OTHER REAL ESTATE OWNED (OREO) (Tables)

12 Months Ended

Dec. 31, 2024

OTHER REAL ESTATE OWNED (OREO) [Abstract]

Other Real Estate Owned [Table Text Block]

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

December 31, 2024

December 31, 2023

(In thousands)

OREO balances, carrying value:

Residential

(1)

$

12,897

$

20,261

Construction

522

1,601

Commercial

 (2)

3,887

10,807

Total

$

17,306

$

32,669

(1)

Excludes $

5.2

 million and $

16.6

 million as of December 31, 2024 and 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.

(2)

Decrease was mainly associated with the sale of a $

5.3

 million commercial real estate OREO property in Puerto Rico during 2024 at a gain of $

2.3

 million.