Document and Entity Information
Document and Entity Information Document | 9 Months Ended |
Dec. 31, 2023 | |
Document and Entity Information [Abstract] | |
Entity Central Index Key | 0001016178 |
Current Fiscal Year End Date | --03-31 |
Document Period End Date | Dec. 31, 2023 |
Document Fiscal Year Focus | 2024 |
Document Fiscal Period Focus | Q3 |
Amendment Flag | false |
Cover Page
Cover Page - shares | 9 Months Ended | |
Dec. 31, 2023 | Feb. 13, 2024 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 001-13007 | |
Entity Registrant Name | CARVER BANCORP, INC. | |
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 | |
Entity Tax Identification Number | 13-3904174 | |
Entity Address, Postal Zip Code | 10027 | |
City Area Code | (718) | |
Local Phone Number | 230-2900 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Smaller Reporting Company | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 4,985,612 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 | ||
Cash and cash equivalents: | ||||
Cash and due from banks | $ 74,730 | $ 42,298 | ||
Money market investments | 500 | 254 | ||
Total cash and cash equivalents | 75,230 | 42,552 | ||
Investment securities: | ||||
Available-for-sale | 49,106 | 53,843 | ||
Held-to-maturity | 2,078 | 2,318 | ||
Total investment securities | 51,184 | 56,161 | ||
Loans receivable: | ||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 624,651 | |||
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest | (5,897) | |||
Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss, Total | 618,754 | |||
Loans and Leases Receivable, Net of Deferred Income | 624,651 | 597,896 | ||
Loans and Leases Receivable, Allowance | (5,229) | |||
Total loans receivable, net | 592,667 | |||
Premises and equipment, net | 2,660 | 3,174 | ||
Federal Home Loan Bank of New York (“FHLB-NY”) stock, at cost | 2,004 | 2,266 | ||
Accrued interest receivable | 2,414 | 1,911 | ||
Right-of-use assets | 10,468 | 12,311 | ||
Other assets | 12,593 | 12,182 | ||
Total assets | 775,307 | 723,224 | ||
Deposits: | ||||
Non-interest bearing checking | 106,408 | 109,401 | ||
Interest-bearing deposits: | ||||
Interest-bearing checking | 47,290 | 49,473 | ||
Savings | 109,614 | 109,210 | ||
Money market | 165,953 | 150,348 | ||
Certificates of Deposit | 231,676 | 178,694 | ||
Escrow | 1,876 | 3,303 | ||
Total interest-bearing deposits | 556,409 | 491,028 | ||
Total deposits | 662,817 | 600,429 | ||
Advances from the FHLB-NY and other borrowed money | 46,551 | 51,090 | ||
Operating lease liability | 11,270 | 13,173 | ||
Other liabilities | 11,943 | 13,308 | ||
Total liabilities | 732,581 | 678,000 | ||
Commitments and Contingencies | 0 | 0 | ||
EQUITY | ||||
Common stock | 76 | 68 | ||
Additional paid-in capital | 86,767 | 82,805 | ||
Accumulated deficit | (51,560) | (47,904) | ||
Treasury stock | (2,908) | (2,908) | ||
Accumulated other comprehensive loss | (12,277) | (12,215) | ||
Total equity | 42,726 | 45,224 | ||
Total liabilities and equity | 775,307 | 723,224 | ||
Series D Preferred Stock | ||||
EQUITY | ||||
Preferred stock | 10,451 | 13,201 | ||
Series E Preferred Stock | ||||
EQUITY | ||||
Preferred stock | 3,177 | 3,177 | ||
Series F Preferred Stock | ||||
EQUITY | ||||
Preferred stock | 9,000 | 9,000 | ||
Real Estate | ||||
Loans receivable: | ||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 437,574 | |||
Loans and Leases Receivable, Net of Deferred Income | 423,349 | |||
Business | ||||
Loans receivable: | ||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | [1] | 172,204 | ||
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest | (1,452) | |||
Loans and Leases Receivable, Net of Deferred Income | 172,204 | 166,908 | [1] | |
Loans and Leases Receivable, Allowance | (1,139) | |||
Consumer | ||||
Loans receivable: | ||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | [2] | 14,873 | ||
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest | (443) | |||
Loans and Leases Receivable, Net of Deferred Income | $ 14,873 | 7,639 | [2] | |
Loans and Leases Receivable, Allowance | $ (449) | |||
[1] (1) Includes PPP loans and business overdrafts Includes personal loans and consumer overdrafts |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition Parentheticals - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 |
Investment securities | ||
Held-to-maturity, Fair Value | $ 1,984 | $ 2,221 |
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) | 7,535,339 | 6,799,410 |
Common Stock, Shares Outstanding (in shares) | 5,031,536 | 4,295,607 |
Treasury Stock, Common, Shares | 2,503,803 | 2,503,803 |
Series D Preferred Stock | ||
Convertible Preferred Stock, Par Value (in dollars per share) | $ 0.01 | $ 0.01 |
Convertible Preferred Stock, Shares Issued (in shares) | 10,451 | 13,201 |
Convertible Preferred Stock, Shares Outstanding (in shares) | 10,451 | 13,201 |
Convertible Preferred Stock, Liquidation Preference (in dollars per share) | $ 1,000 | $ 1,000 |
Series E Preferred Stock | ||
Convertible Preferred Stock, Par Value (in dollars per share) | $ 0.01 | $ 0.01 |
Convertible Preferred Stock, Shares Issued (in shares) | 3,177 | 3,177 |
Convertible Preferred Stock, Shares Outstanding (in shares) | 3,177 | 3,177 |
Convertible Preferred Stock, Liquidation Preference (in dollars per share) | $ 1,000 | $ 1,000 |
Series F Preferred Stock | ||
Convertible Preferred Stock, Par Value (in dollars per share) | $ 0.01 | $ 0.01 |
Convertible Preferred Stock, Shares Issued (in shares) | 9,000 | 9,000 |
Convertible Preferred Stock, Shares Outstanding (in shares) | 9,000 | 9,000 |
Convertible Preferred Stock, Liquidation Preference (in dollars per share) | $ 1,000 | $ 1,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Interest income: | ||||
Loans | $ 7,336 | $ 6,380 | $ 21,203 | $ 18,362 |
Mortgage-backed securities | 145 | 150 | 439 | 465 |
Investment securities | 289 | 273 | 835 | 639 |
Money market investments | 704 | 395 | 1,801 | 830 |
Total interest income | 8,474 | 7,198 | 24,278 | 20,296 |
Interest expense: | ||||
Deposits | 2,387 | 1,128 | 6,112 | 2,366 |
Advances and other borrowed money | 606 | 327 | 1,784 | 870 |
Total interest expense | 2,993 | 1,455 | 7,896 | 3,236 |
Net interest income | 5,481 | 5,743 | 16,382 | 17,060 |
Financing Receivable, Excluding Accrued Interest, Credit Loss Expense (Reversal) | (97) | 77 | ||
(Recovery of) provision for credit losses | 305 | 89 | ||
Net interest income after (recovery of) provision for credit losses | 5,578 | 5,438 | 16,305 | 16,971 |
Non-interest income: | ||||
Depository fees and charges | 543 | 561 | 1,678 | 1,669 |
Loan fees and service charges | 101 | 72 | 357 | 329 |
Gain on sale of loans, net | 0 | 107 | 0 | 107 |
Grant income | 1,401 | 162 | 2,003 | 324 |
Other | 490 | 90 | 715 | 371 |
Total non-interest income | 2,535 | 992 | 4,753 | 2,800 |
Non-interest expense: | ||||
Employee compensation and benefits | 3,452 | 3,239 | 10,097 | 9,725 |
Net occupancy expense | 1,147 | 1,135 | 3,428 | 3,394 |
Equipment, net | 470 | 593 | 1,534 | 1,633 |
Data processing | 757 | 639 | 2,265 | 1,903 |
Consulting fees | 133 | 86 | 370 | 400 |
Federal deposit insurance premiums | 132 | 102 | 415 | 292 |
Other | 2,003 | 1,725 | 5,937 | 5,325 |
Total non-interest expense | 8,094 | 7,519 | 24,046 | 22,672 |
Income (loss) before income taxes | 19 | (1,089) | (2,988) | (2,901) |
Income tax expense | 0 | 0 | 0 | 0 |
Net income (loss) | $ 19 | $ (1,089) | $ (2,988) | $ (2,901) |
Earnings (loss) per common share: | ||||
Earnings (loss) per Share, Basic (in dollars per share) | $ 0 | $ (0.25) | $ (0.63) | $ (0.68) |
Earnings (loss) per Share, Diluted (in dollars per share) | $ 0 | $ (0.25) | $ (0.63) | $ (0.68) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss Statement - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 19 | $ (1,089) | $ (2,988) | $ (2,901) |
Other comprehensive income (loss), net of tax: | ||||
Unrealized (loss) gain of securities available-for sale, net of tax | 3,037 | (18) | (62) | (7,076) |
Other comprehensive loss, net of taxes | 3,037 | (18) | (62) | (7,076) |
Total comprehensive (loss) income, net of tax | $ 3,056 | $ (1,107) | $ (3,050) | $ (9,977) |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment [Member] | Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Treasury Stock, Common | Accumulated Other Comprehensive Loss |
Equity - Beginning Balance at Mar. 31, 2022 | $ 55,087 | $ 25,928 | $ 67 | $ 82,165 | $ (43,503) | $ (2,908) | $ (6,662) | |
Net income (loss) | (2,901) | |||||||
Other comprehensive loss, net of taxes | (7,076) | |||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | 0 | (550) | (1) | (549) | ||||
Stock based compensation expense | 20 | 20 | ||||||
Equity - Ending Balance at Dec. 31, 2022 | 45,130 | 25,378 | 68 | 82,734 | (46,404) | (2,908) | (13,738) | |
Equity - Beginning Balance at Sep. 30, 2022 | 46,237 | 25,378 | 68 | 82,734 | (45,315) | (2,908) | (13,720) | |
Net income (loss) | (1,089) | |||||||
Other comprehensive loss, net of taxes | (18) | (18) | ||||||
Equity - Ending Balance at Dec. 31, 2022 | 45,130 | 25,378 | 68 | 82,734 | (46,404) | (2,908) | (13,738) | |
Accumulated deficit | (47,904) | |||||||
Equity - Beginning Balance at Mar. 31, 2023 | 45,224 | 25,378 | 68 | 82,805 | (47,904) | (2,908) | (12,215) | |
Net income (loss) | (2,988) | |||||||
Other comprehensive loss, net of taxes | (62) | (62) | ||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | 0 | (2,750) | (4) | (2,746) | ||||
Stock Issued During Period, Value, New Issues | 1,000 | 4 | 996 | |||||
Stock based compensation expense | 220 | 220 | ||||||
Equity - Ending Balance at Dec. 31, 2023 | 42,726 | 22,628 | 76 | 86,767 | (51,560) | (2,908) | (12,277) | |
Equity - Beginning Balance at Sep. 30, 2023 | 39,669 | 23,178 | 75 | 86,217 | (51,579) | (2,908) | (15,314) | |
Net income (loss) | 19 | |||||||
Other comprehensive loss, net of taxes | 3,037 | 3,037 | ||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | 0 | (550) | (1) | (549) | ||||
Stock based compensation expense | 1 | 1 | ||||||
Equity - Ending Balance at Dec. 31, 2023 | 42,726 | $ 22,628 | $ 76 | $ 86,767 | $ (51,560) | $ (2,908) | $ (12,277) | |
Accumulated deficit | $ (51,560) | $ (668) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||||
Net income (loss) | $ 19 | $ (1,089) | $ (2,988) | $ (2,901) | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Financing Receivable, Excluding Accrued Interest, Credit Loss Expense (Reversal) | (97) | 77 | |||
(Recovery of) provision for credit losses | 305 | 89 | |||
Stock based compensation expense | 220 | 20 | |||
Depreciation and amortization expense | 744 | 783 | |||
Gain on sale of loans, net | 0 | 107 | 0 | 107 | |
Amortization and accretion of loan premiums and discounts and deferred charges, net | 155 | (78) | |||
Amortization and accretion of premiums and discounts — securities | 249 | 328 | |||
Increase in accrued interest receivable | (503) | (99) | |||
(Increase) decrease in other assets | (237) | 2,360 | |||
Decrease in other liabilities | (1,431) | (9,242) | |||
Net cash used in operating activities | (3,714) | (8,847) | |||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||
Proceeds from principal payments, maturities and calls of investments: Available-for-sale | 4,430 | 6,756 | |||
Proceeds from principal payments, maturities and calls of investments: Held-to-maturity | 236 | 2,841 | |||
Purchase of bank-owned life insurance | 0 | (5,000) | |||
Payments to Acquire Other Investments | (603) | 0 | |||
Loans held-for investment, net of repayments/payoffs and (originations) | (2,855) | 1,963 | |||
Loans purchased from third parties | (29,467) | (11,199) | |||
Proceeds from participation loans sold | 0 | 5,129 | |||
Redemption (purchase) of FHLB-NY stock, net | 262 | (782) | |||
Purchase of premises and equipment | (236) | (168) | |||
Net cash used in investing activities | (22,523) | (4,386) | |||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||
Net increase (decrease) in deposits | 62,388 | (18,870) | |||
Proceeds from short-term borrowings | 0 | 15,000 | |||
Repayment of short-term borrowings | (10,000) | 0 | |||
Proceeds from Issuance of Long-term Debt | 5,527 | 0 | |||
Repayment of long-term borrowings | 0 | (3) | |||
Issuance of common stock | 1,000 | 0 | $ 3,000 | ||
Net cash provided by (used in) financing activities | 58,915 | (3,873) | |||
Net increase (decrease) in cash and cash equivalents | 32,678 | (17,106) | |||
Cash and cash equivalents at beginning of period | 42,552 | 61,018 | |||
Cash and cash equivalents at end of period | $ 75,230 | $ 43,912 | 75,230 | 43,912 | $ 61,018 |
Noncash financing and investing activities | |||||
Recognition of right-of-use asset | 0 | 1,103 | |||
Recognition of finance lease asset | 0 | 58 | |||
Recognition of finance lease liability | 0 | 58 | |||
Conversion of preferred stock to common stock | 2,750 | 550 | |||
Cash paid for: | |||||
Interest | 7,158 | 3,175 | |||
Tax on capital | $ 417 | $ 162 |
Organization
Organization | 9 Months Ended |
Dec. 31, 2023 | |
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 had 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. During the fourth quarter of fiscal year 2021, the Company applied for and was granted regulatory approval to settle all outstanding debenture interest payments through June 2021. Full payment was made on June 16, 2021. The Company deferred the September 17, 2021 interest payment, but has since had discussions with the Federal Reserve Bank of Philadelphia regarding future quarterly payments. A streamlined process has been developed for the Company to request regulatory approval to make debenture interest payments. On December 16, 2021, the Company paid the deferred interest that was due on September 17, 2021 and the regular quarterly interest payment due on December 17, 2021. All quarterly interest payments subsequent to the June 2021 payment up to and including the December 2023 payment have been made. The interest rate was 8.69% and the accrued interest was $45 thousand at December 31, 2023. While Carver has suspended its regular quarterly cash dividend on its common stock, in the future, Carver may rely on dividends from Carver Federal to pay cash dividends to its stockholders and to engage in share repurchase programs. In recent years, Carver has been successful in obtaining cash independently through its capital raising efforts, which may include cash from government grants or below market-rate loans. 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 an application with the FRB) prior to the declaration of each capital distribution. The OCC will disallow any proposed dividend that, among other reasons, would result in Carver Federal’s failure to meet the OCC minimum capital requirements. Regulation 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 a result of the Agreement, the Bank was required to obtain the approval of the OCC prior to effecting any change in its directors or senior executive officers, paying dividends and entering into any "golden parachute payments" as that term is defined under 12 U.S.C. § 1828(k) and 12 C.F.R. Part 359. As a result of the Agreement, Carver was issued an Individual Minimum Capital Ratio (“IMCR”) letter by the OCC, which requires the Bank to maintain minimum regulatory capital levels of 9% for its Tier1 leverage ratio and 12% for its total risk-based capital ratio. The Agreement was terminated on January 18, 2023. The IMCR remains in effect. The Company continues to be subject to similar requirements that the Bank was subject to under the Agreement. The Company must provide notice to the FRB prior to affecting any change in its directors or senior executive officers. The Company is also subject to the restrictions on golden parachute and indemnification payments, as set forth in 12 C.F.R. Part 359. Written approval of the Federal Reserve Bank is required prior to: (1) the declaration or payment of dividends by the Company to its stockholders, (2) the declaration or payment of dividends by the Bank to the Company, (3) any distributions of interest or principal by the Company on subordinated debentures or trust preferred securities, (4) any purchases or redemptions of the Company’s stock and (5) the Company incurring, increasing or guaranteeing certain long-term debt outside the ordinary course of business. These limitations could affect our operations and financial performance. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Dec. 31, 2023 | |
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 Company's subsidiary, Carver Statutory Trust I, is not consolidated with Carver Bancorp, Inc. for financial reporting purposes. Carver Statutory Trust I was formed in 2003 for the purpose of issuing $13 million aggregate liquidation amount of floating rate Capital Securities due September 17, 2033 (“Capital Securities”) and $0.4 million of common securities (which are the only voting securities of Carver Statutory Trust I), which are 100% owned by Carver Bancorp, Inc., and using the proceeds to acquire Junior Subordinated Debentures issued by Carver Bancorp, Inc. Carver Bancorp, Inc. has fully and unconditionally guaranteed the Capital Securities along with all obligations of Carver Statutory Trust I under the trust agreement relating to the Capital Securities. The Company does not consolidate the accounts and related activity of Carver Statutory Trust I because it is not the primary beneficiary of the entity. Variable interest entities ("VIEs") are consolidated, as required, when Carver has a controlling financial interest in these entities and is deemed to be the primary beneficiary. Carver is normally deemed to have a controlling financial interest and be the primary beneficiary if it has both (a) the power to direct activities of a VIE that most significantly impact the entity's economic performance; and (b) the obligation to absorb losses of the entity that could benefit from the activities that could potentially be significant to the VIE. 