DDM Analysis: OCFC

Valuation Snapshot

Stable Growth	$34.93 - $102.74	$55.08
Multi-Stage	$24.23 - $26.43	$25.31
Blended Fair Value	$40.20
Current Price	$17.57
Upside	128.77%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	8.24%	19.97%	0.88	0.89	0.82	0.77	0.74	0.59	0.51	0.33	0.22	0.15
YoY Growth	-	-	-0.77%	7.92%	6.74%	3.71%	25.34%	15.82%	53.29%	52.87%	45.13%	5.48%
Dividend Yield	-	-	5.18%	5.61%	4.45%	3.83%	3.10%	3.73%	2.12%	1.25%	0.77%	0.85%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	79.79
(-) Cash Dividends Paid (M)	49.45
(=) Cash Retained (M)	30.34

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	15.96	9.97	5.98
Cash Retained (M)	30.34	30.34	30.34
(-) Cash Required (M)	-15.96	-9.97	-5.98
(=) Excess Retained (M)	14.38	20.37	24.36
(/) Shares Outstanding (M)	57.77	57.77	57.77
(=) Excess Retained per Share	0.25	0.35	0.42
LTM Dividend per Share	0.86	0.86	0.86
(+) Excess Retained per Share	0.25	0.35	0.42
(=) Adjusted Dividend	1.10	1.21	1.28
WACC / Discount Rate	8.84%	8.84%	8.84%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$34.93	$55.08	$102.74
Upside / Downside	98.83%	213.48%	484.75%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	79.79	84.98	90.50	96.39	102.65	109.32	112.60
Payout Ratio	61.98%	67.58%	73.19%	78.79%	84.40%	90.00%	92.50%
Projected Dividends (M)	49.45	57.43	66.24	75.94	86.63	98.39	104.16

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.84%	8.84%	8.84%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	52.27	52.77	53.26
Year 2 PV (M)	54.87	55.92	56.97
Year 3 PV (M)	57.26	58.91	60.58
Year 4 PV (M)	59.46	61.74	64.09
Year 5 PV (M)	61.46	64.43	67.51
PV of Terminal Value (M)	1,114.71	1,168.55	1,224.45
Equity Value (M)	1,400.03	1,462.31	1,526.88
Shares Outstanding (M)	57.77	57.77	57.77
Fair Value	$24.23	$25.31	$26.43
Upside / Downside	37.92%	44.06%	50.42%

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OceanFirst Financial Corp. (OCFC)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener