XML 19 R12.htm IDEA: XBRL DOCUMENT v3.25.3
Loans and Allowance for Credit Losses
 6 Months Ended
Sep. 30, 2025
Receivables [Abstract]  
Loans and Allowance for Credit Losses

Note 3 - LOANS AND ALLOWANCE FOR Credit LOSSES

A summary of loans by major category as of September 30, 2025 and March 31, 2025 is as follows:

 

 

 

September 30, 2025

 

 

March 31, 2025

 

 

 

(Dollars in thousands)

 

Real Estate - Construction

 

$

19,247

 

 

$

15,069

 

Real Estate - Commercial

 

 

126,993

 

 

 

120,184

 

Real Estate - Residential

 

 

158,635

 

 

 

161,144

 

Commercial Non-Real Estate

 

 

38,692

 

 

 

32,007

 

Agriculture

 

 

51,138

 

 

 

42,835

 

Other Consumer

 

 

12,439

 

 

 

14,649

 

Land Development and Sanitary & Improvement Districts (SIDs)

 

 

15,231

 

 

 

16,327

 

Total loans

 

 

422,375

 

 

 

402,215

 

Allowance for credit losses

 

 

(5,523

)

 

 

(5,441

)

Net deferred origination costs & fees

 

 

(55

)

 

 

(18

)

Total loans, net

 

$

416,797

 

 

$

396,756

 

Related Party Loans: In the normal course of business, loans are made to directors and officers of the Association. Loans to Association directors and key officers outstanding as of September 30, 2025 and March 31, 2025 were $1.8 million. Additionally, the Association had loans totaling $901,000 and $940,000 as of September 30, 2025 and March 31, 2025 to related parties that were originated by the Association, sold to Federal Home Loan Mortgage Company and are serviced by the Association.

The following tables present the activity in the allowance for credit losses for the three and six months ended September 30, 2025 and 2024:

 

 

Three Months Ended September 30, 2025

 

 

 

Beginning

 

 

 

 

 

 

 

 

 

 

 

Ending

 

 

 

Allowance

 

 

Provision for

 

 

Loans

 

 

 

 

 

Allowance

 

 

 

Balance

 

 

Credit Losses

 

 

Charged off

 

 

Recoveries

 

 

Balance

 

 

 

(Dollars in thousands)

 

Real Estate - Construction

 

$

246

 

 

$

39

 

 

$

—

 

 

$

—

 

 

$

285

 

Real Estate - Commercial

 

 

1,572

 

 

 

116

 

 

 

—

 

 

 

—

 

 

 

1,688

 

Real Estate - Residential

 

 

1,925

 

 

 

(125

)

 

 

—

 

 

 

—

 

 

 

1,800

 

Commercial Non-Real Estate

 

 

667

 

 

 

128

 

 

 

—

 

 

 

—

 

 

 

795

 

Agricultural

 

 

476

 

 

 

83

 

 

 

—

 

 

 

—

 

 

 

559

 

Other Consumer

 

 

261

 

 

 

(88

)

 

 

(7

)

 

 

2

 

 

 

168

 

Land Development and SIDs

 

 

292

 

 

 

(64

)

 

 

—

 

 

 

—

 

 

 

228

 

Total

 

$

5,439

 

 

$

89

 

 

$

(7

)

 

$

2

 

 

$

5,523

 

 

 

 

Six Months Ended September 30, 2025

 

 

 

Beginning

 

 

 

 

 

 

 

 

 

 

 

Ending

 

 

 

Allowance

 

 

Provision for

 

 

Loans

 

 

 

 

 

Allowance

 

 

 

Balance

 

 

Credit Losses

 

 

Charged off

 

 

Recoveries

 

 

Balance

 

 

 

(Dollars in thousands)

 

Real Estate - Construction

 

$

246

 

 

$

39

 

 

$

—

 

 

$

—

 

 

$

285

 

Real Estate - Commercial

 

 

1,572

 

 

 

116

 

 

 

—

 

 

 

—

 

 

 

1,688

 

Real Estate - Residential

 

 

1,926

 

 

 

(126

)

 

 

—

 

 

 

—

 

 

 

1,800

 

Commercial Non-Real Estate

 

 

667

 

 

 

128

 

 

 

—

 

 

 

—

 

 

 

795

 

Agricultural

 

 

476

 

 

 

83

 

 

 

—

 

 

 

—

 

 

 

559

 

Other Consumer

 

 

262

 

 

 

(90

)

 

 

