OCFC: net income -$3.0M. OCFC completes Flushing acquisition, sells multifamily loans at 7.75% discount

Filed August 7, 2026 · Period ending June 30, 2026 · Compared to 10-Q Aug 4, 2025 · ~2 min read

Key Changes

• high

  Acquired Flushing Financial on June 1, 2026, adding $8.69B in assets, $6.19B in loans, $7.44B in deposits, and 30 NYC/Long Island branches; immediately sold $1.31B of acquired multifamily loans at 92.25% of par (7.75% discount) and reinvested $1.20B net proceeds into investment-grade securities, reducing CRE concentration by ~50 percentage points to 381%.

  MD&A: Flushing acquisition and balance sheet repositioning verify on EDGAR →
• high

  Raised $225M from Warburg Pincus concurrent with the merger through 9.6M common shares at $19.76, 1,812 shares of non-voting convertible equity (NVCE) stock representing ~1.8M economic-equivalent shares at $19,760 per share, and warrants to purchase ~11.4M NVCE shares at $19,760 per share with seven-year term.

  MD&A: Warburg Pincus strategic investment verify on EDGAR →
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  Reported net loss of $3.0M ($0.04 per diluted share) for Q2 2026 vs. net income of $16.2M ($0.28 per diluted share) in Q2 2025, driven by $42.8M of merger-related expenses; year-to-date net income was $17.5M ($0.27 per diluted share) vs. $36.7M ($0.63 per diluted share) prior year.

  MD&A: Quarterly net loss verify on EDGAR →