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Loans Receivable and Allowance for Credit Losses | 12 Months Ended
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Mar. 31, 2025
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, 2025 |  | March 31, 2024
$ in thousands | Amount |  | % |  | Amount |  | %
One-to-four family | $ | 74,387 |  |  | 12.1 | % |  | $ | 82,787 |  |  | 13.3 | %
Multifamily | 165,812 |  |  | 27.0 | % |  | 177,203 |  |  | 28.4 | %
Commercial real estate | 178,257 |  |  | 29.1 | % |  | 175,384 |  |  | 28.2 | %
Construction | 4,567 |  |  | 0.7 | % |  | 2,203 |  |  | 0.4 | %
Business (1) | 164,964 |  |  | 26.9 | % |  | 169,602 |  |  | 27.2 | %
Consumer (2) | 25,697 |  |  | 4.2 | % |  | 15,699 |  |  | 2.5 | %
Total loans receivable | 613,684 |  |  | 100.0 | % |  | 622,878 |  |  | 100.0 | %
Allowance for credit losses | (6,337) |  |  |  |  | (5,871) |  |  |
Total loans receivable, net | $ | 607,347 |  |  |  |  | $ | 617,007 |  |  |
(1) Includes business overdrafts of $50 thousand and $73 thousand as of March 31, 2025 and 2024, respectively (2) Includes consumer overdrafts of $18 thousand and $15 thousand as of March 31, 2025 and 2024, respectively The totals above are shown net of deferred loan fees and costs. Net deferred loan fees totaled $2.6 million and $2.9 million at March 31, 2025 and 2024, respectively. During fiscal year 2025, the Bank purchased $15.4 million consumer loans at par. The Bank purchased $31.5 million loans at par during fiscal year 2024, comprised of $20.0 million one-to-four family, $0.2 million business and $11.3 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 $10.7 million and $11.6 million at March 31, 2025 and 2024, respectively. At March 31, 2025 the Bank pledged $50.4 million in total real estate mortgage loans as collateral for advances from the FHLB-NY. The allowance for credit losses totaled $6.3 million and $5.9 million as of March 31, 2025 and 2024, respectively. The increase was primarily attributed to a series of qualitative factor adjustments and an increase in individually analyzed loan reserv es during fiscal year 2025. 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 fiscal years ended March 31, 2025 and 2024:
At March 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
$ in thousands |  | One-to-four family |  | Multifamily |  | Commercial Real Estate |  | Construction |  | Business |  | Consumer |  | Other |  | Total
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance |  | $ | 2,005 |  |  | $ | 720 |  |  | $ | 1,222 |  |  | $ | 1 |  |  | $ | 1,415 |  |  | $ | 450 |  |  | $ | 58 |  |  | $ | 5,871 |
Charge-offs |  | — |  |  | — |  |  | — |  |  | — |  |  | (289) |  |  | (581) |  |  | — |  |  | (870) |
Recoveries |  | — |  |  | — |  |  | — |  |  | — |  |  | 10 |  |  | 135 |  |  | — |  |  | 145 |
Provision for (Recovery of) Credit Losses |  | (206) |  |  | 100 |  |  | 243 |  |  | 2 |  |  | 510 |  |  | 589 |  |  | (47) |  |  | 1,191 |
Ending Balance |  | $ | 1,799 |  |  | $ | 820 |  |  | $ | 1,465 |  |  | $ | 3 |  |  | $ | 1,646 |  |  | $ | 593 |  |  | $ | 11 |  |  | $ | 6,337 |
Allowance for Credit Losses Ending Balance: collectively evaluated for impairment |  | $ | 1,799 |  |  | $ | 820 |  |  | $ | 1,404 |  |  | $ | 3 |  |  | $ | 1,547 |  |  | $ | 560 |  |  | $ | 11 |  |  | $ | 6,144 |
Allowance for Credit Losses Ending Balance: individually evaluated for impairment |  | — |  |  | — |  |  | 61 |  |  | — |  | 99 |  |  | 33 |  |  | — |  |  | 193 |
Loan Receivables Ending Balance |  | $ | 74,387 |  |  | $ | 165,812 |  |  | $ | 178,257 |  |  | $ | 4,567 |  |  | $ | 164,964 |  |  | $ | 25,697 |  |  | $ | — |  |  | $ | 613,684 |
Ending Balance: collectively evaluated for impairment |  | 72,888 |  |  | 161,879 |  |  | 169,935 |  |  | 4,567 |  |  | 151,885 |  |  | 25,664 |  |  | — |  |  | 586,818 |
Ending Balance: individually evaluated for impairment |  | 1,499 |  |  | 3,933 |  |  | 8,322 |  |  | — |  | 13,079 |  |  | 33 |  |  | — |  |  | 26,866 |
At March 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
$ in thousands |  | One-to-four family |  | Multifamily |  | Commercial Real Estate |  | Construction |  | Business |  | Consumer |  | Other |  | Total
Allowance for loan 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) Loan Losses |  | 69 |  |  | 3 |  |  | (95) |  |  | 1 |  |  | (274) |  | g | 321 |  |  | 58 |  |  | 83 |
Ending Balance |  | $ | 2,005 |  |  | $ | 720 |  |  | $ | 1,222 |  |  | $ | 1 |  |  | $ | 1,415 |  |  | $ | 450 |  |  | $ | 58 |  |  | $ | 5,871 |
Allowance for Loan Losses Ending Balance: collectively evaluated for impairment |  | $ | 2,005 |  |  | $ | 720 |  |  | $ | 1,222 |  |  | $ | 1 |  |  | $ | 1,408 |  |  | $ | 449 |  |  | $ | 58 |  |  | $ | 5,863 |
Allowance for Loan 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 a summary of nonaccrual loans, at amortized cost, at March 31, 2025 and 2024.
