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LOANS AND ACL | 12 Months Ended
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Mar. 31, 2025
LOANS AND ACL |
LOANS AND ACL | 4. LOANS AND ACL Loans receivable are reported net of deferred loan fees and discounts, and inclusive of premiums. At March 31, 2025, deferred loan fees totaled $4.3 million compared to $4.7 million at March 31, 2024. Loans receivable discounts and premiums totaled $1.2 million and $1.7 million as of March 31, 2025, compared to $1.3 million and $1.9 million as of March 31, 2024, respectively. Loans receivable consisted of the following at the dates indicated (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | March 31, |  | March 31,
​ | ​ | 2025 | ​ | 2024
Commercial and construction |  | ​ |  |  | ​ |
Commercial business | ​ | $ | 232,935 | ​ | $ | 229,404
Commercial real estate | ​ |  | 592,185 | ​ | ​ | 583,501
Land | ​ |  | 4,610 | ​ | ​ | 5,693
Multi-family | ​ |  | 91,451 | ​ | ​ | 70,771
Real estate construction | ​ |  | 29,182 | ​ | ​ | 36,538
Total commercial and construction | ​ |  | 950,363 | ​ | ​ | 925,907
​ | ​ | ​ | ​ | ​ | ​ | ​
Consumer | ​ |  | ​ | ​ | ​ | ​
Real estate one-to-four family | ​ |  | 97,683 | ​ | ​ | 96,366
Other installment | ​ |  | 14,414 | ​ | ​ | 1,740
Total consumer | ​ |  | 112,097 | ​ | ​ | 98,106
​ | ​ | ​ | ​ | ​ | ​ | ​
Total loans | ​ |  | 1,062,460 | ​ | ​ | 1,024,013
​ | ​ | ​ | ​ | ​ | ​ | ​
Less: ACL for loans | ​ |  | 15,374 | ​ | ​ | 15,364
Loans receivable, net | ​ | $ | 1,047,086 | ​ | $ | 1,008,649
​ ​ The Company’s loan portfolio includes originated and purchased loans. Originated loans and purchased loans for which there was no evidence of credit deterioration at their acquisition date and for which it was probable that the Company would be able to collect all contractually required payments, are referred to collectively as “loans”. The Company originates commercial business, commercial real estate, land, multi-family real estate, real estate construction, residential real estate and other consumer loans. At March 31, 2025 and 2024, the Company had no loans to foreign domiciled businesses or foreign countries, or loans related to highly leveraged transactions. Substantially all of the mortgage loans in the Company’s loan portfolio are secured by properties located in Washington and Oregon, and accordingly, the ultimate collectability of a substantial portion of the Company’s loan portfolio is susceptible to changes in the local economic conditions in these markets. Loans and extensions of credit outstanding at one time to one borrower are generally limited by federal regulations to 15% of the Bank’s shareholders’ equity, excluding accumulated other comprehensive income (loss) (“AOCI”). The Company considers its loan portfolio to have very little exposure to sub-prime mortgage loans since the Company has not historically engaged in this type of lending. At March 31, 2025, loans carried at $756.6 million were pledged as collateral to the FHLB and FRB for borrowing arrangements. ​ Aggregate loans to officers and directors, all of which are current, consisted of the following at and for the periods indicated (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended March 31,
​ |  | 2025 |  | 2024 |  | 2023
Beginning balance | ​ | $ | 2,196 | ​ | $ | 2,847 | ​ | $ | 3,790
Originations | ​ |  | — | ​ |  | — | ​ |  | —
Principal repayments | ​ |  | (496) | ​ |  | (651) | ​ |  | (943)
Ending balance | ​ | $ | 1,700 | ​ | $ | 2,196 | ​ | $ | 2,847
​ ​ Loan segment risk characteristics – The Company considers its loan classes to be the same as its loan segments. The following are loan segment risk characteristics of the Company’s loan portfolio: Commercial business – Commercial business loans are primarily made based on the operating cash flows of the borrower or conversion of working capital assets to cash and secondarily on the underlying collateral provided by the borrower. The cash flows of borrowers may be volatile and the value of the collateral securing these loans may be difficult to measure. Most commercial business loans are secured by the assets being financed or other business assets such as accounts receivable or inventory and generally include a personal guarantee based on a review of personal financial statements. The Company will extend some short-term loans on an unsecured basis to highly qualified borrowers. Although commercial business loans are often collateralized by equipment, inventory, accounts receivable or other business assets, the liquidation of collateral in the event of a borrower default is often an insufficient source of repayment, because accounts receivable may be uncollectible and inventories and equipment may be obsolete or of limited use. Accordingly, the repayment of a commercial business loan depends primarily on the credit-worthiness of the borrower (and any guarantors), while the liquidation of collateral is a secondary and potentially insufficient source of repayment. The Company attempts to mitigate these risks by adhering to its underwriting policies in evaluating the management of the