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Loan Receivable and Allowance for Loan and Lease Losses | 12 Months Ended
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Mar. 31, 2013
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN AND LEASE LOSSES [Abstract] |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | LOANS RECEIVABLE, NET The following is a summary of loans receivable, net of allowance for loan losses, and loans held for sale at March 31:
$ in thousands | March 31, 2013 |  | March 31, 2012
| Amount |  | % |  | Amount |  | %
Gross loans receivable: |  |  |  |  |  |  |
One- to four-family | $ | 73,625 |  |  | 20 | % |  | $ | 66,313 |  |  | 16 | %
Multifamily | 56,427 |  |  | 15 | % |  | 78,859 |  |  | 19 | %
Non-residential | 203,813 |  |  | 55 | % |  | 207,505 |  |  | 50 | %
Construction | 1,228 |  |  | — | % |  | 16,471 |  |  | 4 | %
Business | 35,795 |  |  | 10 | % |  | 44,424 |  |  | 11 | %
Consumer and other (1) | 247 |  |  | — | % |  | 1,258 |  |  | — | %
Total loans receivable | 371,135 |  |  | 100 | % |  | 414,830 |  |  | 100 | %
Add: |  |  |  |  |  |  |
Premium on loans | 686 |  |  |  |  | 137 |  |  |
Less: |  |  |  |  |  |  |
Deferred fees and loan discounts, net | (1,699 | ) |  |  |  | (2,109 | ) |  |
Allowance for loan losses | (10,989 | ) |  |  |  | (19,821 | ) |  |
Total loans receivable, net | $ | 359,133 |  |  |  |  | $ | 393,037 |  |  |
Loans held-for-sale | $ | 13,107 |  |  |  |  | $ | 29,626 |  |  |
(1) | Includes personal loans
Substantially all of the Bank's real estate loans receivable are principally secured by properties located in New York City. Accordingly, as with most financial institutions in the market area, the ultimate collectability of a substantial portion of the Company's loan portfolio is susceptible to changes in market conditions in this area. Mortgage loan portfolios serviced for Federal National Mortgage Association (“FNMA”) and other third parties are not included in the accompanying consolidated financial statements. The unpaid principal balances of these loans aggregated $37.4 million, $44.4 million and $47.6 million at March 31, 2013, 2012, and 2011, respectively. At March 31, 2013 the Bank pledged $113.6 million in total mortgage loans as collateral for advances from the FHLB-NY. 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, 2013:
| $ in thousands |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | One-to-four family Residential |  | Multi-Family Mortgage |  | Commercial Real Estate |  | Construction |  | Business |  | Consumer and Other |  | Total
| Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Beginning Balance |  | $ | 4,305 |  |  | $ | 5,409 |  |  | $ | 6,709 |  |  | $ | 1,532 |  |  | $ | 1,786 |  |  | $ | 80 |  |  | $ | 19,821 |
| Charge-offs |  | 2,103 |  |  | 226 |  |  | 1,148 |  |  | 151 |  |  | 2,274 |  |  | 1 |  |  | 5,903 |
| Recoveries |  | 15 |  |  | 91 |  |  | — |  |  | 22 |  |  | 265 |  |  | 5 |  |  | 398 |
| Provision for Loan Losses |  | 1,279 |  |  | (4,866 | ) |  | (2,263 | ) |  | (1,403 | ) |  | 3,982 |  |  | (56 | ) |  | (3,327 | )
| Ending Balance |  | $ | 3,496 |  |  | $ | 408 |  |  | $ | 3,298 |  |  | $ | — |  |  | $ | 3,759 |  |  | $ | 28 |  |  | $ | 10,989 |
| Allowance for Loan Losses Ending Balance: collectively evaluated for impairment |  | 3,179 |  |  | 409 |  |  | 3,103 |  |  | — |  |  | 1,959 |  |  | 28 |  |  | 8,678 |
| Allowance for Loan Losses Ending Balance: individually evaluated for impairment |  | 317 |  |  | — |  |  | 194 |  |  | — |  |  | 1,800 |  |  | — |  |  | 2,311 |
| The following is an analysis of the loan receivable balances showing the methods of evaluating the loan portfolio for impairment for the fiscal year ended March 31, 2013:
| $ in thousands |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Loan Receivables Ending Balance |  | $ | 73,987 |  |  | $ | 56,607 |  |  | $ | 202,771 |  |  | $ | 1,230 |  |  | $ | 35,277 |  |  | $ | 250 |  |  | $ | 370,122 |
