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Loans Receivable and Allowance for Loan and Lease Losses | 6 Months Ended
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Sep. 30, 2018
Loans and Leases Receivable Disclosure [Abstract] |
Loans Receivable and Allowance for Loan and Lease Losses | LOANS RECEIVABLE AND ALLOWANCE FOR LOAN AND LEASE LOSSES The loans receivable portfolio is segmented into one-to-four family, multifamily, commercial real estate, business (including Small Business Administration loans), and consumer loans. The allowance for loan and lease losses ("ALLL") reflects management’s judgment in the evaluation of probable loan losses inherent in the portfolio at the balance sheet date. Management uses a disciplined process and methodology to calculate the ALLL each quarter. To determine the total ALLL, management estimates the reserves needed for each segment of the loan portfolio, including loans analyzed individually and loans analyzed on a pooled basis. From time to time, events or economic factors may affect the loan portfolio, causing management to provide additional amounts or release balances from the ALLL. The ALLL is sensitive to risk ratings assigned to individually evaluated loans and economic assumptions and delinquency trends. Individual loan risk ratings are evaluated based on the specific facts related to that loan. Additions to the ALLL are made by charges to the provision for loan losses. Credit exposures deemed to be uncollectible are charged against the ALLL, while recoveries of previously charged off amounts are credited to the ALLL. The following is a summary of loans receivable at September 30, 2018 and March 31, 2018:
|  | September 30, 2018 |  | March 31, 2018
$ in thousands |  | Amount |  | Percent |  | Amount |  | Percent
Gross loans receivable: |  |  |  |  |  |  |  |
One-to-four family |  | $ | 113,142 |  |  | 26.4 | % |  | $ | 121,233 |  |  | 25.6 | %
Multifamily |  | 88,877 |  |  | 20.8 | % |  | 103,887 |  |  | 21.9 | %
Commercial real estate |  | 122,865 |  |  | 28.7 | % |  | 141,835 |  |  | 29.9 | %
Business (1) |  | 98,504 |  |  | 23.0 | % |  | 102,004 |  |  | 21.5 | %
Consumer (2) |  | 4,588 |  |  | 1.1 | % |  | 5,238 |  |  | 1.1 | %
Total loans receivable |  | $ | 427,976 |  |  | 100.0 | % |  | $ | 474,197 |  |  | 100.0 | %
Unamortized premiums, deferred costs and fees, net |  | 3,393 |  |  |  |  | 3,556 |  |  |
Allowance for loan losses |  | (4,792 | ) |  |  |  | (5,126 | ) |  |
Total loans receivable, net |  | $ | 426,577 |  |  |  |  | $ | 472,627 |  |  |
(1) Includes business overdrafts (2) Includes personal loans and consumer overdrafts The following is an analysis of the allowance for loan losses based upon the method of evaluating loan impairment for the three and six month periods ended September 30, 2018 and 2017, and the fiscal year ended March 31, 2018.
