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Loans and Allowance for Credit Losses | 12 Months Ended
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Jun. 30, 2022
Loans and Allowance for Credit Losses |
Loans and Allowance for Credit Losses | NOTE 3: Loans and Allowance for Credit Losses Classes of loans are summarized as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
(dollars in thousands) |  | June 30, 2022 |  | June 30, 2021
Real Estate Loans: | ​ | ​ | ​ | ​ | ​ | ​
Residential | ​ | $ | 904,160 | ​ | $ | 721,216
Construction | ​ |  | 258,072 | ​ |  | 208,824
Commercial | ​ |  | 1,146,673 | ​ |  | 889,793
Consumer loans | ​ |  | 92,996 | ​ |  | 77,674
Commercial loans | ​ |  | 441,598 | ​ |  | 414,124
​ | ​ |  | 2,843,499 | ​ |  | 2,311,631
Loans in process | ​ |  | (123,656) | ​ |  | (74,540)
Deferred loan fees, net | ​ |  | (453) | ​ |  | (3,625)
Allowance for credit losses | ​ |  | (33,192) | ​ |  | (33,222)
Total loans | ​ | $ | 2,686,198 | ​ | $ | 2,200,244
​ The Company’s lending activities consist of origination of loans secured by mortgages on one- to four-family residences and commercial and agricultural real estate, construction loans on residential and commercial properties, commercial and agricultural business loans and consumer loans. At June 30, 2022, the Bank had purchased participations in 31 loans totaling $70.0 million, as compared to 23 loans totaling $83.0 million at June 30, 2021. Residential Mortgage Lending. The Company actively originates loans for the acquisition or refinance of one- to four-family residences. This category includes both fixed-rate and adjustable-rate mortgage (“ARM”) loans amortizing over periods of up to 30 years, and the properties securing such loans may be owner-occupied or non-owner-occupied. Single-family residential loans do not generally exceed 90% of the lower of the appraised value or purchase price of the secured property. Substantially all of the one- to four-family residential mortgage originations in the Company’s portfolio are located within the Company’s primary lending area. General risks related to one- to four-family residential lending include stability of borrower income and collateral values. The Company also originates loans secured by multi-family residential properties that are often located outside the Company’s primary lending area but made to borrowers who operate within our primary market area. The majority of the multi-family residential loans that are originated by the Company are amortized over periods generally up to 25 years, with balloon maturities typically up to ten years. Both fixed and adjustable interest rates are offered and it is typical for the Company to include an interest rate “floor” and “ceiling” in the loan agreement. Generally, multi-family residential loans do not exceed 85% of the lower of the appraised value or purchase price of the secured property. General risks related to multi-family residential lending include rental demand and supply, rental rates, and vacancies, as well as collateral values and borrower leverage. Commercial Real Estate Lending. The Company actively originates loans secured by owner- and non-owner-occupied commercial real estate including farmland, single- and multi-tenant retail properties, restaurants, hotels, land (improved and unimproved), nursing homes and other healthcare facilities, warehouses and distribution centers, convenience stores, automobile dealerships and other automotive-related services, and other businesses. These properties are typically owned and operated by borrowers headquartered within the Company’s primary lending area, however, the property may be located outside our primary lending area. Approximately $459.9 million of the Company’s $1.1 billion in commercial real estate loans are secured by properties located outside our primary lending area. Risks to owner-occupied commercial real estate lending generally include the continued profitable operation of the borrower’s enterprise, as well as general collateral values, and may be heightened by unique, specific uses of the property serving as collateral. Non-owner-occupied commercial real estate lending risks include tenant demand and performance, lease rates, and vacancies, as well as collateral values and borrower leverage. These factors may be influenced by general economic conditions in the region, or in the United States generally. Risks to lending on farmland include unique factors such as commodity prices, yields, input costs, and weather, as well as farmland values. Most commercial real estate loans originated by the Company generally are based on amortization schedules of up to 25 years with monthly principal and interest payments. Generally, the interest rate received on these loans is fixed for a maturity for up to ten years, with a balloon payment due at maturity. Alternatively, for some loans, the interest rate adjusts at least annually after an initial period up to seven years. The Company typically includes an interest rate “floor” in the loan agreement. Generally, improved commercial real estate loan amounts do not exceed 80% of the lower of the appraised value or the purchase price of the secured property. Agricultural real estate terms offered differ slightly, with amortization schedules of up to 25 years with an 80% loan-to-value ratio, or 30 years with a 75% loan-to-value ratio. Construction Lending. The Company originates real estate loans secured by property or land that is under construction or