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RED BANK, NEW JERSEY, April 28, 2022 - OceanFirst Financial Corp. (NASDAQ:“OCFC”), (the “Company”), the holding company for OceanFirst Bank N.A. (the “Bank”), announced net income available to common stockholders of $24.8 million, or $0.42 per diluted share, for the quarter ended March 31, 2022, as compared to $31.7 million, or $0.53 per diluted share, for the corresponding prior year period. Selected performance metrics are as follows (refer to “Selected Quarterly Financial Data” for additional information):

•Loan and Deposit Growth: Loan growth for the quarter was $486.1 million, reflecting record loan originations of $1.02 billion and the purchase of residential loan pools of $161.7 million. The committed loan pipeline remains strong at $515.4 million. In addition, deposits increased $323.4 million during the first quarter, while cost of deposits decreased four basis points to 0.16%, from 0.20%, in the prior linked quarter. The loans-to-deposits ratio increased to 90.60%, from 88.60%, in the prior linked quarter.

1 Core earnings and core earnings before income taxes and credit loss provision (“PTPP”), and ratios derived from them, are non-GAAP financial measures. For the periods presented, core earnings exclude merger related expenses, net branch consolidation expenses, net loss (gain) on equity investments, and the income tax effect of these items, (collectively referred to as “non-core” operations). PTPP excludes the aforementioned pre-tax “non-core” items along with income tax expense (benefit) and credit loss provision (benefit). Refer to “Explanation of Non-GAAP Financial Measures” and the “Non-GAAP Reconciliation” tables for additional information regarding our non-GAAP financial measures.

•Expense Management: Total operating expenses decreased to $57.5 million, from $64.8 million in the prior linked quarter, and operating expenses excluding non-core operations decreased to $55.1 million from $57.1 million, for the same periods, reflecting improving trends in the Bank’s cost reduction initiatives. These efforts improved the efficiency ratio to 61.77%, from 72.04%, in the prior linked quarter, and core efficiency ratio improved to 57.51%, from 62.57%, in the prior linked quarter.

Chairman and Chief Executive Officer, Christopher D. Maher, commented on the Company’s results, “We are pleased to report strong first quarter results, including record loan originations of over $1 billion, a material expansion in net interest margin, and decreased operating expenses. The exceptional loan growth, along with increased deposits, resulted in an increased loan to deposit ratio of 90.60%. Although deposits grew, our cost of deposits decreased to 16 basis points reflecting our continued commitment to building a high quality funding base.” Mr. Maher added, “As interest rates have begun to increase, our discipline regarding rate positions has protected our shareholders’ tangible book value position and set the stage for continued earnings growth.”

The Company’s Board of Directors declared its 101st consecutive quarterly cash dividend on common stock. The quarterly cash dividend on common stock of $0.17 per share will be paid on May 20, 2022 to common stockholders of record on May 9, 2022. The Board previously declared a quarterly cash dividend on preferred stock of $0.4375 per depositary share, representing 1/40th interest in the Series A Preferred Stock. This dividend will be paid on May 16, 2022 to preferred stockholders of record on April 29, 2022.

Net income for the quarter ended March 31, 2022 was adversely impacted by non-core operations of $4.0 million, net of tax, while net income for the quarter ended March 31, 2021 was favorably impacted by non-core operations of $5.2 million, net of tax. Core earnings for the quarter ended March 31, 2022 was $28.8 million, or $0.49 per diluted share, an increase from core earnings of $26.5 million, or $0.44 per diluted share, for the corresponding prior year period. Core earnings for the quarter ended March 31, 2022 increased from $28.5 million, or $0.48 per diluted share, for the prior linked quarter, which was adversely impacted by non-core operations of $6.8 million, net of tax.

Net interest income for the quarter ended March 31, 2022 increased to $84.2 million, as compared to $73.6 million for the corresponding prior year period, reflecting an increase in net interest margin. Average interest-earning assets increased by $551.7 million for the quarter ended March 31, 2022, as compared to the same prior year period, primarily due to loan and securities growth, which was primarily funded by the redeployment of excess cash. Average loans receivable, net of allowance for loan credit losses, increased by $1.07 billion for the quarter ended March 31, 2022, as compared to the same prior year period.

