OCEANFIRST FINANCIAL CORP, DEF 14A filed on 4/9/2025
Proxy Statement (definitive)
v3.25.1
Cover
 12 Months Ended
Dec. 31, 2024
Cover [Abstract]  
Document Type DEF 14A
Entity Registrant Name OceanFirst Financial Corp.
Entity Central Index Key 0001004702
Amendment Flag false
v3.25.1
Pay vs Performance Disclosure - USD ($)
 12 Months Ended 24 Months Ended 36 Months Ended 48 Months Ended 60 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2021
Dec. 31, 2022
Dec. 31, 2023
Dec. 31, 2024
Pay vs Performance Disclosure [Table]                  
Pay vs Performance Disclosure, Table

Pay Versus Performance

 

The following table presents information regarding compensation actually paid to the Company’s CEO and Non-CEO NEOs and certain Company performance metrics. The amount of compensation actually paid is calculated in accordance with Item 402(v) of Regulation S-K which requires disclosure of the relationship between executive pay versus the Company’s financial performance. However, compensation actually paid does not reflect the actual amount earned by or paid to our NEOs during a covered year. 

 

                                         
           Average
Summary		       Value of Initial Fixed $100
Investment Based On:		         
   Summary
Compensation
Table
Total for
CEO(1)
($)		   Compensation
Actually Paid
to CEO(2)
($)		   Compensation
Table Total
for
Non-CEO
NEOs(1)
($)		   Average
Compensation
Actually Paid
to Non-CEO
NEOs(2)
($)		   Total
Shareholder
Return
($)		   Peer Group
Total
Shareholder
Return(3)
($)		   Net Income
(in ’000)
($)		   Core
Earnings(4)
(in ’000)
($)		 
2024   3,049,880    3,083,255    1,480,534    1,561,495    109.42    113.20    96,049    93,559 
2023   2,933,196    1,775,736    1,436,294    851,319    85.77    99.60    100,013    104,718 
2022   3,061,528    2,297,791    1,221,449    904,520    99.15    93.07    142,587    137,961 
2021   3,161,351    3,903,652    1,420,768    1,835,010    123.13    136.64    106,060    111,165 
2020   2,962,985    2,250,728    1,207,732    897,731    75.89    91.29    61,212    72,186 
                
Company Selected Measure Name Core earnings                
Named Executive Officers, Footnote
(1) Mr. Maher was the CEO for the time period indicated. For 2023 and 2024, the non-CEO NEO group consisted of Messrs. Barrett, Lebel, and Tsimbinos and  Ms. Estep. For 2022, the non-CEO NEO group consisted of Messrs. Barrett, Lebel, and Tsimbinos, Ms. Estep, and Michael Fitzpatrick, former Chief Financial Officer of the Bank and the Company. For 2021, the non-CEO NEO group consisted of Messrs. Fitzpatrick, Lebel, and Tsimbinos and Ms. Estep. For 2020, the non-CEO NEO group consisted of Messrs. Fitzpatrick, Lebel, and Tsimbinos, and Grace Vallacchi, former Chief Risk Officer of the Bank and the Company.
                
Peer Group Issuers, Footnote [Text Block]
(3) Peer group is the KBW Regional Banking Index used for purposes of Item 201(e) of Regulation S-K.
                
PEO Total Compensation Amount $ 3,049,880 $ 2,933,196 $ 3,061,528 $ 3,161,351 $ 2,962,985        
PEO Actually Paid Compensation Amount $ 3,083,255 1,775,736 2,297,791 3,903,652 2,250,728        
Adjustment To PEO Compensation, Footnote
  2024
          Compensation Actually
Paid to CEO
($)		          Average Compensation Actually
Paid to Non-CEO NEOs
($)
Total Compensation in the Summary Compensation Table 3,049,880   1,480,534
Deduct Amounts Reported in Summary Compensation Table:      
Equity Awards (1,034,791)   (621,884)
Change in Defined Benefit Pension Value —   —
Other Additions (Deductions) to Arrive at Compensation Actually Paid:      
Value of awards granted in the covered year that are outstanding and unvested at year end 1,251,909   752,380
Change in value of awards granted in a prior year that are outstanding and unvested at year end (111,887)   (9,018)
Value of awards granted in a prior year that vest in the covered year (71,855)   (40,518)
Fair value of awards forfeited in current fiscal year determined at prior fiscal year —   —
Aggregate of Pension Service Cost and Prior Service Cost —   —
Dividend Paid on unvested shares/share units(a) —   —
Compensation Actually Paid 3,083,255   1,561,495
                
