OceanFirst Financial (OCFC) 8-K Results of Operations and Financial Condition

Exhibit 99.1

Company Contact:

Michael J. Fitzpatrick

Chief Financial Officer

OceanFirst Financial Corp.

Tel: (732)240-4500, ext. 7506

Fax: (732)349-5070

email:Mfitzpatrick@oceanfirst.com

FOR IMMEDIATE RELEASE

OceanFirst Financial Corp.

ANNOUNCES QUARTERLY NET INCOME OF $3.6 MILLION AND

CONTINUATION OF CASH DIVIDEND

TOMS RIVER, NEW JERSEY, July 23, 2009…OceanFirst Financial Corp. (NASDAQ:OCFC), the holding company for OceanFirst Bank, today announced that diluted earnings per share amounted to $.26 for the quarter ended June 30, 2009 as compared to $.30 for the corresponding prior year period. For the six months ended June 30, 2009 diluted earnings per share amounted to $.56 as compared to $.64 for the corresponding prior year period. Net income for the quarter and six months ended June 30, 2009, prior to accounting for the preferred stock issued earlier in the year, increased to $3.6 million and $7.6 million, respectively, as compared to $3.5 million and $7.5 million, respectively, in the corresponding prior year periods. The Company also announced that its Board of Directors declared a regular quarterly cash dividend on common stock of $.20 per share - covering the three month period ended June 30, 2009 - to be paid on August 14, 2009, to common shareholders of record on August 3, 2009.

Commenting on the quarter, CEO John R. Garbarino said: “We are pleased that earnings for the quarter and six-month period ending June 30, 2009, adjusted for non-recurring items,

increased over the respective prior periods. The Company remains well capitalized with Tangible Equity Capital of 8.48% and Total Risk Based Capital at the Bank of 14.1%. Additionally, our net interest margin continues to expand and we are also pleased to maintain our quarterly cash common stock dividend, unchanged from the prior quarters. Finally, following our May 27^th announcement, we are excitedly moving forward with our strategic combination with Central Jersey Bancorp. The acquisition of Central Jersey Bank will improve our near and long-term earnings prospects and position us to compete effectively as a larger, stronger community bank, with enhanced franchise value and growth potential.”

Results of Operations

Net interest income for the three and six months ended June 30, 2009 increased to $16.2 million and $31.8 million, respectively, as compared to $14.3 million and $28.5 million, respectively, in the same prior year periods, reflecting a higher net interest margin and higher levels of interest-earning assets. The net interest margin increased to 3.56% and 3.52%, respectively, for the three and six months ended June 30, 2009 from 3.16% and 3.15%, respectively, in the same prior year periods. The yield on interest-earning assets decreased to 5.33% and 5.37%, for the three and six months ended June 30, 2009, respectively, as compared to 5.69% and 5.88%, respectively, in the same prior year periods. The asset yield for the six months ended June 30, 2008 benefited from $633,000 of income relating to an equity investment which was sold by the end of 2008. The cost of interest-bearing liabilities decreased to 2.00% and 2.08%, respectively, for the three and six months ended June 30, 2009, as compared to 2.78% and 2.98%, respectively, in the same prior year periods. Average interest-earning assets increased by $12.2 million and $1.7 million for the three and six months ended June 30, 2009 as compared to the same prior year periods. The increase was in mortgage-backed securities which rose $44.8 million and $34.4 million for the three and six months ended June 30, 2009, respectively, due to investment of the preferred stock proceeds from the Treasury’s Capital Purchase Program.

The provision for loan losses increased to $2.0 million and $1.2 million, respectively, for the three and six months ended June 30, 2009 as compared to $775,000 and $400,000, respectively, for the corresponding prior year periods. The increased provision is due to higher levels of non-performing loans and charge-offs.

Other income increased to $4.2 million and $7.3 million, respectively, for the three and six months ended June 30, 2009 as compared to $2.6 million and $6.4 million, respectively, in the same prior year periods. Loan servicing income (loss) decreased to a loss of $221,000 for the six months ended June 30, 2009 from income of $172,000 for the corresponding prior year period due to an impairment to the loan servicing asset of $263,000 recognized in the first quarter of 2009. The net gain on sales of loans and securities was $1.4 million and $2.0 million, respectively, for the three and six months ended June 30, 2009 as compared to losses of $718,000 and $122,000, respectively, for the corresponding prior year periods. The net loss for the three and six months ended June 30, 2008 includes an other than temporary impairment of $1.1 million on an equity investment. For the three and six months ended June 30, 2009 the net gain on the sale of loans includes a reversal of the provision for repurchased loans of $211,000 and $245,000, respectively, as compared to reversals of $0 and $161,000, respectively, for the corresponding prior year periods. The reserve for repurchased loans, which is included in other liabilities in the Company’s consolidated statements of financial condition, was $835,000 at June 30, 2009 and there is currently one outstanding loan repurchase request which the Company is evaluating. There was one charge-off of $63,000 through the reserve for repurchased loans for the three and six months ended June 30, 2009. This charge-off relates to a repurchase request which was received and reserved for in 2008 and settled in the second quarter of 2009. Fees and service charges decreased to $2.6 million and $5.1 million, respectively, for the three and six

