Patrick S. Barrett is the Chief Financial Officer (CFO) of OceanFirst Financial Corp, having joined the company in June 2022. He came to OceanFirst after serving as CFO at First Midwest Bancorp for five years. Patrick holds a Bachelor's degree in Finance which gives him a strong foundation in the financial sector. Not just a numbers guy, he focuses on how to make the company efficient and sustainable. In 2023, he earned a total compensation of $785,447, which includes a salary of $450,000 and performance bonuses based on key company metrics. Though he didn’t receive stock awards that vested in 2023, he has a 10,008-share stock award set to vest starting in 2024 that aligns his interests with the company’s growth. Patrick has actively engaged in insider trading, with notable sales peaking at over $1 million in March 2023. This suggests he's confident in his financial strategies and the company’s future. The way he constructs financial strategies reflects a forward-thinking approach in an industry that is constantly evolving. His leadership style combines his finance expertise with a hands-on approach, ensuring OceanFirst navigates today's complex banking landscape successfully.

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Patrick S. Barrett

CEO of OceanFirst Financial

Education

Bachelor's degree in Finance

Field of Expertise

Finance & Banking - Finance

Sector of Economy

Financial Services

Born

January 1, 1977 - 48 years ago

CEO of OceanFirst Financial for

2 years 10 months (Jun 2022 - Present)

Previous Experience

Executive Vice President and Chief Financial Officer of First Midwest Bancorp, Inc.

Rivals

Competitors/colleagues of Patrick S. Barrett

Kevin S. Kim

CEO of Hope Bancorp

2023 Compensation

Stock

$700.98K

Salary

$1.05M

Bonus

$1.05K

Other

$60.71K

Total Holdings

$10.60M

Mark K. Hardwick

CEO of First Merchants Corporation

2023 Compensation

Stock

$611.04K

Salary

$728.00K

Bonus

$369.81K

Other

$78.87K

Total Holdings

$128.69K

Anthony Labozzetta

CEO of Provident Financial Services

2023 Compensation

Stock

$61.82K

Salary

$818.27K

Bonus

$309.38K

Other

$121.55K

Total Holdings

$8.84M

H. Palmer Proctor, Jr.

CEO of Ameris Bancorp

2023 Compensation

Stock

$1.90M

Salary

$925.00K

Bonus

$1.44M

Other

$98.20K

Total Holdings

$28.94M

Jeffrey M. Schweitzer

CEO of Univest Financial Corporation

2022 Compensation

Stock

$0.00

Salary

$806.00K

Bonus

$250.57K

Other

$26.25K

Total Holdings

$2.56M

Holdings

See how much did Patrick S. Barrett make over time.

As CFO of OceanFirst Financial Corp, Patrick S. Barrett has a stake in the company that reflects his commitment to its success. He has a total of 10,008 shares, which are scheduled to vest over the next several years, starting in 2024 with 50% of the shares vesting first. This structure means that he is literally invested in the company’s performance and future. Furthermore, Barrett's insider trading activity shows a solid engagement with the company's stock, with monthly sales frequently hitting six figures. For instance, in March 2023, his trading reached over $1 million, highlighting his strategic timing and confidence in OceanFirst's stock movements. His holdings and trading actions suggest that he is not just a passive leader but actively involved in ensuring the company’s financial health and market position.

Total Stock Sold

$817.75K

FULT

$817.75K

44,808 FULT shares

What if they kept their stock?

If Patrick S. Barrett didn't sell their stock, today they would have:
Extra FULT44,808 shares worth $488.86K.
This is -40.22% and $328.89K less than what they got when they sold the stock.

Insider Trading

See recent insider trades of Patrick S. Barrett.

OCFC

46,110 shares

OCFC

Feb 28, 2024

Received

OCFC

$15.86K

OCFC at $15.86/share

Apr 25, 2023

Purchase

OCFC

31,620 shares

OCFC

Feb 28, 2023

Received

OCFC

$198.56K

OCFC at $18.91/share

Jun 24, 2022

Purchase

FULT

$406.67K

FULT at $18.15/share

Dec 2, 2016

Sale

FULT

$406.67K

FULT at $18.15/share

Dec 5, 2016

Sale

FULT

30,000 shares

FULT

Dec 2, 2013

Received

Compensation History

See how much did Patrick S. Barrett make over time.

In 2023, Patrick S. Barrett’s compensation totaled $785,447 at OceanFirst Financial Corp. This includes a base salary of $450,000 and a bonus of $285,120 that was based on his individual performance measures and company results. His bonus reflects how well the company performed on critical metrics like core earnings and deposit growth. Additionally, he received other compensation amounting to $65,327, which covers contributions to the Employee Stock Ownership Plan and other benefits. Though he did not have any stock awards vesting this year, he does have future stock awards that could significantly increase his overall compensation as they vest in the coming years. This performance-based compensation model aligns his financial incentives with those of the company's shareholders, driving a focus on sustainable growth and profitability.

Year

2023

Total Compensation

$800.45K

Salary

$450.00K

Board Justification

The compensation program is designed to attract, retain, and motivate executives while aligning their interests with those of stockholders through performance-based incentives.

Bonus

$285.12K

Board Justification

The bonus is based on the performance metrics of Core Earnings, Core Efficiency Ratio, Net Deposit Growth, Internal Controls, and ESG, with a maximum individual performance modifier of 150%.

Other

$65.33K

Board Justification

Other compensation includes contributions to the Employee Stock Ownership Plan, life insurance premiums, and other benefits.

Restricted Stock

$0.00(0 RSU)

Board Justification

No stock awards vested in 2023 as Mr. Barrett's awards are scheduled to vest in future years.

Performance Metrics

Core Earnings, Core Efficiency Ratio, Net Deposit Growth, Internal Controls, and ESG.

Other OceanFirst Financial CEOs

Here are other CEOs of OceanFirst Financial

Christopher D. Maher

Ex-CEO of OceanFirst Financial

August 2013 - March 2022