business and the credit-worthiness of the borrowers and the guarantors. Commercial real estate – The Company originates commercial real estate loans within its primary market areas secured by properties such as office buildings, warehouse/industrial, retail, assisted living, single purpose facilities, and other commercial properties. These are cash flow loans that share characteristics of both real estate and commercial business loans. The primary source of repayment is cash flow from the operation of the collateral property and secondarily through liquidation of the collateral. These loans are generally higher risk than other classifications of loans in that they typically involve higher loan amounts, are dependent on the management experience of the owners, and may be adversely affected by conditions in the real estate market or the economy. Owner-occupied commercial real estate loans are generally of lower credit risk than non-owner occupied commercial real estate loans as the borrowers’ businesses are likely dependent on the properties. Underwriting for these loans is primarily dependent on the repayment capacity derived from the operation of the occupying business rather than rents paid by third-parties. The Company attempts to mitigate these risks by generally limiting the maximum loan-to-value ratio to 65%-80% depending on the property type and scrutinizing the financial condition of the borrower, the quality of the collateral and the management of the property securing the loan. Land – The Company has historically originated loans for the acquisition of raw land upon which the purchaser can then build or make improvements necessary to build or sell as improved lots. Currently, the Company is originating new land loans on a limited basis. Loans secured by undeveloped land or improved lots involve greater risks than one-to-four family residential mortgage loans because these loans are more difficult to evaluate. If the estimate of value proves to be inaccurate, in the event of default or foreclosure, the Company may incur a loss. The Company attempts to minimize this risk by generally limiting the maximum loan-to-value ratio on raw land loans to 65% and on improved land loans to 75%. Multi-family – The Company originates loans secured by multi-family dwelling units (more than four units). These loans involve a greater degree of risk than one-to-four family residential mortgage loans as these loans are usually greater in amount, dependent on the cash flow capacity of the project, and are more difficult to evaluate and monitor. Repayment of loans secured by multi-family properties typically depends on the successful operation and management of the properties. Consequently, repayment of such loans may be affected by adverse conditions in the real estate market or economy. The Company attempts to mitigate these risks by thoroughly evaluating the global financial condition of the borrower, the management experience of the borrower, and the quality of the collateral property securing the loan. Real estate construction – The Company originates construction loans for one-to-four family residential, multi-family, and commercial real estate properties. The one-to-four family residential construction loans include construction of consumer custom homes whereby the home buyer is the borrower as well as speculative and presold loans for home builders. Speculative one-to four-family construction loans are loans for which the home builder does not have, at the time of the loan origination, a signed contract with a home buyer who has a commitment for permanent financing with the Company or another lender for the finished home. The home buyer may be identified either during or after the construction period. Presold construction loans are made to homebuilders who, at the time of construction, have a signed contract with a home buyer who has a commitment for permanent financing for the finished home from the Company or another lender. Multi-family construction loans are originated to construct apartment buildings and condominium projects. Commercial construction loans are originated to construct properties such as office buildings, retail rental space and mini-storage facilities, and assisted living facilities. All construction loans are short-term and generally the rate is variable in nature. Construction lending can involve a higher level of risk than other types of lending because funds are advanced based on a prospective value of the project at completion, the total estimated construction cost of the project, and the borrowers’ equity at risk. Additionally, the repayment of the loan is conditional on the success of the ultimate project which is subject to interest rate changes, governmental regulations, general economic conditions and the ability of the borrower to sell or lease the property or refinance the indebtedness. If the Company’s estimate of the value of a project at completion proves to be overstated, it may have inadequate security for repayment of the loan and may incur a loss if the borrower does not repay the loan. Projects may also be jeopardized by