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 statement of the results of the interim period presented. Operating results for the three and nine month periods ended December 31, 2023 are not necessarily indicative of the results that may be expected for the year ended March 31, 2024. The consolidated balance sheet at December 31, 2023 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, 2023. Amounts subject to significant estimates and assumptions are items such as the allowance for credit losses, realization of deferred tax assets, and the fair value of financial instruments. While management uses available information to recognize losses on loans, future additions to the allowance for credit loss 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. Recent Events The business climate continues to present significant challenges as banks continue to absorb heightened regulatory costs and compete for limited loan demand. Significant increases in food and energy prices resulted from swift increases in the rate of inflation. The Federal Reserve began increasing the federal funds rate at the March 2022 meeting, and while the rate was held steady at the June 2023 meeting, it was increased another quarter point to the highest level in 22 years at the July 2023 meeting. The Federal Reserve held interest rates steady at the January 2024 meeting, and while it may begin to lower borrowing costs this year, it has indicated that it is not likely to cut interest rates yet by the next meeting in March. For Carver, the economic climate of New York City (“the City”), in particular, impacts our business as the City lags behind the rest of New York State and the nation both in restoring pandemic job losses and in rebounding to pre-pandemic levels of unemployment. The City's unemployment rate remains high at 5.1%, exceeding the national average, as employment in the arts and entertainment, food and hospitality sectors continue to remain below their pre-pandemic highs. The closures of five banks in 2023 led to industry-wide concerns related to liquidity, deposit outflows, and unrealized securities losses and eroding confidence in the banking system from the general public. In response to these recent developments, the Company took a number of preemptive actions, which included proactive outreach to clients and steps to maximize its funding sources. As a result, the Company's liquidity position remains adequate. The impact of market volatility from the adverse developments in the banking industry along with continued high inflation and rising interest rates, will depend on future developments, which are highly uncertain and difficult to predict. The Company is closely monitoring its asset quality, liquidity, and capital positions, as well as the credit risk in its loan portfolio. Management is actively working to minimize the current and future impact of this unusual situation, and is continuing to make adjustments to operations where appropriate or necessary to mitigate risk. However, these factors and events may have negative effects on the business, financial condition, and results of operations of the Company and its customers. New Accounting Standard Adopted in First Quarter On April 1, 2023, the Company adopted Accounting Standards Codification ("ASC") Topic 326, "Financial Instruments - Credit Loss (ASC 326)," which replaces 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. The Company applied the new guidance with a cumulative-effect adjustment to retained earnings as of April 1, 2023, using the modified-retrospective approach. Results for reporting periods beginning after April 1, 2023 are presented under CECL. Prior period amounts have not been restated and are reported in accordance with the incurred loss method. The adoption of ASC 326 resulted in an increase of $0.7 million to the allowance for credit losses related to loans. Allowance for Credit Losses ("ACL") The ACL is a valuation account that is deducted from the loan portfolio's amortized cost basis to present the net amount expected to be collected on the loans. Loan losses are charged off against the allowance when management believes the uncollectibility of a loan balance is confirmed. Management continues its collection efforts on previously charged-off balances and applies recoveries as additions to the ACL. The measurement of expected credit losses is based on information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount and a reversion to historical after the reasonable and supportable period. Expected credit losses were estimated using a regression model based on historical data from the Company and peer institutions. Adjustments to modeled loss estimates may be made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency level or term, as well as for changes in environmental conditions, such as changes in economic conditions, property values or other relevant factors. The discounted cash flow ("DCF") methodology is used for substantially all pools, applied with a 4-quarter reasonable and supportable forecast period and a 4-quarter reversion period where the ACL reflects the difference between the amortized cost and the present value of the expected cash flows. The expected cash flows are discounted at the effective interest rate and the entire change in present value is reported as credit loss expense (or reversal of credit loss expense). On a quarterly basis, management considers probability of default utilizing economic forecasts including civilian unemployment rates and CPI index, and loss given default assumptions using Frye-Jacobs estimations. For periods beyond the forecast period, the loss rate reverts back to the long-term historical loss average with a 4- quarter straight-line reversion period for all pools. There were no changes in the assumptions used from the April 1, 2023 adoption date and for the quarter ended December 31, 2023. The Company has elected to exclude accrued interest from the amortized cost basis in determining credit losses. Accrued interest receivable on loans is included in a separate line item on the Consolidated Statements of Financial Condition. Accrual of interest on loans is discontinued when the payment of principal or interest is considered to be in doubt, or when a loan becomes contractually past due by 90 days or more with respect to principal or interest, except for loans that are well-secured and in the process of collection. When a loan is placed on nonaccrual status, any accrued but uncollected interest is reversed from current income. Interest income on nonaccrual loans is recorded when received based upon the collectability of the loan. Expected credit losses are measured on a collective pool basis when similar risk characteristics exist. Loans with similar risk characteristics are grouped into homogeneous segments, or pools, for allowance calculation. The Company's loan portfolio segments as of March 31, 2023 and December 31, 2023 were as follows: • One-to-four Family - Carver Federal purchases first mortgage loans secured by one-to-four family properties that serve as the primary residence of the owner and non-qualified mortgages for one-to-four family residential loans. The loans are underwritten in accordance with applicable secondary market underwriting guidelines and requirements for sale. These loans present a moderate level of risk due primarily to general economic conditions. • Multifamily - Carver Federal originates and purchases recourse and non-recourse multifamily loans. The Bank generally requires a debt service coverage ratio at origination of at least 1.30, and that the maximum loan-to-value ("LTV") at origination not exceed 70% based on the appraised value of the mortgaged property. Multifamily property lending entails additional risks compared to one-to-four family lending. These loans are dependent on the successful operation of such buildings and can be significantly impacted by economic conditions, industry concentration, valuation of the underlying properties, lease terms, occupancy/vacancy rates, and changes in market demand for multifamily units. The Bank primarily considers the property's ability to generate net operating income sufficient to support the debt service, the financial resources, income level and managerial expertise of the borrower, the marketability of the property and the Bank's lending experience with the owner/guarantor. • Commercial Real Estate ("CRE") - CRE lending consists predominantly of originating loans for the purpose of purchasing or refinancing office, mixed-use properties, retail and church buildings in the Bank's market area. Mixed-use loans are secured by properties that are intended for both commercial and residential use, but predominantly commercial, and are classified as CRE. The Bank primarily considers the ability of the net operating income generated by the real estate to support the debt service, the financial resources, income level and managerial expertise of the borrower, the marketability of the property and the Bank's lending experience with the owner/guarantor. The maximum LTV ratio on CRE loans at origination is generally 70% based on the latest appraised fair market value of the mortgaged property and the Bank generally requires a debt service coverage ratio at origination of at least 1.30. The Bank also requires the assignment of rents of all tenants' leases in the mortgaged property and personal guarantees may be obtained for additional security from these borrowers. CRE loans generally present a higher level of risk than other types of loans due primarily to the effect of general economic conditions and the complexities involved in valuing the underlying collateral. • Construction - Carver Federal historically originated or participated in construction loans for new construction and renovation of multifamily buildings, residential developments, community service facilities, churches, and affordable housing programs. The loans provide for disbursement in stages as construction is completed. Borrowers must satisfy all credit requirements that apply to the Bank’s permanent mortgage loan financing for the mortgaged property. The Bank has additional criteria for construction loans, including an engineer’s plan and periodic cost reviews on all construction budgets for loans. Construction loans present an increased level of risk from the effect of general economic conditions and uncertainties surrounding construction costs. • Business - Carver Federal originates and purchases business and SBA loans primarily to businesses located in its primary market area and surrounding areas. Business loans are typically personally guaranteed by the owners and may also be secured by additional collateral, including real estate, equipment and inventory. Business loans are subject to increased risk from the effect of general economic conditions. SBA loans are guaranteed by the U.S. government based on the percentage of each individual program. • Consumer (including Overdraft accounts) - The Consumer portfolio includes student loans to medical students enrolled in several Caribbean schools, as well as unsecured consumer loans purchased from or originated through strategic partnerships with Bankers Healthcare Group, LLC and Upstart Holdings, Inc. Consumer loans are typically unsecured and more susceptible to declining economic conditions. Because expected loss predictions may not adequately project the level of losses inherent in a portfolio, the Bank reviews a number of qualitative factors on a quarterly basis to determine if reserves should be adjusted based upon any of those factors. As the risk ratings worsen, some of the qualitative factors tend to increase. A number of qualitative factors are considered including economic forecast uncertainty, credit quality trends, valuation trends, concentration risk, quality of loan review, changes in personnel, impact of rising rates, external factors and other considerations. Although the quantitative calculation includes a measurement of statistical economic conditions based on national averages, an additional analysis is performed at the qualitative level that applies specifically to the Company's geographic area and the banking industry that includes reasonable and supportable forecasts. Reserve for Off-Balance Sheet Credit Exposure In the ordinary course of business, the Bank has entered into off-balance sheet financial instruments consisting of commitments to extend credit and letters of credit. Such financial instruments are recorded in the consolidated statements of condition when they are funded. The Company estimates a reserve for expected credit losses on loan commitments over the contractual period in which it is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. The Bank does not record any reserve for unconditionally cancellable unfunded lending commitment since the exposure may be canceled to prevent future credit loss. Reserves for unfunded lending commitments that are not unconditionally cancellable are included in Other Liabilities in the consolidated statements of financial condition. Management will consider the likelihood that funding will occur and use the discount rate based on the associated pooled loan analysis loss rate to calculate the estimated expected credit losses. The ACL on off-balance sheet credit exposures was $9 thousand as of December 31, 2023. Allowance for Credit Losses - Securities |
Earnings Per Common Share
Earnings Per Common Share | 9 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | PER COMMON SHARE The following table reconciles the income (loss) available to common shareholders (numerator) and the weighted average common stock outstanding (denominator) for both basic and diluted earnings (loss) per share for the following periods: Three Months Ended December 31, Nine Months Ended December 31, $ in thousands except per share data 2023 2022 2023 2022 Net income (loss) $ 19 $ (1,089) $ (2,988) $ (2,901) Less: Participated securities share of undistributed earnings 4 — — — Net income (loss) available to common shareholders $ 15 $ (1,089) $ (2,988) $ (2,901) Weighted average common shares outstanding - basic 5,002,290 4,294,871 4,771,706 4,271,743 Effect of dilutive shares 1,417,536 — — — Weighted average common shares outstanding – diluted 6,419,826 4,294,871 4,771,706 4,271,743 Basic earnings (loss) per common share $ — $ (0.25) $ (0.63) $ (0.68) Diluted earnings (loss) per common share — (0.25) (0.63) (0.68) The Company has preferred shares which are entitled to receive dividends if declared on the Company's common stock and are therefore considered to be participating securities. Basic earnings (loss) per share (“EPS”) is computed using the two class method. This calculation divides net income (loss) available to common stockholders after the allocation of undistributed earnings to the participating securities by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share takes into account the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted into common stock. These potentially dilutive shares are then included in the weighted average number of shares outstanding for the period. Dilution calculations are not applicable to net loss periods. For the nine months ended December 31, 2023, and the three and nine months ended December 31, 2022, all restricted shares and outstanding stock options were anti-dilutive. |
Common Stock Dividends and Issu
Common Stock Dividends and Issuances | 9 Months Ended |
Dec. 31, 2023 | |
Dividends [Abstract] | |
Stockholders' Equity Note Disclosure | COMMON STOCK DIVIDENDS AND ISSUANCES On October 28, 2011, the United States Department of the Treasury (the "Treasury Department") 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. On August 6, 2020, the Company entered into a Securities Purchase Agreement (the "Agreement") with the Treasury Department to repurchase 2,321,286 shares of Company common stock, owned by the Treasury Department for an aggregate purchase price of $2.5 million. The stock repurchase provided for in the Agreement was completed on August 6, 2020. Upon completion of the repurchase pursuant to the Agreement, the Treasury Department was no longer a stockholder in the Company. In connection with the repurchase, Morgan Stanley provided a grant of $2.5 million that was considered contributed capital to the Company to fund the repurchase transaction. On October 15, 2020, the Company entered into an agreement with Banc of America Strategic Investments Corporation under which it issued and sold 147,227 shares of its common stock, par value $0.01, at a price of $6.62 per share. The shares were issued on October 15, 2020, in a private placement exempt from registration under Section 4(2) of the Securities Act of 1933, as amended, and Regulation D of the rules and regulations promulgated thereunder. On February 1, 2021, the Company entered into an agreement with Wells Fargo Central Pacific Holdings, Inc., under which it sold: (i) 157,806 shares of its common stock, par value $0.01 per share, at a purchase price of $7.75 per share, and (ii) 3,177 shares of a new series of preferred stock, Series E non-cumulative non-voting participating preferred stock, par value $0.01 per share, at a purchase price of $1,000 per share, in a private placement for gross proceeds of approximately $4.4 million. Upon the completion of certain transfers of the Series E preferred stock by Wells Fargo Central Pacific Holdings, Inc., the Series E preferred stock would be convertible into common stock at a conversion price of $7.96 per share. The issuance of the shares is exempt from registration pursuant to the exemption provided under Rule 506 of Regulation D promulgated under the Securities Act of 1933, as amended. The offering was made only to accredited investors as that term is defined in Rule 501(a) of Regulation D under the Act. On February 16, 2021, the Company entered into an agreement with J.P. Morgan Chase Community Development Corporation ("J.P. Morgan"), under which it sold: (i) 112,612 shares of its common stock, par value $0.01 per share, at a purchase price of $8.88 per share, and (ii) 5,000 shares of a new series of preferred stock, Series F non-cumulative non-voting non-convertible preferred stock, par value $0.01 per share ("Series F Preferred Stock"), at a purchase price of $1,000 per share, in a private placement for gross proceeds of approximately $6.0 million. On September 27, 2021, the Company entered into an agreement with J.P. Morgan under which it sold an additional 4,000 shares of its Series F Preferred Stock, at a purchase price of $1,000 per share, in a private placement for gross proceeds of $4.0 million. The issuances of the shares were exempt from registration pursuant to the exemption provided under Rule 506 of Regulation D promulgated under the Securities Act of 1933, as amended. The offerings were made only to accredited investors as that term is defined in Rule 501(a) of Regulation D under the Act. On December 14, 2021, the Company entered into a Sales Agreement (the "Sales Agreement") with Piper Sandler & Co. (“Piper Sandler”), as sales agent, pursuant to which the Company may offer and sell shares of its common stock, par value $0.01 per share, having an aggregate gross sales prices of up to $20.0 million (the “ATM Shares”) from time to time. Any sales made under the Sales Agreement will be sales deemed to be "at-the-market (ATM) offerings," as defined in Rule 415 under the Securities Act of 1933, as amended. These sales will be made through ordinary broker transactions on the NASDAQ Capital Market stock exchange at market prices prevailing at the time, at prices related to the prevailing market prices, or at negotiated prices. The Company intends to use the net proceeds of these offerings for general corporate purposes, including support for organic loan growth and repayment of all or a portion of the outstanding principal amount of our outstanding subordinated debt securities. During fiscal year 2022, the Company sold an aggregate of 397,367 shares of common stock under the ATM offering program, resulting in gross proceeds of $3.1 million and net proceeds to the Company of $3.0 million after deducting commissions and expenses. There were no additional offerings in fiscal year 2023 or during the nine months ended December 31, 2023. During fiscal year 2023, Prudential Insurance Company of America ("Prudential"), an institutional investor, donated a total of 550 shares of its holdings of Series D Preferred Stock to third parties. The third parties notified the Company of their intention to cancel the shares and convert them into 67,265 shares of Common Stock. During the nine months ended December 31, 2023, Prudential donated a total of 2,750 shares of its holdings of Series D Preferred Stock to third parties. The third parties notified the Company of their intention to cancel the shares and convert them into 336,325 shares of Common Stock. The conversions had no impact on the Company's total capital. |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 9 Months Ended |
Dec. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | |
Comprehensive Income (Loss) Note | ACCUMULATED OTHER COMPREHENSIVE LOSS The following tables set forth changes in each component of accumulated other comprehensive loss, net of tax for the nine months ended December 31, 2023 and 2022: $ in thousands At March 31, 2023 Other At December 31, 2023 Net unrealized loss on securities available-for-sale $ (12,215) $ (62) $ (12,277) $ in thousands At March 31, 2022 Other At December 31, 2022 Net unrealized loss on securities available-for-sale $ (6,662) $ (7,076) $ (13,738) |
Investment Securities
Investment Securities | 9 Months Ended |
Dec. 31, 2023 | |
