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Investment Securities (Tables)

6 Months Ended

Sep. 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 September 30, 2022 and March 31, 2022:

						At September 30, 2022
						Amortized						Gross Unrealized
$ in thousands						Cost						Gains						Losses						Fair Value
Available-for-Sale:
Mortgage-backed Securities:
Government National Mortgage Association						$	375					$	1					$	1					$	375
Federal Home Loan Mortgage Corporation						22,448						—						4,491						17,957
Federal National Mortgage Association						12,094						—						2,484						9,610
Total mortgage-backed securities						34,917						1						6,976						27,942
U.S. Government Agency Securities						10,743						—						24						10,719
Corporate Bonds						5,270						—						2,297						2,973
Muni Securities						17,730						—						4,422						13,308
Asset-backed Securities						101						—						2						99
Total available-for-sale						$	68,761					$	1					$	13,721					$	55,041
Held-to-Maturity:
Mortgage-backed Securities:
Government National Mortgage Association						$	399					$	—					$	11					$	388
Federal National Mortgage Association and Other						2,112						—						139						1,973
Total held-to maturity						$	2,511					$	—					$	150					$	2,361

						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 September 30, 2022 and March 31, 2022 for less than 12 months and 12 months or longer:

						At September 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						$	45					$	1,272					$	6,931					$	26,344					$	6,976					$	27,616
U.S. Government Agency securities						4						4,573						20						6,146						24						10,719
Corporate bonds						—						—						2,297						2,973						2,297						2,973
Muni securities						1,087						4,105						3,335						9,203						4,422						13,308
Asset-backed securities						2						99						—						—						2						99
Total available-for-sale securities						$	1,138					$	10,049					$	12,583					$	44,666					$	13,721					$	54,715
Held-to-Maturity:
Mortgage-backed securities						$	150					$	2,324					$	—					$	—					$	150					$	2,324
Total held-to-maturity securities						$	150					$	2,324					$	—					$	—					$	150					$	2,324

						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 September 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			$	101					$	99					(0.85)		%
One through five years			—						—						—		%
Five through ten years			6,344						5,965						3.23		%
After ten years			27,399						21,035						2.67		%
Mortgage-backed securities			34,917						27,942						1.53		%
Total			$	68,761					$	55,041					1.99		%
Held-to-maturity:
Mortgage-backed securities			$	2,511					$	2,361					2.77		%

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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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