Loans Receivable, Net (Tables)

12 Months Ended

Mar. 31, 2023

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, 2023				March 31, 2022
$ in thousands	Amount		%		Amount		%
Gross loans receivable:
One-to-four family	$	64,971	10.9	%	$	69,297	12.0	%
Multifamily	177,995		29.9	%	160,800		27.9	%
Commercial real estate	177,714		29.9	%	174,270		30.2	%
Business (1)	166,940		28.0	%	170,497		29.6	%
Consumer (2)	7,513		1.3	%	1,623		0.3	%
Total loans receivable	595,133		100.0	%	576,487		100.0	%
Unamortized premiums, deferred costs and fees, net	2,763				3,017
Allowance for loan losses	(5,229)				(5,624)
Total loans receivable, net	$	592,667			$	573,880

(1) Includes business overdrafts of $11 thousand and $5 thousand as of March 31, 2023 and 2022, respectively

(2) Includes consumer overdrafts of $19 thousand and $31 thousand as of March 31, 2023 and 2022, 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, 2023:

$ in thousands	One-to-four family		Multifamily		Commercial Real Estate		Business		Consumer		Unallocated		Total
Allowance for loan losses:
Beginning Balance	$	731	$	1,114	$	1,157	$	2,497	$	123	$	2	$	5,624
Charge-offs	—		—		(586)		—		(141)		—		(727)
Recoveries	90		—		10		127		5		—		232
Provision for (Recovery of) Loan Losses	(105)		(5)		1,233		(1,485)		462		—		100
Ending Balance	$	716	$	1,109	$	1,814	$	1,139	$	449	$	2	$	5,229
Allowance for Loan Losses Ending Balance: collectively evaluated for impairment	$	607	$	1,109	$	1,814	$	937	$	449	$	2	$	4,918
Allowance for Loan Losses Ending Balance: individually evaluated for impairment	109		—		—		202		—		—		311
Loan Receivables Ending Balance	$	65,808	$	179,117	$	178,424	$	166,908	$	7,639	$	—	$	597,896
Ending Balance: collectively evaluated for impairment	60,805		179,046		171,234		160,985		7,638		—		579,708
Ending Balance: individually evaluated for impairment	5,003		71		7,190		5,923		1		—		18,188

    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 thousands	One-to-four family		Multifamily		Commercial Real Estate		Business		Consumer		Unallocated		Total
Allowance for loan losses:
Beginning Balance	$	1,058	$	880	$	907	$	1,855	$	165	$	275	$	5,140
Charge-offs	—		—		—		—		(257)		—		(257)
Recoveries	13		—		—		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 impairment	65,369		161,746		175,313		163,991		1,638		—		568,057
Ending Balance: individually evaluated for impairment	4,892		515		—		6,040		—		—		11,447

Schedule of Nonaccrual Loans

The following is a summary of nonaccrual loans at March 31, 2023 and 2022.

$ in thousands	March 31, 2023		March 31, 2022
Loans accounted for on a nonaccrual basis:
Gross loans receivable:
One-to-four family	$	4,001	$	4,892
Multifamily	71		515
Commercial real estate	7,190		4,601
Business	998		1,448
Consumer	1		25
Total nonaccrual loans	$	12,261	$	11,481

Loans Receivable Credit Quality Indicators

At March 31, 2023, 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	$	175,981	$	170,534	$	154,056
Special Mention	771		701		5,719
Substandard	2,365		7,189		7,133
Total	$	179,117	$	178,424	$	166,908
	One-to-four family		Consumer
Credit Risk Profile Based on Payment Activity:
Performing	$	60,629	$	7,639
Non-Performing	5,179		—
Total	$	65,808	$	7,639

At March 31, 2022, 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	$	155,274	$	164,543	$	155,196
Special Mention	897		8,157		6,302
Substandard	6,090		2,613		8,533
Total	$	162,261	$	175,313	$	170,031
	One-to-four family		Consumer
Credit Risk Profile Based on Payment Activity:
Performing	$	65,369	$	1,613
Non-Performing	4,892		25
Total	$	70,261	$	1,638

Past Due Financing Receivables

The following tables present an aging analysis of the recorded investment of past due loans receivable at March 31, 2023 and 2022.

March 31, 2023
$ 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	$	1,207	$	185	$	2,475	$	3,867	$	61,941	$	65,808
Multifamily	1,458		—		71		1,529		177,588		179,117
Commercial real estate	1,370		—		—		1,370		177,054		178,424
Business	11,006		—		5,014		16,020		150,888		166,908
Consumer	99		26		34		159		7,480		7,639
Total	$	15,140	$	211	$	7,594	$	22,945	$	574,951	$	597,896

March 31, 2022
$ 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	$	1,943	$	—	$	5,229	$	7,172	$	63,089	$	70,261
Multifamily	4,435		115		515		5,065		157,196		162,261
Commercial real estate	4,010		—		4,601		8,611		166,702		175,313
Business	923		40		664		1,627		168,404		170,031
Consumer	84		45		25		154		1,484		1,638
Total	$	11,395	$	200	$	11,034	$	22,629	$	556,875	$	579,504

Impaired Loans

The following tables present information on impaired loans with the associated allowance amount, if applicable, at March 31, 2023 and 2022. 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 $189 thousand and $266 thousand for fiscal years 2023 and 2022 respectively, would have been recorded on impaired loans had they performed in accordance with their original terms.

Impaired Loans by Class
	At March 31,
	2023						2022
$ 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	$	3,972	$	4,567	$	—	$	4,892	$	5,576	$	—
Multifamily	71		71		—		515		515		—
Commercial real estate	7,190		7,378		—		—		—		—
Business	1,114		1,146		—		837		909		—
Consumer	1		1		—		—		—		—
With an allowance recorded:
One-to-four family	1,031		1,031		109		—		—		—
Business	4,809		4,820		202		5,203		5,203		69
Total	$	18,188	$	19,014	$	311	$	11,447	$	12,203	$	69

    The following table presents information on average balances on impaired loans and the interest income recognized for the years ended March 31, 2023 and 2022.

	For the years ended March 31,
	2023				2022
$ in thousands	Average Balance		Interest Income recognized		Average Balance		Interest Income recognized
With no specific allowance recorded:
One-to-four family	$	3,861	$	111	$	4,321	$	50
Multifamily	220		—		442		16
Commercial real estate	4,054		36		459		7
Business	1,723		—		1,585		33
With an allowance recorded:
One-to-four family	554		41		38		—
Business	5,116		316		5,313		217
Total	$	15,528	$	504	$	12,158	$	323

Troubled Debt Restructurings

The following table presents an analysis of the loan modifications that were classified as TDRs during the twelve months ended March 31, 2023,

	Loan Modifications for the year ended March 31, 2023
$ in thousands	Number of loans	Recorded Investment at time of modification
One-to-four family	3	$	1,357