development. Construction loans originated by the Company are generally to finance the construction of owner occupied residential real estate, or to finance speculative construction of residential real estate, land development, or owner-operated or non-owner occupied commercial real estate. During construction, these loans typically require monthly interest-only payments, with single-family residential construction loans having maturities ranging from six to twelve months, while multi-family or commercial construction loans typically mature in 12 to 36 months. Once construction is completed, permanent construction loans may be converted to monthly payments using amortization schedules of up to 30 years on residential and generally up to 25 years on commercial real estate. Construction and development lending risks generally include successful timely and on-budget completion of the project, followed by the sale of the property in the case of land development or non-owner-occupied real estate, or the long-term occupancy of the property by the builder in the case of owner-occupied construction. Changes in real estate values or other economic conditions may impact the ability of a borrower to sell property developed for that purpose. While the Company typically utilizes relatively short maturity periods to closely monitor the inherent risks associated with construction loans for these loans, weather conditions, change orders, availability of materials and/or labor, and other factors may contribute to the lengthening of a project, thus necessitating the need to renew the construction loan at the balloon maturity. Such extensions are typically executed in incremental three month periods to facilitate project completion. The Company’s average term of construction loans is approximately 12 months. During construction, loans typically require monthly interest only payments which may allow the Company an opportunity to monitor for early signs of financial difficulty should the borrower fail to make a required monthly payment. Additionally, during the construction phase, the Company typically performs interim inspections which further allow the Company opportunity to assess risk. At June 30, 2022, construction loans outstanding included 57 loans, totaling $13.8 million, for which a modification had been agreed to. At June 30, 2021, construction loans outstanding included 48 loans, totaling $28.5 million, for which a modification had been agreed to. In general, these modifications were solely for the purpose of extending the maturity date due to conditions described above, pursuant to the Company’s normal underwriting and monitoring procedures. As these modifications were not executed due to financial difficulty on the part of the borrower, they were not accounted for as troubled debt restructurings (TDRs); nor were they made pursuant to exemptions provided under the CARES Act. Under the CARES Act, financial institutions had the option to temporarily suspend certain requirements under U.S. GAAP related to TDRs for a limited period of time to account for the effects of COVID-19. Loans modified under the CARES Act did not include any construction loans with drawn balances at June 30, 2022. Consumer Lending. The Company offers a variety of secured consumer loans, including home equity, direct and indirect automobile loans, second mortgages, mobile home loans and loans secured by deposits. The Company originates substantially all of its consumer loans in its primary lending area. Usually, consumer loans are originated with fixed rates for terms of up to 66 months, with the exception of home equity lines of credit, which are variable, tied to the prime rate of interest and are for a period of ten years. Home equity lines of credit (HELOCs) are secured with a deed of trust and are issued up to 100% of the appraised or assessed value of the property securing the line of credit, less the outstanding balance on the first mortgage and are typically issued for a term of ten years. Interest rates on the HELOCs are generally adjustable. Interest rates are based upon the loan-to-value ratio of the property with better rates given to borrowers with more equity. Risks related to HELOC lending generally include the stability of borrower income and collateral values. Automobile loans originated by the Company include both direct loans and a smaller amount of loans originated by auto dealers. The Company generally pays a negotiated fee back to the dealer for indirect loans. Typically, automobile loans are made for terms of up to 66 months for new and used vehicles. Loans secured by automobiles have fixed rates and are generally made in amounts up to 100% of the purchase price of the vehicle. Risks to automobile and other consumer lending generally include the stability of borrower income and borrower willingness to repay. Commercial Business Lending. The Company’s commercial business lending activities encompass loans with a variety of purposes and security, including loans to finance accounts receivable, inventory, equipment and operating lines of credit, including agricultural production and equipment loans. The Company offers both fixed and adjustable rate commercial business loans. Generally, commercial loans secured by fixed assets are amortized over periods up to five years, while commercial operating lines of credit or agricultural production lines are generally for a one year period. Commercial lending risk is primarily driven by the borrower’s successful