EXHIBIT 99.1

SHAREHOLDER PRESENTATION – MAY 17, 2007

This is the 105th Annual Meeting of the Corporate Entity now known as OceanFirst Financial Corp., and today marks the eleventh time I have had the privilege to address this annual shareholders meeting since our 1996 conversion as a publicly owned company. Although this past year has presented a continuation of the hostile economic environment, complicated by our Company’s much publicized problems with subprime mortgage banking operations, I genuinely appreciate the opportunity to formally review these matters with you this morning.

Before I begin to discuss specifics regarding our financial performance, however, let me call your attention to the folder you received when you registered

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today. I refer you to the Power Point presentation that we will review later this morning, which includes the Forward-Looking Statements on page 2, and is contained in the left side pocket of the folder. Please take careful note of the required caution we must provide you regarding forward-looking statements, which allows me to speak openly with you this morning and with the blessing of our Legal Counsel.

In recent years, all financial institutions’ performance has been buffeted by extraordinary economic pressure. Under these circumstances, where short and long term interest rates are at approximately the same level, as they have been for some time now, bank margins are inevitably squeezed and earnings are more difficult to generate from diminished spreads. The only way to earn around this market phenomenon is to diversify the Company’s income stream with higher levels of non-interest income.

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At OceanFirst, we opened several business lines, over and above mortgage banking, to accomplish this. Among them: Alternative Investment Sales, Trust and Asset Management, Captive Private Mortgage Insurance, Merchant and Title Insurance Services and our newest and most promising product, reverse mortgages. As we’ll discuss in a few minutes, while we admit to being too aggressive in this mortgage banking strategy as it pertained to subprime lending, over the years we have diversified our revenue stream to the point where, even excluding mortgage banking revenue, a substantial portion of our total income is non-spread related, helping to stabilize the bottom line in a difficult spread environment.

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We have, and will continue to react appropriately to the current situation, however. The fact is that we will be moving past Columbia’s mortgage banking business line, executing our Community Bank business Plan after appropriately dealing with the issues of the day. Our business plan remains optimistic that we can resume the growth we have previously generated in our core deposits, commercial loans and non-interest income, which will drive our revenue and earnings goals through the remainder of the year.

Following the conduct of the formal business of this meeting agenda, I will update you on the recent operations at OceanFirst and entertain a general question and answer session.

Return to Stockholder Meeting and vote.

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As promised, I will now spend some time to bring you up to date on the recent events at the Company which have been heavily publicized. I refer you back to your folder and the Power Point Presentation in the left side pocket.

POWERPOINT

As we move forward, putting this Columbia episode behind us this year, we remain confident that we will succeed in positioning OceanFirst to rebuild earnings momentum and generate the market recognition we deserve, for our shareholders’ investment growth. I thank you for your continued support and offer to address the questions you must have this morning.

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Q & A

ADJOURN MEETING

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NASDAQ: OCFC

WELCOME TO THE

2007 ANNUAL MEETING

OF SHAREHOLDERS

OceanFirst Financial Corp.

MAY 17, 2007

Exhibit 99.1

NASDAQ: OCFC

OceanFirst Financial Corp.

This presentation 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 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 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.

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NASDAQ: OCFC

Subprime Mortgage Lending

Subprime Mortgage Loans –

What Are They?

Why Did OceanFirst Make Subprime Loans?

What Happened To Cause The Subprime

Problems?

What Corrective Action Is OceanFirst Taking?

How Long Will It Take To Be Completely Resolved?

OceanFirst Without Columbia And Subprime Lending?

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Subprime

Mortgage Loans

What Are They? 

Loans made on a residence to borrowers who generally do not satisfy

the credit documentation or standards of the prime market

Enables borrowers with less than perfect credit, who cannot obtain a

loan in the conventional market, to own a home

Generally, a credit score below 660 is considered a subprime

borrower

Loans carry a premium interest rate commensurate to the risk

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Why Did OceanFirst

Make Subprime

Loans? 

OceanFirst

did

not

make

subprime

loans directly, but through our

operating subsidiary, Columbia Home Loans, LLC, headquartered in

Westchester County, New York

While important to OceanFirst, Columbia’s mortgage banking revenue

was not a major contributor to Company earnings and the current

losses

associated

with

subprime

lending do not represent a critical

threat to our continuing operations

Lenders

make

subprime

mortgage

loans

to

satisfy

homeowners’

need

for financing and take prudent steps to manage the associated risks of

the product

Loans made at Columbia were scheduled for sale to firms that

converted them into negotiable securities for sale on Wall Street

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Why Did OceanFirst

Make Subprime

Loans? (Continued)

Selling the loans is one way to mitigate risk of default, however,

misrepresentations in the application process or Early Payment Defaults (EPD)

by the borrower generally result in the requested repurchase of the loans

Columbia was one of many lenders across the Country who made these loans

underwritten to specifications for sale by Wall Street firms

Among the more notable:

Countrywide

Wells Fargo

Subsidiaries of:

Barclays

Citigroup

GE

GMAC

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What Happened To Cause

The Subprime

Problems? 

