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Loans Receivable and Allowance for Credit Losses | 12 Months Ended
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Dec. 31, 2024
Loans Receivable and Allowance for Credit Losses [Abstract] |
Loans Receivable and Allowance for Credit Losses | Note 5 - Loans Receivable and Allowance for Credit losses The following table presents the recorded investment in loans receivable at December 31, 2024 and December 31, 2023 by segment and class:
| December 31, 2024 |  | December 31, 2023
| (In Thousands)
Loans: |  |  |  |  |
Residential one-to-four family | $ | 239,870 |  | $ | 248,295
Commercial and multi-family |  | 2,246,677 |  |  | 2,434,115
Construction |  | 135,434 |  |  | 192,816
Commercial business |  | 249,852 |  |  | 269,274
Business express |  | 92,947 |  |  | 102,928
Home equity (1) |  | 66,769 |  |  | 66,331
Consumer |  | 2,235 |  |  | 3,643
Total Loans |  | 3,033,784 |  |  | 3,317,402
Less: |  |  |  |  |
Deferred loan fees, net |  | (2,736) |  |  | (4,086)
Allowance for credit losses |  | (34,789) |  |  | (33,608)
|  | (37,525) |  |  | (37,694)
Total Loans, net | $ | 2,996,259 |  | $ | 3,279,708
(1) Includes home equity lines of credit. The Company occasionally transfers a portion of its originated commercial loans to participating lending partners. The amounts transferred have been accounted for as sales and are therefore not included in the Company’s accompanying consolidated statements of financial condition. The Company and its lending partners share proportionally in any gains or losses that may result from a borrower’s lack of compliance with contractual terms of the loan. The Company continues to service the loans, collects cash payments from the borrowers, remits payments (net of servicing fees), and disburses required escrow funds to relevant parties. ‎ Note 5 - Loans Receivable and Allowance for Credit losses (continued) At December 31, 2024 and 2023, loans serviced by the Bank for the benefit of others totaled $116.5 million and $135.4 million, respectively.
Related-Party Loans The Bank grants loans to its officers and directors and to their associates. The activity with respect to loans to directors, officers and associates of such persons, is as follows:
| Years Ended December 31,
|  | 2024 |  |  | 2023
| (In Thousands)
Balance – beginning | $ | 28,208 |  | $ | 26,265
Loans originated |  | - |  |  | 2,882
Collections of principal |  | (1,703) |  |  | (939)
Balance - ending | $ | 26,505 |  | $ | 28,208
Allowance for Credit losses The Company engages a third-party vendor to assist in the CECL calculation and has established a robust internal governance framework to oversee the quarterly estimation process for the allowance for credit losses (“ACL”). The ACL calculation methodology relies on regression-based discounted cash flow (“DCF”) models that correlate relationships between certain financial metrics and external market and macroeconomic variables. The following are some of the key factors and assumptions that are used in the Company’s CECL calculations: methods based on probability of default and loss given default which are modeled based on macroeconomic scenarios; a reasonable and supportable forecast period determined based on management’s current review of macroeconomic environment; a reversion period after the reasonable and supportable forecast period; estimated prepayment rates based on the Company’s historical experience and future macroeconomic environment; estimated credit utilization rates based on the Company’s historical experience and future macroeconomic environment; and incorporation of qualitative factors not captured within the modeled results. The qualitative factors include but are not limited to changes in lending policies, business conditions, changes in the nature and size of the portfolio, portfolio concentrations, and external factors such as competition. Allowance for credit losses are aggregated for the major loan segments, with similar risk characteristics, summarized below. However, for the purposes of calculating the reserves, these segments may be further broken down into loan classes by risk characteristics that include but are not limited to regulatory call codes, industry type, geographic location, and collateral