XML 33 R12.htm IDEA: XBRL DOCUMENT
v3.22.4

LOANS | 12 Months Ended
--- | ---
Dec. 31, 2022
LOANS |
LOANS | NOTE 5 — LOANS Loans, net of deferred fees and costs, consist of the following (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | At December 31,
​ |  | 2022 | ​ | 2021
Real estate | ​ | ​ | ​ | ​ | ​ | ​
Commercial | ​ | $ | 3,254,508 | ​ | $ | 2,488,382
Construction | ​ | ​ | 143,693 | ​ | ​ | 151,791
Multi-family | ​ | ​ | 468,540 | ​ | ​ | 355,290
One-to four-family | ​ | ​ | 53,207 | ​ | ​ | 57,163
Total real estate loans | ​ | ​ | 3,919,948 | ​ | ​ | 3,052,626
Commercial and industrial | ​ | ​ | 908,616 | ​ | ​ | 654,535
Consumer | ​ | ​ | 24,931 | ​ | ​ | 32,366
Total loans | ​ | ​ | 4,853,495 | ​ | ​ | 3,739,527
Deferred fees, net of origination costs | ​ | ​ | (12,972) | ​ | ​ | (7,598)
Loans, net of deferred fees and costs | ​ | ​ | 4,840,523 | ​ | ​ | 3,731,929
Allowance for loan losses | ​ | ​ | (44,876) | ​ | ​ | (34,729)
Net loans | ​ | $ | 4,795,647 | ​ | $ | 3,697,200
​ Included in C&I loans at December 31, 2022 and 2021 were $97,000 and $561,000, respectively, of PPP loans. Also included in C&I loans at December 31, 2022 and 2021 were $0.0 and $4.1 million, respectively, of loans held for sale, measured at the lower of cost or fair value. The following tables present the activity in the ALLL by segment. The portfolio segments represent the categories that the Company uses to determine its ALLL (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Commercial | ​ | Commercial | ​ | ​ | ​ | ​ | ​ | ​ | ​ | One-to four- | ​ | ​ | ​ | ​ | ​ | ​
Year ended December 31, 2022 |  | Real Estate |  | & Industrial |  | Construction |  | Multi-family |  | Family |  | Consumer |  | Total
Allowance for loan losses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Beginning balance | ​ | $ | 22,216 | ​ | $ | 7,708 | ​ | $ | 2,105 | ​ | $ | 2,156 | ​ | $ | 140 | ​ | $ | 404 | ​ | $ | 34,729
Provision (credit) for loan losses | ​ | ​ | 7,280 | ​ | ​ | 2,540 | ​ | ​ | (122) | ​ | ​ | 667 | ​ | ​ | (35) | ​ | ​ | (214) | ​ | ​ | 10,116
Loans charged-off | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Recoveries | ​ | ​ | — | ​ | ​ | 26 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 5 | ​ | ​ | 31
Total ending allowance balance | ​ | $ | 29,496 | ​ | $ | 10,274 | ​ | $ | 1,983 | ​ | $ | 2,823 | ​ | $ | 105 | ​ | $ | 195 | ​ | $ | 44,876
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Commercial | ​ | Commercial | ​ | ​ | ​ | ​ | ​ | ​ | ​ | One-to four- | ​ | ​ | ​ | ​ | ​ | ​
Year ended December 31, 2021 |  | Real Estate |  | & Industrial |  | Construction |  | Multi-family |  | Family |  | Consumer |  | Total
Allowance for loan losses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Beginning balance | ​ | $ | 17,243 | ​ | $ | 12,123 | ​ | $ | 1,593 | ​ | $ | 2,661 | ​ | $ | 206 | ​ | $ | 1,581 | ​ | $ | 35,407
Provision (credit) for loan losses | ​ | ​ | 4,973 | ​ | ​ | 24 | ​ | ​ | 512 | ​ | ​ | (505) | ​ | ​ | (66) | ​ | ​ | (1,122) | ​ | ​ | 3,816
Loans charged-off | ​ | ​ | — | ​ | ​ | (4,764) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (55) | ​ | ​ | (4,819)
Recoveries | ​ | ​ | — | ​ | ​ | 325 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 325
Total ending allowance balance | ​ | $ | 22,216 | ​ | $ | 7,708 | ​ | $ | 2,105 | ​ | $ | 2,156 | ​ | $ | 140 | ​ | $ | 404 | ​ | $ | 34,729
​ The following tables present the balance in the ALLL and the recorded investment in loans by portfolio segment based on impairment method (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Commercial | ​ | Commercial | ​ | ​ | ​ | ​ | ​ | ​ | One-to four- | ​ | ​ | ​ | ​ | ​ | ​
At December 31, 2022 |  | Real Estate |  | & Industrial |  | Construction |  | Multi-family |  | Family |  | Consumer |  | Total