disagreements between borrowers and builders and by the failure of builders to pay subcontractors. A speculative home construction loan carries more risk because the payoff for the loan depends on the builder’s ability to sell the property prior to the time that the construction loan is due. Although the nature of real estate construction loans is such that they are generally more difficult to evaluate and monitor, the Company attempts to closely monitor the construction project by on-site inspections. The Company also attempts to mitigate the risks of construction lending by adhering to its underwriting policies, disbursement procedures and monitoring practices. Real estate one-to-four family – The Company originates both fixed-rate and adjustable-rate loans secured by one- to-four family residences located in its primary market areas. The majority of the fixed-rate one-to-four family loans are sold in the secondary market for asset/liability management purposes and to generate non-interest income. The Company’s lending policies generally limit the maximum loan-to-value on one-to-four family loans to 80% of the lesser of the appraised value or the purchase price. In a situation where a loan exceeds 80% loan-to value, the Company usually obtains private mortgage insurance on the portion of the principal amount that exceeds 80% of the appraised value of the property. Terms of maturity typically range from 15 to 30 years. The Company also originates home equity lines of credit and second mortgage loans. Home equity lines of credit and second mortgage loans have a greater credit risk than one-to-four family residential mortgage loans because they are secured by mortgages subordinated to the existing first mortgage on the property, which may or may not be held by the Company. The Company attempts to mitigate residential lending risks by adhering to its underwriting policies in evaluating the collateral and the credit-worthiness of the borrower. Other installment – The Company originates other consumer loans, which include automobile, boat, motorcycle, recreational vehicle, savings account and unsecured loans. Other consumer loans generally have shorter terms to maturity than mortgage loans. Other consumer loans generally involve a greater degree of risk than do residential mortgage loans, particularly in the case of consumer loans that are unsecured or secured by rapidly depreciating assets such as automobiles. In such cases, any repossessed collateral for a defaulted consumer loan may not provide an adequate source of repayment of the outstanding loan balance as a result of the greater likelihood of damage, loss or depreciation. The Company attempts to mitigate these risks by adhering to its underwriting policies in evaluating the credit-worthiness of the borrower. ​ Troubled Loan Modifications (“TLM”) – Occasionally, the Company offers modifications of loans to borrowers experiencing financial difficulty by providing principal forgiveness, interest rate reductions, other-than-insignificant payment delays, term extensions or any combination of these. When principal forgiveness is provided, the amount of the forgiveness is charged-off against the ACL for loans. Upon the Company’s determination that a modified loan (or portion of a loan) has subsequently been deemed uncollectible, the loan (or a portion of the loan) is charged off. Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount and the ACL for loans is adjusted by the same amount. The ACL on modified loans is measured using the same credit loss estimation methods used to determine the ACL for all other loans held for investment. These methods incorporate the post-modification loan terms, as well as defaults and charge-offs associated with historical modified loans. In accordance with the Company’s policy guidelines, unsecured loans are generally charged-off when no payments have been received for three consecutive months unless an alternative action plan is in effect. Consumer installment loans delinquent nine months or more that have not received at least 75% of their required monthly payment in the last 90 days are charged-off. In addition, loans discharged in bankruptcy proceedings are charged-off. Loans under bankruptcy protection with no payments received for four consecutive months are charged-off. The outstanding balance of a secured loan that is in excess of the net realizable value is generally charged-off if no payments are received for four to five consecutive months. However, charge-offs are postponed if alternative proposals to restructure, obtain additional guarantors, obtain additional assets as collateral or a potential sale of the underlying collateral would result in full repayment of the outstanding loan balance. Once any other potential sources of repayment are exhausted, the impaired portion of the loan is charged-off. Regardless of whether a loan is unsecured or collateralized, once an amount is determined to be a confirmed loan loss it is promptly charged off. The following table presents the amortized cost basis and financial effect of loans at March 31, 2025, that were both experiencing financial difficulty and modified during the fiscal year ended March 31, 2025 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Payment Modification |  | Total