Net interest margin for the quarter ended March 31, 2022 increased to 3.18% from 2.93% for the same prior year period. Excluding the impact of purchase accounting accretion and prepayment fees of 0.12% and 0.18% for the quarters ended March 31, 2022 and 2021, respectively, net interest margin increased to 3.06% from 2.75%. Net interest margin expansion was primarily attributable to the decrease in excess balance sheet liquidity used to fund loan and securities growth. In addition, for the quarter ended March 31, 2022, the cost of average interest-bearing liabilities decreased to 0.35% from 0.60% for the corresponding prior year period, as a result of the downward repricing of deposits. The

Net interest income for the quarter ended March 31, 2022 increased by $3.6 million, as compared to the prior linked quarter, and net interest margin increased to 3.18%, as compared to 2.99% for the prior linked quarter. Excluding the impact of purchase accounting accretion and prepayment fees of 0.12% and 0.18% for the quarter ended March 31, 2022 and December 31, 2021, respectively, net interest margin increased to 3.06% from 2.81%. The net interest margin expansion was primarily attributable to the decrease in excess balance sheet liquidity used to fund loan and securities growth. The yield on average interest-earning assets increased to 3.43% from 3.28% in the prior linked quarter. The total cost of average interest-bearing liabilities was 0.35% for the quarter ended March 31, 2022, as compared to 0.40% in the prior linked quarter, partly due to a decrease in higher-costing time deposits.

For the quarter ended March 31, 2022, the credit loss expense was $1.9 million, as compared to a credit loss benefit of $620,000 for the corresponding prior year period and a credit loss benefit of $1.6 million in the prior linked quarter. The credit loss expense for the quarter ended March 31, 2022 was influenced by slowing prepayment rate assumptions primarily impacting the residential real estate portfolio, strong loan portfolio growth, and macro-economic forecast uncertainty related to the Russia-Ukraine war, partly offset by positive trends in the Bank’s criticized and classified assets and favorable employment outlook.

Excluding non-core operations, the $4.8 million increase in operating expenses for the quarter ended March 31, 2022, as compared to the corresponding prior year period, was primarily due to increases in compensation and benefits expense of $2.3 million, relating to the commercial banking strategy and the commercial banking hires in expansion markets of Boston and Baltimore as well as additional hires in New Jersey, New York and Philadelphia, data processing expense of $1.7 million, as a result of the migration to a new core banking system, and occupancy expense of $683,000.

The provision for income taxes was $8.0 million for the quarter ended March 31, 2022, as compared to $10.7 million for the same prior year period, and $4.1 million for the prior linked quarter. The effective tax rate was 23.6% for the quarter ended March 31, 2022, as compared to 24.6% for the same prior year period and 15.3% for the prior linked quarter. The lower effective tax rate in the prior linked quarter was primarily due to the allocation of more taxable income to jurisdictions other than New Jersey with lower income tax rates and other tax optimization efforts.

Total assets increased by $425.3 million to $12.16 billion at March 31, 2022, from $11.74 billion at December 31, 2021. Total loans, excluding PPP loans of $15.0 million and $22.9 million at March 31, 2022 and December 31, 2021, respectively, increased by $494.0 million, to $9.09 billion at March 31, 2022, from $8.60 billion at December 31, 2021, primarily due to loan originations and purchases of $161.7 million of residential real estate loan pools. Total debt securities decreased by $61.5 million at March 31, 2022, as compared to December 31, 2021.

Deposits increased by $323.4 million to $10.06 billion at March 31, 2022, from $9.73 billion at December 31, 2021. Total deposits excluding time deposits increased by $211.1 million to $9.17 billion at March 31, 2022, from $8.96 billion at December 31, 2021, due to organic growth in all deposit categories. Time deposits increased to $887.3 million at March 31, 2022, from $775.0 million at December 31, 2021 primarily due to an increase in brokered time deposits, which were less costly than comparable term Federal Home Loan Bank (“FHLB”) advances. The loans-to-deposit ratio at March 31, 2022 was 90.6%, as compared to 88.6% at December 31, 2021. FHLB advances increased to $75.0 million at March 31, 2022 from $0 at December 31, 2021 to fund loan growth. Other borrowings

Stockholders’ equity was $1.52 billion at March 31, 2022 and December 31, 2021. Accumulated other comprehensive loss increased by $12.3 million to $15.2 million at March 31, 2022 from $2.8 million at December 31, 2021, primarily due to unrealized losses on debt securities available-for-sale which were impacted by higher interest rates. For the quarter ended March 31, 2022, the Company repurchased 100,444 shares under its stock repurchase programs at a weighted average cost of $21.35 and there were 3,207,217 shares available for repurchase at March 31, 2022 under the existing repurchase programs. Stockholders’ equity per common share decreased to $25.58 at March 31, 2022, as compared to $25.63 at December 31, 2021. Tangible common equity per common share increased to $15.94 at March 31, 2022, as compared to $15.93 at December 31, 2021.

