OCFCOCEANFIRST FINANCIAL CORP

National Commercial Banks

Revenue: —
Operating margin: —
EBITDA: —
Market cap: $1.0B
Employees: 700
Net debt / EBITDA: —; $193M net debt
AI in 10-K: 0.4; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 of 7

TSR below peersYes
4 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$3M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
130% of net income
Cash flow under 80% of net income
Dilutive SBCNo
—
Over 10% of revenue
Payouts exceed cash flowNo
84% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
2% of assets
Over 40% of assets
Shareholder dissentNo
—
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AIYes
0.4 per 10K words · 20th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.0B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$2M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Net income	$106M	$143M	$100M	$96M	$67M	30%
Operating cash flow	$160M	$250M	$124M	$92M	$87M	5.5%
Capex	$42M	$16M	$8M	$8M	$8M	1.8%
Stock-based comp	$5M	$7M	$6M	$6M	$5M	20%
Buybacks	$36M	$7M	$0	$21M	$25M	16%
Dividends	$45M	$48M	$51M	$51M	$48M	5.2%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Aug 19, 2026	WARBURG PINCUS LLC	SCHEDULE 13D/A	9.9%	Passive
Jun 8, 2026	WARBURG PINCUS LLC	SCHEDULE 13D	2.2%	Passive

Insider trading

Open-market buys, 12 mo: $90K · 1
Open-market sells, 12 mo: $2M · 2
Net: −$2M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$3M	$3M	104	107
FY2024	$3M	$3M	109	113
FY2023	$3M	$2M	86	100
FY2022	$3M	$2M	99	93
FY2021	$3M	$4M	123	137