Investment Securities (Tables)

6 Months Ended

Sep. 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 September 30, 2024 and March 31, 2024:

	At September 30, 2024
	Amortized		Gross Unrealized
$ in thousands	Cost		Gains		Losses		Fair Value
Available-for-Sale:
Mortgage-backed Securities:
Government National Mortgage Association	$	213	$	4	$	—	$	217
Federal Home Loan Mortgage Corporation	19,451		—		(3,850)		15,601
Federal National Mortgage Association	10,586		—		(1,913)		8,673
Total mortgage-backed securities	30,250		4		(5,763)		24,491
U.S. Government Agency Securities	5,759		4		(9)		5,754
Corporate Bonds	5,264		—		(2,084)		3,180
Muni Securities	17,684		—		(2,998)		14,686
Total available-for-sale	$	58,957	$	8	$	(10,854)	$	48,111
Held-to-Maturity:
Mortgage-backed Securities:
Government National Mortgage Association	$	263	$	—	$	(2)	$	261
Federal National Mortgage Association and Other	1,600		—		(45)		1,555
Total held-to maturity	$	1,863	$	—	$	(47)	$	1,816

	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 September 30, 2024 and March 31, 2024 for less than 12 months and 12 months or longer:

	At September 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	$	—	$	—	$	(5,763)	$	24,274	$	(5,763)	$	24,274
U.S. Government Agency securities	—		—		(9)		1,478		(9)		1,478
Corporate bonds	—		—		(2,084)		3,180		(2,084)		3,180
Muni securities	—		—		(2,998)		14,686		(2,998)		14,686
Total available-for-sale securities	$	—	$	—	$	(10,854)	$	43,618	$	(10,854)	$	43,618
Held-to-Maturity:
Mortgage-backed securities	$	—	$	—	$	(47)	$	1,786	$	(47)	$	1,786
Total held-to-maturity securities	$	—	$	—	$	(47)	$	1,786	$	(47)	$	1,786

	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 September 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	$	1,487	$	1,478	6.50	%
Five through ten years	4,676		4,170		2.44	%
After ten years	22,544		17,972		3.34	%
Mortgage-backed securities	30,250		24,491		1.60	%
Total	$	58,957	$	48,111	2.48	%
Held-to-maturity:
Mortgage-backed securities	$	1,863	$	1,816	2.81	%