QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | |||||||||||||
(Address of Principal Executive Offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Common Stock, par value $0.01 per share | CARV | The NASDAQ Stock Market, LLC |
o | Large Accelerated Filer | o | Accelerated Filer | o | Smaller Reporting Company | o | Emerging Growth Company |
Class | Outstanding at February 12, 2021 | |||||||
Common Stock, par value $0.01 |
Page | ||||||||
Exhibit 31.1 | ||||||||
Exhibit 31.2 | ||||||||
Exhibit 32.1 | ||||||||
Exhibit 32.2 | ||||||||
Exhibit 101 |
December 31, 2020 | March 31, 2020 | ||||||||||
$ in thousands except per share data | |||||||||||
ASSETS | |||||||||||
Cash and cash equivalents: | |||||||||||
Cash and due from banks | $ | $ | |||||||||
Money market investments | |||||||||||
Total cash and cash equivalents | |||||||||||
Investment securities: | |||||||||||
Available-for-sale, at fair value | |||||||||||
Held-to-maturity, at amortized cost (fair value of $ | |||||||||||
Total investment securities | |||||||||||
Loans receivable: | |||||||||||
Real estate mortgage loans | |||||||||||
Commercial business loans | |||||||||||
Consumer loans | |||||||||||
Loans, gross | |||||||||||
Allowance for loan losses | ( | ( | |||||||||
Total loans receivable, net | |||||||||||
Premises and equipment, net | |||||||||||
Federal Home Loan Bank of New York (“FHLB-NY”) stock, at cost | |||||||||||
Accrued interest receivable | |||||||||||
Right-of-use assets | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND EQUITY | |||||||||||
LIABILITIES | |||||||||||
Deposits: | |||||||||||
Non-interest bearing checking | $ | $ | |||||||||
Interest-bearing deposits: | |||||||||||
Interest-bearing checking | |||||||||||
Savings | |||||||||||
Money market | |||||||||||
Certificates of deposit | |||||||||||
Escrow | |||||||||||
Total interest-bearing deposits | |||||||||||
Total deposits | |||||||||||
Advances from the FHLB-NY and other borrowed money | |||||||||||
Operating lease liability | |||||||||||
Other liabilities | |||||||||||
Total liabilities | |||||||||||
EQUITY | |||||||||||
Preferred stock, (par value $ | |||||||||||
Common stock (par value | |||||||||||
Additional paid-in capital | |||||||||||
Accumulated deficit | ( | ( | |||||||||
Treasury stock, at cost ( | ( | ( | |||||||||
Accumulated other comprehensive income | |||||||||||
Total equity | |||||||||||
Total liabilities and equity | $ | $ |
Three Months Ended December 31, | Nine Months Ended December 31, | |||||||||||||||||||||||||
$ in thousands, except per share data | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Interest income: | ||||||||||||||||||||||||||
Loans | $ | $ | $ | $ | ||||||||||||||||||||||
Mortgage-backed securities | ||||||||||||||||||||||||||
Investment securities | ||||||||||||||||||||||||||
Money market investments | ||||||||||||||||||||||||||
Total interest income | ||||||||||||||||||||||||||
Interest expense: | ||||||||||||||||||||||||||
Deposits | ||||||||||||||||||||||||||
Advances and other borrowed money | ||||||||||||||||||||||||||
Total interest expense | ||||||||||||||||||||||||||
Net interest income | ||||||||||||||||||||||||||
Provision for (recovery of) loan losses | ( | |||||||||||||||||||||||||
Net interest income after provision for (recovery of) loan losses | ||||||||||||||||||||||||||
Non-interest income: | ||||||||||||||||||||||||||
Depository fees and charges | ||||||||||||||||||||||||||
Loan fees and service charges | ||||||||||||||||||||||||||
Gain on sale of securities | ||||||||||||||||||||||||||
Gain on sale of loans, net | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Total non-interest income | ||||||||||||||||||||||||||
Non-interest expense: | ||||||||||||||||||||||||||
Employee compensation and benefits | ||||||||||||||||||||||||||
Net occupancy expense | ||||||||||||||||||||||||||
Equipment, net | ||||||||||||||||||||||||||
Data processing | ||||||||||||||||||||||||||
Consulting fees | ||||||||||||||||||||||||||
Federal deposit insurance premiums | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Total non-interest expense | ||||||||||||||||||||||||||
Loss before income taxes | ( | ( | ( | ( | ||||||||||||||||||||||
Income tax expense | ||||||||||||||||||||||||||
Net loss | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Loss per common share: | ||||||||||||||||||||||||||
Basic | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Diluted | ( | ( | ( | ( |
Three Months Ended December 31, | Nine Months Ended December 31, | |||||||||||||||||||||||||
$ in thousands | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Net loss | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||||||||
Unrealized gain (loss) of securities available-for-sale | ( | |||||||||||||||||||||||||
Less: Reclassification adjustment for gains on sale of available-for-sale securities, net of income tax expense of $ | ||||||||||||||||||||||||||
Total other comprehensive income (loss), net of tax | ( | ( | ||||||||||||||||||||||||
Total comprehensive loss, net of tax | $ | ( | $ | ( | $ | ( | $ | ( |
$ in thousands | Preferred Stock | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Total Equity | |||||||||||||||||||||||||||||||||||||
Three Months Ended December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
Balance — September 30, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||
Net loss | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of taxes | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Stock based compensation expense | ||||||||||||||||||||||||||||||||||||||||||||
Balance — December 31, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||
Nine Months Ended December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
Balance — March 31, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||
Net loss | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of taxes | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Conversion of Series D preferred stock to common stock | ( | |||||||||||||||||||||||||||||||||||||||||||
Stock relinquishment | ( | ( | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Capital contribution | — | — | — | — | 2,500 | |||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | — | — | — | ( | (2,500) | |||||||||||||||||||||||||||||||||||||||
Issuance of common stock | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Stock based compensation expense | ( | |||||||||||||||||||||||||||||||||||||||||||
Balance — December 31, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||
Three Months Ended December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||
Balance — September 30, 2019 | $ | $ | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||
Net loss | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of taxes | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Stock based compensation expense | ||||||||||||||||||||||||||||||||||||||||||||
Balance — December 31, 2019 | $ | $ | $ | $ | ( | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||||
Nine Months Ended December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||
Balance — March 31, 2019 | $ | $ | $ | $ | ( | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||||
Net loss | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of taxes | ||||||||||||||||||||||||||||||||||||||||||||
Cumulative effect adjustment for adoption of ASU 2016-02 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Stock based compensation expense | ||||||||||||||||||||||||||||||||||||||||||||
Balance — December 31, 2019 | $ | $ | $ | $ | ( | $ | ( | $ | ( | $ |
Nine Months Ended December 31, | ||||||||||||||
$ in thousands | 2020 | 2019 | ||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||||||
Net loss | $ | ( | $ | ( | ||||||||||
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | ||||||||||||||
(Recovery of) provision for loan losses | ( | |||||||||||||
Stock based compensation expense | ||||||||||||||
Depreciation and amortization expense | ||||||||||||||
Gain on sale of real estate owned, net of market value adjustment | ( | ( | ||||||||||||
Gain on sale of securities | ( | |||||||||||||
Gain on sale of loans, net | ( | |||||||||||||
Amortization and accretion of loan premiums and discounts and deferred charges | ||||||||||||||
Amortization and accretion of premiums and discounts — securities | ||||||||||||||
Increase in accrued interest receivable | ( | |||||||||||||
(Increase) decrease in other assets | ( | |||||||||||||
Increase in other liabilities | ||||||||||||||
Net cash (used in) provided by operating activities | ( | |||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||||
Purchases of investments: Available-for-sale | ( | |||||||||||||
Proceeds from sales of investments: Available-for-sale | ||||||||||||||
Proceeds from principal payments, maturities and calls of investments: Available-for-sale | ||||||||||||||
Proceeds from principal payments, maturities and calls of investments: Held-to-maturity | ||||||||||||||
Loans held-for investment activity, net of (originations) and repayments/payoffs | ( | |||||||||||||
Loans purchased from third parties | ( | ( | ||||||||||||
Proceeds on sale of loans | ||||||||||||||
Redemption (purchase) of FHLB-NY stock, net | ( | |||||||||||||
Purchase of premises and equipment | ( | ( | ||||||||||||
Proceeds from sales of real estate owned | ||||||||||||||
Net cash (used in) provided by investing activities | ( | |||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||
Net increase (decrease) in deposits | ( | |||||||||||||
Increase in FHLB-NY advances and other borrowings | ||||||||||||||
Contribution of capital | ||||||||||||||
Repurchase of common stock | ( | |||||||||||||
Issuance of common stock | ||||||||||||||
Net cash provided by (used in) financing activities | ( | |||||||||||||
Net increase in cash and cash equivalents | ||||||||||||||
Cash and cash equivalents at beginning of period | ||||||||||||||
Cash and cash equivalents at end of period | $ | $ | ||||||||||||
Supplemental cash flow information: | ||||||||||||||
Noncash financing and investing activities | ||||||||||||||
Recognition of right-of-use asset | — | |||||||||||||
Recognition of operating lease liability | — | |||||||||||||
Recognition of finance lease asset | ||||||||||||||
Recognition of finance lease liability | ||||||||||||||
Retirement of preferred stock | — | |||||||||||||
Retirement of common stock | — | |||||||||||||
Cash paid for: | ||||||||||||||
Interest | $ | $ | ||||||||||||
Income taxes |
Three Months Ended December 31, | Nine Months Ended December 31, | |||||||||||||||||||||||||
$ in thousands except per share data | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Net loss | $ | ( | $ | ( | ( | ( | ||||||||||||||||||||
Weighted average common shares outstanding - basic | ||||||||||||||||||||||||||
Weighted average common shares outstanding – diluted | ||||||||||||||||||||||||||
Basic loss per common share | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Diluted loss per common share | ( | ( | ( | ( |
$ in thousands | At March 31, 2020 | Other Comprehensive Loss, net of tax | At December 31, 2020 | |||||||||||||||||
Net unrealized income (loss) on securities available-for-sale | $ | $ | ( | $ | ||||||||||||||||
$ in thousands | At March 31, 2019 | Other Comprehensive Income, net of tax | At December 31, 2019 | |||||||||||||||||
Net unrealized income (loss) on securities available-for-sale | $ | ( | $ | $ | ( | |||||||||||||||
At December 31, 2020 | ||||||||||||||||||||||||||
Amortized | Gross Unrealized | |||||||||||||||||||||||||
$ in thousands | Cost | Gains | Losses | Fair Value | ||||||||||||||||||||||
Available-for-Sale: | ||||||||||||||||||||||||||
Mortgage-backed Securities: | ||||||||||||||||||||||||||
Government National Mortgage Association | $ | $ | $ | $ | ||||||||||||||||||||||
Federal Home Loan Mortgage Corporation | ||||||||||||||||||||||||||
Federal National Mortgage Association | ||||||||||||||||||||||||||
Total mortgage-backed securities | ||||||||||||||||||||||||||
U.S. Government Agency Securities | ||||||||||||||||||||||||||
Corporate Bonds | ||||||||||||||||||||||||||
Muni Securities | ||||||||||||||||||||||||||
Asset-backed Securities | ||||||||||||||||||||||||||
Total available-for-sale | $ | $ | $ | $ | ||||||||||||||||||||||
Held-to-Maturity: | ||||||||||||||||||||||||||
Mortgage-backed Securities: | ||||||||||||||||||||||||||
Government National Mortgage Association | $ | $ | $ | $ | ||||||||||||||||||||||
Federal National Mortgage Association and Other | ||||||||||||||||||||||||||
Total held-to-maturity mortgage-backed securities | ||||||||||||||||||||||||||
Corporate Bonds | ||||||||||||||||||||||||||
Total held-to maturity | $ | $ | $ | $ |
At March 31, 2020 | ||||||||||||||||||||||||||
Amortized | Gross Unrealized | |||||||||||||||||||||||||
$ in thousands | Cost | Gains | Losses | Fair Value | ||||||||||||||||||||||
Available-for-Sale: | ||||||||||||||||||||||||||
Mortgage-backed Securities: | ||||||||||||||||||||||||||
Government National Mortgage Association | $ | $ | $ | $ | ||||||||||||||||||||||
Federal Home Loan Mortgage Corporation | ||||||||||||||||||||||||||
Federal National Mortgage Association | ||||||||||||||||||||||||||
Total mortgage-backed securities | ||||||||||||||||||||||||||
U.S. Government Agency Securities | ||||||||||||||||||||||||||
Corporate Bonds | ||||||||||||||||||||||||||
Total available-for-sale | $ | $ | $ | $ | ||||||||||||||||||||||
Held-to-Maturity: | ||||||||||||||||||||||||||
Mortgage-backed Securities: | ||||||||||||||||||||||||||
Government National Mortgage Association | $ | $ | $ | $ | ||||||||||||||||||||||
Federal National Mortgage Association and Other | ||||||||||||||||||||||||||
Total held-to-maturity mortgage-backed securities | ||||||||||||||||||||||||||
Corporate Bonds | ||||||||||||||||||||||||||
Total held-to-maturity | $ | $ | $ | $ |
$ in thousands | December 31, 2020 | |||||||
Proceeds | $ | |||||||
Gross gains | ||||||||
Gross losses |
At December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | ||||||||||||||||||||||||||||||||||||
$ in thousands | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | ||||||||||||||||||||||||||||||||
Available-for-Sale: | ||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
U.S. Government Agency securities | ||||||||||||||||||||||||||||||||||||||
Corporate bonds | ||||||||||||||||||||||||||||||||||||||
Muni securities | ||||||||||||||||||||||||||||||||||||||
Asset-backed securities | ||||||||||||||||||||||||||||||||||||||
Total available-for-sale securities | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
At March 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | ||||||||||||||||||||||||||||||||||||
$ in thousands | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | ||||||||||||||||||||||||||||||||
Available-for-Sale: | ||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
U.S. Government Agency securities | ||||||||||||||||||||||||||||||||||||||
Corporate bonds | ||||||||||||||||||||||||||||||||||||||
Total available-for-sale securities | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Held-to-Maturity: | ||||||||||||||||||||||||||||||||||||||
Corporate bonds | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Total held-to-maturity securities | $ | $ | $ | $ | $ | $ |
$ in thousands | Amortized Cost | Fair Value | Weighted Average Yield | ||||||||||||||
Available-for-Sale: | |||||||||||||||||
One through five years | % | ||||||||||||||||
Five through ten years | % | ||||||||||||||||
After ten years | % | ||||||||||||||||
Mortgage-backed securities | 1.25 | % | |||||||||||||||
Total | $ | $ | % | ||||||||||||||
Held-to-maturity: | |||||||||||||||||
One through five years | $ | $ | % | ||||||||||||||
Mortgage-backed securities | 2.41 | % | |||||||||||||||
Total | $ | $ | % |
December 31, 2020 | March 31, 2020 | |||||||||||||||||||||||||
$ in thousands | Amount | Percent | Amount | Percent | ||||||||||||||||||||||
Gross loans receivable: | ||||||||||||||||||||||||||
One-to-four family | $ | % | $ | % | ||||||||||||||||||||||
Multifamily | % | % | ||||||||||||||||||||||||
Commercial real estate | % | % | ||||||||||||||||||||||||
Business (1) | % | % | ||||||||||||||||||||||||
Consumer (2) | % | % | ||||||||||||||||||||||||
Total loans receivable | $ | % | $ | % | ||||||||||||||||||||||
Unamortized premiums, deferred costs and fees, net | ||||||||||||||||||||||||||
Allowance for loan losses | ( | ( | ||||||||||||||||||||||||
Total loans receivable, net | $ | $ | ||||||||||||||||||||||||
Three months ended December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
$ in thousands | One-to-four family | Multifamily | Commercial Real Estate | Business | Consumer | Unallocated | Total | |||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance | ||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Recoveries | ||||||||||||||||||||||||||||||||||||||||||||
Provision for (recovery of) Loan Losses | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Ending Balance | $ | $ | $ | $ | $ | $ | $ |
Nine months ended December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
$ in thousands | One-to-four family | Multifamily | Commercial Real Estate | Business | Consumer | Unallocated | Total | |||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Charge-offs | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Recoveries | ||||||||||||||||||||||||||||||||||||||||||||
Provision for (recovery of) Loan Losses | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Ending Balance | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Allowance for Loan Losses Ending Balance: collectively evaluated for impairment | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Allowance for Loan Losses Ending Balance: individually evaluated for impairment | ||||||||||||||||||||||||||||||||||||||||||||
Loan Receivables Ending Balance: | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Ending Balance: collectively evaluated for impairment | ||||||||||||||||||||||||||||||||||||||||||||