Three months ended September 30, 2018 |  |  |  |  |  |  |  |  |  |  |  |
$ in thousands |  | One-to-four family |  | Multifamily |  | Commercial Real Estate |  | Construction |  | Business |  | Consumer |  | Unallocated |  | Total
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance |  | 1,853 |  |  | 1,387 |  |  | 540 |  |  | — |  |  | 1,169 |  |  | 172 |  |  | 66 |  |  | $ | 5,187 |
Charge-offs |  | (49 | ) |  | (100 | ) |  | — |  |  | — |  |  | (329 | ) |  | (2 | ) |  | — |  |  | (480 | )
Recoveries |  | — |  |  | — |  |  | — |  |  | — |  |  | 4 |  |  | 32 |  |  | — |  |  | 36 |
Provision for (recovery of) Loan Losses |  | (323 | ) |  | (348 | ) |  | 162 |  |  | — |  |  | 686 |  |  | (62 | ) |  | (66 | ) |  | 49 |
Ending Balance |  | $ | 1,481 |  |  | $ | 939 |  |  | $ | 702 |  |  | $ | — |  |  | $ | 1,530 |  |  | $ | 140 |  |  | $ | — |  |  | $ | 4,792 |
Six months ended September 30, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |
$ in thousands |  | One-to-four family |  | Multifamily |  | Commercial Real Estate |  | Construction |  | Business |  | Consumer |  | Unallocated |  | Total
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance |  | $ | 1,210 |  |  | $ | 1,819 |  |  | $ | 1,052 |  |  | $ | — |  |  | $ | 1,003 |  |  | $ | 18 |  |  | $ | 24 |  |  | $ | 5,126 |
Charge-offs |  | (145 | ) |  | (100 | ) |  | — |  |  | — |  |  | (340 | ) |  | (5 | ) |  | — |  |  | (590 | )
Recoveries |  | — |  |  | 158 |  |  | — |  |  | — |  |  | 9 |  |  | 35 |  |  | — |  |  | 202 |
Provision for (recovery of) Loan Losses |  | 416 |  |  | (938 | ) |  | (350 | ) |  | — |  |  | 858 |  |  | 92 |  |  | (24 | ) |  | 54 |
Ending Balance |  | $ | 1,481 |  |  | $ | 939 |  |  | $ | 702 |  |  | $ | — |  |  | $ | 1,530 |  |  | $ | 140 |  |  | $ | — |  |  | $ | 4,792 |
September 30, 2018: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for Loan Losses Ending Balance: collectively evaluated for impairment |  | $ | 1,309 |  |  | $ | 939 |  |  | $ | 702 |  |  | $ | — |  |  | $ | 1,030 |  |  | $ | 140 |  |  | $ | — |  |  | $ | 4,120 |
Allowance for Loan Losses Ending Balance: individually evaluated for impairment |  | 172 |  |  | — |  |  | — |  |  | — |  |  | 500 |  |  | — |  |  | — |  |  | 672 |
Loan Receivables Ending Balance: |  | $ | 114,933 |  |  | $ | 89,712 |  |  | $ | 123,358 |  |  | $ | — |  |  | $ | 98,732 |  |  | $ | 4,634 |  |  | $ | — |  |  | $ | 431,369 |
Ending Balance: collectively evaluated for impairment |  | 109,284 |  |  | 87,384 |  |  | 122,869 |  |  | — |  |  | 95,042 |  |  | 4,634 |  |  | — |  |  | 419,213 |
Ending Balance: individually evaluated for impairment |  | 5,649 |  |  | 2,328 |  |  | 489 |  |  | — |  |  | 3,690 |  |  | — |  |  | — |  |  | 12,156 |
At March 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |
$ in thousands |  | One-to-four family |  | Multifamily |  | Commercial Real Estate |  | Construction |  | Business |  | Consumer |  | Unallocated |  | Total
Allowance for Loan Losses Ending Balance: collectively evaluated for impairment |  | $ | 1,065 |  |  | $ | 1,744 |  |  | $ | 1,052 |  |  | $ | — |  |  | $ | 908 |  |  | $ | 18 |  |  | $ | 24 |  |  | $ | 4,811 |
Allowance for Loan Losses Ending Balance: individually evaluated for impairment |  | 145 |  |  | 75 |  |  | — |  |  | — |  |  | 95 |  |  | — |  |  | — |  |  | 315 |
Loan Receivables Ending Balance: |  | $ | 123,092 |  |  | $ | 104,865 |  |  | $ | 142,304 |  |  | $ | — |  |  | $ | 102,203 |  |  | $ | 5,289 |  |  | $ | — |  |  | $ | 477,753 |
Ending Balance: collectively evaluated for impairment |  | 116,588 |  |  | 103,160 |  |  | 140,765 |  |  | — |  |  | 98,914 |  |  | 5,289 |  |  | — |  |  | 464,716 |
Ending Balance: individually evaluated for impairment |  | 6,504 |  |  | 1,705 |  |  | 1,539 |  |  | — |  |  | 3,289 |  |  | — |  |  | — |  |  | 13,037 |
Three months ended September 30, 2017 |  |  |  |  |  |  |  |  |  |  |  |
$ in thousands |  | One-to-four family |  | Multifamily |  | Commercial Real Estate |  | Construction |  | Business |  | Consumer |  | Unallocated |  | Total
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance |  | $ | 1,518 |  |  | $ | 1,227 |  |  | $ | 1,647 |  |  | $ | — |  |  | $ | 724 |  |  | $ | 17 |  |  | $ | — |  |  | $ | 5,133 |
Charge-offs |  | (12 | ) |  | (6 | ) |  | — |  |  | — |  |  | — |  |  | (8 | ) |  | — |  |  | (26 | )
Recoveries |  | — |  |  | — |  |  | 5 |  |  | — |  |  | 10 |  |  | — |  |  | — |  |  | 15 |
Provision for (recovery of) Loan Losses |  | (327 | ) |  | 148 |  |  | 40 |  |  | — |  |  | 98 |  |  | 11 |  |  | 34 |  |  | 4 |
Ending Balance |  | $ | 1,179 |  |  | $ | 1,369 |  |  | $ | 1,692 |  |  | $ | — |  |  | $ | 832 |  |  | $ | 20 |  |  | $ | 34 |  |  | $ | 5,126 |
Six months ended September 30, 2017 |  |  |  |  |  |  |  |  |  |  |  |
$ in thousands |  | One-to-four family |  | Multifamily |  | Commercial Real Estate |  | Construction |  | Business |  | Consumer |  | Unallocated |  | Total
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance |  | $ | 1,663 |  |  | $ | 1,213 |  |  | $ | 1,496 |  |  | $ | 106 |  |  | $ | 573 |  |  | $ | 9 |  |  | $ | — |  |  | $ | 5,060 |
Charge-offs |  | (93 | ) |  | (6 | ) |  | — |  |  | — |  |  | (20 | ) |  | (22 | ) |  | — |  |  | (141 | )
Recoveries |  | — |  |  | — |  |  | 10 |  |  | — |  |  | 69 |  |  | 4 |  |  | — |  |  | 83 |
Provision for (recovery of) Loan Losses |  | (391 | ) |  | 162 |  |  | 186 |  |  | (106 | ) |  | 210 |  |  | 29 |  |  | 34 |  |  | 124 |
Ending Balance |  | $ | 1,179 |  |  | $ | 1,369 |  |  | $ | 1,692 |  |  | $ | — |  |  | $ | 832 |  |  | $ | 20 |  |  | $ | 34 |  |  | $ | 5,126 |
The following is a summary of nonaccrual loans at September 30, 2018 and March 31, 2018.
