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Loans Receivable and Allowance for Credit Losses (Tables) | 9 Months Ended
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Sep. 30, 2024
Loans Receivable and Allowance for Credit Losses [Abstract] |
Recorded Investment in Loans Receivable |
| September 30, 2024 |  | December 31, 2023
|  | (In Thousands)
Residential one-to-four family | $ | 241,050 |  | $ | 248,295
Commercial and multi-family |  | 2,296,886 |  |  | 2,434,115
Construction |  | 146,471 |  |  | 192,816
Commercial business |  | 272,408 |  |  | 269,274
Business express |  | 98,957 |  |  | 102,928
Home equity (1) |  | 67,566 |  |  | 66,331
Consumer |  | 2,309 |  |  | 3,643
|  | 3,125,647 |  |  | 3,317,402
Less: |  |  |  |  |
Deferred loan fees, net |  | (3,040) |  |  | (4,086)
Allowance for credit losses |  | (34,693) |  |  | (33,608)
Total Loans, net | $ | 3,087,914 |  | $ | 3,279,708
(1) 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 nine months ended September 30, 2024, and the related portion of the allowance for credit losses that is allocated to each loan class, as of September 30, 2024 (in thousands):
| Residential |  |  | Commercial & Multi-family |  | Construction |  | Commercial Business |  | Business Express |  | Home Equity (1) |  | Consumer |  | Total
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance, July 1, 2024 | $ | 2,039 |  | $ | 14,907 |  | $ | 2,872 |  | $ | 8,323 |  | $ | 6,444 |  | $ | 635 |  | $ | 23 |  | $ | 35,243
Charge-offs: |  | - |  |  | - |  |  | - |  |  | - |  |  | (3,471) |  |  | - |  |  | - |  |  | (3,471)
Recoveries: |  | 8 |  |  | - |  |  | - |  |  | 22 |  |  | 1 |  |  | - |  |  | - |  |  | 31
Provision (benefit): |  | 30 |  |  | (1,371) |  |  | (496) |  |  | 531 |  |  | 4,168 |  |  | 10 |  |  | 18 |  |  | 2,890
Ending Balance, September 30, 2024 |  | 2,077 |  |  | 13,536 |  |  | 2,376 |  |  | 8,876 |  |  | 7,142 |  |  | 645 |  |  | 41 |  |  | 34,693
Ending Balance attributable to loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated |  | - |  |  | 971 |  |  | - |  |  | 2,025 |  |  | 3,052 |  |  | - |  |  | 20 |  |  | 6,068
Collectively evaluated |  | 2,077 |  |  | 12,565 |  |  | 2,376 |  |  | 6,851 |  |  | 4,090 |  |  | 645 |  |  | 21 |  |  | 28,625
Ending Balance, September 30, 2024 |  | 2,077 |  |  | 13,536 |  |  | 2,376 |  |  | 8,876 |  |  | 7,142 |  |  | 645 |  |  | 41 |  |  | 34,693
Loans Receivables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated |  | 235 |  |  | 56,869 |  |  | 586 |  |  | 4,993 |  |  | 3,052 |  |  | 293 |  |  | 20 |  |  | 66,048
Collectively evaluated |  | 240,815 |  |  | 2,240,017 |  |  | 145,885 |  |  | 267,415 |  |  | 95,905 |  |  | 67,273 |  |  | 2,289 |  |  | 3,059,599
Total Gross Loans: | $ | 241,050 |  | $ | 2,296,886 |  | $ | 146,471 |  | $ | 272,408 |  | $ | 98,957 |  | $ | 67,566 |  | $ | 2,309 |  | $ | 3,125,647
(1) Includes home equity lines of credit.
