key points
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OceanFirst Financial shareholders approve all proposals At the 2026 annual meeting, that includes the election of 13 directors, executive compensation, the 2026 stock incentive plan and the ratification of Deloitte & Touche as auditor.
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CEO Christopher Maher told OceanFirst Growth accelerates in the second half of 2025Nearly $1 billion was added to both loans and deposits, while credit quality remained strong with non-performing loans at only 0.2% of the portfolio.
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Maher said flushing transaction The addition of 30 branches is expected to accelerate OceanFirst’s New York expansion and improve profitability metrics, with Warburg Pincus set to invest $225 million at the closing.
OceanFirst Financial (NASDAQ:OCFC) shareholders approved all resolutions presented at the company’s 2026 annual meeting, including the election of 13 directors, an advisory vote on executive compensation, the company’s 2026 stock incentive plan and the ratification of Deloitte & Touche LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2026.
The virtual-only meeting was chaired by Christopher Maher, Chairman, President and Chief Executive Officer of OceanFirst Financial Corp. Maher said a press release dated April 27, 2026, confirmed the company’s plan to hold the meeting virtually. Broadridge Financial Solutions hosted the meeting and tabulated the stockholder votes.
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Peder Hagberg, election inspector for CT Hagberg LLC, reported that 57,600,008 shares were entitled to vote by April 2, 2026, the record date. He said at least 50,762,286 shares were present in person, by proxy or attorney to establish a quorum.
Shareholders approve board slate and other proposals
Maher said no stockholder nominations or proposals were properly filed before the meeting, limiting business to the proposals outlined in the proxy statement.
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The 13 directors elected to a one-year term expiring at the 2027 annual meeting were John Barros, Anthony Coscia, Jack Farris, Robert C. Garrett, Kimberly Guadagno, Nikos Catsoulis, Joseph LeBel III, Christopher D. Maher, Joseph Murphy Jr., Steven Scopellite, Grace Torres, Patricia Turner and Delilah Wilson-Scott. Maher said all the nominees were already directors of both the company and OceanFirst Bank.
Hagberg said preliminary vote reports showed that each director nominee received a majority of votes in favor of election. He also reported that shareholders approved the advisory “say on pay” vote, approved the OceanFirst Financial Corp. 2026 Stock Incentive Plan and confirmed Deloitte & Touche LLP as the company’s independent registered public accounting firm for 2026.
Maher says 2025 ends on a bullish note
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After formal business, Maher reviewed recent operations and developments. He described 2025 as a one-year split between a soft first half and a strong second half. After opting not to grow organically for several years, OceanFirst resumed organic growth efforts in the first half of the year, including “hiring a large number of commercial bankers,” he said. That appointment resulted in net income being “down a bit” in the first two quarters, he said.
Maher said growth accelerated in the second half of 2025, with OceanFirst adding about $1 billion of loans and $1 billion of deposits during that period. He described the year as “very solid by any measure” and said profitability measures were improving, although he added that the company expected “meaningful progress” over the next six to eight quarters in improving absolute profitability.
Maher also highlighted the company’s credit quality, saying OceanFirst ended the year with non-performing loans up 20 basis points, or 0.2% of its loan portfolio. He said the company maintains investment-grade ratings from both Moody’s and Kroll at the bank and holding company levels. Maher also noted that OceanFirst returned to the excellent Community Reinvestment Act rating issued in the first quarter of 2025.
Flushing deal seen as New York growth accelerator
Maher discussed the rationale for the company’s flushing transactions and described New York as “the deepest banking market in the United States.” OceanFirst organically entered New York in 2019, acquired a small privately owned bank in 2020 and has built New York into a $2 billion business, he said. The company opened its fifth New York branch in Melville, New York, in the latter half of the fourth quarter, he said.
Maher said the Flushing transaction is expected to accelerate OceanFirst’s New York expansion, primarily by adding 30 branches and improving coverage in Manhattan, Brooklyn, Queens, Nassau and Suffolk County. He emphasized that “size is no objective for the company” and said that performance is the objective.
He said the transaction aims to improve profitability measures, including return on assets and return on tangible common equity, and reduce non-interest expense to 1.73% of assets. Maher also said Warburg Pincus is expected to make a $225 million common equity investment in OceanFirst at closing, which he estimates will be June 1. He said the transaction has a real book value earnback of 3.1 years.
Commercial Banking and Technology Priorities
Maher said OceanFirst’s net interest margin began to rise again in 2025, reaching 2.9% for the full year, and net interest income increased from $334 million to $360 million, though still below the company’s 2022 peak of $377 million. He said the combination of balance sheet growth and margin expansion could push those figures higher as the company grows.
Maher also said that before the Flushing transaction, 30% of OceanFirst’s loan portfolio was located in New York. He described organic growth as important for the company’s long-term outlook and said OceanFirst is now “solidly a commercial bank”, with 57% of deposits coming from commercial deposits.
On credit quality, Maher said OceanFirst’s net charge-offs are about 80% lower than its commercial bank peer group. He said the company does not believe that banks are rewarded for taking excessive credit risks.
Maher also addressed questions the company received about artificial intelligence and automation. He said OceanFirst has focused on building data infrastructure and discipline, and said the company has a board-level information technology committee that oversees issues including cybersecurity, AI and automation. He said the focus for 2026 is to aggressively automate routine business processes, including areas like customer support, call center operations and some compliance functions.
According to the operator, no shareholder questions were submitted during the meeting. The meeting was adjourned after Maher thanked shareholders for their virtual participation and support.
About OceanFirst Financial (NASDAQ:OCFC)
OceanFirst Financial Corporation (NASDAQ: OCFC) is a bank holding company headquartered in Toms River, New Jersey, providing a full range of community banking and financial services through its principal subsidiary, OceanFirst Bank. Founded in the early 20th century, the company has built its business around serving the deposit, lending and money management needs of individuals, small businesses, municipalities and non-profit organizations in New Jersey and parts of New York.
The company’s main activities include accepting consumer and business deposits, making commercial, municipal and consumer loans, and offering residential mortgage financing.
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Article “OceanFirst Financial shareholders approve all proposals as Flushing deal shapes growth“Originally published by MarketBeat.
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