[8-K] OCEANFIRST FINANCIAL CORP Reports Material Event
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
OceanFirst Financial Corp. announced that OceanFirst Bank N.A. has agreed to sell $1.4 billion of multifamily loans, representing most of the multifamily portfolio it acquired in the recent Flushing Financial Corporation acquisition that closed on June 1, 2026.
The sale will reduce the Bank’s Commercial Real Estate concentration by $1.4 billion and remove most exposure to rent-regulated properties in New York City. Proceeds are expected to be reinvested into highly liquid, investment-grade securities with average yields similar to the loans being sold, as part of a broader balance sheet repositioning strategy.
Positive
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Negative
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Insights
OceanFirst is repositioning its balance sheet by swapping higher-risk multifamily loans for liquid securities.
OceanFirst Financial Corp. plans to sell $1.4 billion of multifamily loans tied mainly to its Flushing acquisition. This explicitly cuts Commercial Real Estate exposure by the same amount and removes most exposure to New York City rent-regulated properties, which can carry elevated regulatory and political risk.
Management indicates sale proceeds will be reinvested in highly liquid, investment-grade securities with yields similar to the loans. That points to a risk-profile shift more than an income change. The net impact on earnings, capital and margins will be detailed in the second quarter earnings release and conference call.
8-K Event Classification
2 items: 8.01, 9.01
2 items
Item 8.01
Other Events
Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Multifamily loans to be sold: $1.4 billion
CRE concentration reduction: $1.4 billion
Bank asset size: $23 billion
+2 more
5 metrics
Multifamily loans to be sold
$1.4 billion
Majority of multifamily loans acquired in Flushing Financial acquisition
CRE concentration reduction
$1.4 billion
Reduction in Commercial Real Estate concentration from loan sale
Bank asset size
$23 billion
OceanFirst Bank N.A. total assets
Flushing acquisition close date
June 1, 2026
Closing date of Flushing Financial Corporation acquisition
Expected sale completion timing
End of second quarter
Target timing for completing multifamily loan sales
Key Terms
balance sheet repositioning, Commercial Real Estate concentration, rent-regulated properties, investment-grade securities, +2 more
6 terms
balance sheet repositioning financial
"AGREES TO SELL $1.4 BILLION OF MULTIFAMILY LOANS IN BALANCE SHEET REPOSITIONING"
Commercial Real Estate concentration financial
"The sale will reduce the Bank’s Commercial Real Estate concentration by $1.4 billion"
rent-regulated properties financial
"eliminate the majority of the Bank’s exposure to rent-regulated properties in New York city"
investment-grade securities financial
"the proceeds will be used to purchase highly liquid, investment-grade securities"
forward-looking statements regulatory
"this press release contains certain forward-looking statements within the meaning of the federal securities laws"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
Private Securities Litigation Reform Act of 1995 regulatory
"The forward-looking statements are intended to be subject to the safe harbor provided by ... the Private Securities Litigation Reform Act of 1995."
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): June 8, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation or organization) | (Commission File No.) | (IRS Employer Identification No.) | ||||||||||||
(Address of principal executive offices, including zip code)
(732 )240-4500
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading symbol | Name of each exchange in which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
ITEM 8.01 OTHER EVENTS
On June 8, 2026, OceanFirst Financial Corp. (the "Company") issued a press release announcing the proposed sale of multifamily loans that the Company acquired in its recently completed acquisition of Flushing Financial Corporation. A copy of the press release is filed as Exhibit 99.1 to this Current Report on Form 8-K, and is incorporated herein by reference.
ITEM 9.01FINANCIAL STATEMENTS AND EXHIBITS
| (d) | EXHIBITS | |||||||
99.1 | Press Release dated | June 8, 2026 | ||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| OCEANFIRST FINANCIAL CORP. | ||||||||
| Dated: | June 8, 2026 | /s/ Patrick S. Barrett | ||||||
| Patrick S. Barrett | ||||||||
| Senior Executive Vice President and Chief Financial Officer | ||||||||
 | Press Release | |||||||
Exhibit 99.1
Company Contact:
Patrick S. Barrett
Chief Financial Officer
OceanFirst Financial Corp.