$ in thousands | September 30, 2018 |  | March 31, 2018
Gross loans receivable: |  |  |
One-to-four family | $ | 4,709 |  |  | $ | 4,561 |
Multifamily | 2,328 |  |  | 964 |
Commercial real estate | 489 |  |  | 502 |
Business | 1,819 |  |  | 635 |
Total nonaccrual loans | $ | 9,345 |  |  | $ | 6,662 |
Nonaccrual loans generally 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 nonaccrual loans is recorded when received based upon the collectability of the loan. At September 30, 2018, other non-performing assets totaled $262 thousand which consisted of other real estate owned. At September 30, 2018, other real estate owned valued at $262 thousand comprised of four foreclosed residential properties, compared to $1.1 million comprised of eight properties, which included $438 thousand of residential properties at March 31, 2018. At September 30, 2018 and March 31, 2018, the Bank had no non-performing held-for-sale loans. Although we believe that substantially all risk elements at September 30, 2018 have been disclosed, it is possible that for a variety of reasons, including economic conditions, certain borrowers may be unable to comply with the contractual repayment terms on certain real estate and commercial loans. 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 September 30, 2018, 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 |  | Construction |  | Business
Credit Risk Profile by Internally Assigned Grade: |  |  |  |  |  |  |  |
Pass |  | $ | 87,384 |  |  | $ | 122,230 |  |  | $ | — |  |  | $ | 88,346 |
Special Mention |  | — |  |  | 639 |  |  | — |  |  | 5,774 |
Substandard |  | 2,328 |  |  | 489 |  |  | — |  |  | 4,612 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |
Loss |  | — |  |  | — |  |  | — |  |  | — |
Total |  | $ | 89,712 |  |  | $ | 123,358 |  |  | $ | — |  |  | $ | 98,732 |
|  |  |  |  |  | One-to-four family |  | Consumer
Credit Risk Profile Based on Payment Activity: |  |  |  |  |  |  |  |
Performing |  |  |  |  |  | $ | 110,631 |  |  | $ | 4,634 |
Non-Performing |  |  |  |  |  | 4,302 |  |  | — |
Total |  |  |  |  |  | $ | 114,933 |  |  | $ | 4,634 |
As of March 31, 2018, and based on the most recent analysis performed, the risk category by class of loans is as follows:
$ in thousands |  | Multifamily |  | Commercial Real Estate |  | Construction |  | Business
Credit Risk Profile by Internally Assigned Grade: |  |  |  |  |  |  |  |
Pass |  | $ | 103,160 |  |  | $ | 140,765 |  |  | $ | — |  |  | $ | 93,886 |
Special Mention |  | — |  |  | — |  |  | — |  |  | 5,028 |
Substandard |  | 1,705 |  |  | 1,539 |  |  | — |  |  | 3,289 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |
Loss |  | — |  |  | — |  |  | — |  |  | — |
Total |  | $ | 104,865 |  |  | $ | 142,304 |  |  | $ | — |  |  | $ | 102,203 |
|  |  |  |  |  | One-to-four family |  | Consumer
Credit Risk Profile Based on Payment Activity: |  |  |  |  |  |  |  |
Performing |  |  |  |  |  | $ | 116,588 |  |  | $ | 5,289 |
Non-Performing |  |  |  |  |  | 6,504 |  |  | — |
Total |  |  |  |  |  | $ | 123,092 |  |  | $ | 5,289 |
The following table presents an aging analysis of the recorded investment of past due financing receivables as of September 30, 2018 and March 31, 2018.
September 30, 2018 |  |  |  |  |  |  |  |  |  |  |  |
$ in thousands |  | 30-59 Days Past Due |  | 60-89 Days Past Due |  | 90 or More Days Past Due |  | Total Past Due |  | Current |  | Total Financing Receivables
One-to-four family |  | $ | — |  |  | $ | — |  |  | $ | 4,302 |  |  | $ | 4,302 |  |  | $ | 110,631 |  |  | $ | 114,933 |
Multifamily |  | — |  |  | — |  |  | 1,601 |  |  | 1,601 |  |  | 88,111 |  |  | 89,712 |
Commercial real estate |  | — |  |  | — |  |  | — |  |  | — |  |  | 123,358 |  |  | 123,358 |
Business |  | 110 |  |  | 947 |  |  | 1,069 |  |  | 2,126 |  |  | 96,606 |  |  | 98,732 |
Consumer |  | 5 |  |  | 1 |  |  | — |  |  | 6 |  |  | 4,628 |  |  | 4,634 |
Total |  | $ | 115 |  |  | $ | 948 |  |  | $ | 6,972 |  |  | $ | 8,035 |  |  | $ | 423,334 |  |  | $ | 431,369 |
March 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |
$ in thousands |  | 30-59 Days Past Due |  | 60-89 Days Past Due |  | 90 or More Days Past Due |  | Total Past Due |  | Current |  | Total Financing Receivables
One-to-four family |  | $ | 1,819 |  |  | $ | — |  |  | $ | 4,056 |  |  | $ | 5,875 |  |  | $ | 117,217 |  |  | $ | 123,092 |
Multifamily |  | — |  |  | — |  |  | 219 |  |  | 219 |  |  | 104,646 |  |  | 104,865 |
Commercial real estate |  | 1,395 |  |  | — |  |  | — |  |  | 1,395 |  |  | 140,909 |  |  | 142,304 |
Business |  | 973 |  |  | 312 |  |  | 322 |  |  | 1,607 |  |  | 100,596 |  |  | 102,203 |
Consumer |  | 7 |  |  | 5 |  |  | — |  |  | 12 |  |  | 5,277 |  |  | 5,289 |
Total |  | $ | 4,194 |  |  | $ | 317 |  |  | $ | 4,597 |  |  | $ | 9,108 |  |  | $ | 468,645 |  |  | $ | 477,753 |
The following table presents information on impaired loans with the associated allowance amount, if applicable, at September 30, 2018 and March 31, 2018.