|  | March 31, 2025
$ in thousands |  | Nonaccrual Loans with No Allowance |  | Nonaccrual Loans with an Allowance |  | Total Nonaccrual Loans
Gross loans receivable: |  |  |  |  |  |
One-to-four family |  | $ | 1,519 |  |  | $ | — |  |  | $ | 1,519 |
Multifamily |  | 3,937 |  |  | — |  |  | 3,937 |
Commercial real estate |  | 4,545 |  |  | 2,202 |  |  | 6,747 |
Business |  | 12,255 |  |  | 104 |  |  | 12,359 |
Consumer |  | — |  |  | 33 |  |  | 33 |
Total nonaccrual loans |  | $ | 22,256 |  |  | $ | 2,339 |  |  | $ | 24,595 |
| 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 |
There was no interest income recognized on nonaccrual loans during the twelve months ended March 31, 2025. At March 31, 2025 and March 31, 2024, other non-performing assets totaled $52 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, 2025 and March 31, 2024. 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 90 or more days, or past maturity. All other one-to-four family residential loans and consumer loans are performing loans. The following tables present 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, 2025 and 2024:
At March 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
$ in thousands |  | 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 and earlier |  | Revolving Loans |  | Total
Credit Risk Profile by Internally Assigned Grade: |  |  |  |  |  |  |  |  |  |
Multifamily |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | — |  |  | $ | 1,719 |  |  | $ | 6,501 |  |  | $ | 50,072 |  |  | $ | 37,122 |  |  | $ | 57,167 |  |  | — |  |  | $ | 152,581 |
Special Mention |  | — |  |  | — |  |  | — |  |  | — |  |  | 10,004 |  |  | — |  |  | — |  |  | 10,004 |
Substandard |  | — |  |  | — |  |  | — |  |  | 1,093 |  |  | 1,380 |  |  | 754 |  |  | — |  |  | 3,227 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Loss |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | — |  |  | 1,719 |  |  | 6,501 |  |  | 51,165 |  |  | 48,506 |  |  | 57,921 |  |  | — |  |  | 165,812 |
Commercial Real Estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 1,750 |  |  | $ | 12,913 |  |  | $ | 28,834 |  |  | $ | 30,728 |  |  | $ | 20,250 |  |  | $ | 71,793 |  |  | — |  |  | $ | 166,268 |
Special Mention |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,023 |  |  | $ | 644 |  |  | — |  |  | 3,667 |
Substandard |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,800 |  |  | $ | 4,522 |  |  | — |  |  | 8,322 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | $ | — |  |  | $ | — |  |  | — |
Loss |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | $ | — |  |  | $ | — |  |  | — |
Total |  | 1,750 |  |  | 12,913 |  |  | 28,834 |  |  | 30,728 |  |  | 27,073 |  |  | 76,959 |  |  | — |  |  | 178,257 |
Construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | — |  |  | $ | — |  |  | $ | 4,567 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 4,567 |
Special Mention |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Substandard |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Loss |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | — |  |  | — |  |  | 4,567 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4,567 |
Business |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 2,807 |  |  | $ | 24,325 |  |  | $ | 18,978 |  |  | $ | 25,906 |  |  | $ | 39,992 |  |  | $ | 38,115 |  |  | — |  |  | $ | 150,123 |
Special Mention |  | — |  |  | — |  |  | — |  |  | 1,803 |  |  | 438 |  |  | — |  |  | — |  |  | 2,241 |
Substandard |  | — |  |  | — |  |  | — |  |  | 7,950 |  |  | 4,307 |  |  | 343 |  |  | — |  |  | 12,600 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Loss |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | 2,807 |  |  | 24,325 |  |  | 18,978 |  |  | 35,659 |  |  | 44,737 |  |  | 38,458 |  |  | — |  |  | 164,964 |
