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OTHER REAL ESTATE OWNED
 3 Months Ended
Mar. 31, 2024
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:
March 31,2024
December 31, 2023
(In thousands)
OREO balances, carrying value:
Residential
(1)
$
16,706
$
20,261
Construction
1,681
1,601
Commercial
10,477
10,807
Total
$
28,864
$
32,669
(1)
Excludes $
13.4
 
million and $
16.6
 
million as of
 
March 31,2024 and
 
December 31, 2023,
 
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 17 – “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 ended March 31, 2024 and 2023.