type. Residential one-to-four family real estate loans involve certain risks such as interest rate risk and risk of non-repayment. Adjustable-rate residential real estate loans decrease the interest rate risk to the Bank that is associated with changes in interest rates but involve other risks, primarily because as interest rates rise, the payment by the borrower rises to the extent permitted by the terms of the loan, thereby increasing the potential for default. At the same time, the marketability of the underlying properties may be adversely affected by higher interest rates. Repayment risk may be affected by a number of factors including, but not necessarily limited to, job loss, divorce, illness and personal bankruptcy of the borrower. Commercial and multi-family real estate lending entails additional risks as compared with residential family property lending. Such loans typically involve large loan balances to single borrowers or groups of related borrowers. The payment experience on such loans is typically dependent on the successful operation of the real estate project. The success of such projects is sensitive to changes in supply and demand conditions in the market for commercial real estate as well as general economic conditions. Construction lending is generally considered to involve a high risk due to the concentration of principal in a limited number of loans and borrowers and the effects of the general economic conditions on developers and builders. Moreover, a construction loan can involve additional risks because of the inherent difficulty in estimating both a property’s value at completion of the project and the estimated cost (including interest) of the project. The nature of these loans is such that they are generally difficult to evaluate and monitor. In addition, speculative construction loans to a builder are not necessarily pre-sold and thus pose a greater potential risk to the Bank than construction loans to individuals on their personal residence. Commercial business lending, including lines of credit, is generally considered higher risk due to the concentration of principal in a limited number of loans and borrowers and the effects of general economic conditions on the business. Commercial business loans are primarily secured by inventories and other business assets. In many cases, any repossessed collateral for a defaulted commercial business loan will not provide an adequate source of repayment of the outstanding loan balance. Home equity lending entails certain risks such as interest rate risk and risk of non-repayment. The marketability of the underlying property may be adversely affected by higher interest rates, decreasing the collateral value securing the loan. Repayment risk can be affected by job loss, divorce, illness and personal bankruptcy of the borrower. Home equity line of credit lending entails securing an equity interest in the borrower’s home. In many cases, the Bank’s position in these loans is as a junior lien holder to another institution’s superior lien. This type of lending is often priced on an adjustable rate basis with the rate set at or above a predefined index. Adjustable-rate loans decrease the interest rate risk to the Bank that is associated with changes in interest rates but involve other risks, primarily because as interest rates rise, the payment by the borrower rises to the extent permitted by the terms of the loan, thereby increasing the potential for default. Other consumer loans generally have more credit risk because of the type and nature of the collateral and, in certain cases, the absence of collateral. Consumer loans generally have shorter terms and higher interest rates than other lending. In addition, consumer lending collections are dependent on the borrower’s continuing financial stability, and thus are more likely to be adversely affected by job loss, divorce, illness and personal bankruptcy. In many cases, any repossessed collateral for a defaulted consumer loan will not provide an adequate source of repayment of the outstanding loan. ‎ Note 5- Loans Receivable and Allowance for Credit losses (continued) The following tables set forth the activity in the Bank’s allowance for credit losses and recorded investment in loans receivable at December 31, 2024, December 31, 2023 and December 31, 2022. The table also details the amount of total loans receivable, which are evaluated individually, and collectively, for impairment, 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: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance, December 31, 2023 | $ | 2,344 |  | $ | 16,301 |  | $ | 3,841 |  | $ | 5,811 |  | $ | 4,542 |  | $ | 691 |  | $ | 78 |  | $ | - |  | $ | 33,608
