Document and Entity Information
Document and Entity Information Document - shares | 9 Months Ended | |
Dec. 31, 2019 | Feb. 11, 2020 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | CARVER BANCORP INC | |
Entity Central Index Key | 0001016178 | |
Current Fiscal Year End Date | --03-31 | |
Entity Filer Category | Non-accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2019 | |
Document Fiscal Year Focus | 1905 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 3,699,505 | |
Entity Shell Company | false | |
Entity Smaller Reporting Company | true | |
Entity Emerging Growth Company | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes |
Cover Page
Cover Page | 9 Months Ended |
Dec. 31, 2019 | |
Document and Entity Information [Abstract] | |
Document Type | 10-Q |
Entity File Number | 001-13007 |
Entity Tax Identification Number | 13-3904174 |
Entity Address, Postal Zip Code | 10027 |
Entity Incorporation, State or Country Code | DE |
Entity Address, Address Line One | 75 West 125th Street |
Entity Address, City or Town | New York |
Entity Address, State or Province | NY |
City Area Code | (718) |
Local Phone Number | 230-2900 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Dec. 31, 2019 | Mar. 31, 2019 |
Cash and cash equivalents: | ||
Cash and due from banks | $ 37,473 | $ 30,719 |
Money market investments | 260 | 509 |
Total cash and cash equivalents | 37,733 | 31,228 |
Investment securities: | ||
Available-for-sale | 70,443 | 79,845 |
Held-to-maturity | 10,447 | 11,137 |
Total investment securities | 80,890 | 90,982 |
Loans receivable: | ||
Loans, gross | 422,319 | 428,828 |
Allowance for loan losses | (4,607) | (4,646) |
Total loans receivable, net | 417,712 | 424,182 |
Premises and equipment, net | 5,570 | 5,056 |
Federal Home Loan Bank of New York (“FHLB-NY”) stock, at cost | 1,108 | 926 |
Accrued interest receivable | 2,019 | 2,019 |
Right-of-use assets | 18,192 | 0 |
Other assets | 5,838 | 9,320 |
Total assets | 569,062 | 563,713 |
Deposits: | ||
Non-interest bearing checking | 59,704 | 60,201 |
Interest-bearing deposits: | ||
Interest-bearing checking | 24,204 | 23,473 |
Savings | 95,867 | 99,310 |
Money market | 99,150 | 94,376 |
Certificates of deposit | 184,146 | 200,607 |
Escrow | 1,227 | 2,229 |
Total interest-bearing deposits | 404,594 | 419,995 |
Total deposits | 464,298 | 480,196 |
Advances from the FHLB-NY and other borrowed money | 25,590 | 21,403 |
Operating lease liability | 18,700 | 0 |
Other liabilities | 10,695 | 14,978 |
Total liabilities | 519,283 | 516,577 |
EQUITY | ||
Preferred stock | 45,118 | 45,118 |
Common stock | 61 | 61 |
Additional paid-in capital | 55,520 | 55,514 |
Accumulated deficit | (50,487) | (52,201) |
Treasury stock | (417) | (417) |
Accumulated other comprehensive loss | (16) | (939) |
Total equity | 49,779 | 47,136 |
Total liabilities and equity | 569,062 | 563,713 |
Real Estate | ||
Loans receivable: | ||
Loans, gross | 332,848 | 328,104 |
Business | ||
Loans receivable: | ||
Loans, gross | 85,883 | 96,661 |
Allowance for loan losses | (1,484) | (1,330) |
Consumer | ||
Loans receivable: | ||
Loans, gross | 3,588 | 4,063 |
Allowance for loan losses | $ (231) | $ (154) |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition Consolidated Statements of Financial Condition Parentheticals - USD ($) $ in Thousands | Dec. 31, 2019 | Mar. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Held-to-maturity, Fair Value | $ 10,604 | $ 11,107 |
Series D Convertible Preferred Stock, Par Value (in dollars per share) | $ 0.01 | $ 0.01 |
Series D Convertible Preferred Stock, Shares Issued (in shares) | 45,118 | 45,118 |
Series D Convertible Preferred Stock, Shares Outstanding (in shares) | 45,118 | 45,118 |
Series D Convertible Preferred Stock, Liquidation Preference (in dollars per share) | $ 1,000 | $ 1,000 |
Common Stock, Par Value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized (in shares) | 10,000,000 | 10,000,000 |
Common Stock, Shares Issued (in shares) | 3,701,449 | 3,700,728 |
Common Stock, Shares Outstanding (in shares) | 3,699,505 | 3,698,784 |
Treasury Stock | 1,944 | 1,944 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interest income: | ||||
Loans | $ 4,906 | $ 4,640 | $ 14,318 | $ 14,757 |
Mortgage-backed securities | 276 | 386 | 885 | 897 |
Investment securities | 190 | 326 | 702 | 915 |
Money market investments | 120 | 214 | 460 | 1,037 |
Total interest income | 5,492 | 5,566 | 16,365 | 17,606 |
Interest expense: | ||||
Deposits | 1,155 | 1,263 | 3,544 | 4,013 |
Advances and other borrowed money | 308 | 207 | 776 | 683 |
Total interest expense | 1,463 | 1,470 | 4,320 | 4,696 |
Net interest income | 4,029 | 4,096 | 12,045 | 12,910 |
Provision for (recovery of) loan losses | 8 | (332) | 16 | (278) |
Net interest income after provision for (recovery of) loan losses | 4,021 | 4,428 | 12,029 | 13,188 |
Non-interest income: | ||||
Depository fees and charges | 846 | 862 | 2,461 | 2,549 |
Loan fees and service charges | 82 | 114 | 243 | 256 |
Gain (loss) on sale of loans, net | 0 | 0 | 25 | (23) |
Gain on sale of building, net | 0 | 154 | 0 | 462 |
Other | 37 | 197 | 394 | 466 |
Total non-interest income | 965 | 1,327 | 3,123 | 3,710 |
Non-interest expense: | ||||
Employee compensation and benefits | 2,799 | 3,003 | 8,327 | 9,283 |
Net occupancy expense | 1,097 | 902 | 3,361 | 3,188 |
Equipment, net | 392 | 323 | 1,032 | 882 |
Data processing | 445 | 457 | 1,271 | 1,294 |
Consulting fees | 19 | 102 | 147 | 211 |
Federal deposit insurance premiums | 57 | 170 | 56 | 666 |
Wire fraud loss | 0 | 453 | 0 | 453 |
Other | 1,613 | 1,660 | 4,583 | 5,217 |
Total non-interest expense | 6,422 | 7,070 | 18,777 | 21,194 |
Loss before income taxes | (1,436) | (1,315) | (3,625) | (4,296) |
Income tax expense | 0 | 34 | 0 | 100 |
Net loss | $ (1,436) | $ (1,349) | $ (3,625) | $ (4,396) |
Net loss per common share: | ||||
Loss per Share, Basic (in dollars per share) | $ (0.39) | $ (0.36) | $ (0.98) | $ (1.19) |
Loss per Share, Diluted (in dollars per share) | $ (0.39) | $ (0.36) | $ (0.98) | $ (1.19) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss Statement - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (1,436) | $ (1,349) | $ (3,625) | $ (4,396) |
Other comprehensive income (loss), net of tax: | ||||
Unrealized (loss) gain of securities available-for sale, net of tax | (98) | 972 | 923 | 286 |
Total comprehensive (loss) income, net of tax | (1,534) | (377) | (2,702) | (4,110) |
Change in unrealized loss of securities available-for-sale, Tax | 0 | 0 | 0 | 0 |
Reclassification adjustment for gains on sale of available-for-sale securities, Tax | $ 0 | $ 0 | $ 0 | $ 0 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Treasury Stock | Accumulated Other Comprehensive Loss |
Equity - Beginning Balance at Mar. 31, 2018 | $ 51,971 | $ 45,118 | $ 61 | $ 55,479 | $ (45,544) | $ (417) | $ (2,726) |
Net loss | (4,396) | 0 | 0 | 0 | 0 | 0 | |
Other comprehensive loss, net of taxes | 286 | 0 | 0 | 0 | 0 | 0 | |
Stock based compensation expense | 34 | 0 | 0 | 34 | 0 | 0 | 0 |
Equity - Ending Balance at Dec. 31, 2018 | 47,895 | 45,118 | 61 | 55,513 | (50,661) | (417) | (1,719) |
Equity - Beginning Balance at Sep. 30, 2018 | 48,270 | 45,118 | 61 | 55,511 | (49,312) | (417) | (2,691) |
Net loss | (1,349) | 0 | 0 | 0 | 0 | 0 | |
Other comprehensive loss, net of taxes | 972 | 0 | 0 | 0 | 0 | 0 | 972 |
Stock based compensation expense | 2 | 0 | 0 | 2 | 0 | 0 | 0 |
Equity - Ending Balance at Dec. 31, 2018 | 47,895 | 45,118 | 61 | 55,513 | (50,661) | (417) | (1,719) |
Cumulative Effect of New Accounting Principle | Accounting Standards Update 2016-01 | 0 | 0 | 0 | 0 | (721) | 0 | 721 |
Equity - Beginning Balance at Mar. 31, 2019 | 47,136 | 45,118 | 61 | 55,514 | (52,201) | (417) | (939) |
Net loss | (3,625) | 0 | 0 | 0 | 0 | 0 | |
Other comprehensive loss, net of taxes | 923 | 0 | 0 | 0 | 0 | 0 | 923 |
Stock based compensation expense | 6 | 0 | 0 | 6 | 0 | 0 | 0 |
Equity - Ending Balance at Dec. 31, 2019 | 49,779 | 45,118 | 61 | 55,520 | (50,487) | (417) | (16) |
Equity - Beginning Balance at Sep. 30, 2019 | 51,309 | 45,118 | 61 | 55,516 | (49,051) | (417) | 82 |
Net loss | (1,436) | 0 | 0 | 0 | 0 | 0 | |
Other comprehensive loss, net of taxes | (98) | 0 | 0 | 0 | 0 | 0 | (98) |
Stock based compensation expense | 4 | 0 | 0 | 4 | 0 | 0 | 0 |
Equity - Ending Balance at Dec. 31, 2019 | 49,779 | 45,118 | 61 | 55,520 | (50,487) | (417) | (16) |
Cumulative Effect of New Accounting Principle | 5,300 | ||||||
Cumulative Effect of New Accounting Principle | Accounting Standards Update 2016-02 | $ 5,339 | $ 0 | $ 0 | $ 0 | $ 5,339 | $ 0 | $ 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Thousands | 9 Months Ended | |
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (3,625) | $ (4,396) |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for (recovery of) loan losses | 16 | (278) |
Stock based compensation expense | 6 | 34 |
Depreciation and amortization expense | 698 | 579 |
Gain on sale of real estate owned, net of market value adjustment | (208) | (208) |
Loss on redemption of equity securities, net | 0 | 27 |
(Gain) loss on sale of loans, net | (25) | 23 |
Gain on sale of building | 0 | (462) |
Amortization and accretion of loan premiums and discounts and deferred charges | 354 | 375 |
Amortization and accretion of premiums and discounts — securities | 700 | 355 |
Increase in accrued interest receivable | 0 | (45) |
Decrease in other assets | 3,478 | 1,049 |
Increase (decrease) in other liabilities | 1,057 | (541) |
Net cash provided by (used in) operating activities | 2,451 | (3,488) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchases of investments: Available-for-sale | 0 | (58,220) |
Proceeds from principal payments, maturities and calls of investments: Available-for-sale | 9,647 | 6,847 |
Proceeds from principal payments, maturities and calls of investments: Held-to-maturity | 663 | 704 |
Proceeds from redemption of equity securities | 0 | 9,199 |
Repayments and maturities, net of originations of loans held-for-investment | (26,638) | (49,545) |
Loans purchased from third parties | (20,902) | 0 |
Proceeds on sale of loans | 602 | 232 |
(Purchase) redemption of FHLB-NY stock, net | (182) | 1,202 |
Purchase of premises and equipment | (1,212) | (2,861) |
Proceeds from sales of real estate owned | 511 | 1,221 |
Net cash provided by investing activities | 15,765 | 7,869 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net decrease in deposits | (15,898) | (73,866) |
Net increase (decrease) in FHLB-NY advances and other borrowings | 4,187 | (25,000) |
Net cash used in financing activities | (11,711) | (98,866) |
Net increase (decrease) in cash and cash equivalents | 6,505 | (94,485) |
Cash and cash equivalents at beginning of period | 31,228 | 134,558 |
Cash and cash equivalents at end of period | 37,733 | 40,073 |
Noncash financing and investing activities | ||
Transfers to real estate owned | 0 | 142 |
Recognition of right-of-use asset | 19,951 | |
Recognition of operating lease liability | 18,700 | |
Recognition of finance lease asset | 216 | |
Recognition of finance lease liability | 206 | |
Cash paid for: | ||
Interest | 3,825 | 3,983 |
Income taxes | $ 53 | $ 77 |
Common Stock Dividends
Common Stock Dividends | 9 Months Ended |
Dec. 31, 2019 | |
Dividends [Abstract] | |
Stockholders' Equity Note Disclosure | COMMON STOCK DIVIDENDS On October 28, 2011, the Treasury exchanged the CDCI Series B preferred stock for 2,321,286 shares of Carver common stock and the Series C preferred stock converted into 1,208,039 shares of Carver common stock and 45,118 shares of Series D preferred stock. Series C stock was previously reported as mezzanine equity, and upon conversion to common and Series D preferred stock is now reported as equity attributable to Carver Bancorp, Inc. The holders of the Series D Preferred Stock are entitled to receive dividends, on an as-converted basis, simultaneously to the payment of any dividends on the common stock. |
Organization
Organization | 9 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | ORGANIZATION Nature of operations Carver Bancorp, Inc. (on a stand-alone basis, the “Company” or “Registrant”), was incorporated in May 1996 and its principal wholly-owned subsidiary is Carver Federal Savings Bank (the “Bank” or “Carver Federal”). Carver Federal's wholly-owned subsidiaries are CFSB Realty Corp., Carver Community Development Corporation (“CCDC”) and CFSB Credit Corp., which is currently inactive. The Bank has a real estate investment trust, Carver Asset Corporation ("CAC"), that was formed in February 2004. “Carver,” the “Company,” “we,” “us” or “our” refers to the Company along with its consolidated subsidiaries. The Bank was chartered in 1948 and began operations in 1949 as Carver Federal Savings and Loan Association, a federally-chartered mutual savings and loan association. The Bank converted to a federal savings bank in 1986. On October 24, 1994, the Bank converted from a mutual holding company structure to stock form and issued 2,314,375 shares of its common stock, par value 0.01 per share. On October 17, 1996, the Bank completed its reorganization into a holding company structure (the “Reorganization”) and became a wholly-owned subsidiary of the Company. Carver Federal’s principal business consists of attracting deposit accounts through its branches and investing those funds in mortgage loans and other investments permitted by federal savings banks. The Bank has seven branches located throughout the City of New York that primarily serve the communities in which they operate. In September 2003, the Company formed Carver Statutory Trust I (the “Trust”) for the sole purpose of issuing trust preferred securities and investing the proceeds in an equivalent amount of floating rate junior subordinated debentures of the Company. In accordance with Accounting Standards Codification (“ASC”) 810, “Consolidations,” Carver Statutory Trust I is unconsolidated for financial reporting purposes. On September 17, 2003, Carver Statutory Trust I issued 13,000 shares, liquidation amount $1,000 per share, of floating rate capital securities. Gross proceeds from the sale of these trust preferred debt securities of $13 million, and proceeds from the sale of the trust's common securities of $0.4 million, were used to purchase approximately $13.4 million aggregate principal amount of the Company's floating rate junior subordinated debt securities due 2033. The trust preferred debt securities are redeemable at par quarterly at the option of the Company beginning on or after September 17, 2008, and have a mandatory redemption date of September 17, 2033. Cash distributions on the trust preferred debt securities are cumulative and payable at a floating rate per annum resetting quarterly with a margin of 3.05% over the three-month LIBOR. During the second quarter of fiscal year 2017, the Company applied for and was granted regulatory approval to settle all outstanding debenture interest payments through September 2016. Such payments were made in September 2016. Interest on the debentures has been deferred beginning with the December 2016 payment, per the terms of the agreement, which permit such deferral for up to twenty consecutive quarters, as the Company is prohibited from making payments without prior regulatory approval. The interest rate was 4.95% and the total amount of deferred interest was $2.4 million at December 31, 2019. Carver relies primarily on dividends from Carver Federal to pay cash dividends to its stockholders, to engage in share repurchase programs and to pay principal and interest on its trust preferred debt obligation. The OCC regulates all capital distributions, including dividend payments, by Carver Federal to Carver, and the FRB regulates dividends paid by Carver. As the subsidiary of a savings and loan association holding company, Carver Federal must file a notice or an application (depending on the proposed dividend amount) with the OCC (and a notice with the FRB) prior to the declaration of each capital distribution. The OCC will disallow any proposed dividend, for among other reasons, that would result in Carver Federal’s failure to meet the OCC minimum capital requirements. In accordance with the Agreement defined directly below, Carver Federal is currently prohibited from paying any dividends without prior OCC approval, and, as such, has suspended Carver’s regular quarterly cash dividend on its common stock. There are no assurances that dividend payments to Carver will resume. Regulation On October 23, 2015, the Board of Directors of the Company adopted resolutions requiring, among other things, written approval from the Federal Reserve Bank of Philadelphia prior to the declaration or payment of dividends, any increase in debt by the Company, or the redemption of Company common stock. On May 24, 2016, the Bank entered into a Formal Agreement ("the Agreement") with the OCC to undertake certain compliance-related and other actions as further described in the Company’s Current Report on Form 8-K as filed with the |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of consolidated financial statement presentation The consolidated financial statements include the accounts of the Company, the Bank and the Bank’s wholly-owned or majority-owned subsidiaries, Carver Asset Corporation, CFSB Realty Corp., CCDC, and CFSB Credit Corp., which is currently inactive. All significant intercompany accounts and transactions have been eliminated in consolidation. The consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine month periods ended December 31, 2019 are not necessarily indicative of the results that may be expected for the year ended March 31, 2020. The consolidated balance sheet at December 31, 2019 has been derived from the unaudited consolidated financial statements at that date but does not include all of the information and footnotes required by GAAP for complete financial statements. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated statement of financial condition and revenues and expenses for the period then ended. These unaudited consolidated financial statements should be read in conjunction with the Annual Report on Form 10-K for the year ended March 31, 2019. Amounts subject to significant estimates and assumptions are items such as the allowance for loan losses, realization of deferred tax assets, assessment of other-than-temporary impairment of securities, and the fair value of financial instruments. While management uses available information to recognize losses on loans, future additions to the allowance for loan losses or future writedowns of real estate owned may be necessary based on changes in economic conditions in the areas where Carver Federal has extended mortgages and other credit instruments. Actual results could differ significantly from those assumptions. Current market conditions increase the risk and complexity of the judgments in these estimates. Certain comparative amounts for the prior period have been reclassified to conform to current period presentations. Such reclassifications had no effect on net income or shareholders' equity. |
