13. CONCENTRATIONS

Loans

The following table presents the Company’s loan portfolio disaggregated by class of loan at December 31, 2016 and each class’s percentage of total loans and total assets (dollars in thousands):

At December 31,	2016		% of total loans			% of total assets
Commercial and industrial	$	189,410		11.3	%		9.1	%
Commercial real estate		731,986		43.7			35.0
Multifamily		402,935		24.0			19.3
Mixed use commercial		78,807		4.7			3.8
Real estate construction		41,028		2.4			2.0
Residential mortgages		185,112		11.1			8.8
Home equity		42,419		2.5			2.0
Consumer		4,867		0.3			0.2
Total loans	$	1,676,564		100.0	%		80.2	%

Commercial and industrial loans, unsecured or secured by collateral other than real estate, present significantly greater risk than other types of loans. The Company obtains, whenever possible, both the personal guarantees of the principal and cross-guarantees among the principal’s business enterprises. Commercial real estate loans (inclusive of multifamily and mixed use commercial loans) present greater risk than residential mortgages. The Company has attempted to minimize the risks of these loans by considering several factors, including the creditworthiness of the borrower, location, condition, value and the business prospects for the security property.

Investment Securities

The following presents the Company’s investment portfolio disaggregated by category of security at December 31, 2016 and each category’s percentage of total investment securities and total assets (dollars in thousands):

At December 31,	2016		% of total investment securities			% of total assets
U.S. Government agency securities	$	2,380		1.2	%		0.1	%
Corporate bonds		14,535		7.4			0.7
Collateralized mortgage obligations		17,452		8.8			0.8
Mortgage-backed securities		87,961		44.4			4.2
Obligations of states and political subdivisions		75,694		38.2			3.6
Total investment securities	$	198,022		100.0	%		9.4	%

Obligations of states and political subdivisions present slightly greater risk than securities backed by the U.S. Government, but significantly less risk than loans as they are backed by the full faith and taxing power of the issuer, most of which are located in the state of New York. MBS and CMOs are both backed by pools of mortgages. However, CMOs may provide more predictable cash flows since payments are assigned to specific tranches of securities in the order in which they are received.