Non-PEO NEO Average Total Compensation Amount $ 1,480,534 1,436,294 1,221,449 1,420,768 1,207,732        
Non-PEO NEO Average Compensation Actually Paid Amount $ 1,561,495 851,319 904,520 1,835,010 897,731        
Adjustment to Non-PEO NEO Compensation Footnote
  2024
          Compensation Actually
Paid to CEO
($)		          Average Compensation Actually
Paid to Non-CEO NEOs
($)
Total Compensation in the Summary Compensation Table 3,049,880   1,480,534
Deduct Amounts Reported in Summary Compensation Table:      
Equity Awards (1,034,791)   (621,884)
Change in Defined Benefit Pension Value —   —
Other Additions (Deductions) to Arrive at Compensation Actually Paid:      
Value of awards granted in the covered year that are outstanding and unvested at year end 1,251,909   752,380
Change in value of awards granted in a prior year that are outstanding and unvested at year end (111,887)   (9,018)
Value of awards granted in a prior year that vest in the covered year (71,855)   (40,518)
Fair value of awards forfeited in current fiscal year determined at prior fiscal year —   —
Aggregate of Pension Service Cost and Prior Service Cost —   —
Dividend Paid on unvested shares/share units(a) —   —
Compensation Actually Paid 3,083,255   1,561,495
                
Compensation Actually Paid vs. Total Shareholder Return [Text Block]

Executive Compensation Actually Paid Versus Cumulative Total Shareholder Return

                
Compensation Actually Paid vs. Net Income [Text Block]

Executive Compensation Actually Paid Versus Net Income

                
Compensation Actually Paid vs. Company Selected Measure [Text Block]

Executive Compensation Actually Paid Versus Core Earnings

                
Total Shareholder Return Vs Peer Group [Text Block]

OCFC Versus KBW Shareholder Return

                
Tabular List [Table Text Block]

Company’s Most Important Financial Performance Measures

 

The following were the most important financial performance measures used to link the NEOs’ compensation actually paid to the Company’s financial performance for the most recently completed fiscal year:

 

Core Earnings
Core ROA
Core Efficiency Ratio
TSR
                
Total Shareholder Return Amount         75.89 $ 123.13 $ 99.15 $ 85.77 $ 109.42
Peer Group Total Shareholder Return Amount         91.29 $ 136.64 $ 93.07 $ 99.60 $ 113.20
Net Income (Loss) Attributable to Parent $ 96,049,000 $ 100,013,000 $ 142,587,000 $ 106,060,000 $ 61,212,000        
Company Selected Measure Amount 93,559,000 104,718,000 137,961,000 111,165,000 72,186,000        
PEO Name Maher Maher Maher Maher Maher        
Measure [Axis]: 1                  
Pay vs Performance Disclosure [Table]                  
Measure Name Core Earnings                
Non-GAAP Measure Description [Text Block]
(4) Core earnings is a non-GAAP financial measure that excludes merger related expenses, net branch consolidation expense (benefit), net (gain) loss on equity investments, net loss on sale of investments, Federal Deposit Insurance Corporation special assessment, the provision for credit losses attributable to the Spring Garden Capital Group acquisition (for 2024) net gain on sale of the Bank’s trust business ,and the income tax effect of these items. For 2024, 2023, 2022, 2021, and 2020, the related GAAP amounts (in ‘000s) were $96,049, $100,013, $142,587, $106,060, and $61,212 respectively.
                