Earnings Per Common Share
Earnings Per Common Share | 9 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | PER COMMON SHARE The following table reconciles the net loss (numerator) and the weighted average common stock outstanding (denominator) for both basic and diluted loss per share for the following periods: Three Months Ended December 31, Nine Months Ended $ in thousands except per share data 2019 2018 2019 2018 Net loss $ (1,436) $ (1,349) (3,625) (4,396) Weighted average common shares outstanding - basic 3,699,406 3,698,701 3,699,203 3,698,424 Weighted average common shares outstanding – diluted 3,699,406 3,698,701 3,699,203 3,698,424 Basic loss per common share $ (0.39) $ (0.36) $ (0.98) $ (1.19) Diluted loss per common share $ (0.39) $ (0.36) $ (0.98) $ (1.19) For the three and nine months ended December 31, 2019 and 2018, all restricted shares and outstanding stock options were anti-dilutive. |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 9 Months Ended |
Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |
Comprehensive Income (Loss) Note | OTHER COMPREHENSIVE INCOME (LOSS) The following tables set forth changes in each component of accumulated other comprehensive income (loss), net of tax for the nine months ended December 31, 2019 and 2018: $ in thousands At Other At Net unrealized income (loss) on securities available-for-sale $ (939) $ 923 $ (16) $ in thousands At ASU 2016-01 reclassification Other At Net unrealized income (loss) on securities available-for-sale $ (2,726) $ 721 $ 286 $ (1,719) |
Investment Securities
Investment Securities | 9 Months Ended |
Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | INVESTMENT SECURITIES The Bank utilizes mortgage-backed and other investment securities in its asset/liability management strategy. In making investment decisions, the Bank considers, among other things, its yield and interest rate objectives, its interest rate and credit risk position, and its liquidity and cash flow. Generally, the investment policy of the Bank is to invest funds among categories of investments and maturities based upon the Bank’s asset/liability management policies, investment quality, loan and deposit volume and collateral requirements, liquidity needs and performance objectives. GAAP requires that securities be classified into three categories: trading, held-to-maturity, and available-for-sale. At December 31, 2019, $70.4 million, or 87.1%, of the Bank’s total securities were classified as available-for-sale, and $10.4 million, or 12.9%, were classified as held-to-maturity. The Bank had no securities classified as trading at December 31, 2019 and March 31, 2019. Equity securities as of December 31, 2019 consist of the Bank's investment in a limited partnership Community Capital Fund. As of December 31, 2018, equity investments also included the Bank's investment in a Community Reinvestment Act ("CRA") mutual fund. As a result of the adoption of ASU 2016-01 in April 2018, the Company determined that these investments fall under the provisions of ASU 2016-01, and accordingly, were transferred from available-for-sale and reclassified into equity securities on the Statement of Financial Condition. These securities are measured at fair value with unrealized holding gains and losses reflected in net income. Effective April 1, 2018, the Company recorded a cumulative effect adjustment of $721 thousand as a reclassification from accumulated other comprehensive loss to retained earnings. Additionally, all subsequent changes in fair value have been recognized in the Statements of Operations. The Bank redeemed its $9.2 million investment in the CRA mutual fund during the third quarter of fiscal year 2019. Other investments totaled $629 thousand at December 31, 2019 and are included in Other Assets on the Statements of Financial Condition. The following tables set forth the amortized cost and fair value of securities available-for-sale and held-to-maturity at December 31, 2019 and March 31, 2019: At December 31, 2019 Amortized Gross Unrealized $ in thousands Cost Gains Losses Fair Value Available-for-Sale: Mortgage-backed securities: Government National Mortgage Association $ 3,717 $ 23 $ 21 $ 3,719 Federal Home Loan Mortgage Corporation 9,824 116 14 9,926 Federal National Mortgage Association 24,265 287 235 24,317 Total mortgage-backed securities 37,806 426 270 37,962 U.S. Government Agency Securities 28,621 — 225 28,396 Corporate Bonds 4,037 50 2 4,085 Total available-for-sale $ 70,464 $ 476 $ 497 $ 70,443 Held-to-Maturity: Mortgage-backed securities: Government National Mortgage Association $ 1,044 $ 66 $ — $ 1,110 Federal National Mortgage Association and Other 8,403 90 6 8,487 Total held-to-maturity mortgage-backed securities 9,447 156 6 9,597 Corporate Bonds 1,000 7 — 1,007 Total held-to maturity $ 10,447 $ 163 $ 6 $ 10,604 At March 31, 2019 Amortized Gross Unrealized $ in thousands Cost Gains Losses Fair Value Available-for-Sale: Mortgage-backed securities: Government National Mortgage Association $ 4,443 $ 25 $ 86 $ 4,382 Federal Home Loan Mortgage Corporation 11,104 69 148 11,025 Federal National Mortgage Association 27,094 131 617 26,608 Total mortgage-backed securities 42,641 225 851 42,015 U.S. Government Agency Securities 33,089 — 236 32,853 Corporate Bonds 5,054 — 77 4,977 Total available-for-sale $ 80,784 $ 225 $ 1,164 $ 79,845 Held-to-Maturity: Mortgage-backed securities: Government National Mortgage Association $ 1,214 $ 40 $ — $ 1,254 Federal National Mortgage Association and Other 8,923 — 87 8,836 Total held-to-maturity mortgage-backed securities 10,137 40 87 10,090 Corporate Bonds 1,000 17 — 1,017 Total held-to-maturity $ 11,137 $ 57 $ 87 $ 11,107 There were no sales of available-for-sale and held-to-maturity securities for the three and nine months ended December 31, 2019 and 2018. The following tables set forth the unrealized losses and fair value of securities in an unrealized loss position at December 31, 2019 and March 31, 2019 for less than 12 months and 12 months or longer: At December 31, 2019 Less than 12 months 12 months or longer Total $ in thousands Unrealized Fair Unrealized Fair Unrealized Fair Available-for-Sale: Mortgage-backed securities $ 29 $ 3,424 $ 241 $ 14,598 $ 270 $ 18,022 U.S. Government Agency securities 94 10,660 131 17,736 225 28,396 Corporate Bonds — — 2 2,010 2 2,010 Total available-for-sale securities $ 123 $ 14,084 $ 374 $ 34,344 $ 497 $ 48,428 Held-to-Maturity: Mortgage-backed securities $ — $ — $ 6 $ 1,216 $ 6 $ 1,216 Total held-to-maturity securities $ — $ — $ 6 $ 1,216 $ 6 $ 1,216 At March 31, 2019 Less than 12 months 12 months or longer Total $ in thousands Unrealized Fair Unrealized Fair Unrealized Fair Available-for-Sale: Mortgage-backed securities $ — $ — $ 851 $ 26,787 $ 851 $ 26,787 U.S. Government Agency securities 23 20,851 213 12,002 236 32,853 Corporate bonds — — 77 4,977 77 4,977 Total available-for-sale securities $ 23 $ 20,851 $ 1,141 $ 43,766 $ 1,164 $ 64,617 Held-to-Maturity: Mortgage-backed securities $ — $ — $ 87 $ 8,752 $ 87 $ 8,752 Total held-to-maturity securities $ — $ — $ 87 $ 8,752 $ 87 $ 8,752 A total of 22 securities had an unrealized loss at December 31, 2019 compared to 35 at March 31, 2019. U.S. government agency securities and mortgage-backed securities represented 58.6% and 37.2%, respectively, of total available-for-sale securities in an unrealized loss position at December 31, 2019. There were 11 mortgage-backed securities, two corporate bonds, and three U.S. government agency securities, that had an unrealized loss position for more than 12 months at December 31, 2019. The Bank had one mortgage-backed security in the held-to-maturity portfolio that had an unrealized loss position for more than 12 months. Given the high credit quality of the securities which are backed by the U.S. government's guarantees, and the corporate securities which are all reputable institutions in good financial standing, the risk of credit loss is minimal. Management believes that these unrealized losses are a direct result of the current rate environment and that the Company has the ability and intent to hold the securities until maturity or until the valuations recover. The amount of an other-than-temporary impairment when there are credit and non-credit losses on a debt security which management does not intend to sell, and for which it is more likely than not that the Company will not be required to sell the security prior to the recovery of the non-credit impairment is accounted for as follows: (1) the portion of the total impairment that is attributable to the credit loss would be recognized in earnings, and (2) the remaining difference between the debt security's amortized cost basis and its fair value would be included in other comprehensive income (loss). The Bank did not have any other securities that were classified as having other-than-temporary impairment in its investment portfolio at December 31, 2019. The following is a summary of the amortized cost and fair value of debt securities at December 31, 2019, by remaining period to contractual maturity (ignoring earlier call dates, if any). Actual maturities may differ from contractual maturities because certain security issuers have the right to call or prepay their obligations. The table below does not consider the effects of possible prepayments or unscheduled repayments. $ in thousands Amortized Cost Fair Value Weighted Available-for-Sale: Less than one year $ 3,006 $ 3,004 1.61 % One through five years 4,952 4,908 1.78 % Five through ten years 14,454 14,438 2.40 % After ten years 48,052 48,093 2.34 % Total $ 70,464 $ 70,443 2.29 % Held-to-maturity: One through five years $ 4,469 $ 4,515 2.39 % Five through ten years 4,003 4,067 3.33 % After ten years 1,975 2,022 2.86 % Total $ 10,447 $ 10,604 2.84 % |
Loans Receivable and Allowance
Loans Receivable and Allowance for Loan and Lease Losses | 9 Months Ended |
Dec. 31, 2019 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Loans Receivable and Allowance for Loan and Lease Losses | LOANS RECEIVABLE AND ALLOWANCE FOR LOAN AND LEASE LOSSES The loans receivable portfolio is segmented into one-to-four family, multifamily, commercial real estate, business (including Small Business Administration loans), and consumer loans. The allowance for loan and lease losses ("ALLL") reflects management’s judgment in the evaluation of probable loan losses inherent in the portfolio at the balance sheet date. Management uses a disciplined process and methodology to calculate the ALLL each quarter. To determine the total ALLL, management estimates the reserves needed for each segment of the loan portfolio, including loans analyzed individually and loans analyzed on a pooled basis. From time to time, events or economic factors may affect the loan portfolio, causing management to provide additional or to release reserves from the ALLL. The ALLL is sensitive to risk ratings assigned to individually evaluated loans and economic assumptions and delinquency trends. Individual loan risk ratings are evaluated based on the specific facts related to that loan. Additions to the ALLL are made by charges to the provision for loan losses. Credit exposures deemed to be uncollectible are charged against the ALLL, while recoveries of previously charged off amounts are credited to the ALLL. The following is a summary of loans receivable at December 31, 2019 and March 31, 2019: December 31, 2019 March 31, 2019 $ in thousands Amount Percent Amount Percent Gross loans receivable: One-to-four family $ 111,218 26.6 % $ 108,363 25.5 % Multifamily 83,503 19.9 % 86,177 20.2 % Commercial real estate 134,884 32.2 % 130,812 30.7 % Business (1) 85,646 20.5 % 96,430 22.7 % Consumer (2) 3,552 0.8 % 4,023 0.9 % Total loans receivable $ 418,803 100.0 % $ 425,805 100.0 % Unamortized premiums, deferred costs and fees, net 3,516 3,023 Allowance for loan losses (4,607) (4,646) Total loans receivable, net $ 417,712 $ 424,182 (1) Includes business overdrafts (2) Includes personal loans and consumer overdrafts The following is an analysis of the allowance for loan losses based upon the method of evaluating loan impairment for the three and nine month periods ended December 31, 2019 and 2018, and the fiscal year ended March 31, 2019. Three months ended December 31, 2019 $ in thousands One-to-four Multifamily Commercial Real Estate Business Consumer Unallocated Total Allowance for loan losses: Beginning Balance 1,289 884 695 1,491 248 18 $ 4,625 Charge-offs (12) — — (13) (8) — (33) Recoveries — — — 7 — — 7 Provision for (recovery of) Loan Losses (96) 36 (4) (1) (9) 82 8 Ending Balance $ 1,181 $ 920 $ 691 $ 1,484 $ 231 $ 100 $ 4,607 Nine months ended December 31, 2019 $ in thousands One-to-four Multifamily Commercial Real Estate Business Consumer Unallocated Total Allowance for loan losses: Beginning Balance $ 1,274 $ 885 $ 766 $ 1,330 $ 154 $ 237 $ 4,646 Charge-offs (12) — — (69) (81) — (162) Recoveries 8 — — 97 2 — 107 Provision for (recovery of) Loan Losses (89) 35 (75) 126 156 (137) 16 Ending Balance $ 1,181 $ 920 $ 691 $ 1,484 $ 231 $ 100 $ 4,607 Allowance for Loan Losses Ending Balance: collectively evaluated for impairment $ 1,023 $ 920 $ 691 $ 1,474 $ 231 $ 100 $ 4,439 Allowance for Loan Losses Ending Balance: individually evaluated for impairment 158 — — 10 — — 168 Loan Receivables Ending Balance: $ 113,352 $ 84,072 $ 135,424 $ 85,883 $ 3,588 $ — $ 422,319 Ending Balance: collectively evaluated for impairment 108,250 83,694 135,424 82,438 3,588 — 413,394 Ending Balance: individually evaluated for impairment 5,102 378 — 3,445 — — 8,925 At March 31, 2019 $ in thousands One-to-four family Multifamily Commercial Real Estate Business Consumer Unallocated Total Allowance for Loan Losses Ending Balance: collectively evaluated for impairment $ 1,103 $ 885 $ 766 $ 1,312 $ 154 $ 237 $ 4,457 Allowance for Loan Losses Ending Balance: individually evaluated for impairment 171 — — 18 — — 189 Loan Receivables Ending Balance: $ 109,926 $ 86,886 $ 131,292 $ 96,661 $ 4,063 $ — $ 428,828 Ending Balance: collectively evaluated for impairment 104,509 83,672 130,816 93,399 4,063 — 416,459 Ending Balance: individually evaluated for impairment 5,417 3,214 476 3,262 — — 12,369 Three months ended December 31, 2018 $ in thousands One-to-four family Multifamily Commercial Real Estate Business Consumer Unallocated Total Allowance for loan losses: Beginning Balance $ 1,481 $ 939 $ 702 $ 1,530 $ 140 $ — $ 4,792 Charge-offs (6) — — (490) (7) — (503) Recoveries 186 — — 658 1 — 845 Provision for (recovery of) Loan Losses (198) (65) 36 (320) (12) 227 (332) Ending Balance $ 1,463 $ 874 $ 738 $ 1,378 $ 122 $ 227 $ 4,802 Nine months ended December 31, 2018 $ in thousands One-to-four family Multifamily Commercial Real Estate Business Consumer Unallocated Total Allowance for loan losses: Beginning Balance $ 1,210 $ 1,819 $ 1,052 $ 1,003 $ 18 $ 24 $ 5,126 Charge-offs (151) (100) — (830) (12) — (1,093) Recoveries 186 158 — 667 36 — 1,047 Provision for (recovery of) Loan Losses 218 (1,003) (314) 538 80 203 (278) Ending Balance $ 1,463 $ 874 $ 738 $ 1,378 $ 122 $ 227 $ 4,802 The following is a summary of nonaccrual loans at December 31, 2019 and March 31, 2019. $ in thousands December 31, 2019 March 31, 2019 Gross loans receivable: One-to-four family $ 4,053 $ 4,488 Multifamily 378 3,214 Commercial real estate — 476 Business 2,754 2,051 Consumer 8 65 Total nonaccrual loans $ 7,193 $ 10,294 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. Interest income on nonaccrual loans is recorded when received based upon the collectability of the loan. At December 31, 2019, other non-performing assets totaled $120 thousand which consisted of other real estate owned comprised of two foreclosed residential properties, compared to $404 thousand comprised of four residential properties at March 31, 2019. Although we believe that substantially all risk elements at December 31, 2019 have been disclosed, it is possible that for a variety of reasons, including economic conditions, certain borrowers may be unable to comply with the contractual repayment terms on certain real estate and commercial loans. The Bank utilizes an internal loan classification system as a means of reporting problem loans within its loan categories. Loans may be classified as “Pass,” “Special Mention,” “Substandard,” “Doubtful,” and “Loss.” Loans rated Pass have demonstrated satisfactory asset quality, earning history, liquidity, and other adequate margins of creditor protection. They represent a moderate credit risk and some degree of financial stability. Loans are considered collectible in full, but perhaps require greater than average amount of loan officer attention. Borrowers are capable of absorbing normal setbacks without failure. Loans rated Special Mention have potential weaknesses that deserve management's close attention. If left 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. Loans rated Substandard are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Assets so classified must 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. Loans rated Doubtful have all the weaknesses inherent in those classified Substandard with the added characteristic that the weaknesses present make collection or liquidation in full, based on currently existing facts, conditions and values, highly questionable and improbable. Loans classified as Loss are those considered uncollectible with insignificant value and are charged off immediately to the allowance for loan losses. One-to-four family residential loans and consumer and other loans are rated