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Loans and Allowance for Credit Losses | 3 Months Ended
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Sep. 30, 2023
Loans and Allowance for Credit Losses |
Loans and Allowance for Credit Losses | Note 4: Loans and Allowance for Credit Losses Classes of loans are summarized as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
(dollars in thousands) |  | September 30, 2023 |  | June 30, 2023
Real Estate Loans: | ​ | ​ | ​ | ​ | ​ | ​
Residential | ​ | $ | 1,134,604 | ​ | $ | 1,133,417
Construction | ​ |  | 565,525 | ​ |  | 550,052
Commercial | ​ |  | 1,564,147 | ​ |  | 1,562,379
Consumer loans | ​ |  | 135,263 | ​ |  | 133,515
Commercial loans | ​ |  | 633,055 | ​ |  | 599,030
​ | ​ |  | 4,032,594 | ​ |  | 3,978,393
Loans in process | ​ |  | (332,633) | ​ |  | (359,196)
Deferred loan fees, net | ​ |  | (282) | ​ |  | (299)
Allowance for credit losses | ​ |  | (49,122) | ​ |  | (47,820)
Total loans | ​ | $ | 3,650,557 | ​ | $ | 3,571,078
​ 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 September 30, 2023, the Bank had purchased participations in 83 loans totaling $162.7 million, as compared to 86 loans totaling $155.6 million at June 30, 2023. 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. 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 provide the Company an opportunity to assess risk. At September 30, 2023, construction loans outstanding included 51 loans, totaling $40.1 million, for which a modification had been agreed to. At June 30, 2023, construction loans outstanding included 53 loans, totaling $33.4 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 modifications to borrowers experiencing financial difficulty. 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 90% 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 additional risk factors such as commodity prices, yields, input costs, and weather, as well as farm equipment values. Allowance for Credit Losses. The PCL for the three-month period ended September 30, 2023, was $900,000 compared to $5.1 million in the same period of the prior fiscal year. The current period PCL was the result of a $1.6 million provision attributable to the ACL for loan balances outstanding, partially offset by a recovery of $670,000 in provision attributable to the allowance for off-balance sheet credit exposures. The Company’s assessment of the economic outlook at September 30, 2023, was little changed as compared to the assessment as of June 30, 2023. Qualitative adjustments in the Company’s ACL model were slightly decreased based on a reduced pace of loan growth. The Company increased adjustments related to classified hotel loans that have been slow to recover from the COVID-19 pandemic and modestly decreased the ACL attributable to other individually identified loans. As a percentage of average loans outstanding, the Company recorded net charge offs of 0.03% (annualized) during the current period, up slightly from the same period of the prior fiscal year. Decreased provisioning for off-balance sheet credit exposures is attributable primarily to changes in the level and mix of outstanding credit commitments. The Company has estimated its expected credit losses as of September 30, 2023, under ASC 326-20, and management believes the ACL as of that date is adequate based on that estimate. Specifically, management considered the following primary items in its estimate of the ACL: ​ ​ ● economic conditions and projections as provided by Moody’s Analytics, including baseline and downside scenarios, were utilized in the Company’s estimate at September 30, 2023. 