#1OceanFirst Financial Corp. 2Q 2022 Investor Presentation1 July 2022 1 The 2Q 2022 Investor Presentation should be read in conjunction with the Earnings Release furnished as Exhibit 99.1 to Form 8-K filed with the SEC on July 28, 2022. OCEANFIRST Exhibit 99.2#2Legal Disclaimer FORWARD LOOKING STATEMENTS. In addition to historical information, this news 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 or any other pandemic on our operations and financial results and those of our customers, changes in interest rates, inflation, 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 current or anticipated impact of military conflict, terrorism or other geopolitical events, 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, a failure in or breach of the Company's operational or security systems or infrastructure, including cyberattacks; 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, 2021, 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. NON-GAAP FINANCIAL INFORMATION. This presentation contains certain non-GAAP (generally accepted accounting principles) measures. These non-GAAP measures, as calculated by the Company, are not necessarily comparable to similarly titled measures reported by other companies. Additionally, these non-GAAP measures are not measures of financial performance or liquidity under GAAP and should not be considered alternatives to the Company's other financial information determined under GAAP. See reconciliations of certain non-GAAP measures included in the Company's Earnings Release furnished as Exhibit 99.1 to Form 8-K as filed with the SEC on July 28, 2022. MARKET AND INDUSTRY DATA. This presentation references certain market, industry and demographic data, forecasts and other statistical information. We have obtained this data, forecasts and information from various independent, third-party industry sources and publications. Nothing in the data, forecasts or information used or derived from third party sources should be construed as advice. Some data and other information are also based on our good faith estimates, which are derived from our review of industry publications and surveys and independent sources. We believe that these sources and estimates are reliable but have not independently verified them. Statements as to our market position are based on market data currently available to us. These estimates involve inherent risks and uncertainties and are based on assumptions that are subject to change. 2 OCEANFIRST#3Strategic and Operational Focus Outstanding and Proven Growth Significant top-line revenue growth driven by robust loan growth. 3 Efficiency Cost Model Focused on Investment in Technology Efficient Funding Base and Competitive Spreads Optimized branch network by refocusing spend on technology to enhance our customer experience and operational efficiency. NIM continues to trend upward with expansion spurred by loan growth, our asset-sensitive balance sheet, and low deposit funding. Strategic Capital Utilization Significant stockholder capital returns, minimally dilutive acquisitions, maintaining strong regulatory capital thresholds. OCEANFIRST#4Second Quarter 2022 Financial Highlights Performance Year-over-Year +20.4% Core Diluted EPS 1 +45.5% Core Diluted PTPP per Share 1,2 +42.2% +17.5% Core Earnings 1 Core PTPP 1,2 +$0.38 +40bps TBV per Share 1 NIM 3 Performance Quarter-over-Quarter +20.4% Core Diluted EPS 1 +3.5% -3.1% Loan