OceanFirst Financial (OCFC) 8-K Announces Quarterly and Year-to-date

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 AND YEAR-TO-DATE

EARNINGS PER SHARE GROWTH

TOMS RIVER, NEW JERSEY, July 19, 2012…OceanFirst Financial Corp. (NASDAQ:“OCFC”), the holding company for OceanFirst Bank (the “Bank”), today announced that diluted earnings per share increased 7.1%, to $0.30, for the quarter ended June 30, 2012, from $0.28 for the corresponding prior year quarter. For the six months ended June 30, 2012, diluted earnings per share increased 8.9%, to $0.61, as compared to $0.56 for the corresponding prior year period. Additional highlights for the quarter included:

• Stockholders’ equity per common share at June 30, 2012 increased to $12.02, and the return on average stockholders’ equity remained strong at 10.08%.

• Credit costs moderated, benefiting from lower levels of non-performing loans over the past year.

• The Company remains well-capitalized with a tangible common equity ratio of 9.57% at June 30, 2012.

The Company also announced that the Board of Directors declared its sixty-second consecutive quarterly cash dividend on common stock. The dividend for the quarter ended June 30, 2012, was declared in the amount of $0.12 per share to be paid on August 10, 2012, to shareholders of record on July 30, 2012.

Chairman and CEO John R. Garbarino observed, “Moderating credit costs this year have helped us to grow our earnings in the current quarter and year-to-date despite the persistent pressure on the margin. Our attractive double-digit return on equity continues to build value for our shareholders’ investment.”

Results of Operations

Net income for the three months ended June 30, 2012 increased to $5.4 million, or $0.30 per diluted share, as compared to net income of $5.1 million, or $0.28 per diluted share for the corresponding prior year period. For the six months ended June 30, 2012, net income increased to $11.0 million, or $0.61 per diluted share, as compared to net income of $10.2 million, or $0.56 per diluted share, for the corresponding prior year period. The improvements were primarily due to a decrease in the provision for loan losses, an increase in other income and a decrease in operating expenses.

Net interest income for the three and six months ended June 30, 2012 decreased to $18.4 million and $37.5 million, respectively, as compared to $19.6 million and $39.0 million, respectively, in the same prior year periods, reflecting a lower net interest margin partly offset by greater interest-earning assets. The net interest margin decreased to 3.39% and 3.45%, respectively, for the three and six months ended June 30, 2012, from 3.67% and 3.64%, respectively, in the same prior year periods due to a change in the mix of average interest-

earning assets from higher-yielding loans receivable into lower-yielding short-term investments and investment and mortgage-backed securities. High loan refinance volume also caused yields on loans and mortgage-backed securities to trend downward. The yield on average interest-earning assets decreased to 4.06% and 4.13%, respectively, for the three and six months ended June 30, 2012, as compared to 4.53% for the same prior year periods. For the six months ended June 30, 2012, the yield on loans receivable benefited from a single large commercial loan prepayment fee of $219,000 which increased the yield on interest-earning assets and the net interest margin by 2 basis points for the six months ended June 30, 2012. The cost of average interest-bearing liabilities decreased to 0.78% and 0.79%, respectively, for the three and six months ended June 30, 2012, as compared to 0.97% and 1.00%, respectively, in the same prior year periods. Average interest-earning assets increased $33.1 million, or 1.5%, and $28.3 million, or 1.3%, respectively, for the three and six months ended June 30, 2012, as compared to the same prior year periods. The increases in average interest-earning assets were primarily due to the increases in average investment and mortgage-backed securities, which collectively increased $66.9 million and $71.9 million, respectively, and the increase in average short-term investments which increased $42.1 million and $35.0 million, respectively. These increases were partly offset by a decrease in average loans receivable, net, of $75.6 million and $78.6 million, respectively. Average interest-bearing liabilities decreased $28.7 million and $23.0 million, respectively, for the three and six months ended June 30, 2012, as compared to the same prior year periods. The decrease in average interest-bearing liabilities was primarily due to a decrease in average borrowed funds of $39.2 million and $30.8 million, respectively. The growth in interest-earning assets was primarily funded by an increase in average non-interest-bearing deposits of $33.6 million and $27.2 million, respectively.

For the three and six months ended June 30, 2012, the provision for loan losses was $1.7 million and $3.4 million, respectively, as compared to $2.2 million and $3.9 million, respectively, from the corresponding prior year periods.