generation of cash flow from their business enterprise sufficient to service debt, and may be influenced by factors specific to the borrower and industry, or by general economic conditions in the region or in the United States generally. Agricultural production or equipment lending includes unique risk factors such as commodity prices, yields, input costs, and weather, as well as farm equipment values. Allowance for Credit Losses. The provision for credit losses or loan losses for the fiscal years ended June 30, 2022, 2021, and 2020, was a charge of $1.5 million, a recovery of $1.0 million, and a charge of $6.0 million, respectively. During the fiscal year ended June 30, 2022, the allowance for credit losses (ACL) required for purchased credit deteriorated (PCD) loans acquired in the Fortune acquisition was $120,000, and was funded through purchase accounting adjustments, while the ACL required for non-PCD loans acquired in the Fortune acquisition was $1.9 million, and was funded through a charge to provision for credit losses (PCL). Additionally, the allowance for off-balance sheet credit exposures was increased by $120,000 due to the Fortune acquisition and funded through a charge to PCL. Exclusive of the charges required as a result of the Fortune acquisition, the Company would have recorded a negative PCL of approximately $533,000 in the current year. The recovery was based on the estimated required ACL, reflecting management’s estimate of the current expected credit losses in the Company’s loan portfolio at June 30, 2022, and as of that date the Company’s ACL was $33.2 million. Negative provisioning, exclusive of the impact of the Fortune acquisition, in the year ended June 30, 2022, was attributed primarily to an improved outlook regarding the economic environment resulting as the economy recovers from the effects of the COVID-19 pandemic, and the Company notes less uncertainty regarding the potential adverse impact on its borrowers, generally low and consistent levels of net charge offs, and a reduction in delinquent or adversely classified credits, and nonperforming loans. While the Company assesses that the economic outlook has continued to improve during the current year as compared to the year ended June 30, 2021, there remains significant uncertainty as economic activity recovers from the COVID-19 pandemic and the Federal Reserve withdraws accommodative monetary policy that was put into effect to respond to the pandemic and its economic impact. Specifically, management considered the following: ​ ● economic conditions and projections as provided by Moody’s Analytics, including baseline and downside scenarios were utilized in the Company’s estimate at June 30, 2022. Economic factors considered in the projections included national and state levels of unemployment, and national and state rates of inflation-adjusted growth in the gross domestic product. Economic conditions are considered to be a moderate and stable risk factor; ​ ● the pace of growth of the Company’s loan portfolio, exclusive of acquisitions or government guaranteed loans, relative to overall economic growth. This measure is considered to be a moderate and increasing risk factor; ​ ● levels and trends for loan delinquencies nationally and in the region. This measure as reported remains relatively stable, and the level of uncertainty about loan delinquencies is considered to be diminishing. This is considered to be a moderate and declining risk factor; ​ ● exposure to the hotel industry, in particular, metropolitan area hotels which were negatively impacted by activity restrictions and a lack of business or convention-related travel. This is considered to be an elevated and stable risk factor. ​ PCD Loans. In connection with the acquisition of Fortune on February 25, 2022, the Company acquired loans both with and without evidence of credit quality deterioration since origination. Acquired loans are recorded at their fair value at the time of acquisition with no carryover from the acquired institution’s previously recorded allowance for loan and lease losses. Acquired loans are accounted for under ASC 326, Financial Instruments – Credit Losses. ​ The fair value of acquired loans recorded at the time of acquisition is based upon several factors, including the timing and payment of expected cash flows, as adjusted for estimated credit losses and prepayments, and then discounting these cash flows using comparable market rates. The resulting fair value adjustment is recorded in the form of a premium or discount to the unpaid principal balance of the respective loans. As it relates to acquired loans that, as of the date of acquisition, have experienced a more-than-insignificant deterioration in credit quality since origination (“PCD”), the net premium or net discount is adjusted to reflect the Company’s allowance for credit losses recorded for PCD loans at the time of acquisition, and the remaining fair value adjustment is accreted or amortized into interest income over the remaining life of the respective loans. As it relates to loans not classified as PCD (“non-PCD”) loans, the credit loss and yield components of their fair value adjustment are aggregated, and the resulting net premium or net discount is accreted or amortized into interest income over the remaining life of the respective loans. The Company records an ACL for non-PCD loans at the time of acquisition through provision expense, and therefore, no further adjustments are made to the net premium or net discount for non-PCD loans. ​ Loans that the Company acquired from Fortune that, at the time of acquisition, had more-than-insignificant deterioration of credit quality since origination are classified as PCD loans and presented in the table below at acquisition carrying value: ​ ​
