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Loans Receivable and Allowance for Credit Losses (Tables) | 6 Months Ended
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Jun. 30, 2024
Loans Receivable and Allowance for Credit Losses [Abstract] |
Recorded Investment in Loans Receivable |
| June 30, 2024 |  | December 31, 2023
|  | (In Thousands)
Residential one-to-four family | $ | 242,706 |  | $ | 248,295
Commercial and multi-family |  | 2,340,385 |  |  | 2,434,115
Construction |  | 173,207 |  |  | 192,816
Commercial business(1) |  | 274,906 |  |  | 269,274
Business express |  | 100,449 |  |  | 102,928
Home equity(2) |  | 66,843 |  |  | 66,331
Consumer |  | 2,053 |  |  | 3,643
|  | 3,200,549 |  |  | 3,317,402
Less: |  |  |  |  |
Deferred loan fees, net |  | (3,381) |  |  | (4,086)
Allowance for credit losses |  | (35,243) |  |  | (33,608)
Total Loans, net | $ | 3,161,925 |  | $ | 3,279,708
(1) Excludes Business express loans. (2) Includes home equity lines of credit.
Allowance for Credit Losses | The following table sets forth the activity in the Company’s allowance for credit losses for the three and six months ended June 30, 2024, and the related portion of the allowances for credit losses that is allocated to each loan class, as of June 30, 2024 (in thousands):
| Residential |  |  | Commercial & Multi-family |  | Construction |  | Commercial Business (1) |  | Business Express |  | Home Equity (2) |  | Consumer |  | Total
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance, April 1, 2024 | $ | 2,163 |  | $ | 15,363 |  | $ | 3,237 |  | $ | 7,640 |  | $ | 5,030 |  | $ | 650 |  | $ | 480 |  | $ | 34,563
Charge-offs: |  | - |  |  | - |  |  | - |  |  | (538) |  |  | (794) |  |  | - |  |  | (446) |  |  | (1,778)
Recoveries: |  | 14 |  |  | - |  |  | - |  |  | 2 |  |  | 4 |  |  | - |  |  | - |  |  | 20
Provision (benefit): |  | (138) |  |  | (456) |  |  | (365) |  |  | 1,219 |  |  | 2,204 |  |  | (15) |  |  | (11) |  |  | 2,438
Ending Balance, June 30, 2024 |  | 2,039 |  |  | 14,907 |  |  | 2,872 |  |  | 8,323 |  |  | 6,444 |  |  | 635 |  |  | 23 |  |  | 35,243
Ending Balance attributable to loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated |  | - |  |  | 970 |  |  | - |  |  | 3,338 |  |  | 2,025 |  |  | - |  |  | - |  |  | 6,333
Collectively evaluated |  | 2,039 |  |  | 13,937 |  |  | 2,872 |  |  | 4,985 |  |  | 4,419 |  |  | 635 |  |  | 23 |  |  | 28,910
Ending Balance, June 30, 2024 |  | 2,039 |  |  | 14,907 |  |  | 2,872 |  |  | 8,323 |  |  | 6,444 |  |  | 635 |  |  | 23 |  |  | 35,243
Loans Receivables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated |  | 173 |  |  | 51,089 |  |  | 1,164 |  |  | 6,135 |  |  | 2,025 |  |  | 212 |  |  | - |  |  | 60,798
Collectively evaluated |  | 242,533 |  |  | 2,289,296 |  |  | 172,043 |  |  | 268,771 |  |  | 98,424 |  |  | 66,631 |  |  | 2,053 |  |  | 3,139,751
Total Gross Loans: | $ | 242,706 |  | $ | 2,340,385 |  | $ | 173,207 |  | $ | 274,906 |  | $ | 100,449 |  | $ | 66,843 |  | $ | 2,053 |  | $ | 3,200,549
(1) Excludes Business express loans. (2) Includes home equity lines of credit.