Charge-offs |  | - |  |  | (531) |  |  | - |  |  | (1,799) |  |  | (8,038) |  |  | - |  |  | (467) |  |  | - |  |  | (10,835)
Recoveries |  | 48 |  |  | - |  |  | - |  |  | 371 |  |  | 27 |  |  | - |  |  | - |  |  | - |  |  | 446
Provision (benefit) |  | (445) |  |  | (4,064) |  |  | (1,821) |  |  | 6,354 |  |  | 11,238 |  |  | (97) |  |  | 405 |  |  | - |  |  | 11,570
Ending Balance, December 31, 2024 | $ | 1,947 |  | $ | 11,706 |  | $ | 2,020 |  | $ | 10,737 |  | $ | 7,769 |  | $ | 594 |  | $ | 16 |  | $ | - |  | $ | 34,789
Ending Balance attributable to loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated | $ | - |  | $ | 1,473 |  | $ | - |  | $ | 4,725 |  | $ | 5,619 |  | $ | - |  | $ | - |  | $ | - |  | $ | 11,817
Collectively evaluated |  | 1,947 |  |  | 10,233 |  |  | 2,020 |  |  | 6,012 |  |  | 2,150 |  |  | 594 |  |  | 16 |  |  | - |  |  | 22,972
Ending Balance, December 31, 2024 | $ | 1,947 |  | $ | 11,706 |  | $ | 2,020 |  | $ | 10,737 |  | $ | 7,769 |  | $ | 594 |  | $ | 16 |  | $ | - |  | $ | 34,789
Loans Receivables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated | $ | 853 |  | $ | 64,735 |  | $ | 586 |  | $ | 11,163 |  | $ | 5,619 |  | $ | 443 |  | $ | - |  | $ | - |  | $ | 83,399
Collectively evaluated |  | 239,017 |  |  | 2,181,942 |  |  | 134,848 |  |  | 238,689 |  |  | 87,328 |  |  | 66,326 |  |  | 2,235 |  |  | - |  |  | 2,950,385
Total Gross Loans | $ | 239,870 |  | $ | 2,246,677 |  | $ | 135,434 |  | $ | 249,852 |  | $ | 92,947 |  | $ | 66,769 |  | $ | 2,235 |  | $ | - |  | $ | 3,033,784
(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 |  | - |  |  | - |  |  | - |  |  | - |  |  | (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. ‎ Note 5- Loans Receivable and Allowance for Credit losses (continued)
| Residential |  |  | Commercial & Multi-family |  | Construction |  | Commercial Business |  | Business Express |  | Home Equity (1) |  | Consumer |  | Unallocated |  | Total
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance, December 31, 2021 | $ | 4,094 |  | $ | 22,065 |  | $ | 2,231 |  | $ | 8,000 |  | $ | - |  | $ | 533 |  | $ | 14 |  | $ | 182 |  | $ | 37,119
Charge-offs |  | - |  |  | - |  |  | - |  |  | (2,095) |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (2,095)
Recoveries |  | 23 |  |  | - |  |  | - |  |  | 191 |  |  | - |  |  | 12 |  |  | 198 |  |  | - |  |  | 424
Provision (credit) |  | (1,643) |  |  | (316) |  |  | (137) |  |  | (1,601) |  |  | 872 |  |  | (60) |  |  | (188) |  |  | (2) |  |  | (3,075)
Ending Balance, December 31, 2022 | $ | 2,474 |  | $ | 21,749 |  | $ | 2,094 |  | $ | 4,495 |  | $ | 872 |  | $ | 485 |  | $ | 24 |  | $ | 180 |  | $ | 32,373
Ending Balance attributable to loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated | $ | 196 |  | $ | - |  | $ | 518 |  | $ | 2,066 |  | $ | - |  | $ | 4 |  | $ | - |  | $ | - |  | $ | 2,784
Collectively evaluated |  | 2,278 |  |  | 21,749 |  |  | 1,576 |  |  | 2,429 |  |  | 872 |  |  | 481 |  |  | 24 |  |  | 180 |  |  | 29,589
Ending Balance, December 31, 2022 | $ | 2,474 |  | $ | 21,749 |  | $ | 2,094 |  | $ | 4,495 |  | $ | 872 |  | $ | 485 |  | $ | 24 |  | $ | 180 |  | $ | 32,373
Loans Receivables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated | $ | 5,147 |  | $ | 15,397 |  | $ | 3,180 |  | $ | 3,821 |  | $ | - |  | $ | 727 |  | $ | - |  | $ | - |  | $ | 28,272
Collectively evaluated |  | 244,976 |  |  | 2,329,832 |  |  | 141,751 |  |  | 211,619 |  |  | 66,567 |  |  | 56,161 |  |  | 3,240 |  |  | - |  |  | 3,054,146
Total Gross Loans | $ | 250,123 |  | $ | 2,345,229 |  | $ | 144,931 |  | $ | 215,440 |  | $ | 66,567 |  | $ | 56,888 |  | $ | 3,240 |  | $ | - |  | $ | 3,082,418
(1) Includes home equity lines of credit. The following table presents the activity in the allowance for credit losses on off-balance sheet exposures for the years ended December 31, 2024, and 2023.