(7

)

 

 

3

 

 

 

168

 

Land Development and SIDs

 

 

292

 

 

 

(64

)

 

 

—

 

 

 

—

 

 

 

228

 

Total

 

$

5,441

 

 

$

86

 

 

$

(7

)

 

$

3

 

 

$

5,523

 

 

 

 

 

Three Months Ended September 30, 2024

 

 

 

Beginning

 

 

 

 

 

 

 

 

 

 

 

Ending

 

 

 

Allowance

 

 

Provision for

 

 

Loans

 

 

 

 

 

Allowance

 

 

 

Balance

 

 

Credit Losses

 

 

Charged off

 

 

Recoveries

 

 

Balance

 

 

 

(Dollars in thousands)

 

Real Estate - Construction

 

$

268

 

 

$

21

 

 

$

—

 

 

$

—

 

 

$

289

 

Real Estate - Commercial

 

 

2,044

 

 

 

(21

)

 

 

—

 

 

 

—

 

 

 

2,023

 

Real Estate - Residential

 

 

1,907

 

 

 

(31

)

 

 

—

 

 

 

—

 

 

 

1,876

 

Commercial Non-Real Estate

 

 

711

 

 

 

(53

)

 

 

—

 

 

 

—

 

 

 

658

 

Agricultural

 

 

284

 

 

 

122

 

 

 

—

 

 

 

—

 

 

 

406

 

Other Consumer

 

 

392

 

 

 

(24

)

 

 

—

 

 

 

2

 

 

 

370

 

Land Development and SIDs

 

 

246

 

 

 

(10

)

 

 

—

 

 

 

—

 

 

 

236

 

Total

 

$

5,852

 

 

$

4

 

 

$

—

 

 

$

2

 

 

$

5,858

 

 

 

 

Six Months Ended September 30, 2024

 

 

 

Beginning

 

 

 

 

 

 

 

 

 

 

 

Ending

 

 

 

Allowance

 

 

(Reversal of)

 

 

Loans

 

 

 

 

 

Allowance

 

 

 

Balance

 

 

Credit Losses

 

 

Charged off

 

 

Recoveries

 

 

Balance

 

 

 

(Dollars in thousands)

 

Real Estate - Construction

 

$

246

 

 

$

43

 

 

$

—

 

 

$

—

 

 

$

289

 

Real Estate - Commercial

 

 

2,245

 

 

 

(222

)

 

 

—

 

 

 

—

 

 

 

2,023

 

Real Estate - Residential

 

 

1,829

 

 

 

47

 

 

 

—

 

 

 

—

 

 

 

1,876

 

Commercial Non-Real Estate

 

 

759

 

 

 

(101

)

 

 

—

 

 

 

—

 

 

 

658

 

Agricultural

 

 

228

 

 

 

178

 

 

 

—

 

 

 

—

 

 

 

406

 

Other Consumer

 

 

327

 

 

 

44

 

 

 

(4

)

 

 

3

 

 

 

370

 

Land Development and SIDs

 

 

226

 

 

 

10

 

 

 

—

 

 

 

—

 

 

 

236

 

Total

 

$

5,860

 

 

$

(1

)

 

$

(4

)

 

$

3

 

 

$

5,858

 

The ACL on loans excludes $215,000 as of September 30, 2025 and March 31, 2025 of allowance for off-balance sheet exposures and is recorded within accounts payable, accrued expenses and other liabilities on the Consolidated Balance Sheets.

Collateral dependent loans individually evaluated for purposes of the ACL by collateral type were as follows at September 30, 2025 and March 31, 2025:

 

 

 

September 30, 2025

 

 

 

Real Estate

 

 

Other

 

 

ACL Allocation

 

 

 

(Dollars in thousands)

 

Portfolio Segment

 

 

 

 

 

 

 

 

 

Real Estate - Construction

 

$

—

 

 

$

—

 

 

$

—

 

Real Estate - Commercial

 

 

329

 

 

 

—

 

 

 

—

 

Real Estate - Residential

 

 

11

 

 

 

—

 

 

 

—

 

Commercial Non-Real Estate

 

 

—

 

 

 

—

 

 

 

—

 

Agricultural

 

 

—

 

 

 

—

 

 

 

—

 

Other Consumer

 

 

—

 

 

 

—

 

 

 

—

 

Land Development and SIDs

 

 

4

 

 

 

—

 

 

 

4

 

Total

 

$

344

 

 

$

—

 

 

$

4

 

 

 

 