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. Debt securities are classified into three categories: trading, held-to-maturity, and available-for-sale. At December 31, 2023, securities with fair value of $49.1 million, or 95.9%, of the Bank’s total securities were classified as available-for-sale, and securities with amortized cost of $2.1 million, or 4.1%, were classified as held-to-maturity, compared to $53.8 million and $2.3 million at March 31, 2023, respectively. The Bank had no securities classified as trading at December 31, 2023 and March 31, 2023. Other investments as of December 31, 2023 primarily consists of the Company and Bank's investments in limited partnership Community Capital Funds and a $5.3 million bank-owned life insurance policy ("BOLI") that was purchased during the first quarter of fiscal year 2023 as a channel to add to the Company's non-interest income revenue by means of an investment considered safe and sound by the Company's regulators. The investments in the limited partnerships are measured using the equity method. The BOLI is carried at the cash surrender value of the underlying policies. Income generated from the investment and the increase in the cash surrender value of the BOLI is included in other non-interest income on the Statements of Operations. Other investments totaled $6.9 million at December 31, 2023 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, 2023 and March 31, 2023: At December 31, 2023 Amortized Gross Unrealized $ in thousands Cost Gains Losses Fair Value Available-for-Sale: Mortgage-backed Securities: Government National Mortgage Association $ 295 $ 4 $ (1) $ 298 Federal Home Loan Mortgage Corporation 20,561 — (4,321) 16,240 Federal National Mortgage Association 11,132 — (2,149) 8,983 Total mortgage-backed securities 31,988 4 (6,471) 25,521 U.S. Government Agency Securities 6,427 — (25) 6,402 Corporate Bonds 5,266 — (2,074) 3,192 Muni Securities 17,702 — (3,711) 13,991 Total available-for-sale $ 61,383 $ 4 $ (12,281) $ 49,106 Held-to-Maturity: Mortgage-backed Securities: Government National Mortgage Association $ 311 $ — $ (6) $ 305 Federal National Mortgage Association and Other 1,767 — (88) 1,679 Total held-to maturity $ 2,078 $ — $ (94) $ 1,984 At March 31, 2023 Amortized Gross Unrealized $ in thousands Cost Gains Losses Fair Value Available-for-Sale: Mortgage-backed Securities: Government National Mortgage Association $ 341 $ 1 $ (1) $ 341 Federal Home Loan Mortgage Corporation 21,651 — (4,051) 17,600 Federal National Mortgage Association 11,714 — (2,212) 9,502 Total mortgage-backed securities 33,706 1 (6,264) 27,443 U.S. Government Agency Securities 9,364 — (38) 9,326 Corporate Bonds 5,269 — (2,177) 3,092 Muni Securities 17,719 — (3,737) 13,982 Total available-for-sale $ 66,058 $ 1 $ (12,216) $ 53,843 Held-to-Maturity: Mortgage-backed Securities: Government National Mortgage Association $ 366 $ — $ (3) $ 363 Federal National Mortgage Association and Other 1,952 — (94) 1,858 Total held-to-maturity $ 2,318 $ — $ (97) $ 2,221 There were no sales of available-for-sale or held-to-maturity securities for the nine months ended December 31, 2023 and December 31, 2022. The following tables set forth the unrealized losses and fair value of securities in an unrealized loss position at December 31, 2023 and March 31, 2023 for less than 12 months and 12 months or longer: At December 31, 2023 Less than 12 months 12 months or longer Total $ in thousands Unrealized Fair Unrealized Fair Unrealized Fair Available-for-Sale: Mortgage-backed securities $ — $ — $ (6,471) $ 25,260 $ (6,471) $ 25,260 U.S. Government Agency securities — — (25) 5,076 (25) 5,076 Corporate bonds — — (2,074) 3,192 (2,074) 3,192 Muni securities — — (3,711) 13,991 (3,711) 13,991 Total available-for-sale securities $ — $ — $ (12,281) $ 47,519 $ (12,281) $ 47,519 Held-to-Maturity: Mortgage-backed securities $ — $ — $ (94) $ 1,950 $ (94) $ 1,950 Total held-to-maturity securities $ — $ — $ (94) $ 1,950 $ (94) $ 1,950 At March 31, 2023 Less than 12 months 12 months or longer Total $ in thousands Unrealized Fair Unrealized Fair Unrealized Fair Available-for-Sale: Mortgage-backed securities $ — $ — $ (6,264) $ 27,146 $ (6,264) $ 27,146 U.S. Government Agency securities (13) 4,075 (25) 5,251 (38) 9,326 Corporate bonds — — (2,177) 3,092 (2,177) 3,092 Muni securities — — (3,737) 13,982 (3,737) 13,982 Total available-for-sale securities $ (13) $ 4,075 $ (12,203) $ 49,471 $ (12,216) $ 53,546 Held-to-Maturity: Mortgage-backed securities $ (3) $ 363 $ (94) $ 1,822 $ (97) $ 2,185 Total held-to-maturity securities $ (3) $ 363 $ (94) $ 1,822 $ (97) $ 2,185 Management reviews the investment portfolio on a quarterly basis to identify and evaluate each investment that has an unrealized holding loss. A total of 23 securities had an unrealized loss at December 31, 2023 compared to 24 at March 31, 2023. Mortgage-backed securities, U.S. government agency securities, municipal securities and a corporate bond security represented 53.2%, 10.7%, 29.4% and 6.7%, respectively, of total available-for-sale securities in an unrealized loss position at December 31, 2023. There were eight mortgage-backed securities, two U.S. government agency securities, one corporate bond and six municipal securities that had an unrealized loss position for more than 12 months at December 31, 2023. Management has evaluated available-for-sale securities that are in an unrealized loss position and has determined that the declines in fair value are attributable to market volatility, and not credit quality or other factors. Given the high credit quality of the mortgage-backed securities, which are backed by explicit U.S. government's guarantees, or guarantees by government sponsored enterprises that have credit ratings and perceived credit risk comparable to the U.S. government, the high credit quality and strong financial performance of the U.S. Government Agency and the results of the individual analyses performed for and continuous surveillance on the municipal securities, as well as the corporate security that is a reputable institution 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 the Company has the ability and intent to hold the securities until maturity or the valuations recover. The Bank's held-to-maturity portfolio consists of mortgage-backed securities that are either fully guaranteed or issued by a government sponsored enterprise, which has a credit rating and perceived credit risk comparable to the U.S. government. As such, no allowance for credit losses on securities available-for-sale or held-to-maturity have been established as of December 31, 2023. The following is a summary of the amortized cost and fair value of debt securities at December 31, 2023, 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: One through five years 1,984 1,971 6.41 % Five through ten years 2,667 2,326 2.67 % After ten years 24,744 19,288 3.25 % Mortgage-backed securities 31,988 25,521 1.65 % Total $ 61,383 $ 49,106 2.52 % Held-to-maturity: Mortgage-backed securities $ 2,078 $ 1,984 2.79 % |
Loans Receivable and Allowance
Loans Receivable and Allowance for Credit Losses | 9 Months Ended |
Dec. 31, 2023 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Loans Receivable and Allowance for Credit Losses | LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT 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 ACL reflects management’s estimate of lifetime credit losses inherent in loans as of the balance sheet date. Management uses a disciplined process and methodology to calculate the ACL each quarter. To determine the total ACL, management estimates the reserves needed for each segment of the loan portfolio, including loans analyzed individually and loans analyzed on a pooled basis. The following is a summary of loans receivable at December 31, 2023 and March 31, 2023: December 31, 2023 March 31, 2023 $ in thousands Amount Percent Amount Percent Loans receivable: One-to-four family $ 84,041 13.4 % $ 65,808 11.0 % Multifamily 177,772 28.5 % 179,117 30.0 % Commercial real estate 174,202 27.9 % 178,424 29.8 % Construction 1,559 0.2 % — — % Business (1) 172,204 27.6 % 166,908 27.9 % Consumer (2) 14,873 2.4 % 7,639 1.3 % Total loans receivable $ 624,651 100.0 % $ 597,896 100.0 % Allowance for credit losses (5,897) (5,229) Total loans receivable, net $ 618,754 $ 592,667 (1) Includes PPP loans and business overdrafts (2) Includes personal loans and consumer overdrafts The totals above are shown net of deferred loan fees and costs. Net deferred loan fees totaled $3.0 million and $2.8 million at December 31, 2023 and March 31, 2023, respectively. The Bank purchased $20.0 million one-to-four family loans, $9.2 million consumer loans and $0.3 million business loans during the nine months ended December 31, 2023. The Bank participated as a lender in the PPP, which opened on April 3, 2020. As part of the CARES Act, the SBA was authorized to temporarily guarantee loans under this new 7(a) loan program. Under the PPP, small businesses and other entities and individuals could apply for loans from existing SBA lenders and other approved regulated lenders that enrolled in the program, subject to numerous limitations and eligibility criteria. Since the PPP loans are fully guaranteed by the SBA, there are no additional ACL reserves required. As of December 31, 2023, the Bank had approved and funded approximately 420 applications totaling $57.1 million of loans under the PPP. Outstanding business loans under the PPP totaled $268 thousand as of December 31, 2023. The following is an analysis of the allowance for credit losses based upon the method of evaluating loan reserves for the three and nine months ended December 31, 2023 under the expected loss methodology. Three months ended December 31, 2023 $ in thousands One-to-four Multifamily Commercial Real Estate Construction Business Consumer Unallocated Total Allowance for credit losses: Beginning Balance $ 2,264 $ 721 $ 1,212 $ — $ 1,393 $ 417 $ — $ 6,007 Charge-offs — — — — — (17) — (17) Recoveries — — — — 2 2 — 4 Provision for (recovery of) Credit Losses (196) 1 (1) 1 57 41 — (97) Ending Balance $ 2,068 $ 722 $ 1,211 $ 1 $ 1,452 $ 443 $ — $ 5,897 Nine months ended December 31, 2023 $ in thousands One-to-four Multifamily Commercial Real Estate Construction Business Consumer Unallocated Total Allowance for credit losses: Beginning Balance $ 716 $ 1,109 $ 1,814 $ — $ 1,139 $ 449 $ 2 $ 5,229 Impact of CECL adoption 1,220 (392) (497) — 505 (166) (2) 668 Charge-offs — — — — — (134) — (134) Recoveries — — — — 52 5 — 57 Provision for (recovery of) Credit Losses 132 5 (106) 1 (244) 289 — 77 Ending Balance $ 2,068 $ 722 $ 1,211 $ 1 $ 1,452 $ 443 $ — $ 5,897 Allowance for Credit Losses Ending Balance: collectively evaluated for impairment $ 2,068 $ 722 $ 1,211 $ 1 $ 1,442 $ 443 $ — $ 5,887 Allowance for Credit Losses Ending Balance: individually evaluated for impairment — — — — 10 — — 10 Loan Receivables Ending Balance: $ 84,041 $ 177,772 $ 174,202 $ 1,559 $ 172,204 $ 14,873 $ — $ 624,651 Ending Balance: collectively evaluated for impairment 80,772 175,179 168,265 1,559 159,349 14,853 — 599,977 Ending Balance: individually evaluated for impairment 3,269 2,593 5,937 — 12,855 20 — 24,674 The following is an analysis of the allowance for loan losses as of the fiscal year ended March 31, 2023 and for the three and nine months ended December 31, 2022 based upon the incurred loss impairment model. At March 31, 2023 $ in thousands One-to-four family Multifamily Commercial Real Estate Business Consumer Unallocated Total Allowance for Loan Losses Ending Balance: $ 716 $ 1,109 $ 1,814 $ 1,139 $ 449 $ 2 $ 5,229 Allowance for Loan Losses Ending Balance: collectively evaluated for impairment 607 1,109 1,814 937 449 2 4,918 Allowance for Loan Losses Ending Balance: individually evaluated for impairment 109 — — 202 — — 311 Loan Receivables Ending Balance: $ 65,808 $ 179,117 $ 178,424 $ 166,908 $ 7,639 $ — $ 597,896 Ending Balance: collectively evaluated for impairment 60,805 179,046 171,234 160,985 7,638 — 579,708 Ending Balance: individually evaluated for impairment 5,003 71 7,190 5,923 1 — 18,188 Three months ended December 31, 2022 $ in thousands One-to-four family Multifamily Commercial Real Estate Business Consumer Unallocated Total Allowance for loan losses: Beginning Balance $ 704 $ 1,055 $ 1,608 $ 1,814 $ 82 $ 246 $ 5,509 Charge-offs — — (586) — (106) — (692) Recoveries — — — 30 2 — 32 Provision for (recovery of) Loan Losses 20 25 23 69 143 25 305 Ending Balance $ 724 $ 1,080 $ 1,045 $ 1,913 $ 121 $ 271 $ 5,154 Nine months ended December 31, 2022 $ in thousands One-to-four family Multifamily Commercial Real Estate Business Consumer Unallocated Total Allowance for loan losses: Beginning Balance $ 731 $ 1,114 $ 1,157 $ 2,497 $ 123 $ 2 $ 5,624 Charge-offs — — (586) — (130) — (716) Recoveries 90 — 10 53 4 — 157 Provision for (recovery of) Loan Losses (97) (34) 464 (637) 124 269 89 Ending Balance $ 724 $ 1,080 $ 1,045 $ 1,913 $ 121 $ 271 $ 5,154 The following is a summary of nonaccrual loans, at amortized cost, at December 31, 2023 and March 31, 2023. December 31, 2023 March 31, 2023 $ in thousands Nonaccrual Loans with No Allowance Nonaccrual Loans with an Allowance Total Nonaccrual Loans Gross loans receivable: One-to-four family $ 4,295 $ — $ 4,295 $ 4,001 Multifamily 2,627 — $ 2,627 71 Commercial real estate 5,937 — $ 5,937 7,190 Business 13,999 10 $ 14,009 998 Consumer 27 18 $ 45 1 Total nonaccrual loans $ 26,885 $ 28 $ 26,913 $ 12,261 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. Accrual of interest on loans is discontinued when the payment of principal or interest is considered to be in doubt, or when a loan becomes contractually past due by 90 days or more with respect to principal or interest, except for loans that are well-secured and in the process of collection. When a loan is placed on nonaccrual status, any accrued but uncollected interest is reversed from current income. Interest income on nonaccrual loans is recorded when received based upon the collectability of the loan. There was no interest income recognized on nonaccrual loans during the three and nine months ended December 31, 2023. At December 31, 2023 and March 31, 2023, other non-performing assets totaled $60 thousand, which consisted of other real estate owned comprised of one foreclosed residential property. Other real estate owned is included in other assets in the consolidated statements of financial condition. There were no held-for-sale loans at December 31, 2023 and March 31, 2023. Although we believe that substantially all risk elements at December 31, 2023 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: Pass - Loans have demonstrated satisfactory asset quality, earning history, liquidity, and other adequate margins of creditor protection. These loans represent a moderate credit risk and some degree of financial stability, and are considered collectible in full. Special Mention - Loans have potential weaknesses that deserve management's close attention. If uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the Bank's credit position at some future date. Substandard - Loans are inadequately protected by the current sound net worth and paying capacity of the obligor or of the collateral pledged, if any. These loans have a well-defined weakness, or weaknesses, that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. Doubtful - Loans have all the weaknesses inherent in those classified as Substandard, with the added characteristic that collection or liquidation in full, based on current facts, conditions and values, is highly questionable and improbable. Loss - Loans are considered uncollectible with insignificant value and are charged off immediately to the allowance for credit losses. One-to-four family residential loans and consumer loans are rated non-performing if they are delinquent in payments ninety or more days, or past maturity. All other one-to-four family residential loans and consumer loans are performing loans. The following table presents the amortized cost of loans by year of origination and risk category by class of loans based on the most recent analysis performed in the current quarter as of December 31, 2023: $ in thousands 2023 2022 2021 2020 2019 2018 and earlier Revolving Loans Total Credit Risk Profile by Internally Assigned Grade: Multifamily Pass $ 6,608 $ 53,694 $ 51,037 $ 28,668 $ 17,619 $ 17,553 $ — $ 175,179 Special Mention — — — — — — — — Substandard — — 1,474 754 — 365 — 2,593 Doubtful — — — — — — — — Loss — — — — — — — — Total 6,608 53,694 52,511 29,422 17,619 17,918 — 177,772 Commercial Real Estate Pass 29,104 31,426 27,757 17,068 20,834 42,810 — 168,999 Special Mention — — — — — 681 — 681 Substandard — — — — — 4,522 — 4,522 Doubtful — — — — — — — — Loss — — — — — — — — Total 29,104 31,426 27,757 17,068 20,834 48,013 — 174,202 Construction Pass 1,559 — — — — — — 1,559 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Loss — — — — — — — — Total 1,559 — — — — — — 1,559 Business Pass 12,715 33,568 53,185 10,897 372 49,540 — 160,277 Special Mention — — — — 235 5 — 240 Substandard — 7,056 3,987 — — 644 — 11,687 Doubtful — — — — — — — — Loss — — — — — — — — Total 12,715 40,624 57,172 10,897 607 50,189 — 172,204 Credit Risk Profile Based on Payment Activity: One-to-four Family Performing 22,349 3,844 13,470 1,432 8,651 31,026 — 80,772 Non-Performing — — — — — 3,269 — 3,269 Total 22,349 3,844 13,470 1,432 8,651 34,295 — 84,041 Consumer Performing 12,914 607 3 20 — 1,285 — 14,829 Non-Performing 18 24 2 — — — — 44 Total 12,932 631 5 20 — 1,285 — 14,873 Gross charge-offs — — — — — 134 — 134 Total Loans $ 85,267 $ 130,219 $ 150,915 $ 58,839 $ 47,711 $ 151,700 $ — $ 624,651 At March 31, 2023, the risk category by class of loans was as follows: $ in thousands Multifamily Commercial Real Estate Business Credit Risk Profile by Internally Assigned Grade: Pass $ 175,981 $ 170,534 $ 154,056 Special Mention 771 701 5,719 Substandard 2,365 7,189 7,133 Total $ 179,117 $ 178,424 $ 166,908 One-to-four family Consumer Credit Risk Profile Based on Payment Activity: Performing $ 60,629 $ 7,639 Non-Performing 5,179 — Total $ 65,808 $ 7,639 Loans are considered past due if required principal and interest payments have not been received as of the date such payments were contractually due. The following table presents an aging analysis of the amortized cost of past due loans receivables at December 31, 2023 and March 31, 2023. . December 31, 2023 $ in thousands 30-59 Days 60-89 Days 90 or More Days Past Due Total Past Current Total Loans One-to-four family $ 346 $ — $ 2,991 $ 3,337 $ 80,704 $ 84,041 Multifamily 8,758 — 2,543 11,301 166,471 177,772 Commercial real estate 3,533 2,945 5,937 12,415 161,787 174,202 Construction — — — — 1,559 1,559 Business 3,535 2,137 13,535 19,207 152,997 172,204 Consumer 142 118 18 278 14,595 14,873 Total $ 16,314 $ 5,200 $ 25,024 $ 46,538 $ 578,113 $ 624,651 March 31, 2023 $ in thousands 30-59 Days 60-89 Days 90 or More Days Past Due Total Past Current Total Loans Receivables One-to-four family $ 1,207 $ 185 $ 2,475 $ 3,867 $ 61,941 $ 65,808 Multifamily 1,458 — 71 1,529 177,588 179,117 Commercial real estate 1,370 — — 1,370 177,054 178,424 Business 11,006 — 5,014 16,020 150,888 166,908 Consumer 99 26 34 159 7,480 7,639 Total $ 15,140 $ 211 $ 7,594 $ 22,945 $ 574,951 $ 597,896 At December 31, 2023 and March 31, 2023, there were no loans 90 or more days past due and accruing interest. Collateral dependent loans are loans for which the repayment is expected to be provided substantially through the operation or sale of the underlying collateral and the borrower is experiencing financial difficulty. All substandard and doubtful loans and any other loans that the Chief Credit Officer deems appropriate for review, are identified and reviewed for individual analysis. The following table presents the amortized cost of collateral dependent loans with the associated allowance amount, if applicable, as of December 31, 2023: Collateral Type $ in thousands Real Estate Other Allowance Allocated One-to-four family $ 3,269 $ — $ — Multifamily 2,593 — — Commercial real estate 5,937 — — Business 12,464 391 10 Consumer — 20 1 $ 24,263 $ 411 $ 11 Real estate collateral includes one-to-four family, multifamily and commercial properties. Collateral types securing business loans include accounts receivable. There have been no significant changes to the types of collateral securing the Bank's collateral dependent loans. The following table presents information on impaired loans with the associated allowance amount and interest income recognized on a cash basis, if applicable, at March 31, 2023. At March 31, 2023 $ in thousands Recorded Unpaid Associated Average Balance Interest Income Recognized With no specific allowance recorded: One-to-four family $ 3,972 $ 4,567 $ — $ 3,861 $ 111 Multifamily 71 71 — 220 — Commercial real estate 7,190 7,378 — 4,054 36 Business 1,114 1,146 — 1,723 — Consumer 1 1 — — — With an allowance recorded: One-to-four family 1,031 1,031 109 554 41 Business 4,809 4,820 202 5,116 316 Total $ 18,188 $ 19,014 $ 311 $ 15,528 $ 504 In certain circumstances, the Bank will modify the terms of a loan by granting a concession. 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 are placed on nonaccrual status until the Company determines that future collection of principal and interest is reasonably assured, which generally requires that the borrower demonstrate performance according to the restructured terms for a period of at least six months. There were no loan modifications to borrowers experiencing financial difficulty made during the nine months ended December 31, 2023. There were two one-to-four family loans totaling $1.0 million modified during the nine months ended December 31, 2022. At December 31, 2023, loans modified to borrowers experiencing financial difficulty totaled $6.8 million, $1.1 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. There were four modified loans totaling $5.8 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. In an effort to proactively resolve delinquent loans, the Bank had selectively extended to certain borrowers concessions such as extensions, rate reductions or forbearance agreements during the nine months ended December 31, 2022. For the periods ended December 31, 2023 and 2022, there were no modified loans that defaulted within 12 months of modification. Transactions With Certain Related Persons Federal law requires that all loans or extensions of credit to executive officers and directors must be made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with the general public and must not involve more than the normal risk of repayment or present other unfavorable features. Furthermore, loans above the greater of $25,000, or 5% of Carver Federal’s capital and surplus (up to $500,000), to Carver Federal’s directors and executive officers must be approved in advance by a majority of the disinterested members of Carver Federal’s Board of Directors. There were no loans outstanding to related parties at December 31, 2023. |
Commitment and Contingencies
