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Investment Securities (Tables)

3 Months Ended

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

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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