|  | Residential |  |  | Commercial & Multi-family |  | Construction |  | Commercial Business |  |  | Business Express |  |  | Home Equity (1) |  | 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) |  |  | (5,387) |  |  | - |  |  | (446) |  |  | (6,400)
Recoveries: |  |  | 33 |  |  | - |  |  | - |  |  | 27 |  |  | 9 |  |  | - |  |  | - |  |  | 69
Provision (benefit): |  |  | (300) |  |  | (2,765) |  |  | (1,465) |  |  | 3,605 |  |  | 7,978 |  |  | (46) |  |  | 409 |  |  | 7,416
Ending Balance, September 30, 2024 |  | $ | 2,077 |  | $ | 13,536 |  | $ | 2,376 |  | $ | 8,876 |  | $ | 7,142 |  | $ | 645 |  | $ | 41 |  | $ | 34,693
(1) 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 and nine months ended September 30, 2023, and the related portion of the allowance for credit losses that is allocated to each loan class, as of September 30, 2023 (in thousands):
| Residential |  |  | Commercial & Multi-family |  | Construction |  | Commercial Business |  | Business Express |  | Home Equity (1) |  | Consumer |  | Total
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance, July 1, 2023 | $ | 2,453 |  | $ | 15,045 |  | $ | 4,090 |  | $ | 5,379 |  | $ | 2,485 |  | $ | 722 |  | $ | 31 |  | $ | 30,205
Charge-offs: |  | - |  |  | - |  |  | - |  |  | - |  |  | (515) |  |  | - |  |  | - |  |  | (515)
Recoveries: |  | 14 |  |  | - |  |  | - |  |  | 5 |  |  | - |  |  | - |  |  | - |  |  | 19
Provision (benefit): |  | (23) |  |  | (595) |  |  | 573 |  |  | 2,782 |  |  | (485) |  |  | (54) |  |  | 7 |  |  | 2,205
Ending Balance, September 30, 2023 |  | 2,444 |  |  | 14,450 |  |  | 4,663 |  |  | 8,166 |  |  | 1,485 |  |  | 668 |  |  | 38 |  |  | 31,914
Ending Balance attributable to loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated |  | - |  |  | - |  |  | 608 |  |  | 1,914 |  |  | 250 |  |  | - |  |  | - |  |  | 2,772
Collectively evaluated |  | 2,444 |  |  | 14,450 |  |  | 4,055 |  |  | 6,252 |  |  | 1,235 |  |  | 668 |  |  | 38 |  |  | 29,142
Ending Balance, September 30, 2023 |  | 2,444 |  |  | 14,450 |  |  | 4,663 |  |  | 8,166 |  |  | 1,485 |  |  | 668 |  |  | 38 |  |  | 31,914
Loans Receivables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated |  | 355 |  |  | 23,843 |  |  | 4,931 |  |  | 6,277 |  |  | 250 |  |  | 212 |  |  | - |  |  | 35,868
Collectively evaluated |  | 251,490 |  |  | 2,421,044 |  |  | 180,271 |  |  | 262,977 |  |  | 101,008 |  |  | 65,834 |  |  | 3,647 |  |  | 3,286,271
Total Gross Loans: | $ | 251,845 |  | $ | 2,444,887 |  | $ | 185,202 |  | $ | 269,254 |  | $ | 101,258 |  | $ | 66,046 |  | $ | 3,647 |  | $ | 3,322,139
(1) Includes home equity lines of credit.
|  | Residential |  |  | Commercial & Multi-family |  | Construction |  | Commercial Business |  |  | Business Express |  |  | Home Equity (1) |  | 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) |  |  | (554) |  |  | - |  |  | - |  |  | - |  |  | (555)
Recoveries: |  |  | 38 |  |  | - |  |  | - |  |  | 30 |  |  | - |  |  | 16 |  |  | - |  |  | - |  |  | 84
Provision (benefit): |  |  | (212) |  |  | (176) |  |  | 1,182 |  |  | 1,908 |  |  | 1,483 |  |  | (15) |  |  | 7 |  |  | - |  |  | 4,177
Ending Balance, September 30, 2023 |  | $ | 2,444 |  | $ | 14,450 |  | $ | 4,663 |  | $ | 8,166 |  | $ | 1,485 |  | $ | 668 |  | $ | 38 |  | $ | - |  | $ | 31,914
(1) Includes home equity lines of credit. The following table sets forth the activity in the allowance for credit losses and amount recorded in loans receivable at and for the year ended 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 |  | Business Express |  | Home Equity (1) |  | 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) Includes home equity lines of credit.
