Form 4: OceanFirst Financial Exec's Routine Share Withholding
Insider Transaction Report (Form 4)
Steven J. Tsimbinos, Senior EVP and Corporate Secretary of OceanFirst Financial Corp., reported a disposition of 4,629 common shares to cover tax obligations from restricted stock vesting.
Summary
- Steven James Tsimbinos, Senior EVP & Corporate Secretary of OceanFirst Financial Corp. (OCFC), reported a transaction on March 4, 2026.
- The transaction involved the disposition of 4,629 shares of Common Stock at a price of $18.58 per share.
- These shares were withheld to satisfy tax liability in connection with the vesting of restricted stock; no shares were sold by the executive.
- Following this transaction, Mr. Tsimbinos directly beneficially owns 202,999 shares of Common Stock, which includes unvested restricted stock.
- Additionally, Mr. Tsimbinos indirectly beneficially owns 10,234 shares through a 401(k) plan and 7,759 shares through an ESOP.
- Mr. Tsimbinos also holds various stock options with exercise prices ranging from $20.44 to $29.01 and expiration dates between March 15, 2027, and February 28, 2030.
Sentiment
Score: 7
Explanation: StockSavvy.ai views this as a routine, slightly positive event, as the disposition of shares is solely for tax withholding related to the vesting of restricted stock, indicating executive compensation and retention.
Positives
- The disposition of shares was solely for tax withholding purposes related to the vesting of restricted stock, indicating that the executive's equity compensation is maturing.
- The vesting of restricted stock is a positive sign of executive retention and alignment with shareholder interests.
Future Outlook
The filing does not contain forward-looking statements or guidance regarding the company's future performance or strategic direction, as it is an insider transaction report.
Industry Context
StockSavvy.ai notes that routine insider transactions, such as tax withholdings related to restricted stock vesting, are common across the financial services industry. These events typically reflect standard executive compensation practices rather than a change in company fundamentals or executive sentiment, unlike open-market sales.
Stakeholder Impact
- Shareholders: Minimal direct impact as this is a routine tax-related transaction, not an open-market sale by an insider. It confirms the executive's continued equity stake.
- Employees: The ESOP ownership indicates broader employee participation in the company's equity.
Key Dates
| Date | Description |
|---|---|
| 03/01/2018 | Date exercisable for 37,500 stock options with an exercise price of $29.01. |
| 03/01/2019 | Date exercisable for 12,915 stock options with an exercise price of $27.40. |
| 03/01/2020 | Date exercisable for 50,335 stock options with an exercise price of $25.20. |
| 03/01/2021 | Date exercisable for 76,790 stock options with an exercise price of $20.44. |
| 03/04/2026 | Transaction date for the disposition of 4,629 common shares for tax withholding. |
| 03/06/2026 | Date the Form 4 was signed and filed. |
| 03/15/2027 | Expiration date for 37,500 stock options. |
| 01/24/2028 | Expiration date for 12,915 stock options. |
| 03/01/2029 | Expiration date for 50,335 stock options. |
| 02/28/2030 | Expiration date for 76,790 stock options. |
Keywords
OceanFirst Financial Corp, OCFC, Steven J. Tsimbinos, Insider Transaction, Form 4, Restricted Stock, Tax Withholding, Executive Compensation, Stock Options
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