Commitment and Contingencies | 9 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers and in connection with its overall investment strategy. These instruments involve, to varying degrees, elements of credit, interest rate and liquidity risk. These instruments are not recorded in the consolidated financial statements. Such instruments primarily include lending obligations, including commitments to originate mortgage and consumer loans and to fund unused lines of credit. The Bank's exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit is represented by the contractual amount of those instruments. The Bank uses the same credit policies in making commitments as it does for on-balance-sheet instruments. The following table reflects the Bank's outstanding commitments as of December 31, 2023 and March 31, 2023: $ in thousands December 31, 2023 March 31, 2023 Commitments to fund mortgage loans $ 1,000 $ — Lines of credit 6,801 3,837 Commitment to fund private equity investment 650 253 $ 8,451 $ 4,090 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since some of these commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Bank evaluates each customer's creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Bank upon extension of credit, is based on management's credit evaluation of the counterparty. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Dec. 31, 2023 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS 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 a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. Fair value measurements are categorized in a 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, 2023 and March 31, 2023, and that are included in the Company’s Consolidated Statements of Financial Condition at these dates: Fair Value Measurements at December 31, 2023, Using $ in thousands Quoted Prices in Active Markets for Identical Assets Significant Other Significant Total Fair Mortgage servicing rights $ — $ — $ 142 $ 142 Investment securities Available-for-sale: Mortgage-backed securities: Government National Mortgage Association — 298 — 298 Federal Home Loan Mortgage Corporation — 16,240 — 16,240 Federal National Mortgage Association — 8,983 — 8,983 U.S. Government Agency securities — 6,402 — 6,402 Corporate bonds — 3,192 — 3,192 Muni securities — 13,991 — 13,991 Total available-for-sale securities — 49,106 — 49,106 Total assets $ — $ 49,106 $ 142 $ 49,248 Fair Value Measurements at March 31, 2023, Using $ in thousands Quoted Prices in Significant Other Significant Total Fair Mortgage servicing rights $ — $ — $ 152 $ 152 Investment securities Available-for-sale: Mortgage-backed securities: Government National Mortgage Association — 341 — 341 Federal Home Loan Mortgage Corporation — 17,600 — 17,600 Federal National Mortgage Association — 9,502 — 9,502 U.S. Government Agency securities — 9,326 — 9,326 Corporate bonds — 3,092 — 3,092 Muni securities — 13,982 — 13,982 Total available-for-sale securities — 53,843 — 53,843 Total assets $ — $ 53,843 $ 152 $ 53,995 Instruments for which unobservable inputs are significant to their fair value measurement (i.e., Level 3) include mortgage servicing rights (“MSR”). Level 3 assets accounted for 0.02% of the Company’s total assets at December 31, 2023 and March 31, 2023. 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, 2023, 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, 2023 and 2022: $ in thousands Beginning balance, Total Realized/Unrealized Gains/(Losses) Recorded in Income (1) Issuances / (Settlements) Transfers to/(from) Level 3 Ending balance, December 31, 2023 Change in Unrealized Gains/(Losses) Related to Instruments Held at December 31, 2023 Mortgage servicing rights 152 (10) — — 142 (9) $ in thousands Beginning balance, Total Realized/Unrealized Gains/(Losses) Recorded in Income (1) Issuances / (Settlements) Transfers to/(from) Level 3 Ending balance, December 31, 2022 Change in Unrealized Gains/(Losses) Related to Instruments Held at December 31, 2022 Mortgage servicing rights 162 (17) — — 145 (15) (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, 2023 and March 31, 2023, the significant unobservable inputs used in the fair value measurements were as follows: $ in thousands Fair Value December 31, 2023 Valuation Technique Significant Unobservable Inputs Significant Unobservable Input Value Mortgage servicing rights 142 Discounted Cash Flow Weighted Average Constant Prepayment Rate (1) 3.61 % Option Adjusted Spread ("OAS") applied to Treasury curve 1000 basis points $ in thousands Fair Value March 31, 2023 Valuation Technique Significant Unobservable Inputs Significant Unobservable Input Value Mortgage servicing rights 152 Discounted Cash Flow Weighted Average Constant Prepayment Rate (1) 4.01 % 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, 2023 and March 31, 2023, and that are included in the Company’s Consolidated Statements of Financial Condition at these dates: Fair Value Measurements at December 31, 2023 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) Other real estate owned — — 60 $ 60 Fair Value Measurements at March 31, 2023, 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 $ — $ — $ 5,529 $ 5,529 Other real estate owned — — 60 $ 60 For Level 3 assets measured at fair value on a non-recurring basis as of December 31, 2023 and March 31, 2023, the significant unobservable inputs used in the fair value measurements were as follows: $ in thousands Fair Value December 31, 2023 Valuation Technique Significant Unobservable Inputs Significant Unobservable Input Value Other real estate owned 60 Appraisal of collateral Appraisal adjustments 7.5% cost to sell $ in thousands Fair Value March 31, 2023 Valuation Technique Significant Unobservable Inputs Significant Unobservable Input Value Impaired loans $ 5,529 Appraisal of collateral Appraisal adjustments 7.5% cost to sell Other real estate owned 60 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 fair value. As of December 31, 2023 and March 31, 2023, the Company had loans with a carrying value of $2.9 million and $5.6 million, respectively, for which formal foreclosure proceedings were in process. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Dec. 31, 2023 | |
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, 2023 and March 31, 2023 are as follows: December 31, 2023 $ in thousands Carrying Estimated Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets: Cash and cash equivalents $ 75,230 $ 75,230 $ 75,230 $ — $ — Securities available-for-sale 49,106 49,106 — 49,106 — Securities held-to-maturity 2,078 1,984 — 1,984 — Loans receivable 618,754 593,659 — — 593,659 Accrued interest receivable 2,414 2,414 — 2,414 — Mortgage servicing rights 142 142 — — 142 Financial Liabilities: Deposits $ 662,817 $ 659,389 $ 429,265 $ 230,124 $ — Advances from FHLB-NY 28,027 28,054 — 28,054 — Other borrowed money 18,403 17,639 — 17,639 — Accrued interest payable 1,119 1,119 — 1,119 — March 31, 2023 $ 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 $ 42,552 $ 42,552 $ 42,552 $ — $ — Securities available-for-sale 53,843 53,843 — 53,843 — Securities held-to-maturity 2,318 2,221 — 2,221 — Loans receivable 592,667 567,029 — — 567,029 Accrued interest receivable 1,911 1,911 — 1,911 — Mortgage servicing rights 152 152 — — 152 Financial Liabilities: Deposits $ 600,429 $ 594,736 $ 418,432 $ 176,304 $ — Advances from FHLB-NY 35,000 35,238 — 35,238 — Other borrowed money 15,903 14,575 — 14,575 — Accrued interest payable 380 380 — 380 — |
Non-interest Revenue and Expens
Non-interest Revenue and Expense | 9 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer | NON-INTEREST REVENUE AND EXPENSE 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 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. The Company generally satisfies its performance obligations on contracts with customers as services are rendered, and the transaction prices are typically fixed and charged either on a periodic basis or based on activity. Because performance obligations are satisfied as services are rendered and the transaction prices are fixed, there is little judgment involved in applying Topic 606 that significantly affects the determination of the amount and timing of revenue from contracts with customers. 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 includes correspondent banking fees, revenue from the Bank's participation in JPMorgan Chase's Empowering Change program, and income associated with 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. Interchange income The Company earns interchange fees from debit card holder transactions conducted through various payment networks. Interchange fees from cardholder transactions are recognized daily, concurrently with the transaction processing services provided by an outsource technology solution and are presented on a net 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, 2023 and 2022: Three Months Ended December 31, Nine Months Ended December 31, $ in thousands 2023 2022 2023 2022 Non-interest income In-scope of Topic 606 Depository fees and charges $ 543 $ 561 $ 1,678 $ 1,669 Loan fees and service charges 97 68 270 316 Other non-interest income 91 42 236 204 Non-interest income (in-scope of Topic 606) 731 671 2,184 2,189 Non-interest income (out-of-scope of Topic 606) 1,804 321 2,569 611 Total non-interest income $ 2,535 $ 992 $ 4,753 $ 2,800 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 2023 2022 2023 2022 Other non-interest income: BOLI income $ 338 $ 42 $ 420 $ 102 Other 152 48 295 269 Total other non-interest income $ 490 $ 90 $ 715 $ 371 Other non-interest expense: Advertising $ 68 $ 104 $ 302 $ 368 Legal expense 88 63 428 246 Insurance and surety 320 293 938 878 Audit expense 165 148 496 448 Data lines / internet 100 105 310 299 Security services 15 85 41 234 Retail expenses 285 224 855 690 Operating charge-offs and other losses 154 19 293 53 Director's fees 135 24 346 270 Other 673 660 1,928 1,839 Total other non-interest expense $ 2,003 $ 1,725 $ 5,937 $ 5,325 |
Leases
Leases | 9 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Lessee, Operating Leases | LEASES The Company applies Accounting Standards Codification Topic 842, Leases , ("ASC 842") to its leases. 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. As of December 31, 2023, operating ROU lease assets and related lease liabilities totaled $10.5 million and $11.3 million, respectively. As of March 31, 2023, operating ROU lease assets and related lease liabilities totaled $12.3 million and $13.2 million, respectively. As the implicit rates of the Company's existing leases are not readily determinable, the incremental borrowing 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, 2023, the Company had $117 thousand and $121 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, 2023: December 31, 2023 Weighted-average remaining lease term Operating leases 4.6 years Finance lease 2.6 years Weighted-average discount rate Operating leases 3.04 % Finance lease 4.33 % Three Months Ended December 31, Nine Months Ended December 31, $ in thousands 2023 2022 2023 2022 Operating lease expense $ 692 $ 717 $ 2,076 $ 2,149 Finance lease cost Amortization of right-of use asset 16 17 81 49 Interest on lease liability 1 1 5 2 Cash paid for amounts included in the measurement of lease liabilities Operating leases 711 686 2,133 2,078 Finance lease 12 14 74 52 Maturities of lease liabilities at December 31, 2023 are as follows: $ in thousands Operating Leases Finance Leases Year ending March 31, 2024 $ 738 $ 16 2025 2,705 63 2026 2,687 42 2027 2,440 5 2028 2,259 — Thereafter 1,276 — Total lease payments 12,105 126 Interest (835) (5) Lease liability $ 11,270 $ 121 |
Impact of Recent Accounting Sta
Impact of Recent Accounting Standards | 9 Months Ended |
Dec. 31, 2023 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
New Accounting Pronouncements Not Yet Adopted | IMPACT OF RECENT ACCOUNTING STANDARDS Accounting Standards Recently Adopted On April 1, 2023, the Company adopted ASC 326, which replaces 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. Under the CECL model, the allowance for credit losses ("ACL") is a valuation allowance that is deducted from the amortized cost basis of certain financial assets, including loans, held-to-maturity securities, and other receivables, to present the net carrying value at the amount expected to be collected. The measurement of expected credit losses is based on information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. This differs from the incurred loss model, which delays recognition of credit losses until it is probable a loss has been incurred. The Company applied the new guidance with a cumulative-effect adjustment to retained earnings as of April 1, 2023, using the modified-retrospective approach. Results for reporting periods beginning after April 1, 2023 are presented under CECL. Prior period amounts have not been restated and are reported in accordance with the incurred loss method. The adoption of ASC 326 resulted in an increase of $0.7 million to the allowance for credit losses related to loans. There was no material impact for other assets within the scope of the new CECL guidance, such as held-to-maturity debt securities and other receivables. On April 1, 2023, the Company adopted ASU No. 2022-02, "Financial Instruments - Credit Losses (ASC 326): Troubled Debt Restructurings (TDRs) and Vintage Disclosures," which eliminates the accounting guidance for TDRs, and replaced it with guidance and disclosure requirements for certain loan refinancing and restructuring activities to borrowers experiencing financial difficulty. The amendments also require disclosure of current period gross writeoffs by year of origination. The adoption of the standard did not have a material impact on the Company's consolidated statements of financial condition and results of operations. On April 1, 2023, the Company adopted ASU No. 2021-10 "Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance," which was issued to improve the financial reporting of government assistance received by business entities by requiring the disclosure of (1) the types of assistance received, (2) an entity’s accounting for the assistance, and (3) the effect of the assistance on an entity’s financial statements. The adoption of the standard did not have a material impact on the Company's consolidated statements of financial condition and results of operations. On April 1, 2021, the Company adopted ASU No. 2019-12 "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes," which was part of the FASB's simplification initiative to reduce complexity, while maintaining or improving the usefulness of information provided to users of financial statements. The amendments in this update simplified the accounting for income taxes and improved consistent application of GAAP by removing certain exceptions and clarifying and amending existing guidance for areas of Topic 740. The adoption of the standard did not have a material impact on the Company's financial statements. Accounting Standards Not Yet Adopted In December 2023, the FASB issued ASU No. 2023-09 "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" to enhance income tax disclosures to help investors better assess how a company's operations and related tax risks and tax planning and operational opportunities affect its tax rate and prospects for future cash flows. The amendments in this update will require further disaggregated information about a reporting entity's effective tax rate reconciliation and information on income taxes paid. ASU No. 2023-09 is effective for fiscal years beginning after December 15, 2024 (for the Company, the fiscal year ending March 31, 2026), and interim periods within those fiscal years. Early adoption is permitted. The amendments in this update should be applied on a prospective basis with an option for retrospective application. ASU 2023-09 is not expected to have a material impact on the Company's financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Dec. 31, 2023 | |
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 Company's subsidiary, Carver Statutory Trust I, is not consolidated with Carver Bancorp, Inc. for financial reporting purposes. Carver Statutory Trust I was formed in 2003 for the purpose of issuing $13 million aggregate liquidation amount of floating rate Capital Securities due September 17, 2033 (“Capital Securities”) and $0.4 million of common securities (which are the only voting securities of Carver Statutory Trust I), which are 100% owned by Carver Bancorp, Inc., and using the proceeds to acquire Junior Subordinated Debentures issued by Carver Bancorp, Inc. Carver Bancorp, Inc. has fully and unconditionally guaranteed the Capital Securities along with all obligations of Carver Statutory Trust I under the trust agreement relating to the Capital Securities. The Company does not consolidate the accounts and related activity of Carver Statutory Trust I because it is not the primary beneficiary of the entity. Variable interest entities ("VIEs") are consolidated, as required, when Carver has a controlling financial interest in these entities and is deemed to be the primary beneficiary. Carver is normally deemed to have a controlling financial interest and be the primary beneficiary if it has both (a) the power to direct activities of a VIE that most significantly impact the entity's economic performance; and (b) the obligation to absorb losses of the entity that could benefit from the activities that could potentially be significant to the VIE. 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 statement of the results of the interim period presented. Operating results for the three and nine month periods ended December 31, 2023 are not necessarily indicative of the results that may be expected for the year ended March 31, 2024. The consolidated balance sheet at December 31, 2023 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, 2023. Amounts subject to significant estimates and assumptions are items such as the allowance for credit losses, realization of deferred tax assets, and the fair value of financial instruments. While management uses available information to recognize losses on loans, future additions to the allowance for credit loss 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, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table reconciles the income (loss) available to common shareholders (numerator) and the weighted average common stock outstanding (denominator) for both basic and diluted earnings (loss) per share for the following periods: Three Months Ended December 31, Nine Months Ended December 31, $ in thousands except per share data 2023 2022 2023 2022 Net income (loss) $ 19 $ (1,089) $ (2,988) $ (2,901) Less: Participated securities share of undistributed earnings 4 — — — Net income (loss) available to common shareholders $ 15 $ (1,089) $ (2,988) $ (2,901) Weighted average common shares outstanding - basic 5,002,290 4,294,871 4,771,706 4,271,743 Effect of dilutive shares 1,417,536 — — — Weighted average common shares outstanding – diluted 6,419,826 4,294,871 4,771,706 4,271,743 Basic earnings (loss) per common share $ — $ (0.25) $ (0.63) $ (0.68) Diluted earnings (loss) per common share — (0.25) (0.63) (0.68) The Company has preferred shares which are entitled to receive dividends if declared on the Company's common stock and are therefore considered to be participating securities. Basic earnings (loss) per share (“EPS”) is computed using the two class method. This calculation divides net income (loss) available to common stockholders after the allocation of undistributed earnings to the participating securities by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share takes into account the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted into common stock. These potentially dilutive shares are then included in the weighted average number of shares outstanding for the period. Dilution calculations are not applicable to net loss periods. For the nine months ended December 31, 2023, and the three and nine months ended December 31, 2022, 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, 2023 | |
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 loss, net of tax for the nine months ended December 31, 2023 and 2022: $ in thousands At March 31, 2023 Other At December 31, 2023 Net unrealized loss on securities available-for-sale $ (12,215) $ (62) $ (12,277) $ in thousands At March 31, 2022 Other At December 31, 2022 Net unrealized loss on securities available-for-sale $ (6,662) $ (7,076) $ (13,738) |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