The Company’s non-performing loans increased to $26.9 million at March 31, 2022, as compared to $25.5 million at December 31, 2021. The Company’s non-performing loans, excluding $3.7 million and $6.5 million of non-performing purchased with credit deterioration (“PCD”) loans from prior bank acquisitions at March 31, 2022 and December 31, 2021, increased to $23.2 million at March 31, 2022, as compared to $18.9 million at December 31, 2021, primarily due to one commercial relationship of $3.2 million, which moved to non-performing loans. The allowance for loan credit losses as a percentage of total non-performing loans was 187.9% at March 31, 2022, as compared to 191.6% at December 31, 2021. The allowance for loan credit losses as a percentage of total non-performing loans, excluding PCD loans, was 218.3% at March 31, 2022, as compared to 257.8% at December 31, 2021. The level of 30 to 89 days delinquent loans expanded to $18.7 million at March 31, 2022, from $14.5 million at December 31, 2021. The level of 30 to 89 days delinquent loans, excluding non-performing and PCD loans, expanded to $15.9 million at March 31, 2022, from $13.5 million at December 31, 2021.

Reported amounts are presented in accordance with GAAP. The Company’s management believes that the supplemental non-GAAP information, which consists of reported net income excluding non-core operations, and in some instances excluding income taxes and credit loss provision, and reporting equity and asset amounts excluding intangible assets and goodwill, which can vary from period to period, provides a better comparison of period to period operating performance. Additionally, the Company believes this information is utilized by regulators and market analysts to evaluate a company’s financial condition and, therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for financial results in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures which may be presented by other companies. Refer to the Non-GAAP Reconciliation table at the end of this document for details on the earnings impact of these items.

The Annual Meeting of Stockholders will be held on Wednesday, May 25, 2022 at 9:00 a.m. Eastern Time, as previously announced. The meeting will be held in a virtual format only. Stockholders of record are invited to participate in the live webcast of the meeting, which will offer the same rights and opportunities to participate as at an in-person meeting, using online tools to ensure access and participation. The record date for stockholders to vote at the Annual Meeting was April 6, 2022. Voting before the meeting is encouraged, even for stockholders planning to participate in the live virtual broadcast. Votes may be submitted by telephone or online according to the instructions on the proxy card or by mail. A link to the live webcast, and a replay of the event, is available by visiting

oceanfirst.com - Investor Relations. Access will begin at 8:45 a.m. Eastern Time to allow time for stockholders to log-in with the control number provided on the proxy card prior to the 9:00 a.m. Eastern Time scheduled start. Eligible stockholders may also vote during the live meeting online at www.virtualshareholdermeeting.com/OCFC2022 by entering the 16-digit control number included on the proxy card or notice. Whether or not stockholders plan to attend the virtual Annual Meeting, the Company encourages all eligible stockholders to vote using proxy card materials included in the meeting materials distributed beginning April 26, 2022. As a reminder, participating in the meeting is not required to vote.

As previously announced, the Company will host an earnings conference call on Friday, April 29, 2022 at 11:00 a.m. Eastern Time. The direct dial number for the call is (844) 200-6205, using the access code 956037. For those unable to participate in the conference call, a replay will be available. To access the replay, dial (866) 813-9403, access code 401866, from one hour after the end of the call until July 29, 2022. 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 N.A., founded in 1902, is a $12.2 billion regional bank providing financial services throughout New Jersey and in the major metropolitan markets of Philadelphia, New York, Baltimore, Washington D.C., and Boston. OceanFirst Bank delivers commercial and residential financing, treasury management, trust and asset management, and deposit services and is one of the largest and oldest community-based financial institutions headquartered in New Jersey. To learn more about OceanFirst, go to www.oceanfirst.com.

In addition to historical information, this news release contains certain forward-looking statements within the meaning of the Private Securities Litigation 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 its subsidiaries include, but are not limited to: the impact of the COVID-19 or any other pandemic on our operations and financial results and those of our customers, changes in interest rates, inflation, general economic conditions, levels of unemployment in the Bank’s lending area, real estate market values in the Bank’s lending area, future natural disasters and increases to flood insurance premiums, the current or anticipated impact of military conflict, terrorism or other geopolitical events, the level of prepayments on loans and mortgage-backed securities, legislative/regulatory changes, monetary and fiscal policies of the U.S. Government including policies of the U.S. Treasury and the Board of Governors of 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, accounting principles and guidelines and the Bank’s ability to successfully integrate acquired operations. These risks and uncertainties are further discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, under Item 1A - Risk Factors and elsewhere, and subsequent securities filings 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.


