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Investment Securities (Tables)

6 Months Ended

Sep. 30, 2021

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, 2021 and March 31, 2021:

						At September 30, 2021
						Amortized						Gross Unrealized
$ in thousands						Cost						Gains						Losses						Fair Value
Available-for-Sale:
Mortgage-backed Securities:
Government National Mortgage Association						$	638					$	28					$	—					$	666
Federal Home Loan Mortgage Corporation						25,980						46						631						25,395
Federal National Mortgage Association						14,019						—						436						13,583
Total mortgage-backed securities						40,637						74						1,067						39,644
U.S. Government Agency Securities						17,465						—						61						17,404
Corporate Bonds						5,273						—						338						4,935
Muni Securities						17,752						73						368						17,457
Asset-backed Securities						410						3						—						413
Total available-for-sale						$	81,537					$	150					$	1,834					$	79,853
Held-to-Maturity:
Mortgage-backed Securities:
Government National Mortgage Association						$	574					$	58					$	—					$	632
Federal National Mortgage Association and Other						5,049						184						—						5,233
Total held-to maturity						$	5,623					$	242					$	—					$	5,865

						At March 31, 2021
						Amortized						Gross Unrealized
$ in thousands						Cost						Gains						Losses						Fair Value
Available-for-Sale:
Mortgage-backed Securities:
Government National Mortgage Association						$	987					$	39					$	—					$	1,026
Federal Home Loan Mortgage Corporation						28,458						88						761						27,785
Federal National Mortgage Association						15,120						—						510						14,610
Total mortgage-backed securities						44,565						127						1,271						43,421
U.S. Government Agency Securities						18,744						—						113						18,631
Corporate Bonds						5,274						—						793						4,481
Muni Securities						17,763						—						1,153						16,610
Asset-backed Securities						3,336						28						—						3,364
Total available-for-sale						$	89,682					$	155					$	3,330					$	86,507
Held-to-Maturity:
Mortgage-backed Securities:
Government National Mortgage Association						$	683					$	69					$	—					$	752
Federal National Mortgage Association and Other						7,124						264						—						7,388
Total held-to-maturity						$	7,807					$	333					$	—					$	8,140

Schedule of Realized Gain (Loss)

There were no sales of available-for-sale and held-to-maturity securities for the three and six months ended September 30, 2021. 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.

$ in thousands												September 30, 2020
Proceeds												$	30,190
Gross gains												862

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, 2021 and March 31, 2021 for less than 12 months and 12 months or longer:

						At September 30, 2021
						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						$	531					$	20,208					$	536					$	16,479					$	1,067					$	36,687
U.S. Government Agency securities						—						—						61						17,404						61						17,404
Corporate bonds						338						4,935						—						—						338						4,935
Muni securities						368						14,693						—						—						368						14,693
Total available-for-sale securities						$	1,237					$	39,836					$	597					$	33,883					$	1,834					$	73,719

						At March 31, 2021
						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						$	1,271					$	39,020					$	—					$	—					$	1,271					$	39,020
U.S. Government Agency securities						—						—						113						18,631						113						18,631
Corporate bonds						793						4,481						—						—						793						4,481
Muni securities						1,153						16,609																		1,153						16,609
Total available-for-sale securities						$	3,217					$	60,110					$	113					$	18,631					$	3,330					$	78,741

Investments Classified by Contractual Maturity Date

The following is a summary of the amortized cost and fair value of debt securities at September 30, 2021, 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			410						413						0.75		%
Five through ten years			7,849						7,896						1.91		%
After ten years			32,641						31,900						1.92		%
Mortgage-backed securities			40,637						39,644						1.29		%
Total			$	81,537					$	79,853					1.60		%
Held-to-maturity:
Mortgage-backed securities			$	5,623					$	5,865					2.51		%

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Tabular disclosure of the proceeds from sales of available-for-sale securities and the gross realized gains and gross realized losses that have been included in earnings as a result of those sales.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 9
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+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 6
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