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Loans Receivable | 12 Months Ended
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Jun. 30, 2024
Receivables [Abstract] |
Loans Receivable | Loans Receivable The following table sets forth the composition of the Company’s loan portfolio at June 30, 2024 and 2023:
| June 30, 2024 |  | June 30, 2023
| (In Thousands)
Commercial loans: |  |  |
Multi-family mortgage | $ | 2,645,851 |  |  | $ | 2,761,775 |
Nonresidential mortgage | 948,075 |  |  | 968,574 |
Commercial business | 142,747 |  |  | 146,861 |
Construction | 209,237 |  |  | 226,609 |
Total commercial loans | 3,945,910 |  |  | 4,103,819 |
One- to four-family residential mortgage | 1,756,051 |  |  | 1,700,559 |
Consumer loans: |  |  |
Home equity loans | 44,104 |  |  | 43,549 |
Other consumer | 2,685 |  |  | 2,549 |
Total consumer loans | 46,789 |  |  | 46,098 |
Total loans | 5,748,750 |  |  | 5,850,476 |
Unaccreted yield adjustments (1) | (15,963) |  |  | (21,055) |
Total loans receivable, net of yield adjustments | $ | 5,732,787 |  |  | $ | 5,829,421 |
___________________________ (1)At June 30, 2024 and 2023, included a fair value adjustment to the carrying amount of hedged one- to four-family residential mortgage loans. The Bank has granted loans to officers and directors of the Company and its subsidiaries and to their associates. As of June 30, 2024 and 2023, such loans totaled approximately $2.4 million and $2.5 million, respectively. During the fiscal years ended June 30, 2024 and June 30, 2023, the Bank granted no new loans to related parties. 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 June 30, 2024 and 2023, by loan segment:
| Payment Status June 30, 2024
| 30-59 Days |  | 60-89 Days |  | 90 Days and Over |  | Total Past Due |  | Current |  | Total
| (In Thousands)
Multi-family mortgage | $ | — |  |  | $ | — |  |  | $ | 19,888 |  |  | $ | 19,888 |  |  | $ | 2,625,963 |  |  | $ | 2,645,851 |
Nonresidential mortgage | 6,149 |  |  | — |  |  | 3,249 |  |  | 9,398 |  |  | 938,677 |  |  | 948,075 |
Commercial business | 37 |  |  | 64 |  |  | 613 |  |  | 714 |  |  | 142,033 |  |  | 142,747 |
Construction | — |  |  | — |  |  | — |  |  | — |  |  | 209,237 |  |  | 209,237 |
One- to four-family residential mortgage | 800 |  |  | 2,951 |  |  | 2,877 |  |  | 6,628 |  |  | 1,749,423 |  |  | 1,756,051 |
Home equity loans | 208 |  |  | — |  |  | 44 |  |  | 252 |  |  | 43,852 |  |  | 44,104 |
Other consumer | — |  |  | — |  |  | 5 |  |  | 5 |  |  | 2,680 |  |  | 2,685 |
Total loans | $ | 7,194 |  |  | $ | 3,015 |  |  | $ | 26,676 |  |  | $ | 36,885 |  |  | $ | 5,711,865 |  |  | $ | 5,748,750 |
| 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 P&I payment 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 P&I 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 years ended June 30, 2024, 2023 and 2022. The following tables present information relating to the Company’s nonperforming loans as of June 30, 2024 and 2023:
| Performance Status June 30, 2024
| 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 | $ | — |  |  | $ | — |  |  | $ | 22,591 |  |  | $ | 22,591 |  |  | $ | 2,623,260 |  |  | $ | 2,645,851 |
Nonresidential mortgage | — |  |  | 5,695 |  |  | 4,128 |  |  | 9,823 |  |  | 938,252 |  |  | 948,075 |
Commercial business | — |  |  | 714 |  |  | — |  |  | 714 |  |  | 142,033 |  |  | 142,747 |
Construction | — |  |  | — |  |  | — |  |  | — |  |  | 209,237 |  |  | 209,237 |
One- to four-family residential mortgage | — |  |  | 2,295 |  |  | 4,410 |  |  | 6,705 |  |  | 1,749,346 |  |  | 1,756,051 |
Home equity loans | — |  |  | — |  |  | 44 |  |  | 44 |  |  | 44,060 |  |  | 44,104 |
Other consumer | — |  |  | — |  |  | 5 |  |  | 5 |  |  | 2,680 |  |  | 2,685 |
Total loans | $ | — |  |  | $ | 8,704 |  |  | $ | 31,178 |  |  | $ | 39,882 |  |  | $ | 5,708,868 |  |  | $ | 5,748,750 |
