Exhibit 99.1

FOR IMMEDIATE RELEASE

OCEANFIRST FINANCIAL CORP.

ANNOUNCES YEAR-OVER-YEAR GROWTH IN

NET INCOME AND EARNINGS PER SHARE

TOMS RIVER, NEW JERSEY, October 20, 2011…OceanFirst Financial Corp. (NASDAQ:“OCFC”), the holding company for OceanFirst Bank (the “Bank”), today announced that year-to-date net income and diluted earnings per share both increased over the prior year. For the nine months ended September 30, 2011, net income was $15.3 million as compared to $14.6 million for the same prior year period. Diluted earnings per share rose 5.0%, to $0.84, for the nine months ended September 30, 2011, from $0.80 for the corresponding prior year period. For the three months ended September 30, 2011, net income was $5.1 million as compared to $5.2 million for the prior year period. Diluted earnings per share was $0.28, as compared to $0.29 for the corresponding prior year period. Additional highlights for the quarter included:

The Company also announced that the Board of Directors declared its fifty-ninth consecutive quarterly cash dividend on common stock. The dividend for the quarter ended September 30, 2011 was declared in the amount of $0.12 per share to be paid on November 10, 2011 to shareholders of record on October 31, 2011.

Chairman and CEO John R. Garbarino observed, “Our solid, consistent earnings coupled with controlled growth in the balance sheet continues to fortify our capital position. This strong base and conservative provisioning practices should prove to be an effective buffer against any future credit concerns in these continued unsettled times.”

Results of Operations

Net income for the three months ended September 30, 2011 was $5.1 million, or $0.28 per diluted share, as compared to net income of $5.2 million, or $0.29 per diluted share for the corresponding prior year period. For the nine months ended September 30, 2011 net income increased to $15.3 million, or $0.84 per diluted share, as compared to net income of $14.6 million, or $0.80 per diluted share, for the corresponding prior year period.

Net interest income for the three and nine months ended September 30, 2011 was $19.1 million and $58.1 million, respectively, as compared to $19.6 million and $58.2 million, respectively, in the same prior year periods, reflecting a lower net interest margin partly offset by greater interest-earning assets. The net interest margin decreased to 3.55% and 3.61%, respectively, for the three and nine months ended September 30, 2011 from 3.73% and 3.75%, respectively, in the same prior year periods due to increased average deposits which were invested into interest-earning deposits and investment securities at a modest net interest spread.

Additionally, high loan refinance volume caused yields on loans and mortgage-backed securities to trend downward. The yield on average interest-earning assets decreased to 4.37% and 4.47%, respectively, for the three and nine months ended September 30, 2011, as compared to 4.90% and 4.94%, respectively, in the same prior year periods. The cost of average interest-bearing liabilities decreased to 0.92% and 0.98%, respectively, for the three and nine months ended September 30, 2011, as compared to 1.32% and 1.33%, respectively, in the same prior year periods. Average interest-earning assets increased $47.3 million, or 2.3%, and $76.4 million, or 3.7%, respectively, for the three and nine months ended September 30, 2011, as compared to the same prior year periods. The increase in average interest-earning assets was primarily due to the increase in average investment securities which increased $92.0 million and $82.5 million, respectively, for the three and nine months ended September 30, 2011, as compared to the same prior year periods and the increase in average interest-earning deposits and short-term investments which increased $37.6 million and $24.3 million, respectively, for the three and nine months ended September 30, 2011 as compared to the same prior year periods. Average interest-bearing liabilities increased $22.7 million and $50.9 million, respectively, for the three and nine months ended September 30, 2011, as compared to the same prior year periods. The increase in average interest-bearing liabilities resulted from higher average interest-bearing deposits of $47.0 million and $165.0 million, respectively, partly offset by a decrease in average borrowed funds of $24.4 million and $114.1 million.

For the three and nine months ended September 30, 2011, the provision for loan losses was $1.9 million and $5.8 million, respectively, as compared to $1.6 million and $6.0 million, respectively, for the corresponding prior year periods.

Other income decreased to $3.7 million for the three months ended September 30, 2011, as compared to $4.2 million in the same prior year period. For the nine months ended September 30, 2011, other income increased to $11.1 million as compared to $10.8 million in the same prior

year period. The decrease for the three months ended September 30, 2011 as compared to the same prior year period is primarily due to a decrease in the net gain on the sale of loans of $513,000 due to a decrease in the volume of loans sold. Additionally during the quarter, the Company recognized an other-than-temporary impairment loss on equity securities of $148,000. For the nine months ended September 30, 2011, the impairment loss of $148,000 was offset by a net increase in fees and service charges of $390,000.

