EXHIBIT 99.1

Contact: The Foristall Company, Inc. Thomas F. Curtin Tel: (610)398-3022 Fax: (610)530-7781 email:foristal@aol.com Company: Michael J. Fitzpatrick Chief Financial Officer OceanFirst Financial Corp. Tel: (732)240-4500, ext. 7506 Fax: (732)349-5070 email:Mfitzpatrick@oceanfirst.com

FOR IMMEDIATE RELEASE

OceanFirst Financial Corp.

ANNOUNCES INCREASE IN

QUARTERLY EARNINGS PER SHARE,

AND CONTINUATION OF

QUARTERLY DIVIDEND

TOMS RIVER, NEW JERSEY, July 24, 2003—OceanFirst Financial Corp. (NASDAQ:OCFC), the holding company for OceanFirst Bank, today announced diluted earnings per share for the quarter ended June 30, 2003 of $.38, an increase over the $.37 per diluted share for the same prior year quarter. For the six months ended June 30, 2003 diluted earnings per share increased to $.78 from $.73 for the corresponding prior year period. The Company also announced that its Board of Directors had declared a regular quarterly cash dividend of $.20 per share—covering the three month period ended June 30, 2003—to be paid on August 15, 2003, to shareholders of record on August 1, 2003.

In making today’s announcement John R. Garbarino, Chairman, President and Chief Executive Officer said, “Net income for the three months ended June 30, 2003 was again adversely affected by an impairment to the loan servicing asset caused by the low rate environment and unparalleled prepayment activity. Despite this setback, we continue to effectively execute our basic business strategy of growing commercial loans and core deposits,

increasing non-interest revenue and managing excess capital. Even with the prolonged period of historically low interest rates, high prepayment levels, and an active common stock repurchase program, our net interest margin has declined only 3 basis points over the past year as the Company has successfully grown commercial loans and core deposits. At the same time, the Company continues to derive significant benefit from growth in fees and service charges, up 31.2% from the second quarter of 2002. Finally, the cash dividend, along with our ongoing stock repurchase programs reflects management’s continuing strong commitment to leveraging the organization’s capital.”

Results of Operations

Net interest income for the three months ended June 30, 2003 increased to $14.9 million as compared to $14.7 million in the same prior year period. For the six months ended June 30, 2003 and 2002 net interest income was unchanged at $30.3 million for each period. For each period in 2003, interest-earning assets increased while the net interest margin declined nominally as compared to the same prior year periods. The net interest margin decreased to 3.59% and 3.66%, respectively, for the three and six months ended June 30, 2003 from 3.62% and 3.69%, respectively, in the same prior year periods. The yield on interest-earning assets decreased to 5.86% and 6.01%, respectively, as compared to 6.63% and 6.72%, respectively, for the same prior year periods. Despite this decline, which was reflective of the general interest rate environment, the asset yield still benefited from the Bank’s loan growth which was partly funded by prepayments in the lower-yielding mortgage-backed securities portfolio. For the three and six months ended June 30, 2003 loans receivable represented 84.8% of average interest-earning assets as compared to 81.6% and 81.1%, respectively, for the same prior year periods. The cost of interest-bearing liabilities decreased to 2.52% and 2.61%, respectively for the three and six

months ended June 30, 2003, as compared to 3.32% and 3.34%, respectively, in the same prior year periods. Funding costs benefited from the Company’s focus on lower cost core deposit growth. Core deposits (including non-interest-bearing deposits) represented 63.5% and 62.2%, respectively, of average deposits for the three and six months ended June 30, 2003 as compared to 55.1% and 53.9%, respectively, for the same prior year periods.

