XML 34 R22.htm IDEA: XBRL DOCUMENT v3.8.0.1
Loans Receivable and Allowance for Loan and Lease Losses Loans Receivable and ALLL (Tables)
 6 Months Ended
Sep. 30, 2017
Loans and Leases Receivable Disclosure [Abstract]  
Schedule of Accounts, Notes, Loans and Financing Receivable
The following is a summary of loans receivable at September 30, 2017 and March 31, 2017:
 
 
September 30, 2017
 
March 31, 2017
$ in thousands
 
Amount
 
Percent
 
Amount
 
Percent
Gross loans receivable:
 
 
 
 
 
 
 
 
One-to-four family
 
$
128,265

 
24.9
%
 
$
132,679

 
24.5
%
Multifamily
 
81,016

 
15.8
%
 
87,824

 
16.2
%
Commercial real estate
 
223,980

 
43.5
%
 
241,794

 
44.7
%
Construction
 
—

 
—
%
 
4,983

 
0.9
%
Business (1)
 
73,025

 
14.2
%
 
65,151

 
12.0
%
Consumer (2)
 
8,309

 
1.6
%
 
8,994

 
1.7
%
Total loans receivable
 
$
514,595

 
100.0
%
 
$
541,425

 
100.0
%
 
 
 
 
 
 
 
 
 
Unamortized premiums, deferred costs and fees, net
 
3,948

 
 
 
4,127

 
 
 
 
 
 
 
 
 
 
 
Allowance for loan losses
 
(5,126
)
 
 
 
(5,060
)
 
 
Total loans receivable, net
 
$
513,417

 
 
 
$
540,492

 
 
 
 
 
 
 
 
 
 
 
Loans HFS
 
$
—

 
 
 
$
944

 
 
(1) Includes business overdrafts
(2) Includes personal loans and consumer overdrafts
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 three and six month periods ended September 30, 2017 and 2016, and the fiscal year ended March 31, 2017.
Three months ended September 30, 2017
 
 
 
 
 
 
 
 
 
 
 
 
$ in thousands
 
One-to-four family
 
Multifamily
 
Commercial Real Estate
 
Construction
 
Business
 
Consumer
 
Unallocated
 
Total
Allowance for loan losses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Beginning Balance
 
$
1,518

 
$
1,227

 
$
1,647

 
—

 
$
724

 
$
17

 
—

 
$
5,133

Charge-offs
 
12

 
6

 
—

 
—

 
—

 
8

 
—

 
26

Recoveries
 
—

 
—

 
5

 
—

 
10

 
—

 
—

 
15

Provision for (recovery of) Loan Losses
 
(327
)
 
148

 
40

 
—

 
98

 
11

 
34

 
4

Ending Balance
 
$
1,179

 
$
1,369

 
$
1,692

 
$
—

 
$
832

 
$
20

 
$
34

 
$
5,126


Six months ended September 30, 2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ in thousands
 
One-to-four
family
 
Multifamily
 
Commercial Real Estate
 
Construction
 
Business
 
Consumer
 
Unallocated
 
Total
Allowance for loan losses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Beginning Balance
 
$
1,663

 
$
1,213

 
$
1,496

 
$
106

 
$
573

 
$
9

 
$
—

 
$
5,060

Charge-offs
 
93

 
6

 
—

 
—

 
20

 
22

 
—

 
141

Recoveries
 
—

 
—

 
10

 
—

 
69

 
4

 
—

 
83

Provision for (recovery of) Loan Losses
 
(391
)
 
162

 
186

 
(106
)
 
210

 
29

 
34

 
124

Ending Balance
 
$
1,179

 
$
1,369

 
$
1,692

 
$
—

 
$
832

 
$
20

 
$
34

 
$
5,126

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Allowance for Loan Losses Ending Balance: collectively evaluated for impairment
 
1,031

 
1,308

 
1,692

 
—

 
764

 
20

 
34

 
4,849

Allowance for Loan Losses Ending Balance: individually evaluated for impairment
 
148

 
61

 
—

 
—
 
68

 
—

 
—

 
277

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loan Receivables Ending Balance:
 