|  | Residential |  |  | Commercial & Multi-family |  | Construction |  | Commercial Business (1) |  |  | Business Express |  |  | Home Equity (2) |  | Consumer |  | Total
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance, January 1, 2024 |  | $ | 2,344 |  | $ | 16,301 |  | $ | 3,841 |  | $ | 5,811 |  | $ | 4,542 |  | $ | 691 |  | $ | 78 |  | $ | 33,608
Charge-offs: |  |  | - |  |  | - |  |  | - |  |  | (567) |  |  | (1,916) |  |  | - |  |  | (446) |  |  | (2,929)
Recoveries: |  |  | 25 |  |  | - |  |  | - |  |  | 5 |  |  | 8 |  |  | - |  |  | - |  |  | 38
Provision (benefit): |  |  | (330) |  |  | (1,394) |  |  | (969) |  |  | 3,074 |  |  | 3,810 |  |  | (56) |  |  | 391 |  |  | 4,526
Ending Balance, June 30, 2024 |  | $ | 2,039 |  | $ | 14,907 |  | $ | 2,872 |  | $ | 8,323 |  | $ | 6,444 |  | $ | 635 |  | $ | 23 |  | $ | 35,243
(1) Excludes Business express loans. (2) Includes home equity lines of credit. ‎ Note 7 - Loans Receivable and Allowance for Credit Losses (Continued) The following table sets forth the activity in the Company’s allowance for credit losses for the three months ended June 30, 2023, and the related portion of the allowances for credit losses that is allocated to each loan class, as of June 30, 2023 (in thousands):
| Residential |  |  | Commercial & Multi-family |  | Construction |  | Commercial Business (1) |  | Business Express |  | Home Equity (2) |  | Consumer |  | Total
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance, April 1, 2023 | $ | 2,361 |  | $ | 14,966 |  | $ | 3,850 |  | $ | 5,473 |  | $ | 1,518 |  | $ | 680 |  | $ | 34 |  | $ | 28,882
Charge-offs: |  | - |  |  | - |  |  | - |  |  | - |  |  | (39) |  |  | - |  |  | - |  |  | (39)
Recoveries: |  | 12 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 12
Provision (benefit): |  | 80 |  |  | 79 |  |  | 240 |  |  | (94) |  |  | 1,006 |  |  | 42 |  |  | (3) |  |  | 1,350
Ending Balance, June 30, 2023 |  | 2,453 |  |  | 15,045 |  |  | 4,090 |  |  | 5,379 |  |  | 2,485 |  |  | 722 |  |  | 31 |  |  | 30,205
Ending Balance attributable to loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated |  | - |  |  | - |  |  | 608 |  |  | 1,898 |  |  | 266 |  |  | - |  |  | - |  |  | 2,772
Collectively evaluated |  | 2,453 |  |  | 15,045 |  |  | 3,482 |  |  | 3,481 |  |  | 2,219 |  |  | 722 |  |  | 31 |  |  | 27,433
Ending Balance, June 30, 2023 |  | 2,453 |  |  | 15,045 |  |  | 4,090 |  |  | 5,379 |  |  | 2,485 |  |  | 722 |  |  | 31 |  |  | 30,205
Loans Receivables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated |  | 356 |  |  | 17,108 |  |  | 5,604 |  |  | 4,703 |  |  | 266 |  |  | 212 |  |  | - |  |  | 28,249
Collectively evaluated |  | 249,989 |  |  | 2,473,775 |  |  | 173,552 |  |  | 267,898 |  |  | 96,081 |  |  | 61,383 |  |  | 3,994 |  |  | 3,326,672
Total Gross Loans: | $ | 250,345 |  | $ | 2,490,883 |  | $ | 179,156 |  | $ | 272,601 |  | $ | 96,347 |  | $ | 61,595 |  | $ | 3,994 |  | $ | 3,354,921
(1) Excludes Business express loans. (2) Includes home equity lines of credit.
