Loans Receivable, Net (Tables)

12 Months Ended

Mar. 31, 2017

Loans and Leases Receivable Disclosure [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable

The following is a summary of loans receivable, net of allowance for loan losses, and loans held-for-sale at March 31:



	March 31, 2017					March 31, 2016 Restated ^(a)
$ in thousands	Amount			%		Amount			%
Gross loans receivable:
One-to-four family - Restated ^(a)	$	132,679		24	%	$	141,229		24	%
Multifamily - Restated ^(a)	87,824			16	%	94,210			16	%
Commercial real estate - Restated ^(a)	241,794			45	%	272,427			47	%
Construction	4,983			1	%	5,033			1	%
Business - Restated ^{(a) (1)}	65,151			12	%	71,038			12	%
Consumer ⁽²⁾	8,994			2	%	42			—	%
Total loans receivable	541,425			100	%	583,979			100	%

Unamortized premiums, deferred costs and fees, net	4,127					4,649

Allowance for loan losses	(5,060		)			(5,232		)
Total loans receivable, net	$	540,492				$	583,396

Loans held-for-sale - Restated ^(a)	$	944				$	2,436

^(a)March 31, 2016 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 19 for further detail.

⁽¹⁾Includes business overdrafts of $76 thousand and $103 thousand as of March 31, 2017 and 2016, respectively

⁽²⁾ Includes consumer overdrafts of $22 thousand and $39 thousand as of March 31, 2017 and 2016, respectively

Allowance for Loan Losses

The following is an analysis of the allowance for loan losses based upon the method of evaluating loan impairment for the fiscal year ended March 31, 2017:



$ in thousands	One-to-four family		Multifamily		Commercial Real Estate			Construction		Business			Consumer		Total
Allowance for loan losses:
Beginning Balance	$	1,697	$	622	$	1,808		$	62	$	1,022		$	21	$	5,232
Charge-offs	106		338		—			—		—			85		529
Recoveries	—		—		20			—		304			4		328
Provision for (Recovery of) Loan Losses	72		929		(332		)	44		(753		)	69		29
Ending Balance	$	1,663	$	1,213	$	1,496		$	106	$	573		$	9	$	5,060

Allowance for Loan Losses Ending Balance: collectively evaluated for impairment	1,357		1,207		1,490			106		532			7		4,699
Allowance for Loan Losses Ending Balance: individually evaluated for impairment	306		6		6			—		41			2		361

Loan Receivables Ending Balance	$	134,927	$	88,750	$	242,818		$	4,949	$	65,114		$	8,994	$	545,552
Ending Balance: collectively evaluated for impairment	129,420		87,148		239,323			4,949		61,027			8,992		530,859
Ending Balance: individually evaluated for impairment	5,507		1,602		3,495			—		4,087			2		14,693

The following is an analysis of the allowance for loan losses based upon the method of evaluating loan impairment for the fiscal year ended March 31, 2016:



$ in thousands	One-to-four family		Multifamily		Commercial Real Estate		Construction			Business			Consumer		Total
Allowance for loan losses:
Beginning Balance	$	1,970	$	502	$	1,029	$	99		$	813		$	15	$	4,428
Charge-offs	389		340		—		—			176			517		1,422
Recoveries	113		—		9		—			578			31		731
Provision for (Recovery of) Loan Losses	3		460		770		(37		)	(193		)	492		1,495
Ending Balance	$	1,697	$	622	$	1,808	$	62		$	1,022		$	21	$	5,232

Allowance for Loan Losses Ending Balance: collectively evaluated for impairment	1,602		622		1,787		62			548			21		4,642
Allowance for Loan Losses Ending Balance: individually evaluated for impairment	95		—		21		—			474			—		590

Loan Receivables Ending Balance - Restated ⁽¹⁾	$	143,653	$	95,580	$	273,400	$	5,000		$	70,953		$	42	$	588,628
Ending Balance: collectively evaluated for impairment - Restated ⁽¹⁾	139,017		93,811		267,106		5,000			64,087			42		569,063
Ending Balance: individually evaluated for impairment	4,636		1,769		6,294		—			6,866			—		19,565

Schedule of Nonaccrual Loans

The following is a summary of nonaccrual loans at March 31, 2017 and 2016.



$ in thousands	March 31, 2017		March 31, 2016
Loans accounted for on a nonaccrual basis:
Gross loans receivable:
One-to-four family	$	3,899	$	2,947
Multifamily	1,602		1,769
Commercial real estate	993		5,338
Business	1,922		3,896
Consumer	2		—
Total nonaccrual loans	$	8,418	$	13,950

Loans Receivable Credit Quality Indicators

As of March 31, 2017, and based on the most recent analysis performed in the current quarter, the risk category by class of loans is as follows:



$ in thousands	Multifamily		Commercial Real Estate		Construction		Business
Credit Risk Profile by Internally Assigned Grade:
Pass	$	87,148	$	238,552	$	4,949	$	58,555
Special Mention	—		771		—		133
Substandard	1,082		3,495		—		6,426
Doubtful	520		—		—		—
Loss	—		—		—		—
Total	$	88,750	$	242,818	$	4,949	$	65,114

	One-to-four family		Consumer
Credit Risk Profile Based on Payment Activity:
Performing	$	131,028	$	8,992
Non-Performing	3,899		2
Total	$	134,927	$	8,994

As of March 31, 2016, and based on the most recent analysis performed, the risk category by class of loans is as follows:



$ in thousands	Multifamily Restated ⁽¹⁾		Commercial Real Estate Restated ⁽¹⁾		Construction		Business Restated ⁽¹⁾
Credit Risk Profile by Internally Assigned Grade:
Pass - Restated ⁽¹⁾	$	93,811	$	262,867	$	5,000	$	61,092
Special Mention	—		4,239		—		2,039
Substandard	1,769		6,294		—		7,822
Doubtful	—		—		—		—
Loss	—		—		—		—
Total	$	95,580	$	273,400	$	5,000	$	70,953

	One-to-four family Restated ⁽¹⁾		Consumer
Credit Risk Profile Based on Payment Activity:
Performing - Restated ⁽¹⁾	$	140,706	$	42
Non-Performing	2,947		—
Total	$	143,653	$	42

⁽¹⁾March 31, 2016 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 19 for further detail.

Past Due Financing Receivables

The following table presents an aging analysis of the recorded investment of past due financing receivable as of March 31, 2017.



$ in thousands	30-59 Days Past Due		60-89 Days Past Due		90 or More Days Past Due		Total Past Due		Current		Total Financing Receivables
One-to-four family	$	2,094	$	247	$	3,022	$	5,363	$	129,564	$	134,927
Multifamily	—		—		803		803		87,947		88,750
Commercial real estate	—		—		—		—		242,818		242,818
Construction	—		—		—		—		4,949		4,949
Business	—		429		1,500		1,929		63,185		65,114
Consumer	1		—		2		3		8,991		8,994
Total	$	2,095	$	676	$	5,327	$	8,098	$	537,454	$	545,552

The following table presents an aging analysis of the recorded investment of past due financing receivable as of March 31, 2016.



$ in thousands	30-59 Days Past Due		60-89 Days Past Due		90 or More Days Past Due		Total Past Due		Current Restated ⁽¹⁾		Total Financing Receivables Restated ⁽¹⁾
One-to-four family - Restated ⁽¹⁾	$	986	$	—	$	2,628	$	3,614	$	140,039	$	143,653
Multifamily - Restated ⁽¹⁾	—		—		1,769		1,769		93,811		95,580
Commercial real estate - Restated ⁽¹⁾	889		3,410		—		4,299		269,101		273,400
Construction	—		—		—		—		5,000		5,000
Business - Restated ⁽¹⁾	2,495		307		1,972		4,774		66,179		70,953
Consumer	2		—		—		2		40		42
Total - Restated ⁽¹⁾	$	4,372	$	3,717	$	6,369	$	14,458	$	574,170	$	588,628

⁽¹⁾March 31, 2016 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 19 for further detail.

Impaired Loans

The following tables present information on impaired loans with the associated allowance amount, if applicable, at March 31, 2017 and 2016. Management determined the specific allowance based on the present value of expected future cash flows, discounted at the loan’s effective interest rate, except when the remaining source of repayment for the loan is the operation or liquidation of the collateral. In those cases, the current fair value of the collateral, less selling costs was used to determine the specific allowance recorded. When the ultimate collectability of the total principal of an impaired loan is in doubt and the loan is on nonaccrual status, all payments are applied to principal under the cost recovery method. When the ultimate collectability of the total principal of an impaired loan is not in doubt and the loan is on nonaccrual status, contractual interest is credited to interest income when received under the cash basis method.



Impaired Loans by Class
	At March 31,
	2017						2016
$ in thousands	Recorded Investment		Unpaid Principal Balance		Associated Allowance		Recorded Investment		Unpaid Principal Balance		Associated Allowance
With no specific allowance recorded:
One-to-four family	$	3,416	$	4,210	$	—	$	2,909	$	4,101	$	—
Multifamily	1,596		2,081		—		1,769		2,122		—
Commercial real estate	993		993		—		5,405		5,572		—
Business	1,923		1,968		—		4,223		4,403		—
Consumer	—		—		—		—		—		—

With an allowance recorded:
One-to-four family	2,091		2,215		306		1,727		1,727		95
Multifamily	6		6		6		—		—		—
Commercial real estate	2,502		2,502		6		889		889		21
Business	2,164		2,164		41		2,643		2,643		474
Consumer	2		2		2		—		—		—
Total	$	14,693	$	16,141	$	361	$	19,565	$	21,457	$	590

The following table presents information on average balances on impaired loans and the interest income recognized for the years ended March 31, 2017 and 2016.



	For the years ended March 31,
	2017				2016
$ in thousands	Average Balance		Interest Income recognized		Average Balance		Interest Income recognized
With no specific allowance recorded:
One-to-four family	$	3,078	$	14	$	2,835	$	17
Multifamily	1,747		6		1,463		17
Commercial real estate	1,774		17		2,935		—
Business	3,619		142		3,662		93

With an allowance recorded:
One-to-four family	2,128		5		1,725		25
Multifamily	1		—		—		—
Commercial real estate	1,427		—		895		43
Business	2,187		26		2,340		85
Consumer	1		—		—		—
Total	$	15,961	$	210	$	15,855	$	280

Troubled Debt Restructurings

The following table presents an analysis of those loan modifications that were classified as TDRs during the twelve month period ended March 31, 2016:



	Modifications to loans during the years ended March 31,
		2016
$ in thousands		Number of loans	Pre-modification outstanding recorded investment		Post-Modification Recorded investment		Pre-Modification rate		Post-Modification rate
One-to-four family		2	429		456		4.08	%	4.89	%
Total		2	$	429	$	456