 

March 31, 2025

 

 

 

Real Estate

 

 

Other

 

 

ACL Allocation

 

 

 

(Dollars in thousands)

 

Portfolio Segment

 

 

 

 

 

 

 

 

 

Real Estate - Construction

 

$

—

 

 

$

—

 

 

$

—

 

Real Estate - Commercial

 

 

359

 

 

 

—

 

 

 

—

 

Real Estate - Residential

 

 

150

 

 

 

—

 

 

 

68

 

Commercial Non-Real Estate

 

 

—

 

 

 

—

 

 

 

—

 

Agricultural

 

 

—

 

 

 

—

 

 

 

—

 

Other Consumer

 

 

—

 

 

 

13

 

 

 

9

 

Land Development and SIDs

 

 

807

 

 

 

—

 

 

 

39

 

Total

 

$

1,316

 

 

$

13

 

 

$

116

 

Credit Risk—The Association monitors the credit risk within the loan portfolio by assessing the strength of the borrower’s repayment capacity and the probability of default. The Association first assesses the paying capacity of the borrower; then, it analyzes the sound worth of any pledged collateral or guarantees. In estimating the allowance for credit losses management also uses a quarterly Loan Concentration Report to monitor any concentrations that may develop in any specific category of the loan portfolio. It identifies four varying degrees of credit worthiness:

•
Pass Loans: Loans in the pass category are loans that do not raise Association concerns.
•
Special Mention Loans: Loans in this category may have a potential for weakness which, if not corrected, could weaken the asset and increase the risk in the future. By classifying a loan as Special Mention the Association can give the loan the attention needed to remedy any credit deficiencies or potential weaknesses.
•
Substandard Loans: Loans identified as Substandard are assets that are inadequately protected by the current net worth and paying capacity of the obligor or the collateral pledged, if any. Loans in this classification category must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Association will sustain some loss if the deficiencies are not corrected. If a loan is classified as Substandard, a determination based upon objective evidence must be made as to any specific or general valuation allowance within the guidelines of generally accepted accounting principles.
•
Doubtful Loans: Loans in this category have all the weaknesses inherent in Substandard loans with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. If a loan is classified as Doubtful, a determination based upon objective evidence must be made as to any specific or general valuation allowance within the guidelines of generally accepted accounting principles.

 

The following tables present the credit risk profile of the Association's loan portfolio based on risk rating category and year of origination as of September 30, 2025 and March 31, 2025.

 

 

 

As of September 30, 2025

 

 

 

Term Loans by Origination Year (Fiscal Year)

 

 

Revolving

 

 

 

 

 

 

2026

 

 

2025

 

 

2024

 

 

2023

 

 

2022

 

 

Prior

 

 

Loans

 

 

Total

 

 

 

(Dollars in thousands)

 

Real Estate - Construction

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

5,620

 

 

$

10,150

 

 

$

2,005

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

1,472

 

 

$

19,247

 

Special mention

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Substandard

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Doubtful

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total Real Estate - Construction

 

$

5,620

 

 

$

10,150

 

 

$

2,005

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

1,472

 

 

$

19,247

 

Current year-to-date gross write-offs

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Real Estate - Commercial

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

 

7,812

 

 

 

20,153

 

 

 

13,843

 

 

 

26,113

 

 

 

25,277

 

 

 

31,667

 

 

 

63

 

 

$

124,928

 

Special mention

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Substandard

 

 

—

 

 

 

327

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,738

 

 

 

—

 

 

 

2,065

 

Doubtful

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total Real Estate - Commercial

 

$

7,812

 

 

$

20,480

 

 

$

13,843

 

 

$

26,113

 

 

$

25,277

 

 

$

33,405

 

 

$

63

 

 

$

126,993

 

Current year-to-date gross write-offs

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Real Estate - Residential

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

 

11,406

 

 

 

16,228

 

 

 

13,943

 

 

 

21,072

 

 

 

44,213

 

 

 

41,452

 

 

 

10,074

 

 

$

158,388

 

Special mention

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Substandard

 

 

—

 

 

 

—

 

 

 

24

 

 

 

—

 

 

 

16

 

 

 

207

 

 

 

—

 

 

 

247

 

Doubtful

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total Real Estate - Residential

 

$

11,406

 

 

$

16,228

 

 

$

13,967

 

 

$

21,072

 

 

$

44,229

 

 

$

41,659

 

 

$

10,074

 

 

$

158,635

 

Current year-to-date gross write-offs

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Commercial - Non-Real Estate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