|  | At September 30, 2018 |  | At March 31, 2018
$ 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 |  | $ | 4,709 |  |  | $ | 5,976 |  |  | $ | — |  |  | $ | 5,439 |  |  | $ | 6,862 |  |  | $ | — |
Multifamily |  | 2,328 |  |  | 2,328 |  |  | — |  |  | 964 |  |  | 1,122 |  |  | — |
Commercial real estate |  | 489 |  |  | 489 |  |  | — |  |  | 1,539 |  |  | 1,539 |  |  | — |
Business |  | 635 |  |  | 940 |  |  | — |  |  | 611 |  |  | 611 |  |  | — |
With an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |
One-to-four family |  | 940 |  |  | 935 |  |  | 172 |  |  | 1,065 |  |  | 1,065 |  |  | 145 |
Multifamily |  | — |  |  | — |  |  | — |  |  | 741 |  |  | 741 |  |  | 75 |
Business |  | 3,055 |  |  | 3,063 |  |  | 500 |  |  | 2,678 |  |  | 2,681 |  |  | 95 |
Total |  | $ | 12,156 |  |  | $ | 13,731 |  |  | $ | 672 |  |  | $ | 13,037 |  |  | $ | 14,621 |  |  | $ | 315 |
The following tables presents information on average balances on impaired loans and the interest income recognized on a cash basis for the three and six month periods ended September 30, 2018 and 2017.
|  | For the Three Months Ended September 30, |  | For the Six Months Ended September 30,
|  | 2018 |  | 2017 |  | 2018 |  | 2017
$ in thousands |  | Average Balance |  | Interest Income Recognized |  | Average Balance |  | Interest Income Recognized |  | Average Balance |  | Interest Income Recognized |  | Average Balance |  | Interest Income Recognized
With no specific allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |
One-to-four family |  | $ | 4,813 |  |  | $ | 26 |  |  | $ | 5,428 |  |  | $ | 6 |  |  | $ | 5,074 |  |  | $ | 31 |  |  | $ | 5,313 |  |  | $ | 12 |
Multifamily |  | 2,382 |  |  | 9 |  |  | 1,528 |  |  | 6 |  |  | 1,646 |  |  | 17 |  |  | 1,533 |  |  | 15 |
Commercial real estate |  | 492 |  |  | 8 |  |  | 1,923 |  |  | — |  |  | 1,014 |  |  | 8 |  |  | 2,469 |  |  | 19 |
Business |  | 652 |  |  | 6 |  |  | 2,037 |  |  | — |  |  | 623 |  |  | 6 |  |  | 2,262 |  |  | — |
With an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |
One-to-four family |  | 887 |  |  | 1 |  |  | 1,081 |  |  | — |  |  | 1,003 |  |  | 2 |  |  | 1,085 |  |  | — |
Multifamily |  | — |  |  |  |  |  | — |  |  | — |  |  | 371 |  |  | — |  |  | — |  |  | — |
Business |  | 3,050 |  |  | 4 |  |  | 2,577 |  |  | — |  |  | 2,867 |  |  | 4 |  |  | 2,593 |  |  | — |
Total |  | $ | 12,276 |  |  | $ | 54 |  |  | $ | 14,574 |  |  | $ | 12 |  |  | $ | 12,598 |  |  | $ | 68 |  |  | $ | 15,255 |  |  | $ | 46 |
Troubled debt restructured ("TDR") loans consist of modified 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 September 30, 2018 were $5.8 million, $2.7 million of which were non-performing as they were either not consistently performing in accordance with their modified terms or not performing in accordance with their modified terms for at least six months. At March 31, 2018, total TDR loans were $5.7 million, of which $1.9 million were non-performing. In certain circumstances, the Bank will modify a loan as part of a TDR under GAAP. Situations around these modifications 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. 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. There was one loan modification made during the three and six month periods ended September 30, 2018. The modification set a schedule of principal repayments with an interest rate concession and maturity date extension. There was one loan modification made during the three and six month periods ended September 30, 2017. The modification converted a line of credit into a five-year term loan with an interest concession. The following tables presents an analysis of those loan modifications that were classified as TDRs during the three and six month periods ended September 30, 2018 and 2017.