Other income increased to $3.8 million and $7.5 million for the three and six months ended June 30, 2003, respectively, from $3.1 and $5.5 million, respectively, in the same prior year periods. Fees and service charges increased by $485,000, or 31.2%, and $873,000, or 29.2%, for the three and six months ended June 30, 2003, respectively, as compared to the same prior year periods due to the growth in commercial account services, retail core account balances and trust fees, and the establishment of a captive subsidiary to recognize fee income from private mortgage reinsurance. For the three and six months ended June 30, 2003 the Company recorded gains of $2.9 million and $5.4 million on the sale of loans and securities, as compared to gains of $1.1 million and $1.5 million in the same prior year periods. For the six months ended June 30, 2003, the gain on sales of loans and securities includes a gain of $323,000 on the sale of equity securities. Loan servicing income for the three and six months ended June 30, 2003, was adversely effected by the recognition of impairments to the loan servicing asset of $1.2 million and $2.2 million, respectively. For the six months ended June 30, 2002, the Company recognized an impairment to the loan servicing asset of $144,000.

Operating expenses amounted to $10.8 million and $21.4 million for the three and six months ended June 30, 2003, respectively, as compared to $9.8 million and $19.7 million, respectively, for the corresponding prior year periods. The increase was principally due to the costs associated with the opening of the Bank’s seventeenth branch office in May 2002, as well as higher loan related expenses.

Financial Condition

Loans receivable net, decreased by $1.3 million at June 30, 2003 as compared to December 31, 2002 as commercial loan growth was offset by reductions in 1-4 family mortgage loans due to sale activity. Commercial loans outstanding increased $22.7 million, or 20.6% on an annualized basis.

Deposits decreased to $1,170.5 million at June 30, 2003 from $1,184.8 million at December 31, 2002. Core deposits, however, the Company’s primary focus, grew $50.6 million while certificate balances declined in the low interest rate environment.

Stockholders’ equity decreased by $516,000 to $134.8 million at June 30, 2003 as compared to $135.3 million at December 31, 2002. For the year-to-date, 510,152 common shares were repurchased at a total cost of $11.4 million. Under the 10% repurchase program authorized by the Board of Directors in August 2002, 439,683 shares remain to be purchased as of June 30, 2003. The cost of share repurchases was partly offset by proceeds from stock option exercises and the related tax benefits.

Asset Quality

The Company’s non-performing assets totaled $2.6 million at June 30, 2003 as compared to $2.8 million at December 31, 2002. For the six months ended June 30, 2003, the Company experienced a net recovery of $62,000 through the allowance for loan losses.

OceanFirst Financial Corp.’s subsidiary, OceanFirst Bank, founded in 1902, is a federally-chartered stock savings bank with $1.8 billion in assets and seventeen branches located in Ocean, Monmouth and Middlesex counties, New Jersey. The Bank is the largest and oldest community-based financial institution headquartered in Ocean County, New Jersey.

OceanFirst Financial Corp.’s press releases are available at no charge by visiting us on the worldwide web at  http://www.oceanfirst.com.

Forward-Looking Statements

This news release contains certain forward-looking statements 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,” or similar expressions. 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 the subsidiaries include, but are not limited to, changes in interest rates, general economic conditions, legislative/regulatory changes, monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board, 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 and accounting principles and guidelines. These risks and uncertainties 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.

OceanFirst Financial Corp.

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(dollars in thousands, except per share amounts)