Other income increased to $4.5 million and $8.9 million, respectively, for the three and six months ended June 30, 2012, as compared to $3.9 million and $7.4 million, respectively, in the same prior year periods due to an increase in the net gain on the sale of investment securities and loans, higher fees and service charges, and, for the six months ended June 30, 2012, a reduction in the net loss from other real estate operations. For the three and six months ended June 30, 2012, the Company recognized a gain of $226,000 on sale of equity securities. For the three and six months ended June 30, 2012, the net gain on the sale of loans increased $338,000 and $550,000, respectively, due to an increase in loan sale volume and strong gain on sale margins. However, the increase in the net gain on the sale of loans for the three and six months ended June 30, 2012 was partially offset by an increase of $100,000 and $250,000, respectively, in the reserve for repurchased loans. For the three and six months ended June 30, 2012, fees and service charges increased $44,000 and $266,000, respectively, due to increases in trust revenue, merchant service fees and retail checking account fees. Finally, the net loss from other real estate operations decreased $304,000 for the six months ended June 30, 2012, as compared to the same prior year period.

Operating expenses decreased by 3.9%, to $12.9 million, and 2.7%, to $25.8 million, respectively, for the three and six months ended June 30, 2012, as compared to $13.4 million and $26.5 million, respectively, for the corresponding prior year periods. The decrease for the three and six months ended June 30, 2012 as compared to the corresponding prior year periods was primarily due to lower compensation and employee benefits costs, which decreased by $320,000,

or 4.5%, to $6.8 million for the three months ended June 30, 2012 and by $525,000, or 3.7%, to $13.6 million for the six months ended June 30, 2012. Additionally, Federal deposit insurance decreased by $201,000 and $410,000, respectively, for the three and six months ended June 30, 2012 due to a lower assessment rate and a change in the assessment methodology from deposit-based to a total liability-based assessment.

The provision for income taxes was $3.0 million and $6.1 million, respectively, for the three and six months ended June 30, 2012, as compared to $2.9 million and $5.7 million, respectively, for the same prior year periods. The effective tax rate was 35.8% and 35.7%, respectively, for the three and six months ended June 30, 2012, as compared to 35.9% in both same prior year periods.

Financial Condition

Total assets decreased by $14.6 million, or 0.6%, to $2,287.5 million at June 30, 2012, from $2,302.1 million at December 31, 2011. Cash and due from banks decreased by $37.6 million, to $39.9 million at June 30, 2012, as compared to $77.5 million at December 31, 2011. Part of the cash and due from banks was invested in investment and mortgage-backed securities, which collectively increased by $40.7 million, to $570.9 million at June 30, 2012, as compared to $530.2 million at December 31, 2011. Loans receivable, net, decreased by $14.1 million, to $1,548.9 million at June 30, 2012, from $1,563.0 million at December 31, 2011, primarily due to prepayments and sale of newly originated 30-year fixed-rate one-to-four family loans.

Deposits increased by $2.3 million, to $1,708.4 million at June 30, 2012, from $1,706.1 million at December 31, 2011. Federal Home Loan Bank advances decreased $19.0 million, to $247.0 million at June 30, 2012, from $266.0 million at December 31, 2011 due to excess

liquidity and cash flows from loans receivable. Stockholders’ equity increased to $218.8 million at June 30, 2012, as compared to $216.8 million at December 31, 2011, primarily due to net income and a reduction in accumulated other comprehensive loss, partly offset by the cash dividend on common stock and by the repurchase of 513,737 shares of common stock for $7.3 million.

Asset Quality

The Company’s non-performing loans totaled $44.2 million at June 30, 2012, a $224,000 increase from $44.0 million at December 31, 2011. Subsequent to quarter-end, the Company sold its largest non-performing one-to-four family mortgage loan with a carrying value of $2.6 million at a modest recovery. Net loan charge-offs increased to $4.0 million for the six months ended June 30, 2012, as compared to $2.1 million for the corresponding prior year period. During the fourth quarter of 2011, the Company modified its charge-off policy on problem loans secured by real estate which accelerated the recognition of loan charge-offs. The Company now takes charge-offs in the period the loan, or portion thereof, is deemed uncollectable, generally after the loan becomes 120 days delinquent and a recent appraisal is received which reflects a collateral shortfall. Previously, specific valuation reserves were established until the loan charge-off was recorded upon final resolution of the collateral.

