Exhibit 99.1

Company Contact:

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 FOURTH QUARTER AND 2008 IMPROVED EARNINGS,

CONTINUATION OF CASH DIVIDEND

TOMS RIVER, NEW JERSEY, January 22, 2009…OceanFirst Financial Corp. (NASDAQ:OCFC), the holding company for OceanFirst Bank, today announced that diluted earnings per share increased to $.30 for the quarter ended December 31, 2008 as compared to $.26 for the corresponding prior year period. For the year ended December 31, 2008 diluted earnings per share increased to $1.26 as compared to $.09 for the corresponding prior year period. The Company also announced that its Board of Directors declared a regular quarterly cash dividend of $.20 per share - covering the three month period ended December 31, 2008 - to be paid on February 13, 2009, to shareholders of record on January 30, 2009.

Discussing the results, CEO John R. Garbarino reflected on the improvement in earnings over the prior year. “In the face of a difficult economic environment we continue to grow earnings over the prior year. Our net interest margin again expanded to 3.35% in the current quarter from 2.83% in the prior year quarter and 3.30% in the linked quarter. Decreases in short-term interest rates coupled with disciplined deposit pricing benefited the Bank’s core operations. We are also pleased to announce the payment of our forty-eighth consecutive quarterly cash dividend, unchanged from prior quarters.”

Commenting on capital, he continued, “The consistency of our quarterly earnings at the Bank this year, coupled with controls on our balance sheet growth, have helped stabilize our capital position. Additionally, as a healthy, well-capitalized institution we were pleased to be invited to take advantage of the Treasury’s Capital Purchase Plan, accepting $38.3 million in Treasury’s preferred equity investment in January 2009, further bolstering our capital position in the New Year.”

Results of Operations

Net interest income for the quarter and year ended December 31, 2008 increased to $14.9 million and $58.0 million, respectively as compared to $13.0 million and $52.9 million, respectively, in the same prior year periods, reflecting a higher net interest margin partly offset by lower levels of interest-earning assets. The net interest margin increased to 3.35% and 3.24%, respectively, for the quarter and year ended December 31, 2008 from 2.83% and 2.79%, respectively, in the same prior year periods. The yield on interest-earning assets decreased to 5.62% and 5.77%, respectively, as compared to 6.06% and 6.07%, respectively, in the same prior year periods. The cost of interest-bearing liabilities decreased to 2.48% and 2.77%, respectively, for the quarter and year ended December 31, 2008, as compared to 3.51% and 3.57%, respectively, in the same prior year periods. Average interest-earning assets decreased by $58.6 million and $102.0 million, respectively, for the quarter and year ended December 31, 2008 as compared to the same prior year periods. The decrease was concentrated in average loans receivable which declined $34.0 million and $75.7 million, respectively, primarily due to the shuttering of Columbia Home Loans, LLC, (Columbia) the Company’s mortgage banking subsidiary, in the fourth quarter of 2007.

Other income decreased to $2.8 million for the quarter ended December 31, 2008 as compared to $4.1 million in the same prior year period. For the year ended December 31, 2008 other income increased to $12.8 million as compared to $2.5 million in the same prior year period. The net gain (loss) and lower of cost or market adjustment on sales of loans and securities available for sale was a gain of $455,000 and $799,000, respectively, for the quarter and year ended December 31, 2008 as compared to a gain of $627,000 and a loss of $11.0 million, respectively, in the same prior year periods. The net gain for the year ended December 31, 2008 includes a $902,000 loss on investment securities transactions. The net loss for the year ended December 31, 2007 includes a $9.4 million charge by Columbia to reduce loans held for sale to their current fair market value, a $1.3 million loss on the bulk sale of subprime loans and a $3.5 million charge to supplement the reserve for repurchased loans. The reserve for repurchased loans, which is included in other liabilities in the Company’s consolidated statements of financial condition, was $1.1 million at December 31, 2008. For the quarter ended December 31, 2008 the Company recognized a reversal of the provision for repurchased loans of $37,000. There were no charge-offs and no loan repurchases during the quarter. For the year ended December 31, 2008, the Company recognized a reversal of the provision for repurchased loans of $248,000 and charge-offs of $1.0 million relating to three loan repurchases and two comprehensive negotiated settlements in lieu of a loan repurchase. At December 31, 2008 there was one outstanding loan repurchase request, which the Company is contesting.

Income (loss) from Bank Owned Life Insurance (“BOLI”) was a net loss of $252,000 and income of $704,000, respectively, for the quarter and year ended December 31, 2008 as compared to income of $343,000 and $1,285,000, respectively, for the corresponding prior year periods. The results for the quarter and year-ended December 31, 2008 were adversely affected by a $568,000 impairment to certain investment securities held by the BOLI’s underlying

investment fund. The Company’s BOLI is invested in a separate account insurance product which is invested in a fixed income portfolio designed to mirror the Lehman Brothers Aggregate Bond Index.