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, relative to June 30, 2023; ​ ● 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 decreasing risk factor, relative to June 30, 2023; ​ ● levels and trends for loan delinquencies nationally and in the region. This measure as reported remains relatively stable. This is considered to be a moderate and stable risk factor, relative to June 30, 2023; ​ ● 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. Although covid restrictions have been lifted and travel has increased, some hotels have not fully recovered. This is considered to be an elevated and increasing risk factor, relative to June 30, 2023. ​ PCD Loans. In connection with the acquisition of Citizens Bancshares, Co. (“Citizens”) on January 20, 2023, and Fortune Financial Corporation (“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 Citizens and 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 tables below at acquisition carrying value: ​
​ | ​ | ​ | ​
(dollars in thousands) |  | January 20, 2023
PCD Loans - Citizens | ​ | ​ | ​
Purchase price of PCD loans at acquisition | ​ | $ | 27,481
Allowance for credit losses at acquisition | ​ |  | (1,121)
Fair value of PCD loans at acquisition | ​ | $ | 26,360
​ ​
​ | ​ | ​ | ​
(dollars in thousands) |  | February 25, 2022
PCD Loans - Fortune | ​ | ​ | ​
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 based on portfolio segment as of September 30, 2023 and 2022, and activity in the ACL for the three-month periods ended September 30, 2023 and 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | At period end and for the three months ended September 30, 2023
​ |  | Residential | ​ | Construction |  | Commercial | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​
(dollars in thousands) |  | Real Estate |  | Real Estate |  | Real Estate |  | Consumer |  | Commercial |  | Total
Allowance for credit losses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance, beginning of period | ​ | $ | 15,641 | ​ | $ | 2,664 | ​ | $ | 22,838 | ​ | $ | 909 | ​ | $ | 5,768 | ​ | $ | 47,820
Provision (benefit) charged to expense | ​ |  | (663) | ​ |  | 303 | ​ |  | 2,166 | ​ |  | (12) | ​ |  | (224) | ​ |  | 1,570
Losses charged off | ​ |  | (132) | ​ | ​ | (111) | ​ | ​ | — | ​ | ​ | (88) | ​ | ​ | (4) | ​ |  | (335)
Recoveries | ​ |  | — | ​ | ​ | — | ​ | ​ | 18 | ​ | ​ | 46 | ​ | ​ | 3 | ​ |  | 67
Balance, end of period | ​ | $ | 14,846 | ​ | $ | 2,856 | ​ | $ | 25,022 | ​ | $ | 855 | ​ | $ | 5,543 | ​ | $ | 49,122
​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | At period end and for the three months ended September 30, 2022
​ | ​ | Residential | ​ | Construction | ​ | Commercial | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
(dollars in thousands) |  | Real Estate |  | Real Estate |  | Real Estate |  | Consumer |  | Commercial |  | Total
Allowance for credit losses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance, beginning of period |  | $ | 8,908 |  | $ | 2,220 |  | $ | 16,838 |  | $ | 710 |  | $ | 4,516 |  | $ | 33,192
Provision (benefit) charged to expense | ​ | ​ | 3,030 | ​ | ​ | 283 | ​ | ​ | 1,048 | ​ | ​ | 12 | ​ | ​ | (123) | ​ | ​ | 4,250
Losses charged off | ​ | ​ | (2) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (35) | ​ | ​ | — | ​ | ​ | (37)
Recoveries | ​ | ​ | 1 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 6 | ​ | ​ | 6 | ​ | ​ | 13
Balance, end of period |  | $ | 11,937 |  | $ | 2,503 |  | $ | 17,886 |  | $ | 693 |  | $ | 4,399 |  | $ | 37,418
​ ​ ​ The following tables present the balance in the allowance for off-balance sheet credit exposure based on portfolio segment as of September 30, 2023 and 2022, and activity in the allowance for the three-month periods ended September 30, 2023 and 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | At period end and for the three months ended September 30, 2023
