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Loans Receivable and Allowance for Loan Losses (Tables) | 6 Months Ended
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Jun. 30, 2022
Loans Receivable and Allowance for Loan Losses [Abstract] |
Recorded Investment in Loans Receivable |
| June 30, 2022 |  | December 31, 2021
|  | (In Thousands)
Residential one-to-four family | $ | 235,883 |  | $ | 224,534
Commercial and multi-family |  | 2,030,597 |  |  | 1,720,174
Construction |  | 155,070 |  |  | 153,904
Commercial business(1) |  | 181,868 |  |  | 191,139
Home equity(2) |  | 51,808 |  |  | 50,469
Consumer |  | 2,656 |  |  | 3,717
|  | 2,657,882 |  |  | 2,343,937
Less: |  |  |  |  |
Deferred loan fees, net |  | (3,139) |  |  | (1,876)
Allowance for loan losses |  | (34,113) |  |  | (37,119)
Total Loans, net | $ | 2,620,630 |  | $ | 2,304,942
(1) Includes business lines of credit. |  |  |  |  |
(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 and six months ended June 30, 2022, and the related portion of the allowances for loan losses that is allocated to each loan class, as of June 30, 2022 (in thousands):
| Residential |  |  | Commercial & Multi-family |  | Construction |  | Commercial Business (1) |  | Home Equity (2) |  | Consumer |  | Unallocated |  | Total
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance, April 1, 2022 | $ | 2,501 |  | $ | 20,820 |  | $ | 1,965 |  | $ | 8,136 |  | $ | 334 |  | $ | 15 |  |  | 209 |  | $ | 33,980
Charge-offs: |  | - |  |  | - |  |  | - |  |  | (6) |  |  | - |  |  | - |  |  | - |  |  | (6)
Recoveries: |  | 2 |  |  | - |  |  | - |  |  | 135 |  |  | 2 |  |  | - |  |  | - |  |  | 139
(Credit) Provisions: |  | 62 |  |  | 337 |  |  | 383 |  |  | (626) |  |  | 51 |  |  | 2 |  |  | (209) |  |  | -
Ending Balance, June 30, 2022 |  | 2,565 |  |  | 21,157 |  |  | 2,348 |  |  | 7,639 |  |  | 387 |  |  | 17 |  |  | - |  |  | 34,113
Ending Balance attributable to loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment |  | 211 |  |  | - |  |  | 382 |  |  | 5,732 |  |  | 8 |  |  | - |  |  | - |  |  | 6,333
Collectively evaluated for impairment |  | 2,354 |  |  | 21,157 |  |  | 1,966 |  |  | 1,907 |  |  | 379 |  |  | 17 |  |  | - |  |  | 27,780
Ending Balance, June 30, 2022 |  | 2,565 |  |  | 21,157 |  |  | 2,348 |  |  | 7,639 |  |  | 387 |  |  | 17 |  |  | - |  |  | 34,113
Loans Receivables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment |  | 4,786 |  |  | 27,629 |  |  | 3,043 |  |  | 6,182 |  |  | 771 |  |  | - |  |  | - |  |  | 42,411
Collectively evaluated for impairment |  | 231,097 |  |  | 2,002,968 |  |  | 152,027 |  |  | 175,686 |  |  | 51,037 |  |  | 2,656 |  |  | - |  |  | 2,615,471
Total Gross Loans: | $ | 235,883 |  | $ | 2,030,597 |  | $ | 155,070 |  | $ | 181,868 |  | $ | 51,808 |  | $ | 2,656 |  | $ | - |  | $ | 2,657,882
(1) Includes business lines of credit. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(2) Includes home equity lines of credit. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Residential |  |  | Commercial & Multi-family |  | Construction |  | Commercial Business (1) |  |  | Home Equity (2) |  | Consumer |  | Unallocated |  | Total
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance, January 1, 2022 |  | $ | 4,094 |  | $ | 22,065 |  | $ | 2,231 |  | $ | 8,000 |  | $ | 533 |  | $ | 14 |  | $ | 182 |  | $ | 37,119
Charge-offs: |  |  | - |  |  | - |  |  | - |  |  | (772) |  |  | - |  |  | - |  |  | - |  |  | (772)
Recoveries: |  |  | 2 |  |  | - |  |  | - |  |  | 136 |  |  | 5 |  |  | 198 |  |  | - |  |  | 341