Operating expenses amounted to $12.2 million and $47.4 million, respectively, for the quarter and year ended December 31, 2008, as compared to $12.4 million and $53.8 million, respectively, for the corresponding prior year periods. The expense reduction is primarily due to the shuttering of Columbia in late 2007. Also, operating expenses for the year ended December 31, 2007 included an expense of $1.0 million representing a write-off of the previously established goodwill on the acquisition of Columbia. Operating expenses for the quarter and year ended December 31, 2008 also benefited from a reduction in retirement plan expense. Operating expenses for the quarter and year ended December 31, 2008 include costs relating to the opening of new branches in Freehold, Waretown and Bayville, New Jersey as well as continued elevated professional fees and charges related to vacant office space for Columbia.

The provision (benefit) for income taxes amounted to $1.4 million and $6.9 million for the quarter and year ended December 31, 2008 as compared to $1.5 million and a benefit of $140,000 in the same prior year periods. The provision for income taxes for the quarter and year ended December 31, 2008 benefited from $524,000 in state tax refunds relating to OceanFirst Realty Corp. for the years 2002 through 2006.

Financial Condition

Loans receivable, net decreased by $27.5 million at December 31, 2008 as compared to December 31, 2007 partly derived from increased prepayments due to refinancings and the Bank’s ongoing strategy to sell newly originated longer-term 1-4 family fixed-rate loans. At December 31, 2008, the Company was holding subprime loans from the former Columbia portfolio with a gross principal balance of $5.3 million and a carrying value, net of reserves and

lower of cost or market adjustment of $3.3 million. Deposits decreased to $1,274.1 million at December 31, 2008 from $1,283.8 million at December 31, 2007. Core deposits, however, defined as all deposits excluding time deposits, increased $77.1 million which was offset by a $86.7 million decrease in certificates of deposit as the Bank continued to moderate its pricing for this product. Total Federal Home Loan Bank borrowings decreased to $359.9 million at December 31, 2008 from $405.0 million at December 31, 2007, primarily due to the reduction in loans receivable, net.

Asset Quality

The Company’s non-performing loans totaled $16.0 million at December 31, 2008, an increase from $8.7 million at December 31, 2007. The increase is partly related to two commercial loan relationships totaling $4.0 million which became non-performing during 2008. The first loan relationship totals $2.1 million and is well secured by commercial real estate collateral and a strong guarantor. The second loan relationship totals $1.9 million and is likewise well-secured by commercial real estate collateral. Additionally, non-performing 1-4 family loans increased $2.1 million over the prior year. Non-performing loans at December 31, 2008 include $1.4 million of loans repurchased due to early payment default that were written down to market value on the date of repurchase and $3.2 million of loans previously held for sale that were also written down to market value. For the year ended December 31, 2008, the Company realized net loan charge-offs of $578,000.

Conference Call

As previously announced, the Company will host an earnings conference call on Friday, January 23, 2009 at 11:00 a.m. Eastern time. The direct dial number for the call is (800) 860-2442. For those unable to participate in the conference call, a replay will be available. To access the replay, dial (877)344-7529, Replay Conference Number 426841, from one hour after the end of the call until 9:00 a.m. on February 9, 2009.

OceanFirst Financial Corp.’s subsidiary, OceanFirst Bank, founded in 1902, is a federally-chartered stock savings bank with $1.9 billion in assets and twenty-three 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.

Annual Meeting

The Company also announced today that its Annual Meeting of Stockholders will be held on Thursday, May 7, 2009 at 10:00 A.M. Eastern Standard Time, at the Crystal Point Yacht Club located at 3900 River Road at the intersection of State Highway 70, Point Pleasant, New Jersey. The record date for shareholders entitled to vote at the Annual Meeting is March 10, 2009.

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)