	June 30,			December 31,			June 30,
	2003			2002			2002
	(Unaudited)						(Unaudited)
ASSETS
Cash and due from banks	$	42,009		$	17,192		$	32,306
Investment securities available for sale		78,306			91,978			79,423
Federal Home Loan Bank of New York stock, at cost		19,050			18,700			20,115
Mortgage-backed securities available for sale		132,699			138,657			177,905
Loans receivable, net		1,334,586			1,335,898			1,314,316
Mortgage loans held for sale		79,681			66,626			17,871
Interest and dividends receivable		6,605			6,378			8,303
Real estate owned, net		—			141			477
Premises and equipment, net		17,153			17,708			17,998
Servicing asset		6,171			7,907			8,983
Bank Owned Life Insurance		33,198			32,398			31,220
Other assets		11,378			10,115			8,344
Total assets	$	1,760,836		$	1,743,698		$	1,717,261
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits	$	1,170,531		$	1,184,836		$	1,162,055
Securities sold under agreements to repurchase with retail customers		53,143			44,584			36,717
Securities sold under agreements to repurchase with the Federal Home Loan Bank		115,000			140,000			155,000
Federal Home Loan Bank advances		266,000			214,000			199,000
Advances by borrowers for taxes and insurance		7,266			5,952			6,644
Other liabilities		14,107			19,021			13,533
Total liabilities		1,626,047			1,608,393			1,572,949
Stockholders’ equity:
Preferred stock, $.01 par value, 5,000,000 shares authorized, no shares issued		—			—			—
Common stock, $.01 par value, 55,000,000 shares authorized, 27,177,372 shares issued and 13,614,900, 13,757,880 and 14,306,021 shares outstanding at June 30, 2003, December 31, 2002 and June 30, 2002, respectively		272			272			272
Additional paid-in capital		187,308			184,934			183,197
Retained earnings		146,430			142,224			137,412
Accumulated other comprehensive loss		(4,142	)		(3,201	)		(1,016	)
Less:  Unallocated common stock held by
Employee Stock Ownership Plan		(10,579	)		(11,248	)		(11,955	)
Treasury stock, 13,562,472, 13,419,492 and 12,871,351
shares at June 30, 2003, December 31, 2002 and
June 30, 2002, respectively		(184,500	)		(177,676	)		(163,598	)
Total stockholders’ equity		134,789			135,305			144,312
Total liabilities and stockholders’ equity	$	1,760,836		$	1,743,698		$	1,717,261

OceanFirst Financial Corp.

CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share amounts)

	For the three months						For the six months
	ended June 30						ended June 30,
	2003			2002			2003			2002
	(Unaudited)						(Unaudited)
Interest income:
Loans	$	22,153		$	23,374		$	44,899		$	47,230
Mortgage-backed securities		1,386			2,607			2,822			5,705
Investment securities and other		774			888			2,021			2,348
Total interest income		24,313			26,869			49,742			55,283
Interest expense:
Deposits		4,438			7,258			9,672			14,642
Borrowed funds		4,974			4,948			9,782			10,310
Total interest expense		9,412			12,206			19,454			24,952
Net interest income		14,901			14,663			30,288			30,331
Provision for loan losses		250			375			625			875
Net interest income after provision for loan losses		14,651			14,288			29,663			29,456
Other income:
Loan servicing loss		(1,497	)		(85	)		(2,688	)		(44	)
Fees and service charges		2,041			1,556			3,866			2,993
Net gain on sales of loans and securities available for sale		2,898			1,114			5,402			1,508
Net (loss) income from other real estate operations		(2	)		55			109			74
Other		387			466			818			1,000
Total other income		3,827			3,106			7,507			5,531
Operating expenses:
Compensation and employee benefits		5,028			4,997			10,120			10,259
Occupancy		875			798			1,811			1,590
Equipment		585			575			1,176			1,118
Marketing		548			433			969			857
Federal deposit insurance		140			124			233			250
Data processing		817			726			1,532			1,313
General and administrative		2,822			2,157			5,589			4,301
Total operating expenses		10,815			9,810			21,430			19,688
Income before provision for income taxes		7,663			7,584			15,740			15,299
Provision for income taxes		2,716			2,448			5,544			5,114
Net income	$	4,947		$	5,136		$	10,196		$	10,185
Basic earnings per share	$	0.40		$	0.40		$	0.82		$	0.78
Diluted earnings per share	$	0.38		$	0.37		$	0.78		$	0.73
Average basic shares outstanding		12,420			12,960			12,431			13,049
Average diluted shares outstanding		13,075			13,904			13,080			13,900
Cash earnings (1)	$	5,749		$	5,938		$	11,758		$	11,734
Diluted cash earnings per share	$	0.44		$	0.43		$	0.90		$	0.84

(1) Cash earnings are determined by adding (net of taxes) to reported earnings the non-cash expenses stemming from the amortization and appreciation of allocated shares in the company’s stock-related benefit plans and the amortization of intangible assets.

OceanFirst Financial Corp.