​ | ​ | ​ | ​
(dollars in thousands) |  | June 30, 2022
PCD Loans: | ​ | ​ | ​
Purchase price of PCD loans at acquisition | ​ | $ | 15,055
Allowance for credit losses at acquisition | ​ |  | (120)
Fair value of PCD loans at acquisition | ​ | $ | 14,935
​ ​ ​ The following tables present the balance in the ACL and the recorded investment in loans (excluding loans in process and deferred loan fees) based on portfolio segment as of June 30, 2022 and 2021, and activity in the ACL and ALLL for the fiscal years ended June 30, 2022, 2021, and 2020: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(dollars in thousands) |  | Residential | ​ | ​ | Construction |  | ​ | Commercial | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​
June 30, 2022 |  | Real Estate |  | Real Estate |  | Real Estate |  | Consumer |  | Commercial |  | Total
Allowance for credit losses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance, beginning of period | ​ | $ | 11,192 | ​ | $ | 2,170 | ​ | $ | 14,535 | ​ | $ | 916 | ​ | $ | 4,409 | ​ | $ | 33,222
Initial ACL on PCD loans | ​ | ​ | 23 | ​ | ​ | 4 | ​ | ​ | 52 | ​ | ​ | — | ​ | ​ | 41 | ​ | ​ | 120
Provision (benefit) charged to expense | ​ | ​ | (2,238) | ​ | ​ | 46 | ​ | ​ | 2,251 | ​ | ​ | (205) | ​ | ​ | 80 | ​ | ​ | (66)
Losses charged off | ​ | ​ | (72) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (65) | ​ | ​ | (16) | ​ | ​ | (153)
Recoveries | ​ | ​ | 3 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 64 | ​ | ​ | 2 | ​ | ​ | 69
Balance, end of period | ​ | $ | 8,908 | ​ | $ | 2,220 | ​ | $ | 16,838 | ​ | $ | 710 | ​ | $ | 4,516 | ​ | $ | 33,192
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(dollars in thousands) |  | Residential | ​ | Construction |  | Commercial | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​
June 30, 2021 |  | Real Estate |  | Real Estate |  | Real Estate |  | Consumer |  | Commercial |  | Total
Allowance for credit losses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance, beginning of period | ​ | $ | 4,875 | ​ | $ | 2,010 | ​ | $ | 12,132 | ​ | $ | 1,182 | ​ | $ | 4,940 | ​ | $ | 25,139
Impact of CECL adoption | ​ | ​ | 3,521 | ​ | ​ | (121) | ​ | ​ | 3,856 | ​ | ​ | 1,065 | ​ | ​ | 1,012 | ​ | ​ | 9,333
Provision charged to expense | ​ | ​ | 2,973 | ​ | ​ | 281 | ​ | ​ | (1,364) | ​ | ​ | (1,232) | ​ | ​ | (1,260) | ​ | ​ | (602)
Losses charged off | ​ | ​ | (180) | ​ | ​ | — | ​ | ​ | (90) | ​ | ​ | (146) | ​ | ​ | (318) | ​ | ​ | (734)
Recoveries | ​ | ​ | 3 | ​ | ​ | — | ​ | ​ | 1 | ​ | ​ | 47 | ​ | ​ | 35 | ​ | ​ | 86
Balance, end of period | ​ | $ | 11,192 | ​ | $ | 2,170 | ​ | $ | 14,535 | ​ | $ | 916 | ​ | $ | 4,409 | ​ | $ | 33,222
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(dollars in thousands) |  | Residential | ​ | Construction |  | Commercial | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​
June 30, 2020 |  | Real Estate |  | Real Estate |  | Real Estate |  | Consumer |  | Commercial |  | Total
Allowance for loan losses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance, beginning of period | ​ | $ | 3,706 | ​ | $ | 1,365 | ​ | $ | 9,399 | ​ | $ | 1,046 | ​ | $ | 4,387 | ​ | $ | 19,903
Provision charged to expense | ​ | ​ | 1,529 | ​ | ​ | 645 | ​ | ​ | 2,730 | ​ | ​ | 300 | ​ | ​ | 798 | ​ | ​ | 6,002
Losses charged off | ​ | ​ | (379) | ​ | ​ | — | ​ | ​ | (12) | ​ | ​ | (189) | ​ | ​ | (273) | ​ | ​ | (853)
Recoveries | ​ | ​ | 19 | ​ | ​ | — | ​ | ​ | 15 | ​ | ​ | 25 | ​ | ​ | 28 | ​ | ​ | 87
Balance, end of period | ​ | $ | 4,875 | ​ | $ | 2,010 | ​ | $ | 12,132 | ​ | $ | 1,182 | ​ | $ | 4,940 | ​ | $ | 25,139
​ The following tables present the balance in the allowance for off-balance credit exposure based on portfolio segment as of June 30, 2022 and 2021, and activity in allowance for the fiscal yeasr ended June 30, 2022 and 2021: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(dollars in thousands) |  | Residential | ​ | ​ | Construction |  | ​ | Commercial | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​
June 30, 2022 |  | Real Estate |  | Real Estate |  | Real Estate |  | Consumer |  | Commercial |  | Total
Allowance for off-balance sheet credit exposure: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance, beginning of period | ​ | $ | 37 | ​ | $ | 502 | ​ | $ | 188 | ​ | $ | 218 | ​ | $ | 860 | ​ | $ | 1,805
Provision (benefit) charged to expense | ​ | ​ | 21 | ​ | ​ | 1,676 | ​ | ​ | 233 | ​ | ​ | (157) | ​ | ​ | (220) | ​ | ​ | 1,553
Balance, end of period | ​ | $ | 58 | ​ | $ | 2,178 | ​ | $ | 421 | ​ | $ | 61 | ​ | $ | 640 | ​ | $ | 3,358
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(dollars in thousands) |  | Residential | ​ | ​ | Construction |  | ​ | Commercial | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​
June 30, 2021 |  | Real Estate |  | Real Estate |  | Real Estate |  | Consumer |  | Commercial |  | Total
Allowance for off-balance sheet credit exposure: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance, beginning of period period | ​ | $ | 19 | ​ | $ | 769 | ​ | $ | 172 | ​ | $ | 153 | ​ | $ | 846 | ​ | $ | 1,959
Impact of CECL adoption | ​ | ​ | 35 | ​ | ​ | (167) | ​ | ​ | 95 | ​ | ​ | 197 | ​ | ​ | 108 | ​ | ​ | 268