Commercial real estate | ​ | $ | 6,278 | ​ | $ | 6,278
Total | ​ | $ | 6,278 | ​ | $ | 6,278
​ Credit quality indicators – The Company monitors credit risk in its loan portfolio using a risk rating system (on a scale of one to nine) for all commercial (non-consumer) loans. The risk rating system is a measure of the credit risk of the borrower based on their historical, current and anticipated future financial characteristics. The Company assigns a risk rating to each commercial loan at origination and subsequently updates these ratings, as necessary, so that the risk rating continues to reflect the appropriate risk characteristics of the loan. Application of appropriate risk ratings is key to management of loan portfolio risk. In determining the appropriate risk rating, the Company considers the following factors: delinquency, payment history, quality of management, liquidity, leverage, earnings trends, alternative funding sources, geographic risk, industry risk, cash flow adequacy, account practices, asset protection and extraordinary risks. Consumer loans, including custom construction loans, are not assigned a risk rating but rather are grouped into homogeneous pools with similar risk characteristics. When a consumer loan is delinquent 90 days, it is placed on non-accrual status and assigned a substandard risk rating. Loss factors are assigned to each risk rating and homogeneous pool based on historical loss experience for similar loans. This historical loss experience is adjusted for qualitative factors that are likely to cause the estimated credit losses to differ from the Company’s historical loss experience. The Company uses these loss factors to estimate the general component of its ACL. Pass – These loans have a risk rating between 1 and 4 and are to borrowers that meet normal credit standards. Any deficiencies in satisfactory asset quality, liquidity, debt servicing capacity and coverage are offset by strengths in other areas. The borrower currently has the capacity to perform according to the loan terms. Any concerns about risk factors such as stability of margins, stability of cash flows, liquidity, dependence on a single product/supplier/client, depth of management, etc. are offset by strengths in other areas. Typically, these loans are secured by the operating assets of the borrower and/or real estate. The borrower’s management is considered competent. The borrower has the ability to repay the debt in the normal course of business. Watch – These loans have a risk rating of 5 and are included in the “pass” rating. However, there would typically be some reason for additional management oversight, such as the borrower’s recent financial setbacks and/or deteriorating financial position, industry concerns and failure to perform on other borrowing obligations. Loans with this rating are monitored closely in an effort to correct deficiencies. Special mention – These loans have a risk rating of 6 and are rated in accordance with regulatory guidelines. These loans 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 loan or in the credit position at some future date. These loans pose elevated risk but their weakness does not yet justify a “substandard” classification. Substandard – These loans have a risk rating of 7 and are rated in accordance with regulatory guidelines, for which the accrual of interest may or may not be discontinued. By definition under regulatory guidelines, a “substandard” loan has defined weaknesses which make payment default or principal exposure likely but not yet certain. Repayment of such loans is likely to be dependent upon collateral liquidation, a secondary source of repayment, or an event outside of the normal course of business. Doubtful – These loans have a risk rating of 8 and are rated in accordance with regulatory guidelines. Such loans are placed on non-accrual status and repayment may be dependent upon collateral which has value that is difficult to determine or upon some near-term event which lacks certainty. Loss – These loans have a risk rating of 9 and are rated in accordance with regulatory guidelines. Such loans are charged-off or charged-down when payment is acknowledged to be uncertain or when the timing or value of payments cannot be determined. “Loss” is not intended to imply that the loan or some portion of it will never be paid, nor does it in any way imply that there has been a forgiveness of debt. ​ The following table sets forth the Company’s loan portfolio at March 31, 2025 and 2024 by risk attribute and year of origination as well as current period gross charge-offs (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | March 31, 2025 |  | ​ | ​ | ​ | ​ | ​
​ | ​ | Term Loans Amortized Cost Basis by Origination Fiscal Year | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | Total
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | Revolving | ​ | Loans
​ | ​ | 2025 | ​ | 2024 | ​ | 2023 | ​ | 2022 | ​ | 2021 | ​ | Prior |  | Loans | ​ | Receivable
