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 QUARTERLY AND YEAR-TO-DATE

EARNINGS PER SHARE GROWTH

TOMS RIVER, NEW JERSEY, July 19, 2012…OceanFirst Financial Corp. (NASDAQ:“OCFC”), the holding company for OceanFirst Bank (the “Bank”), today announced that diluted earnings per share increased 7.1%, to $0.30, for the quarter ended June 30, 2012, from $0.28 for the corresponding prior year quarter. For the six months ended June 30, 2012, diluted earnings per share increased 8.9%, to $0.61, as compared to $0.56 for the corresponding prior year period. Additional highlights for the quarter included:

The Company also announced that the Board of Directors declared its sixty-second consecutive quarterly cash dividend on common stock. The dividend for the quarter ended June 30, 2012, was declared in the amount of $0.12 per share to be paid on August 10, 2012, to shareholders of record on July 30, 2012.

Chairman and CEO John R. Garbarino observed, “Moderating credit costs this year have helped us to grow our earnings in the current quarter and year-to-date despite the persistent pressure on the margin. Our attractive double-digit return on equity continues to build value for our shareholders’ investment.”

Results of Operations

Net income for the three months ended June 30, 2012 increased to $5.4 million, or $0.30 per diluted share, as compared to net income of $5.1 million, or $0.28 per diluted share for the corresponding prior year period. For the six months ended June 30, 2012, net income increased to $11.0 million, or $0.61 per diluted share, as compared to net income of $10.2 million, or $0.56 per diluted share, for the corresponding prior year period. The improvements were primarily due to a decrease in the provision for loan losses, an increase in other income and a decrease in operating expenses.

Net interest income for the three and six months ended June 30, 2012 decreased to $18.4 million and $37.5 million, respectively, as compared to $19.6 million and $39.0 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 3.39% and 3.45%, respectively, for the three and six months ended June 30, 2012, from 3.67% and 3.64%, respectively, in the same prior year periods 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 4.06% and 4.13%, respectively, for the three and six months ended June 30, 2012, as compared to 4.53% for the same prior year periods. For the six months ended June 30, 2012, the yield on loans receivable benefited from a single large commercial loan prepayment fee of $219,000 which increased the yield on interest-earning assets and the net interest margin by 2 basis points for the six months ended June 30, 2012. The cost of average interest-bearing liabilities decreased to 0.78% and 0.79%, respectively, for the three and six months ended June 30, 2012, as compared to 0.97% and 1.00%, respectively, in the same prior year periods. Average interest-earning assets increased $33.1 million, or 1.5%, and $28.3 million, or 1.3%, respectively, for the three and six months ended June 30, 2012, as compared to the same prior year periods. The increases in average interest-earning assets were primarily due to the increases in average investment and mortgage-backed securities, which collectively increased $66.9 million and $71.9 million, respectively, and the increase in average short-term investments which increased $42.1 million and $35.0 million, respectively. These increases were partly offset by a decrease in average loans receivable, net, of $75.6 million and $78.6 million, respectively. Average interest-bearing liabilities decreased $28.7 million and $23.0 million, respectively, for the three and six months ended June 30, 2012, as compared to the same prior year periods. The decrease in average interest-bearing liabilities was primarily due to a decrease in average borrowed funds of $39.2 million and $30.8 million, respectively. The growth in interest-earning assets was primarily funded by an increase in average non-interest-bearing deposits of $33.6 million and $27.2 million, respectively.

For the three and six months ended June 30, 2012, the provision for loan losses was $1.7 million and $3.4 million, respectively, as compared to $2.2 million and $3.9 million, respectively, from the corresponding prior year periods.

Other income increased to $4.5 million and $8.9 million, respectively, for the three and six months ended June 30, 2012, as compared to $3.9 million and $7.4 million, respectively, in the same prior year periods due to an increase in the net gain on the sale of investment securities and loans, higher fees and service charges, and, for the six months ended June 30, 2012, a reduction in the net loss from other real estate operations. For the three and six months ended June 30, 2012, the Company recognized a gain of $226,000 on sale of equity securities. For the three and six months ended June 30, 2012, the net gain on the sale of loans increased $338,000 and $550,000, respectively, due to an increase in loan sale volume and strong gain on sale margins. However, the increase in the net gain on the sale of loans for the three and six months ended June 30, 2012 was partially offset by an increase of $100,000 and $250,000, respectively, in the reserve for repurchased loans. For the three and six months ended June 30, 2012, fees and service charges increased $44,000 and $266,000, respectively, due to increases in trust revenue, merchant service fees and retail checking account fees. Finally, the net loss from other real estate operations decreased $304,000 for the six months ended June 30, 2012, as compared to the same prior year period.

Operating expenses decreased by 3.9%, to $12.9 million, and 2.7%, to $25.8 million, respectively, for the three and six months ended June 30, 2012, as compared to $13.4 million and $26.5 million, respectively, for the corresponding prior year periods. The decrease for the three and six months ended June 30, 2012 as compared to the corresponding prior year periods was primarily due to lower compensation and employee benefits costs, which decreased by $320,000,

or 4.5%, to $6.8 million for the three months ended June 30, 2012 and by $525,000, or 3.7%, to $13.6 million for the six months ended June 30, 2012. Additionally, Federal deposit insurance decreased by $201,000 and $410,000, respectively, for the three and six months ended June 30, 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 $3.0 million and $6.1 million, respectively, for the three and six months ended June 30, 2012, as compared to $2.9 million and $5.7 million, respectively, for the same prior year periods. The effective tax rate was 35.8% and 35.7%, respectively, for the three and six months ended June 30, 2012, as compared to 35.9% in both same prior year periods.

Financial Condition

Total assets decreased by $14.6 million, or 0.6%, to $2,287.5 million at June 30, 2012, from $2,302.1 million at December 31, 2011. Cash and due from banks decreased by $37.6 million, to $39.9 million at June 30, 2012, as compared to $77.5 million at December 31, 2011. Part of the cash and due from banks was invested in investment and mortgage-backed securities, which collectively increased by $40.7 million, to $570.9 million at June 30, 2012, as compared to $530.2 million at December 31, 2011. Loans receivable, net, decreased by $14.1 million, to $1,548.9 million at June 30, 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 increased by $2.3 million, to $1,708.4 million at June 30, 2012, from $1,706.1 million at December 31, 2011. Federal Home Loan Bank advances decreased $19.0 million, to $247.0 million at June 30, 2012, from $266.0 million at December 31, 2011 due to excess

liquidity and cash flows from loans receivable. Stockholders’ equity increased to $218.8 million at June 30, 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 513,737 shares of common stock for $7.3 million.

Asset Quality

The Company’s non-performing loans totaled $44.2 million at June 30, 2012, a $224,000 increase from $44.0 million at December 31, 2011. Subsequent to quarter-end, the Company sold its largest non-performing one-to-four family mortgage loan with a carrying value of $2.6 million at a modest recovery. Net loan charge-offs increased to $4.0 million for the six months ended June 30, 2012, as compared to $2.1 million 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 $955,000 at June 30, 2012, a $250,000 increase from December 31, 2011 due to an additional provision for repurchased loans recorded during the six months ended June 30, 2012 primarily resulting from an increase in repurchase requests. At June 30, 2012, there were 10 outstanding loan repurchase requests which the Company is disputing, on loans with a total principal balance of $3.1 million.

Conference Call

As previously announced, the Company will host an earnings conference call on Friday, July 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 10015674 from one hour after the end of the call until July 31, 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.

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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-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