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Loans Receivable and ALLL (Tables)

6 Months Ended

Sep. 30, 2022

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, 2022 and March 31, 2022:

						September 30, 2022												March 31, 2022
$ in thousands						Amount						Percent						Amount						Percent
Gross loans receivable:
One-to-four family						$	66,302					11.6		%				$	69,297					12.0		%
Multifamily						171,946						30.1		%				160,800						27.9		%
Commercial real estate						172,341						30.2		%				174,270						30.2		%
Business (1)						159,422						27.9		%				170,497						29.6		%
Consumer (2)						1,409						0.2		%				1,623						0.3		%
Total loans receivable						$	571,420					100.0		%				$	576,487					100.0		%
Unamortized premiums, deferred costs and fees, net						2,989												3,017
Allowance for loan losses						(5,509)												(5,624)
Total loans receivable, net						$	568,900											$	573,880

(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, 2022 and 2021, and the fiscal year ended March 31, 2022.

Three months ended September 30, 2022
$ in thousands						One-to-four family						Multifamily						Commercial Real Estate												Business						Consumer						Unallocated						Total
Allowance for loan losses:
Beginning Balance						$	649					$	1,053					$	1,108											$	2,321					$	113					$	360					$	5,604
Charge-offs						—						—						—												—						(11)						—						(11)
Recoveries						90						—						10												4						1						—						105
Provision for (recovery of) Loan Losses						(35)						2						490												(511)						(21)						(114)						(189)
Ending Balance						$	704					$	1,055					$	1,608											$	1,814					$	82					$	246					$	5,509

Six months ended September 30, 2022
$ in thousands						One-to-four family						Multifamily						Commercial Real Estate												Business						Consumer						Unallocated						Total
Allowance for loan losses:
Beginning Balance						$	731					$	1,114					$	1,157											$	2,497					$	123					$	2					$	5,624
Charge-offs						—						—						—												—						(24)						—						(24)
Recoveries						90						—						10												23						2						—						125
Provision for (recovery of) Loan Losses						(117)						(59)						441												(706)						(19)						244						(216)
Ending Balance						$	704					$	1,055					$	1,608											$	1,814					$	82					$	246					$	5,509
Allowance for Loan Losses Ending Balance: collectively evaluated for impairment						$	603					$	1,055					$	1,014											$	1,700					$	82					$	246					$	4,700
Allowance for Loan Losses Ending Balance: individually evaluated for impairment						101						—						594												114						—						—						809
Loan Receivables Ending Balance:						$	67,180					$	173,169					$	173,325											$	159,312					$	1,423					$	—					$	574,409
Ending Balance: collectively evaluated for impairment						61,798						173,169						163,870												153,008						1,423						—						553,268
Ending Balance: individually evaluated for impairment						5,382						—						9,455												6,304						—						—						21,141

At March 31, 2022
$ in thousands						One-to-four family						Multifamily						Commercial Real Estate												Business						Consumer						Unallocated						Total
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

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

Schedule Nonaccrual Loans

The following is a summary of nonaccrual loans at September 30, 2022 and March 31, 2022.

$ in thousands			September 30, 2022						March 31, 2022
Gross loans receivable:
One-to-four family			$	4,371					$	4,892
Multifamily			—						515
Commercial real estate			9,455						4,601
Business			1,179						1,448
Consumer			87						25
Total nonaccrual loans			$	15,092					$	11,481

Loans Receivable, Credit Quality Indicators

At September 30, 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						$	171,570					$	163,156											$	145,602
Special Mention						776						714												6,179
Substandard						823						9,455												7,531
Total						$	173,169					$	173,325											$	159,312
												One-to-four family												Consumer
Credit Risk Profile Based on Payment Activity:
Performing												$	61,798											$	1,423
Non-Performing												5,382												—
Total												$	67,180											$	1,423

    At March 31, 2022, 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						$	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

Past Due Financing Receivables

The following table presents an aging analysis of the recorded investment of past due loans receivables at September 30, 2022 and March 31, 2022.

.

September 30, 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 Receivables
One-to-four family						$	—					$	—					$	4,043					$	4,043					$	63,137					$	67,180
Multifamily						—						—						—						—						173,169						173,169
Commercial real estate						4,522						—						4,933						9,455						163,870						173,325
Business						—						—						663						663						158,649						159,312
Consumer						—						39						92						131						1,292						1,423
Total						$	4,522					$	39					$	9,731					$	14,292					$	560,117					$	574,409

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 Receivables
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

Impaired Loans

The following table presents information on impaired loans with the associated allowance amount, if applicable, at September 30, 2022 and March 31, 2022.

						At September 30, 2022																		At March 31, 2022
$ 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						$	4,342					$	4,937					$	—					$	4,892					$	5,576					$	—
Multifamily						—						—						—						515						515						—
Commercial real estate						7,847						7,940						—						—						—						—
Business						1,179						1,222						—						837						909						—
With an allowance recorded:
One-to-four family						1,040						1,039						101						—						—						—
Commercial real estate						1,608						1,608						594						—						—						—
Business						5,125						5,125						114						5,203						5,203						69
Total						$	21,141					$	21,871					$	809					$	11,447					$	12,203					$	69

    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, 2022 and 2021.

						For the Three Months Ended September 30,																								For the Six Months Ended September 30,
						2022												2021												2022												2021
$ 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						$	4,772					$	9					$	3,735					$	3					$	4,617					$	41					$	3,728					$	6
Multifamily						55						—						625						—						257						3						883						—
Commercial real estate						7,008						39						555						—						3,923						82						192						—
Business						1,207						17						2,245						—						1,008						26						2,199						—
With an allowance recorded:
One-to-four family						742						9						75						—						520						23						74						1
Commercial real estate						804						—						—						—						804						—						—						—
Business						5,144						71						5,383						73						5,164						143						5,363						149
Total						$	19,732					$	145					$	12,618					$	76					$	16,293					$	318					$	12,439					$	156

Troubled Debt Restructuring

The following table presents an analysis of the loan modifications that were classified as TDRs during the three and six months ended September 30, 2022.

Loan Modifications for the six months ended

September 30, 2022

$ in thousands

Number of loans

Recorded investment at time of modification

One-to-four family

2

$

1,047

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