(Credit) Provisions: |  |  | (1,531) |  |  | (908) |  |  | 117 |  |  | 275 |  |  | (151) |  |  | (195) |  |  | (182) |  |  | (2,575)
Ending Balance, June 30, 2022 |  | $ | 2,565 |  | $ | 21,157 |  | $ | 2,348 |  | $ | 7,639 |  | $ | 387 |  | $ | 17 |  | $ | - |  | $ | 34,113
_____________________________ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(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 three and six months ended June 30, 2021, and the related portion of the allowances for loan losses that is allocated to each loan class, as of June 30, 2021 (in thousands):
|  | Residential |  |  | Commercial & Multi-family |  | Construction |  | Commercial Business (1) |  | Home Equity (2) |  | Consumer |  | Unallocated |  | Total
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance, April 1, 2021 |  | $ | 2,837 |  | $ | 23,119 |  | $ | 2,002 |  | $ | 6,581 |  | $ | 293 | - | $ | - |  | $ | 645 |  | $ | 35,477
Charge-offs: |  |  | (3) |  |  | - |  |  | - |  |  | (103) |  |  | - |  |  | (198) |  |  | - |  |  | (304)
Recovery: |  |  | - |  |  | - |  |  | - |  |  | 1 |  |  | 3 |  |  | - |  |  | - |  |  | 4
(Credit) Provisions: |  |  | 77 |  |  | 1,319 |  |  | 339 |  |  | 373 |  |  | (2) |  |  | 201 |  |  | (12) |  |  | 2,295
Ending Balance June 30, 2021 |  | $ | 2,911 |  | $ | 24,438 |  | $ | 2,341 |  | $ | 6,852 |  | $ | 294 |  | $ | 3 |  | $ | 633 |  | $ | 37,472
Ending Balance attributable to loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment |  | $ | 282 |  | $ | 1,486 |  | $ | 150 |  | $ | 5,033 |  | $ | 18 |  | $ | - |  | $ | - |  | $ | 6,969
Collectively evaluated for impairment |  |  | 2,629 |  |  | 22,952 |  |  | 2,191 |  |  | 1,819 |  |  | 276 |  |  | 3 |  |  | 633 |  |  | 30,503
Ending Balance June 30, 2021 |  | $ | 2,911 |  | $ | 24,438 |  | $ | 2,341 |  | $ | 6,852 |  | $ | 294 |  | $ | 3 |  | $ | 633 |  | $ | 37,472
Loans Receivables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment |  | $ | 5,216 |  | $ | 42,013 |  | $ | 2,787 |  | $ | 10,982 |  | $ | 1,283 |  | $ | - |  | $ | - |  | $ | 62,281
Collectively evaluated for impairment |  |  | 224,149 |  |  | 1,672,835 |  |  | 178,525 |  |  | 161,147 |  |  | 52,050 |  |  | 459 |  |  | - |  |  | 2,289,165
Total Gross Loans: |  | $ | 229,365 |  | $ | 1,714,848 |  | $ | 181,312 |  | $ | 172,129 |  | $ | 53,333 |  | $ | 459 |  | $ | - |  | $ | 2,351,446
_____________________________ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(1) Includes business lines of credit. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(2) Includes home equity lines of credit. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Residential |  |  | Commercial & Multi-family |  | Construction |  | Commercial Business (1) |  |  | Home Equity (2) |  | Consumer |  | Unallocated |  | Total
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance, January 1, 2021 |  | $ | 3,293 |  | $ | 21,772 |  | $ | 1,977 |  | $ | 6,306 |  | $ | 286 |  | $ | - |  | $ | 5 |  | $ | 33,639
Charge-offs: |  |  | (60) |  |  | - |  |  | - |  |  | (103) |  |  | - |  |  | (198) |  |  | - |  |  | (361)
Recovery: |  |  | 27 |  |  | - |  |  | - |  |  | 1 |  |  | 6 |  |  | - |  |  | - |  |  | 34
(Credit) Provisions: |  |  | (349) |  |  | 2,666 |  |  | 364 |  |  | 648 |  |  | 2 |  |  | 201 |  |  | 628 |  |  | 4,160
Ending Balance, June 30, 2021 |  | $ | 2,911 |  | $ | 24,438 |  | $ | 2,341 |  | $ | 6,852 |  | $ | 294 |  | $ | 3 |  | $ | 633 |  | $ | 37,472
