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NET LOANS RECEIVABLE | 6 Months Ended
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Dec. 31, 2023
NET LOANS RECEIVABLE |
NET LOANS RECEIVABLE | 5.NET LOANS RECEIVABLE A summary of net loans receivable is as follows (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, 2023 |  | June 30, 2023
Commercial: |  | ​ |  |  | ​ |
Real estate | ​ | $ | 411,242 | ​ | $ | 411,165
Commercial and industrial | ​ |  | 91,659 | ​ |  | 97,307
Construction | ​ |  | 106,647 | ​ |  | 92,714
Total commercial | ​ |  | 609,548 | ​ |  | 601,186
Residential mortgages | ​ |  | 568,516 | ​ |  | 463,196
Home equity loans and lines | ​ |  | 92,426 | ​ |  | 85,477
Consumer | ​ |  | 14,659 | ​ |  | 16,779
​ | ​ |  | 1,285,149 | ​ |  | 1,166,638
Allowance for credit losses | ​ |  | (21,362) | ​ |  | (22,469)
Net loans receivable | ​ | $ | 1,263,787 | ​ | $ | 1,144,169
​ Accrued interest receivable on loans totaled $5.7 million at December 31, 2023 and is excluded from the estimate of credit losses. Net deferred cost totaled $8.7 million at December 31, 2023 and is included in net loans receivable. The Company’s July 1, 2023 adoption of CECL resulted in a significant change to our methodology for estimating the allowance for credit losses. The allowance for credit losses on loans is established through a provision for credit losses based on the results of life of loan quantitative models, reserves associated with collateral-dependent loans evaluated individually and adjustments for the impact of current economic conditions not accounted for in the quantitative models. The discounted cash flow methodology is used to calculate the CECL reserve for the commercial, residential mortgages, and home equity loans and lines of credit segments. The Company uses a four-quarter reasonable and supportable forecast period based on economic forecast from the Federal Open Market Committee (“FOMC”) of the Federal Reserve's projections of civilian unemployment and year-over-year U.S. GDP growth. The forecast will revert to long-term economic conditions over a four quarter reversion period on a straight-line basis. The remaining life method is used to determine the CECL reserve for the consumer loan segment. A qualitative factor framework has been developed to adjust the quantitative loss rates for asset-specific risk characteristics or current conditions at the reporting date. The Company established a reserve for off-balance sheet credit exposures in conjunction with its adoption of the CECL guidance. The allowance for credit losses on off-balance sheet credit exposures is recognized as a liability (classified as a component of other liabilities in the consolidated statements of condition), with adjustments to the reserve recognized in the provision for credit losses on the consolidated statements of operations. The following tables present the activity in the allowance for credit losses by portfolio segment (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | For the Three Months Ended December 31, 2023
​ | ​ | Beginning | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Ending
​ |  | Balance |  | Provisions |  | Charge-offs |  | Recoveries |  | Balance
Commercial | ​ | $ | 13,181 | ​ | $ | (178) | ​ | $ | (345) | ​ | $ | 16 | ​ | $ | 12,674
Residential mortgages | ​ | ​ | 6,191 | ​ | ​ | 779 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 6,970
Home equity loans and lines of credit | ​ | ​ | 1,282 | ​ | ​ | 56 | ​ | ​ | — | ​ | ​ | 1 | ​ | ​ | 1,339
Consumer | ​ |  | 415 | ​ |  | 2 | ​ |  | (46) | ​ |  | 8 | ​ |  | 379
Allowance for credit losses - loans | ​ |  | 21,069 | ​ |  | 659 | ​ |  | (391) | ​ |  | 25 | ​ |  | 21,362
Allowance for credit losses - off-balance sheet credit exposures | ​ |  | 1,458 | ​ |  | 223 | ​ |  | — | ​ |  | — | ​ |  | 1,681
Total allowance for credit losses | ​ | $ | 22,527 | ​ | $ | 882 | ​ | $ | (391) | ​ | $ | 25 | ​ | $ | 23,043
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | For the Three Months Ended December 31, 2022