|  | Residential |  |  | Commercial & Multi-family |  | Construction |  | Commercial Business (1) |  |  | Business Express |  |  | Home Equity (2) |  | Consumer |  | Unallocated |  | Total
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ending Balance December 31, 2022 |  |  | 2,474 |  |  | 21,749 |  |  | 2,094 |  |  | 4,495 |  |  | 872 |  |  | 485 |  |  | 24 |  |  | 180 |  |  | 32,373
Effect of adopting ASU No. 2016-13 ("CECL") |  |  | 144 |  |  | (7,123) |  |  | 1,387 |  |  | 1,734 |  |  | (316) |  |  | 182 |  |  | 7 |  |  | (180) |  |  | (4,165)
Beginning Balance, January 1, 2023 |  | $ | 2,618 |  | $ | 14,626 |  | $ | 3,481 |  | $ | 6,229 |  | $ | 556 |  | $ | 667 |  | $ | 31 |  | $ | - |  | $ | 28,208
Charge-offs: |  |  | - |  |  | - |  |  | - |  |  | (1) |  |  | (39) |  |  | - |  |  | - |  |  | - |  |  | (40)
Recoveries: |  |  | 24 |  |  | - |  |  | - |  |  | 25 |  |  | - |  |  | 16 |  |  | - |  |  | - |  |  | 65
Provision (benefit): |  |  | (189) |  |  | 419 |  |  | 609 |  |  | (874) |  |  | 1,968 |  |  | 39 |  |  | - |  |  | - |  |  | 1,972
Ending Balance, June 30, 2023 |  | $ | 2,453 |  | $ | 15,045 |  | $ | 4,090 |  | $ | 5,379 |  | $ | 2,485 |  | $ | 722 |  | $ | 31 |  | $ | - |  | $ | 30,205
(1) Excludes Business express loans. (2) Includes home equity lines of credit. The following table sets forth the amount recorded in loans receivable at December 31, 2023. The table also details the amount of total loans receivable that are evaluated individually and collectively, and the related portion of the allowance for credit losses that is allocated to each loan class (in thousands):
| Residential |  | Commercial & Multi-family |  | Construction |  | Commercial Business (1) |  | Business Express |  | Home Equity (2) |  | Consumer |  | Unallocated |  | Total
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ending Balance, December 31, 2022 | $ | 2,474 |  | $ | 21,749 |  | $ | 2,094 |  | $ | 4,495 |  | $ | 872 |  | $ | 485 |  | $ | 24 |  | $ | 180 |  | $ | 32,373
Effect of adopting ASU No. 2016-13 ("CECL") |  | 144 |  |  | (7,123) |  |  | 1,387 |  |  | 1,734 |  |  | (316) |  |  | 182 |  |  | 7 |  |  | (180) |  |  | (4,165)
Beginning Balance, January 1, 2023 | $ | 2,618 |  | $ | 14,626 |  | $ | 3,481 |  | $ | 6,229 |  | $ | 556 |  | $ | 667 |  | $ | 31 |  | $ | - |  | $ | 28,208
Charge-offs: |  | - |  |  | - |  |  | - |  |  | - |  |  | (805) |  |  | - |  |  | - |  |  | - |  |  | (805)
Recoveries: |  | 45 |  |  | - |  |  | - |  |  | 29 |  |  | 11 |  |  | 16 |  |  | - |  |  | - |  |  | 101
Provision (benefit): |  | (319) |  |  | 1,675 |  |  | 360 |  |  | (447) |  |  | 4,780 |  |  | 8 |  |  | 47 |  |  | - |  |  | 6,104
Ending Balance, December 31, 2023 | $ | 2,344 |  | $ | 16,301 |  | $ | 3,841 |  | $ | 5,811 |  | $ | 4,542 |  | $ | 691 |  | $ | 78 |  | $ | - |  | $ | 33,608
Ending Balance attributable to loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated | $ | - |  | $ | 990 |  | $ | 310 |  | $ | 2,132 |  | $ | 797 |  | $ | - |  | $ | - |  | $ | - |  | $ | 4,229
Collectively evaluated |  | 2,344 |  |  | 15,311 |  |  | 3,531 |  |  | 3,679 |  |  | 3,745 |  |  | 691 |  |  | 78 |  |  | - |  |  | 29,379
Ending Balance, December 31, 2023 | $ | 2,344 |  | $ | 16,301 |  | $ | 3,841 |  | $ | 5,811 |  | $ | 4,542 |  | $ | 691 |  | $ | 78 |  | $ | - |  | $ | 33,608
Loans Receivables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated | $ | 444 |  | $ | 42,259 |  | $ | 4,292 |  | $ | 6,015 |  | $ | 797 |  | $ | 212 |  | $ | - |  | $ | - |  | $ | 54,019
Collectively evaluated |  | 247,851 |  |  | 2,391,856 |  |  | 188,524 |  |  | 263,259 |  |  | 102,131 |  |  | 66,119 |  |  | 3,643 |  |  | - |  |  | 3,263,383
Total Gross Loans | $ | 248,295 |  | $ | 2,434,115 |  | $ | 192,816 |  | $ | 269,274 |  | $ | 102,928 |  | $ | 66,331 |  | $ | 3,643 |  | $ | - |  | $ | 3,317,402
(1) Excludes Business express loans. (2) Includes home equity lines of credit.