non-performing if they are delinquent in payments ninety or more days, a troubled debt restructuring with less than six months contractual performance or past maturity. All other one-to-four family residential loans and consumer and other loans are performing loans. At December 31, 2019, and based on the most recent analysis performed in the current quarter, the risk category by class of loans is as follows: $ in thousands Multifamily Commercial Business Credit Risk Profile by Internally Assigned Grade: Pass $ 83,694 $ 134,803 $ 78,458 Special Mention — 621 3,951 Substandard 378 — 3,474 Total $ 84,072 $ 135,424 $ 85,883 One-to-four family Consumer Credit Risk Profile Based on Payment Activity: Performing $ 109,299 $ 3,580 Non-Performing 4,053 8 Total $ 113,352 $ 3,588 At March 31, 2019, and based on the most recent analysis performed, the risk category by class of loans is as follows: $ in thousands Multifamily Commercial Real Estate Business Credit Risk Profile by Internally Assigned Grade: Pass $ 83,672 $ 128,319 $ 90,336 Special Mention — 2,497 2,425 Substandard 3,214 476 3,900 Total $ 86,886 $ 131,292 $ 96,661 One-to-four family Consumer Credit Risk Profile Based on Payment Activity: Performing $ 106,531 $ 4,063 Non-Performing 3,395 — Total $ 109,926 $ 4,063 The following table presents an aging analysis of the recorded investment of past due loans receivables at December 31, 2019 and March 31, 2019. December 31, 2019 $ in thousands 30-59 Days 60-89 Days 90 or More Days Past Due Total Past Current Total Loans One-to-four family $ 1,196 $ — $ 3,668 $ 4,864 $ 108,488 $ 113,352 Multifamily — 505 — 505 83,567 84,072 Commercial real estate 4,651 1,333 — 5,984 129,440 135,424 Business 2,777 4 1,830 4,611 81,272 85,883 Consumer 2 6 — 8 3,580 3,588 Total $ 8,626 $ 1,848 $ 5,498 $ 15,972 $ 406,347 $ 422,319 March 31, 2019 $ in thousands 30-59 Days 60-89 Days 90 or More Days Past Due Total Past Current Total Loans Receivables One-to-four family $ 1,827 $ — $ 3,395 $ 5,222 $ 104,704 $ 109,926 Multifamily 2,580 — 2,118 4,698 82,188 86,886 Commercial real estate 121 — — 121 131,171 131,292 Business 780 — 599 1,379 95,282 96,661 Consumer 87 53 65 205 3,858 4,063 Total $ 5,395 $ 53 $ 6,177 $ 11,625 $ 417,203 $ 428,828 The following table presents information on impaired loans with the associated allowance amount, if applicable, at December 31, 2019 and March 31, 2019. At December 31, 2019 At March 31, 2019 $ in thousands Recorded Unpaid Associated Recorded Unpaid Associated With no specific allowance recorded: One-to-four family $ 4,291 $ 5,296 $ — $ 4,488 $ 5,643 $ — Multifamily 378 378 — 3,214 3,214 — Commercial real estate — — — 476 476 — Business 2,774 2,847 — 1,974 2,017 — With an allowance recorded: One-to-four family 811 806 158 929 929 171 Business 671 671 10 1,288 1,288 18 Total $ 8,925 $ 9,998 $ 168 $ 12,369 $ 13,567 $ 189 The following tables presents information on average balances of impaired loans and the interest income recognized on a cash basis for the three and nine month periods ended December 31, 2019 and 2018. For the Three Months Ended December 31, For the Nine Months Ended December 31, 2019 2018 2019 2018 $ in thousands Average Balance Interest Income Recognized Average Balance Interest Income Recognized Average Balance Interest Income Recognized Average Balance Interest Income Recognized With no specific allowance recorded: One-to-four family $ 4,143 $ 14 $ 4,608 $ 25 $ 4,390 $ 43 $ 4,973 $ 60 Multifamily 1,406 14 2,518 11 1,796 45 1,836 29 Commercial real estate — — 486 8 238 — 1,011 16 Business 2,096 16 1,204 — 2,374 41 1,192 6 With an allowance recorded: One-to-four family 813 — 938 — 870 — 1,000 — Multifamily — — — — — — 371 — Business 780 — 2,428 — 979 — 2,239 4 Total $ 9,238 $ 44 $ 12,182 $ 44 $ 10,647 $ 129 $ 12,622 $ 115 Troubled debt restructured ("TDR") loans consist of modified loans where borrowers have been granted concessions in regards to the terms of their loans due to financial or other difficulties, which rendered them unable to repay their loans under the original contractual terms. Total TDR loans at December 31, 2019 were $4.3 million, $2.6 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. At March 31, 2019, total TDR loans were $5.4 million, of which $3.2 million were non-performing. In certain circumstances, the Bank will modify a loan as part of a TDR under GAAP. 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 in TDRs 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 made during the three and nine month periods ended December 31, 2019. There were two loan modification made during the three month period and three modifications made during the nine month period ended December 31, 2018. The following table presents an analysis of the loan modifications that were classified as TDRs during the three and nine month periods ended December 31, 2018. Modifications to loans during the three month period ended Modifications to loans during the nine month period ended December 31, 2018 December 31, 2018 $ in thousands Number of loans Pre-modification outstanding recorded investment Post-Modification Recorded investment Pre-Modification rate Post-Modification rate Number of loans Pre-modification outstanding recorded investment Post-Modification Recorded investment Pre-Modification rate Post-Modification rate Business 2 $ 1,014 $ 648 6.11 % 6.24 % 3 $ 2,776 $ 2,360 6.51 % 6.06 % In an effort to proactively resolve delinquent loans, the Bank has selectively extended to certain borrowers concessions such as extensions, rate reductions or forbearance agreements. For the periods ended December 31, 2019 and 2018, there were no modified loans that defaulted within 12 months of modification. At December 31, 2019, there were 6 loans in the TDR portfolio totaling $1.8 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 restructured terms for a period of at least six months. At March 31, 2019, there were 8 loans in the TDR portfolio totaling $2.2 million that were on accrual status. 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. The aggregate amount of loans outstanding to related parties was $70 thousand at December 31, 2019 and $80 thousand at March 31, 2019. During the nine months ended December 31, 2019, principal repayments totaled $10 thousand. 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. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Dec. 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS Per GAAP, fair value is an “exit” price, representing the amount that would be received when selling an asset, or paid when transferring a liability, in an orderly transaction between market participants. Fair value is thus a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: • Level 1— Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2— Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. ◦ Level 3— Inputs to the valuation methodology are unobservable and significant to the fair value measurement. A financial instrument’s categorization within this valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The following table presents, by valuation hierarchy, assets that are measured at fair value on a recurring basis as of December 31, 2019 and March 31, 2019, and that are included in the Company’s Consolidated Statements of Financial Condition at these dates: Fair Value Measurements at December 31, 2019, Using $ in thousands Quoted Prices in Active Markets for Identical Assets Significant Other Significant Total Fair Mortgage servicing rights $ — $ — $ 172 $ 172 Investment securities Available-for-sale: Mortgage-backed securities: Government National Mortgage Association — 3,719 — 3,719 Federal Home Loan Mortgage Corporation — 9,926 — 9,926 Federal National Mortgage Association — 24,317 — 24,317 U.S. Government Agency Securities — 28,396 — 28,396 Corporate bonds — 4,085 — 4,085 Total available-for-sale securities — 70,443 — 70,443 Total $ — $ 70,443 $ 172 $ 71,244 Fair Value Measurements at March 31, 2019, Using $ in thousands Quoted Prices in Significant Other Significant Total Fair Mortgage servicing rights $ — $ — $ 180 $ 180 Investment securities Available-for-sale: Mortgage-backed securities: Government National Mortgage Association — 4,382 — 4,382 Federal Home Loan Mortgage Corporation — 11,025 — 11,025 Federal National Mortgage Association — 26,608 — 26,608 U.S. Government Agency securities — 32,853 — 32,853 Corporate bonds — 4,977 — 4,977 Total available-for-sale securities — 79,845 — 79,845 Total $ — $ 79,845 $ 180 $ 80,479 Instruments for which unobservable inputs are significant to their fair value measurement (i.e., Level 3) include mortgage servicing rights (“MSR”) and other investments. Level 3 assets accounted for 0.1% of the Company’s total assets measured at fair value at December 31, 2019 and March 31, 2019. The Company reviews and updates the fair value hierarchy classifications on a quarterly basis. Changes from one quarter to the next that are related to the observable inputs to a fair value measurement may result in a reclassification from one hierarchy level to another. Below is a description of the methods and significant assumptions utilized in estimating the fair value of available-for-sale securities and MSR: Where quoted prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. If quoted market prices are not available for the specific security, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics, or discounted cash flows. These pricing models primarily use market-based or independently sourced market parameters as inputs, including, but not limited to, yield curves, interest rates, equity or debt prices, and credit spreads. In addition to market information, models also incorporate transaction details, such as maturity and cash flow assumptions. Securities valued in this manner would generally be classified within Level 2 of the valuation hierarchy and primarily include such instruments as mortgage-related securities and corporate debt. In the nine month period ended December 31, 2019, there were no transfers of investments into or out of each level of the fair value hierarchy. In certain cases where there is limited activity or less transparency around inputs to the valuation, securities are classified within Level 3 of the valuation hierarchy. In valuing certain securities, the determination of fair value may require benchmarking to similar instruments or analyzing default and recovery rates. Quoted price information for the MSRs is not available. Therefore, MSRs are valued using market-standard models to model the specific cash flow structure. Key inputs to the model consist of principal balance of loans being serviced, servicing fees and discount and prepayment rates. The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with those of other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. The following table includes a rollforward of assets classified by the Company within Level 3 of the valuation hierarchy for the nine months ended December 31, 2019 and 2018: $ in thousands Beginning balance, Total Realized/Unrealized Gains/(Losses) Recorded in Income (1) Issuances / (Settlements) Transfers to/(from) Level 3 Ending balance, Change in Unrealized Gains/(Losses) Related to Instruments Held at December 31, 2019 Mortgage servicing rights 180 (8) — — 172 (7) $ in thousands Beginning balance, Total Realized/Unrealized Gains/(Losses) Recorded in Income (1) Issuances / (Settlements) Transfers to/(from) Level 3 Ending balance, Change in Unrealized Gains/(Losses) Related to Instruments Held at December 31, 2018 Mortgage servicing rights 181 28 — — 209 26 (1) Includes net servicing cash flows and the passage of time. For Level 3 assets measured at fair value on a recurring basis as of December 31, 2019 and March 31, 2019, the significant unobservable inputs used in the fair value measurements were as follows: $ in thousands Fair Value Valuation Technique Significant Unobservable Inputs Significant Unobservable Input Value Mortgage servicing rights 172 Discounted Cash Flow Weighted Average Constant Prepayment Rate (1) 9.41 % Option Adjusted Spread ("OAS") applied to Treasury curve 1200 basis points $ in thousands Fair Value Valuation Technique Significant Unobservable Inputs Significant Unobservable Input Value Mortgage servicing rights 180 Discounted Cash Flow Weighted Average Constant Prepayment Rate (1) 11.19 % Option Adjusted Spread ("OAS" applied to Treasury curve 1000 basis points (1) Represents annualized loan repayment rate assumptions Certain assets are measured at fair value on a non-recurring basis. Such instruments are subject to fair value adjustments under certain circumstances (e.g. when there is evidence of impairment). The following table presents assets and liabilities that were measured at fair value on a non-recurring basis as of December 31, 2019 and March 31, 2019, and that are included in the Company’s Consolidated Statements of Financial Condition at these dates: Fair Value Measurements at December 31, 2019, Using Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total Fair Value $ in thousands (Level 1) (Level 2) (Level 3) Impaired loans $ — $ — $ 1,314 $ 1,314 Other real estate owned — — 120 $ 120 Fair Value Measurements at March 31, 2019, Using Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total Fair Value $ in thousands (Level 1) (Level 2) (Level 3) Impaired loans $ — $ — $ 2,027 $ 2,027 Other real estate owned — — 404 $ 404 For Level 3 assets measured at fair value on a non-recurring basis as of December 31, 2019 and March 31, 2019, the significant unobservable inputs used in the fair value measurements were as follows: $ in thousands Fair Value Valuation Technique Significant Unobservable Inputs Significant Unobservable Input Value Impaired loans $ 1,314 Appraisal of collateral Appraisal adjustments 7.5% cost to sell Other real estate owned 120 Appraisal of collateral Appraisal adjustments 7.5% cost to sell $ in thousands Fair Value March 31, 2019 Valuation Technique Significant Unobservable Inputs Significant Unobservable Input Value Impaired loans $ 2,027 Appraisal of collateral Appraisal adjustments 7.5% cost to sell Other real estate owned 404 Appraisal of collateral Appraisal adjustments 7.5% cost to sell The fair values of collateral dependent impaired loans are determined using various valuation techniques, including consideration of appraised values and other pertinent real estate market data. Other real estate owned represents property acquired by the Bank in settlement of loans less costs to sell (i.e., through foreclosure, repossession or as an in-substance foreclosure). These assets are recorded at the lower of their cost or fair value. At the time of acquisition of the real estate owned, the real property value is adjusted to its current fair value. Any subsequent adjustments will be to the lower of cost or market. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | FAIR VALUE OF FINANCIAL INSTRUMENTS Disclosures regarding the fair value of financial instruments are required to include, in addition to the carrying value, the fair value of certain financial instruments, both assets and liabilities recorded on and off-balance sheet, for which it is practicable to estimate fair value. Accounting guidance defines financial instruments as cash, evidence of ownership of an entity, or a contract that conveys or imposes on an entity the contractual right or obligation to either receive or deliver cash or another financial instrument. The fair value of a financial instrument is discussed below. In cases where quoted market prices are not available, estimated fair values have been determined by the Bank using the best available data and estimation methodology suitable for each such category of financial instruments. For those loans and deposits with floating interest rates, it is presumed that estimated fair values generally approximate their recorded carrying value. The Bank's primary component of market risk is interest rate volatility. Fluctuations in interest rates will ultimately impact the Bank's fair value of all interest-earning assets and interest-bearing liabilities, other than those which are short-term in maturity. The carrying amounts and estimated fair values of the Bank’s financial instruments and estimation methodologies at December 31, 2019 and March 31, 2019 are as follows: December 31, 2019 $ in thousands Carrying Estimated Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets: Cash and cash equivalents $ 37,733 $ 37,733 $ 37,733 $ — $ — Securities available-for-sale 70,443 70,443 — 70,443 — Securities held-to-maturity 10,447 10,604 — 10,604 — Loans receivable 417,712 422,890 — — 422,890 Accrued interest receivable 2,019 2,019 — 2,019 — Mortgage servicing rights 172 172 — — 172 Other assets - Interest-bearing deposits 980 980 — 980 — Financial Liabilities: Deposits $ 464,298 $ 463,869 $ 278,925 $ 184,944 $ — Advances from FHLB of New York 12,000 11,999 — 11,999 — Other borrowed money 13,403 13,371 — 13,371 — Accrued interest payable 2,426 2,426 — 2,426 — March 31, 2019 $ in thousands Carrying Estimated Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets: Cash and cash equivalents $ 31,228 $ 31,228 $ 31,228 $ — $ — Securities available-for-sale 79,845 79,845 — 79,845 — Securities held-to-maturity 11,137 11,107 — 11,107 — Loans receivable 424,182 424,013 — — 424,013 Accrued interest receivable 2,019 2,019 — 2,019 — Mortgage servicing rights 180 180 — — 180 Other assets - Interest-bearing deposits 976 976 — 976 — Financial Liabilities: Deposits $ 480,196 $ 477,503 $ 277,360 $ 200,143 $ — Advances from FHLB of New York 8,000 8,001 — 8,001 — Other borrowed money 13,403 12,393 — 12,393 — Accrued interest payable 1,931 1,931 — 1,931 — Securities The fair values for securities available-for-sale, securities held-to-maturity and equity securities are based on quoted market or dealer prices, if available. If quoted market or dealer prices are not available, fair value is estimated using quoted market or dealer prices for similar securities. Available-for-sale securities and equity securities are classified across Levels 1, 2 and 3. Held-to-maturity securities are classified as Level 2. Mortgage Servicing Rights The fair value of mortgage servicing rights is determined by discounting the present value of estimated future servicing cash flows using current market assumptions for prepayments, servicing costs and other factors and are classified as Level 3. |
