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Loans Receivable Held for Investment (Tables) | 9 Months Ended
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Sep. 30, 2023
Loans Receivable Held for Investment [Abstract] |
Loans Receivable Held for Investment | Loans receivable held for investment were as follows as of the dates indicated:
|  | September 30, 2023 |  |  | December 31, 2022 |
|  | (In thousands) |
Real estate: |  |  |  |  |  |
Single family |  | $ | 25,514 |  |  | $ | 30,038 |
Multi-family |  |  | 532,689 |  |  |  | 502,141 |
Commercial real estate |  |  | 116,100 |  |  |  | 114,574 |
Church |  |  | 12,896 |  |  |  | 15,780 |
Construction |  |  | 81,813 |  |  |  | 40,703 |
Commercial – other |  |  | 64,943 |  |  |  | 64,841 |
SBA loans (1) |  |  | 7,770 |  |  |  | 3,601 |
Consumer |  |  | 20 |  |  |  | 11 |
Gross loans receivable before deferred loan costs and premiums |  |  | 841,745 |  |  |  | 771,689 |
Unamortized net deferred loan costs and premiums |  |  | 1,368 |  |  |  | 1,755 |
Gross loans receivable |  |  | 843,113 |  |  |  | 773,444 |
Credit and interest marks on purchased loans, net |  |  | (858 | ) |  |  | (1,010 | )
Allowance for credit losses (2) |  |  | (6,899 | ) |  |  | (4,388 | )
Loans receivable, net |  | $ | 835,356 |  |  | $ | 768,046 |
(1) | Including Paycheck Protection Program (PPP) loans.
(2) | The allowance for credit losses as of December 31, 2022 was accounted for under ASC 450 and ASC 310, which is reflective of probable incurred losses as of the date of the consolidated statement of financial condition. Effective January 1, 2023, the allowance for credit losses is accounted for under ASC 326, which is reflective of estimated expected lifetime credit losses.
Carrying Amount of Purchased Credit Deteriorated Loans | The carrying amount of those loans was as follows:
|  | September 30, 2023 |  |  | December 31, 2022 |
|  | (In thousands) |
Real estate: |  |  |  |  |  |
Single family |  | $ | – |  |  | $ | 68 |
Commercial – other |  |  | 45 |  |  |  | 57 |
|  | $ | 45 |  |  | $ | 125 |
Accretable yield on Purchased Credit Deteriorated Loans | The following tables summarize the discount on the PCD loans for the periods indicated:
|  | Three Months Ended September 30, 2023 |  |  | Nine Months Ended September 30, 2023 |
|  | (In thousands) |
Balance at the beginning of the period |  | $ | 7 |  |  | $ | 27 |
Deduction due to payoffs |  |  | – |  |  |  | (12 | )
Accretion |  |  | (2 | ) |  |  | (10 | )
Balance at the end of the period |  | $ | 5 |  |  | $ | 5 |
|  | Three Months Ended September 30, 2022 |  |  | Nine Months Ended September 30, 2022 |
|  | (In thousands) |
Balance at the beginning of the period |  | $ | 160 |  |  | $ | 883 |
Deduction due to payoffs |  |  | (71 | ) |  |  | (810 | )
Accretion |  |  | (4 | ) |  |  | (20 | )
Balance at the end of the period |  | $ | 93 |  |  | $ | 93 |
Activity in Allowance for Credit Losses on Loans | The following tables summarize the activity in the allowance for credit losses on loans for the period indicated:
|  | Three Months Ended September 30, 2023 |
|  | Beginning Balance |  |  | Charge-offs |  |  | Recoveries |  |  | Provision (Recapture) (1) |  |  | Ending Balance |
|  | (In thousands) |
Loans receivable held for investment: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single family |  | $ | 247 |  |  | $ | – |  |  | $ | – |  |  | $ | (6 | ) |  | $ | 241 |
Multi-family |  |  | 4,255 |  |  |  | – |  |  |  | – |  |  |  | (8 | ) |  |  | 4,247 |
Commercial real estate |  |  | 1,012 |  |  |  | – |  |  |  | – |  |  |  | 9 |  |  |  | 1,021 |
Church |  |  | 83 |  |  |  | – |  |  |  | – |  |  |  | (4 | ) |  |  | 79 |
Construction |  |  | 788 |  |  |  | – |  |  |  | – |  |  |  | 59 |  |  |  | 847 |
Commercial - other |  |  | 546 |  |  |  | – |  |  |  | – |  |  |  | (121 | ) |  |  | 425 |
