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Loans Receivable and Allowance for Loan Losses (Tables) | 9 Months Ended
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Sep. 30, 2022
Loans Receivable and Allowance for Loan Losses [Abstract] |
Recorded Investment in Loans Receivable |
| September 30, 2022 |  | December 31, 2021
|  | (In Thousands)
Residential one-to-four family | $ | 242,238 |  | $ | 224,534
Commercial and multi-family |  | 2,164,320 |  |  | 1,720,174
Construction |  | 153,103 |  |  | 153,904
Commercial business(1) |  | 205,661 |  |  | 191,139
Home equity(2) |  | 56,064 |  |  | 50,469
Consumer |  | 2,545 |  |  | 3,717
|  | 2,823,931 |  |  | 2,343,937
Less: |  |  |  |  |
Deferred loan fees, net |  | (3,721) |  |  | (1,876)
Allowance for loan losses |  | (33,195) |  |  | (37,119)
Total Loans, net | $ | 2,787,015 |  | $ | 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 nine months ended September 30, 2022, and the related portion of the allowances for loan losses that is allocated to each loan class, as of September 30, 2022 (in thousands):
| Residential |  |  | Commercial & Multi-family |  | Construction |  | Commercial Business (1) |  | Home Equity (2) |  | Consumer |  | Unallocated |  | Total
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance, July 1, 2022 | $ | 2,565 |  | $ | 21,157 |  | $ | 2,348 |  | $ | 7,639 |  | $ | 387 |  | $ | 17 |  |  | - |  | $ | 34,113
Charge-offs: |  | - |  |  | - |  |  | - |  |  | (931) |  |  |  |  |  | - |  |  | - |  |  | (931)
Recoveries: |  | 7 |  |  | - |  |  | - |  |  | 2 |  |  | 4 |  |  | - |  |  | - |  |  | 13
(Credit) Provisions: |  | (374) |  |  | 390 |  |  | 96 |  |  | (993) |  |  | 75 |  |  | 3 |  |  | 803 |  |  | -
Ending Balance, September 30, 2022 |  | 2,198 |  |  | 21,547 |  |  | 2,444 |  |  | 5,717 |  |  | 466 |  |  | 20 |  |  | 803 |  |  | 33,195
Ending Balance attributable to loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment |  | 204 |  |  | - |  |  | 519 |  |  | 3,509 |  |  | 6 |  |  | - |  |  | - |  |  | 4,238
Collectively evaluated for impairment |  | 1,994 |  |  | 21,547 |  |  | 1,925 |  |  | 2,208 |  |  | 460 |  |  | 20 |  |  | 803 |  |  | 28,957
Ending Balance, September 30, 2022 |  | 2,198 |  |  | 21,547 |  |  | 2,444 |  |  | 5,717 |  |  | 466 |  |  | 20 |  |  | 803 |  |  | 33,195
Loans Receivables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment |  | 4,914 |  |  | 27,090 |  |  | 3,180 |  |  | 4,607 |  |  | 733 |  |  | - |  |  | - |  |  | 40,524
Collectively evaluated for impairment |  | 237,324 |  |  | 2,137,230 |  |  | 149,923 |  |  | 201,054 |  |  | 55,331 |  |  | 2,545 |  |  | - |  |  | 2,783,407
Total Gross Loans: | $ | 242,238 |  | $ | 2,164,320 |  | $ | 153,103 |  | $ | 205,661 |  | $ | 56,064 |  | $ | 2,545 |  | $ | - |  | $ | 2,823,931
(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: |  |  | - |  |  | - |  |  | - |  |  | (1,703) |  |  | - |  |  | - |  |  | - |  |  | (1,703)
Recoveries: |  |  | 9 |  |  | - |  |  | - |  |  | 138 |  |  | 9 |  |  | 198 |  |  | - |  |  | 354
(Credit) Provisions: |  |  | (1,905) |  |  | (518) |  |  | 213 |  |  | (718) |  |  | (76) |  |  | (192) |  |  | 621 |  |  | (2,575)
Ending Balance, September 30, 2022 |  | $ | 2,198 |  | $ | 21,547 |  | $ | 2,444 |  | $ | 5,717 |  | $ | 466 |  | $ | 20 |  | $ | 803 |  | $ | 33,195