Allowance for loan losses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Individually evaluated for impairment | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 24 | ​ | $ | 24
Collectively evaluated for impairment | ​ | ​ | 29,496 | ​ | ​ | 10,274 | ​ | ​ | 1,983 | ​ | ​ | 2,823 | ​ | ​ | 105 | ​ | ​ | 171 | ​ | ​ | 44,852
Total ending allowance balance | ​ | $ | 29,496 | ​ | $ | 10,274 | ​ | $ | 1,983 | ​ | $ | 2,823 | ​ | $ | 105 | ​ | $ | 195 | ​ | $ | 44,876
Loans: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Individually evaluated for impairment | ​ | $ | 26,740 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 899 | ​ | $ | 24 | ​ | $ | 27,663
Collectively evaluated for impairment | ​ | ​ | 3,227,768 | ​ | ​ | 908,616 | ​ | ​ | 143,693 | ​ | ​ | 468,540 | ​ | ​ | 52,308 | ​ | ​ | 24,907 | ​ | ​ | 4,825,832
Total ending loan balance | ​ | $ | 3,254,508 | ​ | $ | 908,616 | ​ | $ | 143,693 | ​ | $ | 468,540 | ​ | $ | 53,207 | ​ | $ | 24,931 | ​ | $ | 4,853,495
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Commercial | ​ | Commercial | ​ | ​ | ​ | ​ | ​ | ​ | One-to four- | ​ | ​ | ​ | ​ | ​ | ​
At December 31, 2021 |  | Real Estate |  | & Industrial |  | Construction |  | Multi-family |  | Family |  | Consumer |  | Total
Allowance for loan losses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Individually evaluated for impairment | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 26 | ​ | $ | 170 | ​ | $ | 196
Collectively evaluated for impairment | ​ | ​ | 22,216 | ​ | ​ | 7,708 | ​ | ​ | 2,105 | ​ | ​ | 2,156 | ​ | ​ | 114 | ​ | ​ | 234 | ​ | ​ | 34,533
Total ending allowance balance | ​ | $ | 22,216 | ​ | $ | 7,708 | ​ | $ | 2,105 | ​ | $ | 2,156 | ​ | $ | 140 | ​ | $ | 404 | ​ | $ | 34,729
Loans: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Individually evaluated for impairment | ​ | $ | 38,518 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 946 | ​ | $ | 302 | ​ | $ | 39,766
Collectively evaluated for impairment | ​ | ​ | 2,449,864 | ​ | ​ | 654,535 | ​ | ​ | 151,791 | ​ | ​ | 355,290 | ​ | ​ | 56,217 | ​ | ​ | 32,064 | ​ | ​ | 3,699,761
Total ending loan balance | ​ | $ | 2,488,382 | ​ | $ | 654,535 | ​ | $ | 151,791 | ​ | $ | 355,290 | ​ | $ | 57,163 | ​ | $ | 32,366 | ​ | $ | 3,739,527
​ The following tables present loans individually evaluated for impairment (in thousands). The recorded investment in loans excludes accrued interest receivable and loan origination fees. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | At December 31, 2022 | ​ | Year ended December 31, 2022
​ | ​ | ​ | ​ | ​ | ​ | Allowance | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Unpaid | ​ | ​ | ​ | for Loan | ​ | Average | ​ | Interest
​ | ​ | Principal | ​ | Recorded | ​ | Losses | ​ | Recorded | ​ | Income
​ |  | Balance |  | Investment |  | Allocated | ​ | Investment |  | Recognized
With an allowance recorded: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Consumer | ​ | $ | 24 | ​ | $ | 24 | ​ | $ | 24 | ​ | ​ | 79 | ​ | ​ | —
Total | ​ | $ | 24 | ​ | $ | 24 | ​ | $ | 24 | ​ | $ | 79 | ​ | $ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Without an allowance recorded: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
One-to four-family | ​ | $ | 1,176 | ​ | $ | 899 | ​ | $ | — | ​ | $ | 832 | ​ | $ | 31
CRE | ​ | ​ | 27,984 | ​ | ​ | 26,740 | ​ | ​ | — | ​ | ​ | 30,142 | ​ | ​ | 1,041
Total | ​ | $ | 29,160 | ​ | $ | 27,639 | ​ | $ | — | ​ | $ | 30,974 | ​ | $ | 1,072
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | At December 31, 2021 | ​ | Year ended December 31, 2021
​ | ​ | ​ | ​ | ​ | ​ | Allowance | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Unpaid | ​ | ​ | ​ | for Loan | ​ | Average | ​ | Interest