| Ending Balance: collectively evaluated for impairment |  | 67,619 |  |  | 55,991 |  |  | 186,336 |  |  | — |  |  | 28,904 |  |  | 250 |  |  | 339,100 |
| Ending Balance: individually evaluated for impairment |  | 6,368 |  |  | 616 |  |  | 16,435 |  |  | 1,230 |  |  | 6,373 |  |  | — |  |  | 31,022 |
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, 2012:
| $ in thousands |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | One-to-four family Residential |  | Multi-Family Mortgage |  | Commercial Real Estate |  | Construction |  | Business |  | Consumer and Other |  | Total
| Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Beginning Balance |  | $ | 2,923 |  |  | $ | 6,223 |  |  | $ | 3,999 |  |  | $ | 6,944 |  |  | $ | 2,965 |  |  | $ | 93 |  |  | $ | 23,147 |
| Charge-offs |  | 3,730 |  |  | 6,250 |  |  | 5,111 |  |  | 5,961 |  |  | 875 |  |  | 8 |  |  | 21,935 |
| Recoveries |  | 469 |  |  | 6 |  |  | 2 |  |  | 1,677 |  |  | 113 |  |  | — |  |  | 2,267 |
| Provision for Loan Losses |  | 4,643 |  |  | 5,430 |  |  | 7,819 |  |  | (1,128 | ) |  | (417 | ) |  | (5 | ) |  | 16,342 |
| Ending Balance |  | $ | 4,305 |  |  | $ | 5,409 |  |  | $ | 6,709 |  |  | $ | 1,532 |  |  | $ | 1,786 |  |  | $ | 80 |  |  | $ | 19,821 |
| Allowance for Loan Losses Ending Balance: collectively evaluated for impairment |  | 4,098 |  |  | 5,348 |  |  | 6,177 |  |  | 1,484 |  |  | 1,685 |  |  | 80 |  |  | 18,872 |
| Allowance for Loan Losses Ending Balance: individually evaluated for impairment |  | 207 |  |  | 61 |  |  | 532 |  |  | 48 |  |  | 101 |  |  | — |  |  | 949 |
| The following is an analysis of the loan receivable balances showing the methods of evaluating the loan portfolio for impairment for the fiscal year ended March 31, 2012:
| $ in thousands |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Loan Receivables Ending Balance |  | $ | 66,172 |  |  | $ | 78,984 |  |  | $ | 206,022 |  |  | $ | 16,433 |  |  | $ | 43,982 |  |  | $ | 1,265 |  |  | $ | 412,858 |
| Ending Balance: collectively evaluated for impairment |  | 63,866 |  |  | 77,976 |  |  | 185,249 |  |  | 10,346 |  |  | 38,124 |  |  | 1,265 |  |  | 376,826 |
| Ending Balance: individually evaluated for impairment |  | 2,306 |  |  | 1,008 |  |  | 20,773 |  |  | 6,087 |  |  | 5,858 |  |  | — |  |  | 36,032 |
The following is an analysis of the allowance for loan losses for the years ended March 31:
$ in thousands | 2013 |  | 2012 |  | 2011
Balance at beginning of the year | $ | 19,821 |  |  | $ | 23,147 |  |  | $ | 12,000 |
Provision for loan losses | (3,327 | ) |  | 16,342 |  |  | 27,114 |
Recoveries of amounts previously charged-off | 398 |  |  | 2,267 |  |  | 52 |
Charge-offs of loans | (5,903 | ) |  | (21,935 | ) |  | (16,019 | )
Balance at end of the year | $ | 10,989 |  |  | $ | 19,821 |  |  | $ | 23,147 |
At March 31, 2013, 2012 and 2011, the recorded investment in impaired loans was $31.02 million, $36.0 million and $69.6 million respectively. The related allowance for loan losses for these impaired loans was approximately $2.3 million, $0.9 million and $4.2 million at March 31, 2013, 2012 and 2011, respectively. The impaired loans at March 31, 2013, were comprised of $14.3 million of non-accrual loans and $16.7 million of non performing TDRs. The impaired loan portfolio is collateral dependent with the exception of the residential TDRs. Interest income of $3.2 million, $8.4 million and $7.5 million for fiscal year 2013, 2012 and 2011, respectively, would have been recorded on impaired loans had they performed in accordance with their original terms. At March 31, 2013, 2012 and 2011, there were no loans that were past due 90 days or more and still accruing. The following is a summary of non-accrual loans at March 31, 2013 and 2012.
