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Loans Receivable | 6 Months Ended
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Dec. 31, 2022
Receivables [Abstract] |
Loans Receivable | LOANS RECEIVABLE The following table sets forth the composition of the Company’s loan portfolio at December 31, 2022 and June 30, 2022:
| December 31, 2022 |  | June 30, 2022
| (In Thousands)
Commercial loans: |  |  |
Multi-family mortgage | $ | 2,851,721 |  |  | $ | 2,409,090 |
Nonresidential mortgage | 1,017,341 |  |  | 1,019,838 |
Commercial business | 177,530 |  |  | 176,807 |
Construction | 186,663 |  |  | 140,131 |
Total commercial loans | 4,233,255 |  |  | 3,745,866 |
One- to four-family residential mortgage | 1,719,514 |  |  | 1,645,816 |
Consumer loans: |  |  |
Home equity loans | 45,690 |  |  | 42,028 |
Other consumer | 2,648 |  |  | 2,866 |
Total consumer loans | 48,338 |  |  | 44,894 |
Total loans | 6,001,107 |  |  | 5,436,576 |
Unaccreted yield adjustments (1) | (16,974) |  |  | (18,731) |
Total loans receivable, net of yield adjustments | $ | 5,984,133 |  |  | $ | 5,417,845 |
___________________________ (1)At December 31, 2022, included a fair value adjustment to the carrying amount of hedged one- to four-family residential mortgage loans. Past Due Loans Past due status is based on the contractual payment terms of the loans. The following tables present the payment status of past due loans as of December 31, 2022 and June 30, 2022, by loan segment:
| Payment Status December 31, 2022
| 30-59 Days |  | 60-89 Days |  | 90 Days and Over |  | Total Past Due |  | Current |  | Total
| (In Thousands)
Multi-family mortgage | $ | — |  |  | $ | — |  |  | $ | 7,663 |  |  | $ | 7,663 |  |  | $ | 2,844,058 |  |  | $ | 2,851,721 |
Nonresidential mortgage | 204 |  |  | — |  |  | 5,696 |  |  | 5,900 |  |  | 1,011,441 |  |  | 1,017,341 |
Commercial business | 204 |  |  | — |  |  | 265 |  |  | 469 |  |  | 177,061 |  |  | 177,530 |
Construction | — |  |  | — |  |  | — |  |  | — |  |  | 186,663 |  |  | 186,663 |
One- to four-family residential mortgage | 3,634 |  |  | 1,775 |  |  | 1,979 |  |  | 7,388 |  |  | 1,712,126 |  |  | 1,719,514 |
Home equity loans | 151 |  |  | 4 |  |  | 23 |  |  | 178 |  |  | 45,512 |  |  | 45,690 |
Other consumer | — |  |  | — |  |  | — |  |  | — |  |  | 2,648 |  |  | 2,648 |
Total loans | $ | 4,193 |  |  | $ | 1,779 |  |  | $ | 15,626 |  |  | $ | 21,598 |  |  | $ | 5,979,509 |  |  | $ | 6,001,107 |
| Payment Status June 30, 2022
| 30-59 Days |  | 60-89 Days |  | 90 Days and Over |  | Total Past Due |  | Current |  | Total
| (In Thousands)
Multi-family mortgage | $ | 3,148 |  |  | $ | 3,056 |  |  | $ | 7,788 |  |  | $ | 13,992 |  |  | $ | 2,395,098 |  |  | $ | 2,409,090 |
Nonresidential mortgage | 4,026 |  |  | — |  |  | 18,132 |  |  | 22,158 |  |  | 997,680 |  |  | 1,019,838 |
Commercial business | 98 |  |  | 57 |  |  | 155 |  |  | 310 |  |  | 176,497 |  |  | 176,807 |
Construction | — |  |  | — |  |  | — |  |  | — |  |  | 140,131 |  |  | 140,131 |
One- to four-family residential mortgage | 1,525 |  |  | 253 |  |  | 3,455 |  |  | 5,233 |  |  | 1,640,583 |  |  | 1,645,816 |
Home equity loans | 28 |  |  | 35 |  |  | — |  |  | 63 |  |  | 41,965 |  |  | 42,028 |
Other consumer | — |  |  | — |  |  | — |  |  | — |  |  | 2,866 |  |  | 2,866 |
Total loans | $ | 8,825 |  |  | $ | 3,401 |  |  | $ | 29,530 |  |  | $ | 41,756 |  |  | $ | 5,394,820 |  |  | $ | 5,436,576 |
