Loans and Allowance for Credit Losses (Tables)

9 Months Ended

Dec. 31, 2023

Receivables [Abstract]

Summary of Loans Receivable and Related Reclassifications

Loans and these related reclassifications, are summarized as follows at December 31, 2023 and March 31, 2023:

(dollars in thousands)				Post Adoption			The Effect			Pre Adoption
	December 31, 2023			March 31, 2023			of Adoption			March 31, 2023
Real Estate - Construction	$	9,972		$	19,301		$	19,301		$	—
Non-1-4 Family Construction & Land Development		—			—			(23,644	)		23,644
Real Estate - Commercial		123,754			102,446			—			102,446
Real Estate - Residential		151,215			148,486			148,486			—
1-4 Family Residential		—			—			(119,610	)		119,610
Multi-Family Residential		—			—			(34,296	)		34,296
Commercial Non-Real Estate		34,068			30,101			—			30,101
Agriculture		18,353			18,166			18,166			—
Agriculture Real Estate		—			—			(9,245	)		9,245
Agriculture Non-Real Estate		—			—			(8,921	)		8,921
Other Consumer		22,508			19,956			19,956			—
Consumer Auto		—			—			(5,622	)		5,622
Consumer Other		—			—			(14,334	)		14,334
Land Development and SIDs*		16,178			15,231			15,231			—
Sanitary & Improvement Districts		—			—			(5,468	)		5,468
Total Loans		376,048			353,687			—			353,687
Allowance for credit losses		(5,867	)		(5,711	)		(299	)		(5,412	)
Net deferred origination costs & fees		24			62			—			62
Loans—net	$	370,205		$	348,038		$	(299	)	$	348,337
*SIDs = Sanitary & Improvement Districts

Schedule of Changes in Allowance

Changes in the allowance for the three and nine months ended December 31, 2023 and 2022 are as follows:

(dollars in thousands)	Three Months Ended December 31, 2023
	Beginning		Provision for							Ending
	Allowance		(Recovery of)			Loans				Allowance
	Balance		Credit Losses			Charged off		Recoveries		Balance
Real Estate - Construction	$	398	$	(201	)	$	—	$	—	$	197
Real Estate - Commercial		1,277		1,028			—		—		2,305
Real Estate - Residential		1,832		(13	)		—		—		1,819
Commercial Non-Real Estate		1,298		(558	)		—		19		759
Agricultural		240		(29	)		—		—		211
Other Consumer		334		26			—		—		360
Land Development and SIDs		278		(62	)		—		—		216
Total	$	5,657	$	191		$	—	$	19	$	5,867

(dollars in thousands)	Three Months Ended December 31, 2022
	Beginning		Provision for								Ending
	Allowance		(Recovery of)			Loans					Allowance
	Balance		Loan Losses			Charged off			Recoveries		Balance
1-4 Family Residential	$	600	$	11		$	—		$	—	$	611
Multi Family Residential		620		50			—			—		670
Commercial Real Estate		1,962		85			—			—		2,047
Agricultural Real Estate		203		—			—			—		203
Commercial Non-Real Estate		965		2,426			(2,448	)		20		963
Agricultural Non-Real Estate		281		—			—			—		281
SIDS		50		—			—			—		50
Consumer Auto		44		—			—			—		44
Consumer Other		131		—			—			—		131
Non 1-4 Family Construction and Land Development		427		(50	)		—			—		377
Total	$	5,283	$	2,522		$	(2,448	)	$	20	$	5,377

(dollars in thousands)	Nine Months Ended December 31, 2023
	Beginning		Impact of			Provision for								Ending
	Allowance		ASC326			(Recovery of)			Loans					Allowance
	Balance		Adoption			Credit Losses			Charged off			Recoveries		Balance
Real Estate - Construction	$	334	$	28		$	(165	)	$	—		$	—	$	197
Real Estate - Commercial		2,048		(904	)		1,161			—			—		2,305
Real Estate - Residential		1,286		775			(242	)		—			—		1,819
Commercial Non-Real Estate		915		450			(661	)		—			55		759
Agricultural		484		(255	)		(18	)		—			—		211
Other Consumer		157		138			64			(1	)		2		360
Land Development and SIDs		188		67			(40	)		—			1		216
Total	$	5,412	$	299		$	99		$	(1	)	$	58	$	5,867

