Carver Bancorp (CARV) 10-Q 16 Nov 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	6 Months Ended
	Sep. 30, 2020	Nov. 13, 2020
Document and Entity Information [Abstract]
Entity Registrant Name	CARVER BANCORP INC
Entity Central Index Key	0001016178
Current Fiscal Year End Date	--03-31
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Sep. 30, 2020
Document Fiscal Year Focus	1905
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		3,004,637
Entity Shell Company	false
Entity Emerging Growth Company	false
Document Transition Report	false

Cover Page

Cover Page	6 Months Ended
	Sep. 30, 2020
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Entity File Number	001-13007
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

Consolidated Statements of Fina

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Sep. 30, 2020	Mar. 31, 2020
Cash and cash equivalents:
Cash and due from banks	$ 70,673	$ 47,280
Money market investments	260	260
Total cash and cash equivalents	70,933	47,540
Investment securities:
Available-for-sale	103,075	65,829
Held-to-maturity	9,501	10,151
Total investment securities	112,576	75,980
Loans receivable:
Loans, gross	464,199	428,732
Allowance for loan losses	(4,916)	(4,946)
Total loans receivable, net	459,283	423,786
Premises and equipment, net	4,982	5,377
Federal Home Loan Bank of New York (“FHLB-NY”) stock, at cost	552	568
Accrued interest receivable	2,565	2,052
Right-of-use assets	16,514	17,614
Other assets	5,248	5,853
Total assets	672,653	578,770
Deposits:
Non-interest bearing checking	87,002	57,489
Interest-bearing deposits:
Interest-bearing checking	27,373	24,016
Savings	109,011	97,812
Money market	122,914	112,634
Certificates of deposit	192,588	194,287
Escrow	1,858	2,577
Total interest-bearing deposits	453,744	431,326
Total deposits	540,746	488,815
Advances from the FHLB-NY and other borrowed money	41,844	13,573
Operating lease liability	17,116	18,153
Other liabilities	26,551	9,335
Total liabilities	626,257	529,876
EQUITY
Preferred stock	18,076	45,118
Common stock	54	61
Additional paid-in capital	71,534	55,476
Accumulated deficit	$ (40,381)	$ (52,285)
Treasury Stock	2,503,803	1,944
Treasury stock	$ (2,908)	$ (408)
Accumulated other comprehensive income	21	932
Total equity	46,396	48,894
Total liabilities and equity	672,653	578,770
Real Estate
Loans receivable:
Loans, gross	332,682	339,825
Business
Loans receivable:
Loans, gross	128,641	85,659
Allowance for loan losses	(1,636)	(1,567)
Consumer
Loans receivable:
Loans, gross	2,876	3,248
Allowance for loan losses	$ (189)	$ (212)

Consolidated Statements of Fi_2

Consolidated Statements of Financial Condition Consolidated Statements of Financial Condition Parentheticals - USD ($) $ in Thousands	Sep. 30, 2020	Mar. 31, 2020
Statement of Financial Position [Abstract]
Held-to-maturity, Fair Value	$ 9,917	$ 10,564
Series D Convertible Preferred Stock, Par Value (in dollars per share)	$ 0.01	$ 0.01
Series D Convertible Preferred Stock, Shares Issued (in shares)	18,076	45,118
Series D Convertible Preferred Stock, Shares Outstanding (in shares)	18,076	45,118
Series D Convertible Preferred Stock, Liquidation Preference (in dollars per share)	$ 1,000	$ 1,000
Common Stock, Par Value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, Shares Authorized (in shares)	10,000,000	10,000,000
Common Stock, Shares Issued (in shares)	5,361,213	3,701,449
Common Stock, Shares Outstanding (in shares)	2,857,410	3,699,505
Treasury Stock	2,503,803	1,944

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Interest income:
Loans	$ 4,670	$ 4,589	$ 9,055	$ 9,412
Mortgage-backed securities	89	296	317	609
Investment securities	281	230	439	512
Money market investments	32	173	49	340
Total interest income	5,072	5,288	9,860	10,873
Interest expense:
Deposits	1,035	1,184	2,110	2,389
Advances and other borrowed money	163	260	330	468
Total interest expense	1,198	1,444	2,440	2,857
Net interest income	3,874	3,844	7,420	8,016
(Recovery of) provision for loan losses	(1)	7	(103)	8
Net interest income after (recovery of) provision for loan losses	3,875	3,837	7,523	8,008
Non-interest income:
Depository fees and charges	762	811	1,349	1,615
Loan fees and service charges	97	73	169	161
Gain on sale of securities	0	0	862	0
Gain on sale of loans, net	0	22	0	25
Other	1,114	104	1,276	151
Total non-interest income	1,973	1,010	3,656	1,952
Non-interest expense:
Employee compensation and benefits	2,886	2,808	5,532	5,528
Net occupancy expense	1,119	1,147	2,230	2,264
Equipment, net	459	352	853	640
Data processing	653	421	1,113	826
Consulting fees	55	49	116	128
Federal deposit insurance premiums	86	(89)	158	(1)
Other	1,399	1,209	2,798	2,764
Total non-interest expense	6,657	5,897	12,800	12,149
Loss before income taxes	(809)	(1,050)	(1,621)	(2,189)
Income tax expense	0	0	0	0
Net loss	$ (809)	$ (1,050)	$ (1,621)	$ (2,189)
Loss per common share:
Loss per Share, Basic (in dollars per share)	$ (0.21)	$ (0.28)	$ (0.43)	$ (0.59)
Loss per Share, Diluted (in dollars per share)	$ (0.21)	$ (0.28)	$ (0.43)	$ (0.59)

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss Statement - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Net loss	$ (809)	$ (1,050)	$ (1,621)	$ (2,189)
Other comprehensive (loss) income, net of tax:
Unrealized (loss) gain of securities available-for sale, net of tax	163	142	(49)	1,021
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax	0	0	862	0
Reclassification adjustment for gains on sale of available-for-sale securities, Tax			0	0
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, Tax	0	0	0	0
Other comprehensive loss, net of taxes	163	142	(911)	1,021
Total comprehensive (loss) income, net of tax	$ (646)	$ (908)	$ (2,532)	$ (1,168)

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	Accumulated Other Comprehensive Loss
Equity - Beginning Balance at Mar. 31, 2019	$ 47,136		$ 45,118	$ 61	$ 55,514	$ (52,201)	$ (417)	$ (939)
Net loss	(2,189)		0	0	0		0	0
Other comprehensive loss, net of taxes	1,021		0	0	0	0	0
Stock based compensation expense	2		0	0	2	0	0	0
Equity - Ending Balance at Sep. 30, 2019	51,309	$ 5,339	45,118	61	55,516	(49,051)	(417)	82
Equity - Beginning Balance at Jun. 30, 2019	52,216	5,339	45,118	61	55,515	(48,001)	(417)	(60)
Net loss	(1,050)		0	0	0		0	0
Other comprehensive loss, net of taxes	142		0	0	0	0	0	142
Stock based compensation expense	1		0	0	1	0	0	0
Equity - Ending Balance at Sep. 30, 2019	51,309	$ 5,339	45,118	61	55,516	(49,051)	(417)	82
Equity - Beginning Balance at Mar. 31, 2020	48,894		45,118	61	55,476	(52,285)	(408)	932
Net loss	(1,621)		0	0	0		0	0
Other comprehensive loss, net of taxes	(911)		0	0	0	0	0	(911)
Stock Issued During Period, Value, Conversion of Convertible Securities	0		(13,519)	(17)	(13,502)	0	0	0
Stock Relinquished During Period, Value			(13,523)	(2)		(13,525)
Contributed Capital	2,500				2,500		0
Repurchase of Common Stock	2,500				0		(2,500)
Stock based compensation expense	34		0	(22)	56	0	0	0
Equity - Ending Balance at Sep. 30, 2020	46,396		18,076	54	71,534	(40,381)	(2,908)	21
Equity - Beginning Balance at Jun. 30, 2020	47,041		44,521	38	56,129	(53,097)	(408)	(142)
Net loss	(809)		0	0	0		0	0
Other comprehensive loss, net of taxes	163		0	0	0	0	0	163
Stock Issued During Period, Value, Conversion of Convertible Securities	0		(12,922)	(16)	(12,906)	0	0	0
Stock Relinquished During Period, Value			(13,523)	(2)		(13,525)
Contributed Capital					2,500		0
Repurchase of Common Stock					0		(2,500)
Stock based compensation expense	1		0	2	(1)	0	0	0
Equity - Ending Balance at Sep. 30, 2020	$ 46,396		$ 18,076	$ 54	$ 71,534	$ (40,381)	$ (2,908)	$ 21

Consolidated Statements of Cash

Consolidated Statements of Cash Flows	6 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (1,621,000)	$ (2,189,000)
Adjustments to reconcile net income to net cash provided by operating activities:
(Recovery of) provision for loan losses	(103,000)	8,000
Stock based compensation expense	34,000	2,000
Depreciation and amortization expense	519,000	446,000
Gain on sale of real estate owned, net of market value adjustment	(80,000)	(208,000)
Gain on sale of securities	(862,000)	0
Gain on sale of loans, net	0	(25,000)
Amortization and accretion of loan premiums and discounts and deferred charges	358,000	253,000
Amortization and accretion of premiums and discounts — securities	274,000	456,000
Increase in accrued interest receivable	(513,000)	(46,000)
Decrease in other assets	441,000	2,741,000
Increase in other liabilities	1,580,000	117,000
Net cash provided by operating activities	27,000	1,555,000
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of investments: Available-for-sale	(58,861,000)	0
Proceeds from Sale of Available-for-sale Securities	30,190,000	0
Proceeds from principal payments, maturities and calls of investments: Available-for-sale	7,002,000	5,342,000
Proceeds from principal payments, maturities and calls of investments: Held-to-maturity	630,000	438,000
Repayments and maturities, net of originations of loans	(24,183,000)
Repayments and maturities, net of originations of loans held-for-investment		(15,724,000)
Loans purchased from third parties	(11,767,000)	(20,902,000)
Proceeds on sale of loans	0	602,000
Redemption of FHLB-NY stock, net	16,000	(542,000)
Purchase of premises and equipment	(145,000)	(801,000)
Proceeds from sales of real estate owned	260,000	511,000
Net cash (used in) provided by investing activities	(56,858,000)	372,000
CASH FLOWS FROM FINANCING ACTIVITIES
Net increase (decrease) in deposits	51,931,000	(7,075,000)
Net increase in FHLB-NY advances and other borrowings	28,293,000	12,149,000
Contributed Capital	2,500,000
Repurchase of Common Stock	(2,500,000)
Net cash provided by financing activities	80,224,000	5,074,000
Net increase in cash and cash equivalents	23,393,000	7,001,000
Cash and cash equivalents at beginning of period	47,540,000	31,228,000
Cash and cash equivalents at end of period	70,933,000	38,229,000
Noncash financing and investing activities
Securities purchased not yet paid for	15,614,000
Recognition of right-of-use asset		19,951,000
Recognition of operating lease liability	17,116,000
Recognition of finance lease asset	13,000	163,000
Recognition of finance lease liability	13,000	153,000
Cash paid for:
Interest	2,160,000	2,385,000
Income taxes	$ 36,000	$ 32,000

Organization

Organization	6 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	ORGANIZATION Nature of operations Carver Bancorp, Inc. (on a stand-alone basis, the “Company” or “Registrant”), was incorporated in May 1996 and its principal wholly-owned subsidiary is Carver Federal Savings Bank (the “Bank” or “Carver Federal”). Carver Federal's wholly-owned subsidiaries are CFSB Realty Corp., Carver Community Development Corporation (“CCDC”) and CFSB Credit Corp., which is currently inactive. The Bank has a real estate investment trust, Carver Asset Corporation ("CAC"), that was formed in February 2004. “Carver,” the “Company,” “we,” “us” or “our” refers to the Company along with its consolidated subsidiaries. The Bank was chartered in 1948 and began operations in 1949 as Carver Federal Savings and Loan Association, a federally-chartered mutual savings and loan association. The Bank converted to a federal savings bank in 1986. On October 24, 1994, the Bank converted from a mutual holding company structure to stock form and issued 2,314,375 shares of its common stock, par value 0.01 per share. On October 17, 1996, the Bank completed its reorganization into a holding company structure (the “Reorganization”) and became a wholly-owned subsidiary of the Company. Carver Federal’s principal business consists of attracting deposit accounts through its branches and investing those funds in mortgage loans and other investments permitted by federal savings banks. The Bank has seven branches located throughout the City of New York that primarily serve the communities in which they operate. In September 2003, the Company formed Carver Statutory Trust I (the “Trust”) for the sole purpose of issuing trust preferred securities and investing the proceeds in an equivalent amount of floating rate junior subordinated debentures of the Company. In accordance with Accounting Standards Codification (“ASC”) 810, “Consolidations,” Carver Statutory Trust I is unconsolidated for financial reporting purposes. On September 17, 2003, Carver Statutory Trust I issued 13,000 shares, liquidation amount $1,000 per share, of floating rate capital securities. Gross proceeds from the sale of these trust preferred debt securities of $13 million, and proceeds from the sale of the trust's common securities of $0.4 million, were used to purchase approximately $13.4 million aggregate principal amount of the Company's floating rate junior subordinated debt securities due 2033. The trust preferred debt securities are redeemable at par quarterly at the option of the Company beginning on or after September 17, 2008, and have a mandatory redemption date of September 17, 2033. Cash distributions on the trust preferred debt securities are cumulative and payable at a floating rate per annum resetting quarterly with a margin of 3.05% over the three-month LIBOR. During the second quarter of fiscal year 2017, the Company applied for and was granted regulatory approval to settle all outstanding debenture interest payments through September 2016. Such payments were made in September 2016. Interest on the debentures has been deferred beginning with the December 2016 payment, per the terms of the agreement, which permit such deferral for up to twenty consecutive quarters, as the Company is prohibited from making payments without prior regulatory approval. The interest rate was 3.30% and the total amount of deferred interest was $2.8 million at September 30, 2020. Carver relies primarily on dividends from Carver Federal to pay cash dividends to its stockholders, to engage in share repurchase programs and to pay principal and interest on its trust preferred debt obligation. The OCC regulates all capital distributions, including dividend payments, by Carver Federal to Carver, and the FRB regulates dividends paid by Carver. As the subsidiary of a savings and loan association holding company, Carver Federal must file a notice or an application (depending on the proposed dividend amount) with the OCC (and a notice with the FRB) prior to the declaration of each capital distribution. The OCC will disallow any proposed dividend, for among other reasons, that would result in Carver Federal’s failure to meet the OCC minimum capital requirements. In accordance with the Agreement defined directly below, Carver Federal is currently prohibited from paying any dividends without prior OCC approval, and, as such, has suspended Carver’s regular quarterly cash dividend on its common stock. There are no assurances that dividend payments to Carver will resume. Regulation On October 23, 2015, the Board of Directors of the Company adopted resolutions requiring, among other things, written approval from the Federal Reserve Bank of Philadelphia prior to the declaration or payment of dividends, any increase in debt by the Company, or the redemption of Company common stock. On May 24, 2016, the Bank entered into a Formal Agreement ("the Agreement") with the OCC to undertake certain compliance-related and other actions as further described in the Company’s Current Report on Form 8-K as filed with the

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Significant Accounting Policies	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of consolidated financial statement presentation The consolidated financial statements include the accounts of the Company, the Bank and the Bank’s wholly-owned or majority-owned subsidiaries, Carver Asset Corporation, CFSB Realty Corp., CCDC, and CFSB Credit Corp., which is currently inactive. All significant intercompany accounts and transactions have been eliminated in consolidation. The consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six month periods ended September 30, 2020 are not necessarily indicative of the results that may be expected for the year ended March 31, 2021. The consolidated balance sheet at September 30, 2020 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, 2020. Amounts subject to significant estimates and assumptions are items such as the allowance for loan losses, realization of deferred tax assets, assessment of other-than-temporary impairment of securities, and the fair value of financial instruments. While management uses available information to recognize losses on loans, future additions to the allowance for loan losses or future writedowns of real estate owned may be necessary based on changes in economic conditions in the areas where Carver Federal has extended mortgages and other credit instruments. Actual results could differ significantly from those assumptions. Current market conditions increase the risk and complexity of the judgments in these estimates. Certain comparative amounts for the prior period have been reclassified to conform to current period presentations. Such reclassifications had no effect on net income or shareholders' equity.

Earnings Per Common Share

Earnings Per Common Share	6 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Earnings Per Common Share	PER COMMON SHARE The following table reconciles the loss available to common shareholders (numerator) and the weighted average common stock outstanding (denominator) for both basic and diluted loss per share for the following periods: Three Months Ended September 30, Six Months Ended September 30, $ in thousands except per share data 2020 2019 2020 2019 Net loss $ (809) $ (1,050) (1,621) (2,189) Weighted average common shares outstanding - basic 3,775,728 3,699,384 3,737,905 3,699,101 Weighted average common shares outstanding – diluted 3,775,728 3,699,384 3,737,905 3,699,101 Basic loss per common share $ (0.21) $ (0.28) $ (0.43) $ (0.59) Diluted loss per common share (0.21) (0.28) (0.43) (0.59) For the three and six months ended September 30, 2020 and 2019, all restricted shares and outstanding stock options were anti-dilutive.

Common Stock Dividends

Common Stock Dividends	6 Months Ended
	Sep. 30, 2020
Dividends [Abstract]
Stockholders' Equity Note Disclosure	COMMON STOCK DIVIDENDS On October 28, 2011, the Treasury exchanged the CDCI Series B preferred stock for 2,321,286 shares of Carver common stock and the Series C preferred stock converted into 1,208,039 shares of Carver common stock and 45,118 shares of Series D preferred stock. Series C stock was previously reported as mezzanine equity, and upon conversion to common and Series D preferred stock is now reported as equity attributable to Carver Bancorp, Inc. The holders of the Series D Preferred Stock are entitled to receive dividends, on an as-converted basis, simultaneously to the payment of any dividends on the common stock. In June 2020, The Goldman Sachs Group, Inc., an institutional investor, notified the Company of their intention to effect a series of transfers of up to all its holdings of Series D Preferred Stock. The conversion and subsequent sale of shares were completed on July 2, 2020: 13,519 Series D Preferred Stock shares were converted into 1,653,397 shares of Common Stock, which were subsequently sold in the open market. The conversion and sale had no impact on the Company's total capital. On July 9, 2020, the Company received notice that Morgan Stanley International Holdings Inc., an institutional investor, relinquished its ownership of 180,573 shares of Company common stock and 13,523 shares of Company Preferred Series D Stock to the Company at no cost to the Company. On July 30, 2020, the Company reached an agreement in principle (the "Agreement in Principle") with the United States Department of the Treasury (the "Treasury Department") to repurchase 2,321,286 shares of common stock of the Company, owned by the Treasury Department for an aggregate purchase price of $2.5 million. In connection with the Agreement in Principle, Morgan Stanley provided a grant that was considered contributed capital to the Company to fund the repurchase transaction. The Company executed a written agreement with the Treasury Department and completed the repurchase on August 6, 2020.

Other Comprehensive Income (Los

Other Comprehensive Income (Loss)	6 Months Ended
	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Comprehensive Income (Loss) Note	OTHER COMPREHENSIVE INCOME (LOSS) The following tables set forth changes in each component of accumulated other comprehensive income (loss), net of tax for the six months ended September 30, 2020 and 2019: $ in thousands At Other At September 30, 2020 Net unrealized income (loss) on securities available-for-sale $ 932 $ (911) $ 21 $ in thousands At Other At September 30, 2019 Net unrealized income (loss) on securities available-for-sale $ (939) $ 1,021 $ 82

Investment Securities

Investment Securities	6 Months Ended
	Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract]
Investment Securities	INVESTMENT SECURITIES The Bank utilizes mortgage-backed and other investment securities in its asset/liability management strategy. In making investment decisions, the Bank considers, among other things, its yield and interest rate objectives, its interest rate and credit risk position, and its liquidity and cash flow. Generally, the investment policy of the Bank is to invest funds among categories of investments and maturities based upon the Bank’s asset/liability management policies, investment quality, loan and deposit volume and collateral requirements, liquidity needs and performance objectives. GAAP requires that securities be classified into three categories: trading, held-to-maturity, and available-for-sale. At September 30, 2020, $103.1 million, or 91.6%, of the Bank’s total securities were classified as available-for-sale, and $9.5 million, or 8.4%, were classified as held-to-maturity. The Bank had no securities classified as trading at September 30, 2020 and March 31, 2020. Other investments as of September 30, 2020 primarily consists of the Bank's investment in a limited partnership Community Capital Fund. These securities are measured at fair value with unrealized holding gains and losses reflected in net income. Other investments totaled $925 thousand at September 30, 2020 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 September 30, 2020 and March 31, 2020: At September 30, 2020 Amortized Gross Unrealized $ in thousands Cost Gains Losses Fair Value Available-for-Sale: Mortgage-backed Securities: Government National Mortgage Association $ 1,628 $ 62 $ — $ 1,690 Federal Home Loan Mortgage Corporation 30,136 116 1 30,251 Federal National Mortgage Association 15,603 — — 15,603 Total mortgage-backed securities 47,367 178 1 47,544 U.S. Government Agency Securities 20,473 — 164 20,309 Corporate Bonds 6,276 1 59 6,218 Muni Securities 17,773 14 53 17,734 Asset-backed Securities 11,165 156 51 11,270 Total available-for-sale $ 103,054 $ 349 $ 328 $ 103,075 Held-to-Maturity: Mortgage-backed Securities: Government National Mortgage Association $ 815 $ 71 $ — $ 886 Federal National Mortgage Association and Other 7,686 354 — 8,040 Total held-to-maturity mortgage-backed securities 8,501 425 — 8,926 Corporate Bonds 1,000 — 9 991 Total held-to maturity $ 9,501 $ 425 $ 9 $ 9,917 At March 31, 2020 Amortized Gross Unrealized $ in thousands Cost Gains Losses Fair Value Available-for-Sale: Mortgage-backed Securities: Government National Mortgage Association $ 3,510 $ 77 $ — $ 3,587 Federal Home Loan Mortgage Corporation 9,244 312 18 9,538 Federal National Mortgage Association 21,495 673 — 22,168 Total mortgage-backed securities 34,249 1,062 18 35,293 U.S. Government Agency Securities 26,616 20 155 26,481 Corporate Bonds 4,032 33 10 4,055 Total available-for-sale $ 64,897 $ 1,115 $ 183 $ 65,829 Held-to-Maturity: Mortgage-backed Securities: Government National Mortgage Association $ 972 $ 76 $ — $ 1,048 Federal National Mortgage Association and Other 8,179 342 — 8,521 Total held-to-maturity mortgage-backed securities 9,151 418 — 9,569 Corporate Bonds 1,000 — 5 995 Total held-to-maturity $ 10,151 $ 418 $ 5 $ 10,564 The following is a summary regarding proceeds, gross gains and gross losses realized from the sale of securities from the available-for-sale portfolio for the six months ended September 30, 2020. There were no sales of available-for-sale and held-to-maturity securities for the three months ended September 30, 2020. $ in thousands September 30, 2020 Proceeds $ 30,190 Gross gains 862 Gross losses — The following tables set forth the unrealized losses and fair value of securities in an unrealized loss position at September 30, 2020 and March 31, 2020 for less than 12 months and 12 months or longer: At September 30, 2020 Less than 12 months 12 months or longer Total $ in thousands Unrealized Fair Unrealized Fair Unrealized Fair Available-for-Sale: Mortgage-backed securities $ — $ — $ 1 $ 438 $ 1 $ 438 U.S. Government Agency securities — — 164 20,309 164 20,309 Corporate bonds 59 5,217 — — 59 5,217 Muni securities 53 10,195 — — 53 10,195 Asset-backed securities 51 2,458 — — 51 2,458 Total available-for-sale securities $ 163 $ 17,870 $ 165 $ 20,747 $ 328 $ 38,617 Held-to-Maturity: Corporate bonds $ 9 $ 991 $ — $ — $ 9 $ 991 Total held-to-maturity securities $ 9 $ 991 $ — $ — $ 9 $ 991 At March 31, 2020 Less than 12 months 12 months or longer Total $ in thousands Unrealized Fair Unrealized Fair Unrealized Fair Available-for-Sale: Mortgage-backed securities $ — $ — $ 18 $ 619 $ 18 $ 619 U.S. Government Agency securities 155 21,494 155 21,494 Corporate bonds 10 1,999 — — 10 1,999 Total available-for-sale securities $ 10 $ 1,999 $ 173 $ 22,113 $ 183 $ 24,112 Held-to-Maturity: Corporate bonds $ 5 $ 995 $ — $ — $ 5 $ 995 Total held-to-maturity securities $ 5 $ 995 $ — $ — $ 5 $ 995 A total of 11 securities had an unrealized loss at September 30, 2020 compared to 7 at March 31, 2020. U.S. government agency securities and muni securities represented 52.6% and 26.4%, respectively, of total available-for-sale securities in an unrealized loss position at September 30, 2020. There was one mortgage-backed security and three U.S. government agency securities that had an unrealized loss position for more than 12 months at September 30, 2020. Given the high credit quality of the securities which are backed by the U.S. government's guarantees, and the corporate securities which are all reputable institutions in good financial standing, the risk of credit loss is minimal. Management believes that these unrealized losses are a direct result of the current rate environment and that the Company has the ability and intent to hold the securities until maturity or until the valuations recover. The Bank did not have any securities that were classified as having other-than-temporary impairment in its investment portfolio at September 30, 2020. The following is a summary of the amortized cost and fair value of debt securities at September 30, 2020, by remaining period to contractual maturity (ignoring earlier call dates, if any). Actual maturities may differ from contractual maturities because certain security issuers have the right to call or prepay their obligations. The table below does not consider the effects of possible prepayments or unscheduled repayments. $ in thousands Amortized Cost Fair Value Weighted Available-for-Sale: Less than one year $ 1,001 $ 1,002 1.71 % One through five years 3,763 3,723 3.04 % Five through ten years 6,402 6,343 1.32 % After ten years 44,521 44,463 1.84 % Mortgage-backed securities 47,367 47,544 1.26 % Total $ 103,054 $ 103,075 1.58 % Held-to-maturity: One through five years $ 1,000 $ 991 4.23 % Mortgage-backed securities 8,501 8,926 2.4 % Total $ 9,501 $ 9,917 2.82 %

Loans Receivable and Allowance

Loans Receivable and Allowance for Loan and Lease Losses	6 Months Ended
	Sep. 30, 2020
Loans and Leases Receivable Disclosure [Abstract]
Loans Receivable and Allowance for Loan and Lease Losses	LOANS RECEIVABLE AND ALLOWANCE FOR LOAN AND LEASE LOSSES The loans receivable portfolio is segmented into one-to-four family, multifamily, commercial real estate, business (including Small Business Administration loans), and consumer loans. The allowance for loan and lease losses ("ALLL") reflects management’s judgment in the evaluation of probable loan losses inherent in the portfolio at the balance sheet date. Management uses a disciplined process and methodology to calculate the ALLL each quarter. To determine the total ALLL, management estimates the reserves needed for each segment of the loan portfolio, including loans analyzed individually and loans analyzed on a pooled basis. The general valuation allowance applied to those pooled loans not deemed to be impaired is determined using a three step process: • Trends of historical losses where the net charge-offs on each category are reviewed over a 20 quarter look back period. • Assessment of several qualitative factors which are adjusted to reflect changes in the current environment. • Loss Emergence Period reserve "LEP" which takes into account that borrowers have the potential to have suffered some form of loss-causing event or circumstance but that the lender may be unaware of the event. During the fourth quarter of fiscal 2020, we changed the impact rating of the economic factors (related to unemployment and inflation rate) and collateral factors from moderate to high across all loan categories. Additionally, the factors related to problem loans (including delinquency and credit quality) in the Commercial Real Estate category were increased from moderate to high. These changes were made as a response to the ongoing and expected stressed economic environment resulting from the COVID-19 pandemic. During fiscal 2021, we increased our qualitative factors due to the ongoing pandemic. These increases in reserves were offset by decreases in our quantitative reserve analysis as the rolling 20 quarter historical loss look back period has improved for most of our loan categories. The ALLL is sensitive to risk ratings assigned to individually evaluated loans and economic assumptions and delinquency trends. Individual loan risk ratings are evaluated based on the specific facts related to that loan. Additions to the ALLL are made by charges to the provision for loan losses. Credit exposures deemed to be uncollectible are charged against the ALLL, while recoveries of previously charged off amounts are credited to the ALLL. The following is a summary of loans receivable at September 30, 2020 and March 31, 2020: September 30, 2020 March 31, 2020 $ in thousands Amount Percent Amount Percent Gross loans receivable: One-to-four family $ 86,028 18.7 % $ 105,532 24.8 % Multifamily 96,431 20.9 % 89,241 21.0 % Commercial real estate 146,953 31.9 % 141,761 33.3 % Business (1) 128,998 27.9 % 85,425 20.1 % Consumer (2) 2,847 0.6 % 3,213 0.8 % Total loans receivable $ 461,257 100.0 % $ 425,172 100.0 % Unamortized premiums, deferred costs and fees, net 2,942 3,560 Allowance for loan losses (4,916) (4,946) Total loans receivable, net $ 459,283 $ 423,786 (1) Includes PPP loans and business overdrafts (2) Includes personal loans and consumer overdrafts The Bank is participating as a lender in the Paycheck Protection Program ("PPP"), which opened on April 3, 2020. As part of the CARES Act, the Small Business Administration ("SBA") is authorized to temporarily guarantee loans under this new 7(a) loan program. Under the PPP, small businesses and other entities and individuals can apply for loans from existing SBA lenders and other approved regulated lenders that enroll in the program, subject to numerous limitations and eligibility criteria. Since the PPP loans are fully guaranteed by the SBA, there are no additional ALLL reserves required. As of September 30, 2020, the Bank has approved and funded approximately 203 applications totaling $34.7 million of loans under the PPP. Consistent with regulatory guidance and the provisions of the CARES Act, loans less than 30 days past due at December 31, 2019 that were granted COVID-19 related payment deferrals will continue to be considered current and not be reported as TDRs. For the six months ended September 30, 2020, the Bank has received 91 applications for payment deferrals on approximately $95.9 million of loans. This total includes 66 commercial loans totaling $88.1 million and 25 residential loans totaling $7.8 million. The Bank has been working with the borrowers to determine if there is a risk of any losses associated with repayment and if any additional reserves would have to be allocated to this portfolio. An analysis of the loans that remain on deferral showed that all were collateralized by real estate and had good loan-to-value ratios and acceptable DSCRs. Additionally, approximately half of the commercial loans resumed payments in July and August. The Bank continues to see this positive trend and determined that additional reserves were not required at this time. As of September 30, 2020, we have 42 loans remaining that are on deferment with outstanding principal balances totaling $32.2 million. This total includes 26 commercial loans totaling $26.5 million and 16 residential loans totaling $5.7 million as of September 30, 2020. The following is an analysis of the allowance for loan losses based upon the method of evaluating loan impairment for the three and six month periods ended September 30, 2020 and 2019, and the fiscal year ended March 31, 2020. Three months ended September 30, 2020 $ in thousands One-to-four Multifamily Commercial Real Estate Business Consumer Unallocated Total Allowance for loan losses: Beginning Balance 972 911 955 1,511 202 285 4,836 Charge-offs — — — (9) — — (9) Recoveries 87 — — 2 1 — 90 Provision for (recovery of) Loan Losses (106) 49 14 132 (14) (76) (1) Ending Balance $ 953 $ 960 $ 969 $ 1,636 $ 189 $ 209 $ 4,916 Six months ended September 30, 2020 $ in thousands One-to-four Multifamily Commercial Real Estate Business Consumer Unallocated Total Allowance for loan losses: Beginning Balance $ 1,055 $ 1,011 $ 812 $ 1,567 $ 212 $ 289 $ 4,946 Charge-offs — — — (19) — — (19) Recoveries 87 — — 2 3 — 92 Provision for (recovery of) Loan Losses (189) (51) 157 86 (26) (80) (103) Ending Balance $ 953 $ 960 $ 969 $ 1,636 $ 189 $ 209 $ 4,916 Allowance for Loan Losses Ending Balance: collectively evaluated for impairment $ 920 $ 960 $ 969 $ 1,626 $ 189 $ 209 $ 4,873 Allowance for Loan Losses Ending Balance: individually evaluated for impairment 33 — — 10 — — 43 Loan Receivables Ending Balance: $ 87,569 $ 97,162 $ 147,951 $ 128,641 $ 2,876 $ — $ 464,199 Ending Balance: collectively evaluated for impairment 83,719 96,790 146,791 125,669 2,876 — 455,845 Ending Balance: individually evaluated for impairment 3,850 372 1,160 2,972 — — 8,354 At March 31, 2020 $ in thousands One-to-four family Multifamily Commercial Real Estate Business Consumer Unallocated Total Allowance for Loan Losses Ending Balance: collectively evaluated for impairment $ 899 $ 1,011 $ 812 $ 1,557 $ 212 $ 289 $ 4,780 Allowance for Loan Losses Ending Balance: individually evaluated for impairment 156 — — 10 — — 166 Loan Receivables Ending Balance: $ 107,528 $ 89,887 $ 142,410 $ 85,659 $ 3,248 $ — $ 428,732 Ending Balance: collectively evaluated for impairment 102,902 89,512 142,410 82,210 3,248 — 420,282 Ending Balance: individually evaluated for impairment 4,626 375 — 3,449 — — 8,450 Three months ended September 30, 2019 $ in thousands One-to-four family Multifamily Commercial Real Estate Business Consumer Unallocated Total Allowance for loan losses: Beginning Balance $ 1,232 $ 875 $ 668 $ 1,400 $ 240 $ 255 $ 4,670 Charge-offs — — — (56) (6) — (62) Recoveries 8 — — 2 — — 10 Provision for (recovery of) Loan Losses 49 9 27 145 14 (237) 7 Ending Balance $ 1,289 $ 884 $ 695 $ 1,491 $ 248 $ 18 $ 4,625 Six months ended September 30, 2019 $ in thousands One-to-four family Multifamily Commercial Real Estate Business Consumer Unallocated Total Allowance for loan losses: Beginning Balance $ 1,274 $ 885 $ 766 $ 1,330 $ 154 $ 237 $ 4,646 Charge-offs — — — (56) (73) — (129) Recoveries 8 — — 90 2 — 100 Provision for (recovery of) Loan Losses 7 (1) (71) 127 165 (219) 8 Ending Balance $ 1,289 $ 884 $ 695 $ 1,491 $ 248 $ 18 $ 4,625 The following is a summary of nonaccrual loans at September 30, 2020 and March 31, 2020. $ in thousands September 30, 2020 March 31, 2020 Gross loans receivable: One-to-four family $ 3,541 $ 3,582 Multifamily 372 375 Commercial real estate 1,160 — Business 2,346 2,797 Consumer — 22 Total nonaccrual loans $ 7,419 $ 6,776 Nonaccrual loans generally consist of loans for which the accrual of interest has been discontinued as a result of such loans becoming 90 days or more delinquent as to principal and/or interest payments. Interest income on nonaccrual loans is recorded when received based upon the collectability of the loan. At September 30, 2020, other non-performing assets totaled $60 thousand which consisted of other real estate owned comprised of one foreclosed residential property, compared to $120 thousand comprised of two foreclosed residential properties at March 31, 2020. Other real estate loans is included in other assets in the consolidated statements of financial condition. There were no held-for-sale loans at September 30, 2020 and March 31, 2020. Although we believe that substantially all risk elements at September 30, 2020 have been disclosed, it is possible that for a variety of reasons, including economic conditions, certain borrowers may be unable to comply with the contractual repayment terms on certain real estate and commercial loans. The Bank utilizes an internal loan classification system as a means of reporting problem loans within its loan categories. Loans may be classified as “Pass,” “Special Mention,” “Substandard,” “Doubtful,” and “Loss.” Loans rated Pass have demonstrated satisfactory asset quality, earning history, liquidity, and other adequate margins of creditor protection. They represent a moderate credit risk and some degree of financial stability. Loans are considered collectible in full, but perhaps require greater than average amount of loan officer attention. Borrowers are capable of absorbing normal setbacks without failure. Loans rated Special Mention have potential weaknesses that deserve management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the Bank's credit position at some future date. Loans rated Substandard are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Assets so classified must have a well-defined weakness, or weaknesses, that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. Loans rated Doubtful have all the weaknesses inherent in those classified Substandard with the added characteristic that the weaknesses present make collection or liquidation in full, based on currently existing facts, conditions and values, highly questionable and improbable. Loans classified as Loss are those considered uncollectible with insignificant value and are charged off immediately to the allowance for loan losses. One-to-four family residential loans and consumer and other loans are rated non-performing if they are delinquent in payments ninety or more days, a troubled debt restructuring with less than six months contractual performance or past maturity. All other one-to-four family residential loans and consumer and other loans are performing loans. At September 30, 2020, and based on the most recent analysis performed in the current quarter, the risk category by class of loans is as follows: $ in thousands Multifamily Commercial Business Credit Risk Profile by Internally Assigned Grade: Pass $ 96,790 $ 145,416 $ 124,059 Special Mention — 1,375 1,610 Substandard 372 1,160 2,972 Total $ 97,162 $ 147,951 $ 128,641 One-to-four family Consumer Credit Risk Profile Based on Payment Activity: Performing $ 84,612 $ 2,876 Non-Performing 2,957 — Total $ 87,569 $ 2,876 At March 31, 2020, and based on the most recent analysis performed, the risk category by class of loans is as follows: $ in thousands Multifamily Commercial Real Estate Business Credit Risk Profile by Internally Assigned Grade: Pass $ 89,512 $ 141,793 $ 80,016 Special Mention — 617 2,184 Substandard 375 — 3,459 Total $ 89,887 $ 142,410 $ 85,659 One-to-four family Consumer Credit Risk Profile Based on Payment Activity: Performing $ 103,946 $ 3,225 Non-Performing 3,582 23 Total $ 107,528 $ 3,248 The following table presents an aging analysis of the recorded investment of past due loans receivables at September 30, 2020 and March 31, 2020. September 30, 2020 $ in thousands 30-59 Days 60-89 Days 90 or More Days Past Due Total Past Current Total Loans One-to-four family $ 799 $ — $ 2,957 $ 3,756 $ 83,813 $ 87,569 Multifamily 729 483 — 1,212 95,950 97,162 Commercial real estate 936 — 5,917 6,853 141,098 147,951 Business 808 4,994 1,282 7,084 121,557 128,641 Consumer 176 101 — 277 2,599 2,876 Total $ 3,448 $ 5,578 $ 10,156 $ 19,182 $ 445,017 $ 464,199 March 31, 2020 $ in thousands 30-59 Days 60-89 Days 90 or More Days Past Due Total Past Current Total Loans Receivables One-to-four family $ 1,410 $ — $ 3,202 $ 4,612 $ 102,916 $ 107,528 Multifamily 490 — — 490 89,397 89,887 Commercial real estate 6,621 — — 6,621 135,789 142,410 Business 1,360 3 700 2,063 83,596 85,659 Consumer 103 1 23 127 3,121 3,248 Total $ 9,984 $ 4 $ 3,925 $ 13,913 $ 414,819 $ 428,732 The following table presents information on impaired loans with the associated allowance amount, if applicable, at September 30, 2020 and March 31, 2020. At September 30, 2020 At March 31, 2020 $ in thousands Recorded Unpaid Associated Recorded Unpaid Associated With no specific allowance recorded: One-to-four family $ 3,772 $ 4,431 $ — $ 3,819 $ 4,566 $ — Multifamily 372 373 — 375 376 — Commercial real estate 1,160 1,160 — — — — Business 2,419 2,555 — 2,797 2,917 — With an allowance recorded: One-to-four family 78 73 33 807 803 156 Business 553 553 10 652 652 10 Total $ 8,354 $ 9,145 $ 43 $ 8,450 $ 9,314 $ 166 The following tables presents information on average balances of impaired loans and the interest income recognized on a cash basis for the three and six month periods ended September 30, 2020 and 2019. For the Three Months Ended September 30, For the Six Months Ended September 30, 2020 2019 2020 2019 $ in thousands Average Balance Interest Income Recognized Average Balance Interest Income Recognized Average Balance Interest Income Recognized Average Balance Interest Income Recognized With no specific allowance recorded: One-to-four family $ 3,795 $ 10 $ 4,185 $ 14 $ 3,840 $ 35 $ 4,241 $ 30 Multifamily 374 4 2,789 14 373 9 2,824 41 Commercial real estate 580 — — — 2,649 — 238 — Business 2,608 26 1,699 16 2,555 55 1,696 41 With an allowance recorded: One-to-four family 442 — 869 — 317 — 872 — Business 602 — 1,067 — 602 — 1,088 — Total $ 8,401 $ 40 $ 10,609 $ 44 $ 10,336 $ 99 $ 10,959 $ 112 Troubled debt restructured ("TDR") loans consist of modified loans where borrowers have been granted concessions in regards to the terms of their loans due to financial or other difficulties, which rendered them unable to repay their loans under the original contractual terms. Total TDR loans at September 30, 2020 were $2.7 million, $1.8 million of which were non-performing as they were either not consistently performing in accordance with their modified terms or not performing in accordance with their modified terms for at least six months. At March 31, 2020, total TDR loans were $3.9 million, of which $2.2 million were non-performing. In certain circumstances, the Bank will modify a loan as part of a TDR under GAAP. Situations around these modifications may include extension of maturity date, reduction in the stated interest rate, rescheduling of future cash flows, reduction in the face amount of the debt or reduction of past accrued interest. Loans modified in TDRs are placed on nonaccrual status until the Company determines that future collection of principal and interest is reasonably assured, which generally requires that the borrower demonstrate performance according to the restructured terms for a period of at least six months. There were no loan modifications made during the six month periods ended September 30, 2020 and 2019. In an effort to proactively resolve delinquent loans, the Bank has selectively extended to certain borrowers concessions such as extensions, rate reductions or forbearance agreements. For the periods ended September 30, 2020 and 2019, there were no modified loans that defaulted within 12 months of modification. At September 30, 2020, there were 4 loans in the TDR portfolio totaling $937 thousand that were on accrual status as the Company has determined that future collection of the principal and interest is reasonably assured. These have generally performed according to restructured terms for a period of at least six months. At March 31, 2020, there were 6 loans in the TDR portfolio totaling $1.7 million that were on accrual status. Transactions With Certain Related Persons Federal law requires that all loans or extensions of credit to executive officers and directors must be made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with the general public and must not involve more than the normal risk of repayment or present other unfavorable features. The aggregate amount of loans outstanding to related parties was $60 thousand at September 30, 2020 and $70 thousand at March 31, 2020. During the six months ended September 30, 2020, principal repayments totaled $10 thousand. Furthermore, loans above the greater of $25,000, or 5% of Carver Federal’s capital and surplus (up to $500,000), to Carver Federal’s directors and executive officers must be approved in advance by a majority of the disinterested members of Carver Federal’s Board of Directors.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Sep. 30, 2020
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 thus 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 September 30, 2020 and March 31, 2020, and that are included in the Company’s Consolidated Statements of Financial Condition at these dates: Fair Value Measurements at September 30, 2020, 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 — 1,690 — 1,690 Federal Home Loan Mortgage Corporation — 30,251 — 30,251 Federal National Mortgage Association — 15,603 — 15,603 U.S. Government Agency securities — 20,309 — 20,309 Corporate bonds — 6,218 — 6,218 Muni securities — 17,734 — 17,734 Asset-backed securities — 11,270 — 11,270 Total available-for-sale securities — 103,075 — 103,075 Total $ — $ 103,075 $ 142 $ 103,217 Fair Value Measurements at March 31, 2020, Using $ in thousands Quoted Prices in Significant Other Significant Total Fair Mortgage servicing rights $ — $ — $ 145 $ 145 Investment securities Available-for-sale: Mortgage-backed securities: Government National Mortgage Association — 3,587 — 3,587 Federal Home Loan Mortgage Corporation — 9,538 — 9,538 Federal National Mortgage Association — 22,168 — 22,168 U.S. Government Agency securities — 26,481 — 26,481 Corporate bonds — 4,055 — 4,055 Total available-for-sale securities — 65,829 — 65,829 Total assets $ — $ 65,829 $ 145 $ 65,974 Instruments for which unobservable inputs are significant to their fair value measurement (i.e., Level 3) include mortgage servicing rights (“MSR”) and other investments. Level 3 assets accounted for 0.02% and 0.03% of the Company’s total assets measured at fair value at September 30, 2020 and March 31, 2020, respectively. 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 six month period ended September 30, 2020, 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 six months ended September 30, 2020 and 2019: $ in thousands Beginning balance, Total Realized/Unrealized Gains/(Losses) Recorded in Income (1) Issuances / (Settlements) Transfers to/(from) Level 3 Ending balance, September 30, 2020 Change in Unrealized Gains/(Losses) Related to Instruments Held at September 30, 2020 Mortgage servicing rights 145 (3) — — 142 2 $ in thousands Beginning balance, Total Realized/Unrealized Gains/(Losses) Recorded in Income (1) Issuances / (Settlements) Transfers to/(from) Level 3 Ending balance, September 30, 2019 Change in Unrealized Gains/(Losses) Related to Instruments Held at September 30, 2019 Mortgage servicing rights 180 (6) — — 174 (6) (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 September 30, 2020 and March 31, 2020, the significant unobservable inputs used in the fair value measurements were as follows: $ in thousands Fair Value September 30, 2020 Valuation Technique Significant Unobservable Inputs Significant Unobservable Input Value Mortgage servicing rights 142 Discounted Cash Flow Weighted Average Constant Prepayment Rate (1) 15.33 % Option Adjusted Spread ("OAS") applied to Treasury curve 1200 basis points $ in thousands Fair Value Valuation Technique Significant Unobservable Inputs Significant Unobservable Input Value Mortgage servicing rights 145 Discounted Cash Flow Weighted Average Constant Prepayment Rate (1) 15.64 % Option Adjusted Spread ("OAS" applied to Treasury curve 1200 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 September 30, 2020 and March 31, 2020, and that are included in the Company’s Consolidated Statements of Financial Condition at these dates: Fair Value Measurements at September 30, 2020 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 $ — $ — $ 588 $ 588 Other real estate owned — — 60 $ 60 Fair Value Measurements at March 31, 2020, Using Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total Fair Value $ in thousands (Level 1) (Level 2) (Level 3) Impaired loans $ — $ — $ 1,293 $ 1,293 Other real estate owned — — 120 $ 120 For Level 3 assets measured at fair value on a non-recurring basis as of September 30, 2020 and March 31, 2020, the significant unobservable inputs used in the fair value measurements were as follows: $ in thousands Fair Value September 30, 2020 Valuation Technique Significant Unobservable Inputs Significant Unobservable Input Value Impaired loans $ 588 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 $ in thousands Fair Value March 31, 2020 Valuation Technique Significant Unobservable Inputs Significant Unobservable Input Value Impaired loans $ 1,293 Appraisal of collateral Appraisal adjustments 7.5% cost to sell Other real estate owned 120 Appraisal of collateral Appraisal adjustments 7.5% cost to sell 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.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Sep. 30, 2020
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 September 30, 2020 and March 31, 2020 are as follows: September 30, 2020 $ 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 $ 70,933 $ 70,933 $ 70,933 $ — $ — Securities available-for-sale 103,075 103,075 — 103,075 — Securities held-to-maturity 9,501 9,917 — 9,917 — Loans receivable 459,283 473,924 — — 473,924 Accrued interest receivable 2,565 2,565 — 2,565 — Mortgage servicing rights 142 142 — — 142 Other assets - Interest-bearing deposits 983 983 — 983 — Financial Liabilities: Deposits $ 540,746 $ 541,588 $ 346,300 $ 195,288 $ — Other borrowed money 41,696 41,769 — 41,769 — Accrued interest payable 2,975 2,975 — 2,975 — March 31, 2020 $ 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 $ 47,540 $ 47,540 $ 47,540 $ — $ — Securities available-for-sale 65,829 65,829 — 65,829 — Securities held-to-maturity 10,151 10,564 — 10,564 — Loans receivable 423,786 438,017 — — 438,017 Accrued interest receivable 2,052 2,052 — 2,052 — Mortgage servicing rights 145 145 — — 145 Other assets - Interest-bearing deposits 981 981 — 981 — Financial Liabilities: Deposits $ 488,815 $ 489,309 $ 291,951 $ 197,358 $ — Other borrowed money 13,403 13,386 — 13,386 — Accrued interest payable 2,695 2,695 — 2,695 —

