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OTHER REAL ESTATE OWNED
 12 Months Ended
Dec. 31, 2023
OTHER REAL ESTATE OWNED [Abstract]  
OTHER REAL ESTATE OWNED
NOTE 7
–
OTHER REAL ESTATE
 
OWNED
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The following table presents the OREO inventory as of the indicated dates:
December 31, 2023
December 31, 2022
(In thousands)
OREO balances, carrying value:
Residential
(1)
$
20,261
$
24,025
Construction
1,601
1,764
Commercial
10,807
5,852
Total
$
32,669
$
31,641
(1)
Excludes $
16.6
 
million and $
23.5
 
million as of December 31, 2023
 
and 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
 
25
 
–
 
“Fair
 
Value”
 
for
 
information
 
on
 
the
 
subsequent
 
measurement
 
recorded
 
on
 
OREO
 
properties
 
in
 
the
 
consolidated
statements of income within “Net gain on OREO operations” during the
 
years ended December 31, 2023, 2022, and 2021.