​ | ​ | Principal | ​ | Recorded | ​ | Losses | ​ | Recorded | ​ | Income
​ |  | Balance |  | Investment |  | Allocated | ​ | Investment |  | Recognized
With an allowance recorded: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
One-to four-family | ​ | $ | 577 | ​ | $ | 447 | ​ | $ | 26 | ​ | $ | 462 | ​ | $ | 21
Consumer | ​ | ​ | 302 | ​ | ​ | 302 | ​ | ​ | 170 | ​ | ​ | 1,766 | ​ | ​ | 84
C&I | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,726 | ​ | ​ | —
Total | ​ | $ | 879 | ​ | $ | 749 | ​ | $ | 196 | ​ | $ | 4,954 | ​ | $ | 105
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Without an allowance recorded: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
One-to four-family | ​ | $ | 646 | ​ | $ | 499 | ​ | $ | — | ​ | $ | 509 | ​ | $ | 26
CRE | ​ | ​ | 38,518 | ​ | ​ | 38,518 | ​ | ​ | — | ​ | ​ | 15,975 | ​ | ​ | 325
C&I | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 77 | ​ | ​ | —
Total | ​ | $ | 39,164 | ​ | $ | 39,017 | ​ | $ | — | ​ | $ | 16,561 | ​ | $ | 351
​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | At December 31, 2020 | ​ | Year ended December 31, 2020
​ | ​ | ​ | ​ | ​ | ​ | ​ | Allowance | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Unpaid | ​ | ​ | ​ | ​ | for Loan | ​ | Average | ​ | Interest
​ | ​ | Principal | ​ | ​ | Recorded | ​ | Losses | ​ | Recorded | ​ | Income
​ |  | Balance | ​ |  | Investment |  | Allocated | ​ | Investment |  | Recognized
With an allowance recorded: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
One-to four-family | ​ | $ | 610 | ​ | ​ | $ | 480 | ​ | $ | 53 | ​ | $ | 491 | ​ | $ | 19
Consumer | ​ | ​ | 2,197 | ​ | ​ | ​ | 2,197 | ​ | ​ | 1,203 | ​ | ​ | 1,503 | ​ | ​ | 88
C&I | ​ | ​ | 4,192 | ​ | ​ | ​ | 4,192 | ​ | ​ | 3,662 | ​ | ​ | 3,456 | ​ | ​ | —
Total | ​ | $ | 6,999 | ​ | ​ | $ | 6,869 | ​ | $ | 4,918 | ​ | $ | 5,450 | ​ | $ | 107
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Without an allowance recorded: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
One-to four-family | ​ | $ | 666 | ​ | ​ | $ | 519 | ​ | $ | — | ​ | $ | 996 | ​ | $ | 20
CRE | ​ | ​ | 10,345 | ​ | ​ | ​ | 10,345 | ​ | ​ | — | ​ | ​ | 2,360 | ​ | ​ | 38
C&I | ​ | ​ | — | ​ | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 951 | ​ | ​ | —
Total | ​ | $ | 11,011 | ​ | ​ | $ | 10,864 | ​ | $ | — | ​ | $ | 4,307 | ​ | $ | 58
​ For a loan to be considered impaired, management determines whether it is probable that the Company will not be able to collect all amounts due according to the contractual terms of the loan agreement. Management applies its normal loan review procedures in making these judgments. Impaired loans include individually classified non-accrual loans and TDRs. Impairment is determined based on the present value of expected future cash flows discounted at the loan’s effective interest rate. For loans that are collateral dependent, the fair value of the collateral is used to determine the fair value of the loan. The fair value of the collateral is determined based on recent appraised values. The fair value of the collateral or present value of expected cash flows is compared to the carrying value to determine if any write-down or specific loan loss allowance allocation is required. For discussion on modification of loans to borrowers impacted by COVID-19, refer to the “COVID-19 Loan Modifications” section herein. The following tables present the recorded investment in non-accrual loans, loans past due over 90 days and still accruing by class of loans (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Loans Past Due
​ | ​ | ​ | ​ | ​ | Over 90 Days
At December 31, 2022 |  | Nonaccrual | ​ | Still Accruing
Consumer | ​ | $ | 24 | ​ | $ | —
Total | ​ | $ | 24 | ​ | $ | —
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Loans Past Due