|  | Twelve Months Ended December 31, 2024 |  |  | Twelve Months Ended December 31, 2023
Allowance for Credit Losses: |  |  |  |  |
Beginning Balance | $ | 694 |  | $ | -
Impact of adopting ASU No. 2016-13 ("CECL") effective January 1, 2023 |  | - |  |  | 1,266
Provision (benefit) for credit losses |  | 119 |  |  | (572)
| $ | 813 |  | $ | 694
‎ Note 5- Loans Receivable and Allowance for Credit losses (continued) The tables below set forth the amounts and types of nonaccrual loans in the Bank’s loan portfolio at December 31, 2024, and 2023, respectively. Loans are generally placed on nonaccrual status when they become more than 90 days delinquent, or when the collection of principal and/or interest become doubtful. As of December 31, 2024, nonaccrual loans differed from the amount of total loans past due greater than 90 days due to loans 90 days past due but still accruing interest or loans that were previously 90 days past due both of which are maintained on nonaccrual status for a minimum of six months until the borrower has demonstrated their ability to satisfy the terms of the loan.
| As of December 31, 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 | $ | 534 |  | $ | 853 |  | $ | 1,387 |  | $ | -
Commercial and multi-family |  | 4,823 |  |  | 28,151 |  |  | 32,974 |  |  | 6,049
Construction |  | - |  |  | 586 |  |  | 586 |  |  | -
Commercial business |  | 5,208 |  |  | 2,425 |  |  | 7,633 |  |  | -
Business express |  | 1,706 |  |  | 191 |  |  | 1,897 |  |  | 1,677
Home equity (1) |  | - |  |  | 231 |  |  | 231 |  |  | -
Total | $ | 12,271 |  | $ | 32,437 |  | $ | 44,708 |  | $ | 7,726
(1) 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 |  | 2,599 |  |  | 2,892 |  |  | 5,491 |  |  | -
Business express |  | - |  |  | - |  |  | - |  |  | -
Home equity (1) |  | - |  |  | 46 |  |  | 46 |  |  | -
Total | $ | 6,940 |  | $ | 11,843 |  | $ | 18,783 |  | $ | -
(1) Includes home equity lines of credit. Had nonaccrual loans been performing in accordance with their original terms, the interest income recognized for the years ended December 31, 2024 and 2023 would have been approximately $5.6 million and $1.9 million, respectively. Interest income recognized on loans returned to accrual was approximately $1.4 million and $314,000, respectively. The Bank is not committed to lend additional funds to the borrowers whose loans have been placed on a nonaccrual status. At December 31, 2024, there were $7.7 million in loans which were more than ninety days past due and still accruing interest. At December 31, 2023, there were no loans that were more than ninety days past due and still accruing interest. ‎ Note 5- Loans Receivable and Allowance for Credit losses (continued) The following table sets forth the delinquency status of total loans receivable at December 31, 2024:
|  |  |  |  |  |  | Greater Than |  |  |  |  |  |  |  |  |  |  | Loans Receivable
| 30-59 Days |  | 60-90 Days |  | 90 Days |  | Total Past |  |  |  | Total Loans |  | >90 Days
