OceanFirst expects $7.7M-$8.5M Q3 charge-off on $17M NYC office loan participation

OCEANFIRST FINANCIAL CORP

Expects Q3 charge-off of 45%-50% of $17M exposure on a $98M credit secured by Midtown Manhattan office building.
Loan originated June 2019, matured in Q3, placed on non-accrual, will be in non-performing assets as of Sep 30, 2023.
The $17M participation is 13% of OceanFirst's $130M central business district office loan portfolio as of Aug 31, 2023.
No other material losses currently identified; company continues evaluating the office portfolio.

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