months ended June 30, 2009 as compared to $2.9 million and $5.7 million, respectively, for the corresponding prior year periods due to a decrease in trust and investment service revenue. Income from Bank Owned Life Insurance decreased by $108,000 and $211,000, respectively, for the three and six months ended June 30, 2009 as compared to the same prior year periods due to a decline in the crediting rate in the lower interest rate environment.

Operating expenses increased to $13.2 million and $25.0 million, respectively, for the three and six months ended June 30, 2009, as compared to $11.4 million and $23.0 million respectively, for the corresponding prior year periods. Federal deposit insurance increased to $1.4 million and $1.9 million, respectively, for the three and six months ended June 30, 2009, as compared to $341,000 and $651,000, respectively, in the same prior year periods due to a special assessment of $869,000 for the three and six months ended June 30, 2009 and an increase in the assessment rate for FDIC deposit insurance effective January 1, 2009. Occupancy expense was adversely affected by a second quarter charge of $556,000 relating to all remaining lease obligations of Columbia Home Loans, LLC, the Company’s mortgage banking subsidiary which was shuttered in the fourth quarter of 2007. In light of the economic downturn and weak real estate market, the Company no longer expects to be able to sublet the vacant office space. General and administrative expense for the three and six months ended June 30, 2009 includes $169,000 of costs related to the Company’s previously announced merger with Central Jersey Bancorp. Operating expenses for the three and six months ended June 30, 2009 also include costs relating to the opening of two new branches in the latter part of 2008.

Financial Condition

Mortgage-backed securities available for sale increased to $89.4 million at June 30, 2009 as compared to $40.8 million at December 31, 2008 primarily due to the $38.3 million investment of preferred stock proceeds from the Treasury’s Capital Purchase Plan. Loans

receivable, net decreased by $4.7 million at June 30, 2009 as compared to December 31, 2008 due to a decline in one-to-four family mortgage loans from increased prepayments relating to refinancings and the Bank’s ongoing strategy to sell most newly originated longer-term fixed-rate loans. This decline was partly offset by growth in commercial real estate lending. At June 30, 2009, the Company was holding subprime loans with a gross principal balance of $3.0 million and a carrying value, net of reserves and lower of cost or market adjustment of $1.9 million. Deposits increased to $1,364.6 million at June 30, 2009 from $1,274.1 million at December 31, 2008. The growth was concentrated in core deposits, defined as all deposits excluding time deposits, which increased $111.1 million. Time deposits decreased $20.7 million as the Bank continued to moderate its pricing for this product. Federal Home Loan Bank advances decreased to $258.0 million at June 30, 2009 from $359.9 million at December 31, 2008, primarily due to the increase in deposits as a funding source. Stockholders’ equity increased to $161.9 million at June 30, 2009 as compared to $119.8 million at December 31, 2008 due to the issuance of $38.3 million of preferred stock under the Treasury’s Capital Purchase Plan.

Asset Quality

The Company’s non-performing loans totaled $20.9 million at June 30, 2009, an increase from $16.0 million at December 31, 2008. The increase was concentrated in one-to-four family and consumer loans and is reflective of the unsettled economic environment. Non-performing commercial real estate loans, however, decreased by $166,000 at June 30, 2009 as compared to December 31, 2008. Non-performing loans at June 30, 2009 include $911,000 of loans repurchased due to early payment default that were written down to market value on the date of repurchase and $3.1 million of loans previously held for sale that were also written down to market value as of March 31, 2007, the date when these loans were transferred from held for sale to held for investment. For the six months ended June 30, 2009, the Company realized net loan

charge-offs of $907,000. Of this amount, $635,000 are charge-offs relating to subprime loans originated by Columbia Home Loans, LLC, the Company’s mortgage banking subsidiary which has since been shuttered. The charge-offs relate to amounts which were previously specifically reserved for in the allowance for loan losses.

