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Loans Receivable and ALLL (Tables)

3 Months Ended

Jun. 30, 2021

Loans and Leases Receivable Disclosure [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable

The following is a summary of loans receivable at June 30, 2021 and March 31, 2021:

						June 30, 2021												March 31, 2021
$ in thousands						Amount						Percent						Amount						Percent
Gross loans receivable:
One-to-four family						$	74,090					15.2		%				$	76,313					15.9		%
Multifamily						102,131						21.0		%				103,584						21.6		%
Commercial real estate						148,591						30.6		%				150,114						31.2		%
Business (1)						159,360						32.8		%				148,020						30.8		%
Consumer (2)						2,174						0.4		%				2,439						0.5		%
Total loans receivable						$	486,346					100.0		%				$	480,470					100.0		%
Unamortized premiums, deferred costs and fees, net						1,984												3,079
Allowance for loan losses						(5,214)												(5,140)
Total loans receivable, net						$	483,116											$	478,409

(1) Includes PPP loans and business overdrafts

(2) Includes personal loans and consumer overdrafts

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 three month periods ended June 30, 2021 and 2020, and the fiscal year ended March 31, 2021.

Three months ended June 30, 2021
$ in thousands						One-to-four family						Multifamily						Commercial Real Estate												Business						Consumer						Unallocated						Total
Allowance for loan losses:
Beginning Balance						$	1,058					$	880					$	907											$	1,855					$	165					$	275					$	5,140
Charge-offs						—						—						—												—						(55)						—						(55)
Recoveries						—						—						—												49						8						—						57
Provision for (recovery of) Loan Losses						28						(54)						(37)												200						26						(91)						72
Ending Balance						$	1,086					$	826					$	870											$	2,104					$	144					$	184					$	5,214
Allowance for Loan Losses Ending Balance: collectively evaluated for impairment						$	1,055					$	826					$	870											$	1,992					$	144					$	184					$	5,071
Allowance for Loan Losses Ending Balance: individually evaluated for impairment						31						—						—												112						—						—						143
Loan Receivables Ending Balance:						$	75,122					$	102,914					$	149,622											$	158,492					$	2,180					$	—					$	488,330
Ending Balance: collectively evaluated for impairment						71,313						102,029						149,430												150,870						2,180						—						475,822
Ending Balance: individually evaluated for impairment						3,809						885						192												7,622						—						—						12,508

At March 31, 2021
$ in thousands						One-to-four family						Multifamily						Commercial Real Estate												Business						Consumer						Unallocated						Total
Allowance for Loan Losses Ending Balance: collectively evaluated for impairment						$	1,026					$	880					$	907											$	1,729					$	165					$	275					$	4,982
Allowance for Loan Losses Ending Balance: individually evaluated for impairment						32						—						—												126						—						—						158
Loan Receivables Ending Balance:						$	78,213					$	106,400					$	148,809											$	147,680					$	2,447					$	—					$	483,549
Ending Balance: collectively evaluated for impairment						74,387						106,031						147,891												139,925						2,447						—						470,681
Ending Balance: individually evaluated for impairment						3,826						369						918												7,755						—						—						12,868

Three months ended June 30, 2020
$ in thousands						One-to-four family						Multifamily						Commercial Real Estate												Business						Consumer						Unallocated						Total
Allowance for loan losses:
Beginning Balance						$	1,055					$	1,011					$	812											$	1,567					$	212					$	289					$	4,946
Charge-offs						—						—						—												(10)						—						—						(10)
Recoveries						—						—						—												—						2						—						2
Provision for (recovery of) Loan Losses						(83)						(100)						143												(46)						(12)						(4)						(102)
Ending Balance						$	972					$	911					$	955											$	1,511					$	202					$	285					$	4,836

Schedule Nonaccrual Loans

The following is a summary of nonaccrual loans at June 30, 2021 and March 31, 2021.

$ in thousands			June 30, 2021						March 31, 2021
Gross loans receivable:
One-to-four family			$	3,511					$	3,524
Multifamily			885						369
Commercial real estate			192						918
Business			2,211						2,290
Consumer			—						90
Total nonaccrual loans			$	6,799					$	7,191

Loans Receivable, Credit Quality Indicators

At June 30, 2021, 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						$	96,418					$	141,098											$	142,288
Special Mention						—						5,494												6,040
Substandard						6,496						3,030												10,164
Total						$	102,914					$	149,622											$	158,492
												One-to-four family												Consumer
Credit Risk Profile Based on Payment Activity:
Performing												$	71,611											$	2,180
Non-Performing												3,511												—
Total												$	75,122											$	2,180

    At March 31, 2021, 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						$	101,212					$	142,168											$	137,447
Special Mention						—						5,531												1,585
Substandard						5,188						1,110												8,648
Total						$	106,400					$	148,809											$	147,680
												One-to-four family												Consumer
Credit Risk Profile Based on Payment Activity:
Performing												$	74,689											$	2,356
Non-Performing												3,524												91
Total												$	78,213											$	2,447

Past Due Financing Receivables

The following table presents an aging analysis of the recorded investment of past due loans receivables at June 30, 2021 and March 31, 2021.

.

June 30, 2021
$ in thousands						30-59 Days Past Due						60-89 Days Past Due						90 or More Days Past Due						Total Past Due						Current						Total Loans Receivables
One-to-four family						$	3,478					$	—					$	2,944					$	6,422					$	68,700					$	75,122
Multifamily						—						462						517						979						101,935						102,914
Commercial real estate						2,698						1,199						—						3,897						145,725						149,622
Business						2,618						400						1,096						4,114						154,378						158,492
Consumer						93						—						—						93						2,087						2,180
Total						$	8,887					$	2,061					$	4,557					$	15,505					$	472,825					$	488,330

March 31, 2021
$ in thousands						30-59 Days Past Due						60-89 Days Past Due						90 or More Days Past Due						Total Past Due						Current						Total Loans Receivables
One-to-four family						$	1,188					$	—					$	2,950					$	4,138					$	74,075					$	78,213
Multifamily						798						—						—						798						105,602						106,400
Commercial real estate						5,263						—						—						5,263						143,546						148,809
Business						671						400						271						1,342						146,338						147,680
Consumer						2						33						91						126						2,321						2,447
Total						$	7,922					$	433					$	3,312					$	11,667					$	471,882					$	483,549

Impaired Loans

The following table presents information on impaired loans with the associated allowance amount, if applicable, at June 30, 2021 and March 31, 2021.

						At June 30, 2021																		At March 31, 2021
$ in thousands						Recorded Investment						Unpaid Principal Balance						Associated Allowance						Recorded Investment						Unpaid Principal Balance						Associated Allowance
With no specific allowance recorded:
One-to-four family						$	3,734					$	4,393					$	—					$	3,750					$	4,409					$	—
Multifamily						885						885						—						369						369						—
Commercial real estate						192						192						—						918						918						—
Business						2,239						2,465						—						2,332						2,527						—
With an allowance recorded:
One-to-four family						75						75						31						76						72						32
Business						5,383						5,383						112						5,423						5,423						126
Total						$	12,508					$	13,393					$	143					$	12,868					$	13,718					$	158

    The following tables presents information on average balances of impaired loans and the interest income recognized on a cash basis for the three month periods ended June 30, 2021 and 2020.

												For the Three Months Ended June 30,
																		2021												2020
$ in thousands																														Average Balance						Interest Income Recognized						Average Balance						Interest Income Recognized
With no specific allowance recorded:
One-to-four family																														$	3,742					$	4					$	3,862					$	27
Multifamily																														627						—						374						4
Commercial real estate																														555						—						2,069						—
Business																														2,286						—						2,744						29
With an allowance recorded:
One-to-four family																														75						—						682						—
Business																														5,403						76						622						—
Total																														$	12,688					$	80					$	10,353					$	60

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