Form 4: OceanFirst CRO's Tax Withholding on Vesting Stock

OceanFirst Financial Corp.'s Senior EVP & CRO, David Berninger, had 3,541 shares withheld to cover tax liabilities related to restricted stock vesting.

Summary

• David Berninger, Senior EVP & CRO of OceanFirst Financial Corp. (OCFC), had 3,541 shares of common stock withheld.
• The shares were withheld on March 4, 2026, at a price of $18.58 per share.
• This transaction was to satisfy tax liabilities associated with the vesting of restricted stock.
• No shares were sold by Mr. Berninger in this transaction.
• Following the transaction, Mr. Berninger directly owns 99,708 shares and indirectly owns 361 shares via an ESOP.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral event, representing a routine administrative action related to executive compensation rather than a discretionary sale or purchase of shares.

Positives

• The transaction was a tax withholding, not a discretionary sale, indicating continued holding of equity by a key executive.
• The executive continues to hold a significant number of shares (99,708 directly, 361 indirectly), aligning his interests with shareholders.

Negatives

• No direct negatives from this specific transaction, as it's a standard tax-related event.

Future Outlook

No forward-looking statements or guidance are provided in this Form 4 filing.

Industry Context

StockSavvy.ai notes that tax withholdings related to restricted stock vesting are a routine part of executive compensation plans across the financial services industry. This transaction for OceanFirst Financial Corp. is consistent with standard practices for managing equity awards.

Comparison to Industry Standards

• This transaction is a standard practice for executive compensation in the banking and financial services sector.
• Companies like JPMorgan Chase, Bank of America, and Wells Fargo also utilize restricted stock units (RSUs) as part of their executive compensation, where a portion of vested shares is typically withheld to cover tax obligations. This is not a unique event for OCFC.

Related Party Transactions

• This filing details a transaction by a Senior EVP & CRO, which is a related party transaction in the context of executive compensation, specifically the withholding of shares for tax purposes related to restricted stock vesting.

Stakeholder Impact

• Minimal direct impact on shareholders, as this is a routine tax-related transaction and not a discretionary sale of shares.
• No direct impact on employees, customers, suppliers, or creditors is indicated by this filing.

Key Dates

Recommendation

This Form 4 filing reports a routine tax withholding event for an executive's restricted stock vesting, not a discretionary sale or purchase. Such administrative transactions typically have no material impact on the company's fundamentals or stock valuation, thus warranting a 'hold' recommendation based solely on this filing.

Keywords

OceanFirst Financial Corp, OCFC, David Berninger, Form 4, insider transaction, restricted stock, tax withholding, executive compensation, beneficial ownership