Investment Securities (Tables)

9 Months Ended

Dec. 31, 2024

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, 2024 and March 31, 2024:

	December 31, 2024
			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
Securities available-for-sale	(Dollars in thousands)
FHLMC bonds	$	22,915	$	90	$	(2,134	)	$	20,871
GNMA bonds		5,152		13		(9	)		5,156
FNMA bonds		25,950		162		(2,250	)		23,862
Municipal bonds		8,624		—		(1,479	)		7,145
Total securities available-for-sale	$	62,641	$	265	$	(5,872	)	$	57,034
Securities held-to-maturity
FHLMC bonds	$	74	$	2	$	—		$	76
GNMA bonds		49		—		—			49
FNMA bonds		133		2		—			135
Total securities held-to-maturity	$	256	$	4	$	—		$	260

(dollars in thousands)	March 31, 2024
			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
Securities available-for-sale	(Dollars in thousands)
FHLMC bonds	$	24,859	$	43	$	(2,193	)	$	22,709
GNMA bonds		4,456		2		(52	)		4,406
FNMA bonds		28,241		142		(2,322	)		26,061
Municipal bonds		8,628		—		(1,448	)		7,180
Total securities available-for-sale	$	66,184	$	187	$	(6,015	)	$	60,356
Securities held-to-maturity
FHLMC bonds	$	85	$	—	$	—		$	85
GNMA bonds		57		—		(1	)		56
FNMA bonds		165		—		(1	)		164
Total securities held-to-maturity	$	307	$	—	$	(2	)	$	305

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, 2024 and March 31, 2024, are as follows:

	Less than 12 Months					12 Months or Longer					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
December 31, 2024	Value		Losses			Value		Losses			Value		Losses
Securities available-for-sale	(Dollars in thousands)
FHLMC bonds	$	2,981	$	(83	)	$	13,043	$	(2,051	)	$	16,024	$	(2,134	)
GNMA bonds		2,055		(6	)		1,263		(3	)		3,318		(9	)
FNMA bonds		3,106		(75	)		12,579		(2,175	)		15,685		(2,250	)
Municipal bonds		688		(37	)		6,457		(1,442	)		7,145		(1,479	)
Total securities available-for-sale	$	8,830	$	(201	)	$	33,342	$	(5,671	)	$	42,172	$	(5,872	)
	Less than 12 Months					12 Months or Longer					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
March 31, 2024	Value		Losses			Value		Losses			Value		Losses
Securities available-for-sale	(Dollars in thousands)
FHLMC bonds	$	3,194	$	(58	)	$	16,053	$	(2,135	)	$	19,247	$	(2,193	)
GNMA bonds		2,264		(24	)		1,852		(28	)		4,116		(52	)
FNMA bonds		3,329		(29	)		15,762		(2,293	)		19,091		(2,322	)
Municipal bonds		1,608		(112	)		5,572		(1,336	)		7,180		(1,448	)
Total securities available-for-sale	$	10,395	$	(223	)	$	39,239	$	(5,792	)	$	49,634	$	(6,015	)

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, 2024 by contractual maturity, are shown below:

	Available for Sale
	Amortized Cost		Fair Value
Maturity	(Dollars in thousands)
Due less than one year	$	—	$	—
Due after one year through five years		3,011		2,816
Due after five years through ten years		1,952		1,560
Due after ten years		3,661		2,769
Mortgage-backed securities and collateralized mortgage obligations		54,017		49,889
Total	$	62,641	$	57,034