Operating expenses decreased by 4.6%, to $13.1 million, and 0.2%, to $39.6 million, respectively, for the three and nine months ended September 30, 2011, as compared to $13.8 million and $39.7 million, respectively, for the corresponding prior year periods. The decrease for the three months ended September 30, 2011 as compared to the corresponding prior year period was primarily due to lower compensation and employee benefits costs, which decreased by $189,000, or 2.6%, to $7.1 million and lower Federal deposit insurance which decreased by $100,000 due to a lower assessment rate and a change in the assessment methodology from deposit-based to a total liability-based assessment. For the nine months ended September 30, 2011, occupancy expense benefited from the negotiated settlement of the remaining office lease obligation at Columbia Home Loans, LLC (“Columbia”), the Company’s mortgage banking subsidiary, which was shuttered in the fourth quarter of 2007.

The provision for income taxes was $2.7 million and $8.5 million, respectively, for the three and nine months ended September 30, 2011, as compared to $3.2 million and $8.7 million, respectively, for the same prior year periods. The effective tax rate decreased to 35.1% and 35.6%, respectively, for the three and nine months ended September 30, 2011, as compared to 37.8% and 37.4%, respectively, in the same prior year periods.

Financial Condition

Total assets increased by $30.5 million, or 1.4%, to $2,281.8 million at September 30, 2011, from $2,251.3 million at December 31, 2010. Cash and due from banks increased by $39.0 million, to $70.5 million at September 30, 2011, as compared to $31.5 million at December 31, 2010. Investment securities available for sale increased by $65.1 million, to $157.0 million at September 30, 2011, as compared to $91.9 million at December 31, 2010, due to purchases of short-term government agency securities. Loans receivable, net decreased by $72.7 million, or 4.4%, to $1,588.1 million at September 30, 2011, from $1,660.8 million at December 31, 2010, primarily due to sales and prepayments of one-to-four family loans.

Deposits increased by $23.9 million, or 1.4%, to $1,687.9 million at September 30, 2011, from $1,664.0 million at December 31, 2010. An increase of $34.1 million in core deposits (i.e. all deposits excluding time deposits) was partly offset by a decline in time deposits, which decreased $10.2 million as the Bank continued to moderate its pricing for this product. Stockholders’ equity increased 7.3%, to $215.9 million at September 30, 2011, as compared to $201.3 million at December 31, 2010, primarily due to net income and a reduction in accumulated other comprehensive loss partly offset by the cash dividend on common stock.

Asset Quality

The Company’s non-performing loans totaled $48.4 million at September 30, 2011, a $10.9 million increase from $37.5 million at December 31, 2010, primarily due to the second quarter addition of one large loan relationship comprised of two commercial real estate loans and one commercial loan totaling $5.7 million. The loans are collateralized by commercial and residential real estate, all business assets and a personal guarantee. An appraisal performed in May 2011 values the real estate collateral at $7.9 million net of delinquent real estate taxes. Additionally, non-performing one-to-four family real estate loans increased $6.1 million at

September 30, 2011, as compared to December 31, 2010 due to continued economic stress and the extended foreclosure process in the State of New Jersey. Net loan charge-offs increased to $2.5 million for the nine months ended September 30, 2011, as compared to $2.1 million for the corresponding prior year period. For the nine months ended September 30, 2011 net charge-offs included $180,000 of loans originated by Columbia. For the quarter ended September 30, 2011, non-performing loans increased $1.7 million as compared to the prior linked quarter and net loan charge-offs were $399,000 for the three months ended September 30, 2011.

The reserve for repurchased loans, which is included in other liabilities in the Company’s consolidated statements of financial condition, was $809,000 at September 30, 2011, unchanged from December 31, 2010. There was no provision for repurchased loans and no charge-offs during the nine months ended September 30, 2011. At September 30, 2011, there was one outstanding loan repurchase request on a loan with a total principal balance of $180,000.

Conference Call

As previously announced, the Company will host an earnings conference call on Friday, October 21, 2011 at 11:00 a.m. Eastern time. The direct dial number for the call is (877) 317-6789. 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 10004769, from one hour after the end of the call until November 7, 2011. The conference call, as well as the replay, are also available (listen-only) by internet webcast at www.oceanfirst.com in the Investor Relations section.

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OceanFirst Financial Corp.’s subsidiary, OceanFirst Bank, founded in 1902, is a federally-chartered savings bank with $2.3 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 by visiting us at www.oceanfirst.com.

Forward-Looking Statements

This news release contains certain forward-looking statements within the meaning of the Private Securities Reform Act of 1995, 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,” “will,” “should,” “may,” “view,” “opportunity,” “potential,” or similar expressions or expressions of confidence. 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, levels of unemployment in the Bank’s lending area, 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 are further discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2010 and 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)

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CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share amounts)

OceanFirst Financial Corp.

SELECTED CONSOLIDATED FINANCIAL DATA

(in thousands, except per share amounts)

OceanFirst Financial Corp.

SELECTED LOAN AND DEPOSIT DATA

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OceanFirst Financial Corp.

ANALYSIS OF NET INTEREST INCOME