​ |  | Residential | ​ | ​ | Construction |  | ​ | Commercial | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​
(dollars in thousands) |  | Real Estate |  | Real Estate |  | Real Estate |  | Consumer |  | Commercial |  | Total
Allowance for off-balance sheet credit exposure: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance, beginning of period | ​ | $ | 71 | ​ | $ | 4,809 | ​ | $ | 475 | ​ | $ | 73 | ​ | $ | 860 | ​ | $ | 6,288
Provision (benefit) charged to expense | ​ | ​ | 7 | ​ | ​ | (616) | ​ | ​ | (10) | ​ | ​ | (2) | ​ | ​ | (49) | ​ | ​ | (670)
Balance, end of period | ​ | $ | 78 | ​ | $ | 4,193 | ​ | $ | 465 | ​ | $ | 71 | ​ | $ | 811 | ​ | $ | 5,618
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | At period end and for the three months ended September 30, 2022
​ |  | Residential | ​ | ​ | Construction |  | ​ | Commercial | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​
(dollars in thousands) |  | Real Estate |  | Real Estate |  | Real Estate |  | Consumer |  | Commercial |  | Total
Allowance for off-balance sheet credit exposure: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance, beginning of period | ​ | $ | 58 | ​ | $ | 2,178 | ​ | $ | 421 | ​ | $ | 61 | ​ | $ | 640 | ​ | $ | 3,358
Provision (benefit) charged to expense | ​ | ​ | 135 | ​ | ​ | 719 | ​ | ​ | 107 | ​ | ​ | — | ​ | ​ | (155) | ​ | ​ | 806
Balance, end of period | ​ | $ | 193 | ​ | $ | 2,897 | ​ | $ | 528 | ​ | $ | 61 | ​ | $ | 485 | ​ | $ | 4,164
​ ​ The current fiscal year-to-date gross charge-offs by loan class and year of origination is presented in the following table: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Revolving | ​ | ​ | ​
(dollars in thousands) |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  | loans |  | Total
Real Estate Loans: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Residential | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 97 | ​ | $ | — | ​ | $ | 35 | ​ | $ | — | ​ | $ | 132
Construction | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 111 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 111
Commercial | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Consumer loans | ​ |  | 6 | ​ |  | 41 | ​ |  | 26 | ​ |  | 10 | ​ |  | — | ​ |  | 5 | ​ |  | — | ​ |  | 88
Commercial loans | ​ |  | — | ​ |  | 4 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 4
Total current-period gross charge-offs | ​ | $ | 6 | ​ | $ | 45 | ​ | $ | 26 | ​ | $ | 218 | ​ | $ | — | ​ | $ | 40 | ​ | $ | — | ​ | $ | 335
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ 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. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. 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 table presents the credit risk profile of the Company’s loan portfolio (excluding loans in process and deferred loan fees) based on rating category and fiscal year of origination as of September 30, 2023. This table includes PCD loans, which are reported according to risk categorization after acquisition based on the Company’s standards for such classification: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Revolving | ​ | ​ | ​
(dollars in thousands) |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  | loans |  | Total
Residential Real Estate | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pass | ​ | $ | 54,368 | ​ | $ | 318,276 | ​ | $ | 301,722 | ​ | $ | 242,029 | ​ | $ | 93,759 | ​ | $ | 109,337 | ​ | $ | 10,132 | ​ | $ | 1,129,623