| Past Due |  | Past Due |  | Past Due |  | Due |  | Current |  | Receivable |  | and Accruing
|  | (In Thousands)
Residential one-to-four family | $ | 3,229 |  | $ | - |  | $ | 302 |  | $ | 3,531 |  | $ | 236,339 |  | $ | 239,870 |  | $ | -
Commercial and multi-family |  | 8,279 |  |  | 2,673 |  |  | 30,903 |  |  | 41,855 |  |  | 2,204,822 |  |  | 2,246,677 |  |  | 6,049
Construction |  | - |  |  | 1,829 |  |  | 586 |  |  | 2,415 |  |  | 133,019 |  |  | 135,434 |  |  | -
Commercial business |  | 9,125 |  |  | 580 |  |  | 3,795 |  |  | 13,500 |  |  | 236,352 |  |  | 249,852 |  |  | -
Business express |  | 6,714 |  |  | 3,452 |  |  | 3,141 |  |  | 13,307 |  |  | 79,640 |  |  | 92,947 |  |  | 1,677
Home equity (1) |  | 1,846 |  |  | 18 |  |  | 231 |  |  | 2,095 |  |  | 64,674 |  |  | 66,769 |  |  | -
Consumer |  | - |  |  | - |  |  | - |  |  | - |  |  | 2,235 |  |  | 2,235 |  |  | -
Total | $ | 29,193 |  | $ | 8,552 |  | $ | 38,958 |  | $ | 76,703 |  | $ | 2,957,081 |  | $ | 3,033,784 |  | $ | 7,726
(1) Includes home equity lines of credit. The following table sets forth the delinquency status of total loans receivable at December 31, 2023:
|  |  |  |  |  |  | Greater Than |  |  |  |  |  |  |  |  |  |  | Loans Receivable
| 30-59 Days |  | 60-90 Days |  | 90 Days |  | Total Past |  |  |  |  | Total Loans |  | >90 Days
| 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 |  |  | 363 |  |  | 1,081 |  |  | 3,758 |  |  | 265,516 |  |  | 269,274 |  |  | -
Business express |  | 1,922 |  |  | 248 |  |  | 50 |  |  | 2,220 |  |  | 100,708 |  |  | 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. Modifications The Company adopted ASU 2022-02, Financial Instruments - Credit Losses (Topic 326) Troubled Debt Restructurings and Vintage Disclosures (“ASU 2022-02”) effective January 1, 2023. The amendments in ASU 2022-02 eliminated the recognition and measurement of troubled debt restructurings and enhanced disclosures for loan modifications to borrowers experiencing financial difficulty. The following table shows the amortized cost basis of loans modified to borrowers experiencing financial difficulty, disaggregated by loan category and type of concession granted for the twelve months ended December 31, 2024.
|  | For the Twelve Months Ended December 31, 2024
|  | (In Thousands)
|  | Number |  |  | Payment Delay |  |  | Term Extension |  | Rate & Term Reduction |  |  |  | Total Principal |  |  | % of Total Class of Financing Receivable
Residential one-to-four family |  | 1 |  | $ | 173 |  | $ | - | $ | - |  |  | $ | 173 |  |  | 0.07 | %
Commercial and multi-family |  | 1 |  |  | - |  |  | - |  | 15,036 |  |  |  | 15,036 |  |  | 0.67 |
Commercial business |  | 1 |  |  | 1,294 |  |  | - |  | - |  |  |  | 1,294 |  |  | 0.52 |
Business express |  | 276 |  |  | - |  |  | 63,299 |  | - |  |  |  | 63,299 |  |  | 68.10 |
|  | 279 |  | $ | 1,467 |  | $ | 63,299 | $ | 15,036 |  |  | $ | 79,802 |  |  | 2.63 | %
The following table presents loan modifications made during 2024 by payment status as of December 31, 2024.