_____________________________ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(1) Includes business lines of credit. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(2) Includes home equity lines of credit. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
The following table sets forth the amount recorded in loans receivable at December 31, 2021. 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: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ending Balance attributable to loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment | $ | 265 |  | $ | 1,690 |  | $ | 210 |  | $ | 5,650 |  | $ | 13 |  | $ | - |  | $ | - |  | $ | 7,828
Collectively evaluated for impairment |  | 3,829 |  |  | 20,375 |  |  | 2,021 |  |  | 2,350 |  |  | 520 |  |  | 14 |  |  | 182 |  |  | 29,291
Ending Balance, December 31, 2021 | $ | 4,094 |  | $ | 22,065 |  | $ | 2,231 |  | $ | 8,000 |  | $ | 533 |  | $ | 14 |  | $ | 182 |  | $ | 37,119
Loans Receivables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment | $ | 4,961 |  | $ | 31,745 |  | $ | 2,847 |  | $ | 8,746 |  | $ | 1,083 |  | $ | - |  | $ | - |  | $ | 49,382
Collectively evaluated for impairment |  | 219,573 |  |  | 1,688,429 |  |  | 151,057 |  |  | 182,393 |  |  | 49,386 |  |  | 3,717 |  |  | - |  |  | 2,294,555
Total Gross Loans: | $ | 224,534 |  | $ | 1,720,174 |  | $ | 153,904 |  | $ | 191,139 |  | $ | 50,469 |  | $ | 3,717 |  | $ | - |  | $ | 2,343,937
(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 six months ended June 30, 2022 and 2021 (in thousands):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30,
|  | 2022 |  |  | 2022 |  |  | 2021 |  |  | 2021 |  |  | 2022 |  |  | 2022 |  |  | 2021 |  |  | 2021
| Average |  | Interest |  | Average |  | Interest |  | Average |  | Interest |  | Average |  | Interest
| Recorded |  | Income |  | Recorded |  | Income |  | Recorded |  | Income |  | Recorded |  | Income
| Investment |  | Recognized |  | Investment |  | Recognized |  | Investment |  | Recognized |  | Investment |  | Recognized
Loans with no related allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential one-to-four family | $ | 2,899 |  | $ | 36 |  | $ | 2,961 |  | $ | 37 |  | $ | 2,916 |  | $ | 73 |  | $ | 3,335 |  | $ | 71
Commercial and Multi-family |  | 24,577 |  |  | 323 |  |  | 31,702 |  |  | 277 |  |  | 23,356 |  |  | 586 |  |  | 40,320 |  |  | 559
Construction |  | - |  |  | - |  |  | 1,393 |  |  | - |  |  | - |  |  | - |  |  | 929 |  |  | 36
Commercial business(1) |  | 1,250 |  |  | 5 |  |  | 3,780 |  |  | 27 |  |  | 1,538 |  |  | 70 |  |  | 4,468 |  |  | 39
Home equity(2) |  | 459 |  |  | 5 |  |  | 1,105 |  |  | 12 |  |  | 566 |  |  | 10 |  |  | 1,111 |  |  | 23
Consumer |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | -
Total Impaired Loans with no allowance recorded: | $ | 29,185 |  | $ | 369 |  | $ | 40,941 |  | $ | 353 |  | $ | 28,376 |  | $ | 739 |  | $ | 50,163 |  | $ | 728
Loans with an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential one-to-four family | $ | 1,912 |  | $ | - |  | $ | 2,401 |  | $ | 67 |  | $ | 1,945 |  | $ | 37 |  | $ | 2,666 |  | $ | 99
Commercial and Multi-family |  | 1,688 |  |  | 3 |  |  | 11,347 |  |  | 102 |  |  | 4,735 |  |  | 266 |  |  | 8,997 |  |  | 231
Construction |  | 2,999 |  |  | 22 |  |  | 1,393 |  |  | 3 |  |  | 2,948 |  |  | 22 |  |  | 929 |  |  | 3
Commercial business(1) |  | 5,600 |  |  | - |  |  | 8,345 |  |  | 24 |  |  | 5,944 |  |  | 65 |  |  | 7,780 |  |  | 117
Home equity(2) |  | 300 |  |  | - |  |  | 383 |  |  | - |  |  | 301 |  |  | 5 |  |  | 405 |  |  | 2
