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OceanFirst Financial Corp. Announces Redemption of all Outstanding 57,370 shares of 7.00% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock of OceanFirst Financial Corporation

1. OCFC announced redemption of all Series A Preferred Stock shares. 2. 57,370 shares will be redeemed at $1,000 each on May 15, 2025. 3. Redemption aligns with OCFC’s strategy to optimize debt and capital. 4. Strong capital and liquidity position support this decision. 5. Dividends will cease on the redemption date.

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Why Bullish?

The redemption reduces costs and bolsters financial stability, which can positively affect investor sentiment, similar to past scenarios where companies eliminated high-cost debt, enhancing share growth.

How important is it?

The article details OCFC's improvement in capital structure, which is crucial for its growth outlook, making it highly relevant to investors.

Why Long Term?

This strategic move reflects long-term financial health and could lead to sustained investor confidence, similar to past capital management improvements seen in other banks.

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JPMCBAC
April 11, 2025 16:30 ET  | Source: OceanFirst Financial Corp. RED BANK, N.J., April 11, 2025 (GLOBE NEWSWIRE) -- OceanFirst Financial Corp. (NASDAQ: OCFC) (the “Company”), the holding company for OceanFirst Bank N.A. (the “Bank” or “OceanFirst”), announced today that it will redeem 57,370 shares of its 7.00% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series A (the “Series A Preferred Stock”), constituting all of the outstanding shares of the Series A Preferred Stock, on May 15, 2025, the next dividend payment date for the Series A Preferred Stock (the “Redemption Date”). Payment of the cash redemption price equal to $1,000 per share of Series A Preferred Stock (the “Redemption Price”) (equivalent to $25 per Depositary Share) will be made on the Redemption Date. The Redemption Price does not include the previously declared dividend payment that is due on the Redemption Date and that will be paid immediately prior to the redemption of the Series A Preferred Stock on the Redemption Date to holders of record on the record date for such dividend payment. On the Redemption Date, simultaneous with the redemption of the Series A Preferred Stock, the depositary for the Series A Preferred Stock will redeem 2,294,800 depositary shares (the “Depositary Shares”), each representing a 1/40th interest in a share of the Series A Preferred Stock, for an amount per Depositary Share equal to 1/40th of the Redemption Price per share of Series A Preferred Stock. The Depositary Shares are held only in book-entry form through The Depository Trust Company (“DTC”) and shall be redeemed in accordance with the applicable procedures of DTC. On the Redemption Date, the Redemption Price will become due and payable. On and after the Redemption Date, dividends in respect of the Series A Preferred Stock represented by the Depositary Shares shall cease to accrue, the Series A Preferred Stock and the Depositary Shares shall no longer be deemed outstanding and all rights of the holders of the Series A Preferred Stock and holders of receipts evidencing the Depositary Shares shall cease and terminate, except only the right of the holders of the Series A Preferred Stock to receive the Redemption Price and the right of the holders of receipts evidencing the Depositary Shares to receive 1/40th of the Redemption Price, in each case, without interest. “We are pleased to announce our payoff of the Preferred Stock,” said Patrick Barrett, Senior Executive Vice President and Chief Financial Officer. “Our strong capital and liquidity levels have positioned us well to pay off liabilities with higher funding costs. The redemption of our preferred stock is consistent with our balance sheet strategy of optimizing debt and capital.” About OceanFirst Financial Corporation OceanFirst Financial Corp.’s subsidiary, OceanFirst Bank N.A., founded in 1902, is a $13.3 billion regional bank providing financial services throughout New Jersey and in the major metropolitan areas between Massachusetts and Virginia. OceanFirst Bank delivers commercial and residential financing, treasury management, trust and asset management, and deposit services and is one of the largest and oldest community-based financial institutions headquartered in New Jersey. To learn more about OceanFirst, go to www.oceanfirst.com. Company Contact:Alfred GoonSVP Corporate Development and Investor RelationsOceanFirst Financial Corp.Tel: 1.888.623.2633 ext. 27423 Email: agoon@oceanfirst.com

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