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Loans Receivable, Net (Tables) | 12 Months Ended
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Mar. 31, 2022
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, 2022 |  | March 31, 2021
$ in thousands | Amount |  | % |  | Amount |  | %
Gross loans receivable: |  |  |  |  |  |  |
One-to-four family | $ | 69,297 |  |  | 12.0 | % |  | $ | 76,313 |  |  | 15.9 | %
Multifamily | 160,800 |  |  | 27.9 | % |  | 103,584 |  |  | 21.6 | %
Commercial real estate | 174,270 |  |  | 30.2 | % |  | 150,114 |  |  | 31.2 | %
Business (1) | 170,497 |  |  | 29.6 | % |  | 148,020 |  |  | 30.8 | %
Consumer (2) | 1,623 |  |  | 0.3 | % |  | 2,439 |  |  | 0.5 | %
Total loans receivable | 576,487 |  |  | 100.0 | % |  | 480,470 |  |  | 100.0 | %
Unamortized premiums, deferred costs and fees, net | 3,017 |  |  |  |  | 3,079 |  |  |
Allowance for loan losses | (5,624) |  |  |  |  | (5,140) |  |  |
Total loans receivable, net | $ | 573,880 |  |  |  |  | $ | 478,409 |  |  |
(1) Includes business overdrafts of $5 thousand and $10 thousand as of March 31, 2022 and 2021, respectively (2) Includes consumer overdrafts of $31 thousand and $44 thousand as of March 31, 2022 and 2021, 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, 2022:
$ 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 |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | (257) |  |  | — |  |  | (257) |
Recoveries |  | 13 |  |  | — |  |  | — |  |  |  |  | 102 |  |  | 23 |  |  | — |  |  | 138 |
Provision for (Recovery of) Loan Losses |  | (340) |  |  | 234 |  |  | 250 |  |  |  |  | 540 |  |  | 192 |  |  | (273) |  |  | 603 |
Ending Balance |  | $ | 731 |  |  | $ | 1,114 |  |  | $ | 1,157 |  |  |  |  | $ | 2,497 |  |  | $ | 123 |  |  | $ | 2 |  |  | $ | 5,624 |
Allowance for Loan Losses Ending Balance: collectively evaluated for impairment |  | $ | 731 |  |  | $ | 1,114 |  |  | $ | 1,157 |  |  |  |  | $ | 2,428 |  |  | $ | 123 |  |  | $ | 2 |  |  | $ | 5,555 |
Allowance for Loan Losses Ending Balance: individually evaluated for impairment |  | — |  |  | — |  |  | — |  |  |  |  | 69 |  |  | — |  |  | — |  |  | 69 |
Loan Receivables Ending Balance |  | $ | 70,261 |  |  | $ | 162,261 |  |  | $ | 175,313 |  |  |  |  | $ | 170,031 |  |  | $ | 1,638 |  |  | $ | — |  |  | $ | 579,504 |
Ending Balance: collectively evaluated for impairment |  | 65,369 |  |  | 161,746 |  |  | 175,313 |  |  |  |  | 163,991 |  |  | 1,638 |  |  | — |  |  | 568,057 |
Ending Balance: individually evaluated for impairment |  | 4,892 |  |  | 515 |  |  | — |  |  |  |  | 6,040 |  |  | — |  |  | — |  |  | 11,447 |
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, 2021:
$ 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 |  | — |  |  | — |  |  | — |  |  |  |  | (24) |  |  | (54) |  |  | — |  |  | (78) |
Recoveries |  | 88 |  |  | — |  |  | — |  |  |  |  | 278 |  |  | 6 |  |  | — |  |  | 372 |
Provision for (Recovery of) Loan Losses |  | (85) |  |  | (131) |  |  | 95 |  |  |  |  | 34 |  |  | 1 |  |  | (14) |  |  | (100) |
Ending Balance |  | $ | 1,058 |  |  | $ | 880 |  |  | $ | 907 |  |  |  |  | $ | 1,855 |  |  | $ | 165 |  |  | $ | 275 |  |  | $ | 5,140 |
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 |
Schedule of Nonaccrual Loans | The following is a summary of nonaccrual loans at March 31, 2022 and 2021.
$ in thousands | March 31, 2022 |  | March 31, 2021
Loans accounted for on a nonaccrual basis: |  |  |
Gross loans receivable: |  |  |
One-to-four family | $ | 4,892 |  |  | $ | 3,524 |
Multifamily | 515 |  |  | 369 |
Commercial real estate | 4,601 |  |  | 918 |
Business | 1,448 |  |  | 2,290 |
Consumer | 25 |  |  | 90 |
Total nonaccrual loans | $ | 11,481 |  |  | $ | 7,191 |
Loans Receivable Credit Quality Indicators | As of March 31, 2022, 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 | $ | 155,274 |  |  | $ | 164,543 |  |  |  |  | $ | 155,196 |
Special Mention | 897 |  |  | 8,157 |  |  |  |  | 6,302 |
Substandard | 6,090 |  |  | 2,613 |  |  |  |  | 8,533 |
Total | $ | 162,261 |  |  | $ | 175,313 |  |  |  |  | $ | 170,031 |
| One-to-four family |  | Consumer |  |  |  |
Credit Risk Profile Based on Payment Activity: |  |  |  |  |  |
Performing | $ | 65,369 |  |  | $ | 1,613 |  |  |  |  |
Non-Performing | 4,892 |  |  | 25 |  |  |  |  |
Total | $ | 70,261 |  |  | $ | 1,638 |  |  |  |  |
As of 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 tables presents an aging analysis of the recorded investment of past due loans receivable at March 31, 2022 and 2021.