Non-interest Revenue and Expens

Non-interest Revenue and Expense	6 Months Ended
	Sep. 30, 2020
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 new guidance. Topic 606 is applicable to non-interest revenue streams, such as depository fees, service charges and commission revenues. However, the recognition of these revenue streams did not change significantly upon adoption of Topic 606. Non-interest revenue streams in-scope of Topic 606 are discussed below. Depository fees and charges Depository fees and charges primarily relate to service fees on deposit accounts and fees earned from debit cards and check cashing transactions. Service fees on deposit accounts consist of ATM fees, NSF fees, account maintenance charges and other deposit related fees. The revenue is recognized monthly when the Bank's performance obligations are complete, or as incurred for transaction-based fees in accordance with the fee schedules for the Bank's deposit products and services. Loan fees and service charges Loan fees and service charges primarily relate to program management fees and fees earned in accordance with the Bank's standard lending fees (such as inspection and late charges). These standard lending fees are earned on a monthly basis upon receipt. Other non-interest income Other non-interest income includes correspondent banking fees, 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. Interchangee 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 six months ended September 30, 2020 and 2019: Three Months Ended September 30, Six Months Ended September 30, $ in thousands 2020 2019 2020 2019 Non-interest income In-scope of Topic 606 Depository fees and charges $ 762 $ 811 $ 1,349 $ 1,615 Loan fees and service charges 82 70 140 146 Other non-interest income 612 14 704 27 Non-interest income (in-scope of Topic 606) 1,456 895 2,193 1,788 Non-interest income (out-of-scope of Topic 606) 517 115 1,463 164 Total non-interest income $ 1,973 $ 1,010 $ 3,656 $ 1,952 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 September 30, Six Months Ended September 30, $ in thousands 2020 2019 2020 2019 Other non-interest income: Grant income $ 500 $ — $ 500 $ — Correspondent banking fees 601 — 680 — Other 13 104 96 151 Total non-interest income $ 1,114 $ 104 $ 1,276 $ 151 Other non-interest expense: Advertising $ 45 $ 109 $ 70 $ 202 Legal expense 192 75 262 173 Insurance and surety 174 160 333 304 Audit expense 138 136 275 262 Outsourced service 22 89 47 245 Data lines / internet 96 102 208 210 Retail expenses 207 177 391 377 Director's fees 85 77 170 154 Other 440 284 1,042 837 Total non-interest expense $ 1,399 $ 1,209 $ 2,798 $ 2,764

Leases

Leases	6 Months Ended
	Sep. 30, 2020
Leases [Abstract]
Lessee, Operating Leases	LEASES On April 1, 2019, the Company adopted Topic 842 and all subsequent ASUs that modified Topic 842. The Company has operating leases related to its administrative offices, seven retail branches and four ATM centers. Two of the operating leases are for branch locations where the Company had entered into a sale and leaseback transaction. The gain had been calculated utilizing the profit on sale in excess of the present value of the minimum lease payments, and the profit on the sale was deferred from gain recognition to be amortized into income over the terms of the leases in accordance with ASC 840. ASC 842 does not require previous sale and leaseback transactions accounted for under ASC 840 to be reassessed. Because the transactions had no off-market terms, the Company recorded a $5.3 million cumulative effect adjustment to retained earnings to recognize the total deferred gain balance at the adoption date. The implementation of the new standard resulted in the recognition of $20.0 million right-of-use ("ROU") assets and corresponding operating lease liabilities upon adoption. As of September 30, 2020, operating ROU lease assets and related lease liabilities totaled $16.5 million and $17.1 million, respectively. As the implicit rates of the Company's existing leases are not readily determinable, the discount rate used in determining the lease liability obligation for each individual lease was the FHLB-NY fixed-rate advance rates based on the remaining lease terms as of April 1, 2019. As of September 30, 2020, the Company had $156 thousand and $148 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 six months ended September 30, 2020: September 30, 2020 Weighted-average remaining lease term Operating leases 7.4 years Finance lease 2.8 years Weighted-average discount rate Operating leases 3.00 % Finance lease 1.78 % Three Months Ended September 30, Six Months Ended September 30, $ in thousands 2020 2019 2020 2019 Operating lease expense $ 714 $ 735 $ 1,428 1,464 Finance lease cost Amortization of right-of use asset 18 5.00 38 $ 5 Interest on lease liability 1 — 1 $ — Cash paid for amounts included in the measurement of lease liabilities Operating leases 682 $ 691 1,365 $ 1,377 Finance lease 14 16 31 $ 16 Maturities of lease liabilities at September 30, 2020 are as follows: $ in thousands Operating Leases Finance Leases Year ending March 31, 2021 $ 1,363 $ 35 2022 2,619 72 2023 2,479 30 2024 2,535 11 2025 2,318 3 Thereafter 7,913 — Total lease payments 19,227 151 Interest (2,111) (3) Lease liability $ 17,116 $ 148

Impact of Recent Accounting Sta

Impact of Recent Accounting Standards	6 Months Ended
	Sep. 30, 2020
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, 2019, the Company adopted ASC Topic 842, Leases (Topic 842). From the lessee's perspective, the new standard establishes a right-of-use ("ROU") model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement for a lessee. From the lessor's perspective, the new standard requires a lessor to classify leases as either sales-type, finance or operating. A lease will be treated as a sale if it transfers all of the risks and rewards, as well as control of the underlying asset, to the lessee. If risks and rewards are conveyed without the transfer of control, the lease is treated as a financing. If the lessor does not convey risks and rewards or control, an operating lease results. A modified retrospective transition approach is required for lessors for sales-type, direct financing, and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company adopted this ASU effective April 1, 2019 and elected to apply the guidance as of the beginning of the period of adoption (April 1, 2019) and not restate comparative periods. The Company also elected certain optional practical expedients, which allow the Company to forego a reassessment of (1) whether any expired or existing contracts are or contain leases, (2) the lease classification for any expired or existing leases, and (3) the initial direct costs for any existing leases. The Company did not elect the use-of-hindsight or the practical expedient pertaining to land easements, the latter not being applicable to the Company. Topic 842 also provides certain accounting policy elections for an entity’s ongoing accounting. For operating leases wherein the Company is the lessee, the Company has elected the practical expedient to not separate lease and non-lease components. Upon adoption, the Company recorded ROU assets and corresponding operating lease liabilities totaling $20.0 million. In addition, a $5.3 million cumulative effect adjustment to retained earnings was recorded to recognize the total deferred gain from the sale of buildings at the adoption date. As the implicit rate in each of the Company’s leases is not readily determinable, the Company is required to apply the Company’s incremental borrowing rate (“IBR”) to calculate the lease liability and ROU asset for its leasing arrangements. The Company has used the FHLB borrowing rate to calculate the IBR. The Company will also consider lease renewal options reasonably certain of exercise for purposes of determining the term of the underlying borrowing. The Company has considered various other factors, including, economic environment and determined that these factors do not currently impact the Company’s IBR calculation. The Company will continue to assess the appropriateness of the conclusions reached herein with respect to each of the factors discussed above and will determine the appropriate IBR for each new lease arrangement or modification, as required. See Note 11 “Leases” for further information. On April 1, 2019, the Company adopted ASU No. 2017-08, "Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities," which shortens the amortization period for the premium on certain purchased callable debt securities to the earliest call date. The 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, 2018, the Company adopted ASU No. 2017-09, "Compensation - Stock Compensation (Topic 718), Scope of Modification Accounting," which clarifies when changes to the terms or conditions of a share-based payment award must be accounted for as modifications. The 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, 2019, the Company adopted ASU No. 2018-02 "Income Statement - Reporting Comprehensive Income (Topic 220)," which allows a reclassification for stranded tax effects from accumulated other comprehensive income to retained earnings, to eliminate the stranded tax effects resulting from the Tax Cuts and Jobs Act. The amendments addressed concerns regarding the guidance that requires deferred tax assets and liabilities to be adjusted for the effect of a change in tax laws or rates with the effect included in income from continuing operations in the reporting periods that include the enactment date. As the Company has provided a full valuation allowance against its net deferred tax assets, the change in tax rates resulted in a writedown of the deferred tax assets, which was offset by a reduction in the deferred tax valuation allowance. Accounting Standards Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, "Financial Instruments - Credit Loss," which updates the guidance on recognition and measurement of credit losses for financial assets. The new requirements, known as the current expected credit loss model ("CECL") will require entities to adopt an impairment model based on expected losses rather than incurred losses. ASU No. 2016-13 is effective for fiscal years beginning after December 15, 2019 (for the Company, the fiscal year ending March 31, 2021), including interim periods within those fiscal years. In May 2019, the FASB issued ASU No. 2019-05, "Financial Instruments - Credit Losses (Topic 326): Target Transition Relief," to provide transition relief by giving entities an option to irrevocably elect the fair value option for certain financial assets measured at amortized cost upon adoption of ASU 2016-13. In November 2019, the FASB issued ASU No. 2019-10, which extended the CECL implementation date for smaller reporting companies, as defined by the SEC. The new effective date is for fiscal years beginning after December 15, 2022 (for the Company, the fiscal year ending March 31, 2024), including interim periods within those fiscal years. In November 2019, the FASB issued ASU No. 2019-11, "Codification Improvements to Topic 326, Financial Instruments - Credit Losses," to amend or clarify guidance regarding expected recoveries for purchased financial assets with credit deterioration, transition relief for troubled debt restructurings, disclosures related to accrued interest receivables, and financial assets secured by collateral maintenance provisions. The Company is currently in the implementation stage of ASU 2016-13 and has engaged two vendors to assist management in evaluating the requirements of the new standard, modeling requirements and assessment of the impact of the adoption of the new standard on its consolidated statements of financial condition and results of operations. In August 2018, the FASB issued ASU No. 2018-13 "Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement," to improve the effectiveness of disclosures in the notes to financial statements by facilitating clear communication of the information required by GAAP that is most important to users of an entity's financial statements. The amendments removed the disclosure requirements for (1) transfers between Levels 1 and 2 of the fair value hierarchy, (2) the policy for timing of transfers between levels, and (3) the valuation processes for Level 3 fair value measurements. Additionally, the amendments modified the disclosure requirements for investments in certain entities that calculate net asset value and measurement uncertainty. Finally, the amendments added disclosure requirements for (1) the changes in unrealized gains and losses included in other comprehensive income for recurring Level 3 fair value measurements, and (2) the range and weighted average of significant unobservable inputs used to develop Level 3 measurements. The amendments in this update are effective for fiscal years beginning after December 15, 2019 (for the Company, the fiscal year ending March 31, 2021), and interim periods within those fiscal years. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted and an entity is permitted to early adopt any removed or modified disclosures upon issuance of the ASU and delay adoption of the additional disclosures until their effective date. The adoption of ASU 2018-13 is not expected to have a material impact on the Company's consolidated statements of financial condition and results of operations. In December 2019, the FASB issued ASU No. 2019-12 "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes," as 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 simplify the accounting for income taxes and improve consistent application of GAAP by removing certain exceptions and clarifying and amending existing guidance for areas of Topic 740. ASU No. 2019-12 is effective for fiscal years beginning after December 15, 2020 (for the Company, the fiscal year ending March 31, 2022), and interim periods within those fiscal years. ASU 2019-12 is not expected to have a material impact on the Company's financial statements.

Subsequent Events

Subsequent Events	6 Months Ended
	Sep. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTSOn 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.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	Basis of consolidated financial statement presentation The consolidated financial statements include the accounts of the Company, the Bank and the Bank’s wholly-owned or majority-owned subsidiaries, Carver Asset Corporation, CFSB Realty Corp., CCDC, and CFSB Credit Corp., which is currently inactive. All significant intercompany accounts and transactions have been eliminated in consolidation. The consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six month periods ended September 30, 2020 are not necessarily indicative of the results that may be expected for the year ended March 31, 2021. The consolidated balance sheet at September 30, 2020 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, 2020. Amounts subject to significant estimates and assumptions are items such as the allowance for loan losses, realization of deferred tax assets, assessment of other-than-temporary impairment of securities, and the fair value of financial instruments. While management uses available information to recognize losses on loans, future additions to the allowance for loan losses or future writedowns of real estate owned may be necessary based on changes in economic conditions in the areas where Carver Federal has extended mortgages and other credit instruments. Actual results could differ significantly from those assumptions. Current market conditions increase the risk and complexity of the judgments in these estimates. Certain comparative amounts for the prior period have been reclassified to conform to current period presentations. Such reclassifications had no effect on net income or shareholders' equity.

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	6 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table reconciles the loss available to common shareholders (numerator) and the weighted average common stock outstanding (denominator) for both basic and diluted loss per share for the following periods: Three Months Ended September 30, Six Months Ended September 30, $ in thousands except per share data 2020 2019 2020 2019 Net loss $ (809) $ (1,050) (1,621) (2,189) Weighted average common shares outstanding - basic 3,775,728 3,699,384 3,737,905 3,699,101 Weighted average common shares outstanding – diluted 3,775,728 3,699,384 3,737,905 3,699,101 Basic loss per common share $ (0.21) $ (0.28) $ (0.43) $ (0.59) Diluted loss per common share (0.21) (0.28) (0.43) (0.59) For the three and six months ended September 30, 2020 and 2019, all restricted shares and outstanding stock options were anti-dilutive.