Ending Balance: individually evaluated for impairment |
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 | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Allowance for Loan Losses Ending Balance: individually evaluated for impairment | ||||||||||||||||||||||||||||||||||||||||||||
Loan Receivables Ending Balance: | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Ending Balance: collectively evaluated for impairment | ||||||||||||||||||||||||||||||||||||||||||||
Ending Balance: individually evaluated for impairment |
Three months ended December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||
$ in thousands | One-to-four family | Multifamily | Commercial Real Estate | Business | Consumer | Unallocated | Total | |||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Charge-offs | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||
Recoveries | ||||||||||||||||||||||||||||||||||||||||||||
Provision for (recovery of) Loan Losses | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||
Ending Balance | $ | $ | $ | $ | $ | $ | $ |
Nine months ended December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||
$ in thousands | One-to-four family | Multifamily | Commercial Real Estate | Business | Consumer | Unallocated | Total | |||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Charge-offs | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||
Recoveries | ||||||||||||||||||||||||||||||||||||||||||||
Provision for (recovery of) Loan Losses | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Ending Balance | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
$ in thousands | December 31, 2020 | March 31, 2020 | |||||||||
Gross loans receivable: | |||||||||||
One-to-four family | $ | $ | |||||||||
Multifamily | |||||||||||
Commercial real estate | |||||||||||
Business | |||||||||||
Consumer | |||||||||||
Total nonaccrual loans | $ | $ |
$ in thousands | Multifamily | Commercial Real Estate | Business | |||||||||||||||||
Credit Risk Profile by Internally Assigned Grade: | ||||||||||||||||||||
Pass | $ | $ | $ | |||||||||||||||||
Special Mention | ||||||||||||||||||||
Substandard | ||||||||||||||||||||
Total | $ | $ | $ | |||||||||||||||||
One-to-four family | Consumer | |||||||||||||||||||
Credit Risk Profile Based on Payment Activity: | ||||||||||||||||||||
Performing | $ | $ | ||||||||||||||||||
Non-Performing | ||||||||||||||||||||
Total | $ | $ |
$ in thousands | Multifamily | Commercial Real Estate | Business | |||||||||||||||||
Credit Risk Profile by Internally Assigned Grade: | ||||||||||||||||||||
Pass | $ | $ | $ | |||||||||||||||||
Special Mention | ||||||||||||||||||||
Substandard | ||||||||||||||||||||
Total | $ | $ | $ | |||||||||||||||||
One-to-four family | Consumer | |||||||||||||||||||
Credit Risk Profile Based on Payment Activity: | ||||||||||||||||||||
Performing | $ | $ | ||||||||||||||||||
Non-Performing | ||||||||||||||||||||
Total | $ | $ |
December 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 | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Multifamily | ||||||||||||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||||||||||||
Business | ||||||||||||||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
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 | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Multifamily | ||||||||||||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||||||||||||
Business | ||||||||||||||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
At December 31, 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 | $ | $ | $ | — | $ | $ | $ | — | ||||||||||||||||||||||||||||||
Multifamily | — | — | ||||||||||||||||||||||||||||||||||||
Commercial real estate | — | — | ||||||||||||||||||||||||||||||||||||
Business | — | — | ||||||||||||||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||||||||||
One-to-four family | ||||||||||||||||||||||||||||||||||||||
Business | ||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
For the Three Months Ended December 31, | For the Nine Months Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||
$ 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 | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Multifamily | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business | ||||||||||||||||||||||||||||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||||||||||||||||||||||
One-to-four family | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ |
Loan Modifications during the three month period ended | Loan Modifications during the nine month period ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ in thousands | Number of loans | Pre-Modification Recorded investment | Post-Modification Recorded investment | Pre-Modification rate | Post-Modification rate | Number of loans | Pre-Modification Recorded investment | Post-Modification Recorded investment | Pre-Modification rate | Post-Modification rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Business | 6.68 | 5.50 | 6.68 | % | 5.50 | % |
Fair Value Measurements at December 31, 2020, Using | ||||||||||||||||||||||||||
$ in thousands | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Fair Value | ||||||||||||||||||||||
Mortgage servicing rights | $ | $ | $ | $ | ||||||||||||||||||||||
Investment securities | ||||||||||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||
Government National Mortgage Association | ||||||||||||||||||||||||||
Federal Home Loan Mortgage Corporation | ||||||||||||||||||||||||||
Federal National Mortgage Association | ||||||||||||||||||||||||||
U.S. Government Agency securities | ||||||||||||||||||||||||||
Corporate bonds | ||||||||||||||||||||||||||
Muni securities | ||||||||||||||||||||||||||
Asset-backed securities | ||||||||||||||||||||||||||
Total available-for-sale securities | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ |
Fair Value Measurements at March 31, 2020, Using | ||||||||||||||||||||||||||
$ in thousands | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Fair Value | ||||||||||||||||||||||
Mortgage servicing rights | $ | $ | $ | $ | ||||||||||||||||||||||
Investment securities | ||||||||||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||
Government National Mortgage Association | ||||||||||||||||||||||||||
Federal Home Loan Mortgage Corporation | ||||||||||||||||||||||||||
Federal National Mortgage Association | ||||||||||||||||||||||||||
U.S. Government Agency securities | ||||||||||||||||||||||||||
Corporate bonds | ||||||||||||||||||||||||||
Total available-for-sale securities | ||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ |
$ in thousands | Beginning balance, April 1, 2020 | Total Realized/Unrealized Gains/(Losses) Recorded in Income (1) | Issuances / (Settlements) | Transfers to/(from) Level 3 | Ending balance, December 31, 2020 | Change in Unrealized Gains/(Losses) Related to Instruments Held at December 31, 2020 | |||||||||||||||||||||||||||||
Mortgage servicing rights | ( |
$ in thousands | Beginning balance, April 1, 2019 | Total Realized/Unrealized Gains/(Losses) Recorded in Income (1) | Issuances / (Settlements) | Transfers to/(from) Level 3 | Ending balance, December 31, 2019 | Change in Unrealized Gains/(Losses) Related to Instruments Held at December 31, 2019 | |||||||||||||||||||||||||||||
Mortgage servicing rights | ( | ( |
$ in thousands | Fair Value December 31, 2020 | Valuation Technique | Significant Unobservable Inputs | Significant Unobservable Input Value | ||||||||||||||||||||||
Mortgage servicing rights | % | |||||||||||||||||||||||||
1200 basis points |
$ in thousands | Fair Value March 31, 2020 | Valuation Technique | Significant Unobservable Inputs | Significant Unobservable Input Value | ||||||||||||||||||||||
Mortgage servicing rights | % | |||||||||||||||||||||||||
1200 basis points |
Fair Value Measurements at December 31, 2020 Using | ||||||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | Total Fair Value | |||||||||||||||||||||||
$ in thousands | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||
Impaired loans | $ | $ | $ | $ | ||||||||||||||||||||||
Other real estate owned | $ |
Fair Value Measurements at March 31, 2020, Using | ||||||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | Total Fair Value | |||||||||||||||||||||||
$ in thousands | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||
Impaired loans | $ | $ | $ | $ | ||||||||||||||||||||||
Other real estate owned | $ |
$ in thousands | Fair Value December 31, 2020 | Valuation Technique | Significant Unobservable Inputs | Significant Unobservable Input Value | ||||||||||||||||||||||
Impaired loans | $ | 7.5% cost to sell | ||||||||||||||||||||||||
Other real estate owned | 7.5% cost to sell |
$ in thousands | Fair Value March 31, 2020 | Valuation Technique | Significant Unobservable Inputs | Significant Unobservable Input Value | ||||||||||||||||||||||
Impaired loans | $ | 7.5% cost to sell | ||||||||||||||||||||||||
Other real estate owned | 7.5% cost to sell |
December 31, 2020 | ||||||||||||||||||||||||||||||||
$ in thousands | Carrying Amount | Estimated Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||||||
Financial Assets: | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Securities available-for-sale | ||||||||||||||||||||||||||||||||
Securities held-to-maturity | ||||||||||||||||||||||||||||||||
Loans receivable | ||||||||||||||||||||||||||||||||
Accrued interest receivable | ||||||||||||||||||||||||||||||||
Mortgage servicing rights | ||||||||||||||||||||||||||||||||
Financial Liabilities: | ||||||||||||||||||||||||||||||||
Deposits | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Other borrowed money | ||||||||||||||||||||||||||||||||
Accrued interest payable |
March 31, 2020 | ||||||||||||||||||||||||||||||||
$ in thousands | Carrying Amount | Estimated Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||||||
Financial Assets: | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Securities available-for-sale | ||||||||||||||||||||||||||||||||
Securities held-to-maturity | ||||||||||||||||||||||||||||||||
Loans receivable | ||||||||||||||||||||||||||||||||
Accrued interest receivable | ||||||||||||||||||||||||||||||||
Mortgage servicing rights | ||||||||||||||||||||||||||||||||
Other assets - Interest-bearing deposits | ||||||||||||||||||||||||||||||||
Financial Liabilities: | ||||||||||||||||||||||||||||||||
Deposits | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Other borrowed money | ||||||||||||||||||||||||||||||||
Accrued interest payable |
Three Months Ended December 31, | Nine Months Ended December 31, | |||||||||||||||||||||||||
$ in thousands | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Non-interest income | ||||||||||||||||||||||||||
In-scope of Topic 606 | ||||||||||||||||||||||||||
Depository fees and charges | $ | $ | $ | $ | ||||||||||||||||||||||
Loan fees and service charges | ||||||||||||||||||||||||||
Other non-interest income | ||||||||||||||||||||||||||
Non-interest income (in-scope of Topic 606) | ||||||||||||||||||||||||||
Non-interest income (out-of-scope of Topic 606) | ||||||||||||||||||||||||||
Total non-interest income | $ | $ | $ | $ |
Three Months Ended December 31, | Nine Months Ended December 31, | |||||||||||||||||||||||||
$ in thousands | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Other non-interest income: | ||||||||||||||||||||||||||
Compliance fee | $ | $ | ( | $ | $ | |||||||||||||||||||||
Grant income | ||||||||||||||||||||||||||
Correspondent banking fees | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Total non-interest income | $ | $ | $ | $ | ||||||||||||||||||||||
Other non-interest expense: | ||||||||||||||||||||||||||
Advertising | $ | $ | $ | $ | ||||||||||||||||||||||
Legal expense | ||||||||||||||||||||||||||
Insurance and surety | ||||||||||||||||||||||||||
Audit expense | ||||||||||||||||||||||||||
Outsourced service | ||||||||||||||||||||||||||
Data lines / internet | ||||||||||||||||||||||||||
Retail expenses | ||||||||||||||||||||||||||
Director's fees | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Total non-interest expense | $ | $ | $ | $ |
December 31, 2020 | ||||||||
Weighted-average remaining lease term | ||||||||
Operating leases | ||||||||
Finance lease | ||||||||
Weighted-average discount rate | ||||||||
Operating leases | % | |||||||
Finance lease | % |
Three Months Ended December 31, | Nine Months Ended December 31, | |||||||||||||||||||||||||
$ in thousands | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Operating lease expense | $ | $ | $ | $ | ||||||||||||||||||||||
Finance lease cost | ||||||||||||||||||||||||||
Amortization of right-of use asset | ||||||||||||||||||||||||||
Interest on lease liability | ||||||||||||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities | ||||||||||||||||||||||||||
Operating leases | ||||||||||||||||||||||||||
Finance lease |
$ in thousands | Operating Leases | Finance Leases | ||||||||||||
Year ending March 31, | ||||||||||||||
2021 | $ | $ | ||||||||||||
2022 | ||||||||||||||
2023 | ||||||||||||||
2024 | ||||||||||||||
2025 | ||||||||||||||
Thereafter | ||||||||||||||
Total lease payments | ||||||||||||||
Interest | ( | ( | ||||||||||||
Lease liability | $ | $ |
Involvement with SPE (000's) | Funded Exposure | Unfunded Exposure | Total | ||||||||||||||||||||||||||
$ in thousands | Recognized Gain (Loss) (000's) | Total Rights transferred | Significant unconsolidated VIE assets | Total Involvement with SPE asset | Debt Investments | Equity Investments | Funding Commitments | Maximum exposure to loss | |||||||||||||||||||||
Carver Statutory Trust 1 (1) | $ | — | $ | — | $ | 13,400 | $ | 13,400 | $ | 15,976 | $ | 400 | $ | — | $ | — | $ | 16,376 | |||||||||||
CDE 18* | 600 | 13,254 | — | — | — | — | — | 5,169 | 5,169 | ||||||||||||||||||||
CDE 19* | 500 | 10,746 | — | — | — | — | — | 4,191 | 4,191 | ||||||||||||||||||||
Total | $ | 1,100 | $ | 24,000 | $ | 13,400 | $ | 13,400 | $ | 15,976 | $ | 400 | $ | — | $ | 9,360 | $ | 25,736 |
December 31, 2020 | ||||||||||||||
($ in thousands) | Amount | Ratio | ||||||||||||
Tier 1 leverage capital | ||||||||||||||
Regulatory capital | $ | 61,137 | 9.54 | % | ||||||||||
Individual minimum capital requirement | 57,692 | 9.00 | % | |||||||||||
Minimum capital requirement | 25,641 | 4.00 | % | |||||||||||
Excess over individual minimum capital requirement | 3,445 | 0.54 | % | |||||||||||
Common equity Tier 1 | ||||||||||||||
Regulatory capital | $ | 61,137 | 13.60 | % | ||||||||||
Minimum capital requirement | 31,457 | 7.00 | % | |||||||||||
Excess | 29,680 | 6.60 | % | |||||||||||
Tier 1 risk-based capital | ||||||||||||||
Regulatory capital | $ | 61,137 | 13.60 | % | ||||||||||
Minimum capital requirement | 38,198 | 8.50 | % | |||||||||||
Excess | 22,939 | 5.10 | % | |||||||||||
Total risk-based capital | ||||||||||||||
Regulatory capital | $ | 66,544 | 14.81 | % | ||||||||||
Individual minimum capital requirement | 53,926 | 12.00 | % | |||||||||||
Minimum capital requirement | 47,185 | 10.50 | % | |||||||||||
Excess over individual minimum capital requirement | 12,618 | 2.81 | % |
$ in thousands | Loans sold to FNMA | |||||||
Open claims as of March 31, 2020 (1) | $ | 1,952 | ||||||
Gross new demands received | — | |||||||
Loans repurchased/made whole | — | |||||||
Demands rescinded | — | |||||||
Advances on open claims | — | |||||||
Principal payments received on open claims | (258) | |||||||
Open claims as of December 31, 2020 (1) | $ | 1,694 |
$ in thousands | December 31, 2020 | |||||||
Representation and warranty repurchase reserve, March 31, 2020 (1) | $ | 226 | ||||||
Net adjustment to reserve for repurchase losses (2) | — | |||||||
Representation and warranty repurchase reserve, December 31, 2020 (1) | $ | 226 |
$ in thousands | |||||
Commitments to fund mortgage loans | $ | 4,500 | |||
Lines of credit | 4,820 | ||||
Commitment to fund private equity investment | 253 | ||||
Total | $ | 9,573 |
Three Months Ended December 31, | Nine Months Ended December 31, | ||||||||||||||||||||||||||||
Selected Financial Data: | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||
Return on average assets (1) | (0.78) | % | (0.99) | % | (0.59) | % | (0.84) | % | |||||||||||||||||||||
Return on average stockholders' equity (2) | (11.21) | % | (11.26) | % | (8.23) | % | (9.28) | % | |||||||||||||||||||||
Return on average stockholders' equity, excluding AOCI (2) (8) | (11.15) | % | (11.25) | % | (8.26) | % | (9.25) | % | |||||||||||||||||||||
Net interest margin (3) | 2.56 | % | 2.94 | % | 2.45 | % | 2.94 | % | |||||||||||||||||||||
Interest rate spread (4) | 2.38 | % | 2.69 | % | 2.24 | % | 2.68 | % | |||||||||||||||||||||
Efficiency ratio (5) | 125.92 | % | 128.59 | % | 118.80 | % | 124.12 | % | |||||||||||||||||||||
Operating expenses to average assets (6) | 3.76 | % | 4.45 | % | 3.88 | % | 4.29 | % | |||||||||||||||||||||
Average stockholders' equity to average assets (7) | 6.93 | % | 8.83 | % | 7.22 | % | 9.04 | % | |||||||||||||||||||||
Average stockholders' equity, excluding AOCI, to average assets (7) (8) | 6.97 | % | 8.84 | % | 7.20 | % | 9.06 | % | |||||||||||||||||||||
Average interest-earning assets to average interest-bearing liabilities | 1.28 | x | 1.25 | x | 1.28 | x | 1.25 | x | |||||||||||||||||||||
(1)Net income (loss), annualized, divided by average total assets. | |||||||||||||||||||||||||||||
(2)Net income (loss), annualized, divided by average total stockholders' equity. | |||||||||||||||||||||||||||||
(3)Net interest income, annualized, divided by average interest-earning assets. | |||||||||||||||||||||||||||||
(4)Combined weighted average interest rate earned less combined weighted average interest rate cost. | |||||||||||||||||||||||||||||
(5)Operating expense divided by sum of net interest income and non-interest income. | |||||||||||||||||||||||||||||
(6)Non-interest expense, annualized, divided by average total assets. | |||||||||||||||||||||||||||||
