Text of Written Presentation

NASDAQ: OCFC

OceanFirst Financial Corp.

John R. Garbarino, Chairman, President & CEO

Michael J. Fitzpatrick, Executive Vice President & CFO

INVESTOR PRESENTATION

FEBRUARY 2008

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

the

U.S.

Treasury

and

the

Board

Governors

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

–

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.

NASDAQ: OCFC

OceanFirst Financial Today

Holding Company for the 106 year old financial services firm serving

the community banking needs of the attractive Central New Jersey

Shore growth market between the major metropolitan areas of New

York City and Philadelphia

$1.9 Billion in Assets –

OceanFirst Bank branches within a tightly

defined market area and 1 satellite loan production office

Emerging from an unfortunate foray into wholesale nonprime

mortgage banking –

Columbia Home Loans (CHL)

Transitioning the Bank’s balance sheet to reduce a historical over-

reliance on CD funding and residential mortgage portfolio lending

Growing fee and service charge income through maturity of new

business lines and continual product line expansion

Responding to the Economic Environment, Governance, Compliance

& Risk Management challenges of the day

NASDAQ: OCFC

Attractive Market Area

NASDAQ: OCFC

Ocean County –

Fastest Growing County in NJ

558,000 people in Ocean County in 2005

•

9.3% increase since 2000

•

Outpacing NJ (3.6% increase)

•

Outpacing US (5.3% increase)

$52,065 Ocean County median household income in 2005

•

12.1% increase since 2000

83% Home Ownership in Ocean County

•

Outpacing NJ (65%)

•

Outpacing US (66%)

Source: US Census Bureau

NASDAQ: OCFC

Ocean County Deposit Market Share

Total

# of

Deposits

Market

Bank

Branches

(000)

Share %

Commerce

$1,753,891

14.9

Wachovia

$1,729,790

14.7

Hudson City Savings

$1,687,719

14.3

Sovereign

$1,445,889

12.3

OceanFirst

$1,184,539

10.1

Bank of America

$1,049,874

8.9

Source: FDIC –

Data as of June 30, 2007

NASDAQ: OCFC

Growth Opportunities in Market

New Branches

Committed

Monmouth

Freehold (2 Office)

February 2008

Wall (2

Office)

2009

Ocean

Bayville

Q4 2008

Waretown

Q4 2008

Toms River (2 Office)

2009

Toms River Headquarters

NASDAQ: OCFC

Ten Years Delivering Shareholder Value

Average Annual/Total

Shareholder Return

(1996 –

2006)

15.6%

Note: Data as of 9/30/06 prior to adverse effects of CHL nonprime mortgage

banking write-offs

25.8%

$10,313,000

$1,376,000

Fee and Service Charge Income

10.2%

14.1%

6.0%

ROE

13.2%

.80

.27

Annual Dividend

11.9%

$1.58

$.59

EPS

CAGR

Last 12 Months

Sept. 30, 2006

Year Ended

Dec. 31, 1997

10.3%

825,158,000

317,070,000

Core Deposits

9.8%

$1,714,760,000

$690,306,000

Total Loans

CAGR

9/30/2006

12/31/1996

NASDAQ: OCFC

Loans

Sold

–

1/1/06

–

6/30/07

-0-

CHL –

Nonprime Lending Meltdown

93.1% of Total Exposure Covered by all

Negotiated Settlements, $447.2 Million

$ 10.7 Million

Loss on Sale and Market Writedown on Nonprime

Loans

–

2007

$ 13.1 Million

Total

Provision

for

Repurchased

Loans

–

2006

and

2007

$ 2.0 Million

Reserve for Repurchased Loans at January 31, 2008

Repurchase Requests Outstanding at January 31, 2008

$68.1 Million

Loans Repurchased and Retained

$ 2.5 Million

Loans Repurchased and Resold

$12.2 Million

Individual Settlements

$ 4.5 Million

Comprehensive Settlements

$48.9 Million

$ 68.1 Million

Repurchase Requests Received and Resolved:

$480.2 Million

NASDAQ: OCFC

Mortgage Banking Cyclicality –

Ends Disastrously

CHL Quarterly EPS Contribution

-0.80

-0.70

-0.60

-0.50

-0.40

-0.30

-0.20

-0.10

0.00

0.10

2001

2002

2003

2004

2005

2006

2007

NASDAQ: OCFC

500

1000

1500

2000

2500

Total Assets

2007 Balance Sheet Has Contracted

At December 31.

NASDAQ: OCFC

200

400

600

800

1000

1200

1400

1600

Core Deposits

CD's

2007 CD Runoff

At December 31. Core deposits include all deposits other than certificates.

Core Deposits Stable

NASDAQ: OCFC

2007 Mortgage Portfolio Runoff

At December 31.