SELECTED CONSOLIDATED FINANCIAL DATA

(in thousands, except per share amounts)

	At June 30, 2003		At December 31, 2002		At June 30, 2002
STOCKHOLDERS’ EQUITY
Stockholders’ equity to total assets	7.65	%	7.76	%	8.40	%
Common shares outstanding (in thousands)	13,615		13,758		14,306
Stockholders’ equity per common share	$9.90		$9.83		$10,09
Tangible stockholders’ equity per common share	9.79		9.72		9.97
ASSET QUALITY
Allowance for loan losses	$10,760		$10,074		$8,832
Nonperforming loans	2,603		2,688		3,289
Nonperforming assets	2,603		2,829		3,766
Allowance for loan losses as a percent of total loans receivable	0.76	%	0.71	%	0.66	%
Allowance for loan losses as a percent of nonperforming loans	413.37		374.78		268.53
Nonperforming loans as a percent of total loans receivable	0.18		0.19		0.25
Nonperforming assets as a percent of total assets	0.15		0.16		0.22

	For the three months ended June 30				For the six months ended June 30
	2003		2002		2003		2002
PERFORMANCE RATIOS (ANNUALIZED)
Return on average assets	1.13	%	1.21	%	1.17	%	1.18	%
Return on average stockholders’ equity	14.69		14.52		15.14		14.22
Interest rate spread	3.34		3.31		3.40		3.38
Interest rate margin	3.59		3.62		3.66		3.69
Operating expenses to average assets	2.48		2.30		2.46		2.28
Efficiency ratio	57.75		55.21		56.70		54.90

CASH EARNINGS

Although reported earnings and return on stockholders’ equity are traditional measures of performance, the Company believes that the change in stockholders’ equity or “cash earnings,” and related return measures are also a significant measure of a company’s performance. Cash earnings exclude the effects of various non-cash expenses, such as the employee stock plans amortization expense and related tax benefit, as well as the amortization of intangible assets. The following table reconciles the Company’s net income with cash earnings. The table is a pro forma calculation which is not in accordance with GAAP.

	For the three months ended June 30						For the six months ended June 30
	2003			2002			2003			2002
Net income	$	4,947		$	5,136		$	10,196		$	10,185
Add:  Employee stock plans amortization expense		902			909			1,762			1,819
Amortization of intangible assets		26			26			52			52
Less: Tax benefit (1)		(126	)		(133	)		(252	)		(322	)
Cash earnings	$	5,749		$	5,938		$	11,758		$	11,734
Basic cash earnings per share	$	.46		$	0.46		$	.95		$	.90
Diluted cash earnings per share	$	.44		$	0.43		$	.90		$	.84

⁽¹⁾ The Company does not receive any tax benefit for that portion of employee stock plan amortization expense relating to the ESOP fair market value adjustment

OceanFirst Financial Corp.

SELECTED LOAN AND DEPOSIT DATA

(in thousands)

LOANS RECEIVABLE

	At June 30, 2003			At December 31, 2002
Real estate:
One-  to four-family	$	1,087,926		$	1,101,904
Commercial real estate, multi-family and land		156,815			142,726
Construction		13,273			11,079
Consumer		80,541			80,218
Commercial		86,598			77,968
Total loans		1,425,153			1,413,895
Loans in process		(3,066	)		(3,531	)
Deferred origination costs, net		2,945			2,239
Unearned discount		(5	)		(5	)
Allowance for loan losses		(10,760	)		(10,074	)
Total loans, net		1,414,267			1,402,524
Less: mortgage loans held for sale		79,681			66,626
Loans receivable, net	$	1,334,586		$	1,335,898
Loans serviced for others	$	713,734		$	680,165
Loan pipeline		407,877			307,662

	For the three months ended				For the six months ended
	June 30				June 30
	2003		2002		2003		2002
Loan originations	$	322,131	$	199,562	$	598,993	$	416,330
Loans sold		167,575		101,120		317,549		213,286

DEPOSITS

	At June 30, 2003	At December 31, 2002
Type of Account
Non-interest bearing	$   105,795	$     86,290
NOW	260,027	260,762
Money market deposit	133,583	123,960
Savings	257,189	234,995
Time deposits	413,937	478,829
	$1,170,531	$1,184,836

OceanFirst Financial Corp.

