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LOANS RECEIVABLE | 3 Months Ended
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Sep. 30, 2023
Receivables [Abstract] |
LOANS RECEIVABLE | LOANS RECEIVABLE The following table sets forth the composition of the Company’s loan portfolio at September 30, 2023 and June 30, 2023:
| September 30, 2023 |  | June 30, 2023
| (In Thousands)
Commercial loans: |  |  |
Multi-family mortgage | $ | 2,699,151 |  |  | $ | 2,761,775 |
Nonresidential mortgage | 946,801 |  |  | 968,574 |
Commercial business | 149,229 |  |  | 146,861 |
Construction | 230,703 |  |  | 226,609 |
Total commercial loans | 4,025,884 |  |  | 4,103,819 |
One- to four-family residential mortgage | 1,689,051 |  |  | 1,700,559 |
Consumer loans: |  |  |
Home equity loans | 42,896 |  |  | 43,549 |
Other consumer | 2,644 |  |  | 2,549 |
Total consumer loans | 45,540 |  |  | 46,098 |
Total loans | 5,760,475 |  |  | 5,850,476 |
Unaccreted yield adjustments (1) | (24,426) |  |  | (21,055) |
Total loans receivable, net of yield adjustments | $ | 5,736,049 |  |  | $ | 5,829,421 |
___________________________ (1)At September 30, 2023, 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 September 30, 2023 and June 30, 2023, by loan segment:
| Payment Status September 30, 2023
| 30-59 Days |  | 60-89 Days |  | 90 Days and Over |  | Total Past Due |  | Current |  | Total
| (In Thousands)
Multi-family mortgage | $ | 2,807 |  |  | $ | — |  |  | $ | 13,637 |  |  | $ | 16,444 |  |  | $ | 2,682,707 |  |  | $ | 2,699,151 |
Nonresidential mortgage | — |  |  | 7,974 |  |  | 6,624 |  |  | 14,598 |  |  | 932,203 |  |  | 946,801 |
Commercial business | 433 |  |  | 1 |  |  | 391 |  |  | 825 |  |  | 148,404 |  |  | 149,229 |
Construction | — |  |  | — |  |  | — |  |  | — |  |  | 230,703 |  |  | 230,703 |
One- to four-family residential mortgage | 1,264 |  |  | 2,001 |  |  | 2,622 |  |  | 5,887 |  |  | 1,683,164 |  |  | 1,689,051 |
Home equity loans | 4 |  |  | 25 |  |  | 45 |  |  | 74 |  |  | 42,822 |  |  | 42,896 |
Other consumer | — |  |  | — |  |  | — |  |  | — |  |  | 2,644 |  |  | 2,644 |
Total loans | $ | 4,508 |  |  | $ | 10,001 |  |  | $ | 23,319 |  |  | $ | 37,828 |  |  | $ | 5,722,647 |  |  | $ | 5,760,475 |
| Payment Status June 30, 2023
| 30-59 Days |  | 60-89 Days |  | 90 Days and Over |  | Total Past Due |  | Current |  | Total
| (In Thousands)
Multi-family mortgage | $ | 2,958 |  |  | $ | — |  |  | $ | 10,756 |  |  | $ | 13,714 |  |  | $ | 2,748,061 |  |  | $ | 2,761,775 |
Nonresidential mortgage | 792 |  |  | — |  |  | 8,233 |  |  | 9,025 |  |  | 959,549 |  |  | 968,574 |
Commercial business | 528 |  |  | 16 |  |  | 236 |  |  | 780 |  |  | 146,081 |  |  | 146,861 |
Construction | — |  |  | — |  |  | — |  |  | — |  |  | 226,609 |  |  | 226,609 |
One- to four-family residential mortgage | 2,019 |  |  | 1,202 |  |  | 3,731 |  |  | 6,952 |  |  | 1,693,607 |  |  | 1,700,559 |
Home equity loans | 25 |  |  | — |  |  | 50 |  |  | 75 |  |  | 43,474 |  |  | 43,549 |
Other consumer | — |  |  | — |  |  | — |  |  | — |  |  | 2,549 |  |  | 2,549 |
Total loans | $ | 6,322 |  |  | $ | 1,218 |  |  | $ | 23,006 |  |  | $ | 30,546 |  |  | $ | 5,819,930 |  |  | $ | 5,850,476 |
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 three months ended September 30, 2023 and 2022. The following tables present information relating to the Company’s nonperforming loans as of September 30, 2023 and June 30, 2023:
| Performance Status September 30, 2023
| 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 | $ | — |  |  | $ | 2,958 |  |  | $ | 13,308 |  |  | $ | 16,266 |  |  | $ | 2,682,885 |  |  | $ | 2,699,151 |
Nonresidential mortgage | — |  |  | 9,783 |  |  | 5,138 |  |  | 14,921 |  |  | 931,880 |  |  | 946,801 |
Commercial business | — |  |  | 257 |  |  | 180 |  |  | 437 |  |  | 148,792 |  |  | 149,229 |
Construction | — |  |  | — |  |  | — |  |  | — |  |  | 230,703 |  |  | 230,703 |
One- to four-family residential mortgage | — |  |  | 1,041 |  |  | 5,200 |  |  | 6,241 |  |  | 1,682,810 |  |  | 1,689,051 |