Watch | ​ |  | 812 | ​ |  | 249 | ​ |  | 567 | ​ |  | 610 | ​ |  | 105 | ​ |  | 221 | ​ |  | 5 | ​ |  | 2,569
Special Mention | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Substandard | ​ |  | — | ​ |  | 896 | ​ |  | 371 | ​ |  | 369 | ​ |  | — | ​ |  | 776 | ​ |  | — | ​ |  | 2,412
Doubtful | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Total Residential Real Estate | ​ | $ | 55,180 | ​ | $ | 319,421 | ​ | $ | 302,660 | ​ | $ | 243,008 | ​ | $ | 93,864 | ​ | $ | 110,334 | ​ | $ | 10,137 | ​ | $ | 1,134,604
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Construction Real Estate | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Pass | ​ | $ | 22,474 | ​ | $ | 156,274 | ​ | $ | 40,269 | ​ | $ | 12,247 | ​ | $ | — | ​ | $ | — | ​ | $ | 944 | ​ | $ | 232,208
Watch | ​ |  | — | ​ |  | 316 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 316
Special Mention | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Substandard | ​ |  | — | ​ |  | — | ​ |  | 368 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 368
Doubtful | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Total Construction Real Estate | ​ | $ | 22,474 | ​ | $ | 156,590 | ​ | $ | 40,637 | ​ | $ | 12,247 | ​ | $ | — | ​ | $ | — | ​ | $ | 944 | ​ | $ | 232,892
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial Real Estate | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Pass | ​ | $ | 63,507 | ​ | $ | 416,287 | ​ | $ | 477,861 | ​ | $ | 272,320 | ​ | $ | 85,115 | ​ | $ | 137,865 | ​ | $ | 39,712 | ​ | $ | 1,492,667
Watch | ​ |  | 1,267 | ​ |  | 21,434 | ​ |  | 4,558 | ​ |  | 160 | ​ |  | 4,139 | ​ |  | 79 | ​ |  | 20 | ​ |  | 31,657
Special Mention | ​ |  | — | ​ |  | 2,940 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 2,940
Substandard | ​ |  | 3,312 | ​ |  | 2,961 | ​ |  | 26,137 | ​ |  | 2,412 | ​ |  | 1 | ​ |  | 1,092 | ​ |  | 968 | ​ |  | 36,883
Doubtful | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Total Commercial Real Estate | ​ | $ | 68,086 | ​ | $ | 443,622 | ​ | $ | 508,556 | ​ | $ | 274,892 | ​ | $ | 89,255 | ​ | $ | 139,036 | ​ | $ | 40,700 | ​ | $ | 1,564,147
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Consumer | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Pass | ​ | $ | 10,134 | ​ | $ | 30,197 | ​ | $ | 11,214 | ​ | $ | 4,640 | ​ | $ | 1,403 | ​ | $ | 1,882 | ​ | $ | 75,476 | ​ | $ | 134,946
Watch | ​ |  | — | ​ |  | 19 | ​ |  | — | ​ |  | 59 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 78
Special Mention | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Substandard | ​ |  | — | ​ |  | 9 | ​ |  | 50 | ​ |  | 12 | ​ |  | — | ​ |  | 39 | ​ |  | 129 | ​ |  | 239
Doubtful | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Total Consumer | ​ | $ | 10,134 | ​ | $ | 30,225 | ​ | $ | 11,264 | ​ | $ | 4,711 | ​ | $ | 1,403 | ​ | $ | 1,921 | ​ | $ | 75,605 | ​ | $ | 135,263
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Pass | ​ | $ | 44,938 | ​ | $ | 131,924 | ​ | $ | 73,892 | ​ | $ | 66,157 | ​ | $ | 9,773 | ​ | $ | 15,036 | ​ | $ | 284,041 | ​ | $ | 625,761
Watch | ​ |  | 1,227 | ​ |  | 576 | ​ |  | 337 | ​ |  | 286 | ​ |  | 55 | ​ |  | 20 | ​ |  | 2,222 | ​ |  | 4,723
Special Mention | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Substandard | ​ |  | 402 | ​ |  | 524 | ​ |  | 356 | ​ |  | 69 | ​ |  | 148 | ​ |  | 809 | ​ |  | 263 | ​ |  | 2,571
Doubtful | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Total Commercial | ​ | $ | 46,567 | ​ | $ | 133,024 | ​ | $ | 74,585 | ​ | $ | 66,512 | ​ | $ | 9,976 | ​ | $ | 15,865 | ​ | $ | 286,526 | ​ | $ | 633,055