| 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 2 to the consolidated financial statements for further information. The following tables presents the amortized cost basis at June 30, 2024 of loan modifications made to borrowers experiencing financial difficulty during the year ended June 30, 2024 by type of modification:
| Year Ended June 30, 2024 |  |
| Payment Delay |  | Term Extension |  |  |  | Total |  | Percent of Total Class |  |
| (Dollars In Thousands) |  |
Multi-family mortgage | $ | 2,774 |  |  | $ | — |  |  |  |  | $ | 2,774 |  |  | 0.10 | % |  |
Nonresidential mortgage | — |  |  | 786 |  |  |  |  | 786 |  |  | 0.08 | % |  |
Commercial business | 45 |  |  | — |  |  |  |  | 45 |  |  | 0.03 | % |  |
One- to four-family residential mortgage | 960 |  |  | 45 |  |  |  |  | 1,005 |  |  | 0.06 | % |  |
Home equity loans | — |  |  | 25 |  |  |  |  | 25 |  |  | 0.06 | % |  |
Total | $ | 3,779 |  |  | $ | 856 |  |  |  |  | $ | 4,635 |  |  | 0.08 | % |  |
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 June 30, 2024. During the year ended June 30, 2024 (since adoption of ASU 2022-02), two residential mortgage loans with a carrying value of $514,000 were modified and subsequently defaulted on payment. 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. The following table presents the payment status of the loans that were modified to borrowers experiencing financial difficulties as of June 30, 2024:
| June 30, 2024
| Current |  | 30-89 Days Past Due |  | 90 Days or More Past Due |  | Non-Accrual |  | Total Past Due
| (Dollars In Thousands)
Multi-family mortgage | $ | 5,407 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,702 |  |  | $ | 5,407 |
Nonresidential mortgage | 141 |  |  | 284 |  |  | — |  |  | 1,052 |  |  | 425 |
Commercial business | 205 |  |  | 101 |  |  | — |  |  | 101 |  |  | 306 |
One- to four-family residential mortgage | 4,652 |  |  | 1,209 |  |  | 1,048 |  |  | 2,417 |  |  | 6,909 |
Home equity loans | 253 |  |  | — |  |  | 24 |  |  | 24 |  |  | 277 |
Total | $ | 10,658 |  |  | $ | 1,594 |  |  | $ | 1,072 |  |  | $ | 6,296 |  |  | $ | 13,324 |
Troubled Debt Restructurings 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 tables present 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 |  |  | 0 |  | — |  |  | 6 |  | 3,197 |
Construction | — |  | — |  |  | 0 |  | — |  |  | 0 |  | — |
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 |  |  | 0 |  | — |  |  | 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. The following table presents information regarding TDRs that occurred during the year ended June 30, 2023:
|  |  | Year Ended June 30, 2023
|  |  |  |  |  |  | # of Loans |  | Pre-modification Recorded Investment |  | Post-modification Recorded Investment
|  |  |  |  |  |  | (Dollars In Thousands)
Nonresidential mortgage |  |  |  |  |  |  | 1 |  | $ | 313 |  |  | $ | 345 |
Commercial business |  |  |  |  |  |  | 2 |  | 74 |  |  | 74 |
One- to four-family residential mortgage |  |  |  |  |  |  | 2 |  | 708 |  |  | 705 |
Home equity loans |  |  |  |  |  |  | 1 |  | 35 |  |  | 35 |
Total |  |  |  |  |  |  | 6 |  | $ | 1,130 |  |  | $ | 1,159 |
During the year ended June 30, 2023, there were $121,000 charge-offs related to TDRs. During the year ended June 30, 2023, there were two TDR defaults totaling $649,000. 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 were modified due to borrowers experiencing financial difficulty during the year ended June 30, 2024, and loans restructured under the previous TDR guidelines, capitalized prior past due amounts, reduced the interest rate or modified the repayment terms. Individually Analyzed Loans Individually analyzed loans include loans which do not share similar risk characteristics with other loans. As of June 30, 2024, the carrying value of individually analyzed loans, including loans acquired with deteriorated credit quality that were individually analyzed, totaled $39.9 million, of which $32.6 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 17 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:
| June 30, 2024 |  | June 30, 2023
| Carrying Value |  | Related Allowance |  | Carrying Value |  | Related Allowance
| (In Thousands)
Commercial loans: |  |  |  |  |  |  |
Multi-family mortgage | $ | 22,591 |  |  | $ | — |  |  | $ | 19,114 |  |  | $ | 326 |
Nonresidential mortgage (1) | 8,598 |  |  | 508 |  |  | 16,207 |  |  | 3,001 |
Total commercial loans | 31,189 |  |  | 508 |  |  | 35,321 |  |  | 3,327 |
One- to four-family residential mortgage (2) | 1,406 |  |  | — |  |  | 2,875 |  |  | — |
Consumer loans: |  |  |  |  |  |  |
Home equity loans (2) | 18 |  |  | — |  |  | — |  |  | — |
Total | $ | 32,613 |  |  | $ | 508 |  |  | $ | 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 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 June 30, 2024 by loan segment and vintage year:
| Term Loans by Origination Year for Fiscal Years ended June 30, |  | Revolving Loans |  |
| 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  |  | Total
| (In Thousands)
Multi-family mortgage: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 26,683 |  |  | $ | 596,321 |  |  | $ | 949,690 |  |  | $ | 219,850 |  |  | $ | 201,611 |  |  | $ | 607,332 |  |  | $ | — |  |  | $ | 2,601,487 |
Special Mention | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 6,475 |  |  | — |  |  | 6,475 |
Substandard | — |  |  | — |  |  | — |  |  | 9,570 |  |  | — |  |  | 28,319 |  |  | — |  |  | 37,889 |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total multi-family mortgage | 26,683 |  |  | 596,321 |  |  | 949,690 |  |  | 229,420 |  |  | 201,611 |  |  | 642,126 |  |  | — |  |  | 2,645,851 |
Multi-family current period gross charge-offs | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 398 |  |  | — |  |  | 398 |
Nonresidential mortgage: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 87,380 |  |  | 105,768 |  |  | 199,829 |  |  | 90,312 |  |  | 44,598 |  |  | 389,680 |  |  | 30 |  |  | 917,597 |
Special Mention | — |  |  | — |  |  | — |  |  | 447 |  |  | — |  |  | 14,714 |  |  | — |  |  | 15,161 |
Substandard | — |  |  | — |  |  | — |  |  | 867 |  |  | — |  |  | 14,450 |  |  | — |  |  | 15,317 |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total nonresidential mortgage | 87,380 |  |  | 105,768 |  |  | 199,829 |  |  | 91,626 |  |  | 44,598 |  |  | 418,844 |  |  | 30 |  |  | 948,075 |
Nonresidential current period gross charge-offs | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5,975 |  |  | — |  |  | 5,975 |
Commercial business: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 12,152 |  |  | 8,273 |  |  | 27,615 |  |  | 18,242 |  |  | 4,337 |  |  | 7,863 |  |  | 56,592 |  |  | 135,074 |
Special Mention | — |  |  | — |  |  | 1,559 |  |  | 437 |  |  | — |  |  | 1,754 |  |  | — |  |  | 3,750 |
Substandard | — |  |  | — |  |  | — |  |  | — |  |  | 1,767 |  |  | 2,003 |  |  | 153 |  |  | 3,923 |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total commercial business | 12,152 |  |  | 8,273 |  |  | 29,174 |  |  | 18,679 |  |  | 6,104 |  |  | 11,620 |  |  | 56,745 |  |  | 142,747 |
Commercial current period gross charge-offs | — |  |  | — |  |  | — |  |  | 3,391 |  |  | 464 |  |  | 11 |  |  | — |  |  | 3,866 |
Construction loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 51,261 |  |  | 45,180 |  |  | 14,284 |  |  | 62,584 |  |  | 2,602 |  |  | 3,647 |  |  | 5,735 |  |  | 185,293 |
Special Mention | 3,450 |  |  | — |  |  | — |  |  | 20,494 |  |  | — |  |  | — |  |  | — |  |  | 23,944 |
Substandard | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total construction loans | 54,711 |  |  | 45,180 |  |  | 14,284 |  |  | 83,078 |  |  | 2,602 |  |  | 3,647 |  |  | 5,735 |  |  | 209,237 |
Construction current period gross charge-offs | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Residential mortgage: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 185,034 |  |  | 184,737 |  |  | 431,346 |  |  | 458,696 |  |  | 77,442 |  |  | 406,677 |  |  | 291 |  |  | 1,744,223 |