SBA loans |  |  | 39 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 39 |
Consumer |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Total |  | $ | 6,970 |  |  | $ | – |  |  | $ | – |  |  | $ | (71 | ) |  | $ | 6,899 |
|  | Nine Months Ended September 30, 2023 |
|  | Beginning Balance |  |  | Impact of CECL Adoption |  |  | Charge-offs |  |  | Recoveries |  |  | Provision (Recapture) (1) |  |  | Ending Balance |
|  | (In thousands) |
Loans receivable held for investment: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single family |  | $ | 109 |  |  | $ | 214 |  |  | $ | – |  |  | $ | – |  |  | $ | (82 | ) |  | $ | 241 |
Multi-family |  |  | 3,273 |  |  |  | 603 |  |  |  | – |  |  |  | – |  |  |  | 371 |  |  |  | 4,247 |
Commercial real estate |  |  | 449 |  |  |  | 466 |  |  |  | – |  |  |  | – |  |  |  | 106 |  |  |  | 1,021 |
Church |  |  | 65 |  |  |  | 37 |  |  |  | – |  |  |  | – |  |  |  | (23 | ) |  |  | 79 |
Construction |  |  | 313 |  |  |  | 219 |  |  |  | – |  |  |  | – |  |  |  | 315 |  |  |  | 847 |
Commercial - other |  |  | 175 |  |  |  | 254 |  |  |  | – |  |  |  | – |  |  |  | (4 | ) |  |  | 425 |
SBA loans |  |  | – |  |  |  | 20 |  |  |  | – |  |  |  | – |  |  |  | 19 |  |  |  | 39 |
Consumer |  |  | 4 |  |  |  | (4 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Total |  | $ | 4,388 |  |  | $ | 1,809 |  |  | $ | – |  |  | $ | – |  |  | $ | 702 |  |  | $ | 6,899 |
(1) | The bank also recorded a provision for off-balance sheet loan commitments of $69 thousand for the three months ended September 30, 2023 and $106 thousand for the nine months ended September 30, 2023.
The following tables present the activity in the allowance for loan losses by loan type for the periods indicated (in thousands):
|  | For the Three Months Ended September 30, 2022 |
|  | Real Estate |  |  |  |  |  |  |  |  |  |
|  | Single Family |  |  | Multi- Family |  |  | Commercial Real Estate |  |  | Church |  |  | Construction |  |  | Commercial - Other |  |  | Consumer |  |  | Total |
Beginning balance |  | $ | 120 |  |  | $ | 2,278 |  |  | $ | 153 |  |  | $ | 48 |  |  | $ | 221 |  |  | $ | 138 |  |  | $ | 4 |  |  | $ | 2,962 |
Provision for (recapture of) loan losses |  |  | (8 | ) |  |  | 641 |  |  |  | 142 |  |  |  | 6 |  |  |  | 187 |  |  |  | 53 |  |  |  | – |  |  |  | 1,021 |
Recoveries |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Loans charged off |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Ending balance |  | $ | 112 |  |  | $ | 2,919 |  |  | $ | 295 |  |  | $ | 54 |  |  | $ | 408 |  |  | $ | 191 |  |  | $ | 4 |  |  | $ | 3,983 |
|  | For the Nine Months Ended September 30, 2022 |
|  | Real Estate |  |  |  |  |  |  |  |  |  |
|  | Single Family |  |  | Multi- Family |  |  | Commercial Real Estate |  |  | Church |  |  | Construction |  |  | Commercial - Other |  |  | Consumer |  |  | Total |
Beginning balance |  | $ | 145 |  |  | $ | 2,657 |  |  | $ | 236 |  |  | $ | 103 |  |  | $ | 212 |  |  | $ | 23 |  |  | $ | 15 |  |  | $ | 3,391 |
Provision for (recapture of) loan losses |  |  | (33 | ) |  |  | 262 |  |  |  | 59 |  |  |  | (49 | ) |  |  | 196 |  |  |  | 168 |  |  |  | (11 | ) |  |  | 592 |
Recoveries |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Loans charged off |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Ending balance |  | $ | 112 |  |  | $ | 2,919 |  |  | $ | 295 |  |  | $ | 54 |  |  | $ | 408 |  |  | $ | 191 |  |  | $ | 4 |  |  | $ | 3,983 |
Collateral Dependent Loans By Collateral Type | The following table presents collateral dependent loans by collateral type as of the date indicated:
|  | September 30, 2023 |
|  | Single Family |  |  | Multi-Family Residential |  |  | Church |  |  | Business Assets |  |  | Total |
Real estate: |  | (In thousands) |