​ | ​ | ​ | ​ | ​ | Over 90 Days
At December 31, 2021 | ​ | ​ | Nonaccrual | ​ | Still Accruing
Commercial real estate | ​ | $ | 9,984 | ​ | $ | —
Consumer | ​ | ​ | 37 | ​ | ​ | 265
Total | ​ | $ | 10,021 | ​ | $ | 265
​ Interest income that would have been recorded for the years ended December 31, 2022, 2021 and 2020, had non-accrual loans been current according to their original terms, was immaterial. The following table presents the aging of the recorded investment in past due loans by class of loans (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | 90 | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 30-59 | ​ | 60-89 | ​ | Days and | ​ | Total past | ​ | Current | ​ | ​
At December 31, 2022 |  | Days |  | Days |  | greater |  | due |  | loans |  | Total
Commercial real estate | ​ | $ | — | ​ | $ | 24,000 | ​ | $ | — | ​ | $ | 24,000 | ​ | $ | 3,230,508 | ​ | $ | 3,254,508
Commercial & industrial | ​ | ​ | 37 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 37 | ​ | ​ | 908,579 | ​ | ​ | 908,616
Construction | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 143,693 | ​ | ​ | 143,693
Multi-family | ​ | ​ | 8,000 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 8,000 | ​ | ​ | 460,540 | ​ | ​ | 468,540
One-to four-family | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 53,207 | ​ | ​ | 53,207
Consumer | ​ | ​ | 21 | ​ | ​ | — | ​ | ​ | 24 | ​ | ​ | 45 | ​ | ​ | 24,886 | ​ | ​ | 24,931
Total | ​ | $ | 8,058 | ​ | $ | 24,000 | ​ | $ | 24 | ​ | $ | 32,082 | ​ | $ | 4,821,413 | ​ | $ | 4,853,495
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | 90 | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 30-59 | ​ | 60-89 | ​ | Days and | ​ | Total past | ​ | Current | ​ | ​
At December 31, 2021 |  | Days |  | Days |  | greater |  | due |  | loans |  | Total
Commercial real estate | ​ | $ | — | ​ | $ | — | ​ | $ | 9,984 | ​ | $ | 9,984 | ​ | $ | 2,478,398 | ​ | $ | 2,488,382
Commercial & industrial | ​ | ​ | 151 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 151 | ​ | ​ | 654,384 | ​ | ​ | 654,535
Construction | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 151,791 | ​ | ​ | 151,791
Multi-family | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 355,290 | ​ | ​ | 355,290
One-to four-family | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 57,163 | ​ | ​ | 57,163
Consumer | ​ | ​ | 93 | ​ | ​ | 94 | ​ | ​ | 302 | ​ | ​ | 489 | ​ | ​ | 31,877 | ​ | ​ | 32,366
Total | ​ | $ | 244 | ​ | $ | 94 | ​ | $ | 10,286 | ​ | $ | 10,624 | ​ | $ | 3,728,903 | ​ | $ | 3,739,527
​ Troubled Debt Restructurings Loans for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, are considered TDRs and classified as impaired. Included in impaired loans at both December 31, 2022 and 2021 were $1.2 million and $1.3 million, respectively, of loans modified as TDRs. The ALLL for TDRs was $0.0 and $26,000 as of December 31, 2022 and 2021, respectively. All TDRs at December 31, 2022 and 2021 were performing in accordance with their restructured terms. During the years ended December 31, 2022 and 2021, there were no payment defaults on any loans previously identified as TDRs. There were no loans modified as a TDR during the years ended December 31, 2022 or 2021. The Company has not committed to lend additional amounts as of December 31, 2022 to customers with outstanding loans that are classified as TDRs. A loan is considered to be in payment default once it is 90 days contractually past due under the modified terms. In order to determine whether a borrower is experiencing financial difficulty, an evaluation is performed of the probability that the borrower will be in payment default on any of its debt in the foreseeable future without the modification. This evaluation is performed pursuant to the Company’s internal underwriting policy. The following table presents the recorded investment in TDRs by class of loans (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
