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Loans Receivable and ACL (Tables)

12 Months Ended

Mar. 31, 2024

Loans and Leases Receivable Disclosure [Abstract]

Loans Receivable and ACL

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

Allowance for Credit Losses

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

Nonaccrual Loans

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

Credit Quality Indicators

ased 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

Past Due Financing Receivables

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

Impaired Loans

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

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