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Other Real Estate Owned (“OREO”) | 12 Months Ended
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Dec. 31, 2023
Real Estate Owned, Disclosure of Detailed Components [Abstract] |
Other Real Estate Owned (“OREO”) | Other Real Estate Owned (“OREO”) The OREO balance consists of foreclosed residential properties from loans receivable that were marketed for sale. The following table presents an analysis of the activity in OREO for the years ended December 31, 2023, 2022 and 2021:
(In thousands) | Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Beginning balance | $ | — |  |  | $ | — |  |  | $ | 1,906 |
Additions | 2,843 |  |  | — |  |  | — |
Sold | — |  |  | — |  |  | (1,906) |
Write-downs | — |  |  | — |  |  | — |
Ending balance | $ | 2,843 |  |  | $ | — |  |  | $ | — |
As of December 31, 2023, the Bank acquired one OREO property of $2.8 million. The OREO balance represents the lower of the carrying value of loan receivable due from the mortgage of the foreclosed residential property or the estimated net realized value of the underlying property acquired through foreclosure. As of December 31, 2022, no OREO balance was recorded. For the year ended December 31, 2021, the Bank sold one OREO property of $1.9 million for a gain on sales of OREO properties of $2,000, which was included as a reduction to the other operating expenses on the Consolidated Statements of Operations. There was no sale in 2022 and 2023.

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- Definition The entire disclosure for real estate owned (as defined). Generally, the largest component of real estate owned by lenders is assets taken in settlement of troubled loans through surrender or foreclosure. Real estate investments, real estate loans that qualify as investments in real estate, and premises that are no longer used in operations may also be included in real estate owned. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481990/310-10-45-3 + Details
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