OTHER REAL ESTATE OWNED

9 Months Ended

Sep. 30, 2023

OTHER REAL ESTATE OWNED [Abstract]

OTHER REAL ESTATE OWNED

NOTE 5

–

OTHER REAL ESTATE OWNED

The following table presents the OREO inventory as of the indicated dates:

September 30, 2023

December 31, 2022

(In thousands)

OREO balances, carrying value:

Residential

(1)

$

20,740

$

24,025

Construction

1,861

1,764

Commercial

5,962

5,852

Total

$

28,563

$

31,641

(1)

Excludes $

19.6

 million and $

23.5

 million as of September 30, 2023 and December 31, 2022, 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 18 - Fair Value for information on write-downs recorded on OREO properties during the quarters and nine-month periods

ended September 30, 2023 and 2022.