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Loans Receivable and Allowance for Credit Losses | 12 Months Ended
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Mar. 31, 2024
Loans and Leases Receivable Disclosure [Abstract] |
Loans Receivable and Allowance for Credit Losses | LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES The following is a summary of loans receivable, net of allowance for credit losses at March 31:
| March 31, 2024 |  | March 31, 2023
$ in thousands | Amount |  | % |  | Amount |  | %
One-to-four family | $ | 82,787 |  |  | 13.3 | % |  | $ | 65,808 |  |  | 11.0 | %
Multifamily | 177,203 |  |  | 28.4 | % |  | 179,117 |  |  | 30.0 | %
Commercial real estate | 175,384 |  |  | 28.2 | % |  | 178,424 |  |  | 29.8 | %
Construction | 2,203 |  |  | 0.4 | % |  | — |  |  | — | %
Business (1) | 169,602 |  |  | 27.2 | % |  | 166,908 |  |  | 27.9 | %
Consumer (2) | 15,699 |  |  | 2.5 | % |  | 7,639 |  |  | 1.3 | %
Total loans receivable | 622,878 |  |  | 100.0 | % |  | 597,896 |  |  | 100.0 | %
Allowance for credit losses | (5,871) |  |  |  |  | (5,229) |  |  |
Total loans receivable, net | $ | 617,007 |  |  |  |  | $ | 592,667 |  |  |
(1) Includes business overdrafts of $73 thousand and $11 thousand as of March 31, 2024 and 2023, respectively (2) Includes consumer overdrafts of $15 thousand and $19 thousand as of March 31, 2024 and 2023, respectively The totals above are shown net of deferred loan fees and costs. Net deferred loan fees totaled $2.9 million and $2.8 million at March 31, 2024 and 2023, respectively. During fiscal year 2024, the Bank purchased $31.5 million loans at par, comprised of $20.0 million one-to-four family, $0.2 million business and $11.3 million consumer loans. The Bank purchased $14.3 million loans at par during fiscal year 2023, comprised of $4.0 million one-to-four family, $5.8 million commercial real estate, $0.6 million business and $3.9 million consumer loans. Substantially all of the Bank's real estate loans receivable are principally secured by properties located in New York City. Accordingly, as with most financial institutions in the market area, the ultimate collectability of a substantial portion of the Company's loan portfolio is susceptible to changes in market conditions in this area. Real estate mortgage loan portfolios (one-to-four family) serviced for Federal National Mortgage Association (“FNMA”) and other third parties are not included in the accompanying consolidated financial statements. The unpaid principal balances of these loans aggregated $11.6 million and $12.6 million at March 31, 2024 and 2023, respectively. At March 31, 2024 the Bank pledged $48.0 million in total real estate mortgage loans as collateral for advances from the FHLB-NY. The Bank participated as a lender in the Paycheck Protection Program ("PPP"), which opened on April 3, 2020. As part of the CARES Act, the Small Business Administration ("SBA") was authorized to temporarily guarantee loans under this new 7(a) loan program. Under the PPP, small businesses and other entities and individuals could apply for loans from existing SBA lenders and other approved regulated lenders that enroll in the program, subject to numerous limitations and eligibility criteria. Since the PPP loans are fully guaranteed by the SBA, there are no additional ACL reserves required. As of March 31, 2024, the Bank had approved and funded approximately 420 applications totaling $57.1 million of loans under the PPP. Business loans included PPP loans outstanding totaling $268 thousand as of March 31, 2024. The net loan origination fees on these loans totaled approximately $3 thousand and are being recognized into interest income on loans over the 2-year and 5-year stated maturity terms of the PPP loans using the straight-line deferral method. The Bank continues to receive debt forgiveness payments on PPP loans closed during the first and second rounds of the program. As the loans are paid off, the remaining net deferred origination fees are accelerated into income. The following is an analysis of the allowance for credit losses based upon the method of evaluating loan reserves for the fiscal year ended March 31, 2024 under the expected loss methodology:
$ in thousands |  | One-to-four family |  | Multifamily |  | Commercial Real Estate |  | Construction |  | Business |  | Consumer |  | Unallocated |  | Total
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance |  | $ | 716 |  |  | $ | 1,109 |  |  | $ | 1,814 |  |  | $ | — |  |  | $ | 1,139 |  |  | $ | 449 |  |  | $ | 2 |  |  | $ | 5,229 |
Impact of CECL adoption |  | 1,220 |  |  | (392) |  |  | (497) |  |  |  |  | 505 |  |  | (166) |  |  | (2) |  |  | 668 |
Charge-offs |  | — |  |  | — |  |  | — |  |  | — |  |  | (10) |  |  | (160) |  |  | — |  |  | (170) |
Recoveries |  | — |  |  | — |  |  | — |  |  | — |  |  | 55 |  |  | 6 |  |  | — |  |  | 61 |
Provision for (Recovery of) Credit Losses |  | 69 |  |  | 3 |  |  | (95) |  |  | 1 |  |  | (274) |  |  | 321 |  |  | 58 |  |  | 83 |
Ending Balance |  | $ | 2,005 |  |  | $ | 720 |  |  | $ | 1,222 |  |  | $ | 1 |  |  | $ | 1,415 |  |  | $ | 450 |  |  | $ | 58 |  |  | $ | 5,871 |
Allowance for Credit Losses Ending Balance: collectively evaluated for impairment |  | $ | 2,005 |  |  | $ | 720 |  |  | $ | 1,222 |  |  | 1 |  |  | $ | 1,408 |  |  | $ | 449 |  |  | $ | 58 |  |  | $ | 5,863 |
Allowance for Credit Losses Ending Balance: individually evaluated for impairment |  | — |  |  | — |  |  | — |  |  | — |  | 7 |  |  | 1 |  |  | — |  |  | 8 |
Loan Receivables Ending Balance |  | $ | 82,787 |  |  | $ | 177,203 |  |  | $ | 175,384 |  |  | $ | 2,203 |  |  | $ | 169,602 |  |  | $ | 15,699 |  |  | $ | — |  |  | $ | 622,878 |
Ending Balance: collectively evaluated for impairment |  | 78,636 |  |  | 174,718 |  |  | 170,862 |  |  | 2,203 |  |  | 156,340 |  |  | 15,654 |  |  | — |  |  | 598,413 |
Ending Balance: individually evaluated for impairment |  | 4,151 |  |  | 2,485 |  |  | 4,522 |  |  | — |  | 13,262 |  |  | 45 |  |  | — |  |  | 24,465 |
The following is an analysis of the allowance for loan losses as of the fiscal year ended March 31, 2023 based upon the incurred loss impairment model:
$ 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 |  | — |  |  | — |  |  | (586) |  |  |  |  | — |  |  | (141) |  |  | — |  |  | (727) |
Recoveries |  | 90 |  |  | — |  |  | 10 |  |  |  |  | 127 |  |  | 5 |  |  | — |  |  | 232 |
Provision for (Recovery of) Loan Losses |  | (105) |  |  | (5) |  |  | 1,233 |  |  |  |  | (1,485) |  |  | 462 |  |  | — |  |  | 100 |
Ending Balance |  | $ | 716 |  |  | $ | 1,109 |  |  | $ | 1,814 |  |  |  |  | $ | 1,139 |  |  | $ | 449 |  |  | $ | 2 |  |  | $ | 5,229 |
Allowance for Loan Losses Ending Balance: collectively evaluated for impairment |  | $ | 607 |  |  | $ | 1,109 |  |  | $ | 1,814 |  |  |  |  | $ | 937 |  |  | $ | 449 |  |  | $ | 2 |  |  | $ | 4,918 |
Allowance for Loan Losses Ending Balance: individually evaluated for impairment |  | 109 |  |  | — |  |  | — |  |  |  |  | 202 |  |  | — |  |  | — |  |  | 311 |
Loan Receivables Ending Balance |  | $ | 65,808 |  |  | $ | 179,117 |  |  | $ | 178,424 |  |  |  |  | $ | 166,908 |  |  | $ | 7,639 |  |  | $ | — |  |  | $ | 597,896 |
Ending Balance: collectively evaluated for impairment |  | 60,805 |  |  | 179,046 |  |  | 171,234 |  |  |  |  | 160,985 |  |  | 7,638 |  |  | — |  |  | 579,708 |
Ending Balance: individually evaluated for impairment |  | 5,003 |  |  | 71 |  |  | 7,190 |  |  |  |  | 5,923 |  |  | 1 |  |  | — |  |  | 18,188 |
The following is a summary of nonaccrual loans, at amortized cost, at March 31, 2024 and 2023.
| March 31, 2024 |  | March 31, 2023
$ in thousands | Nonaccrual Loans with No Allowance |  | Nonaccrual Loans with an Allowance |  | Total Nonaccrual Loans |  | Nonaccrual Loans
Gross loans receivable: |  |  |  |  |  |  |
One-to-four family | $ | — |  |  | $ | 3,554 |  |  | $ | 3,554 |  |  | $ | 4,001 |
Multifamily | — |  |  | 2,238 |  |  | 2,238 |  |  | 71 |
Commercial real estate | — |  |  | 4,522 |  |  | 4,522 |  |  | 7,190 |
Business | 100 |  |  | 1,317 |  |  | 1,417 |  |  | 998 |
Consumer | 44 |  |  | — |  |  | 44 |  |  | 1 |
Total nonaccrual loans | $ | 144 |  |  | $ | 11,631 |  |  | $ | 11,775 |  |  | $ | 12,261 |
Nonaccrual loans generally consist of loans for which the accrual of interest has been discontinued as a result of such loans becoming 90 days or more delinquent as to principal and/or interest payments. Accrual of interest on loans is discontinued when the payment of principal or interest is considered to be in doubt, or when a loan becomes contractually past due by 90 days or more with respect to principal or interest, except for loans that are well-secured and in the process of collection. Interest income on nonaccrual loans is recorded when received based upon the collectability of the loan. There was no interest income recognized on nonaccrual loans during the twelve months ended March 31, 2024. At March 31, 2024 and March 31, 2023, other non-performing assets totaled $52 thousand and $60 thousand, respectively, which consisted of other real estate owned comprised of one foreclosed residential property. Other real estate owned is included in other assets in the consolidated statements of financial condition. There were no held-for-sale loans at March 31, 2024 and March 31, 2023. The Bank utilizes an internal loan classification system as a means of reporting problem loans within its loan categories: Pass - Loans have demonstrated satisfactory asset quality, earning history, liquidity, and other adequate margins of creditor protection. These loans represent a moderate credit risk and some degree of financial stability, and are considered collectible in full. Special Mention - Loans have potential weaknesses that deserve management's close attention. If uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the Bank's credit position at some future date. Substandard - Loans are inadequately protected by the current sound net worth and paying capacity of the obligor or of the collateral pledged, if any. These loans have a well-defined weakness, or weaknesses, that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. Doubtful - Loans have all the weaknesses inherent in those classified as Substandard, with the added characteristic that collection or liquidation in full, based on current facts, conditions and values, is highly questionable and improbable. Loss - Loans are considered uncollectible with insignificant value and are charged off immediately to the allowance for credit losses. One-to-four family residential loans and consumer loans are rated non-performing if they are delinquent in payments ninety or more days, or past maturity. All other one-to-four family residential loans and consumer loans are performing loans. The following table presents the amortized cost of loans by year of origination and risk category by class of loans based on the most recent analysis performed in the current quarter as of March 31, 2024:
$ in thousands |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 and earlier |  | Revolving Loans |  | Total
Credit Risk Profile by Internally Assigned Grade: |  |  |  |  |  |  |  |  |  |
Multifamily |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 980 |  |  | $ | 6,587 |  |  | $ | 53,516 |  |  | $ | 50,778 |  |  | $ | 28,483 |  |  | $ | 34,374 |  |  | $ | — |  |  | $ | 174,718 |
Special Mention |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Substandard |  | — |  |  | — |  |  | — |  |  | 1,451 |  |  | 754 |  |  | 280 |  |  | — |  |  | 2,485 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Loss |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | 980 |  |  | 6,587 |  |  | 53,516 |  |  | 52,229 |  |  | 29,237 |  |  | 34,654 |  |  | — |  |  | 177,203 |
Commercial Real Estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 2,450 |  |  | $ | 29,064 |  |  | $ | 31,313 |  |  | $ | 27,635 |  |  | $ | 16,951 |  |  | $ | 62,775 |  |  | $ | — |  |  | 170,188 |
Special Mention |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 674 |  |  | — |  |  | 674 |
Substandard |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4,522 |  |  | — |  |  | 4,522 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Loss |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | 2,450 |  |  | 29,064 |  |  | 31,313 |  |  | 27,635 |  |  | 16,951 |  |  | 67,971 |  |  | — |  |  | 175,384 |
Construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | — |  |  | $ | 2,203 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | 2,203 |
Special Mention |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Substandard |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Loss |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | — |  |  | 2,203 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,203 |
Business |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 7,050 |  |  | $ | 21,315 |  |  | $ | 32,675 |  |  | $ | 52,839 |  |  | $ | 10,845 |  |  | $ | 32,587 |  |  | $ | — |  |  | 157,311 |
Special Mention |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Substandard |  | — |  |  | — |  |  | 7,939 |  |  | 3,987 |  |  | — |  |  | 365 |  |  | — |  |  | 12,291 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Loss |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | 7,050 |  |  | 21,315 |  |  | 40,614 |  |  | 56,826 |  |  | 10,845 |  |  | 32,952 |  |  | — |  |  | 169,602 |
Gross charge-offs |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 10 |  |  | — |  |  | 10 |
Credit Risk Profile Based on Payment Activity: |  |  |  |  |  |  |  |  |  |  |  |  |  |
One-to-four Family |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  | $ | — |  |  | $ | 22,247 |  |  | $ | 3,830 |  |  | $ | 13,422 |  |  | $ | 1,424 |  |  | $ | 39,002 |  |  | $ | — |  |  | 79,925 |
Non-Performing |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,862 |  |  | — |  |  | 2,862 |
Total |  | — |  |  | 22,247 |  |  | 3,830 |  |  | 13,422 |  |  | 1,424 |  |  | 41,864 |  |  | — |  |  | 82,787 |
Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  | $ | 2,003 |  | $ | — |  | $ | 11,891 |  | $ | — |  | $ | 570 |  | $ | — |  | $ | 4 |  |  | $ | 16 |  |  | $ | 1,172 |  |  | $ | — |  |  | 15,656 |
Non-Performing |  | — |  |  | 42 |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 43 |
Total |  | 2,003 |  |  | 11,933 |  |  | 571 |  |  | 4 |  |  | 16 |  |  | 1,172 |  |  | — |  |  | 15,699 |
Gross charge-offs |  | — |  |  | 18 |  |  | 1 |  |  | — |  |  | — |  |  | 141 |  |  | — |  |  | 160 |
Total Loans (excluding gross charge-offs) |  | $ | 12,483 |  |  | $ | 93,349 |  |  | $ | 129,844 |  |  | $ | 150,116 |  |  | $ | 58,473 |  |  | $ | 178,613 |  |  | $ | — |  |  | $ | 622,878 |
At March 31, 2023, 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 | $ | 175,981 |  |  | $ | 170,534 |  |  |  |  | $ | 154,056 |
Special Mention | 771 |  |  | 701 |  |  |  |  | 5,719 |
Substandard | 2,365 |  |  | 7,189 |  |  |  |  | 7,133 |
Total | $ | 179,117 |  |  | $ | 178,424 |  |  |  |  | $ | 166,908 |
| One-to-four family |  | Consumer |  |  |  |
Credit Risk Profile Based on Payment Activity: |  |  |  |  |  |
Performing | $ | 60,629 |  |  | $ | 7,639 |  |  |  |  |
Non-Performing | 5,179 |  |  | — |  |  |  |  |
Total | $ | 65,808 |  |  | $ | 7,639 |  |  |  |  |
Loans are considered past due if required principal and interest payments have not been received as of the date such payments were contractually due. The following tables present an aging analysis of the amortized cost of past due loans receivable at March 31, 2024 and 2023.
March 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
$ 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 | $ | 164 |  |  | $ | — |  |  | $ | 2,859 |  |  | $ | 3,023 |  |  |  |  |  |  |  |  | $ | 79,764 |  |  | $ | 82,787 |
Multifamily | — |  |  | — |  |  | 2,205 |  |  | 2,205 |  |  |  |  |  |  |  |  | 174,998 |  |  | 177,203 |
Commercial real estate | — |  |  | — |  |  | 4,660 |  |  | 4,660 |  |  |  |  |  |  |  |  | 170,724 |  |  | 175,384 |
Construction | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | 2,203 |  |  | 2,203 |
Business | 1,959 |  |  | 214 |  |  | 12,071 |  |  | 14,244 |  |  |  |  |  |  |  |  | 155,358 |  |  | 169,602 |
Consumer | 151 |  |  | 54 |  |  | — |  |  | 205 |  |  |  |  |  |  |  |  | 15,494 |  |  | 15,699 |
Total | $ | 2,274 |  |  | $ | 268 |  |  | $ | 21,795 |  |  | $ | 24,337 |  |  |  |  |  |  |  |  | $ | 598,541 |  |  | $ | 622,878 |
March 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
$ 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 | $ | 1,207 |  |  | $ | 185 |  |  | $ | 2,475 |  |  | $ | 3,867 |  |  |  |  |  |  |  |  | $ | 61,941 |  |  | $ | 65,808 |
Multifamily | 1,458 |  |  | — |  |  | 71 |  |  | 1,529 |  |  |  |  |  |  |  |  | 177,588 |  |  | 179,117 |
Commercial real estate | 1,370 |  |  | — |  |  | — |  |  | 1,370 |  |  |  |  |  |  |  |  | 177,054 |  |  | 178,424 |
Business | 11,006 |  |  | — |  |  | 5,014 |  |  | 16,020 |  |  |  |  |  |  |  |  | 150,888 |  |  | 166,908 |
Consumer | 99 |  |  | 26 |  |  | 34 |  |  | 159 |  |  |  |  |  |  |  |  | 7,480 |  |  | 7,639 |
Total | $ | 15,140 |  |  | $ | 211 |  |  | $ | 7,594 |  |  | $ | 22,945 |  |  |  |  |  |  |  |  | $ | 574,951 |  |  | $ | 597,896 |
At March 31, 2023, there were no loans 90 or more days past due and accruing interest. Collateral dependent loans are loans for which the repayment is expected to be provided substantially through the operation or sale of the underlying collateral and the borrower is experiencing financial difficulty. All substandard and doubtful loans and any other loans that the Chief Credit Officer deems appropriate for review, are identified and reviewed for individual analysis. The following table presents the amortized cost of collateral dependent loans with the associated allowance amount, if applicable, as of March 31, 2024:
|  | Collateral Type |  |
$ in thousands |  | Real Estate |  | Other |  | Allowance Allocated
One-to-four family |  | $ | 4,151 |  |  | $ | — |  |  | $ | — |
Multifamily |  | 2,485 |  |  | — |  |  | — |
Commercial real estate |  | 4,522 |  |  | — |  |  | — |
Business |  | 12,196 |  |  | 1,066 |  |  | 7 |
Consumer |  | — |  |  | 45 |  |  | 1 |
|  | $ | 23,354 |  |  | $ | 1,111 |  |  | $ | 8 |
Real estate collateral includes one-to-four family, multifamily and commercial properties. Collateral types securing business loans include accounts receivable. There have been no significant changes to the types of collateral securing the Bank's collateral dependent loans. The following table presents information on impaired loans with the associated allowance amount and interest income recognized on a cash basis, if applicable, at March 31, 2023.
|  | Impaired Loans by Class
|  | At March 31, 2023
$ in thousands |  | Recorded Investment |  | Unpaid Principal Balance |  | Associated Allowance |  | Average Balance |  | Interest Income Recognized
With no specific allowance recorded: |  |  |  |  |  |  |  |  |  |
One-to-four family |  | $ | 3,972 |  |  | $ | 4,567 |  |  | $ | — |  |  | $ | 3,861 |  |  | $ | 111 |
Multifamily |  | 71 |  |  | 71 |  |  | — |  |  | 220 |  |  | — |
Commercial real estate |  | 7,190 |  |  | 7,378 |  |  | — |  |  | 4,054 |  |  | 36 |
Business |  | 1,114 |  |  | 1,146 |  |  | — |  |  | 1,723 |  |  | — |
Consumer |  | 1 |  |  | 1 |  |  | — |  |  | — |  |  | — |
With an allowance recorded: |  |  |  |  |  |  |  |  |  |
One-to-four family |  | 1,031 |  |  | 1,031 |  |  | 109 |  |  | 554 |  |  | 41 |
Business |  | 4,809 |  |  | 4,820 |  |  | 202 |  |  | 5,116 |  |  | 316 |
Total |  | $ | 18,188 |  |  | $ | 19,014 |  |  | $ | 311 |  |  | $ | 15,528 |  |  | $ | 504 |
In certain circumstances, the Bank will modify the terms of a loan by granting a concession. Situations around these modifications may include extension of maturity date, reduction in the stated interest rate, rescheduling of future cash flows, reduction in the face amount of the debt or reduction of past accrued interest. Loans modified are placed on nonaccrual status until the Company determines that future collection of principal and interest is reasonably assured, which generally requires that the borrower demonstrate performance according to the restructured terms for a period of at least six months. There were no loan modifications to borrowers experiencing financial difficulty made during the twelve months ended March 31, 2024. There were three one-to-four family loans totaling $1.4 million modified during the twelve months ended March 31, 2023. At March 31, 2024, loans modified to borrowers experiencing financial difficulty totaled $6.8 million, $1.1 million of which were non-performing as they were either not consistently performing in accordance with their modified terms or not performing in accordance with their modified terms for at least six months. There were three modified loans totaling $5.7 million that were on accrual status as the Company has determined that future collection of the principal and interest is reasonably assured. These have generally performed according to the restructured terms for a period of at least six months. At March 31, 2023, total TDR loans were $7.6 million, of which $1.6 million were non-performing. In an effort to proactively resolve delinquent loans, Carver had selectively extended to certain borrowers concessions such as extensions, rate reductions or forbearance agreements during the twelve months ended March 31, 2023. For the fiscal years ended March 31, 2024 and 2023, there were no modified loans that defaulted within 12 months of modification. Transactions With Certain Related Persons Federal law requires that all loans or extensions of credit to executive officers and directors must be made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with the general public and must not involve more than the normal risk of repayment or present other unfavorable features. Furthermore, loans above the greater of $25,000, or 5% of Carver Federal’s capital and surplus (up to $500,000), to Carver Federal’s directors and executive officers must be approved in advance by a majority of the disinterested members of Carver Federal’s Board of Directors. There were no loans outstanding to related parties at March 31, 2024.

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