| For the Twelve Months Ended December 31, 2024
| (In Thousands)
|  | Current |  |  | 30-59 Days Past Due |  |  | 60-90 Days Past Due |  | Greater than 90 Days Past Due & Accruing |  |  |  | Nonaccrual |  |  | Total
Residential one-to-four family | $ | - |  | $ | 173 |  | $ | - | $ | - |  |  | $ | - |  | $ | 173
Commercial and multi-family |  | 15,036 |  |  | - |  |  | - |  | - |  |  |  | - |  |  | 15,036
Commercial business |  | - |  |  | - |  |  | - |  | - |  |  |  | 1,294 |  |  | 1,294
Business express |  | 62,791 |  |  | 74 |  |  | - |  | - |  |  |  | 434 |  |  | 63,299
| $ | 77,827 |  | $ | 247 |  | $ | - | $ | - |  |  | $ | 1,728 |  | $ | 79,802
The Company monitors the performance of loans modified to borrowers experiencing financial difficulty to understand the effectiveness of the modification efforts. The Company did not have any loans that were both experiencing financial difficulty and modified during the twelve months ended During 31, 2023. ‎ Note 5 - Loans Receivable and Allowance for Credit losses (continued) Criticized and Classified Assets The Company’s policies provide for a classification system for problem assets. Under this classification system, problem assets are classified as “substandard,” “doubtful,” or “loss.” When the Company classifies problem assets, the Company may establish general allowances for credit losses in an amount deemed prudent by management. General allowances represent loss allowances which have been established to recognize the inherent risk associated with lending activities, but which, unlike specific allowances, have not been allocated to particular problem assets. A portion of general loss allowances established to cover possible losses related to assets classified as substandard or doubtful may be included in determining our regulatory capital. Specific valuation allowances for credit losses generally do not qualify as regulatory capital. As of December 31, 2024, the Company had $152.7 million in assets classified as substandard, of which $83.4 million were individually evaluated. As of December 31, 2023, the Company had $85.7 million in assets classified as substandard, of which $54.0 were also individually evaluated. The loans classified as substandard are comprised of unsecured commercial loans, and commercial loans secured by commercial real estate, commercial business assets, and residential real estate. The loans that have been classified substandard were classified as such primarily due to payment status, because updated financial information has not been timely provided, or the collateral underlying the loan is in the process of being revalued. The Company’s internal credit risk grades are based on the definitions currently utilized by the banking regulatory agencies. The grades assigned and definitions are as follows, and loans graded excellent, above average, good and watch list (risk ratings 1-5) are treated as “pass” for grading purposes. The “criticized” risk rating (6) and the “classified” risk ratings (7-9) are detailed below: 6 – Special Mention- Loans currently performing but with potential weaknesses including adverse trends in borrower’s operations, credit quality, financial strength, or possible collateral deficiency. 7 – Substandard- Loans that are inadequately protected by current sound worth, paying capacity, and collateral support. Loans on “nonaccrual” status. The loan needs special and corrective attention. 8 – Doubtful- Weaknesses in credit quality and collateral support make full collection improbable, but pending reasonable factors remain sufficient to defer the loss status. 9 – Loss- Continuance as a bankable asset is not warranted. However, this does not preclude future attempts at partial recovery. Residential, home equity, and consumer loans are rated pass at origination with subsequent adjustments based on delinquency status. ‎ Note 5 - Loans Receivable and Allowance for Credit losses (continued) The following table presents the loan portfolio types summarized by the aggregate pass rating and the classified ratings of special mention, substandard, doubtful, and loss within the Company’s internal risk rating system as of December 31, 2024, and 2023 (In Thousands):
Loans by Year of Origination at December 31, 2024
