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Loans Receivable and ACL (Tables)

3 Months Ended

Jun. 30, 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 June 30, 2024 and March 31, 2024:

						June 30, 2024												March 31, 2024
$ in thousands						Amount						Percent						Amount						Percent
Loans receivable:
One-to-four family						$	79,874					12.7		%				$	82,787					13.3		%
Multifamily						175,995						28.1		%				177,203						28.4		%
Commercial real estate						179,450						28.6		%				175,384						28.2		%
Construction						3,122						0.5		%				2,203						0.4		%
Business (1)						172,503						27.5		%				169,602						27.2		%
Consumer (2)						15,921						2.6		%				15,699						2.5		%
Total loans receivable						$	626,865					100.0		%				$	622,878					100.0		%
Allowance for credit losses						(5,955)												(5,871)
Total loans receivable, net						$	620,910											$	617,007

(1) Includes PPP loans and business overdrafts

(2) Includes personal loans and consumer overdrafts

Allowance for Credit Losses

The following is an analysis of the allowance for credit losses based upon the method of evaluating loan reserves under the expected loss methodology for the three months ended June 30, 2024 and 2023, and the fiscal year ended March 31, 2024.

Three months ended June 30, 2024
$ in thousands						One-to-four family						Multifamily						Commercial Real Estate						Construction						Business						Consumer						Unallocated						Total
Allowance for credit losses:
Beginning Balance						$	2,005					$	720					$	1,222					$	1					$	1,415					$	450					$	58					$	5,871
Charge-offs						—						—						—						—						(128)						(50)						—						(178)
Recoveries						—						—						—						—						2						—						—						2
Provision for (recovery of) Credit Losses						45						42						12						2						6						153						—						260
Ending Balance						$	2,050					$	762					$	1,234					$	3					$	1,295					$	553					$	58					$	5,955
Allowance for Credit Losses Ending Balance: collectively evaluated for impairment						$	2,050					$	762					$	1,234					$	3					$	1,277					$	539					$	58					$	5,923
Allowance for Credit Losses Ending Balance: individually evaluated for impairment						—						—						—						—						18						14						—						32
Loan Receivables Ending Balance:						$	79,874					$	175,995					$	179,450					$	3,122					$	172,503					$	15,921					$	—					$	626,865
Ending Balance: collectively evaluated for impairment						77,646						173,822						174,928						3,122						159,802						15,873						—						605,193
Ending Balance: individually evaluated for impairment						2,228						2,173						4,522						—						12,701						48						—						21,672

At March 31, 2024
$ in thousands						One-to-four family						Multifamily						Commercial Real Estate						Construction						Business						Consumer						Unallocated						Total
Allowance for Credit Losses 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

Three months ended June 30, 2023
$ 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						—						—						—						—						—						(95)						—						(95)
Recoveries						—						—						—						—						49						1						—						50
Provision for (recovery of) Credit Losses						127						(4)						(53)						—						(289)						225						—						6
Ending Balance						$	2,063					$	713					$	1,264					$	—					$	1,404					$	414					$	—					$	5,858

Nonaccrual Loans

The following is a summary of nonaccrual loans, at amortized cost, at June 30, 2024 and March 31, 2024.

						June 30, 2024
$ in thousands						Nonaccrual Loans with No Allowance						Nonaccrual Loans with an Allowance						Total Nonaccrual Loans
Gross loans receivable:
One-to-four family						$	2,650					$	—					$	2,650
Multifamily						2,206						—						2,206
Commercial real estate						4,522						—						4,522
Business						685						191						876
Consumer						2						48						50
Total nonaccrual loans						$	10,065					$	239					$	10,304

						March 31, 2024
$ in thousands						Nonaccrual Loans with No Allowance						Nonaccrual Loans with an Allowance						Total Nonaccrual Loans
Gross loans receivable:
One-to-four family						$	3,554					$	—					$	3,554
Multifamily						2,238						—						2,238
Commercial real estate						4,522						—						4,522
Business						1,317						100						1,417
Consumer						—						44						44
Total nonaccrual loans						$	11,631					$	144					$	11,775

Credit Quality Indicators

:

$ in thousands						2024						2023						2022						2021						2020						2019 and earlier						Revolving Loans						Total
Credit Risk Profile by Internally Assigned Grade:
Multifamily
Pass						$	979					$	6,567					$	53,335					$	50,506					$	28,305					$	34,131					$	—					$	173,823
Special Mention						—						—						—						—						—						—						—						—
Substandard						—						—						—						1,418						754						—						—						2,172
Doubtful						—						—						—						—						—						—						—						—
Loss						—						—						—						—						—						—						—						—
Total						979						6,567						53,335						51,924						29,059						34,131						—						175,995
Commercial Real Estate
Pass						$	7,851					$	29,012					$	31,187					$	27,496					$	16,837					$	61,879					$	—					$	174,262
Special Mention						—						—						—						—						—						666						—						666
Substandard						—						—						—						—						—						4,522						—						4,522
Doubtful						—						—						—						—						—						—						—						—
Loss						—						—						—						—						—						—						—						—
Total						7,851						29,012						31,187						27,496						16,837						67,067						—						179,450
Construction
Pass						$	—					$	3,122					$	—					$	—					$	—					$	—					$	—					$	3,122
Special Mention						—						—						—						—						—						—						—						—
Substandard						—						—						—						—						—						—						—						—
Doubtful						—						—						—						—						—						—						—						—
Loss						—						—						—						—						—						—						—						—
Total						—						3,122						—						—						—						—						—						3,122
Business
Pass						$	14,790					$	21,122					$	32,344					$	52,000					$	10,763					$	29,084					$	—					$	160,103
Special Mention						—						—						—						—						—						—						—						—
Substandard						—						—						7,964						3,987						—						449						—						12,400
Doubtful						—						—						—						—						—						—						—						—
Loss						—						—						—						—						—						—						—						—
Total						14,790						21,122						40,308						55,987						10,763						29,533						—						172,503
Gross charge-offs						—						—						—						—						—			—			128						—						128
Credit Risk Profile Based on Payment Activity:
One-to-four Family
Performing						$	—					$	21,591					$	3,813					$	13,374					$	1,416					$	37,451					$	—					$	77,645
Non-Performing						—						—						—						—						—						2,229						—						2,229
Total						—						21,591						3,813						13,374						1,416						39,680						—						79,874
Consumer
Performing						$	3,094					$	11,101					$	501					$	1					$	8					$	1,168					$	—					$	15,873
Non-Performing						—						46						—						2						—						—						—						48
Total						3,094						11,147						501						3						8						1,168						—						15,921
Gross charge-offs						—						42						—						—						—						8						—						50
Total Loans (excluding gross charge-offs)						$	26,714					$	92,561					$	129,144					$	148,784					$	58,083					$	171,579					$	—					$	626,865

    At March 31, 2024, the risk category by class of loans was as follows:

$ 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

Past Due Financing Receivables

The following tables present an aging analysis of the amortized cost of past due loans receivables at June 30, 2024 and March 31, 2024.

.

June 30, 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 Receivables
One-to-four family						$	—					$	192					$	2,034					$	2,226					$	77,648					$	79,874
Multifamily						—						1,902						754						2,656						173,339						175,995
Commercial real estate						—						—						4,522						4,522						174,927						179,449
Construction						—						—						—						—						3,122						3,122
Business						—						4,624						12,343						16,967						155,535						172,502
Consumer						131						93						122						346						15,576						15,922
Total						$	131					$	6,811					$	19,775					$	26,717					$	600,147					$	626,864

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 Receivables
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

Impaired Loans

The following table presents the amortized cost of collateral dependent loans with the associated allowance amount, if applicable, as of June 30, 2024 and March 31, 2024:

						At June 30, 2024																		At March 31, 2024
						Collateral Type																		Collateral Type
$ in thousands						Real Estate						Other						Allowance Allocated						Real Estate						Other						Allowance Allocated
One-to-four family						$	2,229					$	—					$	—					$	4,151					$	—					$	—
Multifamily						2,173						—						—						2,485						—						—
Commercial real estate						4,522						—						—						4,522						—						—
Business						11,493						1,207						18						12,196						1,066						7
Consumer						—						48						14						—						45						1
						$	20,417					$	1,255					$	32					$	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.

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Tabular disclosure of allowance for credit loss on financing receivable.

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