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial business | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Risk rating | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pass | ​ | $ | 10,840 | ​ | $ | 17,592 | ​ | $ | 56,013 | ​ | $ | 85,632 | ​ | $ | 20,918 | ​ | $ | 24,198 | ​ | $ | 12,822 | ​ | $ | 228,015
Special Mention | ​ |  | 1,964 | ​ |  | — | ​ |  | — | ​ | ​ | 571 | ​ | ​ | — | ​ | ​ | 456 | ​ | ​ | 1,166 | ​ | ​ | 4,157
Substandard | ​ |  | — | ​ |  | — | ​ |  | — | ​ | ​ | — | ​ | ​ | 472 | ​ | ​ | 291 | ​ | ​ | — | ​ | ​ | 763
Total commercial business | ​ | $ | 12,804 | ​ | $ | 17,592 | ​ | $ | 56,013 | ​ | $ | 86,203 | ​ | $ | 21,390 | ​ | $ | 24,945 | ​ | $ | 13,988 | ​ | $ | 232,935
Current YTD gross write-offs | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —
​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Commercial real estate | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Risk rating | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pass | ​ | $ | 44,477 | ​ | $ | 42,181 | ​ | $ | 61,005 | ​ | $ | 138,354 | ​ | $ | 86,768 | ​ | $ | 173,364 | ​ | $ | — | ​ | $ | 546,149
Special Mention | ​ |  | — | ​ |  | 3,164 | ​ |  | 3,638 | ​ | ​ | 5,246 | ​ | ​ | — | ​ | ​ | 31,920 | ​ | ​ | — | ​ | ​ | 43,968
Substandard | ​ |  | — | ​ |  | 30 | ​ |  | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,038 | ​ | ​ | — | ​ | ​ | 2,068
Total commercial real estate | ​ | $ | 44,477 | ​ | $ | 45,375 | ​ | $ | 64,643 | ​ | $ | 143,600 | ​ | $ | 86,768 | ​ | $ | 207,322 | ​ | $ | — | ​ | $ | 592,185
Current YTD gross write-offs | ​ | $ | — | ​ | $ | 80 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 80
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Land | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Risk rating | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pass | ​ | $ | 615 | ​ | $ | — | ​ | $ | 2,570 | ​ | $ | 84 | ​ | $ | — | ​ | $ | 457 | ​ | $ | 884 | ​ | $ | 4,610
Total land | ​ | $ | 615 | ​ | $ | — | ​ | $ | 2,570 | ​ | $ | 84 | ​ | $ | — | ​ | $ | 457 | ​ | $ | 884 | ​ | $ | 4,610
Current YTD gross write-offs | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Multi-family | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Risk rating | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pass | ​ | $ | 1,132 | ​ | $ | 947 | ​ | $ | 39,279 | ​ | $ | 35,831 | ​ | $ | 4,257 | ​ | $ | 9,583 | ​ | $ | — | ​ | $ | 91,029
Special Mention | ​ |  | — | ​ |  | — | ​ |  | 183 | ​ | ​ | — | ​ | ​ | 18 | ​ | ​ | 155 | ​ | ​ | — | ​ | ​ | 356
Substandard | ​ |  | — | ​ |  | — | ​ |  | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 66 | ​ | ​ | — | ​ | ​ | 66
Total multi-family | ​ | $ | 1,132 | ​ | $ | 947 | ​ | $ | 39,462 | ​ | $ | 35,831 | ​ | $ | 4,275 | ​ | $ | 9,804 | ​ | $ | — | ​ | $ | 91,451
Current YTD gross write-offs | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | March 31, 2025 |  | ​ | ​ |  | ​ | ​
​ | ​ | Term Loans Amortized Cost Basis by Origination Fiscal Year | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | Total
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | Revolving | ​ | Loans
​ | ​ | 2025 | ​ | 2024 | ​ | 2023 | ​ | 2022 | ​ | 2021 | ​ | Prior |  | Loans | ​ | Receivable
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Real estate construction | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Risk rating | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pass | ​ | $ | 14,092 | ​ | $ | 11,784 | ​ | $ | 3,306 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 29,182
Total real estate construction | ​ | $ | 14,092 | ​ | $ | 11,784 | ​ | $ | 3,306 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 29,182
Current YTD gross write-offs | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Real estate one-to-four family | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Risk rating | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pass | ​ | $ | 133 | ​ | $ | — | ​ | $ | — | ​ | $ | 58,107 | ​ | $ | 4,041 | ​ | $ | 17,115 | ​ | $ | 18,257 | ​ | $ | 97,653
Substandard | ​ |  | — | ​ |  | — | ​ |  | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 30 | ​ | ​ | — | ​ | ​ | 30
Total real estate one-to-four family | ​ | $ | 133 | ​ | $ | — | ​ | $ | — | ​ | $ | 58,107 | ​ | $ | 4,041 | ​ | $ | 17,145 | ​ | $ | 18,257 | ​ | $ | 97,683
Current YTD gross write-offs | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 11 | ​ | $ | 11
​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Other installment | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Risk rating | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pass | ​ | $ | 13,185 | ​ | $ | 337 | ​ | $ | 336 | ​ | $ | 96 | ​ | $ | 48 | ​ | $ | 6 | ​ | $ | 406 | ​ | $ | 14,414
Total other installment | ​ | $ | 13,185 | ​ | $ | 337 | ​ | $ | 336 | ​ | $ | 96 | ​ | $ | 48 | ​ | $ | 6 | ​ | $ | 406 | ​ | $ | 14,414
Current YTD gross write-offs | ​ | $ | — | ​ | $ | 6 | ​ | $ | — | ​ | $ | 25 | ​ | $ | — | ​ | $ | — | ​ | $ | 1 | ​ | $ | 32