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, 2023 and March 31, 2023: At December 31, 2023 Amortized Gross Unrealized $ in thousands Cost Gains Losses Fair Value Available-for-Sale: Mortgage-backed Securities: Government National Mortgage Association $ 295 $ 4 $ (1) $ 298 Federal Home Loan Mortgage Corporation 20,561 — (4,321) 16,240 Federal National Mortgage Association 11,132 — (2,149) 8,983 Total mortgage-backed securities 31,988 4 (6,471) 25,521 U.S. Government Agency Securities 6,427 — (25) 6,402 Corporate Bonds 5,266 — (2,074) 3,192 Muni Securities 17,702 — (3,711) 13,991 Total available-for-sale $ 61,383 $ 4 $ (12,281) $ 49,106 Held-to-Maturity: Mortgage-backed Securities: Government National Mortgage Association $ 311 $ — $ (6) $ 305 Federal National Mortgage Association and Other 1,767 — (88) 1,679 Total held-to maturity $ 2,078 $ — $ (94) $ 1,984 At March 31, 2023 Amortized Gross Unrealized $ in thousands Cost Gains Losses Fair Value Available-for-Sale: Mortgage-backed Securities: Government National Mortgage Association $ 341 $ 1 $ (1) $ 341 Federal Home Loan Mortgage Corporation 21,651 — (4,051) 17,600 Federal National Mortgage Association 11,714 — (2,212) 9,502 Total mortgage-backed securities 33,706 1 (6,264) 27,443 U.S. Government Agency Securities 9,364 — (38) 9,326 Corporate Bonds 5,269 — (2,177) 3,092 Muni Securities 17,719 — (3,737) 13,982 Total available-for-sale $ 66,058 $ 1 $ (12,216) $ 53,843 Held-to-Maturity: Mortgage-backed Securities: Government National Mortgage Association $ 366 $ — $ (3) $ 363 Federal National Mortgage Association and Other 1,952 — (94) 1,858 Total held-to-maturity $ 2,318 $ — $ (97) $ 2,221 |
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, 2023 and March 31, 2023 for less than 12 months and 12 months or longer: At December 31, 2023 Less than 12 months 12 months or longer Total $ in thousands Unrealized Fair Unrealized Fair Unrealized Fair Available-for-Sale: Mortgage-backed securities $ — $ — $ (6,471) $ 25,260 $ (6,471) $ 25,260 U.S. Government Agency securities — — (25) 5,076 (25) 5,076 Corporate bonds — — (2,074) 3,192 (2,074) 3,192 Muni securities — — (3,711) 13,991 (3,711) 13,991 Total available-for-sale securities $ — $ — $ (12,281) $ 47,519 $ (12,281) $ 47,519 Held-to-Maturity: Mortgage-backed securities $ — $ — $ (94) $ 1,950 $ (94) $ 1,950 Total held-to-maturity securities $ — $ — $ (94) $ 1,950 $ (94) $ 1,950 At March 31, 2023 Less than 12 months 12 months or longer Total $ in thousands Unrealized Fair Unrealized Fair Unrealized Fair Available-for-Sale: Mortgage-backed securities $ — $ — $ (6,264) $ 27,146 $ (6,264) $ 27,146 U.S. Government Agency securities (13) 4,075 (25) 5,251 (38) 9,326 Corporate bonds — — (2,177) 3,092 (2,177) 3,092 Muni securities — — (3,737) 13,982 (3,737) 13,982 Total available-for-sale securities $ (13) $ 4,075 $ (12,203) $ 49,471 $ (12,216) $ 53,546 Held-to-Maturity: Mortgage-backed securities $ (3) $ 363 $ (94) $ 1,822 $ (97) $ 2,185 Total held-to-maturity securities $ (3) $ 363 $ (94) $ 1,822 $ (97) $ 2,185 |
Investments Classified by Contractual Maturity Date | The following is a summary of the amortized cost and fair value of debt securities at December 31, 2023, 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: One through five years 1,984 1,971 6.41 % Five through ten years 2,667 2,326 2.67 % After ten years 24,744 19,288 3.25 % Mortgage-backed securities 31,988 25,521 1.65 % Total $ 61,383 $ 49,106 2.52 % Held-to-maturity: Mortgage-backed securities $ 2,078 $ 1,984 2.79 % |
Loans Receivable and ACL (Table
Loans Receivable and ACL (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Loans Receivable and ACL | The following is a summary of loans receivable at December 31, 2023 and March 31, 2023: December 31, 2023 March 31, 2023 $ in thousands Amount Percent Amount Percent Loans receivable: One-to-four family $ 84,041 13.4 % $ 65,808 11.0 % Multifamily 177,772 28.5 % 179,117 30.0 % Commercial real estate 174,202 27.9 % 178,424 29.8 % Construction 1,559 0.2 % — — % Business (1) 172,204 27.6 % 166,908 27.9 % Consumer (2) 14,873 2.4 % 7,639 1.3 % Total loans receivable $ 624,651 100.0 % $ 597,896 100.0 % Allowance for credit losses (5,897) (5,229) Total loans receivable, net $ 618,754 $ 592,667 (1) Includes PPP loans and business overdrafts (2) Includes personal loans and consumer overdrafts |
Allowance for Credit Losses | The following is an analysis of the allowance for credit losses based upon the method of evaluating loan reserves for the three and nine months ended December 31, 2023 under the expected loss methodology. Three months ended December 31, 2023 $ in thousands One-to-four Multifamily Commercial Real Estate Construction Business Consumer Unallocated Total Allowance for credit losses: Beginning Balance $ 2,264 $ 721 $ 1,212 $ — $ 1,393 $ 417 $ — $ 6,007 Charge-offs — — — — — (17) — (17) Recoveries — — — — 2 2 — 4 Provision for (recovery of) Credit Losses (196) 1 (1) 1 57 41 — (97) Ending Balance $ 2,068 $ 722 $ 1,211 $ 1 $ 1,452 $ 443 $ — $ 5,897 Nine months ended December 31, 2023 $ in thousands One-to-four Multifamily Commercial Real Estate Construction Business Consumer Unallocated Total Allowance for credit losses: Beginning Balance $ 716 $ 1,109 $ 1,814 $ — $ 1,139 $ 449 $ 2 $ 5,229 Impact of CECL adoption 1,220 (392) (497) — 505 (166) (2) 668 Charge-offs — — — — — (134) — (134) Recoveries — — — — 52 5 — 57 Provision for (recovery of) Credit Losses 132 5 (106) 1 (244) 289 — 77 Ending Balance $ 2,068 $ 722 $ 1,211 $ 1 $ 1,452 $ 443 $ — $ 5,897 Allowance for Credit Losses Ending Balance: collectively evaluated for impairment $ 2,068 $ 722 $ 1,211 $ 1 $ 1,442 $ 443 $ — $ 5,887 Allowance for Credit Losses Ending Balance: individually evaluated for impairment — — — — 10 — — 10 Loan Receivables Ending Balance: $ 84,041 $ 177,772 $ 174,202 $ 1,559 $ 172,204 $ 14,873 $ — $ 624,651 Ending Balance: collectively evaluated for impairment 80,772 175,179 168,265 1,559 159,349 14,853 — 599,977 Ending Balance: individually evaluated for impairment 3,269 2,593 5,937 — 12,855 20 — 24,674 The following is an analysis of the allowance for loan losses as of the fiscal year ended March 31, 2023 and for the three and nine months ended December 31, 2022 based upon the incurred loss impairment model. At March 31, 2023 $ in thousands One-to-four family Multifamily Commercial Real Estate Business Consumer Unallocated Total Allowance for Loan Losses Ending Balance: $ 716 $ 1,109 $ 1,814 $ 1,139 $ 449 $ 2 $ 5,229 Allowance for Loan Losses Ending Balance: collectively evaluated for impairment 607 1,109 1,814 937 449 2 4,918 Allowance for Loan Losses Ending Balance: individually evaluated for impairment 109 — — 202 — — 311 Loan Receivables Ending Balance: $ 65,808 $ 179,117 $ 178,424 $ 166,908 $ 7,639 $ — $ 597,896 Ending Balance: collectively evaluated for impairment 60,805 179,046 171,234 160,985 7,638 — 579,708 Ending Balance: individually evaluated for impairment 5,003 71 7,190 5,923 1 — 18,188 Three months ended December 31, 2022 $ in thousands One-to-four family Multifamily Commercial Real Estate Business Consumer Unallocated Total Allowance for loan losses: Beginning Balance $ 704 $ 1,055 $ 1,608 $ 1,814 $ 82 $ 246 $ 5,509 Charge-offs — — (586) — (106) — (692) Recoveries — — — 30 2 — 32 Provision for (recovery of) Loan Losses 20 25 23 69 143 25 305 Ending Balance $ 724 $ 1,080 $ 1,045 $ 1,913 $ 121 $ 271 $ 5,154 Nine months ended December 31, 2022 $ in thousands One-to-four family Multifamily Commercial Real Estate Business Consumer Unallocated Total Allowance for loan losses: Beginning Balance $ 731 $ 1,114 $ 1,157 $ 2,497 $ 123 $ 2 $ 5,624 Charge-offs — — (586) — (130) — (716) Recoveries 90 — 10 53 4 — 157 Provision for (recovery of) Loan Losses (97) (34) 464 (637) 124 269 89 Ending Balance $ 724 $ 1,080 $ 1,045 $ 1,913 $ 121 $ 271 $ 5,154 |
Nonaccrual Loans | The following is a summary of nonaccrual loans, at amortized cost, at December 31, 2023 and March 31, 2023. December 31, 2023 March 31, 2023 $ in thousands Nonaccrual Loans with No Allowance Nonaccrual Loans with an Allowance Total Nonaccrual Loans Gross loans receivable: One-to-four family $ 4,295 $ — $ 4,295 $ 4,001 Multifamily 2,627 — $ 2,627 71 Commercial real estate 5,937 — $ 5,937 7,190 Business 13,999 10 $ 14,009 998 Consumer 27 18 $ 45 1 Total nonaccrual loans $ 26,885 $ 28 $ 26,913 $ 12,261 |
Credit Quality Indicators | : $ in thousands 2023 2022 2021 2020 2019 2018 and earlier Revolving Loans Total Credit Risk Profile by Internally Assigned Grade: Multifamily Pass $ 6,608 $ 53,694 $ 51,037 $ 28,668 $ 17,619 $ 17,553 $ — $ 175,179 Special Mention — — — — — — — — Substandard — — 1,474 754 — 365 — 2,593 Doubtful — — — — — — — — Loss — — — — — — — — Total 6,608 53,694 52,511 29,422 17,619 17,918 — 177,772 Commercial Real Estate Pass 29,104 31,426 27,757 17,068 20,834 42,810 — 168,999 Special Mention — — — — — 681 — 681 Substandard — — — — — 4,522 — 4,522 Doubtful — — — — — — — — Loss — — — — — — — — Total 29,104 31,426 27,757 17,068 20,834 48,013 — 174,202 Construction Pass 1,559 — — — — — — 1,559 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Loss — — — — — — — — Total 1,559 — — — — — — 1,559 Business Pass 12,715 33,568 53,185 10,897 372 49,540 — 160,277 Special Mention — — — — 235 5 — 240 Substandard — 7,056 3,987 — — 644 — 11,687 Doubtful — — — — — — — — Loss — — — — — — — — Total 12,715 40,624 57,172 10,897 607 50,189 — 172,204 Credit Risk Profile Based on Payment Activity: One-to-four Family Performing 22,349 3,844 13,470 1,432 8,651 31,026 — 80,772 Non-Performing — — — — — 3,269 — 3,269 Total 22,349 3,844 13,470 1,432 8,651 34,295 — 84,041 Consumer Performing 12,914 607 3 20 — 1,285 — 14,829 Non-Performing 18 24 2 — — — — 44 Total 12,932 631 5 20 — 1,285 — 14,873 Gross charge-offs — — — — — 134 — 134 Total Loans $ 85,267 $ 130,219 $ 150,915 $ 58,839 $ 47,711 $ 151,700 $ — $ 624,651 At March 31, 2023, the risk category by class of loans was as follows: $ in thousands Multifamily Commercial Real Estate Business Credit Risk Profile by Internally Assigned Grade: Pass $ 175,981 $ 170,534 $ 154,056 Special Mention 771 701 5,719 Substandard 2,365 7,189 7,133 Total $ 179,117 $ 178,424 $ 166,908 One-to-four family Consumer Credit Risk Profile Based on Payment Activity: Performing $ 60,629 $ 7,639 Non-Performing 5,179 — Total $ 65,808 $ 7,639 |
Past Due Financing Receivables | The following table presents an aging analysis of the amortized cost of past due loans receivables at December 31, 2023 and March 31, 2023. . December 31, 2023 $ in thousands 30-59 Days 60-89 Days 90 or More Days Past Due Total Past Current Total Loans One-to-four family $ 346 $ — $ 2,991 $ 3,337 $ 80,704 $ 84,041 Multifamily 8,758 — 2,543 11,301 166,471 177,772 Commercial real estate 3,533 2,945 5,937 12,415 161,787 174,202 Construction — — — — 1,559 1,559 Business 3,535 2,137 13,535 19,207 152,997 172,204 Consumer 142 118 18 278 14,595 14,873 Total $ 16,314 $ 5,200 $ 25,024 $ 46,538 $ 578,113 $ 624,651 March 31, 2023 $ in thousands 30-59 Days 60-89 Days 90 or More Days Past Due Total Past Current Total Loans Receivables One-to-four family $ 1,207 $ 185 $ 2,475 $ 3,867 $ 61,941 $ 65,808 Multifamily 1,458 — 71 1,529 177,588 179,117 Commercial real estate 1,370 — — 1,370 177,054 178,424 Business 11,006 — 5,014 16,020 150,888 166,908 Consumer 99 26 34 159 7,480 7,639 Total $ 15,140 $ 211 $ 7,594 $ 22,945 $ 574,951 $ 597,896 |
Impaired Loans | The following table presents the amortized cost of collateral dependent loans with the associated allowance amount, if applicable, as of December 31, 2023: Collateral Type $ in thousands Real Estate Other Allowance Allocated One-to-four family $ 3,269 $ — $ — Multifamily 2,593 — — Commercial real estate 5,937 — — Business 12,464 391 10 Consumer — 20 1 $ 24,263 $ 411 $ 11 Real estate collateral includes one-to-four family, multifamily and commercial properties. Collateral types securing business loans include accounts receivable. There have been no significant changes to the types of collateral securing the Bank's collateral dependent loans. The following table presents information on impaired loans with the associated allowance amount and interest income recognized on a cash basis, if applicable, at March 31, 2023. At March 31, 2023 $ in thousands Recorded Unpaid Associated Average Balance Interest Income Recognized With no specific allowance recorded: One-to-four family $ 3,972 $ 4,567 $ — $ 3,861 $ 111 Multifamily 71 71 — 220 — Commercial real estate 7,190 7,378 — 4,054 36 Business 1,114 1,146 — 1,723 — Consumer 1 1 — — — With an allowance recorded: One-to-four family 1,031 1,031 109 554 41 Business 4,809 4,820 202 5,116 316 Total $ 18,188 $ 19,014 $ 311 $ 15,528 $ 504 |
Commitment and Contingencies (T
Commitment and Contingencies (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | The following table reflects the Bank's outstanding commitments as of December 31, 2023 and March 31, 2023: $ in thousands December 31, 2023 March 31, 2023 Commitments to fund mortgage loans $ 1,000 $ — Lines of credit 6,801 3,837 Commitment to fund private equity investment 650 253 $ 8,451 $ 4,090 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
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, 2023 and March 31, 2023, and that are included in the Company’s Consolidated Statements of Financial Condition at these dates: Fair Value Measurements at December 31, 2023, Using $ in thousands Quoted Prices in Active Markets for Identical Assets Significant Other Significant Total Fair Mortgage servicing rights $ — $ — $ 142 $ 142 Investment securities Available-for-sale: Mortgage-backed securities: Government National Mortgage Association — 298 — 298 Federal Home Loan Mortgage Corporation — 16,240 — 16,240 Federal National Mortgage Association — 8,983 — 8,983 U.S. Government Agency securities — 6,402 — 6,402 Corporate bonds — 3,192 — 3,192 Muni securities — 13,991 — 13,991 Total available-for-sale securities — 49,106 — 49,106 Total assets $ — $ 49,106 $ 142 $ 49,248 Fair Value Measurements at March 31, 2023, Using $ in thousands Quoted Prices in Significant Other Significant Total Fair Mortgage servicing rights $ — $ — $ 152 $ 152 Investment securities Available-for-sale: Mortgage-backed securities: Government National Mortgage Association — 341 — 341 Federal Home Loan Mortgage Corporation — 17,600 — 17,600 Federal National Mortgage Association — 9,502 — 9,502 U.S. Government Agency securities — 9,326 — 9,326 Corporate bonds — 3,092 — 3,092 Muni securities — 13,982 — 13,982 Total available-for-sale securities — 53,843 — 53,843 Total assets $ — $ 53,843 $ 152 $ 53,995 |
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, 2023 and 2022: $ in thousands Beginning balance, Total Realized/Unrealized Gains/(Losses) Recorded in Income (1) Issuances / (Settlements) Transfers to/(from) Level 3 Ending balance, December 31, 2023 Change in Unrealized Gains/(Losses) Related to Instruments Held at December 31, 2023 Mortgage servicing rights 152 (10) — — 142 (9) $ in thousands Beginning balance, Total Realized/Unrealized Gains/(Losses) Recorded in Income (1) Issuances / (Settlements) Transfers to/(from) Level 3 Ending balance, December 31, 2022 Change in Unrealized Gains/(Losses) Related to Instruments Held at December 31, 2022 Mortgage servicing rights 162 (17) — — 145 (15) |
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, 2023 and March 31, 2023, the significant unobservable inputs used in the fair value measurements were as follows: $ in thousands Fair Value December 31, 2023 Valuation Technique Significant Unobservable Inputs Significant Unobservable Input Value Mortgage servicing rights 142 Discounted Cash Flow Weighted Average Constant Prepayment Rate (1) 3.61 % Option Adjusted Spread ("OAS") applied to Treasury curve 1000 basis points $ in thousands Fair Value March 31, 2023 Valuation Technique Significant Unobservable Inputs Significant Unobservable Input Value Mortgage servicing rights 152 Discounted Cash Flow Weighted Average Constant Prepayment Rate (1) 4.01 % 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, 2023 and March 31, 2023, and that are included in the Company’s Consolidated Statements of Financial Condition at these dates: Fair Value Measurements at December 31, 2023 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) Other real estate owned — — 60 $ 60 Fair Value Measurements at March 31, 2023, 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 $ — $ — $ 5,529 $ 5,529 Other real estate owned — — 60 $ 60 |
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, 2023 and March 31, 2023, the significant unobservable inputs used in the fair value measurements were as follows: $ in thousands Fair Value December 31, 2023 Valuation Technique Significant Unobservable Inputs Significant Unobservable Input Value Other real estate owned 60 Appraisal of collateral Appraisal adjustments 7.5% cost to sell $ in thousands Fair Value March 31, 2023 Valuation Technique Significant Unobservable Inputs Significant Unobservable Input Value Impaired loans $ 5,529 Appraisal of collateral Appraisal adjustments 7.5% cost to sell Other real estate owned 60 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, 2023 | |
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, 2023 and March 31, 2023 are as follows: December 31, 2023 $ in thousands Carrying Estimated Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets: Cash and cash equivalents $ 75,230 $ 75,230 $ 75,230 $ — $ — Securities available-for-sale 49,106 49,106 — 49,106 — Securities held-to-maturity 2,078 1,984 — 1,984 — Loans receivable 618,754 593,659 — — 593,659 Accrued interest receivable 2,414 2,414 — 2,414 — Mortgage servicing rights 142 142 — — 142 Financial Liabilities: Deposits $ 662,817 $ 659,389 $ 429,265 $ 230,124 $ — Advances from FHLB-NY 28,027 28,054 — 28,054 — Other borrowed money 18,403 17,639 — 17,639 — Accrued interest payable 1,119 1,119 — 1,119 — March 31, 2023 $ 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 $ 42,552 $ 42,552 $ 42,552 $ — $ — Securities available-for-sale 53,843 53,843 — 53,843 — Securities held-to-maturity 2,318 2,221 — 2,221 — Loans receivable 592,667 567,029 — — 567,029 Accrued interest receivable 1,911 1,911 — 1,911 — Mortgage servicing rights 152 152 — — 152 Financial Liabilities: Deposits $ 600,429 $ 594,736 $ 418,432 $ 176,304 $ — Advances from FHLB-NY 35,000 35,238 — 35,238 — Other borrowed money 15,903 14,575 — 14,575 — Accrued interest payable 380 380 — 380 — |
Non-interest Revenue and Expe_2
Non-interest Revenue and Expense (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
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, 2023 and 2022: Three Months Ended December 31, Nine Months Ended December 31, $ in thousands 2023 2022 2023 2022 Non-interest income In-scope of Topic 606 Depository fees and charges $ 543 $ 561 $ 1,678 $ 1,669 Loan fees and service charges 97 68 270 316 Other non-interest income 91 42 236 204 Non-interest income (in-scope of Topic 606) 731 671 2,184 2,189 Non-interest income (out-of-scope of Topic 606) 1,804 321 2,569 611 Total non-interest income $ 2,535 $ 992 $ 4,753 $ 2,800 |
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 2023 2022 2023 2022 Other non-interest income: BOLI income $ 338 $ 42 $ 420 $ 102 Other 152 48 295 269 Total other non-interest income $ 490 $ 90 $ 715 $ 371 Other non-interest expense: Advertising $ 68 $ 104 $ 302 $ 368 Legal expense 88 63 428 246 Insurance and surety 320 293 938 878 Audit expense 165 148 496 448 Data lines / internet 100 105 310 299 Security services 15 85 41 234 Retail expenses 285 224 855 690 Operating charge-offs and other losses 154 19 293 53 Director's fees 135 24 346 270 Other 673 660 1,928 1,839 Total other non-interest expense $ 2,003 $ 1,725 $ 5,937 $ 5,325 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
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, 2023: December 31, 2023 Weighted-average remaining lease term Operating leases 4.6 years Finance lease 2.6 years Weighted-average discount rate Operating leases 3.04 % Finance lease 4.33 % Three Months Ended December 31, Nine Months Ended December 31, $ in thousands 2023 2022 2023 2022 Operating lease expense $ 692 $ 717 $ 2,076 $ 2,149 Finance lease cost Amortization of right-of use asset 16 17 81 49 Interest on lease liability 1 1 5 2 Cash paid for amounts included in the measurement of lease liabilities Operating leases 711 686 2,133 2,078 Finance lease 12 14 74 52 |
Lessee, Lease Liability, Maturity | Maturities of lease liabilities at December 31, 2023 are as follows: $ in thousands Operating Leases Finance Leases Year ending March 31, 2024 $ 738 $ 16 2025 2,705 63 2026 2,687 42 2027 2,440 5 2028 2,259 — Thereafter 1,276 — Total lease payments 12,105 126 Interest (835) (5) Lease liability $ 11,270 $ 121 |
Organization Text Tags (Details
Organization Text Tags (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2003 | Mar. 31, 2023 | Sep. 17, 2003 | Oct. 24, 1994 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||
Common Stock, Shares Issued (in shares) | 7,535,339 | 6,799,410 | 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 | $ 5,527 | $ 0 | $ 13,000 | |||
Proceeds from (Payments for) Other Financing Activities | 400 | |||||