Growth +11bps Core Efficiency Ratio NIM 3 4 (1) Core metrics exclude merger related expenses, net branch consolidation expenses, net loss/gain on equity investments, and the income tax effect of these items, (collectively referred to as "non-core" items). TBV (tangible book value) per common share excludes goodwill, core deposit intangible, and preferred equity. Refer to the "Non-GAAP Reconciliation" in the Earnings Release for additional information. (2) PTPP (Pre-tax Pre-provision) excludes the pre-tax "non-core" items along with income tax expense (benefit) and credit loss provision (benefit). Refer to the "Non-GAAP Reconciliation" in the Earnings Release for additional information. (3) NIM (Net Interest Margin) OCEANFIRST#5Proven Historical Net Interest Income and Loan Growth Peer Leading Net Interest Income Growth ($'000) 3.46% 3.25% 3.52% 3.71% 3.62% 351,010 2.92% 3.24% 3.16% 175,024 HF 2021 Q2-22 312,951 305,338 240,502 255,971 169,218 120,262 76,829 2015 2016 2017 2018 Net Interest Margin 2019 YTD Jun-22 Annualized Net Interest Income 2020 Significant Growth in Commercial Loan Portfolio ($'millions) 26.3% Net Interest Income CAGR 21.5% 9,425 8,623 252 7,756 261 Owner Occupied 339 2,758 2,480 6,214 5,589 408 2,309 585 449 475 1,021 471 1,055 3,817 291 3,975 281 2,321 2,045 1,145 396 1,988 1,704 1,749 305 793 741 193 4,378 4,809 153 188 831 534 570 3,492 308 145 2,023 2,296 1,135 1,187 511 HF 2015 2016 2017 2018 5 Home Equity & Consumer Residential 2019 C&I Loan 2020 2021 Q2-22 Owner Occupied CRE Investor CRE CRE/C&I CAGR 41.2% Investor CRE CAGR OCEANFIRST#6Successful Commercial Loan Growth Commercial Loans by Geography as of Q2-22 Boston / Baltimore 54% of commercial loans originated in Philadelphia and NY Emphasis on Commercial (Commercial % of Loan Portfolio) Increase of $5.5B in commercial loans since 2015 Philadelphia 22% 6 32% New York 5% New Jersey 41% Total: $6.4B 49% +19% 68% New York commercial loan 2015 Q2-22 balance surpassed $2 billion OCEANFIRST#7Continued Focus on Growing Core Deposits¹ Shift Toward Non-Interest Bearing Deposits ($'millions) 2015 Q2-22 CAGR Core: 28.2% 2015 Q2-22 CAGR Non-Core: 31.3% 9,428 1,373 9,733 775 9,831 1,500 Average Cost of Deposits 5,814 866 6,329 936 YTD Int. Bearing Checking 0.18% 4,189 647 4,343 Money Market 0.16% 8,958 607 8,055 8,331 Savings 0.04% Time Deposits 0.88% 1,916 4,948 5,393 Total (incl. non-int bearing) 0.17% 255 3,542 3,736 1,661 AF 2015 2016 2017 2018 2019 2020 2021 Q2-22 Non-Core Core Organic Deposit Growth Bolstered by Acquisitions ($'millions) 2015 Q2-22 CAGR: 28.6% 2015 Q2-22 Organic CAGR: 11.4% $9,428 $9,733 9,831 $1,894 $5,814 $6,329 $449 $4,187 $4,343 $1,616 $1,916 $123 $2,123 2015 7 2016 2017 (1) Core deposits represent all deposits less time deposits. 42% Total: $9.8B 58% Commercial Consumer нн 2018 Acquired Deposits 2019 2020 2021 Q2-22 Organic Deposits OCEANFIRST#8Expense Discipline and Focused Investment Core Non-Interest Expense¹ ($'000) 57,097 54,434 55,128 51,198 57,919 3,206 11,212 13,971 12,326 12,992 10,446 40,752 43,222 43,126 42,802 41,721 Q2-21 Q3-21 Trident Q4-21 Technology Expense Q1-22 Other Core Non-Int Exp Q2-22 Core Efficiency Ratio¹ 1.90% 1.89% 1.87% 1.84% 1.78% 62.57% 62.22% ☐ Q2-22 expenses included the Company's first full quarter of Trident Abstract Title Agency, LLC ("Trident") operations, which incurred $3.2 million of operating expenses in this period. We anticipate Trident run-rate to continue at $3 - $4 million per quarter. ■ Q2-22 core operating expenses, excluding Trident, decreased $400,000 and totaled $54.7 million. Technology expense, which represents data processing, communications, and digitally focused departments, accounted for 22.4% of total core non- interest expense in Q2-22. For the full year 2021, these costs accounted for 21.1% of core non- interest expense. 