Allowance for Credit Losses on Off-Balance Sheet Exposures |
|  | Three Months Ended September 30, 2024 |  |  | Nine Months Ended September 30, 2024
Allowance for Credit Losses: |  |  |  |  |
Beginning Balance | $ | 759 |  | $ | 694
Benefit for credit losses |  | (288) |  |  | (223)
Balance at September 30, 2024 | $ | 471 |  | $ | 471
|  | Three Months Ended September 30, 2023 |  |  | Nine Months Ended September 30, 2023
Allowance for Credit Losses: |  |  |  |  |
Beginning Balance | $ | 254 |  | $ | -
Impact of adopting ASU No. 2016-13 ("CECL") effective January 1, 2023 |  | - |  |  | 1,266
Provision (benefit) for credit losses |  | 148 |  |  | (864)
Balance at September 30, 2023 | $ | 402 |  | $ | 402
Delinquency Status of Total Loans | The following table sets forth the delinquency status of total loans receivable as of September 30, 2024:
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Loans Receivable
|  |  |  |  | Greater Than |  |  |  |  |  |  |  |  | >90 Days
| 30-59 Days |  | 60-90 Days |  | 90 Days |  | Total Past |  |  |  |  | Total Loans |  | Past Due
| Past Due |  | Past Due |  | Past Due |  | Due |  | Current |  | Receivable |  | and Accruing
|  | (In Thousands)
Residential one-to-four family | $ | 4,972 |  | $ | 391 |  | $ | 312 |  | $ | 5,675 |  | $ | 235,375 |  | $ | 241,050 |  | $ | -
Commercial and multi-family |  | 10,905 |  |  | 308 |  |  | 29,391 |  |  | 40,604 |  |  | 2,256,282 |  |  | 2,296,886 |  |  | 5,520
Construction |  | - |  |  | - |  |  | 586 |  |  | 586 |  |  | 145,885 |  |  | 146,471 |  |  | 313
Commercial business |  | 5,512 |  |  | 155 |  |  | 2,946 |  |  | 8,613 |  |  | 263,794 |  |  | 272,407 |  |  |
Business express |  | 9,776 |  |  | 3,750 |  |  | 387 |  |  | 13,913 |  |  | 85,044 |  |  | 98,957 |  |  | 387
Home equity (1) |  | 2,285 |  |  | 41 |  |  | 81 |  |  | 2,407 |  |  | 65,159 |  |  | 67,566 |  |  | -
Consumer |  | - |  |  | - |  |  | 2 |  |  | 2 |  |  | 2,307 |  |  | 2,309 |  |  | -
Total | $ | 33,450 |  | $ | 4,645 |  | $ | 33,705 |  | $ | 71,800 |  | $ | 3,053,847 |  | $ | 3,125,647 |  | $ | 6,220
(1) Includes home equity lines of credit. The following table sets forth the delinquency status of total loans receivable at December 31, 2023:
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Loans Receivable
|  |  |  |  | Greater Than |  |  |  |  |  |  |  |  | >90 Days
| 30-59 Days |  | 60-90 Days |  | 90 Days |  | Total Past |  |  |  |  | Total Loans |  | Past Due
| Past Due |  | Past Due |  | Past Due |  | 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 |  | 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 (1) |  | 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) Includes home equity lines of credit. ‎
