Stock Based Compensation (Tables)

9 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Shares Held by the ESOP

Shares held by the ESOP were as follows:

	As of December 31,
	2024		2023
	(Dollars in thousands)
Shares allocated		26,436		13,218
Unallocated		304,029		317,247
Total ESOP shares		330,465		330,465
1
Fair value of unearned shares as of December 31, 2024 and 2023, respectively	$	4,548	$	3,236

Summary of Share-Based Compensation Expense

The following table presents the share-based compensation expense for the three and nine months ended December 31, 2024. There was no share-based compensation expense for the three and nine months ended December 31, 2023.
 

	Three and Nine Months Ended December 31, 2024
	2024
	(Dollars in thousands)
Stock option expense	$	13
Restricted stock expense		13
Total stock based compensation expense	$	26

Summary of Stock Option Activity

The following is a summary of the Company's stock option activity and related information for the nine months ended December 31, 2024. There was no stock option activity for the nine months ended December 31, 2023.

Stock Option	Number of Stock Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value
							(Dollars in thousands)
Outstanding at March 31, 2024		—	$	—		—	$	—
Granted		123,924		14.40		10.0		69
Forfeited		—		—		—		—
Outstanding at December 31, 2024		123,924	$	14.40		10.0		69
Exercisable - End of Period		—					$	—

Summary of Restricted shares

The following is a summary of the status of the Company's restricted shares as of December 31, 2024 and changes thereto during the nine months ended December 31, 2024.

Restricted Stock	Number of Shares Awarded		Weighted Average Grant Date Fair Value
Nonvested balance as of March 31, 2024		—	$	—
Granted		49,566		14.40
Vested		—		—
Forfeited		—		—
Nonvested balance as of December 31, 2024		49,566	$	14.40