	December 31, 2008			December 31, 2007
ASSETS
Cash and due from banks	$	18,475		$	27,547
Investment securities available for sale		34,364			57,625
Federal Home Loan Bank of New York stock, at cost		20,910			22,941
Mortgage-backed securities available for sale		40,801			54,137
Loans receivable, net		1,648,378			1,675,919
Mortgage loans held for sale		3,903			6,072
Interest and dividends receivable		6,298			6,915
Real estate owned, net		1,141			438
Premises and equipment, net		21,336			17,882
Servicing asset		7,229			8,940
Bank Owned Life Insurance		39,135			38,430
Other assets		15,976			10,653
Total assets	$	1,857,946		$	1,927,499
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits	$	1,274,132		$	1,283,790
Securities sold under agreements to repurchase with retail customers		62,422			69,807
Securities sold under agreements to repurchase with the Federal Home Loan Bank		—			12,000
Federal Home Loan Bank advances		359,900			393,000
Other borrowings		27,500			27,500
Advances by borrowers for taxes and insurance		7,581			7,588
Other liabilities		6,628			9,508
Total liabilities		1,738,163			1,803,193
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 12,364,573 and 12,346,465 shares outstanding at December 31, 2008 and December 31, 2007, respectively		272			272
Additional paid-in capital		204,298			203,532
Retained earnings		160,267			154,929
Accumulated other comprehensive loss		(14,462	)		(3,211	)
Less: Unallocated common stock held by Employee Stock Ownership Plan		(5,069	)		(5,360	)
Treasury stock, 14,812,799 and 14,830,907 shares at December 31, 2008 and December 31, 2007, respectively		(225,523	)		(225,856	)
Common stock acquired by Deferred Compensation Plan		981			1,307
Deferred Compensation Plan Liability		(981	)		(1,307	)
Total stockholders’ equity		119,783			124,306
Total liabilities and stockholders’ equity	$	1,857,946		$	1,927,499

OceanFirst Financial Corp.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

	For the three months ended December 31,					For the years ended December 31,
	2008			2007		2008		2007
	(Unaudited)
Interest income:
Loans	$	23,734		$	25,716	$	96,660	$	105,244
Mortgage-backed securities		500			648		2,210		2,775
Investment securities and other		748			1,451		4,535		6,945
Total interest income		24,982			27,815		103,405		114,964
Interest expense:
Deposits		5,929			8,808		26,756		36,586
Borrowed funds		4,157			6,022		18,626		25,454
Total interest expense		10,086			14,830		45,382		62,040
Net interest income		14,896			12,985		58,023		52,924
Provision for loan losses		600			175		1,775		700
Net interest income after provision for loan losses		14,296			12,810		56,248		52,224
Other income:
Loan servicing income		92			112		385		468
Fees and service charges		2,545			2,950		10,838		11,674
Net gain (loss) and lower of cost or market adjustment on sales of loans and securities available for sale		455			627		799		(11,048	)
Net (loss) income from other real estate operations		(24	)		73		72		100
(Loss) income from Bank Owned Life Insurance		(252	)		343		704		1,285
Other		10			11		25		52
Total other income		2,826			4,116		12,823		2,531
Operating expenses:
Compensation and employee benefits		6,363			6,243		24,270		28,469
Occupancy		1,543			1,623		5,487		5,651
Equipment		548			592		1,981		2,202
Marketing		535			436		1,833		1,482
Federal deposit insurance		152			183		1,104		626
Data processing		801			829		3,176		3,454
General and administrative		2,240			2,469		9,596		10,922
Goodwill impairment		—			—		—		1,014
Total operating expenses		12,182			12,375		47,447		53,820
Income before provision (benefit) for income taxes		4,940			4,551		21,624		935
Provision (benefit) for income taxes		1,440			1,457		6,860		(140	)
Net income	$	3,500		$	3,094	$	14,764	$	1,075
Basic earnings per share	$	0.30		$	0.27	$	1.27	$	0.09
Diluted earnings per share	$	0.30		$	0.26	$	1.26	$	0.09
Average basic shares outstanding		11,687			11,612		11,667		11,545
Average diluted shares outstanding		11,741			11,685		11,758		11,648

OceanFirst Financial Corp.

SELECTED CONSOLIDATED FINANCIAL DATA

(in thousands, except per share amounts)

	At December 31, 2008			At December 31, 2007
STOCKHOLDERS’ EQUITY
Stockholders’ equity to total assets		6.45	%		6.45	%
Common shares outstanding (in thousands)		12,365			12,346
Stockholders’ equity per common share	$	9.69		$	10.07
Tangible stockholders’ equity per common share		9.69			10.07
ASSET QUALITY
Allowance for loan losses	$	11,665		$	10,468
Non-performing loans		16,043			8,741
Non-performing assets		17,184			9,179
Allowance for loan losses as a percent of total loans receivable		0.70	%		0.62	%
Allowance for loan losses as a percent of non-performing loans		72.71			119.76
Non-performing loans as a percent of total loans receivable		0.97			0.52
Non-performing assets as a percent of total assets		0.92			0.48

	For the three months ended December 31,				For the years ended December 31,
	2008		2007		2008		2007
PERFORMANCE RATIOS (ANNUALIZED)
Return on average assets	0.75	%	0.64	%	0.78	%	0.05	%
Return on average stockholders’ equity	11.39		10.09		11.98		0.86
Interest rate spread	3.14		2.55		3.00		2.50
Interest rate margin	3.35		2.83		3.24		2.79
Operating expenses to average assets	2.61		2.56		2.52		2.70
Efficiency ratio	68.74		72.36		66.97		97.05

OceanFirst Financial Corp.