Home equity loans | — |  |  | — |  |  | 47 |  |  | 47 |  |  | 42,849 |  |  | 42,896 |
Other consumer | — |  |  | — |  |  | — |  |  | — |  |  | 2,644 |  |  | 2,644 |
Total loans | $ | — |  |  | $ | 14,039 |  |  | $ | 23,873 |  |  | $ | 37,912 |  |  | $ | 5,722,563 |  |  | $ | 5,760,475 |
| Performance Status June 30, 2023
| 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 | $ | — |  |  | $ | 5,686 |  |  | $ | 13,428 |  |  | $ | 19,114 |  |  | $ | 2,742,661 |  |  | $ | 2,761,775 |
Nonresidential mortgage | — |  |  | 11,815 |  |  | 4,725 |  |  | 16,540 |  |  | 952,034 |  |  | 968,574 |
Commercial business | — |  |  | 71 |  |  | 181 |  |  | 252 |  |  | 146,609 |  |  | 146,861 |
Construction | — |  |  | — |  |  | — |  |  | — |  |  | 226,609 |  |  | 226,609 |
One- to four-family residential mortgage | — |  |  | 1,640 |  |  | 5,031 |  |  | 6,671 |  |  | 1,693,888 |  |  | 1,700,559 |
Home equity loans | — |  |  | — |  |  | 50 |  |  | 50 |  |  | 43,499 |  |  | 43,549 |
Other consumer | — |  |  | — |  |  | — |  |  | — |  |  | 2,549 |  |  | 2,549 |
Total loans | $ | — |  |  | $ | 19,212 |  |  | $ | 23,415 |  |  | $ | 42,627 |  |  | $ | 5,807,849 |  |  | $ | 5,850,476 |
Loan Modifications Made to Borrowers Experiencing Financial Difficulty Effective July 1, 2023, the Company adopted ASU 2022-02, which eliminated the accounting for TDRs while expanding loan modification and vintage disclosure requirements. See Note 3 to the consolidated financial statements for further information. The following table presents the amortized cost basis at September 30, 2023 of loan modifications made to borrowers experiencing financial difficulty that were restructured during the three months ended September 30, 2023 by type of modification:
| Three Months Ended September 30, 2023
| Payment Delay |  |  |  |  |  |  |  | Percent of Total Class
| (Dollars In Thousands)
Commercial business | $ | 45 |  |  |  |  |  |  |  |  | 0.03 | %
One- to four-family residential mortgage | 489 |  |  |  |  |  |  |  | 0.03 | %
Total | $ | 534 |  |  |  |  |  |  |  |  | 0.03 | %
No modifications involved forgiveness of principal or interest rate reductions. There were no commitments to lend additional funds to borrowers experiencing financial difficulty whose terms have been restructured at September 30, 2023. All loans to borrowers experiencing financial difficulty that have been modified during the three months ended September 30, 2023 were current to their contractual payments as of September 30, 2023. For restructured loans, a subsequent payment default is defined in terms of delinquency, when a principal or interest payment is 90 days past due or classified into non-accrual status during the reporting period. Of the loans restructured during the three months ended September 30, 2023 (since adoption of ASU 2022-02), there were no subsequent defaults as of September 30, 2023. Troubled Debt Restructured Loans prior to the adoption of ASU 2022-02 Prior to the adoption of ASU 2022-02, the Company classified certain loans as TDRs when credit terms to a borrower in financial difficulty were modified, in accordance with ASC 310-40. With the adoption of ASU 2022-02 the Company has ceased to recognize or measure for new TDRs, but those existing at June 30, 2023 will remain until settled. At June 30, 2023 the Company had TDRs totaling $17.4 million. The allowance for credit losses associated with these TDRs totaled $274,000 as of June 30, 2023. The following table presents total TDRs at June 30, 2023:
| June 30, 2023
| Accrual |  | Non-accrual |  | Total
| # of Loans |  | Amount |  | # of Loans |  | Amount |  | # of Loans |  | Amount
| (Dollars In Thousands)
Commercial loans: |  |  |  |  |  |  |  |  |  |  |
Multi-family mortgage | — |  | $ | — |  |  | 2 |  | $ | 5,400 |  |  | 2 |  | $ | 5,400 |
Nonresidential mortgage | 3 |  | 170 |  |  | 2 |  | 700 |  |  | 5 |  | 870 |
Commercial business | 6 |  | 3,197 |  |  | — |  | — |  |  | 6 |  | 3,197 |
Construction | — |  | — |  |  | — |  | — |  |  | — |  | — |
Total commercial loans | 9 |  | 3,367 |  |  | 4 |  | 6,100 |  |  | 13 |  | 9,467 |