(dollars in thousands)	Nine Months Ended December 31, 2022
	Beginning		Provision for								Ending
	Allowance		(Recovery of)			Loans					Allowance
	Balance		Loan Losses			Charged off			Recoveries		Balance
1-4 Family Residential	$	636	$	(25	)	$	—		$	—	$	611
Multi Family Residential		481		189			—			—		670
Commercial Real Estate		1,845		202			—			—		2,047
Agricultural Real Estate		213		(10	)		—			—		203
Commercial Non-Real Estate		930		2,426			(2,448	)		55		963
Agricultural Non-Real Estate		281		—			—			—		281
SIDS		50		—			—			—		50
Consumer Auto		64		(20	)		—			—		44
Consumer Other		71		60			—			—		131
Non 1-4 Family Construction and Land Development		357		20			—			—		377
Total	$	4,928	$	2,842		$	(2,448	)	$	55	$	5,377

Schedule of Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segments and based on Impairment Method

The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segments and based on impairment method as of March 31, 2023.

(dollars in thousands)	Year Ended March 31, 2023
	Individually		Collectively		Ending
	Evaluated for		Evaluated For		Allowance
Ending allowance balance attributed to loans:	Impairment		Impairment		Balance
1-4 Family Residential	$	193	$	493	$	686
Multi Family Residential		—		670		670
Commercial Real Estate		—		2,048		2,048
Agricultural Real Estate		—		203		203
Commercial Non-Real Estate		28		887		915
Agricultural Non-Real Estate		—		281		281
SIDS		—		50		50
Consumer Auto		—		44		44
Consumer Other		—		113		113
Non 1-4 Family Construction and Land Development		—		402		402
Total	$	221	$	5,191	$	5,412

Summary of Impaired Loans

(dollars in thousands)	Year Ended March 31, 2023
	Individually		Collectively
	Evaluated for		Evaluated For		Total
Loans:	Impairment		Impairment		Loans
1-4 Family Residential	$	338	$	119,272	$	119,610
Multi Family Residential		—		34,296		34,296
Commercial Real Estate		483		101,963		102,446
Agricultural Real Estate		—		9,245		9,245
Commercial Non-Real Estate		29		30,072		30,101
Agricultural Non-Real Estate		—		8,921		8,921
SIDS		—		5,468		5,468
Consumer Auto		—		5,622		5,622
Consumer Other		—		14,334		14,334
Non 1-4 Family Construction and Land Development		—		23,644		23,644
Total	$	850	$	352,837	$	353,687

The Association’s impaired loans at March 31, 2023, were as follows:

(dollars in thousands)			Unpaid				Average
	Recorded		Principal		Specific		Investment in
	Balance		Balance		Allowance		Impaired Loans
With no related allowance recorded:
1–4 Family Residential	$	—	$	—	$	—	$	—
Multi-Family Residential		—		—		—		—
Commercial Real Estate		483		605		—		516
Agriculture Real Estate		—		—		—		—
Commercial Non-Real Estate		1		103		—		6
Agriculture Non-Real Estate		—		—		—		—
Sanitary & Improvement Districts		—		—		—		—
Consumer Auto		—		3		—		—
Consumer Other		—		—		—		—
Non 1–4 Family Construction and Land Development		—		—		—		—
With an allowance recorded:
1–4 Family Residential		338		366		193		303
Multi-family Residential		—		—		—		—
Commercial Real Estate		—		—		—		42
Agriculture Real Estate		—		—		—		—
Commercial Non-Real Estate		28		43		28		35
Agriculture Non-Real Estate		—		—		—		—
Consumer Auto		—		—		—		—
Consumer Other		—		—		—		2
Non 1–4 Family Construction and Land Development		—		—		—		—
Total impaired loans	$	850	$	1,120	$	221	$	904

