Loans Receivable, Net (Tables)

12 Months Ended

Mar. 31, 2021

Loans and Leases Receivable Disclosure [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable

The following is a summary of loans receivable, net of allowance for loan losses at March 31:

	March 31, 2021				March 31, 2020
$ in thousands	Amount		%		Amount		%
Gross loans receivable:
One-to-four family	$	76,313	15.9	%	$	105,532	24.8	%
Multifamily	103,584		21.6	%	89,241		21.0	%
Commercial real estate	149,472		31.1	%	141,761		33.3	%
Business (1)	148,662		30.9	%	85,425		20.1	%
Consumer (2)	2,439		0.5	%	3,213		0.8	%
Total loans receivable	480,470		100.0	%	425,172		100.0	%
Unamortized premiums, deferred costs and fees, net	3,079				3,560
Allowance for loan losses	(5,140)				(4,946)
Total loans receivable, net	$	478,409			$	423,786

(1) Includes PPP loans of $36.0 million as of March 31, 2021 and business overdrafts of $10 thousand as of March 31, 2021 and 2020

(2) Includes consumer overdrafts of $44 thousand and $15 thousand as of March 31, 2021 and 2020, respectively

Allowance for Loan Losses

The following is an analysis of the allowance for loan losses based upon the method of evaluating loan impairment for the fiscal year ended March 31, 2021:

$ in thousands	One-to-four family		Multifamily		Commercial Real Estate		Business		Consumer		Unallocated		Total
Allowance for loan losses:
Beginning Balance	$	1,055	$	1,011	$	812	$	1,567	$	212	$	289	$	4,946
Charge-offs	—		—		—		(24)		(54)		—		(78)
Recoveries	88		—		—		278		6		—		372
Provision for (Recovery of) Loan Losses	(85)		(131)		95		34		1		(14)		(100)
Ending Balance	$	1,058	$	880	$	907	$	1,855	$	165	$	275	$	5,140
Allowance for Loan Losses Ending Balance: collectively evaluated for impairment	$	1,026	$	880	$	907	$	1,729	$	165	$	275	$	4,982
Allowance for Loan Losses Ending Balance: individually evaluated for impairment	32		—		—		126		—		—		158
Loan Receivables Ending Balance	$	78,213	$	106,400	$	148,809	$	147,680	$	2,447	$	—	$	483,549
Ending Balance: collectively evaluated for impairment	74,387		106,031		147,891		139,925		2,447		—		470,681
Ending Balance: individually evaluated for impairment	3,826		369		918		7,755		—		—		12,868

    The following is an analysis of the allowance for loan losses based upon the method of evaluating loan impairment for the fiscal year ended March 31, 2020:

$ in thousands	One-to-four family		Multifamily		Commercial Real Estate		Business		Consumer		Unallocated		Total
Allowance for loan losses:
Beginning Balance	$	1,274	$	885	$	766	$	1,330	$	154	$	237	$	4,646
Charge-offs	(12)		—		—		(69)		(102)		—		(183)
Recoveries	302		—		—		160		2		—		464
Provision for (Recovery of) Loan Losses	(509)		126		46		146		158		52		19
Ending Balance	$	1,055	$	1,011	$	812	$	1,567	$	212	$	289	$	4,946
Allowance for Loan Losses Ending Balance: collectively evaluated for impairment	$	899	$	1,011	$	812	$	1,557	$	212	$	289	$	4,780
Allowance for Loan Losses Ending Balance: individually evaluated for impairment	156		—		—		10		—		—		166
Loan Receivables Ending Balance	$	107,528	$	89,887	$	142,410	$	85,659	$	3,248	$	—	$	428,732
Ending Balance: collectively evaluated for impairment	102,902		89,512		142,410		82,210		3,248		—		420,282
Ending Balance: individually evaluated for impairment	4,626		375		—		3,449		—		—		8,450

Schedule of Nonaccrual Loans

The following is a summary of nonaccrual loans at March 31, 2021 and 2020.

$ in thousands	March 31, 2021		March 31, 2020
Loans accounted for on a nonaccrual basis:
Gross loans receivable:
One-to-four family	$	3,524	$	3,582
Multifamily	369		375
Commercial real estate	918		—
Business	2,290		2,797
Consumer	90		22
Total nonaccrual loans	$	7,191	$	6,776

Loans Receivable Credit Quality Indicators

As of March 31, 2021, and based on the most recent analysis performed in the current quarter, the risk category by class of loans is as follows:

$ in thousands	Multifamily		Commercial Real Estate		Business
Credit Risk Profile by Internally Assigned Grade:
Pass	$	101,212	$	142,168	$	137,447
Special Mention	—		5,531		1,585
Substandard	5,188		1,110		8,648
Total	$	106,400	$	148,809	$	147,680
	One-to-four family		Consumer
Credit Risk Profile Based on Payment Activity:
Performing	$	74,689	$	2,356
Non-Performing	3,524		91
Total	$	78,213	$	2,447