8 60.06% 57.51% 54.43% 53.69% Q4-21 Q2-21 Q3-21 Core Efficiency Ratio Core Efficiency Ratio excl. Trident (1) Core metrics exclude merger related expenses, net branch consolidation expenses, and net loss/gain on equity investments. Refer to the "Non-GAAP Reconciliation" in the Earnings Release for additional information. Q1-22 Q2-22 Core Non-Interest Expense to Average Assets (Annualized) OCEANFIRST#9Core Non-Interest Income¹ Expansion Opportunity 15,619 4,510 11,638 11,227 10,662 10,349 2,963 3,591 3,310 3,308 3,409 3,060 3,299 3,809 2,973 3,314 2,103 1,422 1,716 1,640 2,061 73 2,781 2,294 1,588 2,038 1,323 739 656 731 784 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 ■ Q2-22 non-interest income included the Company's first full quarter of Trident operations, which generated $4.5 million of non-interest income in the quarter. We anticipate Trident run- rate fee income of $3 - $5 million per quarter. ☐ Starting on July 1, 2022, the Durbin amendment fee cap will impact our interchange fee revenue. We expect a reduction in Bankcard services revenue of $1.5 million per quarter, which is partially offset by the new revenue generated by Trident. Trident Fee Income Bankcard Services Fees and Service Charges Income from BOLI Commercial Loan Swap Income Other 9 (1) Core Non-Interest Income excludes net loss/gain on equity investments. Refer to the "Non-GAAP Reconciliation" in the Earnings Release for additional information. OCEANFIRST#10Operational Efficiency Operating Efficiency ($'millions) Branch optimization Assets per FTE Assets per Branch fully completed by end of Q1-22 327 185 147 127 118 96 96 85 250 7 7 8 9 9 12 13 14 HP 2015 2016 2017 2018 2019 2020 2021 Q2-22 10 Deposits per Branch ($'millions) 3.6x 99 9 94 71 69 113 152 207 259 2015 2016 2017 2018 2019 2020 2021 Q2-22 Core Non-interest Expense¹ to Total Avg. Assets (Annualized) 2015 2.39% (60) bps Q2-22 1.79% (1) Core metrics for Q2-22 exclude merger related expenses, net branch consolidation expenses, and net loss/gain on equity investments. In addition, for comparison purposes, Trident operations have been excluded from Q2-22 expenses. Refer to the "Non-GAAP Reconciliation" and "Supplemental Information on Trident" in the Earnings Release for additional information. OCEANFIRST#11Growth in Net Interest Margin Core NIM1 vs NIM 3.29% 3.18% 3.12% 3.06% 2.99% 2.93% 2.89% 2.81% 2.75% 2.73% Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 NIM Core NIM Q2-22 NIM Bridge 3.18% (0.03)% 0.08% 0.06% 3.29% Q1-22 NIM Purchase accounting impact 11 Impact of prepayment fees Rate environment, change in balances and funding mix, and other, net Q2-22 NIM (1) Core NIM excludes purchase accounting and prepayment fee income. Refer to the Earnings Release for additional information. Tailwinds Asset-sensitive balance sheet well-positioned for rising interest rates. ■ Average loan growth since Q4-21 totaled ~$414MM and the loan pipeline of $385MM remains strong at June 30, 2022. In addition, end of period loan balances are $176MM higher than average balances for