Other Comprehensive Income (L_2

Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The following tables set forth changes in each component of accumulated other comprehensive income (loss), net of tax for the six months ended September 30, 2020 and 2019: $ in thousands At Other At September 30, 2020 Net unrealized income (loss) on securities available-for-sale $ 932 $ (911) $ 21 $ in thousands At Other At September 30, 2019 Net unrealized income (loss) on securities available-for-sale $ (939) $ 1,021 $ 82

Investment Securities (Tables)

Investment Securities (Tables)	6 Months Ended
	Sep. 30, 2020
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 September 30, 2020 and March 31, 2020: At September 30, 2020 Amortized Gross Unrealized $ in thousands Cost Gains Losses Fair Value Available-for-Sale: Mortgage-backed Securities: Government National Mortgage Association $ 1,628 $ 62 $ — $ 1,690 Federal Home Loan Mortgage Corporation 30,136 116 1 30,251 Federal National Mortgage Association 15,603 — — 15,603 Total mortgage-backed securities 47,367 178 1 47,544 U.S. Government Agency Securities 20,473 — 164 20,309 Corporate Bonds 6,276 1 59 6,218 Muni Securities 17,773 14 53 17,734 Asset-backed Securities 11,165 156 51 11,270 Total available-for-sale $ 103,054 $ 349 $ 328 $ 103,075 Held-to-Maturity: Mortgage-backed Securities: Government National Mortgage Association $ 815 $ 71 $ — $ 886 Federal National Mortgage Association and Other 7,686 354 — 8,040 Total held-to-maturity mortgage-backed securities 8,501 425 — 8,926 Corporate Bonds 1,000 — 9 991 Total held-to maturity $ 9,501 $ 425 $ 9 $ 9,917 At March 31, 2020 Amortized Gross Unrealized $ in thousands Cost Gains Losses Fair Value Available-for-Sale: Mortgage-backed Securities: Government National Mortgage Association $ 3,510 $ 77 $ — $ 3,587 Federal Home Loan Mortgage Corporation 9,244 312 18 9,538 Federal National Mortgage Association 21,495 673 — 22,168 Total mortgage-backed securities 34,249 1,062 18 35,293 U.S. Government Agency Securities 26,616 20 155 26,481 Corporate Bonds 4,032 33 10 4,055 Total available-for-sale $ 64,897 $ 1,115 $ 183 $ 65,829 Held-to-Maturity: Mortgage-backed Securities: Government National Mortgage Association $ 972 $ 76 $ — $ 1,048 Federal National Mortgage Association and Other 8,179 342 — 8,521 Total held-to-maturity mortgage-backed securities 9,151 418 — 9,569 Corporate Bonds 1,000 — 5 995 Total held-to-maturity $ 10,151 $ 418 $ 5 $ 10,564
Schedule of Realized Gain (Loss)	The following is a summary regarding proceeds, gross gains and gross losses realized from the sale of securities from the available-for-sale portfolio for the six months ended September 30, 2020. There were no sales of available-for-sale and held-to-maturity securities for the three months ended September 30, 2020. $ in thousands September 30, 2020 Proceeds $ 30,190 Gross gains 862 Gross losses —
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 September 30, 2020 and March 31, 2020 for less than 12 months and 12 months or longer: At September 30, 2020 Less than 12 months 12 months or longer Total $ in thousands Unrealized Fair Unrealized Fair Unrealized Fair Available-for-Sale: Mortgage-backed securities $ — $ — $ 1 $ 438 $ 1 $ 438 U.S. Government Agency securities — — 164 20,309 164 20,309 Corporate bonds 59 5,217 — — 59 5,217 Muni securities 53 10,195 — — 53 10,195 Asset-backed securities 51 2,458 — — 51 2,458 Total available-for-sale securities $ 163 $ 17,870 $ 165 $ 20,747 $ 328 $ 38,617 Held-to-Maturity: Corporate bonds $ 9 $ 991 $ — $ — $ 9 $ 991 Total held-to-maturity securities $ 9 $ 991 $ — $ — $ 9 $ 991 At March 31, 2020 Less than 12 months 12 months or longer Total $ in thousands Unrealized Fair Unrealized Fair Unrealized Fair Available-for-Sale: Mortgage-backed securities $ — $ — $ 18 $ 619 $ 18 $ 619 U.S. Government Agency securities 155 21,494 155 21,494 Corporate bonds 10 1,999 — — 10 1,999 Total available-for-sale securities $ 10 $ 1,999 $ 173 $ 22,113 $ 183 $ 24,112 Held-to-Maturity: Corporate bonds $ 5 $ 995 $ — $ — $ 5 $ 995 Total held-to-maturity securities $ 5 $ 995 $ — $ — $ 5 $ 995
Investments Classified by Contractual Maturity Date	The following is a summary of the amortized cost and fair value of debt securities at September 30, 2020, by remaining period to contractual maturity (ignoring earlier call dates, if any). Actual maturities may differ from contractual maturities because certain security issuers have the right to call or prepay their obligations. The table below does not consider the effects of possible prepayments or unscheduled repayments. $ in thousands Amortized Cost Fair Value Weighted Available-for-Sale: Less than one year $ 1,001 $ 1,002 1.71 % One through five years 3,763 3,723 3.04 % Five through ten years 6,402 6,343 1.32 % After ten years 44,521 44,463 1.84 % Mortgage-backed securities 47,367 47,544 1.26 % Total $ 103,054 $ 103,075 1.58 % Held-to-maturity: One through five years $ 1,000 $ 991 4.23 % Mortgage-backed securities 8,501 8,926 2.4 % Total $ 9,501 $ 9,917 2.82 %

Loans Receivable and ALLL (Tabl

Loans Receivable and ALLL (Tables)	6 Months Ended
	Sep. 30, 2020
Loans and Leases Receivable Disclosure [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable	The following is a summary of loans receivable at September 30, 2020 and March 31, 2020: September 30, 2020 March 31, 2020 $ in thousands Amount Percent Amount Percent Gross loans receivable: One-to-four family $ 86,028 18.7 % $ 105,532 24.8 % Multifamily 96,431 20.9 % 89,241 21.0 % Commercial real estate 146,953 31.9 % 141,761 33.3 % Business (1) 128,998 27.9 % 85,425 20.1 % Consumer (2) 2,847 0.6 % 3,213 0.8 % Total loans receivable $ 461,257 100.0 % $ 425,172 100.0 % Unamortized premiums, deferred costs and fees, net 2,942 3,560 Allowance for loan losses (4,916) (4,946) Total loans receivable, net $ 459,283 $ 423,786 (1) Includes PPP loans and business overdrafts (2) Includes personal loans and consumer overdrafts
Allowance for Loan Losses	The following is an analysis of the allowance for loan losses based upon the method of evaluating loan impairment for the three and six month periods ended September 30, 2020 and 2019, and the fiscal year ended March 31, 2020. Three months ended September 30, 2020 $ in thousands One-to-four Multifamily Commercial Real Estate Business Consumer Unallocated Total Allowance for loan losses: Beginning Balance 972 911 955 1,511 202 285 4,836 Charge-offs — — — (9) — — (9) Recoveries 87 — — 2 1 — 90 Provision for (recovery of) Loan Losses (106) 49 14 132 (14) (76) (1) Ending Balance $ 953 $ 960 $ 969 $ 1,636 $ 189 $ 209 $ 4,916 Six months ended September 30, 2020 $ in thousands One-to-four Multifamily Commercial Real Estate Business Consumer Unallocated Total Allowance for loan losses: Beginning Balance $ 1,055 $ 1,011 $ 812 $ 1,567 $ 212 $ 289 $ 4,946 Charge-offs — — — (19) — — (19) Recoveries 87 — — 2 3 — 92 Provision for (recovery of) Loan Losses (189) (51) 157 86 (26) (80) (103) Ending Balance $ 953 $ 960 $ 969 $ 1,636 $ 189 $ 209 $ 4,916 Allowance for Loan Losses Ending Balance: collectively evaluated for impairment $ 920 $ 960 $ 969 $ 1,626 $ 189 $ 209 $ 4,873 Allowance for Loan Losses Ending Balance: individually evaluated for impairment 33 — — 10 — — 43 Loan Receivables Ending Balance: $ 87,569 $ 97,162 $ 147,951 $ 128,641 $ 2,876 $ — $ 464,199 Ending Balance: collectively evaluated for impairment 83,719 96,790 146,791 125,669 2,876 — 455,845 Ending Balance: individually evaluated for impairment 3,850 372 1,160 2,972 — — 8,354 At March 31, 2020 $ in thousands One-to-four family Multifamily Commercial Real Estate Business Consumer Unallocated Total Allowance for Loan Losses Ending Balance: collectively evaluated for impairment $ 899 $ 1,011 $ 812 $ 1,557 $ 212 $ 289 $ 4,780 Allowance for Loan Losses Ending Balance: individually evaluated for impairment 156 — — 10 — — 166 Loan Receivables Ending Balance: $ 107,528 $ 89,887 $ 142,410 $ 85,659 $ 3,248 $ — $ 428,732 Ending Balance: collectively evaluated for impairment 102,902 89,512 142,410 82,210 3,248 — 420,282 Ending Balance: individually evaluated for impairment 4,626 375 — 3,449 — — 8,450 Three months ended September 30, 2019 $ in thousands One-to-four family Multifamily Commercial Real Estate Business Consumer Unallocated Total Allowance for loan losses: Beginning Balance $ 1,232 $ 875 $ 668 $ 1,400 $ 240 $ 255 $ 4,670 Charge-offs — — — (56) (6) — (62) Recoveries 8 — — 2 — — 10 Provision for (recovery of) Loan Losses 49 9 27 145 14 (237) 7 Ending Balance $ 1,289 $ 884 $ 695 $ 1,491 $ 248 $ 18 $ 4,625 Six months ended September 30, 2019 $ in thousands One-to-four family Multifamily Commercial Real Estate Business Consumer Unallocated Total Allowance for loan losses: Beginning Balance $ 1,274 $ 885 $ 766 $ 1,330 $ 154 $ 237 $ 4,646 Charge-offs — — — (56) (73) — (129) Recoveries 8 — — 90 2 — 100 Provision for (recovery of) Loan Losses 7 (1) (71) 127 165 (219) 8 Ending Balance $ 1,289 $ 884 $ 695 $ 1,491 $ 248 $ 18 $ 4,625
Schedule Nonaccrual Loans	The following is a summary of nonaccrual loans at September 30, 2020 and March 31, 2020. $ in thousands September 30, 2020 March 31, 2020 Gross loans receivable: One-to-four family $ 3,541 $ 3,582 Multifamily 372 375 Commercial real estate 1,160 — Business 2,346 2,797 Consumer — 22 Total nonaccrual loans $ 7,419 $ 6,776
Loans Receivable, Credit Quality Indicators	At September 30, 2020, and based on the most recent analysis performed in the current quarter, the risk category by class of loans is as follows: $ in thousands Multifamily Commercial Business Credit Risk Profile by Internally Assigned Grade: Pass $ 96,790 $ 145,416 $ 124,059 Special Mention — 1,375 1,610 Substandard 372 1,160 2,972 Total $ 97,162 $ 147,951 $ 128,641 One-to-four family Consumer Credit Risk Profile Based on Payment Activity: Performing $ 84,612 $ 2,876 Non-Performing 2,957 — Total $ 87,569 $ 2,876 At March 31, 2020, and based on the most recent analysis performed, the risk category by class of loans is as follows: $ in thousands Multifamily Commercial Real Estate Business Credit Risk Profile by Internally Assigned Grade: Pass $ 89,512 $ 141,793 $ 80,016 Special Mention — 617 2,184 Substandard 375 — 3,459 Total $ 89,887 $ 142,410 $ 85,659 One-to-four family Consumer Credit Risk Profile Based on Payment Activity: Performing $ 103,946 $ 3,225 Non-Performing 3,582 23 Total $ 107,528 $ 3,248
Past Due Financing Receivables	The following table presents an aging analysis of the recorded investment of past due loans receivables at September 30, 2020 and March 31, 2020. September 30, 2020 $ in thousands 30-59 Days 60-89 Days 90 or More Days Past Due Total Past Current Total Loans One-to-four family $ 799 $ — $ 2,957 $ 3,756 $ 83,813 $ 87,569 Multifamily 729 483 — 1,212 95,950 97,162 Commercial real estate 936 — 5,917 6,853 141,098 147,951 Business 808 4,994 1,282 7,084 121,557 128,641 Consumer 176 101 — 277 2,599 2,876 Total $ 3,448 $ 5,578 $ 10,156 $ 19,182 $ 445,017 $ 464,199 March 31, 2020 $ in thousands 30-59 Days 60-89 Days 90 or More Days Past Due Total Past Current Total Loans Receivables One-to-four family $ 1,410 $ — $ 3,202 $ 4,612 $ 102,916 $ 107,528 Multifamily 490 — — 490 89,397 89,887 Commercial real estate 6,621 — — 6,621 135,789 142,410 Business 1,360 3 700 2,063 83,596 85,659 Consumer 103 1 23 127 3,121 3,248 Total $ 9,984 $ 4 $ 3,925 $ 13,913 $ 414,819 $ 428,732
Impaired Loans	The following table presents information on impaired loans with the associated allowance amount, if applicable, at September 30, 2020 and March 31, 2020. At September 30, 2020 At March 31, 2020 $ in thousands Recorded Unpaid Associated Recorded Unpaid Associated With no specific allowance recorded: One-to-four family $ 3,772 $ 4,431 $ — $ 3,819 $ 4,566 $ — Multifamily 372 373 — 375 376 — Commercial real estate 1,160 1,160 — — — — Business 2,419 2,555 — 2,797 2,917 — With an allowance recorded: One-to-four family 78 73 33 807 803 156 Business 553 553 10 652 652 10 Total $ 8,354 $ 9,145 $ 43 $ 8,450 $ 9,314 $ 166 The following tables presents information on average balances of impaired loans and the interest income recognized on a cash basis for the three and six month periods ended September 30, 2020 and 2019. For the Three Months Ended September 30, For the Six Months Ended September 30, 2020 2019 2020 2019 $ in thousands Average Balance Interest Income Recognized Average Balance Interest Income Recognized Average Balance Interest Income Recognized Average Balance Interest Income Recognized With no specific allowance recorded: One-to-four family $ 3,795 $ 10 $ 4,185 $ 14 $ 3,840 $ 35 $ 4,241 $ 30 Multifamily 374 4 2,789 14 373 9 2,824 41 Commercial real estate 580 — — — 2,649 — 238 — Business 2,608 26 1,699 16 2,555 55 1,696 41 With an allowance recorded: One-to-four family 442 — 869 — 317 — 872 — Business 602 — 1,067 — 602 — 1,088 — Total $ 8,401 $ 40 $ 10,609 $ 44 $ 10,336 $ 99 $ 10,959 $ 112