One- to four-family residential mortgage | 39 |  | 6,752 |  |  | 4 |  | 774 |  |  | 43 |  | 7,526 |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |
Home equity loans | 6 |  | 368 |  |  | — |  | — |  |  | 6 |  | 368 |
Total | 54 |  | $ | 10,487 |  |  | 8 |  | $ | 6,874 |  |  | 62 |  | $ | 17,361 |
As of June 30, 2023, there were no significant commitments to lend additional funds to borrowers whose loans had been restructured in a TDR. At September 30, 2022, there were no restructured TDRs during the preceding twelve months that subsequently defaulted. The following table presents information regarding TDRs that occurred during the three months ended September 30, 2022:
|  |  | Three Months Ended September 30, 2022
|  |  |  |  |  |  | # of Loans |  | Pre- modification Recorded Investment |  | Post- modification Recorded Investment
|  |  |  |  |  | (Dollars In Thousands)
One- to four-family residential mortgage |  |  |  |  |  |  | 1 |  | $ | 435 |  |  | $ | 435 |
Home equity loans |  |  |  |  |  |  | 1 |  | 35 |  |  | 35 |
Total |  |  |  |  |  |  | 2 |  | $ | 470 |  |  | $ | 470 |
During the three months ended September 30, 2022, there were charge-offs of $10,000 related to 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 ended September 30, 2022, 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. Loans previously modified as TDRs and loan modifications made to borrowers experiencing financial difficulty 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, the loans would generally be removed from individual impairment analysis and returned to its corresponding pool. As of September 30, 2023, the carrying value of individually analyzed loans, including loans acquired with deteriorated credit quality that were individually analyzed, totaled $37.9 million, of which $33.7 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:
| September 30, 2023 |  | June 30, 2023
| Carrying Value |  | Related Allowance |  | Carrying Value |  | Related Allowance
| (In Thousands)
Commercial loans: |  |  |  |  |  |  |
Multi-family mortgage | $ | 16,266 |  |  | $ | 342 |  |  | $ | 19,114 |  |  | $ | 326 |
Nonresidential mortgage (1) | 14,598 |  |  | 1,407 |  |  | 16,207 |  |  | 3,001 |
Construction | — |  |  | — |  |  | — |  |  | — |
Total commercial loans | 30,864 |  |  | 1,749 |  |  | 35,321 |  |  | 3,327 |
One- to four-family residential mortgage (2) | 2,831 |  |  | — |  |  | 2,875 |  |  | — |
Total | $ | 33,695 |  |  | $ | 1,749 |  |  | $ | 38,196 |  |  | $ | 3,327 |
___________________________ (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 and current period gross charge-offs as of September 30, 2023 by loan segment and vintage year:
| Term Loans by Origination Year for Fiscal Years ended June 30, |  |  |  |
| 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  | Revolving Loans |  | Total
| (In Thousands)
Multi-family mortgage: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | — |  |  | $ | 601,736 |  |  | $ | 952,821 |  |  | $ | 213,565 |  |  | $ | 203,358 |  |  | $ | 677,086 |  |  | $ | — |  |  | $ | 2,648,566 |
Special Mention | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 6,605 |  |  | — |  |  | 6,605 |
Substandard | — |  |  | — |  |  | — |  |  | 9,737 |  |  | — |  |  | 34,243 |  |  | — |  |  | 43,980 |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total multi-family mortgage | — |  |  | 601,736 |  |  | 952,821 |  |  | 223,302 |  |  | 203,358 |  |  | 717,934 |  |  | — |  |  | 2,699,151 |
Nonresidential mortgage: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 2,779 |  |  | 107,718 |  |  | 208,575 |  |  | 87,371 |  |  | 51,571 |  |  | 450,806 |  |  | 6,000 |  |  | 914,820 |
Special Mention | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 11,325 |  |  | — |  |  | 11,325 |
Substandard | — |  |  | — |  |  | — |  |  | 704 |  |  | — |  |  | 19,952 |  |  | — |  |  | 20,656 |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total nonresidential mortgage | 2,779 |  |  | 107,718 |  |  | 208,575 |  |  | 88,075 |  |  | 51,571 |  |  | 482,083 |  |  | 6,000 |  |  | 946,801 |
