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Investment Securities (Tables)

3 Months Ended

Jun. 30, 2022

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 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

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 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

Investments Classified by Contractual Maturity Date

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

Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

+ References

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- Definition

For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 6
-URI https://asc.fasb.org/extlink&oid=126970911&loc=d3e27290-111563

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Tabular disclosure of unrealized gains and losses on investments.

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