Loans Receivable, Net (Tables)

12 Months Ended

Mar. 31, 2018

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, 2018					March 31, 2017
$ in thousands	Amount			%		Amount			%
Gross loans receivable:
One-to-four family	$	121,233		25.6	%	$	132,679		24.5	%
Multifamily	103,887			21.9	%	87,824			16.2	%
Commercial real estate	141,835			29.9	%	241,794			44.7	%
Construction	—			—	%	4,983			0.9	%
Business (1)	102,004			21.5	%	65,151			12.0	%
Consumer (2)	5,238			1.1	%	8,994			1.7	%
Total loans receivable	474,197			100.0	%	541,425			100.0	%
Unamortized premiums, deferred costs and fees, net	3,556					4,127
Allowance for loan losses	(5,126		)			(5,060		)
Total loans receivable, net	$	472,627				$	540,492
Loans held-for-sale (a)	$	—				$	944

⁽¹⁾ Includes business overdrafts of $35 thousand and $76 thousand as of March 31, 2018 and 2017, respectively

⁽²⁾ Includes consumer overdrafts of $18 thousand and $22 thousand as of March 31, 2018 and 2017, 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, 2018:

$ 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	(96		)	(104		)	—			—			(81		)	(33		)	—		(314		)
Recoveries	—			131			20			—			87			7			—		245
Provision for (Recovery of) Loan Losses	(357		)	579			(464		)	(106		)	424			35			24		135
Ending Balance	$	1,210		$	1,819		$	1,052		$	—		$	1,003		$	18		$	24	$	5,126
Allowance for Loan Losses Ending Balance: collectively evaluated for impairment	1,065			1,744			1,052			—			908			18			24		4,811
Allowance for Loan Losses Ending Balance: individually evaluated for impairment	145			75			—			—			95			—			—		315
Loan Receivables Ending Balance	$	123,092		$	104,865		$	142,304		$	—		$	102,203		$	5,289		$	—	$	477,753
Ending Balance: collectively evaluated for impairment	116,588			103,160			140,765			—			98,914			5,289			—		464,716
Ending Balance: individually evaluated for impairment	6,504			1,705			1,539			—			3,289			—			—		13,037

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

Schedule of Nonaccrual Loans

The following is a summary of nonaccrual loans at March 31, 2018 and 2017.

$ in thousands	March 31, 2018		March 31, 2017
Loans accounted for on a nonaccrual basis:
Gross loans receivable:
One-to-four family	$	4,561	$	3,899
Multifamily	964		1,602
Commercial real estate	502		993
Business	635		1,922
Consumer	—		2
Total nonaccrual loans	$	6,662	$	8,418

Loans Receivable Credit Quality Indicators

As of March 31, 2018, 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	$	103,160	$	140,765	$	—	$	93,886
Special Mention	—		—		—		5,028
Substandard	1,705		1,539		—		3,289
Doubtful	—		—		—		—
Loss	—		—		—		—
Total	$	104,865	$	142,304	$	—	$	102,203
	One-to-four family		Consumer
Credit Risk Profile Based on Payment Activity:
Performing	$	116,588	$	5,289
Non-Performing	6,504		—
Total	$	123,092	$	5,289

As of March 31, 2017, the risk category by class of loans was 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 March 31, 2018.

$ 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	$	1,819	$	—	$	4,056	$	5,875	$	117,217	$	123,092
Multifamily	—		—		219		219		104,646		104,865
Commercial real estate	1,395		—		—		1,395		140,909		142,304
Construction	—		—		—		—		—		—
Business	973		312		322		1,607		100,596		102,203
Consumer	7		5		—		12		5,277		5,289
Total	$	4,194	$	317	$	4,597	$	9,108	$	468,645	$	477,753

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

Impaired Loans

The following tables present information on impaired loans with the associated allowance amount, if applicable, at March 31, 2018 and 2017. 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,
	2018						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	$	5,439	$	6,862	$	—	$	3,416	$	4,210	$	—
Multifamily	964		1,122		—		1,596		2,081		—
Commercial real estate	1,539		1,539		—		993		993		—
Business	611		611		—		1,923		1,968		—
With an allowance recorded:
One-to-four family	1,065		1,065		145		2,091		2,215		306
Multifamily	741		741		75		6		6		6
Commercial real estate	—		—		—		2,502		2,502		6
Business	2,678		2,681		95		2,164		2,164		41
Consumer	—		—		—		2		2		2
Total	$	13,037	$	14,621	$	315	$	14,693	$	16,141	$	361

The following table presents information on average balances on impaired loans and the interest income recognized for the years ended March 31, 2018 and 2017.

	For the years ended March 31,
	2018				2017
$ in thousands	Average Balance		Interest Income recognized		Average Balance		Interest Income recognized
With no specific allowance recorded:
One-to-four family	$	5,375	$	36	$	3,151	$	14
Multifamily	1,340		34		1,747		6
Commercial real estate	2,075		28		1,774		17
Business	827		—		3,667		142
With an allowance recorded:
One-to-four family	1,078		—		2,128		5
Multifamily	248		—		1		—
Commercial real estate	541		—		1,427		—
Business	2,358		2		2,187		26
Consumer	—		—		1		—
Total	$	13,842	$	100	$	16,082	$	210

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, 2018:

	Modifications to loans during the year ended
	March 31, 2018
$ in thousands	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	%