$ in thousands | March 31, 2013 | March 31, 2012
Loans accounted for on a non-accrual basis: |  |
Gross loans receivable: |  |
One-to-four family | $ | 7,642 |  | $ | 6,988 |
Multifamily | 423 |  | 2,923 |
Commercial real estate | 14,788 |  | 24,467 |
Construction | 1,230 |  | 11,325 |
Business | 6,505 |  | 8,862 |
Consumer | 38 |  | 23 |
Total non-accrual loans | $ | 30,626 |  | $ | 54,588 |
Non-performing loans consist of loans for which the accrual of interest has been discontinued as a result of such loans becoming 90 days or more delinquent as to principal and/or interest payments. Interest income on non-performing loans is recorded when received based upon the collectability of the loan. Non-performing loans decreased to $30.6 million at March 31, 2013 from $54.6 million at March 31, 2012. During the current fiscal year, 11 non-performing loans with a fair value of $10.5 million were transferred to held-for-sale. Sales of held-for-sale loans during the fiscal year ended March 31, 2013 totaled $25.6 million .TDR loans consist of loans where borrowers have been granted concessions in regards to the terms of their loans due to financial or other difficulties, which rendered them unable to repay their loans under the original contractual terms. Total TDR loans at March 31, 2013 were $21.7 million, $16.7 million of which were non-performing as they had not been performing in accordance with the restructured terms for a period of at least 6 months. At March 31, 2013, other non-performing assets totaled $15.5 million which consists of other real estate owned ("OREO") properties and held-for-sale loans. Other real estate owned of $2.4 million reflects nine foreclosed properties. The Bank utilizes an internal loan classification system as a means of reporting problem loans within its loan categories. Loans may be classified as "Pass," “Special Mention,” “Substandard,” “Doubtful,” and “Loss.” Loans rated Pass have demonstrated satisfactory asset quality, earning history, liquidity, and other adequate margins of creditor protection. They represent a moderate credit risk and some degree of financial stability. Loans are considered collectible in full, but perhaps require greater than average amount of loan officer attention. Borrowers are capable of absorbing normal setbacks without failure. Loans rated Special Mention 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 asset or in the Bank's credit position at some future date. Loans rated Substandard are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Assets so classified must have a well-defined weakness, or weaknesses, that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. Loans rated Doubtful have all the weaknesses inherent in those classified Substandard with the added characteristic that the weaknesses present make collection or liquidation in full, based on currently existing facts, conditions and values, highly questionable and improbable. Loans classified as Loss are those considered uncollectible with insignificant value and are charged-off immediately to the allowance for loan losses. One-to-four family residential loans and consumer and other loans are rated non-performing if they are delinquent in payments ninety or more days, a troubled debt restructuring with less than six months contractual performance or past maturity. All other one- to-four family residential loans and consumer and other loans are performing loans. As of March 31, 2013, and based on the most recent analysis performed in the current quarter, the risk category by class of loans is as follows:
$ in thousands | Multi-Family Mortgage |  | Commercial Real Estate |  | Construction |  | Business
Credit Risk Profile by Internally Assigned Grade: |  |  |  |  |  |
Pass | $ | 53,419 |  |  | $ | 165,965 |  |  | $ | — |  |  | $ | 23,651 |
Special Mention | — |  |  | 3,400 |  |  | — |  |  | 2,922 |
Substandard | 3,188 |  |  | 33,406 |  |  | 1,230 |  |  | 8,704 |
Doubtful | — |  |  | — |  |  | — |  |  | — |
Loss | — |  |  | — |  |  | — |  |  | — |
Total | $ | 56,607 |  |  | $ | 202,771 |  |  | $ | 1,230 |  |  | $ | 35,277 |
| One-to-four family Residential |  | Consumer and Other |  |  |  |
Credit Risk Profile Based on Payment Activity: |  |  |  |  |  |
Performing | $ | 66,344 |  |  | $ | 212 |  |  |  |  |
Non-Performing | 7,643 |  |  | 38 |  |  |  |  |
Total | $ | 73,987 |  |  | $ | 250 |  |  |  |  |
As of March 31, 2012, and based on the most recent analysis performed, the risk category by class of loans is as follows:
$ in thousands | Multi-Family Mortgage |  | Commercial Real Estate |  | Construction |  | Business
Credit Risk Profile by Internally Assigned Grade: |  |  |  |  |  |
Pass | $ | 74,900 |  |  | $ | 167,607 |  |  | $ | 201 |  |  | $ | 25,963 |
Special Mention | 381 |  |  | 1,456 |  |  | 6,108 |  |  | 4,954 |
Substandard | 3,703 |  |  | 36,959 |  |  | 10,124 |  |  | 12,551 |
Doubtful | — |  |  | — |  |  | — |  |  | 514 |
Loss | — |  |  | — |  |  | — |  |  | — |
Total | $ | 78,984 |  |  | $ | 206,022 |  |  | $ | 16,433 |  |  | $ | 43,982 |
| One-to-four family Residential |  | Consumer and Other |  |  |  |
Credit Risk Profile Based on Payment Activity: |  |  |  |  |  |
Performing | $ | 59,185 |  |  | $ | 1,242 |  |  |  |  |
Non-Performing | 6,987 |  |  | 23 |  |  |  |  |
Total | $ | 66,172 |  |  | $ | 1,265 |  |  |  |  |
The following table presents an aging analysis of the recorded investment of past due financing receivable as of March 31, 2013.
$ in thousands | 30-59 Days Past Due |  | 60-89 Days Past Due |  | Greater Than 90 Days |  | Total Past Due |  | Non-performing TDR |  | Performing TDR (1) |  | Impaired(2) |  | Current |  | Total Financing Receivables
One-to-four family residential | $ | 348 |  |  | $ | 28 |  |  | $ | 4,501 |  |  | $ | 4,877 |  |  | $ | 3,141 |  |  | $ | 2,670 |  |  | $ | — |  |  | $ | 63,299 |  |  | $ | 73,987 |
Multi-family mortgage | 238 |  |  | 1,142 |  |  | 423 |  |  | 1,803 |  |  | — |  |  | 616 |  |  | — |  |  | 54,188 |  |  | 56,607 |
Commercial real estate | 220 |  |  | 846 |  |  | 2,671 |  |  | 3,737 |  |  | 9,097 |  |  | 1,290 |  |  | 3,020 |  |  | 185,627 |  |  | 202,771 |
Construction | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,230 |  |  | — |  |  | 1,230 |
Business | 261 |  |  | 148 |  |  | 1,439 |  |  | 1,848 |  |  | 4,447 |  |  | 464 |  |  | 619 |  |  | 27,899 |  |  | 35,277 |
Consumer and other | 6 |  |  | 1 |  |  | 38 |  |  | 45 |  |  | — |  |  | — |  |  | — |  |  | 205 |  |  | 250 |
Total | $ | 1,073 |  |  | $ | 2,165 |  |  | $ | 9,072 |  |  | $ | 12,310 |  |  | $ | 16,685 |  |  | $ | 5,040 |  |  | $ | 4,869 |  |  | $ | 331,218 |  |  | $ | 370,122 |
(1) | The performing TDR category details those loans that the Company has determined that the future collection of principal and interest is reasonably assured. This generally represents those borrowers who have performed according to the restructured terms for a period of at least six months.