Allowance for Credit Losses on Off-Balance Sheet Exposures |
|  | Three Months Ended June 30, 2024 |  |  | Six Months Ended June 30, 2024
Allowance for Credit Losses: |  |  |  |  |
Beginning Balance | $ | 759 |  | $ | 694
Benefit for credit losses |  | (156) |  |  | (91)
Balance at June 30, 2024 | $ | 603 |  | $ | 603
|  | Three Months Ended June 30, 2023 |  |  | Six Months Ended June 30, 2023
Allowance for Credit Losses: |  |  |  |  |
Beginning Balance | $ | 689 |  | $ | -
Impact of adopting ASU No. 2016-13 ("CECL") effective January 1, 2023 |  | - |  |  | 1,266
Benefit for credit losses |  | (435) |  |  | (1,012)
Balance at June 30, 2023 | $ | 254 |  | $ | 254
Delinquency Status of Total Loans | The following table sets forth the delinquency status of total loans receivable as of June 30, 2024:
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 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 | $ | 4,905 |  | $ | 237 |  | $ | 173 |  | $ | 5,315 |  | $ | 237,391 |  | $ | 242,706 |  | $ | -
Commercial and multi-family |  | 20,945 |  |  | 797 |  |  | 23,897 |  |  | 45,639 |  |  | 2,294,746 |  |  | 2,340,385 |  |  | -
Construction |  | - |  |  | - |  |  | 1,164 |  |  | 1,164 |  |  | 172,043 |  |  | 173,207 |  |  | 577
Commercial business(1) |  | 4,542 |  |  | 1,287 |  |  | 2,273 |  |  | 8,102 |  |  | 266,804 |  |  | 274,906 |  |  | -
Business express |  | 3,766 |  |  | 3,535 |  |  | 50 |  |  | 7,351 |  |  | 93,098 |  |  | 100,449 |  |  | -
Home equity(2) |  | 981 |  |  | 81 |  |  | - |  |  | 1,062 |  |  | 65,781 |  |  | 66,843 |  |  | -
Consumer |  | - |  |  | 20 |  |  | - |  |  | 20 |  |  | 2,033 |  |  | 2,053 |  |  | -
Total | $ | 35,139 |  | $ | 5,957 |  | $ | 27,557 |  | $ | 68,653 |  | $ | 3,131,896 |  | $ | 3,200,549 |  | $ | 577
(1) Excludes Business express loans. (2) Includes home equity lines of credit. The following table sets forth the delinquency status of total loans receivable at December 31, 2023:
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 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 | $ | 4,701 |  | $ | - |  | $ | 270 |  | $ | 4,971 |  | $ | 243,324 |  | $ | 248,295 |  | $ | -
Commercial and multi-family |  | 1,853 |  |  | 7,876 |  |  | 6,842 |  |  | 16,571 |  |  | 2,417,544 |  |  | 2,434,115 |  |  | -
Construction |  | 3,641 |  |  | - |  |  | 586 |  |  | 4,227 |  |  | 188,589 |  |  | 192,816 |  |  | -
Commercial business(1) |  | 2,314 |  |  | 362 |  |  | 1,081 |  |  | 3,757 |  |  | 265,517 |  |  | 269,274 |  |  | -
Business express |  | 1,922 |  |  | 249 |  |  | 50 |  |  | 2,221 |  |  | 100,707 |  |  | 102,928 |  |  | -
Home equity(2) |  | 907 |  |  | - |  |  | - |  |  | 907 |  |  | 65,424 |  |  | 66,331 |  |  | -
Consumer |  | - |  |  | - |  |  | - |  |  | - |  |  | 3,643 |  |  | 3,643 |  |  | -
Total | $ | 15,338 |  | $ | 8,487 |  | $ | 8,829 |  | $ | 32,654 |  | $ | 3,284,748 |  | $ | 3,317,402 |  | $ | -
(1) Excludes Business express loans. (2) Includes home equity lines of credit. ‎
Amortized Cost Basis Of Loans Modified |