_____________________________ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(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 nine months ended September 30, 2021, and the related portion of the allowances for loan losses that is allocated to each loan class, as of September 30, 2021 (in thousands):
|  | Residential |  |  | Commercial & Multi-family |  | Construction |  | Commercial Business (1) |  | Home Equity (2) |  | Consumer |  | Unallocated |  | Total
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance, July 1, 2021 |  | $ | 2,911 |  | $ | 24,438 |  | $ | 2,341 |  | $ | 6,852 |  | $ | 294 | - | $ | 3 |  | $ | 633 |  | $ | 37,472
Charge-offs: |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | -
Recovery: |  |  | - |  |  | - |  |  | - |  |  | 1 |  |  | 3 |  |  | - |  |  | - |  |  | 4
(Credit) Provisions: |  |  | (75) |  |  | 370 |  |  | (307) |  |  | 879 |  |  | 19 |  |  | 20 |  |  | (226) |  |  | 680
Ending Balance September 30, 2021 |  | $ | 2,836 |  | $ | 24,808 |  | $ | 2,034 |  | $ | 7,732 |  | $ | 316 |  | $ | 23 |  | $ | 407 |  | $ | 38,156
Ending Balance attributable to loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment |  | $ | 276 |  | $ | 1,469 |  | $ | 150 |  | $ | 5,770 |  | $ | 16 |  | $ | - |  | $ | - |  | $ | 7,681
Collectively evaluated for impairment |  |  | 2,560 |  |  | 23,339 |  |  | 1,884 |  |  | 1,962 |  |  | 300 |  |  | 23 |  |  | 407 |  |  | 30,475
Ending Balance September 30, 2021 |  | $ | 2,836 |  | $ | 24,808 |  | $ | 2,034 |  | $ | 7,732 |  | $ | 316 |  | $ | 23 |  | $ | 407 |  | $ | 38,156
Loans Receivables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment |  | $ | 5,104 |  | $ | 39,356 |  | $ | 2,787 |  | $ | 10,343 |  | $ | 1,273 |  | $ | - |  | $ | - |  | $ | 58,863
Collectively evaluated for impairment |  |  | 219,226 |  |  | 1,700,620 |  |  | 146,289 |  |  | 151,073 |  |  | 50,836 |  |  | 2,730 |  |  | - |  |  | 2,270,774
Total Gross Loans: |  | $ | 224,330 |  | $ | 1,739,976 |  | $ | 149,076 |  | $ | 161,416 |  | $ | 52,109 |  | $ | 2,730 |  | $ | - |  | $ | 2,329,637
_____________________________ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(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 |  |  | - |  |  | - |  |  | 2 |  |  | - |  |  | 9 |  |  | - |  |  | 38
(Credit) Provisions: |  |  | (424) |  |  | 3,036 |  |  | 57 |  |  | 1,527 |  |  | 30 |  |  | 212 |  |  | 402 |  |  | 4,840
Ending Balance, September 30, 2021 |  | $ | 2,836 |  | $ | 24,808 |  | $ | 2,034 |  | $ | 7,732 |  | $ | 316 |  | $ | 23 |  | $ | 407 |  | $ | 38,156
_____________________________ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(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 nine months ended September 30, 2022 and 2021 (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 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 | $ | 2,862 |  | $ | 36 |  | $ | 3,050 |  | $ | 37 |  | $ | 2,881 |  | $ | 109 |  | $ | 2,973 |  | $ | 108
Commercial and Multi-family |  | 27,360 |  |  | 315 |  |  | 29,742 |  |  | 271 |  |  | 25,415 |  |  | 901 |  |  | 30,614 |  |  | 830
Construction |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 929 |  |  | 36
