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OTHER REAL ESTATE OWNED (OREO) | 6 Months Ended
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Jun. 30, 2024
OTHER REAL ESTATE OWNED (OREO) [Abstract] |
OTHER REAL ESTATE OWNED (OREO) | NOTE 5 – OTHER REAL ESTATE OWNED (“OREO”) The following table presents the OREO inventory as of the indicated dates: June 30, 2024 December 31, 2023 (In thousands) OREO balances, carrying value: Residential (1) $ 15,468 $ 20,261 Construction 1,658 1,601 Commercial (2) 4,556 10,807 Total $ 21,682 $ 32,669 (1) Excludes $ 11.3 million and $ 16.6 million as of June 30, 2024 and December 31, 2023, 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. (2) Decrease was mainly associated with the sale of a $ 5.3 million commercial real estate OREO property in Puerto Rico during the second quarter of 2024 at a gain of $ 2.3 million. See Note 17 – “Fair Value” for information on subsequent measurement adjustments recorded on OREO properties reported as part of “Net gain on OREO operations” in the consolidated statements of income during the quarters and six-month periods ended June 30, 2024 and 2023.

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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 -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481990/310-10-45-3 + Details
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