$
130,480

 
$
81,765

 
$
224,919

 
$
—

 
$
72,991

 
$
8,388

 
$
—

 
$
518,543

Ending Balance: collectively evaluated for impairment
 
123,381

 
80,183

 
223,537

 
—

 
68,506

 
8,388

 
—

 
503,995

Ending Balance: individually evaluated for impairment
 
7,099

 
1,582

 
1,382

 
—

 
4,485

 
—

 
—

 
14,548



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



Three months ended September 30, 2016
 
 
 
 
 
 
 
 
 
 
 
 
$ in thousands
 
One-to-four family
 
Multifamily
 
Commercial Real Estate
 
Construction
 
Business
 
Consumer
 
Unallocated
 
Total
Allowance for loan losses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Beginning Balance
 
$
1,875

 
$
530

 
$
1,858

 
$
62

 
$
856

 
$
2

 
$
—

 
$
5,183

Charge-offs
 
59

 
244

 
—

 
—

 
—

 
41

 
—

 
344

Recoveries
 
—

 
—

 
5

 
—

 
63

 
—

 
—

 
68

Provision for (recovery of) Loan Losses (restated)
 
(162
)
 
386

 
(120
)
 
(12
)
 
(342
)
 
41

 
49

 
(160
)
Ending Balance
 
$
1,654

 
$
672

 
$
1,743

 
$
50

 
$
577

 
$
2

 
$
49

 
$
4,747



Six months ended September 30, 2016
 
 
 
 
 
 
 
 
 
 
 
 
$ in thousands
 
One-to-four family
 
Multifamily
 
Commercial Real Estate
 
Construction
 
Business
 
Consumer
 
Unallocated
 
Total
Allowance for loan losses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Beginning Balance
 
$
1,697

 
$
622

 
$
1,808

 
$
62

 
$
1,022

 
$
21

 
$
—

 
$
5,232

Charge-offs
 
62

 
251

 
—

 
—

 
—

 
41

 
—

 
354

Recoveries
 
—

 
—

 
10

 
—

 
219

 
4

 
—

 
233

Provision for (recovery of) Loan Losses
 
19

 
301

 
(75
)
 
(12
)
 
(664
)
 
18

 
49

 
(364
)
Ending Balance
 
$
1,654

 
$
672

 
$
1,743

 
$
50

 
$
577

 
$
2

 
$
49

 
$
4,747

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Allowance for Loan Losses Ending Balance: collectively evaluated for impairment
 
1,423

 
672

 
1,722

 
50

 
370

 
2

 
49

 
4,288

Allowance for Loan Losses Ending Balance: individually evaluated for impairment
 
231

 
—

 
20

 
—

 
208

 
—

 
—

 
459

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loan Receivables Ending Balance:
 
$
130,673

 
$
74,751

 
$
251,988

 
$
4,975

 
$
66,118

 
$
250

 
—

 
$
528,755

Ending Balance: collectively evaluated for impairment
 
125,352

 
73,141

 
249,145

 
4,975

 
59,762

 
250

 
—

 
512,625

Ending Balance: individually evaluated for impairment
 
5,321

 
1,610

 
2,843

 
—

 
6,356

 
—

 
—

 
16,130
Schedule Nonaccrual Loans
The following is a summary of nonaccrual loans at September 30, 2017 and March 31, 2017.
$ in thousands
September 30, 2017
 
March 31, 2017
Gross loans receivable:
 
 
 
One-to-four family
$
5,583

 
$
4,703

Multifamily
1,582

 
1,589

Commercial real estate
1,382

 
1,389

Business
303

 
1,026

Consumer
—

 
—

Total nonaccrual loans
$
8,850

 
$
8,707
Loans Receivable, Credit Quality Indicators
As of September 30, 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
 
$
80,183

 
$
222,783

 
$
—

 
$
68,147

Special Mention
 
—

 
754

 
—

 
390

Substandard
 
1,582

 
1,382

 
—

 
4,454

Doubtful
 
—

 
—

 
—

 
—

Loss
 
—

 
—

 
—

 
—

Total
 
$
81,765

 
$
224,919

 
$
—

 
$
72,991

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
One-to-four family
 
Consumer
Credit Risk Profile Based on Payment Activity:
 
 
 
 
 
 
 
 
Performing
 
 
 
 
 
$
125,057

 
$
8,388

Non-Performing
 
 
 
 
 
5,423

 
—

Total
 
 
 
 
 