Summary of Loans Individually Evaluated

Collateral dependent loans individually evaluated for purposes of the ACL by collateral type were as follows at December 31, 2023:

(dollars in thousands)	Real Estate		Other
Portfolio Segment
Real Estate - Construction	$	—	$	—
Real Estate - Commercial		431		—
Real Estate - Residential		101		—
Commercial Non-Real Estate		—		19
Agricultural		—		—
Other Consumer		—		6
Land Development and SIDs		—		—
Total	$	532	$	25

Summary of Risk Category of Loans

Based on the most recent analysis performed, the risk category of loans by class and year of origination is as follows:

(dollars in thousands)	Term Loans by Origination Year								Revolving
	2023		2022		2021		Prior		Loans		Total
At December 31, 2023
Real Estate - Construction
Pass	$	6,129	$	2,011	$	—	$	1,832	$	—	$	9,972
Special Mention		—		—		—		—		—		—
Substandard		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—
Total Real Estate - Construction	$	6,129	$	2,011	$	—	$	1,832	$	—	$	9,972
Current year-to-date gross write-offs		—		—		—		—		—		—
Real Estate - Commercial
Pass		22,598		29,857		24,390		37,740		6,364	$	120,949
Special Mention		—		—		—		—		—		—
Substandard		—		—		—		2,805		—		2,805
Doubtful		—		—		—		—		—		—
Total Real Estate - Commercial	$	22,598	$	29,857	$	24,390	$	40,545	$	6,364	$	123,754
Current year-to-date gross write-offs		—		—		—		—		—		—
Real Estate - Residential
Pass		16,011		31,469		51,976		39,842		11,455	$	150,753
Special Mention		—		—		—		—		—		—
Substandard		—		—		—		378		—		378
Doubtful		84		—		—		—		—		84
Total Real Estate - Residential	$	16,095	$	31,469	$	51,976	$	40,220	$	11,455	$	151,215
Current year-to-date gross write-offs		—		—		—		—		—		—
Commercial - Non Real Estate
Pass		7,153		8,009		2,243		11,685		4,378	$	33,468
Special Mention		—		—		—		—		—		—
Substandard		—		136		—		445		—		581
Doubtful		—		—		—		19		—		19
Total Commercial - Non Real Estate	$	7,153	$	8,145	$	2,243	$	12,149	$	4,378	$	34,068
Current year-to-date gross write-offs		—		—		—		—		—		—
Agricultural
Pass		1,313		3,708		2,647		4,158		6,527	$	18,353
Special Mention		—		—		—		—		—		—
Substandard		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—
Total - Agricultural	$	1,313	$	3,708	$	2,647	$	4,158	$	6,527	$	18,353
Current year-to-date gross write-offs		—		—		—		—		—		—
Other Consumer
Pass		13,462		5,436		940		2,617		—	$	22,455
Special Mention		—		—		—		—		—		—
Substandard		6		5		42		—		—		53
Doubtful		—		—		—		—		—		—
Total Other Consumer	$	13,468	$	5,441	$	982	$	2,617	$	—	$	22,508
Current year-to-date gross write-offs		—		1		—		—		—		1
Land Development and SIDs
Pass		854		7,448		6,209		1,467		200	$	16,178
Special Mention		—		—		—		—		—		—
Substandard		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—
Total Land Development and SIDs	$	854	$	7,448	$	6,209	$	1,467	$	200	$	16,178
Current year-to-date gross write-offs		—		—		—		—		—		—
Total loans	$	67,610	$	88,079	$	88,447	$	102,988	$	28,924	$	376,048

The Association’s loan classifications as of March 31, 2023, are as follows:

(dollars in thousands)			Special						Total
	Pass		Mention		Substandard		Doubtful		Loans
1–4 Family Residential	$	118,839	$	—	$	771	$	—	$	119,610
Multi-Family Residential		34,296		—		—		—		34,296
Commercial Real Estate		99,367		—		3,079		—		102,446
Agriculture Real Estate		9,245		—		—		—		9,245
Commercial Non-Real Estate		29,390		—		711		—		30,101
Agriculture Non-Real Estate		8,921		—		—		—		8,921
Sanitary & Improvement Districts		5,468		—		—		—		5,468
Consumer Auto		5,591		—		31		—		5,622
Consumer Other		14,334		—		—		—		14,334
Non 1–4 Family Construction & Land Development		23,644		—		—		—		23,644
Total	$	349,095	$	—	$	4,592	$	—	$	353,687

Summary of Loans on Nonaccrual Status

The following table presents certain information with respect to loans on nonaccrual status as of and for the nine months ended December 31, 2023:

(dollars in thousands)	Nonaccrual				Nonaccrual with no		Nonaccrual with		Interest Income
	loans beginning		Nonaccrual loans		Allowance for Credit		Allowance for Credit		Recognized During
December 31, 2023	of period		end of period		Loss		Loss		the Period
Real Estate - Commercial	$	483	$	431	$	431	$	—	$	26
Real Estate- Residential		338		101		17		84		5
Commercial Non-Real Estate		29		19		—		19		6
Other Consumer		—		6		—		6		—
Total	$	850	$	557	$	448	$	109	$	37

The following table presents the recorded investment in nonaccrual and loans past due 90 days or more and still on accrual, by class as of March 31, 2023:

(dollars in thousands)			Loans Past
			Due 90 Days
			or More Still
March 31, 2023	Nonaccrual		Accruing
1-4 Family Residential	$	338	$	—
Commercial Real Estate		483		—
Commercial Non-Real Estate		29		—
Consumer Other		—		178
Total	$	850	$	178

Schedule of Aging Analysis of Contractually Past Due Loans

The following is an aging analysis of the contractually past due loans as of December 31, 2023:

(dollars in thousands)													Loans Past
					Greater than								Due 90 Days
	30–59 Days		60–89 Days		89 Days		Total						or More Still
	Past Due		Past Due		Past Due		Past Due		Current		Total		Accruing
Real Estate - Construction	$	—	$	—	$	—	$	—	$	9,972	$	9,972	$	—
Real Estate - Commercial		—		—		—		—		123,754		123,754		—
Real Estate - Residential		238		30		—		268		150,947		151,215		—
Commercial Non-RE		—		—		—		—		34,068		34,068		—
Agricultural		—		—		—		—		18,353		18,353		—
Other Consumer		52		458		176		686		21,822		22,508		176
Land Development and SIDs		—		—		—		—		16,178		16,178		—
Total	$	290	$	488	$	176	$	954	$	375,094	$	376,048	$	176

The following is an aging analysis of the contractually past due loans as of March 31, 2023:

(dollars in thousands)					Greater than
	30–59 Days		60–89 Days		89 Days		Total
	Past Due		Past Due		Past Due		Past Due		Current		Total
1-4 Family Residential	$	585	$	—	$	—	$	585	$	119,025	$	119,610
Multi Family Residential		—		—		—		—		34,296		34,296
Commercial Real Estate		—		—		—		—		102,446		102,446
Agricultural Real Estate		—		—		—		—		9,245		9,245
Commercial Non-Real Estate		—		—		28		28		30,073		30,101
Agricultural Non-Real Estate		—		—		—		—		8,921		8,921
SIDS		—		—		—		—		5,468		5,468
Consumer Auto		43		24		—		67		5,555		5,622
Consumer Other		344		—		178		522		13,812		14,334
Non 1-4 Family Construction and Land Development		—		—		—		—		23,644		23,644
Total	$	972	$	24	$	206	$	1,202	$	352,485	$	353,687