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Oceanfirst Financial Corp. Investor Presentation OceanFirst Financial Corp. Investor Presentation November 2020 INVESTOR PRESENTATION . Forward Looking Statements In addition to historical information, this presentation contains certain forward-looking statements within the meaning of the Private Securities Litigation 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 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 its subsidiaries include, but are not limited to: changes in interest rates, general economic conditions, public health crises (such as governmental, social and economic effects of the novel coronavirus), levels of unemployment in the Bank’s lending area, real estate market values in the Bank’s lending area, future natural disasters and increases to flood insurance premiums, increased defaults as a result of economic disruptions caused by novel coronavirus, the level of prepayments on loans and mortgage-backed securities, legislative/regulatory changes (particularly with respect to the novel coronavirus), monetary and fiscal policies of the U.S. Government including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System, 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, accounting principles and guidelines and the Bank’s ability to successfully integrate acquired operations. These risks and uncertainties are further discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, under Item 1A - Risk Factors and elsewhere, and subsequent securities filings 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. Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results. No Offer or Solicitation: The Presentation does not constitute or form part of, and should not be construed as, an offer to sell or issue, or the solicitation of an offer to purchase, subscribe to or acquire, securities of the Company, or an inducement to enter into investment activity in the United States or in any other jurisdiction in which such offer, solicitation, inducement or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of such jurisdiction. No part of this Presentation, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any . contract or commitment or investment decision whatsoever. NOVEMBER | 2020 2 INVESTOR PRESENTATION . OceanFirst Financial Corp. • NASDAQ: OCFC • Market Cap: $904M 1 • Bank Holding Company with National Bank Subsidiary • Founded in 1902 • Total Assets of $11.7B 2 • 62 Full-Service Branches in New Jersey and Metropolitan New York City Headquarters OceanFirst Bank Branches OceanFirst Bank Loan Offices . NOVEMBER | 2020 1 As of October 30, 2020 3 2 As of September 30, 2020 INVESTOR PRESENTATION . Investment Thesis – Well Positioned for the Post-COVID-19 Environment • Strength of Assets • Balance sheet de-risked in Q3 with loan sales, reserve build, and conservative risk rating changes • Organic Growth Including Low-Cost and Durable Deposit Base • Cost of deposits is low at 49 basis points, and will continue to fall • Digital Innovation • Digital products and customer experience on par with national banks and FinTechs, far outpacing regional and community banks • Disciplined and Strategic M&A • Acquired attractive and underappreciated assets in exurban markets at favorable prices • Bench Strength • Deep banking, regulatory, M&A, and integration experience • Demonstrated strong pandemic response • Conservative Risk Culture • Commitment to management of credit, interest rate and regulatory / compliance risk . • Insider Ownership • Meaningful insider ownership aligned with shareholder interest NOVEMBER | 2020 4 INVESTOR PRESENTATION . Third Quarter 2020 Results Financial Results Strategic and Operational Focus • Net interest margin of 2.97% • COVID-19 on-going initiatives for • Loan pipeline of $377M at September employees, customers, and 30, 2020 community • YTD deposit growth (exclusive of • Recommit resources to core acquisitions) of $1.4B while also businesses, loan growth, and reducing costs by 8 basis points from customer service Q2 to Q3 • Deploy substantial excess cash with • YTD loan originations of $1.8B, an accretive mix shift to securities and inclusive of $504M in PPP loans loans • Decision to accelerate the resolution of • Expand commercial banking team to credit losses through the sale of $81M support more rapid organic growth in higher risk loans