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Investment Securities (Tables) | 3 Months Ended
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Jun. 30, 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 June 30, 2024 and March 31, 2024:
|  | At June 30, 2024
|  | Amortized |  | Gross Unrealized |  |
$ in thousands |  | Cost |  | Gains |  | Losses |  | Fair Value
Available-for-Sale: |  |  |  |  |  |  |  |
Mortgage-backed Securities: |  |  |  |  |  |  |  |
Government National Mortgage Association |  | $ | 243 |  |  | $ | 3 |  |  | $ | — |  |  | $ | 246 |
Federal Home Loan Mortgage Corporation |  | 19,905 |  |  | — |  |  | (4,512) |  |  | 15,393 |
Federal National Mortgage Association |  | 10,796 |  |  | — |  |  | (2,346) |  |  | 8,450 |
Total mortgage-backed securities |  | 30,944 |  |  | 3 |  |  | (6,858) |  |  | 24,089 |
U.S. Government Agency Securities |  | 6,014 |  |  | 3 |  |  | (10) |  |  | 6,007 |
Corporate Bonds |  | 5,265 |  |  | — |  |  | (2,345) |  |  | 2,920 |
Muni Securities |  | 17,690 |  |  | — |  |  | (3,761) |  |  | 13,929 |
Total available-for-sale |  | $ | 59,913 |  |  | $ | 6 |  |  | $ | (12,974) |  |  | $ | 46,945 |
Held-to-Maturity: |  |  |  |  |  |  |  |
Mortgage-backed Securities: |  |  |  |  |  |  |  |
Government National Mortgage Association |  | $ | 274 |  |  | $ | — |  |  | $ | (11) |  |  | $ | 263 |
Federal National Mortgage Association and Other |  | 1,666 |  |  | — |  |  | (90) |  |  | 1,576 |
Total held-to maturity |  | $ | 1,940 |  |  | $ | — |  |  | $ | (101) |  |  | $ | 1,839 |
|  | 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 and Other |  | 1,716 |  |  | — |  |  | (94) |  |  | 1,622 |
Total held-to-maturity |  | $ | 2,008 |  |  | $ | — |  |  | $ | (103) |  |  | $ | 1,905 |
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, 2024 and March 31, 2024 for less than 12 months and 12 months or longer:
|  | At June 30, 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 |  | $ | — |  |  | $ | — |  |  | $ | (6,858) |  |  | $ | 23,856 |  |  | $ | (6,858) |  |  | $ | 23,856 |
U.S. Government Agency securities |  | — |  |  | — |  |  | (10) |  |  | 4,740 |  |  | (10) |  |  | 4,740 |
Corporate bonds |  | — |  |  | — |  |  | (2,345) |  |  | 2,920 |  |  | (2,345) |  |  | 2,920 |
Muni securities |  | — |  |  | — |  |  | (3,761) |  |  | 13,929 |  |  | (3,761) |  |  | 13,929 |
Total available-for-sale securities |  | $ | — |  |  | $ | — |  |  | $ | (12,974) |  |  | $ | 45,445 |  |  | $ | (12,974) |  |  | $ | 45,445 |
Held-to-Maturity: |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  | $ | — |  |  | $ | — |  |  | $ | (101) |  |  | $ | 1,806 |  |  | $ | (101) |  |  | $ | 1,806 |
Total held-to-maturity securities |  | $ | — |  |  | $ | — |  |  | $ | (101) |  |  | $ | 1,806 |  |  | $ | (101) |  |  | $ | 1,806 |
|  | 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 |
Investments Classified by Contractual Maturity Date | The following is a summary of the amortized cost and fair value of debt securities at June 30, 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 |  | $ | 1,678 |  |  | $ | 1,669 |  |  | 6.58 | %
Five through ten years |  | 4,680 |  |  | 3,984 |  |  | 2.44 | %
After ten years |  | 22,611 |  |  | 17,203 |  |  | 3.39 | %
Mortgage-backed securities |  | 30,944 |  |  | 24,089 |  |  | 1.63 | %
Total |  | $ | 59,913 |  |  | $ | 46,945 |  |  | 2.52 | %
Held-to-maturity: |  |  |  |  |  |
Mortgage-backed securities |  | $ | 1,940 |  |  | $ | 1,839 |  |  | 2.82 | %

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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 + Details
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