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Investment Securities | 3 Months Ended
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Jun. 30, 2022
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. Debt securities are classified into three categories: trading, held-to-maturity, and available-for-sale. At June 30, 2022, securities with fair value of $60.7 million, or 92.3%, of the Bank’s total securities were classified as available-for-sale, and securities with amortized cost of $5.1 million, or 7.7%, were classified as held-to-maturity, compared to $67.6 million and $5.3 million at March 31, 2022, respectively. The Bank had no securities classified as trading at June 30, 2022 and March 31, 2022. Other investments as of June 30, 2022 primarily consists of the Bank's investment in a limited partnership Community Capital Fund and a $5 million bank-owned life insurance policy ("BOLI") that was purchased during the first quarter of fiscal year 2023. These securities are measured at fair value with changes in fair value reflected in net income. Other investments totaled $6.1 million at June 30, 2022 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 June 30, 2022 and March 31, 2022:
|  | At June 30, 2022
|  | Amortized |  | Gross Unrealized |  |
$ in thousands |  | Cost |  | Gains |  | Losses |  | Fair Value
Available-for-Sale: |  |  |  |  |  |  |  |
Mortgage-backed Securities: |  |  |  |  |  |  |  |
Government National Mortgage Association |  | $ | 399 |  |  | $ | 2 |  |  | $ | 1 |  |  | $ | 400 |
Federal Home Loan Mortgage Corporation |  | 22,955 |  |  | — |  |  | 3,267 |  |  | 19,688 |
Federal National Mortgage Association |  | 12,444 |  |  | — |  |  | 1,861 |  |  | 10,583 |
Total mortgage-backed securities |  | 35,798 |  |  | 2 |  |  | 5,129 |  |  | 30,671 |
U.S. Government Agency Securities |  | 11,843 |  |  | 5 |  |  | 29 |  |  | 11,819 |
Corporate Bonds |  | 5,271 |  |  | — |  |  | 1,802 |  |  | 3,469 |
Muni Securities |  | 17,736 |  |  | — |  |  | 3,317 |  |  | 14,419 |
Asset-backed Securities |  | 346 |  |  | — |  |  | 6 |  |  | 340 |
Total available-for-sale |  | $ | 70,994 |  |  | $ | 7 |  |  | $ | 10,283 |  |  | $ | 60,718 |
Held-to-Maturity: |  |  |  |  |  |  |  |
Mortgage-backed Securities: |  |  |  |  |  |  |  |
Government National Mortgage Association |  | $ | 438 |  |  | $ | 13 |  |  | $ | — |  |  | $ | 451 |
Federal National Mortgage Association and Other |  | 4,662 |  |  | — |  |  | 55 |  |  | 4,607 |
Total held-to maturity |  | $ | 5,100 |  |  | $ | 13 |  |  | $ | 55 |  |  | $ | 5,058 |
|  | At March 31, 2022
|  | Amortized |  | Gross Unrealized |  |
$ in thousands |  | Cost |  | Gains |  | Losses |  | Fair Value
Available-for-Sale: |  |  |  |  |  |  |  |
Mortgage-backed Securities: |  |  |  |  |  |  |  |
Government National Mortgage Association |  | $ | 439 |  |  | $ | 9 |  |  | $ | — |  |  | $ | 448 |
Federal Home Loan Mortgage Corporation |  | 23,744 |  |  | — |  |  | 2,197 |  |  | 21,547 |
Federal National Mortgage Association |  | 12,852 |  |  | — |  |  | 1,268 |  |  | 11,584 |
Total mortgage-backed securities |  | 37,035 |  |  | 9 |  |  | 3,465 |  |  | 33,579 |
U.S. Government Agency Securities |  | 13,864 |  |  | — |  |  | 79 |  |  | 13,785 |
Corporate Bonds |  | 5,271 |  |  | — |  |  | 1,150 |  |  | 4,121 |
Muni Securities |  | 17,741 |  |  | — |  |  | 1,973 |  |  | 15,768 |
Asset-backed Securities |  | 347 |  |  | — |  |  | 4 |  |  | 343 |
Total available-for-sale |  | $ | 74,258 |  |  | $ | 9 |  |  | $ | 6,671 |  |  | $ | 67,596 |
Held-to-Maturity: |  |  |  |  |  |  |  |
Mortgage-backed Securities: |  |  |  |  |  |  |  |
Government National Mortgage Association |  | $ | 481 |  |  | $ | 27 |  |  | $ | — |  |  | $ | 508 |
Federal National Mortgage Association and Other |  | 4,773 |  |  | 9 |  |  | 14 |  |  | 4,768 |
Total held-to-maturity |  | $ | 5,254 |  |  | $ | 36 |  |  | $ | 14 |  |  | $ | 5,276 |
There were no sales of available-for-sale and held-to-maturity securities for the three months ended June 30, 2022 and June 30, 2021. The following tables set forth the unrealized losses and fair value of securities in an unrealized loss position at June 30, 2022 and March 31, 2022 for less than 12 months and 12 months or longer:
|  | At June 30, 2022
|  | 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 |  | $ | 804 |  |  | $ | 6,354 |  |  | $ | 4,325 |  |  | $ | 23,969 |  |  | $ | 5,129 |  |  | $ | 30,323 |
U.S. Government Agency securities |  | — |  |  | — |  |  | 29 |  |  | 6,936 |  |  | 29 |  |  | 6,936 |
Corporate bonds |  | — |  |  | — |  |  | 1,802 |  |  | 3,469 |  |  | 1,802 |  |  | 3,469 |
Muni securities |  | 2,722 |  |  | 12,426 |  |  | 595 |  |  | 1,993 |  |  | 3,317 |  |  | 14,419 |
Asset-backed securities |  | 6 |  |  | 340 |  |  | — |  |  | — |  |  | 6 |  |  | 340 |
Total available-for-sale securities |  | $ | 3,532 |  |  | $ | 19,120 |  |  | $ | 6,751 |  |  | $ | 36,367 |  |  | $ | 10,283 |  |  | $ | 55,487 |
Held-to-Maturity: |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  | $ | 55 |  |  | $ | 4,557 |  |  | $ | — |  |  | $ | — |  |  | $ | 55 |  |  | $ | 4,557 |
Total held-to-maturity securities |  | $ | 55 |  |  | $ | 4,557 |  |  | $ | — |  |  | $ | — |  |  | $ | 55 |  |  | $ | 4,557 |
|  | At March 31, 2022
|  | 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 |  | $ | 519 |  |  | $ | 7,057 |  |  | $ | 2,946 |  |  | $ | 26,128 |  |  | $ | 3,465 |  |  | $ | 33,185 |
U.S. Government Agency securities |  | — |  |  | — |  |  | 79 |  |  | 13,785 |  |  | 79 |  |  | 13,785 |
Corporate bonds |  | — |  |  | — |  |  | 1,150 |  |  | 4,121 |  |  | 1,150 |  |  | 4,121 |
Muni securities |  | 1,640 |  |  | 13,512 |  |  | 333 |  |  | 2,256 |  |  | 1,973 |  |  | 15,768 |
Asset-backed securities |  | 4 |  |  | 343 |  |  | — |  |  | — |  |  | 4 |  |  | 343 |
Total available-for-sale securities |  | $ | 2,163 |  |  | $ | 20,912 |  |  | $ | 4,508 |  |  | $ | 46,290 |  |  | $ | 6,671 |  |  | $ | 67,202 |
Held-to-Maturity: |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  | $ | 14 |  |  | $ | 2,204 |  |  | $ | — |  |  | $ | — |  |  | $ | 14 |  |  | $ | 2,204 |
Total held-to-maturity securities |  | $ | 14 |  |  | $ | 2,204 |  |  | $ | — |  |  | $ | — |  |  | $ | 14 |  |  | $ | 2,204 |
A total of 23 securities had an unrealized loss at June 30, 2022 and March 31, 2022. Mortgage-backed securities, U.S. government agency securities, municipal securities and a corporate bond security represented 54.6%, 12.5%, 26.0% and 6.3%, respectively, of total available-for-sale securities in an unrealized loss position at June 30, 2022. There were four mortgage-backed securities, two U.S. government agency securities, one corporate bond and one municipal security that had an unrealized loss position for more than 12 months at June 30, 2022. Given the high credit quality of the mortgage-backed securities, which are backed by the U.S. government's guarantees, the high credit quality and strong financial performance of the U.S. Government Agency and municipal securities, and the corporate security that is a reputable institution 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 the Company has the ability and intent to hold the securities until maturity or the valuations recover. The Bank did not have any securities that were classified as having other-than-temporary impairment in its investment portfolio at June 30, 2022. The following is a summary of the amortized cost and fair value of debt securities at June 30, 2022, 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: |  |  |  |  |
Less than one year | $ | 346 |  |  | $ | 340 |  |  | 1.06 | %
One through five years | — |  |  | — |  |  | — | %
Five through ten years | 6,713 |  |  | 6,460 |  |  | 2.38 | %
After ten years | 28,137 |  |  | 23,247 |  |  | 2.20 | %
Mortgage-backed securities | 35,798 |  |  | 30,671 |  |  | 1.43 | %
Total | $ | 70,994 |  |  | $ | 60,718 |  |  | 2.41 | %
Held-to-maturity: |  |  |  |  |
Mortgage-backed securities | $ | 5,100 |  |  | $ | 5,058 |  |  | 2.43 | %

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI https://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
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