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Loans Receivable, Net (Tables)

12 Months Ended

Mar. 31, 2019

Loans and Leases Receivable Disclosure [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable

The following is a summary of loans receivable, net of allowance for loan losses at March 31:

	March 31, 2019							March 31, 2018
$ in thousands	Amount				%			Amount				%
Gross loans receivable:
One-to-four family	$	108,363			25.5	%		$	121,233			25.6	%
Multifamily	86,177				20.2	%		103,887				21.9	%
Commercial real estate	130,812				30.7	%		141,835				29.9	%
Construction	—				—	%		—				—	%
Business (1)	96,430				22.7	%		102,004				21.5	%
Consumer (2)	4,023				0.9	%		5,238				1.1	%
Total loans receivable	425,805				100.0	%		474,197				100.0	%
Unamortized premiums, deferred costs and fees, net	3,023							3,556
Allowance for loan losses	(4,646		)					(5,126		)
Total loans receivable, net	$	424,182						$	472,627

⁽¹⁾ Includes business overdrafts of $79 thousand and $35 thousand as of March 31, 2019 and 2018, respectively

⁽²⁾ Includes consumer overdrafts of $15 thousand and $18 thousand as of March 31, 2019 and 2018, respectively

Allowance for Loan Losses

The following is an analysis of the allowance for loan losses based upon the method of evaluating loan impairment for the fiscal year ended March 31, 2019:

$ in thousands		One-to-four family				Multifamily				Commercial Real Estate				Business				Consumer				Unallocated				Total
Allowance for loan losses:
Beginning Balance		$	1,210			$	1,819			$	1,052			$	1,003			$	18			$	24			$	5,126
Charge-offs		(151		)		(164		)		—				(964		)		(19		)		—				(1,298		)
Recoveries		190				158				—				705				35				—				1,088
Provision for (Recovery of) Loan Losses		25				(928		)		(286		)		586				120				213				(270		)
Ending Balance		$	1,274			$	885			$	766			$	1,330			$	154			$	237			$	4,646
Allowance for Loan Losses Ending Balance: collectively evaluated for impairment		$	1,103			$	885			$	766			$	1,312			$	154			$	237			$	4,457
Allowance for Loan Losses Ending Balance: individually evaluated for impairment		171				—				—				18				—				—				189
Loan Receivables Ending Balance		$	109,925			$	86,886			$	131,292			$	96,662			$	4,063			$	—			$	428,828
Ending Balance: collectively evaluated for impairment		104,508				83,672				130,816				93,400				4,063				—				416,459
Ending Balance: individually evaluated for impairment		5,417				3,214				476				3,262				—				—				12,369

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, 2018:

$ 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		(96		)		(104		)		—				—				(81		)		(33		)		—				(314		)
Recoveries		—				131				20				—				87				7				—				245
Provision for (Recovery of) Loan Losses		(357		)		579				(464		)		(106		)		424				35				24				135
Ending Balance		$	1,210			$	1,819			$	1,052			$	—			$	1,003			$	18			$	24			$	5,126
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

Schedule of Nonaccrual Loans

The following is a summary of nonaccrual loans at March 31, 2019 and 2018.

$ in thousands	March 31, 2019				March 31, 2018
Loans accounted for on a nonaccrual basis:
Gross loans receivable:
One-to-four family	$	4,488			$	4,561
Multifamily	3,214				964
Commercial real estate	476				502
Business	2,051				635
Consumer	65				—
Total nonaccrual loans	$	10,294			$	6,662

Loans Receivable Credit Quality Indicators

As of March 31, 2019, and based on the most recent analysis performed in the current quarter, the risk category by class of loans is as follows:

$ in thousands	Multifamily				Commercial Real Estate				Business
Credit Risk Profile by Internally Assigned Grade:
Pass	$	83,672			$	128,319			$	90,337
Special Mention	—				2,497				2,425
Substandard	3,214				476				3,900
Doubtful	—				—				—
Loss	—				—				—
Total	$	86,886			$	131,292			$	96,662
	One-to-four family				Consumer
Credit Risk Profile Based on Payment Activity:
Performing	$	106,530			$	4,063
Non-Performing	3,395				—
Total	$	109,925			$	4,063

As of March 31, 2018, the risk category by class of loans was as follows:

$ in thousands	Multifamily				Commercial Real Estate				Business
Credit Risk Profile by Internally Assigned Grade:
Pass	$	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

Past Due Financing Receivables

The following table presents an aging analysis of the recorded investment of past due financing receivable as of March 31, 2019.

$ 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	$	1,827			$	—			$	3,395			$	5,222			$	104,703			$	109,925
Multifamily	2,580				—				2,118				4,698				82,188				86,886
Commercial real estate	121				—				—				121				131,171				131,292
Business	780				—				599				1,379				95,283				96,662
Consumer	87				53				65				205				3,858				4,063
Total	$	5,395			$	53			$	6,177			$	11,625			$	417,203			$	428,828

The following table presents an aging analysis of the recorded investment of past due financing receivable as of 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

Impaired Loans

The following tables present information on impaired loans with the associated allowance amount, if applicable, at March 31, 2019 and 2018. 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
	At March 31,
	2019												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	$	4,488			$	5,643			$	—			$	5,439			$	6,862			$	—
Multifamily	3,214				3,214				—				964				1,122				—
Commercial real estate	476				476				—				1,539				1,539				—
Business	1,974				2,017				—				611				611				—
With an allowance recorded:
One-to-four family	929				929				171				1,065				1,065				145
Multifamily	—				—				—				741				741				75
Commercial real estate	—				—				—				—				—				—
Business	1,288				1,288				18				2,678				2,681				95
Consumer	—				—				—				—				—				—
Total	$	12,369			$	13,567			$	189			$	13,037			$	14,621			$	315

The following table presents information on average balances on impaired loans and the interest income recognized for the years ended March 31, 2019 and 2018.

	For the years ended March 31,
	2019								2018
$ in thousands	Average Balance				Interest Income recognized				Average Balance				Interest Income recognized
With no specific allowance recorded:
One-to-four family	$	4,964			$	96			$	5,375			$	36
Multifamily	2,089				42				1,340				34
Commercial real estate	1,007				16				2,075				28
Business	1,293				18				827				—
With an allowance recorded:
One-to-four family	997				—				1,078				—
Multifamily	371				—				248				—
Commercial real estate	—				—				541				—
Business	1,983				10				2,358				2
Consumer	—				—				—				—
Total	$	12,704			$	182			$	13,842			$	100

Troubled Debt Restructurings

The following table presents an analysis of those loan modifications that were classified as TDRs during the twelve month periods ended March 31, 2019 and 2018,

		Modifications to loans during the years ended March 31,
		2019																	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		3			$	2,776			$	2,776			6.51	%		6.04	%		1			$	285			$	285			7.25	%		7.00	%

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