Investment Securities (Tables)

9 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Summary of Investment Securities Available for Sale and Held to Maturity

The following is a summary of investment securities at December 31, 2023 and March 31, 2023:

(dollars in thousands)	December 31, 2023
			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
Available-for-Sale	Cost		Gains		Losses			Value
FHLMC bonds	$	24,609	$	45	$	(1,976	)	$	22,678
GNMA bonds		3,595		1		(45	)		3,551
FNMA bonds		25,837		163		(2,205	)		23,795
Municipal bonds		8,630		—		(1,338	)		7,292
Total	$	62,671	$	209	$	(5,564	)	$	57,316
Held-to-Maturity
FHLMC bonds	$	89	$	—	$	(1	)	$	88
GNMA bonds		61		—		(1	)		60
FNMA bonds		177		—		(1	)		176
Total	$	327	$	—	$	(3	)	$	324

(dollars in thousands)	March 31, 2023
			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
Available-for-Sale	Cost		Gains		Losses			Value
FHLMC bonds	$	25,446	$	13	$	(2,203	)	$	23,256
GNMA bonds		2,648		—		(58	)		2,590
FNMA bonds		26,726		17		(2,453	)		24,290
Municipal bonds		8,994		1		(1,289	)		7,706
Total	$	63,814	$	31	$	(6,003	)	$	57,842
Held-to-Maturity
FHLMC bonds	$	116	$	—	$	(2	)	$	114
GNMA bonds		74		—		(1	)		73
FNMA bonds		232		1		(4	)		229
Total	$	422	$	1	$	(7	)	$	416

Summary of Debt Securities Available for Sale and Unrealized Loss Position

The fair value and gross unrealized losses on the Association’s available-for-sale investment securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2023 and March 31, 2023, are as follows:

(dollars in thousands)	Less than 12 Months					12 Months or Greater					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
December 31, 2023	Value		Losses			Value		Losses			Value		Losses
Available-for-Sale
FHLMC bonds	$	2,263	$	(15	)	$	17,002	$	(1,961	)	$	19,265	$	(1,976	)
GNMA bonds		1,325		(20	)		1,977		(25	)		3,302		(45	)
FNMA bonds		200		(1	)		16,602		(2,204	)		16,802		(2,205	)
Municipal bonds		904		(90	)		5,662		(1,248	)		6,566		(1,338	)
Total	$	4,692	$	(126	)	$	41,243	$	(5,438	)	$	45,935	$	(5,564	)
	Less than 12 Months					12 Months or Greater					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
March 31, 2023	Value		Losses			Value		Losses			Value		Losses
Available-for-Sale
FHLMC bonds	$	4,714	$	(133	)	$	16,482	$	(2,070	)	$	21,196	$	(2,203	)
GNMA bonds		2,576		(57	)		14		(1	)		2,590		(58	)
FNMA bonds		4,315		(78	)		17,027		(2,375	)		21,342		(2,453	)
Municipal bonds		—		—			5,688		(1,289	)		5,688		(1,289	)
Total	$	11,605	$	(268	)	$	39,211	$	(5,735	)	$	50,816	$	(6,003	)

Schedule of Amortized Cost and Fair Value of Available for sale Investment Securities by Contractual Maturity

The amortized cost and fair values of available for sale investment securities as of December 31, 2023 by contractual maturity, are shown below:

(dollars in thousands)	Available for Sale
	Amortized Cost		Fair Value
Maturity
Due less than one year	$	—	$	—
Due after one year through five years		2,284		2,114
Due after five years through ten years		2,357		2,020
Due after ten years		3,989		3,158
Mortgage-backed securities and collateralized mortgage obligations		54,041		50,024
Total	$	62,671	$	57,316