Single family |  | $ | 47 |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | 47 |
Multi family |  |  | – |  |  |  | 5,707 |  |  |  | – |  |  |  | – |  |  |  | 5,707 |
Commercial real estate |  |  | – |  |  |  | – |  |  |  | 69 |  |  |  | – |  |  |  | 69 |
Church |  |  | – |  |  |  | – |  |  |  | 395 |  |  |  | – |  |  |  | 395 |
Commercial – other |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 135 |  |  |  | 135 |
Total |  | $ | 47 |  |  | $ | 5,707 |  |  | $ | 464 |  |  | $ | 135 |  |  | $ | 6,353 |
Allowance for Loan Losses and Recorded Investment in Loans by Type of Loans and Based on Impairment Method | The following table presents the balance in the allowance for loan losses and the recorded investment (unpaid contractual principal balance less charge-offs, less interest applied to principal, plus unamortized deferred costs and premiums) by loan type and based on the impairment method as of the date indicated:
|  | December 31, 2022 |
|  | Real Estate |  |  |  |  |  |  |  |  |  |
|  | Single Family |  |  | Multi- Family |  |  | Commercial Real Estate |  |  | Church |  |  | Construction |  |  | Commercial - Other |  |  | Consumer |  |  | Total |
|  | (In thousands) |
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ending allowance balance attributable to loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment |  | $ | 3 |  |  | $ | – |  |  | $ | – |  |  | $ | 4 |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | 7 |
Collectively evaluated for impairment |  |  | 106 |  |  |  | 3,273 |  |  |  | 449 |  |  |  | 61 |  |  |  | 313 |  |  |  | 175 |  |  |  | 4 |  |  |  | 4,381 |
Total ending allowance balance |  | $ | 109 |  |  | $ | 3,273 |  |  | $ | 449 |  |  | $ | 65 |  |  | $ | 313 |  |  | $ | 175 |  |  | $ | 4 |  |  | $ | 4,388 |
Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans individually evaluated for impairment |  | $ | 57 |  |  | $ | – |  |  | $ | – |  |  | $ | 1,655 |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | 1,712 |
Loans collectively evaluated for impairment |  |  | 20,893 |  |  |  | 462,539 |  |  |  | 63,929 |  |  |  | 9,008 |  |  |  | 38,530 |  |  |  | 29,558 |  |  |  | 11 |  |  |  | 624,468 |
Subtotal |  |  | 20,950 |  |  |  | 462,539 |  |  |  | 63,929 |  |  |  | 10,663 |  |  |  | 38,530 |  |  |  | 29,558 |  |  |  | 11 |  |  |  | 626,180 |
Loans acquired in the CFBanc merger |  |  | 9,088 |  |  |  | 41,357 |  |  |  | 50,645 |  |  |  | 5,117 |  |  |  | 2,173 |  |  |  | 38,884 |  |  |  | – |  |  |  | 147,264 |
Total ending loans balance |  | $ | 30,038 |  |  | $ | 503,896 |  |  | $ | 114,574 |  |  | $ | 15,780 |  |  | $ | 40,703 |  |  | $ | 68,442 |  |  | $ | 11 |  |  | $ | 773,444 |
Loans Individually Evaluated for Impairment by Loan Type | The following table presents information related to loans individually evaluated for impairment by loan type as of the dates indicated:
|  | December 31, 2022 |
|  | Unpaid Principal Balance |  |  | Recorded Investment |  |  | Allowance for Loan Losses Allocated |
|  | (In thousands) |
With no related allowance recorded: |  |  |  |  |  |  |  |  |
Church |  | $ | 1,572 |  |  | $ | 1,572 |  |  | $ | – |
With an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |
Single family |  |  | 57 |  |  |  | 57 |  |  |  | 3 |
Church |  |  | 83 |  |  |  | 83 |  |  |  | 4 |
Total |  | $ | 1,712 |  |  | $ | 1,712 |  |  | $ | 7 |
Average of Loans Individually Evaluated for Impairment by Loan Type and Related Interest Income | The following tables present the monthly average of loans individually evaluated for impairment by loan type and the related interest income for the periods indicated:
|  | Three Months Ended September 30, 2022 |  |  | Nine Months Ended September 30, 2022 |
|  | Average Recorded Investment |  |  | Cash Basis Interest Income Recognized |  |  | Average Recorded Investment |  |  | Cash Basis Interest Income Recognized |