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total Loans | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Pass | ​ | $ | 195,421 | ​ | $ | 1,052,958 | ​ | $ | 904,958 | ​ | $ | 597,393 | ​ | $ | 190,050 | ​ | $ | 264,120 | ​ | $ | 410,305 | ​ | $ | 3,615,205
Watch | ​ |  | 3,306 | ​ |  | 22,594 | ​ |  | 5,462 | ​ |  | 1,115 | ​ |  | 4,299 | ​ |  | 320 | ​ |  | 2,247 | ​ |  | 39,343
Special Mention | ​ |  | — | ​ |  | 2,940 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 2,940
Substandard | ​ |  | 3,714 | ​ |  | 4,390 | ​ |  | 27,282 | ​ |  | 2,862 | ​ |  | 149 | ​ |  | 2,716 | ​ |  | 1,360 | ​ |  | 42,473
Doubtful | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Total | ​ | $ | 202,441 | ​ | $ | 1,082,882 | ​ | $ | 937,702 | ​ | $ | 601,370 | ​ | $ | 194,498 | ​ | $ | 267,156 | ​ | $ | 413,912 | ​ | $ | 3,699,961
​ At September 30, 2023, PCD loans comprised $36.4 million of credits rated “Pass”; $11.8 million rated “Watch”; none rated “Special Mention” $6.8 million of credits rated “Substandard”; and none rated “Doubtful”. The following table presents the credit risk profile of the Company’s loan portfolio (excluding loans in process and deferred loan fees) based on rating category and fiscal year of origination as of June 30, 2023. This table includes PCD loans, which were reported according to risk categorization after acquisition based on the Company’s standards for such classification: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Revolving | ​ | ​ | ​
(dollars in thousands) |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | Prior |  | loans |  | Total
Residential Real Estate | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pass | ​ | $ | 328,142 | ​ | $ | 312,853 | ​ | $ | 252,077 | ​ | $ | 103,735 | ​ | $ | 25,651 | ​ | $ | 96,035 | ​ | $ | 9,100 | ​ | $ | 1,127,593
Watch | ​ |  | 1,214 | ​ |  | 1,136 | ​ |  | 616 | ​ |  | 108 | ​ |  | 198 | ​ |  | 27 | ​ |  | 5 | ​ |  | 3,304
Special Mention | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Substandard | ​ |  | 837 | ​ |  | 316 | ​ |  | 510 | ​ |  | — | ​ |  | — | ​ |  | 857 | ​ |  | — | ​ |  | 2,520
Doubtful | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Total Residential Real Estate | ​ | $ | 330,193 | ​ | $ | 314,305 | ​ | $ | 253,203 | ​ | $ | 103,843 | ​ | $ | 25,849 | ​ | $ | 96,919 | ​ | $ | 9,105 | ​ | $ | 1,133,417
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Construction Real Estate | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Pass | ​ | $ | 124,479 | ​ | $ | 50,011 | ​ | $ | 10,946 | ​ | $ | 3,190 | ​ | $ | — | ​ | $ | — | ​ | $ | 941 | ​ | $ | 189,567
Watch | ​ |  | 280 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 280
Special Mention | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Substandard | ​ |  | 330 | ​ |  | 679 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 1,009
Doubtful | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Total Construction Real Estate | ​ | $ | 125,089 | ​ | $ | 50,690 | ​ | $ | 10,946 | ​ | $ | 3,190 | ​ | $ | — | ​ | $ | — | ​ | $ | 941 | ​ | $ | 190,856
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial Real Estate | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Pass | ​ | $ | 462,643 | ​ | $ | 474,140 | ​ | $ | 279,921 | ​ | $ | 89,272 | ​ | $ | 74,653 | ​ | $ | 83,871 | ​ | $ | 37,443 | ​ | $ | 1,501,943
Watch | ​ |  | 8,122 | ​ |  | 5,382 | ​ |  | 163 | ​ |  | 3,879 | ​ |  | — | ​ |  | 117 | ​ |  | — | ​ |  | 17,663
Special Mention | ​ |  | 2,940 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 2,940
Substandard | ​ |  | 7,690 | ​ |  | 26,465 | ​ |  | 2,425 | ​ |  | 288 | ​ |  | 473 | ​ |  | 1,735 | ​ |  | 757 | ​ |  | 39,833
