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OTHER REAL ESTATE OWNED (OREO)
 3 Months Ended
Mar. 31, 2025
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:
March 31, 2025
December 31, 2024
(In thousands)
OREO balances, carrying value:
Residential
(1)
$
11,547
$
12,897
Construction
451
522
Commercial
3,882
3,887
Total
$
15,880
$
17,306
(1)
Excludes $
4.6
 
million and $
5.2
 
million as of
 
March 31, 2025
 
and December 31,
 
2024, 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 15 – “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 ended March 31, 2025 and 2024.