|  | (In thousands) |
Single family |  | $ | 60 |  |  | $ | 1 |  |  | $ | 63 |  |  | $ | 3 |
Multi-family |  |  | 268 |  |  |  | 5 |  |  |  | 274 |  |  |  | 14 |
Church |  |  | 2,172 |  |  |  | 25 |  |  |  | 2,197 |  |  |  | 76 |
Commercial - other |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Total |  | $ | 2,500 |  |  | $ | 31 |  |  | $ | 2,534 |  |  | $ | 93 |
Aging of Recorded Investment in Past Due Loans by Loan Type | The following tables present the aging of the recorded investment in past due loans by loan type as of the dates indicated:
|  | September 30, 2023 |
|  | 30-59 Days Past Due |  |  | 60-89 Days Past Due |  |  | Greater than 90 Days Past Due |  |  | Total Past Due |  |  | Current |  |  | Total |
|  | (In thousands) |
Loans receivable held for investment: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single family |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | 25,514 |  |  | $ | 25,514 |
Multi-family |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 534,057 |  |  |  | 534,057 |
Commercial real estate |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 116,100 |  |  |  | 116,100 |
Church |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 12,896 |  |  |  | 12,896 |
Construction |  |  | 1,210 |  |  |  | – |  |  |  | – |  |  |  | 1,210 |  |  |  | 80,603 |  |  |  | 81,813 |
Commercial - other |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 64,943 |  |  |  | 64,943 |
SBA loans |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 7,770 |  |  |  | 7,770 |
Consumer |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 20 |  |  |  | 20 |
Total |  | $ | 1,210 |  |  | $ | – |  |  | $ | – |  |  | $ | 1,210 |  |  | $ | 841,903 |  |  | $ | 843,113 |
|  | December 31, 2022 |
|  | 30-59 Days Past Due |  |  | 60-89 Days Past Due |  |  | Greater than 90 Days Past Due |  |  | Total Past Due |  |  | Current |  |  | Total |
|  | (In thousands) |
Loans receivable held for investment: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single family |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | 30,038 |  |  | $ | 30,038 |
Multi-family |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 503,896 |  |  |  | 503,896 |
Commercial real estate |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 114,574 |  |  |  | 114,574 |
Church |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 15,780 |  |  |  | 15,780 |
Construction |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 40,703 |  |  |  | 40,703 |
Commercial - other |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 64,841 |  |  |  | 64,841 |
SBA loans |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 3,601 |  |  |  | 3,601 |
Consumer |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 11 |  |  |  | 11 |
Total |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | 773,444 |  |  | $ | 773,444 |
Recorded Investment in Non-accrual Loans by Loan Type | The following table presents the recorded investment in non-accrual loans by loan type as of the dates indicated:
|  | September 30, 2023 |  |  | December 31, 2022 |
|  | (In thousands) |
Loans receivable held for investment: |  |  |  |  |  |
Church |  | $ | – |  |  | $ | 144 |
Total non-accrual loans |  | $ | – |  |  | $ | 144 |
Loans Held for Investment Portfolio By Internal Risk Grading and By Year of Origination | The following table stratifies the loans held for investment portfolio by the Company’s internal risk grading, and by year of origination as of September 30, 2023:
|  | Term Loans Amortized Cost Basis by Origination Year |  |  |  |  |  |  |
|  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |  |  | 2019 |  |  | Prior |  |  | Revolving Loans |  |  | Total |
|  | (In thousands) |