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Sep. 30, 2020
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 September 30, 2020 and March 31, 2020, and that are included in the Company’s Consolidated Statements of Financial Condition at these dates: Fair Value Measurements at September 30, 2020, 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 — 1,690 — 1,690 Federal Home Loan Mortgage Corporation — 30,251 — 30,251 Federal National Mortgage Association — 15,603 — 15,603 U.S. Government Agency securities — 20,309 — 20,309 Corporate bonds — 6,218 — 6,218 Muni securities — 17,734 — 17,734 Asset-backed securities — 11,270 — 11,270 Total available-for-sale securities — 103,075 — 103,075 Total $ — $ 103,075 $ 142 $ 103,217 Fair Value Measurements at March 31, 2020, Using $ in thousands Quoted Prices in Significant Other Significant Total Fair Mortgage servicing rights $ — $ — $ 145 $ 145 Investment securities Available-for-sale: Mortgage-backed securities: Government National Mortgage Association — 3,587 — 3,587 Federal Home Loan Mortgage Corporation — 9,538 — 9,538 Federal National Mortgage Association — 22,168 — 22,168 U.S. Government Agency securities — 26,481 — 26,481 Corporate bonds — 4,055 — 4,055 Total available-for-sale securities — 65,829 — 65,829 Total assets $ — $ 65,829 $ 145 $ 65,974
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 six months ended September 30, 2020 and 2019: $ in thousands Beginning balance, Total Realized/Unrealized Gains/(Losses) Recorded in Income (1) Issuances / (Settlements) Transfers to/(from) Level 3 Ending balance, September 30, 2020 Change in Unrealized Gains/(Losses) Related to Instruments Held at September 30, 2020 Mortgage servicing rights 145 (3) — — 142 2 $ in thousands Beginning balance, Total Realized/Unrealized Gains/(Losses) Recorded in Income (1) Issuances / (Settlements) Transfers to/(from) Level 3 Ending balance, September 30, 2019 Change in Unrealized Gains/(Losses) Related to Instruments Held at September 30, 2019 Mortgage servicing rights 180 (6) — — 174 (6)
Fair Value, Assets Measured on Recurring Basis, Valuation Techniques	For Level 3 assets measured at fair value on a recurring basis as of September 30, 2020 and March 31, 2020, the significant unobservable inputs used in the fair value measurements were as follows: $ in thousands Fair Value September 30, 2020 Valuation Technique Significant Unobservable Inputs Significant Unobservable Input Value Mortgage servicing rights 142 Discounted Cash Flow Weighted Average Constant Prepayment Rate (1) 15.33 % Option Adjusted Spread ("OAS") applied to Treasury curve 1200 basis points $ in thousands Fair Value Valuation Technique Significant Unobservable Inputs Significant Unobservable Input Value Mortgage servicing rights 145 Discounted Cash Flow Weighted Average Constant Prepayment Rate (1) 15.64 % Option Adjusted Spread ("OAS" applied to Treasury curve 1200 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 September 30, 2020 and March 31, 2020, and that are included in the Company’s Consolidated Statements of Financial Condition at these dates: Fair Value Measurements at September 30, 2020 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 $ — $ — $ 588 $ 588 Other real estate owned — — 60 $ 60 Fair Value Measurements at March 31, 2020, Using Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total Fair Value $ in thousands (Level 1) (Level 2) (Level 3) Impaired loans $ — $ — $ 1,293 $ 1,293 Other real estate owned — — 120 $ 120
Fair Value, Assets Measured on Nonrecurring Basis, Valuation Techniques	For Level 3 assets measured at fair value on a non-recurring basis as of September 30, 2020 and March 31, 2020, the significant unobservable inputs used in the fair value measurements were as follows: $ in thousands Fair Value September 30, 2020 Valuation Technique Significant Unobservable Inputs Significant Unobservable Input Value Impaired loans $ 588 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 $ in thousands Fair Value March 31, 2020 Valuation Technique Significant Unobservable Inputs Significant Unobservable Input Value Impaired loans $ 1,293 Appraisal of collateral Appraisal adjustments 7.5% cost to sell Other real estate owned 120 Appraisal of collateral Appraisal adjustments 7.5% cost to sell

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Sep. 30, 2020
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 September 30, 2020 and March 31, 2020 are as follows: September 30, 2020 $ 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 $ 70,933 $ 70,933 $ 70,933 $ — $ — Securities available-for-sale 103,075 103,075 — 103,075 — Securities held-to-maturity 9,501 9,917 — 9,917 — Loans receivable 459,283 473,924 — — 473,924 Accrued interest receivable 2,565 2,565 — 2,565 — Mortgage servicing rights 142 142 — — 142 Other assets - Interest-bearing deposits 983 983 — 983 — Financial Liabilities: Deposits $ 540,746 $ 541,588 $ 346,300 $ 195,288 $ — Other borrowed money 41,696 41,769 — 41,769 — Accrued interest payable 2,975 2,975 — 2,975 — March 31, 2020 $ 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 $ 47,540 $ 47,540 $ 47,540 $ — $ — Securities available-for-sale 65,829 65,829 — 65,829 — Securities held-to-maturity 10,151 10,564 — 10,564 — Loans receivable 423,786 438,017 — — 438,017 Accrued interest receivable 2,052 2,052 — 2,052 — Mortgage servicing rights 145 145 — — 145 Other assets - Interest-bearing deposits 981 981 — 981 — Financial Liabilities: Deposits $ 488,815 $ 489,309 $ 291,951 $ 197,358 $ — Other borrowed money 13,403 13,386 — 13,386 — Accrued interest payable 2,695 2,695 — 2,695 —

Non-interest Revenue and Expe_2

Non-interest Revenue and Expense (Tables)	6 Months Ended
	Sep. 30, 2020
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 six months ended September 30, 2020 and 2019: Three Months Ended September 30, Six Months Ended September 30, $ in thousands 2020 2019 2020 2019 Non-interest income In-scope of Topic 606 Depository fees and charges $ 762 $ 811 $ 1,349 $ 1,615 Loan fees and service charges 82 70 140 146 Other non-interest income 612 14 704 27 Non-interest income (in-scope of Topic 606) 1,456 895 2,193 1,788 Non-interest income (out-of-scope of Topic 606) 517 115 1,463 164 Total non-interest income $ 1,973 $ 1,010 $ 3,656 $ 1,952
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 September 30, Six Months Ended September 30, $ in thousands 2020 2019 2020 2019 Other non-interest income: Grant income $ 500 $ — $ 500 $ — Correspondent banking fees 601 — 680 — Other 13 104 96 151 Total non-interest income $ 1,114 $ 104 $ 1,276 $ 151 Other non-interest expense: Advertising $ 45 $ 109 $ 70 $ 202 Legal expense 192 75 262 173 Insurance and surety 174 160 333 304 Audit expense 138 136 275 262 Outsourced service 22 89 47 245 Data lines / internet 96 102 208 210 Retail expenses 207 177 391 377 Director's fees 85 77 170 154 Other 440 284 1,042 837 Total non-interest expense $ 1,399 $ 1,209 $ 2,798 $ 2,764

Leases (Tables)

Leases (Tables)	6 Months Ended
	Sep. 30, 2020
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 six months ended September 30, 2020: September 30, 2020 Weighted-average remaining lease term Operating leases 7.4 years Finance lease 2.8 years Weighted-average discount rate Operating leases 3.00 % Finance lease 1.78 % Three Months Ended September 30, Six Months Ended September 30, $ in thousands 2020 2019 2020 2019 Operating lease expense $ 714 $ 735 $ 1,428 1,464 Finance lease cost Amortization of right-of use asset 18 5.00 38 $ 5 Interest on lease liability 1 — 1 $ — Cash paid for amounts included in the measurement of lease liabilities Operating leases 682 $ 691 1,365 $ 1,377 Finance lease 14 16 31 $ 16
Lessee, Lease Liability, Maturity	Maturities of lease liabilities at September 30, 2020 are as follows: $ in thousands Operating Leases Finance Leases Year ending March 31, 2021 $ 1,363 $ 35 2022 2,619 72 2023 2,479 30 2024 2,535 11 2025 2,318 3 Thereafter 7,913 — Total lease payments 19,227 151 Interest (2,111) (3) Lease liability $ 17,116 $ 148

Organization Text Tags (Details

Organization Text Tags (Details) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended	12 Months Ended
	Sep. 30, 2020	Mar. 31, 2003	Mar. 31, 2020	Sep. 17, 2003	Oct. 24, 1994
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Common Stock, Shares Issued (in shares)	5,361,213		3,701,449		2,314,375
Common Stock, Par Value (in dollars per share)	$ 0.01		$ 0.01		$ 0.01
subordinated debt issued shares				13,000
Liquidation amount subordinated debt (in dollars per share)				$ 1,000
Proceeds from Issuance of Long-term Debt		$ 13
Proceeds from (Payments for) Other Financing Activities		0.4
Payments for Repurchase of Trust Preferred Securities		$ 13.4
Debt Instrument, Basis Spread on Variable Rate	3.05%
Debt Instrument, Interest Rate During Period	3.30%
Interest Payable	$ 2.8

Summary of Significant Accoun_3

Summary of Significant Accounting Policies Text Tags (Details) $ in Thousands	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)
Accounting Policies [Abstract]
Financing Receivable, Number of Principal and Interest Payment Deferrals	42	91
Financing Receivable, Principal and Interest Deferred Payments	$ 32,200	$ 95,900
Number of Loans Originated Under the Paycheck Protection Program	203
Loans Originated Under the Paycheck Protection Program, Amount	$ 34,700
Advances under Paycheck Protection Program Liquidity Facility	$ 28,300

Earnings Per Common Share (Deta

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Earnings Per Share [Abstract]
Net loss	$ (809)	$ (1,050)	$ (1,621)	$ (2,189)
Weighted average common shares outstanding - basic (in shares)	3,775,728	3,699,384	3,737,905	3,699,101
Weighted average common shares outstanding - diluted (in shares)	3,775,728	3,699,384	3,737,905	3,699,101
Loss per Share, Basic (in dollars per share)	$ (0.21)	$ (0.28)	$ (0.43)	$ (0.59)
Loss per Share, Diluted (in dollars per share)	$ (0.21)	$ (0.28)	$ (0.43)	$ (0.59)

Common Stock Dividends Text Tag

Common Stock Dividends Text Tags (Details) - USD ($) $ in Thousands	6 Months Ended	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2011	Mar. 31, 2020	Oct. 28, 2011
Dividends [Abstract]
Stock Issued During Period, Shares, Other		2,321,286
Conversion of Stock, Shares Converted	13,519	1,208,039
Series D Convertible Preferred Stock, Shares Outstanding (in shares)	18,076		45,118	45,118
Conversion of Stock, Shares Issued	1,653,397
Payments for Repurchase of Equity	$ 2,500

Components of Accumulated Other

Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax	$ 0	$ 0	$ 862	$ 0
Accumulated Other Comprehensive Loss, Available-for-sale Securities Adjustment, Net of Tax			932	(939)
Other comprehensive loss, net of taxes	163	142	(911)	1,021
Accumulated Other Comprehensive Loss, Available-for-sale Securities Adjustment, Net of Tax	$ 21	$ 82	$ 21	$ 82

Investment Securities Text Tags

Investment Securities Text Tags (Details)	3 Months Ended	6 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Mar. 31, 2020USD ($)
Schedule of Investments [Line Items]
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions	11	11		7
Debt Securities, Available-for-sale	$ 103,075,000	$ 103,075,000		$ 65,829,000
Percentage Available-for-sale Securities	91.60%	91.60%
Debt Securities, Held-to-maturity	$ 9,501,000	$ 9,501,000		10,151,000
Percentage Held-to-maturity Securities	8.40%	8.40%
Trading	$ 0	$ 0
Proceeds from Sale of Available-for-sale Securities	$ 0	$ 30,190,000	$ 0
Mortgage-backed securities
Schedule of Investments [Line Items]
Number of AFS securities in Unrealized Loss Positions, greater than or equal to 12 months	1	1
Debt Securities, Held-to-maturity	$ 8,501,000	$ 8,501,000		$ 9,151,000
US Government Agency Securities
Schedule of Investments [Line Items]
Percentage Available-for-Sale, Continuos Unrealized Loss Position	52.60%	52.60%
Number of AFS securities in Unrealized Loss Positions, greater than or equal to 12 months	3	3
Municipal Securities
Schedule of Investments [Line Items]
Percentage Available-for-Sale, Continuos Unrealized Loss Position	26.40%	26.40%

Investment Securities-Unrealize

Investment Securities-Unrealized Gain (Loss) on Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Mar. 31, 2020
Schedule of Held-to-maturity Securities [Line Items]
Debt Securities, Held-to-maturity, Total	$ 9,501	$ 10,151
Held-to-maturity, Gross Unrealized Gains	425	418
Held-to-maturity, Gross Unrealized Losses	9	5
Held-to-maturity, Fair Value	9,917	10,564
Debt Securities, Available-for-sale [Line Items]
Available-for-sale, Amortized Cost	103,054	64,897
Available-for-sale, Gross Unrealized Gains	349	1,115
Available-for-sale, Gross Unrealized Losses	328	183
Available-for-sale, Fair Value	103,075	65,829
Government National Mortgage Association (GNMA)
Schedule of Held-to-maturity Securities [Line Items]
Debt Securities, Held-to-maturity, Total	815	972
Held-to-maturity, Gross Unrealized Gains	71	76
Held-to-maturity, Gross Unrealized Losses	0	0
Held-to-maturity, Fair Value	886	1,048
Debt Securities, Available-for-sale [Line Items]
Available-for-sale, Amortized Cost	1,628	3,510
Available-for-sale, Gross Unrealized Gains	62	77
Available-for-sale, Gross Unrealized Losses	0	0
Available-for-sale, Fair Value	1,690	3,587
Federal Home Loan Mortgage Corporation (FHLMC)
Debt Securities, Available-for-sale [Line Items]
Available-for-sale, Amortized Cost	30,136	9,244
Available-for-sale, Gross Unrealized Gains	116	312
Available-for-sale, Gross Unrealized Losses	1	18
Available-for-sale, Fair Value	30,251	9,538
Federal National Mortgage Association (FNMA)
Schedule of Held-to-maturity Securities [Line Items]
Debt Securities, Held-to-maturity, Total	7,686	8,179
Held-to-maturity, Gross Unrealized Gains	354	342
Held-to-maturity, Gross Unrealized Losses	0	0
Held-to-maturity, Fair Value	8,040	8,521
Debt Securities, Available-for-sale [Line Items]
Available-for-sale, Amortized Cost	15,603	21,495
Available-for-sale, Gross Unrealized Gains	0	673
Available-for-sale, Gross Unrealized Losses	0	0
Available-for-sale, Fair Value	15,603	22,168
Mortgage-backed securities
Schedule of Held-to-maturity Securities [Line Items]
Debt Securities, Held-to-maturity, Total	8,501	9,151
Held-to-maturity, Gross Unrealized Gains	425	418
Held-to-maturity, Gross Unrealized Losses	0	0
Held-to-maturity, Fair Value	8,926	9,569
Debt Securities, Available-for-sale [Line Items]
Available-for-sale, Amortized Cost	47,367	34,249
Available-for-sale, Gross Unrealized Gains	178	1,062
Available-for-sale, Gross Unrealized Losses	1	18
Available-for-sale, Fair Value	47,544	35,293
US Government Agency Securities
Debt Securities, Available-for-sale [Line Items]
Available-for-sale, Amortized Cost	20,473	26,616
Available-for-sale, Gross Unrealized Gains	0	20
Available-for-sale, Gross Unrealized Losses	164	155
Available-for-sale, Fair Value	20,309	26,481
Corporate Bonds
Schedule of Held-to-maturity Securities [Line Items]
Debt Securities, Held-to-maturity, Total	1,000	1,000
Held-to-maturity, Gross Unrealized Gains	0	0
Held-to-maturity, Gross Unrealized Losses	9	5
Held-to-maturity, Fair Value	991	995
Debt Securities, Available-for-sale [Line Items]
Available-for-sale, Amortized Cost	6,276	4,032
Available-for-sale, Gross Unrealized Gains	1	33
Available-for-sale, Gross Unrealized Losses	59	10
Available-for-sale, Fair Value	6,218	$ 4,055
Municipal Securities
Debt Securities, Available-for-sale [Line Items]
Available-for-sale, Amortized Cost	17,773
Available-for-sale, Gross Unrealized Gains	14
Available-for-sale, Gross Unrealized Losses	53
Available-for-sale, Fair Value	17,734
Asset-backed Securities
Debt Securities, Available-for-sale [Line Items]
Available-for-sale, Amortized Cost	11,165
Available-for-sale, Gross Unrealized Gains	156
Available-for-sale, Gross Unrealized Losses	51
Available-for-sale, Fair Value	$ 11,270

Schedule of Realized Gain (Loss

Schedule of Realized Gain (Loss) (Details) - USD ($)	3 Months Ended	6 Months Ended
	Sep. 30, 2020	Sep. 30, 2020	Sep. 30, 2019
Investments, Debt and Equity Securities [Abstract]
Proceeds from Sale of Available-for-sale Securities	$ 0	$ 30,190,000	$ 0
Available-for-sale Securities, Gross Realized Gains		862,000
Available-for-sale Securities, Gross Realized Losses		$ 0

