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Loans Receivable and ACL (Tables)

6 Months Ended

Sep. 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 September 30, 2024 and March 31, 2024:

						September 30, 2024												March 31, 2024
$ in thousands						Amount						Percent						Amount						Percent
Loans receivable:
One-to-four family						$	77,847					12.6		%				$	82,787					13.3		%
Multifamily						173,366						28.0		%				177,203						28.4		%
Commercial real estate						179,108						28.9		%				175,384						28.2		%
Construction						3,760						0.6		%				2,203						0.4		%
Business (1)						169,138						27.3		%				169,602						27.2		%
Consumer (2)						15,995						2.6		%				15,699						2.5		%
Total loans receivable						$	619,214					100.0		%				$	622,878					100.0		%
Allowance for credit losses						(6,242)												(5,871)
Total loans receivable, net						$	612,972											$	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 and six months ended September 30, 2024 and 2023, and the fiscal year ended March 31, 2024.

Three months ended September 30, 2024
$ in thousands						One-to-four family						Multifamily						Commercial Real Estate						Construction						Business						Consumer						Unallocated						Total
Allowance for credit losses:
Beginning Balance						$	2,050					$	762					$	1,234					$	3					$	1,295					$	553					$	58					$	5,955
Charge-offs						—						—						—						—						(100)						(77)						—						(177)
Recoveries						—						—						—						—						2						1						—						3
Provision for (recovery of) Credit Losses						(37)						(3)						13						1						342						130						15						461
Ending Balance						$	2,013					$	759					$	1,247					$	4					$	1,539					$	607					$	73					$	6,242

Six months ended September 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						—						—						—						—						(228)						(127)						—						(355)
Recoveries						—						—						—						—						4						1						—						5
Provision for (recovery of) Credit Losses						8						39						25						3						348						283						15						721
Ending Balance						$	2,013					$	759					$	1,247					$	4					$	1,539					$	607					$	73					$	6,242
Allowance for Credit Losses Ending Balance: collectively evaluated for impairment						$	2,013					$	759					$	1,247					$	4					$	1,269					$	528					$	73					$	5,893
Allowance for Credit Losses Ending Balance: individually evaluated for impairment						—						—						—						—						270						79						—						349
Loan Receivables Ending Balance:						$	77,847					$	173,366					$	179,108					$	3,760					$	169,138					$	15,995					$	—					$	619,214
Ending Balance: collectively evaluated for impairment						75,967						170,187						174,586						3,760						156,475						15,861						—						596,836
Ending Balance: individually evaluated for impairment						1,880						3,179						4,522						—						12,663						134						—						22,378

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 September 30, 2023
$ in thousands						One-to-four family						Multifamily						Commercial Real Estate						Construction						Business						Consumer						Unallocated						Total
Allowance for credit losses:
Beginning Balance						$	2,063					$	713					$	1,264					$	—					$	1,404					$	414					$	—					$	5,858
Charge-offs						—						—						—						—						—						(22)						—						(22)
Recoveries						—						—						—						—						1						2						—						3
Provision for (recovery of) Credit Losses						201						8						(52)						—						(12)						23						—						168
Ending Balance						$	2,264					$	721					$	1,212					$	—					$	1,393					$	417					$	—					$	6,007

Six months ended September 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						—						—						—						—						—						(117)						—						(117)
Recoveries						—						—						—						—						50						3						—						53
Provision for (recovery of) Credit Losses						328						4						(105)						—						(301)						248						—						174
Ending Balance						$	2,264					$	721					$	1,212					$	—					$	1,393					$	417					$	—					$	6,007

Nonaccrual Loans

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

						September 30, 2024
$ in thousands						Nonaccrual Loans with No Allowance						Nonaccrual Loans with an Allowance						Total Nonaccrual Loans
Gross loans receivable:
One-to-four family						$	2,244					$	—					$	2,244
Multifamily						1,708						—						1,708
Commercial real estate						4,522						—						4,522
Business						8,367						145						8,512
Consumer						2						137						139
Total nonaccrual loans						$	16,843					$	282					$	17,125

						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						$	1,727					$	6,545					$	53,143					$	48,596					$	27,383					$	33,751					$	—					$	171,145
Special Mention						—						—						—						—						—						—						—						—
Substandard						—						—						—						1,467						754						—						—						2,221
Doubtful						—						—						—						—						—						—						—						—
Loss						—						—						—						—						—						—						—						—
Total						1,727						6,545						53,143						50,063						28,137						33,751						—						173,366
Commercial Real Estate
Pass						$	8,830					$	28,960					$	31,035					$	27,353					$	16,729					$	61,019					$	—					$	173,926
Special Mention						—						—						—						—						—						660						—						660
Substandard						—						—						—						—						—						4,522						—						4,522
Doubtful						—						—						—						—						—						—						—						—
Loss						—						—						—						—						—						—						—						—
Total						8,830						28,960						31,035						27,353						16,729						66,201						—						179,108
Construction
Pass						$	—					$	3,760					$	—					$	—					$	—					$	—					$	—					$	3,760
Special Mention						—						—						—						—						—						—						—						—
Substandard						—						—						—						—						—						—						—						—
Doubtful						—						—						—						—						—						—						—						—
Loss						—						—						—						—						—						—						—						—
Total						—						3,760						—						—						—						—						—						3,760
Business
Pass						$	19,562					$	19,494					$	31,108					$	47,175					$	10,690					$	28,764					$	—					$	156,793
Special Mention						—						—						—						—						—						—						—						—
Substandard						—						—						7,909						3,987						—						449						—						12,345
Doubtful						—						—						—						—						—						—						—						—
Loss						—						—						—						—						—						—						—						—
Total						19,562						19,494						39,017						51,162						10,690						29,213						—						169,138
Gross charge-offs						—						—						100						—						—			—			128						—						228
Credit Risk Profile Based on Payment Activity:
One-to-four Family
Performing						$	—					$	21,510					$	3,797					$	13,326					$	1,408					$	35,926					$	—					$	75,967
Non-Performing						—						—						—						—						—						1,880						—						1,880
Total						—						21,510						3,797						13,326						1,408						37,806						—						77,847
Consumer
Performing						$	4,157					$	10,102					$	448					$	1					$	2					$	1,147					$	—					$	15,857
Non-Performing						48						73						10						2						5						—						—						138
Total						4,205						10,175						458						3						7						1,147						—						15,995
Gross charge-offs						—						109						—						—						—						18						—						127
Total Loans (excluding gross charge-offs)						$	34,324					$	90,444					$	127,450					$	141,907					$	56,971					$	168,118					$	—					$	619,214

    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 September 30, 2024 and March 31, 2024.

.

September 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						$	319					$	37					$	1,313					$	1,669					$	76,178					$	77,847
Multifamily						—						—						1,712						1,712						171,654						173,366
Commercial real estate						1,600						—						4,522						6,122						172,986						179,108
Construction						—						—						—						—						3,760						3,760
Business						1,850						415						12,333						14,598						154,540						169,138
Consumer						194						47						123						364						15,631						15,995
Total						$	3,963					$	499					$	20,003					$	24,465					$	594,749					$	619,214

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 September 30, 2024 and March 31, 2024:

						At September 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						$	1,880					$	—					$	—					$	4,151					$	—					$	—
Multifamily						3,179						—						—						2,485						—						—
Commercial real estate						4,522						—						—						4,522						—						—
Business						12,300						363						270						12,196						1,066						7
Consumer						2						132						79						—						45						1
						$	21,883					$	495					$	349					$	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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