Nonresidential current period gross charge-offs | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,033 |  |  | — |  |  | 2,033 |
Commercial business: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 1,733 |  |  | 11,427 |  |  | 27,853 |  |  | 24,577 |  |  | 7,444 |  |  | 10,096 |  |  | 61,241 |  |  | 144,371 |
Special Mention | — |  |  | — |  |  | 467 |  |  | — |  |  | — |  |  | 2,254 |  |  | — |  |  | 2,721 |
Substandard | — |  |  | — |  |  | — |  |  | — |  |  | 214 |  |  | 1,497 |  |  | 426 |  |  | 2,137 |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total commercial business | 1,733 |  |  | 11,427 |  |  | 28,320 |  |  | 24,577 |  |  | 7,658 |  |  | 13,847 |  |  | 61,667 |  |  | 149,229 |
Commercial business current period gross charge-offs | — |  |  | — |  |  | — |  |  | — |  |  | 178 |  |  | 11 |  |  | — |  |  | 189 |
Construction loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 7,184 |  |  | 34,204 |  |  | 41,698 |  |  | 130,476 |  |  | 7,453 |  |  | 3,953 |  |  | 5,735 |  |  | 230,703 |
Special Mention | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Substandard | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total construction loans | 7,184 |  |  | 34,204 |  |  | 41,698 |  |  | 130,476 |  |  | 7,453 |  |  | 3,953 |  |  | 5,735 |  |  | 230,703 |
Residential mortgage: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 24,092 |  |  | 193,179 |  |  | 449,520 |  |  | 481,718 |  |  | 79,290 |  |  | 450,416 |  |  | — |  |  | 1,678,215 |
Special Mention | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,581 |  |  | — |  |  | 1,581 |
Substandard | — |  |  | — |  |  | 539 |  |  | — |  |  | — |  |  | 8,716 |  |  | — |  |  | 9,255 |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total residential mortgage | 24,092 |  |  | 193,179 |  |  | 450,059 |  |  | 481,718 |  |  | 79,290 |  |  | 460,713 |  |  | — |  |  | 1,689,051 |
Home equity loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 567 |  |  | 6,965 |  |  | 2,517 |  |  | 591 |  |  | 1,173 |  |  | 9,065 |  |  | 21,744 |  |  | 42,622 |
Special Mention | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Substandard | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 274 |  |  | — |  |  | 274 |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total home equity loans | 567 |  |  | 6,965 |  |  | 2,517 |  |  | 591 |  |  | 1,173 |  |  | 9,339 |  |  | 21,744 |  |  | 42,896 |
Other consumer loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 296 |  |  | 260 |  |  | 236 |  |  | 116 |  |  | 491 |  |  | 1,123 |  |  | 40 |  |  | 2,562 |
Special Mention | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Substandard | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 82 |  |  | 82 |
Other consumer loans | 296 |  |  | 260 |  |  | 236 |  |  | 116 |  |  | 491 |  |  | 1,123 |  |  | 122 |  |  | 2,644 |
Total loans | $ | 36,651 |  |  | $ | 955,489 |  |  | $ | 1,684,226 |  |  | $ | 948,855 |  |  | $ | 350,994 |  |  | $ | 1,688,992 |  |  | $ | 95,268 |  |  | $ | 5,760,475 |
Total current period gross charge-offs | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 178 |  |  | $ | 2,044 |  |  | $ | — |  |  | $ | 2,222 |
The following table presents the risk category of loans as of June 30, 2023 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 | $ | 603,260 |  |  | $ | 954,554 |  |  | $ | 213,482 |  |  | $ | 198,969 |  |  | $ | 226,929 |  |  | $ | 510,485 |  |  | $ | — |  |  | $ | 2,707,679 |
Special Mention | — |  |  | — |  |  | — |  |  | — |  |  | 6,006 |  |  | 6,647 |  |  | — |  |  | 12,653 |
Substandard | — |  |  | — |  |  | 9,809 |  |  | — |  |  | 9,432 |  |  | 22,202 |  |  | — |  |  | 41,443 |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total multi-family mortgage | 603,260 |  |  | 954,554 |  |  | 223,291 |  |  | 198,969 |  |  | 242,367 |  |  | 539,334 |  |  | — |  |  | 2,761,775 |
Nonresidential mortgage: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 109,725 |  |  | 220,443 |  |  | 83,032 |  |  | 51,933 |  |  | 59,197 |  |  | 414,742 |  |  | 6,000 |  |  | 945,072 |
Special Mention | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 378 |  |  | — |  |  | 378 |