Single family: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 4 |  |  | $ | – |  |  | $ | 3,743 |  |  | $ | 2,688 |  |  | $ | 2,271 |  |  | $ | 15,179 |  |  | $ | – |  |  | $ | 23,885 |
Watch |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 754 |  |  |  | – |  |  |  | 283 |  |  |  | – |  |  |  | 1,037 |
Special Mention |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 252 |  |  |  | – |  |  |  | 252 |
Substandard |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 340 |  |  |  | – |  |  |  | 340 |
Total |  | $ | 4 |  |  | $ | – |  |  | $ | 3,743 |  |  | $ | 3,442 |  |  | $ | 2,271 |  |  | $ | 16,054 |  |  | $ | – |  |  | $ | 25,514 |
YTD gross charge-offs |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | – |
Multi-family: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 46,126 |  |  | $ | 185,387 |  |  | $ | 149,777 |  |  | $ | 30,245 |  |  | $ | 45,639 |  |  | $ | 55,476 |  |  | $ | – |  |  | $ | 512,650 |
Watch |  |  | – |  |  |  | 3,300 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 967 |  |  |  | – |  |  |  | 4,267 |
Special Mention |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 904 |  |  |  | – |  |  |  | 1,352 |  |  |  | – |  |  |  | 2,256 |
Substandard |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 14,884 |  |  |  | – |  |  |  | 14,884 |
Total |  | $ | 46,126 |  |  | $ | 188,687 |  |  | $ | 149,777 |  |  | $ | 31,149 |  |  | $ | 45,639 |  |  | $ | 72,679 |  |  | $ | – |  |  | $ | 534,057 |
YTD gross charge-offs |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | – |
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 3,020 |  |  | $ | 25,280 |  |  | $ | 22,222 |  |  | $ | 16,862 |  |  | $ | 22,078 |  |  | $ | 20,299 |  |  | $ | – |  |  | $ | 109,761 |
Watch |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 1,088 |  |  |  | – |  |  |  | 1,088 |
Special Mention |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Substandard |  |  | – |  |  |  | – |  |  |  | – |  |  | $ | – |  |  | $ | – |  |  |  | 5,251 |  |  |  | – |  |  | $ | 5,251 |
Total |  | $ | 3,020 |  |  | $ | 25,280 |  |  | $ | 22,222 |  |  | $ | 16,862 |  |  | $ | 22,078 |  |  | $ | 26,638 |  |  | $ | – |  |  | $ | 116,100 |
YTD gross charge-offs |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | – |
Church: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 1,828 |  |  | $ | – |  |  | $ | – |  |  | $ | 3,985 |  |  | $ | – |  |  | $ | 5,463 |  |  | $ | – |  |  | $ | 11,276 |
Watch |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Special Mention |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 640 |  |  |  | – |  |  |  | – |  |  |  | 640 |
Substandard |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 980 |  |  |  | – |  |  |  | 980 |
Total |  | $ | 1,828 |  |  | $ | – |  |  | $ | – |  |  | $ | 3,985 |  |  | $ | 640 |  |  | $ | 6,443 |  |  | $ | – |  |  | $ | 12,896 |
YTD gross charge-offs |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | – |
Construction: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | – |  |  | $ | 1,115 |  |  | $ | 1,210 |  |  | $ | – |  |  | $ | – |  |  | $ | 2,117 |  |  | $ | – |  |  | $ | 4,442 |
Watch |  |  | 33,933 |  |  |  | 35,665 |  |  |  | 5,253 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 74,851 |
Special Mention |  |  | – |  |  |  | 2,520 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 2,520 |
Substandard |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Total |  | $ | 33,933 |  |  | $ | 39,300 |  |  | $ | 6,463 |  |  | $ | – |  |  | $ | – |  |  | $ | 2,117 |  |  | $ | – |  |  | $ | 81,813 |
YTD gross charge-offs |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | – |
Commercial – other: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 15,045 |  |  | $ | 2,637 |  |  | $ | 6,240 |  |  | $ | 3,723 |  |  | $ | 6,209 |  |  | $ | 24,730 |  |  | $ | – |  |  | $ | 58,584 |