Non-interest Revenue and Expens
Non-interest Revenue and Expense | 9 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer | NON-INTEREST REVENUE AND EXPENSE On April 1, 2018, the Company adopted ASU No, 2014-09, "Revenue from Contracts with Customers (Topic 606)" and all subsequent ASUs that modified Topic 606. As stated in Note 12, Impact of Recent Accounting Standards, the implementation of the new standard did not have a material impact to the Company's consolidated financial statements and as such, management determined that a cumulative effect adjustment to opening retained earnings was not deemed necessary. Results for reporting periods beginning after April 1, 2018 are presented under Topic 606, while prior period amounts were not adjusted and continue to be reported in accordance with the previous accounting guidance under Topic 605. Topic 606 does not apply to revenue associated with financial instruments, including revenue from loans and securities. In addition, certain non-interest income streams such as gains on sales of residential mortgage and SBA loans, income associated with servicing assets, and loan fees, including residential mortgage originations to be sold and prepayment and late fees charged across all loan categories are also not in scope of the new guidance. Topic 606 is applicable to non-interest revenue streams, such as depository fees, service charges and commission revenues. However, the recognition of these revenue streams did not change significantly upon adoption of Topic 606. Non-interest revenue streams in-scope of Topic 606 are discussed below. Depository fees and charges Depository fees and charges primarily relate to service fees on deposit accounts and fees earned from debit cards and check cashing transactions. Service fees on deposit accounts consist of ATM fees, NSF fees, account maintenance charges and other deposit related fees. The revenue is recognized monthly when the Bank's performance obligations are complete, or as incurred for transaction-based fees in accordance with the fee schedules for the Bank's deposit products and services. Loan fees and service charges Loan fees and service charges primarily relate to program management fees and fees earned in accordance with the Bank's standard lending fees (such as inspection and late charges). These standard lending fees are earned on a monthly basis upon receipt. Other non-interest income Other non-interest income primarily relates to an advertising services agreement, covering marketing and use of the Bank's office space with a third party. The revenue is recognized on a monthly basis. The following table presents non-interest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, for the three and nine months ended December 31, 2019 and 2018: Three Months Ended December 31, Nine Months Ended December 31, $ in thousands 2019 2018 2019 2018 Non-interest income In-scope of Topic 606 Depository fees and charges $ 846 $ 862 $ 2,461 $ 2,549 Loan fees and service charges 70 102 216 223 Other non-interest income 14 15 41 48 Non-interest income (in-scope of Topic 606) 930 979 2,718 2,820 Non-interest income (out-of-scope of Topic 606) 35 348 405 890 Total non-interest income $ 965 $ 1,327 $ 3,123 $ 3,710 The following table sets forth other non-interest income and expense totals exceeding 1% of the aggregate of total interest income and non-interest income for any of the periods presented: Three Months Ended December 31, Nine Months Ended December 31, $ in thousands 2019 2018 2019 2018 Other non-interest income: Gain on sale of real estate owned $ — $ 115 $ 208 $ 194 Other 37 82 186 272 Total non-interest income $ 37 $ 197 $ 394 $ 466 Other non-interest expense: Advertising $ 32 $ 66 $ 234 $ 242 Legal expense 316 95 489 338 Insurance and surety 158 146 463 514 Audit expense 136 125 398 456 Outsourced service 33 143 277 451 Data lines / internet 105 139 315 311 Retail expenses 175 195 551 609 Regulatory assessment 53 86 161 259 Investor relations — 75 16 112 Director's fees 77 86 232 259 Other 528 504 1,447 1,666 Total non-interest expense $ 1,613 $ 1,660 $ 4,583 $ 5,217 |
Leases
Leases | 9 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Lessee, Operating Leases | LEASES On April 1, 2019, the Company adopted ASU No, 2016-02, "Leases (Topic 842)" and all subsequent ASUs that modified Topic 842. The Company has operating leases related to its administrative offices, seven retail branches and four ATM centers. Two of the operating leases are for branch locations where the Company had entered into a sale and leaseback transaction. The gain had been calculated utilizing the profit on sale in excess of the present value of the minimum lease payments, and the profit on the sale was deferred from gain recognition to be amortized into income over the terms of the leases in accordance with ASC 840. ASC 842 does not require previous sale and leaseback transactions accounted for under ASC 840 to be reassessed. Because the transactions had no off-market terms, the Company recorded a $5.3 million cumulative effect adjustment to retained earnings to recognize the total deferred gain balance at the adoption date. The implementation of the new standard resulted in the recognition of $20.0 million right-of-use ("ROU") assets and corresponding operating lease liabilities upon adoption. As the implicit rates of the Company's existing leases are not readily determinable, the discount rate used in determining the lease liability obligation for each individual lease was the FHLB-NY fixed-rate advance rates based on the remaining lease terms as of April 1, 2019. As of December 31, 2019, the Company had $195 thousand and $187 thousand of ROU asset and lease liability, respectively, for finance leases related to equipment. The ROU asset is included in Premises and Equipment, net, and the lease liability is included in Advances from the FHLB-NY and Other Borrowed Money on the statements of financial condition. The following tables present information about the Company's leases and the related lease costs as of and for the three and nine months ended December 31, 2019: December 31, 2019 Weighted-average remaining lease term Operating leases 8.1 years Finance lease 3.0 years Weighted-average discount rate Operating leases 3.00 % Finance lease 1.83 % $ in thousands Three Months Ended Nine Months Ended Operating lease expense $ 743 $ 2,207 Finance lease cost Amortization of right-of use asset 16 20 Interest on lease liability 1 1 Cash paid for amounts included in the measurement of lease liabilities Operating leases 706 2,083 Finance lease 14 30 Maturities of lease liabilities at December 31, 2019 are as follows: $ in thousands Operating Leases Finance Leases Year ending March 31, 2020 $ 685 $ 18 2021 2,701 69 2022 2,600 69 2023 2,462 28 2024 2,535 8 Thereafter 10,231 — Total lease payments 21,214 192 Interest (2,514) (5) Lease liability $ 18,700 $ 187 |
Impact of Recent Accounting Sta
Impact of Recent Accounting Standards | 9 Months Ended |
Dec. 31, 2019 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements Not Yet Adopted | IMPACT OF RECENT ACCOUNTING STANDARDS In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (ASU 2014-09), which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. The standard, as modified and augmented by subsequently issued pronouncements (ASUs 2016-08, 2016-10, 2016-12, 2016-20, 2017-05, 2017-13 and 2017-14) became effective for annual periods beginning after December 15, 2017 (April 1, 2018 for the Company), and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a modified retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). The Company completed its review of the impact of this guidance and concluded that (1) a substantial majority of the Company's revenue is comprised of interest income on financial assets, which is explicitly excluded from the scope of ASU 2014-09 and (2) based on our understanding of the standard and subsequent modification and the nature of our non-interest revenue, many elements of non-interest income are unaffected. The Company identified the non-interest income streams that are contractually based and adopted this ASU on a modified retrospective approach. Since the new guidance did not have a material impact to the Company's consolidated financial statements, a cumulative effect adjustment to opening retained earnings was not deemed necessary. In January 2016, the FASB issued ASU No. 2016-01, "Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities." The amendments (1) require equity investments, with certain exceptions, to be measured at fair value with changes in fair value recognized in net income, (2) simplify the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment, (3) eliminate the requirement to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet, (4) require public business entities to use an exit price notion when measuring the fair value of financial instruments for disclosure purposes, (5) require an entity to separately present in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments, (6) require separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements, and (7) clarify that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity's other deferred tax assets. ASU No. 2016-01 is effective for fiscal years beginning after December 15, 2017 (for the Company, the fiscal year ended March 31, 2019), including interim periods within those fiscal years. The adoption of this standard by public entities is permitted as of the beginning of the year of adoption for selected amendments, including the amendment related to unrealized gains and losses on equity securities, by a cumulative effect adjustment to the statement of financial condition. In February 2018, the FASB issued ASU No. 2018-03, "Technical Corrections and Improvements to Financial Instruments - Overall (Subtopic 825-10)" to clarify certain aspects of the guidance issued in ASU 2016-01. The amendments in this update are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years beginning after June 15, 2018. The Company completed its evaluation of the provisions of ASU 2016-01 and identified the equity investments that falls under ASU 2016-01. The Company adopted this ASU during the first quarter of fiscal year 2019 and the impact amounted to a cumulative effect adjustment of $721 thousand as a reclassification from accumulated other comprehensive loss to accumulated deficit. There was no tax impact on this reclassification because of the full deferred tax asset valuation allowance. Additionally, all future unrealized gains and losses will be recognized in the Statements of Operations. See Note 6 "Investment Securities" for further information. In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)." From the lessee's perspective, the new standard establishes a right-of-use ("ROU") model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement for a lessee. From the lessor's perspective, the new standard requires a lessor to classify leases as either sales-type, finance or operating. A lease will be treated as a sale if it transfers all of the risks and rewards, as well as control of the underlying asset, to the lessee. If risks and rewards are conveyed without the transfer of control, the lease is treated as a financing. If the lessor doesn't convey risks and rewards or control, an operating lease results. A modified retrospective transition approach is required for lessors for sales-type, direct financing, and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. ASU No. 2016-02, as augmented by ASU No. 2018-01, is effective for fiscal years beginning after December 15, 2018 (for the Company, the fiscal year ended March 31, 2020), including interim periods within those fiscal years. In July 2018, the FASB issued ASU No. 2018-10, "Codification Improvements to Topic 842, Leases," to clarify and correct unintended application of the guidance in ASU No. 2016-02. The amendments in this ASU affect aspects of the guidance and provide clarification to related topics such as 1) rate implicit in the lease; 2) reassessment of leases; 3) transition guidance; and 4) impairment of net investment in the lease. In July 2018, the FASB issued ASU 2018-11, "Leases (Topic 842) Target Improvements," which provides guidance related to comparative reporting requirements for initial adoption. This amendment provides entities with another transition method, in addition to the modified retrospective approach, by allowing entities to initially apply the new leases standard at the adoption date and recognize a cumulative effect adjustment to the opening balance of retained earnings in the period of adoption. In December 2018, the FASB issued ASU 2018-20, "Leases (Topic 842) Narrow-Scope Improvements for Lessors," which clarifies how to apply the leases standard when accounting for sales taxes and other similar taxes collected from lessees, certain lessor costs, and recognition of variable payments for contracts with lease and nonlease components. In March 2019, the FASB issued ASU 2019-01, "Leases (Topic 842) Codification Improvements," which clarifies certain issues related to 1) determining the fair value of the underlying asset by lessors that are not manufacturers or dealers; 2) presentation on the statement of cashflows for sales-type and direct financing leases; and 3) transition disclosures related to Topic 250, Accounting Changes and Error Corrections. The Company adopted ASU No. 2016-02 effective April 1, 2019 and elected to apply the guidance as of the beginning of the period of adoption (April 1, 2019) and not restate comparative periods. The Company also elected certain optional practical expedients, which allow the Company to forego a reassessment of (1) whether any expired or existing contracts are or contain leases, (2) the lease classification for any expired or existing leases, and (3) the initial direct costs for any existing leases. See Note 11 "Leases" for further information. In June 2016, the FASB issued ASU No. 2016-13, "Financial Instruments - Credit Loss," which updates the guidance on recognition and measurement of credit losses for financial assets. The new requirements, known as the current expected credit loss model ("CECL") will require entities to adopt an impairment model based on expected losses rather than incurred losses. ASU No. 2016-13 is effective for fiscal years beginning after December 15, 2019 (for the Company, the fiscal year ending March 31, 2021), including interim periods within those fiscal years. In May 2019, the FASB issued ASU No. 2019-05, "Financial Instruments - Credit Losses (Topic 326): Targeted Transition Relief," to provide transition relief by providing entities with an option to irrevocably elect the fair value option for certain financial assets measured at amortized cost upon adoption of ASU 2016-13. The fair value election option is applied on an instrument-by-instrument basis and does not apply to held-to-maturity debt securities. In August 2019, the FASB issued a proposal which would extend the CECL implementation date for smaller reporting companies, as defined by the SEC. In November 2019, the FASB issued ASU No. 2019-10, which deferred the effective date for smaller reporting companies to fiscal years beginning after December 15, 2022 (for the Company, the fiscal year ending March 31, 2024). In November 2019, the FASB issued ASU No. 2019-11, "Codification Improvements to Topic 326, Financial Instruments - Credit Losses," to amend or clarify guidance regarding expected recoveries for purchased financial assets with credit deterioration, transition relief for troubled debt restructurings, disclosures related to accrued interest receivables, and financial assets secured by collateral maintenance provisions. The Company is currently in the implementation stage of ASU 2016-13 and has engaged two vendors to assist management in evaluating the requirements of the new standard, modeling requirements and assessment of the potential impact of the adoption of the new standard on its consolidated statements of financial condition and results of operations. In August 2016, the FASB issued ASU No. 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments," a consensus of the FASB's Emerging Issues Task Force. The update is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows, and provides guidance on how the following cash receipts and payments should be presented and classified in the statement of cash flows: debt prepayment or debt extinguishment costs, settlement of zero-coupon bonds, contingent consideration payments made after a business combination, settlements of insurance claims, settlements of corporate-owned and bank-owned life insurance policies, distributions received from equity method investees, and beneficial interests in securitization transactions. The ASU also clarifies when an entity should separate cash receipts and payments and classify them into more than one class of cash flows. ASU No. 2016-15 is effective for fiscal years beginning after December 15, 2017 (for the Company, the fiscal year ending March 31, 2019), and interim periods within those fiscal years. The Company has evaluated the potential impact of the adoption of the new standard on its consolidated statement of cash flows and is generally unaffected by the update. The items defined in the ASU are not relevant to the Company's operations at this time. In November 2016, the FASB issued ASU No. 2016-18, "Statement of Cash Flows (Topic 230): Restricted Cash," to require that a statement of cash flows explain the change during the period in restricted cash or restricted cash equivalents, in addition to changes in cash and cash equivalents. The update provides guidance that restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. ASU No. 2016-18 is effective for fiscal years beginning after December 15, 2017 (for the Company, the fiscal year ending March 31, 2019), and interim periods within those fiscal years. The Company adopted ASU 2016-18 and was generally unaffected by the update. The Company does not have restricted cash at this time. In March 2017, the FASB issued ASU No. 2017-08, "Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities," which shortens the amortization period for the premium on certain purchased callable debt securities to the earliest call date. The amendments are effective for fiscal years beginning after December 15, 2018 (for the Company, the fiscal year ending March 31, 2020), and interim periods within those fiscal years. Based on management's review of the securities in the Company's portfolio at March 31, 2019, the adoption of the standard did not have a material impact on the Company's consolidated statements of financial condition and results of operations. In May 2017, the FASB issued ASU No. 2017-09, "Compensation - Stock Compensation (Topic 718), Scope of Modification Accounting," which clarifies when changes to the terms or conditions of a share-based payment award must be accounted for as modifications. The new guidance became effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017 (for the Company, the fiscal year ending March 31, 2019). The adoption of the standard did not have a material impact on the Company's consolidated statements of financial condition and results of operations. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies | Basis of consolidated financial statement presentation The consolidated financial statements include the accounts of the Company, the Bank and the Bank’s wholly-owned or majority-owned subsidiaries, Carver Asset Corporation, CFSB Realty Corp., CCDC, and CFSB Credit Corp., which is currently inactive. All significant intercompany accounts and transactions have been eliminated in consolidation. The consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine month periods ended December 31, 2019 are not necessarily indicative of the results that may be expected for the year ended March 31, 2020. The consolidated balance sheet at December 31, 2019 has been derived from the unaudited consolidated financial statements at that date but does not include all of the information and footnotes required by GAAP for complete financial statements. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated statement of financial condition and revenues and expenses for the period then ended. These unaudited consolidated financial statements should be read in conjunction with the Annual Report on Form 10-K for the year ended March 31, 2019. Amounts subject to significant estimates and assumptions are items such as the allowance for loan losses, realization of deferred tax assets, assessment of other-than-temporary impairment of securities, and the fair value of financial instruments. While management uses available information to recognize losses on loans, future additions to the allowance for loan losses or future writedowns of real estate owned may be necessary based on changes in economic conditions in the areas where Carver Federal has extended mortgages and other credit instruments. Actual results could differ significantly from those assumptions. Current market conditions increase the risk and complexity of the judgments in these estimates. Certain comparative amounts for the prior period have been reclassified to conform to current period presentations. Such reclassifications had no effect on net income or shareholders' equity. |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table reconciles the net loss (numerator) and the weighted average common stock outstanding (denominator) for both basic and diluted loss per share for the following periods: Three Months Ended December 31, Nine Months Ended $ in thousands except per share data 2019 2018 2019 2018 Net loss $ (1,436) $ (1,349) (3,625) (4,396) Weighted average common shares outstanding - basic 3,699,406 3,698,701 3,699,203 3,698,424 Weighted average common shares outstanding – diluted 3,699,406 3,698,701 3,699,203 3,698,424 Basic loss per common share $ (0.39) $ (0.36) $ (0.98) $ (1.19) Diluted loss per common share $ (0.39) $ (0.36) $ (0.98) $ (1.19) For the three and nine months ended December 31, 2019 and 2018, all restricted shares and outstanding stock options were anti-dilutive. |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following tables set forth changes in each component of accumulated other comprehensive income (loss), net of tax for the nine months ended December 31, 2019 and 2018: $ in thousands At Other At Net unrealized income (loss) on securities available-for-sale $ (939) $ 923 $ (16) $ in thousands At ASU 2016-01 reclassification Other At Net unrealized income (loss) on securities available-for-sale $ (2,726) $ 721 $ 286 $ (1,719) |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Unrealized Gain (Loss) on Investments | The following tables set forth the amortized cost and fair value of securities available-for-sale and held-to-maturity at December 31, 2019 and March 31, 2019: At December 31, 2019 Amortized Gross Unrealized $ in thousands Cost Gains Losses Fair Value Available-for-Sale: Mortgage-backed securities: Government National Mortgage Association $ 3,717 $ 23 $ 21 $ 3,719 Federal Home Loan Mortgage Corporation 9,824 116 14 9,926 Federal National Mortgage Association 24,265 287 235 24,317 Total mortgage-backed securities 37,806 426 270 37,962 U.S. Government Agency Securities 28,621 — 225 28,396 Corporate Bonds 4,037 50 2 4,085 Total available-for-sale $ 70,464 $ 476 $ 497 $ 70,443 Held-to-Maturity: Mortgage-backed securities: Government National Mortgage Association $ 1,044 $ 66 $ — $ 1,110 Federal National Mortgage Association and Other 8,403 90 6 8,487 Total held-to-maturity mortgage-backed securities 9,447 156 6 9,597 Corporate Bonds 1,000 7 — 1,007 Total held-to maturity $ 10,447 $ 163 $ 6 $ 10,604 At March 31, 2019 Amortized Gross Unrealized $ in thousands Cost Gains Losses Fair Value Available-for-Sale: Mortgage-backed securities: Government National Mortgage Association $ 4,443 $ 25 $ 86 $ 4,382 Federal Home Loan Mortgage Corporation 11,104 69 148 11,025 Federal National Mortgage Association 27,094 131 617 26,608 Total mortgage-backed securities 42,641 225 851 42,015 U.S. Government Agency Securities 33,089 — 236 32,853 Corporate Bonds 5,054 — 77 4,977 Total available-for-sale $ 80,784 $ 225 $ 1,164 $ 79,845 Held-to-Maturity: Mortgage-backed securities: Government National Mortgage Association $ 1,214 $ 40 $ — $ 1,254 Federal National Mortgage Association and Other 8,923 — 87 8,836 Total held-to-maturity mortgage-backed securities 10,137 40 87 10,090 Corporate Bonds 1,000 17 — 1,017 Total held-to-maturity $ 11,137 $ 57 $ 87 $ 11,107 |
Schedule of Unrealized Loss on Investments | The following tables set forth the unrealized losses and fair value of securities in an unrealized loss position at December 31, 2019 and March 31, 2019 for less than 12 months and 12 months or longer: At December 31, 2019 Less than 12 months 12 months or longer Total $ in thousands Unrealized Fair Unrealized Fair Unrealized Fair Available-for-Sale: Mortgage-backed securities $ 29 $ 3,424 $ 241 $ 14,598 $ 270 $ 18,022 U.S. Government Agency securities 94 10,660 131 17,736 225 28,396 Corporate Bonds — — 2 2,010 2 2,010 Total available-for-sale securities $ 123 $ 14,084 $ 374 $ 34,344 $ 497 $ 48,428 Held-to-Maturity: Mortgage-backed securities $ — $ — $ 6 $ 1,216 $ 6 $ 1,216 Total held-to-maturity securities $ — $ — $ 6 $ 1,216 $ 6 $ 1,216 At March 31, 2019 Less than 12 months 12 months or longer Total $ in thousands Unrealized Fair Unrealized Fair Unrealized Fair Available-for-Sale: Mortgage-backed securities $ — $ — $ 851 $ 26,787 $ 851 $ 26,787 U.S. Government Agency securities 23 20,851 213 12,002 236 32,853 Corporate bonds — — 77 4,977 77 4,977 Total available-for-sale securities $ 23 $ 20,851 $ 1,141 $ 43,766 $ 1,164 $ 64,617 Held-to-Maturity: Mortgage-backed securities $ — $ — $ 87 $ 8,752 $ 87 $ 8,752 Total held-to-maturity securities $ — $ — $ 87 $ 8,752 $ 87 $ 8,752 |
Investments Classified by Contractual Maturity Date | The following is a summary of the amortized cost and fair value of debt securities at December 31, 2019, by remaining period to contractual maturity (ignoring earlier call dates, if any). Actual maturities may differ from contractual maturities because certain security issuers have the right to call or prepay their obligations. The table below does not consider the effects of possible prepayments or unscheduled repayments. $ in thousands Amortized Cost Fair Value Weighted Available-for-Sale: Less than one year $ 3,006 $ 3,004 1.61 % One through five years 4,952 4,908 1.78 % Five through ten years 14,454 14,438 2.40 % After ten years 48,052 48,093 2.34 % Total $ 70,464 $ 70,443 2.29 % Held-to-maturity: One through five years $ 4,469 $ 4,515 2.39 % Five through ten years 4,003 4,067 3.33 % After ten years 1,975 2,022 2.86 % Total $ 10,447 $ 10,604 2.84 % |
Loans Receivable and ALLL (Tabl
Loans Receivable and ALLL (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | The following is a summary of loans receivable at December 31, 2019 and March 31, 2019: December 31, 2019 March 31, 2019 $ in thousands Amount Percent Amount Percent Gross loans receivable: One-to-four family $ 111,218 26.6 % $ 108,363 25.5 % Multifamily 83,503 19.9 % 86,177 20.2 % Commercial real estate 134,884 32.2 % 130,812 30.7 % Business (1) 85,646 20.5 % 96,430 22.7 % Consumer (2) 3,552 0.8 % 4,023 0.9 % Total loans receivable $ 418,803 100.0 % $ 425,805 100.0 % Unamortized premiums, deferred costs and fees, net 3,516 3,023 Allowance for loan losses (4,607) (4,646) Total loans receivable, net $ 417,712 $ 424,182 (1) Includes business overdrafts (2) Includes personal loans and consumer overdrafts |
Allowance for Loan Losses | The following is an analysis of the allowance for loan losses based upon the method of evaluating loan impairment for the three and nine month periods ended December 31, 2019 and 2018, and the fiscal year ended March 31, 2019. Three months ended December 31, 2019 $ in thousands One-to-four Multifamily Commercial Real Estate Business Consumer Unallocated Total Allowance for loan losses: Beginning Balance 1,289 884 695 1,491 248 18 $ 4,625 Charge-offs (12) — — (13) (8) — (33) Recoveries — — — 7 — — 7 Provision for (recovery of) Loan Losses (96) 36 (4) (1) (9) 82 8 Ending Balance $ 1,181 $ 920 $ 691 $ 1,484 $ 231 $ 100 $ 4,607 Nine months ended December 31, 2019 $ in thousands One-to-four Multifamily Commercial Real Estate Business Consumer Unallocated Total Allowance for loan losses: Beginning Balance $ 1,274 $ 885 $ 766 $ 1,330 $ 154 $ 237 $ 4,646 Charge-offs (12) — — (69) (81) — (162) Recoveries 8 — — 97 2 — 107 Provision for (recovery of) Loan Losses (89) 35 (75) 126 156 (137) 16 Ending Balance $ 1,181 $ 920 $ 691 $ 1,484 $ 231 $ 100 $ 4,607 Allowance for Loan Losses Ending Balance: collectively evaluated for impairment $ 1,023 $ 920 $ 691 $ 1,474 $ 231 $ 100 $ 4,439 Allowance for Loan Losses Ending Balance: individually evaluated for impairment 158 — — 10 — — 168 Loan Receivables Ending Balance: $ 113,352 $ 84,072 $ 135,424 $ 85,883 $ 3,588 $ — $ 422,319 Ending Balance: collectively evaluated for impairment 108,250 83,694 135,424 82,438 3,588 — 413,394 Ending Balance: individually evaluated for impairment 5,102 378 — 3,445 — — 8,925 At March 31, 2019 $ in thousands One-to-four family Multifamily Commercial Real Estate Business Consumer Unallocated Total Allowance for Loan Losses Ending Balance: collectively evaluated for impairment $ 1,103 $ 885 $ 766 $ 1,312 $ 154 $ 237 $ 4,457 Allowance for Loan Losses Ending Balance: individually evaluated for impairment 171 — — 18 — — 189 Loan Receivables Ending Balance: $ 109,926 $ 86,886 $ 131,292 $ 96,661 $ 4,063 $ — $ 428,828 Ending Balance: collectively evaluated for impairment 104,509 83,672 130,816 93,399 4,063 — 416,459 Ending Balance: individually evaluated for impairment 5,417 3,214 476 3,262 — — 12,369 Three months ended December 31, 2018 $ in thousands One-to-four family Multifamily Commercial Real Estate Business Consumer Unallocated Total Allowance for loan losses: Beginning Balance $ 1,481 $ 939 $ 702 $ 1,530 $ 140 $ — $ 4,792 Charge-offs (6) — — (490) (7) — (503) Recoveries 186 — — 658 1 — 845 Provision for (recovery of) Loan Losses (198) (65) 36 (320) (12) 227 (332) Ending Balance $ 1,463 $ 874 $ 738 $ 1,378 $ 122 $ 227 $ 4,802 Nine months ended December 31, 2018 $ in thousands One-to-four family Multifamily Commercial Real Estate Business Consumer Unallocated Total Allowance for loan losses: Beginning Balance $ 1,210 $ 1,819 $ 1,052 $ 1,003 $ 18 $ 24 $ 5,126 Charge-offs (151) (100) — (830) (12) — (1,093) Recoveries 186 158 — 667 36 — 1,047 Provision for (recovery of) Loan Losses 218 (1,003) (314) 538 80 203 (278) Ending Balance $ 1,463 $ 874 $ 738 $ 1,378 $ 122 $ 227 $ 4,802 |
Schedule Nonaccrual Loans | The following is a summary of nonaccrual loans at December 31, 2019 and March 31, 2019. $ in thousands December 31, 2019 March 31, 2019 Gross loans receivable: One-to-four family $ 4,053 $ 4,488 Multifamily 378 3,214 Commercial real estate — 476 Business 2,754 2,051 Consumer 8 65 Total nonaccrual loans $ 7,193 $ 10,294 |
Loans Receivable, Credit Quality Indicators | At December 31, 2019, and based on the most recent analysis performed in the current quarter, the risk category by class of loans is as follows: $ in thousands Multifamily Commercial Business Credit Risk Profile by Internally Assigned Grade: Pass $ 83,694 $ 134,803 $ 78,458 Special Mention — 621 3,951 Substandard 378 — 3,474 Total $ 84,072 $ 135,424 $ 85,883 One-to-four family Consumer Credit Risk Profile Based on Payment Activity: Performing $ 109,299 $ 3,580 Non-Performing 4,053 8 Total $ 113,352 $ 3,588 At March 31, 2019, and based on the most recent analysis performed, the risk category by class of loans is as follows: $ in thousands Multifamily Commercial Real Estate Business Credit Risk Profile by Internally Assigned Grade: Pass $ 83,672 $ 128,319 $ 90,336 Special Mention — 2,497 2,425 Substandard 3,214 476 3,900 Total $ 86,886 $ 131,292 $ 96,661 One-to-four family Consumer Credit Risk Profile Based on Payment Activity: Performing $ 106,531 $ 4,063 Non-Performing 3,395 — Total $ 109,926 $ 4,063 |
Past Due Financing Receivables | The following table presents an aging analysis of the recorded investment of past due loans receivables at December 31, 2019 and March 31, 2019. December 31, 2019 $ in thousands 30-59 Days 60-89 Days 90 or More Days Past Due Total Past Current Total Loans One-to-four family $ 1,196 $ — $ 3,668 $ 4,864 $ 108,488 $ 113,352 Multifamily — 505 — 505 83,567 84,072 Commercial real estate 4,651 1,333 — 5,984 129,440 135,424 Business 2,777 4 1,830 4,611 81,272 85,883 Consumer 2 6 — 8 3,580 3,588 Total $ 8,626 $ 1,848 $ 5,498 $ 15,972 $ 406,347 $ 422,319 March 31, 2019 $ in thousands 30-59 Days 60-89 Days 90 or More Days Past Due Total Past Current Total Loans Receivables One-to-four family $ 1,827 $ — $ 3,395 $ 5,222 $ 104,704 $ 109,926 Multifamily 2,580 — 2,118 4,698 82,188 86,886 Commercial real estate 121 — — 121 131,171 131,292 Business 780 — 599 1,379 95,282 96,661 Consumer 87 53 65 205 3,858 4,063 Total $ 5,395 $ 53 $ 6,177 $ 11,625 $ 417,203 $ 428,828 |
Impaired Loans | The following table presents information on impaired loans with the associated allowance amount, if applicable, at December 31, 2019 and March 31, 2019. At December 31, 2019 At March 31, 2019 $ in thousands Recorded Unpaid Associated Recorded Unpaid Associated With no specific allowance recorded: One-to-four family $ 4,291 $ 5,296 $ — $ 4,488 $ 5,643 $ — Multifamily 378 378 — 3,214 3,214 — Commercial real estate — — — 476 476 — Business 2,774 2,847 — 1,974 2,017 — With an allowance recorded: One-to-four family 811 806 158 929 929 171 Business 671 671 10 1,288 1,288 18 Total $ 8,925 $ 9,998 $ 168 $ 12,369 $ 13,567 $ 189 The following tables presents information on average balances of impaired loans and the interest income recognized on a cash basis for the three and nine month periods ended December 31, 2019 and 2018. For the Three Months Ended December 31, For the Nine Months Ended December 31, 2019 2018 2019 2018 $ in thousands Average Balance Interest Income Recognized Average Balance Interest Income Recognized Average Balance Interest Income Recognized Average Balance Interest Income Recognized With no specific allowance recorded: One-to-four family $ 4,143 $ 14 $ 4,608 $ 25 $ 4,390 $ 43 $ 4,973 $ 60 Multifamily 1,406 14 2,518 11 1,796 45 1,836 29 Commercial real estate — — 486 8 238 — 1,011 16 Business 2,096 16 1,204 — 2,374 41 1,192 6 With an allowance recorded: One-to-four family 813 — 938 — 870 — 1,000 — Multifamily — — — — — — 371 — Business 780 — 2,428 — 979 — 2,239 4 Total $ 9,238 $ 44 $ 12,182 $ 44 $ 10,647 $ 129 $ 12,622 $ 115 |
Troubled Debt Restructuring | In certain circumstances, the Bank will modify a loan as part of a TDR under GAAP. 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 in TDRs 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 made during the three and nine month periods ended December 31, 2019. There were two loan modification made during the three month period and three modifications made during the nine month period ended December 31, 2018. The following table presents an analysis of the loan modifications that were classified as TDRs during the three and nine month periods ended December 31, 2018. Modifications to loans during the three month period ended Modifications to loans during the nine month period ended December 31, 2018 December 31, 2018 $ in thousands Number of loans Pre-modification outstanding recorded investment Post-Modification Recorded investment Pre-Modification rate Post-Modification rate Number of loans Pre-modification outstanding recorded investment Post-Modification Recorded investment Pre-Modification rate Post-Modification rate Business 2 $ 1,014 $ 648 6.11 % 6.24 % 3 $ 2,776 $ 2,360 6.51 % 6.06 % |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | |
Fair Value, Assets Measured on Recurring Basis | The following table presents, by valuation hierarchy, assets that are measured at fair value on a recurring basis as of December 31, 2019 and March 31, 2019, and that are included in the Company’s Consolidated Statements of Financial Condition at these dates: Fair Value Measurements at December 31, 2019, Using $ in thousands Quoted Prices in Active Markets for Identical Assets Significant Other Significant Total Fair Mortgage servicing rights $ — $ — $ 172 $ 172 Investment securities Available-for-sale: Mortgage-backed securities: Government National Mortgage Association — 3,719 — 3,719 Federal Home Loan Mortgage Corporation — 9,926 — 9,926 Federal National Mortgage Association — 24,317 — 24,317 U.S. Government Agency Securities — 28,396 — 28,396 Corporate bonds — 4,085 — 4,085 Total available-for-sale securities — 70,443 — 70,443 Total $ — $ 70,443 $ 172 $ 71,244 Fair Value Measurements at March 31, 2019, Using $ in thousands Quoted Prices in Significant Other Significant Total Fair Mortgage servicing rights $ — $ — $ 180 $ 180 Investment securities Available-for-sale: Mortgage-backed securities: Government National Mortgage Association — 4,382 — 4,382 Federal Home Loan Mortgage Corporation — 11,025 — 11,025 Federal National Mortgage Association — 26,608 — 26,608 U.S. Government Agency securities — 32,853 — 32,853 Corporate bonds — 4,977 — 4,977 Total available-for-sale securities — 79,845 — 79,845 Total $ — $ 79,845 $ 180 $ 80,479 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following table includes a rollforward of assets classified by the Company within Level 3 of the valuation hierarchy for the nine months ended December 31, 2019 and 2018: $ in thousands Beginning balance, Total Realized/Unrealized Gains/(Losses) Recorded in Income (1) Issuances / (Settlements) Transfers to/(from) Level 3 Ending balance, Change in Unrealized Gains/(Losses) Related to Instruments Held at December 31, 2019 Mortgage servicing rights 180 (8) — — 172 (7) $ in thousands Beginning balance, Total Realized/Unrealized Gains/(Losses) Recorded in Income (1) Issuances / (Settlements) Transfers to/(from) Level 3 Ending balance, Change in Unrealized Gains/(Losses) Related to Instruments Held at December 31, 2018 Mortgage servicing rights 181 28 — — 209 26 |
Fair Value, Assets Measured on Recurring Basis, Valuation Techniques | For Level 3 assets measured at fair value on a recurring basis as of December 31, 2019 and March 31, 2019, the significant unobservable inputs used in the fair value measurements were as follows: $ in thousands Fair Value Valuation Technique Significant Unobservable Inputs Significant Unobservable Input Value Mortgage servicing rights 172 Discounted Cash Flow Weighted Average Constant Prepayment Rate (1) 9.41 % Option Adjusted Spread ("OAS") applied to Treasury curve 1200 basis points $ in thousands Fair Value Valuation Technique Significant Unobservable Inputs Significant Unobservable Input Value Mortgage servicing rights 180 Discounted Cash Flow Weighted Average Constant Prepayment Rate (1) 11.19 % Option Adjusted Spread ("OAS" applied to Treasury curve 1000 basis points (1) Represents annualized loan repayment rate assumptions |
Fair Value Measurements, Nonrecurring | The following table presents assets and liabilities that were measured at fair value on a non-recurring basis as of December 31, 2019 and March 31, 2019, and that are included in the Company’s Consolidated Statements of Financial Condition at these dates: Fair Value Measurements at December 31, 2019, Using Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total Fair Value $ in thousands (Level 1) (Level 2) (Level 3) Impaired loans $ — $ — $ 1,314 $ 1,314 Other real estate owned — — 120 $ 120 Fair Value Measurements at March 31, 2019, Using Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total Fair Value $ in thousands (Level 1) (Level 2) (Level 3) Impaired loans $ — $ — $ 2,027 $ 2,027 Other real estate owned — — 404 $ 404 |
Fair Value, Assets Measured on Nonrecurring Basis, Valuation Techniques | For Level 3 assets measured at fair value on a non-recurring basis as of December 31, 2019 and March 31, 2019, the significant unobservable inputs used in the fair value measurements were as follows: $ in thousands Fair Value Valuation Technique Significant Unobservable Inputs Significant Unobservable Input Value Impaired loans $ 1,314 Appraisal of collateral Appraisal adjustments 7.5% cost to sell Other real estate owned 120 Appraisal of collateral Appraisal adjustments 7.5% cost to sell $ in thousands Fair Value March 31, 2019 Valuation Technique Significant Unobservable Inputs Significant Unobservable Input Value Impaired loans $ 2,027 Appraisal of collateral Appraisal adjustments 7.5% cost to sell Other real estate owned 404 Appraisal of collateral Appraisal adjustments 7.5% cost to sell |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value, by Balance Sheet Grouping | The carrying amounts and estimated fair values of the Bank’s financial instruments and estimation methodologies at December 31, 2019 and March 31, 2019 are as follows: December 31, 2019 $ in thousands Carrying Estimated Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets: Cash and cash equivalents $ 37,733 $ 37,733 $ 37,733 $ — $ — Securities available-for-sale 70,443 70,443 — 70,443 — Securities held-to-maturity 10,447 10,604 — 10,604 — Loans receivable 417,712 422,890 — — 422,890 Accrued interest receivable 2,019 2,019 — 2,019 — Mortgage servicing rights 172 172 — — 172 Other assets - Interest-bearing deposits 980 980 — 980 — Financial Liabilities: Deposits $ 464,298 $ 463,869 $ 278,925 $ 184,944 $ — Advances from FHLB of New York 12,000 11,999 — 11,999 — Other borrowed money 13,403 13,371 — 13,371 — Accrued interest payable 2,426 2,426 — 2,426 — March 31, 2019 $ in thousands Carrying Estimated Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets: Cash and cash equivalents $ 31,228 $ 31,228 $ 31,228 $ — $ — Securities available-for-sale 79,845 79,845 — 79,845 — Securities held-to-maturity 11,137 11,107 — 11,107 — Loans receivable 424,182 424,013 — — 424,013 Accrued interest receivable 2,019 2,019 — 2,019 — Mortgage servicing rights 180 180 — — 180 Other assets - Interest-bearing deposits 976 976 — 976 — Financial Liabilities: Deposits $ 480,196 $ 477,503 $ 277,360 $ 200,143 $ — Advances from FHLB of New York 8,000 8,001 — 8,001 — Other borrowed money 13,403 12,393 — 12,393 — Accrued interest payable 1,931 1,931 — 1,931 — |
Non-interest Revenue and Expe_2
Non-interest Revenue and Expense (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table presents non-interest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, for the three and nine months ended December 31, 2019 and 2018: Three Months Ended December 31, Nine Months Ended December 31, $ in thousands 2019 2018 2019 2018 Non-interest income In-scope of Topic 606 Depository fees and charges $ 846 $ 862 $ 2,461 $ 2,549 Loan fees and service charges 70 102 216 223 Other non-interest income 14 15 41 48 Non-interest income (in-scope of Topic 606) 930 979 2,718 2,820 Non-interest income (out-of-scope of Topic 606) 35 348 405 890 Total non-interest income $ 965 $ 1,327 $ 3,123 $ 3,710 |
Schedule of Other Operating Cost and Expense, by Component [Table Text Block] | The following table sets forth other non-interest income and expense totals exceeding 1% of the aggregate of total interest income and non-interest income for any of the periods presented: Three Months Ended December 31, Nine Months Ended December 31, $ in thousands 2019 2018 2019 2018 Other non-interest income: Gain on sale of real estate owned $ — $ 115 $ 208 $ 194 Other 37 82 186 272 Total non-interest income $ 37 $ 197 $ 394 $ 466 Other non-interest expense: Advertising $ 32 $ 66 $ 234 $ 242 Legal expense 316 95 489 338 Insurance and surety 158 146 463 514 Audit expense 136 125 398 456 Outsourced service 33 143 277 451 Data lines / internet 105 139 315 311 Retail expenses 175 195 551 609 Regulatory assessment 53 86 161 259 Investor relations — 75 16 112 Director's fees 77 86 232 259 Other 528 504 1,447 1,666 Total non-interest expense $ 1,613 $ 1,660 $ 4,583 $ 5,217 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Lease, Cost | The following tables present information about the Company's leases and the related lease costs as of and for the three and nine months ended December 31, 2019: December 31, 2019 Weighted-average remaining lease term Operating leases 8.1 years Finance lease 3.0 years Weighted-average discount rate Operating leases 3.00 % Finance lease 1.83 % $ in thousands Three Months Ended Nine Months Ended Operating lease expense $ 743 $ 2,207 Finance lease cost Amortization of right-of use asset 16 20 Interest on lease liability 1 1 Cash paid for amounts included in the measurement of lease liabilities Operating leases 706 2,083 Finance lease 14 30 |
Lessee, Lease Liability, Maturity | Maturities of lease liabilities at December 31, 2019 are as follows: $ in thousands Operating Leases Finance Leases Year ending March 31, 2020 $ 685 $ 18 2021 2,701 69 2022 2,600 69 2023 2,462 28 2024 2,535 8 Thereafter 10,231 — Total lease payments 21,214 192 Interest (2,514) (5) Lease liability $ 18,700 $ 187 |
Organization Text Tags (Details
Organization Text Tags (Details) - USD ($) $ / shares in Units, $ in Millions | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2019 | Mar. 31, 2003 | Mar. 31, 2019 | Sep. 17, 2003 | Oct. 24, 1994 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Common Stock, Shares Issued (in shares) | 3,701,449 | 3,700,728 | 2,314,375 | ||
Common Stock, Par Value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | ||
subordinated debt issued shares | 13,000 | ||||
Liquidation amount subordinated debt (in dollars per share) | $ 1,000 | ||||
Proceeds from Issuance of Long-term Debt | $ 13 | ||||
Proceeds from (Payments for) Other Financing Activities | 0.4 | ||||
Payments for Repurchase of Trust Preferred Securities | $ 13.4 | ||||
Debt Instrument, Basis Spread on Variable Rate | 3.05% | ||||
Debt Instrument, Interest Rate During Period | 4.95% | ||||
Interest Payable | $ 2.4 |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Share [Abstract] | ||||
Net loss | $ (1,436) | $ (1,349) | $ (3,625) | $ (4,396) |
Weighted average common shares outstanding - basic (in shares) | 3,699,406 | 3,698,701 | 3,699,203 | 3,698,424 |
Weighted average common shares outstanding - diluted (in shares) | 3,699,406 | 3,698,701 | 3,699,203 | 3,698,424 |
Loss per Share, Basic (in dollars per share) | $ (0.39) | $ (0.36) | $ (0.98) | $ (1.19) |
Loss per Share, Diluted (in dollars per share) | $ (0.39) | $ (0.36) | $ (0.98) | $ (1.19) |
Common Stock Dividends Text Tag
Common Stock Dividends Text Tags (Details) - shares | 9 Months Ended | |||
Dec. 31, 2011 | Dec. 31, 2019 | Mar. 31, 2019 | Oct. 28, 2011 | |
Dividends [Abstract] | ||||
Stock Issued During Period, Shares, Other | 2,321,286 | |||
Conversion of Stock, Shares Converted | 1,208,039 | |||
Series D Convertible Preferred Stock, Shares Outstanding (in shares) | 45,118 | 45,118 | 45,118 |
Components of Accumulated Other
Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | $ 0 | |||
Accumulated Other Comprehensive Loss, Available-for-sale Securities Adjustment, Net of Tax | (939) | $ (2,726) | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Investment Transferred from Available-for-sale to Equity Method, after Tax | 721 | |||
Other comprehensive loss, net of taxes | $ (98) | $ 972 | 923 | 286 |
Accumulated Other Comprehensive Loss, Available-for-sale Securities Adjustment, Net of Tax | $ (16) | $ (1,719) | $ (16) | $ (1,719) |
Investment Securities Text Tags
Investment Securities Text Tags (Details) | 3 Months Ended | 9 Months Ended | |
Dec. 31, 2018USD ($) | Dec. 31, 2019USD ($) | Mar. 31, 2019USD ($) | |
Schedule of Investments [Line Items] | |||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 22 | 35 | |
Debt Securities, Available-for-sale | $ 70,443,000 | $ 79,845,000 | |
Percentage Available-for-sale Securities | 87.10% | ||
Debt Securities, Held-to-maturity | $ 10,447,000 | 11,137,000 | |
Percentage Held-to-maturity Securities | 12.90% | ||
Trading | $ 0 | ||
Cumulative Effect of New Accounting Principle | 5,300,000 | ||
Equity Method Investment, Amount Sold | $ 9,200,000 | ||
Proceeds from Sale of Available-for-sale Securities | $ 0 | ||
Mortgage-backed securities | |||
Schedule of Investments [Line Items] | |||
Percentage Available-for-Sale, Continuos Unrealized Loss Position | 37.20% | ||
Number of AFS securities in Unrealized Loss Positions, greater than or equal to 12 months | 11 | ||
Held-to-maturity, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 1 | ||
Debt Securities, Held-to-maturity | $ 9,447,000 | 10,137,000 | |
US Government Agency Securities | |||
Schedule of Investments [Line Items] | |||
Percentage Available-for-Sale, Continuos Unrealized Loss Position | 58.60% | ||
Number of AFS securities in Unrealized Loss Positions, greater than or equal to 12 months | 3 | ||
Corporate Bonds | |||
Schedule of Investments [Line Items] | |||
Number of AFS securities in Unrealized Loss Positions, greater than or equal to 12 months | 2 | ||
Debt Securities, Held-to-maturity | $ 1,000,000 | $ 1,000,000 | |
Accounting Standards Update 2016-01 | |||
Schedule of Investments [Line Items] | |||
Cumulative Effect of New Accounting Principle | 0 | ||
Accounting Standards Update 2016-01 | Accumulated Deficit | |||
Schedule of Investments [Line Items] | |||
Cumulative Effect of New Accounting Principle | $ (721,000) |
Investment Securities-Unrealize
Investment Securities-Unrealized Gain (Loss) on Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Mar. 31, 2019 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-maturity, Total | $ 10,447 | $ 11,137 |
Held-to-maturity, Gross Unrealized Gains | 163 | 57 |
Held-to-maturity, Gross Unrealized Losses | 6 | 87 |
Held-to-maturity, Fair Value | 10,604 | 11,107 |
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale, Amortized Cost | 70,464 | 80,784 |
Available-for-sale, Gross Unrealized Gains | 476 | 225 |
Available-for-sale, Gross Unrealized Losses | 497 | 1,164 |
Available-for-sale, Fair Value | 70,443 | 79,845 |
Government National Mortgage Association (GNMA) | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-maturity, Total | 1,044 | 1,214 |
Held-to-maturity, Gross Unrealized Gains | 66 | 40 |
Held-to-maturity, Gross Unrealized Losses | 0 | 0 |
Held-to-maturity, Fair Value | 1,110 | 1,254 |
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale, Amortized Cost | 3,717 | 4,443 |
Available-for-sale, Gross Unrealized Gains | 23 | 25 |
Available-for-sale, Gross Unrealized Losses | 21 | 86 |
Available-for-sale, Fair Value | 3,719 | 4,382 |
Federal Home Loan Mortgage Corporation (FHLMC) | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale, Amortized Cost | 9,824 | 11,104 |
Available-for-sale, Gross Unrealized Gains | 116 | 69 |
Available-for-sale, Gross Unrealized Losses | 14 | 148 |
Available-for-sale, Fair Value | 9,926 | 11,025 |
Federal National Mortgage Association (FNMA) | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-maturity, Total | 8,403 | 8,923 |
Held-to-maturity, Gross Unrealized Gains | 90 | 0 |
Held-to-maturity, Gross Unrealized Losses | 6 | 87 |
Held-to-maturity, Fair Value | 8,487 | 8,836 |
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale, Amortized Cost | 24,265 | 27,094 |
Available-for-sale, Gross Unrealized Gains | 287 | 131 |
Available-for-sale, Gross Unrealized Losses | 235 | 617 |
Available-for-sale, Fair Value | 24,317 | 26,608 |
Mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-maturity, Total | 9,447 | 10,137 |
Held-to-maturity, Gross Unrealized Gains | 156 | 40 |
Held-to-maturity, Gross Unrealized Losses | 6 | 87 |
Held-to-maturity, Fair Value | 9,597 | 10,090 |
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale, Amortized Cost | 37,806 | 42,641 |
Available-for-sale, Gross Unrealized Gains | 426 | 225 |
Available-for-sale, Gross Unrealized Losses | 270 | 851 |
Available-for-sale, Fair Value | 37,962 | 42,015 |
US Government Agency Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale, Amortized Cost | 28,621 | 33,089 |
Available-for-sale, Gross Unrealized Gains | 0 | 0 |
Available-for-sale, Gross Unrealized Losses | 225 | 236 |
Available-for-sale, Fair Value | 28,396 | 32,853 |
Corporate Bonds | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-maturity, Total | 1,000 | 1,000 |
Held-to-maturity, Gross Unrealized Gains | 7 | 17 |
Held-to-maturity, Gross Unrealized Losses | 0 | 0 |
Held-to-maturity, Fair Value | 1,007 | 1,017 |
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale, Amortized Cost | 4,037 | 5,054 |
Available-for-sale, Gross Unrealized Gains | 50 | 0 |
Available-for-sale, Gross Unrealized Losses | 2 | 77 |
Available-for-sale, Fair Value | $ 4,085 | $ 4,977 |
Investment Securities Investmen
Investment Securities Investment Securities-Schedule of Unealized Loss (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Mar. 31, 2019 |
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 123 | $ 23 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 14,084 | 20,851 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 374 | 1,141 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 34,344 | 43,766 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 497 | 1,164 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 48,428 | 64,617 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 0 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 0 | 0 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 6 | 87 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 1,216 | 8,752 |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss | 6 | 87 |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Fair Value | 1,216 | 8,752 |
Mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 29 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 3,424 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 241 | 851 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 14,598 | 26,787 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 270 | 851 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 18,022 | 26,787 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 0 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 0 | 0 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 6 | 87 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 1,216 | 8,752 |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss | 6 | 87 |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Fair Value | 1,216 | 8,752 |
US Government Agency Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 94 | 23 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 10,660 | 20,851 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 131 | 213 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 17,736 | 12,002 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 225 | 236 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 28,396 | 32,853 |
Corporate Bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 2 | 77 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 2,010 | 4,977 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 2 | 77 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | $ 2,010 | $ 4,977 |
Investment Securities-Investmen
Investment Securities-Investments Classified by Contractual Maturity Date (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Mar. 31, 2019 |
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity | ||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, within One Year, Amortized Cost | $ 3,006 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after One Through Five Years, Amortized Cost | 4,952 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after Five Through Ten Years, Amortized Cost | 14,454 | |
Debt Securities, Available-for-sale, Allocated and Single Maturity Date, Maturity, after 10 Years, Amortized Cost | 48,052 | |
Debt Securities, Available-for-sale, Amortized Cost | 70,464 | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity | ||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, within One Year, Fair Value | 3,004 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after One Through Five Years, Fair Value | 4,908 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after Five Through Ten Years, Fair Value | 14,438 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after 10 Years, Fair Value | 48,093 | |
Available-for-sale | $ 70,443 | $ 79,845 |
Available-for-sale, Securities, Debt Maturities, within One Year, Weighted Average Rate | 1.61% | |
Available-for-sale Securities, Debt Maturities, after One Through Five Years, Weighted Average Rate | 1.78% | |
Available-for-sale Securities, Debt Maturities, after Five Through Ten Years, Weighted Average Rate | 2.40% | |
Available-for-sale Securities, Debt Maturities, after Ten Years, Weighted Average Rate | 2.34% | |
Available-for-sale Securities, Debt Maturities, Weighted Average Rate | 2.29% | |
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount | ||
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, after One Through Five Years, Amortized Cost | $ 4,469 | |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, after Five Through Ten Years, Amortized Cost | 4,003 | |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, after 10 Years, Amortized Cost | 1,975 | |
Held-to-maturity | 10,447 | 11,137 |
Held-to-maturity Securities, Debt Maturities, Fair Value, Fiscal Year Maturity | ||
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, after One Through Five Years, Fair Value | 4,515 | |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, after Five Through Ten Years, Fair Value | 4,067 | |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, after 10 Years, Fair Value | 2,022 | |
Held-to-maturity, Fair Value | $ 10,604 | $ 11,107 |
Debt Securities, Held-to-maturity, Maturity, after One Through Five Years, Weighted Average Yield | 2.39% | |
Held-to-maturity Securities, Debt Maturities, after Five Through Ten Years, Weighted Average Rate | 3.33% | |
Held-to-maturity Securities, Debt Maturities, after Ten Years, Weighted Average Rate | 2.86% | |
Held-to-maturity Securities, Debt Maturities, Weighted Average Rate | 2.84% |
Loans Receivable and ALLL (Deta
Loans Receivable and ALLL (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Mar. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans Receivable, before Fees, Gross | $ 418,803 | $ 425,805 | |||||
Unamortized premiums, deferred costs and fees, net | 3,516 | 3,023 | |||||
Allowance for loan losses | (4,607) | $ (4,625) | (4,646) | $ (4,802) | $ (4,792) | $ (5,126) | |
Total loans receivable, net | $ 417,712 | $ 424,182 | |||||
Percentage of Loan Type | 100.00% | 100.00% | |||||
Other Real Estate Owned | $ 120 | $ 404 | |||||
Financing Receivable, Troubled Debt Restructuring | 4,300 | 5,400 | |||||
One-to-four family | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans Receivable, before Fees, Gross | 111,218 | 108,363 | |||||
Allowance for loan losses | $ (1,181) | (1,289) | $ (1,274) | (1,463) | (1,481) | (1,210) | |
Percentage of Loan Type | 26.60% | 25.50% | |||||
Multifamily | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans Receivable, before Fees, Gross | $ 83,503 | $ 86,177 | |||||
Allowance for loan losses | $ (920) | (884) | $ (885) | (874) | (939) | (1,819) | |
Percentage of Loan Type | 19.90% | 20.20% | |||||
Commercial real estate | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans Receivable, before Fees, Gross | $ 134,884 | $ 130,812 | |||||
Allowance for loan losses | $ (691) | (695) | $ (766) | (738) | (702) | (1,052) | |
Percentage of Loan Type | 32.20% | 30.70% | |||||
Business | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans Receivable, before Fees, Gross | [1] | $ 85,646 | $ 96,430 | ||||
Allowance for loan losses | $ (1,484) | (1,491) | $ (1,330) | (1,378) | (1,530) | (1,003) | |
Percentage of Loan Type | [1] | 20.50% | 22.70% | ||||
Consumer | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans Receivable, before Fees, Gross | [2] | $ 3,552 | $ 4,023 | ||||
Allowance for loan losses | $ (231) | $ (248) | $ (154) | $ (122) | $ (140) | $ (18) | |
Percentage of Loan Type | [2] | 0.80% | 0.90% | ||||
[1] | (1) Includes business overdrafts | ||||||
[2] | 2) Includes personal loans and consumer overdrafts |
Allowance for Loan Losses (Deta
Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2019 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Allowance for loan losses - Beginning Balance | $ 4,625 | $ 4,792 | $ 4,646 | $ 5,126 | |
Charge-offs | (33) | (503) | (162) | (1,093) | |
Recoveries | 7 | 845 | 107 | 1,047 | |
Provision for loan losses | 8 | (332) | 16 | (278) | |
Allowance for loan losses - Ending Balance | 4,607 | 4,802 | 4,607 | 4,802 | |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 4,439 | 4,439 | $ 4,457 | ||
Allowance for Loan Losses, Individually Evaluated for Impairment | 168 | 168 | 189 | ||
Loans, gross | 422,319 | 422,319 | 428,828 | ||
Loans Receivable, Collectively Evaluated for Impairment | 413,394 | 413,394 | 416,459 | ||
Loans Receivable, Individually Evaluated for Impairment | 8,925 | 8,925 | 12,369 | ||
One-to-four family | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Allowance for loan losses - Beginning Balance | 1,289 | 1,481 | 1,274 | 1,210 | |
Charge-offs | (12) | (6) | (12) | (151) | |
Recoveries | 0 | 186 | 8 | 186 | |
Provision for loan losses | (96) | (198) | (89) | 218 | |
Allowance for loan losses - Ending Balance | 1,181 | 1,463 | 1,181 | 1,463 | |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 1,023 | 1,023 | 1,103 | ||
Allowance for Loan Losses, Individually Evaluated for Impairment | 158 | 158 | 171 | ||
Loans, gross | 113,352 | 113,352 | 109,926 | ||
Loans Receivable, Collectively Evaluated for Impairment | 108,250 | 108,250 | 104,509 | ||
Loans Receivable, Individually Evaluated for Impairment | 5,102 | 5,102 | 5,417 | ||
Multifamily | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Allowance for loan losses - Beginning Balance | 884 | 939 | 885 | 1,819 | |
Charge-offs | 0 | 0 | 0 | (100) | |
Recoveries | 0 | 0 | 0 | 158 | |
Provision for loan losses | 36 | (65) | 35 | (1,003) | |
Allowance for loan losses - Ending Balance | 920 | 874 | 920 | 874 | |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 920 | 920 | 885 | ||
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 0 | 0 | ||
Loans, gross | 84,072 | 84,072 | 86,886 | ||
Loans Receivable, Collectively Evaluated for Impairment | 83,694 | 83,694 | 83,672 | ||
Loans Receivable, Individually Evaluated for Impairment | 378 | 378 | 3,214 | ||
Commercial real estate | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Allowance for loan losses - Beginning Balance | 695 | 702 | 766 | 1,052 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Provision for loan losses | (4) | 36 | (75) | (314) | |
Allowance for loan losses - Ending Balance | 691 | 738 | 691 | 738 | |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 691 | 691 | 766 | ||
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 0 | 0 | ||
Loans, gross | 135,424 | 135,424 | 131,292 | ||
Loans Receivable, Collectively Evaluated for Impairment | 135,424 | 135,424 | 130,816 | ||
Loans Receivable, Individually Evaluated for Impairment | 0 | 0 | 476 | ||
Business | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Allowance for loan losses - Beginning Balance | 1,491 | 1,530 | 1,330 | 1,003 | |
Charge-offs | (13) | (490) | (69) | (830) | |
Recoveries | 7 | 658 | 97 | 667 | |
Provision for loan losses | (1) | (320) | 126 | 538 | |
Allowance for loan losses - Ending Balance | 1,484 | 1,378 | 1,484 | 1,378 | |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 1,474 | 1,474 | 1,312 | ||
Allowance for Loan Losses, Individually Evaluated for Impairment | 10 | 10 | 18 | ||
Loans, gross | 85,883 | 85,883 | 96,661 | ||
Loans Receivable, Collectively Evaluated for Impairment | 82,438 | 82,438 | 93,399 | ||
Loans Receivable, Individually Evaluated for Impairment | 3,445 | 3,445 | 3,262 | ||
Consumer | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Allowance for loan losses - Beginning Balance | 248 | 140 | 154 | 18 | |
Charge-offs | (8) | (7) | (81) | (12) | |
Recoveries | 0 | 1 | 2 | 36 | |
Provision for loan losses | (9) | (12) | 156 | 80 | |
Allowance for loan losses - Ending Balance | 231 | 122 | 231 | 122 | |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 231 | 231 | 154 | ||
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 0 | 0 | ||
Loans, gross | 3,588 | 3,588 | 4,063 | ||
Loans Receivable, Collectively Evaluated for Impairment | 3,588 | 3,588 | 4,063 | ||
Loans Receivable, Individually Evaluated for Impairment | 0 | 0 | 0 | ||
Unallocated | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Allowance for loan losses - Beginning Balance | 18 | 0 | 237 | 24 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Provision for loan losses | 82 | 227 | (137) | 203 | |
Allowance for loan losses - Ending Balance | 100 | $ 227 | 100 | $ 227 | |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 100 | 100 | 237 | ||
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 0 | 0 | ||
Loans, gross | 0 | 0 | 0 | ||
Loans Receivable, Collectively Evaluated for Impairment | 0 | 0 | 0 | ||
Loans Receivable, Individually Evaluated for Impairment | $ 0 | $ 0 | $ 0 |
Nonaccrual Loans (Details)
Nonaccrual Loans (Details) - Nonperforming - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 30, 2019 | Mar. 31, 2019 |
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Nonaccrual | $ 7,193 | $ 10,294 | |
One-to-four family | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Nonaccrual | 4,053 | 4,488 | |
Multifamily | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Nonaccrual | 378 | 3,214 | |
Commercial real estate | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Nonaccrual | $ 0 | 476 | |
Business | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Nonaccrual | 2,754 | 2,051 | |
Consumer | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Nonaccrual | $ 8 | $ 65 |
Credit Quality Indicators (Deta
Credit Quality Indicators (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Mar. 31, 2019 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | $ 422,319 | $ 428,828 |
Multifamily | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 84,072 | 86,886 |
Multifamily | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 83,694 | 83,672 |
Multifamily | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 0 | 0 |
Multifamily | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 378 | 3,214 |
Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 135,424 | 131,292 |
Commercial real estate | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 134,803 | 128,319 |
Commercial real estate | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 621 | 2,497 |
Commercial real estate | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 0 | 476 |
Business | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 85,883 | 96,661 |
Business | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 78,458 | 90,336 |
Business | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 3,951 | 2,425 |
Business | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 3,474 | 3,900 |
One-to-four family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 113,352 | 109,926 |
One-to-four family | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 109,299 | 106,531 |
One-to-four family | Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 4,053 | 3,395 |
Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 3,588 | 4,063 |
Consumer | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 3,580 | 4,063 |
Consumer | Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | $ 8 | $ 0 |
Past Due Financing Receivables
Past Due Financing Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Mar. 31, 2019 |
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | $ 15,972 | $ 11,625 |
Financing Receivable, Not Past Due | 406,347 | 417,203 |
Loans, gross | 422,319 | 428,828 |
Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 8,626 | 5,395 |
Financing Receivables, 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 1,848 | 53 |
Financing Receivables, Equal to Greater than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 5,498 | 6,177 |
One-to-four family | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 4,864 | 5,222 |
Financing Receivable, Not Past Due | 108,488 | 104,704 |
Loans, gross | 113,352 | 109,926 |
One-to-four family | Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 1,196 | 1,827 |
One-to-four family | Financing Receivables, 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 0 | 0 |
One-to-four family | Financing Receivables, Equal to Greater than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 3,668 | 3,395 |
Multifamily | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 505 | 4,698 |
Financing Receivable, Not Past Due | 83,567 | 82,188 |
Loans, gross | 84,072 | 86,886 |
Multifamily | Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 0 | 2,580 |
Multifamily | Financing Receivables, 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 505 | 0 |
Multifamily | Financing Receivables, Equal to Greater than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 0 | 2,118 |
Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 5,984 | 121 |
Financing Receivable, Not Past Due | 129,440 | 131,171 |
Loans, gross | 135,424 | 131,292 |
Commercial real estate | Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 4,651 | 121 |
Commercial real estate | Financing Receivables, 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 1,333 | 0 |
Commercial real estate | Financing Receivables, Equal to Greater than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 0 | 0 |
Business | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 4,611 | 1,379 |
Financing Receivable, Not Past Due | 81,272 | 95,282 |
Loans, gross | 85,883 | 96,661 |
Business | Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 2,777 | 780 |
Business | Financing Receivables, 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 4 | 0 |
Business | Financing Receivables, Equal to Greater than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 1,830 | 599 |
Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 8 | 205 |
Financing Receivable, Not Past Due | 3,580 | 3,858 |
Loans, gross | 3,588 | 4,063 |
Consumer | Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 2 | 87 |
Consumer | Financing Receivables, 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 6 | 53 |
Consumer | Financing Receivables, Equal to Greater than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | $ 0 | $ 65 |
Impaired Loans (Details)
Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2019 | |
Impaired Financing Receivable, Recorded Investment [Abstract] | |||||
Impaired Financing Receivable, Recorded Investment | $ 8,925 | $ 8,925 | $ 12,369 | ||
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | |||||
Impaired Financing Receivable, Unpaid Principal Balance | 9,998 | 9,998 | 13,567 | ||
Impaired Financing Receivable, Related Allowance | 168 | 168 | 189 | ||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||||
Impaired Financing Receivable, Average Recorded Investment | 9,238 | $ 12,182 | 10,647 | $ 12,622 | |
Impaired Financing Receivable, Interest Income, Cash Basis Method [Abstract] | |||||
Impaired Financing Receivable, Interest Income, Cash Basis Method | 44 | 44 | 129 | 115 | |
One-to-four family | |||||
Impaired Financing Receivable, Recorded Investment [Abstract] | |||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 4,291 | 4,291 | 4,488 | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 811 | 811 | 929 | ||
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | |||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 5,296 | 5,296 | 5,643 | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 806 | 806 | 929 | ||
Impaired Financing Receivable, Related Allowance | 158 | 158 | 171 | ||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 4,143 | 4,608 | 4,390 | 4,973 | |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 813 | 938 | 870 | 1,000 | |
Impaired Financing Receivable, Interest Income, Cash Basis Method [Abstract] | |||||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 14 | 25 | 43 | 60 | |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 0 | 0 | 0 | 0 | |
Multifamily | |||||
Impaired Financing Receivable, Recorded Investment [Abstract] | |||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 378 | 378 | 3,214 | ||
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | |||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 378 | 378 | 3,214 | ||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 1,406 | 2,518 | 1,796 | 1,836 | |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 0 | 0 | 0 | 371 | |
Impaired Financing Receivable, Interest Income, Cash Basis Method [Abstract] | |||||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 14 | 11 | 45 | 29 | |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 0 | 0 | 0 | 0 | |
Commercial real estate | |||||
Impaired Financing Receivable, Recorded Investment [Abstract] | |||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 0 | 0 | 476 | ||