Conference Call

As previously announced, the Company will host an earnings conference call on Friday, July 24, 2009 at 11:00 a.m. Eastern time. The direct dial number for the call is (800) 860-2442. For those unable to participate in the conference call, a replay will be available. To access the replay, dial (877) 344-7529, Replay Conference Number 431970, from one hour after the end of the call until August 10, 2009. The conference call, as well as the replay, are also available (listen-only) by internet webcast atwww.oceanfirst.comin the Investor Relations section.

OceanFirst Financial Corp.’s subsidiary, OceanFirst Bank, founded in 1902, is a federally-chartered stock savings bank with $1.9 billion in assets and twenty-three branches located in Ocean, Monmouth and Middlesex counties, New Jersey. The Bank is the largest and oldest community-based financial institution headquartered in Ocean County, New Jersey.

OceanFirst Financial Corp.’s press releases are available by visiting us atwww.oceanfirst.com.

Forward-Looking Statements

This news release contains certain forward-looking statements which are based on certain assumptions and describe future plans, strategies and expectations of the Company. These forward-looking statements are generally identified by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” or similar expressions. The Company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on the operations of the Company and the subsidiaries include, but are not limited to, changes in interest rates, general economic conditions, legislative/regulatory changes, monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board, the quality or composition of the loan or investment portfolios, demand for loan products, deposit flows, competition, demand for financial services in the Company’s market area and accounting principles and guidelines. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. The Company does not undertake – and specifically disclaims any obligation – to publicly release the result of any revisions which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

OceanFirst Financial Corp.

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(dollars in thousands, except per share amounts)

	June 30, 2009			December 31, 2008			June 30, 2008
	(Unaudited)						(Unaudited)
ASSETS
Cash and due from banks	$	22,423		$	18,475		$	28,746
Investment securities available for sale		31,890			34,364			51,460
Federal Home Loan Bank of New York stock, at cost		16,188			20,910			19,381
Mortgage-backed securities available for sale		89,436			40,801			46,948
Loans receivable, net		1,643,704			1,648,378			1,633,116
Mortgage loans held for sale		13,475			3,903			6,865
Interest and dividends receivable		6,411			6,298			6,553
Real estate owned, net		1,348			1,141			1,182
Premises and equipment, net		21,216			21,336			19,776
Servicing asset		6,817			7,229			8,071
Bank Owned Life Insurance		39,566			39,135			39,073
Other assets		17,111			15,976			13,068
Total assets	$	1,909,585		$	1,857,946		$	1,874,239
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits	$	1,364,570		$	1,274,132		$	1,299,306
Securities sold under agreements to repurchase with retail customers		77,246			62,422			73,735
Federal Home Loan Bank advances		258,000			359,900			329,000
Other borrowings		27,500			27,500			28,025
Advances by borrowers for taxes and insurance		8,716			7,581			8,881
Other liabilities		11,644			6,628			10,903
Total liabilities		1,747,676			1,738,163			1,749,850
Stockholders’ equity:
Preferred stock, $.01 par value, $1,000 liquidation preference, 5,000,000 shares authorized, 38,263 shares issued at June 30, 2009		37,285			—			—
Common stock, $.01 par value, 55,000,000 shares authorized, 27,177,372 shares issued and 12,371,768, 12,364,573 and 12,364,573 shares outstanding at June 30, 2009, December 31, 2008, and June 30, 2008, respectively		272			272			272
Additional paid-in capital		205,949			204,298			203,799
Retained earnings		162,088			160,267			157,728
Accumulated other comprehensive loss		(13,356	)		(14,462	)		(6,673	)
Less: Unallocated common stock held by Employee Stock Ownership Plan		(4,923	)		(5,069	)		(5,214	)
Treasury stock, 14,805,604, 14,812,799 and 14,812,799 shares at June 30, 2009, December 31, 2008 and June 30, 2008, respectively		(225,406	)		(225,523	)		(225,523	)
Common stock acquired by Deferred Compensation Plan		970			981			978
Deferred Compensation Plan Liability		(970	)		(981	)		(978	)
Total stockholders’ equity		161,909			119,783			124,389
Total liabilities and stockholders’ equity	$	1,909,585		$	1,857,946		$	1,874,239

OceanFirst Financial Corp.

CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share amounts)

	For the three months ended June 30,					For the six months ended June 30,
	2009		2008			2009			2008
	(Unaudited)					(Unaudited)
Interest income:
Loans	$	22,791	$	24,103		$	45,963		$	49,105
Mortgage-backed securities		873		573			1,641			1,184
Investment securities and other		552		991			1,002			2,900
Total interest income		24,216		25,667			48,606			53,189
Interest expense:
Deposits		4,777		6,707			9,873			14,571
Borrowed funds		3,285		4,698			6,918			10,120
Total interest expense		8,062		11,405			16,791			24,691
Net interest income		16,154		14,262			31,815			28,498
Provision for loan losses		1,200		400			2,000			775
Net interest income after provision for loan losses		14,954		13,862			29,815			27,723
Other income:
Loan servicing income (loss)		9		81			(221	)		172
Fees and service charges		2,585		2,900			5,103			5,668
Net gain (loss) on sales of loans and securities available for sale		1,352		(718	)		2,025			(122	)
Net gain from other real estate operations		6		39			5			18
Income from Bank Owned Life Insurance		201		309			431			642
Other		2		9			6			11
Total other income		4,155		2,620			7,349			6,389
Operating expenses:
Compensation and employee benefits		5,738		5,806			11,565			11,740
Occupancy		1,814		1,195			3,289			2,396
Equipment		501		454			950			965
Marketing		380		453			704			847
Federal deposit insurance		1,405		341			1,907			651
Data processing		858		748			1,693			1,597
Legal		520		524			1,097			1,072
Check card processing		254		247			505			499
Accounting and audit		171		290			331			539
General and administrative		1,599		1,310			2,982			2,697
Total operating expenses		13,240		11,368			25,023			23,003
Income before provision for income taxes		5,869		5,114			12,141			11,109
Provision for income taxes		2,270		1,579			4,589			3,568
Net income		3,599		3,535			7,552			7,541
Dividends on preferred stock and warrant accretion		538		—			996			—
Net income available to common stockholders	$	3,061	$	3,535		$	6,556		$	7,541
Basic earnings per share	$	0.26	$	0.30		$	0.56		$	0.65
Diluted earnings per share	$	0.26	$	0.30		$	0.56		$	0.64
Average basic shares outstanding		11,710		11,666			11,703			11,653
Average diluted shares outstanding		11,757		11,740			11,750			11,709

OceanFirst Financial Corp.

SELECTED CONSOLIDATED FINANCIAL DATA

(in thousands, except per share amounts)

	At June 30, 2009			At December 31, 2008			At June 30, 2008
STOCKHOLDERS’ EQUITY
Stockholders’ equity to total assets		8.48	%		6.45	%		6.64	%
Common shares outstanding (in thousands)		12,372			12,365			12,365
Stockholders’ equity per common share	$	10.09		$	9.69		$	10.06
Tangible stockholders’ equity per common share		10.09			9.69			10.06
ASSET QUALITY
Non-performing loans:
Real estate – one-to-four family	$	12,290		$	8,696		$	7,652
Commercial real estate		5,361			5,527			4,770
Construction		67			—			233
Consumer		2,517			1,435			1,214
Commercial		702			385			538
Total non-performing loans		20,937			16,043			14,407
REO, net		1,348			1,141			1,182
Total non-performing assets	$	22,285		$	17,184		$	15,589
Allowance for loan losses	$	12,758		$	11,665		$	10,919
Allowance for loan losses as a percent of total loans receivable		0.77	%		0.70	%		0.66	%
Allowance for loan losses as a percent of non-performing loans		60.94			72.71			75.79
Non-performing loans as a percent of total loans receivable		1.26			0.97			0.87
Non-performing assets as a percent of total Assets		1.17			0.92			0.83

	For the three months ended June 30,				For the six months ended June 30,
	2009		2008		2009		2008
PERFORMANCE RATIOS (ANNUALIZED)
Return on average assets	0.76	%	0.75	%	0.80	%	0.79	%
Return on average stockholders’ equity	9.15		11.51		9.79		12.25
Interest rate spread	3.33		2.91		3.29		2.90
Interest rate margin	3.56		3.16		3.52		3.15
Operating expenses to average assets	2.78		2.40		2.64		2.42
Efficiency ratio	65.19		67.34		63.89		65.94

OceanFirst Financial Corp.

SELECTED LOAN AND DEPOSIT DATA

(in thousands)

	At June 30, 2009			At December 31, 2008
LOANS RECEIVABLE
Real estate:
One- to-four family	$	1,012,013		$	1,039,375
Commercial real estate, multi-family and land		364,475			329,844
Construction		10,150			10,561
Consumer		218,784			222,797
Commercial		62,112			59,760
Total loans		1,667,534			1,662,337
Loans in process		(2,602	)		(3,586	)
Deferred origination costs, net		5,005			5,195
Allowance for loan losses		(12,758	)		(11,665	)
Total loans, net		1,657,179			1,652,281
Less: mortgage loans held for sale		13,475			3,903
Loans receivable, net	$	1,643,704		$	1,648,378
Mortgage loans serviced for others	$	961,637		$	977,410
Loan pipeline		109,563			69,751

	For the three months ended June 30,				For the six months ended June 30,
	2009		2008		2009		2008
Loan originations	$	198,437	$	101,032	$	325,686	$	190,016
Loans sold		82,670		31,091		131,108		59,098
Net charge-offs		461		220		907		324

	At June 30, 2009		At December 31, 2008
DEPOSITS
Type of Account
Non-interest-bearing	$	112,047	$	97,278
Interest-bearing checking		589,144		517,334
Money market deposit		92,604		84,928
Savings		224,082		207,224
Time deposits		346,693		367,368
	$	1,364,570	$	1,274,132

OceanFirst Financial Corp.

