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Investment Securities | 6 Months Ended
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Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
Investment Securities | Note 2 - Investment SECURITIES The following is a summary of investment securities at September 30, 2025 and March 31, 2025:
|  | September 30, 2025 |
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
Securities available-for-sale |  | (Dollars in thousands) |
FHLMC bonds |  | $ | 23,604 |  |  | $ | 166 |  |  | $ | (1,389 | ) |  | $ | 22,381 |
GNMA bonds |  |  | 4,746 |  |  |  | 43 |  |  |  | — |  |  |  | 4,789 |
FNMA bonds |  |  | 26,230 |  |  |  | 315 |  |  |  | (1,543 | ) |  |  | 25,002 |
Municipal bonds |  |  | 8,621 |  |  |  | — |  |  |  | (1,123 | ) |  |  | 7,498 |
Total securities available-for-sale |  | $ | 63,201 |  |  | $ | 524 |  |  | $ | (4,055 | ) |  | $ | 59,670 |
Securities held-to-maturity |  |  |  |  |  |  |  |  |  |  |  |
FHLMC bonds |  | $ | 58 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 59 |
GNMA bonds |  |  | 38 |  |  |  | 1 |  |  |  | — |  |  |  | 39 |
FNMA bonds |  |  | 96 |  |  |  | 2 |  |  |  | — |  |  |  | 98 |
Total securities held-to-maturity |  | $ | 192 |  |  | $ | 4 |  |  | $ | — |  |  | $ | 196 |
(dollars in thousands) |  | March 31, 2025 |
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
Securities available-for-sale |  | (Dollars in thousands) |
FHLMC bonds |  | $ | 23,085 |  |  | $ | 107 |  |  | $ | (1,726 | ) |  | $ | 21,466 |
GNMA bonds |  |  | 5,035 |  |  |  | 34 |  |  |  | (2 | ) |  |  | 5,067 |
FNMA bonds |  |  | 27,237 |  |  |  | 224 |  |  |  | (1,871 | ) |  |  | 25,590 |
Municipal bonds |  |  | 8,622 |  |  |  | — |  |  |  | (1,376 | ) |  |  | 7,246 |
Total securities available-for-sale |  | $ | 63,979 |  |  | $ | 365 |  |  | $ | (4,975 | ) |  | $ | 59,369 |
Securities held-to-maturity |  |  |  |  |  |  |  |  |  |  |  |
FHLMC bonds |  | $ | 64 |  |  | $ | 2 |  |  | $ | — |  |  | $ | 66 |
GNMA bonds |  |  | 46 |  |  |  | — |  |  |  | — |  |  |  | 46 |
FNMA bonds |  |  | 112 |  |  |  | 2 |  |  |  | — |  |  |  | 114 |
Total securities held-to-maturity |  | $ | 222 |  |  | $ | 4 |  |  | $ | — |  |  | $ | 226 |
The fair value and gross unrealized losses on the Association’s available-for-sale investment securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at September 30, 2025 and March 31, 2025, are as follows:
|  | Less than 12 Months |  |  | 12 Months or Longer |  |  | Total |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
September 30, 2025 |  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
Securities available-for-sale |  | (Dollars in thousands) |
FHLMC bonds |  | $ | 1,792 |  |  | $ | (6 | ) |  | $ | 12,310 |  |  | $ | (1,383 | ) |  | $ | 14,102 |  |  | $ | (1,389 | )
FNMA bonds |  |  | 874 |  |  |  | (3 | ) |  |  | 11,746 |  |  |  | (1,540 | ) |  |  | 12,620 |  |  |  | (1,543 | )
Municipal bonds |  |  | — |  |  |  | — |  |  |  | 7,498 |  |  |  | (1,123 | ) |  |  | 7,498 |  |  |  | (1,123 | )
Total securities available-for-sale |  | $ | 2,666 |  |  | $ | (9 | ) |  | $ | 31,554 |  |  | $ | (4,046 | ) |  | $ | 34,220 |  |  | $ | (4,055 | )
|  | Less than 12 Months |  |  | 12 Months or Longer |  |  | Total |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
March 31, 2025 |  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
Securities available-for-sale |  | (Dollars in thousands) |
FHLMC bonds |  | $ | 2,919 |  |  | $ | (39 | ) |  | $ | 12,978 |  |  | $ | (1,687 | ) |  | $ | 15,897 |  |  | $ | (1,726 | )
GNMA bonds |  |  | 105 |  |  |  | (1 | ) |  |  | 1,154 |  |  |  | (1 | ) |  |  | 1,259 |  |  |  | (2 | )
FNMA bonds |  |  | 3,004 |  |  |  | (24 | ) |  |  | 12,315 |  |  |  | (1,847 | ) |  |  | 15,319 |  |  |  | (1,871 | )
Municipal bonds |  |  | — |  |  |  | — |  |  |  | 7,246 |  |  |  | (1,376 | ) |  |  | 7,246 |  |  |  | (1,376 | )
Total securities available-for-sale |  | $ | 6,028 |  |  | $ | (64 | ) |  | $ | 33,693 |  |  | $ | (4,911 | ) |  | $ | 39,721 |  |  | $ | (4,975 | )
The unrealized losses at September 30, 2025 are related to mortgage-backed securities and municipal bonds. Government-sponsored enterprises, such as the Federal Home Loan Mortgage Corporation or the Federal National Mortgage Association, have an implied guarantee by the U.S. government. At September 30, 2025, all the mortgage-backed securities held by the Association were issued by U.S. government-sponsored entities and agencies. The issuers continue to make timely principal and interest payments on the mortgage-backed securities. The fair value is expected to recover as the bonds approach maturity. Unrealized losses on municipal bonds have not been recognized into income because the issuers’ bonds are high credit quality, the Association does not intend to sell, and it is more likely than not, that the Association will not be required to sell the securities prior to their anticipated recovery, and the decline in fair value is largely due to changes in interest rates and other market conditions. The issuers continue to make timely principal and interest payments on the bonds. The fair value is expected to recover as the bonds approach maturity. No credit losses were determined to be present as of September 30, 2025, as there was no credit quality deterioration noted. Therefore, no provision for credit losses on securities was recognized for the six months ended September 30, 2025. At September 30, 2025 and March 31, 2 025, investment securities with amortized cost of $43.5 million, and $44.2 million, respectively, and estimated fair value of $40.9 million a nd $41.0 million, respectively, were pledged to secure public, consumer, and commercial deposits. The amortized cost and fair values of available for sale investment securities as of September 30, 2025 by contractual maturity, are shown below:
|  | Available for Sale |
|  | Amortized Cost |  |  | Fair Value |
Maturity |  | (Dollars in thousands) |
Due less than one year |  | $ | — |  |  | $ | — |
Due after one year through five years |  |  | 3,012 |  |  |  | 2,932 |
Due after five years through ten years |  |  | 2,602 |  |  |  | 2,195 |
Due after ten years |  |  | 3,007 |  |  |  | 2,371 |
Mortgage-backed securities and collateralized mortgage obligations |  |  | 54,580 |  |  |  | 52,172 |
Total |  | $ | 63,201 |  |  | $ | 59,670 |
The Association had no sales of available for sale investment securities for the six months ended September 30, 2025 or 2024.

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