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Oceanfirst Financial Corp. Investor Day August 5, 2021

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Oceanfirst Financial Corp. Investor Day August 5, 2021 OceanFirst Financial Corp. Investor Day August 5, 2021 110 West Front Street Red Bank, New Jersey NASDAQ: OCFC Forward Looking Statements In addition to historical information, this presentation/release 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: the impact of the COVID-19 pandemic on our operations and financial results and those of our customers, 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, future natural disasters and increases to flood insurance premiums, the level of prepayments on loans and mortgage-backed securities, legislative/regulatory changes, 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, 2020, 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. OCFC INVESTOR DAY 2021 | 2 OceanFirst Financial Corp. Investor Day Agenda Welcome: Investor Day Event 1:00 PM Jill Apito Hewitt 3:00 PM Break Senior Vice President Investor Relations Officer In-Person Guests Only OceanFirst: The Path Forward Future of Retail Bank Delivery 11:30 AM – 12:45 PM 1:00 PM Christopher D. Maher 3:20 PM George Destafney Chairman & CEO President Central and Northern New Jersey Region Shuttle Service Provided from Train Station/Ferry Lunch Served Building on Our Success Financial Overview: 1:15 PM Joseph J. Lebel III 4:00 PM Bringing It All Together 5:00 PM President & COO Angela K. Ho Senior Vice President Chief Accounting Officer Tours and Technology Proven Commercial Banking Model Demonstrations Susanne Svizeny President Greater Philadelphia Region Q&A 1:40 PM Jeana M. Piscatelli 4:20 PM Christopher D. Maher Senior Vice President Joseph J. Lebel III 6:00 PM Director of Treasury Management Advancing Digital Banking Solutions Dinner Cruise Anthony Giordano III Executive Vice President Closing Remarks 2:20 PM Chief Retail Banking Officer 4:50 PM Christopher D. Maher Rebecca Rothstein Senior Vice President Director of Digital Banking OCFC INVESTOR DAY 2021 | 3 Welcome: Investor Day Event Jill Apito Hewitt Senior Vice President Investor Relations Officer OCFC INVESTOR DAY 2021 | 4 OceanFirst: The Path Forward Christopher D. Maher Chairman & Chief Executive Officer OCFC INVESTOR DAY 2021 | 5 Lookback to 2018 Investor Day Digital Strategy Corporate Infrastructure Performance Treasury and CCC Launch – Successfully crossed the Pre-COVID Core Five9/220,000 video interactions Cash Management $10 Billion Asset threshold Performance Attributes (2019) Substantial growth Nest Egg Launch – Implemented CECL EPS $2.07 $130 million AUM/A, growing at double Now our largest deposit Risk systems and credit digits, video focused segment discipline demonstrated NIM 3.62% Online Account Opening – 35,900+ Accounts resilience during COVID Generation III – YTD 1 in 7 accounts EFFICIENCY 55.78% opened online $5 Billion in balances Mobile Deposits Growing Rapidly – ROA 1.30% 4X monthly $ deposited in 2018 134% increase in transactions ROTCE 14.16% Digital Payment Use Accelerating – 4X more transactions in 2 years 5X spend in 2 years 90% transaction growth since pandemic Spend increased 215% since pandemic OCFC INVESTOR DAY 2021 | 6 Pandemic Impacts to Performance Textbook Crisis Response in Banking Outlook and Strategy Build Deploy liquidity and leverage existing +$1 Billion capital by organically growing loan portfolio Liquidity In Deposits $2 Billion+ in 2022 and 2023 without sacrificing strongly asset sensitive position Bolster +$180 Million Material expansion of the Commercial Bank Capital Capital Raise Lean into digital expertise and efficiency Address NPAs of 28 Basis Points* Transform branch banking to target Credit Risk $5 Million, 30-89 Days Delinquent* low volume, high value interactions Achieve historical profitability metrics Rebuild Borrowing Restructure, Earnings Deploy Cash * Non-performing assets as a percentage of total loans and delinquencies, excluding PCD loans, reported