Investment Securities Investmen

Investment Securities Investment Securities-Schedule of Unrealized Loss (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Mar. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	$ 163	$ 10
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	17,870	1,999
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	165	173
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	20,747	22,113
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss	328	183
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	38,617	24,112
Schedule of Held-to-maturity Securities [Line Items]
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	9	5
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value	991	995
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	0	0
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value	0	0
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss	9	5
Debt Securities, Held-to-maturity, Unrealized Loss Position, Fair Value	991	995
Mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	0	0
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	0	0
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	1	18
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	438	619
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss	1	18
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	438	619
US Government Agency Securities
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	0
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	0
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	164	155
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	20,309	21,494
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss	164	155
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	20,309	21,494
Municipal Securities
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	53
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	10,195
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	0
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	0
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss	53
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	10,195
Corporate Bonds
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	59	10
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	5,217	1,999
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	0	0
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	0	0
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss	59	10
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	5,217	1,999
Schedule of Held-to-maturity Securities [Line Items]
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	9	5
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value	991	995
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	0	0
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value	0	0
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss	9	5
Debt Securities, Held-to-maturity, Unrealized Loss Position, Fair Value	991	$ 995
Asset-backed Securities
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	51
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	2,458
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	0
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	0
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss	51
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	$ 2,458

Investment Securities-Investmen

Investment Securities-Investments Classified by Contractual Maturity Date (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Mar. 31, 2020
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, within One Year, Amortized Cost	$ 1,001
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after One Through Five Years, Amortized Cost	3,763
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after Five Through Ten Years, Amortized Cost	6,402
Debt Securities, Available-for-sale, Allocated and Single Maturity Date, Maturity, after 10 Years, Amortized Cost	44,521
Available-for-sale Securities, Amortized Cost Basis	103,054	$ 64,897
Debt Securities, Available-for-sale, Amortized Cost	103,054
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, within One Year, Fair Value	1,002
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after One Through Five Years, Fair Value	3,723
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after Five Through Ten Years, Fair Value	6,343
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after 10 Years, Fair Value	44,463
Available-for-sale Securities	103,075	65,829
Available-for-sale	$ 103,075	65,829
Available-for-sale, Securities, Debt Maturities, within One Year, Weighted Average Rate	1.71%
Available-for-sale Securities, Debt Maturities, after One Through Five Years, Weighted Average Rate	3.04%
Available-for-sale Securities, Debt Maturities, after Five Through Ten Years, Weighted Average Rate	1.32%
Available-for-sale Securities, Debt Maturities, after Ten Years, Weighted Average Rate	1.84%
Available-for-sale Securities, Debt Maturities, Weighted Average Rate	1.58%
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount
Debt Securities, Held-to-Maturity, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year One Through Five	$ 1,000
Held-to-maturity	9,501	10,151
Held-to-maturity Securities, Debt Maturities, Fair Value, Fiscal Year Maturity
Debt Securities, Held-to-Maturity, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five	991
Held-to-maturity, Fair Value	$ 9,917	$ 10,564
Debt Securities, Held-to-Maturity, Weighted Average Yield, Maturity, after Year One Through Five	4.23%
Held-to-maturity Securities, Debt Maturities, Weighted Average Rate	2.82%

Loans Receivable and ALLL (Deta

Loans Receivable and ALLL (Details) - USD ($) $ in Thousands		Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans Receivable, before Fees, Gross		$ 461,257		$ 425,172
Unamortized premiums, deferred costs and fees, net		2,942		3,560
Allowance for loan losses		(4,916)	$ (4,836)	(4,946)	$ (4,625)	$ (4,670)	$ (4,646)
Total loans receivable, net		$ 459,283		$ 423,786
Percentage of Loan Type		100.00%		100.00%
Other Real Estate Owned		$ 60		$ 120
Financing Receivable, Troubled Debt Restructuring		2,700		3,900
One-to-four family
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans Receivable, before Fees, Gross		86,028		105,532
Allowance for loan losses		$ (953)	(972)	$ (1,055)	(1,289)	(1,232)	(1,274)
Percentage of Loan Type		18.70%		24.80%
Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans Receivable, before Fees, Gross		$ 96,431		$ 89,241
Allowance for loan losses		$ (960)	(911)	$ (1,011)	(884)	(875)	(885)
Percentage of Loan Type		20.90%		21.00%
Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans Receivable, before Fees, Gross		$ 146,953		$ 141,761
Allowance for loan losses		$ (969)	(955)	$ (812)	(695)	(668)	(766)
Percentage of Loan Type		31.90%		33.30%
Business
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans Receivable, before Fees, Gross	[1]	$ 128,998		$ 85,425
Allowance for loan losses		$ (1,636)	(1,511)	$ (1,567)	(1,491)	(1,400)	(1,330)
Percentage of Loan Type	[1]	27.90%		20.10%
Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans Receivable, before Fees, Gross	[2]	$ 2,847		$ 3,213
Allowance for loan losses		$ (189)	$ (202)	$ (212)	$ (248)	$ (240)	$ (154)
Percentage of Loan Type	[2]	0.60%		0.80%
[1]	(1) Includes PPP loans and business overdrafts
[2]	2) Includes personal loans and consumer overdrafts

Allowance for Loan Losses (Deta

Allowance for Loan Losses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Mar. 31, 2020
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for loan losses - Beginning Balance	$ 4,836	$ 4,670	$ 4,946	$ 4,646
Charge-offs	(9)	(62)	(19)	(129)
Recoveries	90	10	92	100
Provision for loan losses	(1)	7	(103)	8
Allowance for loan losses - Ending Balance	4,916	4,625	4,916	4,625
Allowance for Loan Losses, Collectively Evaluated for Impairment	4,873		4,873		$ 4,780
Allowance for Loan Losses, Individually Evaluated for Impairment	43		43		166
Loans, gross	464,199		464,199		428,732
Loans Receivable, Collectively Evaluated for Impairment	455,845		455,845		420,282
Loans Receivable, Individually Evaluated for Impairment	8,354		8,354		8,450
One-to-four family
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for loan losses - Beginning Balance	972	1,232	1,055	1,274
Charge-offs	0	0	0	0
Recoveries	87	8	87	8
Provision for loan losses	(106)	49	(189)	7
Allowance for loan losses - Ending Balance	953	1,289	953	1,289
Allowance for Loan Losses, Collectively Evaluated for Impairment	920		920		899
Allowance for Loan Losses, Individually Evaluated for Impairment	33		33		156
Loans, gross	87,569		87,569		107,528
Loans Receivable, Collectively Evaluated for Impairment	83,719		83,719		102,902
Loans Receivable, Individually Evaluated for Impairment	3,850		3,850		4,626
Multifamily
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for loan losses - Beginning Balance	911	875	1,011	885
Charge-offs	0	0	0	0
Recoveries	0	0	0	0
Provision for loan losses	49	9	(51)	(1)
Allowance for loan losses - Ending Balance	960	884	960	884
Allowance for Loan Losses, Collectively Evaluated for Impairment	960		960		1,011
Allowance for Loan Losses, Individually Evaluated for Impairment	0		0		0
Loans, gross	97,162		97,162		89,887
Loans Receivable, Collectively Evaluated for Impairment	96,790		96,790		89,512
Loans Receivable, Individually Evaluated for Impairment	372		372		375
Commercial real estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for loan losses - Beginning Balance	955	668	812	766
Charge-offs	0	0	0	0
Recoveries	0	0	0	0
Provision for loan losses	14	27	157	(71)
Allowance for loan losses - Ending Balance	969	695	969	695
Allowance for Loan Losses, Collectively Evaluated for Impairment	969		969		812
Allowance for Loan Losses, Individually Evaluated for Impairment	0		0		0
Loans, gross	147,951		147,951		142,410
Loans Receivable, Collectively Evaluated for Impairment	146,791		146,791		142,410
Loans Receivable, Individually Evaluated for Impairment	1,160		1,160		0
Business
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for loan losses - Beginning Balance	1,511	1,400	1,567	1,330
Charge-offs	(9)	(56)	(19)	(56)
Recoveries	2	2	2	90
Provision for loan losses	132	145	86	127
Allowance for loan losses - Ending Balance	1,636	1,491	1,636	1,491
Allowance for Loan Losses, Collectively Evaluated for Impairment	1,626		1,626		1,557
Allowance for Loan Losses, Individually Evaluated for Impairment	10		10		10
Loans, gross	128,641		128,641		85,659
Loans Receivable, Collectively Evaluated for Impairment	125,669		125,669		82,210
Loans Receivable, Individually Evaluated for Impairment	2,972		2,972		3,449
Consumer
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for loan losses - Beginning Balance	202	240	212	154
Charge-offs	0	(6)	0	(73)
Recoveries	1	0	3	2
Provision for loan losses	(14)	14	(26)	165
Allowance for loan losses - Ending Balance	189	248	189	248
Allowance for Loan Losses, Collectively Evaluated for Impairment	189		189		212
Allowance for Loan Losses, Individually Evaluated for Impairment	0		0		0
Loans, gross	2,876		2,876		3,248
Loans Receivable, Collectively Evaluated for Impairment	2,876		2,876		3,248
Loans Receivable, Individually Evaluated for Impairment	0		0		0
Unallocated
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for loan losses - Beginning Balance	285	255	289	237
Charge-offs	0	0	0	0
Recoveries	0	0	0	0
Provision for loan losses	(76)	(237)	(80)	(219)
Allowance for loan losses - Ending Balance	209	$ 18	209	$ 18
Allowance for Loan Losses, Collectively Evaluated for Impairment	209		209		289
Allowance for Loan Losses, Individually Evaluated for Impairment	0		0		0
Loans, gross	0		0		0
Loans Receivable, Collectively Evaluated for Impairment	0		0		0
Loans Receivable, Individually Evaluated for Impairment	$ 0		$ 0		$ 0

Nonaccrual Loans (Details)

Nonaccrual Loans (Details) - Nonperforming - USD ($) $ in Thousands	Sep. 30, 2020	Mar. 31, 2020
Financing Receivable, Past Due [Line Items]
Financing Receivable, Nonaccrual	$ 7,419	$ 6,776
One-to-four family
Financing Receivable, Past Due [Line Items]
Financing Receivable, Nonaccrual	3,541	3,582
Multifamily
Financing Receivable, Past Due [Line Items]
Financing Receivable, Nonaccrual	372	375
Commercial real estate
Financing Receivable, Past Due [Line Items]
Financing Receivable, Nonaccrual	1,160	0
Business
Financing Receivable, Past Due [Line Items]
Financing Receivable, Nonaccrual	2,346	2,797
Consumer
Financing Receivable, Past Due [Line Items]
Financing Receivable, Nonaccrual	$ 0	$ 22

Credit Quality Indicators (Deta

Credit Quality Indicators (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Mar. 31, 2020
Financing Receivable, Credit Quality Indicator [Line Items]
Loans, gross	$ 464,199	$ 428,732
Multifamily
Financing Receivable, Credit Quality Indicator [Line Items]
Loans, gross	97,162	89,887
Multifamily | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Loans, gross	96,790	89,512
Multifamily | Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Loans, gross	0	0
Multifamily | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Loans, gross	372	375
Commercial real estate
Financing Receivable, Credit Quality Indicator [Line Items]
Loans, gross	147,951	142,410
Commercial real estate | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Loans, gross	145,416	141,793
Commercial real estate | Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Loans, gross	1,375	617
Commercial real estate | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Loans, gross	1,160	0
Business
Financing Receivable, Credit Quality Indicator [Line Items]
Loans, gross	128,641	85,659
Business | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Loans, gross	124,059	80,016
Business | Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Loans, gross	1,610	2,184
Business | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Loans, gross	2,972	3,459
One-to-four family
Financing Receivable, Credit Quality Indicator [Line Items]
Loans, gross	87,569	107,528
One-to-four family | Performing
Financing Receivable, Credit Quality Indicator [Line Items]
Loans, gross	84,612	103,946
One-to-four family | Nonperforming
Financing Receivable, Credit Quality Indicator [Line Items]
Loans, gross	2,957	3,582
Consumer
Financing Receivable, Credit Quality Indicator [Line Items]
Loans, gross	2,876	3,248
Consumer | Performing
Financing Receivable, Credit Quality Indicator [Line Items]
Loans, gross	2,876	3,225
Consumer | Nonperforming
Financing Receivable, Credit Quality Indicator [Line Items]
Loans, gross	$ 0	$ 23

Past Due Financing Receivables

Past Due Financing Receivables (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Mar. 31, 2020
Financing Receivable, Past Due [Line Items]
Financing Receivable, Past Due	$ 19,182	$ 13,913
Financing Receivable, Not Past Due	445,017	414,819
Loans, gross	464,199	428,732
Financing Receivables, 30 to 59 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing Receivable, Past Due	3,448	9,984
Financing Receivables, 60 to 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing Receivable, Past Due	5,578	4
Financing Receivables, Equal to Greater than 90 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing Receivable, Past Due	10,156	3,925
One-to-four family
Financing Receivable, Past Due [Line Items]
Financing Receivable, Past Due	3,756	4,612
Financing Receivable, Not Past Due	83,813	102,916
Loans, gross	87,569	107,528
One-to-four family | Financing Receivables, 30 to 59 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing Receivable, Past Due	799	1,410
One-to-four family | Financing Receivables, 60 to 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing Receivable, Past Due	0	0
One-to-four family | Financing Receivables, Equal to Greater than 90 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing Receivable, Past Due	2,957	3,202
Multifamily
Financing Receivable, Past Due [Line Items]
Financing Receivable, Past Due	1,212	490
Financing Receivable, Not Past Due	95,950	89,397
Loans, gross	97,162	89,887
Multifamily | Financing Receivables, 30 to 59 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing Receivable, Past Due	729	490
Multifamily | Financing Receivables, 60 to 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing Receivable, Past Due	483	0
Multifamily | Financing Receivables, Equal to Greater than 90 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing Receivable, Past Due	0	0
Commercial real estate
Financing Receivable, Past Due [Line Items]
Financing Receivable, Past Due	6,853	6,621
Financing Receivable, Not Past Due	141,098	135,789
Loans, gross	147,951	142,410
Commercial real estate | Financing Receivables, 30 to 59 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing Receivable, Past Due	936	6,621
Commercial real estate | Financing Receivables, 60 to 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing Receivable, Past Due	0	0
Commercial real estate | Financing Receivables, Equal to Greater than 90 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing Receivable, Past Due	5,917	0
Business
Financing Receivable, Past Due [Line Items]
Financing Receivable, Past Due	7,084	2,063
Financing Receivable, Not Past Due	121,557	83,596
Loans, gross	128,641	85,659
Business | Financing Receivables, 30 to 59 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing Receivable, Past Due	808	1,360
Business | Financing Receivables, 60 to 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing Receivable, Past Due	4,994	3
Business | Financing Receivables, Equal to Greater than 90 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing Receivable, Past Due	1,282	700
Consumer
Financing Receivable, Past Due [Line Items]
Financing Receivable, Past Due	277	127
Financing Receivable, Not Past Due	2,599	3,121
Loans, gross	2,876	3,248
Consumer | Financing Receivables, 30 to 59 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing Receivable, Past Due	176	103
Consumer | Financing Receivables, 60 to 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing Receivable, Past Due	101	1
Consumer | Financing Receivables, Equal to Greater than 90 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing Receivable, Past Due	$ 0	$ 23

Impaired Loans (Details)

