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Loans Receivable and ALLL (Tables)

3 Months Ended

Jun. 30, 2020

Loans and Leases Receivable Disclosure [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable

The following is a summary of loans receivable at June 30, 2020 and March 31, 2020:


	June 30, 2020						March 31, 2020
$ in thousands	Amount		Percent		Amount		Percent
Gross loans receivable:
One-to-four family	$	96,204	21.1	%	$	105,532	24.8	%
Multifamily	93,377		20.5	%	89,241		21.0	%
Commercial real estate	146,770		32.2	%	141,761		33.3	%

Business ⁽¹⁾	116,453		25.5	%	85,425		20.1	%
Consumer ⁽²⁾	2,976		0.7	%	3,213		0.8	%
Total loans receivable	$	455,780	100.0	%	$	425,172	100.0	%

Unamortized premiums, deferred costs and fees, net	2,791				3,560

Allowance for loan losses	(4,836)				(4,946)
Total loans receivable, net	$	453,735			$	423,786

⁽¹⁾ Includes PPP loans and 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 month periods ended June 30, 2020 and 2019, and the fiscal year ended March 31, 2020.


Three months ended June 30, 2020
$ in thousands	One-to-four family		Multifamily		Commercial Real Estate		Business		Consumer		Unallocated		Total
Allowance for loan losses:
Beginning Balance	$	1,055	$	1,011	$	812	$	1,567	$	212	$	289	$	4,946
Charge-offs	—		—		—		(10)		—		—		(10)
Recoveries	—		—		—		—		2		—		2
Provision for (recovery of) Loan Losses	(83)		(100)		143		(46)		(12)		(4)		(102)
Ending Balance	$	972	$	911	$	955	$	1,511	$	202	$	285	$	4,836

Allowance for Loan Losses Ending Balance: collectively evaluated for impairment	$	870	$	911	$	955	$	1,502	$	202	$	285	$	4,725
Allowance for Loan Losses Ending Balance: individually evaluated for impairment	103		—		—		8		—		—		111

Loan Receivables Ending Balance:	$	97,976	$	92,125	$	148,786	$	116,678	$	3,006	$	—	$	458,571
Ending Balance: collectively evaluated for impairment	93,512		91,752		144,647		113,395		3,006		—		446,312
Ending Balance: individually evaluated for impairment	4,464		373		4,139		3,283		—		—		12,259


At March 31, 2020
$ in thousands	One-to-four family		Multifamily		Commercial Real Estate		Business		Consumer		Unallocated		Total







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


Three months ended June 30, 2019
$ 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	—		—		—		—		(67)		—		(67)
Recoveries	—		—		—		88		2		—		90
Provision for (recovery of) Loan Losses	(42)		(10)		(98)		(18)		151		18		1
Ending Balance	$	1,232	$	875	$	668	$	1,400	$	240	$	255	$	4,670

Schedule Nonaccrual Loans

The following is a summary of nonaccrual loans at June 30, 2020 and March 31, 2020.


$ in thousands	June 30, 2020		March 31, 2020
Gross loans receivable:
One-to-four family	$	3,671	$	3,582
Multifamily	373		375
Commercial real estate	4,139		—

Business	3,571		2,797
Consumer	22		22
Total nonaccrual loans	$	11,776	$	6,776

Loans Receivable, Credit Quality Indicators

At June 30, 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	$	91,752	$	143,260	$	111,758
Special Mention	—		1,387		1,630
Substandard	373		4,139		3,290


Total	$	92,125	$	148,786	$	116,678

			One-to-four family		Consumer
Credit Risk Profile Based on Payment Activity:
Performing			$	94,305	$	3,006
Non-Performing			3,671		—
Total			$	97,976	$	3,006

At March 31, 2020, and based on the most recent analysis performed, 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


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

Past Due Financing Receivables

The following table presents an aging analysis of the recorded investment of past due loans receivables at June 30, 2020 and March 31, 2020.


June 30, 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 Receivables
One-to-four family	$	660	$	—	$	2,959	$	3,619	$	94,357	$	97,976
Multifamily	374		487		—		861		91,264		92,125
Commercial real estate	5,980		—		6,218		12,198		136,588		148,786

Business	413		510		1,620		2,543		114,135		116,678
Consumer	177		—		23		200		2,806		3,006
Total	$	7,604	$	997	$	10,820	$	19,421	$	439,150	$	458,571


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 Receivables
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

Impaired Loans

The following table presents information on impaired loans with the associated allowance amount, if applicable, at June 30, 2020 and March 31, 2020.


	At June 30, 2020										At March 31, 2020
$ 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	$	3,907	$	4,654	$	—	$	3,819	$	4,566	$	—
Multifamily	373		375		—		375		376		—
Commercial real estate	4,139		4,139		—		—		—		—

Business	2,691		2,702		—		2,797		2,917		—

With an allowance recorded:
One-to-four family	557		553		103		807		803		156



Business	592		592		8		652		652		10

Total	$	12,259	$	13,015	$	111	$	8,450	$	9,314	$	166

The following tables presents information on average balances of impaired loans and the interest income recognized on a cash basis for the three month periods ended June 30, 2020 and 2019.


	For the Three Months Ended June 30,
	2020						2019
$ in thousands	Average Balance		Interest Income Recognized		Average Balance		Interest Income Recognized
With no specific allowance recorded:
One-to-four family	$	3,862	$	27	$	4,432	$	17
Multifamily	374		4		3,179		27
Commercial real estate	2,069		—		238		—

Business	2,744		29		1,977		24

With an allowance recorded:
One-to-four family	682		—		926		—


Business	622		—		1,266		—

Total	$	10,353	$	60	$	12,018	$	68