Nonperforming Loans Loans are generally placed on nonaccrual status when contractual payments become 90 or more days past due or when the Company does not expect to receive all principal and interest payments owed substantially in accordance with the terms of the loan agreement, regardless of past due status. Loans that become 90 days past due, but are well secured and in the process of collection, may remain on accrual status. Nonaccrual loans are generally returned to accrual status when all payments due are brought current and the Company expects to receive all remaining principal and interest payments owed substantially in accordance with the terms of the loan agreement. Payments received in cash on nonaccrual loans, including both the principal and interest portions of those payments, are generally applied to reduce the carrying value of the loan. The Company did not recognize interest income on non-accrual loans during the six months ended December 31, 2022 and 2021. The following tables present information relating to the Company’s nonperforming loans as of December 31, 2022 and June 30, 2022:
| Performance Status December 31, 2022
| 90 Days and Over Past Due Accruing |  | Nonaccrual Loans with Allowance for Credit Losses |  | Nonaccrual Loans with no Allowance for Credit Losses |  | Total Nonperforming |  | Performing |  | Total
| (In Thousands)
Multi-family mortgage | $ | — |  |  | $ | 7,890 |  |  | $ | 8,381 |  |  | $ | 16,271 |  |  | $ | 2,835,450 |  |  | $ | 2,851,721 |
Nonresidential mortgage | — |  |  | 12,187 |  |  | 5,696 |  |  | 17,883 |  |  | 999,458 |  |  | 1,017,341 |
Commercial business | — |  |  | 262 |  |  | 10 |  |  | 272 |  |  | 177,258 |  |  | 177,530 |
Construction | — |  |  | — |  |  | — |  |  | — |  |  | 186,663 |  |  | 186,663 |
One- to four-family residential mortgage | — |  |  | 2,916 |  |  | 3,121 |  |  | 6,037 |  |  | 1,713,477 |  |  | 1,719,514 |
Home equity loans | — |  |  | — |  |  | 86 |  |  | 86 |  |  | 45,604 |  |  | 45,690 |
Other consumer | — |  |  | — |  |  | — |  |  | — |  |  | 2,648 |  |  | 2,648 |
Total loans | $ | — |  |  | $ | 23,255 |  |  | $ | 17,294 |  |  | $ | 40,549 |  |  | $ | 5,960,558 |  |  | $ | 6,001,107 |
| Performance Status June 30, 2022
| 90 Days and Over Past Due Accruing |  | Nonaccrual Loans with Allowance for Credit Losses |  | Nonaccrual Loans with no Allowance for Credit Losses |  | Total Nonperforming |  | Performing |  | Total
| (In Thousands)
Multi-family mortgage | $ | — |  |  | $ | 8,367 |  |  | $ | 18,286 |  |  | $ | 26,653 |  |  | $ | 2,382,437 |  |  | $ | 2,409,090 |
Nonresidential mortgage | — |  |  | 12,602 |  |  | 19,292 |  |  | 31,894 |  |  | 987,944 |  |  | 1,019,838 |
Commercial business | — |  |  | 212 |  |  | 81 |  |  | 293 |  |  | 176,514 |  |  | 176,807 |
Construction | — |  |  | — |  |  | 1,561 |  |  | 1,561 |  |  | 138,570 |  |  | 140,131 |
One- to four-family residential mortgage | — |  |  | 3,543 |  |  | 4,946 |  |  | 8,489 |  |  | 1,637,327 |  |  | 1,645,816 |
Home equity loans | — |  |  | 302 |  |  | 1,129 |  |  | 1,431 |  |  | 40,597 |  |  | 42,028 |
Other consumer | — |  |  | — |  |  | — |  |  | — |  |  | 2,866 |  |  | 2,866 |
Total loans | $ | — |  |  | $ | 25,026 |  |  | $ | 45,295 |  |  | $ | 70,321 |  |  | $ | 5,366,255 |  |  | $ | 5,436,576 |
Troubled Debt Restructurings (“TDRs”) TDRs are loans where the Company has modified the contractual terms of the loan as a result of the financial condition of the borrower. Subsequent to their modification, TDRs are placed on non-accrual until such time as satisfactory payment performance has been demonstrated, at which time the loan may be returned to accrual status. On a case-by-case basis, the Company may agree to modify the contractual terms of a loan to assist a borrower who may be experiencing financial difficulty, as well as to preserve the Company’s