	March 31,		December 31,		March 31,
	2022		2021		2021
	(Unaudited)				(Unaudited)
Assets
Cash and due from banks	$	210,919	$	204,949	$	1,173,665

Debt securities available-for-sale, at estimated fair value	546,470		568,255		268,511
Debt securities held-to-maturity, net of allowance for securities credit losses of $1,380 at March 31, 2022, $1,467 at December 31, 2021, and $1,717 at March 31, 2021 (estimated fair value of $1,050,892 at March 31, 2022, $1,152,744 at December 31, 2021 and $1,099,745 at March 31, 2021)	1,099,514		1,139,193		1,082,326
Equity investments	93,888		101,155		50,159
Restricted equity investments, at cost	56,704		53,195		52,199
Loans receivable, net of allowance for loan credit losses of $50,598 at March 31, 2022, $48,850 at December 31, 2021 and $59,976 at March 31, 2021	9,065,679		8,583,352		7,820,590
Loans held-for-sale	—		—		43,175
Interest and dividends receivable	33,353		32,606		32,819
Other real estate owned	106		106		106
Premises and equipment, net	126,767		125,828		110,093

Bank owned life insurance	259,121		259,207		264,548

Assets held for sale	5,676		6,229		5,340
Goodwill	500,319		500,319		500,319
Core deposit intangible	17,005		18,215		22,273
Other assets	149,424		147,007		151,349
Total assets	$	12,164,945	$	11,739,616	$	11,577,472
Liabilities and Stockholders’ Equity
Deposits	$	10,056,233	$	9,732,816	$	9,502,812
Federal Home Loan Bank advances	75,002		—		—
Securities sold under agreements to repurchase with retail customers	117,782		118,769		134,465
Other borrowings	194,396		229,141		228,176
Advances by borrowers for taxes and insurance	25,398		20,305		20,980
Other liabilities	176,800		122,032		192,320
Total liabilities	10,645,611		10,223,063		10,078,753
Total stockholders’ equity	1,519,334		1,516,553		1,498,719
Total liabilities and stockholders’ equity	$	12,164,945	$	11,739,616	$	11,577,472


	For the Three Months Ended,
	March 31,		December 31,		March 31,
	2022		2021		2021
	\|---------------------- (Unaudited) ----------------------\|
Interest income:
Loans	$	82,468	$	81,392	$	77,908
Debt securities	7,504		5,654		5,355
Equity investments and other	1,011		1,411		1,611
Total interest income	90,983		88,457		84,874
Interest expense:
Deposits	4,041		5,010		8,496
Borrowed funds	2,715		2,861		2,774
Total interest expense	6,756		7,871		11,270
Net interest income	84,227		80,586		73,604
Credit loss expense (benefit)	1,851		(1,573)		(620)
Net interest income after credit loss expense (benefit)	82,376		82,159		74,224
Other income:
Bankcard services revenue	2,963		3,308		3,052
Trust and asset management revenue	609		562		599
Fees and service charges	3,060		3,314		3,737



Net gain on sales of loans	177		6		1,916
Net (loss) gain on equity investments	(2,786)		(1,252)		8,287
Net loss from other real estate operations	(2)		(3)		(8)
Income from bank owned life insurance	2,103		2,061		1,415
Commercial loan swap income	2,781		1,323		1,111
Other	(53)		91		726
Total other income	8,852		9,410		20,835
Operating expenses:
Compensation and employee benefits	30,695		31,006		28,366
Occupancy	5,744		5,101		5,061
Equipment	1,370		1,435		1,578
Marketing	616		614		434
Federal deposit insurance and regulatory assessments	1,890		1,733		1,864
Data processing	5,736		7,774		4,031
Check card processing	982		1,170		1,372
Professional fees	3,322		2,726		2,837

Amortization of core deposit intangible	1,210		1,343		1,395
Branch consolidation expense, net	402		7,286		1,011
Merger related expenses	1,965		451		381
Other operating expense	3,563		4,195		3,353
Total operating expenses	57,495		64,834		51,683
Income before provision for income taxes	33,733		26,735		43,376
Provision for income taxes	7,974		4,078		10,679
Net income	25,759		22,657		32,697
Dividends on preferred shares	1,004		1,004		1,004
Net income available to common stockholders	$	24,755	$	21,653	$	31,693
Basic earnings per share	$	0.42	$	0.37	$	0.53
Diluted earnings per share	$	0.42	$	0.37	$	0.53
Average basic shares outstanding	58,739		58,801		59,840
Average diluted shares outstanding	58,943		59,044		60,101


LOANS RECEIVABLE			At
			March 31,		December 31,		September 30,		June 30,		March 31,
			2022		2021		2021		2021		2021
Commercial:
Commercial real estate - investor			$	4,607,880	$	4,378,061	$	3,922,983	$	3,836,230	$	3,804,351
Commercial real estate - owner-occupied			1,057,246		1,055,065		1,123,973		1,045,514		1,066,351
Commercial and industrial			502,739		449,224		457,674		474,919		498,245
Total commercial			6,167,865		5,882,350		5,504,630		5,356,663		5,368,947
Consumer:
Residential real estate			2,687,927		2,479,701		2,401,240		2,168,545		2,189,348

Home equity loans and lines and other consumer ("other consumer")			253,184		260,819		275,962		295,582		314,242

Total consumer			2,941,111		2,740,520		2,677,202		2,464,127		2,503,590
Total loans			9,108,976		8,622,870		8,181,832		7,820,790		7,872,537

