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 10.7% QUARTERLY

EARNINGS PER SHARE GROWTH

TOMS RIVER, NEW JERSEY, April 19, 2012…OceanFirst Financial Corp. (NASDAQ:”OCFC”), the holding company for OceanFirst Bank (the “Bank”), today announced that diluted earnings per share increased 10.7%, to $0.31, for the quarter ended March 31, 2012, from $0.28 for the corresponding prior year quarter. Additional highlights for the quarter included:

The Company also announced that the Board of Directors declared its sixty-first consecutive quarterly cash dividend on common stock. The dividend for the quarter ended March 31, 2012, was declared in the amount of $0.12 per share to be paid on May 11, 2012, to shareholders of record on April 30, 2012.

Chairman and CEO John R. Garbarino observed, “Our solid, consistent earnings continue to augment our already strong capital position, and together with our capital management initiatives provide our shareholders with an attractive value proposition.”

Results of Operations

For the quarter ended March 31, 2012, net income increased to $5.6 million, or $0.31 per diluted share, as compared to net income of $5.1 million, or $0.28 per diluted share, for the corresponding prior year period. The improvement was primarily due to an increase in other income and a decrease in operating expenses.

Net interest income for the quarter ended March 31, 2012 decreased to $19.1 million as compared to $19.3 million in the same prior year period, reflecting a lower net interest margin partly offset by greater interest-earning assets. The net interest margin decreased to 3.52% for the quarter ended March 31, 2012, from 3.60% in the same prior year period due to a change in the mix of average interest-earning assets from higher-yielding loans receivable into lower-yielding short-term investments and investment and mortgage-backed securities. High loan refinance volume also caused yields on loans and mortgage-backed securities to trend downward. The yield on average interest-earning assets decreased to 4.21%, for the quarter ended March 31, 2012, as compared to 4.52% in the same prior year period. For the quarter ended March 31, 2012, the yield on loans receivable benefited from loan prepayment fees of

$254,000, most of which was related to a single large commercial loan. The loan prepayment fees increased the yield on interest-earning assets and the net interest margin by 5 basis points for the quarter ended March 31, 2012. The cost of average interest-bearing liabilities decreased to 0.79% for the quarter ended March 31, 2012, as compared to 1.04% in the same prior year period. Average interest-earning assets increased $23.5 million, or 1.1%, for the quarter ended March 31, 2012, as compared to the same prior year period. The increase in average interest-earning assets was primarily due to the increase in average investment and mortgage-backed securities which collectively increased $77.1 million, and the increase in short-term investments which increased $27.8 million. These increases were partly offset by a decrease in average loans receivable, net, of $81.8 million. Average interest-bearing liabilities decreased $17.4 million, for the quarter ended March 31, 2012, as compared to the same prior year period. The decrease in average interest-bearing liabilities was primarily due to a decrease in average borrowed funds of $22.5 million. The growth in interest-earning assets was primarily funded by an increase in average non-interest-bearing deposits of $20.9 million.

For the quarter ended March 31, 2012, the provision for loan losses was $1.7 million, unchanged from the corresponding prior year period.

Other income increased to $4.3 million for the quarter ended March 31, 2012, as compared to $3.5 million in the same prior year period due to an increase in the net gain on the sale of loans, higher fees and service charges and a reduction in the net loss from other real estate operations. For the quarter ended March 31, 2012, the net gain on the sale of loans increased $213,000, due to strong gain on sale margins. The net gain on the sale of loans was adversely affected by a $150,000 increase in the reserve for repurchased loans. Additionally, for the quarter ended March 31, 2012, fees and service charges increased $221,000 due to increases in

trust revenue, merchant service fees and checking account fees. Finally, the net loss from other real estate operations decreased by $316,000 for the quarter ended March 31, 2012, as compared to the same prior year period.

Operating expenses decreased by 1.4%, to $12.9 million, for the quarter ended March 31, 2012, as compared to $13.1 million for the corresponding prior year period. The decrease for the quarter ended March 31, 2012 as compared to the corresponding prior year period was primarily due to lower compensation and employee benefits costs, which decreased by $205,000, or 2.9%, to $6.8 million for the quarter ended March 31, 2012. Additionally, Federal deposit insurance decreased by $210,000 for the quarter ended March 31, 2012 due to a lower assessment rate and a change in the assessment methodology from deposit-based to a total liability-based assessment.

The provision for income taxes was $3.1 million for the quarter ended March 31, 2012, as compared to $2.9 million for the same prior year period. The effective tax rate was 35.7%, for the quarter ended March 31, 2012, as compared to 35.9% in the same prior year period.

Financial Condition

Total assets decreased by $40.9 million, or 1.8%, to $2,261.2 million at March 31, 2012, from $2,302.1 million at December 31, 2011. Cash and due from banks decreased by $39.4 million, to $38.1 million at March 31, 2012, as compared to $77.5 million at December 31, 2011. Part of the cash and due from banks was invested in mortgage-backed securities which increased by $11.5 million, to $376.5 million at March 31, 2012, as compared to $364.9 million at December 31, 2011. Loans receivable, net, decreased by $8.1 million, to $1,554.9 million at March 31, 2012, from $1,563.0 million at December 31, 2011, primarily due to prepayments and sale of newly originated 30-year fixed-rate one-to-four family loans.

Deposits decreased by $25.6 million, or 1.5%, to $1,680.4 million at March 31 2012, from $1,706.1 million at December 31, 2011. Additionally, Federal Home Loan Bank advances decreased $21.0 million, to $245.0 million at March 31, 2012, from $266.0 million at December 31, 2011. Stockholders’ equity increased 1.7%, to $220.5 million at March 31, 2012, as compared to $216.8 million at December 31, 2011, primarily due to net income and a reduction in accumulated other comprehensive loss, partly offset by the cash dividend on common stock and by the repurchase of 113,500 shares of common stock for $1.6 million.

Asset Quality

The Company’s non-performing loans totaled $44.5 million at March 31, 2012, a $515,000 increase from $44.0 million at December 31, 2011. Net loan charge-offs increased to $1.7 million for the quarter ended March 31, 2012, as compared to $970,000 for the corresponding prior year period. During the fourth quarter of 2011, the Company modified its charge-off policy on problem loans secured by real estate which accelerated the recognition of loan charge-offs. The Company now takes charge-offs in the period the loan, or portion thereof, is deemed uncollectable, generally after the loan becomes 120 days delinquent and a recent appraisal is received which reflects a collateral shortfall. Previously, specific valuation reserves were established until the loan charge-off was recorded upon final resolution of the collateral.

The reserve for repurchased loans, which is included in other liabilities in the Company’s consolidated statements of financial condition, was $855,000 at March 31, 2012, a $150,000 increase from December 31, 2011 due to an additional provision for repurchased loans recorded during the quarter primarily resulting from an increase in repurchase requests. At March 31, 2012, there were 9 outstanding loan repurchase requests which the Company is disputing, on loans with a total principal balance of $2.3 million.

Conference Call

As previously announced, the Company will host an earnings conference call on Friday, April 20, 2012 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 10012163, from one hour after the end of the call until April 30, 2012. 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.

* * *

OceanFirst Financial Corp.’s subsidiary, OceanFirst Bank, founded in 1902, is a federally-chartered savings bank with $2.3 billion in assets and twenty-four 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 probability or 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, real estate market values 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, 2011 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)

OceanFirst Financial Corp.

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

(in thousands)

LOANS RECEIVABLE

DEPOSITS

OceanFirst Financial Corp.

ANALYSIS OF NET INTEREST INCOME