Special Mention | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,453 |  |  | — |  |  | 1,453 |
Substandard | — |  |  | 509 |  |  | 796 |  |  | — |  |  | — |  |  | 9,070 |  |  | — |  |  | 10,375 |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total residential mortgage | 185,034 |  |  | 185,246 |  |  | 432,142 |  |  | 458,696 |  |  | 77,442 |  |  | 417,200 |  |  | 291 |  |  | 1,756,051 |
Residential current period gross charge-offs | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 37 |  |  | — |  |  | 37 |
Home equity loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 1,919 |  |  | 5,698 |  |  | 2,173 |  |  | 347 |  |  | 1,019 |  |  | 8,086 |  |  | 24,535 |  |  | 43,777 |
Special Mention | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 93 |  |  | 93 |
Substandard | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 234 |  |  | — |  |  | 234 |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total home equity loans | 1,919 |  |  | 5,698 |  |  | 2,173 |  |  | 347 |  |  | 1,019 |  |  | 8,320 |  |  | 24,628 |  |  | 44,104 |
Home equity current period gross charge-offs | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other consumer loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 804 |  |  | 211 |  |  | 204 |  |  | 127 |  |  | 224 |  |  | 990 |  |  | 39 |  |  | 2,599 |
Special Mention | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Substandard | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 86 |  |  | 86 |
Other consumer loans | 804 |  |  | 211 |  |  | 204 |  |  | 127 |  |  | 224 |  |  | 990 |  |  | 125 |  |  | 2,685 |
Other consumer current period gross charge-offs | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total loans | $ | 368,683 |  |  | $ | 946,697 |  |  | $ | 1,627,496 |  |  | $ | 881,973 |  |  | $ | 333,600 |  |  | $ | 1,502,747 |  |  | $ | 87,554 |  |  | $ | 5,748,750 |
Total current period gross charge-offs | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,391 |  |  | $ | 464 |  |  | $ | 6,421 |  |  | $ | — |  |  | $ | 10,276 |
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, |  | Revolving Loans |  |
| 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | Prior |  |  | 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 |
Purchased Credit Deteriorated (“PCD”) Loans PCD loans are acquired loans that, as of the acquisition date, have experienced a more-than-insignificant deterioration in credit quality since origination. Non-PCD loans are acquired loans that have experienced no or insignificant deterioration in credit quality since origination. To distinguish between the two types of acquired loans, the Company evaluates risk characteristics that have been determined to be indicators of deteriorated credit quality. The determining criteria may involve loan specific characteristics such as payment status, debt service coverage or other changes in creditworthiness since the loan was originated, while others are relevant to recent economic conditions, such as borrowers in industries impacted by the pandemic. As of June 30, 2024, the carrying amount of PCD loans was $15.7 million and a related allowance for credit losses of $141,000. As of June 30, 2023, the carrying amount of PCD loans was $18.9 million and a related allowance for credit losses of $215,000. Residential 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 June 30, 2024, the Company held no nonresidential property 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 $1.2 million and six commercial mortgage loans with aggregate carrying values totaling $13.6 million which were in the process of foreclosure. As of June 30, 2023, the Company held one nonresidential property in other real estate owned with a carrying value of $13.0 million 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 $1.0 million which were in the process of foreclosure.

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