(7)Total average stockholders' equity divided by total average assets for the period. | |||||||||||||||||||||||||||||
(8)See Non-GAAP Financial Measures disclosure for comparable GAAP measures. |
Three Months Ended December 31, | Nine Months Ended December 31, | |||||||||||||||||||||||||
$ in thousands | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Average Stockholders' Equity | ||||||||||||||||||||||||||
Average Stockholders' Equity | $ | 46,762 | $ | 51,028 | $ | 47,485 | $ | 52,087 | ||||||||||||||||||
Average AOCI | (232) | (13) | 171 | (156) | ||||||||||||||||||||||
Average Stockholders' Equity, excluding AOCI | $ | 46,994 | $ | 51,041 | $ | 47,314 | $ | 52,243 | ||||||||||||||||||
Return on Average Stockholders' Equity | (11.21) | % | (11.26) | % | (8.23) | % | (9.28) | % | ||||||||||||||||||
Return on Average Stockholders' Equity, excluding AOCI | (11.15) | % | (11.25) | % | (8.26) | % | (9.25) | % | ||||||||||||||||||
Average Stockholders' Equity to Average Assets | 6.93 | % | 8.83 | % | 7.22 | % | 9.04 | % | ||||||||||||||||||
Average Stockholders' Equity, excluding AOCI, to Average Assets | 6.97 | % | 8.84 | % | 7.20 | % | 9.06 | % |
For the Three Months Ended December 31, | ||||||||||||||||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||||||||||||||
$ in thousands | Average Balance | Interest | Average Yield/Cost | Average Balance | Interest | Average Yield/Cost | ||||||||||||||||||||||||||||||||
Interest-Earning Assets: | ||||||||||||||||||||||||||||||||||||||
Loans (1) | $ | 462,562 | $ | 4,749 | 4.11 | % | $ | 429,737 | $ | 4,906 | 4.57 | % | ||||||||||||||||||||||||||
Mortgage-backed securities | 55,048 | 192 | 1.39 | % | 48,687 | 276 | 2.27 | % | ||||||||||||||||||||||||||||||
Investment securities(2) | 57,290 | 277 | 1.93 | % | 37,165 | 190 | 2.04 | % | ||||||||||||||||||||||||||||||
Money market investments | 72,414 | 21 | 0.12 | % | 32,166 | 120 | 1.48 | % | ||||||||||||||||||||||||||||||
Total interest-earning assets | 647,314 | 5,239 | 3.24 | % | 547,755 | 5,492 | 4.01 | % | ||||||||||||||||||||||||||||||
Non-interest-earning assets | 27,230 | 29,828 | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 674,544 | $ | 577,583 | ||||||||||||||||||||||||||||||||||
Interest-Bearing Liabilities: | ||||||||||||||||||||||||||||||||||||||
Deposits | ||||||||||||||||||||||||||||||||||||||
Interest-bearing checking | $ | 27,940 | $ | 8 | 0.11 | % | $ | 23,210 | $ | 7 | 0.12 | % | ||||||||||||||||||||||||||
Savings and clubs | 111,268 | 67 | 0.24 | % | 96,792 | 64 | 0.26 | % | ||||||||||||||||||||||||||||||
Money market | 131,284 | 152 | 0.46 | % | 100,403 | 116 | 0.46 | % | ||||||||||||||||||||||||||||||
Certificates of deposit | 190,902 | 709 | 1.47 | % | 184,520 | 962 | 2.07 | % | ||||||||||||||||||||||||||||||
Mortgagors deposits | 2,240 | 2 | 0.35 | % | 2,445 | 6 | 0.97 | % | ||||||||||||||||||||||||||||||
Total deposits | 463,634 | 938 | 0.80 | % | 407,370 | 1,155 | 1.12 | % | ||||||||||||||||||||||||||||||
Borrowed money | 41,822 | 162 | 1.54 | % | 32,257 | 308 | 3.79 | % | ||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 505,456 | 1,100 | 0.86 | % | 439,627 | 1,463 | 1.32 | % | ||||||||||||||||||||||||||||||
Non-interest-bearing liabilities | ||||||||||||||||||||||||||||||||||||||
Demand deposits | 92,085 | 58,113 | ||||||||||||||||||||||||||||||||||||
Other liabilities | 30,241 | 28,815 | ||||||||||||||||||||||||||||||||||||
Total liabilities | 627,782 | 526,555 | ||||||||||||||||||||||||||||||||||||
Stockholders' equity | 46,762 | 51,028 | ||||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 674,544 | $ | 577,583 | ||||||||||||||||||||||||||||||||||
Net interest income | $ | 4,139 | $ | 4,029 | ||||||||||||||||||||||||||||||||||
Average interest rate spread | 2.38 | % | 2.69 | % | ||||||||||||||||||||||||||||||||||
Net interest margin | 2.56 | % | 2.94 | % | ||||||||||||||||||||||||||||||||||
(1) Includes nonaccrual loans | ||||||||||||||||||||||||||||||||||||||
(2) Includes FHLB-NY stock |
For the Nine Months Ended December 31, | ||||||||||||||||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||||||||||||||
$ in thousands | Average Balance | Interest | Average Yield/Cost | Average Balance | Interest | Average Yield/Cost | ||||||||||||||||||||||||||||||||
Interest-Earning Assets: | ||||||||||||||||||||||||||||||||||||||
Loans (1) | $ | 451,938 | $ | 13,804 | 4.07 | % | $ | 425,053 | $ | 14,318 | 4.49 | % | ||||||||||||||||||||||||||
Mortgage-backed securities | 37,896 | 509 | 1.79 | % | 50,355 | 885 | 2.34 | % | ||||||||||||||||||||||||||||||
Investment securities(2) | 50,234 | 716 | 1.90 | % | 38,710 | 702 | 2.42 | % | ||||||||||||||||||||||||||||||
Money market investments | 88,422 | 70 | 0.11 | % | 32,070 | 460 | 1.90 | % | ||||||||||||||||||||||||||||||
Total interest-earning assets | 628,490 | 15,099 | 3.20 | % | 546,188 | 16,365 | 3.99 | % | ||||||||||||||||||||||||||||||
Non-interest-earning assets | 28,996 | 30,274 | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 657,486 | $ | 576,462 | ||||||||||||||||||||||||||||||||||
Interest-Bearing Liabilities: | ||||||||||||||||||||||||||||||||||||||
Deposits | ||||||||||||||||||||||||||||||||||||||
Interest-bearing checking | $ | 27,134 | $ | 24 | 0.12 | % | $ | 23,372 | $ | 21 | 0.12 | % | ||||||||||||||||||||||||||
Savings and clubs | 107,041 | 205 | 0.25 | % | 97,801 | 193 | 0.26 | % | ||||||||||||||||||||||||||||||
Money market | 121,663 | 428 | 0.47 | % | 100,699 | 418 | 0.55 | % | ||||||||||||||||||||||||||||||
Certificates of deposit | 195,461 | 2,387 | 1.62 | % | 189,837 | 2,886 | 2.02 | % | ||||||||||||||||||||||||||||||
Mortgagors deposits | 2,333 | 4 | 0.23 | % | 2,290 | 26 | 1.51 | % | ||||||||||||||||||||||||||||||
Total deposits | 453,632 | 3,048 | 0.89 | % | 413,999 | 3,544 | 1.14 | % | ||||||||||||||||||||||||||||||
Borrowed money | 37,278 | 492 | 1.75 | % | 22,569 | 776 | 4.56 | % | ||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 490,910 | 3,540 | 0.96 | % | 436,568 | 4,320 | 1.31 | % | ||||||||||||||||||||||||||||||
Non-interest-bearing liabilities | ||||||||||||||||||||||||||||||||||||||
Demand deposits | 89,330 | 58,733 | ||||||||||||||||||||||||||||||||||||
Other liabilities | 29,761 | 29,074 | ||||||||||||||||||||||||||||||||||||
Total liabilities | 610,001 | 524,375 | ||||||||||||||||||||||||||||||||||||
Stockholders' equity | 47,485 | 52,087 | ||||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 657,486 | $ | 576,462 | ||||||||||||||||||||||||||||||||||
Net interest income | $ | 11,559 | $ | 12,045 | ||||||||||||||||||||||||||||||||||
Average interest rate spread | 2.24 | % | 2.68 | % | ||||||||||||||||||||||||||||||||||
Net interest margin | 2.45 | % | 2.94 | % | ||||||||||||||||||||||||||||||||||
(1) Includes nonaccrual loans | ||||||||||||||||||||||||||||||||||||||
(2) Includes FHLB-NY stock |
$ in thousands | Nine Months Ended December 31, 2020 | Fiscal Year Ended March 31, 2020 | Nine Months Ended December 31, 2019 | |||||||||||||||||
Beginning Balance | 4,946 | $ | 4,646 | $ | 4,646 | |||||||||||||||
Less: Charge-offs | (76) | (183) | (162) | |||||||||||||||||
Add: Recoveries | 367 | 464 | 107 | |||||||||||||||||
(Recovery of) provision for loan losses | (99) | 19 | 16 | |||||||||||||||||
Ending Balance | $ | 5,138 | $ | 4,946 | $ | 4,607 | ||||||||||||||
Ratios: | ||||||||||||||||||||
Net charge-offs to average loans outstanding (annualized) | 0.09 | % | 0.07 | % | (0.02) | % | ||||||||||||||
Allowance to total loans | 1.10 | % | 1.15 | % | 1.09 | % | ||||||||||||||
Allowance to non-performing loans | 68.72 | % | 72.99 | % | 64.05 | % |
Non Performing Assets | ||||||||||||||||||||||||||||||||
$ in thousands | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||||
Loans accounted for on a nonaccrual basis (1): | + | |||||||||||||||||||||||||||||||
Gross loans receivable: | ||||||||||||||||||||||||||||||||
One-to-four family | $ | 3,532 | $ | 3,541 | $ | 3,671 | $ | 3,582 | $ | 4,053 | ||||||||||||||||||||||
Multifamily | 372 | 372 | 373 | 375 | 378 | |||||||||||||||||||||||||||
Commercial real estate | 1,160 | 1,160 | 4,139 | — | — | |||||||||||||||||||||||||||
Business | 2,413 | 2,346 | 3,571 | 2,797 | 2,754 | |||||||||||||||||||||||||||
Consumer | — | — | 22 | 22 | 8 | |||||||||||||||||||||||||||
Total nonaccrual loans | 7,477 | 7,419 | 11,776 | 6,776 | 7,193 | |||||||||||||||||||||||||||
Other non-performing assets (2): | ||||||||||||||||||||||||||||||||
Real estate owned | 60 | 60 | 120 | 120 | 120 | |||||||||||||||||||||||||||
Total non-performing assets (3) | $ | 7,537 | $ | 7,479 | $ | 11,896 | $ | 6,896 | $ | 7,313 | ||||||||||||||||||||||
Non-performing loans to total loans | 1.60 | % | 1.60 | % | 2.57 | % | 1.58 | % | 1.70 | % | ||||||||||||||||||||||
Non-performing assets to total assets | 1.10 | % | 1.11 | % | 1.77 | % | 1.19 | % | 1.29 | % | ||||||||||||||||||||||
Allowance to total loans | 1.10 | % | 1.06 | % | 1.05 | % | 1.15 | % | 1.09 | % | ||||||||||||||||||||||
Allowance to non-performing loans | 68.72 | % | 66.26 | % | 41.07 | % | 72.99 | % | 64.05 | % | ||||||||||||||||||||||
(1) Nonaccrual status denotes any loan where the delinquency exceeds 90 days past due, or in the opinion of management, the collection of contractual interest and/or principal is doubtful. Payments received on a nonaccrual loan are either applied to the outstanding principal balance or recorded as interest income, depending on assessment of the ability to collect on the loan. | ||||||||||||||||||||||||||||||||
(2) Other non-performing assets generally represent loans that the Bank is in the process of selling and has designated held-for-sale or property acquired by the Bank in settlement of loans less costs to sell (i.e., through foreclosure, repossession or as an in-substance foreclosure). These assets are recorded at the lower of their cost or fair value. | ||||||||||||||||||||||||||||||||
(3) Troubled debt restructured loans performing in accordance with their modified terms for less than six months and those not performing in accordance with their modified terms are considered nonaccrual and are included in the nonaccrual category in the table above. At December 31, 2020, there were $5.8 million TDR loans that have performed in accordance with their modified terms for a period of at least six months. These loans are generally considered performing loans and are not presented in the table above. | ||||||||||||||||||||||||||||||||
(4) Loans 90 days or more past maturity and still accruing, which were not included in the non-performing category, are presented in the above table. |
3.1 | Certificate of Incorporation of Carver Bancorp, Inc. (1) | ||||||||||
3.2 | |||||||||||
3.3 | |||||||||||
4.1 | Stock Certificate of Carver Bancorp, Inc. (1) | ||||||||||
4.2 | |||||||||||
4.3 | |||||||||||
31.1 | |||||||||||
31.2 | |||||||||||
32.1 | |||||||||||
32.2 | |||||||||||
101 | The following materials from the Company’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2020, formatted in XBRL (Extensive Business Reporting Language): (i) Consolidated Statements of Financial Condition as of December 31, 2020 (unaudited) and March 31, 2020; (ii) Consolidated Statements of Operations for the three and nine months ended December 31, 2020 and 2019 (unaudited); (iii) Consolidated Statements of Comprehensive Loss for the three and nine months ended December 31, 2020 and 2019 (unaudited); (iv) Consolidated Statements of Changes in Equity for the three and nine months ended December 31, 2020 and 2019 (unaudited); (v) Consolidated Statements of Cash Flows for the nine months ended December 31, 2020 and 2019 (unaudited); and (vi) Notes to Consolidated Financial Statements. | ||||||||||
(1) | Incorporated herein by reference from the Exhibits to the Form S-4, Registration Statement and amendments thereto, initially filed on June 7, 1996, Registration No. 333-5559. | ||||||||||
(2) | Incorporated herein by reference from the Exhibits to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on November 1, 2011. | ||||||||||
(3) | Incorporated herein by reference from the Exhibits to the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2006. | ||||||||||
(4) | Incorporated by reference to the Exhibits to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on July 6, 2011. | ||||||||||
CARVER BANCORP, INC. | ||||||||
Date: | February 16, 2021 | /s/ Michael T. Pugh | ||||||
Michael T. Pugh | ||||||||
President and Chief Executive Officer | ||||||||
(Principal Executive Officer) |
Date: | February 16, 2021 | /s/ Christina L. Maier | ||||||
Christina L. Maier | ||||||||
First Senior Vice President and Chief Financial Officer | ||||||||
(Principal Accounting Officer and Principal Financial Officer) |
Date: | February 16, 2021 | /s/ Michael T. Pugh | ||||||
Michael T. Pugh | ||||||||
President and Chief Executive Officer | ||||||||
Date: | February 16, 2021 | /s/ Christina L. Maier | ||||||
Christina L. Maier | ||||||||
First Senior Vice President and Chief Financial Officer | ||||||||
Principal Accounting Officer and Principal Financial Officer |
Date: | February 16, 2021 | /s/ Michael T. Pugh | ||||||
Michael T. Pugh | ||||||||
President and Chief Executive Officer |
Date: | February 16, 2021 | /s/ Christina L. Maier | ||||||
Christina L. Maier | ||||||||
First Senior Vice President and Chief Financial Officer |
Document and Entity Information Document - shares |
9 Months Ended | |
---|---|---|
Dec. 31, 2020 |
Feb. 12, 2021 |
|
Document and Entity Information [Abstract] | ||
Entity Registrant Name | CARVER BANCORP INC | |
Entity Central Index Key | 0001016178 | |
Current Fiscal Year End Date | --03-31 | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Dec. 31, 2020 | |
Document Fiscal Year Focus | 1905 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 3,062,850 | |
Entity Shell Company | false | |
Entity Emerging Growth Company | false | |
Document Transition Report | false |
Cover Page |
9 Months Ended |
---|---|
Dec. 31, 2020 | |
Document and Entity Information [Abstract] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Entity File Number | 001-13007 |
Entity Incorporation, State or Country Code | DE |
Entity Address, Address Line One | 75 West 125th Street |
Entity Address, City or Town | New York |
Entity Address, State or Province | NY |
Entity Tax Identification Number | 13-3904174 |
Entity Address, Postal Zip Code | 10027 |
City Area Code | (718) |
Local Phone Number | 230-2900 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Smaller Reporting Company | true |
Consolidated Statements of Financial Condition Consolidated Statements of Financial Condition Parentheticals - USD ($) $ in Thousands |
Dec. 31, 2020 |
Mar. 31, 2020 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Held-to-maturity, Fair Value | $ 9,551 | $ 10,564 |
Series D Convertible Preferred Stock, Par Value (in dollars per share) | $ 0.01 | $ 0.01 |
Series D Convertible Preferred Stock, Shares Issued (in shares) | 18,076 | 45,118 |
Series D Convertible Preferred Stock, Shares Outstanding (in shares) | 18,076 | 45,118 |
Series D Convertible Preferred Stock, Liquidation Preference (in dollars per share) | $ 1,000 | $ 1,000 |
Common Stock, Par Value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized (in shares) | 10,000,000 | 10,000,000 |
Common Stock, Shares Issued (in shares) | 5,508,560 | 3,701,449 |
Common Stock, Shares Outstanding (in shares) | 3,004,757 | 3,699,505 |
Treasury Stock | 2,503,803 | 1,944 |
Consolidated Statements of Operations - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Interest income: | ||||
Loans | $ 4,749 | $ 4,906 | $ 13,804 | $ 14,318 |
Mortgage-backed securities | 192 | 276 | 509 | 885 |
Investment securities | 277 | 190 | 716 | 702 |
Money market investments | 21 | 120 | 70 | 460 |
Total interest income | 5,239 | 5,492 | 15,099 | 16,365 |
Interest expense: | ||||
Deposits | 938 | 1,155 | 3,048 | 3,544 |
Advances and other borrowed money | 162 | 308 | 492 | 776 |
Total interest expense | 1,100 | 1,463 | 3,540 | 4,320 |
Net interest income | 4,139 | 4,029 | 11,559 | 12,045 |
Provision for (recovery of) loan losses | 4 | 8 | (99) | 16 |
Net interest income after provision for (recovery of) loan losses | 4,135 | 4,021 | 11,658 | 12,029 |
Non-interest income: | ||||
Depository fees and charges | 692 | 846 | 2,041 | 2,461 |
Loan fees and service charges | 65 | 82 | 234 | 243 |
Gain on sale of securities | 0 | 0 | 862 | 0 |
Gain on sale of loans, net | 0 | 0 | 0 | 25 |
Other | 142 | 37 | 1,418 | 186 |
Total non-interest income | 899 | 965 | 4,555 | 2,915 |
Non-interest expense: | ||||
Employee compensation and benefits | 2,837 | 2,799 | 8,369 | 8,327 |
Net occupancy expense | 1,066 | 1,097 | 3,296 | 3,361 |
Equipment, net | 386 | 392 | 1,239 | 1,032 |
Data processing | 451 | 445 | 1,564 | 1,271 |
Consulting fees | 38 | 19 | 154 | 147 |
Federal deposit insurance premiums | 107 | 57 | 265 | 56 |
Other | 1,459 | 1,613 | 4,257 | 4,375 |
Total non-interest expense | 6,344 | 6,422 | 19,144 | 18,569 |
Loss before income taxes | (1,310) | (1,436) | (2,931) | (3,625) |
Income tax expense | 0 | 0 | 0 | 0 |
Net loss | $ (1,310) | $ (1,436) | $ (2,931) | $ (3,625) |
Loss per common share: | ||||
Loss per Share, Basic (in dollars per share) | $ (0.44) | $ (0.39) | $ (0.84) | $ (0.98) |
Loss per Share, Diluted (in dollars per share) | $ (0.44) | $ (0.39) | $ (0.84) | $ (0.98) |
Consolidated Statements of Comprehensive Loss Statement - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (1,310) | $ (1,436) | $ (2,931) | $ (3,625) |
Other comprehensive income (loss), net of tax: | ||||
Unrealized (loss) gain of securities available-for sale, net of tax | 346 | (98) | 297 | 923 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 0 | 0 | 862 | 0 |
Reclassification adjustment for gains on sale of available-for-sale securities, Tax | 0 | 0 | ||
Other comprehensive loss, net of taxes | 346 | (98) | (565) | 923 |
Total comprehensive (loss) income, net of tax | $ (964) | $ (1,534) | $ (3,496) | $ (2,702) |
