Repurchase agreements — 74,811 74,811

1 unchanged sentence

December 31, 2025

FHLB and FRB $ 7,427,247 $ 984,515 $ 8,411,762

$ 7,923,979 $ 1,367,469 $ 9,291,448

Repurchase agreements — 78,422 78,422

19 unchanged sentences

Level 1 Inputs – Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.

OceanFirst Financial Corp.

Notes to Unaudited Consolidated Financial Statements (Continued)

Level 2 Inputs – Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly.

3 unchanged sentences

A description of the valuation methodologies used for assets and liabilities measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below.

Certain financial assets and financial liabilities are measured at fair value on a non-recurring basis, that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment).

Certain financial assets and financial liabilities are measured at fair value on a non-recurring basis, that is, the instruments are not measured at fair value on an

OceanFirst Financial Corp.

Notes to Unaudited Consolidated Financial Statements (Continued)

ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment).

Debt Securities Available-for-Sale

Debt securities classified as available-for-sale are reported at fair value.

Debt securities classified as AFS are reported at fair value.

Fair value of U.S.

8 unchanged sentences

Equity investments without readily determinable fair values are carried at cost less impairment, if any, plus or minus adjustments resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer (measurement alternative).

Certain equity investments without readily determinable fair values are measured at net asset value (“NAV”) per share as a practical expedient, which are excluded from the fair value hierarchy levels in the table below.

Certain equity investments without readily determinable fair values are measured at NAV per share as a practical expedient, which are excluded from the fair value hierarchy levels in the table below.

Interest Rate Derivatives

1 unchanged sentence

When entering into an interest rate swap or cap contract, the Company is exposed to fair value changes due to interest rate movements, and also the potential nonperformance of the contract counterparty.

Credit Default Swap

The credit default swap is reported at fair value.

The fair value of the credit default swap is estimated utilizing discounted cash flows and is derived from various inputs.

The inputs include unobservable inputs to measure the probability of future credit events for a portion of the Company’s underlying residential loan portfolio in which no active market exists.

The credit default swap is therefore classified within Level 3 on the hierarchy.

Other Real Estate Owned and Loans Individually Measured for Impairment

3 unchanged sentences

Notes to Unaudited Consolidated Financial Statements (Continued)

The following table summarizes financial assets and financial liabilities measured at fair value as of September 30, 2025 and December 31, 2024, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (in thousands):

The following table summarizes financial assets and financial liabilities measured at fair value as of March 31, 2026 and December 31, 2025, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (in thousands):

Fair Value Measurements at Reporting Date Using:

2 unchanged sentences

Inputs Level 3

September 30, 2025

March 31, 2026

Items measured on a recurring basis:

5 unchanged sentences

Interest rate derivative liability ( 52,340 ) — ( 52,340 ) —

Credit default swap ( 123 ) — — ( 123 )

Items measured on a non-recurring basis:

13 unchanged sentences

Interest rate derivative liability ( 53,835 ) — ( 53,835 ) —

Credit default swap ( 234 ) — — ( 234 )

Items measured on a non-recurring basis:

4 unchanged sentences

24,470 — — 24,470

(1) As of September 30, 2025 and December 31, 2024, equity investments included $ 40.2 million and $ 39.7 million, respectively, of equity investments measured under the measurement alternative.

There were $ 352,000 of realized gains for the nine months ended September 30, 2025 and none for the year ended December 31, 2024.

(2) As of September 30, 2025 and December 31, 2024, equity investments included $ 5.6 million and $ 4.0 million, respectively, of certain equity investment funds measured at NAV per share (or its equivalent) as a practical expedient to fair value and these equity investments have not been classified in the fair value hierarchy levels.

(1) As of March 31, 2026 and December 31, 2025, equity investments included $ 40.2 million and $ 40.2 million, respectively, of equity investments measured under the measurement alternative.

There were no of realized gains/losses for the three months ended March 31, 2026 and December 31, 2025.