position in the loan. If the borrower is experiencing financial difficulties and a concession has been made at the time of such modification, the loan is classified as a TDR. The Company had TDRs totaling $18.4 million and $22.2 million as of December 31, 2022 and June 30, 2022, respectively. The allowance for credit losses associated with the TDRs presented in the tables below totaled $331,000 and $365,000 as of December 31, 2022 and June 30, 2022, respectively. As of December 31, 2022, the Company had commitments to lend additional funds totaling $69,000 to borrowers whose loans had been restructured in a TDR. The following tables present total TDR loans at December 31, 2022 and June 30, 2022:
| December 31, 2022
| Accrual |  | Non-accrual |  | Total
| # of Loans |  | Amount |  | # of Loans |  | Amount |  | # of Loans |  | Amount
| (Dollars In Thousands)
Commercial loans: |  |  |  |  |  |  |  |  |  |  |
Multi-family mortgage | — |  | $ | — |  |  | 2 |  | $ | 5,539 |  |  | 2 |  | $ | 5,539 |
Nonresidential mortgage | 3 |  | 184 |  |  | 1 |  | 390 |  |  | 4 |  | 574 |
Commercial business | 4 |  | 3,529 |  |  | 1 |  | 7 |  |  | 5 |  | 3,536 |
Total commercial loans | 7 |  | 3,713 |  | 4 |  | 5,936 |  | 11 |  | 9,649
One- to four-family residential mortgage | 35 |  | 6,394 |  |  | 11 |  | 1,921 |  |  | 46 |  | 8,315 |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |
Home equity loans | 5 |  | 374 |  |  | 1 |  | 35 |  |  | 6 |  | 409 |
Total | 47 |  | $ | 10,481 |  |  | 16 |  | $ | 7,892 |  |  | 63 |  | $ | 18,373 |
| June 30, 2022
| Accrual |  | Non-accrual |  | Total
| # of Loans |  | Amount |  | # of Loans |  | Amount |  | # of Loans |  | Amount
| (Dollars In Thousands)
Commercial loans: |  |  |  |  |  |  |  |  |  |  |
Multi-family mortgage | — |  | $ | — |  |  | 2 |  | $ | 5,626 |  |  | 2 |  | $ | 5,626 |
Nonresidential mortgage | 4 |  | 389 |  |  | 2 |  | 1,565 |  |  | 6 |  | 1,954 |
Commercial business | 5 |  | 3,631 |  |  | 2 |  | 82 |  |  | 7 |  | 3,713 |
Construction | — |  | — |  |  | 1 |  | 1,561 |  |  | 1 |  | 1,561 |
Total commercial loans | 9 |  | 4,020 |  |  | 7 |  | 8,834 |  |  | 16 |  | 12,854 |
One- to four-family residential mortgage | 29 |  | 4,488 |  |  | 16 |  | 3,314 |  |  | 45 |  | 7,802 |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |
Home equity loans | 5 |  | 164 |  |  | 2 |  | 1,364 |  |  | 7 |  | 1,528 |
Total | 43 |  | $ | 8,672 |  |  | 25 |  | $ | 13,512 |  |  | 68 |  | $ | 22,184 |
The following tables present information regarding TDRs that occurred during the three months and six months ended December 31, 2022 and 2021:
| Three Months Ended December 31, 2022 |  | Three Months Ended December 31, 2021
| # of Loans |  | Pre- modification Recorded Investment |  | Post- modification Recorded Investment |  | # of Loans |  | Pre- modification Recorded Investment |  | Post- modification Recorded Investment
| (Dollars In Thousands)
Commercial business | 1 |  | $ | 7 |  |  | $ | 7 |  |  | — |  | $ | — |  |  | $ | — |
One- to four-family residential mortgage | 1 |  | 273 |  |  | 270 |  |  | 2 |  | 261 |  |  | 261 |
Total | 2 |  | $ | 280 |  |  | $ | 277 |  |  | 2 |  | $ | 261 |  |  | $ | 261 |
| Six Months Ended December 31, 2022 |  | Six Months Ended December 31, 2021
| # of Loans |  | Pre- modification Recorded Investment |  | Post- modification Recorded Investment |  | # of Loans |  | Pre- modification Recorded Investment |  | Post- modification Recorded Investment
| (Dollars In Thousands)
Multi-family mortgage | — |  | $ | — |  |  | $ | — |  |  | 1 |  | $ | 2,987 |  |  | $ | 2,972 |
Commercial business | 1 |  | 7 |  |  | 7 |  |  | — |  | — |  |  | — |