​ | ​ | ​ | ​ |  | Residential | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Commercial |  | Mortgages |  | Home Equity |  | Consumer |  | Total
Allowance for loan losses at beginning of period | ​ | $ | 17,053 | ​ | $ | 3,737 | ​ | $ | 1,358 | ​ | $ | 422 | ​ | $ | 22,570
Provisions charged to operations | ​ |  | (1,353) | ​ |  | 765 | ​ |  | 101 | ​ |  | 87 | ​ |  | (400)
Loans charged off | ​ |  | (7) | ​ |  | — | ​ |  | — | ​ |  | (30) | ​ |  | (37)
Recoveries on loans charged off | ​ |  | 10 | ​ |  | 31 | ​ |  | 14 | ​ |  | 4 | ​ |  | 59
Allowance for loan losses at end of period | ​ | $ | 15,703 | ​ | $ | 4,533 | ​ | $ | 1,473 | ​ | $ | 483 | ​ | $ | 22,192
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | For the Six Months Ended December 31, 2023
​ | ​ | ​ | ​ |  | Cumulative Effect | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Beginning | ​ | Adjustment for the | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Ending
​ |  | Balance |  | Adoption of ASU 2016-13 |  | Provisions |  | Charge-offs |  | Recoveries |  | Balance
Commercial | ​ | $ | 14,288 | ​ | $ | (1,307) | ​ | $ | (5) | ​ | $ | (345) | ​ | $ | 43 | ​ | $ | 12,674
Residential mortgages | ​ |  | 6,222 | ​ |  | (670) | ​ |  | 1,418 | ​ | ​ | — | ​ | ​ | — | ​ |  | 6,970
Home equity loans and lines of credit | ​ | ​ | 1,470 | ​ | ​ | (265) | ​ | ​ | 145 | ​ | ​ | (12) | ​ | ​ | 1 | ​ | ​ | 1,339
Consumer | ​ | ​ | 489 | ​ | ​ | (69) | ​ | ​ | 17 | ​ | ​ | (69) | ​ | ​ | 11 | ​ | ​ | 379
Allowance for credit losses - loans | ​ |  | 22,469 | ​ |  | (2,311) | ​ |  | 1,575 | ​ |  | (426) | ​ |  | 55 | ​ |  | 21,362
Allowance for credit losses - off-balance sheet credit exposures | ​ |  | — | ​ |  | 1,624 | ​ |  | 57 | ​ |  | — | ​ |  | — | ​ |  | 1,681
Total allowance for credit losses | ​ | $ | 22,469 | ​ | $ | (687) | ​ | $ | 1,632 | ​ | $ | (426) | ​ | $ | 55 | ​ | $ | 23,043
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | For the Six Months Ended December 31, 2022
​ | ​ | ​ | ​ |  | Residential | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Commercial |  | Mortgages |  | Home Equity |  | Consumer |  | Total
Allowance for loan losses at beginning of period | ​ | $ | 17,818 | ​ | $ | 2,899 | ​ | $ | 1,388 | ​ | $ | 419 | ​ | $ | 22,524
Provisions charged to operations | ​ |  | (2,126) | ​ |  | 1,616 | ​ |  | 71 | ​ |  | 159 | ​ |  | (280)
Loans charged off | ​ |  | (42) | ​ |  | (24) | ​ |  | — | ​ |  | (101) | ​ |  | (167)
Recoveries on loans charged off | ​ |  | 53 | ​ |  | 42 | ​ |  | 14 | ​ |  | 6 | ​ |  | 115
Allowance for loan losses at end of period | ​ | $ | 15,703 | ​ | $ | 4,533 | ​ | $ | 1,473 | ​ | $ | 483 | ​ | $ | 22,192
​ The following tables present the balance in the allowance for credit losses and allowance for loan losses and the recorded investment in loans by portfolio segment (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, 2023
​ | ​ | ​ | ​ |  | Residential | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Commercial |  | Mortgages |  | Home Equity |  | Consumer |  | Total
Allowance for credit losses: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Related to loans individually evaluated | ​ | $ | 332 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 332
Related to loans collectively evaluated | ​ |  | 12,342 | ​ |  | 6,970 | ​ | ​ | 1,339 | ​ | ​ | 379 | ​ |  | 21,030
Ending balance | ​ | $ | 12,674 | ​ | $ | 6,970 | ​ | $ | 1,339 | ​ | $ | 379 | ​ | $ | 21,362
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Loans: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Individually evaluated | ​ | $ | 9,381 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 9,381
Loans collectively evaluated | ​ |  | 600,167 | ​ |  | 568,516 | ​ |  | 92,426 | ​ |  | 14,659 | ​ |  | 1,275,768
Ending balance | ​ | $ | 609,548 | ​ | $ | 568,516 | ​ | $ | 92,426 | ​ | $ | 14,659 | ​ | $ | 1,285,149
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | June 30, 2023
​ | ​ | ​ | ​ |  | Residential | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Commercial |  | Mortgages |  | ​ | Home Equity |  | Consumer |  | Total