(2) | Consists of loans which are less than 90 days past due but impaired due to other risk characteristics.
The following table presents an aging analysis of the recorded investment of past due financing receivable as of March 31, 2012. Also included are loans that are 90 days or more past due as to interest and principal and still accruing because they are well secured and in the process of collection.
$ in thousands | 30-59 Days Past Due |  | 60-89 Days Past Due |  | Greater Than 90 Days |  | Total Past Due |  | Non-performing TDR |  | Performing TDR (1) |  | Impaired(2) |  | Current |  | Total Financing Receivables
One-to-four family residential | $ | 2,381 |  |  | $ | — |  |  | $ | 4,681 |  |  | $ | 7,062 |  |  | $ | 2,306 |  |  | $ | 2,690 |  |  | — |  |  | $ | 54,114 |  |  | $ | 66,172 |
Multi-family mortgage | 3,220 |  |  | 427 |  |  | 1,915 |  |  | 5,562 |  |  | 1,008 |  |  | — |  |  | — |  |  | 72,414 |  |  | 78,984 |
Commercial real estate | 11,455 |  |  | — |  |  | 9,406 |  |  | 20,861 |  |  | 13,061 |  |  | 430 |  |  | 2,000 |  |  | 169,669 |  |  | 206,022 |
Construction | — |  |  | — |  |  | 11,086 |  |  | 11,086 |  |  | 239 |  |  | — |  |  | — |  |  | 5,108 |  |  | 16,433 |
Business | 3,937 |  |  | 954 |  |  | 4,353 |  |  | 9,244 |  |  | 4,428 |  |  | 341 |  |  | 81 |  |  | 29,888 |  |  | 43,982 |
Consumer and other | 37 |  |  | 1 |  |  | 23 |  |  | 61 |  |  | — |  |  | — |  |  | — |  |  | 1,204 |  |  | 1,265 |
Total | $ | 21,030 |  |  | $ | 1,382 |  |  | $ | 31,464 |  |  | $ | 53,876 |  |  | $ | 21,042 |  |  | $ | 3,461 |  |  | $ | 2,081 |  |  | $ | 332,397 |  |  | $ | 412,858 |
(1) | The performing TDR category details those loans that the Company has determined that the future collection of principal and interest is reasonably assured. This generally represents those borrowers who have performed according to the restructured terms for a period of at least six months.
(2) | Consists of loans which are less than 90 days past due but impaired due to other risk characteristics.
The following tables present information on impaired loans with the associated allowance amount, if applicable, and the interest income recognized during the years ended March 31, 2013 and 2012. 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.
