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Investment Securities
 6 Months Ended
Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract]  
Investment Securities INVESTMENT SECURITIES
    The Bank utilizes mortgage-backed and other investment securities in its asset/liability management strategy. In making investment decisions, the Bank considers, among other things, its yield and interest rate objectives, its interest rate and credit risk position, and its liquidity and cash flow.

    Generally, the investment policy of the Bank is to invest funds among categories of investments and maturities based upon the Bank’s asset/liability management policies, investment quality, loan and deposit volume and collateral requirements, liquidity needs and performance objectives. GAAP requires that securities be classified into three categories: trading, held-to-maturity, and available-for-sale. At September 30, 2020, $103.1 million, or 91.6%, of the Bank’s total securities were classified as available-for-sale, and $9.5 million, or 8.4%, were classified as held-to-maturity. The Bank had no securities classified as trading at September 30, 2020 and March 31, 2020.

    Other investments as of September 30, 2020 primarily consists of the Bank's investment in a limited partnership Community Capital Fund. These securities are measured at fair value with unrealized holding gains and losses reflected in net income. Other investments totaled $925 thousand at September 30, 2020 and are included in Other Assets on the Statements of Financial Condition.
    The following tables set forth the amortized cost and fair value of securities available-for-sale and held-to-maturity at September 30, 2020 and March 31, 2020:
At September 30, 2020
AmortizedGross Unrealized
$ in thousandsCostGainsLossesFair Value
Available-for-Sale:    
Mortgage-backed Securities:    
Government National Mortgage Association$1,628 $62 $— $1,690 
Federal Home Loan Mortgage Corporation30,136 116 1 30,251 
Federal National Mortgage Association15,603 — — 15,603 
Total mortgage-backed securities47,367 178 1 47,544 
U.S. Government Agency Securities20,473 — 164 20,309 
Corporate Bonds6,276 1 59 6,218 
Muni Securities17,773 14 53 17,734 
Asset-backed Securities11,165 156 51 11,270 
Total available-for-sale$103,054 $349 $328 $103,075 
Held-to-Maturity:    
Mortgage-backed Securities:    
Government National Mortgage Association$815 $71 $— $886 
Federal National Mortgage Association and Other7,686 354 — 8,040 
Total held-to-maturity mortgage-backed securities8,501 425 — 8,926 
Corporate Bonds1,000 — 9 991 
Total held-to maturity$9,501 $425 $9 $9,917 

At March 31, 2020
AmortizedGross Unrealized
$ in thousandsCostGainsLossesFair Value
Available-for-Sale:    
Mortgage-backed Securities:    
Government National Mortgage Association$3,510 $77 $— $3,587 
Federal Home Loan Mortgage Corporation9,244 312 18 9,538 
Federal National Mortgage Association21,495 673 — 22,168 
Total mortgage-backed securities34,249 1,062 18 35,293 
U.S. Government Agency Securities26,616 20 155 26,481 
Corporate Bonds4,032 33 10 4,055 
Total available-for-sale$64,897 $1,115 $183 $65,829 
Held-to-Maturity:    
Mortgage-backed Securities:    
Government National Mortgage Association$972 $76 $— $1,048 
Federal National Mortgage Association and Other8,179 342 — 8,521 
Total held-to-maturity mortgage-backed securities9,151 418 — 9,569 
Corporate Bonds1,000 — 5 995 
Total held-to-maturity$10,151 $418 $5 $10,564 


    The following is a summary regarding proceeds, gross gains and gross losses realized from the sale of securities from the available-for-sale portfolio for the six months ended September 30, 2020. There were no sales of available-for-sale and held-to-maturity securities for the three months ended September 30, 2020.

$ in thousandsSeptember 30, 2020
Proceeds$30,190 
Gross gains862 
Gross losses— 
    The following tables set forth the unrealized losses and fair value of securities in an unrealized loss position at September 30, 2020 and March 31, 2020 for less than 12 months and 12 months or longer:
At September 30, 2020
Less than 12 months12 months or longerTotal
$ in thousandsUnrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value
Available-for-Sale:      
Mortgage-backed securities$— $— $1 $438 $1 $438 
U.S. Government Agency securities— — 164 20,309 164 20,309 
Corporate bonds59 5,217 — — 59 5,217 
Muni securities53 10,195 — — 53 10,195 
Asset-backed securities51 2,458 — — 51 2,458 
Total available-for-sale securities$163 $17,870 $165 $20,747 $328 $38,617 
Held-to-Maturity:
Corporate bonds$9 $991 $— $— $9 $991 
  Total held-to-maturity securities$9 $991 $— $— $9 $991 

At March 31, 2020
Less than 12 months12 months or longerTotal
$ in thousandsUnrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value
Available-for-Sale:      
Mortgage-backed securities$— $— $18 $619 $18 $619 
U.S. Government Agency securities155 21,494 155 21,494 
Corporate bonds10 1,999 — — 10 1,999 
Total available-for-sale securities$10 $1,999 $173 $22,113 $183 $24,112 
Held-to-Maturity:      
Corporate bonds$5 $995 $— $— $5 $995 
Total held-to-maturity securities$5 $995 $— $— $5 $995 

    A total of 11 securities had an unrealized loss at September 30, 2020 compared to 7 at March 31, 2020. U.S. government agency securities and muni securities represented 52.6% and 26.4%, respectively, of total available-for-sale securities in an unrealized loss position at September 30, 2020. There was one mortgage-backed security and three U.S. government agency securities that had an unrealized loss position for more than 12 months at September 30, 2020. Given the high credit quality of the securities which are backed by the U.S. government's guarantees, and the corporate securities which are all reputable institutions in good financial standing, the risk of credit loss is minimal. Management believes that these unrealized losses are a direct result of the current rate environment and that the Company has the ability and intent to hold the securities until maturity or until the valuations recover. The Bank did not have any securities that were classified as having other-than-temporary impairment in its investment portfolio at September 30, 2020.
    The following is a summary of the amortized cost and fair value of debt securities at September 30, 2020, 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 thousandsAmortized CostFair ValueWeighted
Average Yield
Available-for-Sale:
Less than one year$1,001 $1,002 1.71 %
One through five years3,763 3,723 3.04 %
Five through ten years6,402 6,343 1.32 %
After ten years44,521 44,463 1.84 %
Mortgage-backed securities47,367 47,544 1.26 %
Total$103,054 $103,075 1.58 %
Held-to-maturity:
One through five years$1,000 $991 4.23 %
Mortgage-backed securities8,501 8,926 2.4 %
Total$9,501 $9,917 2.82 %