the quarter. Headwinds Competitive market environment as peers compete on rate for quality credit. Maintaining a healthy loan-to-deposit ratio while remaining disciplined on deposit pricing and managing funding costs. OCEANFIRST#12Generating Consistent and Attractive Returns Book Value and Tangible Book Value per Common Share ($)¹ Core ROAA and ROTE1 25.22 25.47 25.63 25.58 25.73 13.73% 12.04% 11.30% 11.55% 10.62% 15.78 15.93 15.94 15.96 1.13% 15.58 1.02% 0.90% 0.95% 0.98% Q2-21 Q3-21 Book Value per Share Q4-21 Q1-22 Tangible Book Value per Common Share Capital Management ($'millions) 9.01% Q2-22 Q2-21 Q3-21 Q4-21 Core ROTE Q1-22 Core ROAA Q2-22 • 8.89% 8.78% 8.60% 8.39% • 11 10 5 2 10 10 10 10 10 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Tangible book value per common share increased by $0.02 per share versus Q1-22. Repurchased 272,779 shares in Q2-22; 2.9 million shares remain available for repurchase. Tangible Stockholders' Equity to Tangible Assets¹ 12 Share Repurchases QTD Cash Dividend QTD (1) Core metrics exclude merger related expenses, net branch consolidation expenses, net loss/gain on equity investments, and the income tax effect of these items. Tangible book value and tangible assets exclude goodwill, core deposit intangible, and preferred equity. Refer to the "Non-GAAP Reconciliation" in the Earnings Release for additional information. OCEANFIRST#13Business Model Strength Driving Significant Capital Return $24.09 Growth Since 2013 $23.60 1 Tangible Book Value per Share 29.4% Total Capital Return per Share 95.4% $2.98 $2.86 $21.36 $20.55 $2.25 $1.97 $18.42 $4.81 $5.15 $1.39 $16.82 $4.13 $3.45 $1.09 $15.62 $15.53 $2.77 $0.94 $1.04 $2.15 $13.95 $1.01 $0.55 $1.55 $0.49 $12.33 $15.93 $15.96 $15.13 $14.98 $14.26 $13.67 $13.58 $12.91 $12.94 $12.33 2013 2014 2015 2016 2017 2018 2019 2020 Cumulative Dividends/Share 2021 Q2-22 TBVPCS Cumulative Share Repurchase/Share (1) Tangible book value per common share excludes goodwill, core deposit intangible, and preferred equity. Refer to the "Non-GAAP Reconciliation" in the Earnings Release for additional information. The growth in TBV per common share (TBVPCS) is attributed to: Minimally dilutive and strategic acquisitions in critical new markets Stock buybacks Repurchased 272,779 shares in Q2-22 with 2.9 million available for repurchase ■ Stable & competitive dividend ■ 102nd consecutive quarter Historical Payout Ratio of 30% to 40% ■ Announced an increase to the dividend by 18% to $0.20 per share 13 OCEANFIRST#14Appendix 14 OCEANFIRST#15OCFC's Strong History of Credit Discipline Net Charge Offs (NCOs)/ Avg. Loans (%) Global Financial Crisis Hurricane Sandy 3.00% 2.50% 2.00% 1.50% 1.00% 0.50% 0.00% OCFC's 7 bps average NCO is 80% lower than the 36 bps average NCO for US Commercial Banks $10-50 billion in size over the past four years. -0.50% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Q1-22 US Commercial Banks $10-50 bn 1,2 OCFC Peer Group 1, 2, 3 15 (1) Source: S&P Global (2) Proxy and US Bank industry reporting is on a one quarter lag (3) Peer group disclosed in OCFC's DEF-14A filed 4/26/22. This excludes i) Investors Bancorp due to the sale the Citizens Financial Group; ii) Boston Private Financial Holdings due to the sale to SVB Financial Group; and iii) Meridian Bancorp due to the sale to Independent Bank Corp. OCEANFIRST#16Conservative Credit Risk Profile Non-performing Loans by Type as % of Loans¹ 0.52% 0.01% Continued