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OTHER REAL ESTATE OWNED (OREO)
 6 Months Ended
Jun. 30, 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:
June 30, 2025
December 31, 2024
(In thousands)
OREO balances, carrying value:
Residential
(1)
$
10,347
$
12,897
Construction
435
522
Commercial
3,667
3,887
Total
$
14,449
$
17,306
(1)
Excludes $
4.1
 
million and
 
$
5.2
 
million as
 
of June
 
30, 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 and six-month
 
periods ended June 30,
2025 and 2024.