v3.26.1
Other Assets Acquired Through Foreclosure
3 Months Ended
Mar. 31, 2026
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Other Assets Acquired Through Foreclosure
6. OTHER ASSETS ACQUIRED THROUGH FORECLOSURE
Other assets acquired through foreclosure consist primarily of properties acquired as a result of, or in-lieu-of, foreclosure. At March 31, 2026 and December 31, 2025, repossessed assets totaled $123 million and $137 million, respectively, net of a valuation allowance of $5 million and $8 million, respectively, recognized as a component of Other assets in the Consolidated Balance Sheet. These assets predominantly consisted of office properties at March 31, 2026 and December 31, 2025. At March 31, 2026 and December 31, 2025, foreclosed residential real estate properties totaled $3 million and $2 million, respectively, net of any valuation allowance.
The Company held 17 properties at March 31, 2026 compared to 15 at December 31, 2025. During the three months ended March 31, 2026, the Company took possession of properties with a value of $27 million, which primarily related to one office property, and transferred one property with a carrying value of $39 million from OREO into Premises and equipment, net, due to a change in management intent. The Company recognized a net valuation loss of $2.5 million during the three months ended March 31, 2026 and none during the same period in 2025.