 

10,643

 

 

 

5,827

 

 

 

4,412

 

 

 

2,595

 

 

 

1,934

 

 

 

7,158

 

 

 

5,656

 

 

$

38,225

 

Special mention

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Substandard

 

 

—

 

 

 

—

 

 

 

—

 

 

 

115

 

 

 

—

 

 

 

252

 

 

 

100

 

 

 

467

 

Doubtful

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total Commercial - Non-Real Estate

 

$

10,643

 

 

$

5,827

 

 

$

4,412

 

 

$

2,710

 

 

$

1,934

 

 

$

7,410

 

 

$

5,756

 

 

$

38,692

 

Current year-to-date gross write-offs

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Agricultural

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

 

5,971

 

 

 

15,402

 

 

 

1,842

 

 

 

2,874

 

 

 

2,015

 

 

 

3,223

 

 

 

18,790

 

 

$

50,117

 

Special mention

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Substandard

 

 

—

 

 

 

347

 

 

 

—

 

 

 

165

 

 

 

—

 

 

 

—

 

 

 

509

 

 

 

1,021

 

Doubtful

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total - Agricultural

 

$

5,971

 

 

$

15,749

 

 

$

1,842

 

 

$

3,039

 

 

$

2,015

 

 

$

3,223

 

 

$

19,299

 

 

$

51,138

 

Current year-to-date gross write-offs

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Other Consumer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

 

1,480

 

 

 

1,975

 

 

 

3,971

 

 

 

3,965

 

 

 

218

 

 

 

784

 

 

 

—

 

 

$

12,393

 

Special mention

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Substandard

 

 

—

 

 

 

43

 

 

 

—

 

 

 

—

 

 

 

3

 

 

 

—

 

 

 

—

 

 

 

46

 

Doubtful

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total Other Consumer

 

$

1,480

 

 

$

2,018

 

 

$

3,971

 

 

$

3,965

 

 

$

221

 

 

$

784

 

 

$

—

 

 

$

12,439

 

Current year-to-date gross write-offs

 

 

7

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

7

 

Land Development and SIDs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

 

772

 

 

 

1,283

 

 

 

1,142

 

 

 

5,539

 

 

 

5,249

 

 

 

1,181

 

 

 

—

 

 

$

15,166

 

Special mention

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Substandard

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

65

 

 

 

—

 

 

 

—

 

 

 

65

 

Doubtful

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total Land Development and SIDs

 

$

772

 

 

$

1,283

 

 

$

1,142

 

 

$

5,539

 

 

$

5,314

 

 

$

1,181

 

 

$

—

 

 

$

15,231

 

Current year-to-date gross write-offs

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total loans

 

$

43,704

 

 

$

71,735

 

 

$

41,182

 

 

$

62,438

 

 

$

78,990

 

 

$

87,662

 

 

$

36,664

 

 

$

422,375

 

 

 

 

As of March 31, 2025

 

 

 

Term Loans by Origination Year (Fiscal Year)

 

 

Revolving

 

 

 

 

 

 

2025

 

 

2024

 

 

2023

 

 

2022

 

 

2021

 

 

Prior

 

 

Loans

 

 

Total

 

 

 

(Dollars in thousands)

 

Real Estate - Construction

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

9,809

 

 

$

2,908

 

 

$

367

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

1,985

 

 

$

15,069

 

Special mention

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Substandard

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Doubtful

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total Real Estate - Construction

 

$

9,809

 

 

$

2,908

 

 

$

367

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

1,985

 

 

$

15,069

 

Current year-to-date gross write-offs

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Real Estate - Commercial

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

 

17,451

 

 

 

14,153

 

 

 

26,916

 

 

 

25,840

 

 

 

3,089

 

 

 

30,409

 

 

 

140

 

 

$

117,998

 

Special mention

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Substandard

 

 

—

 

 

 

391

 

 

 

—

 

 

 

—

 

 

 

306

 

 

 

1,489

 

 

 

—

 

 

 

2,186

 

Doubtful

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total Real Estate - Commercial

 

$

17,451

 

 

$

14,544

 

 

$

26,916

 

 

$

25,840

 

 

$

3,395

 

 

$

31,898

 

 

$

140

 

 

$

120,184

 

Current year-to-date gross write-offs

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Real Estate - Residential

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

 

18,914

 

 

 

19,970

 

 

 

22,674

 

 

 

46,132

 

 

 

31,265

 

 

 

12,861

 