Consolidated Statement of Changes in Stockholders' Equity - USD ($) $ in Thousands |
Total |
Cumulative Effect, Period of Adoption, Adjustment [Member] |
Preferred Stock |
Common Stock |
Additional Paid-in Capital |
Accumulated Deficit |
Treasury Stock |
Accumulated Other Comprehensive Loss |
---|---|---|---|---|---|---|---|---|
Equity - Beginning Balance at Mar. 31, 2019 | $ 47,136 | $ 45,118 | $ 61 | $ 55,514 | $ (52,201) | $ (417) | $ (939) | |
Net loss | (3,625) | 0 | 0 | 0 | 0 | 0 | ||
Other comprehensive loss, net of taxes | 923 | 0 | 0 | 0 | 0 | 0 | ||
Contributed Capital | 0 | |||||||
Repurchase of Common Stock | 0 | |||||||
Stock based compensation expense | 6 | 0 | 0 | 6 | 0 | 0 | 0 | |
Equity - Ending Balance at Dec. 31, 2019 | 49,779 | $ 5,339 | 45,118 | 61 | 55,520 | (50,487) | (417) | (16) |
Equity - Beginning Balance at Sep. 30, 2019 | 51,309 | 45,118 | 61 | 55,516 | (49,051) | (417) | 82 | |
Net loss | (1,436) | 0 | 0 | 0 | 0 | 0 | ||
Other comprehensive loss, net of taxes | (98) | 0 | 0 | 0 | 0 | 0 | (98) | |
Stock based compensation expense | 4 | 0 | 0 | 4 | 0 | 0 | 0 | |
Equity - Ending Balance at Dec. 31, 2019 | 49,779 | $ 5,339 | 45,118 | 61 | 55,520 | (50,487) | (417) | (16) |
Equity - Beginning Balance at Mar. 31, 2020 | 48,894 | 45,118 | 61 | 55,476 | (52,285) | (408) | 932 | |
Net loss | (2,931) | 0 | 0 | 0 | 0 | 0 | ||
Other comprehensive loss, net of taxes | (565) | 0 | 0 | 0 | 0 | 0 | (565) | |
Stock Issued During Period, Value, Conversion of Convertible Securities | 0 | (13,519) | (17) | (13,502) | 0 | 0 | 0 | |
Stock Relinquished During Period, Value | (13,523) | (2) | (13,525) | |||||
Contributed Capital | 2,500 | 2,500 | 0 | |||||
Repurchase of Common Stock | 2,500 | 0 | (2,500) | |||||
Stock Issued During Period, Value, New Issues | 974 | 1 | 973 | |||||
Stock based compensation expense | 36 | 0 | (22) | 58 | 0 | 0 | 0 | |
Equity - Ending Balance at Dec. 31, 2020 | 46,408 | 18,076 | 55 | 72,509 | (41,691) | (2,908) | 367 | |
Equity - Beginning Balance at Sep. 30, 2020 | 46,396 | 18,076 | 54 | 71,534 | (40,381) | (2,908) | 21 | |
Net loss | (1,310) | 0 | 0 | 0 | 0 | 0 | ||
Other comprehensive loss, net of taxes | 346 | 0 | 0 | 0 | 0 | 0 | 346 | |
Stock Issued During Period, Value, New Issues | 974 | 1 | 973 | |||||
Stock based compensation expense | 2 | 0 | 0 | 2 | 0 | 0 | 0 | |
Equity - Ending Balance at Dec. 31, 2020 | $ 46,408 | $ 18,076 | $ 55 | $ 72,509 | $ (41,691) | $ (2,908) | $ 367 |
Organization |
9 Months Ended |
---|---|
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | ORGANIZATION Nature of operations Carver Bancorp, Inc. (on a stand-alone basis, the “Company” or “Registrant”), was incorporated in May 1996 and its principal wholly-owned subsidiary is Carver Federal Savings Bank (the “Bank” or “Carver Federal”). Carver Federal's wholly-owned subsidiaries are CFSB Realty Corp., Carver Community Development Corporation (“CCDC”) and CFSB Credit Corp., which is currently inactive. The Bank has a real estate investment trust, Carver Asset Corporation ("CAC"), that was formed in February 2004. “Carver,” the “Company,” “we,” “us” or “our” refers to the Company along with its consolidated subsidiaries. The Bank was chartered in 1948 and began operations in 1949 as Carver Federal Savings and Loan Association, a federally-chartered mutual savings and loan association. The Bank converted to a federal savings bank in 1986. On October 24, 1994, the Bank converted from a mutual holding company structure to stock form and issued 2,314,375 shares of its common stock, par value 0.01 per share. On October 17, 1996, the Bank completed its reorganization into a holding company structure (the “Reorganization”) and became a wholly-owned subsidiary of the Company. Carver Federal’s principal business consists of attracting deposit accounts through its branches and investing those funds in mortgage loans and other investments permitted by federal savings banks. The Bank has seven branches located throughout the City of New York that primarily serve the communities in which they operate. In September 2003, the Company formed Carver Statutory Trust I (the “Trust”) for the sole purpose of issuing trust preferred securities and investing the proceeds in an equivalent amount of floating rate junior subordinated debentures of the Company. In accordance with Accounting Standards Codification (“ASC”) 810, “Consolidations,” Carver Statutory Trust I is unconsolidated for financial reporting purposes. On September 17, 2003, Carver Statutory Trust I issued 13,000 shares, liquidation amount $1,000 per share, of floating rate capital securities. Gross proceeds from the sale of these trust preferred debt securities of $13 million, and proceeds from the sale of the trust's common securities of $0.4 million, were used to purchase approximately $13.4 million aggregate principal amount of the Company's floating rate junior subordinated debt securities due 2033. The trust preferred debt securities are redeemable at par quarterly at the option of the Company beginning on or after September 17, 2008, and have a mandatory redemption date of September 17, 2033. Cash distributions on the trust preferred debt securities are cumulative and payable at a floating rate per annum resetting quarterly with a margin of 3.05% over the three-month LIBOR. During the second quarter of fiscal year 2017, the Company applied for and was granted regulatory approval to settle all outstanding debenture interest payments through September 2016. Such payments were made in September 2016. Interest on the debentures has been deferred beginning with the December 2016 payment, per the terms of the agreement, which permit such deferral for up to twenty consecutive quarters, as the Company is prohibited from making payments without prior regulatory approval. The interest rate was 3.28% and the total amount of deferred interest was $3.0 million at December 31, 2020. Carver relies primarily on dividends from Carver Federal to pay cash dividends to its stockholders, to engage in share repurchase programs and to pay principal and interest on its trust preferred debt obligation. The OCC regulates all capital distributions, including dividend payments, by Carver Federal to Carver, and the FRB regulates dividends paid by Carver. As the subsidiary of a savings and loan association holding company, Carver Federal must file a notice or an application (depending on the proposed dividend amount) with the OCC (and a notice with the FRB) prior to the declaration of each capital distribution. The OCC will disallow any proposed dividend, for among other reasons, that would result in Carver Federal’s failure to meet the OCC minimum capital requirements. In accordance with the Agreement defined directly below, Carver Federal is currently prohibited from paying any dividends without prior OCC approval, and, as such, has suspended Carver’s regular quarterly cash dividend on its common stock. There are no assurances that dividend payments to Carver will resume. Regulation On October 23, 2015, the Board of Directors of the Company adopted resolutions requiring, among other things, written approval from the Federal Reserve Bank of Philadelphia prior to the declaration or payment of dividends, any increase in debt by the Company, or the redemption of Company common stock. On May 24, 2016, the Bank entered into a Formal Agreement ("the Agreement") with the OCC to undertake certain compliance-related and other actions as further described in the Company’s Current Report on Form 8-K as filed with the Securities and Exchange Commission (“SEC”) on May 27, 2016. As a result of the Agreement, the Bank must obtain the approval of the OCC prior to effecting any change in its directors or senior executive officers. The Bank may not declare or pay dividends or make any other capital distributions, including to the Company, without first filing an application with the OCC and receiving the prior approval of the OCC. Furthermore, the Bank must seek the OCC's written approval and the FDIC's written concurrence before entering into any "golden parachute payments" as that term is defined under 12 U.S.C. § 1828(k) and 12 C.F.R. Part 359. As a result of the Formal Agreement, Carver was issued an Individual Minimum Capital Ratio (“IMCR”) letter by the OCC, which requires the Bank to maintain minimum regulatory capital levels of 9% for its Tier1 leverage ratio and 12% for its total risk-based capital ratio.
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Summary of Significant Accounting Policies |
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Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of consolidated financial statement presentation The consolidated financial statements include the accounts of the Company, the Bank and the Bank’s wholly-owned or majority-owned subsidiaries, Carver Asset Corporation, CFSB Realty Corp., CCDC, and CFSB Credit Corp., which is currently inactive. All significant intercompany accounts and transactions have been eliminated in consolidation. The consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine month periods ended December 31, 2020 are not necessarily indicative of the results that may be expected for the year ended March 31, 2021. The consolidated balance sheet at December 31, 2020 has been derived from the unaudited consolidated financial statements at that date, but does not include all of the information and footnotes required by GAAP for complete financial statements. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated statement of financial condition and revenues and expenses for the period then ended. These unaudited consolidated financial statements should be read in conjunction with the Annual Report on Form 10-K for the year ended March 31, 2020. Amounts subject to significant estimates and assumptions are items such as the allowance for loan losses, realization of deferred tax assets, assessment of other-than-temporary impairment of securities, and the fair value of financial instruments. While management uses available information to recognize losses on loans, future additions to the allowance for loan losses or future writedowns of real estate owned may be necessary based on changes in economic conditions in the areas where Carver Federal has extended mortgages and other credit instruments. Actual results could differ significantly from those assumptions. Current market conditions increase the risk and complexity of the judgments in these estimates. Certain comparative amounts for the prior period have been reclassified to conform to current period presentations. Such reclassifications had no effect on net income or shareholders' equity.
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Earnings Per Common Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Common Share | PER COMMON SHARE The following table reconciles the loss available to common shareholders (numerator) and the weighted average common stock outstanding (denominator) for both basic and diluted loss per share for the following periods:
For the three and nine months ended December 31, 2020 and 2019, all restricted shares and outstanding stock options were anti-dilutive.
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Common Stock Dividends and Issuances |
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Dec. 31, 2020 | |
Dividends [Abstract] | |
Stockholders' Equity Note Disclosure | COMMON STOCK DIVIDENDS AND ISSUANCES On October 28, 2011, the Treasury exchanged the CDCI Series B preferred stock for 2,321,286 shares of Carver common stock and the Series C preferred stock converted into 1,208,039 shares of Carver common stock and 45,118 shares of Series D preferred stock. Series C stock was previously reported as mezzanine equity, and upon conversion to common and Series D preferred stock is now reported as equity attributable to Carver Bancorp, Inc. The holders of the Series D Preferred Stock are entitled to receive dividends, on an as-converted basis, simultaneously to the payment of any dividends on the common stock. In June 2020, The Goldman Sachs Group, Inc., an institutional investor, notified the Company of their intention to effect a series of transfers of up to all its holdings of Series D Preferred Stock. The conversion and subsequent sale of shares were completed on July 2, 2020: 13,519 Series D Preferred Stock shares were converted into 1,653,397 shares of Common Stock, which were subsequently sold in the open market. The conversion and sale had no impact on the Company's total capital. On July 9, 2020, the Company received notice that Morgan Stanley International Holdings Inc., an institutional investor, relinquished its ownership of 180,573 shares of Company common stock and 13,523 shares of Company Preferred Series D Stock to the Company at no cost to the Company. On July 30, 2020, the Company reached an agreement in principle (the "Agreement in Principle") with the United States Department of the Treasury (the "Treasury Department") to repurchase 2,321,286 shares of common stock of the Company, owned by the Treasury Department for an aggregate purchase price of $2.5 million. In connection with the Agreement in Principle, Morgan Stanley provided a grant that was considered contributed capital to the Company to fund the repurchase transaction. The Company executed a written agreement with the Treasury Department and completed the repurchase on August 6, 2020. On October 15, 2020, the Company entered into an agreement with Banc of America Strategic Investments Corporation, under which it issued and sold 147,227 shares of its common stock, par value $0.01, at a price of $6.62 per share. The shares were issued on October 15, 2020, in a private placement exempt from registration under Section 4(2) of the Securities Act of 1933, as amended, and Regulation D of the rules and regulations promulgated thereunder.
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Other Comprehensive Income (Loss) |
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Statement of Comprehensive Income [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive Income (Loss) Note | OTHER COMPREHENSIVE INCOME (LOSS) The following tables set forth changes in each component of accumulated other comprehensive income (loss), net of tax for the nine months ended December 31, 2020 and 2019:
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Investment Securities |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Securities | INVESTMENT SECURITIES The Bank utilizes mortgage-backed and other investment securities in its asset/liability management strategy. In making investment decisions, the Bank considers, among other things, its yield and interest rate objectives, its interest rate and credit risk position, and its liquidity and cash flow. Generally, the investment policy of the Bank is to invest funds among categories of investments and maturities based upon the Bank’s asset/liability management policies, investment quality, loan and deposit volume and collateral requirements, liquidity needs and performance objectives. GAAP requires that securities be classified into three categories: trading, held-to-maturity, and available-for-sale. At December 31, 2020, $100.2 million, or 91.6%, of the Bank’s total securities were classified as available-for-sale, and $9.2 million, or 8.4%, were classified as held-to-maturity. The Bank had no securities classified as trading at December 31, 2020 and March 31, 2020. Other investments as of December 31, 2020 primarily consists of the Bank's investment in a limited partnership Community Capital Fund. These securities are measured at fair value with unrealized holding gains and losses reflected in net income. Other investments totaled $925 thousand at December 31, 2020 and are included in Other Assets on the Statements of Financial Condition. The following tables set forth the amortized cost and fair value of securities available-for-sale and held-to-maturity at December 31, 2020 and March 31, 2020:
The following is a summary regarding proceeds, gross gains and gross losses realized from the sale of securities from the available-for-sale portfolio for the nine months ended December 31, 2020. There were no sales of available-for-sale and held-to-maturity securities for the three months ended December 31, 2020.
The following tables set forth the unrealized losses and fair value of securities in an unrealized loss position at December 31, 2020 and March 31, 2020 for less than 12 months and 12 months or longer:
A total of 9 securities had an unrealized loss at December 31, 2020 compared to 7 at March 31, 2020. Mortgage-backed securities and U.S. government agency securities represented 50.7% and 38.7%, respectively, of total available-for-sale securities in an unrealized loss position at December 31, 2020. There was one mortgage-backed security and three U.S. government agency securities that had an unrealized loss position for more than 12 months at December 31, 2020. Given the high credit quality of the securities which are backed by the U.S. government's guarantees, the risk of credit loss is minimal. Management believes that these unrealized losses are a direct result of the current rate environment and that the Company has the ability and intent to hold the securities until maturity or until the valuations recover. The Bank did not have any securities that were classified as having other-than-temporary impairment in its investment portfolio at December 31, 2020. The following is a summary of the amortized cost and fair value of debt securities at December 31, 2020, by remaining period to contractual maturity (ignoring earlier call dates, if any). Actual maturities may differ from contractual maturities because certain security issuers have the right to call or prepay their obligations. The table below does not consider the effects of possible prepayments or unscheduled repayments.