Doubtful | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Total Commercial Real Estate | ​ | $ | 481,395 | ​ | $ | 505,987 | ​ | $ | 282,509 | ​ | $ | 93,439 | ​ | $ | 75,126 | ​ | $ | 85,723 | ​ | $ | 38,200 | ​ | $ | 1,562,379
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Consumer | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Pass | ​ | $ | 36,003 | ​ | $ | 14,530 | ​ | $ | 5,446 | ​ | $ | 1,692 | ​ | $ | 717 | ​ | $ | 1,379 | ​ | $ | 73,225 | ​ | $ | 132,992
Watch | ​ |  | 71 | ​ |  | — | ​ |  | 62 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 133
Special Mention | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Substandard | ​ |  | 33 | ​ |  | 2 | ​ |  | 1 | ​ |  | — | ​ |  | — | ​ |  | 41 | ​ |  | 313 | ​ |  | 390
Doubtful | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Total Consumer | ​ | $ | 36,107 | ​ | $ | 14,532 | ​ | $ | 5,509 | ​ | $ | 1,692 | ​ | $ | 717 | ​ | $ | 1,420 | ​ | $ | 73,538 | ​ | $ | 133,515
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Pass | ​ | $ | 138,500 | ​ | $ | 83,011 | ​ | $ | 71,054 | ​ | $ | 10,723 | ​ | $ | 6,239 | ​ | $ | 10,657 | ​ | $ | 272,710 | ​ | $ | 592,894
Watch | ​ |  | 698 | ​ |  | 211 | ​ |  | 91 | ​ |  | 3 | ​ |  | — | ​ |  | — | ​ |  | 2,549 | ​ |  | 3,552
Special Mention | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Substandard | ​ |  | 860 | ​ |  | 329 | ​ |  | 128 | ​ |  | 184 | ​ |  | 175 | ​ |  | 574 | ​ |  | 334 | ​ |  | 2,584
Doubtful | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Total Commercial | ​ | $ | 140,058 | ​ | $ | 83,551 | ​ | $ | 71,273 | ​ | $ | 10,910 | ​ | $ | 6,414 | ​ | $ | 11,231 | ​ | $ | 275,593 | ​ | $ | 599,030
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total Loans | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Pass | ​ | $ | 1,089,767 | ​ | $ | 934,545 | ​ | $ | 619,444 | ​ | $ | 208,612 | ​ | $ | 107,260 | ​ | $ | 191,942 | ​ | $ | 393,419 | ​ | $ | 3,544,989
Watch | ​ |  | 10,385 | ​ |  | 6,729 | ​ |  | 932 | ​ |  | 3,990 | ​ |  | 198 | ​ |  | 144 | ​ |  | 2,554 | ​ |  | 24,932
Special Mention | ​ |  | 2,940 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 2,940
Substandard | ​ |  | 9,750 | ​ |  | 27,791 | ​ |  | 3,064 | ​ |  | 472 | ​ |  | 648 | ​ |  | 3,207 | ​ |  | 1,404 | ​ |  | 46,336
Doubtful | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Total | ​ | $ | 1,112,842 | ​ | $ | 969,065 | ​ | $ | 623,440 | ​ | $ | 213,074 | ​ | $ | 108,106 | ​ | $ | 195,293 | ​ | $ | 397,377 | ​ | $ | 3,619,197
​ At June 30, 2023, PCD loans comprised $37.4 million of credits rated “Pass”; $12.7 million of credits rated “Watch”, none rated “Special Mention”, $6.3 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 September 30, 2023 and June 30, 2023. These tables include PCD loans, which are reported according to aging analysis after acquisition based on the Company’s standards for such classification: ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2023
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Greater Than | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Greater Than 90
​ | ​ | 30-59 Days | ​ | 60-89 Days | ​ | 90 Days | ​ | Total | ​ | ​ | ​ | ​ | Total Loans | ​ | Days Past Due
​ |  | Past Due |  | Past Due |  | Past Due |  | Past Due |  | Current |  | Receivable |  | and Accruing
(dollars in thousands) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Real Estate Loans: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Residential | ​ | $ | 1,221 | ​ | $ | 120 | ​ | $ | 501 | ​ | $ | 1,842 | ​ | $ | 1,132,762 | ​ | $ | 1,134,604 | ​ | $ | —
Construction | ​ |  | 160 | ​ |  | — | ​ |  | 368 | ​ |  | 528 | ​ |  | 232,364 | ​ |  | 232,892 | ​ |  | —
Commercial | ​ |  | 840 | ​ |  | 14,534 | ​ |  | 61 | ​ |  | 15,435 | ​ |  | 1,548,712 | ​ |  | 1,564,147 | ​ |  | —
