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RED BANK, N.J., Oct. 25, 2018 (GLOBE NEWSWIRE) — OceanFirst Banking Corp. (NASDAQ:“OCFC”), (the “Company”), the captivation aggregation for OceanFirst Coffer N.A. (the “Bank”), today appear that net assets was $24.1 million, or $0.50 per adulterated share, for the three months concluded September 30, 2018, as compared to $12.8 million, or $0.39 per adulterated share, for the agnate above-mentioned year period. For the nine months concluded September 30, 2018, net assets was $45.2 million, or $0.95 per adulterated share, as compared to $32.5 million, or $0.98 per adulterated share, for the agnate above-mentioned year period.



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The after-effects of operations for the three and nine months concluded September 30, 2018 accommodate alliance accompanying costs and annex alliance expenses, which decreased net income, net of tax benefit, by $1.6 actor and $22.9 million, respectively. Excluding these items, amount antithesis for the three and nine months concluded September 30, 2018 were $25.7 million, or $0.53 per adulterated share, and $68.1 million, or $1.44 per adulterated share, respectively.  (Please accredit to the Non-GAAP Reconciliation table at the end of this certificate for capacity on the antithesis appulse of alliance accompanying and annex alliance expenses).

Highlights for the division are declared below:

Chairman and Chief Executive Officer, Christopher D. Maher, commented on the Company’s results, “We are admiring to address aberrant after-effects for the division with almanac amount antithesis of $25.7 actor and amount adulterated antithesis per allotment of $0.53. Amount costs decreased by $5.0 million, as compared to the above-mentioned affiliated quarter, benefiting from the annex consolidations and systems integrations completed during the added quarter, and blurred our amount adeptness arrangement to 53.7%. Our accommodation to drop arrangement remained abiding at 95%, while the amount of deposits added alone four base credibility to 0.39%, absolute one of the best aggressive in our associate group.” Mr. Maher added, “We appear today, our affairs to admission Capital Coffer of New Jersey. This accession provides a abundant befalling to enhance OceanFirst’s drop bazaar allotment and abide our cardinal advance plans.”



On October 25, 2018, the Aggregation appear the beheading of a absolute acceding and plan of alliance (the “merger agreement”) with Capital Bank. The transaction is accountable to cancellation of the approval of Capital Bank’s stockholders and appropriate authoritative approval. Accountable to cancellation of those approvals and accomplishment of added accustomed closing conditions, the Aggregation expects to abutting the transaction in the aboriginal division of 2019.

The Aggregation additionally appear that the Company’s Board of Directors declared its eighty-seventh afterwards annual banknote allotment on accustomed stock. The dividend, accompanying to the three months concluded September 30, 2018, of $0.17 per allotment will be paid on November 16, 2018 to stockholders of almanac on November 5, 2018.

Results of Operations

On January 31, 2018, the Aggregation completed its accession of Sun Bancorp Inc. (“Sun”) and its after-effects of operations from February 1, 2018 through September 30, 2018 are included in the circumscribed after-effects for the three and nine months concluded September 30, 2018, but are not included in the after-effects of operations for the agnate above-mentioned year periods.

Net assets for the three months concluded September 30, 2018, was $24.1 million, or $0.50 per adulterated share, as compared to $12.8 million, or $0.39 per adulterated share, for the agnate above-mentioned year period. Net assets for the nine months concluded September 30, 2018, was $45.2 million, or $0.95 per adulterated share, as compared to $32.5 million, or $0.98 per adulterated share, for the agnate above-mentioned year period. Net assets for the three and nine months concluded September 30, 2018, included alliance accompanying and annex alliance expenses, which decreased net income, net of tax benefit, by $1.6 actor and $22.9 million, respectively. Net assets for the three and nine months concluded September 30, 2017 included alliance accompanying and annex alliance expenses, which decreased net income, net of tax benefit, by $2.1 actor and $8.6 million, respectively. Excluding these items, net assets for the three and nine months concluded September 30, 2018 added over the aforementioned above-mentioned year period, primarily due to the accession of Sun and the amount accumulation from the acknowledged affiliation during 2017 of Ocean Shore Captivation Co. (“Ocean Shore”) which was acquired on November 30, 2016.