SELECTED LOAN AND DEPOSIT DATA

(in thousands)

LOANS RECEIVABLE

	At December 31, 2008			At December 31, 2007
Real estate:
One- to-four family	$	1,039,375		$	1,084,687
Commercial real estate, multi-family and land		329,844			326,707
Construction		10,561			10,816
Consumer		222,797			213,282
Commercial		59,760			54,279
Total loans		1,662,337			1,689,771
Loans in process		(3,586	)		(2,452	)
Deferred origination costs, net		5,195			5,140
Allowance for loan losses		(11,665	)		(10,468	)
Total loans, net		1,652,281			1,681,991
Less: mortgage loans held for sale		3,903			6,072
Loans receivable, net	$	1,648,378		$	1,675,919
Mortgage loans serviced for others	$	977,410		$	1,026,070
Loan pipeline		69,751			74,808

	For the three months ended December 31,				For the years ended December 31,
	2008		2007		2008		2007
Loan originations	$	90,947	$	108,554	$	383,043	$	678,790
Loans sold		23,529		26,160		102,022		385,962
Net charge-offs		153		394		578		470

DEPOSITS

	At December 31, 2008		At December 31, 2007
Type of Account
Non-interest-bearing	$	97,278	$	103,656
Interest-bearing checking		517,334		454,666
Money market deposit		84,928		84,287
Savings		207,224		187,095
Time deposits		367,368		454,086
	$	1,274,132	$	1,283,790

OceanFirst Financial Corp.

ANALYSIS OF NET INTEREST INCOME

	FOR THE QUARTERS ENDED DECEMBER 31,
	2008						2007
	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	$	6,818	$	6	.35	%	$	8,740	$	96	4.39	%
Investment securities (1)		57,613		575	3.99			62,591		900	5.75
FHLB stock		19,784		167	3.38			22,729		455	8.01
Mortgage-backed securities (1)		41,966		500	4.77			56,763		648	4.57
Loans receivable, net (2)		1,652,278		23,734	5.75			1,686,262		25,716	6.10
Total interest-earning assets		1,778,459		24,982	5.62			1,837,085		27,815	6.06
Non-interest-earning assets		89,929						97,524
Total assets	$	1,868,388					$	1,934,609
Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Transaction deposits	$	825,646		3,151	1.53		$	733,446		3,745	2.04
Time deposits		376,582		2,778	2.95			461,101		5,063	4.39
Total		1,202,228		5,929	1.97			1,194,547		8,808	2.95
Borrowed funds		425,687		4,157	3.91			495,617		6,022	4.86
Total interest-bearing liabilities		1,627,915		10,086	2.48			1,690,164		14,830	3.51
Non-interest-bearing deposits		101,436						104,697
Non-interest-bearing liabilities		16,146						17,061
Total liabilities		1,745,497						1,811,922
Stockholders’ equity		122,891						122,687
Total liabilities and stockholders’ equity	$	1,868,388					$	1,934,609
Net interest income			$	14,896					$	12,985
Net interest rate spread (3)					3.14	%					2.55	%
Net interest margin (4)					3.35	%					2.83	%

	FOR THE YEARS ENDED DECEMBER 31,
	2008						2007
	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	$	10,496	$	191	1.82	%	$	10,572	$	526	4.98	%
Investment securities (1)		60,952		2,948	4.84			68,118		4,561	6.70
FHLB stock		20,156		1,396	6.93			24,110		1,858	7.71
Mortgage-backed securities (1)		46,970		2,210	4.71			62,110		2,775	4.47
Loans receivable, net (2)		1,653,413		96,660	5.85			1,729,064		105,244	6.09
Total interest-earning assets		1,791,987		103,405	5.77			1,893,974		114,964	6.07
Non-interest-earning assets		93,055						100,398
Total assets	$	1,885,042					$	1,994,372
Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Transaction deposits	$	785,906		12,793	1.63		$	725,755		14,861	2.05
Time deposits		408,870		13,963	3.42			491,465		21,725	4.42
Total		1,194,776		26,756	2.24			1,217,220		36,586	3.01
Borrowed funds		442,204		18,626	4.21			521,023		25,454	4.89
Total interest-bearing liabilities		1,636,980		45,382	2.77			1,738,243		62,040	3.57
Non-interest-bearing deposits		107,976						112,649
Non-interest-bearing liabilities		16,876						18,625
Total liabilities		1,761,832						1,869,517
Stockholders’ equity		123,210						124,855
Total liabilities and stockholders’ equity	$	1,885,042					$	1,994,372
Net interest income			$	58,023					$	52,924
Net interest rate spread (3)					3.00	%					2.50	%
Net interest margin (4)					3.24	%					2.79	%

(1) Amounts are recorded at average amortized cost.

(2) 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.

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

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