1.888.623.2633 ext. 27507
Email: pbarrett@oceanfirst.com
FOR IMMEDIATE RELEASE
OCEANFIRST FINANCIAL CORP. AGREES TO SELL $1.4 BILLION OF MULTIFAMILY LOANS IN BALANCE SHEET REPOSITIONING
RED BANK, N.J. June 8, 2026. OceanFirst Financial Corp. (NASDAQ: “OCFC”) (“OceanFirst”), the holding company for OceanFirst Bank N.A. (the “Bank”), today announced that the Bank has entered into an agreement to sell $1.4 billion of multifamily loans, which represents a majority of the multifamily loans that it acquired in its recently completed acquisition of Flushing Financial Corporation, which closed on June 1, 2026. The sale will reduce the Bank’s Commercial Real Estate concentration by $1.4 billion, and importantly, eliminate the majority of the Bank’s exposure to rent-regulated properties in New York city. The agreed purchase price is consistent with initial valuation estimates disclosed at the time the acquisition was announced.
The Bank expects that the loan sales will be completed by the end of the second quarter. The actual amount of loans sold will be adjusted for amortization, prepayments and other adjustments, and the proceeds will be used to purchase highly liquid, investment-grade securities with average yields similar to the yields of the loans being sold. Further details of the balance sheet repositioning and impact on the combined company will be reported in the Company’s second quarter earnings release and second quarter earnings conference call.
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About OceanFirst
OceanFirst Financial Corp.’s subsidiary, OceanFirst Bank N.A., founded in 1902, is a $23 billion regional bank serving business and retail customers throughout New Jersey, New York, Long Island, and the major metropolitan areas from Massachusetts through Virginia. OceanFirst Bank delivers commercial and residential financing, treasury management, trust and asset management, and deposit services and is one of the largest and oldest community-based financial institutions headquartered in New Jersey. To learn more about OceanFirst, please visit us at www.oceanfirst.com.
Forward-Looking Statements
In addition to historical information, this press release contains certain forward-looking statements within the meaning of the federal securities laws, which are based on certain assumptions and describe future plans, strategies and expectations of the Company. Forward-looking statements may be identified by the use of the words such as “ estimate,” “plan,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “seek,” “strategy,” “future,” “opportunity,” “may,” “could,” “target,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” or similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. These statements are based on various assumptions, whether or not identified in this document, and on the current expectations of the Company’s management and are not predictions of actual performance, and, as a result, are subject to risks and uncertainties. These forward-looking statements are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict, may differ from assumptions and many are beyond the control of the Company. The forward-looking statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995.
Factors that could have a material adverse effect on the operations of the Company and its subsidiaries include, but are not limited to: changes in interest rates, inflation, general economic conditions, including potential recessionary conditions, levels of unemployment in the Company’s lending area, real estate market values in the Company’s lending area, potential goodwill impairment, natural disasters, potential increases to flood insurance premiums, the current or anticipated impact of military conflict, terrorism or other geopolitical events, the imposition of tariffs or other domestic or international governmental policies and retaliatory responses, the effects of a potential future federal government shutdown, the level of prepayments on loans and mortgage-backed securities, legislative/regulatory changes, monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System, the quality or composition of the loan or investment portfolios, demand for loan products, deposit flows, the availability of low-cost funding, changes in liquidity, including the size and composition of the Company’s deposit portfolio and the percentage of uninsured deposits in the portfolio, changes in capital management and balance sheet strategies and the ability to successfully implement such strategies, competition, demand for financial services in the Company’s market area, our ability to enter into new markets and capitalize on growth opportunities, the adequacy of and changes in the economic assumptions and methodology for computing the allowance for credit losses, availability of capital, competition, our ability to maintain and increase market share and control expenses, changes in investor sentiment and consumer spending, borrowing and savings habits, changes in accounting principles, a failure in or breach of the Company’s operational or security systems or infrastructure, including cyberattacks and fraud, the failure to maintain current technologies, failure to retain or attract employees, the impact of pandemics on our operations and financial results and those of our customers and the Bank’s ability to successfully integrate acquired operations.
The Company does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
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Investor Relations Inquiries:
OceanFirst Financial Corp.
Alfred Goon
SVP Corporate Development and Investor Relations
investorrelations@oceanfirst.com
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