Substandard | — |  |  | — |  |  | 708 |  |  | — |  |  | 919 |  |  | 21,497 |  |  | — |  |  | 23,124 |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total nonresidential mortgage | 109,725 |  |  | 220,443 |  |  | 83,740 |  |  | 51,933 |  |  | 60,116 |  |  | 436,617 |  |  | 6,000 |  |  | 968,574 |
Commercial business: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 10,364 |  |  | 28,644 |  |  | 25,304 |  |  | 7,875 |  |  | 1,731 |  |  | 8,776 |  |  | 59,031 |  |  | 141,725 |
Special Mention | — |  |  | — |  |  | — |  |  | 47 |  |  | 176 |  |  | 2,456 |  |  | 371 |  |  | 3,050 |
Substandard | — |  |  | — |  |  | — |  |  | 395 |  |  | 60 |  |  | 1,385 |  |  | 246 |  |  | 2,086 |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total commercial business | 10,364 |  |  | 28,644 |  |  | 25,304 |  |  | 8,317 |  |  | 1,967 |  |  | 12,617 |  |  | 59,648 |  |  | 146,861 |
Construction loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 25,070 |  |  | 36,389 |  |  | 143,086 |  |  | 12,275 |  |  | 2,961 |  |  | 1,093 |  |  | 5,735 |  |  | 226,609 |
Special Mention | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Substandard | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total construction loans | 25,070 |  |  | 36,389 |  |  | 143,086 |  |  | 12,275 |  |  | 2,961 |  |  | 1,093 |  |  | 5,735 |  |  | 226,609 |
Residential mortgage: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 195,521 |  |  | 454,504 |  |  | 491,460 |  |  | 80,431 |  |  | 45,741 |  |  | 422,472 |  |  | — |  |  | 1,690,129 |
Special Mention | — |  |  | — |  |  | — |  |  | — |  |  | 1,168 |  |  | 425 |  |  | — |  |  | 1,593 |
Substandard | — |  |  | 542 |  |  | — |  |  | — |  |  | 80 |  |  | 8,215 |  |  | — |  |  | 8,837 |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total residential mortgage | 195,521 |  |  | 455,046 |  |  | 491,460 |  |  | 80,431 |  |  | 46,989 |  |  | 431,112 |  |  | — |  |  | 1,700,559 |
Home equity loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 7,682 |  |  | 2,567 |  |  | 607 |  |  | 1,264 |  |  | 2,478 |  |  | 7,280 |  |  | 21,384 |  |  | 43,262 |
Special Mention | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Substandard | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 287 |  |  | — |  |  | 287 |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total home equity loans | 7,682 |  |  | 2,567 |  |  | 607 |  |  | 1,264 |  |  | 2,478 |  |  | 7,567 |  |  | 21,384 |  |  | 43,549 |
Other consumer loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 367 |  |  | 247 |  |  | 110 |  |  | 494 |  |  | 302 |  |  | 912 |  |  | 42 |  |  | 2,474 |
Special Mention | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Substandard | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 75 |  |  | 75 |
Other consumer loans | 367 |  |  | 247 |  |  | 110 |  |  | 494 |  |  | 302 |  |  | 912 |  |  | 117 |  |  | 2,549 |
Total loans | $ | 951,989 |  |  | $ | 1,697,890 |  |  | $ | 967,598 |  |  | $ | 353,683 |  |  | $ | 357,180 |  |  | $ | 1,429,252 |  |  | $ | 92,884 |  |  | $ | 5,850,476 |
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 September 30, 2023, the Company held one nonresidential property with a carrying value of $13.0 million in other real estate owned that was acquired through foreclosure on a nonresidential mortgage loan. As of that same date, the Company held three residential mortgage loans with aggregate carrying values totaling $948,000 and eight commercial mortgage loans with aggregate carrying values totaling $21.6 million which were in the process of foreclosure. As of June 30, 2023, the Company held one nonresidential property with a carrying value of $13.0 million in other real estate owned that was acquired through foreclosure on a nonresidential mortgage loan. As of that same date, the Company held three residential mortgage loans with aggregate carrying values totaling $950,000 and six commercial mortgage loans with aggregate carrying values totaling $9.2 million which were in the process of foreclosure.

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