Consumer |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | -
Total Impaired Loans with an allowance recorded: | $ | 12,499 |  | $ | 25 |  | $ | 23,869 |  | $ | 196 |  | $ | 15,873 |  | $ | 395 |  | $ | 20,777 |  | $ | 452
Total Impaired Loans: | $ | 41,684 |  | $ | 394 |  | $ | 64,810 |  | $ | 549 |  | $ | 44,249 |  | $ | 1,134 |  | $ | 70,940 |  | $ | 1,180
__________ (1)Includes business lines of credit. (2)Includes home equity lines of credit. The following table summarizes the recorded investment by portfolio class at June 30, 2022 and December 31, 2021. (in thousands):
|  | As of June 30, 2022 |  |  | As of December 31, 2021
|  | Recorded |  |  | Unpaid Principal |  |  | Related |  |  | Recorded |  |  | Unpaid Principal |  |  | Related
|  | Investment |  |  | Balance |  |  | Allowance |  |  | Investment |  |  | Balance |  |  | Allowance
Loans with no related allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential one-to-four family | $ | 2,878 |  | $ | 3,239 |  | $ | - |  | $ | 2,950 |  | $ | 3,300 |  | $ | -
Commercial and multi-family |  | 27,629 |  |  | 28,801 |  |  | - |  |  | 20,915 |  |  | 22,100 |  |  | -
Construction |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | -
Commercial business(1) |  | 709 |  |  | 975 |  |  | - |  |  | 2,114 |  |  | 6,905 |  |  | -
Home equity(2) |  | 472 |  |  | 472 |  |  | - |  |  | 779 |  |  | 780 |  |  | -
Total Impaired Loans with no related allowance recorded: | $ | 31,688 |  | $ | 33,487 |  | $ | - |  | $ | 26,758 |  | $ | 33,085 |  | $ | -
Loans with an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential one-to-four family | $ | 1,908 |  | $ | 1,929 |  | $ | 211 |  | $ | 2,011 |  | $ | 2,032 |  | $ | 265
Commercial and Multi-family |  | - |  |  | - |  |  | - |  |  | 10,830 |  |  | 14,494 |  |  | 1,690
Construction |  | 3,043 |  |  | 3,043 |  |  | 382 |  |  | 2,847 |  |  | 2,847 |  |  | 210
Commercial business(1) |  | 5,473 |  |  | 16,295 |  |  | 5,732 |  |  | 6,632 |  |  | 17,514 |  |  | 5,650
Home equity(2) |  | 299 |  |  | 299 |  |  | 8 |  |  | 304 |  |  | 304 |  |  | 13
Total Impaired Loans with an allowance recorded: | $ | 10,723 |  | $ | 21,566 |  | $ | 6,333 |  | $ | 22,624 |  | $ | 37,191 |  | $ | 7,828
Total Impaired Loans: | $ | 42,411 |  | $ | 55,053 |  | $ | 6,333 |  | $ | 49,382 |  | $ | 70,276 |  | $ | 7,828
__________ (1) Includes business lines of credit. ‎(2) Includes home equity lines of credit.
Troubled Debt Restructurings |
|  | At June 30, 2022 |  |  | At December 31, 2021
|  | (In thousands)
Recorded investment in TDRs: |  |  |  |  |
Accrual status | $ | 10,983 |  | $ | 12,402
Non-accrual status |  | 381 |  |  | 3,570
Total recorded investment in TDRs | $ | 11,364 |  | $ | 15,972
Delinquency Status of Total Loans | The following table sets forth the delinquency status of total loans receivable as of June 30, 2022:
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 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 | $ | 905 |  | $ | - |  | $ | - |  | $ | 905 |  | $ | 234,978 |  | $ | 235,883 |  | $ | -
Commercial and multi-family |  | 2,531 |  |  | - |  |  | 757 |  |  | 3,288 |  |  | 2,027,309 |  |  | 2,030,597 |  |  | -
Construction |  | - |  |  | - |  |  | 3,043 |  |  | 3,043 |  |  | 152,027 |  |  | 155,070 |  |  | -
Commercial business(1) |  | 535 |  |  | 3,092 |  |  | 2,819 |  |  | 6,446 |  |  | 175,422 |  |  | 181,868 |  |  | -
Home equity(2) |  | 320 |  |  | - |  |  | 30 |  |  | 350 |  |  | 51,458 |  |  | 51,808 |  |  | -