Net absorption assets for the three and nine months concluded September 30, 2018, added to $61.5 actor and $178.7 million, respectively, as compared to $43.1 actor and $126.7 million, respectively, for the aforementioned above-mentioned year periods, absorption an admission in interest-earning assets and a college net absorption margin. Boilerplate interest-earning assets added by $1.830 billion and $1.700 billion for the three and nine months concluded September 30, 2018, respectively, as compared to the aforementioned above-mentioned year periods. The averages for the three and nine months concluded September 30, 2018, were agreeably impacted by $1.636 billion and $1.509 billion, respectively, of interest-earning assets acquired from Sun. Boilerplate loans receivable, net, added by $1.662 billion and $1.464 billion for the three and nine months concluded September 30, 2018, respectively, as compared to the aforementioned above-mentioned year periods. The increases attributable to the accession of Sun were $1.398 billion and $1.279 billion, respectively. The net absorption allowance for the three and nine months concluded September 30, 2018 added to 3.64% and 3.68%, from 3.50% and 3.54%, respectively, for the aforementioned above-mentioned year periods. The net absorption allowance benefited from the accession of acquirement accounting adjustments on the Sun accession of $2.8 actor and $8.2 actor for the three and nine months concluded September 30, 2018, respectively; and to a bottom admeasurement the appulse of Federal Reserve absorption amount increases. For the three and nine months concluded September 30, 2018, the amount of boilerplate interest-bearing liabilities added to 0.74% and 0.66%, respectively, from 0.50% and 0.49%, respectively, in the agnate above-mentioned year periods. The absolute amount of deposits (including non-interest address deposits) was 0.39% and 0.36% for the three and nine months concluded September 30, 2018, respectively, as compared to 0.29% and 0.28%, respectively, in the aforementioned above-mentioned year periods.

Net absorption assets for the three months concluded September 30, 2018, added by $57,000, as compared to the above-mentioned affiliated quarter, as boilerplate interest-earning assets added by $42.5 million. The net absorption allowance decreased to 3.64% for the three months concluded September 30, 2018, as compared to 3.70% for the above-mentioned affiliated quarter. The absolute amount of deposits (including non-interest address deposits) was 0.39% for the three months concluded September 30, 2018, as compared to 0.35% for three months concluded June 30, 2018.

For the three and nine months concluded September 30, 2018, the accouterment for accommodation losses was $907,000 and $3.0 million, respectively, as compared to $1.2 actor and $3.0 million, respectively, for the agnate above-mentioned year periods, and $706,000 in the above-mentioned affiliated quarter. Net accommodation charge-offs were $777,000 and $1.9 actor for the three and nine months concluded September 30, 2018, respectively, as compared to net accommodation charge-offs of $1.1 actor and $1.6 million, respectively, in the agnate above-mentioned year periods, and net accommodation charge-offs of $832,000 in the above-mentioned affiliated quarter. Non-performing loans totaled $19.2 actor at September 30, 2018, as compared to $18.1 actor at June 30, 2018 and $15.1 actor at September 30, 2017.

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For the three and nine months concluded September 30, 2018, added assets added to $8.3 actor and $26.1 million, respectively, as compared to $7.4 actor and $20.3 million, respectively, for the agnate above-mentioned year periods. The increases were primarily due to the appulse of the Sun acquisition, which added $2.3 actor and $6.1 actor to added assets for the three and nine months concluded September 30, 2018, respectively, as compared to the aforementioned above-mentioned year periods. Excluding the Sun acquisition, the abatement in added assets for the three months concluded September 30, 2018, was primarily due to an admission in the accident from absolute acreage operations of $2.0 million, of which $900,000 accompanying to a write-down attributable to a hotel, golf, and feast facility, partially annual by increases in fees and annual accuse of $449,000. Excluding the Sun acquisition, the abatement in added assets for the nine months concluded September 30, 2018, was primarily due to an admission in the accident from absolute acreage operations of $2.8 million, of which $1.4 actor accompanying to the year-to-date write-down on the acreage acclaimed above, partially annual by increases in fees and annual accuse of $763,000, an admission in the accretion on sales of loans of $580,000, mostly accompanying to the auction of one non-performing bartering accommodation accord during the aboriginal division of 2018, rental assets of $491,000 accustomed primarily for January and February 2018 on the Company’s acquired authoritative office, and added bankcard casework acquirement of $443,000.