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Loans Receivable and Allowance for Loan and Lease Losses |
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Loans and Leases Receivable Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Receivable and Allowance for Loan and Lease Losses | LOANS RECEIVABLE AND ALLOWANCE FOR LOAN AND LEASE LOSSES The loans receivable portfolio is segmented into one-to-four family, multifamily, commercial real estate, business (including Small Business Administration loans), and consumer loans. The allowance for loan and lease losses ("ALLL") reflects management’s judgment in the evaluation of probable loan losses inherent in the portfolio at the balance sheet date. Management uses a disciplined process and methodology to calculate the ALLL each quarter. To determine the total ALLL, management estimates the reserves needed for each segment of the loan portfolio, including loans analyzed individually and loans analyzed on a pooled basis. The general valuation allowance applied to those pooled loans not deemed to be impaired is determined using a three step process: •Trends of historical losses where the net charge-offs on each category are reviewed over a 20 quarter look back period. •Assessment of several qualitative factors which are adjusted to reflect changes in the current environment. •Loss Emergence Period reserve "LEP" which takes into account that borrowers have the potential to have suffered some form of loss-causing event or circumstance but that the lender may be unaware of the event. During the fourth quarter of fiscal 2020, we changed the impact rating of the economic factors (related to unemployment and inflation rate) and collateral factors from moderate to high across all loan categories. Additionally, the factors related to problem loans (including delinquency and credit quality) in the Commercial Real Estate category were increased from moderate to high. These changes were made as a response to the ongoing and expected stressed economic environment resulting from the COVID-19 pandemic. During fiscal 2021, we increased our qualitative factors due to the ongoing pandemic. These increases in reserves were offset by decreases in our quantitative reserve analysis as the rolling 20 quarter historical loss look back period has improved for most of our loan categories. The ALLL is sensitive to risk ratings assigned to individually evaluated loans and economic assumptions and delinquency trends. Individual loan risk ratings are evaluated based on the specific facts related to that loan. Additions to the ALLL are made by charges to the provision for loan losses. Credit exposures deemed to be uncollectible are charged against the ALLL, while recoveries of previously charged off amounts are credited to the ALLL. The following is a summary of loans receivable at December 31, 2020 and March 31, 2020:
(1) Includes PPP loans and business overdrafts (2) Includes personal loans and consumer overdrafts The Bank is participating as a lender in the Paycheck Protection Program ("PPP"), which opened on April 3, 2020. As part of the CARES Act, the Small Business Administration ("SBA") is authorized to temporarily guarantee loans under this new 7(a) loan program. Under the PPP, small businesses and other entities and individuals can apply for loans from existing SBA lenders and other approved regulated lenders that enroll in the program, subject to numerous limitations and eligibility criteria. Since the PPP loans are fully guaranteed by the SBA, there are no additional ALLL reserves required. As of December 31, 2020, the Bank has approved and funded approximately 203 applications totaling $34.7 million of loans under the PPP. Consistent with regulatory guidance and the provisions of the CARES Act, loans less than 30 days past due at December 31, 2019 that were granted COVID-19 related payment deferrals will continue to be considered current and not be reported as TDRs. For the nine months ended December 31, 2020, the Bank has received 85 applications for payment deferrals on approximately $92.8 million of loans. This total includes 61 commercial loans totaling $85.3 million and 24 residential loans totaling $7.5 million. The Bank has been working with the borrowers to determine if there is a risk of any losses associated with repayment and if any additional reserves would have to be allocated to this portfolio. As of December 31, 2020, we have 12 residential loans remaining that are on deferment with outstanding principal balances totaling $4.8 million. 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, 2020 and 2019, and the fiscal year ended March 31, 2020.
The following is a summary of nonaccrual loans at December 31, 2020 and March 31, 2020.
Nonaccrual loans generally consist of loans for which the accrual of interest has been discontinued as a result of such loans becoming 90 days or more delinquent as to principal and/or interest payments. Interest income on nonaccrual loans is recorded when received based upon the collectability of the loan. At December 31, 2020, other non-performing assets totaled $60 thousand which consisted of other real estate owned comprised of one foreclosed residential property, compared to $120 thousand comprised of two foreclosed residential properties at March 31, 2020. Other real estate loans is included in other assets in the consolidated statements of financial condition. There were no held-for-sale loans at December 31, 2020 and March 31, 2020. Although we believe that substantially all risk elements at December 31, 2020 have been disclosed, it is possible that for a variety of reasons, including economic conditions, certain borrowers may be unable to comply with the contractual repayment terms on certain real estate and commercial loans. The Bank utilizes an internal loan classification system as a means of reporting problem loans within its loan categories. Loans may be classified as “Pass,” “Special Mention,” “Substandard,” “Doubtful,” and “Loss.” Loans rated Pass have demonstrated satisfactory asset quality, earning history, liquidity, and other adequate margins of creditor protection. They represent a moderate credit risk and some degree of financial stability. Loans are considered collectible in full, but perhaps require greater than average amount of loan officer attention. Borrowers are capable of absorbing normal setbacks without failure. Loans rated Special Mention have potential weaknesses that deserve management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the Bank's credit position at some future date. Loans rated Substandard are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Assets so classified must have a well-defined weakness, or weaknesses, that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. Loans rated Doubtful have all the weaknesses inherent in those classified Substandard with the added characteristic that the weaknesses present make collection or liquidation in full, based on currently existing facts, conditions and values, highly questionable and improbable. Loans classified as Loss are those considered uncollectible with insignificant value and are charged off immediately to the allowance for loan losses. One-to-four family residential loans and consumer and other loans are rated non-performing if they are delinquent in payments ninety or more days, a troubled debt restructuring with less than six months contractual performance or past maturity. All other one-to-four family residential loans and consumer and other loans are performing loans. At December 31, 2020, and based on the most recent analysis performed in the current quarter, the risk category by class of loans is as follows:
At March 31, 2020, and based on the most recent analysis performed, the risk category by class of loans is as follows:
The following table presents an aging analysis of the recorded investment of past due loans receivables at December 31, 2020 and March 31, 2020.
The following table presents information on impaired loans with the associated allowance amount, if applicable, at December 31, 2020 and March 31, 2020.
The following tables presents information on average balances of impaired loans and the interest income recognized on a cash basis for the three and nine month periods ended December 31, 2020 and 2019.
Troubled debt restructured ("TDR") loans consist of modified loans where borrowers have been granted concessions in regards to the terms of their loans due to financial or other difficulties, which rendered them unable to repay their loans under the original contractual terms. Total TDR loans at December 31, 2020 were $7.6 million, $1.8 million of which were non-performing as they were either not consistently performing in accordance with their modified terms or not performing in accordance with their modified terms for at least six months. At March 31, 2020, total TDR loans were $3.9 million, of which $2.2 million were non-performing. In certain circumstances, the Bank will modify a loan as part of a TDR under GAAP. Situations around these modifications may include extension of maturity date, reduction in the stated interest rate, rescheduling of future cash flows, reduction in the face amount of the debt or reduction of past accrued interest. Loans modified in TDRs are placed on nonaccrual status until the Company determines that future collection of principal and interest is reasonably assured, which generally requires that the borrower demonstrate performance according to the restructured terms for a period of at least six months. There was one loan modification made during the three and nine month periods ended December 31, 2020. There were no loan modifications made during the three and nine month periods ended December 31, 2019.
In an effort to proactively resolve delinquent loans, the Bank has selectively extended to certain borrowers concessions such as extensions, rate reductions or forbearance agreements. For the periods ended December 31, 2020 and 2019, there were no modified loans that defaulted within 12 months of modification. At December 31, 2020, there were 5 loans in the TDR portfolio totaling $5.8 million that were on accrual status as the Company has determined that future collection of the principal and interest is reasonably assured. These have generally performed according to restructured terms for a period of at least six months. At March 31, 2020, there were 6 loans in the TDR portfolio totaling $1.7 million that were on accrual status. Transactions With Certain Related Persons Federal law requires that all loans or extensions of credit to executive officers and directors must be made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with the general public and must not involve more than the normal risk of repayment or present other unfavorable features. The aggregate amount of loans outstanding to related parties was $60 thousand at December 31, 2020 and $70 thousand at March 31, 2020. During the nine months ended December 31, 2020, principal repayments totaled $10 thousand. Furthermore, loans above the greater of $25,000, or 5% of Carver Federal’s capital and surplus (up to $500,000), to Carver Federal’s directors and executive officers must be approved in advance by a majority of the disinterested members of Carver Federal’s Board of Directors.
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Fair Value Measurements |
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Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | FAIR VALUE MEASUREMENTS Fair value is an “exit” price, representing the amount that would be received when selling an asset, or paid when transferring a liability, in an orderly transaction between market participants. Fair value is thus a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. Fair value measurements are categorized in a a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: •Level 1— Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. •Level 2— Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. ◦Level 3— Inputs to the valuation methodology are unobservable and significant to the fair value measurement. A financial instrument’s categorization within this valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The following table presents, by valuation hierarchy, assets that are measured at fair value on a recurring basis as of December 31, 2020 and March 31, 2020, and that are included in the Company’s Consolidated Statements of Financial Condition at these dates:
Instruments for which unobservable inputs are significant to their fair value measurement (i.e., Level 3) include mortgage servicing rights (“MSR”) and other investments. Level 3 assets accounted for 0.02% and 0.03% of the Company’s total assets measured at fair value at December 31, 2020 and March 31, 2020, respectively. The Company reviews and updates the fair value hierarchy classifications on a quarterly basis. Changes from one quarter to the next that are related to the observable inputs to a fair value measurement may result in a reclassification from one hierarchy level to another. Below is a description of the methods and significant assumptions utilized in estimating the fair value of available-for-sale securities and MSR: Where quoted prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. If quoted market prices are not available for the specific security, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics, or discounted cash flows. These pricing models primarily use market-based or independently sourced market parameters as inputs, including, but not limited to, yield curves, interest rates, equity or debt prices, and credit spreads. In addition to market information, models also incorporate transaction details, such as maturity and cash flow assumptions. Securities valued in this manner would generally be classified within Level 2 of the valuation hierarchy and primarily include such instruments as mortgage-related securities and corporate debt. In the nine month period ended December 31, 2020, there were no transfers of investments into or out of each level of the fair value hierarchy. In certain cases where there is limited activity or less transparency around inputs to the valuation, securities are classified within Level 3 of the valuation hierarchy. In valuing certain securities, the determination of fair value may require benchmarking to similar instruments or analyzing default and recovery rates. Quoted price information for the MSRs is not available. Therefore, MSRs are valued using market-standard models to model the specific cash flow structure. Key inputs to the model consist of principal balance of loans being serviced, servicing fees and discount and prepayment rates. The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with those of other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. The following table includes a rollforward of assets classified by the Company within Level 3 of the valuation hierarchy for the nine months ended December 31, 2020 and 2019:
(1) Includes net servicing cash flows and the passage of time. For Level 3 assets measured at fair value on a recurring basis as of December 31, 2020 and March 31, 2020, the significant unobservable inputs used in the fair value measurements were as follows:
(1) Represents annualized loan repayment rate assumptions Certain assets are measured at fair value on a non-recurring basis. Such instruments are subject to fair value adjustments under certain circumstances (e.g. when there is evidence of impairment). The following table presents assets and liabilities that were measured at fair value on a non-recurring basis as of December 31, 2020 and March 31, 2020, and that are included in the Company’s Consolidated Statements of Financial Condition at these dates:
For Level 3 assets measured at fair value on a non-recurring basis as of December 31, 2020 and March 31, 2020, the significant unobservable inputs used in the fair value measurements were as follows:
The fair values of collateral dependent impaired loans are determined using various valuation techniques, including consideration of appraised values and other pertinent real estate market data. Other real estate owned represents property acquired by the Bank in settlement of loans less costs to sell (i.e., through foreclosure, repossession or as an in-substance foreclosure). These assets are recorded at the lower of their cost or fair value. At the time of acquisition of the real estate owned, the real property value is adjusted to its current fair value. Any subsequent adjustments will be to the lower of cost or fair value.