Commercial business(1) |  | 828 |  |  | 3 |  |  | 2,465 |  |  | 65 |  |  | 1,149 |  |  | 73 |  |  | 3,143 |  |  | 104
Home equity(2) |  | 488 |  |  | 7 |  |  | 938 |  |  | 12 |  |  | 474 |  |  | 17 |  |  | 1,048 |  |  | 35
Consumer |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | -
Total Impaired Loans with no allowance recorded: | $ | 31,538 |  | $ | 361 |  | $ | 36,195 |  | $ | 385 |  | $ | 29,919 |  | $ | 1,100 |  | $ | 38,707 |  | $ | 1,113
|  |  |  |  | - |  |  |  |  |  |  |  |  |  |  |  | - |  |  |  |  |  |
Loans with an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential one-to-four family | $ | 1,989 |  |  | 24 |  | $ | 2,110 |  | $ | 66 |  | $ | 1,964 |  | $ | 61 |  | $ | 2,302 |  | $ | 165
Commercial and Multi-family |  |  |  |  | - |  |  | 10,942 |  |  | 100 |  |  | 1,125 |  |  | 266 |  |  | 11,204 |  |  | 331
Construction |  | 3,112 |  |  | - |  |  | 2,787 |  |  | 3 |  |  | 3,059 |  |  | 22 |  |  | 1,858 |  |  | 6
Commercial business(1) |  | 4,567 |  |  | - |  |  | 8,197 |  |  | 24 |  |  | 4,953 |  |  | 65 |  |  | 8,388 |  |  | 141
Home equity(2) |  | 264 |  |  | - |  |  | 340 |  |  | - |  |  | 276 |  |  | 5 |  |  | 368 |  |  | 2
Consumer |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | -
Total Impaired Loans with an allowance recorded: | $ | 9,932 |  | $ | 24 |  | $ | 24,376 |  | $ | 193 |  | $ | 11,377 |  | $ | 419 |  | $ | 24,120 |  | $ | 645
|  |  |  |  | - |  |  |  |  |  |  |  |  |  |  |  | - |  |  |  |  |  |
Total Impaired Loans: | $ | 41,470 |  | $ | 385 |  | $ | 60,571 |  | $ | 578 |  | $ | 41,296 |  | $ | 1,519 |  | $ | 62,827 |  | $ | 1,758
__________ (1)Includes business lines of credit. (2)Includes home equity lines of credit. The following table summarizes the recorded investment by portfolio class at September 30, 2022 and December 31, 2021. (in thousands):
|  | As of September 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 | $ | 2,845 |  | $ | 3,209 |  | $ | - |  | $ | 2,950 |  | $ | 3,300 |  | $ | -
Commercial and multi-family |  | 27,090 |  |  | 28,266 |  |  | - |  |  | 20,915 |  |  | 22,100 |  |  | -
Construction |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | -
Commercial business(1) |  | 947 |  |  | 4,910 |  |  | - |  |  | 2,114 |  |  | 6,905 |  |  | -
Home equity(2) |  | 504 |  |  | 504 |  |  | - |  |  | 779 |  |  | 780 |  |  | -
Total Impaired Loans with no related allowance recorded: | $ | 31,386 |  | $ | 36,889 |  | $ | - |  | $ | 26,758 |  | $ | 33,085 |  | $ | -
Loans with an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential one-to-four family | $ | 2,069 |  | $ | 2,090 |  | $ | 204 |  | $ | 2,011 |  | $ | 2,032 |  | $ | 265
Commercial and Multi-family |  | - |  |  | - |  |  | - |  |  | 10,830 |  |  | 14,494 |  |  | 1,690
Construction |  | 3,180 |  |  | 3,180 |  |  | 519 |  |  | 2,847 |  |  | 2,847 |  |  | 210
Commercial business(1) |  | 3,660 |  |  | 8,519 |  |  | 3,509 |  |  | 6,632 |  |  | 17,514 |  |  | 5,650
Home equity(2) |  | 229 |  |  | 229 |  |  | 6 |  |  | 304 |  |  | 304 |  |  | 13
Total Impaired Loans with an allowance recorded: | $ | 9,138 |  | $ | 14,018 |  | $ | 4,238 |  | $ | 22,624 |  | $ | 37,191 |  | $ | 7,828
Total Impaired Loans: | $ | 40,524 |  | $ | 50,907 |  | $ | 4,238 |  | $ | 49,382 |  | $ | 70,276 |  | $ | 7,828
__________ (1) Includes business lines of credit. ‎(2) Includes home equity lines of credit.
Troubled Debt Restructurings |
|  | At September 30, 2022 |  |  | At December 31, 2021
|  | (In thousands)
Recorded investment in TDRs: |  |  |  |  |
Accrual status | $ | 10,503 |  | $ | 12,402
Non-accrual status |  | 483 |  |  | 3,570
Total recorded investment in TDRs | $ | 10,986 |  | $ | 15,972
Delinquency Status of Total Loans | The following table sets forth the delinquency status of total loans receivable as of September 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 | $ | 615 |  | $ | 187 |  | $ | 230 |  | $ | 1,032 |  | $ | 241,206 |  | $ | 242,238 |  | $ | 230
Commercial and multi-family |  | 2,245 |  |  | 356 |  |  | 757 |  |  | 3,358 |  |  | 2,160,962 |  |  | 2,164,320 |  |  | -
Construction |  | - |  |  | - |  |  | 3,180 |  |  | 3,180 |  |  | 149,923 |  |  | 153,103 |  |  | -
Commercial business(1) |  | 885 |  |  | 47 |  |  | 1,578 |  |  | 2,510 |  |  | 203,151 |  |  | 205,661 |  |  | -
Home equity(2) |  | 199 |  |  | - |  |  | - |  |  | 199 |  |  | 55,865 |  |  | 56,064 |  |  | -
Consumer |  |  |  |  | - |  |  | - |  |  | - |  |  | 2,545 |  |  | 2,545 |  |  | -
Total | $ | 3,944 |  | $ | 590 |  | $ | 5,745 |  | $ | 10,279 |  | $ | 2,813,652 |  | $ | 2,823,931 |  | $ | 230
_________ (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 September 30, 2022 |  |  | As of December 31, 2021
|  | (In Thousands) |  |  | (In Thousands)
Non-Accruing Loans: |  |  |  |  |
Residential one-to-four family | $ | 263 |  | $ | 282
Commercial and multi-family |  | 757 |  |  | 8,601
Construction |  | 3,180 |  |  | 2,847
Commercial business(1) |  | 4,305 |  |  | 3,132
Home equity(2) |  | - |  |  | 27
Total | $ | 8,505 |  | $ | 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 September 30, 2022 (in thousands). As of September 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 | $ | 241,324 |  | $ | 485 |  | $ | 429 |  | $ | 242,238
Commercial and multi-family |  | 2,122,215 |  |  | 20,064 |  |  | 22,041 |  |  | 2,164,320
Construction |  | 149,923 |  |  | - |  |  | 3,180 |  |  | 153,103
Commercial business(1) |  | 196,583 |  |  | 4,760 |  |  | 4,318 |  |  | 205,661
Home equity(2) |  | 55,803 |  |  | 49 |  |  | 212 |  |  | 56,064
Consumer |  | 2,545 |  |  | - |  |  | - |  |  | 2,545
Total Gross Loans | $ | 2,768,393 |  | $ | 25,358 |  | $ | 30,180 |  | $ | 2,823,931
_________ (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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