|  | For the three Months Ended June 30, 2024
|  | (In Thousands)
|  | Number |  |  | Payment Delay |  |  | Term Extension |  |  | Total Principal |  |  | % of Total Class of Financing Receivable
Business Express |  | 80 |  | $ | - |  | $ | 17,536 |  | $ | 17,536 |  |  | 17.46 | %
|  | For the Six Months Ended June 30, 2024
|  | (In Thousands)
|  | Number |  |  | Payment Delay |  |  | Term Extension |  |  | Total Principal |  |  | % of Total Class of Financing Receivable
Residential one-to-four family |  | 1 |  | $ | 177 |  | $ |  |  | $ | 177 |  |  | 0.07 | %
Business Express |  | 80 |  |  | - |  |  | 17,536 |  |  | 17,536 |  |  | 17.46 |
|  | 81 |  | $ | 177 |  | $ | 17,536 |  | $ | 17,713 |  |  | 0.55 | %
Loan Modifications |
| For the Six Months Ended June 30, 2024
| (In Thousands)
|  | Current |  |  | 30-59 Days Past Due |  |  | 60-90 Days Past Due |  |  | Non-accrual |  |  | Total
Residential one-to-four family | $ | - |  | $ | - |  | $ | - |  | $ | 177 |  | $ | 177
Business Express |  | 17,333 |  |  | - |  |  | - |  |  | 203 |  |  | 17,536
| $ | 17,333 |  | $ | - |  | $ | - |  | $ | 380 |  | $ | 17,713
Non-Accruing Loans |
| As of June 30, 2024
| (in Thousands)
|  | Nonaccrual loans with an Allowance for Credit Losses |  |  | Nonaccrual loans without an Allowance for Credit Losses |  |  | Total Nonaccrual loans |  |  | Amortized Cost of Loans Past due 90 days and Still Accruing
Residential one-to-four family | $ | - |  | $ | 350 |  | $ | 350 |  | $ | -
Commercial and multi-family |  | 2,029 |  |  | 25,767 |  |  | 27,796 |  |  | -
Construction |  | - |  |  | 586 |  |  | 586 |  |  | 577
Commercial business (1) |  | 1,544 |  |  | 1,926 |  |  | 3,470 |  |  | -
Business express loans |  | 203 |  |  | - |  |  | 203 |  |  | -
Home equity (2) |  | - |  |  | 43 |  |  | 43 |  |  | -
Consumer |  | - |  |  | - |  |  | - |  |  | -
Total | $ | 3,776 |  | $ | 28,672 |  | $ | 32,448 |  | $ | 577
(1) Excludes Business express loans. (2) Includes home equity lines of credit.
| As of December 31, 2023
| (in Thousands)
|  | Nonaccrual loans with an Allowance for Credit Losses |  |  | Nonaccrual loans without an Allowance for Credit Losses |  |  | Total Nonaccrual loans |  |  | Amortized Cost of Loans Past due 90 days and Still Accruing
Residential one-to-four family | $ | - |  | $ | 270 |  | $ | 270 |  | $ | -
Commercial and multi-family |  | 2,029 |  |  | 6,655 |  |  | 8,684 |  |  | -
Construction |  | 2,312 |  |  | 1,980 |  |  | 4,292 |  |  | -
Commercial business (1) |  | 2,050 |  |  | 2,892 |  |  | 4,942 |  |  | -
Business express loans |  | 549 |  |  | - |  |  | 549 |  |  | -
Home equity (2) |  | - |  |  | 46 |  |  | 46 |  |  | -
Total | $ | 6,940 |  | $ | 11,843 |  | $ | 18,783 |  | $ | -
(1) Excludes Business express loans. (2) Includes home equity lines of credit.
Loan Portfolio by Pass Rating | The following table summarizes the Company's loans by year of origination and internally assigned credit risk rating at June 30, 2024 and gross charge-offs for the six months ended June 30, 2024.