post-election, post-COVID environment • Decision to sell $298M in Paycheck Protection Program (PPP) loans to • Determine size and speed of common . improve operational effectiveness share repurchase plan while considering M&A to improve operating NOVEMBER | 2020 scale 5 INVESTOR PRESENTATION . Reserves for Loan Losses The Allowance for Credit Losses (ACL) on loans of $56.4M plus the unamortized credit mark of $31.6M provides 110bps of coverage to loan portfolio . NOVEMBER | 2020 6 INVESTOR PRESENTATION . Reserve Trends Loan ACL Trends Under CECL ACL Build Reflects Credit Migration in 3Q20 and Ongoing COVID Uncertainty 60.0 56.4 1.20% 50.0 1.00% 38.5 40.0 0.80% 29.6 30.0 0.60% $ Million $ 20.8 20.0 0.40% 10.0 0.20% 0.0 0.00% 1/1/2020 3/31/2020 6/30/2020 9/30/2020 Quantitative Loan ACL Qualitative Loan ACL Loan ACL Plus Credit Mark/Total Loans ACL coverage of the loan portfolio continues to rise as the . Bank considers actual and potential impacts of COVID and NOVEMBER | 2020 the economy in its analysis 7 INVESTOR PRESENTATION . SBA Paycheck Protection Program Update Total PPP Portfolio: $480.6M Held for Sale: $298.1M Retained PPP Portfolio: $182.5M Submitted In Underwriting to SBA 8% (Pending Decision) 45% Applications to be Reviewed Retained by Bank 21% 38% Forgiveness Application Submitted to SBA (Decision Received) Classified as Held for Sale Not Received 2% 62% 24% Decision made to sell 62% of the outstanding loans. Transaction accelerates approximately $8.7M of fee income, incurs a cost of selling the loans at a $3.4M discount, netting an approximate $5.1M gain in 4th quarter . NOVEMBER | 2020 8 INVESTOR PRESENTATION . Net Interest Margin Operational Highlights Net Interest Margin 2 • Non-interest bearing deposits 4.50 are 24% of average balance of 4.00 total deposits 1 3.50 3.38* 3.25 3.00 • Balanced interest rate risk 3.18** position 2.50 2.00 Percentage • An extraordinary surplus of 1.50 liquidity will temporarily weigh on margins until the excess 1.00 0.50 cash can be prudently 0.08 0.00 deployed 2014 2015 2016 2017 2018 2019 2020 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Fed Funds Effective Rate OceanFirst Bank Peer Average** * OceanFirst Bank Q2 NIM excluding excess liquidity position ** The PPP loan program and excess liquidity position negatively impacted NIM by 15 basis . points during Q2 NOVEMBER | 2020 1 Based on average balances for the three months ended September 30, 2020 9 2 Source: Bank Reg Data as of June 30, 2020 INVESTOR PRESENTATION . Deposit Growth with Branch Consolidation Total Deposits Per Branch 1 10,000 150 Average Deposits Per Branch ($ Millions) Branch Deposits Per Average 9,000 125 Strength and Durability of Low- 8,000 Cost Deposit Position 7,000 100 • $150M average branch size as of 6,000 September 30, 2020, doubling in size over the past 5 years. 5,000 75 4,000 • Core deposits represent 83%2 of total Total Deposits Millions) ($ Total 50 3,000 deposits, an effective hedge against a 2,000 volatile interest rate environment, with 25 a cost of deposits of only 49 bps 1,000 0 0 2014 2015 2016 2017 2018 2019 2020 Total Deposits Average Deposits Per Branch . NOVEMBER | 2020 1 All periods as of December 31, except 2020 which is as of September 30 10 2 All deposits except certificates of deposits INVESTOR PRESENTATION . Loan Composition Emphasizes Commercial1 Total Loans Outstanding Loans by Customer Segment – 2020 2015 2016 35% 2017 2018 65% 2019 2020 Commercial Consumer Consumer Commercial $0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 $8,000 $9,000 (in millions) Residential Home Equity & Consumer Investor CRE Owner Occupied CRE C&I Loans 2 . NOVEMBER | 2020 1 All periods as of December 31, except 2020 which is as of September 30 11 2 Includes PPP loans totaling $150M as of September 30 INVESTOR PRESENTATION . Generating Consistent & Attractive Returns 16.0% 1.50% 2020 returns adversely 1.35% 14.0% impacted by COVID-19. De- risking of Q3 balance sheet 1.20% 12.0% positions the Bank for improved returns in 2021 1.05% 10.0% on Return Assets 0.90% 8.0% 0.75% 0.60% 6.0% 0.45% 4.0% 0.30% 2.0% Return on Tangible Equity Common onTangible Return 0.15% 0.0% 0.00% 2015 1 2016 1 2017 1 2018 1 2019 1 2020 1, 2 Core Return on Tangible Common Equity Core Return on Assets 1For 2015, 2016, 2017, 2018, 2019 and 2020, excludes merger related expenses.
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