|  | 2024 |  |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |  |  | Prior |  |  | Revolving Loans |  |  | Revolving Loans to Term Loans |  |  | Total
Residential one-to-four family |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 12,059 |  | $ | 16,586 |  | $ | 47,544 |  | $ | 37,639 |  | $ | 28,550 |  | $ | 92,376 |  | $ | - |  | $ | - |  | $ | 234,754
Special Mention |  | - |  |  | - |  |  | 3,555 |  |  | - |  |  | - |  |  | 174 |  |  | - |  |  | - |  |  | 3,729
Substandard |  | - |  |  | - |  |  | 301 |  |  | 173 |  |  | - |  |  | 913 |  |  | - |  |  | - |  |  | 1,387
Total one-to-four family | $ | 12,059 |  | $ | 16,586 |  | $ | 51,400 |  | $ | 37,812 |  | $ | 28,550 |  | $ | 93,463 |  | $ | - |  | $ | - |  | $ | 239,870
Commercial and multi-family |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 9,105 |  | $ | 202,931 |  | $ | 631,493 |  | $ | 157,054 |  | $ | 166,242 |  | $ | 709,239 |  | $ | 2,610 |  | $ | - |  | $ | 1,878,674
Special Mention |  | - |  |  | 9,761 |  |  | 132,712 |  |  | 37,600 |  |  | 9,232 |  |  | 47,756 |  |  | 140 |  |  | - |  |  | 237,201
Substandard |  | - |  |  | 10,115 |  |  | 33,958 |  |  | 13,070 |  |  | 11,782 |  |  | 61,877 |  |  | - |  |  | - |  |  | 130,802
Total Commercial and multi-family | $ | 9,105 |  | $ | 222,807 |  | $ | 798,163 |  | $ | 207,724 |  | $ | 187,256 |  | $ | 818,872 |  | $ | 2,750 |  | $ | - |  | $ | 2,246,677
Construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 4 |  | $ | 34,906 |  | $ | 37,625 |  | $ | - |  | $ | - |  | $ | - |  | $ | 5,824 |  | $ | - |  | $ | 78,359
Special Mention |  | - |  |  | 1,521 |  |  | 3,792 |  |  | 47,174 |  |  | 3,745 |  |  | - |  |  | - |  |  | - |  |  | 56,232
Substandard |  | - |  |  | 257 |  |  | - |  |  | - |  |  | 586 |  |  | - |  |  | - |  |  | - |  |  | 843
Total Construction | $ | 4 |  | $ | 36,684 |  | $ | 41,417 |  | $ | 47,174 |  | $ | 4,331 |  | $ | - |  | $ | 5,824 |  | $ | - |  | $ | 135,434
Commercial business |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | - |  | $ | 2,477 |  | $ | 266 |  | $ | 475 |  | $ | 3,711 |  | $ | 28,902 |  | $ | 163,444 |  | $ | 663 |  | $ | 199,938
Special Mention |  | - |  |  | 8,874 |  |  | - |  |  | 1,878 |  |  | 194 |  |  | 4,835 |  |  | 20,298 |  |  | 409 |  |  | 36,488
Substandard |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 5,884 |  |  | 7,542 |  |  | - |  |  | 13,426
Total Commercial business | $ | - |  | $ | 11,351 |  | $ | 266 |  | $ | 2,353 |  | $ | 3,905 |  | $ | 39,621 |  | $ | 191,284 |  | $ | 1,072 |  | $ | 249,852
Business express |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | 23,739 |  | $ | 59,189 |  | $ | 82,928
Special Mention |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 1,506 |  |  | 2,894 |  |  | 4,400
Substandard |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 3,082 |  |  | 2,537 |  |  | 5,619
Total Business express | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | 28,327 |  | $ | 64,620 |  | $ | 92,947
Home equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 300 |  | $ | 3,767 |  | $ | 1,369 |  | $ | 501 |  | $ | 549 |  | $ | 5,754 |  | $ | 51,829 |  | $ | 2,186 |  | $ | 66,255
Special Mention |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 18 |  |  | - |  |  | - |  |  | 18
Substandard |  | - |  |  | - |  |  | 53 |  |  | - |  |  | 81 |  |  | - |  |  | - |  |  | 362 |  |  | 496
Total Home equity | $ | 300 |  | $ | 3,767 |  | $ | 1,422 |  | $ | 501 |  | $ | 630 |  | $ | 5,772 |  | $ | 51,829 |  | $ | 2,548 |  | $ | 66,769
Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 623 |  | $ | 1,117 |  | $ | 389 |  | $ | 5 |  | $ | 95 |  | $ | - |  | $ | 6 |  | $ | - |  | $ | 2,235
Special Mention |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | -
Substandard |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | -
Total Consumer | $ | 623 |  | $ | 1,117 |  | $ | 389 |  | $ | 5 |  | $ | 95 |  | $ | - |  | $ | 6 |  | $ | - |  | $ | 2,235
Total Loans | $ | 22,091 |  | $ | 292,312 |  | $ | 893,057 |  | $ | 295,569 |  | $ | 224,767 |  | $ | 957,728 |  | $ | 280,020 |  | $ | 68,240 |  | $ | 3,033,784
Gross charge-offs | $ | 446 |  | $ | 20 |  | $ | - |  | $ | 174 |  | $ | - |  | $ | 1,133 |  | $ | 8,381 |  | $ | 681 |  | $ | 10,835
‎ Note 5 - Loans Receivable and Allowance for Credit losses (continued)
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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