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OTHER REAL ESTATE OWNED (OREO)
 9 Months Ended
Sep. 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:
September 30, 2025
December 31, 2024
(In thousands)
OREO balances, carrying value:
Residential
(1)
$
8,347
$
12,897
Construction
435
522
Commercial
(2)
561
3,887
Total
$
9,343
$
17,306
(1)
Excludes $
3.8
 
million and $
5.2
 
million as of September
 
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.
(2)
During the third quarter of 2025, the Corporation
 
recorded a $
2.8
 
million valuation adjustment in connection with
 
ongoing litigation involving a commercial
 
OREO property in the Virgin
Islands region. See Note 19 – “Regulatory Matters, Commitments
 
and Contingencies” for further details.
See Note 15 – “Fair
 
Value”
 
for information on subsequent
 
measurement adjustments recorded
 
on OREO properties reported
 
as part
of “Net loss
 
(gain) on
 
OREO operations”
 
in the consolidated
 
statements of income
 
during the
 
quarters and
 
nine-month periods
 
ended
September 30, 2025 and 2024.