Provision (benefit) charged to expense | ​ | ​ | (17) | ​ | ​ | (100) | ​ | ​ | (79) | ​ | ​ | (132) | ​ | ​ | (94) | ​ | ​ | (422)
Balance, end of period | ​ | $ | 37 | ​ | $ | 502 | ​ | $ | 188 | ​ | $ | 218 | ​ | $ | 860 | ​ | $ | 1,805
​ 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. The Company analyzes loans individually by classifying the loans as to credit risk. This analysis is performed on all loans at origination, and is updated on a quarterly basis for loans risk rated Watch, Special Mention, Substandard, or Doubtful. In addition, lending relationships of $3 million or more, exclusive of any consumer or owner-occupied residential loan, are subject to an annual credit analysis which is prepared by the loan administration department and presented to a loan committee with appropriate lending authority. A sample of lending relationships in excess of $1 million (exclusive of single-family residential real estate loans) are subject to an independent loan review annually, in order to verify risk ratings. The Company uses the following definitions for risk ratings: Watch – Loans classified as watch exhibit weaknesses that require more than usual monitoring. Issues may include deteriorating financial condition, payments made after due date but within 30 days, adverse industry conditions or management problems. Special Mention – Loans classified as special mention exhibit signs of further deterioration but still generally make payments within 30 days. This is a transitional rating and loans should typically not be rated Special Mention for more than 12 months. Substandard – Loans classified as substandard possess weaknesses that jeopardize the ultimate collection of the principal and interest outstanding. These loans exhibit continued financial losses, ongoing delinquency, overall poor financial condition, and insufficient collateral. Doubtful – Loans classified as doubtful have all the weaknesses of substandard loans, and have deteriorated to the level that there is a high probability of substantial loss. Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be Pass rated loans. A periodic review of selected credits (based on loan size and type) is conducted to identify loans with heightened risk or probable losses and to assign risk grades. The primary responsibility for this review rests with loan administration personnel. This review is supplemented with periodic examinations of both selected credits and the credit review process by the Company’s internal audit function and applicable regulatory agencies. The information from these reviews assists management in the timely identification of problems and potential problems and provides a basis for deciding whether the credit continues to share similar risk characteristics with collectively evaluated loan pools, or whether credit losses for the loan should be evaluated on an individual loan basis. The following tables presents the credit risk profile of the Company’s loan portfolio (excluding loans in process and deferred loan fees) based on rating category and year of origination as of June 30, 2022. This tables includes PCD loans, which are reported according to risk categorization after acquisition based on the Company’s standards for such classification: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(dollars in thousands) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Revolving | ​ | ​ | ​
June 30, |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | 2018 |  | Prior |  | loans |  | Total
Residential Real Estate | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pass | ​ | $ | 380,502 | ​ | $ | 295,260 | ​ | $ | 118,464 | ​ | $ | 19,383 | ​ | $ | 22,143 | ​ | $ | 58,545 | ​ | $ | 6,074 | ​ | $ | 900,371
Watch | ​ |  | 44 | ​ |  | 242 | ​ |  | 1,083 | ​ |  | 56 | ​ |  | — | ​ |  | 30 | ​ |  | — | ​ |  | 1,455
Special Mention | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Substandard | ​ |  | 266 | ​ |  | 918 | ​ |  | 87 | ​ |  | 440 | ​ |  | 18 | ​ |  | 605 | ​ |  | — | ​ |  | 2,334
Doubtful | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Total Residential Real Estate | ​ | $ | 380,812 | ​ | $ | 296,420 | ​ | $ | 119,634 | ​ | $ | 19,879 | ​ | $ | 22,161 | ​ | $ | 59,180 | ​ | $ | 6,074 | ​ | $ | 904,160
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Construction Real Estate | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Pass | ​ | $ | 100,114 | ​ | $ | 34,082 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 220 | ​ | $ | 134,416
Watch | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Special Mention | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Substandard | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Doubtful | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Total Construction Real Estate | ​ | $ | 100,114 | ​ | $ | 34,082 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 220 | ​ | $ | 134,416
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial Real Estate | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Pass | ​ | $ | 487,486 | ​ | $ | 284,736 | ​ | $ | 105,893 | ​ | $ | 71,380 | ​ | $ | 51,804 | ​ | $ | 78,115 | ​ | $ | 23,669 | ​ | $ | 1,103,083
Watch | ​ |  | 4,763 | ​ |  | 769 | ​ |  | 1,818 | ​ |  | — | ​ |  | 668 | ​ |  | 2,000 | ​ |  | 548 | ​ |  | 10,566
Special Mention | ​ |  | 9,297 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 9,297
Substandard | ​ |  | 22,086 | ​ |  | 481 | ​ |  | 140 | ​ |  | 13 | ​ |  | 22 | ​ |  | 93 | ​ |  | 65 | ​ |  | 22,900
Doubtful | ​ |  | 827 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 827
