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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 thousandsAmount%Amount%
Gross loans receivable:
One-to-four family $76,313 15.9 %$105,532 24.8 %
Multifamily103,584 21.6 %89,241 21.0 %
Commercial real estate149,472 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 receivable480,470 100.0 %425,172 100.0 %
Unamortized premiums, deferred costs and fees, net3,079 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 thousandsOne-to-four familyMultifamilyCommercial Real EstateBusinessConsumerUnallocatedTotal
Allowance for loan losses:
Beginning Balance$1,055 $1,011 $812 $1,567 $212 $289 $4,946 
Charge-offs— — — (24)(54)— (78)
Recoveries88 — — 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 impairment32 — — 126 — — 158 
Loan Receivables Ending Balance$78,213 $106,400 $148,809 $147,680 $2,447 $— $483,549 
Ending Balance: collectively evaluated for impairment74,387 106,031 147,891 139,925 2,447 — 470,681 
Ending Balance: individually evaluated for impairment3,826 369 918 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 thousandsOne-to-four familyMultifamily Commercial Real EstateBusinessConsumerUnallocatedTotal
Allowance for loan losses:
Beginning Balance$1,274 $885 $766 $1,330 $154 $237 $4,646 
Charge-offs(12)— — (69)(102)— (183)
Recoveries302 — — 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 impairment156 — — 10 — — 166 
Loan Receivables Ending Balance$107,528 $89,887 $142,410 $85,659 $3,248 $— $428,732 
Ending Balance: collectively evaluated for impairment102,902 89,512 142,410 82,210 3,248 — 420,282 
Ending Balance: individually evaluated for impairment4,626 375 — 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 
Multifamily369 375 
Commercial real estate918 — 
Business2,290 2,797 
Consumer90 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 thousandsMultifamilyCommercial Real EstateBusiness
Credit Risk Profile by Internally Assigned Grade:
Pass$101,212 $142,168 $137,447 
Special Mention— 5,531 1,585 
Substandard5,188 1,110 8,648 
Total$106,400 $148,809 $147,680 
One-to-four familyConsumer
Credit Risk Profile Based on Payment Activity:
Performing$74,689 $2,356 
Non-Performing3,524 91 
Total$78,213 $2,447 
As of March 31, 2020, the risk category by class of loans was as follows:
$ in thousandsMultifamilyCommercial Real EstateBusiness
Credit Risk Profile by Internally Assigned Grade:
Pass$89,512 $141,793 $80,016 
Special Mention— 617 2,184 
Substandard375 — 3,459 
Total$89,887 $142,410 $85,659 
One-to-four familyConsumer
Credit Risk Profile Based on Payment Activity:
Performing$103,946 $3,225 
Non-Performing3,582 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 thousands30-59 Days Past Due60-89 Days Past Due90 or More Days Past DueTotal Past DueCurrentTotal Loans Receivable
One-to-four family$1,188 $— $2,950 $4,138 $74,075 $78,213 
Multifamily798 — — 798 105,602 106,400 
Commercial real estate5,263 — — 5,263 143,546 148,809 
Business671 400 271 1,342 146,338 147,680 
Consumer2 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 thousands30-59 Days Past Due60-89 Days Past Due90 or More Days Past DueTotal Past DueCurrentTotal Loans Receivable
One-to-four family$1,410 $— $3,202 $4,612 $102,916 $107,528 
Multifamily490 — — 490 89,397 89,887 
Commercial real estate6,621 — — 6,621 135,789 142,410 
Business1,360 3 700 2,063 83,596 85,659 
Consumer103 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 thousandsRecorded InvestmentUnpaid Principal BalanceAssociated AllowanceRecorded InvestmentUnpaid Principal BalanceAssociated Allowance
With no specific allowance recorded:
One-to-four family$3,750 $4,409 $— $3,819 $4,566 $— 
Multifamily369 369 — 375 376 — 
Commercial real estate918 918 — — — — 
Business2,332 2,527 — 2,797 2,917 — 
With an allowance recorded:
One-to-four family76 72 32 807 803 156 
Business5,423 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 thousandsAverage BalanceInterest Income recognizedAverage BalanceInterest Income recognized
With no specific allowance recorded:
One-to-four family$4,119 $64 $4,153 $65 
Multifamily1,791 16 1,795 48 
Commercial real estate697 10 238 — 
Business2,153 102 2,385 47 
With an allowance recorded:
One-to-four family503 — 868 — 
Multifamily— — — — 
Business3,355 — 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 thousandsNumber of loansPre-Modification Recorded InvestmentPost-Modification Recorded investmentPre-Modification ratePost-Modification rate
Business1 $4,949 $4,949 6.68 %5.50 %