Investment Securities (Tables)

12 Months Ended

Mar. 31, 2017

Investments, Debt and Equity Securities [Abstract]

The following table sets forth the amortized cost and estimated fair value of securities available-for-sale and held-to-maturity at March 31, 2017:



	Amortized		Gross Unrealized
$ in thousands	Cost		Gains		Losses		Fair Value
Available-for-Sale:
Mortgage-backed securities:
Government National Mortgage Association	$	2,576	$	—	$	89	$	2,487
Federal Home Loan Mortgage Corporation	8,053		—		195		7,858
Federal National Mortgage Association	27,241		—		928		26,313
Other	45		—		—		45
Total mortgage-backed securities	37,915		—		1,212		36,703
U.S. Government Agency Securities	7,574		—		92		7,482
Corporate Bonds	5,104		—		140		4,964
Other investments ⁽¹⁾	10,358		—		496		9,862
Total available-for-sale	60,951		—		1,940		59,011
Held-to-Maturity*:
Mortgage-backed securities:
Government National Mortgage Association	1,797		86		—		1,883
Federal National Mortgage Association	10,638		12		60		10,590
Total held-to-maturity mortgage-backed securities	12,435		98		60		12,473
Corporate Bonds	1,000		24		—		1,024
Total held-to-maturity	13,435		122		60		13,497
Total securities	$	74,386	$	122	$	2,000	$	72,508

* The carrying amount and amortized cost are the same for all held-to-maturity securities, as no OTTI has been recorded.

⁽¹⁾ Primarily comprised of an investment in a CRA fund with 95% of its underlying investments consisting of government and agency backed securities.

The following table sets forth the amortized cost and estimated fair value of securities available-for-sale and held-to-maturity at March 31, 2016:



	Amortized		Gross Unrealized
$ in thousands	Cost		Gains		Losses		Fair Value
Available-for-Sale:
Mortgage-backed securities:
Government National Mortgage Association	$	4,578	$	45	$	—	$	4,623
Federal Home Loan Mortgage Corporation	7,778		—		100		7,678
Federal National Mortgage Association	7,860		—		36		7,824
Other	45		—		—		45
Total mortgage-backed securities	20,261		45		136		20,170
U.S. Government Agency Securities	26,077		27		35		26,069
Other investments ⁽¹⁾	10,148		—		207		9,941
Total available-for-sale	56,486		72		378		56,180
Held-to-Maturity*:
Mortgage-backed securities:
Government National Mortgage Association	2,379		150		—		2,529
Federal National Mortgage Association and Other	11,932		192		—		12,124
Total held-to-maturity mortgage-backed securities	14,311		342		—		14,653
Corporate Bonds	1,000		—		—		1,000
Total held-to-maturity	15,311		342		—		15,653
Total securities	$	71,797	$	414	$	378	$	71,833

* The carrying amount and amortized cost are the same for all held-to-maturity securities, as no OTTI has been recorded.

⁽¹⁾ Primarily comprised of an investment in a CRA fund with 95% of its underlying investments consisting of government and agency backed securities.

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 years ended March 31:



$ in thousands	2017		2016
Proceeds	$	7,259	$	4,951
Gross gains	58		2
Gross losses	—		1

Schedule of Unrealized Loss on Investments

The following table sets forth the unrealized losses and fair value of securities in an unrealized loss position at March 31, 2017 for less than 12 months and 12 months or longer:



	Less than 12 months				12 months or longer				Total
$ in thousands	Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value
Available-for-Sale:
Mortgage-backed securities	$	1,171	$	34,716	$	41	$	1,942	$	1,212	$	36,658
U.S. Government Agency Securities	92		7,482		—		—		92		7,482
Corporate bonds	140		4,964		—		—		140		4,964
Other investments ⁽¹⁾	—		—		496		9,504		496		9,504
Total available-for-sale securities	$	1,403	$	47,162	$	537	$	11,446	$	1,940	$	58,608

Held-to-Maturity:
Mortgage-backed securities	$	60	$	7,623	$	—	$	—	$	60	$	7,623
Total held-to-maturity securities	60		7,623		—		—		60		7,623
Total securities	$	1,463	$	54,785	$	537	$	11,446	$	2,000	$	66,231

⁽¹⁾ Primarily comprised of an investment in a CRA fund with 95% of its underlying investments consisting of government and agency backed securities.

The following table sets forth the unrealized losses and fair value of securities in an unrealized loss position at March 31, 2016 for less than 12 months and 12 months or longer:



	Less than 12 months				12 months or longer				Total
$ in thousands	Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value
Available-for-Sale:
Mortgage-backed securities	$	—	$	—	$	136	$	15,502	$	136	$	15,502
U.S. Government Agency Securities	3		2,996		32		11,242		35		14,238
Other investments ⁽¹⁾	—		—		207		9,793		207		9,793
Total available-for-sale securities	$	3	$	2,996	$	375	$	36,537	$	378	$	39,533

⁽¹⁾ Primarily comprised of an investment in a CRA fund with 95% of its underlying investments consisting of government and agency backed securities.

Investments Classified by Contractual Maturity Date

The following is a summary of the carrying value (amortized cost) and fair value of securities at March 31, 2017, 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 Average Yield
Available-for-Sale:
One through five years	$	5,065	$	4,979	1.65	%
Five through ten years	14,284		13,874		2.01	%
After ten years	41,602		40,158		1.60	%
	60,951		59,011		1.70	%
Held-to-maturity:
Five through ten years	6,529		6,588		2.99	%
After ten years	6,906		6,909		2.43	%
	$	13,435	$	13,497	2.71	%