as of June 30, 2021. OCFC INVESTOR DAY 2021 | 7 Today’s Speakers Joseph J. Lebel III Susanne Svizeny Jeana M. Piscatelli Anthony Giordano III President President Senior Vice President Executive Vice President & COO Greater Philadelphia Region Director of Treasury Management Chief Retail Banking Officer 1:15 pm 1:40 pm 1:40 pm 2:20 pm Rebecca Rothstein George Destafney Angela K. Ho Senior Vice President President Central and Senior Vice President Director of Digital Banking Northern New Jersey Region Chief Accounting Officer 2:20 pm 3:20 pm 4:00 pm OCFC INVESTOR DAY 2021 | 8 Building on Our Success Joseph J. Lebel III President & Chief Operating Officer OCFC INVESTOR DAY 2021 | 9 Building on Our Success Commercial Bank Strategic Digital Investment Impact Expansion at Advancement in to Surpass Client of Changing OceanFirst Treasury Services Expectations Customer Base Hire Talent Build Capabilities and Team Anticipate Customer Needs Branch Optimization Financial Outcome Grow Loan Portfolio Exceed Those Needs Obtain Quality Funding Expand Geography OCFC INVESTOR DAY 2021 | 10 Proven Commercial Banking Model Susanne Svizeny President Greater Philadelphia Region Jeana M. Piscatelli Senior Vice President Director of Treasury Management OCFC INVESTOR DAY 2021 | 11 Loan Composition Emphasizes Commercial Total Loans Outstanding Loans by Customer Segment $2,464M 32% 2021 $2,464M $5,357M Consumer 2020 $2,649M $5,107M Commercial 2019 $2,729M $3,485M $5,357M 68% 2018 $2,520M $3,069M 2017 $2,031M $1,945M Year Commercial Loans by Region 2016 $1,994M $1,822M Baltimore Southern $21M, 1% $489M 2015 $1,038M $963M 9% Central $2,324M 43% 2014 $989M $734M Philadelphia Central $1,069M 20% New York 2013 $983M $589M Philadelphia Southern 2012 $1,017M $533M Baltimore $0B $1B $2B $3B $4B $5B $6B $7B $8B Loan Balances New York $1,454M Consumer Commercial 27% 2021 data as of June 30, otherwise as of December 31 OCFC INVESTOR DAY 2021 | 12 ME OceanFirst Bank N.A. NH Commercial Banking Core Markets VT MA NY RI CT New York Region Central & Northern New Jersey Region PA NJ Greater Philadelphia Region Southern New Jersey Region MD DC DE VA Ocean County, NJ; Founded as Ocean Monmouth Mercer Metropolitan Greater Northern Point Pleasant Building & Loan County County County New York Philadelphia New Jersey 1902 1996 2013 2015 2019 2019 2020 2021 Commercial Lending Commercial Loan Commercial Loan Commercial Loan Commercial Loan Hasbrouck Heights Introduced Production Launched Production Launched Offices Opened Offices Opened Commercial Loan Office Opened OCFC INVESTOR DAY 2021 | 13 OceanFirst Bank’s Formula for Successful Commercial Banking Expansion Assess Competitive Hire a the Market Landscape Proven Leader OFB Organic Growth Success Hire Build Execute as Top Talent Marketing Plan One Team OCFC INVESTOR DAY 2021 | 14 Talent Drives Growth – Greater Philadelphia (Loans, $ in millions) 1,069 919 810 510 312 274 269 100 FY 2018* FY 2019 FY 2020 Q2 2021 Relationship 5 8 9 13 Managers: Loan Production Loan Portfolio * Sun Bank acquired OCFC INVESTOR DAY 2021 | 15 Talent Drives Growth – New York (Loans, $ in millions) 1,454 1,143 313 359 312 191 122 21 FY 2018* FY 2019** FY 2020*** Q2 2021 Relationship 1 5 9 10 Managers: Loan Production Loan Portfolio * Sun Bank acquired. ** New York Loan Production Office started in May 2019 *** Country Bank acquired OCFC INVESTOR DAY 2021 | 16 ME OceanFirst Bank N.A. NH Commercial Banking Expansion Markets VT MA NY RI Boston Region CT New York Region Central & Northern New Jersey Region PA NJ Greater Philadelphia Region Southern New Jersey Region MD Baltimore / D.C. Region DC DE VA Ocean County, NJ; Founded as Ocean Monmouth Mercer Metropolitan Greater Northern Point Pleasant Building & Loan County County County New York Philadelphia New Jersey Baltimore / D.C. Boston 1902 1996 2013 2015 2019 2019 2020 2021 2021 Commercial Lending Commercial Loan Commercial Loan Commercial Loan Commercial Loan Hasbrouck Heights Commercial Loan
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