 

 

9,078

 

 

$

160,894

 

Special mention

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Substandard

 

 

—

 

 

 

—

 

 

 

135

 

 

 

—

 

 

 

—

 

 

 

115

 

 

 

—

 

 

 

250

 

Doubtful

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total Real Estate - Residential

 

$

18,914

 

 

$

19,970

 

 

$

22,809

 

 

$

46,132

 

 

$

31,265

 

 

$

12,976

 

 

$

9,078

 

 

$

161,144

 

Current year-to-date gross write-offs

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Commercial - Non-Real Estate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

 

6,549

 

 

 

5,670

 

 

 

3,613

 

 

 

2,790

 

 

 

1,775

 

 

 

6,563

 

 

 

4,551

 

 

$

31,511

 

Special mention

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Substandard

 

 

—

 

 

 

—

 

 

 

122

 

 

 

—

 

 

 

—

 

 

 

374

 

 

 

—

 

 

 

496

 

Doubtful

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total Commercial - Non-Real Estate

 

$

6,549

 

 

$

5,670

 

 

$

3,735

 

 

$

2,790

 

 

$

1,775

 

 

$

6,937

 

 

$

4,551

 

 

$

32,007

 

Current year-to-date gross write-offs

 

 

13

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

13

 

Agricultural

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

 

16,635

 

 

 

1,763

 

 

 

2,927

 

 

 

2,069

 

 

 

857

 

 

 

2,635

 

 

 

15,078

 

 

$

41,964

 

Special mention

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Substandard

 

 

405

 

 

 

—

 

 

 

165

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

301

 

 

 

871

 

Doubtful

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total - Agricultural

 

$

17,040

 

 

$

1,763

 

 

$

3,092

 

 

$

2,069

 

 

$

857

 

 

$

2,635

 

 

$

15,379

 

 

$

42,835

 

Current year-to-date gross write-offs

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Other Consumer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

 

2,779

 

 

 

5,021

 

 

 

5,252

 

 

 

359

 

 

 

224

 

 

 

996

 

 

 

—

 

 

$

14,631

 

Special mention

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Substandard

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

5

 

 

 

8

 

 

 

—

 

 

 

13

 

Doubtful

 

 

5

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

5

 

Total Other Consumer

 

$

2,784

 

 

$

5,021

 

 

$

5,252

 

 

$

359

 

 

$

229

 

 

$

1,004

 

 

$

—

 

 

$

14,649

 

Current year-to-date gross write-offs

 

 

4

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4

 

Land Development and SIDs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

 

841

 

 

 

1,124

 

 

 

6,313

 

 

 

5,956

 

 

 

552

 

 

 

734

 

 

 

—

 

 

$

15,520

 

Special mention

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Substandard

 

 

—

 

 

 

—

 

 

 

807

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

807

 

Doubtful

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total Land Development and SIDs

 

$

841

 

 

$

1,124

 

 

$

7,120

 

 

$

5,956

 

 

$

552

 

 

$

734

 

 

$

—

 

 

$

16,327

 

Current year-to-date gross write-offs

 

 

605

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

605

 

Total loans

 

$

73,388

 

 

$

51,000

 

 

$

69,291

 

 

$

83,146

 

 

$

38,073

 

 

$

56,184

 

 

$

31,133

 

 

$

402,215

 

 

Nonperforming and Past-Due Loans—All loans in the Association’s portfolio are considered past due if the required principal and interest payments have not been received as of the date such payments were due.

The following table presents certain information with respect to loans on nonaccrual status as of and for the six months ended September 30, 2025 and March 31, 2025:

 

 

 

Nonaccrual

 

 

Nonaccrual with no

 

 

Nonaccrual with

 

 

Interest Income

 

 

 

loans at

 

 

Allowance for Credit

 

 

Allowance for Credit

 

 

Recognized During

 

 

 

September 30, 2025

 

 

Loss

 

 

Loss

 

 

the Period

 

September 30, 2025

 

 

 

Real Estate - Commercial

 

$

329

 

 

$

329

 

 

$

—

 

 

$

4

 

Real Estate - Residential

 

 

11

 

 

 

11

 

 

 

—

 

 

 

—

 

Land Development and SIDs

 

 

4

 

 

 

—

 

 

 

4

 

 

 

34

 

Total

 

$

344

 

 

$

340

 

 

$

4

 

 

$

38

 

 

 

 

Nonaccrual loans

 

 

Nonaccrual with no

 

 

Nonaccrual with

 