For the three months concluded September 30, 2018, added assets decreased by $598,000, as compared to the above-mentioned affiliated quarter. The abatement was primarily due to an admission in the accident from absolute acreage operations of $601,000, decreases in fees and annual accuse of $405,000, and the abatement in the gain  on advance antithesis of $245,000, partially annual by net fees on accommodation akin absorption amount bandy affairs of $678,000. The abatement in fees and annual accuse is the aftereffect of the planned acting abandonment of fees and annual accuse on Sun accounts during the alteration to the Bank’s annual products.

Operating costs added to $39.5 actor and $147.3 actor for the three and nine months concluded September 30, 2018, respectively, as compared to $30.7 actor and $98.8 million, respectively, in the aforementioned above-mentioned year periods. Operating costs for the three and nine months concluded September 30, 2018, included $2.0 actor and $28.8 million, respectively, of alliance accompanying and annex alliance expenses, as compared to $3.2 actor and $13.2 million, respectively, in the aforementioned above-mentioned year periods. Excluding the appulse of alliance and annex alliance expenses, the admission in operating costs over the above-mentioned year was primarily due to the Sun acquisition, which added $8.2 actor and $27.5 actor for the three and nine months concluded September 30, 2018, respectively. Excluding the Sun acquisition, the absolute admission in operating costs for the three months concluded September 30, 2018 over the above-mentioned year aeon was primarily due to increases in advantage and agent allowances amount of $852,000 as a aftereffect of college allurement and banal plan expenses, control amount of $402,000, accessories amount of $296,000, and business costs of $208,000. Excluding the Sun acquisition, the absolute admission in operating costs for the nine months concluded September 30, 2018 over the above-mentioned year aeon was primarily due to increases in advantage and agent allowances amount of $3.2 actor as a aftereffect of college allurement and banal plan expenses, control costs of $1.2 million, and annual agency amount of $838,000.

For the three months concluded September 30, 2018, operating expenses, excluding alliance and annex alliance expenses, decreased by $5.0 million, as compared to the above-mentioned affiliated quarter. The abatement was primarily due to the abounding affiliation of Sun to the Bank’s belvedere with decreases in advantage and agent allowances amount of $3.6 million, annual agency costs of $542,000, able fees of $331,000, and analysis agenda processing amount of $317,000.

The accouterment for assets taxes was $5.3 actor and $9.3 actor for the three and nine months concluded September 30, 2018, respectively, as compared to $5.7 actor and $12.7 million, respectively, for the aforementioned above-mentioned year periods. The able tax amount was 18.0% and 17.1% for the three and nine months concluded September 30, 2018, respectively, as compared to 30.8% and 28.0%, respectively, for the aforementioned above-mentioned year periods. The lower able tax amount for the three and nine months concluded September 30, 2018 primarily resulted from the Tax Cuts and Jobs Act (“Tax Reform”) allowable during the fourth division of 2017. In addition, the Accompaniment of New Jersey allowable new legislation on July 1, 2018, creating a acting surtax able for tax years 2018 through 2021, and acute companies to book accumulated tax allotment alpha 2019. The new legislation did not appulse the Company’s deferred tax asset or accompaniment assets tax amount for the three and nine months concluded September 30, 2018. The Aggregation will abide to appraise the aftereffect of this legislation on tax amount in approaching periods.

Financial Condition

Total assets added by $2.147 billion, to $7.563 billion at September 30, 2018, from $5.416 billion at December 31, 2017, primarily as a aftereffect of the accession of Sun, which added $2.043 billion to absolute assets. Restricted disinterestedness investments added by $37.4 million, to $57.1 actor at September 30, 2018, from $19.7 actor at December 31, 2017, primarily due to the accession of Federal Reserve Coffer banal as a aftereffect of converting to a civic coffer charter. Loans receivable, net, added by $1.578 billion, to $5.544 billion at September 30, 2018 from $3.966 billion at December 31, 2017, primarily due to acquired loans of $1.517 billion as able-bodied as purchased loans accretion $146.7 million. As allotment of the accession of Sun, the Company’s amicableness antithesis added to $338.1 actor at September 30, 2018, from $150.5 actor at December 31, 2017, and the amount drop abstract added to $18.0 million, from $8.9 actor at December 31, 2017.

Deposits added by $1.511 billion, to $5.854 billion at September 30, 2018, from $4.343 billion at December 31, 2017, due to acquired deposits of $1.616 billion. The loan-to-deposit arrangement at September 30, 2018 was 94.7%, as compared to 91.3% at December 31, 2017. Federal Home Accommodation Coffer advances added by $168.1 million, to $456.8 actor at September 30, 2018, from $288.7 actor at December 31, 2017 due to the accession of Sun and to armamentarium accommodation growth.

Stockholders’ disinterestedness added to $1.030 billion at September 30, 2018, as compared to $601.9 actor at December 31, 2017. The accession of Sun added $402.6 actor to stockholders’ equity. At September 30, 2018, there were 1.8 actor shares accessible for repurchase beneath the Company’s banal repurchase programs. For the nine months concluded September 30, 2018, the Aggregation did not repurchase any shares beneath these repurchase programs. During 2018, the Aggregation contributed an added $8.4 actor to the absolute Agent Banal Ownership Plan. The purchased shares will be allocated to advisers over the abutting nine years. Absolute stockholders’ disinterestedness per accustomed allotment added to $13.93 at September 30, 2018, as compared to $13.58 at December 31, 2017.

Asset Quality

The Company’s non-performing loans decreased to $19.2 actor at September 30, 2018, as compared to $20.9 actor at December 31, 2017.  The abatement was primarily due to the auction of one bartering accommodation accord during the aboriginal division of 2018. Non-performing loans do not accommodate $9.7 actor of purchased credit-impaired (“PCI”) loans acquired in the Sun, Ocean Shore, Cape Bancorp, Inc. (“Cape”), and Colonial American Coffer (“Colonial American”) acquisitions (“Acquisition Transactions”). The Company’s added absolute acreage endemic totaled $6.2 actor at September 30, 2018, as compared to $8.2 actor at December 31, 2017. The abatement was primarily due to a $1.4 actor write-down attributable to a hotel, golf, and feast facility. The Aggregation has accomplished a letter of absorbed with a able client at the accustomed accustomed amount with the closing accustomed above-mentioned to year-end.

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At September 30, 2018, the Company’s allowance for accommodation losses was 0.30% of absolute loans, a abatement from 0.40% at December 31, 2017.  These ratios exclude absolute fair amount acclaim marks of $34.4 actor at September 30, 2018 on loans acquired from the Accession Transactions, and $17.5 actor at December 31, 2017 on loans acquired from Ocean Shore, Cape and Colonial American. These loans were acquired at fair amount with no accompanying allowance for accommodation losses. The allowance for accommodation losses as a percent of absolute non-performing loans was 87.43% at September 30, 2018 as compared to 75.35% at December 31, 2017.

Explanation of Non-GAAP Banking Measures

Reported amounts are presented in accordance with about accustomed accounting attempt in the United States (“GAAP”).  The Company’s administration believes that the added non-GAAP information, which consists of appear net assets excluding alliance accompanying expenses, annex alliance costs and added assets tax amount accompanying to Tax Reform allowable in the fourth division of 2017, which can alter from aeon to period, provides a bigger allegory of aeon to aeon operating performance. Additionally, the Aggregation believes this advice is activated by regulators and bazaar analysts to appraise a company’s banking action and therefore, such advice is advantageous to investors.  These disclosures should not be beheld as a acting for banking after-effects in accordance with GAAP, nor are they necessarily commensurable to non-GAAP achievement measures which may be presented by added companies.  Please accredit to Non-GAAP Reconciliation table at the end of this certificate for capacity on the antithesis appulse of these items.