Deferred origination costs (fees), net			7,301		9,332		8,282		7,437		8,029
Allowance for loan credit losses			(50,598)		(48,850)		(50,153)		(53,876)		(59,976)
Loans receivable, net			$	9,065,679	$	8,583,352	$	8,139,961	$	7,774,351	$	7,820,590
Mortgage loans serviced for others			$	58,089	$	60,447	$	64,840	$	68,778	$	74,037
	At March 31, 2022 Average Yield
Loan pipeline (1):
Commercial	4.07	%	$	385,986	$	539,426	$	482,942	$	463,388	$	154,946
Residential real estate	3.45		116,554		123,211		160,070		153,798		178,352
Other consumer	4.48		12,814		8,381		8,420		11,369		11,031
Total	3.94	%	$	515,354	$	671,018	$	651,432	$	628,555	$	344,329


DEPOSITS	At
	March 31,		December 31,		September 30,		June 30,		March 31,
	2022		2021		2021		2021		2021
Type of Account
Non-interest-bearing	$	2,444,833	$	2,412,056	$	2,467,952	$	2,505,355	$	2,417,935
Interest-bearing checking	4,287,745		4,201,736		4,013,565		3,628,741		3,623,132
Money market	811,588		736,090		816,691		734,320		782,459
Savings	1,624,751		1,607,933		1,620,447		1,590,441		1,568,528
Time deposits	887,316		775,001		855,442		956,429		1,110,758
Total deposits	$	10,056,233	$	9,732,816	$	9,774,097	$	9,415,286	$	9,502,812


ASSET QUALITY	March 31,			December 31,			September 30,			June 30,			March 31,
	2022			2021			2021			2021			2021
Non-performing loans:
Commercial real estate - investor	$	3,575		$	3,614		$	8,506		$	15,211		$	18,520
Commercial real estate - owner-occupied	9,632			11,904			12,524			12,100			12,345
Commercial and industrial	2,830			277			418			1,635			1,689
Residential real estate	7,047			6,114			5,505			6,137			6,422
Other consumer	3,841			3,585			3,351			3,576			3,782

Total non-performing loans	26,925			25,494			30,304			38,659			42,758

Other real estate owned	106			106			106			106			106
Total non-performing assets	$	27,031		$	25,600		$	30,410		$	38,765		$	42,864
Delinquent loans 30 to 89 days	$	18,691		$	14,546		$	7,840		$	6,364		$	18,421
Troubled debt restructuring (“TDR”):
Non-performing (included in total non-performing loans above)	$	11,914		$	11,311		$	9,962		$	10,120		$	5,107
Performing	7,716			12,320			9,661			10,311			11,466
Total TDRs	$	19,630		$	23,631		$	19,623		$	20,431		$	16,573
Allowance for loan credit losses	$	50,598		$	48,850		$	50,153		$	53,876		$	59,976
Allowance for loan credit losses as a percent of total loans receivable (1)	0.56		%	0.57		%	0.61		%	0.69		%	0.76		%
Allowance for loan credit losses as a percent of total non-performing loans (1)	187.92			191.61			165.50			139.36			140.27
Non-performing loans as a percent of total loans receivable	0.30			0.30			0.37			0.49			0.54
Non-performing assets as a percent of total assets	0.22			0.22			0.26			0.34			0.37
PCD loans
PCD loans	$	37,032		$	41,817		$	41,372		$	40,064		$	44,421
Non-performing PCD loans	3,745			6,546			6,960			6,979			8,630
Delinquent PCD loans 30 to 89 days	2,749			1,000			1,193			1,051			1,944
TDR PCD loans	1,033			337			345			317			322
Asset quality, excluding PCD loans (2)
Non-performing loans	23,180			18,948			23,344			31,680			34,128
Non-performing assets	23,286			19,054			23,450			31,786			34,234
Delinquent loans 30 to 89 days	15,942			13,546			6,647			5,313			16,477



TDRs	18,597			23,294			19,278			20,114			16,251
Allowance for loan credit losses as a percent of total non-performing loans (1)	218.28		%	257.81		%	214.84		%	170.06		%	175.74		%
Non-performing loans as a percent of total loans receivable	0.25			0.22			0.29			0.41			0.43
Non-performing assets as a percent of total assets	0.19			0.16			0.20			0.28			0.30


NET LOAN RECOVERIES (CHARGE-OFFS)	For the Three Months Ended
	March 31,		December 31,		September 30,		June 30,			March 31,
	2022		2021		2021		2021			2021
Net loan recoveries (charge-offs):
Loan charge-offs	$	(143)	$	(92)	$	(163)	$	(420)		$	(356)
Recoveries on loans	235		111		549		196			636
Net loan recoveries (charge-offs)	$	92	$	19	$	386	$	(224)		$	280
Net loan recoveries (charge-offs) to average total loans (annualized)	NM*		NM*		NM*		0.01		%	NM*
Net loan recoveries (charge-offs) detail:
Commercial	$	25	$	(24)	$	(33)	$	(304)		$	126
Residential real estate	94		21		280		—			(203)
Other consumer	(27)		22		139		80			357