Focus on Credit Risk¹ 0.54% 0.47% 0.02% 0.35% 0.01% 0.36% 0.31% 0.29% 0.08% 0.03% 0.30% 0.00% 0.05% 0.10% 0.12% 0.22% 0.00% 0.18% 0.00% 0.05% 0.12% 0.04% 0.05% 0.03% 0.10% 0.21% 0.02% 0.02% 0.13% 0.11% 0.12% 0.11% 0.07% 0.06% 2016 2017 2018 2019 2020 2021 Q2-22 Commercial Real Estate Consumer Residential Commercial & Industrial (1) PCD loans are not included in these metrics. Refer to "Asset Quality" section in the Earnings Release for additional information. Source: S&P Global. (2) (3) 16 Peer group reporting is on a one quarter lag. Peer group disclosed in OCFC's DEF-14A filed 4/26/22. This excludes (i) Investors Bancorp due to the sale the Citizens Financial Group; (ii) Boston Private Financial Holdings due to the sale to SVB Financial Group; and (iii) Meridian Bancorp due to the sale to Independent Bank Corp. 0.45% 0.25% 0.22% Q1-22 Peer Group Average (0.39%) 2,3 0.32% 0.16% 0.14% 2016 2017 2018 2019 2020 2021 Q2-22 NPA/Assets OCEANFIRST#17Quarterly Credit Trends (1 of 2) Loan Allowance for Credit Losses (ACL) Plus PCD & General Credit Marks / Total Loans Net Charge-offs (NCOs)/(Recoveries) and Credit Loss Expense (Benefit) ($'000) 17 0.99% 0.87% 0.30% 0.79% 224 0.00% 0.00% 1,851 0.00% 1,254 9 0.74% 0.72% -0.01% 0.26% (386) (19) (92) 0.00% 0.22% 0.18% 0.17% [(1,573)] 0.69% (6,460) 0.61% 0.57% 0.56% 0.55% (3,179) Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 PCD & General Credit Marks ACL Credit Loss Expense / (Benefit) Net Charge-offs / (Recoveries) NCOS / Average loans OCEANFIRST#18Quarterly Credit Trends (2 of 2) Strong asset quality trends driven by prudent loan growth and credit decisioning. Non-Performing Loans and Assets ($'000)1 Special Mention and Substandard Loans ($'000) 106 0.41% 106 106 0.28% 0.29% 106 0 0.25% 0.18% 0.22% 129,955 98,687 91,607 91,611 60,812 0.20% 0.19% 0.16% 183,032 0.14% 158,575 148,557 114,030 103,294 31,680 23,344 18,948 23,180 17,224 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Non-performing loans to total loans OREO Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Special Mention Substandard Non-performing assets to total assets Non-performing loans (1) PCD loans are not included in these metrics. Refer to Asset Quality section in the Earnings Release for additional information. Note: Of the $60.8 million in Special Mention loans and $103.3 million of Substandard loans, $57.6 million (or 94.8%) and $91.6 million (or 88.7%) are current on payments, respectively. 18 OCEANFIRST#19Asset Growth Supplemented by Strategic M&A Acquired Assets Organic Assets ($ in millions) SUN CapitalBank. OF NEW JERSEY COUNTRY BANK Here you are Family TWO RIVER BANCORP COLONIAL AMERICAN BANK $2,593 $142 CAPE BANCORP OCEAN SHORE HOLDING CO. 5,167 2,615 $5,416 BANCORP, INC. 2016 Q2-22 CAGR: 28.5% 2016 Q2-22 Organic CAGR: 12.9% $11,448 $1,907 $11,740 12,438 $7,516 $2,044 $8,246 $495 2015 2016 2017 Target 2018 Closing Date 2019 2020 Transaction Value 2021 Q2-22 Total Assets Colonial American Bank Cape Bancorp Ocean Shore Holding Co. Sun Bancorp, Inc. July 31, 2015 ~$12 million $142 million May 2, 2016 ~$196 million $1,518 million November 30, 2016 January 31, 2018 ~$146 million $1,097 million ~$475 million $2,044 million Capital Bank of New Jersey Two River Bancorp Country Bank Holding Company Inc. Partners Bancorp² January 31, 2019 January 1, 2020 January 1, 2020 TBD Weighted average¹: Price/Tangible Book Value 158%; Core Deposit Premium 9.0% ~$186 million $495 million $1,109 million $798 million $1,640 million ~$77 million ~$197 million ~$113 million 19 (1) At time of announcement. (2) Partners Bancorp acquisition is pending. OCEANFIRST#20Northeast and Mid-Atlantic Expansion Opportunities1 New Jersey is an attractive market. • Statewide total population of 9.3 million. • Most densely populated state. • 11th most populous state. Median household income of $85,245. · Significant opportunities for acquisitions to build customer base. Northeast U.S., DE, MD + D.C. Metro provides access to ~20% of the U.S. population VT NH MA NY • ME RI CT Boston Region Support expansion in Pennsylvania, Metropolitan New York, Boston, Baltimore, and Washington D.C. New York Region PA NJ (1) Source: U.S. Census Bureau 20 MD DC DE VA New Jersey Region Greater Philadelphia Region Baltimore/D.C. Region OCEANFIRST#21Experienced Management Team with Banking Expertise Executive Title Years Experience¹ Select Experience Director of the Federal Reserve Bank of Philadelphia Christopher D. Maher Chairman & Chief Executive Officer 9 . Former President and CEO of Patriot National Bancorp • Former EVP at Dime Community Bancshares, Inc. Joseph J. Lebel III President & Chief Operating Officer • Wachovia Bank 16 • • Patrick S. Barrett Executive Vice President & Chief Financial Officer 0 • Steven J. Tsimbinos Executive Vice President, General Counsel & Corporate Secretary • 12 • Member of the Board for the New Jersey Chamber of Commerce Former CFO of First Midwest Bancorp, Inc. and Fulton Financial Corp. Extensive leadership and management experience at several financial institutions Thacher Proffitt & Wood Lowenstein Sandler PC Office of the Comptroller of the Currency Grace M. Vallacchi Executive Vice President & Chief Risk Officer 5 . First Fidelity Michele B. Estep Executive Vice President & Chief Administrative Officer • Sun National Bancorp 14 • . Key Bank Citigroup Karthik Sridharan Executive Vice President & Chief Information Officer 3 • JP Morgan Chase . Bank of America Substantial insider ownership of 11%², including Directors, Executive Officers, ESOP and OceanFirst Foundation. (1) Represents years of experience at OceanFirst and includes years at acquired banks. As of 12/31/21. 21 OCEANFIRST#228 6 Interest Rate Sensitivity (1 of 2) Earnings at Risk (EAR)1 - % Change Economic Value of Equity (EVE)1 - % Change 2 OceanFirst % Change OceanFirst % Change 1 1.2% 0.4% 0 4 6.5% 4.6% 2 2.4% 0 -2 -1 -1.9% -2 -5.5% -3 -4 -5.9% -4 -5 -6 -6 +300 bps +$24.8MM +200 bps +$17.4MM +100 bps +$9.3MM Base -100 bps -$22.2MM +300 bps +200 bps +100 bps Base -100 bps Impact to Net Interest Income¹ ■ OceanFirst Bank's balance sheet is asset-sensitive. A measurable upward change in the rate environment could have a positive impact to our net interest income going forward. (1) Refer to the Quantitative and Qualitative Disclosures About Market Risk to be filed with the Form 10-Q for additional details. 22 OCEANFIRST#23Interest Rate Sensitivity (2 of 2) Asset and Liability Duration (Years) 3.4 Securities 4.5 2.4 2.1 2.8 Duration (Years) 0.9 Mortgage Loans Consumer Loans Commercial Loans Total Assets (Weighted Avg) Time Deposits Rate Characteristics 8% 15% 23% 37% 45% 51% 85% 92% 77% 55% 85% 63% 49% 15% Securities Mortgage Loans Consumer Loans Commercial Loans (CRE & C&I) Total Assets (Weighted Avg) Borrowings Deposits Note: Data as of 6/30/22 23 Adjustable/Floating Fixed Core Deposits OCEANFIRST