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OTHER REAL ESTATE OWNED (OREO)
 6 Months Ended
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.