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Loans Receivable and Allowance for Loan and Lease Losses Loans Receivable and ALLL (Tables)
 9 Months Ended
Dec. 31, 2017
Loans and Leases Receivable Disclosure [Abstract]  
Schedule of Accounts, Notes, Loans and Financing Receivable
The following is a summary of loans receivable at December 31, 2017 and March 31, 2017:
 
 
December 31, 2017
 
March 31, 2017
$ in thousands
 
Amount
 
Percent
 
Amount
 
Percent
Gross loans receivable:
 
 
 
 
 
 
 
 
One-to-four family
 
$
123,506

 
25.1
%
 
$
132,679

 
24.5
%
Multifamily
 
75,106

 
15.2
%
 
87,824

 
16.2
%
Commercial real estate
 
218,998

 
44.4
%
 
241,794

 
44.7
%
Construction
 
—

 
—
%
 
4,983

 
0.9
%
Business (1)
 
69,361

 
14.1
%
 
65,151

 
12.0
%
Consumer (2)
 
5,874

 
1.2
%
 
8,994

 
1.7
%
Total loans receivable
 
$
492,845

 
100.0
%
 
$
541,425

 
100.0
%
 
 
 
 
 
 
 
 
 
Unamortized premiums, deferred costs and fees, net
 
3,863

 
 
 
4,127

 
 
 
 
 
 
 
 
 
 
 
Allowance for loan losses
 
(5,070
)
 
 
 
(5,060
)
 
 
Total loans receivable, net
 
$
491,638

 
 
 
$
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 nine month periods ended December 31, 2017 and 2016, and the fiscal year ended March 31, 2017.
Three months ended December 31, 2017
 
 
 
 
 
 
 
 
 
 
 
 
$ in thousands
 
One-to-four family
 
Multifamily
 
Commercial Real Estate
 
Construction
 
Business
 
Consumer
 
Unallocated
 
Total
Allowance for loan losses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Beginning Balance
 
$
1,179

 
$
1,369

 
$
1,692

 
—

 
$
832

 
$
20

 
34

 
$
5,126

Charge-offs
 
—

 
36

 
—

 
—

 
27

 
7

 
—

 
70

Recoveries
 
—

 
—

 
5

 
—

 
3

 
—

 
—

 
8

Provision for (recovery of) Loan Losses
 
(52
)
 
(25
)
 
(25
)
 
—

 
(31
)
 
8

 
131

 
6

Ending Balance
 
$
1,127

 
$
1,308

 
$
1,672

 
$
—

 
$
777

 
$
21

 
$
165

 
$
5,070


Nine months ended December 31, 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

 
42

 
—

 
—

 
47

 
29

 
—

 
211

Recoveries
 
—

 
—

 
15

 
—

 
72

 
4

 
—

 
91

Provision for (recovery of) Loan Losses
 
(443
)
 
137

 
161

 
(106
)
 
179

 
37

 
165

 
130

Ending Balance
 
$
1,127

 
$
1,308

 
$
1,672

 
$
—

 
$
777

 
$
21

 
$
165

 
$
5,070

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Allowance for Loan Losses Ending Balance: collectively evaluated for impairment
 
976

 
1,172

 
1,672

 
—

 
720

 
21

 
165

 
4,726

Allowance for Loan Losses Ending Balance: individually evaluated for impairment
 
151

 
136

 
—

 
—
 
57

 
—

 
—

 
344

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loan Receivables Ending Balance:
 
$
125,678

 
$
75,805

 
$
219,939

 
$
—

 
$
69,357

 
$
5,929

 
$
—

 
$
496,708

Ending Balance: collectively evaluated for impairment
 
119,226

 
74,160

 
219,431

 
—

 
64,980

 
5,929

 
—

 
483,726

Ending Balance: individually evaluated for impairment
 
6,452

 
1,645

 
508

 
—

 
4,377

 
—

 
—

 
12,982



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 December 31, 2016
 
 
 
 
 
 
 
 
 
 
 
 
$ in thousands
 
One-to-four family
 
Multifamily
 
Commercial Real Estate
 
Construction
 
Business
 
Consumer
 
Unallocated
 
Total
Allowance for loan losses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Beginning Balance
 
$
1,654

 
$
672

 
$
1,743

 
$
50

 
$
577

 
$
2

 
$
49

 
$
4,747

Charge-offs
 
4

 
37

 
—

 
—

 
—

 
13

 
—

 
54

Recoveries
 
—

 
—

 
4

 
—

 
51

 
—

 
—

 
55

Provision for (recovery of) Loan Losses
 
(33
)
 
54

 
(180
)
 
70

 
(29
)
 
39

 
(49
)
 
(128
)
Ending Balance
 
$
1,617

 
$
689

 
$
1,567

 
$
120

 
$
599

 
$
28

 
$
—

 
$
4,620



Nine months ended December 31, 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
 
66

 
288

 
—

 
—

 
—

 
54

 
—

 
408

Recoveries
 
—

 
—

 
14

 
—

 
270

 
4

 
—

 
288

Provision for (recovery of) Loan Losses
 
(14
)
 
355

 
(255
)
 
58

 
(693
)
 
57

 
—

 
(492
)
Ending Balance
 
$
1,617

 
$
689

 
$
1,567

 
$
120

 
$
599

 
$
28

 
$
—

 
$
4,620

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Allowance for Loan Losses Ending Balance: collectively evaluated for impairment
 
