XML 45 R32.htm IDEA: XBRL DOCUMENT v3.22.2
Loans Receivable, Net (Tables)
 12 Months Ended
Mar. 31, 2022
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, 2022
March 31, 2021
$ in thousandsAmount%Amount%
Gross loans receivable:
One-to-four family $69,297 12.0 %$76,313 15.9 %
Multifamily160,800 27.9 %103,584 21.6 %
Commercial real estate174,270 30.2 %150,114 31.2 %
Business (1)
170,497 29.6 %148,020 30.8 %
Consumer (2)
1,623 0.3 %2,439 0.5 %
Total loans receivable576,487 100.0 %480,470 100.0 %
Unamortized premiums, deferred costs and fees, net3,017 3,079 
Allowance for loan losses(5,624)(5,140)
Total loans receivable, net$573,880 $478,409 
(1) Includes business overdrafts of $5 thousand and $10 thousand as of March 31, 2022 and 2021, respectively
(2) Includes consumer overdrafts of $31 thousand and $44 thousand as of March 31, 2022 and 2021, 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, 2022:
$ in thousandsOne-to-four familyMultifamilyCommercial Real EstateBusinessConsumerUnallocatedTotal
Allowance for loan losses:
Beginning Balance$1,058 $880 $907 $1,855 $165 $275 $5,140 
Charge-offs— — — — (257)— (257)
Recoveries13 — — 102 23 — 138 
Provision for (Recovery of) Loan Losses(340)234 250 540 192 (273)603 
Ending Balance$731 $1,114 $1,157 $2,497 $123 $2 $5,624 
Allowance for Loan Losses Ending Balance: collectively evaluated for impairment$731 $1,114 $1,157 $2,428 $123 $2 $5,555 
Allowance for Loan Losses Ending Balance: individually evaluated for impairment— — — 69 — — 69 
Loan Receivables Ending Balance$70,261 $162,261 $175,313 $170,031 $1,638 $— $579,504 
Ending Balance: collectively evaluated for impairment65,369 161,746 175,313 163,991 1,638 — 568,057 
Ending Balance: individually evaluated for impairment4,892 515 — 6,040 — — 11,447 
    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 familyMultifamily Commercial 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 
Schedule of Nonaccrual Loans
The following is a summary of nonaccrual loans at March 31, 2022 and 2021.
$ in thousands
March 31, 2022
March 31, 2021
Loans accounted for on a nonaccrual basis: 
Gross loans receivable: 
One-to-four family$4,892 $3,524 
Multifamily515 369 
Commercial real estate4,601 918 
Business1,448 2,290 
Consumer25 90 
Total nonaccrual loans$11,481 $7,191 
Loans Receivable Credit Quality Indicators
As of March 31, 2022, 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$155,274 $164,543 $155,196 
Special Mention897 8,157 6,302 
Substandard6,090 2,613 8,533 
Total$162,261 $175,313 $170,031 
One-to-four familyConsumer
Credit Risk Profile Based on Payment Activity:
Performing$65,369 $1,613 
Non-Performing4,892 25 
Total$70,261 $1,638 

As of March 31, 2021, the risk category by class of loans was 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 
Past Due Financing Receivables
The following tables presents an aging analysis of the recorded investment of past due loans receivable at March 31, 2022 and 2021.
March 31, 2022
$ in thousands30-59 Days Past Due60-89 Days Past Due90 or More Days Past DueTotal Past DueCurrentTotal Loans Receivable
One-to-four family$1,943 $— $5,229 $7,172 $63,089 $70,261 
Multifamily4,435 115 515 5,065 157,196 162,261 
Commercial real estate4,010 — 4,601 8,611 166,702 175,313 
Business923 40 664 1,627 168,404 170,031 
Consumer84 45 25 154 1,484 1,638 
Total$11,395 $200 $11,034 $22,629 $556,875 $579,504 

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 
Impaired Loans
The following tables present information on impaired loans with the associated allowance amount, if applicable, at March 31, 2022 and 2021. 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 $266 thousand and $161 thousand for fiscal years 2022 and 2021 respectively, would have been recorded on impaired loans had they performed in accordance with their original terms.
Impaired Loans by Class
At March 31,
2022
2021
$ in thousandsRecorded InvestmentUnpaid Principal BalanceAssociated AllowanceRecorded InvestmentUnpaid Principal BalanceAssociated Allowance
With no specific allowance recorded:
One-to-four family$4,892 $5,576 $— $3,750 $4,409 $— 
Multifamily515 515 — 369 369 — 
Commercial real estate— — — 918 918 — 
Business837 909 — 2,332 2,527 — 
With an allowance recorded:
One-to-four family— — — 76 72 32 
Business5,203 5,203 69 5,423 5,423 126 
Total$11,447 $12,203 $69 $12,868 $13,718 $158 
    The following table presents information on average balances on impaired loans and the interest income recognized for the years ended March 31, 2022 and 2021.
For the years ended March 31,
2022
2021
$ in thousandsAverage BalanceInterest Income recognizedAverage BalanceInterest Income recognized
With no specific allowance recorded:
One-to-four family$4,321 $50 $4,119 $64 
Multifamily442 16 1,791 16 
Commercial real estate459 7 697 10 
Business1,585 33 2,153 102 
With an allowance recorded:
One-to-four family38 — 503 — 
Business5,313 217 3,355 — 
Total$12,158 $323 $12,618 $192 
Troubled Debt Restructurings The following table presents an analysis of the loan modification that was classified as a TDR 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 %