Loans by Year of Origination at June 30, 2024
|  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  | Revolving Loans |  | Revolving Loans to Term Loans |  | Total
Residential one-to-four family |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 2,498 | $ | 16,740 | $ | 52,329 | $ | 38,518 | $ | 31,014 | $ | 101,257 | $ | - | $ | - | $ | 242,356
Special Mention |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | -
Substandard |  | - |  | - |  | - |  | 173 |  | - |  | 177 |  | - |  | - |  | 350
Total one-to-four family | $ | 2,498 | $ | 16,740 | $ | 52,329 | $ | 38,691 | $ | 31,014 | $ | 101,434 | $ | - | $ | - | $ | 242,706
Commercial and multi-family |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 3,172 | $ | 215,327 | $ | 763,917 | $ | 192,100 | $ | 196,930 | $ | 784,482 | $ | 3,700 | $ | - | $ | 2,159,628
Special Mention |  | - |  | 9,836 |  | 33,988 |  | 29,927 |  | 15,500 |  | 19,622 |  | 140 |  | - |  | 109,013
Substandard |  | - |  | - |  | 14,799 |  | 2,812 |  | 3,575 |  | 50,558 |  | - |  | - |  | 71,744
Total Commercial and multi-family | $ | 3,172 | $ | 225,163 | $ | 812,704 | $ | 224,839 | $ | 216,005 | $ | 854,662 | $ | 3,840 | $ | - | $ | 2,340,385
Construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | - | $ | 31,766 | $ | 69,271 | $ | 51,141 | $ | 7,948 | $ | - | $ | 5,710 | $ | - | $ | 165,836
Special Mention |  | - |  | - |  | - |  | 3,366 |  | 991 |  | 1,850 |  | - |  | - |  | 6,207
Substandard |  | - |  | - |  | - |  | 578 |  | 586 |  | - |  | - |  | - |  | 1,164
Total Construction | $ | - | $ | 31,766 | $ | 69,271 | $ | 55,085 | $ | 9,525 | $ | 1,850 | $ | 5,710 | $ | - | $ | 173,207
Commercial business |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | - | $ | 2,496 |  | 282 |  | 2,090 | $ | 3,958 | $ | 35,873 | $ | 198,844 | $ | 781 | $ | 244,324
Special Mention |  | - |  | - |  | - |  | 571 |  | - |  | 3,576 |  | 14,899 |  | 439 |  | 19,485
Substandard |  | - |  | - |  | - |  | - |  | - |  | 3,810 |  | 5,314 |  | 1,973 |  | 11,097
Total Commercial business | $ | - | $ | 2,496 | $ | 282 | $ | 2,661 | $ | 3,958 | $ | 43,259 | $ | 219,057 | $ | 3,193 | $ | 274,906
Business express |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 78,602 | $ | 17,226 | $ | 95,828
Special Mention |  | - |  | - |  | - |  | - |  | - |  | - |  | 2,041 |  | 107 |  | 2,148
Substandard |  | - |  | - |  | - |  | - |  | - |  | - |  | 2,270 |  | 203 |  | 2,473
Total Business express | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 82,913 | $ | 17,536 | $ | 100,449
Home equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 156 | $ | 3,891 | $ | 1,435 | $ | 528 | $ | 738 | $ | 6,691 | $ | 52,403 | $ | 746 | $ | 66,588
Special Mention |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | -
Substandard |  | - |  | - |  | 43 |  | - |  | - |  | - |  | - |  | 212 |  | 255
Total Home equity | $ | 156 | $ | 3,891 | $ | 1,478 | $ | 528 | $ | 738 | $ | 6,691 | $ | 52,403 | $ | 958 | $ | 66,843
Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 302 | $ | 1,176 | $ | 430 | $ | 16 | $ | 102 | $ | 21 | $ | 6 | $ | - | $ | 2,053
Special Mention |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | -
Substandard |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | -
Total Consumer | $ | 302 | $ | 1,176 | $ | 430 | $ | 16 | $ | 102 | $ | 21 | $ | 6 | $ | - | $ | 2,053
Total Loans | $ | 6,128 | $ | 281,232 | $ | 936,494 | $ | 321,820 | $ | 261,342 | $ | 1,007,917 | $ | 363,929 | $ | 21,687 | $ | 3,200,549
Gross charge-offs | $ | 446 | $ | - | $ | - | $ | - | $ | - | $ | 567 | $ | 1,916 | $ | - | $ | 2,929
‎ Note 7 - Loans Receivable and Allowance for Credit Losses (Continued) The following table summarizes the Company's loans by year of origination and internally assigned credit risk rating at December 31, 2023.