Allowance for loan losses: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Related to loans individually evaluated for impairment | ​ | $ | 792 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 792
Related to loans collectively evaluated for impairment | ​ |  | 13,496 | ​ |  | 6,222 | ​ | ​ | 1,470 | ​ | ​ | 489 | ​ |  | 21,677
Ending balance | ​ | $ | 14,288 | ​ | $ | 6,222 | ​ | $ | 1,470 | ​ | $ | 489 | ​ | $ | 22,469
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Loans: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Individually evaluated for impairment | ​ | $ | 11,544 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 11,544
Loans collectively evaluated for impairment | ​ |  | 589,642 | ​ |  | 463,196 | ​ |  | 85,477 | ​ |  | 16,779 | ​ |  | 1,155,094
Ending balance | ​ | $ | 601,186 | ​ | $ | 463,196 | ​ | $ | 85,477 | ​ | $ | 16,779 | ​ | $ | 1,166,638
​ The following table presents information related to impaired loans by class (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ | For the Year Ended
​ | ​ | June 30, 2023 | ​ | June 30, 2023
​ |  | Unpaid |  | ​ | ​ |  | Allowance for |  | Average | ​ | Interest
​ |  | Principal |  | Recorded |  | Loan Losses |  | Recorded |  | Income
​ |  | Balance |  | Investment |  | Allocated |  | Investment |  | Recognized
With no related allowance recorded: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Commercial: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Real estate | ​ | $ | 10,241 | ​ | $ | 10,213 | ​ | $ | — | ​ | $ | 10,538 | ​ | $ | 133
Commercial and industrial | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Construction | ​ | ​ | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Subtotal | ​ |  | 10,241 | ​ |  | 10,213 | ​ |  | — | ​ |  | 10,538 | ​ |  | 133
With an allowance recorded: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Commercial: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Real estate | ​ |  | 681 | ​ |  | 681 | ​ |  | 142 | ​ |  | 699 | ​ |  | 35
Commercial and industrial | ​ |  | 650 | ​ |  | 650 | ​ |  | 650 | ​ |  | 575 | ​ |  | —
Construction | ​ | ​ | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Subtotal | ​ |  | 1,331 | ​ |  | 1,331 | ​ |  | 792 | ​ |  | 1,274 | ​ |  | 35
Total | ​ | $ | 11,572 | ​ | $ | 11,544 | ​ | $ | 792 | ​ | $ | 11,812 | ​ | $ | 168
​ Interest income on nonaccrual loans is recognized using the cost recovery method. Interest income on impaired loans that were on nonaccrual status and cash-basis interest income for the year ended June 30, 2023 was nominal. At various times, certain loan modifications are executed for economic or legal reasons related to a borrower’s financial condition that it would not otherwise consider resulting in a modified loan. Substantially all of these modifications include one or a combination of the following: extension of the maturity date at a stated rate of interest lower than the current market rate for new debt with similar risk; temporary reduction in the interest rate; change in scheduled payment amount including interest only; or extensions of additional credit for payment of delinquent real estate taxes or other costs. As previously noted in Note 2 – Summary of Significant Accounting Policies, effective July 1, 2023, the Company adopted ASU 2022-02, Financial Instruments-Credit Losses (Topic 326)-Troubled Debt Restructurings. The Company may occasionally make modifications to loans where the borrower is considered to be experiencing financial difficulty. Types of modifications considered under ASU 2022-02 include principal reductions, interest rate reductions, term extensions, or a combination. There were no modifications to loans where the borrower is considered to be experiencing financial difficulty for the three and six months ended December 31, 2023. There were no loans modified as troubled debt restructurings during the three and six months ended December 31, 2022. There were no loans that had been modified as a troubled debt restructuring during the twelve months prior to December 31, 2022 which subsequently defaulted during the three or six months ended December 31, 2022. The following tables present the recorded investment in nonaccrual and loans past due over 90 days still on accrual by class of loans (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, 2023