(2) As of March 31, 2026 and December 31, 2025, equity investments included $ 8.5 million and $ 6.5 million, respectively, of certain equity investment funds measured at NAV per share (or its equivalent) as a practical expedient to fair value and these equity investments have not been classified in the fair value hierarchy levels.

(3) Primarily consists of commercial loans, which are collateral dependent.

The range of fair value adjustments may vary but is generally 0 % to 8 % on the discount for costs to sell and 0 % to 10 % on appraisal adjustments.

The Company recognized $ 112,000 of gains and no gains or losses in earnings for the three months ended March 31, 2026 and 2025, respectively, for its credit default swap.

The Company recognizes transfers between levels of the valuation hierarchy at the end of the applicable reporting periods.

There were no assets in Level 3 that were recognized at fair value on a recurring basis or transfers into or out of Level 3 for the three and nine months ended September 30, 2025 and 2024.

There were no transfers into or out of Level 3 for the three months ended March 31, 2026 and 2025.

OceanFirst Financial Corp.

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Debt Securities Held-to-Maturity

Debt securities classified as held-to-maturity are carried at amortized cost, as the Company has the positive intent and ability to hold these debt securities to maturity.

Debt securities classified as HTM are carried at amortized cost, as the Company has the positive intent and ability to hold these debt securities to maturity.

The Company determines the fair value of the debt securities utilizing Level 2 inputs.

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Notes to Unaudited Consolidated Financial Statements (Continued)

The book value and estimated fair value of the Company’s significant financial instruments not recorded at fair value as of September 30, 2025 and December 31, 2024 are presented in the following tables (in thousands):

The book value and estimated fair value of the Company’s significant financial instruments not recorded at fair value as of March 31, 2026 and December 31, 2025 are presented in the following tables (in thousands):

Fair Value Measurements at Reporting Date Using:

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Inputs Level 3

September 30, 2025

March 31, 2026

Financial Assets:

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FHLB advances and other borrowings

1,435,697 — 1,449,644 —

Securities sold under agreements to repurchase with customers 67,249 67,249 — —

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FHLB advances and other borrowings

1,652,412 — 1,662,638 —

Securities sold under agreements to repurchase with customers 54,434 54,434 — —

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Additionally, the Company enters into certain derivative financial instruments to enhance its ability to manage interest rate risk that exists as part of its ongoing business operations.

The Company may also enter into derivative financial instruments to reduce credit risk and manage regulatory capital levels.

The Company does not use derivative financial instruments for trading purposes.

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Derivatives Not Designated as Hedging Instruments

Interest Rate Swaps and Cap Contracts

The Company enters into interest rate swaps that allow commercial loan customers to effectively convert a variable-rate commercial loan agreement to a fixed-rate commercial loan agreement.

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however, there may be fair value adjustments related to credit quality variations between counterparties, which may impact earnings as required by ASC Topic 820, Fair Value Measurements.

The Company recognized losses of $ 3,000 and $ 28,000 in commercial loan swap income resulting from the fair value adjustments for the three and nine months ended September 30, 2025, respectively, as compared to losses of $ 25,000 and $ 14,000 for the corresponding prior year periods.

The Company recognized gains of $ 10,000 and losses of $ 16,000 in commercial loan swap income resulting from fair value adjustments for the three months ended March 31, 2026 and 2025, respectively.

Credit Default Swap

In December 2025, the Company entered into a credit default swap related to a $ 1.52 billion pool of on-balance sheet residential mortgage loans, as the buyer of credit protection, to manage regulatory capital levels and reduce credit risk.

The swap is a freestanding derivative as the contract is distinct from the referenced loan agreements and is executed with a separate counterparty.

Under the terms of the swap contract, the Company will be compensated for certain credit-related losses on the residential mortgage loan pool, which had a total remaining principal balance of $ 1.46 billion and $ 1.50 billion at March 31, 2026 and December 31, 2025, respectively.

The credit protection purchased was equal to the credit default swap notional amount of $ 73.1 million and $ 75.8 million at March 31, 2026 and December 31, 2025, respectively.