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total loans receivable, gross | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Risk rating | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pass | ​ | $ | 84,474 | ​ | $ | 72,841 | ​ | $ | 162,509 | ​ | $ | 318,104 | ​ | $ | 116,032 | ​ | $ | 224,723 | ​ | $ | 32,369 | ​ | $ | 1,011,052
Special Mention | ​ |  | 1,964 | ​ |  | 3,164 | ​ |  | 3,821 | ​ | ​ | 5,817 | ​ | ​ | 18 | ​ | ​ | 32,531 | ​ | ​ | 1,166 | ​ | ​ | 48,481
Substandard | ​ |  | — | ​ |  | 30 | ​ |  | — | ​ | ​ | — | ​ | ​ | 472 | ​ | ​ | 2,425 | ​ | ​ | — | ​ | ​ | 2,927
Total loans receivable, gross | ​ | $ | 86,438 | ​ | $ | 76,035 | ​ | $ | 166,330 | ​ | $ | 323,921 | ​ | $ | 116,522 | ​ | $ | 259,679 | ​ | $ | 33,535 | ​ | $ | 1,062,460
Total current YTD gross write-offs | ​ | $ | — | ​ | $ | 86 | ​ | $ | — | ​ | $ | 25 | ​ | $ | — | ​ | $ | — | ​ | $ | 12 | ​ | $ | 123
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | March 31, 2024 |  | ​ | ​ | ​ | ​ | ​
​ | ​ | Term Loans Amortized Cost Basis by Origination Fiscal Year | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | Total
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | Revolving | ​ | Loans
​ | ​ | 2024 | ​ | 2023 | ​ | 2022 | ​ | 2021 | ​ | 2020 | ​ | Prior |  | Loans | ​ | Receivable
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial business | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Risk rating | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pass | ​ | $ | 14,126 | ​ | $ | 63,838 | ​ | $ | 85,131 | ​ | $ | 28,119 | ​ | $ | 16,945 | ​ | $ | 12,411 | ​ | $ | 4,827 | ​ | $ | 225,397
Special Mention | ​ |  | — | ​ |  | — | ​ |  | 733 | ​ | ​ | — | ​ | ​ | 486 | ​ | ​ | 232 | ​ | ​ | 2,498 | ​ | ​ | 3,949
Substandard | ​ |  | — | ​ |  | — | ​ |  | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 58 | ​ | ​ | — | ​ | ​ | 58
Total commercial business | ​ | $ | 14,126 | ​ | $ | 63,838 | ​ | $ | 85,864 | ​ | $ | 28,119 | ​ | $ | 17,431 | ​ | $ | 12,701 | ​ | $ | 7,325 | ​ | $ | 229,404
Current YTD gross write-offs | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —
​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Commercial real estate | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Risk rating | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pass | ​ | $ | 36,116 | ​ | $ | 66,847 | ​ | $ | 147,015 | ​ | $ | 89,662 | ​ | $ | 53,424 | ​ | $ | 158,311 | ​ | $ | — | ​ | $ | 551,375
Special Mention | ​ |  | — | ​ |  | 3,752 | ​ |  | 897 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 26,878 | ​ | ​ | — | ​ | ​ | 31,527
Substandard | ​ |  | 520 | ​ |  | — | ​ |  | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 79 | ​ | ​ | — | ​ | ​ | 599
Total commercial real estate | ​ | $ | 36,636 | ​ | $ | 70,599 | ​ | $ | 147,912 | ​ | $ | 89,662 | ​ | $ | 53,424 | ​ | $ | 185,268 | ​ | $ | — | ​ | $ | 583,501
Current YTD gross write-offs | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Land | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Risk rating | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pass | ​ | $ | 2,361 | ​ | $ | 2,340 | ​ | $ | 94 | ​ | $ | — | ​ | $ | 106 | ​ | $ | 437 | ​ | $ | — | ​ | $ | 5,338
Special Mention | ​ |  | — | ​ |  | 355 | ​ |  | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 355
Total land | ​ | $ | 2,361 | ​ | $ | 2,695 | ​ | $ | 94 | ​ | $ | — | ​ | $ | 106 | ​ | $ | 437 | ​ | $ | — | ​ | $ | 5,693
Current YTD gross write-offs | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Multi-family | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Risk rating | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pass | ​ | $ | 970 | ​ | $ | 21,643 | ​ | $ | 32,003 | ​ | $ | 4,841 | ​ | $ | 8,788 | ​ | $ | 2,429 | ​ | $ | — | ​ | $ | 70,674
Special Mention | ​ |  | — | ​ |  | — | ​ |  | — | ​ | ​ | — | ​ | ​ | 35 | ​ | ​ | 32 | ​ | ​ | — | ​ | ​ | 67
Substandard | ​ |  | — | ​ |  | — | ​ |  | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 30 | ​ | ​ | — | ​ | ​ | 30
Total multi-family | ​ | $ | 970 | ​ | $ | 21,643 | ​ | $ | 32,003 | ​ | $ | 4,841 | ​ | $ | 8,823 | ​ | $ | 2,491 | ​ | $ | — | ​ | $ | 70,771
Current YTD gross write-offs | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | March 31, 2024 |  | ​ | ​ |  | ​ | ​
​ | ​ | Term Loans Amortized Cost Basis by Origination Fiscal Year | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | Total
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | Revolving | ​ | Loans
​ | ​ | 2024 | ​ | 2023 | ​ | 2022 | ​ | 2021 | ​ | 2020 | ​ | Prior |  | Loans | ​ | Receivable
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Real estate construction | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Risk rating | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pass | ​ | $ | 13,320 | ​ | $ | 10,078 | ​ | $ | 12,346 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 35,744
Special Mention | ​ |  | 794 | ​ |  | — | ​ |  | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 794
Total real estate construction | ​ | $ | 14,114 | ​ | $ | 10,078 | ​ | $ | 12,346 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 36,538