 

Interest Income

 

 

 

at March 31,

 

 

Allowance for Credit

 

 

Allowance for Credit

 

 

Recognized During

 

 

 

2025

 

 

Loss

 

 

Loss

 

 

the Period

 

March 31, 2025

 

 

 

Real Estate - Commercial

 

$

359

 

 

$

359

 

 

$

—

 

 

$

29

 

Real Estate - Residential

 

 

150

 

 

 

81

 

 

 

69

 

 

 

10

 

Commercial Non-Real Estate

 

 

13

 

 

 

5

 

 

 

8

 

 

 

—

 

Other Consumer

 

 

807

 

 

 

768

 

 

 

39

 

 

 

27

 

Total

 

$

1,329

 

 

$

1,213

 

 

$

116

 

 

$

66

 

 

The following is an aging analysis of the contractually past due loans as of September 30, 2025 and March 31, 2025:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans Past

 

 

 

 

 

 

 

 

 

Greater than

 

 

 

 

 

 

 

 

 

 

 

Due 90 Days

 

 

 

30–59 Days

 

 

60–89 Days

 

 

89 Days

 

 

Total

 

 

 

 

 

 

 

 

or More Still

 

 

 

Past Due

 

 

Past Due

 

 

Past Due

 

 

Past Due

 

 

Current

 

 

Total

 

 

Accruing

 

September 30, 2025

 

(Dollars in thousands)

 

Real Estate - Construction

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

19,247

 

 

$

19,247

 

 

$

—

 

Real Estate - Commercial

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

126,993

 

 

 

126,993

 

 

 

—

 

Real Estate - Residential

 

 

322

 

 

 

383

 

 

 

24

 

 

 

729

 

 

 

157,906

 

 

 

158,635

 

 

 

24

 

Commercial Non-Real Estate

 

 

282

 

 

 

—

 

 

 

—

 

 

 

282

 

 

 

38,410

 

 

 

38,692

 

 

 

—

 

Agricultural

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

51,138

 

 

 

51,138

 

 

 

—

 

Other Consumer

 

 

67

 

 

 

261

 

 

 

128

 

 

 

456

 

 

 

11,983

 

 

 

12,439

 

 

 

128

 

Land Development and SIDs

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

15,231

 

 

 

15,231

 

 

 

—

 

Total

 

$

671

 

 

$

644

 

 

$

152

 

 

$

1,467

 

 

$

420,908

 

 

$

422,375

 

 

$

152

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans Past

 

 

 

 

 

 

 

 

 

Greater than

 

 

 

 

 

 

 

 

 

 

 

Due 90 Days

 

 

 

30–59 Days

 

 

60–89 Days

 

 

89 Days

 

 

Total

 

 

 

 

 

 

 

 

or More Still

 

 

 

Past Due

 

 

Past Due

 

 

Past Due

 

 

Past Due

 

 

Current

 

 

Total

 

 

Accruing

 

March 31, 2025

 

(Dollars in thousands)

 

Real Estate - Construction

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

15,069

 

 

$

15,069

 

 

$

—

 

Real Estate - Commercial

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

120,184

 

 

 

120,184

 

 

 

—

 

Real Estate - Residential

 

 

486

 

 

 

—

 

 

 

87

 

 

 

573

 

 

 

160,571

 

 

 

161,144

 

 

 

3

 

Commercial Non-Real Estate

 

 

—

 

 

 

9

 

 

 

—

 

 

 

9

 

 

 

31,998

 

 

 

32,007

 

 

 

—

 

Agricultural

 

 

79

 

 

 

—

 

 

 

—

 

 

 

79

 

 

 

42,756

 

 

 

42,835

 

 

 

—

 

Other Consumer

 

 

112

 

 

 

345

 

 

 

112

 

 

 

569

 

 

 

14,080

 

 

 

14,649

 

 

 

99

 

Land Development and SIDs

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

16,327

 

 

 

16,327

 

 

 

—

 

Total

 

$

677

 

 

$

354

 

 

$

199

 

 

$

1,230

 

 

$

400,985

 

 

$

402,215

 

 

$

102

 

 

The Association may modify loans to borrowers experiencing financial difficulty by providing modifications to repayment terms; more specifically, modifications to loan interest rates. Management performs an analysis at the time of loan modification. Any reserve required is recorded through a provision to the allowance for credit losses on loans. There were no modifications on loans to borrowers experiencing financial difficulty during the six months ended September 30, 2025 and 2024.