Total Commercial Real Estate | ​ | $ | 524,459 | ​ | $ | 285,986 | ​ | $ | 107,851 | ​ | $ | 71,393 | ​ | $ | 52,494 | ​ | $ | 80,208 | ​ | $ | 24,282 | ​ | $ | 1,146,673
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Consumer | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Pass | ​ | $ | 28,519 | ​ | $ | 10,989 | ​ | $ | 3,662 | ​ | $ | 1,524 | ​ | $ | 916 | ​ | $ | 676 | ​ | $ | 46,521 | ​ | $ | 92,807
Watch | ​ |  | 21 | ​ |  | 71 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 92
Special Mention | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Substandard | ​ |  | 23 | ​ |  | 6 | ​ |  | 4 | ​ |  | — | ​ |  | 10 | ​ |  | 31 | ​ |  | 23 | ​ |  | 97
Doubtful | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Total Consumer | ​ | $ | 28,563 | ​ | $ | 11,066 | ​ | $ | 3,666 | ​ | $ | 1,524 | ​ | $ | 926 | ​ | $ | 707 | ​ | $ | 46,544 | ​ | $ | 92,996
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Pass | ​ | $ | 111,370 | ​ | $ | 93,906 | ​ | $ | 20,795 | ​ | $ | 10,496 | ​ | $ | 3,253 | ​ | $ | 7,612 | ​ | $ | 190,235 | ​ | $ | 437,667
Watch | ​ |  | 1,319 | ​ |  | 194 | ​ |  | 38 | ​ |  | 6 | ​ |  | — | ​ |  | 186 | ​ |  | 1,206 | ​ |  | 2,949
Special Mention | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Substandard | ​ |  | 295 | ​ |  | 11 | ​ |  | — | ​ |  | 186 | ​ |  | — | ​ |  | 167 | ​ |  | 323 | ​ |  | 982
Doubtful | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Total Commercial | ​ | $ | 112,984 | ​ | $ | 94,111 | ​ | $ | 20,833 | ​ | $ | 10,688 | ​ | $ | 3,253 | ​ | $ | 7,965 | ​ | $ | 191,764 | ​ | $ | 441,598
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total Loans | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Pass | ​ | $ | 1,107,991 | ​ | $ | 718,973 | ​ | $ | 248,814 | ​ | $ | 102,783 | ​ | $ | 78,116 | ​ | $ | 144,948 | ​ | $ | 266,719 | ​ | $ | 2,668,344
Watch | ​ |  | 6,147 | ​ |  | 1,276 | ​ |  | 2,939 | ​ |  | 62 | ​ |  | 668 | ​ |  | 2,216 | ​ |  | 1,754 | ​ |  | 15,062
Special Mention | ​ |  | 9,297 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 9,297
Substandard | ​ |  | 22,670 | ​ |  | 1,416 | ​ |  | 231 | ​ |  | 639 | ​ |  | 50 | ​ |  | 896 | ​ |  | 411 | ​ |  | 26,313
Doubtful | ​ |  | 827 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 827
Total | ​ | $ | 1,146,932 | ​ | $ | 721,665 | ​ | $ | 251,984 | ​ | $ | 103,484 | ​ | $ | 78,834 | ​ | $ | 148,060 | ​ | $ | 268,884 | ​ | $ | 2,719,843
​ At June 30, 2022, PCD loans comprised $23.1 million of credits rated “Pass”; $4.7 million of credits rated “Watch”; none rated “Special Mention”; $1.1 million of credits rated “Substandard”; and none rated “Doubtful”. ​ The following tables presents the credit risk profile of the Company’s loan portfolio (excluding loans in process and deferred loan fees) based on rating category and year of origination as of June 30, 2021. This tables includes PCD loans, which are reported according to risk categorization after acquisition based on the Company’s standards for such classification: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(dollars in thousands) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Revolving | ​ | ​ | ​
June 30, |  | 2021 |  | 2020 |  | 2019 |  | 2018 |  | 2017 |  | Prior |  | loans |  | Total
Residential Real Estate | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pass | ​ | $ | 361,876 | ​ | $ | 175,772 | ​ | $ | 43,576 | ​ | $ | 32,929 | ​ | $ | 23,267 | ​ | $ | 71,592 | ​ | $ | 5,557 | ​ | $ | 714,569
Watch | ​ |  | 328 | ​ |  | 70 | ​ |  | 410 | ​ |  | — | ​ |  | 89 | ​ |  | 809 | ​ |  | — | ​ |  | 1,706
Special Mention | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Substandard | ​ |  | 4,288 | ​ |  | 89 | ​ |  | — | ​ |  | 92 | ​ |  | — | ​ |  | 472 | ​ |  | — | ​ |  | 4,941
Doubtful | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Total Residential Real Estate | ​ | $ | 366,492 | ​ | $ | 175,931 | ​ | $ | 43,986 | ​ | $ | 33,021 | ​ | $ | 23,356 | ​ | $ | 72,873 | ​ | $ | 5,557 | ​ | $ | 721,216
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Construction Real Estate | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Pass | ​ | $ | 88,371 | ​ | $ | 45,866 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 134,237
Watch | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Special Mention | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Substandard | ​ |  | 47 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 47
Doubtful | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Total Construction Real Estate | ​ | $ | 88,418 | ​ | $ | 45,866 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 134,284
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial Real Estate | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Pass | ​ | $ | 351,732 | ​ | $ | 147,670 | ​ | $ | 104,746 | ​ | $ | 75,967 | ​ | $ | 70,927 | ​ | $ | 61,194 | ​ | $ | 23,699 | ​ | $ | 835,935
Watch | ​ |  | 4,456 | ​ |  | 2,365 | ​ |  | 9,502 | ​ |  | 1,377 | ​ |  | 726 | ​ |  | 10 | ​ |  | 810 | ​ |  | 19,246
Special Mention | ​ |  | — | ​ |  | 8,806 | ​ |  | — | ​ |  | 1,793 | ​ |  | 12,826 | ​ |  | — | ​ |  | 300 | ​ |  | 23,725
Substandard | ​ |  | 8,191 | ​ |  | 1,137 | ​ |  | 505 | ​ |  | 31 | ​ |  | 5 | ​ |  | 99 | ​ |  | 69 | ​ |  | 10,037
Doubtful | ​ |  | — | ​ |  | — | ​ |  | 850 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 850
Total Commercial Real Estate | ​ | $ | 364,379 | ​ | $ | 159,978 | ​ | $ | 115,603 | ​ | $ | 79,168 | ​ | $ | 84,484 | ​ | $ | 61,303 | ​ | $ | 24,878 | ​ | $ | 889,793