The credit default swap is measured at fair value in either other assets or other liabilities on the Consolidated Statements of Financial Condition, and the related gains or losses are recognized in other non-interest income on the Consolidated Statements of Income.

The gain on the credit default swap for the three months ended March 31, 2026 was $ 112,000 .

As the buyer of credit protection, the Company pays a premium to the protection seller in return for the right to receive a payment if a specified credit event occurs.

The premium expense associated with the credit default swap for the three months ended March 31, 2026 totaled $ 884,000 and was recorded in other operating expense on the Consolidated Statements of Income.

The credit default swap terminates in October 2055.

Derivatives Designated as Hedging Instruments

Cash Flow Hedge

During 2022, the Company entered into a three-year interest rate swap intended to add stability to its net interest income and to manage its exposure to future interest rate movements associated with a pool of floating-rate commercial loans.

The swap requires the Company to pay variable-rate amounts indexed to one-month term Secured Overnight Financing Rate (“SOFR”) to the counterparty in exchange for the receipt of fixed-rate amounts at 4.0 % from the counterparty.

The swap was designated and qualified as a cash flow hedge under ASC Topic 815, Derivatives and Hedging.

The changes in the fair value of cash flow hedges are initially reported in other comprehensive income.

Amounts are subsequently reclassified from accumulated other comprehensive income to earnings when the hedged transactions occur, specifically within the same line item as the hedged item (interest income).

Therefore, a portion of the balance reported in accumulated other comprehensive income related to derivatives will be reclassified to interest income as interest payments are made or received on the Company’s interest rate swaps.

The table below presents the effect on the Company’s accumulated other comprehensive income/loss (“AOCI” or “AOCL”) attributable to the cash flow hedge derivative, net of tax, and the related gains/losses reclassified from AOCI into income (in thousands):

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

AOCL balance at beginning of period, net of tax $ ( 52 ) $ ( 776 ) $ ( 87 ) $ ( 36 )

Unrealized (losses) gains recognized in OCI ( 9 ) 837 ( 102 ) ( 418 )

Losses reclassified from AOCI into interest income 65 253 193 768

AOCI balance at end of period, net of tax $ 4 $ 314 $ 4 $ 314

For the year ending 2025, the Company estimates that an additional $ 5,000 will be reclassified as an addition t o interest income.

OceanFirst Financial Corp.

Notes to Unaudited Consolidated Financial Statements (Continued)

Fair Value Hedge

During the third quarter of 2025, the Company entered into interest rate swap derivatives to hedge the changes in fair value of AFS debt securities due to changes in interest rates.

Interest Rate Swap Contracts - Fair Value Hedge

During 2025, the Company entered into interest rate swap derivatives to hedge the changes in fair value of AFS debt securities due to changes in interest rates.

The swaps hedge the interest rate risk component of the change in fair value of the hedged items (i.e., hedged layers of AFS debt securities), and were designated and qualified as portfolio layer method fair value hedges under ASC Topic 815, Derivatives and Hedging.

The last of the fair value hedges is scheduled to expire in October 2042.

OceanFirst Financial Corp.

Notes to Unaudited Consolidated Financial Statements (Continued)

For AFS securities that are included in a fair value hedge relationship, changes in fair value related to changes to the benchmark interest rate on AFS securities are immediately recognized into interest income in the Consolidated Statements of Income, and are offset by the change in the fair value of the interest rate swap derivatives.

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The following table presents the amortized cost and cumulative basis adjustment for closed portfolios of securities used to designate fair value hedging relationships (in thousands):

As of September 30, 2025

As of March 31, 2026 As of December 31, 2025

AFS securities:

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Location of Gain/(Loss) Recognized in Income Three Months Ended

September 30, 2025 Nine Months Ended

September 30, 2025

March 31, 2026

AFS securities:

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Net loss recognized on fair value hedges Interest income - debt securities $ ( 72 )

Interest Rate Swap Contract - Cash Flow Hedge

The swap was designated and qualified as a cash flow hedge, under ASC Topic 815, Derivatives and Hedging.

The interest rate swap matured on January 1, 2026, and there were no additional reclassifications into interest income.

The table below presents the effect on the Company’s AOCI or AOCL attributable to the cash flow hedge derivative, net of tax, and the related gains/losses reclassified from AOCI into income (in thousands):

Three Months Ended March 31,

AOCL balance at beginning of period, net of tax

Losses reclassified from AOCI into interest income

AOCL balance at end of period, net of tax

OceanFirst Financial Corp.

Notes to Unaudited Consolidated Financial Statements (Continued)

Derivatives Not Designated as Hedging Instruments and Designated as Hedging Instruments

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Other assets Other liabilities

As of September 30, 2025

As of March 31, 2026

Derivatives Not Designated as Hedging Instruments

Interest rate swaps and cap contracts $ 1,544,674 $ 52,309 $ 52,340

Credit default swap 73,136 — 123

Derivatives Designated as Hedging Instruments

Interest rate swap contract - cash flow hedge 100,000 5 —

Interest rate swap contracts - fair value hedge 664,588 6,619 —

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Interest rate swaps and cap contracts $ 1,537,760 $ 53,768 $ 53,809

Derivatives Designated as Cash Flow Hedge

Interest rate swap contract 100,000 — 115

Credit default swap 75,802 — 234

Derivatives Designated as Hedging Instruments

Interest rate swap contract - cash flow hedge 100,000 — —

Interest rate swap contracts - fair value hedge 678,921 4,055 26

Total Derivatives $ 2,392,483 $ 57,823 $ 54,069

OceanFirst Financial Corp.

Notes to Unaudited Consolidated Financial Statements (Continued)

Credit Risk-Related Contingent Features

The Company is exposed to credit risk in the event of nonperformance by the interest rate derivative counterparty.

The Company minimizes this risk by being a party to International Swaps and Derivatives Association agreements with third-party broker-dealers that require a minimum dollar transfer amount upon a margin call.

Credit Risk-Related Mitigating Features

The Company is exposed to credit risk in the event of nonperformance by various derivative counterparties.

The Company minimizes risk of nonperformance by being a party to International Swaps and Derivatives Association agreements with third party broker-dealers that require a minimum dollar transfer amount upon a margin call.

This requirement is dependent on certain specified credit measures.

There was no collateral posted by the Company with third parties at both September 30, 2025 and December 31, 2024.

The amount of collateral received from third parties was $ 47.2 million and $ 93.3 million at September 30, 2025 and December 31, 2024, respectively.

The amount of collateral posted with third parties and received from third parties is deemed to be sufficient to collateralize both the fair market value change as well as any additional amounts that may be required as a result of a change in the specified credit measures.

The aggregate fair value of all derivative financial instruments in a liability position with credit measure contingencies and entered into with third parties was $ 56.4 million and $ 91.5 million at September 30, 2025 and December 31, 2024, respectively.

There was no cash collateral posted by the Company with third parties at either March 31, 2026 or December 31, 2025.

The amount of cash collateral received from these third parties was $ 54.6 million and $ 42.9 million at March 31, 2026 and December 31, 2025, respectively.

The amount of cash collateral posted or received with these third parties is deemed to be sufficient to collateralize both the fair market value change as well as any additional amounts that may be required as a result of a change in the specified credit measures.

The interest rate derivatives which the Company executes with the commercial borrowers are collateralized by the borrowers’ commercial real estate financed by the Company.

The credit default swap is not exposed to counterparty credit risk as it is fully collateralized.

The aggregate fair value of all derivative financial instruments in a liability position with credit measure contingencies and entered into with third parties was $ 52.5 million and $ 54.0 million at March 31, 2026 and December 31, 2025, respectively.

OceanFirst Financial Corp.

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The Company has one existing finance lease, which has a lease term through 2029.

The following table represents the classification of the Company’s Right of Use (“ROU”) assets and lease liabilities on the Consolidated Statements of Financial Condition (in thousands):

September 30, December 31,

Lease ROU Assets Classification

Operating lease ROU assets Other assets $ 16,795 $ 15,452

Finance lease ROU asset Premises and equipment, net 896 1,071

The following table represents the classification of the Company’s ROU assets and lease liabilities on the Consolidated Statements of Financial Condition (in thousands):

March 31, December 31,

Lease ROU Assets

Classification

Operating lease ROU assets

Other assets $ 16,500 $ 17,596

Finance lease ROU asset

Premises and equipment, net 780 838

Total lease ROU assets

$ 17,280 $ 18,434

Lease Liabilities

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Total lease liabilities $ 18,925 $ 20,180

(1) Operating lease liabilities excludes liabilities for future rent and estimated lease termination payments related to closed branches of $ 1.0 million and $ 4.4 million at September 30, 2025 and December 31, 2024, respectively.

The calculated amount of the ROU assets and lease liabilities are impacted by the lease term and the discount rate used to calculate the present value of the minimum lease payments.

Lease agreements often include one or more options to renew the lease at the Company’s discretion.

If the exercise of a renewal option is considered to be reasonably certain, the Company includes the extended term in the calculation of the ROU asset and lease liability.

For the discount rate, ASC Topic 842, Leases requires the Company to use the rate implicit in the lease, provided the rate is readily determinable.

As this rate is not readily determinable, the Company generally utilizes its incremental borrowing rate, at lease inception, over a similar term.

For operating leases existing prior to January 1, 2019, the Company used the incremental borrowing rate for the remaining lease term as of January 1, 2019.

For the finance lease, the Company utilized its incremental borrowing rate at lease inception.

September 30, December 31,

(1) Operating lease liabilities excludes liabilities for future rent and estimated lease termination payments related to closed branches of $ 831,000 and $ 897,000 at March 31, 2026 and December 31, 2025, respectively.

The following table represents the weighted-average remaining lease term and weighted-average discount rate for the Company’s operating and finance leases:

March 31, December 31,

Weighted-Average Remaining Lease Term

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The following table represents lease expenses and other lease information (in thousands):

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

Three Months Ended March 31,

Lease Expense

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2029 209 2,701

2029 209 2,337

Thereafter — 4,038

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Total lease liabilities $ 1,070 $ 17,855

Variable Interest Entity

The Company accounts for Trident as a variable interest entity (“VIE”) under ASC 810, Consolidation, for which the Company is considered the primary beneficiary (i.e.

the party that has a controlling financial interest).

In accordance with ASC 810, Consolidation, the Company has consolidated Trident’s assets and liabilities.

The summarized financial information for the Company’s consolidated VIE at September 30, 2025 and December 31, 2024 consisted of the following (in thousands):

September 30, 2025 December 31, 2024

Cash and cash equivalents $ 40,213 $ 21,642

Other assets 309 457

Total assets 40,522 22,099

Other liabilities 38,297 19,333

Net assets $ 2,225 $ 2,766

OceanFirst Financial Corp.

Notes to Unaudited Consolidated Financial Statements (Continued)

Subsequent Events

On October 29, 2025, the Company completed its offering of $ 185 million of 6.375 % fixed-to-floating rate subordinated notes due 2035.

The net proceeds of approximately $ 181.9 million will be used to repay existing indebtedness, including the redemption in full of the Company’s subordinated notes due May 15, 2030, of which $ 125.0 million in principal amount is currently outstanding, to support growth initiatives at the Company’s subsidiaries, including the Bank, and for general corporate purposes.

The Company received all regulatory approvals from the New York State Department of Financial Services, the Office of the Comptroller of the Currency, and the Board of Governors of the Federal Reserve System, and shareholder approval to complete the proposed merger of Flushing with and into the Company.

The Company expects to close the merger in the second quarter of 2026, subject to the satisfaction or waiver of the remaining customary closing conditions.

OTHER INFORMATION

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 4. Controls and Procedures