​ | ​ | 2022 | ​ | 2021
Commercial real estate | ​ | $ | 325 | ​ | $ | 342
One-to four-family | ​ | ​ | 899 | ​ | ​ | 946
Total | ​ | $ | 1,224 | ​ | $ | 1,288
​ Credit Quality Indicators The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. Except for one-to four-family loans and consumer loans, the Company analyzes loans individually by classifying the loans as to credit risk at least annually. For one-to four-family loans and consumer loans, the Company evaluates credit quality based on the aging status of the loan, which was previously presented. An analysis is performed on a quarterly basis for loans classified as special mention, substandard, or doubtful. The Company uses the following definitions for risk ratings: Special Mention -Loans classified as special mention have a potential weakness that deserves management’s attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the Company’s credit position at some future date. Substandard -Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Doubtful -Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Loans not meeting the criteria above are classified as pass-rated loans. Based on the most recent analysis performed, the risk category of loans by class of loans is as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Special | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
At December 31, 2022 |  | Pass |  | Mention |  | Substandard |  | Doubtful | ​ | ​ | Total
Commercial real estate | ​ | $ | 3,192,212 | ​ | $ | 35,881 | ​ | $ | 26,415 | ​ | $ | — | ​ | $ | 3,254,508
Commercial & industrial | ​ | ​ | 876,867 | ​ | ​ | 31,749 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 908,616
Construction | ​ | ​ | 143,693 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 143,693
Multi-family | ​ | ​ | 468,540 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 468,540
Total | ​ | $ | 4,681,312 | ​ | $ | 67,630 | ​ | $ | 26,415 | ​ | $ | — | ​ | $ | 4,775,357
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Special | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
At December 31, 2021 |  | Pass |  | Mention |  | Substandard |  | Doubtful | ​ | ​ | Total
Commercial real estate | ​ | $ | 2,449,864 | ​ | $ | 342 | ​ | $ | 38,176 | ​ | $ | — | ​ | $ | 2,488,382
Commercial & industrial | ​ | ​ | 646,251 | ​ | ​ | 4,177 | ​ | ​ | 4,107 | ​ | ​ | — | ​ | ​ | 654,535
Construction | ​ | ​ | 151,791 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 151,791
Multi-family | ​ | ​ | 355,290 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 355,290
Total | ​ | $ | 3,603,196 | ​ | $ | 4,519 | ​ | $ | 42,283 | ​ | $ | — | ​ | $ | 3,649,998
​ COVID-19 Loan Modifications As of December 31, 2022, the Company had one loan amounting to $20.8 million, or 0.43% of total loans, that was modified in accordance with the COVID-19 Guidance and the CARES Act. As of December 31, 2022, related principal payment deferrals were $20.8 million, or 0.43% of total loans, while none were full payment deferrals. ​ As of December 31, 2021, the Company had 8 loans amounting to $48.9 million, or 1.31% of total loans, that were modified in accordance with the COVID-19 Guidance and the CARES Act. As of December 31, 2021, principal payment deferrals were $39.1 million, or 1.05% of total loans, while full payment deferrals were $9.9 million, or 0.26% of total loans.

X
- References No definition available. + Details
Name: | us-gaap_LoansAndLeasesReceivableDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI https://asc.fasb.org/subtopic&trid=2196772 + Details
Name: | us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration