secwatch.observer — SEC 8-K summary
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Issuer:     OCEANFIRST FINANCIAL CORP (OCFC)
CIK:        0001004702
Form:       8-K
Filed at:   2023-09-14T23:59:59+00:00
Accession:  0001004702-23-000142
Event type: other_material
Sentiment:  negative
Materiality: 0.60
Item codes: 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1004702/000100470223000142/0001004702-23-000142-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1004702/000100470223000142/ocfc-20230914.htm
  HTML page:      https://secwatch.observer/filing/0001004702-23-000142

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