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Fair Value of Financial Instruments |
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Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments | FAIR VALUE OF FINANCIAL INSTRUMENTS Disclosures regarding the fair value of financial instruments are required to include, in addition to the carrying value, the fair value of certain financial instruments, both assets and liabilities recorded on and off-balance sheet, for which it is practicable to estimate fair value. Accounting guidance defines financial instruments as cash, evidence of ownership of an entity, or a contract that conveys or imposes on an entity the contractual right or obligation to either receive or deliver cash or another financial instrument. The fair value of a financial instrument is discussed below. In cases where quoted market prices are not available, estimated fair values have been determined by the Bank using the best available data and estimation methodology suitable for each such category of financial instruments. For those loans and deposits with floating interest rates, it is presumed that estimated fair values generally approximate their recorded carrying value. The Bank's primary component of market risk is interest rate volatility. Fluctuations in interest rates will ultimately impact the Bank's fair value of all interest-earning assets and interest-bearing liabilities, other than those which are short-term in maturity. The carrying amounts and estimated fair values of the Bank’s financial instruments and estimation methodologies at December 31, 2020 and March 31, 2020 are as follows:
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Non-interest Revenue and Expense |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer | NON-INTEREST REVENUE AND EXPENSE Topic 606 does not apply to revenue associated with financial instruments, including revenue from loans and securities. In addition, certain non-interest income streams such as gains on sales of residential mortgage and SBA loans, income associated with servicing assets, and loan fees, including residential mortgage originations to be sold and prepayment and late fees charged across all loan categories are also not in scope of the new guidance. Topic 606 is applicable to non-interest revenue streams, such as depository fees, service charges and commission revenues. However, the recognition of these revenue streams did not change significantly upon adoption of Topic 606. Non-interest revenue streams in-scope of Topic 606 are discussed below. Depository fees and charges Depository fees and charges primarily relate to service fees on deposit accounts and fees earned from debit cards and check cashing transactions. Service fees on deposit accounts consist of ATM fees, NSF fees, account maintenance charges and other deposit related fees. The revenue is recognized monthly when the Bank's performance obligations are complete, or as incurred for transaction-based fees in accordance with the fee schedules for the Bank's deposit products and services. Loan fees and service charges Loan fees and service charges primarily relate to program management fees and fees earned in accordance with the Bank's standard lending fees (such as inspection and late charges). These standard lending fees are earned on a monthly basis upon receipt. Other non-interest income Other non-interest income includes correspondent banking fees, and income associated with an advertising services agreement covering marketing and use of the Bank's office space with a third party. The revenue is recognized on a monthly basis. Interchange income The Company earns interchange fees from debit card holder transactions conducted through various payment networks. Interchangee fees from cardholder transactions are recognized daily, concurrently with the transaction processing services provided by an outsource technology solution and are presented on a net basis. The following table presents non-interest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, for the three and nine months ended December 31, 2020 and 2019:
The following table sets forth other non-interest income and expense totals exceeding 1% of the aggregate of total interest income and non-interest income for any of the periods presented:
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Leases |
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Lessee, Operating Leases | LEASES On April 1, 2019, the Company adopted Topic 842 and all subsequent ASUs that modified Topic 842. The Company has operating leases related to its administrative offices, seven retail branches and four ATM centers. Two of the operating leases are for branch locations where the Company had entered into a sale and leaseback transaction. The gain had been calculated utilizing the profit on sale in excess of the present value of the minimum lease payments, and the profit on the sale was deferred from gain recognition to be amortized into income over the terms of the leases in accordance with ASC 840. ASC 842 does not require previous sale and leaseback transactions accounted for under ASC 840 to be reassessed. Because the transactions had no off-market terms, the Company recorded a $5.3 million cumulative effect adjustment to retained earnings to recognize the total deferred gain balance at the adoption date. The implementation of the new standard resulted in the recognition of $20.0 million right-of-use ("ROU") assets and corresponding operating lease liabilities upon adoption. As of December 31, 2020, operating ROU lease assets and related lease liabilities totaled $15.9 million and $16.6 million, respectively. As the implicit rates of the Company's existing leases are not readily determinable, the discount rate used in determining the lease liability obligation for each individual lease was the FHLB-NY fixed-rate advance rates based on the remaining lease terms as of April 1, 2019. As of December 31, 2020, the Company had $138 thousand and $131 thousand of ROU asset and lease liability, respectively, for finance leases related to equipment. The ROU asset is included in Premises and Equipment, net, and the lease liability is included in Advances from the FHLB-NY and Other Borrowed Money on the statements of financial condition. The following tables present information about the Company's leases and the related lease costs as of and for the three and nine months ended December 31, 2020:
Maturities of lease liabilities at December 31, 2020 are as follows:
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Impact of Recent Accounting Standards |
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Accounting Standards Update and Change in Accounting Principle [Abstract] | |
New Accounting Pronouncements Not Yet Adopted | IMPACT OF RECENT ACCOUNTING STANDARDS Accounting Standards Recently Adopted On April 1, 2020, the Company adopted ASU No. 2018-13 "Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement," which improved the effectiveness of disclosures in the notes to financial statements by facilitating clear communication of the information required by GAAP that is most important to users of an entity's financial statements. The amendments removed the disclosure requirements for (1) transfers between Levels 1 and 2 of the fair value hierarchy, (2) the policy for timing of transfers between levels, and (3) the valuation processes for Level 3 fair value measurements. Additionally, the amendments modified the disclosure requirements for investments in certain entities that calculate net asset value and measurement uncertainty. Finally, the amendments added disclosure requirements for (1) the changes in unrealized gains and losses included in other comprehensive income for recurring Level 3 fair value measurements, and (2) the range and weighted average of significant unobservable inputs used to develop Level 3 measurements. The adoption of the standard did not have a material impact on the Company's consolidated statements of financial condition and results of operations. On April 1, 2019, the Company adopted ASC Topic 842, Leases (Topic 842). From the lessee's perspective, the new standard establishes a right-of-use ("ROU") model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement for a lessee. From the lessor's perspective, the new standard requires a lessor to classify leases as either sales-type, finance or operating. A lease will be treated as a sale if it transfers all of the risks and rewards, as well as control of the underlying asset, to the lessee. If risks and rewards are conveyed without the transfer of control, the lease is treated as a financing. If the lessor does not convey risks and rewards or control, an operating lease results. A modified retrospective transition approach is required for lessors for sales-type, direct financing, and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company adopted this ASU effective April 1, 2019 and elected to apply the guidance as of the beginning of the period of adoption (April 1, 2019) and not restate comparative periods. The Company also elected certain optional practical expedients, which allow the Company to forego a reassessment of (1) whether any expired or existing contracts are or contain leases, (2) the lease classification for any expired or existing leases, and (3) the initial direct costs for any existing leases. The Company did not elect the use-of-hindsight or the practical expedient pertaining to land easements, the latter not being applicable to the Company. Topic 842 also provides certain accounting policy elections for an entity’s ongoing accounting. For operating leases wherein the Company is the lessee, the Company has elected the practical expedient to not separate lease and non-lease components. Upon adoption, the Company recorded ROU assets and corresponding operating lease liabilities totaling $20.0 million. In addition, a $5.3 million cumulative effect adjustment to retained earnings was recorded to recognize the total deferred gain from the sale of buildings at the adoption date. As the implicit rate in each of the Company’s leases is not readily determinable, the Company is required to apply the Company’s incremental borrowing rate (“IBR”) to calculate the lease liability and ROU asset for its leasing arrangements. The Company has used the FHLB borrowing rate to calculate the IBR. The Company will also consider lease renewal options reasonably certain of exercise for purposes of determining the term of the underlying borrowing. The Company has considered various other factors, including, economic environment and determined that these factors do not currently impact the Company’s IBR calculation. The Company will continue to assess the appropriateness of the conclusions reached herein with respect to each of the factors discussed above and will determine the appropriate IBR for each new lease arrangement or modification, as required. See Note 11 “Leases” for further information. On April 1, 2019, the Company adopted ASU No. 2017-08, "Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities," which shortens the amortization period for the premium on certain purchased callable debt securities to the earliest call date. The adoption of the standard did not have a material impact on the Company's consolidated statements of financial condition and results of operations. On April 1, 2019, the Company adopted ASU No. 2018-02 "Income Statement - Reporting Comprehensive Income (Topic 220)," which allows a reclassification for stranded tax effects from accumulated other comprehensive income to retained earnings, to eliminate the stranded tax effects resulting from the Tax Cuts and Jobs Act. The amendments addressed concerns regarding the guidance that requires deferred tax assets and liabilities to be adjusted for the effect of a change in tax laws or rates with the effect included in income from continuing operations in the reporting periods that include the enactment date. As the Company has provided a full valuation allowance against its net deferred tax assets, the change in tax rates resulted in a writedown of the deferred tax assets, which was offset by a reduction in the deferred tax valuation allowance. On April 1, 2018, the Company adopted ASU No. 2017-09, "Compensation - Stock Compensation (Topic 718), Scope of Modification Accounting," which clarifies when changes to the terms or conditions of a share-based payment award must be accounted for as modifications. The adoption of the standard did not have a material impact on the Company's consolidated statements of financial condition and results of operations. Accounting Standards Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, "Financial Instruments - Credit Loss," which updates the guidance on recognition and measurement of credit losses for financial assets. The new requirements, known as the current expected credit loss model ("CECL") will require entities to adopt an impairment model based on expected losses rather than incurred losses. ASU No. 2016-13 is effective for fiscal years beginning after December 15, 2019 (for the Company, the fiscal year ending March 31, 2021), including interim periods within those fiscal years. In May 2019, the FASB issued ASU No. 2019-05, "Financial Instruments - Credit Losses (Topic 326): Target Transition Relief," to provide transition relief by giving entities an option to irrevocably elect the fair value option for certain financial assets measured at amortized cost upon adoption of ASU 2016-13. In November 2019, the FASB issued ASU No. 2019-10, which extended the CECL implementation date for smaller reporting companies, as defined by the SEC. The new effective date is for fiscal years beginning after December 15, 2022 (for the Company, the fiscal year ending March 31, 2024), including interim periods within those fiscal years. In November 2019, the FASB issued ASU No. 2019-11, "Codification Improvements to Topic 326, Financial Instruments - Credit Losses," to amend or clarify guidance regarding expected recoveries for purchased financial assets with credit deterioration, transition relief for troubled debt restructurings, disclosures related to accrued interest receivables, and financial assets secured by collateral maintenance provisions. The Company is currently in the implementation stage of ASU 2016-13 and has engaged two vendors to assist management in evaluating the requirements of the new standard, modeling requirements and assessment of the impact of the adoption of the new standard on its consolidated statements of financial condition and results of operations. In December 2019, the FASB issued ASU No. 2019-12 "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes," as part of the FASB's simplification initiative to reduce complexity, while maintaining or improving the usefulness of information provided to users of financial statements. The amendments in this update simplify the accounting for income taxes and improve consistent application of GAAP by removing certain exceptions and clarifying and amending existing guidance for areas of Topic 740. ASU No. 2019-12 is effective for fiscal years beginning after December 15, 2020 (for the Company, the fiscal year ending March 31, 2022), and interim periods within those fiscal years. ASU 2019-12 is not expected to have a material impact on the Company's financial statements. In March 2020, the FASB issued ASU No. 2020-04 "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting," which provides optional expedients and exceptions for applying GAAP to loan and lease agreements, derivative contracts, and other transactions affected by the anticipated transition away from LIBOR toward new interest rate benchmarks. For transactions that are modified because of reference rate reform and that meet certain scope guidance (i) modifications of loan agreements should be accounted for by prospectively adjusting the effective interest rate and the modification will be considered "minor" so that any existing unamortized origination fees/costs would carry forward and continue to be amortized and (ii) modifications of lease agreements should be accounted for as a continuation of the existing agreement with no reassessments of the lease classification and the discount rate or remeasurements of lease payments that otherwise would be required for modifications not accounted for as separate contracts. ASU 2020-04 is effective March 12, 2020 through December 31, 2022. An entity may elect to apply ASU 2020-04 for contract modifications as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. Once elected for a Topic or an Industry Subtopic, the amendments in this ASU must be applied prospectively for all eligible contract modifications for that Topic or Industry Subtopic. We anticipate this ASU will simplify any modifications we execute between the selected start date (yet to be determined) and December 31, 2022 that are directly related to LIBOR transition by allowing prospective recognition of the continuation of the contract, rather than extinguishment of the old contract resulting in writing off unamortized fees/costs. The Company is evaluating the impacts of this ASU and has not yet determined whether LIBOR transition and this ASU will have a material impact on the Company's consolidated statements of financial condition and results of operations.
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Subsequent Events |
9 Months Ended |
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Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS On January 22, 2021, Prudential Insurance Company of America, an institutional investor, notified the Company of its intention to cancel 475 of its holdings of Series D Preferred Stock and convert into 58,093 shares of Common Stock. The conversion had no impact on the Company's total capital. On February 1, 2021, the Company entered into an agreement with Wells Fargo Central Pacific Holdings, Inc., under which it sold: (i) 157,806 shares of its common stock, par value $0.01 per share, at a purchase price of $7.75 per share, and (ii) 3,177 shares of a new series of preferred stock, Series E non-cumulative non-voting participating preferred stock, par value $0.01 per share, at a purchase price of $1,000 per share, in a private placement for gross proceeds of approximately $4.4 million. Upon the completion of certain transfers of the Series E preferred stock by Wells Fargo Central Pacific Holdings, Inc., the Series E preferred stock would be convertible into common stock at a conversion price of $7.96 per share. The issuance of the shares is exempt from registration pursuant to the exemption provided under Rule 506 of Regulation D promulgated under the Securities Act of 1933, as amended. The offering was made only to accredited investors as that term is defined in Rule 501(a) of Regulation D under the Act. On February 16, 2021, the Company entered into an agreement with J.P. Morgan Chase Community Development Corporation, under which it sold: (i) 112,612 shares of its common stock, par value $0.01 per share, at a purchase price of $8.88 per share, and (ii) 5,000 shares of a new series of preferred stock, Series F non-cumulative non-voting non-convertible preferred stock, par value $0.01 per share, at a purchase price of $1,000 per share, in a private placement for gross proceeds of approximately $6.0 million. The issuance of the shares is exempt from registration pursuant to the exemption provided under Rule 506 of Regulation D promulgated under the Securities Act of 1933, as amended. The offering was made only to accredited investors as that term is defined in Rule 501(a) of Regulation D under the Act.
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Summary of Significant Accounting Policies (Policies) |
9 Months Ended |
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Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies | Basis of consolidated financial statement presentation The consolidated financial statements include the accounts of the Company, the Bank and the Bank’s wholly-owned or majority-owned subsidiaries, Carver Asset Corporation, CFSB Realty Corp., CCDC, and CFSB Credit Corp., which is currently inactive. All significant intercompany accounts and transactions have been eliminated in consolidation. The consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine month periods ended December 31, 2020 are not necessarily indicative of the results that may be expected for the year ended March 31, 2021. The consolidated balance sheet at December 31, 2020 has been derived from the unaudited consolidated financial statements at that date, but does not include all of the information and footnotes required by GAAP for complete financial statements. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated statement of financial condition and revenues and expenses for the period then ended. These unaudited consolidated financial statements should be read in conjunction with the Annual Report on Form 10-K for the year ended March 31, 2020. Amounts subject to significant estimates and assumptions are items such as the allowance for loan losses, realization of deferred tax assets, assessment of other-than-temporary impairment of securities, and the fair value of financial instruments. While management uses available information to recognize losses on loans, future additions to the allowance for loan losses or future writedowns of real estate owned may be necessary based on changes in economic conditions in the areas where Carver Federal has extended mortgages and other credit instruments. Actual results could differ significantly from those assumptions. Current market conditions increase the risk and complexity of the judgments in these estimates. Certain comparative amounts for the prior period have been reclassified to conform to current period presentations. Such reclassifications had no effect on net income or shareholders' equity.
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Earnings Per Common Share (Tables) |
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Schedule of Earnings Per Share, Basic and Diluted | The following table reconciles the loss available to common shareholders (numerator) and the weighted average common stock outstanding (denominator) for both basic and diluted loss per share for the following periods:
For the three and nine months ended December 31, 2020 and 2019, all restricted shares and outstanding stock options were anti-dilutive.
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Other Comprehensive Income (Loss) (Tables) |
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Schedule of Accumulated Other Comprehensive Income (Loss) | The following tables set forth changes in each component of accumulated other comprehensive income (loss), net of tax for the nine months ended December 31, 2020 and 2019:
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Investment Securities (Tables) |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized Gain (Loss) on Investments | The following tables set forth the amortized cost and fair value of securities available-for-sale and held-to-maturity at December 31, 2020 and March 31, 2020:
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Schedule of Realized Gain (Loss) | The following is a summary regarding proceeds, gross gains and gross losses realized from the sale of securities from the available-for-sale portfolio for the nine months ended December 31, 2020. There were no sales of available-for-sale and held-to-maturity securities for the three months ended December 31, 2020.
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Schedule of Unrealized Loss on Investments | The following tables set forth the unrealized losses and fair value of securities in an unrealized loss position at December 31, 2020 and March 31, 2020 for less than 12 months and 12 months or longer:
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Investments Classified by Contractual Maturity Date | The following is a summary of the amortized cost and fair value of debt securities at December 31, 2020, by remaining period to contractual maturity (ignoring earlier call dates, if any). Actual maturities may differ from contractual maturities because certain security issuers have the right to call or prepay their obligations. The table below does not consider the effects of possible prepayments or unscheduled repayments.
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Loans Receivable and ALLL (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2020 and March 31, 2020:
(1) Includes PPP loans and business overdrafts (2) Includes personal loans and consumer overdrafts
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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, 2020 and 2019, and the fiscal year ended March 31, 2020.
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Schedule Nonaccrual Loans | The following is a summary of nonaccrual loans at December 31, 2020 and March 31, 2020.
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Loans Receivable, Credit Quality Indicators | At December 31, 2020, and based on the most recent analysis performed in the current quarter, the risk category by class of loans is as follows:
At March 31, 2020, and based on the most recent analysis performed, the risk category by class of loans is as follows:
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Past Due Financing Receivables | The following table presents an aging analysis of the recorded investment of past due loans receivables at December 31, 2020 and March 31, 2020.
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Impaired Loans | The following table presents information on impaired loans with the associated allowance amount, if applicable, at December 31, 2020 and March 31, 2020.
The following tables presents information on average balances of impaired loans and the interest income recognized on a cash basis for the three and nine month periods ended December 31, 2020 and 2019.
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Troubled Debt Restructuring | There was one loan modification made during the three and nine month periods ended December 31, 2020. There were no loan modifications made during the three and nine month periods ended December 31, 2019.