Impaired Loans (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Mar. 31, 2020
Impaired Financing Receivable, Recorded Investment [Abstract]
Impaired Financing Receivable, Recorded Investment	$ 8,354		$ 8,354		$ 8,450
Impaired Financing Receivable, Unpaid Principal Balance [Abstract]
Impaired Financing Receivable, Unpaid Principal Balance	9,145		9,145		9,314
Impaired Financing Receivable, Related Allowance	43		43		166
Impaired Financing Receivable, Average Recorded Investment [Abstract]
Impaired Financing Receivable, Average Recorded Investment	8,401	$ 10,609	10,336	$ 10,959
Impaired Financing Receivable, Interest Income, Cash Basis Method [Abstract]
Impaired Financing Receivable, Interest Income, Cash Basis Method	40	44	99	112
One-to-four family
Impaired Financing Receivable, Recorded Investment [Abstract]
Impaired Financing Receivable, with No Related Allowance, Recorded Investment	3,772		3,772		3,819
Impaired Financing Receivable, with Related Allowance, Recorded Investment	78		78		807
Impaired Financing Receivable, Unpaid Principal Balance [Abstract]
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance	4,431		4,431		4,566
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance	73		73		803
Impaired Financing Receivable, Related Allowance	33		33		156
Impaired Financing Receivable, Average Recorded Investment [Abstract]
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment	3,795	4,185	3,840	4,241
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment	442	869	317	872
Impaired Financing Receivable, Interest Income, Cash Basis Method [Abstract]
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method	10	14	35	30
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method	0	0	0	0
Multifamily
Impaired Financing Receivable, Recorded Investment [Abstract]
Impaired Financing Receivable, with No Related Allowance, Recorded Investment	372		372		375
Impaired Financing Receivable, Unpaid Principal Balance [Abstract]
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance	373		373		376
Impaired Financing Receivable, Average Recorded Investment [Abstract]
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment	374	2,789	373	2,824
Impaired Financing Receivable, Interest Income, Cash Basis Method [Abstract]
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method	4	14	9	41
Commercial real estate
Impaired Financing Receivable, Recorded Investment [Abstract]
Impaired Financing Receivable, with No Related Allowance, Recorded Investment	1,160		1,160		0
Impaired Financing Receivable, Unpaid Principal Balance [Abstract]
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance	1,160		1,160		0
Impaired Financing Receivable, Average Recorded Investment [Abstract]
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment	580	0	2,649	238
Impaired Financing Receivable, Interest Income, Cash Basis Method [Abstract]
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method	0	0	0	0
Business
Impaired Financing Receivable, Recorded Investment [Abstract]
Impaired Financing Receivable, with No Related Allowance, Recorded Investment	2,419		2,419		2,797
Impaired Financing Receivable, with Related Allowance, Recorded Investment	553		553		652
Impaired Financing Receivable, Unpaid Principal Balance [Abstract]
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance	2,555		2,555		2,917
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance	553		553		652
Impaired Financing Receivable, Related Allowance	10		10		$ 10
Impaired Financing Receivable, Average Recorded Investment [Abstract]
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment	2,608	1,699	2,555	1,696
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment	602	1,067	602	1,088
Impaired Financing Receivable, Interest Income, Cash Basis Method [Abstract]
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method	26	16	55	41
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method	$ 0	$ 0	$ 0	$ 0

Loans Receivable and ALLL Text

Loans Receivable and ALLL Text Tags (Details) $ in Thousands	6 Months Ended		12 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2019	Mar. 31, 2020USD ($)	Jun. 30, 2020USD ($)
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Troubled Debt Restructuring	$ 2,700		$ 3,900
Financing Receivable, Modifications, Number of Contracts	0	0
Financing Receivable, Past Due	$ 19,182		13,913
Financing Receivable, Principal and Interest Deferred Payments	$ 32,200			$ 95,900
Financing Receivable, Number of Principal and Interest Payment Deferrals	42			91
Other Real Estate Owned	$ 60		$ 120
Number of Real Estate Properties	1		2
Number of Modified Loan Subsequently Defaulted	0	0
Loans and Leases Receivable, Related Parties	$ 60		$ 70
Loans and Leases Receivable, Related Parties, Proceeds	$ 10
Number of Loans Originated Under the Paycheck Protection Program	203
Loans Originated Under the Paycheck Protection Program, Amount	$ 34,700
Financing Receivable, Principal and Interest Deferred Payments	$ 32,200			$ 95,900
Financing Receivable, Number of Principal and Interest Payment Deferrals	42			91
Financing Receivable, Held-for-Sale	$ 0		0
Nonperforming
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Troubled Debt Restructuring	1,800		2,200
Performing
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Troubled Debt Restructuring	$ 937		$ 1,700
Financing Receivable, Modifications, Number of Contracts	4		6
Business
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Past Due	$ 7,084		$ 2,063
Commercial Loan
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Principal and Interest Deferred Payments	$ 26,500			$ 88,100
Financing Receivable, Number of Principal and Interest Payment Deferrals	26			66
Financing Receivable, Principal and Interest Deferred Payments	$ 26,500			$ 88,100
Financing Receivable, Number of Principal and Interest Payment Deferrals	26			66
One-to-four family
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Past Due	$ 3,756		$ 4,612
Financing Receivable, Principal and Interest Deferred Payments	$ 5,700			$ 7,800
Financing Receivable, Number of Principal and Interest Payment Deferrals	16			25
Financing Receivable, Principal and Interest Deferred Payments	$ 5,700			$ 7,800
Financing Receivable, Number of Principal and Interest Payment Deferrals	16			25

Fair Value, Assets Measured on

Fair Value, Assets Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Mar. 31, 2020
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage servicing rights	$ 142	$ 145
Securities Available-for-Sale	103,075	65,829
Assets, Fair Value Disclosure	103,217	65,974
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	1,690	3,587
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	30,251	9,538
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	15,603	22,168
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	20,309	26,481
Fair Value, Measurements, Recurring | Corporate Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities Available-for-Sale	6,218	4,055
Fair Value, Measurements, Recurring | Municipal Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities Available-for-Sale	17,734
Fair Value, Measurements, Recurring | Asset-backed Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities Available-for-Sale	11,270
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
Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | Asset-backed Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities Available-for-Sale	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	103,075	65,829
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	103,075	65,829
Assets, Fair Value Disclosure	103,075	65,829
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	1,690	3,587
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	30,251	9,538
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	15,603	22,168
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	20,309	26,481
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	6,218	4,055
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	17,734
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | Asset-backed Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities Available-for-Sale	11,270
Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage servicing rights	142	145
Securities Available-for-Sale	0	0
Other investments	925
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	145
Securities Available-for-Sale	0	0
Assets, Fair Value Disclosure	142	145
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
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | Asset-backed Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities Available-for-Sale	$ 0

Fair Value Measurements Text Ta

Fair Value Measurements Text Tag (Details)	6 Months Ended
	Sep. 30, 2020	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Percent of Total Assets Level 3	0.02%	0.03%
Transfers between level 1 and level 2	0

Fair Value, Assets Measured o_2

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - Fair Value, Measurements, Recurring - Fair Value, Inputs, Level 3 - Other Assets - USD ($)	6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss)	$ 2,000	$ (6,000)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value - Beginning	145,000	180,000
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings	(3,000)	(6,000)
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	$ 174,000

Fair Value, Assets Measured o_3

Fair Value, Assets Measured on Recurring Basis, Valuation Techniques (Details) $ in Thousands		6 Months Ended	12 Months Ended
		Sep. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Sep. 30, 2019USD ($)	Mar. 31, 2019USD ($)
Fair Value, Inputs, Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Mortgage servicing rights		$ 142	$ 145
Fair Value, Measurements, Recurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Mortgage servicing rights		142	145
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Mortgage servicing rights		142	145
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	$ 145	$ 174	$ 180
Fair Value Measurements, Valuation Processes, Description		Discounted Cash Flow	Discounted Cash Flow
Servicing Asset, Measurement Input		0.1533	0.1564
Measurement Input, Constant Prepayment Rate | Fair Value, Measurements, Recurring | Other Assets | Fair Value, Inputs, Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value Measurements, Valuation Processes, Description	[1]	Weighted Average Constant Prepayment Rate (1)	Weighted Average Constant Prepayment Rate (1)
Measurement Input, Discount Rate | Fair Value, Measurements, Recurring | Other Assets | Fair Value, Inputs, Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value Measurements, Valuation Processes, Description	[1]	Option Adjusted Spread ("OAS") applied to Treasury curve	Option Adjusted Spread ("OAS" applied to Treasury curve
[1]	(1) Represents annualized loan repayment rate assumptions

Fair Value Measurements, Nonrec

Fair Value Measurements, Nonrecurring (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Mar. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Real Estate Owned	$ 60	$ 120
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	588	1,293
Other Real Estate Owned	60	120
Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired Financing Receivable, with Related Allowance, Recorded Investment	0	0
Other Real Estate Owned	0	0
Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired Financing Receivable, with Related Allowance, Recorded Investment	0	0
Other Real Estate Owned	0	0
Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired Financing Receivable, with Related Allowance, Recorded Investment	588	1,293
Other Real Estate Owned	$ 60	$ 120

Fair Value, Assets Measured o_4

Fair Value, Assets Measured on Nonrecurring Basis, Valuation Techniques (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Sep. 30, 2020	Mar. 31, 2020
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other Real Estate Owned	$ 60	$ 120
Fair Value, Measurements, Nonrecurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Impaired Financing Receivable, with Related Allowance, Recorded Investment	588	1,293
Other Real Estate Owned	60	120
Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Impaired Financing Receivable, with Related Allowance, Recorded Investment	588	1,293
Other Real Estate Owned	$ 60	$ 120
Fair Value Measurements, Valuation Processes, Description	Appraisal of collateral	Appraisal of collateral
Measurement Input, Appraised Value [Member] | Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value Measurements, Valuation Processes, Description	Appraisal adjustments	Appraisal adjustments

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Mar. 31, 2020
Financial Assets:
Held-to-maturity, Fair Value	$ 9,917	$ 10,564
Fair Value, Inputs, Level 1
Financial Assets:
Cash and cash equivalents	70,933	47,540
Securities Available-for-Sale	0	0
Held-to-maturity, Fair Value	0	0
Loans Receivable	0	0
Accrued interest receivable	0	0
Mortgage servicing rights	0	0
Other assets - Interest-bearing deposits	0	0
Financial Liabilities:
Deposits	346,300	291,951
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	103,075	65,829
Held-to-maturity, Fair Value	9,917	10,564
Loans Receivable	0	0
Accrued interest receivable	2,565	2,052
Mortgage servicing rights	0	0
Other assets - Interest-bearing deposits	983	981
Financial Liabilities:
Deposits	195,288	197,358
Other borrowed money	41,769	13,386
Accrued interest payable	2,975	2,695
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	473,924	438,017
Accrued interest receivable	0	0
Mortgage servicing rights	142	145
Other assets - Interest-bearing deposits	0	0
Financial Liabilities:
Deposits	0	0
Other borrowed money	0	0
Accrued interest payable	0	0
Reported Value Measurement
Financial Assets:
Cash and cash equivalents	70,933	47,540
Securities Available-for-Sale	103,075	65,829
Held-to-maturity, Fair Value	9,501	10,151
Loans Receivable	459,283	423,786
Accrued interest receivable	2,565	2,052
Mortgage servicing rights	142	145
Other assets - Interest-bearing deposits	983	981
Financial Liabilities:
Deposits	540,746	488,815
Other borrowed money	41,696	13,403
Accrued interest payable	2,975	2,695
Estimate of Fair Value Measurement
Financial Assets:
Cash and cash equivalents	70,933	47,540
Securities Available-for-Sale	103,075	65,829
Held-to-maturity, Fair Value	9,917	10,564
Loans Receivable	473,924	438,017
Accrued interest receivable	2,565	2,052
Mortgage servicing rights	142	145
Other assets - Interest-bearing deposits	983	981
Financial Liabilities:
Deposits	541,588	489,309
Other borrowed money	41,769	13,386
Accrued interest payable	$ 2,975	$ 2,695

Non-interest Revenue (Details)

Non-interest Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disaggregation of Revenue [Line Items]
Noninterest income	$ 1,973	$ 1,010	$ 3,656	$ 1,952
Noninterest income out of scope of ASU 606
Disaggregation of Revenue [Line Items]
Noninterest income	517	115	1,463	164
Noninterest income in scope of ASU 606
Disaggregation of Revenue [Line Items]
Noninterest income	1,456	895	2,193	1,788
Depository fees and charges | Noninterest income in scope of ASU 606
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	762	811	1,349	1,615
Loan fees and service charges | Noninterest income in scope of ASU 606
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	82	70	140	146
Other noninterest income | Noninterest income in scope of ASU 606
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	$ 612	$ 14	$ 704	$ 27

Other Non-interest Revenue and

Other Non-interest Revenue and Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Noninterest Income, Other [Abstract]
Grant income	$ 500	$ 0	$ 500	$ 0
Correspondent banking fees	601	0	680	0
Other	13	104	96	151
Total non-interest income	1,114	104	1,276	151
Non-interest expense:
Advertising	45	109	70	202
Legal expense	192	75	262	173
Insurance and surety	174	160	333	304
Audit expense	138	136	275	262
Outsourced service	22	89	47	245
Data lines / internet	96	102	208	210
Retail expenses	207	177	391	377
Director's fees	85	77	170	154
Other	440	284	1,042	837
Total non-interest expense	$ 1,399	$ 1,209	$ 2,798	$ 2,764

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Leases [Abstract]
Operating Lease, Weighted Average Remaining Lease Term	7 years 4 months 24 days		7 years 4 months 24 days
Finance Lease, Weighted Average Remaining Lease Term	2 years 9 months 18 days		2 years 9 months 18 days
Operating Lease, Weighted Average Discount Rate, Percent	3.00%		3.00%
Finance Lease, Weighted Average Discount Rate, Percent	1.78%		1.78%
Operating Lease, Expense	$ 714	$ 735	$ 1,428	$ 1,464
Finance Lease, Right-of-Use Asset, Amortization	18	5	38	5
Finance Lease, Interest Expense	1	0	1	0
Operating Lease, Payments	682	691	1,365	1,377
Finance Lease, Payments	$ 14	$ 16	$ 31	$ 16

Leases-Lease Liability, Maturit

Leases-Lease Liability, Maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Mar. 31, 2020	Apr. 01, 2019
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months	$ 1,363
Lessee, Operating Lease, Liability, Payments, Due Year Two	2,619
Lessee, Operating Lease, Liability, Payments, Due Year Three	2,479
Lessee, Operating Lease, Liability, Payments, Due Year Four	2,535
Lessee, Operating Lease, Liability, Payments, Due Year Five	2,318
Lessee, Operating Lease, Liability, Payments, Due after Year Five	7,913
Lessee, Operating Lease, Liability, Payments, Due	19,227
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	(2,111)
Operating lease liability	17,116	$ 18,153	$ 20,335
Finance Lease, Liability, Payment, Due [Abstract]
Finance Lease, Liability, Payments, Due Next Twelve Months	35
Finance Lease, Liability, Payments, Due Year Two	72
Finance Lease, Liability, Payments, Due Year Three	30
Finance Lease, Liability, Payments, Due Year Four	11
Finance Lease, Liability, Payments, Due Year Five	3
Finance Lease, Liability, Payments, Due after Year Five	0
Finance Lease, Liability, Payment, Due	151
Finance Lease, Liability, Undiscounted Excess Amount	(3)
Finance Lease, Liability	$ 148

Leases Text Tags (Details)

Leases Text Tags (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Sep. 30, 2019	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Apr. 01, 2019	Mar. 31, 2019
Leases [Abstract]
Recognition of right-of-use asset	$ 20,000	$ 19,951
Finance Lease, Right-of-Use Asset			$ 156
Finance Lease, Liability			148
Stockholders' Equity Attributable to Parent	$ 52,216	$ 51,309	46,396	$ 47,041	$ 48,894		$ 47,136
Right-of-use assets			16,514		17,614
Operating lease liability			$ 17,116		$ 18,153	$ 20,335

Impact of Recent Accounting S_2

Impact of Recent Accounting Standards Text Tag (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Sep. 30, 2019	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Mar. 31, 2019
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recognition of right-of-use asset	$ 20,000	$ 19,951
Stockholders' Equity Attributable to Parent	$ 52,216	$ 51,309	$ 46,396	$ 47,041	$ 48,894	$ 47,136

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event [Member]	1 Months Ended
	Nov. 13, 2020$ / sharesshares
Stock Issued During Period, Shares, New Issues | shares	147,227
Sale of Stock, Price Per Share | $ / shares	$ 6.62