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Loans Receivable and ALLL (Tables) | 6 Months Ended
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Sep. 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 September 30, 2021 and March 31, 2021:
|  | September 30, 2021 |  | March 31, 2021
$ in thousands |  | Amount |  | Percent |  | Amount |  | Percent
Gross loans receivable: |  |  |  |  |  |  |  |
One-to-four family |  | $ | 74,240 |  |  | 14.3 | % |  | $ | 76,313 |  |  | 15.9 | %
Multifamily |  | 128,735 |  |  | 24.9 | % |  | 103,584 |  |  | 21.6 | %
Commercial real estate |  | 155,063 |  |  | 29.9 | % |  | 150,114 |  |  | 31.2 | %
Business (1) |  | 158,265 |  |  | 30.5 | % |  | 148,020 |  |  | 30.8 | %
Consumer (2) |  | 2,033 |  |  | 0.4 | % |  | 2,439 |  |  | 0.5 | %
Total loans receivable |  | $ | 518,336 |  |  | 100.0 | % |  | $ | 480,470 |  |  | 100.0 | %
Unamortized premiums, deferred costs and fees, net |  | 2,317 |  |  |  |  | 3,079 |  |  |
Allowance for loan losses |  | (5,515) |  |  |  |  | (5,140) |  |  |
Total loans receivable, net |  | $ | 515,138 |  |  |  |  | $ | 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 and six month periods ended September 30, 2021 and 2020, and the fiscal year ended March 31, 2021.
Three months ended September 30, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |
$ in thousands |  | One-to-four family |  | Multifamily |  | Commercial Real Estate |  |  |  | Business |  | Consumer |  | Unallocated |  | Total
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance |  | 1,086 |  |  | 826 |  |  | 870 |  |  |  |  | 2,104 |  |  | 144 |  |  | 184 |  |  | $ | 5,214 |
Charge-offs |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | (44) |  |  | — |  |  | (44) |
Recoveries |  | — |  |  | — |  |  | — |  |  |  |  | 1 |  |  | 12 |  |  | 128 |  |  | 141 |
Provision for (recovery of) Loan Losses |  | (71) |  |  | 88 |  |  | 132 |  |  |  |  | 1 |  |  | 25 |  |  | 29 |  |  | 204 |
Ending Balance |  | $ | 1,015 |  |  | $ | 914 |  |  | $ | 1,002 |  |  |  |  | $ | 2,106 |  |  | $ | 137 |  |  | $ | 341 |  |  | $ | 5,515 |
Six months ended September 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 |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | (99) |  |  | — |  |  | (99) |
Recoveries |  | — |  |  | — |  |  | — |  |  |  |  | 50 |  |  | 20 |  |  | 128 |  |  | 198 |
Provision for (recovery of) Loan Losses |  | (43) |  |  | 34 |  |  | 95 |  |  |  |  | 201 |  |  | 51 |  |  | (62) |  |  | 276 |
Ending Balance |  | $ | 1,015 |  |  | $ | 914 |  |  | $ | 1,002 |  |  |  |  | $ | 2,106 |  |  | $ | 137 |  |  | $ | 341 |  |  | $ | 5,515 |
Allowance for Loan Losses Ending Balance: collectively evaluated for impairment |  | $ | 985 |  |  | $ | 914 |  |  | $ | 1,002 |  |  |  |  | $ | 2,008 |  |  | $ | 137 |  |  | $ | 341 |  |  | $ | 5,387 |
Allowance for Loan Losses Ending Balance: individually evaluated for impairment |  | 30 |  |  | — |  |  | — |  |  |  |  | 98 |  |  | — |  |  | — |  |  | 128 |
Loan Receivables Ending Balance: |  | $ | 75,202 |  |  | $ | 129,589 |  |  | $ | 156,197 |  |  |  |  | $ | 157,627 |  |  | $ | 2,038 |  |  | $ | — |  |  | $ | 520,653 |
Ending Balance: collectively evaluated for impairment |  | 71,407 |  |  | 128,707 |  |  | 156,005 |  |  |  |  | 150,126 |  |  | 2,038 |  |  | — |  |  | 508,283 |
Ending Balance: individually evaluated for impairment |  | 3,795 |  |  | 882 |  |  | 192 |  |  |  |  | 7,501 |  |  | — |  |  | — |  |  | 12,370 |
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 September 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |
$ in thousands |  | One-to-four family |  | Multifamily |  | Commercial Real Estate |  |  |  | Business |  | Consumer |  | Unallocated |  | Total
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance |  | $ | 972 |  |  | $ | 911 |  |  | $ | 955 |  |  |  |  | $ | 1,511 |  |  | $ | 202 |  |  | $ | 285 |  |  | $ | 4,836 |
Charge-offs |  | — |  |  | — |  |  | — |  |  |  |  | (9) |  |  | — |  |  | — |  |  | (9) |
Recoveries |  | 87 |  |  | — |  |  | — |  |  |  |  | 2 |  |  | 1 |  |  | — |  |  | 90 |
Provision for (recovery of) Loan Losses |  | (106) |  |  | 49 |  |  | 14 |  |  |  |  | 132 |  |  | (14) |  |  | (76) |  |  | (1) |
Ending Balance |  | $ | 953 |  |  | $ | 960 |  |  | $ | 969 |  |  |  |  | $ | 1,636 |  |  | $ | 189 |  |  | $ | 209 |  |  | $ | 4,916 |
Six months ended September 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 |  | — |  |  | — |  |  | — |  |  |  |  | (19) |  |  | — |  |  | — |  |  | (19) |
Recoveries |  | 87 |  |  | — |  |  | — |  |  |  |  | 2 |  |  | 3 |  |  | — |  |  | 92 |
Provision for (recovery of) Loan Losses |  | (189) |  |  | (51) |  |  | 157 |  |  |  |  | 86 |  |  | (26) |  |  | (80) |  |  | (103) |
Ending Balance |  | $ | 953 |  |  | $ | 960 |  |  | $ | 969 |  |  |  |  | $ | 1,636 |  |  | $ | 189 |  |  | $ | 209 |  |  | $ | 4,916 |
Schedule Nonaccrual Loans | The following is a summary of nonaccrual loans at September 30, 2021 and March 31, 2021.
$ in thousands | September 30, 2021 |  | March 31, 2021
Gross loans receivable: |  |  |
One-to-four family | $ | 3,500 |  |  | $ | 3,524 |
Multifamily | 882 |  |  | 369 |
Commercial real estate | 192 |  |  | 918 |
Business | 2,148 |  |  | 2,290 |
Consumer | — |  |  | 90 |
Total nonaccrual loans | $ | 6,722 |  |  | $ | 7,191 |
Loans Receivable, Credit Quality Indicators | At September 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 |  | $ | 123,131 |  |  | $ | 149,523 |  |  |  |  | $ | 141,593 |
Special Mention |  | — |  |  | 5,458 |  |  |  |  | 6,005 |
Substandard |  | 6,458 |  |  | 1,216 |  |  |  |  | 10,029 |
Total |  | $ | 129,589 |  |  | $ | 156,197 |  |  |  |  | $ | 157,627 |
|  |  |  | One-to-four family |  |  |  | Consumer
Credit Risk Profile Based on Payment Activity: |  |  |  |  |  |  |  |
Performing |  |  |  | $ | 71,702 |  |  |  |  | $ | 2,038 |
Non-Performing |  |  |  | 3,500 |  |  |  |  | — |
Total |  |  |  | $ | 75,202 |  |  |  |  | $ | 2,038 |
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 September 30, 2021 and March 31, 2021. .
September 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 |  | $ | 1,511 |  |  | $ | 270 |  |  | $ | 2,940 |  |  | $ | 4,721 |  |  | $ | 70,481 |  |  | $ | 75,202 |
Multifamily |  | 561 |  |  | 455 |  |  | 517 |  |  | 1,533 |  |  | 128,056 |  |  | 129,589 |
Commercial real estate |  | 824 |  |  | — |  |  | — |  |  | 824 |  |  | 155,373 |  |  | 156,197 |
Business |  | 12,300 |  |  | 170 |  |  | 856 |  |  | 13,326 |  |  | 144,301 |  |  | 157,627 |
Consumer |  | 220 |  |  | — |  |  | — |  |  | 220 |  |  | 1,818 |  |  | 2,038 |
Total |  | $ | 15,416 |  |  | $ | 895 |  |  | $ | 4,313 |  |  | $ | 20,624 |  |  | $ | 500,029 |  |  | $ | 520,653 |
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 September 30, 2021 and March 31, 2021.
|  | At September 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 |  | $ | 3,721 |  |  | $ | 4,380 |  |  | $ | — |  |  | $ | 3,750 |  |  | $ | 4,409 |  |  | $ | — |
Multifamily |  | 882 |  |  | 882 |  |  | — |  |  | 369 |  |  | 369 |  |  | — |
Commercial real estate |  | 192 |  |  | 192 |  |  | — |  |  | 918 |  |  | 918 |  |  | — |
Business |  | 2,158 |  |  | 2,158 |  |  | — |  |  | 2,332 |  |  | 2,527 |  |  | — |
With an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |
One-to-four family |  | 74 |  |  | 74 |  |  | 30 |  |  | 76 |  |  | 72 |  |  | 32 |
Business |  | 5,343 |  |  | 5,343 |  |  | 98 |  |  | 5,423 |  |  | 5,423 |  |  | 126 |
Total |  | $ | 12,370 |  |  | $ | 13,029 |  |  | $ | 128 |  |  | $ | 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 and six month periods ended September 30, 2021 and 2020.
|  | For the Three Months Ended September 30, |  | For the Six Months Ended September 30,
|  | 2021 |  | 2020 |  | 2021 |  | 2020
$ 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 |  | $ | 3,735 |  |  | $ | 3 |  |  | $ | 3,795 |  |  | $ | 10 |  |  | $ | 3,728 |  |  | $ | 6 |  |  | $ | 3,840 |  |  | $ | 35 |
Multifamily |  | 625 |  |  | — |  |  | 374 |  |  | 4 |  |  | 883 |  |  | — |  |  | 373 |  |  | 9 |
Commercial real estate |  | 555 |  |  | — |  |  | 580 |  |  | — |  |  | 192 |  |  | — |  |  | 2,649 |  |  | — |
Business |  | 2,245 |  |  | — |  |  | 2,608 |  |  | 26 |  |  | 2,199 |  |  | — |  |  | 2,555 |  |  | 55 |
With an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |
One-to-four family |  | 75 |  |  | — |  |  | 442 |  |  | — |  |  | 74 |  |  | 1 |  |  | 317 |  |  | — |
Business |  | 5,383 |  |  | 73 |  |  | 602 |  |  | — |  |  | 5,363 |  |  | 149 |  |  | 602 |  |  | — |
Total |  | $ | 12,618 |  |  | $ | 76 |  |  | $ | 8,401 |  |  | $ | 40 |  |  | $ | 12,439 |  |  | $ | 156 |  |  | $ | 10,336 |  |  | $ | 99 |

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- Definition Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 20 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=124255953&loc=SL82919230-210447 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=123577603&loc=SL6953659-111524 + Details
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