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | |||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 0 | 0 | 476 | ||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 0 | 486 | 238 | 1,011 | |
Impaired Financing Receivable, Interest Income, Cash Basis Method [Abstract] | |||||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 0 | 8 | 0 | 16 | |
Business | |||||
Impaired Financing Receivable, Recorded Investment [Abstract] | |||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 2,774 | 2,774 | 1,974 | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 671 | 671 | 1,288 | ||
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | |||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 2,847 | 2,847 | 2,017 | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 671 | 671 | 1,288 | ||
Impaired Financing Receivable, Related Allowance | 10 | 10 | $ 18 | ||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 2,096 | 1,204 | 2,374 | 1,192 | |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 780 | 2,428 | 979 | 2,239 | |
Impaired Financing Receivable, Interest Income, Cash Basis Method [Abstract] | |||||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 16 | 0 | 41 | 6 | |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | $ 0 | $ 0 | $ 0 | $ 4 |
Loans Receivable and ALLL Text
Loans Receivable and ALLL Text Tags (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |
Dec. 31, 2018 | Sep. 30, 2019 | Dec. 31, 2019USD ($) | Dec. 31, 2018 | Mar. 31, 2019USD ($) | |
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Financing Receivable, Troubled Debt Restructuring | $ 4,300 | $ 5,400 | |||
Financing Receivable, Modifications, Number of Contracts | 0 | ||||
Financing Receivable, Past Due | $ 15,972 | 11,625 | |||
Other Real Estate Owned | $ 120 | $ 404 | |||
Number of Real Estate Properties | 2 | 4 | |||
Number of Modified Loan Subsequently Defaulted | 0 | ||||
Loans and Leases Receivable, Related Parties | $ 70 | $ 80 | |||
Loans and Leases Receivable, Related Parties, Proceeds | 10 | ||||
Nonperforming | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Financing Receivable, Troubled Debt Restructuring | 2,600 | 3,200 | |||
Performing | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Financing Receivable, Troubled Debt Restructuring | 1,800 | $ 2,200 | |||
Financing Receivable, Modifications, Number of Contracts | 6 | 8 | |||
Business | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Financing Receivable, Modifications, Number of Contracts | 2 | 3 | |||
Financing Receivable, Past Due | $ 4,611 | $ 1,379 |
TDRs (Details)
TDRs (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Dec. 31, 2018USD ($) | Dec. 31, 2019 | Dec. 31, 2018USD ($) | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | 0 | ||
Business | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | 2 | 3 | |
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 1,014 | $ 2,776 | |
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 648 | $ 2,360 | |
weighted average rate pre modification | 6.11% | 6.51% | |
Weighted average rate post modification | 6.24% | 6.06% |
Fair Value, Assets Measured on
Fair Value, Assets Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Mar. 31, 2019 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage servicing rights | $ 172 | $ 180 |
Securities Available-for-Sale | 70,443 | 79,845 |
Assets, Fair Value Disclosure | 71,244 | 80,479 |
Fair Value, Measurements, Recurring | Government National Mortgage Association (GNMA) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 3,719 | 4,382 |
Fair Value, Measurements, Recurring | Federal Home Loan Mortgage Corporation (FHLMC) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 9,926 | 11,025 |
Fair Value, Measurements, Recurring | Federal National Mortgage Association (FNMA) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 24,317 | 26,608 |
Fair Value, Measurements, Recurring | US Government Agency Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities Available-for-Sale | 28,396 | 32,853 |
Fair Value, Measurements, Recurring | Corporate Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities Available-for-Sale | 4,085 | 4,977 |
Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage servicing rights | 0 | 0 |
Securities Available-for-Sale | 0 | 0 |
Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage servicing rights | 0 | 0 |
Securities Available-for-Sale | 0 | 0 |
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | Government National Mortgage Association (GNMA) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | Federal Home Loan Mortgage Corporation (FHLMC) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | Federal National Mortgage Association (FNMA) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | US Government Agency Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities Available-for-Sale | 0 | 0 |
Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | Corporate Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities Available-for-Sale | 0 | 0 |
Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage servicing rights | 0 | 0 |
Securities Available-for-Sale | 70,443 | 79,845 |
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage servicing rights | 0 | 0 |
Securities Available-for-Sale | 70,443 | 79,845 |
Assets, Fair Value Disclosure | 70,443 | 79,845 |
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | Government National Mortgage Association (GNMA) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 3,719 | 4,382 |
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | Federal Home Loan Mortgage Corporation (FHLMC) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 9,926 | 11,025 |
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | Federal National Mortgage Association (FNMA) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 24,317 | 26,608 |
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | US Government Agency Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities Available-for-Sale | 28,396 | 32,853 |
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | Corporate Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities Available-for-Sale | 4,085 | 4,977 |
Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage servicing rights | 172 | 180 |
Securities Available-for-Sale | 0 | 0 |
Other investments | 629 | |
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage servicing rights | 180 | |
Securities Available-for-Sale | 0 | 0 |
Assets, Fair Value Disclosure | 172 | 180 |
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | Government National Mortgage Association (GNMA) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | Federal Home Loan Mortgage Corporation (FHLMC) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | Federal National Mortgage Association (FNMA) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | US Government Agency Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities Available-for-Sale | 0 | 0 |
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | Corporate Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities Available-for-Sale | $ 0 | $ 0 |
Fair Value Measurements Text Ta
Fair Value Measurements Text Tag (Details) | 6 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | ||
Percent of Total Assets Level 3 | 0.10% | |
Transfers between level 1 and level 2 | 0 |
Fair Value, Assets Measured o_2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - Fair Value, Measurements, Recurring - Fair Value, Inputs, Level 3 - Other Assets - USD ($) | 9 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | $ (7,000) | $ 26,000 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value - Beginning | 180,000 | 181,000 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | (8,000) | 28,000 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value - Ending | $ 172,000 | $ 209,000 |
Fair Value, Assets Measured o_3
Fair Value, Assets Measured on Recurring Basis, Valuation Techniques (Details) $ in Thousands | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Mar. 31, 2018USD ($) | ||
Fair Value, Inputs, Level 3 | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Mortgage servicing rights | $ 172 | $ 180 | |||
Other investments | 629 | ||||
Fair Value, Measurements, Recurring | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Mortgage servicing rights | 172 | 180 | |||
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Mortgage servicing rights | 180 | ||||
Fair Value, Measurements, Recurring | Other Assets | Fair Value, Inputs, Level 3 | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 172 | $ 180 | $ 209 | $ 181 | |
Fair Value Measurements, Valuation Processes, Description | Discounted Cash Flow | Discounted Cash Flow | |||
Servicing Asset, Measurement Input | 0.0941 | 0.1119 | |||
Measurement Input, Constant Prepayment Rate | Fair Value, Measurements, Recurring | Other Assets | Fair Value, Inputs, Level 3 | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value Measurements, Valuation Processes, Description | [1] | Weighted Average Constant Prepayment Rate(1) | Weighted Average Constant Prepayment Rate(1) | ||
Measurement Input, Discount Rate | Fair Value, Measurements, Recurring | Other Assets | Fair Value, Inputs, Level 3 | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value Measurements, Valuation Processes, Description | [1] | Option Adjusted Spread ("OAS") applied to Treasury curve | Option Adjusted Spread ("OAS" applied to Treasury curve | ||
[1] | (1) Represents annualized loan repayment rate assumptions |
Fair Value Measurements, Nonrec
Fair Value Measurements, Nonrecurring (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Mar. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Real Estate Owned | $ 120 | $ 404 |
Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 1,314 | 2,027 |
Other Real Estate Owned | 120 | 404 |
Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 |
Other Real Estate Owned | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 |
Other Real Estate Owned | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 1,314 | 2,027 |
Other Real Estate Owned | $ 120 | $ 404 |
Fair Value, Assets Measured o_4
Fair Value, Assets Measured on Nonrecurring Basis, Valuation Techniques (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Dec. 31, 2019 | Mar. 31, 2019 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other Real Estate Owned | $ 120 | $ 404 |
Fair Value, Measurements, Nonrecurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 1,314 | 2,027 |
Other Real Estate Owned | 120 | 404 |
Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 1,314 | 2,027 |
Other Real Estate Owned | $ 120 | $ 404 |
Fair Value Measurements, Valuation Processes, Description | Appraisal of collateral | Appraisal of collateral |
Measurement Input, Appraised Value [Member] | Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value Measurements, Valuation Processes, Description | Appraisal adjustments | Appraisal adjustments |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Mar. 31, 2019 |
Financial Assets: | ||
Held-to-maturity, Fair Value | $ 10,604 | $ 11,107 |
Fair Value, Inputs, Level 1 | ||
Financial Assets: | ||
Cash and cash equivalents | 37,733 | 31,228 |
Securities Available-for-Sale | 0 | 0 |
Held-to-maturity, Fair Value | 0 | 0 |
Loans Receivable | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Mortgage servicing rights | 0 | 0 |
Other assets - Interest-bearing deposits | 0 | 0 |
Financial Liabilities: | ||
Deposits | 278,925 | 277,360 |
Advances from FHLB of New York | 0 | 0 |
Other borrowed money | 0 | 0 |
Accrued interest payable | 0 | 0 |
Fair Value, Inputs, Level 2 | ||
Financial Assets: | ||
Cash and cash equivalents | 0 | 0 |
Securities Available-for-Sale | 70,443 | 79,845 |
Held-to-maturity, Fair Value | 10,604 | 11,107 |
Loans Receivable | 0 | 0 |
Accrued interest receivable | 2,019 | 2,019 |
Mortgage servicing rights | 0 | 0 |
Other assets - Interest-bearing deposits | 980 | 976 |
Financial Liabilities: | ||
Deposits | 184,944 | 200,143 |
Advances from FHLB of New York | 11,999 | 8,001 |
Other borrowed money | 13,371 | 12,393 |
Accrued interest payable | 2,426 | 1,931 |
Fair Value, Inputs, Level 3 | ||
Financial Assets: | ||
Cash and cash equivalents | 0 | 0 |
Securities Available-for-Sale | 0 | 0 |
Held-to-maturity, Fair Value | 0 | 0 |
Loans Receivable | 422,890 | 424,013 |
Accrued interest receivable | 0 | 0 |
Mortgage servicing rights | 172 | 180 |
Other assets - Interest-bearing deposits | 0 | 0 |
Financial Liabilities: | ||
Deposits | 0 | 0 |
Advances from FHLB of New York | 0 | 0 |
Other borrowed money | 0 | 0 |
Accrued interest payable | 0 | 0 |
Reported Value Measurement | ||
Financial Assets: | ||
Cash and cash equivalents | 37,733 | 31,228 |
Securities Available-for-Sale | 70,443 | 79,845 |
Held-to-maturity, Fair Value | 10,447 | 11,137 |
Loans Receivable | 417,712 | 424,182 |
Accrued interest receivable | 2,019 | 2,019 |
Mortgage servicing rights | 172 | 180 |
Other assets - Interest-bearing deposits | 980 | 976 |
Financial Liabilities: | ||
Deposits | 464,298 | 480,196 |
Advances from FHLB of New York | 12,000 | 8,000 |
Other borrowed money | 13,403 | 13,403 |
Accrued interest payable | 2,426 | 1,931 |
Estimate of Fair Value Measurement | ||
Financial Assets: | ||
Cash and cash equivalents | 37,733 | 31,228 |
Securities Available-for-Sale | 70,443 | 79,845 |
Held-to-maturity, Fair Value | 10,604 | 11,107 |
Loans Receivable | 422,890 | 424,013 |
Accrued interest receivable | 2,019 | 2,019 |
Mortgage servicing rights | 172 | 180 |
Other assets - Interest-bearing deposits | 980 | 976 |
Financial Liabilities: | ||
Deposits | 463,869 | 477,503 |
Advances from FHLB of New York | 11,999 | 8,001 |
Other borrowed money | 13,371 | 12,393 |
Accrued interest payable | $ 2,426 | $ 1,931 |
Non-interest Revenue (Details)
Non-interest Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | $ 965 | $ 1,327 | $ 3,123 | $ 3,710 |
Noninterest income out of scope of ASU 606 | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 35 | 348 | 405 | 890 |
Noninterest income in scope of ASU 606 | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 930 | 979 | 2,718 | 2,820 |
Depository fees and charges | Noninterest income in scope of ASU 606 | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer | 846 | 862 | 2,461 | 2,549 |
Loan fees and service charges | Noninterest income in scope of ASU 606 | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer | 70 | 102 | 216 | 223 |
Other noninterest income | Noninterest income in scope of ASU 606 | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer | $ 14 | $ 15 | $ 41 | $ 48 |
Other Non-interest Revenue and
Other Non-interest Revenue and Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Noninterest Income, Other [Abstract] | ||||
Depository fees and charges | $ 0 | $ 115 | $ 208 | $ 194 |
Other | 37 | 82 | 186 | 272 |
Total non-interest income | 37 | 197 | 394 | 466 |
Non-interest expense: | ||||
Advertising | 32 | 66 | 234 | 242 |
Legal expense | 316 | 95 | 489 | 338 |
Insurance and surety | 158 | 146 | 463 | 514 |
Audit expense | 136 | 125 | 398 | 456 |
Outsourced service | 33 | 143 | 277 | 451 |
Data lines / internet | 105 | 139 | 315 | 311 |
Retail expenses | 175 | 195 | 551 | 609 |
Regulatory assessment | 53 | 86 | 161 | 259 |
Investor relations | 0 | 75 | 16 | 112 |
Director's fees | 77 | 86 | 232 | 259 |
Other | 528 | 504 | 1,447 | 1,666 |
Total non-interest expense | $ 1,613 | $ 1,660 | $ 4,583 | $ 5,217 |
Leases (Details)
Leases (Details) $ in Thousands | 3 Months Ended | 9 Months Ended |
Dec. 31, 2019USD ($) | Dec. 31, 2019USD ($) | |
Leases [Abstract] | ||
Operating Lease, Weighted Average Remaining Lease Term | 8 years 1 month 6 days | 8 years 1 month 6 days |
Finance Lease, Weighted Average Remaining Lease Term | 3 years | 3 years |
Operating Lease, Weighted Average Discount Rate, Percent | 3.00% | 3.00% |
Finance Lease, Weighted Average Discount Rate, Percent | 1.83% | 1.83% |
Operating Lease, Expense | $ 743 | $ 2,207 |
Finance Lease, Right-of-Use Asset, Amortization | 16 | 20 |
Finance Lease, Interest Expense | 1 | 1 |
Operating Lease, Payments | 706 | 2,083 |
Finance Lease, Payments | $ 14 | $ 30 |
Leases-Lease Liability, Maturit
Leases-Lease Liability, Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Apr. 01, 2019 | Mar. 31, 2019 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |||
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | $ 685 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Two | 2,701 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Three | 2,600 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Four | 2,462 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Five | 2,535 | ||
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 10,231 | ||
Lessee, Operating Lease, Liability, Payments, Due | 21,214 | ||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (2,514) | ||
Operating lease liability | 18,700 | $ 20,335 | $ 0 |
Finance Lease, Liability, Payment, Due [Abstract] | |||
Finance Lease, Liability, Payments, Due Next Twelve Months | 18 | ||
Finance Lease, Liability, Payments, Due Year Two | 69 | ||
Finance Lease, Liability, Payments, Due Year Three | 69 | ||
Finance Lease, Liability, Payments, Due Year Four | 28 | ||
Finance Lease, Liability, Payments, Due Year Five | 8 | ||
Finance Lease, Liability, Payments, Due after Year Five | 0 | ||
Finance Lease, Liability, Payment, Due | 192 | ||
Finance Lease, Liability, Undiscounted Excess Amount | (5) | ||
Finance Lease, Liability | $ 187 |
Leases Text Tags (Details)
Leases Text Tags (Details) $ in Thousands | 9 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 5,300 |
Recognition of right-of-use asset | 19,951 |
Finance Lease, Right-of-Use Asset | 195 |
Finance Lease, Liability | $ 187 |
Impact of Recent Accounting S_2
Impact of Recent Accounting Standards Text Tag (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Cumulative Effect of New Accounting Principle | $ (5,300) | |
Accounting Standards Update 2016-01 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Cumulative Effect of New Accounting Principle | $ 0 | |
Accounting Standards Update 2016-01 | Accumulated Deficit | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Cumulative Effect of New Accounting Principle | $ 721 |