ANALYSIS OF NET INTEREST INCOME

	FOR THE THREE MONTHS ENDED JUNE 30,
	2009						2008
	AVERAGE BALANCE		INTEREST		AVERAGE YIELD/ COST		AVERAGE BALANCE		INTEREST		AVERAGE YIELD/ COST
	(Dollars in thousands)
Assets
Interest-earning assets:
Interest-earning deposits and short-term investments	$	—	$	—	—	%	$	17,843	$	81	1.82	%
Investment securities (1)		55,822		288	2.06			63,245		484	3.06
FHLB stock		17,117		264	6.17			19,862		426	8.58
Mortgage-backed securities (1)		93,215		873	3.75			48,408		573	4.73
Loans receivable, net (2)		1,650,217		22,791	5.52			1,654,792		24,103	5.83
Total interest-earning assets		1,816,371		24,216	5.33			1,804,150		25,667	5.69
Non-interest-earning assets		85,951						92,239
Total assets	$	1,902,322					$	1,896,389
Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Transaction deposits	$	885,946		2,504	1.13		$	777,350		3,053	1.57
Time deposits		353,608		2,273	2.57			423,120		3,654	3.45
Total		1,239,554		4,777	1.54			1,200,470		6,707	2.23
Borrowed funds		375,891		3,285	3.50			443,202		4,698	4.24
Total interest-bearing liabilities		1,615,445		8,062	2.00			1,643,672		11,405	2.78
Non-interest-bearing deposits		111,895						112,730
Non-interest-bearing liabilities		17,668						17,156
Total liabilities		1,745,008						1,773,558
Stockholders’ equity		157,314						122,831
Total liabilities and stockholders’ equity	$	1,902,322					$	1,896,389
Net interest income			$	16,154					$	14,262
Net interest rate spread (3)					3.33	%					2.91	%
Net interest margin (4)					3.56	%					3.16	%

	FOR THE SIX MONTHS ENDED JUNE 30,
	2009						2008
	AVERAGE BALANCE		INTEREST		AVERAGE YIELD/ COST		AVERAGE BALANCE		INTEREST		AVERAGE YIELD/ COST
	(Dollars in thousands)
Assets
Interest-earning assets:
Interest-earning deposits and short-term investments	$	—	$	—	—	%	$	11,634	$	142	2.44	%
Investment securities (1)		55,978		589	2.10			62,931		1,851	5.88
FHLB stock		18,104		413	4.56			20,918		907	8.67
Mortgage-backed securities (1)		84,899		1,641	3.87			50,503		1,184	4.69
Loans receivable, net (2)		1,651,158		45,963	5.57			1,662,431		49,105	5.91
Total interest-earning assets		1,810,139		48,606	5.37			1,808,417		53,189	5.88
Non-interest-earning assets		85,903						94,964
Total assets	$	1,896,042					$	1,903,381
Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Transaction deposits	$	865,581		5,157	1.19		$	758,864		6,344	1.67
Time deposits		356,854		4,716	2.64			433,269		8,227	3.80
Total		1,222,435		9,873	1.62			1,192,133		14,571	2.44
Borrowed funds		393,447		6,918	3.52			462,853		10,120	4.37
Total interest-bearing liabilities		1,615,882		16,791	2.08			1,654,986		24,691	2.98
Non-interest-bearing deposits		108,629						108,584
Non-interest-bearing liabilities		17,308						16,649
Total liabilities		1,741,819						1,780,219
Stockholders’ equity		154,223						123,162
Total liabilities and stockholders’ equity	$	1,896,042					$	1,903,381
Net interest income			$	31,815					$	28,498
Net interest rate spread (3)					3.29	%					2.90	%
Net interest margin (4)					3.52	%					3.15	%

(1) Amounts are recorded at average amortized cost.

(2) Amount is net of deferred loan fees, undisbursed loan funds, discounts and premiums and estimated loss allowances and includes loans held for sale and non-performing loans.

(3) Net interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.

(4) Net interest margin represents net interest income divided by average interest-earning assets.