​ |  | ​ | ​ |  | Nonaccrual |  | Past Due |  | ​
​ | ​ | ​ | ​ |  | Loans With |  | 90 Days |  | ​
​ | ​ | ​ | ​ |  | No Related |  | Still on |  | Recognized
​ | ​ | Nonaccrual |  | Allowance |  | Accrual |  | Interest Income
Commercial: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Real estate | ​ | $ | 6,338 | ​ | $ | 6,338 | ​ | $ | 4 | ​ | $ | —
Commercial and industrial | ​ |  | 199 | ​ |  | — | ​ |  | — | ​ |  | —
Construction | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Residential mortgages | ​ |  | 3,877 | ​ |  | — | ​ |  | — | ​ |  | —
Home equity loans and lines | ​ |  | 1,565 | ​ |  | — | ​ |  | — | ​ |  | —
Consumer | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
​ | ​ | $ | 11,979 | ​ | $ | 6,338 | ​ | $ | 4 | ​ | $ | —
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | June 30,
​ |  | 2023
​ |  | ​ | ​ |  | Past Due
​ | ​ | ​ | ​ |  | 90 Days
​ | ​ | ​ | ​ |  | Still on
​ | ​ | Nonaccrual |  | Accrual
Commercial: |  | ​ |  |  | ​ |
Real estate | ​ | $ | 8,025 | ​ | $ | 174
Commercial and industrial | ​ |  | 650 | ​ |  | —
Construction | ​ |  | — | ​ |  | 3,237
Residential mortgages | ​ |  | 4,000 | ​ |  | 120
Home equity loans and lines | ​ |  | 1,560 | ​ |  | —
Consumer | ​ |  | — | ​ |  | —
​ | ​ | $ | 14,235 | ​ | $ | 3,531
​ Nonaccrual loans and loans past due 90 days still on accrual include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually evaluated loans. A loan is considered collateral-dependent when the borrower is experiencing financial difficulty and repayment of the loan is expected to be provided substantially through the operation or sale of the collateral. The following table presents the amortized cost basis of collateral-dependent loans by class of loans (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, 2023
​ | ​ | Amortized Cost |  | Collateral Type
Commercial: |  | ​ |  |  |
Real estate | ​ | $ | 9,182 | ​ | Commercial Real Estate Property
Commercial and industrial | ​ |  | 199 | ​ | Business Assets
Construction | ​ |  | — | ​ | ​
Residential mortgages | ​ |  | — | ​ | ​
Home equity loans and lines | ​ |  | — | ​ | ​
Consumer | ​ |  | — | ​ | ​
​ | ​ | $ | 9,381 | ​ | ​
​ The following tables present the aging of the recorded investment in loans by class of loans as of (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, 2023
​ |  | 30 - 59 |  | 60 - 89 |  | 90 or more | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Days |  | Days |  | Days |  | Total |  | Loans Not | ​ | ​ | ​
​ |  | Past Due |  | Past Due |  | Past Due |  | Past Due |  | Past Due |  | Total
Commercial: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Real estate | ​ | $ | 254 | ​ | $ | 2,323 | ​ | $ | 638 | ​ | $ | 3,215 | ​ | $ | 408,027 | ​ | $ | 411,242
Commercial and industrial | ​ |  | 23 | ​ |  | — | ​ |  | — | ​ |  | 23 | ​ |  | 91,636 | ​ |  | 91,659
Construction | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 106,647 | ​ |  | 106,647
Residential mortgages | ​ |  | 1,560 | ​ |  | 584 | ​ |  | 718 | ​ |  | 2,862 | ​ |  | 565,654 | ​ |  | 568,516
Home equity loans and lines | ​ |  | 1,204 | ​ |  | 303 | ​ |  | 586 | ​ |  | 2,093 | ​ |  | 90,333 | ​ |  | 92,426
Consumer | ​ |  | 25 | ​ |  | 7 | ​ |  | — | ​ |  | 32 | ​ |  | 14,627 | ​ |  | 14,659
Total | ​ | $ | 3,066 | ​ | $ | 3,217 | ​ | $ | 1,942 | ​ | $ | 8,225 | ​ | $ | 1,276,924 | ​ | $ | 1,285,149
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | June 30, 2023
​ |  | 30 - 59 |  | 60 - 89 | ​ | 90 or more | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Days |  | Days |  | Days |  | Total |  | Loans Not | ​ | ​ | ​
​ |  | Past Due |  | Past Due |  | Past Due |  | Past Due |  | Past Due |  | Total
Commercial: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Real estate | ​ | $ | 4,798 | ​ | $ | — | ​ | $ | 4,458 | ​ | $ | 9,256 | ​ | $ | 401,909 | ​ | $ | 411,165
Commercial and industrial | ​ |  | 678 | ​ |  | 100 | ​ |  | 352 | ​ |  | 1,130 | ​ |  | 96,177 | ​ |  | 97,307