Impaired Loans by Class
As of and for the year ended March 31, 2013
$ in thousands
| Recorded Investment |  | Unpaid Principal Balance |  | Associated Allowance |  | Average Balance |  | Interest income recognized
With no specific allowance recorded: |  |  |  |  |  |  |  |  |
One-to-four family residential | $ | 1,319 |  |  | $ | 1,460 |  |  | — |  |  | $ | 1,215 |  |  | $ | 47 |
Multi-family mortgage | 616 |  |  | 616 |  |  | — |  |  | 308 |  |  | 5 |
Commercial real estate | 11,070 |  |  | 11,270 |  |  | — |  |  | 9,865 |  |  | 235 |
Construction | 1,230 |  |  | 1,492 |  |  | — |  |  | 1,230 |  |  | 53 |
Business | 1,080 |  |  | 2,002 |  |  | — |  |  | 1,136 |  |  | 41 |
Consumer and other | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | $ | 15,315 |  |  | $ | 16,840 |  |  | $ | — |  |  | $ | 13,754 |  |  | $ | 381 |
With an allowance recorded: |  |  |  |  |  |  |  |  |
One-to-four family residential | $ | 5,049 |  |  | $ | 5,244 |  |  | $ | 317 |  |  | $ | 5,363 |  |  | $ | 57 |
Multi-family mortgage | — |  |  | — |  |  | — |  |  | — |  |  | — |
Commercial real estate | 5,365 |  |  | 5,913 |  |  | 194 |  |  | 6,302 |  |  | 133 |
Construction | — |  |  | — |  |  | — |  |  | — |  |  | — |
Business | 5,293 |  |  | 5,293 |  |  | 1,800 |  |  | 4,932 |  |  | 254 |
Consumer and other | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | $ | 15,707 |  |  | $ | 16,450 |  |  | $ | 2,311 |  |  | $ | 16,597 |  |  | $ | 444 |
One-to-four family residential | $ | 6,368 |  |  | $ | 6,704 |  |  | $ | 317 |  |  | $ | 6,578 |  |  | $ | 104 |
Multi-family mortgage | 616 |  |  | 616 |  |  | — |  |  | 308 |  |  | 5 |
Commercial real estate | 16,435 |  |  | 17,183 |  |  | 194 |  |  | 16,167 |  |  | 368 |
Construction | 1,230 |  |  | 1,492 |  |  | — |  |  | 1,230 |  |  | 53 |
Business | 6,373 |  |  | 7,295 |  |  | 1,800 |  |  | 6,068 |  |  | 295 |
Consumer and other | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | $ | 31,022 |  |  | $ | 33,290 |  |  | $ | 2,311 |  |  | $ | 30,351 |  |  | $ | 825 |
Impaired Loans by Class
As of and for the year ended March 31, 2012
$ in thousands |  |  |  |
| Recorded Investment |  | Unpaid Principal Balance |  | Associated Allowance |  | Average Balance |  | Interest income recognized
With no specific allowance recorded: |  |  |  |  |  |  |  |  |
One-to-four family residential | $ | 628 |  |  | $ | 628 |  |  | — |  |  | $ | 1,404 |  |  | $ | 78 |
Multi-family mortgage | 194 |  |  | 194 |  |  | — |  |  | 195 |  |  | 21 |
Commercial real estate | 6,304 |  |  | 6,304 |  |  | — |  |  | 7,375 |  |  | 89 |
Construction | 5,406 |  |  | 5,670 |  |  | — |  |  | 4,603 |  |  | 859 |
Business | 4,983 |  |  | 5,417 |  |  | — |  |  | 5,242 |  |  | 203 |
Consumer and other | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | $ | 17,515 |  |  | $ | 18,213 |  |  | — |  |  | $ | 18,819 |  |  | $ | 1,250 |
With an allowance recorded: |  |  |  |  |  |  |  |  |
One-to-four family residential | $ | 1,679 |  |  | $ | 1,760 |  |  | $ | 207 |  |  | $ | 4,343 |  |  | $ | 103 |
Multi-family mortgage | 814 |  |  | 879 |  |  | 61 |  |  | 1,391 |  |  | 70 |
Commercial real estate | 14,469 |  |  | 15,068 |  |  | 532 |  |  | 15,453 |  |  | 340 |
Construction | 681 |  |  | 1,613 |  |  | 48 |  |  | 896 |  |  | — |
Business | 1,089 |  |  | 1,776 |  |  | 101 |  |  | 1,336 |  |  | 110 |
Consumer and other | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | $ | 18,732 |  |  | $ | 21,096 |  |  | $ | 949 |  |  | $ | 23,419 |  |  | $ | 623 |
One-to-four family residential | $ | 2,307 |  |  | $ | 2,388 |  |  | $ | 207 |  |  | $ | 5,746 |  |  | $ | 181 |
Multi-family mortgage | 1,008 |  |  | 1,073 |  |  | 61 |  |  | 1,586 |  |  | 91 |
Commercial real estate | 20,773 |  |  | 21,372 |  |  | 532 |  |  | 22,828 |  |  | 429 |
Construction | 6,087 |  |  | 7,283 |  |  | 48 |  |  | 5,499 |  |  | 859 |
