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Loans Receivable and Allowance for Loan Losses (Tables) | 9 Months Ended
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Sep. 30, 2020
Loans Receivable and Allowance for Loan Losses [Abstract] |
Recorded Investment in Loans Receivable |
| September 30, 2020 |  | December 31, 2019
|  | (In Thousands)
Residential one-to-four family | $ | 241,796 |  | $ | 248,381
Commercial and multi-family |  | 1,677,668 |  |  | 1,606,976
Construction |  | 134,769 |  |  | 104,996
Commercial business(1) |  | 311,204 |  |  | 177,642
Home equity(2) |  | 60,973 |  |  | 64,638
Consumer |  | 770 |  |  | 682
|  | 2,427,180 |  |  | 2,203,315
Less: |  |  |  |  |
Deferred loan fees, net |  | (3,430) |  |  | (1,174)
Allowance for loan losses |  | (31,760) |  |  | (23,734)
Sub-total |  | (35,190) |  |  | (24,908)
Total Loans, net | $ | 2,391,990 |  | $ | 2,178,407
(1) Includes business lines of credit and Paycheck Protection Program (“PPP”) loans |  |  |  |  |
(2) Includes home equity lines of credit. |  |  |  |  |
Allowance for Loan Losses | The following table sets forth the activity in the Company’s allowance for loan losses for the three months ended September 30, 2020, and the related portion of the allowances for loan losses that is allocated to each loan class, as of September 30, 2020 (in thousands):
| Residential |  |  | Commercial & Multi-family |  | Construction |  | Commercial Business (1) |  | Home Equity (2) |  | Consumer |  | Unallocated |  | Total
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Originated Loans: | $ | 2,649 |  | $ | 16,697 |  | $ | 1,334 |  | $ | 3,158 |  | $ | 680 |  | $ | 6 |  | $ | 2,489 |  | $ | 27,013
Acquired loans initially recorded at fair value: |  | 391 |  |  | 226 |  |  | - |  |  | 1,110 |  |  | - |  |  | - |  |  | - |  |  | 1,727
Acquired loans with deteriorated credit: |  | 36 |  |  | 19 |  |  | - |  |  | 43 |  |  | 4 |  |  | - |  |  | - |  |  | 102
Beginning Balance, June 30, 2020 |  | 3,076 |  |  | 16,942 |  |  | 1,334 |  |  | 4,311 |  |  | 684 |  |  | 6 |  |  | 2,489 |  |  | 28,842
Recoveries: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Originated Loans: |  | - |  |  | - |  |  | - |  |  | 187 |  |  | - |  |  |  |  |  | - |  |  | 187
Acquired loans initially recorded at fair value: |  | - |  |  | - |  |  | - |  |  | 3 |  |  | 2 |  |  | - |  |  | - |  |  | 5
Sub-total: |  | - |  |  | - |  |  | - |  |  | 190 |  |  | 2 |  |  | - |  |  | - |  |  | 192
Provisions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Originated Loans: |  | 33 |  |  | 1,148 |  |  | 395 |  |  | 2,759 |  |  | (60) |  |  | 6 |  |  | (2,292) |  |  | 1,989
Acquired loans initially recorded at fair value: |  | 28 |  |  | 583 |  |  | - |  |  | 134 |  |  | (2) |  |  | - |  |  | - |  |  | 743
Acquired loans with deteriorated credit: |  | (3) |  |  | - |  |  | - |  |  | (2) |  |  | (1) |  |  | - |  |  | - |  |  | (6)
Sub-total: |  | 58 |  |  | 1,731 |  |  | 395 |  |  | 2,891 |  |  | (63) |  |  | 6 |  |  | (2,292) |  |  | 2,726
Totals: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Originated Loans: |  | 2,682 |  |  | 17,845 |  |  | 1,729 |  |  | 6,104 |  |  | 620 |  |  | 12 |  |  | 197 |  |  | 29,189
Acquired loans initially recorded at fair value: |  | 419 |  |  | 809 |  |  | - |  |  | 1,247 |  |  | - |  |  | - |  |  | - |  |  | 2,475
Acquired loans with deteriorated credit: |  | 33 |  |  | 19 |  |  | - |  |  | 41 |  |  | 3 |  |  | - |  |  | - |  |  | 96
Ending Balance, September 30, 2020 | $ | 3,134 |  | $ | 18,673 |  | $ | 1,729 |  | $ | 7,392 |  | $ | 623 |  | $ | 12 |  | $ | 197 |  | $ | 31,760
Ending allowance attributable to loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment | $ | 385 |  | $ | 313 |  | $ | - |  | $ | 3,128 |  | $ | 27 |  | $ | - |  | $ | - |  | $ | 3,853
Collectively evaluated for impairment |  | 2,749 |  |  | 18,360 |  |  | 1,729 |  |  | 4,264 |  |  | 596 |  |  | 12 |  |  | 197 |  |  | 27,907
Total allowance: | $ | 3,134 |  | $ | 18,673 |  | $ | 1,729 |  | $ | 7,392 |  | $ | 623 |  | $ | 12 |  | $ | 197 |  | $ | 31,760
Ending loan balances: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment | $ | 8,533 |  | $ | 13,980 |  | $ | - |  | $ | 7,163 |  | $ | 1,642 |  | $ | - |  | $ | - |  | $ | 31,318
Collectively evaluated for impairment |  | 233,263 |  |  | 1,663,688 |  |  | 134,769 |  |  | 304,041 |  |  | 59,331 |  |  | 770 |  |  |  |  |  | 2,395,862
Total Gross Loans: | $ | 241,796 |  | $ | 1,677,668 |  | $ | 134,769 |  | $ | 311,204 |  | $ | 60,973 |  | $ | 770 |  | $ | - |  | $ | 2,427,180
(1) Includes business lines of credit and PPP loans. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(2) Includes home equity lines of credit. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Note 7 - Loans Receivable and Allowance for Loan Losses (Continued) The following table sets forth the activity in the Company’s allowance for loan losses for the nine months ended September 30, 2020 (in thousands):
|  | Residential |  |  | Commercial & Multi-family |  | Construction |  | Commercial Business (1) |  |  | Home Equity (2) |  | Consumer |  | Unallocated |  | Total
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Originated Loans: |  | $ | 2,422 |  | $ | 15,235 |  | $ | 1,244 |  | $ | 2,945 |  | $ | 330 |  | $ | - |  | $ | 273 |  | $ | 22,449
Acquired loans initially recorded at fair value: |  |  | 261 |  |  | 58 |  |  | - |  |  | 803 |  |  | - |  |  | - |  |  | - |  |  | 1,122
Acquired loans with deteriorated credit: |  |  | 39 |  |  | 79 |  |  | - |  |  | 42 |  |  | 3 |  |  | - |  |  | - |  |  | 163
Beginning Balance, December 31, 2019 |  |  | 2,722 |  |  | 15,372 |  |  | 1,244 |  |  | 3,790 |  |  | 333 |  |  | - |  |  | 273 |  |  | 23,734
Charge-offs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acquired loans initially recorded at fair value: |  |  | 4 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 4
Sub-total: |  |  | 4 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 4
Recoveries: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Originated Loans: |  |  | - |  |  | - |  |  | - |  |  | 489 |  |  | - |  |  | 4 |  |  | - |  |  | 493
Acquired loans initially recorded at fair value: |  |  | - |  |  | - |  |  | - |  |  | 3 |  |  | 8 |  |  | - |  |  | - |  |  | 11
Sub-total: |  |  | - |  |  | - |  |  | - |  |  | 492 |  |  | 8 |  |  | 4 |  |  | - |  |  | 504
Provisions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Originated Loans: |  |  | 260 |  |  | 2,610 |  |  | 485 |  |  | 2,670 |  |  | 290 |  |  | 8 |  |  | (76) |  |  | 6,247
Acquired loans initially recorded at fair value: |  |  | 162 |  |  | 751 |  |  | - |  |  | 441 |  |  | (8) |  |  | - |  |  | - |  |  | 1,346
Acquired loans with deteriorated credit: |  |  | (6) |  |  | (60) |  |  | - |  |  | (1) |  |  |  |  |  | - |  |  | - |  |  | (67)
Sub-total: |  |  | 416 |  |  | 3,301 |  |  | 485 |  |  | 3,110 |  |  | 282 |  |  | 8 |  |  | (76) |  |  | 7,526
Totals: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Originated Loans: |  |  | 2,682 |  |  | 17,845 |  |  | 1,729 |  |  | 6,104 |  |  | 620 |  |  | 12 |  |  | 197 |  |  | 29,189
Acquired loans initially recorded at fair value: |  |  | 419 |  |  | 809 |  |  | - |  |  | 1,247 |  |  | - |  |  | - |  |  | - |  |  | 2,475
Acquired loans with deteriorated credit: |  |  | 33 |  |  | 19 |  |  | - |  |  | 41 |  |  | 3 |  |  | - |  |  | - |  |  | 96
Ending Balance, September 30, 2020 |  | $ | 3,134 |  | $ | 18,673 |  | $ | 1,729 |  | $ | 7,392 |  | $ | 623 |  | $ | 12 |  | $ | 197 |  | $ | 31,760
_____________________________ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(1) Includes business lines of credit and PPP loans. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(2) Includes home equity lines of credit. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Note 7 - Loans Receivable and Allowance for Loan Losses (Continued) The following table sets forth the activity in the Company’s allowance for loan losses for the three months ended September 30, 2019 (in thousands).
|  | Residential |  |  | Commercial & Multi-family |  | Construction |  | Commercial Business (1) |  | Home Equity (2) |  | Consumer |  | Unallocated |  | Total
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Originated Loans: |  | $ | 2,580 |  | $ | 14,251 |  | $ | 1,454 |  | $ | 3,995 |  | $ | 274 |  | $ | 1 |  | $ | 150 |  | $ | 22,705
Acquired loans initially recorded at fair value: |  |  | 731 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 731
Acquired loans with deteriorated credit: |  |  | 146 |  |  | 137 |  |  | - |  |  | 67 |  |  | 3 |  |  | - |  |  | - |  |  | 353
Beginning Balance, June 30, 2019 |  |  | 3,457 |  |  | 14,388 |  |  | 1,454 |  |  | 4,062 |  |  | 277 |  |  | 1 |  |  | 150 |  |  | 23,789
Charge-offs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Originated Loans: |  |  | 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1
Sub-total: |  |  | 1 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 1
Recoveries: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Originated Loans: |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | -
Acquired loans initially recorded at fair value: |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 3 |  |  | - |  |  | - |  |  | 3
Sub-total: |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 3 |  |  | - |  |  | - |  |  | 3
Provisions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Originated Loans: |  |  | (145) |  |  | 421 |  |  | 83 |  |  | (29) |  |  | 15 |  |  | (1) |  |  | 208 |  |  | 552
Acquired loans initially recorded at fair value: |  |  | (316) |  |  | 112 |  |  |  |  |  | 627 |  |  | 9 |  |  | - |  |  | - |  |  | 432
Acquired loans with deteriorated credit: |  |  | (106) |  |  | 23 |  |  | - |  |  | (1) |  |  | - |  |  | - |  |  | - |  |  | (84)
Sub-total: |  |  | (567) |  |  | 556 |  |  | 83 |  |  | 597 |  |  | 24 |  |  | (1) |  |  | 208 |  |  | 900
Totals: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Originated Loans: |  |  | 2,434 |  |  | 14,672 |  |  | 1,537 |  |  | 3,966 |  |  | 289 |  |  | - |  |  | 358 |  |  | 23,256
Acquired loans initially recorded at fair value: |  |  | 415 |  |  | 112 |  |  |  |  |  | 627 |  |  | 12 |  |  | - |  |  | - |  |  | 1,166
Acquired loans with deteriorated credit: |  |  | 40 |  |  | 160 |  |  | - |  |  | 66 |  |  | 3 |  |  | - |  |  | - |  |  | 269
Ending Balance, September 30, 2019 |  | $ | 2,889 |  | $ | 14,944 |  | $ | 1,537 |  | $ | 4,659 |  | $ | 304 |  | $ | - |  | $ | 358 |  | $ | 24,691
_____________________________ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(1) Includes business lines of credit. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(2) Includes home equity lines of credit. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
‎ Note 7 - Loans Receivable and Allowance for Loan Losses (Continued) The following table sets forth the activity in the Company’s allowance for loan losses for the nine months ended September 30, 2019 (in thousands).
|  | Residential |  |  | Commercial & Multi-family |  | Construction |  | Commercial Business (1) |  |  | Home Equity (2) |  | Consumer |  | Unallocated |  | Total
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Originated Loans: |  | $ | 2,374 |  | $ | 14,000 |  | $ | 1,003 |  | $ | 3,869 |  | $ | 313 |  | $ | 2 |  | $ | 189 |  | $ | 21,750
Acquired loans initially recorded at fair value: |  |  | 335 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 335
Acquired loans with deteriorated credit: |  |  | 39 |  |  | 168 |  |  | - |  |  | 64 |  |  | 3 |  |  | - |  |  | - |  |  | 274
Beginning Balance, December 31, 2018 |  |  | 2,748 |  |  | 14,168 |  |  | 1,003 |  |  | 3,933 |  |  | 316 |  |  | 2 |  |  | 189 |  |  | 22,359
Charge-offs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Originated Loans: |  |  | 1 |  |  | 111 |  |  | - |  |  | 145 |  |  | - |  |  | - |  |  | - |  |  | 257
Sub-total: |  |  | 1 |  |  | 111 |  |  | - |  |  | 145 |  |  | - |  |  | - |  |  | - |  |  | 257
Recoveries: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Originated Loans: |  |  | - |  |  | - |  |  | - |  |  | 15 |  |  | - |  |  | - |  |  | - |  |  | 15
Acquired loans recorded at fair value: |  |  | 3 |  |  | 10 |  |  | - |  |  | 3 |  |  | 14 |  |  | - |  |  | - |  |  | 30
Sub-total: |  |  | 3 |  |  | 10 |  |  | - |  |  | 18 |  |  | 14 |  |  | - |  |  | - |  |  | 45
Provisions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Originated Loans: |  |  | 61 |  |  | 783 |  |  | 534 |  |  | 227 |  |  | (24) |  |  | (2) |  |  | 169 |  |  | 1,748
Acquired loans initially recorded at fair value: |  |  | 77 |  |  | 102 |  |  | - |  |  | 624 |  |  | (2) |  |  | - |  |  | - |  |  | 801
Acquired loans with deteriorated credit: |  |  | 1 |  |  | (8) |  |  | - |  |  | 2 |  |  | - |  |  | - |  |  | - |  |  | (5)
Sub-total: |  |  | 139 |  |  | 877 |  |  | 534 |  |  | 853 |  |  | (26) |  |  | (2) |  |  | 169 |  |  | 2,544
Totals: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Originated Loans: |  |  | 2,434 |  |  | 14,672 |  |  | 1,537 |  |  | 3,966 |  |  | 289 |  |  | - |  |  | 358 |  |  | 23,256
Acquired loans initially recorded at fair value: |  |  | 415 |  |  | 112 |  |  | - |  |  | 627 |  |  | 12 |  |  | - |  |  | - |  |  | 1,166
Acquired loans with deteriorated credit: |  |  | 40 |  |  | 160 |  |  | - |  |  | 66 |  |  | 3 |  |  | - |  |  | - |  |  | 269
Ending Balance, September 30, 2019 |  | $ | 2,889 |  | $ | 14,944 |  | $ | 1,537 |  | $ | 4,659 |  | $ | 304 |  | $ | - |  | $ | 358 |  | $ | 24,691
_____________________________ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(1) Includes business lines of credit. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(2) Includes home equity lines of credit. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
‎ Note 7 - Loans Receivable and Allowance for Loan Losses (Continued) The following table sets forth the amount recorded in loans receivable at December 31, 2019. The table also details the amount of total loans receivable that are evaluated individually, and collectively, for impairment and the related portion of the allowance for loan losses that is allocated to each loan class (in thousands).
|  | Residential |  |  | Commercial & Multi-family |  |  | Construction |  |  | Commercial Business (1) |  |  | Home Equity (2) |  |  | Consumer |  |  | Unallocated |  |  | Total
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Originated Loans: |  | 2,422 |  |  | 15,235 |  |  | 1,244 |  |  | 2,945 |  |  | 330 |  |  | - |  |  | 273 |  |  | 22,449
Acquired loans initially recorded at fair value: |  | 261 |  |  | 58 |  |  | - |  |  | 803 |  |  | - |  |  | - |  |  | - |  |  | 1,122
Acquired loans with deteriorated credit: |  | 39 |  |  | 79 |  |  | - |  |  | 42 |  |  | 3 |  |  | - |  |  | - |  |  | 163
Ending Balance, December 31, 2019 | $ | 2,722 |  | $ | 15,372 |  | $ | 1,244 |  | $ | 3,790 |  | $ | 333 |  | $ | - |  | $ | 273 |  | $ | 23,734
Ending Balance attributable to loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment | $ | 8,455 |  | $ | 13,231 |  | $ | - |  | $ | 3,938 |  | $ | 1,288 |  | $ | - |  | $ | - |  | $ | 26,912
Collectively evaluated for impairment |  | 239,926 |  |  | 1,593,745 |  |  | 104,996 |  |  | 173,704 |  |  | 63,350 |  |  | 682 |  |  | - |  |  | 2,176,403
Total Gross Loans: | $ | 248,381 |  | $ | 1,606,976 |  | $ | 104,996 |  | $ | 177,642 |  | $ | 64,638 |  | $ | 682 |  | $ | - |  | $ | 2,203,315
Ending ALLL Attributed to loans individually evaluated for impairment | $ | 380 |  | $ | 342 |  | $ | - |  | $ | 2,518 |  | $ | 24 |  | $ | - |  | $ | - |  | $ | 3,264
Ending ALLL Attributed to loans collectively evaluated for impairment |  | 2,342 |  |  | 15,030 |  |  | 1,244 |  |  | 1,272 |  |  | 309 |  |  | - |  |  | 273 |  |  | 20,470
Total Ending ALLL: | $ | 2,722 |  | $ | 15,372 |  | $ | 1,244 |  | $ | 3,790 |  | $ | 333 |  | $ | - |  | $ | 273 |  | $ | 23,734
(1) Includes business lines of credit.
(2) Includes home equity lines of credit.
Impaired Loans | The following table summarizes the average recorded investment and interest income recognized on impaired loans with no related allowance recorded by portfolio class for the three and nine months ended September 30, 2020 and 2019 (In thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30,
|  | 2020 |  |  | 2020 |  |  | 2019 |  |  | 2019 |  |  | 2020 |  |  | 2020 |  |  | 2019 |  |  | 2019
| Average |  | Interest |  | Average |  | Interest |  | Average |  |  | Interest |  | Average |  |  | Interest
| Recorded |  | Income |  | Recorded |  | Income |  | Recorded |  | Income |  | Recorded |  | Income
Originated loans | Investment |  | Recognized |  | Investment |  | Recognized |  | Investment |  | Recognized |  | Investment |  | Recognized
with no related allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential one-to-four family | $ | 2,125 |  | $ | 11 |  | $ | 2,179 |  | $ | 20 |  | $ | 2,076 |  | $ | 51 |  | $ | 2,627 |  | $ | 66
Commercial and Multi-family |  | 5,867 |  |  | 8 |  |  | 8,655 |  |  | 56 |  |  | 5,211 |  |  | 98 |  |  | 9,680 |  |  | 310
Commercial business(1) |  | 3,516 |  |  | 32 |  |  | 1,131 |  |  | 43 |  |  | 2,677 |  |  | 183 |  |  | 1,138 |  |  | 126
Home equity(2) |  | 966 |  |  | 6 |  |  | 598 |  |  | 6 |  |  | 855 |  |  | 19 |  |  | 649 |  |  | 18
Sub-total: | $ | 12,474 |  | $ | 57 |  | $ | 12,563 |  | $ | 125 |  | $ | 10,819 |  | $ | 351 |  | $ | 14,094 |  | $ | 520
Acquired loans initially recorded at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
with no related allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential one-to-four family | $ | 1,555 |  | $ | 5 |  | $ | 1,931 |  | $ | 23 |  | $ | 1,647 |  | $ | 41 |  | $ | 2,081 |  | $ | 73
Commercial and Multi-family |  | 4,060 |  |  | 19 |  |  | 3,882 |  |  | 55 |  |  | 4,053 |  |  | 113 |  |  | 3,898 |  |  | 165
Commercial business(1) |  | - |  |  | - |  |  | 119 |  |  | 12 |  |  | - |  |  | - |  |  | 96 |  |  | 14
Home equity(2) |  | 221 |  |  | - |  |  | 311 |  |  | 3 |  |  | 214 |  |  | 6 |  |  | 294 |  |  | 9
Consumer |  | - |  |  | - |  |  | - |  |  | - |  |  |  |  |  | - |  |  | - |  |  | -
Sub-total | $ | 5,836 |  | $ | 24 |  | $ | 6,243 |  | $ | 93 |  | $ | 5,914 |  | $ | 160 |  | $ | 6,369 |  | $ | 261
Acquired loans with deteriorated credit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
with no related allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential one-to-four family(3) | $ | 984 |  | $ | - |  | $ | 839 |  | $ | 14 |  | $ | 929 |  | $ | 28 |  | $ | 898 |  | $ | 44
Commercial and Multi-family(3) |  | 705 |  |  | 9 |  |  | 4,264 |  |  | 7 |  |  | 710 |  |  | 23 |  |  | 4,666 |  |  | 20
Commercial business(1)(3) |  | 864 |  |  | 21 |  |  | 894 |  |  | - |  |  | 864 |  |  | 25 |  |  | 849 |  |  | -
Home equity(2)(3) |  | 17 |  |  | - |  |  | 41 |  |  | - |  |  | 22 |  |  |  |  |  | 43 |  |  | -
Sub-total: | $ | 2,570 |  | $ | 30 |  | $ | 6,038 |  | $ | 21 |  | $ | 2,525 |  | $ | 76 |  | $ | 6,456 |  | $ | 64
Total Impaired Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
with no related allowance recorded: | $ | 20,880 |  | $ | 111 |  | $ | 24,844 |  | $ | 239 |  | $ | 19,258 |  | $ | 587 |  | $ | 26,919 |  | $ | 845
__________ (1)Includes business lines of credit. (2)Includes home equity lines of credit. (3)Does not include accretable yield on loans acquired with deteriorated credit. ‎ Note 7 - Loans Receivable and Allowance for Loan Losses (Continued) The following table summarizes the average recorded investment and interest income recognized on impaired loans with allowance recorded by portfolio class for the three months ended September 30, 2020 and 2019. (In thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2020 |  |  | 2020 |  |  | 2019 |  |  | 2019 |  |  | 2020 |  |  | 2020 |  |  | 2019 |  |  | 2019
| Average |  | Interest |  | Average |  | Interest |  | Average |  | Interest |  | Average |  | Interest
| Recorded |  | Income |  | Recorded |  | Income |  | Recorded |  | Income |  | Recorded |  | Income
Originated loans | Investment |  | Recognized |  | Investment |  | Recognized |  | Investment |  | Recognized |  | Investment |  | Recognized
with an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential one-to-four family | $ | 908 |  | $ | - |  | $ | 2,032 |  | $ | 18 |  | $ | 910 |  | $ | 10 |  | $ | 2,175 |  | $ | 67
Commercial and Multi-family |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | -
Commercial business(1) |  | 1,427 |  |  | 65 |  |  | 822 |  |  | 3 |  |  | 1,314 |  |  | 93 |  |  | 658 |  |  | 57
Home equity(2) |  | 321 |  |  | 1 |  |  | 268 |  |  | 1 |  |  | 339 |  |  | 6 |  |  | 229 |  |  | 5
Sub-total: | $ | 2,656 |  | $ | 66 |  | $ | 3,122 |  | $ | 22 |  | $ | 2,563 |  | $ | 109 |  | $ | 3,062 |  | $ | 129
Acquired loans initially recorded at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
with an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential one-to-four family | $ | 2,472 |  | $ | 3 |  | $ | 3,291 |  | $ | 30 |  | $ | 2,404 |  | $ | 33 |  | $ | 3,286 |  | $ | 82
Commercial and Multi-family |  | 1,221 |  |  | - |  |  | 881 |  |  | 14 |  |  | 1,225 |  |  | 20 |  |  | 889 |  |  | 22
Commercial business(1) |  | 1,403 |  |  | 17 |  |  | 377 |  |  | - |  |  | 1,106 |  |  | 47 |  |  | 251 |  |  | -
Home equity(2) |  | 110 |  |  | 1 |  |  | 84 |  |  | 1 |  |  | 101 |  |  | 2 |  |  | 84 |  |  | 4
Sub-total: | $ | 5,206 |  | $ | 21 |  | $ | 4,633 |  | $ | 45 |  | $ | 4,836 |  | $ | 102 |  | $ | 4,510 |  | $ | 108
Acquired loans with deteriorated credit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
with an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential one-to-four family(3) | $ | 340 |  | $ | - |  | $ | 527 |  | $ | 7 |  | $ | 400 |  | $ | 7 |  | $ | 473 |  | $ | 19
Commercial and Multi-family |  |  |  |  |  |  |  | 943 |  |  | - |  |  |  |  |  | - |  |  | 629 |  |  | -
Sub-total: | $ | 340 |  | $ | - |  | $ | 1,470 |  | $ | 7 |  | $ | 400 |  | $ | 7 |  | $ | 1,102 |  | $ | 19
Total Impaired Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
with an allowance recorded: | $ | 8,202 |  | $ | 87 |  | $ | 9,225 |  | $ | 74 |  | $ | 7,799 |  | $ | 218 |  | $ | 8,674 |  | $ | 256
__________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. (3) Does not include accretable yield on loans acquired with deteriorated credit. ‎ Note 7 - Loans Receivable and Allowance for Loan Losses (Continued) The following table summarizes the recorded investment and unpaid principal balances where there is no related allowance on impaired loans by portfolio class at September 30, 2020 and December 31, 2019. (In thousands):
|  | As of September 30, 2020 |  |  | As of December 31, 2019
|  | Recorded |  |  | Unpaid Principal |  |  | Related |  |  | Recorded |  |  | Unpaid Principal |  |  | Related
Originated loans |  | Investment |  |  | Balance |  |  | Allowance |  |  | Investment |  |  | Balance |  |  | Allowance
with no related allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential one-to-four family | $ | 2,278 |  | $ | 2,381 |  | $ | - |  | $ | 2,010 |  | $ | 2,098 |  | $ | -
Commercial and multi-family |  | 7,842 |  |  | 7,891 |  |  | - |  |  | 4,469 |  |  | 4,527 |  |  | -
Commercial business(1) |  | 3,144 |  |  | 5,289 |  |  | - |  |  | 1,108 |  |  | 4,069 |  |  | -
Home equity(2) |  | 938 |  |  | 940 |  |  | - |  |  | 584 |  |  | 593 |  |  | -
Sub-total: | $ | 14,202 |  | $ | 16,501 |  | $ | - |  | $ | 8,171 |  | $ | 11,287 |  | $ | -
Acquired loans initially recorded at fair |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
value with no related allowance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential one-to-four family | $ | 1,562 |  | $ | 1,660 |  | $ | - |  | $ | 1,843 |  | $ | 1,950 |  | $ | -
Commercial and Multi-family |  | 4,227 |  |  | 4,227 |  |  | - |  |  | 4,401 |  |  | 4,402 |  |  | -
Commercial business(1) |  | - |  |  |  |  |  | - |  |  | 183 |  |  | 589 |  |  | -
Home equity(2) |  | 194 |  |  | 196 |  |  | - |  |  | 205 |  |  | 206 |  |  | -
Sub-total: | $ | 5,983 |  | $ | 6,083 |  | $ | - |  | $ | 6,632 |  | $ | 7,147 |  | $ | -
Acquired loans with deteriorated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
credit with no related allowance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential one-to-four family | $ | 1,158 |  | $ | 1,762 |  | $ | - |  | $ | 827 |  | $ | 1,383 |  | $ | -
Commercial and Multi-family |  | 695 |  |  | 1,749 |  |  | - |  |  | 3,113 |  |  | 4,166 |  |  | -
Commercial business(1) |  | 865 |  |  | 5,122 |  |  | - |  |  | 867 |  |  | 5,052 |  |  | -
Home equity(2) |  | - |  |  | - |  |  | - |  |  | 37 |  |  | 47 |  |  | -
Sub-total: | $ | 2,718 |  | $ | 8,633 |  | $ | - |  | $ | 4,844 |  | $ | 10,648 |  | $ | -
Total Impaired Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
with no related allowance recorded: | $ | 22,903 |  | $ | 31,217 |  | $ | - |  | $ | 19,647 |  | $ | 29,082 |  | $ | -
__________ (1) Includes business lines of credit. ‎(2) Includes home equity lines of credit. ‎ Note 7 - Loans Receivable and Allowance for Loan Losses (Continued) The following table summarizes the recorded investment, unpaid principal balance, and the related allowance on impaired loans by portfolio class at September 30, 2020 and December 31, 2019. (In thousands):
|  | As of September, 2020 |  |  | As of December 31, 2019
|  | Recorded |  |  | Unpaid Principal |  |  | Related |  |  | Recorded |  |  | Unpaid Principal |  |  | Related
Originated loans |  | Investment |  |  | Balance |  |  | Allowance |  |  | Investment |  |  | Balance |  |  | Allowance
with an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential one-to-four family | $ | 904 |  | $ | 906 |  | $ | 37 |  | $ | 973 |  | $ | 973 |  | $ | 48
Commercial business(1) |  | 1,829 |  |  | 4,614 |  |  | 1,448 |  |  | 1,403 |  |  | 3,037 |  |  | 1,029
Home equity(2) |  | 372 |  |  | 379 |  |  | 24 |  |  | 379 |  |  | 382 |  |  | 20
Sub-total: | $ | 3,105 |  | $ | 5,899 |  | $ | 1,509 |  | $ | 2,755 |  | $ | 4,392 |  | $ | 1,097
Acquired loans initially recorded at fair |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
value with an allowance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential one-to-four family | $ | 2,470 |  | $ | 2,504 |  | $ | 347 |  | $ | 2,278 |  | $ | 2,293 |  | $ | 325
Commercial and Multi-family |  | 1,216 |  |  | 1,417 |  |  | 313 |  |  | 1,248 |  |  | 1,442 |  |  | 342
Commercial business(1) |  | 1,325 |  |  | 2,695 |  |  | 1,680 |  |  | 377 |  |  | 1,489 |  |  | 1,489
Home equity(2) |  | 138 |  |  | 139 |  |  | 3 |  |  | 83 |  |  | 83 |  |  | 4
Sub-total | $ | 5,149 |  | $ | 6,755 |  | $ | 2,343 |  | $ | 3,986 |  | $ | 5,307 |  | $ | 2,160
Acquired loans with deteriorated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
credit with an allowance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential one-to-four family | $ | 161 |  | $ | 161 |  | $ | 1 |  | $ | 524 |  | $ | 571 |  | $ | 7
Sub-total: | $ | 161 |  | $ | 161 |  | $ | 1 |  | $ | 524 |  | $ | 571 |  | $ | 7
Total Impaired Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
with an allowance recorded: | $ | 8,415 |  | $ | 12,815 |  | $ | 3,853 |  | $ | 7,265 |  | $ | 10,270 |  | $ | 3,264
Total Impaired Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
with no related allowance recorded: | $ | 22,903 |  | $ | 31,217 |  | $ | - |  | $ | 19,647 |  | $ | 29,082 |  | $ | -
Total Impaired Loans: | $ | 31,318 |  | $ | 44,032 |  | $ | 3,853 |  | $ | 26,912 |  | $ | 39,352 |  | $ | 3,264
__________ (1) Includes business lines of credit. (2) Includes home equity lines of credit.
Troubled Debt Restructurings |
|  | At September 30, 2020 |  |  | At December 31, 2019
|  | (In thousands)
Recorded investment in TDRs: |  |  |  |  |
Accrual status | $ | 16,436 |  | $ | 17,030
Non-accrual status |  | 1,145 |  |  | 702
Total recorded investment in TDRs | $ | 17,581 |  | $ | 17,732
Delinquency Status of Total Loans | The following table sets forth the delinquency status of total loans receivable as of September 30, 2020:
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Loans Receivable
| 30-59 Days |  | 60-90 Days |  | Greater Than |  | Total Past |  |  |  |  | Total Loans |  | >90 Days
| Past Due |  | Past Due |  | 90 Days |  | Due |  | Current |  | Receivable |  | and Accruing
|  | (In Thousands)
Residential one-to-four family | $ | 1,393 |  | $ | 256 |  | $ | 670 |  | $ | 2,319 |  | $ | 239,477 |  | $ | 241,796 |  | $ | 159
Commercial and multi-family |  | 1,773 |  |  | 613 |  |  | 2,594 |  |  | 4,980 |  |  | 1,672,688 |  |  | 1,677,668 |  |  | 1,416
Construction |  | - |  |  | - |  |  | - |  |  | - |  |  | 134,769 |  |  | 134,769 |  |  | -
Commercial business(1) |  | 516 |  |  | 63 |  |  | 2,488 |  |  | 3,067 |  |  | 308,137 |  |  | 311,204 |  |  | 149
Home equity(2) |  | 242 |  |  | - |  |  | 427 |  |  | 669 |  |  | 60,304 |  |  | 60,973 |  |  | -
Consumer |  | - |  |  | - |  |  | - |  |  | - |  |  | 770 |  |  | 770 |  |  | -
Total | $ | 3,924 |  | $ | 932 |  | $ | 6,179 |  | $ | 11,035 |  | $ | 2,416,145 |  | $ | 2,427,180 |  | $ | 1,724
_________ (1) Includes business lines of credit and PPP loans. (2) Includes home equity lines of credit. Note 7 - Loans Receivable and Allowance for Loan Losses (Continued) The table below sets forth the amounts and types of non-accrual loans in the Bank’s loan portfolio at September 30, 2020 and December 31, 2019, respectively. Loans are placed on non-accrual status when they become more than 90 days delinquent, or when the collection of principal and/or interest become doubtful. As of September 30, 2020, and December 31, 2019, non-accrual loans differed from the amount of total loans past due greater than 90 days due to loans which are maintained on non-accrual status for a minimum of six months until the borrower has demonstrated its ability to satisfy the terms of the restructured loan. There were $3.7 million at September 30, 2020 and $1.6 million at December 31, 2019 in nonaccrual loans that were less than ninety days past due. Nonaccrual loans do not include loans acquired with deteriorated credit quality which were recorded at their fair value at acquisition and totaled $1.1 million at September 30, 2020, and $3.5 million at December 31, 2019. Loans subject to COVID-19-related modifications are not be reported as non-accrual, in accordance with regulatory guidance.
|  | As of September 30, 2020 |  |  | As of December 31, 2019
|  | (In Thousands) |  |  | (In Thousands)
Non-Accruing Loans: |  |  |  |  |
Originated loans: |  |  |  |  |
Residential one-to-four family | $ | 847 |  | $ | 590
Commercial and multi-family |  | 457 |  |  | 761
Commercial business(1) |  | 3,252 |  |  | 1,428
Home equity(2) |  | 604 |  |  | 347
Sub-total: |  | 5,160 |  |  | 3,126
Acquired loans initially recorded at fair value: |  |  |  |  |
Residential one-to-four family |  | 565 |  |  | 291
Commercial and multi-family |  | 979 |  |  | 217
Commercial business(1) |  | 378 |  |  | 513
Home equity(2) |  | 69 |  |  | 13
Sub-total: |  | 1,991 |  |  | 1,034
Total | $ | 7,151 |  | $ | 4,160
_________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. Had non-accrual loans been performing in accordance with their original terms, the interest income recognized for the nine months ended September 30, 2020 and December 31, 2019 would have been approximately $673,000 and $967,000, respectively. Interest income recognized on loans returned to accrual status was approximately $520,000 and $1.1 million, respectively. The Bank has not committed to lend additional funds to the borrowers whose loans have been placed on nonaccrual status. At September 30, 2020 and December 31, 2019, there were $1.7 million and $795,000, respectively, of loans which were more than ninety days past due and still accruing interest. ‎ Note 7 - Loans Receivable and Allowance for Loan Losses (Continued) The following table sets forth the delinquency status of total loans receivable at December 31, 2019:
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Loans Receivable
| 30-59 Days |  | 60-90 Days |  | Greater Than |  | Total Past |  |  |  |  | Total Loans |  | >90 Days
| Past Due |  | Past Due |  | 90 Days |  | Due |  | Current |  | Receivable |  | and Accruing
|  | (In Thousands)
Originated loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential one-to-four family | $ | 1,087 |  | $ | 401 |  | $ | - |  | $ | 1,488 |  | $ | 210,532 |  | $ | 212,020 |  | $ | -
Commercial and multi-family |  | 1,290 |  |  | 940 |  |  | 616 |  |  | 2,846 |  |  | 1,482,440 |  |  | 1,485,286 |  |  | -
Construction |  | - |  |  | - |  |  | - |  |  | - |  |  | 104,996 |  |  | 104,996 |  |  | -
Commercial business(1) |  | 1,874 |  |  | 278 |  |  | 1,265 |  |  | 3,417 |  |  | 153,996 |  |  | 157,413 |  |  | 142
Home equity(2) |  | 161 |  |  | 63 |  |  | 116 |  |  | 340 |  |  | 49,760 |  |  | 50,100 |  |  | -
Consumer |  | - |  |  | - |  |  | - |  |  | - |  |  | 674 |  |  | 674 |  |  | -
Sub-total: | $ | 4,412 |  | $ | 1,682 |  | $ | 1,997 |  | $ | 8,091 |  | $ | 2,002,398 |  | $ | 2,010,489 |  | $ | 142
Acquired loans initially recorded at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential one-to-four family | $ | 265 |  | $ | 217 |  | $ | 330 |  | $ | 812 |  | $ | 34,198 |  |  | 35,010 |  | $ | 97
Commercial and multi-family |  | 318 |  |  | - |  |  | 631 |  |  | 949 |  |  | 117,628 |  |  | 118,577 |  |  | 556
Construction |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | -
Commercial business(1) |  | 300 |  |  | - |  |  | 513 |  |  | 813 |  |  | 18,506 |  |  | 19,319 |  |  | -
Home equity(2) |  | 190 |  |  | 75 |  |  | - |  |  | 265 |  |  | 14,037 |  |  | 14,302 |  |  | -
Consumer |  | - |  |  | - |  |  | - |  |  | - |  |  | 8 |  |  | 8 |  |  | -
Sub-total: | $ | 1,073 |  | $ | 292 |  | $ | 1,474 |  | $ | 2,839 |  | $ | 184,377 |  | $ | 187,216 |  | $ | 653
Acquired loans with deteriorated credit: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential one-to-four family | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | 1,351 |  | $ | 1,351 |  | $ | -
Commercial and multi-family |  | - |  |  | - |  |  | 2,500 |  |  | 2,500 |  |  | 613 |  |  | 3,113 |  |  | -
Construction |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | -
Commercial business(1) |  | - |  |  | - |  |  | 856 |  |  | 856 |  |  | 54 |  |  | 910 |  |  | -
Home equity(2) |  | 37 |  |  | 199 |  |  | - |  |  | 236 |  |  | - |  |  | 236 |  |  | -
Consumer |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | -
Sub-total: | $ | 37 |  | $ | 199 |  | $ | 3,356 |  | $ | 3,592 |  | $ | 2,018 |  | $ | 5,610 |  | $ | -
Total | $ | 5,522 |  | $ | 2,173 |  | $ | 6,827 |  | $ | 14,522 |  | $ | 2,188,793 |  | $ | 2,203,315 |  | $ | 795
(1) Includes business lines of credit. (2) Includes home equity lines of credit.
Loan Portfolio by Pass Rating |
| Pass |  | Special Mention |  | Substandard |  | Total
Originated loans: |  |  |  |  |  |  |  |  |  |  |
Residential one-to-four family | $ | 206,900 |  | $ | 1,040 |  | $ | 1,103 |  | $ | 209,043
Commercial and multi-family |  | 1,568,159 |  |  | 2,147 |  |  | 5,152 |  |  | 1,575,458
Construction |  | 134,769 |  |  | - |  |  | - |  |  | 134,769
Commercial business(1) |  | 286,650 |  |  | 1,426 |  |  | 4,633 |  |  | 292,709
Home equity(2) |  | 49,386 |  |  | - |  |  | 711 |  |  | 50,097
Consumer |  | 768 |  |  | - |  |  | - |  |  | 768
Sub-total: | $ | 2,246,632 |  | $ | 4,613 |  | $ | 11,599 |  | $ | 2,262,844
Acquired loans initially recorded at fair value: |  |  |  |  |  |  |  |  |  |  |
Residential one-to-four family | $ | 30,777 |  | $ | - |  | $ | 657 |  | $ | 31,434
Commercial and multi-family |  | 97,894 |  |  | 205 |  |  | 3,416 |  |  | 101,515
Commercial business(1) |  | 16,132 |  |  | 132 |  |  | 1,325 |  |  | 17,589
Home equity(2) |  | 10,577 |  |  | - |  |  | 69 |  |  | 10,646
Consumer |  | 2 |  |  | - |  |  | - |  |  | 2
Sub-total: | $ | 155,382 |  | $ | 337 |  | $ | 5,467 |  | $ | 161,186
Acquired loans with deteriorated credit: |  |  |  |  |  |  |  |  |  |  |
Residential one-to-four family | $ | 768 |  | $ | 544 |  | $ | 7 |  | $ | 1,319
Commercial and multi-family |  | 487 |  |  | - |  |  | 208 |  |  | 695
Commercial business(1) |  | - |  |  | 49 |  |  | 857 |  |  | 906
Home equity(2) |  | 230 |  |  | - |  |  | - |  |  | 230
Sub-total: | $ | 1,485 |  | $ | 593 |  | $ | 1,072 |  | $ | 3,150
Total Gross Loans | $ | 2,403,499 |  | $ | 5,543 |  | $ | 18,138 |  | $ | 2,427,180
_________ (1) Includes business lines of credit and PPP loans. (2) Includes home equity lines of credit. ‎ Note 7 - Loans Receivable and Allowance for Loan Losses (Continued) The following table presents the loan portfolio types summarized by the aggregate pass rating and the classified ratings of special mention and substandard within the Company’s internal risk rating system as of December 31, 2019. (In thousands). As of December 31, 2019, the Company had no loans with the classified rating of doubtful or loss.
| Pass |  | Special Mention |  | Substandard |  | Total
Originated loans: |  |  |  |  |  |  |  |  |  |  |
Residential one-to-four family | $ | 210,094 |  | $ | 1,336 |  | $ | 590 |  | $ | 212,020
Commercial and multi-family |  | 1,478,472 |  |  | 4,043 |  |  | 2,771 |  |  | 1,485,286
Construction |  | 104,996 |  |  | - |  |  | - |  |  | 104,996
Commercial business(1) |  | 153,464 |  |  | 1,796 |  |  | 2,153 |  |  | 157,413
Home equity(2) |  | 49,753 |  |  | - |  |  | 347 |  |  | 50,100
Consumer |  | 670 |  |  | 4 |  |  | - |  |  | 674
Sub-total: | $ | 1,997,449 |  | $ | 7,179 |  | $ | 5,861 |  | $ | 2,010,489
Acquired loans initially recorded at fair value: |  |  |  |  |  |  |  |  |  |  |
Residential one-to-four family | $ | 34,624 |  | $ | - |  | $ | 386 |  |  | 35,010
Commercial and multi-family |  | 115,130 |  |  | 583 |  |  | 2,864 |  |  | 118,577
Commercial business(1) |  | 17,648 |  |  | 1,159 |  |  | 512 |  |  | 19,319
Home equity(2) |  | 14,270 |  |  | - |  |  | 32 |  |  | 14,302
Consumer |  | 8 |  |  | - |  |  | - |  |  | 8
Sub-total: | $ | 181,680 |  | $ | 1,742 |  | $ | 3,794 |  | $ | 187,216
Acquired loans with deteriorated credit: |  |  |  |  |  |  |  |  |  |  |
Residential one-to-four family | $ | 788 |  | $ | 248 |  | $ | 315 |  |  | 1,351
Commercial and multi-family |  | - |  |  | 493 |  |  | 2,620 |  |  | 3,113
Commercial business(1) |  | - |  |  | 54 |  |  | 856 |  |  | 910
Home equity(2) |  | 199 |  |  | - |  |  | 37 |  |  | 236
Sub-total: | $ | 987 |  | $ | 795 |  | $ | 3,828 |  | $ | 5,610
Total Gross Loans | $ | 2,180,116 |  | $ | 9,716 |  | $ | 13,483 |  | $ | 2,203,315
________ (1) Includes business lines of credit. (2) Includes home equity lines of credit.

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