|  | Modifications to loans during the three month period ended |  | Modifications to loans during the six month period ended
|  | September 30, 2018 |  | September 30, 2018
$ in thousands |  | Number of loans |  | Pre-modification outstanding recorded investment |  | Post-Modification Recorded investment |  | Pre-Modification rate |  | Post-Modification rate |  | Number of loans |  | Pre-modification outstanding recorded investment |  | Post-Modification Recorded investment |  | Pre-Modification rate |  | Post-Modification rate
Business |  | 1 |  |  | 1,762 |  |  | 1,712 |  |  | 6.75 | % |  | 6.00 | % |  | 1 |  |  | 1,762 |  |  | 1,712 |  |  | 6.75 | % |  | 6.00 | %
|  | Modifications to loans during the three month period ended |  | Modifications to loans during the six month period ended
|  | September 30, 2017 |  | September 30, 2017
$ in thousands |  | Number of loans |  | Pre-modification outstanding recorded investment |  | Post-Modification Recorded investment |  | Pre-Modification rate |  | Post-Modification rate |  | Number of loans |  | Pre-modification outstanding recorded investment |  | Post-Modification Recorded investment |  | Pre-Modification rate |  | Post-Modification rate
Business |  | 1 |  |  | $ | 285 |  |  | $ | 285 |  |  | 7.25 | % |  | 7.00 | % |  | 1 |  |  | $ | 285 |  |  | $ | 285 |  |  | 7.25 | % |  | 7.00 | %
In an effort to proactively resolve delinquent loans, the Bank has selectively extended to certain borrowers concessions such as extensions, rate reductions or forbearance agreements. For the periods ended September 30, 2018 and 2017, there were no modified loans that defaulted within 12 months of modification. At September 30, 2018, there were 8 loans in the TDR portfolio totaling $3.1 million that were on accrual status as the Company has determined that future collection of the principal and interest is reasonably assured. These have generally performed according to restructured terms for a period of at least six months. At March 31, 2018, there were 11 loans in the performing TDR portfolio totaling $3.9 million. Transactions With Certain Related Persons Federal law requires that all loans or extensions of credit to executive officers and directors must be made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with the general public and must not involve more than the normal risk of repayment or present other unfavorable features. The aggregate amount of loans outstanding to related parties was $80 thousand at September 30, 2018 and $120 thousand at March 31, 2018. During the six months ended September 30, 2018, there were no advances, and principal repayments totaled $40 thousand. Furthermore, loans above the greater of $25,000, or 5% of Carver Federal’s capital and surplus (up to $500,000), to Carver Federal’s directors and executive officers must be approved in advance by a majority of the disinterested members of Carver Federal’s Board of Directors.

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