Watch |  |  | – |  |  |  | 459 |  |  |  | 746 |  |  |  | 1,500 |  |  |  | 2,250 |  |  |  | 1,232 |  |  |  | – |  |  |  | 6,187 |
Special Mention |  |  | – |  |  |  | – |  |  |  | 172 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 172 |
Substandard |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Total |  | $ | 15,045 |  |  | $ | 3,096 |  |  | $ | 7,158 |  |  | $ | 5,223 |  |  | $ | 8,459 |  |  | $ | 25,962 |  |  | $ | – |  |  | $ | 64,943 |
YTD gross charge-offs |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | – |
SBA: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 4,550 |  |  | $ | 148 |  |  | $ | 2,453 |  |  | $ | – |  |  | $ | – |  |  | $ | 129 |  |  | $ | – |  |  | $ | 7,280 |
Watch |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Special Mention |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 490 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 490 |
Substandard |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Total |  | $ | 4,550 |  |  | $ | 148 |  |  | $ | 2,453 |  |  | $ | 490 |  |  | $ | – |  |  | $ | 129 |  |  | $ | – |  |  | $ | 7,770 |
YTD gross charge-offs |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | – |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 20 |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | 20 |
Watch |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Special Mention |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Substandard |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Total |  | $ | 20 |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | 20 |
YTD gross charge-offs |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | – |
Total loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 70,593 |  |  | $ | 214,567 |  |  | $ | 185,645 |  |  | $ | 57,503 |  |  | $ | 76,197 |  |  | $ | 123,393 |  |  | $ | – |  |  | $ | 727,898 |
Watch |  |  | 33,933 |  |  |  | 39,424 |  |  |  | 5,999 |  |  |  | 2,254 |  |  |  | 2,250 |  |  |  | 3,570 |  |  |  | – |  |  |  | 87,430 |
Special Mention |  |  | – |  |  |  | 2,520 |  |  |  | 172 |  |  |  | 1,394 |  |  |  | 640 |  |  |  | 1,604 |  |  |  | – |  |  |  | 6,330 |
Substandard |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 21,455 |  |  |  | – |  |  |  | 21,455 |
Total loans |  | $ | 104,526 |  |  | $ | 256,511 |  |  | $ | 191,816 |  |  | $ | 61,151 |  |  | $ | 79,087 |  |  | $ | 150,022 |  |  | $ | – |  |  | $ | 843,113 |
Total YTD gross charge-offs |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | – |
The following table stratifies the loan portfolio by the Company’s internal risk rating as of the date indicated:
|  | December 31, 2022 |
|  | Pass |  |  | Watch |  |  | Special Mention |  |  | Substandard |  |  | Doubtful |  |  | Loss |  |  | Total |
|  | (In thousands) |
Single family |  | $ | 29,022 |  |  | $ | 354 |  |  | $ | 260 |  |  | $ | 402 |  |  | $ | – |  |  | $ | – |  |  | $ | 30,038 |
Multi-family |  |  | 479,182 |  |  |  | 9,855 |  |  |  | 14,859 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 503,896 |
Commercial real estate |  |  | 104,066 |  |  |  | 4,524 |  |  |  | 1,471 |  |  |  | 4,513 |  |  |  | – |  |  |  | – |  |  |  | 114,574 |
Church |  |  | 14,505 |  |  |  | 728 |  |  |  | – |  |  |  | 547 |  |  |  | – |  |  |  | – |  |  |  | 15,780 |
Construction |  |  | 2,173 |  |  |  | 38,530 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 40,703 |
Commercial - other |  |  | 53,396 |  |  |  | 11,157 |  |  |  | – |  |  |  | 288 |  |  |  | – |  |  |  | – |  |  |  | 64,841 |
SBA |  |  | 3,032 |  |  |  | 569 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 3,601 |
Consumer |  |  | 11 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 11 |
Total |  | $ | 685,387 |  |  | $ | 65,717 |  |  | $ | 16,590 |  |  | $ | 5,750 |  |  | $ | – |  |  | $ | – |  |  | $ | 773,444 |

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