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Deposits

12 Months Ended

Mar. 31, 2024

Deposits [Abstract]

Deposits

DEPOSITS

Deposit balances and weighted average interest rates as of March 31 are as follows:

			2024																		2023
$ in thousands			Amount						Percent of Total Deposits						Weighted Average Rate						Amount						Percent of Total Deposits						Weighted Average Rate
Non-interest-bearing demand			$	102,013					15.77		%				—		%				$	109,401					18.22		%				—		%
Interest-bearing checking			46,358						7.17						0.58						49,473						8.24						0.10
Savings			113,187						17.49						0.28						109,210						18.19						0.15
Money market savings account			159,105						24.59						1.34						150,348						25.04						0.93
Certificates of deposit			223,719						34.58						3.22						178,694						29.76						1.26
Loan escrow deposits			2,617						0.40						0.30						3,303						0.55						0.11
Total			$	646,999					100.00		%				1.54		%				$	600,429					100.00		%				0.64		%

Scheduled maturities of certificates of deposit for the year ended March 31, 2024 are as follows:

$ in thousands						Amount
Maturing years ending March 31:
2025						$	197,588
2026						20,106
2027						2,145
2028						1,720
2029						2,160
2030 and beyond						—
Total						$	223,719

The following table represents the amount of certificates of deposit of $250,000 or more at March 31, 2024 maturing during the periods indicated:

$ in thousands
Maturing:
April 1, 2024 to June 30, 2024			$	62,718
July 1, 2024 to September 30, 2024			2,129
October 1, 2024 to March 31, 2025			9,484
April 1, 2025 and beyond			5,126
Total			$	79,457

Interest expense on deposits is as follows for the years ended March 31:

$ in thousands			2024						2023
Interest-bearing checking			$	289					$	55
Savings and clubs			310						166
Money market savings			2,102						1,728
Certificates of deposit			6,370						1,756
Loan escrow deposits			8						3
Total interest expense			$	9,079					$	3,708

    The following table presents additional information about our year-end deposits:

$ in thousands						2024						2023
Deposits from the Certificate of Deposit Account Registry Service (CDARS)						$	76,650					$	84,389
Deposits from brokers						60,041						17,638
Certificates of deposit individually greater than $250,000						19,458						25,765
Deposits from certain directors, executive officers and their affiliates						1,033						4,885

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- Definition

The entire disclosure for deposit liabilities including data and tables. It may include a description of the entity's deposit liabilities, the aggregate amount of time deposits (including certificates of deposit) in denominations of $100,000 or more at the balance sheet date; the aggregate amount of any demand deposits that have been reclassified as loan balances, such as overdrafts, at the balance sheet date; deposits that are received on terms other than those in the normal course of business, the amount of accrued interest on deposit liabilities; securities, mortgage loans or other financial instruments that serve as collateral for deposits; for time deposits having a remaining term of more than one year, the aggregate amount of maturities for each of the five years following the balance sheet date; and the weighted average interest rate for all deposit liabilities held by the entity.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 405
-Topic 942
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478353/942-405-50-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(12))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph e
-Publisher SEC

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Publisher SEC

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X

- References

No definition available.

+ Details

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