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OTHER REAL ESTATE OWNED (OREO)
 9 Months Ended
Sep. 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:
September 30, 2024
December 31, 2023
(In thousands)
OREO balances, carrying value:
Residential
(1)
$
14,451
$
20,261
Construction
1,125
1,601
Commercial
 
(2)
3,754
10,807
Total
$
19,330
$
32,669
(1)
Excludes $
7.2
 
million and $
16.6
 
million as of September 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
 
first nine months 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
 
nine-month
 
periods
 
ended
September 30, 2024 and 2023.