One- to four-family residential mortgage | 2 |  | 708 |  |  | 705 |  |  | 2 |  | 261 |  |  | 261 |
Home equity loans | 1 |  | 35 |  |  | 35 |  |  | — |  | — |  |  | — |
Total | 4 |  | $ | 750 |  |  | $ | 747 |  |  | 3 |  | $ | 3,248 |  |  | $ | 3,233 |
During the three months and six months ended December 31, 2022, there were charge-offs of $5,000 and $15,000, respectively, related to TDRs. During the three months and six months ended December 31, 2021, there were no charge-offs related to TDRs. During the three months and six months ended December 31, 2022, there were two TDR defaults totaling $170,000. During the three months and six months ended December 31, 2021, there were no defaults of TDRs. Loan modifications generally involve a reduction in interest rates and/or extension of maturity dates and also may include step up interest rates in their modified terms which will impact their weighted average yield in the future. The loans which qualified as TDRs during the three months and six months ended December 31, 2022 and 2021, capitalized prior past due amounts and modified the repayment terms. Individually Analyzed Loans Individually analyzed loans include loans which do not share similar risk characteristics with other loans. TDRs will generally be evaluated for individual impairment, however, after a period of sustained repayment performance which permits the credit to be returned to accrual status, a TDR would generally be removed from individual impairment analysis and returned to its corresponding pool. As of December 31, 2022, the carrying value of individually analyzed loans, including loans acquired with deteriorated credit quality that were individually analyzed, totaled $40.5 million, of which $36.9 million were considered collateral dependent. For collateral dependent loans where management has determined that foreclosure of the collateral is probable, or where the borrower is experiencing financial difficulty and repayment of the loan is to be provided substantially through the operation or sale of the collateral, the allowance for credit losses is measured based on the difference between the fair value of the collateral, less costs to sell, and the amortized cost basis of the loan as of the measurement date. See Note 12 for additional disclosure regarding fair value of individually analyzed collateral dependent loans. The following table presents the carrying value and related allowance of collateral dependent individually analyzed loans at the dates indicated:
| December 31, 2022 |  | June 30, 2022
| Carrying Value |  | Related Allowance |  | Carrying Value |  | Related Allowance
| (In Thousands)
Commercial loans: |  |  |  |  |  |  |
Multi-family mortgage | $ | 16,271 |  |  | $ | 352 |  |  | $ | 26,653 |  |  | $ | 849 |
Nonresidential mortgage (1) | 17,529 |  |  | 2,392 |  |  | 30,733 |  |  | 2,696 |
Construction | — |  |  | — |  |  | 1,561 |  |  | — |
Total commercial loans | 33,800 |  |  | 2,744 |  |  | 58,947 |  |  | 3,545 |
One- to four-family residential mortgage (2) | 3,082 |  |  | 26 |  |  | 4,305 |  |  | 77 |
Consumer loans: |  |  |  |  |  |  |
Home equity loans (2) | — |  |  | — |  |  | 35 |  |  | — |
Total | $ | 36,882 |  |  | $ | 2,770 |  |  | $ | 63,287 |  |  | $ | 3,622 |