The reserve for repurchased loans, which is included in other liabilities in the Company’s consolidated statements of financial condition, was $955,000 at June 30, 2012, a $250,000 increase from December 31, 2011 due to an additional provision for repurchased loans recorded during the six months ended June 30, 2012 primarily resulting from an increase in repurchase requests. At June 30, 2012, there were 10 outstanding loan repurchase requests which the Company is disputing, on loans with a total principal balance of $3.1 million.

Conference Call

As previously announced, the Company will host an earnings conference call on Friday, July 20, 2012 at 11:00 a.m. Eastern time. The direct dial number for the call is (877) 317-6789. 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 10015674 from one hour after the end of the call until July 31, 2012. The conference call, as well as the replay, are also available (listen-only) by internet webcast atwww.oceanfirst.com in the Investor Relations section.

* * *

OceanFirst Financial Corp.’s subsidiary, OceanFirst Bank, founded in 1902, is a federally-chartered savings bank with $2.3 billion in assets and twenty-four 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 within the meaning of the Private Securities Reform Act of 1995, which are based on certain assumptions and describe future plans, strategies and expectations of the Company. These forward-looking statements are generally identified by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” “will,” “should,” “may,” “view,” “opportunity,” “potential,” or similar expressions or expressions of probability or confidence. The Company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on the operations of the Company and the subsidiaries include, but are not limited to, changes in interest rates, general economic conditions, levels of unemployment in the Bank’s lending area, real estate market values in the Bank’s lending area, 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 are further discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2011 and should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. The Company does not undertake – and specifically disclaims any obligation – to publicly release the result of any revisions which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

OceanFirst Financial Corp.

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(dollars in thousands, except per share amounts)

	June 30, 2012			December 31, 2011			June 30, 2011
	(unaudited)						(unaudited)
ASSETS
Cash and due from banks	$	39,912		$	77,527		$	28,934
Investment securities available for sale		195,889			165,279			133,115
Federal Home Loan Bank of New York stock, at cost		18,036			18,160			18,279
Mortgage-backed securities available for sale		375,000			364,931			336,731
Loans receivable, net		1,548,935			1,563,019			1,617,812
Mortgage loans held for sale		5,734			9,297			4,313
Interest and dividends receivable		6,459			6,432			6,669
Real estate owned, net		3,435			1,970			2,807
Premises and equipment, net		22,394			22,259			22,447
Servicing asset		4,708			4,836			5,194
Bank Owned Life Insurance		42,430			41,987			41,346
Other assets		24,600			26,397			21,364
Total assets	$	2,287,532		$	2,302,094		$	2,239,011
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits	$	1,708,376		$	1,706,083		$	1,639,230
Securities sold under agreements to repurchase with retail customers		67,399			66,101			72,699
Federal Home Loan Bank advances		247,000			266,000			274,000
Other borrowings		27,500			27,500			27,500
Due to brokers		—			5,186			—
Advances by borrowers for taxes and insurance		8,570			7,113			7,932
Other liabilities		9,851			7,262			4,283
Total liabilities		2,068,696			2,085,245			2,025,644
Stockholders’ equity:
Preferred stock, $.01 par value, $1,000 liquidation preference, 5,000,000 shares authorized, no shares issued		—			—			—
Common stock, $.01 par value, 55,000,000 shares authorized, 33,566,772 shares issued and 18,205,904, 18,682,568 and 18,846,122 shares outstanding at June 30, 2012, December 31, 2011 and June 30, 2011, respectively		336			336			336
Additional paid-in capital		262,987			262,812			261,060
Retained earnings		193,377			186,666			180,530
Accumulated other comprehensive loss		(652	)		(2,468	)		(44	)
Less: Unallocated common stock held by Employee Stock Ownership Plan		(4,049	)		(4,193	)		(4,339	)
Treasury stock, 15,360,868, 14,884,204 and 14,720,650 shares at June 30, 2012, December 31, 2011 and June 30, 2011, respectively		(233,163	)		(226,304	)		(224,176	)
Common stock acquired by Deferred Compensation Plan		(684	)		(871	)		(914	)
Deferred Compensation Plan Liability		684			871			914
Total stockholders’ equity		218,836			216,849			213,367
Total liabilities and stockholders’ equity	$	2,287,532		$	2,302,094		$	2,239,011