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Consumer | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Pass | ​ | $ | 23,858 | ​ | $ | 8,626 | ​ | $ | 3,597 | ​ | $ | 1,126 | ​ | $ | 534 | ​ | $ | 650 | ​ | $ | 39,071 | ​ | $ | 77,462
Watch | ​ |  | 80 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 48 | ​ |  | 128
Special Mention | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Substandard | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 30 | ​ |  | 30 | ​ |  | — | ​ |  | 24 | ​ |  | 84
Doubtful | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Total Consumer | ​ | $ | 23,938 | ​ | $ | 8,626 | ​ | $ | 3,597 | ​ | $ | 1,156 | ​ | $ | 564 | ​ | $ | 650 | ​ | $ | 39,143 | ​ | $ | 77,674
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Pass | ​ | $ | 189,280 | ​ | $ | 42,549 | ​ | $ | 17,960 | ​ | $ | 5,591 | ​ | $ | 7,265 | ​ | $ | 9,120 | ​ | $ | 136,603 | ​ | $ | 408,368
Watch | ​ |  | 1,551 | ​ |  | 262 | ​ |  | 1,323 | ​ |  | 22 | ​ |  | — | ​ |  | — | ​ |  | 463 | ​ |  | 3,621
Special Mention | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Substandard | ​ |  | 594 | ​ |  | 81 | ​ |  | 305 | ​ |  | — | ​ |  | 176 | ​ |  | — | ​ |  | 979 | ​ |  | 2,135
Doubtful | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Total Commercial | ​ | $ | 191,425 | ​ | $ | 42,892 | ​ | $ | 19,588 | ​ | $ | 5,613 | ​ | $ | 7,441 | ​ | $ | 9,120 | ​ | $ | 138,045 | ​ | $ | 414,124
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total Loans | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Pass | ​ | $ | 1,015,117 | ​ | $ | 420,483 | ​ | $ | 169,879 | ​ | $ | 115,613 | ​ | $ | 101,993 | ​ | $ | 142,556 | ​ | $ | 204,930 | ​ | $ | 2,170,571
Watch | ​ |  | 6,415 | ​ |  | 2,697 | ​ |  | 11,235 | ​ |  | 1,399 | ​ |  | 815 | ​ |  | 819 | ​ |  | 1,321 | ​ |  | 24,701
Special Mention | ​ |  | — | ​ |  | 8,806 | ​ |  | — | ​ |  | 1,793 | ​ |  | 12,826 | ​ |  | — | ​ |  | 300 | ​ |  | 23,725
Substandard | ​ |  | 13,120 | ​ |  | 1,307 | ​ |  | 810 | ​ |  | 153 | ​ |  | 211 | ​ |  | 571 | ​ |  | 1,072 | ​ |  | 17,244
Doubtful | ​ |  | — | ​ |  | — | ​ |  | 850 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 850
Total | ​ | $ | 1,034,652 | ​ | $ | 433,293 | ​ | $ | 182,774 | ​ | $ | 118,958 | ​ | $ | 115,845 | ​ | $ | 143,946 | ​ | $ | 207,623 | ​ | $ | 2,237,091
​ At June 30, 2021, PCD loans comprised $3.2 million of credits rated “Pass”; $9.0 million of credits rated “Watch”; none rated “Special Mention”; $2.7 million of credits rated “Substandard”; and none rated “Doubtful”. ​ Past Due Loans. The following tables present the Company’s loan portfolio aging analysis (excluding loans in process and deferred loan fees) as of June 30, 2022 and 2021. These tables include PCD loans, which are reported according to aging analysis after acquisition based on the Company’s standards for such classification: ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Greater Than | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Greater Than 90
​ | ​ | 30-59 Days | ​ | 60-89 Days | ​ | 90 Days | ​ | Total | ​ | ​ | ​ | ​ | Total Loans | ​ | Days Past Due
(dollars in thousands) |  | Past Due |  | Past Due |  | Past Due |  | Past Due |  | Current |  | Receivable |  | and Accruing
June 30, 2022 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Real Estate Loans: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Residential | ​ | $ | 1,402 | ​ | $ | — | ​ | $ | 1,064 | ​ | $ | 2,466 | ​ | $ | 901,694 | ​ | $ | 904,160 | ​ | $ | —
Construction | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 134,416 | ​ |  | 134,416 | ​ |  | —
Commercial | ​ |  | 416 | ​ |  | 615 | ​ |  | 288 | ​ |  | 1,319 | ​ |  | 1,145,354 | ​ |  | 1,146,673 | ​ |  | —
Consumer loans | ​ |  | 340 | ​ |  | 45 | ​ |  | 57 | ​ |  | 442 | ​ |  | 92,554 | ​ |  | 92,996 | ​ |  | —
Commercial loans | ​ |  | 274 | ​ |  | 72 | ​ |  | 13 | ​ |  | 359 | ​ |  | 441,239 | ​ |  | 441,598 | ​ |  | —
Total loans | ​ | $ | 2,432 | ​ | $ | 732 | ​ | $ | 1,422 | ​ | $ | 4,586 | ​ | $ | 2,715,257 | ​ | $ | 2,719,843 | ​ | $ | —
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Greater Than | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Greater Than 90
​ | ​ | 30-59 Days | ​ | 60-89 Days | ​ | 90 Days | ​ | Total | ​ | ​ | ​ | ​ | Total Loans | ​ | Days Past Due
(dollars in thousands) |  | Past Due |  | Past Due |  | Past Due |  | Past Due |  | Current |  | Receivable |  | and Accruing
June 30, 2021 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Real Estate Loans: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Residential | ​ | $ | 312 | ​ | $ | 364 | ​ | $ | 613 | ​ | $ | 1,289 | ​ | $ | 719,927 | ​ | $ | 721,216 | ​ | $ | —
Construction | ​ |  | — | ​ |  | — | ​ |  | 30 | ​ |  | 30 | ​ |  | 134,254 | ​ |  | 134,284 | ​ |  | —
Commercial | ​ |  | 363 | ​ |  | — | ​ |  | 374 | ​ |  | 737 | ​ |  | 889,056 | ​ |  | 889,793 | ​ |  | —
Consumer loans | ​ |  | 195 | ​ |  | 66 | ​ |  | 84 | ​ |  | 345 | ​ |  | 77,329 | ​ |  | 77,674 | ​ |  | —
Commercial loans | ​ |  | 368 | ​ |  | 939 | ​ |  | 110 | ​ |  | 1,417 | ​ |  | 412,707 | ​ |  | 414,124 | ​ |  | —
Total loans | ​ | $ | 1,238 | ​ | $ | 1,369 | ​ | $ | 1,211 | ​ | $ | 3,818 | ​ | $ | 2,233,273 | ​ | $ | 2,237,091 | ​ | $ | —