Construction | ​ |  | — | ​ |  | — | ​ |  | 3,237 | ​ |  | 3,237 | ​ |  | 89,477 | ​ |  | 92,714
Residential mortgages | ​ |  | 1,257 | ​ |  | 1,327 | ​ |  | 762 | ​ |  | 3,346 | ​ |  | 459,850 | ​ |  | 463,196
Home equity loans and lines | ​ |  | 1,340 | ​ |  | 64 | ​ |  | 540 | ​ |  | 1,944 | ​ |  | 83,533 | ​ |  | 85,477
Consumer | ​ |  | 18 | ​ |  | 22 | ​ |  | — | ​ |  | 40 | ​ |  | 16,739 | ​ |  | 16,779
Total | ​ | $ | 8,091 | ​ | $ | 1,513 | ​ | $ | 9,349 | ​ | $ | 18,953 | ​ | $ | 1,147,685 | ​ | $ | 1,166,638
​ The Company categorizes commercial 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 commercial loans individually by classifying the loans as to credit risk. The Company uses the following definitions for risk ratings: Special Mention – Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date. Substandard – Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. 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 inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Commercial loans not meeting the criteria above are considered to be pass rated loans. The Company grades residential mortgages, home equity loans and lines of credit and consumer loans as either non-performing or performing. Non-performing – Loans that are over 90 days past due and still accruing interest or on nonaccrual. Performing – Loans not meeting any of the above criteria are considered to be performing loans. The following table presents loans summarized by segment and class, and the risk category (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | Revolving |  | Revolving |  | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | Loans |  | Loans |  | ​
​ | ​ | ​ | Term Loans Amortized Cost Basis by Origination Year |  | Amortized |  | Converted |  | ​
December 31, 2023 | ​ | 2024 | ​ | 2023 | ​ | 2022 | ​ | 2021 | ​ | 2020 | ​ | Prior | ​ | Cost Basis | ​ | to Term | ​ | Total
Commercial real estate | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Risk Rating | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pass | ​ | $ | 5,326 | ​ | $ | 45,278 | ​ | $ | 51,827 | ​ | $ | 24,146 | ​ | $ | 52,826 | ​ | $ | 178,481 | ​ | $ | 2,629 | ​ | $ | — | ​ | $ | 360,513
Special mention | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 16,641 | ​ | ​ | 8,045 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 24,686
Substandard | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,942 | ​ | ​ | 22,539 | ​ | ​ | 562 | ​ | ​ | — | ​ | ​ | 26,043
Doubtful | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Total commercial real estate | ​ | $ | 5,326 | ​ | $ | 45,278 | ​ | $ | 51,827 | ​ | $ | 24,146 | ​ | $ | 72,409 | ​ | $ | 209,065 | ​ | $ | 3,191 | ​ | $ | — | ​ | $ | 411,242
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current period gross charge-offs | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial and industrial | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Risk Rating | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pass | ​ | $ | 7,042 | ​ | $ | 8,111 | ​ | $ | 5,434 | ​ | $ | 3,444 | ​ | $ | 4,680 | ​ | $ | 8,831 | ​ | $ | 47,370 | ​ | $ | — | ​ | $ | 84,912
Special mention | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,250 | ​ | ​ | — | ​ | ​ | 672 | ​ | ​ | — | ​ | ​ | 1,922
Substandard | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,234 | ​ | ​ | 152 | ​ | ​ | 78 | ​ | ​ | 3,132 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4,596
Doubtful | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 30 | ​ | ​ | 199 | ​ | ​ | — | ​ | ​ | 229
Total commercial and industrial | ​ | $ | 7,042 | ​ | $ | 8,111 | ​ | $ | 6,668 | ​ | $ | 3,596 | ​ | $ | 6,008 | ​ | $ | 11,993 | ​ | $ | 48,241 | ​ | $ | — | ​ | $ | 91,659
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current period gross charge-offs | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 345 | ​ | $ | — | ​ | $ | — | ​ | $ | 345
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial construction | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Risk Rating | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pass | ​ | $ | 13,319 | ​ | $ | 15,796 | ​ | $ | 47,585 | ​ | $ | 20,936 | ​ | $ | — | ​ | $ | 6,435 | ​ | $ | 2,576 | ​ | $ | — | ​ | $ | 106,647
Special mention | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Substandard | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Doubtful | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Total commercial construction | ​ | $ | 13,319 | ​ | $ | 15,796 | ​ | $ | 47,585 | ​ | $ | 20,936 | ​ | $ | — | ​ | $ | 6,435 | ​ | $ | 2,576 | ​ | $ | — | ​ | $ | 106,647
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current period gross charge-offs | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Residential mortgages | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Performing | ​ | $ | 95,375 | ​ | $ | 213,264 | ​ | $ | 44,192 | ​ | $ | 58,615 | ​ | $ | 35,330 | ​ | $ | 117,751 | ​ | $ | 112 | ​ | $ | — | ​ | $ | 564,639
Non-performing | ​ | ​ | — | ​ | ​ | 257 | ​ | ​ | 560 | ​ | ​ | — | ​ | ​ | 599 | ​ | ​ | 2,461 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3,877
Total residential mortgages | ​ | $ | 95,375 | ​ | $ | 213,521 | ​ | $ | 44,752 | ​ | $ | 58,615 | ​ | $ | 35,929 | ​ | $ | 120,212 | ​ | $ | 112 | ​ | $ | — | ​ | $ | 568,516
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current period gross charge-offs | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Home equity loans and lines of credit | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Performing | ​ | $ | 4,270 | ​ | $ | 7,111 | ​ | $ | 10,048 | ​ | $ | 3,789 | ​ | $ | 1,458 | ​ | $ | 14,637 | ​ | $ | 49,548 | ​ | $ | — | ​ | $ | 90,861
Non-performing | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 669 | ​ | ​ | 896 | ​ | ​ | — | ​ | ​ | 1,565
Total home equity loans and lines of credit | ​ | $ | 4,270 | ​ | $ | 7,111 | ​ | $ | 10,048 | ​ | $ | 3,789 | ​ | $ | 1,458 | ​ | $ | 15,306 | ​ | $ | 50,444 | ​ | $ | — | ​ | $ | 92,426
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current period gross charge-offs | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 12 | ​ | $ | — | ​ | $ | 12
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Consumer | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Performing | ​ | $ | 973 | ​ | $ | 1,700 | ​ | $ | 131 | ​ | $ | 107 | ​ | $ | 39 | ​ | $ | 3,350 | ​ | $ | 8,359 | ​ | $ | — | ​ | $ | 14,659
Non-performing | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Total consumer | ​ | $ | 973 | ​ | $ | 1,700 | ​ | $ | 131 | ​ | $ | 107 | ​ | $ | 39 | ​ | $ | 3,350 | ​ | $ | 8,359 | ​ | $ | — | ​ | $ | 14,659
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current period gross charge-offs | ​ | $ | 47 | ​ | $ | — | ​ | $ | 21 | ​ | $ | — | ​ | $ | 1 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 69
​ ​ The following table presents commercial loans summarized by class of loans and the risk category (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | June 30, 2023
​ | ​ | ​ | ​ |  | Special | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Pass |  | Mention |  | Substandard |  | Doubtful |  | Total
Commercial |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Real estate | ​ | $ | 352,874 | ​ | $ | 1,977 | ​ | $ | 56,196 | ​ | $ | 118 | ​ | $ | 411,165
Commercial and industrial | ​ |  | 89,245 | ​ |  | 1,614 | ​ |  | 6,448 | ​ |  | — | ​ |  | 97,307
Construction | ​ |  | 91,805 | ​ |  | — | ​ |  | 909 | ​ |  | — | ​ |  | 92,714
​ | ​ | $ | 533,924 | ​ | $ | 3,591 | ​ | $ | 63,553 | ​ | $ | 118 | ​ | $ | 601,186
​ The Company considered the performance of the loan portfolio and its impact on the allowance for loan losses. For residential mortgages, home equity loans and lines of credit and consumer loan classes, the Company also evaluated credit quality based on the aging status of the loan, which was previously presented, and by payment activity. As of December 31, 2023 and June 30, 2023, the Company had pledged $548.6 million and $476.6 million respectively, of residential mortgage, home equity and commercial loans as collateral for FHLBNY borrowings and stand-by letters of credit. ​

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