Payments for Repurchase of Trust Preferred Securities | $ 13,400 | |||||
Debt Instrument, Basis Spread on Variable Rate | 3.05% | |||||
Debt Instrument, Interest Rate During Period | 8.69% | |||||
Interest Payable | $ 45 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies Text Tags (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Retained Earnings (Accumulated Deficit) | $ (51,560) | $ (47,904) |
Cumulative Effect, Period of Adoption, Adjustment [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Retained Earnings (Accumulated Deficit) | $ (668) |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Earnings Per Share [Abstract] | ||||
Net income (loss) | $ 19 | $ (1,089) | $ (2,988) | $ (2,901) |
Undistributed Earnings (Loss) Allocated to Participating Securities, Basic | 4 | 0 | 0 | 0 |
Net Income (Loss) Available to Common Stockholders, Basic | $ 15 | $ (1,089) | $ (2,988) | $ (2,901) |
Weighted average common shares outstanding - basic (in shares) | 5,002,290 | 4,294,871 | 4,771,706 | 4,271,743 |
Weighted Average Number Diluted Shares Outstanding Adjustment | 1,417,536 | 0 | 0 | 0 |
Weighted average common shares outstanding - diluted (in shares) | 6,419,826 | 4,294,871 | 4,771,706 | 4,271,743 |
Earnings (loss) per Share, Basic (in dollars per share) | $ 0 | $ (0.25) | $ (0.63) | $ (0.68) |
Earnings (loss) per Share, Diluted (in dollars per share) | $ 0 | $ (0.25) | $ (0.63) | $ (0.68) |
Common Stock Dividends and Is_2
Common Stock Dividends and Issuances Text Tags (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||
Sep. 30, 2023 | Dec. 31, 2021 | Sep. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2011 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Jul. 19, 2023 | Sep. 27, 2021 | Feb. 16, 2021 | Feb. 01, 2021 | Oct. 15, 2020 | Oct. 28, 2011 | |
Dividends [Abstract] | |||||||||||||||||
Stock Issued During Period, Shares, Other | 2,321,286 | ||||||||||||||||
Conversion of Stock, Shares Converted | 2,750 | 1,208,039 | 550 | ||||||||||||||
Convertible Preferred Stock, Shares Outstanding (in shares) | 45,118 | ||||||||||||||||
Conversion of Stock, Shares Issued | 336,325 | 67,265 | |||||||||||||||
Treasury Stock, Shares, Acquired | 2,321,286 | ||||||||||||||||
Payments for Repurchase of Equity | $ 2,500 | ||||||||||||||||
Stock Issued During Period, Shares, New Issues | 397,367 | ||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Stock Issued During Period, Shares, New Issues | 397,367 | ||||||||||||||||
Proceeds from Issuance of Private Placement | $ 1,000 | $ 4,000 | $ 4,400 | $ 6,000 | |||||||||||||
Conversion of Stock, Shares Converted | 2,750 | 1,208,039 | 550 | ||||||||||||||
Issuance of common stock | $ 1,000 | $ 0 | $ 3,000 | ||||||||||||||
Common Stock | |||||||||||||||||
Dividends [Abstract] | |||||||||||||||||
Stock Issued During Period, Shares, New Issues | 378,788 | 157,806 | 147,227 | 112,612 | |||||||||||||
Sale of Stock, Price Per Share | $ 2.64 | $ 8.88 | $ 7.75 | $ 6.62 | |||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Stock Issued During Period, Shares, New Issues | 378,788 | 157,806 | 147,227 | 112,612 | |||||||||||||
Sale of Stock, Price Per Share | $ 2.64 | 8.88 | 7.75 | $ 6.62 | |||||||||||||
Series F Preferred Stock | |||||||||||||||||
Dividends [Abstract] | |||||||||||||||||
Convertible Preferred Stock, Shares Outstanding (in shares) | 9,000 | 9,000 | |||||||||||||||
Stock Issued During Period, Shares, New Issues | 4,000 | 5,000 | |||||||||||||||
Sale of Stock, Price Per Share | $ 1,000 | 1,000 | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Stock Issued During Period, Shares, New Issues | 4,000 | 5,000 | |||||||||||||||
Sale of Stock, Price Per Share | $ 1,000 | $ 1,000 | |||||||||||||||
Series D Preferred Stock | |||||||||||||||||
Dividends [Abstract] | |||||||||||||||||
Convertible Preferred Stock, Shares Outstanding (in shares) | 10,451 | 13,201 | |||||||||||||||
Series E Preferred Stock | |||||||||||||||||
Dividends [Abstract] | |||||||||||||||||
Convertible Preferred Stock, Shares Outstanding (in shares) | 3,177 | 3,177 | |||||||||||||||
Stock Issued During Period, Shares, New Issues | 3,177 | ||||||||||||||||
Sale of Stock, Price Per Share | 1,000 | ||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Stock Issued During Period, Shares, New Issues | 3,177 | ||||||||||||||||
Sale of Stock, Price Per Share | $ 1,000 |
Components of Accumulated Other
Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Accumulated Other Comprehensive Loss, Available-for-sale Securities Adjustment, Net of Tax | $ (12,215) | $ (6,662) | ||
Other comprehensive loss, net of taxes | $ 3,037 | $ (18) | (62) | (7,076) |
Accumulated Other Comprehensive Loss, Available-for-sale Securities Adjustment, Net of Tax | $ (12,277) | $ (13,738) | $ (12,277) | $ (13,738) |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) (Details) Text Tags - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | $ 0 | $ 0 |
Investment Securities Text Tags
Investment Securities Text Tags (Details) | 9 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Mar. 31, 2023 USD ($) | |
Schedule of Investments [Line Items] | |||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 23 | 24 | |
Debt Securities, Available-for-sale | $ 49,106,000 | $ 53,843,000 | |
Percentage Available-for-sale Securities | 95.90% | ||
Debt Securities, Held-to-maturity | $ 2,078,000 | 2,318,000 | |
Percentage Held-to-maturity Securities | 4.10% | ||
Trading | $ 0 | 0 | |
Bank Owned Life Insurance | 5,300,000 | ||
Other Investments | 6,900,000 | ||
Proceeds from Sale of Debt Securities, Available-for-sale | 0 | $ 0 | |
Debt Securities, Available-for-Sale, Allowance for Credit Loss | 0 | ||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss | $ 0 | ||
Mortgage-backed securities | |||
Schedule of Investments [Line Items] | |||
Percentage Available-for-Sale, Continuos Unrealized Loss Position | 53.20% | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 8 | ||
Debt Securities, Available-for-sale | $ 25,521,000 | 27,443,000 | |
US Government Agency Securities | |||
Schedule of Investments [Line Items] | |||
Percentage Available-for-Sale, Continuos Unrealized Loss Position | 10.70% | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 2 | ||
Debt Securities, Available-for-sale | $ 6,402,000 | 9,326,000 | |
Municipal Securities | |||
Schedule of Investments [Line Items] | |||
Percentage Available-for-Sale, Continuos Unrealized Loss Position | 29.40% | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 6 | ||
Debt Securities, Available-for-sale | $ 13,991,000 | 13,982,000 | |
Corporate Bonds | |||
Schedule of Investments [Line Items] | |||
Percentage Available-for-Sale, Continuos Unrealized Loss Position | 6.70% | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 1 | ||
Debt Securities, Available-for-sale | $ 3,192,000 | $ 3,092,000 |
Investment Securities-Unrealize
Investment Securities-Unrealized Gain (Loss) on Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 |
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale, Amortized Cost | $ 61,383 | $ 66,058 |
Available-for-sale, Gross Unrealized Gains | 4 | 1 |
Available-for-sale, Gross Unrealized Losses | (12,281) | (12,216) |
Available-for-sale | 49,106 | 53,843 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-maturity, Total | 2,078 | 2,318 |
Held-to-maturity, Gross Unrealized Gains | 0 | 0 |
Held-to-maturity, Gross Unrealized Losses | (94) | (97) |
Held-to-maturity, Fair Value | 1,984 | 2,221 |
Government National Mortgage Association (GNMA) | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale, Amortized Cost | 295 | 341 |
Available-for-sale, Gross Unrealized Gains | 4 | 1 |
Available-for-sale, Gross Unrealized Losses | (1) | (1) |
Available-for-sale | 298 | 341 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-maturity, Total | 311 | 366 |
Held-to-maturity, Gross Unrealized Gains | 0 | 0 |
Held-to-maturity, Gross Unrealized Losses | (6) | (3) |
Held-to-maturity, Fair Value | 305 | 363 |
Federal Home Loan Mortgage Corporation (FHLMC) | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale, Amortized Cost | 20,561 | 21,651 |
Available-for-sale, Gross Unrealized Gains | 0 | 0 |
Available-for-sale, Gross Unrealized Losses | (4,321) | (4,051) |
Available-for-sale | 16,240 | 17,600 |
Federal National Mortgage Association (FNMA) | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale, Amortized Cost | 11,132 | 11,714 |
Available-for-sale, Gross Unrealized Gains | 0 | 0 |
Available-for-sale, Gross Unrealized Losses | (2,149) | (2,212) |
Available-for-sale | 8,983 | 9,502 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-maturity, Total | 1,767 | 1,952 |
Held-to-maturity, Gross Unrealized Gains | 0 | 0 |
Held-to-maturity, Gross Unrealized Losses | (88) | (94) |
Held-to-maturity, Fair Value | 1,679 | 1,858 |
Mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale, Amortized Cost | 31,988 | 33,706 |
Available-for-sale, Gross Unrealized Gains | 4 | 1 |
Available-for-sale, Gross Unrealized Losses | (6,471) | (6,264) |
Available-for-sale | 25,521 | 27,443 |
US Government Agency Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale, Amortized Cost | 6,427 | 9,364 |
Available-for-sale, Gross Unrealized Gains | 0 | 0 |
Available-for-sale, Gross Unrealized Losses | (25) | (38) |
Available-for-sale | 6,402 | 9,326 |
Corporate Bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale, Amortized Cost | 5,266 | 5,269 |
Available-for-sale, Gross Unrealized Gains | 0 | 0 |
Available-for-sale, Gross Unrealized Losses | (2,074) | (2,177) |
Available-for-sale | 3,192 | 3,092 |
Municipal Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale, Amortized Cost | 17,702 | 17,719 |
Available-for-sale, Gross Unrealized Gains | 0 | 0 |
Available-for-sale, Gross Unrealized Losses | (3,711) | (3,737) |
Available-for-sale | $ 13,991 | $ 13,982 |
Investment Securities-Schedule
Investment Securities-Schedule of Unrealized Loss (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 |
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 0 | $ (13) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 0 | 4,075 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (12,281) | (12,203) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 47,519 | 49,471 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (12,281) | (12,216) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 47,519 | 53,546 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | (3) |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 0 | 363 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (94) | (94) |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 1,950 | 1,822 |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss | (94) | (97) |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Fair Value | 1,950 | 2,185 |
Mortgage-backed securities | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 0 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (6,471) | (6,264) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 25,260 | 27,146 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (6,471) | (6,264) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 25,260 | 27,146 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | (3) |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 0 | 363 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (94) | (94) |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 1,950 | 1,822 |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss | (94) | (97) |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Fair Value | 1,950 | 2,185 |
US Government Agency Securities | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | (13) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 0 | 4,075 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (25) | (25) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 5,076 | 5,251 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (25) | (38) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 5,076 | 9,326 |
Corporate Bonds | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 0 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (2,074) | (2,177) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 3,192 | 3,092 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (2,074) | (2,177) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 3,192 | 3,092 |
Municipal Securities | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 0 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (3,711) | (3,737) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 13,991 | 13,982 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (3,711) | (3,737) |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 13,991 | $ 13,982 |
Investment Securities-Investmen
Investment Securities-Investments Classified by Contractual Maturity Date (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 |
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity | ||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after One Through Five Years, Amortized Cost | $ 1,984 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after Five Through Ten Years, Amortized Cost | 2,667 | |
Debt Securities, Available-for-sale, Allocated and Single Maturity Date, Maturity, after 10 Years, Amortized Cost | 24,744 | |
Debt Securities, Available-for-sale, Amortized Cost | 61,383 | $ 66,058 |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity | ||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after One Through Five Years, Fair Value | 1,971 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after Five Through Ten Years, Fair Value | 2,326 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after 10 Years, Fair Value | 19,288 | |
Available-for-sale | $ 49,106 | 53,843 |
Available-for-Sale Securities, Debt Maturities, Weighted Average Yield | ||
Available-for-sale Securities, Debt Maturities, after One Through Five Years, Weighted Average Rate | 6.41% | |
Available-for-sale Securities, Debt Maturities, after Five Through Ten Years, Weighted Average Rate | 2.67% | |
Available-for-sale Securities, Debt Maturities, after Ten Years, Weighted Average Rate | 3.25% | |
Available-for-sale Securities, Debt Maturities, Weighted Average Rate | 2.52% | |
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount | ||
Held-to-maturity | $ 2,078 | 2,318 |
Held-to-maturity Securities, Debt Maturities, Fair Value, Fiscal Year Maturity | ||
Held-to-maturity, Fair Value | $ 1,984 | $ 2,221 |
Loans Receivable and ACL (Detai
Loans Receivable and ACL (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Sep. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Mar. 31, 2022 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Loans and Leases Receivable, Net of Deferred Income | $ 624,651 | $ 597,896 | ||||||
Loans and Leases Receivable, Allowance | $ (6,007) | (5,229) | $ (5,154) | $ (5,509) | $ (5,624) | |||
Loans and Leases Receivable, Net Amount | $ 592,667 | |||||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 624,651 | |||||||
Allowance for Credit Loss, Excluding Accrued Interest | 5,897 | |||||||
Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss | $ 618,754 | |||||||
Percentage of Loan Type | 100% | 100% | ||||||
One-to-four family | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Loans and Leases Receivable, Net of Deferred Income | $ 84,041 | $ 65,808 | ||||||
Loans and Leases Receivable, Allowance | (2,264) | $ (716) | (724) | (704) | (731) | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 84,041 | |||||||
Allowance for Credit Loss, Excluding Accrued Interest | $ 2,068 | |||||||
Percentage of Loan Type | 13.40% | 11% | ||||||
Multifamily | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Loans and Leases Receivable, Net of Deferred Income | $ 177,772 | $ 179,117 | ||||||
Loans and Leases Receivable, Allowance | (721) | $ (1,109) | (1,080) | (1,055) | (1,114) | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 177,772 | |||||||
Allowance for Credit Loss, Excluding Accrued Interest | $ 722 | |||||||
Percentage of Loan Type | 28.50% | 30% | ||||||
Commercial real estate | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Loans and Leases Receivable, Net of Deferred Income | $ 174,202 | $ 178,424 | ||||||
Loans and Leases Receivable, Allowance | (1,212) | $ (1,814) | (1,045) | (1,608) | (1,157) | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 174,202 | |||||||
Allowance for Credit Loss, Excluding Accrued Interest | $ 1,211 | |||||||
Percentage of Loan Type | 27.90% | 29.80% | ||||||
Construction | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Loans and Leases Receivable, Net of Deferred Income | $ 1,559 | $ 0 | ||||||
Loans and Leases Receivable, Allowance | 0 | $ 0 | ||||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 1,559 | |||||||
Allowance for Credit Loss, Excluding Accrued Interest | $ 1 | |||||||
Percentage of Loan Type | 0.20% | 0% | ||||||
Business | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Loans and Leases Receivable, Net of Deferred Income | $ 172,204 | $ 166,908 | [1] | |||||
Loans and Leases Receivable, Allowance | (1,393) | $ (1,139) | (1,913) | (1,814) | (2,497) | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | [1] | 172,204 | ||||||
Allowance for Credit Loss, Excluding Accrued Interest | $ 1,452 | |||||||
Percentage of Loan Type | [1] | 27.60% | 27.90% | |||||
Consumer | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Loans and Leases Receivable, Net of Deferred Income | $ 14,873 | $ 7,639 | [2] | |||||
Loans and Leases Receivable, Allowance | $ (417) | $ (449) | $ (121) | $ (82) | $ (123) | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | [2] | 14,873 | ||||||
Allowance for Credit Loss, Excluding Accrued Interest | $ 443 | |||||||
Percentage of Loan Type | [2] | 2.40% | 1.30% | |||||
[1] (1) Includes PPP loans and business overdrafts Includes personal loans and consumer overdrafts |
Allowance for Credit Losses (De
Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Allowance for loan losses - Beginning Balance | $ 6,007 | $ 5,509 | $ 5,229 | $ 5,624 | |||
Allowance for Credit Loss, Excluding Accrued Interest | 5,897 | 5,897 | |||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | 17 | 134 | |||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Recovery | 4 | 57 | |||||
Financing Receivable, Excluding Accrued Interest, Credit Loss Expense (Reversal) | (97) | 77 | |||||
Allowance for Credit Loss, Excluding Accrued Interest, Ending Balance | 5,897 | 5,897 | |||||
Charge-offs | (692) | (716) | |||||
Recoveries | 32 | 157 | |||||
Provision for loan losses | 305 | 89 | |||||
Allowance for loan losses - Ending Balance | 5,154 | 5,154 | |||||
Allowance for Credit Losses, Collectively Evaluated for Impairment | 5,887 | 5,887 | $ 4,918 | ||||
Allowance for Credit Losses, Individually Evaluated for Impairment | 10 | 10 | 311 | ||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 624,651 | 624,651 | |||||
Loans Receivable, Collectively Evaluated for Impairment | 599,977 | 599,977 | 579,708 | ||||
Loans Receivable, Individually Evaluated for Impairment | 24,674 | 24,674 | 18,188 | ||||
Loans and Leases Receivable, Net of Deferred Income | 624,651 | 624,651 | 597,896 | ||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Allowance for Credit Loss, Excluding Accrued Interest | 668 | 668 | |||||
Allowance for Credit Loss, Excluding Accrued Interest, Ending Balance | 668 | 668 | |||||
One-to-four family | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Allowance for loan losses - Beginning Balance | 2,264 | 704 | 716 | 731 | |||
Allowance for Credit Loss, Excluding Accrued Interest | 2,068 | 2,068 | |||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | 0 | 0 | |||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Recovery | 0 | 0 | |||||
Financing Receivable, Excluding Accrued Interest, Credit Loss Expense (Reversal) | (196) | 132 | |||||
Allowance for Credit Loss, Excluding Accrued Interest, Ending Balance | 2,068 | 2,068 | |||||
Charge-offs | 0 | 0 | |||||
Recoveries | 0 | 90 | |||||
Provision for loan losses | 20 | (97) | |||||
Allowance for loan losses - Ending Balance | 724 | 724 | |||||
Allowance for Credit Losses, Collectively Evaluated for Impairment | 2,068 | 2,068 | 607 | ||||
Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 | 109 | ||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 84,041 | 84,041 | |||||
Loans Receivable, Collectively Evaluated for Impairment | 80,772 | 80,772 | 60,805 | ||||
Loans Receivable, Individually Evaluated for Impairment | 3,269 | 3,269 | 5,003 | ||||
Loans and Leases Receivable, Net of Deferred Income | 84,041 | 84,041 | 65,808 | ||||
One-to-four family | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Allowance for Credit Loss, Excluding Accrued Interest | 1,220 | 1,220 | |||||
Allowance for Credit Loss, Excluding Accrued Interest, Ending Balance | 1,220 | 1,220 | |||||
Multifamily | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Allowance for loan losses - Beginning Balance | 721 | 1,055 | 1,109 | 1,114 | |||