​ ​ Under the CARES Act, financial institutions had the option to temporarily suspend certain requirements under U.S. GAAP related to TDRs for a limited period of time to account for the effects of COVID-19. Loans with such modifications in effect at June 30, 2021, included $23.9 million in loans reported as current in the above table, while none were reported as past due. At June 30, 2022 and 2021 there were no PCD loans that were greater than 90 days past due. Loans that experience insignificant payment delays and payment shortfalls generally are not adversely classified or determined to not share similar risk characteristics with collectively evaluated pools of loans for determination of the ACL estimate. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record and the amount of the shortfall in relation to the principal and interest owed. Significant payment delays or shortfalls may lead to a determination that a loan should be individually evaluated for estimated credit losses. ​ Collateral-dependent Loans. The following table presents the Company’s collateral dependent loans and related ACL at June 30, 2022 and 2021: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Amortized cost basis of | ​ | ​ | ​
(dollars in thousands) | ​ | loans determined to be | ​ | Related allowance
June 30, 2022 | ​ | collateral dependent | ​ | for credit losses
Residential real estate loans |  | ​ |  |  | ​ |
1- to 4-family residential loans |  | $ | 864 | ​ | $ | 193
Total loans | ​ | $ | 864 | ​ | $ | 193
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Amortized cost basis of | ​ | ​ | ​
(dollars in thousands) | ​ | loans determined to be | ​ | Related allowance
June 30, 2021 | ​ | collateral dependent | ​ | for credit losses
Residential real estate loans |  | ​ |  |  | ​ |
1- to 4-family residential loans |  | $ | 895 | ​ | $ | 223
Total loans | ​ | $ | 895 | ​ | $ | 223
​ Nonaccrual Loans. The following table presents the Company’s amortized cost basis of nonaccrual loans segmented by class of loans at June 30, 2022 and 2021. The table excludes performing TDRs. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30,
(dollars in thousands) |  | 2022 |  | 2021
Residential real estate | ​ | $ | 1,647 | ​ | $ | 3,235
Construction real estate | ​ |  | — | ​ |  | 30
Commercial real estate | ​ |  | 2,259 | ​ |  | 1,914
Consumer loans | ​ |  | 73 | ​ |  | 100
Commercial loans | ​ |  | 139 | ​ |  | 589
Total loans | ​ | $ | 4,118 | ​ | $ | 5,868
​ At June 30, 2022, there were no nonaccrual loans individually evaluated for which no ACL was recorded. Interest income recognized on nonaccrual loans in the periods ended June 30, 2022 and 2021, was immaterial. Troubled Debt Restructurings. TDRs are evaluated to determine whether they share similar risk characteristics with collectively evaluated loan pools, or must be individually evaluated. These concessions typically result from our loss mitigation activities, and could include reductions in the interest rate, payment extensions, forgiveness of principal, forbearance, or other actions. In general, the Company’s loans that have been subject to classification as TDRs are the result of guidance under ASU No. 2011-02, which indicates that the Company may not consider the borrower’s effective borrowing rate on the old debt immediately before the restructuring in determining whether a concession has been granted. Certain TDRs are classified as nonperforming at the time of restructuring and typically are returned to performing status after considering the borrower’s sustained repayment performance for a reasonable period of at least six months. During fiscal 2022, there were six loans modified as TDRs totaling $24.5 million. During fiscal 2021, there were three loans modified as TDRs totaling $894,000. Performing loans classified as TDRs at June 30, 2022 and June 30, 2021 segregated by class, are shown in the table below. Nonperforming TDRs are shown in nonaccrual loans. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2022 | ​ | June 30, 2021
​ | ​ | Number of | ​ | Recorded | ​ | Number of | ​ | Recorded
(dollars in thousands) |  | modifications |  | Investment |  | modifications |  | Investment
Residential real estate |  | 11 | ​ | $ | 3,625 |  | 1 | ​ | $ | 895
Construction real estate |  | — | ​ |  | — |  | — | ​ |  | —
Commercial real estate |  | 8 | ​ |  | 25,132 |  | 4 | ​ |  | 949
Consumer loans |  | — | ​ |  | — |  | — | ​ |  | —
Commercial loans |  | 8 | ​ |  | 1,849 |  | 7 | ​ |  | 1,397
Total |  | 27 | ​ | $ | 30,606 |  | 12 | ​ | $ | 3,241
​ Real Estate Foreclosures. The Company may obtain physical possession of real estate collateralizing a residential mortgage loan or home equity loan via foreclosure or in-substance repossession. As of June 30, 2022 and June 30, 2021, the carrying value of foreclosed residential real estate properties as a result of obtaining physical possession was $580,000 and $622,000, respectively. In addition, as of June 30, 2022 and June 30, 2021, the Company had residential mortgage loans and home equity loans with a carrying value of $486,000 and $533,000, respectively, collateralized by residential real estate property for which formal foreclosure proceedings were in process. Following is a summary of loans to executive officers, directors, significant shareholders and their affiliates held by the Company at June 30, 2022 and 2021, respectively: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30,
(dollars in thousands) |  | 2022 |  | 2021
Beginning Balance |  | $ | 10,624 | ​ | $ | 8,603
Additions |  |  | 6,393 | ​ |  | 8,474
Repayments |  |  | (6,403) | ​ |  | (6,453)
Ending Balance |  | $ | 10,614 | ​ | $ | 10,624
​

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