Measure [Axis]: 2                  
Pay vs Performance Disclosure [Table]                  
Measure Name Core ROA                
Measure [Axis]: 3                  
Pay vs Performance Disclosure [Table]                  
Measure Name Core Efficiency Ratio                
Measure [Axis]: 4                  
Pay vs Performance Disclosure [Table]                  
Measure Name TSR                
Equity Awards [Member] | PEO [Member]                  
Pay vs Performance Disclosure [Table]                  
Adjustment to Compensation Amount $ (1,034,791)                
Equity Awards [Member] | Non-PEO NEO [Member]                  
Pay vs Performance Disclosure [Table]                  
Adjustment to Compensation Amount (621,884)                
Change In Defined Benefit Pension Value [Member] | PEO [Member]                  
Pay vs Performance Disclosure [Table]                  
Adjustment to Compensation Amount 0                
Change In Defined Benefit Pension Value [Member] | Non-PEO NEO [Member]                  
Pay vs Performance Disclosure [Table]                  
Adjustment to Compensation Amount 0                
Value Of Awards Granted In The Covered Year That Are Outstanding And Unvested At Year End [Member] | PEO [Member]                  
Pay vs Performance Disclosure [Table]                  
Adjustment to Compensation Amount 1,251,909                
Value Of Awards Granted In The Covered Year That Are Outstanding And Unvested At Year End [Member] | Non-PEO NEO [Member]                  
Pay vs Performance Disclosure [Table]                  
Adjustment to Compensation Amount 752,380                
Change In Value Of Awards Granted In A Prior Year That Are Outstanding And Unvested At Year End [Member] | PEO [Member]                  
Pay vs Performance Disclosure [Table]                  
Adjustment to Compensation Amount (111,887)                
Change In Value Of Awards Granted In A Prior Year That Are Outstanding And Unvested At Year End [Member] | Non-PEO NEO [Member]                  
Pay vs Performance Disclosure [Table]                  
Adjustment to Compensation Amount (9,018)                
Value Of Awards Granted In A Prior Year That Vest In The Covered Year [Member] | PEO [Member]                  
Pay vs Performance Disclosure [Table]                  
Adjustment to Compensation Amount (71,855)                
Value Of Awards Granted In A Prior Year That Vest In The Covered Year [Member] | Non-PEO NEO [Member]                  
Pay vs Performance Disclosure [Table]                  
Adjustment to Compensation Amount (40,518)                
Fair Value Of Awards Forfeited In Current Fiscal Year Determined At Prior Fiscal Year [Member] | PEO [Member]                  
Pay vs Performance Disclosure [Table]                  
Adjustment to Compensation Amount 0                
Fair Value Of Awards Forfeited In Current Fiscal Year Determined At Prior Fiscal Year [Member] | Non-PEO NEO [Member]                  
Pay vs Performance Disclosure [Table]                  
Adjustment to Compensation Amount 0                
Dividend Paid On Unvested Shares Share Units [Member] | PEO [Member]                  
Pay vs Performance Disclosure [Table]                  
Adjustment to Compensation Amount 0                
Dividend Paid On Unvested Shares Share Units [Member] | Non-PEO NEO [Member]                  
Pay vs Performance Disclosure [Table]                  
Adjustment to Compensation Amount $ 0                
v3.25.1
Award Timing Disclosure
 12 Months Ended
Dec. 31, 2024
Awards Close in Time to MNPI Disclosures [Table]  
Award Timing MNPI Disclosure

 

While the Company does not have a formal policy or obligation that requires it to grant or award equity-based compensation on a specific date, the Compensation Committee and the Board of Directors have a historic practice of not granting stock options to executive officers during closed quarterly trading windows as determined under the Company’s Insider Trading Policy. Consequently, the Company has not granted, and does not expect to grant, any stock options to any named executive officers within four business days preceding the filing with the Securities and Exchange Commission of any report on Forms 10-K, 10-Q, or 8-K that discloses material non-public information. The Compensation Committee and the Board of Directors do not take material non-public information into account when determining the timing of equity awards and do not time the disclosure of material non-public information to impact the value of executive compensation. The Company did not grant any stock options to its executive officers, including the named executive officers, during the year ended December 31, 2024.
Award Timing Method While the Company does not have a formal policy or obligation that requires it to grant or award equity-based compensation on a specific date, the Compensation Committee and the Board of Directors have a historic practice of not granting stock options to executive officers during closed quarterly trading windows as determined under the Company’s Insider Trading Policy. Consequently, the Company has not granted, and does not expect to grant, any stock options to any named executive officers within four business days preceding the filing with the Securities and Exchange Commission of any report on Forms 10-K, 10-Q, or 8-K that discloses material non-public information.
Award Timing MNPI Considered false
Award Timing, How MNPI Considered The Compensation Committee and the Board of Directors do not take material non-public information into account when determining the timing of equity awards
MNPI Disclosure Timed for Compensation Value false
v3.25.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true