Net loan recoveries (charge-offs)	$	92	$	19	$	386	$	(224)		$	280


	For the Three Months Ended
	March 31,						December 31,						March 31,
	2022						2021						2021
(dollars in thousands)	Average Balance		Interest		Average Yield/ Cost (1)		Average Balance		Interest		Average Yield/ Cost (1)		Average Balance		Interest		Average Yield/ Cost (1)
Assets:
Interest-earning assets:
Interest-earning deposits and short-term investments	$	88,826	$	37	0.17	%	$	698,652	$	300	0.17	%	$	1,138,911	$	277	0.10	%
Securities (2)	1,846,452		8,478		1.86		1,710,143		6,765		1.57		1,311,683		6,689		2.07
Loans receivable, net (3)
Commercial	6,037,639		58,355		3.92		5,635,642		57,829		4.07		5,127,940		53,670		4.24
Residential real estate	2,542,655		21,339		3.36		2,430,635		20,454		3.37		2,327,838		20,069		3.45
Other consumer	257,024		2,774		4.38		273,007		3,109		4.52		326,907		4,169		5.17

Allowance for loan credit losses, net of deferred loan costs and fees	(40,457)		—		—		(41,889)		—		—		(52,887)		—		—
Loans receivable, net	8,796,861		82,468		3.79		8,297,395		81,392		3.89		7,729,798		77,908		4.09
Total interest-earning assets	10,732,139		90,983		3.43		10,706,190		88,457		3.28		10,180,392		84,874		3.38
Non-interest-earning assets	1,215,071						1,247,420						1,259,109
Total assets	$	11,947,210					$	11,953,610					$	11,439,501
Liabilities and Stockholders’ Equity:
Interest-bearing liabilities:
Interest-bearing checking	$	4,377,368	2,149		0.20	%	$	4,249,001	2,851		0.27	%	$	3,711,976	4,311		0.47	%
Money market	788,063		318		0.16		790,471		282		0.14		757,634		367		0.20
Savings	1,609,415		125		0.03		1,611,522		141		0.03		1,522,603		179		0.05
Time deposits	767,709		1,449		0.77		819,025		1,736		0.84		1,221,123		3,639		1.21
Total	7,542,555		4,041		0.22		7,470,019		5,010		0.27		7,213,336		8,496		0.48
FHLB Advances	29,433		35		0.48		—		—		—		—		—		—
Securities sold under agreements to repurchase	117,623		42		0.14		132,520		50		0.15		129,444		95		0.30
Other borrowings	228,522		2,638		4.68		228,980		2,811		4.87		228,368		2,679		4.76
Total borrowings	375,578		2,715		2.93		361,500		2,861		3.14		357,812		2,774		3.14
Total interest-bearing liabilities	7,918,133		6,756		0.35		7,831,519		7,871		0.40		7,571,148		11,270		0.60
Non-interest-bearing deposits	2,401,797						2,467,588						2,212,273
Non-interest-bearing liabilities	99,441						134,527						160,500
Total liabilities	10,419,371						10,433,634						9,943,921
Stockholders’ equity	1,527,839						1,519,976						1,495,580
Total liabilities and equity	$	11,947,210					$	11,953,610					$	11,439,501
Net interest income			$	84,227					$	80,586					$	73,604
Net interest rate spread (4)					3.08	%					2.88	%					2.78	%
Net interest margin (5)					3.18	%					2.99	%					2.93	%
Total cost of deposits (including non-interest-bearing deposits)					0.16	%					0.20	%					0.37	%


	March 31,		December 31,		September 30,		June 30,		March 31,
	2022		2021		2021		2021		2021
Selected Financial Condition Data:
Total assets	$	12,164,945	$	11,739,616	$	11,829,688	$	11,483,901	$	11,577,472
Debt securities available-for-sale, at estimated fair value	546,470		568,255		314,620		249,330		268,511
Debt securities held-to-maturity, net of allowance for securities credit losses	1,099,514		1,139,193		1,125,382		1,146,735		1,082,326
Equity investments	93,888		101,155		101,314		90,917		50,159
Restricted equity investments, at cost	56,704		53,195		53,017		52,519		52,199
Loans receivable, net of allowance for loan credit losses	9,065,679		8,583,352		8,139,961		7,774,351		7,820,590

Deposits	10,056,233		9,732,816		9,774,097		9,415,286		9,502,812
Federal Home Loan Bank advances	75,002		—		—		—		—
Securities sold under agreements to repurchase and other borrowings	312,178		347,910		372,179		370,039		362,641
Stockholders’ equity	1,519,334		1,516,553		1,513,249		1,508,789		1,498,719


	For the Three Months Ended,
	March 31,		December 31,		September 30,		June 30,		March 31,
	2022		2021		2021		2021		2021
Selected Operating Data:
Interest income	$	90,983	$	88,457	$	85,420	$	83,341	$	84,874
Interest expense	6,756		7,871		8,288		9,325		11,270
Net interest income	84,227		80,586		77,132		74,016		73,604
Credit loss expense (benefit)	1,851		(1,573)		(3,179)		(6,460)		(620)
Net interest income after credit loss expense (benefit)	82,376		82,159		80,311		80,476		74,224
Other income (excluding net (loss) gain on equity investments)	11,638		10,662		10,349		11,227		12,548
Net (loss) gain on equity investments	(2,786)		(1,252)		(466)		576		8,287

Operating expenses (excluding merger related and branch consolidation expenses, net)	55,128		57,097		54,434		51,198		50,291

Branch consolidation expense, net	402		7,286		4,014		26		1,011
Merger related expenses	1,965		451		225		446		381
Income before provision for income taxes	33,733		26,735		31,521		40,609		43,376
Provision for income taxes	7,974		4,078		7,354		10,054		10,679
Net income	$	25,759	$	22,657	$	24,167	$	30,555	$	32,697
Net income available to common stockholders	$	24,755	$	21,653	$	23,163	$	29,551	$	31,693
Diluted earnings per share	$	0.42	$	0.37	$	0.39	$	0.49	$	0.53
Net accretion/amortization of purchase accounting adjustments included in net interest income	$	2,953	$	3,610	$	3,644	$	2,835	$	3,650


	At or For the Three Months Ended
	March 31,		December 31,		September 30,		June 30,		March 31,
	2022		2021		2021		2021		2021
Selected Financial Ratios and Other Data(1):
Performance Ratios (Annualized):
Return on average assets (2)	0.84	%	0.72	%	0.78	%	1.03	%	1.12	%
Return on average tangible assets (2) (3)	0.88		0.75		0.82		1.08		1.18
Return on average stockholders’ equity (2)	6.57		5.65		6.05		7.88		8.59
Return on average tangible stockholders’ equity (2) (3)	9.94		8.59		9.20		12.07		13.22
Stockholders’ equity to total assets	12.49		12.92		12.79		13.14		12.95
Tangible stockholders’ equity to tangible assets (3)	8.60		8.89		8.78		9.01		8.83
Tangible common equity to tangible assets (3)	8.13		8.40		8.29		8.50		8.33
Net interest rate spread	3.08		2.88		2.80		2.75		2.78
Net interest margin	3.18		2.99		2.93		2.89		2.93
Operating expenses to average assets (2)	1.95		2.15		1.98		1.80		1.83
Efficiency ratio (2) (4)	61.77		72.04		67.43		60.21		54.73
Loans-to-deposits	90.60		88.60		83.71		83.06		82.84


	At or For the Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2022			2021			2021			2021			2021
Trust and Asset Management:
Wealth assets under administration and management (“AUA/M”)	$	296,818		$	287,404		$	274,807		$	278,785		$	274,172
Nest Egg AUA/M	415,478			428,558			423,563			425,921			410,497
Total AUA/M	712,296			715,962			698,370			704,706			684,669
Per Share Data:
Cash dividends per common share	$	0.17		$	0.17		$	0.17		$	0.17		$	0.17
Stockholders' equity per common share at end of period	25.58			25.63			25.47			25.22			24.84
Tangible common equity per common share at end of period (3)	15.94			15.93			15.78			15.58			15.26
Common shares outstanding at end of period	59,388,983			59,175,046			59,417,266			59,834,018			60,329,504
Preferred shares outstanding at end of period	57,370			57,370			57,370			57,370			57,370
Number of full-service customer facilities:	38			47			58			58			62
Quarterly Average Balances
Total securities	$	1,846,452		$	1,710,143		$	1,542,630		$	1,501,484		$	1,311,683
Loans receivable, net	8,796,861			8,297,395			7,864,720			7,788,919			7,729,798
Total interest-earning assets	10,732,139			10,706,190			10,461,147			10,282,888			10,180,392
Total goodwill and core deposit intangible	518,106			519,401			520,765			522,122			523,499
Total assets	11,947,210			11,953,610			11,738,037			11,539,732			11,439,501
Time deposits	767,709			819,025			904,384			1,002,086			1,221,123
Total deposits (including non-interest-bearing deposits)	9,944,352			9,937,607			9,699,033			9,507,392			9,425,609
Total borrowed funds	375,578			361,500			371,189			363,531			357,812
Total interest-bearing liabilities	7,918,133			7,831,519			7,494,099			7,408,720			7,571,148
Non-interest bearing deposits	2,401,797			2,467,588			2,576,123			2,462,203			2,212,273
Stockholders' equity	1,527,839			1,519,976			1,519,488			1,504,035			1,495,580
Tangible stockholders’ equity	1,009,733			1,000,575			998,723			981,913			972,081