Consumer loans | ​ |  | 592 | ​ |  | 166 | ​ |  | 165 | ​ |  | 923 | ​ |  | 134,340 | ​ |  | 135,263 | ​ |  | —
Commercial loans | ​ |  | 7,662 | ​ |  | 1,413 | ​ |  | 641 | ​ |  | 9,716 | ​ |  | 623,339 | ​ |  | 633,055 | ​ |  | —
Total loans | ​ | $ | 10,475 | ​ | $ | 16,233 | ​ | $ | 1,736 | ​ | $ | 28,444 | ​ | $ | 3,671,517 | ​ | $ | 3,699,961 | ​ | $ | —
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2023
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Greater Than | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Greater Than 90
​ | ​ | 30-59 Days | ​ | 60-89 Days | ​ | 90 Days | ​ | Total | ​ | ​ | ​ | ​ | Total Loans | ​ | Days Past Due
​ |  | Past Due |  | Past Due |  | Past Due |  | Past Due |  | Current |  | Receivable |  | and Accruing
(dollars in thousands) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Real Estate Loans: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Residential | ​ | $ | 1,984 | ​ | $ | 401 | ​ | $ | 483 | ​ | $ | 2,868 | ​ | $ | 1,130,549 | ​ | $ | 1,133,417 | ​ | $ | 109
Construction | ​ |  | 443 | ​ |  | 311 | ​ |  | 698 | ​ |  | 1,452 | ​ |  | 189,404 | ​ |  | 190,856 | ​ |  | —
Commercial | ​ |  | 616 | ​ |  | 1,854 | ​ |  | 1,580 | ​ |  | 4,050 | ​ |  | 1,558,329 | ​ |  | 1,562,379 | ​ |  | —
Consumer loans | ​ |  | 456 | ​ |  | 124 | ​ |  | 212 | ​ |  | 792 | ​ |  | 132,723 | ​ |  | 133,515 | ​ |  | —
Commercial loans | ​ |  | 713 | ​ |  | 77 | ​ |  | 789 | ​ |  | 1,579 | ​ |  | 597,451 | ​ |  | 599,030 | ​ |  | —
Total loans | ​ | $ | 4,212 | ​ | $ | 2,767 | ​ | $ | 3,762 | ​ | $ | 10,741 | ​ | $ | 3,608,456 | ​ | $ | 3,619,197 | ​ | $ | 109
​ At September 30, 2023, and June 30, 2023 there was no PCD loan that was 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 tables present the Company’s collateral dependent loans and related ACL at September 30, 2023, and June 30, 2023: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | September 30, 2023
​ | ​ | Amortized cost basis of | ​ | ​ | ​
​ | ​ | loans determined to be | ​ | Related allowance
(dollars in thousands) | ​ | collateral dependent | ​ | for credit losses
Real estate loans |  | ​ |  |  | ​ |
1- to 4-family residential real estate |  | $ | 822 | ​ | $ | 141
Commercial real estate | ​ | ​ | 2,140 | ​ | ​ | 316
Total loans | ​ | $ | 2,962 | ​ | $ | 457
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | June 30, 2023
​ | ​ | Amortized cost basis of | ​ | ​ | ​
​ | ​ | loans determined to be | ​ | Related allowance
(dollars in thousands) | ​ | collateral dependent | ​ | for credit losses
Real estate loans |  | ​ |  |  | ​ |
1- to 4-family residential |  | $ | 837 | ​ | $ | 156
Construction real estate | ​ | ​ | 642 | ​ | ​ | 79
Commercial real estate | ​ | ​ | 4,897 | ​ | ​ | 666
Total loans | ​ | $ | 6,376 | ​ | $ | 901
​ ​ Nonaccrual Loans. The following table presents the Company’s amortized cost basis of nonaccrual loans segmented by class of loans at September 30, 2023, and June 30, 2023. The table excludes performing modifications to borrowers experiencing financial difficulty at September 30, 2023 and excludes performing TDRs at June 30, 2023. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | ​ | ​ | ​
(dollars in thousands) | ​ | September 30, 2023 | ​ | June 30, 2023 |
Residential real estate | ​ | $ | 949 | ​ | $ | 934 | ​
Construction real estate | ​ |  | 368 | ​ |  | 698 | ​
Commercial real estate | ​ |  | 3,361 | ​ |  | 4,564 | ​
Consumer loans | ​ |  | 164 | ​ |  | 256 | ​
Commercial loans | ​ |  | 896 | ​ |  | 1,091 | ​
Total loans | ​ | $ | 5,738 | ​ | $ | 7,543 | ​
​ At September 30, 2023, there were no nonaccrual loans individually evaluated for which no ACL was recorded. Interest income recognized on nonaccrual loans in the three-month periods ended September 30, 2023 and 2022, was immaterial. Modifications to Borrowers Experiencing Financial Difficulty. The Company adopted ASU 2022-02, “Financial Instruments – Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures,” effective July 1, 2023. The amendments in ASU 2022-02 eliminated the recognition and measurement of troubled debt restructurings and enhanced disclosures for loan modifications to borrowers experiencing financial difficulty. During the three-month period ended September 30, 2023, there were no modifications made to loans for borrowers experiencing financial difficulty. Performing loans classified as modifications to borrowers experiencing financial difficulty outstanding at September 30, 2023 are shown in the following table segregated by portfolio segment and type of modification. The percentage of amortized cost of loans that were modified compared to total outstanding loans is also presented below. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | September 30, 2023
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Total | ​
​ | ​ | ​ | ​ | ​ | Term | ​ | Interest | ​ | Class of |
​ | Principal | ​ | Payment | ​ | Extension | ​ | Rate | ​ | Financing |
​ | Forgiveness |  | Delays |  | Modifications |  | Reduction |  | Receivable | ​
(dollars in thousands) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Residential real estate | $ | — | ​ | $ | — | ​ | $ | 3,397 | ​ | $ | — | ​ | 0.09 | %
Construction real estate |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ | — | %
Commercial real estate |  | — | ​ |  | — | ​ |  | 23,838 | ​ |  | — | ​ | 0.64 | %
Consumer loans |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ | — | %
Commercial loans |  | — | ​ |  | 241 | ​ |  | 1,824 | ​ |  | — | ​ | 0.06 | %
Total | $ | — | ​ | $ | 241 | ​ | $ | 29,059 | ​ | $ | — | ​ | 0.79 | %
​ Troubled Debt Restructurings. Prior to the adoption of ASU 2022-02, the Company’s loans that were subject to classification as TDRs were the result of guidance under ASU No. 2011-02, which indicated 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 were classified as nonperforming at the time of restructuring and typically were returned to performing status after considering the borrower’s sustained repayment performance for a reasonable period of at least six months. During the three-month period ended September 30, 2022, there were no loans modified as TDRs. Performing loans classified as TDRs and outstanding at June 30, 2023, segregated by class, are shown in the table below. Nonperforming TDRs are included in the nonaccrual loans table above. ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2023
​ | ​ | Number of | ​ | Recorded
(dollars in thousands) |  | modifications |  | Investment
Residential real estate |  | 10 | ​ | $ | 3,438
Construction real estate |  | — | ​ |  | —
Commercial real estate |  | 6 | ​ |  | 24,017
Consumer loans |  | — | ​ |  | —
Commercial loans |  | 6 | ​ |  | 2,310
Total |  | 22 | ​ | $ | 29,765
​ Residential 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 September 30, 2023 and June 30, 2023, the Company had no foreclosed residential real estate properties as a result of obtaining physical possession. In addition, as of September 30, 2023, and June 30, 2023, the Company had residential mortgage loans and home equity loans with a carrying value of $667,000 and $1.5 million, respectively, collateralized by residential real estate property for which formal foreclosure proceedings were in process.

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