Allowance for Credit Loss, Excluding Accrued Interest | 722 | 722 | |||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | 0 | 0 | |||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Recovery | 0 | 0 | |||||
Financing Receivable, Excluding Accrued Interest, Credit Loss Expense (Reversal) | 1 | 5 | |||||
Allowance for Credit Loss, Excluding Accrued Interest, Ending Balance | 722 | 722 | |||||
Charge-offs | 0 | 0 | |||||
Recoveries | 0 | 0 | |||||
Provision for loan losses | 25 | (34) | |||||
Allowance for loan losses - Ending Balance | 1,080 | 1,080 | |||||
Allowance for Credit Losses, Collectively Evaluated for Impairment | 722 | 722 | 1,109 | ||||
Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 | 0 | ||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 177,772 | 177,772 | |||||
Loans Receivable, Collectively Evaluated for Impairment | 175,179 | 175,179 | 179,046 | ||||
Loans Receivable, Individually Evaluated for Impairment | 2,593 | 2,593 | 71 | ||||
Loans and Leases Receivable, Net of Deferred Income | 177,772 | 177,772 | 179,117 | ||||
Multifamily | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Allowance for Credit Loss, Excluding Accrued Interest | (392) | (392) | |||||
Allowance for Credit Loss, Excluding Accrued Interest, Ending Balance | (392) | (392) | |||||
Commercial real estate | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Allowance for loan losses - Beginning Balance | 1,212 | 1,608 | 1,814 | 1,157 | |||
Allowance for Credit Loss, Excluding Accrued Interest | 1,211 | 1,211 | |||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | 0 | 0 | |||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Recovery | 0 | 0 | |||||
Financing Receivable, Excluding Accrued Interest, Credit Loss Expense (Reversal) | (1) | (106) | |||||
Allowance for Credit Loss, Excluding Accrued Interest, Ending Balance | 1,211 | 1,211 | |||||
Charge-offs | (586) | (586) | |||||
Recoveries | 0 | 10 | |||||
Provision for loan losses | 23 | 464 | |||||
Allowance for loan losses - Ending Balance | 1,045 | 1,045 | |||||
Allowance for Credit Losses, Collectively Evaluated for Impairment | 1,211 | 1,211 | 1,814 | ||||
Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 | 0 | ||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 174,202 | 174,202 | |||||
Loans Receivable, Collectively Evaluated for Impairment | 168,265 | 168,265 | 171,234 | ||||
Loans Receivable, Individually Evaluated for Impairment | 5,937 | 5,937 | 7,190 | ||||
Loans and Leases Receivable, Net of Deferred Income | 174,202 | 174,202 | 178,424 | ||||
Commercial real estate | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Allowance for Credit Loss, Excluding Accrued Interest | (497) | (497) | |||||
Allowance for Credit Loss, Excluding Accrued Interest, Ending Balance | (497) | (497) | |||||
Construction | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Allowance for loan losses - Beginning Balance | 0 | 0 | |||||
Allowance for Credit Loss, Excluding Accrued Interest | 1 | 1 | |||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | 0 | 0 | |||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Recovery | 0 | 0 | |||||
Financing Receivable, Excluding Accrued Interest, Credit Loss Expense (Reversal) | 1 | 1 | |||||
Allowance for Credit Loss, Excluding Accrued Interest, Ending Balance | 1 | 1 | |||||
Allowance for Credit Losses, Collectively Evaluated for Impairment | 1 | 1 | |||||
Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 1,559 | 1,559 | |||||
Loans Receivable, Collectively Evaluated for Impairment | 1,559 | 1,559 | |||||
Loans Receivable, Individually Evaluated for Impairment | 0 | 0 | |||||
Loans and Leases Receivable, Net of Deferred Income | 1,559 | 1,559 | 0 | ||||
Construction | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Allowance for Credit Loss, Excluding Accrued Interest | 0 | 0 | |||||
Allowance for Credit Loss, Excluding Accrued Interest, Ending Balance | 0 | 0 | |||||
Business | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Allowance for loan losses - Beginning Balance | 1,393 | 1,814 | 1,139 | 2,497 | |||
Allowance for Credit Loss, Excluding Accrued Interest | 1,452 | 1,452 | |||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | 0 | 0 | |||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Recovery | 2 | 52 | |||||
Financing Receivable, Excluding Accrued Interest, Credit Loss Expense (Reversal) | 57 | (244) | |||||
Allowance for Credit Loss, Excluding Accrued Interest, Ending Balance | 1,452 | 1,452 | |||||
Charge-offs | 0 | 0 | |||||
Recoveries | 30 | 53 | |||||
Provision for loan losses | 69 | (637) | |||||
Allowance for loan losses - Ending Balance | 1,913 | 1,913 | |||||
Allowance for Credit Losses, Collectively Evaluated for Impairment | 1,442 | 1,442 | 937 | ||||
Allowance for Credit Losses, Individually Evaluated for Impairment | 10 | 10 | 202 | ||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | [1] | 172,204 | 172,204 | ||||
Loans Receivable, Collectively Evaluated for Impairment | 159,349 | 159,349 | 160,985 | ||||
Loans Receivable, Individually Evaluated for Impairment | 12,855 | 12,855 | 5,923 | ||||
Loans and Leases Receivable, Net of Deferred Income | 172,204 | 172,204 | 166,908 | [1] | |||
Business | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Allowance for Credit Loss, Excluding Accrued Interest | 505 | 505 | |||||
Allowance for Credit Loss, Excluding Accrued Interest, Ending Balance | 505 | 505 | |||||
Consumer | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Allowance for loan losses - Beginning Balance | 417 | 82 | 449 | 123 | |||
Allowance for Credit Loss, Excluding Accrued Interest | 443 | 443 | |||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | 17 | 134 | |||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Recovery | 2 | 5 | |||||
Financing Receivable, Excluding Accrued Interest, Credit Loss Expense (Reversal) | 41 | 289 | |||||
Allowance for Credit Loss, Excluding Accrued Interest, Ending Balance | 443 | 443 | |||||
Charge-offs | (106) | (130) | |||||
Recoveries | 2 | 4 | |||||
Provision for loan losses | 143 | 124 | |||||
Allowance for loan losses - Ending Balance | 121 | 121 | |||||
Allowance for Credit Losses, Collectively Evaluated for Impairment | 443 | 443 | 449 | ||||
Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 | 0 | ||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | [2] | 14,873 | 14,873 | ||||
Loans Receivable, Collectively Evaluated for Impairment | 14,853 | 14,853 | 7,638 | ||||
Loans Receivable, Individually Evaluated for Impairment | 20 | 20 | 1 | ||||
Loans and Leases Receivable, Net of Deferred Income | 14,873 | 14,873 | 7,639 | [2] | |||
Consumer | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Allowance for Credit Loss, Excluding Accrued Interest | (166) | (166) | |||||
Allowance for Credit Loss, Excluding Accrued Interest, Ending Balance | (166) | (166) | |||||
Unallocated | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Allowance for loan losses - Beginning Balance | 0 | 246 | 2 | 2 | |||
Allowance for Credit Loss, Excluding Accrued Interest | 0 | 0 | |||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | 0 | 0 | |||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Recovery | 0 | 0 | |||||
Financing Receivable, Excluding Accrued Interest, Credit Loss Expense (Reversal) | 0 | 0 | |||||
Allowance for Credit Loss, Excluding Accrued Interest, Ending Balance | 0 | 0 | |||||
Charge-offs | 0 | 0 | |||||
Recoveries | 0 | 0 | |||||
Provision for loan losses | 25 | 269 | |||||
Allowance for loan losses - Ending Balance | $ 271 | $ 271 | |||||
Allowance for Credit Losses, Collectively Evaluated for Impairment | 0 | 0 | 2 | ||||
Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 | 0 | ||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 0 | 0 | |||||
Loans Receivable, Collectively Evaluated for Impairment | 0 | 0 | 0 | ||||
Loans Receivable, Individually Evaluated for Impairment | 0 | 0 | 0 | ||||
Loans and Leases Receivable, Net of Deferred Income | $ 0 | ||||||
Unallocated | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Allowance for Credit Loss, Excluding Accrued Interest | (2) | (2) | |||||
Allowance for Credit Loss, Excluding Accrued Interest, Ending Balance | $ (2) | $ (2) | |||||
[1] (1) Includes PPP loans and business overdrafts Includes personal loans and consumer overdrafts |
Nonaccrual Loans (Details)
Nonaccrual Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 |
Financing Receivable, Past Due [Line Items] | ||
FinancingReceivableNonaccrualWithAllowance | $ 28 | |
Nonperforming | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | 26,885 | |
Financing Receivable, Nonaccrual | 26,913 | $ 12,261 |
One-to-four family | Nonperforming | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | 4,295 | |
FinancingReceivableNonaccrualWithAllowance | 0 | |
Financing Receivable, Nonaccrual | 4,295 | 4,001 |
Multifamily | Nonperforming | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | 2,627 | |
FinancingReceivableNonaccrualWithAllowance | 0 | |
Financing Receivable, Nonaccrual | 2,627 | 71 |
Commercial real estate | Nonperforming | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | 5,937 | |
FinancingReceivableNonaccrualWithAllowance | 0 | |
Financing Receivable, Nonaccrual | 5,937 | 7,190 |
Business | Nonperforming | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | 13,999 | |
FinancingReceivableNonaccrualWithAllowance | 10 | |
Financing Receivable, Nonaccrual | 14,009 | 998 |
Consumer | Nonperforming | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | 27 | |
FinancingReceivableNonaccrualWithAllowance | 18 | |
Financing Receivable, Nonaccrual | $ 45 | $ 1 |
Credit Quality Indicators (Deta
Credit Quality Indicators (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2023 | Mar. 31, 2023 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Financing Receivable, Year One, Originated, Current Fiscal Year | $ 85,267 | $ 85,267 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 130,219 | 130,219 | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 150,915 | 150,915 | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 58,839 | 58,839 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 47,711 | 47,711 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 151,700 | 151,700 | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 624,651 | 624,651 | |||
Loans and Leases Receivable, Net of Deferred Income | 624,651 | 624,651 | $ 597,896 | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | 17 | 134 | |||
Multifamily | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 6,608 | 6,608 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 53,694 | 53,694 | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 52,511 | 52,511 | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 29,422 | 29,422 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 17,619 | 17,619 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 17,918 | 17,918 | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 177,772 | 177,772 | |||
Loans and Leases Receivable, Net of Deferred Income | 177,772 | 177,772 | 179,117 | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | 0 | 0 | |||
Multifamily | Pass | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 6,608 | 6,608 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 53,694 | 53,694 | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 51,037 | 51,037 | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 28,668 | 28,668 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 17,619 | 17,619 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 17,553 | 17,553 | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 175,179 | 175,179 | |||
Loans and Leases Receivable, Net of Deferred Income | 175,981 | ||||
Multifamily | Special Mention | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 0 | 0 | |||
Loans and Leases Receivable, Net of Deferred Income | 771 | ||||
Multifamily | Substandard | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 1,474 | 1,474 | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 754 | 754 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 365 | 365 | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 2,593 | 2,593 | |||
Loans and Leases Receivable, Net of Deferred Income | 2,365 | ||||
Multifamily | Doubtful | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 0 | 0 | |||
Multifamily | Loss | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 0 | 0 | |||
Commercial real estate | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 29,104 | 29,104 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 31,426 | 31,426 | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 27,757 | 27,757 | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 17,068 | 17,068 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 20,834 | 20,834 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 48,013 | 48,013 | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 174,202 | 174,202 | |||
Loans and Leases Receivable, Net of Deferred Income | 174,202 | 174,202 | 178,424 | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | 0 | 0 | |||
Commercial real estate | Pass | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 29,104 | 29,104 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 31,426 | 31,426 | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 27,757 | 27,757 | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 17,068 | 17,068 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 20,834 | 20,834 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 42,810 | 42,810 | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 168,999 | 168,999 | |||
Loans and Leases Receivable, Net of Deferred Income | 170,534 | ||||
Commercial real estate | Special Mention | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 681 | 681 | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 681 | 681 | |||
Loans and Leases Receivable, Net of Deferred Income | 701 | ||||
Commercial real estate | Substandard | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 4,522 | 4,522 | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 4,522 | 4,522 | |||
Loans and Leases Receivable, Net of Deferred Income | 7,189 | ||||
Commercial real estate | Doubtful | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 0 | 0 | |||
Commercial real estate | Loss | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 0 | 0 | |||
Construction | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 1,559 | 1,559 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 1,559 | 1,559 | |||
Loans and Leases Receivable, Net of Deferred Income | 1,559 | 1,559 | 0 | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | 0 | 0 | |||
Construction | Pass | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 1,559 | 1,559 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 1,559 | 1,559 | |||
Construction | Special Mention | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 0 | 0 | |||
Construction | Substandard | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 0 | 0 | |||
Construction | Doubtful | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 0 | 0 | |||
Construction | Loss | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 0 | 0 | |||
Business | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 12,715 | 12,715 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 40,624 | 40,624 | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 57,172 | 57,172 | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 10,897 | 10,897 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 607 | 607 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 50,189 | 50,189 | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | [1] | 172,204 | 172,204 | ||
Loans and Leases Receivable, Net of Deferred Income | 172,204 | 172,204 | 166,908 | [1] | |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | 0 | 0 | |||
Business | Pass | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 12,715 | 12,715 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 33,568 | 33,568 | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 53,185 | 53,185 | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 10,897 | 10,897 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 372 | 372 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 49,540 | 49,540 | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 160,277 | 160,277 | |||
Loans and Leases Receivable, Net of Deferred Income | 154,056 | ||||
Business | Special Mention | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 235 | 235 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 5 | 5 | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 240 | 240 | |||
Loans and Leases Receivable, Net of Deferred Income | 5,719 | ||||
Business | Substandard | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 7,056 | 7,056 | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 3,987 | 3,987 | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 644 | 644 | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 11,687 | 11,687 | |||
Loans and Leases Receivable, Net of Deferred Income | 7,133 | ||||
Business | Doubtful | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 0 | 0 | |||
Business | Loss | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 0 | 0 | |||
One-to-four family | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 22,349 | 22,349 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 3,844 | 3,844 | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 13,470 | 13,470 | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 1,432 | 1,432 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 8,651 | 8,651 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 34,295 | 34,295 | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 84,041 | 84,041 | |||
Loans and Leases Receivable, Net of Deferred Income | 84,041 | 84,041 | 65,808 | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | 0 | 0 | |||
One-to-four family | Performing | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 22,349 | 22,349 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 3,844 | 3,844 | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 13,470 | 13,470 | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 1,432 | 1,432 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 8,651 | 8,651 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 31,026 | 31,026 | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 80,772 | 80,772 | |||
Loans and Leases Receivable, Net of Deferred Income | 60,629 | ||||
One-to-four family | Nonperforming | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 3,269 | 3,269 | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 3,269 | 3,269 | |||
Loans and Leases Receivable, Net of Deferred Income | 5,179 | ||||
Consumer | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 12,932 | 12,932 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 631 | 631 | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 5 | 5 | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 20 | 20 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,285 | 1,285 | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | [2] | 14,873 | 14,873 | ||
Loans and Leases Receivable, Net of Deferred Income | 14,873 | 14,873 | 7,639 | [2] | |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | 17 | 134 | |||
Consumer | Performing | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 12,914 | 12,914 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 607 | 607 | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 3 | 3 | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 20 | 20 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,285 | 1,285 | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 14,829 | 14,829 | |||
Loans and Leases Receivable, Net of Deferred Income | 7,639 | ||||
Consumer | Nonperforming | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 18 | 18 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 24 | 24 | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 2 | 2 | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | $ 44 | $ 44 | |||
Loans and Leases Receivable, Net of Deferred Income | $ 0 | ||||
[1] (1) Includes PPP loans and business overdrafts Includes personal loans and consumer overdrafts |
Past Due Financing Receivables
Past Due Financing Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 | |
Financing Receivable, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | $ 624,651 | $ 597,896 | |
Financing Receivables, 30 to 59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 16,314 | 15,140 | |
Financing Receivables, 60 to 89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 5,200 | 211 | |
Financing Receivables, Equal to Greater than 90 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 25,024 | 7,594 | |
Financial Asset, Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 46,538 | 22,945 | |
Financial Asset, Not Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 578,113 | 574,951 | |