As of March 31, 2020, the risk category by class of loans was as follows:

$ in thousands	Multifamily		Commercial Real Estate		Business
Credit Risk Profile by Internally Assigned Grade:
Pass	$	89,512	$	141,793	$	80,016
Special Mention	—		617		2,184
Substandard	375		—		3,459
Total	$	89,887	$	142,410	$	85,659
	One-to-four family		Consumer
Credit Risk Profile Based on Payment Activity:
Performing	$	103,946	$	3,225
Non-Performing	3,582		23
Total	$	107,528	$	3,248

Past Due Financing Receivables

The following table presents an aging analysis of the recorded investment of past due financing receivable as of March 31, 2021.

$ in thousands	30-59 Days Past Due		60-89 Days Past Due		90 or More Days Past Due		Total Past Due		Current		Total Loans Receivable
One-to-four family	$	1,188	$	—	$	2,950	$	4,138	$	74,075	$	78,213
Multifamily	798		—		—		798		105,602		106,400
Commercial real estate	5,263		—		—		5,263		143,546		148,809
Business	671		400		271		1,342		146,338		147,680
Consumer	2		33		91		126		2,321		2,447
Total	$	7,922	$	433	$	3,312	$	11,667	$	471,882	$	483,549

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

$ in thousands	30-59 Days Past Due		60-89 Days Past Due		90 or More Days Past Due		Total Past Due		Current		Total Loans Receivable
One-to-four family	$	1,410	$	—	$	3,202	$	4,612	$	102,916	$	107,528
Multifamily	490		—		—		490		89,397		89,887
Commercial real estate	6,621		—		—		6,621		135,789		142,410
Business	1,360		3		700		2,063		83,596		85,659
Consumer	103		1		23		127		3,121		3,248
Total	$	9,984	$	4	$	3,925	$	13,913	$	414,819	$	428,732

Impaired Loans

The following tables present information on impaired loans with the associated allowance amount, if applicable, at March 31, 2021 and 2020. Management determined the specific allowance based on the present value of expected future cash flows, discounted at the loan’s effective interest rate, except when the remaining source of repayment for the loan is the operation or liquidation of the collateral. In those cases, the current fair value of the collateral, less selling costs was used to determine the specific allowance recorded. When the ultimate collectability of the total principal of an impaired loan is in doubt and the loan is on nonaccrual status, all payments are applied to principal under the cost recovery method. When the ultimate collectability of the total principal of an impaired loan is not in doubt and the loan is on nonaccrual status, contractual interest is credited to interest income when received under the cash basis method. Interest income of $161 thousand and $119 thousand for fiscal years 2021 and 2020 respectively, would have been recorded on impaired loans had they performed in accordance with their original terms.

Impaired Loans by Class
	At March 31,
	2021						2020
$ in thousands	Recorded Investment		Unpaid Principal Balance		Associated Allowance		Recorded Investment		Unpaid Principal Balance		Associated Allowance
With no specific allowance recorded:
One-to-four family	$	3,750	$	4,409	$	—	$	3,819	$	4,566	$	—
Multifamily	369		369		—		375		376		—
Commercial real estate	918		918		—		—		—		—
Business	2,332		2,527		—		2,797		2,917		—
With an allowance recorded:
One-to-four family	76		72		32		807		803		156
Business	5,423		5,423		126		652		652		10
Total	$	12,868	$	13,718	$	158	$	8,450	$	9,314	$	166

    The following table presents information on average balances on impaired loans and the interest income recognized for the years ended March 31, 2021 and 2020.

	For the years ended March 31,
	2021				2020
$ in thousands	Average Balance		Interest Income recognized		Average Balance		Interest Income recognized
With no specific allowance recorded:
One-to-four family	$	4,119	$	64	$	4,153	$	65
Multifamily	1,791		16		1,795		48
Commercial real estate	697		10		238		—
Business	2,153		102		2,385		47
With an allowance recorded:
One-to-four family	503		—		868		—
Multifamily	—		—		—		—
Business	3,355		—		970		—
Total	$	12,618	$	192	$	10,409	$	160

Troubled Debt Restructurings

The following table presents an analysis of the loan modifications that were classified as TDRs during the twelve month period ended March 31, 2021,

	Modifications to loans during the years ended March 31, 2021
$ in thousands	Number of loans	Pre-Modification Recorded Investment		Post-Modification Recorded investment		Pre-Modification rate		Post-Modification rate
Business	1	$	4,949	$	4,949	6.68	%	5.50	%