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Fair Value Measurements (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis | The following table presents, by valuation hierarchy, assets that are measured at fair value on a recurring basis as of December 31, 2020 and March 31, 2020, and that are included in the Company’s Consolidated Statements of Financial Condition at these dates:
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Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following table includes a rollforward of assets classified by the Company within Level 3 of the valuation hierarchy for the nine months ended December 31, 2020 and 2019:
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Fair Value, Assets Measured on Recurring Basis, Valuation Techniques | For Level 3 assets measured at fair value on a recurring basis as of December 31, 2020 and March 31, 2020, the significant unobservable inputs used in the fair value measurements were as follows:
(1) Represents annualized loan repayment rate assumptions
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Fair Value Measurements, Nonrecurring | The following table presents assets and liabilities that were measured at fair value on a non-recurring basis as of December 31, 2020 and March 31, 2020, and that are included in the Company’s Consolidated Statements of Financial Condition at these dates:
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Fair Value, Assets Measured on Nonrecurring Basis, Valuation Techniques | For Level 3 assets measured at fair value on a non-recurring basis as of December 31, 2020 and March 31, 2020, the significant unobservable inputs used in the fair value measurements were as follows:
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Fair Value of Financial Instruments (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, by Balance Sheet Grouping | The carrying amounts and estimated fair values of the Bank’s financial instruments and estimation methodologies at December 31, 2020 and March 31, 2020 are as follows:
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Non-interest Revenue and Expense (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | The following table presents non-interest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, for the three and nine months ended December 31, 2020 and 2019:
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Schedule of Other Operating Cost and Expense, by Component [Table Text Block] | The following table sets forth other non-interest income and expense totals exceeding 1% of the aggregate of total interest income and non-interest income for any of the periods presented:
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Leases (Tables) |
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Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease, Cost | The following tables present information about the Company's leases and the related lease costs as of and for the three and nine months ended December 31, 2020:
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Lessee, Lease Liability, Maturity | Maturities of lease liabilities at December 31, 2020 are as follows:
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Organization Text Tags (Details) - USD ($) $ / shares in Units, $ in Millions |
9 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Dec. 31, 2020 |
Mar. 31, 2003 |
Mar. 31, 2020 |
Sep. 17, 2003 |
Oct. 24, 1994 |
|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Common Stock, Shares Issued (in shares) | 5,508,560 | 3,701,449 | 2,314,375 | ||
Common Stock, Par Value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | ||
subordinated debt issued shares | 13,000 | ||||
Liquidation amount subordinated debt (in dollars per share) | $ 1,000 | ||||
Proceeds from Issuance of Long-term Debt | $ 13.0 | ||||
Proceeds from (Payments for) Other Financing Activities | 0.4 | ||||
Payments for Repurchase of Trust Preferred Securities | $ 13.4 | ||||
Debt Instrument, Basis Spread on Variable Rate | 3.05% | ||||
Debt Instrument, Interest Rate During Period | 3.28% | ||||
Interest Payable | $ 3.0 |
Summary of Significant Accounting Policies Text Tags (Details) $ in Thousands |
Dec. 31, 2020
USD ($)
|
Sep. 30, 2020
USD ($)
|
---|---|---|
Accounting Policies [Abstract] | ||
Financing Receivable, Number of Principal and Interest Payment Deferrals | 12 | 85 |
Financing Receivable, Principal and Interest Deferred Payments | $ 4,800 | $ 92,800 |
Number of Loans Originated Under the Paycheck Protection Program | 203 | |
Loans Originated Under the Paycheck Protection Program, Amount | $ 34,700 | |
Advances under Paycheck Protection Program Liquidity Facility | $ 28,200 |
Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Earnings Per Share [Abstract] | ||||
Net loss | $ (1,310) | $ (1,436) | $ (2,931) | $ (3,625) |
Weighted average common shares outstanding - basic (in shares) | 2,980,655 | 3,699,406 | 3,485,488 | 3,699,203 |
Weighted average common shares outstanding - diluted (in shares) | 2,980,655 | 3,699,406 | 3,485,488 | 3,699,203 |
Loss per Share, Basic (in dollars per share) | $ (0.44) | $ (0.39) | $ (0.84) | $ (0.98) |
Loss per Share, Diluted (in dollars per share) | $ (0.44) | $ (0.39) | $ (0.84) | $ (0.98) |
Common Stock Dividends and Issuances Text Tags (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2020 |
Dec. 31, 2011 |
Mar. 31, 2020 |
Oct. 28, 2011 |
|
Dividends [Abstract] | |||||
Stock Issued During Period, Shares, Other | 2,321,286 | ||||
Series D Convertible Preferred Stock, Shares Outstanding (in shares) | 18,076 | 18,076 | 45,118 | 45,118 | |
Conversion of Stock, Shares Converted | 13,519 | 1,208,039 | |||
Conversion of Stock, Shares Issued | 1,653,397 | ||||
Treasury Stock, Shares, Acquired | 2,321,286 | ||||
Payments for Repurchase of Equity | $ 2,500 | ||||
Stock Issued During Period, Shares, New Issues | 147,227 | ||||
Sale of Stock, Price Per Share | $ 6.62 | $ 6.62 | |||
Class of Stock [Line Items] | |||||
Stock Issued During Period, Shares, New Issues | 147,227 | ||||
Common Stock | |||||
Class of Stock [Line Items] | |||||
Stock Repurchased and Retired During Period, Shares | 180,573 | ||||
Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Stock Repurchased and Retired During Period, Shares | 13,523 |
Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Statement of Comprehensive Income [Abstract] | ||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | $ 0 | $ 0 | $ 862 | $ 0 |
Accumulated Other Comprehensive Loss, Available-for-sale Securities Adjustment, Net of Tax | 932 | (939) | ||
Other comprehensive loss, net of taxes | 346 | (98) | (565) | 923 |
Accumulated Other Comprehensive Loss, Available-for-sale Securities Adjustment, Net of Tax | $ 367 | $ (16) | $ 367 | $ (16) |
Other Comprehensive Income (Loss) (Details) Text Tags - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Statement of Comprehensive Income [Abstract] | ||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | $ 0 | $ 0 | $ 862 | $ 0 |
Schedule of Realized Gain (Loss) (Details) - USD ($) |
3 Months Ended | 9 Months Ended | |
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Investments, Debt and Equity Securities [Abstract] | |||
Proceeds from Sale of Available-for-sale Securities | $ 0 | $ 30,190,000 | $ 0 |
Available-for-sale Securities, Gross Realized Gains | 862,000 | ||
Available-for-sale Securities, Gross Realized Losses | $ 0 |
Allowance for Loan Losses (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Mar. 31, 2020 |
|
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Allowance for loan losses - Beginning Balance | $ 4,916 | $ 4,625 | $ 4,946 | $ 4,646 | |
Charge-offs | (57) | (33) | (76) | (162) | |
Recoveries | 275 | 7 | 367 | 107 | |
Provision for loan losses | 4 | 8 | (99) | 16 | |
Allowance for loan losses - Ending Balance | 5,138 | 4,607 | 5,138 | 4,607 | |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 4,964 | 4,964 | $ 4,780 | ||
Allowance for Loan Losses, Individually Evaluated for Impairment | 174 | 174 | 166 | ||
Loans, gross | 468,593 | 468,593 | 428,732 | ||
Loans Receivable, Collectively Evaluated for Impairment | 455,291 | 455,291 | 420,282 | ||
Loans Receivable, Individually Evaluated for Impairment | 13,302 | 13,302 | 8,450 | ||
One-to-four family | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Allowance for loan losses - Beginning Balance | 953 | 1,289 | 1,055 | 1,274 | |
Charge-offs | 0 | (12) | 0 | (12) | |
Recoveries | 1 | 0 | 88 | 8 | |
Provision for loan losses | (90) | (96) | (279) | (89) | |
Allowance for loan losses - Ending Balance | 864 | 1,181 | 864 | 1,181 | |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 831 | 831 | 899 | ||
Allowance for Loan Losses, Individually Evaluated for Impairment | 33 | 33 | 156 | ||
Loans, gross | 83,047 | 83,047 | 107,528 | ||
Loans Receivable, Collectively Evaluated for Impairment | 79,208 | 79,208 | 102,902 | ||
Loans Receivable, Individually Evaluated for Impairment | 3,839 | 3,839 | 4,626 | ||
Multifamily | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Allowance for loan losses - Beginning Balance | 960 | 884 | 1,011 | 885 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Provision for loan losses | 67 | 36 | 16 | 35 | |
Allowance for loan losses - Ending Balance | 1,027 | 920 | 1,027 | 920 | |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 1,027 | 1,027 | 1,011 | ||
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 0 | 0 | ||
Loans, gross | 107,723 | 107,723 | 89,887 | ||
Loans Receivable, Collectively Evaluated for Impairment | 107,353 | 107,353 | 89,512 | ||
Loans Receivable, Individually Evaluated for Impairment | 370 | 370 | 375 | ||
Commercial real estate | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Allowance for loan losses - Beginning Balance | 969 | 695 | 812 | 766 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Provision for loan losses | (3) | (4) | 154 | (75) | |
Allowance for loan losses - Ending Balance | 966 | 691 | 966 | 691 | |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 966 | 966 | 812 | ||
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 0 | 0 | ||
Loans, gross | 147,520 | 147,520 | 142,410 | ||
Loans Receivable, Collectively Evaluated for Impairment | 146,360 | 146,360 | 142,410 | ||
Loans Receivable, Individually Evaluated for Impairment | 1,160 | 1,160 | 0 | ||
Business | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Allowance for loan losses - Beginning Balance | 1,636 | 1,491 | 1,567 | 1,330 | |
Charge-offs | (5) | (13) | (24) | (69) | |
Recoveries | 273 | 7 | 275 | 97 | |
Provision for loan losses | (66) | (1) | 20 | 126 | |
Allowance for loan losses - Ending Balance | 1,838 | 1,484 | 1,838 | 1,484 | |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 1,697 | 1,697 | 1,557 | ||
Allowance for Loan Losses, Individually Evaluated for Impairment | 141 | 141 | 10 | ||
Loans, gross | 127,548 | 127,548 | 85,659 | ||
Loans Receivable, Collectively Evaluated for Impairment | 119,615 | 119,615 | 82,210 | ||
Loans Receivable, Individually Evaluated for Impairment | 7,933 | 7,933 | 3,449 | ||
Consumer | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Allowance for loan losses - Beginning Balance | 189 | 248 | 212 | 154 | |
Charge-offs | (52) | (8) | (52) | (81) | |
Recoveries | 1 | 0 | 4 | 2 | |
Provision for loan losses | 52 | (9) | 26 | 156 | |
Allowance for loan losses - Ending Balance | 190 | 231 | 190 | 231 | |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 190 | 190 | 212 | ||
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 0 | 0 | ||
Loans, gross | 2,755 | 2,755 | 3,248 | ||
Loans Receivable, Collectively Evaluated for Impairment | 2,755 | 2,755 | 3,248 | ||
Loans Receivable, Individually Evaluated for Impairment | 0 | 0 | 0 | ||
Unallocated | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Allowance for loan losses - Beginning Balance | 209 | 18 | 289 | 237 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Provision for loan losses | 44 | 82 | (36) | (137) | |
Allowance for loan losses - Ending Balance | 253 | $ 100 | 253 | $ 100 | |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 253 | 253 | 289 | ||
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 0 | 0 | ||
Loans, gross | 0 | 0 | 0 | ||
Loans Receivable, Collectively Evaluated for Impairment | 0 | 0 | 0 | ||
Loans Receivable, Individually Evaluated for Impairment | $ 0 | $ 0 | $ 0 |
Nonaccrual Loans (Details) - Nonperforming - USD ($) $ in Thousands |
Dec. 31, 2020 |
Mar. 31, 2020 |
---|---|---|
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Nonaccrual | $ 7,477 | $ 6,776 |
One-to-four family | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Nonaccrual | 3,532 | 3,582 |
Multifamily | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Nonaccrual | 372 | 375 |
Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Nonaccrual | 1,160 | 0 |
Business | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Nonaccrual | 2,413 | 2,797 |
Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Nonaccrual | $ 0 | $ 22 |
Credit Quality Indicators (Details) - USD ($) $ in Thousands |
Dec. 31, 2020 |
Mar. 31, 2020 |
---|---|---|
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | $ 468,593 | $ 428,732 |
Multifamily | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 107,723 | 89,887 |
Multifamily | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 102,531 | 89,512 |
Multifamily | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 0 | 0 |
Multifamily | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 5,192 | 375 |
Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 147,520 | 142,410 |
Commercial real estate | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 143,872 | 141,793 |
Commercial real estate | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 2,296 | 617 |
Commercial real estate | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 1,352 | 0 |
Business | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 127,548 | 85,659 |
Business | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 115,591 | 80,016 |
Business | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 3,102 | 2,184 |
Business | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 8,855 | 3,459 |
One-to-four family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 83,047 | 107,528 |
One-to-four family | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 79,711 | 103,946 |
One-to-four family | Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 3,336 | 3,582 |
Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 2,755 | 3,248 |
Consumer | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 2,755 | 3,225 |
Consumer | Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | $ 0 | $ 23 |
Past Due Financing Receivables (Details) - USD ($) $ in Thousands |
Dec. 31, 2020 |
Mar. 31, 2020 |
---|---|---|
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | $ 22,076 | $ 13,913 |
Financing Receivable, Not Past Due | 446,517 | 414,819 |
Loans, gross | 468,593 | 428,732 |
Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 12,531 | 9,984 |
Financing Receivables, 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 3,245 | 4 |
Financing Receivables, Equal to Greater than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 6,300 | 3,925 |
One-to-four family | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 4,082 | 4,612 |
Financing Receivable, Not Past Due | 78,965 | 102,916 |
Loans, gross | 83,047 | 107,528 |
One-to-four family | Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 882 | 1,410 |
One-to-four family | Financing Receivables, 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 247 | 0 |
One-to-four family | Financing Receivables, Equal to Greater than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 2,953 | 3,202 |
Multifamily | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 9,409 | 490 |
Financing Receivable, Not Past Due | 98,314 | 89,397 |
Loans, gross | 107,723 | 89,887 |
Multifamily | Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 8,333 | 490 |
Multifamily | Financing Receivables, 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 1,076 | 0 |
Multifamily | Financing Receivables, Equal to Greater than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 0 | 0 |
Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 6,181 | 6,621 |
Financing Receivable, Not Past Due | 141,339 | 135,789 |
Loans, gross | 147,520 | 142,410 |
Commercial real estate | Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 2,671 | 6,621 |
Commercial real estate | Financing Receivables, 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 1,419 | 0 |
Commercial real estate | Financing Receivables, Equal to Greater than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 2,091 | 0 |
Business | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 2,297 | 2,063 |
Financing Receivable, Not Past Due | 125,251 | 83,596 |
Loans, gross | 127,548 | 85,659 |
Business | Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 620 | 1,360 |
Business | Financing Receivables, 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 421 | 3 |
Business | Financing Receivables, Equal to Greater than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 1,256 | 700 |
Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 107 | 127 |
Financing Receivable, Not Past Due | 2,648 | 3,121 |
Loans, gross | 2,755 | 3,248 |
Consumer | Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 25 | 103 |
Consumer | Financing Receivables, 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 82 | 1 |
Consumer | Financing Receivables, Equal to Greater than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | $ 0 | $ 23 |
Impaired Loans (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Mar. 31, 2020 |
|
Impaired Financing Receivable, Recorded Investment [Abstract] | |||||
Impaired Financing Receivable, Recorded Investment | $ 13,302 | $ 13,302 | $ 8,450 | ||
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | |||||
Impaired Financing Receivable, Unpaid Principal Balance | 14,117 | 14,117 | 9,314 | ||
Impaired Financing Receivable, Related Allowance | 174 | 174 | 166 | ||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||||
Impaired Financing Receivable, Average Recorded Investment | 10,876 | $ 9,238 | 10,827 | $ 10,647 | |
Impaired Financing Receivable, Interest Income, Cash Basis Method [Abstract] | |||||
Impaired Financing Receivable, Interest Income, Cash Basis Method | 40 | 44 | 149 | 129 | |
One-to-four family | |||||
Impaired Financing Receivable, Recorded Investment [Abstract] | |||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 3,762 | 3,762 | 3,819 | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 77 | 77 | 807 | ||
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | |||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 4,420 | 4,420 | 4,566 | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 73 | 73 | 803 | ||
Impaired Financing Receivable, Related Allowance | 33 | 33 | 156 | ||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 3,790 | 4,143 | 3,767 | 4,390 | |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 442 | 813 | 77 | 870 | |
Impaired Financing Receivable, Interest Income, Cash Basis Method [Abstract] | |||||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 10 | 14 | 50 | 43 | |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 0 | 0 | 0 | 0 | |
Multifamily | |||||
Impaired Financing Receivable, Recorded Investment [Abstract] | |||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 370 | 370 | 375 | ||
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | |||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 372 | 372 | 376 | ||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 373 | 1,406 | 371 | 1,796 | |
Impaired Financing Receivable, Interest Income, Cash Basis Method [Abstract] | |||||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 4 | 14 | 13 | 45 | |
Commercial real estate | |||||
Impaired Financing Receivable, Recorded Investment [Abstract] | |||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 1,160 | 1,160 | 0 | ||
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | |||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 1,160 | 1,160 | 0 | ||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 580 | 0 | 1,160 | 238 | |
Impaired Financing Receivable, Interest Income, Cash Basis Method [Abstract] | |||||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 0 | 0 | 0 | 0 | |
Business | |||||
Impaired Financing Receivable, Recorded Investment [Abstract] | |||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 2,471 | 2,471 | 2,797 | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 5,462 | 5,462 | 652 | ||
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | |||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 2,630 | 2,630 | 2,917 | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 5,462 | 5,462 | 652 | ||
Impaired Financing Receivable, Related Allowance | 141 | 141 | $ 10 | ||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 2,634 | 2,096 | 2,445 | 2,374 | |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 3,057 | 780 | 3,007 | 979 | |