One-to-four family | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 84,041 | 65,808 | |
One-to-four family | Financing Receivables, 30 to 59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 346 | 1,207 | |
One-to-four family | Financing Receivables, 60 to 89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 0 | 185 | |
One-to-four family | Financing Receivables, Equal to Greater than 90 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 2,991 | 2,475 | |
One-to-four family | Financial Asset, Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 3,337 | 3,867 | |
One-to-four family | Financial Asset, Not Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 80,704 | 61,941 | |
Multifamily | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 177,772 | 179,117 | |
Multifamily | Financing Receivables, 30 to 59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 8,758 | 1,458 | |
Multifamily | Financing Receivables, 60 to 89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 | |
Multifamily | Financing Receivables, Equal to Greater than 90 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 2,543 | 71 | |
Multifamily | Financial Asset, Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 11,301 | 1,529 | |
Multifamily | Financial Asset, Not Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 166,471 | 177,588 | |
Commercial real estate | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 174,202 | 178,424 | |
Commercial real estate | Financing Receivables, 30 to 59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 3,533 | 1,370 | |
Commercial real estate | Financing Receivables, 60 to 89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 2,945 | 0 | |
Commercial real estate | Financing Receivables, Equal to Greater than 90 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 5,937 | 0 | |
Commercial real estate | Financial Asset, Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 12,415 | 1,370 | |
Commercial real estate | Financial Asset, Not Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 161,787 | 177,054 | |
Construction | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 1,559 | 0 | |
Construction | Financing Receivables, 30 to 59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 0 | ||
Construction | Financing Receivables, 60 to 89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 0 | ||
Construction | Financing Receivables, Equal to Greater than 90 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 0 | ||
Construction | Financial Asset, Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 0 | ||
Construction | Financial Asset, Not Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 1,559 | ||
Business | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 172,204 | 166,908 | [1] |
Business | Financing Receivables, 30 to 59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 3,535 | 11,006 | |
Business | Financing Receivables, 60 to 89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 2,137 | 0 | |
Business | Financing Receivables, Equal to Greater than 90 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 13,535 | 5,014 | |
Business | Financial Asset, Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 19,207 | 16,020 | |
Business | Financial Asset, Not Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 152,997 | 150,888 | |
Consumer | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 14,873 | 7,639 | [2] |
Consumer | Financing Receivables, 30 to 59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 142 | 99 | |
Consumer | Financing Receivables, 60 to 89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 118 | 26 | |
Consumer | Financing Receivables, Equal to Greater than 90 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 18 | 34 | |
Consumer | Financial Asset, Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 278 | 159 | |
Consumer | Financial Asset, Not Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | $ 14,595 | $ 7,480 | |
[1] (1) Includes PPP loans and business overdrafts Includes personal loans and consumer overdrafts |
Impaired Loans (Details)
Impaired Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2023 | |
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Impaired Financing Receivable, Recorded Investment | $ 18,188 | |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
Impaired Financing Receivable, Unpaid Principal Balance | 19,014 | |
Impaired Financing Receivable, Related Allowance | 311 | $ 11 |
Impaired Financing Receivable, Average Recorded Investment [Abstract] | ||
Impaired Financing Receivable, Average Recorded Investment | 15,528 | |
Impaired Financing Receivable, Interest Income, Cash Basis Method [Abstract] | ||
Impaired Financing Receivable, Interest Income, Cash Basis Method | 504 | |
Real Estate | ||
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 24,263 | |
Accounts Receivable | ||
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 411 | |
One-to-four family | ||
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 3,972 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 1,031 | |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 4,567 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 1,031 | |
Impaired Financing Receivable, Related Allowance | 109 | |
Impaired Financing Receivable, Average Recorded Investment [Abstract] | ||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 3,861 | |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 554 | |
Impaired Financing Receivable, Interest Income, Cash Basis Method [Abstract] | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 111 | |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 41 | |
One-to-four family | Real Estate | ||
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 3,269 | |
Multifamily | ||
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 71 | |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 71 | |
Impaired Financing Receivable, Average Recorded Investment [Abstract] | ||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 220 | |
Impaired Financing Receivable, Interest Income, Cash Basis Method [Abstract] | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 0 | |
Multifamily | Real Estate | ||
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 2,593 | |
Commercial real estate | ||
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 7,190 | |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 7,378 | |
Impaired Financing Receivable, Average Recorded Investment [Abstract] | ||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 4,054 | |
Impaired Financing Receivable, Interest Income, Cash Basis Method [Abstract] | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 36 | |
Commercial real estate | Real Estate | ||
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 5,937 | |
Business | ||
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 1,114 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 4,809 | |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 1,146 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 4,820 | |
Impaired Financing Receivable, Related Allowance | 202 | 10 |
Impaired Financing Receivable, Average Recorded Investment [Abstract] | ||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 1,723 | |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 5,116 | |
Impaired Financing Receivable, Interest Income, Cash Basis Method [Abstract] | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 0 | |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 316 | |
Business | Real Estate | ||
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 12,464 | |
Business | Accounts Receivable | ||
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 391 | |
Consumer | ||
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 1 | |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 1 | |
Impaired Financing Receivable, Related Allowance | 1 | |
Impaired Financing Receivable, Average Recorded Investment [Abstract] | ||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 0 | |
Impaired Financing Receivable, Interest Income, Cash Basis Method [Abstract] | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | $ 0 | |
Consumer | Real Estate | ||
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 0 | |
Consumer | Accounts Receivable | ||
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | $ 20 |
Loans Receivable and ACL Text T
Loans Receivable and ACL Text Tags (Details) $ in Thousands | 9 Months Ended | |||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | |
Loans and Leases Receivable Disclosure [Abstract] | ||||
Unamortized premiums, deferred costs and fees, net | $ (3,000) | $ (2,800) | ||
Number of Loans Originated Under the Paycheck Protection Program | 420 | |||
Loans Originated Under the Paycheck Protection Program, Amount | $ 57,100 | |||
Financing Receivable, Nonaccrual, Interest Income | 0 | |||
Other Real Estate Owned | $ 60 | $ 60 | ||
Number of Real Estate Properties | 1 | 1 | ||
Financing Receivable, Held-for-Sale | $ 0 | $ 0 | ||
Financing Receivable, 90 Days or More Past Due, Still Accruing | $ 0 | $ 0 | ||
Financing Receivable, Modified in Period, Amount | $ 1,000 | |||
Number of Modified Loan Subsequently Defaulted | 0 | 0 | ||
Loans and Leases Receivable, Related Parties | $ 0 | |||
Financing Receivable, Modified [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | 0 | 2 | ||
Financing Receivable, Modified, Accumulated | $ 6,800 | |||
Nonperforming | ||||
Financing Receivable, Modified [Line Items] | ||||
Financing Receivable, Modified, Accumulated | $ 1,100 | |||
Performing | ||||
Financing Receivable, Modified [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | 4 | |||
Financing Receivable, Modified, Accumulated | $ 5,800 | |||
Consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Purchase | 9,200 | |||
Business | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Purchase | 300 | |||
One-to-four family | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Purchase | $ 20,000 |
Commitment and Contingencies (D
Commitment and Contingencies (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 |
Other Commitments [Line Items] | ||
Lines of Credit | $ 6,801 | $ 3,837 |
Commitment to fund private equity investment | 650 | 253 |
Contractual Obligation | 8,451 | 4,090 |
Commercial real estate | ||
Other Commitments [Line Items] | ||
Commitments to fund mortgage loans | $ 1,000 | $ 0 |
Fair Value, Assets Measured on
Fair Value, Assets Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage servicing rights | $ 142 | $ 152 |
Securities Available-for-Sale | 49,106 | 53,843 |
Assets, Fair Value Disclosure | 49,248 | 53,995 |
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 | 298 | 341 |
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 | 16,240 | 17,600 |
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 | 8,983 | 9,502 |
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 | 6,402 | 9,326 |
Fair Value, Measurements, Recurring | Corporate Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities Available-for-Sale | 3,192 | 3,092 |
Fair Value, Measurements, Recurring | Municipal Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities Available-for-Sale | 13,991 | 13,982 |
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 1 | Fair Value, Measurements, Recurring | Municipal Securities | ||
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 | 49,106 | 53,843 |
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 | 49,106 | 53,843 |
Assets, Fair Value Disclosure | 49,106 | 53,843 |
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 | 298 | 341 |
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 | 16,240 | 17,600 |
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 | 8,983 | 9,502 |
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 | 6,402 | 9,326 |
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 | 3,192 | 3,092 |
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | Municipal Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities Available-for-Sale | 13,991 | 13,982 |
Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage servicing rights | 142 | 152 |
Securities Available-for-Sale | 0 | 0 |
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 | 142 | 152 |
Securities Available-for-Sale | 0 | 0 |
Assets, Fair Value Disclosure | 142 | 152 |
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, Inputs, Level 3 | Fair Value, Measurements, Recurring | Municipal Securities | ||
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) $ in Thousands | 9 Months Ended | |
Dec. 31, 2023 USD ($) | Mar. 31, 2023 USD ($) | |
Fair Value Disclosures [Abstract] | ||
Percent of Total Assets Level 3 | 0.02% | |
Transfers between level 1 and level 2 | 0 | |
Mortgage Loans in Process of Foreclosure, Amount | $ 2,900 | $ 5,600 |
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, 2023 | Dec. 31, 2022 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | $ (9,000) | $ (15,000) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value - Beginning | 152,000 | 162,000 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | (10,000) | (17,000) |
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 | $ 142,000 | $ 145,000 |
Fair Value, Assets Measured o_3
Fair Value, Assets Measured on Recurring Basis, Valuation Techniques (Details) $ in Thousands | Dec. 31, 2023 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Mar. 31, 2022 USD ($) |
Valuation Technique, Discounted Cash Flow | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Mortgage servicing rights | $ 142 | $ 152 | ||
Fair Value, Inputs, Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Mortgage servicing rights | 142 | 152 | ||
Fair Value, Measurements, Recurring | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Mortgage servicing rights | 142 | 152 | ||
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Mortgage servicing rights | 142 | 152 | ||
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 | $ 142 | $ 152 | $ 145 | $ 162 |
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] | ||||
Servicing Asset, Measurement Input | 0.0361 | 0.0401 |
Fair Value Measurements, Nonrec
Fair Value Measurements, Nonrecurring (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Real Estate Owned | $ 60 | $ 60 |
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 | 5,529 | |
Other Real Estate Owned | 60 | 60 |
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 | |
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 | |
Other Real Estate Owned | $ 0 | $ 0 |
Fair Value, Assets Measured o_4
Fair Value, Assets Measured on Nonrecurring Basis, Valuation Techniques (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other Real Estate Owned | $ 60 | $ 60 |
Fair Value, Measurements, Nonrecurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 5,529 | |
Other Real Estate Owned | 60 | 60 |
Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 3 | Valuation, Market Approach | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 5,529 | |
Other Real Estate Owned | $ 60 | $ 60 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 |
Financial Assets: | ||
Held-to-maturity, Fair Value | $ 1,984 | $ 2,221 |
Fair Value, Inputs, Level 1 | ||
Financial Assets: | ||
Cash and cash equivalents | 75,230 | 42,552 |
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 |
Financial Liabilities: | ||
Deposits | 429,265 | 418,432 |
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 | 49,106 | 53,843 |
Held-to-maturity, Fair Value | 1,984 | 2,221 |
Loans Receivable | 0 | 0 |
Accrued interest receivable | 2,414 | 1,911 |
Mortgage servicing rights | 0 | 0 |
Financial Liabilities: | ||
Deposits | 230,124 | 176,304 |
Advances from FHLB of New York | 28,054 | 35,238 |
Other borrowed money | 17,639 | 14,575 |
Accrued interest payable | 1,119 | 380 |
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 | 593,659 | 567,029 |
Accrued interest receivable | 0 | 0 |
Mortgage servicing rights | 142 | 152 |
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 | 75,230 | 42,552 |
Securities Available-for-Sale | 49,106 | 53,843 |
Held-to-maturity, Fair Value | 2,078 | 2,318 |
Loans Receivable | 618,754 | 592,667 |
Accrued interest receivable | 2,414 | 1,911 |
Financial Liabilities: | ||
Deposits | 662,817 | 600,429 |
Advances from FHLB of New York | 28,027 | 35,000 |
Other borrowed money | 18,403 | 15,903 |
Accrued interest payable | 1,119 | 380 |
Estimate of Fair Value Measurement | ||
Financial Assets: | ||
Cash and cash equivalents | 75,230 | 42,552 |
Securities Available-for-Sale | 49,106 | 53,843 |
Held-to-maturity, Fair Value | 1,984 | 2,221 |
Loans Receivable | 593,659 | 567,029 |
Accrued interest receivable | 2,414 | 1,911 |
Mortgage servicing rights | 142 | 152 |
Financial Liabilities: | ||
Deposits | 659,389 | 594,736 |
Advances from FHLB of New York | 28,054 | 35,238 |
Other borrowed money | 17,639 | 14,575 |
Accrued interest payable | $ 1,119 | $ 380 |
Non-interest Revenue (Details)
Non-interest Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ 731 | $ 671 | $ 2,184 | $ 2,189 |
Revenue Not from Contract with Customer | 1,804 | 321 | 2,569 | 611 |
Noninterest income | 2,535 | 992 | 4,753 | 2,800 |
Depository fees and charges | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer | 543 | 561 | 1,678 | 1,669 |
Loan fees and service charges | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer | 97 | 68 | 270 | 316 |
Other noninterest income | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer | $ 91 | $ 42 | $ 236 | $ 204 |
Other Non-interest Revenue and
Other Non-interest Revenue and Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Noninterest Income, Other [Abstract] | ||||
Bank Owned Life Insurance Income | $ 338 | $ 42 | $ 420 | $ 102 |
Other | 152 | 48 | 295 | 269 |
Total non-interest income | 490 | 90 | 715 | 371 |
Non-interest expense: | ||||
Advertising | 68 | 104 | 302 | 368 |
Legal expense | 88 | 63 | 428 | 246 |
Insurance and surety | 320 | 293 | 938 | 878 |
Audit expense | 165 | 148 | 496 | 448 |
Data lines / internet | 100 | 105 | 310 | 299 |
Security services | 15 | 85 | 41 | 234 |
Retail expenses | 285 | 224 | 855 | 690 |
Operating charge-offs and other losses | 154 | 19 | 293 | 53 |
Director's fees | 135 | 24 | 346 | 270 |
Other | 673 | 660 | 1,928 | 1,839 |
Total non-interest expense | $ 2,003 | $ 1,725 | $ 5,937 | $ 5,325 |
Leases Text Tags (Details)
Leases Text Tags (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 |
Leases [Abstract] | ||
Right-of-use assets | $ 10,468 | $ 12,311 |
Operating lease liability | 11,270 | $ 13,173 |
Finance Lease, Right-of-Use Asset | 117 | |
Finance Lease, Liability | $ 121 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Leases [Abstract] | ||||
Operating Lease, Weighted Average Remaining Lease Term | 4 years 7 months 6 days | 4 years 7 months 6 days | ||
Finance Lease, Weighted Average Remaining Lease Term | 2 years 7 months 6 days | 2 years 7 months 6 days | ||
Operating Lease, Weighted Average Discount Rate, Percent | 3.04% | 3.04% | ||
Finance Lease, Weighted Average Discount Rate, Percent | 4.33% | 4.33% | ||
Operating Lease, Expense | $ 692 | $ 717 | $ 2,076 | $ 2,149 |
Finance Lease, Right-of-Use Asset, Amortization | 16 | 17 | 81 | 49 |
Finance Lease, Interest Expense | 1 | 1 | 5 | 2 |
Operating Lease, Payments | 711 | 686 | 2,133 | 2,078 |
Finance Lease, Payments | $ 12 | $ 14 | $ 74 | $ 52 |
Leases-Lease Liability, Maturit
Leases-Lease Liability, Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | $ 738 | |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 2,705 | |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 2,687 | |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 2,440 | |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 2,259 | |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 1,276 | |
Lessee, Operating Lease, Liability, Payments, Due | 12,105 | |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (835) | |
Operating lease liability | 11,270 | $ 13,173 |
Finance Lease, Liability, Payment, Due [Abstract] | ||
Finance Lease, Liability, Payments, Due Next Twelve Months | 16 | |
Finance Lease, Liability, Payments, Due Year Two | 63 | |
Finance Lease, Liability, Payments, Due Year Three | 42 | |
Finance Lease, Liability, Payments, Due Year Four | 5 | |
Finance Lease, Liability, Payments, Due Year Five | 0 | |
Finance Lease, Liability, Payments, Due after Year Five | 0 | |
Finance Lease, Liability, Payment, Due | 126 | |
Finance Lease, Liability, Undiscounted Excess Amount | (5) | |
Finance Lease, Liability | $ 121 |
Impact of Recent Accounting S_2
Impact of Recent Accounting Standards Text Tag (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Retained Earnings (Accumulated Deficit) | $ (51,560) | $ (47,904) |
Off-Balance-Sheet, Credit Loss, Liability | 9 | |
Cumulative Effect, Period of Adoption, Adjustment [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Retained Earnings (Accumulated Deficit) | $ (668) |