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Loans Receivable, Net (Tables)

12 Months Ended

Mar. 31, 2020

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 at March 31:


	March 31, 2020						March 31, 2019
$ in thousands	Amount		%		Amount		%
Gross loans receivable:
One-to-four family	$	105,532	24.8	%	$	108,363	25.5	%
Multifamily	89,241		21.0	%	86,177		20.2	%
Commercial real estate	141,761		33.3	%	130,812		30.7	%

Business ⁽¹⁾	85,425		20.1	%	96,430		22.7	%
Consumer ⁽²⁾	3,213		0.8	%	4,023		0.9	%
Total loans receivable	425,172		100.0	%	425,805		100.0	%


Unamortized premiums, deferred costs and fees, net	3,560				3,023

Allowance for loan losses	(4,946)				(4,646)
Total loans receivable, net	$	423,786			$	424,182

⁽¹⁾Includes business overdrafts of $10 thousand and $79 thousand as of March 31, 2020 and 2019, respectively

⁽²⁾ Includes consumer overdrafts of $15 thousand as of March 31, 2020 and 2019

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, 2020:


$ in thousands	One-to-four family		Multifamily		Commercial Real Estate		Business		Consumer		Unallocated		Total
Allowance for loan losses:
Beginning Balance	$	1,274	$	885	$	766	$	1,330	$	154	$	237	$	4,646
Charge-offs	(12)		—		—		(69)		(102)		—		(183)
Recoveries	302		—		—		160		2		—		464
Provision for (Recovery of) Loan Losses	(509)		126		46		146		158		52		19
Ending Balance	$	1,055	$	1,011	$	812	$	1,567	$	212	$	289	$	4,946

Allowance for Loan Losses Ending Balance: collectively evaluated for impairment	$	899	$	1,011	$	812	$	1,557	$	212	$	289	$	4,780
Allowance for Loan Losses Ending Balance: individually evaluated for impairment	156		—		—		10		—		—		166

Loan Receivables Ending Balance	$	107,528	$	89,887	$	142,410	$	85,659	$	3,248	$	—	$	428,732
Ending Balance: collectively evaluated for impairment	102,902		89,512		142,410		82,210		3,248		—		420,282
Ending Balance: individually evaluated for impairment	4,626		375		—		3,449		—		—		8,450

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, 2019:


$ in thousands	One-to-four family		Multifamily		Commercial Real Estate		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)		(164)		—		(964)		(19)		—		(1,298)
Recoveries	190		158		—		705		35		—		1,088
Provision for (Recovery of) Loan Losses	25		(928)		(286)		586		120		213		(270)
Ending Balance	$	1,274	$	885	$	766	$	1,330	$	154	$	237	$	4,646

Allowance for Loan Losses Ending Balance: collectively evaluated for impairment	$	1,103	$	885	$	766	$	1,312	$	154	$	237	$	4,457
Allowance for Loan Losses Ending Balance: individually evaluated for impairment	171		—		—		18		—		—		189

Loan Receivables Ending Balance	$	109,926	$	86,886	$	131,292	$	96,661	$	4,063	$	—	$	428,828
Ending Balance: collectively evaluated for impairment	104,509		83,672		130,816		93,399		4,063		—		416,459
Ending Balance: individually evaluated for impairment	5,417		3,214		476		3,262		—		—		12,369

Schedule of Nonaccrual Loans

The following is a summary of nonaccrual loans at March 31, 2020 and 2019.


$ in thousands	March 31, 2020		March 31, 2019
Loans accounted for on a nonaccrual basis:
Gross loans receivable:
One-to-four family	$	3,582	$	4,488
Multifamily	375		3,214
Commercial real estate	—		476

Business	2,797		2,051
Consumer	22		65
Total nonaccrual loans	$	6,776	$	10,294

Loans Receivable Credit Quality Indicators

As of March 31, 2020, 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		Business
Credit Risk Profile by Internally Assigned Grade:
Pass	$	89,512	$	141,793	$	80,016
Special Mention	—		617		2,184
Substandard	375		—		3,459
Doubtful	—		—		—
Loss	—		—		—
Total	$	89,887	$	142,410	$	85,659

	One-to-four family		Consumer
Credit Risk Profile Based on Payment Activity:
Performing	$	103,946	$	3,225
Non-Performing	3,582		23
Total	$	107,528	$	3,248

As of March 31, 2019, the risk category by class of loans was as follows:


$ in thousands	Multifamily		Commercial Real Estate		Business
Credit Risk Profile by Internally Assigned Grade:
Pass	$	83,672	$	128,319	$	90,336
Special Mention	—		2,497		2,425
Substandard	3,214		476		3,900


Total	$	86,886	$	131,292	$	96,661

	One-to-four family		Consumer
Credit Risk Profile Based on Payment Activity:
Performing	$	106,531	$	4,063
Non-Performing	3,395		—
Total	$	109,926	$	4,063

Past Due Financing Receivables

The following table presents an aging analysis of the recorded investment of past due financing receivable as of March 31, 2020.


$ in thousands	30-59 Days Past Due		60-89 Days Past Due		90 or More Days Past Due		Total Past Due		Current		Total Loans Receivable
One-to-four family	$	1,410	$	—	$	3,202	$	4,612	$	102,916	$	107,528
Multifamily	490		—		—		490		89,397		89,887
Commercial real estate	6,621		—		—		6,621		135,789		142,410

Business	1,360		3		700		2,063		83,596		85,659
Consumer	103		1		23		127		3,121		3,248
Total	$	9,984	$	4	$	3,925	$	13,913	$	414,819	$	428,732

The following table presents an aging analysis of the recorded investment of past due financing receivable as of March 31, 2019.


$ in thousands	30-59 Days Past Due		60-89 Days Past Due		90 or More Days Past Due		Total Past Due		Current		Total Loans Receivable
One-to-four family	$	1,827	$	—	$	3,395	$	5,222	$	104,704	$	109,926
Multifamily	2,580		—		2,118		4,698		82,188		86,886
Commercial real estate	121		—		—		121		131,171		131,292

Business	780		—		599		1,379		95,282		96,661
Consumer	87		53		65		205		3,858		4,063
Total	$	5,395	$	53	$	6,177	$	11,625	$	417,203	$	428,828

Impaired Loans

The following tables present information on impaired loans with the associated allowance amount, if applicable, at March 31, 2020 and 2019. 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. Interest income of $119 thousand and $122 thousand for fiscal years 2020 and 2019 respectively, would have been recorded on impaired loans had they performed in accordance with their original terms.


Impaired Loans by Class
	At March 31,
	2020										2019
$ 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	$	3,819	$	4,566	$	—	$	4,488	$	5,643	$	—
Multifamily	375		376		—		3,214		3,214		—
Commercial real estate	—		—		—		476		476		—

Business	2,797		2,917		—		1,974		2,017		—


With an allowance recorded:
One-to-four family	807		803		156		929		929		171


Business	652		652		10		1,288		1,288		18

Total	$	8,450	$	9,314	$	166	$	12,369	$	13,567	$	189

The following table presents information on average balances on impaired loans and the interest income recognized for the years ended March 31, 2020 and 2019.


	For the years ended March 31,
	2020						2019
$ in thousands	Average Balance		Interest Income recognized		Average Balance		Interest Income recognized
With no specific allowance recorded:
One-to-four family	$	4,153	$	65	$	4,964	$	96
Multifamily	1,795		48		2,089		42
Commercial real estate	238		—		1,007		16

Business	2,385		47		1,293		18


With an allowance recorded:
One-to-four family	868		—		997		—
Multifamily	—		—		371		—


Business	970		—		1,983		10

Total	$	10,409	$	160	$	12,704	$	182

Troubled Debt Restructurings

The following table presents an analysis of the loan modifications that were classified as TDRs during the twelve month period ended March 31, 2019,


	Modifications to loans during the years ended March 31, 2019

$ in thousands	Number of loans	Pre-modification outstanding recorded investment		Post-Modification Recorded investment		Pre-Modification rate		Post-Modification rate


Business	3	$	2,776	$	2,776	6.51	%	6.04	%