Loans Receivable and Allowance for Loan and Lease Losses Loans Receivable and ALLL (Tables)

6 Months Ended

Sep. 30, 2018

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, 2018 and March 31, 2018:



	September 30, 2018					March 31, 2018
$ in thousands	Amount			Percent		Amount			Percent
Gross loans receivable:
One-to-four family	$	113,142		26.4	%	$	121,233		25.6	%
Multifamily	88,877			20.8	%	103,887			21.9	%
Commercial real estate	122,865			28.7	%	141,835			29.9	%
Business ⁽¹⁾	98,504			23.0	%	102,004			21.5	%
Consumer ⁽²⁾	4,588			1.1	%	5,238			1.1	%
Total loans receivable	$	427,976		100.0	%	$	474,197		100.0	%

Unamortized premiums, deferred costs and fees, net	3,393					3,556

Allowance for loan losses	(4,792		)			(5,126		)
Total loans receivable, net	$	426,577				$	472,627

⁽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, 2018 and 2017, and the fiscal year ended March 31, 2018.



Three months ended September 30, 2018
$ in thousands	One-to-four family			Multifamily			Commercial Real Estate		Construction		Business			Consumer			Unallocated			Total
Allowance for loan losses:
Beginning Balance	1,853			1,387			540		—		1,169			172			66			$	5,187
Charge-offs	(49		)	(100		)	—		—		(329		)	(2		)	—			(480		)
Recoveries	—			—			—		—		4			32			—			36
Provision for (recovery of) Loan Losses	(323		)	(348		)	162		—		686			(62		)	(66		)	49
Ending Balance	$	1,481		$	939		$	702	$	—	$	1,530		$	140		$	—		$	4,792



Six months ended September 30, 2018
$ in thousands	One-to-four family			Multifamily			Commercial Real Estate			Construction		Business			Consumer			Unallocated			Total
Allowance for loan losses:
Beginning Balance	$	1,210		$	1,819		$	1,052		$	—	$	1,003		$	18		$	24		$	5,126
Charge-offs	(145		)	(100		)	—			—		(340		)	(5		)	—			(590		)
Recoveries	—			158			—			—		9			35			—			202
Provision for (recovery of) Loan Losses	416			(938		)	(350		)	—		858			92			(24		)	54
Ending Balance	$	1,481		$	939		$	702		$	—	$	1,530		$	140		$	—		$	4,792
September 30, 2018:
Allowance for Loan Losses Ending Balance: collectively evaluated for impairment	$	1,309		$	939		$	702		$	—	$	1,030		$	140		$	—		$	4,120
Allowance for Loan Losses Ending Balance: individually evaluated for impairment	172			—			—			—		500			—			—			672

Loan Receivables Ending Balance:	$	114,933		$	89,712		$	123,358		$	—	$	98,732		$	4,634		$	—		$	431,369
Ending Balance: collectively evaluated for impairment	109,284			87,384			122,869			—		95,042			4,634			—			419,213
Ending Balance: individually evaluated for impairment	5,649			2,328			489			—		3,690			—			—			12,156



At March 31, 2018
$ in thousands	One-to-four family		Multifamily		Commercial Real Estate		Construction		Business		Consumer		Unallocated		Total
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



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

Schedule Nonaccrual Loans

The following is a summary of nonaccrual loans at September 30, 2018 and March 31, 2018.



$ in thousands	September 30, 2018		March 31, 2018
Gross loans receivable:
One-to-four family	$	4,709	$	4,561
Multifamily	2,328		964
Commercial real estate	489		502
Business	1,819		635
Total nonaccrual loans	$	9,345	$	6,662

Loans Receivable, Credit Quality Indicators

As of September 30, 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	$	87,384	$	122,230	$	—	$	88,346
Special Mention	—		639		—		5,774
Substandard	2,328		489		—		4,612
Doubtful	—		—		—		—
Loss	—		—		—		—
Total	$	89,712	$	123,358	$	—	$	98,732

					One-to-four family		Consumer
Credit Risk Profile Based on Payment Activity:
Performing					$	110,631	$	4,634
Non-Performing					4,302		—
Total					$	114,933	$	4,634

As of March 31, 2018, 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	$	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

Past Due Financing Receivables

The following table presents an aging analysis of the recorded investment of past due financing receivables as of September 30, 2018 and March 31, 2018.



September 30, 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	$	—	$	—	$	4,302	$	4,302	$	110,631	$	114,933
Multifamily	—		—		1,601		1,601		88,111		89,712
Commercial real estate	—		—		—		—		123,358		123,358
Business	110		947		1,069		2,126		96,606		98,732
Consumer	5		1		—		6		4,628		4,634
Total	$	115	$	948	$	6,972	$	8,035	$	423,334	$	431,369



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
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

Impaired Loans

The following table presents information on impaired loans with the associated allowance amount, if applicable, at September 30, 2018 and March 31, 2018.



	At September 30, 2018						At March 31, 2018
$ 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	$	4,709	$	5,976	$	—	$	5,439	$	6,862	$	—
Multifamily	2,328		2,328		—		964		1,122		—
Commercial real estate	489		489		—		1,539		1,539		—
Business	635		940		—		611		611		—
With an allowance recorded:
One-to-four family	940		935		172		1,065		1,065		145
Multifamily	—		—		—		741		741		75
Business	3,055		3,063		500		2,678		2,681		95
Total	$	12,156	$	13,731	$	672	$	13,037	$	14,621	$	315

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, 2018 and 2017.



	For the Three Months Ended September 30,								For the Six Months Ended September 30,
	2018				2017				2018				2017
$ 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	$	4,813	$	26	$	5,428	$	6	$	5,074	$	31	$	5,313	$	12
Multifamily	2,382		9		1,528		6		1,646		17		1,533		15
Commercial real estate	492		8		1,923		—		1,014		8		2,469		19
Business	652		6		2,037		—		623		6		2,262		—
With an allowance recorded:
One-to-four family	887		1		1,081		—		1,003		2		1,085		—
Multifamily	—				—		—		371		—		—		—
Business	3,050		4		2,577		—		2,867		4		2,593		—
Total	$	12,276	$	54	$	14,574	$	12	$	12,598	$	68	$	15,255	$	46

Troubled Debt Restructurings

The following tables presents an analysis of those loan modifications that were classified as TDRs during the three and six month periods ended September 30, 2018 and 2017.



	Modifications to loans during the three month period ended							Modifications to loans during the six month period ended
	September 30, 2018							September 30, 2018
$ 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	1,762	1,712	6.75	%	6.00	%	1	1,762	1,712	6.75	%	6.00	%



	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	%