Current YTD gross write-offs | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Real estate one-to-four family | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Risk rating | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pass | ​ | $ | — | ​ | $ | — | ​ | $ | 60,447 | ​ | $ | 4,164 | ​ | $ | 4,364 | ​ | $ | 14,756 | ​ | $ | 12,599 | ​ | $ | 96,330
Substandard | ​ |  | — | ​ |  | — | ​ |  | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 36 | ​ | ​ | — | ​ | ​ | 36
Total real estate one-to-four family | ​ | $ | — | ​ | $ | — | ​ | $ | 60,447 | ​ | $ | 4,164 | ​ | $ | 4,364 | ​ | $ | 14,792 | ​ | $ | 12,599 | ​ | $ | 96,366
Current YTD gross write-offs | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —
​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Other installment | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Risk rating | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pass | ​ | $ | 418 | ​ | $ | 555 | ​ | $ | 198 | ​ | $ | 75 | ​ | $ | 27 | ​ | $ | 8 | ​ | $ | 459 | ​ | $ | 1,740
Total other installment | ​ | $ | 418 | ​ | $ | 555 | ​ | $ | 198 | ​ | $ | 75 | ​ | $ | 27 | ​ | $ | 8 | ​ | $ | 459 | ​ | $ | 1,740
Current YTD gross write-offs | ​ | $ | — | ​ | $ | 11 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 2 | ​ | $ | — | ​ | $ | 13
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total loans receivable, gross | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Risk rating | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pass | ​ | $ | 67,311 | ​ | $ | 165,301 | ​ | $ | 337,234 | ​ | $ | 126,861 | ​ | $ | 83,654 | ​ | $ | 188,352 | ​ | $ | 17,885 | ​ | $ | 986,598
Special Mention | ​ |  | 794 | ​ |  | 4,107 | ​ |  | 1,630 | ​ | ​ | — | ​ | ​ | 521 | ​ | ​ | 27,142 | ​ | ​ | 2,498 | ​ | ​ | 36,692
Substandard | ​ |  | 520 | ​ |  | — | ​ |  | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 203 | ​ | ​ | — | ​ | ​ | 723
Total loans receivable, gross | ​ | $ | 68,625 | ​ | $ | 169,408 | ​ | $ | 338,864 | ​ | $ | 126,861 | ​ | $ | 84,175 | ​ | $ | 215,697 | ​ | $ | 20,383 | ​ | $ | 1,024,013
Total current YTD gross write-offs | ​ | $ | — | ​ | $ | 11 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 2 | ​ | $ | — | ​ | $ | 13
​ ​ ​ ​ ​ ACL on Loans – ​ The following tables detail activity in the ACL for loans for the fiscal years ended March 31, 2025 and 2024 under the CECL methodology, and in the allowance for loan losses under the incurred loss methodology for the fiscal year ended March 31, 2023, by loan category (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
March 31, 2025 | ​ | Commercial |  | Commercial |  | ​ | ​ |  | Multi- |  | Real Estate |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
​ | ​ | Business | ​ | Real Estate | ​ | Land | ​ | Family | ​ | Construction | ​ | Consumer | ​ | Unallocated | ​ | Total
Beginning balance | ​ | $ | 5,280 | ​ | $ | 7,391 | ​ | $ | 106 | ​ | $ | 367 | ​ | $ | 636 | ​ | $ | 1,584 | ​ | $ | — | ​ | $ | 15,364
Provision for (recapture of) credit losses | ​ |  | (248) | ​ | ​ | 181 | ​ | ​ | (23) | ​ | ​ | 77 | ​ | ​ | (156) | ​ | ​ | 269 | ​ | ​ | — | ​ |  | 100
Charge-offs | ​ |  | — | ​ | ​ | (80) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (43) | ​ | ​ | — | ​ |  | (123)
Recoveries | ​ |  | 1 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 32 | ​ | ​ | — | ​ |  | 33
Ending balance | ​ | $ | 5,033 | ​ | $ | 7,492 | ​ | $ | 83 | ​ | $ | 444 | ​ | $ | 480 | ​ | $ | 1,842 | ​ | $ | — | ​ | $ | 15,374
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
March 31, 2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Beginning balance | ​ | $ | 3,123 | ​ | $ | 8,894 | ​ | $ | 93 | ​ | $ | 798 | ​ | $ | 764 | ​ | $ | 1,127 | ​ | $ | 510 | ​ | $ | 15,309
Impact of adopting CECL (ASU 2016-13) | ​ |  | 1,884 | ​ | ​ | (1,494) | ​ | ​ | 40 | ​ | ​ | (492) | ​ | ​ | 131 | ​ | ​ | 483 | ​ | ​ | (510) | ​ |  | 42
Provision for (recapture of) loan losses | ​ |  | 273 | ​ | ​ | (9) | ​ | ​ | (27) | ​ | ​ | 61 | ​ | ​ | (259) | ​ | ​ | (39) | ​ | ​ | — | ​ |  | —
Charge-offs | ​ |  | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (13) | ​ | ​ | — | ​ |  | (13)
Recoveries | ​ |  | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 26 | ​ | ​ | — | ​ |  | 26
Ending balance | ​ | $ | 5,280 | ​ | $ | 7,391 | ​ | $ | 106 | ​ | $ | 367 | ​ | $ | 636 | ​ | $ | 1,584 | ​ | $ | — | ​ | $ | 15,364
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
March 31, 2023 | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Beginning balance | ​ | $ | 2,422 | ​ | $ | 9,037 | ​ | $ | 168 | ​ | $ | 845 | ​ | $ | 393 | ​ | $ | 943 | ​ | $ | 715 | ​ | $ | 14,523
Provision for (recapture of) loan losses | ​ |  | 701 | ​ |  | (143) | ​ |  | (75) | ​ |  | (47) | ​ |  | 371 | ​ |  | 148 | ​ |  | (205) | ​ |  | 750
Charge-offs | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | (17) | ​ |  | — | ​ |  | (17)
Recoveries | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 53 | ​ |  | — | ​ |  | 53
Ending balance | ​ | $ | 3,123 | ​ | $ | 8,894 | ​ | $ | 93 | ​ | $ | 798 | ​ | $ | 764 | ​ | $ | 1,127 | ​ | $ | 510 | ​ | $ | 15,309
​ ​ Changes in the ACL for unfunded loan commitments were as follows for the years indicated (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended March 31,
