OceanFirst Financial Corp. Files Definitive Proxy Statement

Ticker: OCFC · Form: DEF 14A · Filed: Apr 11, 2024 · CIK: 1004702

Oceanfirst Financial CORP DEF 14A Filing Summary
FieldDetail
CompanyOceanfirst Financial CORP (OCFC)
Form TypeDEF 14A
Filed DateApr 11, 2024
Risk Level
Pages15
Reading Time17 min
Key Dollar Amounts$4.0 million
Sentimentneutral

Sentiment: neutral

Topics: Proxy Statement, DEF 14A, OceanFirst Financial, Executive Compensation, Corporate Governance

TL;DR

<b>OceanFirst Financial Corp. has filed its Definitive Proxy Statement for the period ending May 21, 2024.</b>

AI Summary

OCEANFIRST FINANCIAL CORP (OCFC) filed a Proxy Statement (DEF 14A) with the SEC on April 11, 2024. OceanFirst Financial Corp. filed a Definitive Proxy Statement (DEF 14A) on April 11, 2024. The filing covers the period ending May 21, 2024. The company's principal executive offices are located at 975 Hooper Ave, Toms River, NJ. OceanFirst Financial Corp. was formerly known as Ocean Financial Corp. The filing includes data related to executive compensation for the fiscal year ending December 31, 2023.

Why It Matters

For investors and stakeholders tracking OCEANFIRST FINANCIAL CORP, this filing contains several important signals. This DEF 14A filing is a standard requirement for publicly traded companies to provide shareholders with information regarding annual meetings, director nominations, executive compensation, and other corporate governance matters. Shareholders will use this document to make informed decisions when voting on proposals at the upcoming annual meeting, including the election of directors and approval of executive compensation plans.

Risk Assessment

Risk Level: — OCEANFIRST FINANCIAL CORP shows moderate risk based on this filing. The filing is a routine proxy statement and does not contain new financial performance data or significant strategic changes that would indicate elevated risk.

Analyst Insight

Shareholders should review the executive compensation details and any proposed governance changes to make informed voting decisions.

Key Numbers

Key Players & Entities

FAQ

When did OCEANFIRST FINANCIAL CORP file this DEF 14A?

OCEANFIRST FINANCIAL CORP filed this Proxy Statement (DEF 14A) with the SEC on April 11, 2024.

What is a DEF 14A filing?

A DEF 14A is a definitive proxy statement sent to shareholders before annual meetings, covering executive compensation, board nominations, and shareholder votes. This particular DEF 14A was filed by OCEANFIRST FINANCIAL CORP (OCFC).

Where can I read the original DEF 14A filing from OCEANFIRST FINANCIAL CORP?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by OCEANFIRST FINANCIAL CORP.

What are the key takeaways from OCEANFIRST FINANCIAL CORP's DEF 14A?

OCEANFIRST FINANCIAL CORP filed this DEF 14A on April 11, 2024. Key takeaways: OceanFirst Financial Corp. filed a Definitive Proxy Statement (DEF 14A) on April 11, 2024.. The filing covers the period ending May 21, 2024.. The company's principal executive offices are located at 975 Hooper Ave, Toms River, NJ..

Is OCEANFIRST FINANCIAL CORP a risky investment based on this filing?

Based on this DEF 14A, OCEANFIRST FINANCIAL CORP presents a moderate-risk profile. The filing is a routine proxy statement and does not contain new financial performance data or significant strategic changes that would indicate elevated risk.

What should investors do after reading OCEANFIRST FINANCIAL CORP's DEF 14A?

Shareholders should review the executive compensation details and any proposed governance changes to make informed voting decisions. The overall sentiment from this filing is neutral.

How does OCEANFIRST FINANCIAL CORP compare to its industry peers?

OceanFirst Financial Corp. operates within the national commercial banks industry.

Are there regulatory concerns for OCEANFIRST FINANCIAL CORP?

As a publicly traded company, OceanFirst Financial Corp. is subject to the reporting requirements of the Securities Exchange Act of 1934, including the filing of proxy statements.

Industry Context

OceanFirst Financial Corp. operates within the national commercial banks industry.

Regulatory Implications

As a publicly traded company, OceanFirst Financial Corp. is subject to the reporting requirements of the Securities Exchange Act of 1934, including the filing of proxy statements.

What Investors Should Do

  1. Review the detailed executive compensation breakdown for PEO and Non-PEO members.
  2. Examine the proposals to be voted on at the annual meeting, such as director elections.
  3. Understand the company's corporate governance practices outlined in the filing.

Year-Over-Year Comparison

This is the initial filing of the Definitive Proxy Statement for the 2024 annual meeting period.

Filing Stats: 4,353 words · 17 min read · ~15 pages · Grade level 14.4 · Accepted 2024-04-11 16:19:13

Key Financial Figures

Filing Documents

: Gender Identity

Part I: Gender Identity Female Male Directors 4 9 % of Total 30.8% 69.2%

: Demographic Background

Part II: Demographic Background African American or Black 3 White 9 Hispanic or Latinx 1 Asian 1 Two or More Ethnicities 1 LGBTQ+ 0 OCEANFIRST FINANCIAL CORP. 2024 Proxy Statement 4 Back to Contents Corporate Governance Highlights Comprehensive annual self-assessment of Board, Committees, and director performance by the Leadership Committee Continued Board refreshment added to the Board's diversity with the election of three new directors, two of whom are racially diverse Appointment of David Berninger as Executive Vice President/Chief Risk Officer, following the retirement of Grace Vallacchi as Chief Risk Officer Enhancement of the Compliance Department of OceanFirst Bank, N.A. (the "Bank") with the addition of several new positions and the establishment of a Board-level Compliance Committee Restructure of Information Technology Department with appointment of Brian Schaeffer as Chief Information Officer and Timothy Green as Chief Information Security Officer Demonstrating the Bank's commitment and support to its communities through the second annual CommUNITYFirst Day. Provided stockholder value with the 108 th consecutive quarterly common stock dividend payment in 2024 and continued payments of Preferred Stock dividends

Executive Compensation Overview

Executive Compensation Overview Base Salaries for Named Executive Officers were unchanged for 2023 Addition of new Cash Incentive Plan metric reflecting the importance of deposits and funding Continued strong stockholder support of compensation program OCEANFIRST FINANCIAL CORP. 2024 Proxy Statement 5 Back to Contents Corporate Governance The Company periodically reviews its corporate governance policies and procedures to ensure that the Company meets the highest standards of ethical conduct, reports results with accuracy and transparency, and maintains full compliance with the laws, rules and regulations that govern the Company's operations. As part of this periodic corporate governance review, the Board of Directors reviews and adopts best corporate governance policies and practices for the Company. Corporate Governance Highlights The Company has taken several actions to improve its internal governance since last year's Annual Meeting of Stockholders. These actions include: Self-Assessment The Leadership Committee, with the assistance of an independent consultant, performed a comprehensive assessment of the performance of the Board and its committees. Previous self-assessments by the Board have resulted in governance actions such as the adoption of a skills matrix, amendment of the Company's Bylaws to eliminate age and geographic restrictions for directors, and increasing the diversity of the Board to better match the communities the Company serves. Board Refreshment The Board appointed three new directors in 2023: John F. Barros was appointed in September 2023, and Robert C. Garrett and Dalila Wilson-Scott were appointed in October 2023. All three directors bring valuable experiences and perspectives to the Board and, for Mr. Barros and Ms. Wilson-Scott, knowledge about the Boston and Philadelphia markets, respectively. These appointments also increased the Board's diversity, adding two racially diverse directors, one of which is also a wo

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