ESOP

9 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

ESOP

Note 14 - ESOP

Employees participate in an Employee Stock Ownership Plan ("ESOP"). The ESOP borrowed funds from the Company to purchase 330,465 shares of stock at $10 per share. The Association makes discretionary contributions to the ESOP and the ESOP uses funds it receives to repay the loan. When loan payments are made, ESOP shares are allocated to participants based on relative compensation. Participants receive the shares at the end of employment.

Each December, the Association makes discretionary contributions to the ESOP, which are equal to principal and interest payments required on the term loan. In December 2023, the Association made a discretionary contribution of $303,000 to the Company for payment on the loan. Expense recorded was $126,000 during the first nine months of 2023, and is recognized over the service period.

Shares held by the ESOP were as follows:

(dollars in thousands)	As of December 31,
	2023
Shares committed for allocation		13,218
Unallocated		317,247
Total ESOP shares		330,465
Less: Average unallocated ESOP shares
Fair value of unearned shares at December 31, 2023	$	3,236