$
130,480

 
$
8,388


As of March 31, 2017, and based on the most recent analysis performed, 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
Past Due Financing Receivables
The following table presents an aging analysis of the recorded investment of past due financing receivable as of September 30, 2017 and March 31, 2017.
September 30, 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
 
$
—

 
$
268

 
$
5,423

 
$
5,691

 
$
124,789

 
$
130,480

Multifamily
 
—

 
—

 
797

 
797

 
80,968

 
81,765

Commercial real estate
 
—

 
—

 
868

 
868

 
224,051

 
224,919

Business
 
—

 
43

 
289

 
332

 
72,659

 
72,991

Consumer
 
5

 
4

 
—

 
9

 
8,379

 
8,388

Total
 
$
5

 
$
315

 
$
7,377

 
$
7,697

 
$
510,846

 
$
518,543



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
Impaired Loans
The following table presents information on impaired loans with the associated allowance amount, if applicable, at September 30, 2017 and March 31, 2017.
 
 
At September 30, 2017
 
At March 31, 2017
$ 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
 
$
6,020

 
$
7,509

 
$
—

 
$
3,416

 
$
4,210

 
$
—

Multifamily
 
1,524

 
2,009

 
—

 
1,596

 
2,081

 
—

Commercial real estate
 
1,382

 
1,382

 
—

 
993

 
993

 
—

Business
 
1,928

 
2,001

 
—

 
1,923

 
1,968

 
—

With an allowance recorded:
 
 
 
 
 
 
 
 
 
 
 
 
One-to-four family
 
1,079

 
1,079

 
148

 
2,091

 
2,215

 
306

Multifamily
 
58

 
58

 
61

 
6

 
6

 
6

Commercial real estate
 
—

 
—

 
—

 
2,502

 
2,502

 
6

Business
 
2,557

 
2,578

 
68

 
2,164

 
2,164

 
41

Consumer and other
 
—

 
—

 
—

 
2

 
2

 
2

Total
 
$
14,548

 
$
16,616

 
$
277

 
$
14,693

 
$
16,141

 
$
361


The following tables presents information on average balances on impaired loans and the interest income recognized on a cash basis for the three and six month periods ended September 30, 2017 and 2016.

 
For the Three Months Ended September 30,
 
For the Six Months Ended September 30,
 
 
2017
 
2016
 
2017
 
2016
$ in thousands
 
Average Balance
 
Interest Income Recognized
 
Average Balance
 
Interest Income Recognized
 
Average Balance
 
Interest Income Recognized
 
Average Balance
 
Interest Income Recognized
With no specific allowance recorded:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
One-to-four family
 
$
5,428

 
$
6

 
$
3,183

 
$
—

 
$
5,313

 
$
12

 
$
3,081

 
$
7

Multifamily
 
1,528

 
6

 
1,703

 
4

 
1,533

 
15

 
1,729

 
6

Commercial real estate
 
1,923

 
—

 
1,971

 
—

 
2,469

 
19

 
1,978

 
—

Business
 
2,037

 
—

 
3,577

 
4

 
2,262

 
—

 
3,477

 
128

With an allowance recorded:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
One-to-four family
 
1,081

 
—

 
1,712

 
—

 
1,085

 
—

 
1,717

 
1

Commercial real estate
 
—

 
—

 
882

 
—

 
—

 
—

 
883

 
—

Business
 
2,577

 
—

 
3,105

 
1

 
2,593

 
—

 
3,089

 
37

Consumer and other
 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Total
 
$
14,632

 
$
12

 
$
16,133

 
$
9

 
$
15,313

 
$
46

 
$
15,954

 
$
179
Troubled Debt Restructurings
The following table presents an analysis of those loan modifications that were classified as TDRs during the three and six month periods ended September 30, 2017.
 
 
Modifications to loans during the three month period ended
 
Modifications to loans during the six month period ended
 
 
September 30, 2017
 
September 30, 2017
$ in thousands
 
Number of loans
 
Pre-modification outstanding recorded investment
 
Post-Modification Recorded investment
 
Pre-Modification rate
 
Post-Modification rate
 
Number of loans
 
Pre-modification outstanding recorded investment
 
Post-Modification Recorded investment
 
Pre-Modification rate
 
Post-Modification rate
Business
 
1

 
$
285

 
$
285

 
7.25
%
 
7.00
%
 
1

 
$
285

 
$
285

 
7.25
%
 
7.00
%