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

9 Months Ended

Dec. 31, 2018

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, 2018 and March 31, 2018:



	December 31, 2018					March 31, 2018
$ in thousands	Amount			Percent		Amount			Percent
Gross loans receivable:
One-to-four family	$	110,105		26.0	%	$	121,233		25.6	%
Multifamily	86,962			20.5	%	103,887			21.9	%
Commercial real estate	123,860			29.2	%	141,835			29.9	%
Business ⁽¹⁾	98,887			23.3	%	102,004			21.5	%
Consumer ⁽²⁾	4,412			1.0	%	5,238			1.1	%
Total loans receivable	$	424,226		100.0	%	$	474,197		100.0	%

Unamortized premiums, deferred costs and fees, net	3,181					3,556

Allowance for loan losses	(4,802		)			(5,126		)
Total loans receivable, net	$	422,605				$	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 nine month periods ended December 31, 2018 and 2017, and the fiscal year ended March 31, 2018.



Three months ended December 31, 2018
$ in thousands	One-to-four family			Multifamily			Commercial Real Estate		Construction		Business			Consumer			Unallocated		Total
Allowance for loan losses:
Beginning Balance	$	1,481		$	939		$	702	$	—	$	1,530		$	140		$	—	$	4,792
Charge-offs	(6		)	—			—		—		(490		)	(7		)	—		(503		)
Recoveries	186			—			—		—		658			1			—		845
Provision for (recovery of) Loan Losses	(198		)	(65		)	36		—		(320		)	(12		)	227		(332		)
Ending Balance	$	1,463		$	874		$	738	$	—	$	1,378		$	122		$	227	$	4,802



Nine months ended December 31, 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	(151		)	(100		)	—			—		(830		)	(12		)	—		(1,093		)
Recoveries	186			158			—			—		667			36			—		1,047
Provision for (recovery of) Loan Losses	218			(1,003		)	(314		)	—		538			80			203		(278		)
Ending Balance	$	1,463		$	874		$	738		$	—	$	1,378		$	122		$	227	$	4,802
December 31, 2018:
Allowance for Loan Losses Ending Balance: collectively evaluated for impairment	$	1,288		$	874		$	738		$	—	$	1,360		$	122		$	227	$	4,609
Allowance for Loan Losses Ending Balance: individually evaluated for impairment	175			—			—			—		18			—			—		193

Loan Receivables Ending Balance:	$	111,776		$	87,705		$	124,352		$	—	$	99,118		$	4,456		$	—	$	427,407
Ending Balance: collectively evaluated for impairment	106,333			84,997			123,870			—		95,544			4,456			—		415,200
Ending Balance: individually evaluated for impairment	5,443			2,708			482			—		3,574			—			—		12,207



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 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

Schedule Nonaccrual Loans

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



$ in thousands	December 31, 2018		March 31, 2018
Gross loans receivable:
One-to-four family	$	4,508	$	4,561
Multifamily	2,708		964
Commercial real estate	1,233		502
Business	1,467		635
Total nonaccrual loans	$	9,916	$	6,662

Loans Receivable, Credit Quality Indicators

At December 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	$	84,997	$	123,234	$	—	$	89,139
Special Mention	—		636		—		5,751
Substandard	2,708		482		—		4,228
Doubtful	—		—		—		—
Loss	—		—		—		—
Total	$	87,705	$	124,352	$	—	$	99,118

					One-to-four family		Consumer
Credit Risk Profile Based on Payment Activity:
Performing					$	108,015	$	4,411
Non-Performing					3,761		45
Total					$	111,776	$	4,456

At 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 at December 31, 2018 and March 31, 2018.



December 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	$	1,847	$	—	$	3,761	$	5,608	$	106,168	$	111,776
Multifamily	2,449		—		1,601		4,050		83,655		87,705
Commercial real estate	5,411		—		—		5,411		118,941		124,352
Business	5,448		98		688		6,234		92,884		99,118
Consumer	36		1		—		37		4,419		4,456
Total	$	15,191	$	99	$	6,050	$	21,340	$	406,067	$	427,407



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 December 31, 2018 and March 31, 2018.



	At December 31, 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	$	4,508	$	5,663	$	—	$	5,439	$	6,862	$	—
Multifamily	2,708		2,708		—		964		1,122		—
Commercial real estate	482		482		—		1,539		1,539		—
Business	1,774		1,795		—		611		611		—
With an allowance recorded:
One-to-four family	935		930		175		1,065		1,065		145
Multifamily	—		—		—		741		741		75
Business	1,800		1,804		18		2,678		2,681		95
Total	$	12,207	$	13,382	$	193	$	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 nine month periods ended December 31, 2018 and 2017.



	For the Three Months Ended December 31,								For the Nine Months Ended December 31,
	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	$	4,608	$	25	$	5,284	$	3	$	4,973	$	60	$	5,099	$	15
Multifamily	2,518		11		1,068		9		1,836		29		1,379		25
Commercial real estate	486		8		799		9		1,011		16		1,912		28
Business	1,204		—		1,632		—		1,192		6		2,020		—
With an allowance recorded:
One-to-four family	938		—		1,381		—		1,000		—		1,388		1
Multifamily	—				—		—		371		—		—		—
Business	2,428		—		2,623		1		2,239		4		2,603		—
Total	$	12,182	$	44	$	12,787	$	22	$	12,622	$	115	$	14,401	$	69

Troubled Debt Restructurings

The following tables presents an analysis of those loan modifications that were classified as TDRs during the three and nine month periods ended December 31, 2018 and 2017.



	Modifications to loans during the three month period ended							Modifications to loans during the nine month period ended
	December 31, 2018							December 31, 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	2	1,014	648	6.11	%	6.24	%	3	2,776	2,360	6.51	%	6.06	%



	Modifications to loans during the three month period ended									Modifications to loans during the nine month period ended
	December 31, 2017									December 31, 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	%