Consumer & Commercial Growth

200

400

600

800

1000

1200

1400

1600

1800

2000

Consumer

Commercial

Mortgage

NASDAQ: OCFC

In this Environment……Managing Carefully

Recovering from CHL shutdown

Enterprise-wide Risk Management matures

Exercise discipline/restraint in growth initiatives

Take what the market gives without forcing growth

Issue Tier II debt to supplement Capital needs

NASDAQ: OCFC

Current External Challenges

Looming recession –

economic uncertainty

Aggressive CD pricing dominating consumer choice

Margin pressure from depositor preference shift

Credit market turmoil remains

Tenuous credit quality –

real estate valuations

NASDAQ: OCFC

Three Year Business Plan Imperatives

Focus on disciplined de novo branch and core account

development to support the margin, drive asset/revenue growth

Target commercial lending as the focus of portfolio growth,

further improving the loan portfolio mix

Grow non-interest income, a key driver of top-line revenue,

through re-adjustment and maturation of business initiatives

Improve operating efficiency through both revenue enhancement

and expense control following the shuttering of CHL

Deliver all financial services within the Bank’s existing geographic

market under the strong sales, service and credit cultures

•

Capitalizing on the unique advantage of being the local community

service minded alternative to mega-banks

•

Benefiting in market from TD Bank/Commerce

A challenging return to double-digit EPS growth rates

NASDAQ: OCFC

Targets Need to Reset

Commercial & Consumer Loan Mix

35%

38%

Revenue Mix (percent of total revenue)

•

Fee and Service Charge (4Q 07)

17%

20%

Balance Sheet transformation will drive goal of EPS growth

2007

2010

Core Deposit Mix

65%

70%

NASDAQ: OCFC

Core Deposit Funding

20 Branches within a tightly defined footprint provide

significant presence, market share

TD Bank/Commerce removes toughest retail competitor

Disciplined de novo branching and core deposit generation

•

Over 12 years, 12 branches were opened with an average core

deposit mix of 70%

Recent branch activity in our growth market

•

New Branches in Barnegat and Little Egg Harbor

•

Whiting branch successfully relocated

•

2008 –

2009

–

5 offices committed

Potential De Novo Bank Acquisitions

NASDAQ: OCFC

Non-Interest Income Initiatives

Largest reverse mortgage originator headquartered in NJ,

one of a handful of select, nationwide FNMA seller/servicers

•

Generating $1.1 million in fee income in 2007 and growing rapidly

in fertile market

Trust Department revenues continue to grow

•

$1.3 million in 2007

•

$126 million assets under management

Internalizing the sale of non-insured alternative investment

products currently outsourced to third party provider

•

$1.2 million in 2007

NASDAQ: OCFC

Credit Risk Supported by Portfolio Composition

Commercial Lending

•

Diversified, low risk $381 million portfolio

Commercial real estate -

86% $542,000 average

C & I -

14%

$138,000 average

Only 8 large relationships, $7 to $13.2 million exposures

Limited exposure to residential construction lending

•

No large, speculative subdivisions

Strong credit quality indicators through 4Q 07

•

Non-performing loans total $8.7 million (52 bps of total loans receivable)

$4.0 million –

loans aggressively written down following 2007 market retreat

•

Net charge-offs of only $470,000 for 2007

•

Net charge-offs averaged only 3 bps of net loans over past 10 years

NASDAQ: OCFC

2000

4000

6000

8000

10000

12000

14000

16000

18000

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

Cumulative Repurchases

Capital Ratio

As of December 31.

Share Repurchase Plans –

Capital Leveraged

6.4%

NASDAQ: OCFC

Repurchase Program Supporting EPS Growth

Repurchased 17.0 million shares in total; 62% of original issue

Current authority for repurchase of 489,000 shares

Current program funding capability with issuance of Tier II Capital

•

$5.0 million of subordinated debt issued in 2005

•

$12.5 million of trust preferred securities issued during 2006

•

$10.0 million of trust preferred securities issued during 2007

•

Potential for issuance of additional $10.0 million

NASDAQ: OCFC

Building Additional Shareholder Value

In the long run, we hope you agree the following

undoubtedly create value for the long term OCFC investor:

•

Maturing Enterprise-wide Risk Management commitment

rebuilds OceanFirst credibility to effectively manage risk

•

Lower risk, streamlined business plan without Mortgage

Banking subsidiary, providing quality earnings growth

•

Attractive cash dividend and potential share repurchases

proactively manage capital and support EPS

•

Franchise Value is enhanced in Central

New Jersey Shore Growth Market

•

Strong Total Shareholder Returns

are restored for the OCFC investor

NASDAQ: OCFC

Thank you for your

interest in

OceanFirst

Financial Corp.