Consumer |  | - |  |  | - |  |  | - |  |  | - |  |  | 2,656 |  |  | 2,656 |  |  | -
Total | $ | 4,291 |  | $ | 3,092 |  | $ | 6,649 |  | $ | 14,032 |  | $ | 2,643,850 |  | $ | 2,657,882 |  | $ | -
_________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. The following table sets forth the delinquency status of total loans receivable at December 31, 2021:
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 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 | $ | 1,063 |  | $ | - |  | $ | 86 |  | $ | 1,149 |  | $ | 223,385 |  | $ | 224,534 |  | $ | -
Commercial and multi-family |  | 1,181 |  |  | - |  |  | 5,167 |  |  | 6,348 |  |  | 1,713,826 |  |  | 1,720,174 |  |  | -
Construction |  | 2,899 |  |  | - |  |  | 2,847 |  |  | 5,746 |  |  | 148,158 |  |  | 153,904 |  |  | -
Commercial business(1) |  | 405 |  |  | 166 |  |  | 6,775 |  |  | 7,346 |  |  | 183,793 |  |  | 191,139 |  |  | 3,124
Home equity(2) |  | 190 |  |  | - |  |  | 27 |  |  | 217 |  |  | 50,252 |  |  | 50,469 |  |  | -
Consumer |  | - |  |  | - |  |  | - |  |  | - |  |  | 3,717 |  |  | 3,717 |  |  | -
Total | $ | 5,738 |  | $ | 166 |  | $ | 14,902 |  | $ | 20,806 |  | $ | 2,323,131 |  | $ | 2,343,937 |  | $ | 3,124
(1) Includes business lines of credit. (2) Includes home equity lines of credit.
Non-Accruing Loans |
|  | As of June 30, 2022 |  |  | As of December 31, 2021
|  | (In Thousands) |  |  | (In Thousands)
Non-Accruing Loans: |  |  |  |  |
Residential one-to-four family | $ | 267 |  | $ | 282
Commercial and multi-family |  | 757 |  |  | 8,601
Construction |  | 3,043 |  |  | 2,847
Commercial business(1) |  | 5,104 |  |  | 3,132
Home equity(2) |  | 30 |  |  | 27
Total | $ | 9,201 |  | $ | 14,889
_________ (1) Includes business lines of credit. (2) Includes home equity lines of credit.
Loan Portfolio by Pass Rating | 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 June 30, 2022 (in thousands). As of June 30, 2022, the Company had no loans with the classified rating of doubtful or loss.
| Pass |  | Special Mention |  | Substandard |  | Total
Residential one-to-four family | $ | 235,127 |  | $ | 489 |  | $ | 267 |  | $ | 235,883
Commercial and multi-family |  | 1,987,912 |  |  | 20,585 |  |  | 22,100 |  |  | 2,030,597
Construction |  | 152,027 |  |  | - |  |  | 3,043 |  |  | 155,070
Commercial business(1) |  | 171,263 |  |  | 4,831 |  |  | 5,774 |  |  | 181,868
Home equity(2) |  | 51,517 |  |  | 49 |  |  | 242 |  |  | 51,808
Consumer |  | 2,656 |  |  | - |  |  | - |  |  | 2,656
Total Gross Loans | $ | 2,600,502 |  | $ | 25,954 |  | $ | 31,426 |  | $ | 2,657,882
_________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. 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, 2021 (in thousands). As of December 31, 2021, the Company had no loans with the classified rating of doubtful or loss.
| Pass |  | Special Mention |  | Substandard |  | Total
Residential one-to-four family | $ | 223,660 |  | $ | 505 |  | $ | 369 |  | $ | 224,534
Commercial and multi-family |  | 1,647,701 |  |  | 45,087 |  |  | 27,386 |  |  | 1,720,174
Construction |  | 151,057 |  |  | - |  |  | 2,847 |  |  | 153,904
Commercial business(1) |  | 178,056 |  |  | 4,767 |  |  | 8,316 |  |  | 191,139
Home equity(2) |  | 50,230 |  |  | - |  |  | 239 |  |  | 50,469
Consumer |  | 3,717 |  |  | - |  |  | - |  |  | 3,717
Total Gross Loans | $ | 2,254,421 |  | $ | 50,359 |  | $ | 39,157 |  | $ | 2,343,937
________ (1) Includes business lines of credit. (2) Includes home equity lines of credit.

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