Amortized Cost Basis Of Loans Modified |
|  | For the three Months Ended September 30, 2024
|  | (In Thousands)
|  | Number |  |  | Payment Delay |  |  | Term Extension |  |  | Total Principal |  |  | % of Total Class of Financing Receivable
Business Express |  | 114 |  | $ | - |  | $ | 25,688 |  | $ | 25,688 |  |  | 25.96 | %
|  | For the Nine Months Ended September 30, 2024
|  | (In Thousands)
|  | Number |  |  | Payment Delay |  |  | Term Extension |  |  | Total Principal |  |  | % of Total Class of Financing Receivable
Residential one-to-four family |  | 1 |  | $ | 174 |  | $ | - |  | $ | 174 |  |  | 0.07 | %
Business Express |  | 194 |  |  | - |  |  | 43,027 |  |  | 43,027 |  |  | 43.48 |
|  | 195 |  | $ | 174 |  | $ | 43,027 |  | $ | 43,201 |  |  | 1.38 | %
Loan Modifications |
| For the Nine Months Ended September 30, 2024
| (In Thousands)
|  | Current |  |  | 30-59 Days Past Due |  |  | 60-90 Days Past Due |  |  | Non-accrual |  |  | Total
Residential one-to-four family | $ | 174 |  | $ | - |  | $ | - |  | $ | - |  | $ | 174
Business Express |  | 42,581 |  |  | 249 |  |  | - |  |  | 197 |  |  | 43,027
| $ | 42,755 |  | $ | 249 |  | $ | - |  | $ | 197 |  | $ | 43,201
Non-Accruing Loans |
| As of September 30, 2024
| (in Thousands)
|  | Non-accrual loans with an Allowance for Credit Losses |  |  | Non-accrual loans without an Allowance for Credit Losses |  |  | Total Non-accrual loans |  |  | Amortized Cost of Loans Past due 90 days and Still Accruing
Residential one-to-four family | $ | 174 |  | $ | 236 |  | $ | 410 |  | $ | -
Commercial and multi-family |  | 5,853 |  |  | 21,840 |  |  | 27,693 |  |  | 5,520
Construction |  | - |  |  | 586 |  |  | 586 |  |  | 313
Commercial business |  | 5,766 |  |  | 535 |  |  | 6,301 |  |  | -
Business express loans |  | - |  |  | 197 |  |  | 197 |  |  | 387
Home equity (1) |  | 42 |  |  | 81 |  |  | 123 |  |  | -
Consumer |  | 20 |  |  | - |  |  | 20 |  |  | -
Total | $ | 11,855 |  | $ | 23,475 |  | $ | 35,330 |  | $ | 6,220
(1) Includes home equity lines of credit.
| As of December 31, 2023
| (in Thousands)
|  | Non-accrual loans with an Allowance for Credit Losses |  |  | Non-accrual loans without an Allowance for Credit Losses |  |  | Total Non-accrual 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 |  | 2,050 |  |  | 2,892 |  |  | 4,942 |  |  | -
Business express loans |  | 549 |  |  | - |  |  | 549 |  |  | -
Home equity (1) |  | - |  |  | 46 |  |  | 46 |  |  | -
Total | $ | 6,940 |  | $ | 11,843 |  | $ | 18,783 |  | $ | -
(1) 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 September 30, 2024 and gross charge-offs for the nine months ended September 30, 2024.