Business | 6,072 |  |  | 7,193 |  |  | 101 |  |  | 6,470 |  |  | 313 |
Consumer and other | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | $ | 36,247 |  |  | $ | 39,309 |  |  | $ | 949 |  |  | $ | 42,129 |  |  | $ | 1,873 |
In certain circumstances, loan modifications involve a troubled borrower to whom the Bank may grant a modification. Situations around modifications involving troubled borrowers may include extension of maturity date, reduction in the stated interest rate, rescheduling of future cash flows, reduction in the face amount of the debt or reduction of past accrued interest. In cases where the Bank grants any significant concessions to a troubled borrower, the Bank accounts for the modification as a TDR under ASC 310-40 and the related allowance under ASC 310-10-35. Loans modified in TDRs are placed on nonaccrual status until the Company determines that future collection of principal and interest is reasonably assured, which generally requires that the borrower demonstrate performance according to the restructured terms for a period of at least six months. The following tables presents an analysis of those loan modifications that were classified as TDRs during the twelve month period ended March 31, 2013 and March 31, 2012 :
Modifications to loans during the 12 month period ended
March 31, 2013
$ in thousands |  |  |  |  |  |  |  |  |  |  |
|  | Number of loans |  | Pre-modification outstanding recorded investment |  | Post-Modification Recorded investment |  | Average Pre-Modification rate |  | Average Post-Modification rate | Allowance recorded
One-to-four family residential |  | 2 |  |  | 1,414 |  |  | 535 |  |  | 7.66 | % |  | 4.00 | % | 37 |
Commercial real estate |  | 3 |  |  | 1,890 |  |  | 1,418 |  |  | 6.54 | % |  | 6.38 | % | 26 |
Business |  | 4 |  |  | 2,242 |  |  | 2,210 |  |  | 7.23 | % |  | 7.21 | % | 264 |
Total |  | 9 |  |  | $ | 5,546 |  |  | $ | 4,163 |  |  |  |  |  | $ | 327 |
Modifications to loans during the 12 month period ended
March 31, 2012
$ in thousands |  |  |  |  |  |  |  |  |  |  |
|  | Number of loans |  | Pre-modification outstanding recorded investment |  | Post-Modification Recorded investment |  | Average Pre-Modification rate |  | Average Post-Modification rate | Allowance recorded
One-to-four family residential |  | 2 |  |  | 2,513 |  |  | 2,510 |  |  | 6.86 | % |  | 4.21 | % | 18 |
Commercial real estate |  | 2 |  |  | 1,495 |  |  | 1,430 |  |  | 5.47 | % |  | 5.42 | % | 61 |
Construction |  | 6 |  |  | 8,862 |  |  | 8,840 |  |  | 6.81 | % |  | 6.80 | % | 2 |
Business |  | 5 |  |  | 3,447 |  |  | 3,315 |  |  | 5.86 | % |  | 5.87 | % | — |
Total |  | 15 |  |  | $ | 16,317 |  |  | $ | 16,095 |  |  |  |  |  | $ | 81 |
In an effort to proactively manage delinquent loans, Carver has selectively extended to certain borrowers concessions such as rate reductions or forbearance agreements. For the fiscal year ended March 31, 2013, loan on which concessions were made with respect to rate reductions were $0.5 million and those loans which reached forbearance agreements totaled $1.9 million. For the fiscal year ended March 31, 2012, loan on which concessions were made with respect to rate reductions were $3.4 million and those loans which reached forbearance agreements totaled $12.9 million. There were no loans at March 31, 2013 that had been modified and subsequently defaulted. For the fiscal year ended March 31, 2012, Carver had one multi family loan with an outstanding balance of $0.9 million that had been modified and subsequently defaulted. For the fiscal year ended March 31, 2013, there were nine loans in the TDR portfolio totaling $5.0 million that were on accrual status as they had performed within their modified terms for a consecutive six-month period. At March 31, 2013 and 2012, there were no loans to officers or directors of the Company.

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