Gross charge-offs |  | — |  |  | — |  |  | — |  |  | 160 |  |  | — |  |  | 129 |  |  | — |  |  | 289 |
Credit Risk Profile Based on Payment Activity: |  |  |  |  |  |  |  |  |  |  |  |  |  |
One-to-four Family |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  | $ | — |  |  | $ | — |  |  | $ | 20,793 |  |  | $ | 3,764 |  |  | $ | 12,411 |  |  | $ | 35,920 |  |  | $ | — |  |  | $ | 72,888 |
Non-Performing |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,499 |  |  | — |  |  | 1,499 |
Total |  | — |  |  | — |  |  | 20,793 |  |  | 3,764 |  |  | 12,411 |  |  | 37,419 |  |  | — |  |  | 74,387 |
Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  | $ | 11,206 |  | $ | — |  | $ | 4,556 |  | $ | — |  | $ | 8,384 |  | $ | — |  | $ | 304 |  |  | $ | — |  |  | $ | 1,193 |  |  | $ | — |  |  | $ | 25,643 |
Non-Performing |  | — |  |  | 22 |  |  | 17 |  |  | 15 |  |  | — |  |  | — |  |  | — |  |  | 54 |
Total |  | 11,206 |  |  | 4,578 |  |  | 8,401 |  |  | 319 |  |  | — |  |  | 1,193 |  |  | — |  |  | 25,697 |
Gross charge-offs |  | — |  |  | 52 |  |  | 303 |  |  | 14 |  |  | — |  |  | 212 |  |  | — |  |  | 581 |
Total Loans (excluding gross charge-offs) |  | $ | 15,763 |  |  | $ | 43,535 |  |  | $ | 88,074 |  |  | $ | 121,635 |  |  | $ | 132,727 |  |  | $ | 211,950 |  |  | $ | — |  |  | $ | 613,684 |
At 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 |
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, 2025 and 2024.
March 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
$ 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 | $ | 804 |  |  | $ | — |  |  | $ | 1,499 |  |  | $ | 2,303 |  |  |  |  |  |  |  |  | $ | 72,084 |  |  | $ | 74,387 |
Multifamily | 7,521 |  |  | 1,093 |  |  | 2,840 |  |  | 11,454 |  |  |  |  |  |  |  |  | 154,358 |  |  | 165,812 |
Commercial real estate | 1,314 |  |  | — |  |  | 6,722 |  |  | 8,036 |  |  |  |  |  |  |  |  | 170,221 |  |  | 178,257 |
Construction | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | 4,567 |  |  | 4,567 |
Business | 9,265 |  |  | 956 |  |  | 12,156 |  |  | 22,377 |  |  |  |  |  |  |  |  | 142,587 |  |  | 164,964 |
Consumer | 108 |  |  | 85 |  |  | 33 |  |  | 226 |  |  |  |  |  |  |  |  | 25,471 |  |  | 25,697 |
Total | $ | 19,012 |  |  | $ | 2,134 |  |  | $ | 23,250 |  |  | $ | 44,396 |  |  |  |  |  |  |  |  | $ | 569,288 |  |  | $ | 613,684 |
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 |
At March 31, 2025, 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, 2025 and 2024:
|  | At March 31, 2025 |  | At March 31, 2024
|  | Collateral Type |  |  |  | Collateral Type |  |
$ in thousands |  | Real Estate |  | Other |  | Allowance Allocated |  | Real Estate |  | Other |  | Allowance Allocated
One-to-four family |  | $ | 1,012 |  |  | $ | 487 |  |  | $ | — |  |  | $ | 4,151 |  |  | $ | — |  |  | $ | — |
Multifamily |  | 3,933 |  |  | — |  |  | — |  |  | 2,485 |  |  | — |  |  | — |
Commercial real estate |  | 8,322 |  |  | — |  |  | 61 |  |  | 4,522 |  |  | — |  |  | — |
Business |  | 13,018 |  |  | 62 |  |  | 99 |  |  | 12,196 |  |  | 1,066 |  |  | 7 |
Consumer |  | 4 |  |  | 28 |  |  | 33 |  |  | — |  |  | 45 |  |  | 1 |
|  | $ | 26,289 |  |  | $ | 577 |  |  | $ | 193 |  |  | $ | 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. In certain circumstances, the Bank will modify the terms of a loan, including 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, 2025 and 2024. At March 31, 2025, loans modified to borrowers experiencing financial difficulty totaled $6.0 million, $389 thousand 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 re asonably assured. These have generally performed according to the restructured terms for a period of at least six months. For the fiscal years ended March 31, 2025 and 2024, 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, 2025.

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