___________________________ (1)Secured by income-producing nonresidential property. (2)Secured by one- to four-family residential properties. 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 to classify the loans as to credit risk. The Company uses the following definitions for risk ratings: Pass – Loans that are well protected by the current net worth and paying capacity of the obligor (or guarantors, if any) or by the fair value, less cost to acquire and sell, of any underlying collateral in a timely manner. Special Mention – Loans which do not currently expose the Company to a sufficient degree of risk to warrant an adverse classification but have some credit deficiencies or other potential weaknesses. Substandard – Loans which are inadequately protected by the paying capacity and net worth of the obligor or the collateral pledged, if any. Substandard assets include those characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Doubtful – Loans which have all of the weaknesses inherent in those classified as Substandard, with the added characteristic that the weaknesses present make collection or liquidation in full highly questionable and improbable, on the basis of currently existing facts, conditions and values. Loss – Loans which are considered uncollectible or of so little value that their continuance as assets is not warranted. The following table presents the risk category of loans as of December 31, 2022 by loan segment and vintage year:
| Term Loans by Origination Year for Fiscal Years ended June 30, |  |  |  |
| 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | Prior |  | Revolving Loans |  | Total
| (In Thousands)
Multi-family mortgage: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 593,864 |  |  | $ | 957,401 |  |  | $ | 246,580 |  |  | $ | 202,298 |  |  | $ | 246,991 |  |  | $ | 562,005 |  |  | $ | — |  |  | $ | 2,809,139 |
Special Mention | — |  |  | — |  |  | — |  |  | — |  |  | 6,091 |  |  | 7,445 |  |  | — |  |  | 13,536 |
Substandard | — |  |  | — |  |  | — |  |  | — |  |  | 9,545 |  |  | 19,501 |  |  | — |  |  | 29,046 |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total multi-family mortgage | 593,864 |  |  | 957,401 |  |  | 246,580 |  |  | 202,298 |  |  | 262,627 |  |  | 588,951 |  |  | — |  |  | 2,851,721 |
Nonresidential mortgage: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 96,016 |  |  | 229,684 |  |  | 85,982 |  |  | 53,084 |  |  | 59,951 |  |  | 462,184 |  |  | 6,000 |  |  | 992,901 |
Special Mention | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 579 |  |  | — |  |  | 579 |
Substandard | — |  |  | — |  |  | 714 |  |  | — |  |  | 931 |  |  | 22,216 |  |  | — |  |  | 23,861 |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total nonresidential mortgage | 96,016 |  |  | 229,684 |  |  | 86,696 |  |  | 53,084 |  |  | 60,882 |  |  | 484,979 |  |  | 6,000 |  |  | 1,017,341 |
Commercial business: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 11,522 |  |  | 37,850 |  |  | 35,453 |  |  | 9,529 |  |  | 2,540 |  |  | 9,968 |  |  | 65,504 |  |  | 172,366 |
Special Mention | — |  |  | — |  |  | — |  |  | 55 |  |  | 180 |  |  | 2,898 |  |  | — |  |  | 3,133 |
Substandard | — |  |  | — |  |  | 35 |  |  | 473 |  |  | 48 |  |  | 1,371 |  |  | 104 |  |  | 2,031 |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total commercial business | 11,522 |  |  | 37,850 |  |  | 35,488 |  |  | 10,057 |  |  | 2,768 |  |  | 14,237 |  |  | 65,608 |  |  | 177,530 |
Construction loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 13,628 |  |  | 27,363 |  |  | 117,830 |  |  | 11,854 |  |  | 3,000 |  |  | 7,253 |  |  | 5,735 |  |  | 186,663 |
Special Mention | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Substandard | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total construction loans | 13,628 |  |  | 27,363 |  |  | 117,830 |  |  | 11,854 |  |  | 3,000 |  |  | 7,253 |  |  | 5,735 |  |  | 186,663 |
Residential mortgage: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 151,323 |  |  | 463,800 |  |  | 506,856 |  |  | 83,231 |  |  | 47,554 |  |  | 453,552 |  |  | — |  |  | 1,706,316 |
