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OTHER REAL ESTATE OWNED | 3 Months Ended
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Mar. 31, 2023
OTHER REAL ESTATE OWNED [Abstract] |
OTHER REAL ESTATE OWNED | NOTE 5 – OTHER REAL ESTATE OWNED The following table presents the OREO inventory as of the indicated dates: March 31, 2023 December 31, 2022 (In thousands) OREO balances, carrying value: Residential (1) $ 24,984 $ 24,025 Commercial 6,114 5,852 Construction 1,764 1,764 Total $ 32,862 $ 31,641 (1) Excludes $ 22.6 million and $ 23.5 million as of March 31, 2023 and December 31, 2022, respectively, of foreclosures that met the conditions of ASC Subtopic 310-40 “Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure,” and are presented as a receivable as part of other assets in the consolidated statements of financial condition. See Note 18 - Fair Value for information on write-downs recorded on OREO properties during the quarters ended March 31, 2023 and 2022.

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- Definition The entire disclosure for real estate owned (as defined). Generally, the largest component of real estate owned by lenders is assets taken in settlement of troubled loans through surrender or foreclosure. Real estate investments, real estate loans that qualify as investments in real estate, and premises that are no longer used in operations may also be included in real estate owned. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 45 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=124259787&loc=d3e4437-111522 + Details
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