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Investment Securities (Tables)

12 Months Ended

Mar. 31, 2024

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 March 31, 2024 and March 31, 2023:

			At March 31, 2024
			Amortized						Gross Unrealized
$ in thousands			Cost						Gains						Losses						Fair Value
Available-for-Sale:
Mortgage-backed securities:
Government National Mortgage Association			$	280					$	4					$	(1)					$	283
Federal Home Loan Mortgage Corporation			20,299						—						(4,501)						15,798
Federal National Mortgage Association			10,975						—						(2,339)						8,636
Total mortgage-backed securities			31,554						4						(6,841)						24,717
U.S. Government Agency Securities			6,219						—						(25)						6,194
Corporate Bonds			5,266						—						(2,203)						3,063
Muni Securities			17,696						—						(3,640)						14,056
Total available-for-sale			$	60,735					$	4					$	(12,709)					$	48,030
Held-to-Maturity:
Mortgage-backed securities:
Government National Mortgage Association			$	292					$	—					$	(9)					$	283
Federal National Mortgage Association			1,716						—						(94)						1,622
Total held-to-maturity			$	2,008					$	—					$	(103)					$	1,905

			At March 31, 2023
			Amortized						Gross Unrealized
$ in thousands			Cost						Gains						Losses						Fair Value
Available-for-Sale:
Mortgage-backed securities:
Government National Mortgage Association			$	341					$	1					$	(1)					$	341
Federal Home Loan Mortgage Corporation			21,651						—						(4,051)						17,600
Federal National Mortgage Association			11,714						—						(2,212)						9,502
Total mortgage-backed securities			33,706						1						(6,264)						27,443
U.S. Government Agency Securities			9,364						—						(38)						9,326
Corporate Bonds			5,269						—						(2,177)						3,092
Muni Securities			17,719						—						(3,737)						13,982
Total available-for-sale			$	66,058					$	1					$	(12,216)					$	53,843
Held-to-Maturity:
Mortgage-backed securities:
Government National Mortgage Association			$	366					$	—					$	(3)					$	363
Federal National Mortgage Association			1,952						—						(94)						1,858
Total held-to-maturity			$	2,318					$	—					$	(97)					$	2,221

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 March 31, 2024 and March 31, 2023 for less than 12 months and 12 months or longer:

			At March 31, 2024
			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			$	—					$	—					$	(6,841)					$	24,468					$	(6,841)					$	24,468
U.S. Government Agency Securities			(2)						1,273						(23)						4,921						(25)						6,194
Corporate bonds			—						—						(2,203)						3,063						(2,203)						3,063
Muni securities			—						—						(3,640)						14,056						(3,640)						14,056
Total available-for-sale securities			$	(2)					$	1,273					$	(12,707)					$	46,508					$	(12,709)					$	47,781
Held-to-Maturity:
Mortgage-backed securities			$	—					$	—					$	(103)					$	1,872					$	(103)					$	1,872
Total held-to-maturity securities			$	—					$	—					$	(103)					$	1,872					$	(103)					$	1,872

			At March 31, 2023
			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			$	—					$	—					$	(6,264)					$	27,146					$	(6,264)					$	27,146
U.S. Government Agency Securities			(13)						4,075						(25)						5,251						(38)						9,326
Corporate bonds			—						—						(2,177)						3,092						(2,177)						3,092
Muni securities			—						—						(3,737)						13,982						(3,737)						13,982
Total available-for-sale securities			$	(13)					$	4,075					$	(12,203)					$	49,471					$	(12,216)					$	53,546
Held-to-Maturity:
Mortgage-backed securities			$	(3)					$	363					$	(94)					$	1,822					$	(97)					$	2,185
Total held-to-maturity securities			$	(3)					$	363					$	(94)					$	1,822					$	(97)					$	2,185

Investments Classified by Contractual Maturity Date

The following is a summary of the amortized cost and fair value of debt securities at March 31, 2024, 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			1,850						1,838						6.50		%
Five through ten years			4,684						3,961						2.44		%
After ten years			22,647						17,514						3.37		%
Mortgage-backed securities			31,554						24,717						1.67		%
			$	60,735					$	48,030					2.54		%
Held-to-maturity:
Mortgage-backed securities			$	2,008					$	1,905					2.82		%

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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/otherTransitionRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-6

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Tabular disclosure of unrealized gains and losses on investments.

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