Special Mention | — |  |  | — |  |  | — |  |  | — |  |  | 1,184 |  |  | 493 |  |  | — |  |  | 1,677 |
Substandard | — |  |  | 270 |  |  | — |  |  | — |  |  | 82 |  |  | 11,169 |  |  | — |  |  | 11,521 |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total residential mortgage | 151,323 |  |  | 464,070 |  |  | 506,856 |  |  | 83,231 |  |  | 48,820 |  |  | 465,214 |  |  | — |  |  | 1,719,514 |
Home equity loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 7,560 |  |  | 2,794 |  |  | 658 |  |  | 1,439 |  |  | 2,665 |  |  | 8,221 |  |  | 21,752 |  |  | 45,089 |
Special Mention | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Substandard | — |  |  | — |  |  | — |  |  | — |  |  | 116 |  |  | 358 |  |  | 127 |  |  | 601 |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total home equity loans | 7,560 |  |  | 2,794 |  |  | 658 |  |  | 1,439 |  |  | 2,781 |  |  | 8,579 |  |  | 21,879 |  |  | 45,690 |
Other consumer loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 232 |  |  | 287 |  |  | 171 |  |  | 457 |  |  | 335 |  |  | 1,041 |  |  | 41 |  |  | 2,564 |
Special Mention | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Substandard | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 84 |  |  | 84 |
Other consumer loans | 232 |  |  | 287 |  |  | 171 |  |  | 457 |  |  | 335 |  |  | 1,041 |  |  | 125 |  |  | 2,648 |
Total loans | $ | 874,145 |  |  | $ | 1,719,449 |  |  | $ | 994,279 |  |  | $ | 362,420 |  |  | $ | 381,213 |  |  | $ | 1,570,254 |  |  | $ | 99,347 |  |  | $ | 6,001,107 |
The following table presents the risk category of loans as of June 30, 2022 by loan segment and vintage year:
| Term Loans by Origination Year for Fiscal Years ended June 30, |  |  |  |
| 2022 |  | 2021 |  | 2020 |  | 2019 |  | 2018 |  | Prior |  | Revolving Loans |  | Total
| (In Thousands)
Multi-family mortgage: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 963,263 |  |  | $ | 250,385 |  |  | $ | 211,101 |  |  | $ | 264,174 |  |  | $ | 248,058 |  |  | $ | 438,642 |  |  | $ | — |  |  | $ | 2,375,623 |
Special Mention | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 6,814 |  |  | — |  |  | 6,814 |
Substandard | — |  |  | — |  |  | — |  |  | 9,821 |  |  | 5,935 |  |  | 10,897 |  |  | — |  |  | 26,653 |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total multi-family mortgage | 963,263 |  |  | 250,385 |  |  | 211,101 |  |  | 273,995 |  |  | 253,993 |  |  | 456,353 |  |  | — |  |  | 2,409,090 |
Nonresidential mortgage: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 231,777 |  |  | 87,309 |  |  | 53,983 |  |  | 60,714 |  |  | 49,285 |  |  | 491,849 |  |  | 6,052 |  |  | 980,969 |
Special Mention | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 591 |  |  | — |  |  | 591 |
Substandard | — |  |  | 720 |  |  | — |  |  | 933 |  |  | 4,026 |  |  | 32,599 |  |  | — |  |  | 38,278 |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total nonresidential mortgage | 231,777 |  |  | 88,029 |  |  | 53,983 |  |  | 61,647 |  |  | 53,311 |  |  | 525,039 |  |  | 6,052 |  |  | 1,019,838 |
Commercial business: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 46,888 |  |  | 38,791 |  |  | 12,155 |  |  | 3,581 |  |  | 4,861 |  |  | 6,455 |  |  | 58,662 |  |  | 171,393 |
Special Mention | — |  |  | — |  |  | 62 |  |  | 186 |  |  | 2,173 |  |  | 873 |  |  | 215 |  |  | 3,509 |
Substandard | — |  |  | 38 |  |  | 319 |  |  | — |  |  | 1,347 |  |  | 61 |  |  | 58 |  |  | 1,823 |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 80 |  |  | 2 |  |  | 82 |