ANALYSIS OF NET INTEREST INCOME

	FOR THE QUARTERS ENDED JUNE 30,
	2003						2002
	AVERAGE BALANCE		INTEREST		AVERAGE YIELD/ COST		AVERAGE BALANCE		INTEREST		AVERAGE YIELD/ COST
	(Dollars in thousands)
Assets
Interest-earnings assets:
Interest-earning deposits and short term investments	$	14,987	$	43	1.15	%	$	5,402	$	14	1.00	%
Investment securities		87,285		478	2.19			86,435		610	2.82
FHLB stock		19,314		253	5.24			20,695		264	5.10
Mortgage-backed securities		131,389		1,386	4.22			185,582		2,607	5.62
Loans receivable, net (1)		1,406,405		22,153	6.30			1,323,388		23,374	7.06
Total interest-earning assets		1,659,380		24,313	5.86			1,621,502		26,869	6.63
Non-interest earning assets		85,370						83,142
Total assets	$	1,744,750					$	1,704,644
Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Transaction deposits	$	640,137		1,267	.79			553,590		2,233	1.61
Time deposits		426,176		3,171	2.98			516,433		5,025	3.89
Total		1,066,313		4,438	1.66			1,070,023		7,258	2.71
Borrowed funds		428,576		4,974	4.64			401,895		4,948	4.92
Total interest-bearing liabilities		1,494,889		9,412	2.52			1,471,918		12,206	3.32
Non-interest-bearing deposits		101,328						79,080
Non-interest bearing liabilities		13,817						12,193
Total liabilities		1,610,034						1,563,191
Stockholders’ equity		134,716						141,453
Total liabilities and stockholders’ equity	$	1,744,750					$	1,704,644
Net interest income			$	14,901					$	14,663
Net interest rate spread (2)					3.34	%					3.31	%
Net interest margin (3)					3.59	%					3.62	%
	FOR THE SIX MONTHS ENDED JUNE 30,
	2003						2002
	AVERAGE BALANCE		INTEREST		AVERAGE YIELD/ COST		AVERAGE BALANCE		INTEREST		AVERAGE YIELD/ COST
	(Dollars in thousands)
Assets
Interest-earnings assets:
Interest-earning deposits and short term investments	$	14,388	$	83	1.15	%	$	4,010	$	20	1.00	%
Investment securities		91,118		1,431	3.14			86,129		1,806	4.19
FHLB stock		19,212		507	5.28			22,200		522	4.70
Mortgage-backed securities		126,789		2,822	4.45			199,122		5,705	5.73
Loans receivable, net (1)		1,404,249		44,899	6.39			1,334,417		47,230	7.08
Total interest-earning assets		1,655,756		49,742	6.01			1,645,878		55,283	6.72
Non-interest earning assets		83,107						82,191
Total assets	$	1,738,863					$	1,728,069
Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Transaction deposits	$	635,271		2,838	.89			531,859		4,250	1.60
Time deposits		442,951		6,834	3.09			520,535		10,392	3.99
Total		1,078,222		9,672	1.79			1,052,394		14,642	2.78
Borrowed funds		414,729		9,782	4.72			443,241		10,310	4.65
Total interest-bearing liabilities		1,492,951		19,454	2.61			1,495,635		24,952	3.34
Non-interest-bearing deposits		94,737						75,858
Non-interest bearing liabilities		16,497						13,373
Total liabilities		1,604,185						1,584,866
Stockholders’ equity		134,678						143,203
Total liabilities and stockholders’ equity	$	1,738,863					$	1,728,069
Net interest income			$	30,288					$	30,331
Net interest rate spread (2)					3.40	%					3.38	%
Net interest margin (3)					3.66	%					3.69	%

(1) Amount is net of deferred loan fees, undisbursed loan funds, discounts and premiums and estimated loss allowances and includes loans held for sale and non-performing loans.

(2) Net interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.

(3) Net interest margin represents net interest income divided by average interest-earning assets.