1,369

 
689

 
1,537

 
120

 
541

 
25

 
—

 
4,281

Allowance for Loan Losses Ending Balance: individually evaluated for impairment
 
248

 
—

 
30

 
—

 
58

 
3

 
—

 
339

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loan Receivables Ending Balance:
 
$
138,620

 
$
71,924

 
$
250,810

 
$
4,962

 
$
66,200

 
$
302

 
—

 
$
532,818

Ending Balance: collectively evaluated for impairment
 
133,097

 
70,321

 
246,339

 
4,962

 
60,654

 
299

 
—

 
515,672

Ending Balance: individually evaluated for impairment
 
5,523

 
1,603

 
4,471

 
—

 
5,546

 
3

 
—

 
17,146
Schedule Nonaccrual Loans
The following is a summary of nonaccrual loans at December 31, 2017 and March 31, 2017.
$ in thousands
December 31, 2017
 
March 31, 2017
Gross loans receivable:
 
 
 
One-to-four family
$
4,598

 
$
3,899

Multifamily
897

 
1,602

Commercial real estate
508

 
993

Business
302

 
1,922

Consumer
—

 
2

Total nonaccrual loans
$
6,305

 
$
8,418
Loans Receivable, Credit Quality Indicators
As of December 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
 
$
74,160

 
$
219,431

 
$
—

 
$
60,982

Special Mention
 
—

 
—

 
—

 
3,764

Substandard
 
1,645

 
508

 
—

 
4,611

Doubtful
 
—

 
—

 
—

 
—

Loss
 
—

 
—

 
—

 
—

Total
 
$
75,805

 
$
219,939

 
$
—

 
$
69,357

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
One-to-four family
 
Consumer
Credit Risk Profile Based on Payment Activity:
 
 
 
 
 
 
 
 
Performing
 
 
 
 
 
$
121,238

 
$
5,928

Non-Performing
 
 
 
 
 
4,440

 
1

Total
 
 
 
 
 
$
125,678

 
$
5,929


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 December 31, 2017 and March 31, 2017.
December 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
 
$
1,486

 
$
—

 
$
4,440

 
$
5,926

 
$
119,752

 
$
125,678

Multifamily
 
—

 
—

 
276

 
276

 
75,529

 
75,805

Commercial real estate
 
2,478

 
—

 
—

 
2,478

 
217,461

 
219,939

Business
 
1,932

 
12

 
289

 
2,233

 
67,124

 
69,357

Consumer
 
17

 
—

 
—

 
17

 
5,912

 
5,929

Total
 
$
5,913

 
$
12

 
$
5,005

 
$
10,930

 
$
485,778

 
$
496,708



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 December 31, 2017 and March 31, 2017.
 
 
At December 31, 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
 
$
5,073

 
$
6,366

 
$
—

 
$
3,416

 
$
4,210

 
$
—

Multifamily
 
839

 
1,188

 
—

 
1,596

 
2,081

 
—

Commercial real estate
 
508

 
508

 
—

 
993

 
993

 
—

Business
 
1,788

 
1,861

 
—

 
1,923

 
1,968

 
—

With an allowance recorded:
 
 
 
 
 
 
 
 
 
 
 
 
One-to-four family
 
1,379

 
1,510

 
151

 
2,091

 
2,215

 
306

Multifamily
 
806

 
806

 
136

 
6

 
6

 
6

Commercial real estate
 
—

 
—

 
—

 
2,502

 
2,502

 
6

Business
 
2,589

 
2,602

 
57

 
2,164

 
2,164

 
41

Consumer and other
 
—

 
—

 
—

 
2

 
2

 
2

Total
 
$
12,982

 
$
14,841

 
$
344

 
$
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 nine month periods ended December 31, 2017 and 2016.

 
For the Three Months Ended December 31,
 
For the Nine Months Ended December 31,
 
 
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
 
$
5,284

 
$
3

 
$
3,220

 
$
—

 
$
5,099

 
$
15

 
$
2,927

 
$
7

Multifamily
 
1,068

 
9

 
1,608

 
—

 
1,379

 
25

 
1,689

 
6

Commercial real estate
 
799

 
9

 
1,952

 
9

 
1,912

 
28

 
1,969

 
9

Business
 
1,632

 
—

 
3,459

 
—

 
2,020

 
—

 
3,842

 
128

With an allowance recorded:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
One-to-four family
 
1,381

 
—

 
2,163

 
4

 
1,388

 
—

 
2,174

 
5

Commercial real estate
 
—

 
—

 
1,429

 
—

 
—

 
—

 
1,431

 
—

Business
 
2,623

 
1

 
2,581

 
—

 
2,603

 
1

 
2,639

 
37

Consumer and other
 
—

 
—

 
3

 
—

 
—

 
—

 
1

 
—

Total
 
$
13,094

 
$
22

 
$
16,415

 
$
13

 
$
14,542

 
$
69

 
$
16,672

 
$
192
Troubled Debt Restructurings
The following table presents an analysis of those loan modifications that were classified as TDRs during the nine month period ended December 31, 2017.
Modifications to loans during the nine month period ended
December 31, 2017
Number of loans
 
Pre-modification outstanding recorded investment
 
Post-Modification Recorded investment
 
Pre-Modification rate
 
Post-Modification rate
1

 
$
285

 
$
285

 
7.25
%
 
7.00
%