Patrick Chong
About Patrick Chong
Patrick Chong, age 36, is OceanFirst Financial Corp.’s Principal Accounting Officer (PAO) since February 1, 2023; he has served as Corporate Controller since September 2020. He is a CPA and holds a B.S. in Accounting from Rutgers College, and previously held audit roles at KPMG LLP, most recently as Audit Senior Manager from October 2017 until joining OCFC in 2020 . Company performance during his PAO tenure included 2023 total shareholder return of 85.77 vs. 99.60 for the KBW Regional Banking Index peer group, net income of $100,013k, and core earnings of $104,718k; these are company-level metrics relevant to compensation programs and investor context .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| OceanFirst Financial Corp. | Principal Accounting Officer | Feb 2023 – present | Elevated to PAO for company financial reporting leadership |
| OceanFirst Financial Corp. | Senior Vice President, Corporate Controller | Sep 2020 – present | Continuity in accounting oversight |
| KPMG LLP | Audit Senior Manager | Oct 2017 – Sep 2020 | Senior audit leadership prior to joining OCFC |
| KPMG LLP | Various audit roles | Oct 2010 – Oct 2017 | Progressive audit experience |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| None disclosed in company filings | — | — | No external directorships or public roles disclosed |
Fixed Compensation
| Component | 2024 | 2023 | Notes |
|---|---|---|---|
| Base salary ($) | Not disclosed | Not disclosed | Patrick Chong is not a Named Executive Officer; compensation tables cover NEOs only |
| Target bonus (%) | Not disclosed | Not disclosed | NEO cash incentive targets are disclosed; Chong not included |
| Actual bonus paid ($) | Not disclosed | Not disclosed | Not reported for Chong; NEO payouts provided separately |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Not disclosed for Patrick Chong | — | — | — | — | — |
Note: OCFC’s executive Cash Incentive Plan metrics for NEOs in 2024 were Core Earnings (40%), Core Efficiency Ratio (20%), Net Deposit Growth (10%), Non-Interest Expense (10%), plus strategic metrics (Regulatory Compliance, Internal Controls, Shareholders/Customers/Community) with defined thresholds and payouts; plan funded at 84.9% of target. Chong is not a disclosed NEO, so individual targets/payouts are not provided .
Equity Ownership & Alignment
| Item | Status | Notes |
|---|---|---|
| Total beneficial ownership (shares) | Not disclosed | Stock ownership tables list directors and NEOs; Chong not included |
| Ownership as % of shares outstanding | Not disclosed | Not reported for Chong |
| Vested vs. unvested shares | Not disclosed | NEO details provided; Chong not included |
| Options (exercisable/unexercisable) | Not disclosed | No option holdings disclosed for Chong |
| Shares pledged as collateral | Prohibited by policy (board approval required) | OCFC prohibits hedging/pledging by directors and executive officers absent prior Board approval; individual pledging status for Chong not specifically disclosed |
| Stock ownership guidelines | Apply to NEOs (CEO 5× salary; other NEOs 3× salary) | Guidelines explicitly apply to directors and NEOs; no guideline stated for PAO if not a NEO |
Employment Terms
| Term | Details |
|---|---|
| Employment agreement | None disclosed for Chong; OCFC has employment agreements with Messrs. Maher, Barrett, Lebel, and Tsimbinos, but not with Chong |
| Severance (without cause/qualifying resignation) | N/A for Chong; NEO agreements provide severance equal to the greater of remaining base salary over term or one year salary, plus prior-year or target bonus; health/welfare benefits continuation up to 18 months |
| Change-of-control (CIC) | N/A for Chong; NEO CIC provides up to 3× salary plus greater of prior-year or target bonus if adequately capitalized; double-trigger; no excise tax gross-ups |
| Clawback | Company maintains Nasdaq/SEC-compliant clawback and supplemental clawback policies applying to executive officers |
| Non-compete / non-solicit | Included in NEO employment agreements; no separate terms disclosed for Chong |
Performance & Track Record
| Period | Total Shareholder Return (TSR) | Peer TSR (KBW Regional Banking Index) | Net Income ($000) | Core Earnings ($000) |
|---|---|---|---|---|
| 2023 | 85.77 | 99.60 | 100,013 | 104,718 |
Context: OCFC’s compensation design and incentives reference these performance measures; Chong’s PAO tenure began in 2023 .
Vesting Schedules and Insider Activity
- Form 4 insider transactions for Patrick Chong are not disclosed in the proxy; OCFC reports compliance with Section 16 filing requirements generally, with one late filing noted for another officer in 2024. No specific Form 4 activity for Chong is identified in the filings reviewed .
- Equity award vesting schedules and outstanding awards are detailed for NEOs; no individual award disclosures for Chong .
Governance, Hedging/Pledging, and Policies
- Anti-hedging/pledging policy prohibits executive officers and directors from hedging or pledging OCFC stock without prior Board approval; pre-clearance and trading windows are required under the Insider Trading Policy .
- Clawback policies (SEC-compliant and supplemental) allow recovery of erroneously received incentive compensation for executive officers (up to three years) following restatements or certain adverse events .
Investment Implications
- Compensation alignment: Lack of disclosed individual compensation and equity awards for Chong limits pay-for-performance analysis at the executive level; however, OCFC’s enterprise policies (clawback, anti-hedging/pledging) mitigate misalignment risk at the officer level .
- Retention risk: No employment agreement or CIC protections disclosed for Chong, suggesting less contractual retention than NEOs; monitoring future proxies/8-Ks for changes is warranted .
- Trading signals: No disclosed Form 4 activity or pledging for Chong in reviewed filings; consider ongoing Form 4 surveillance to detect insider selling pressure. OCFC’s 2024 say-on-pay support remained solid (83%), indicating stable shareholder sentiment toward compensation governance .
- Execution: Chong’s CPA credential and KPMG audit background support accounting rigor in the PAO role; company-level metrics in 2023 show moderate TSR underperformance vs. peers and solid core earnings, which inform broader incentive contexts but are not individualized to Chong .