​ |  | 2025 |  | 2024 |  | 2023
Beginning balance | ​ | $ | 336 | ​ | $ | 407 | ​ | $ | 424
Impact of adopting CECL (ASU 2016-13) | ​ | ​ | — | ​ | ​ | 28 | ​ | ​ | —
Balance at beginning of period, as adjusted | ​ | ​ | 336 | ​ | ​ | 435 | ​ | ​ | 424
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net change in ACL - unfunded loan commitments | ​ |  | (50) | ​ |  | (99) | ​ |  | (17)
Ending balance | ​ | $ | 286 | ​ | $ | 336 | ​ | $ | 407
​ Non-accrual loans – Loans are reviewed regularly and it is the Company’s general policy that a loan is past due when it is 30 to 89 days delinquent. In general, when a loan is 90 days or more delinquent or when collection of principal or interest appears doubtful, it is placed on non-accrual status, at which time the accrual of interest ceases and a reserve for unrecoverable accrued interest is established and charged against operations. As a general practice, payments received on non-accrual loans are applied to reduce the outstanding principal balance on a cost recovery method. Also, as a general practice, a loan is not removed from non-accrual status until all delinquent principal, interest and late fees have been brought current and the borrower has demonstrated a history of performance based upon the contractual terms of the note. A history of repayment performance generally would be a minimum of six months. Interest income foregone on non-accrual loans was $16,000, $10,000, and $14,000 for the years ended March 31, 2025, 2024 and 2023, respectively. ​ The following tables present an analysis of loans by aging category at the dates indicated (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | Total |  | ​ | ​ |  | ​ | ​
​ | ​ | ​ | ​ | ​ | 90 Days | ​ | ​ | ​ | ​ | Past | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | and | ​ | ​ | ​ | ​ | Due and | ​ | ​ | ​ | ​ | Total
​ | ​ | 30-89 Days | ​ | Greater | ​ | ​ | ​ | ​ | Non- | ​ | ​ | ​ | ​ | Loans
March 31, 2025 | ​ | Past Due | ​ | Past Due | ​ | Non-accrual | ​ | accrual | ​ | Current | ​ | Receivable
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial business | ​ | $ | 3,793 | ​ | $ | — | ​ | $ | 37 | ​ | $ | 3,830 | ​ | $ | 229,105 | ​ | $ | 232,935
Commercial real estate | ​ |  | 242 | ​ |  | — | ​ |  | 88 | ​ | ​ | 330 | ​ | ​ | 591,855 | ​ | ​ | 592,185
Land | ​ |  | — | ​ |  | — | ​ |  | — | ​ | ​ | — | ​ | ​ | 4,610 | ​ | ​ | 4,610
Multi-family | ​ |  | — | ​ |  | — | ​ |  | — | ​ | ​ | — | ​ | ​ | 91,451 | ​ | ​ | 91,451
Real estate construction | ​ |  | — | ​ |  | — | ​ |  | — | ​ | ​ | — | ​ | ​ | 29,182 | ​ | ​ | 29,182
Consumer | ​ |  | 47 | ​ |  | — | ​ |  | 30 | ​ | ​ | 77 | ​ | ​ | 112,020 | ​ | ​ | 112,097
Total | ​ | $ | 4,082 | ​ | $ | — | ​ | $ | 155 | ​ | $ | 4,237 | ​ | $ | 1,058,223 | ​ | $ | 1,062,460
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
March 31, 2024 | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial business | ​ | $ | 1,778 | ​ | $ | 5 | ​ | $ | 58 | ​ | $ | 1,841 | ​ | $ | 227,563 | ​ | $ | 229,404
Commercial real estate | ​ |  | — | ​ |  | — | ​ |  | 79 | ​ | ​ | 79 | ​ | ​ | 583,422 | ​ | ​ | 583,501
Land | ​ |  | — | ​ |  | — | ​ |  | — | ​ | ​ | — | ​ | ​ | 5,693 | ​ | ​ | 5,693
Multi-family | ​ |  | — | ​ |  | — | ​ |  | — | ​ | ​ | — | ​ | ​ | 70,771 | ​ | ​ | 70,771
Real estate construction | ​ |  | — | ​ |  | — | ​ |  | — | ​ | ​ | — | ​ | ​ | 36,538 | ​ | ​ | 36,538
Consumer | ​ |  | 1 | ​ |  | — | ​ |  | 36 | ​ | ​ | 37 | ​ | ​ | 98,069 | ​ | ​ | 98,106
Total | ​ | $ | 1,779 | ​ | $ | 5 | ​ | $ | 173 | ​ | $ | 1,957 | ​ | $ | 1,022,056 | ​ | $ | 1,024,013
​ The increase in the 30-89 days past due loans was primarily related to two commercial loans totaling to $725,000 which are in the process of securing new contracts to improve revenue. Included in the 30-89 days past due loans at March 31, 2025 and 2024 are $3.1 million and $1.8 million, respectively, of fully guaranteed SBA or USDA loans. These government guaranteed loans are classified as pass rated loans and are not considered to be either nonaccrual or classified loans because based on the guarantee, the Company expects to receive all principal and interest according to the contractual terms of the loan agreement and there are no well-defined weaknesses or risk of loss. As a result, these loans were omitted from the required calculation of the ACL for loans. Interest income foregone on non-accrual loans was $16,000 and $10,000 for the year ended March 31, 2025 and 2024, respectively. At March 31, 2025, the Company had $94,000 of non-accrual loans with no ACL and $61,000 of non-accrual loans with an ACL of $1,000. At March 31, 2024, the Company had $137,000 of non-accrual loans with no ACL and $36,000 of non-accrual loans with an ACL of $1,000. The amortized cost of collateral dependent loans as of March 31, 2025, were $37,000 and $57,000 for commercial business and commercial real estate loans, respectively, compared to $58,000 and $79,000 for the prior fiscal year.
, | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​

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