March 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
$ in thousands | 30-59 Days Past Due |  | 60-89 Days Past Due |  | 90 or More Days Past Due |  | Total Past Due |  |  |  |  |  |  |  | Current |  | Total Loans Receivable
One-to-four family | $ | 1,943 |  |  | $ | — |  |  | $ | 5,229 |  |  | $ | 7,172 |  |  |  |  |  |  |  |  | $ | 63,089 |  |  | $ | 70,261 |
Multifamily | 4,435 |  |  | 115 |  |  | 515 |  |  | 5,065 |  |  |  |  |  |  |  |  | 157,196 |  |  | 162,261 |
Commercial real estate | 4,010 |  |  | — |  |  | 4,601 |  |  | 8,611 |  |  |  |  |  |  |  |  | 166,702 |  |  | 175,313 |
Business | 923 |  |  | 40 |  |  | 664 |  |  | 1,627 |  |  |  |  |  |  |  |  | 168,404 |  |  | 170,031 |
Consumer | 84 |  |  | 45 |  |  | 25 |  |  | 154 |  |  |  |  |  |  |  |  | 1,484 |  |  | 1,638 |
Total | $ | 11,395 |  |  | $ | 200 |  |  | $ | 11,034 |  |  | $ | 22,629 |  |  |  |  |  |  |  |  | $ | 556,875 |  |  | $ | 579,504 |
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 Receivable
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 tables present information on impaired loans with the associated allowance amount, if applicable, at March 31, 2022 and 2021. 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. Interest income of $266 thousand and $161 thousand for fiscal years 2022 and 2021 respectively, would have been recorded on impaired loans had they performed in accordance with their original terms.
Impaired Loans by Class
| At March 31,
| 2022 |  | 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 | $ | 4,892 |  |  | $ | 5,576 |  |  | $ | — |  |  | $ | 3,750 |  |  | $ | 4,409 |  |  | $ | — |
Multifamily | 515 |  |  | 515 |  |  | — |  |  | 369 |  |  | 369 |  |  | — |
Commercial real estate | — |  |  | — |  |  | — |  |  | 918 |  |  | 918 |  |  | — |
Business | 837 |  |  | 909 |  |  | — |  |  | 2,332 |  |  | 2,527 |  |  | — |
With an allowance recorded: |  |  |  |  |  |  |  |  |  |  |
One-to-four family | — |  |  | — |  |  | — |  |  | 76 |  |  | 72 |  |  | 32 |
Business | 5,203 |  |  | 5,203 |  |  | 69 |  |  | 5,423 |  |  | 5,423 |  |  | 126 |
Total | $ | 11,447 |  |  | $ | 12,203 |  |  | $ | 69 |  |  | $ | 12,868 |  |  | $ | 13,718 |  |  | $ | 158 |
The following table presents information on average balances on impaired loans and the interest income recognized for the years ended March 31, 2022 and 2021.
| For the years ended March 31, |  |  |  |
| 2022 |  | 2021 |  |
$ in thousands | Average Balance |  | Interest Income recognized |  | Average Balance |  | Interest Income recognized |  |  |  |
With no specific allowance recorded: |  |  |  |  |  |  |  |  |  |  |
One-to-four family | $ | 4,321 |  |  | $ | 50 |  |  | $ | 4,119 |  |  | $ | 64 |  |  |  |  |
Multifamily | 442 |  |  | 16 |  |  | 1,791 |  |  | 16 |  |  |  |  |
Commercial real estate | 459 |  |  | 7 |  |  | 697 |  |  | 10 |  |  |  |  |
Business | 1,585 |  |  | 33 |  |  | 2,153 |  |  | 102 |  |  |  |  |
With an allowance recorded: |  |  |  |  |  |  |  |  |  |  |
One-to-four family | 38 |  |  | — |  |  | 503 |  |  | — |  |  |  |  |
Business | 5,313 |  |  | 217 |  |  | 3,355 |  |  | — |  |  |  |  |
Total | $ | 12,158 |  |  | $ | 323 |  |  | $ | 12,618 |  |  | $ | 192 |  |  |  |  |
Troubled Debt Restructurings | The following table presents an analysis of the loan modification that was classified as a TDR during the twelve month period ended March 31, 2021,
|  | Modifications to loans during the years ended March 31, 2021 |  |  |  |  |  |  |  |  |  |
$ in thousands |  | Number of loans |  | Pre-Modification Recorded Investment |  | Post-Modification Recorded investment |  | Pre-Modification rate |  | Post-Modification rate |  |  |  |  |  |  |  |  |  |
Business |  | 1 |  |  | 4,949 |  |  | 4,949 |  |  | 6.68 | % |  | 5.50 | % |  |  |  |  |  |  |  |  |  |

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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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