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,
	2012			2011			2012			2011
	(unaudited)						(unaudited)
Interest income:
Loans	$	19,121		$	21,024		$	38,927		$	42,188
Mortgage-backed securities		2,235			2,667			4,553			5,230
Investment securities and other		693			546			1,432			1,110
Total interest income		22,049			24,237			44,912			48,528
Interest expense:
Deposits		2,035			2,693			4,053			5,602
Borrowed funds		1,624			1,899			3,364			3,944
Total interest expense		3,659			4,592			7,417			9,546
Net interest income		18,390			19,645			37,495			38,982
Provision for loan losses		1,700			2,200			3,400			3,900
Net interest income after provision for loan losses		16,690			17,445			34,095			35,082
Other income:
Loan servicing income		141			100			279			196
Fees and service charges		2,982			2,938			5,926			5,660
Net gain on sales of investment securities available for sale		226			—			226			—
Net gain on sales of loans available for sale		947			609			1,918			1,368
Net loss from other real estate operations		(47	)		(36	)		(98	)		(402	)
Income from Bank Owned Life Insurance		295			284			601			531
Other		1			2			3			3
Total other income		4,545			3,897			8,855			7,356
Operating expenses:
Compensation and employee benefits		6,794			7,114			13,631			14,156
Occupancy		1,314			1,305			2,618			2,499
Equipment		635			644			1,230			1,291
Marketing		435			420			780			756
Federal deposit insurance		522			723			1,054			1,464
Data processing		881			904			1,824			1,786
Legal		192			171			426			427
Check card processing		337			284			636			604
Accounting and audit		188			173			320			313
Other operating expense		1,569			1,647			3,288			3,216
Total operating expenses		12,867			13,385			25,807			26,512
Income before provision for income taxes		8,368			7,957			17,143			15,926
Provision for income taxes		2,995			2,854			6,123			5,717
Net income	$	5,373		$	5,103		$	11,020		$	10,209
Basic earnings per share	$	0.30		$	0.28		$	0.61		$	0.56
Diluted earnings per share	$	0.30		$	0.28		$	0.61		$	0.56
Average basic shares outstanding		17,889			18,181			17,977			18,172
Average diluted shares outstanding		17,930			18,231			18,018			18,221

OceanFirst Financial Corp.

SELECTED CONSOLIDATED FINANCIAL DATA

(in thousands, except per share amounts)

		At June 30,			At December 31,			At June 30,
		2012			2011			2011
STOCKHOLDERS’ EQUITY
Stockholders’ equity to total assets			9.57	%		9.42	%		9.53	%
Common shares outstanding (in thousands)			18,206			18,683			18,846
Stockholders’ equity per common share		$	12.02		$	11.61		$	11.32
Tangible stockholders’ equity per common share			12.02			11.61			11.32
ASSET QUALITY
Non-performing loans:
Real estate – one-to-four family		$	27,755		$	29,193		$	31,021
Commercial real estate			11,932			10,552			10,436
Construction			—			43			68
Consumer			3,785			3,653			4,769
Commercial			760			567			420
Total non-performing loans			44,232			44,008			46,714
REO, net			3,435			1,970			2,807
Total non-performing assets		$	47,667		$	45,978		$	49,521
Delinquent loans 30 to 89 days		$	14,225		$	14,972		$	14,202
Troubled debt restructurings:
Non-performing (included in total non-performing loans above)		$	16,317		$	14,491		$	6,049
Performing			12,522			13,118			15,053
Total troubled debt restructurings		$	28,839		$	27,609		$	21,102
Allowance for loan losses		$	17,657		$	18,230		$	21,454
Allowance for loan losses as a percent of total loans receivable			1.12	%		1.15	%		1.31	%
Allowance for loan losses as a percent of non-performing loans			39.92			41.42			45.93
Non-performing loans as a percent of total loans receivable	��		2.82			2.77			2.85
Non-performing assets as a percent of total assets			2.08			2.00			2.21

	For the three months ended June 30,						For the six months ended June 30,
	2012			2011			2012			2011
PERFORMANCE RATIOS (ANNUALIZED)
Return on average assets		0.94	%		0.90	%		0.97	%		0.90	%
Return on average stockholders’ equity		9.79			9.87			10.08			9.99
Interest rate spread		3.28			3.56			3.34			3.53
Interest rate margin		3.39			3.67			3.45			3.64
Operating expenses to average assets		2.26			2.37			2.27			2.35
Efficiency ratio		56.10			56.86			55.68			57.21

OceanFirst Financial Corp.

SELECTED LOAN AND DEPOSIT DATA

(in thousands)

LOANS RECEIVABLE

	At June 30, 2012			At December 31, 2011
Real estate:
One-to-four family	$	847,365		$	882,550
Commercial real estate, multi-family and land		463,760			460,725
Residential construction		7,866			6,657
Consumer		199,510			192,918
Commercial		52,406			45,889
Total loans		1,570,907			1,588,739
Loans in process		(2,768	)		(2,559	)
Deferred origination costs, net		4,187			4,366
Allowance for loan losses		(17,657	)		(18,230	)
Total loans, net		1,554,669			1,572,316
Less: mortgage loans held for sale		5,734			9,297
Loans receivable, net	$	1,548,935		$	1,563,019
Mortgage loans serviced for others	$	851,994		$	878,462
Loan pipeline		79,677			95,223

	For the three months  ended June 30,				For the six months ended June 30,
	2012		2011		2012		2011
Loan originations	$	142,895	$	71,022	$	252,312	$	173,971
Loans sold		41,764		26,320		82,586		66,538
Net charge-offs		2,284		1,176		3,973		2,146

DEPOSITS

	At June 30, 2012		At December 31, 2011
Type of Account
Non-interest-bearing	$	184,928	$	142,436
Interest-bearing checking		911,347		942,392
Money market deposit		127,944		123,105
Savings		242,761		229,241
Time deposits		241,396		268,909
	$	1,708,376	$	1,706,083

OceanFirst Financial Corp.

ANALYSIS OF NET INTEREST INCOME

	FOR THE THREE MONTHS ENDED JUNE 30,
	2012							2011
	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	$	57,068	$	22		0.15	%	$	14,923	$	8		0.21	%
Investment securities (1)		183,872		471		1.02			141,190		343		0.97
FHLB stock		17,654		200		4.53			18,014		195		4.33
Mortgage-backed securities (1)		360,650		2,235		2.48			336,464		2,667		3.17
Loans receivable, net (2)		1,553,103		19,121		4.92			1,628,701		21,024		5.16
Total interest-earning assets		2,172,347		22,049		4.06			2,139,292		24,237		4.53
Non-interest-earning assets		106,066							116,716
Total assets	$	2,278,413						$	2,256,008
Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Transaction deposits	$	1,284,938		999		0.31		$	1,256,710		1,504		0.48
Time deposits		249,085		1,036		1.66			266,868		1,189		1.78
Total		1,534,023		2,035		0.53			1,523,578		2,693		0.71
Borrowed funds		335,206		1,624		1.94			374,363		1,899		2.03
Total interest-bearing liabilities		1,869,229		3,659		0.78			1,897,941		4,592		0.97
Non-interest-bearing deposits		173,276							139,709
Non-interest-bearing liabilities		16,313							11,562
Total liabilities		2,058,818							2,049,212
Stockholders’ equity		219,595							206,796
Total liabilities and stockholders’ equity	$	2,278,413						$	2,256,008
Net interest income			$	18,390						$	19,645
Net interest rate spread (3)						3.28	%						3.56	%
Net interest margin (4)						3.39	%						3.67	%

	FOR THE SIX MONTHS ENDED JUNE 30,
	2012							2011
	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	$	53,454	$	43		0.16	%	$	18,440	$	23		0.25	%
Investment securities (1)		181,554		960		1.06			133,682		642		0.96
FHLB stock		17,777		429		4.83			17,775		445		5.01
Mortgage-backed securities (1)		360,090		4,553		2.53			336,035		5,230		3.11
Loans receivable, net (2)		1,559,529		38,927		4.99			1,638,173		42,188		5.15
Total interest-earning assets		2,172,404		44,912		4.13			2,144,105		48,528		4.53
Non-interest-earning assets		104,844							114,853
Total assets	$	2,277,248						$	2,258,958
Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Transaction deposits	$	1,284,433		1,916		0.30		$	1,256,007		3,169		0.50
Time deposits		252,542		2,137		1.69			273,182		2,433		1.78
Total		1,536,975		4,053		0.53			1,529,189		5,602		0.73
Borrowed funds		343,259		3,364		1.96			374,079		3,944		2.11
Total interest-bearing liabilities		1,880,234		7,417		0.79			1,903,268		9,546		1.00
Non-interest-bearing deposits		162,209							134,968
Non-interest-bearing liabilities		16,218							16,433
Total liabilities		2,058,661							2,054,669
Stockholders’ equity		218,587							204,289
Total liabilities and stockholders’ equity	$	2,277,248						$	2,258,958
Net interest income			$	37,495						$	38,982
Net interest rate spread (3)						3.34	%						3.53	%
Net interest margin (4)						3.45	%						3.64	%

(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.