Impaired Financing Receivable, Interest Income, Cash Basis Method [Abstract] | |||||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 26 | 16 | 86 | 41 | |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | $ 0 | $ 0 | $ 0 | $ 0 |
Loans Receivable and ALLL Text Tags (Details) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|---|
Dec. 31, 2020
USD ($)
|
Dec. 31, 2019 |
Dec. 31, 2020
USD ($)
|
Dec. 31, 2019 |
Mar. 31, 2020
USD ($)
|
Sep. 30, 2020
USD ($)
|
|
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Troubled Debt Restructuring | $ 7,600 | $ 7,600 | $ 3,900 | |||
Financing Receivable, Modifications, Number of Contracts | 1 | 0 | 1 | 0 | ||
Financing Receivable, Past Due | $ 22,076 | $ 22,076 | 13,913 | |||
Financing Receivable, Principal and Interest Deferred Payments | $ 4,800 | $ 4,800 | $ 92,800 | |||
Financing Receivable, Number of Principal and Interest Payment Deferrals | 12 | 12 | 85 | |||
Other Real Estate Owned | $ 60 | $ 60 | $ 120 | |||
Number of Real Estate Properties | 1 | 1 | 2 | |||
Number of Modified Loan Subsequently Defaulted | 0 | 0 | ||||
Loans and Leases Receivable, Related Parties | $ 60 | $ 60 | $ 70 | |||
Loans and Leases Receivable, Related Parties, Proceeds | $ 10 | |||||
Number of Loans Originated Under the Paycheck Protection Program | 203 | 203 | ||||
Loans Originated Under the Paycheck Protection Program, Amount | $ 34,700 | $ 34,700 | ||||
Financing Receivable, Principal and Interest Deferred Payments | $ 4,800 | $ 4,800 | $ 92,800 | |||
Financing Receivable, Number of Principal and Interest Payment Deferrals | 12 | 12 | 85 | |||
Financing Receivable, Held-for-Sale | $ 0 | $ 0 | 0 | |||
Nonperforming | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Troubled Debt Restructuring | 1,800 | 1,800 | 2,200 | |||
Performing | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Troubled Debt Restructuring | $ 5,800 | $ 5,800 | $ 1,700 | |||
Financing Receivable, Modifications, Number of Contracts | 5 | 6 | ||||
Business | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Modifications, Number of Contracts | 1 | 1 | ||||
Financing Receivable, Past Due | $ 2,297 | $ 2,297 | $ 2,063 | |||
Commercial Loan | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Principal and Interest Deferred Payments | $ 85,300 | |||||
Financing Receivable, Number of Principal and Interest Payment Deferrals | 61 | |||||
Financing Receivable, Principal and Interest Deferred Payments | $ 85,300 | |||||
Financing Receivable, Number of Principal and Interest Payment Deferrals | 61 | |||||
One-to-four family | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Past Due | $ 4,082 | $ 4,082 | $ 4,612 | |||
Financing Receivable, Principal and Interest Deferred Payments | $ 7,500 | |||||
Financing Receivable, Number of Principal and Interest Payment Deferrals | 24 | |||||
Financing Receivable, Principal and Interest Deferred Payments | $ 7,500 | |||||
Financing Receivable, Number of Principal and Interest Payment Deferrals | 24 |
TDRs (Details) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2020
USD ($)
|
Dec. 31, 2019 |
Dec. 31, 2020
USD ($)
|
Dec. 31, 2019 |
|
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | 1 | 0 | 1 | 0 |
Business | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | 1 | 1 | ||
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 4,949 | $ 4,949 | ||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 4,949 | $ 4,949 |
Fair Value, Assets Measured on Recurring Basis (Details) - USD ($) $ in Thousands |
Dec. 31, 2020 |
Mar. 31, 2020 |
---|---|---|
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage servicing rights | $ 142 | $ 145 |
Securities Available-for-Sale | 100,181 | 65,829 |
Assets, Fair Value Disclosure | 100,323 | 65,974 |
Fair Value, Measurements, Recurring | Government National Mortgage Association (GNMA) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 1,270 | 3,587 |
Fair Value, Measurements, Recurring | Federal Home Loan Mortgage Corporation (FHLMC) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 29,169 | 9,538 |
Fair Value, Measurements, Recurring | Federal National Mortgage Association (FNMA) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 15,380 | 22,168 |
Fair Value, Measurements, Recurring | US Government Agency Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities Available-for-Sale | 19,678 | 26,481 |
Fair Value, Measurements, Recurring | Corporate Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities Available-for-Sale | 5,353 | 4,055 |
Fair Value, Measurements, Recurring | Municipal Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities Available-for-Sale | 17,877 | |
Fair Value, Measurements, Recurring | Asset-backed Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities Available-for-Sale | 11,454 | |
Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage servicing rights | 0 | 0 |
Securities Available-for-Sale | 0 | 0 |
Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage servicing rights | 0 | 0 |
Securities Available-for-Sale | 0 | 0 |
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | Government National Mortgage Association (GNMA) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | Federal Home Loan Mortgage Corporation (FHLMC) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | Federal National Mortgage Association (FNMA) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | US Government Agency Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities Available-for-Sale | 0 | 0 |
Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | Corporate Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities Available-for-Sale | 0 | 0 |
Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | Municipal Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities Available-for-Sale | 0 | |
Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | Asset-backed Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities Available-for-Sale | 0 | |
Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage servicing rights | 0 | 0 |
Securities Available-for-Sale | 100,181 | 65,829 |
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage servicing rights | 0 | 0 |
Securities Available-for-Sale | 100,181 | 65,829 |
Assets, Fair Value Disclosure | 100,181 | 65,829 |
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | Government National Mortgage Association (GNMA) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 1,270 | 3,587 |
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | Federal Home Loan Mortgage Corporation (FHLMC) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 29,169 | 9,538 |
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | Federal National Mortgage Association (FNMA) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 15,380 | 22,168 |
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | US Government Agency Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities Available-for-Sale | 19,678 | 26,481 |
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | Corporate Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities Available-for-Sale | 5,353 | 4,055 |
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | Municipal Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities Available-for-Sale | 17,877 | |
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | Asset-backed Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities Available-for-Sale | 11,454 | |
Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage servicing rights | 142 | 145 |
Securities Available-for-Sale | 0 | 0 |
Other investments | 925 | |
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage servicing rights | 142 | 145 |
Securities Available-for-Sale | 0 | 0 |
Assets, Fair Value Disclosure | 142 | 145 |
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | Government National Mortgage Association (GNMA) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | Federal Home Loan Mortgage Corporation (FHLMC) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | Federal National Mortgage Association (FNMA) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | US Government Agency Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities Available-for-Sale | 0 | 0 |
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | Corporate Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities Available-for-Sale | 0 | $ 0 |
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | Municipal Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities Available-for-Sale | 0 | |
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | Asset-backed Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities Available-for-Sale | $ 0 |
Fair Value Measurements Text Tag (Details) |
9 Months Ended | |
---|---|---|
Dec. 31, 2020 |
Mar. 31, 2020 |
|
Fair Value Disclosures [Abstract] | ||
Percent of Total Assets Level 3 | 0.02% | 0.03% |
Transfers between level 1 and level 2 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - Fair Value, Measurements, Recurring - Fair Value, Inputs, Level 3 - Other Assets - USD ($) |
9 Months Ended | |
---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | $ 2,000 | $ (7,000) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value - Beginning | 145,000 | 180,000 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | (3,000) | (8,000) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value - Ending | $ 142,000 | $ 172,000 |
Fair Value, Assets Measured on Recurring Basis, Valuation Techniques (Details) $ in Thousands |
9 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|
Dec. 31, 2020
USD ($)
|
Mar. 31, 2020
USD ($)
|
Dec. 31, 2019
USD ($)
|
Mar. 31, 2019
USD ($)
|
|||
Fair Value, Inputs, Level 3 | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Mortgage servicing rights | $ 142 | $ 145 | ||||
Fair Value, Measurements, Recurring | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Mortgage servicing rights | 142 | 145 | ||||
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Mortgage servicing rights | 142 | 145 | ||||
Fair Value, Measurements, Recurring | Other Assets | Fair Value, Inputs, Level 3 | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 142 | $ 145 | $ 172 | $ 180 | ||
Fair Value Measurements, Valuation Processes, Description | Discounted Cash Flow | Discounted Cash Flow | ||||
Servicing Asset, Measurement Input | 0.1533 | 0.1564 | ||||
Measurement Input, Constant Prepayment Rate | Fair Value, Measurements, Recurring | Other Assets | Fair Value, Inputs, Level 3 | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Fair Value Measurements, Valuation Processes, Description | [1] | Weighted Average Constant Prepayment Rate (1) | Weighted Average Constant Prepayment Rate (1) | |||
Measurement Input, Discount Rate | Fair Value, Measurements, Recurring | Other Assets | Fair Value, Inputs, Level 3 | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Fair Value Measurements, Valuation Processes, Description | [1] | Option Adjusted Spread ("OAS") applied to Treasury curve | Option Adjusted Spread ("OAS" applied to Treasury curve | |||
|
Fair Value Measurements, Nonrecurring (Details) - USD ($) $ in Thousands |
Dec. 31, 2020 |
Mar. 31, 2020 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Real Estate Owned | $ 60 | $ 120 |
Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 5,365 | 1,293 |
Other Real Estate Owned | 60 | 120 |
Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 |
Other Real Estate Owned | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 |
Other Real Estate Owned | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 5,365 | 1,293 |
Other Real Estate Owned | $ 60 | $ 120 |
Fair Value, Assets Measured on Nonrecurring Basis, Valuation Techniques (Details) - USD ($) $ in Thousands |
9 Months Ended | 12 Months Ended |
---|---|---|
Dec. 31, 2020 |
Mar. 31, 2020 |
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other Real Estate Owned | $ 60 | $ 120 |
Fair Value, Measurements, Nonrecurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 5,365 | 1,293 |
Other Real Estate Owned | 60 | 120 |
Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 5,365 | 1,293 |
Other Real Estate Owned | $ 60 | $ 120 |
Fair Value Measurements, Valuation Processes, Description | Appraisal of collateral | Appraisal of collateral |
Measurement Input, Appraised Value [Member] | Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value Measurements, Valuation Processes, Description | Appraisal adjustments | Appraisal adjustments |
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands |
Dec. 31, 2020 |
Mar. 31, 2020 |
---|---|---|
Financial Assets: | ||
Held-to-maturity, Fair Value | $ 9,551 | $ 10,564 |
Fair Value, Inputs, Level 1 | ||
Financial Assets: | ||
Cash and cash equivalents | 79,551 | 47,540 |
Securities Available-for-Sale | 0 | 0 |
Held-to-maturity, Fair Value | 0 | 0 |
Loans Receivable | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Mortgage servicing rights | 0 | 0 |
Other assets - Interest-bearing deposits | 0 | |
Financial Liabilities: | ||
Deposits | 380,212 | 291,951 |
Other borrowed money | 0 | 0 |
Accrued interest payable | 0 | 0 |
Fair Value, Inputs, Level 2 | ||
Financial Assets: | ||
Cash and cash equivalents | 0 | 0 |
Securities Available-for-Sale | 100,181 | 65,829 |
Held-to-maturity, Fair Value | 9,551 | 10,564 |
Loans Receivable | 0 | 0 |
Accrued interest receivable | 2,910 | 2,052 |
Mortgage servicing rights | 0 | 0 |
Other assets - Interest-bearing deposits | 981 | |
Financial Liabilities: | ||
Deposits | 188,947 | 197,358 |
Other borrowed money | 41,705 | 13,386 |
Accrued interest payable | 3,050 | 2,695 |
Fair Value, Inputs, Level 3 | ||
Financial Assets: | ||
Cash and cash equivalents | 0 | 0 |
Securities Available-for-Sale | 0 | 0 |
Held-to-maturity, Fair Value | 0 | 0 |
Loans Receivable | 478,144 | 438,017 |
Accrued interest receivable | 0 | 0 |
Mortgage servicing rights | 142 | 145 |
Other assets - Interest-bearing deposits | 0 | |
Financial Liabilities: | ||
Deposits | 0 | 0 |
Other borrowed money | 0 | 0 |
Accrued interest payable | 0 | 0 |
Reported Value Measurement | ||
Financial Assets: | ||
Cash and cash equivalents | 79,551 | 47,540 |
Securities Available-for-Sale | 100,181 | 65,829 |
Held-to-maturity, Fair Value | 9,164 | 10,151 |
Loans Receivable | 463,455 | 423,786 |
Accrued interest receivable | 2,910 | 2,052 |
Mortgage servicing rights | 142 | 145 |
Other assets - Interest-bearing deposits | 981 | |
Financial Liabilities: | ||
Deposits | 569,742 | 488,815 |
Other borrowed money | 41,633 | 13,403 |
Accrued interest payable | 3,050 | 2,695 |
Estimate of Fair Value Measurement | ||
Financial Assets: | ||
Cash and cash equivalents | 79,551 | 47,540 |
Securities Available-for-Sale | 100,181 | 65,829 |
Held-to-maturity, Fair Value | 9,551 | 10,564 |
Loans Receivable | 478,144 | 438,017 |
Accrued interest receivable | 2,910 | 2,052 |
Mortgage servicing rights | 142 | 145 |
Other assets - Interest-bearing deposits | 981 | |
Financial Liabilities: | ||
Deposits | 569,159 | 489,309 |
Other borrowed money | 41,705 | 13,386 |
Accrued interest payable | $ 3,050 | $ 2,695 |
Non-interest Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | $ 899 | $ 965 | $ 4,555 | $ 2,915 |
Noninterest income out of scope of ASU 606 | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 162 | 35 | 1,625 | 197 |
Noninterest income in scope of ASU 606 | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 737 | 930 | 2,930 | 2,718 |
Depository fees and charges | Noninterest income in scope of ASU 606 | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer | 692 | 846 | 2,041 | 2,461 |
Loan fees and service charges | Noninterest income in scope of ASU 606 | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer | 27 | 70 | 167 | 216 |
Other noninterest income | Noninterest income in scope of ASU 606 | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer | $ 18 | $ 14 | $ 722 | $ 41 |
Other Non-interest Revenue and Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Noninterest Income, Other [Abstract] | ||||
Grant income | $ 0 | $ 0 | $ 500 | $ 0 |
Correspondent banking fees | 7 | 0 | 687 | 0 |
Compliance fee | 78 | (9) | 78 | 47 |
Other | 57 | 46 | 153 | 139 |
Total non-interest income | 142 | 37 | 1,418 | 186 |
Non-interest expense: | ||||
Advertising | 119 | 32 | 189 | 234 |
Legal expense | 93 | 316 | 355 | 489 |
Insurance and surety | 232 | 158 | 565 | 463 |
Audit expense | 138 | 136 | 413 | 398 |
Outsourced service | 21 | 33 | 67 | 277 |
Data lines / internet | 109 | 105 | 318 | 315 |
Retail expenses | 216 | 175 | 607 | 551 |
Director's fees | 85 | 77 | 255 | 232 |
Other | 446 | 581 | 1,488 | 1,416 |
Total non-interest expense | $ 1,459 | $ 1,613 | $ 4,257 | $ 4,375 |
Leases (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Leases [Abstract] | ||||
Operating Lease, Weighted Average Remaining Lease Term | 7 years 3 months 18 days | 7 years 3 months 18 days | ||
Finance Lease, Weighted Average Remaining Lease Term | 2 years 6 months | 2 years 6 months | ||
Operating Lease, Weighted Average Discount Rate, Percent | 3.01% | 3.01% | ||
Finance Lease, Weighted Average Discount Rate, Percent | 1.78% | 1.78% | ||
Operating Lease, Expense | $ 714 | $ 743 | $ 2,141 | $ 2,207 |
Finance Lease, Right-of-Use Asset, Amortization | 17 | 16 | 56 | 20 |
Finance Lease, Interest Expense | 1 | 1 | 2 | 1 |
Operating Lease, Payments | 682 | 706 | 2,047 | 2,083 |
Finance Lease, Payments | $ 23 | $ 14 | $ 54 | $ 30 |
Leases-Lease Liability, Maturity (Details) - USD ($) $ in Thousands |
Dec. 31, 2020 |
Mar. 31, 2020 |
Apr. 01, 2019 |
---|---|---|---|
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |||
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | $ 685 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Two | 2,619 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Three | 2,479 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Four | 2,535 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Five | 2,318 | ||
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 7,913 | ||
Lessee, Operating Lease, Liability, Payments, Due | 18,549 | ||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (1,984) | ||
Operating lease liability | 16,565 | $ 18,153 | $ 20,335 |
Finance Lease, Liability, Payment, Due [Abstract] | |||
Finance Lease, Liability, Payments, Due Next Twelve Months | 18 | ||
Finance Lease, Liability, Payments, Due Year Two | 72 | ||
Finance Lease, Liability, Payments, Due Year Three | 30 | ||
Finance Lease, Liability, Payments, Due Year Four | 11 | ||
Finance Lease, Liability, Payments, Due Year Five | 3 | ||
Finance Lease, Liability, Payments, Due after Year Five | 0 | ||
Finance Lease, Liability, Payment, Due | 134 | ||
Finance Lease, Liability, Undiscounted Excess Amount | (3) | ||
Finance Lease, Liability | $ 131 |
Leases Text Tags (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 |
Dec. 31, 2019 |
Dec. 31, 2020 |
Sep. 30, 2020 |
Mar. 31, 2020 |
Sep. 30, 2019 |
Apr. 01, 2019 |
Mar. 31, 2019 |
|
Leases [Abstract] | ||||||||
Recognition of right-of-use asset | $ 20,000 | $ 19,951 | ||||||
Finance Lease, Right-of-Use Asset | $ 138 | |||||||
Finance Lease, Liability | 131 | |||||||
Stockholders' Equity Attributable to Parent | $ 49,779 | 46,408 | $ 46,396 | $ 48,894 | $ 51,309 | $ 47,136 | ||
Right-of-use assets | 15,931 | 17,614 | ||||||
Operating lease liability | $ 16,565 | $ 18,153 | $ 20,335 |
Impact of Recent Accounting Standards Text Tag (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Jun. 30, 2019 |
Dec. 31, 2019 |
Dec. 31, 2020 |
Sep. 30, 2020 |
Mar. 31, 2020 |
Sep. 30, 2019 |
Mar. 31, 2019 |
|
Accounting Standards Update and Change in Accounting Principle [Abstract] | |||||||
Recognition of right-of-use asset | $ 20,000 | $ 19,951 | |||||
Stockholders' Equity Attributable to Parent | $ 49,779 | $ 46,408 | $ 46,396 | $ 48,894 | $ 51,309 | $ 47,136 |
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Feb. 16, 2021 |
Feb. 01, 2021 |
Jan. 22, 2021 |
Dec. 31, 2020 |
Dec. 31, 2020 |
Dec. 31, 2011 |
|
Conversion of Stock, Shares Converted | 13,519 | 1,208,039 | ||||
Conversion of Stock, Shares Issued | 1,653,397 | |||||
Stock Issued During Period, Shares, New Issues | 147,227 | |||||
Sale of Stock, Price Per Share | $ 6.62 | $ 6.62 | ||||
Subsequent Event [Member] | ||||||
Conversion of Stock, Shares Converted | 475 | |||||
Conversion of Stock, Shares Issued | 58,093 | |||||
Proceeds from Issuance of Private Placement | $ 6,000 | $ 4,400 | ||||
Subsequent Event [Member] | Common Stock | ||||||
Stock Issued During Period, Shares, New Issues | 112,612 | 157,806 | ||||
Sale of Stock, Price Per Share | $ 8.88 | $ 7.75 | ||||
Subsequent Event [Member] | Series E Preferred Stock [Member] | ||||||
Stock Issued During Period, Shares, New Issues | 3,177 | |||||
Subsequent Event [Member] | Series F Preferred Stock [Member] | ||||||
Stock Issued During Period, Shares, New Issues | 5,000 | |||||
Sale of Stock, Price Per Share | $ 1,000 |
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