Quarterly Yields
Total securities	1.86		%	1.57		%	1.57		%	1.62		%	2.07		%
Loans receivable, net	3.79			3.89			3.98			3.97			4.09
Total interest-earning assets	3.43			3.28			3.24			3.25			3.38
Time deposits	0.77			0.84			0.94			1.03			1.21
Total cost of deposits (including non-interest-bearing deposits)	0.16			0.20			0.22			0.27			0.37
Total borrowed funds	2.93			3.14			3.11			3.31			3.14
Total interest-bearing liabilities	0.35			0.40			0.44			0.50			0.60
Net interest spread	3.08			2.88			2.80			2.75			2.78
Net interest margin	3.18			2.99			2.93			2.89			2.93


	For the Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2022			2021			2021			2021			2021
Core Earnings:
Net income available to common stockholders (GAAP)	$	24,755		$	21,653		$	23,163		$	29,551		$	31,693
Add (less) non-recurring and non-core items:
Merger related expenses	1,965			451			225			446			381
Branch consolidation expense, net (1)	402			7,286			4,014			26			1,011
Net loss (gain) on equity investments	2,786			1,252			466			(576)			(8,287)








Income tax (benefit) expense on items	(1,141)			(2,144)			(1,138)			26			1,666
Core earnings (Non-GAAP)	$	28,767		$	28,498		$	26,730		$	29,473		$	26,464
Income tax expense	7,974			4,078			7,354			10,054			10,679
Credit loss provision (benefit)	1,851			(1,573)			(3,179)			(6,460)			(620)
Income tax (benefit) expense on non-core items	(1,141)			(2,144)			(1,138)			26			1,666
Core earnings PTPP (Non-GAAP)	$	39,733		$	33,147		$	32,043		$	33,041		$	34,857
Core earnings diluted earnings per share	$	0.49		$	0.48		$	0.45		$	0.49		$	0.44
Core earnings PTPP diluted earnings per share	$	0.67		$	0.56		$	0.54		$	0.55		$	0.58

Core Ratios (Annualized):
Return on average assets	0.98		%	0.95		%	0.90		%	1.02		%	0.94		%

Return on average tangible stockholders’ equity	11.55			11.30			10.62			12.04			11.04
Efficiency ratio	57.51			62.57			62.22			60.06			58.37
(1) Includes $2.0 million of gains related to the sale of two branches for the three months ended December 31, 2021.


	March 31,			December 31,			September 30,			June 30,			March 31,
	2022			2021			2021			2021			2021
Tangible Equity:
Total stockholders' equity	$	1,519,334		$	1,516,553		$	1,513,249		$	1,508,789		$	1,498,719
Less:
Goodwill	500,319			500,319			500,319			500,319			500,319
Core deposit intangible	17,005			18,215			19,558			20,912			22,273
Tangible stockholders' equity	1,002,010			998,019			993,372			987,558			976,127
Less:
Preferred stock	55,527			55,527			55,527			55,527			55,527
Tangible common equity	$	946,483		$	942,492		$	937,845		$	932,031		$	920,600

Tangible Assets:
Total assets	$	12,164,945		$	11,739,616		$	11,829,688		$	11,483,901		$	11,577,472
Less:
Goodwill	500,319			500,319			500,319			500,319			500,319
Core deposit intangible	17,005			18,215			19,558			20,912			22,273
Tangible assets	$	11,647,621		$	11,221,082		$	11,309,811		$	10,962,670		$	11,054,880

Tangible stockholders' equity to tangible assets	8.60		%	8.89		%	8.78		%	9.01		%	8.83		%
Tangible common equity to tangible assets	8.13		%	8.40		%	8.29		%	8.50		%	8.33		%


	For the Three Months Ended
	March 31,					December 31,			September 30,			June 30,			March 31,
	2022					2021			2021			2021			2021
	Average Yield
Loan originations:
Commercial	3.66	%	$	816,517		$	780,464		$	585,667		$	259,163	(2)	$	547,591	(2)
Residential real estate	3.08		192,721		(3)	195,942		(3)	174,365		(3)	173,354			189,942
Other consumer	4.35		12,718			12,552			11,782			14,870			10,278
Total	3.56	%	$	1,021,956		$	988,958		$	771,814		$	447,387		$	747,811
Loans sold			$	703	(4)	$	649		$	1,756		$	29,556		$	67,500


						Press Release