Loans by Year of Origination at September 30, 2024
|  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  | Revolving Loans |  | Revolving Loans to Term Loans |  | Total
Residential one-to-four family |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 4,537 | $ | 16,672 | $ | 48,458 | $ | 38,274 | $ | 30,808 | $ | 97,836 | $ | - | $ | - | $ | 236,585
Special Mention |  | - |  | - |  | 3,573 |  | - |  | - |  | 483 |  | - |  | - |  | 4,056
Substandard |  | - |  | - |  | - |  | 174 |  | - |  | 235 |  | - |  | - |  | 409
Total one-to-four family | $ | 4,537 | $ | 16,672 | $ | 52,031 | $ | 38,448 | $ | 30,808 | $ | 98,554 | $ | - | $ | - | $ | 241,050
Commercial and multi-family |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 4,796 | $ | 213,898 | $ | 729,222 | $ | 184,014 | $ | 170,664 | $ | 745,511 | $ | 3,700 | $ | - | $ | 2,051,805
Special Mention |  | - |  | 9,800 |  | 63,684 |  | 29,972 |  | 9,888 |  | 47,068 |  | 140 |  | - |  | 160,552
Substandard |  | - |  | - |  | 15,631 |  | 7,418 |  | 9,134 |  | 52,346 |  | - |  | - |  | 84,529
Total Commercial and multi-family | $ | 4,796 | $ | 223,698 | $ | 808,537 | $ | 221,404 | $ | 189,686 | $ | 844,925 | $ | 3,840 | $ | - | $ | 2,296,886
Construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 4 | $ | 36,722 | $ | 36,031 | $ | 25,143 | $ | - | $ | - | $ | 5,710 | $ | - | $ | 103,610
Special Mention |  | - |  | 834 |  | 1,716 |  | 31,304 |  | 6,571 |  | 1,850 |  | - |  | - |  | 42,275
Substandard |  | - |  | - |  | - |  | - |  | 586 |  | - |  | - |  | - |  | 586
Total Construction | $ | 4 | $ | 37,556 | $ | 37,747 | $ | 56,447 | $ | 7,157 | $ | 1,850 | $ | 5,710 | $ | - | $ | 146,471
Commercial business |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | - | $ | 2,487 |  | 274 |  | 830 | $ | 4,357 | $ | 30,151 | $ | 196,086 | $ | 741 | $ | 234,926
Special Mention |  | - |  | - |  | - |  | 1,879 |  | - |  | 6,702 |  | 19,479 |  | 424 |  | 28,484
Substandard |  | - |  | - |  | - |  | - |  | - |  | 4,507 |  | 3,494 |  | - |  | 8,001
Loss |  | - |  | - |  | - |  | - |  | - |  | - |  | 997 |  | - |  | 997
Total Commercial business | $ | - | $ | 2,487 | $ | 274 | $ | 2,709 | $ | 4,357 | $ | 41,360 | $ | 220,056 | $ | 1,165 | $ | 272,408
Business express |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 50,282 | $ | 40,617 | $ | 90,899
Special Mention |  | - |  | - |  | - |  | - |  | - |  | - |  | 3,595 |  | 1,166 |  | 4,761
Substandard |  | - |  | - |  | - |  | - |  | - |  | - |  | 1,517 |  | 1,780 |  | 3,297
Total Business express | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 55,394 | $ | 43,563 | $ | 98,957
Home equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 304 | $ | 3,828 | $ | 1,411 | $ | 515 | $ | 644 | $ | 6,050 | $ | 53,806 | $ | 673 | $ | 67,231
Special Mention |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | -
Substandard |  | - |  | - |  | 42 |  | - |  | 81 |  | - |  | - |  | 212 |  | 335
Total Home equity | $ | 304 | $ | 3,828 | $ | 1,453 | $ | 515 | $ | 725 | $ | 6,050 | $ | 53,806 | $ | 885 | $ | 67,566
Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 607 | $ | 1,148 | $ | 410 | $ | 14 | $ | 98 | $ | 6 | $ | 6 | $ | - | $ | 2,289
Special Mention |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | -
Substandard |  | - |  | 20 |  | - |  | - |  | - |  | - |  | - |  | - |  | 20
Total Consumer | $ | 607 | $ | 1,168 | $ | 410 | $ | 14 | $ | 98 | $ | 6 | $ | 6 | $ | - | $ | 2,309
Total Loans | $ | 10,248 | $ | 285,409 | $ | 900,452 | $ | 319,537 | $ | 232,831 | $ | 992,745 | $ | 338,812 | $ | 45,613 | $ | 3,125,647
Gross charge-offs | $ | 446 | $ | - | $ | - | $ | - | $ | - | $ | 567 | $ | 5,206 | $ | 181 | $ | 6,400
‎ 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 and gross charge-offs for the year ended 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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