Loans by Year of Origination at December 31, 2023
|  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | Prior |  | Revolving Loans |  | Revolving Loans to Term Loans |  | Total
Residential one-to-four family |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 17,080 | $ | 53,623 | $ | 38,178 | $ | 31,420 | $ | 12,067 | $ | 93,764 | $ | - | $ | - | $ | 246,132
Special Mention |  | - |  | 492 |  | 91 |  | - |  | - |  | - |  | - |  | - |  | 583
Substandard |  | - |  | - |  | 1,310 |  | - |  | - |  | 270 |  | - |  | - |  | 1,580
Total one-to-four family | $ | 17,080 | $ | 54,115 | $ | 39,579 | $ | 31,420 | $ | 12,067 | $ | 94,034 | $ | - | $ | - | $ | 248,295
Commercial and multi-family |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 222,435 | $ | 778,076 | $ | 224,823 | $ | 214,768 | $ | 50,755 | $ | 824,375 | $ | 1,922 | $ | - | $ | 2,317,154
Special Mention |  | 9,908 |  | 34,375 |  | - |  | - |  | 529 |  | 4,453 |  | 140 |  | - |  | 49,405
Substandard |  | - |  | 14,931 |  | 4,023 |  | 3,575 |  | - |  | 45,027 |  | - |  | - |  | 67,556
Total Commercial and multi-family | $ | 232,343 | $ | 827,382 | $ | 228,846 | $ | 218,343 | $ | 51,284 | $ | 873,855 | $ | 2,062 | $ | - | $ | 2,434,115
Construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 21,730 | $ | 74,180 | $ | 59,564 | $ | 21,462 | $ | - | $ | 5,878 | $ | 5,710 | $ | - | $ | 188,524
Special Mention |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | -
Substandard |  | - |  | 1,394 |  | - |  | 586 |  | - |  | 2,312 |  | - |  | - |  | 4,292
Total Construction | $ | 21,730 | $ | 75,574 | $ | 59,564 | $ | 22,048 | $ | - | $ | 8,190 | $ | 5,710 | $ | - | $ | 192,816
Commercial business |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 3,179 | $ | 297 | $ | 2,967 | $ | 4,234 | $ | 7,080 | $ | 33,675 | $ | 201,008 | $ | 150 | $ | 252,590
Special Mention |  | - |  | - |  | - |  | - |  | 317 |  | 830 |  | 4,410 |  | - |  | 5,557
Substandard |  | - |  | - |  | - |  | - |  | - |  | 4,703 |  | 6,424 |  | - |  | 11,127
Total Commercial business | $ | 3,179 | $ | 297 | $ | 2,967 | $ | 4,234 | $ | 7,397 | $ | 39,208 | $ | 211,842 | $ | 150 | $ | 269,274
Business express |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 101,531 | $ | - | $ | 101,531
Special Mention |  | - |  | - |  | - |  | - |  | - |  | - |  | 600 |  | - |  | 600
Substandard |  | - |  | - |  | - |  | - |  | - |  | - |  | 797 |  | - |  | 797
Total Business express | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 102,928 | $ | - | $ | 102,928
Home equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 5,022 | $ | 1,487 | $ | 553 | $ | 769 | $ | 1,280 | $ | 6,181 | $ | 50,111 | $ | 553 | $ | 65,956
Special Mention |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | -
Substandard |  | - |  | 46 |  | - |  | - |  | - |  | - |  | 117 |  | 212 |  | 375
Total Home equity | $ | 5,022 | $ | 1,533 | $ | 553 | $ | 769 | $ | 1,280 | $ | 6,181 | $ | 50,228 | $ | 765 | $ | 66,331
Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 1,497 | $ | 471 | $ | 1,521 | $ | 109 | $ | 39 | $ | - | $ | 6 | $ | - | $ | 3,643
Special Mention |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | -
Substandard |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | -
Total Consumer | $ | 1,497 | $ | 471 | $ | 1,521 | $ | 109 | $ | 39 | $ | - | $ | 6 | $ | - | $ | 3,643
Total Loans | $ | 280,851 | $ | 959,372 | $ | 333,030 | $ | 276,923 | $ | 72,067 | $ | 1,021,468 | $ | 372,776 | $ | 915 | $ | 3,317,402
Gross charge-offs | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 805 | $ | - | $ | 805

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