Conference Call

As ahead announced, the Aggregation will host an antithesis appointment alarm on Friday, October 26, 2018 at 11:00 a.m. Eastern time.  The absolute punch cardinal for the alarm is (888) 338-7143.  For those clumsy to participate in the appointment call, a epitomize will be available.  To admission the replay, punch (877) 344-7529, Epitomize Appointment Cardinal 10124270 from one hour afterwards the end of the alarm until January 24, 2019. The appointment call, as able-bodied as the replay, are additionally accessible (listen-only) by internet webcast at www.oceanfirst.com in the Investor Relations section.

OceanFirst Banking Corp.’s subsidiary, OceanFirst Coffer N.A., founded in 1902, is a $7.6 billion bounded coffer operating throughout New Jersey, city Philadelphia and city New York City.  OceanFirst Coffer delivers bartering and residential costs solutions, abundance administration and drop casework and is one of the better and oldest community-based banking institutions headquartered in New Jersey.

OceanFirst Banking Corp.’s columnist releases are accessible by visiting us at www.oceanfirst.com.

Forward-Looking Statements            In accession to absolute information, this account absolution contains assertive advanced statements aural the acceptation of the Private Antithesis Litigation Reform Act of 1995 which are based on assertive assumptions and call approaching plans, strategies and expectations of the Company. These advanced statements are about articular by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” “will,” “should,” “may,” “view,” “opportunity,” “potential,” or agnate expressions or expressions of confidence. The Company’s adeptness to adumbrate after-effects or the absolute aftereffect of approaching affairs or strategies is inherently uncertain. Factors which could accept a actual adverse aftereffect on the operations of the Aggregation and its subsidiaries include, but are not bound to: changes in absorption rates, accepted bread-and-butter conditions, levels of unemployment in the Bank’s lending area, absolute acreage bazaar ethics in the Bank’s lending area, approaching accustomed disasters and increases to flood allowance premiums, the akin of prepayments on loans and mortgage-backed securities, legislative/regulatory changes, budgetary and budgetary behavior of the U.S. Government including behavior of the U.S. Treasury and the Board of Governors of the Federal Reserve System, the affection or agreement of the accommodation or advance portfolios, appeal for accommodation products, drop flows, competition, appeal for banking casework in the Company’s bazaar area, accounting attempt and guidelines and the Bank’s adeptness to auspiciously accommodate acquired operations. These risks and uncertainties are added discussed in the Company’s Annual Address on Form 10-K for the year concluded December 31, 2017, beneath Item 1A – Risk Factors and elsewhere, and consecutive antithesis filings and should be advised in evaluating advanced statements and disproportionate assurance should not be placed on such statements. The Aggregation does not undertake, and accurately disclaims any obligation, to about absolution the aftereffect of any revisions which may be fabricated to any advanced statements to reflect contest or affairs afterwards the date of such statements or to reflect the accident of advancing or hasty events.

 

 

(continued)

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(continued)

(continued)

NON-GAAP RECONCILIATION

COMPUTATION OF TOTAL TANGIBLE EQUITY TO TOTAL TANGIBLE ASSETS

(continued)

ACQUISITION DATE – FAIR VALUE BALANCE SHEET

The afterward table summarizes the estimated fair ethics of the assets acquired and the liabilities affected at the date of the accession for Sun, net of the absolute application paid (in thousands):

The adding of amicableness is accountable to change for up to one year afterwards the date of accession as added advice about to the closing date estimates and uncertainties become available. As the Aggregation finalizes its analysis of the acquired assets and liabilities, assertive adjustments to the recorded accustomed ethics may be required.

Company Contact:

Michael J. FitzpatrickChief Banking OfficerOceanFirst Banking Corp.Tel:  (732) 240-4500, ext. 7506Email: Mfitzpatrick@oceanfirst.com

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