The

entire

subprime

lending industry suffered an incredibly rapid

reversal of fortune late in 2006

Media Reports and Industry Press Releases have been remarkably

consistent

in

calling

attention

to

one

particular

subprime

mortgage

product providing 100% financing on the basis of stated borrower

income as the cause of the firestorm

This product was originated nationwide to Wall Street investor

specifications

Investors were requiring all originators of this product, including

Columbia, to repurchase loans due to EPD at record pace beginning in

the fourth quarter of 2006

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What Happened To Cause

The Subprime

Problems? (Continued) 

As events unfolded, it became evident that steps Columbia had taken

to

manage

the

risks

associated

with

this

particular

subprime

product

were insufficient to protect Columbia from the onslaught of EPD claims

The problems at Columbia were exacerbated by a concealment of the

incidence of EPD in 2006, in violation of policies and controls

Concealed information remained suppressed by Columbia Officers until

February

2007,

preventing

OceanFirst

from

reacting

appropriately

to

the rapidly deteriorating market

Management was compelled to assert that Columbia’s internal controls

over

financial

reporting

were

“not

effective”

as

of year-end under

Sarbanes Oxley

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What Corrective Action

Is OceanFirst Taking? 

Subprime

loan origination at Columbia was shut down in March

While we initially found no widespread evidence of fraud, we have

recently initiated a more thorough independent forensic review to

confirm our earlier assessment

Internal controls on financial reporting were revised and enhanced

A $9.6 million reserve was established in March for 4Q 2006 EPD

projected losses and earnings were revised

Columbia staff was downsized and those responsible for suppression

of the information were terminated

We utilized a two week delay in the filing of SEC Form 10-K and Annual

Report for 2006 to insure we reported accurate information

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What Corrective Action

Is OceanFirst Taking? (Continued) 

In April following the end of the quarter, additional charges of

$12 million were taken relative to Q1 2007 subprime

activity:

A mark-to-market of Columbia loan inventory which was held for sale

A write-off of Goodwill from the August 2000 acquisition of Columbia which

had become impaired

The reserve for repurchased loans was increased for potential losses from

EPD on remaining Q1 2007 subprime

loan sales

We are now discontinuing operations of Columbia while absorbing

select production capabilities at the Bank

Resignation of Columbia President and Bank Executive Vice President

and Chief Lending Officer, Robert M. Pardes

has been accepted by the

Bank Board of Directors

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How Long Will It Take

To Be Completely Resolved? 

Issues

at

Columbia

have

been

recognized,

contained,

and

provided

for

$21.6 million in charges have been taken to earnings through 1Q 2007

The assumptions used in providing for potential losses from repurchase

claims are proving to be valid through May 15, 2007

The

potential

for

additional

EPD

repurchases

should

disappear

by the

end of the 3Q 2007 due to the March shutdown

Estimated continuing costs of $2.1 to $2.5 million may be incurred as

Columbia’s

Headquarters

is

closed

and

select

operations

are

transferred to the Bank during the second half of this year

The forensic review continues with confirmation to be expected after

mid-year

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Repurchase Requests and

Loss Reserve Amounts

As expected, the rate of receipt of new repurchase requests has slowed

The Company has negotiated numerous cash payment settlements for

claims

without

the

requirement

to

repurchase

the

subprime

loans

The available level of reserves is in line with Company’s projections

$-

$5,000,000

$10,000,000

$15,000,000

$20,000,000

$25,000,000

$30,000,000

$35,000,000

$40,000,000

$45,000,000

Claims

Reserve

Claims

Reserve

Claims

Reserve

12/31/2006

3/31/2007

5/15/2007

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OceanFirst Without Columbia

and Subprime

Lending? 

Tighter, better focused Community Bank operation

Despite heavy losses associated with Columbia in the short run, the overall

financial impact on OceanFirst is very manageable

Absent Columbia activities, with the continued hostile operating

environment facing all banks, OceanFirst earned a respectable $4.2 million

in net income for 1Q, $0.36 per share

Heavy expenses of mortgage banking are eliminated

Efficiency ratio improvement will be evident

Non-interest income continuing strong through remaining initiatives

Serving

the

Central

New

Jersey

Shore

as

the

local

Community

Bank

of

choice in our market

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