Total commercial business | 46,888 |  |  | 38,829 |  |  | 12,536 |  |  | 3,767 |  |  | 8,381 |  |  | 7,469 |  |  | 58,937 |  |  | 176,807 |
Construction loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 16,407 |  |  | 95,526 |  |  | 10,337 |  |  | 3,039 |  |  | 6,509 |  |  | 1,017 |  |  | 5,735 |  |  | 138,570 |
Special Mention | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Substandard | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,561 |  |  | — |  |  | 1,561 |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total construction loans | 16,407 |  |  | 95,526 |  |  | 10,337 |  |  | 3,039 |  |  | 6,509 |  |  | 2,578 |  |  | 5,735 |  |  | 140,131 |
Residential mortgage: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 472,160 |  |  | 524,163 |  |  | 88,645 |  |  | 49,316 |  |  | 55,139 |  |  | 442,517 |  |  | 374 |  |  | 1,632,314 |
Special Mention | — |  |  | — |  |  | — |  |  | 1,205 |  |  | — |  |  | 621 |  |  | — |  |  | 1,826 |
Substandard | — |  |  | — |  |  | — |  |  | 83 |  |  | — |  |  | 11,593 |  |  | — |  |  | 11,676 |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total residential mortgage | 472,160 |  |  | 524,163 |  |  | 88,645 |  |  | 50,604 |  |  | 55,139 |  |  | 454,731 |  |  | 374 |  |  | 1,645,816 |
Home equity loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 3,197 |  |  | 692 |  |  | 1,681 |  |  | 3,117 |  |  | 2,027 |  |  | 7,321 |  |  | 22,334 |  |  | 40,369 |
Special Mention | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Substandard | — |  |  | — |  |  | — |  |  | 120 |  |  | — |  |  | 1,539 |  |  | — |  |  | 1,659 |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total home equity loans | 3,197 |  |  | 692 |  |  | 1,681 |  |  | 3,237 |  |  | 2,027 |  |  | 8,860 |  |  | 22,334 |  |  | 42,028 |
Other consumer loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 442 |  |  | 308 |  |  | 471 |  |  | 375 |  |  | 258 |  |  | 895 |  |  | 34 |  |  | 2,783 |
Special Mention | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Substandard | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 83 |  |  | 83 |
Other consumer loans | 442 |  |  | 308 |  |  | 471 |  |  | 375 |  |  | 258 |  |  | 895 |  |  | 117 |  |  | 2,866 |
Total loans | $ | 1,734,134 |  |  | $ | 997,932 |  |  | $ | 378,754 |  |  | $ | 396,664 |  |  | $ | 379,618 |  |  | $ | 1,455,925 |  |  | $ | 93,549 |  |  | $ | 5,436,576 |
Mortgage Loans in Foreclosure The Company may obtain physical possession of one- to four-family real estate collateralizing a residential mortgage loan or nonresidential real estate collateralizing a nonresidential mortgage loan via foreclosure or through an in-substance repossession. As of December 31, 2022, the Company held two single-family properties with an aggregate carrying value of $454,000 and one nonresidential property with a carrying value of $13.0 million in other real estate owned that were acquired through foreclosure on residential mortgage loans and a nonresidential mortgage loan, respectively. As of that same date, the Company held five residential mortgage loans with aggregate carrying values totaling $951,000 and six commercial mortgage loans with aggregate carrying values totaling $9.3 million which were in the process of foreclosure. As of June 30, 2022, the Company held one single-family property in other real estate owned with an aggregate carrying value of $178,000 that was acquired through a foreclosure on a residential mortgage loan. As of that same date, the Company held seven residential mortgage loans with aggregate carrying values totaling $1.5 million which were in the process of foreclosure.

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