XML 24 R14.htm IDEA: XBRL DOCUMENT v3.22.0.1
Investment Securities
 9 Months Ended
Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]  
Investment Securities INVESTMENT SECURITIES
    The Bank utilizes mortgage-backed and other investment securities in its asset/liability management strategy. In making investment decisions, the Bank considers, among other things, its yield and interest rate objectives, its interest rate and credit risk position, and its liquidity and cash flow.

    Generally, the investment policy of the Bank is to invest funds among categories of investments and maturities based upon the Bank’s asset/liability management policies, investment quality, loan and deposit volume and collateral requirements, liquidity needs and performance objectives. GAAP requires that securities be classified into three categories: trading, held-to-maturity, and available-for-sale. At December 31, 2021, securities with fair value of $75.3 million, or 93.3%, of the Bank’s total securities were classified as available-for-sale, and securities with amortized cost of $5.4 million, or 6.7%, were classified as held-to-maturity, compared to $86.5 million and $7.8 million at March 31, 2021, respectively. The Bank had no securities classified as trading at December 31, 2021 and March 31, 2021.

    Other investments as of December 31, 2021 primarily consists of the Bank's investment in a limited partnership Community Capital Fund. These securities are measured at fair value with unrealized holding gains and losses reflected in net income. Other investments totaled $1.1 million at December 31, 2021 and are included in Other Assets on the Statements of Financial Condition.
    The following tables set forth the amortized cost and fair value of securities available-for-sale and held-to-maturity at December 31, 2021 and March 31, 2021:
At December 31, 2021
AmortizedGross Unrealized
$ in thousandsCostGainsLossesFair Value
Available-for-Sale:    
Mortgage-backed Securities:    
Government National Mortgage Association$494 $18 $— $512 
Federal Home Loan Mortgage Corporation24,791 31 877 23,945 
Federal National Mortgage Association13,306 — 446 12,860 
Total mortgage-backed securities38,591 49 1,323 37,317 
U.S. Government Agency Securities15,131 — 60 15,071 
Corporate Bonds5,272 — 90 5,182 
Muni Securities17,746 88 547 17,287 
Asset-backed Securities410 1 — 411 
Total available-for-sale$77,150 $138 $2,020 $75,268 
Held-to-Maturity:    
Mortgage-backed Securities:    
Government National Mortgage Association$527 $49 $— $576 
Federal National Mortgage Association and Other4,880 136 — 5,016 
Total held-to maturity$5,407 $185 $— $5,592 

At March 31, 2021
AmortizedGross Unrealized
$ in thousandsCostGainsLossesFair Value
Available-for-Sale:    
Mortgage-backed Securities:    
Government National Mortgage Association$987 $39 $— $1,026 
Federal Home Loan Mortgage Corporation28,458 88 761 27,785 
Federal National Mortgage Association15,120 — 510 14,610 
Total mortgage-backed securities44,565 127 1,271 43,421 
U.S. Government Agency Securities18,744 — 113 18,631 
Corporate Bonds5,274 — 793 4,481 
Muni Securities17,763 — 1,153 16,610 
Asset-backed Securities3,336 28 — 3,364 
Total available-for-sale$89,682 $155 $3,330 $86,507 
Held-to-Maturity:    
Mortgage-backed Securities:    
Government National Mortgage Association$683 $69 $— $752 
Federal National Mortgage Association and Other7,124 264 — 7,388 
Total held-to-maturity$7,807 $333 $— $8,140 

There were no sales of available-for-sale and held-to-maturity securities for the three and nine months ended December 31, 2021. The following is a summary regarding proceeds, gross gains and gross losses realized from the sale of securities from the available-for-sale portfolio for the nine months ended December 31, 2020.
$ in thousands
December 31, 2020
Proceeds$30,190 
Gross gains862 
    The following tables set forth the unrealized losses and fair value of securities in an unrealized loss position at December 31, 2021 and March 31, 2021 for less than 12 months and 12 months or longer:
At December 31, 2021
Less than 12 months12 months or longerTotal
$ in thousandsUnrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value
Available-for-Sale:      
Mortgage-backed securities$164 $6,030 $1,159 $28,824 $1,323 $34,854 
U.S. Government Agency securities— — 60 15,071 60 15,071 
Corporate bonds— — 90 5,182 90 5,182 
Muni securities411 12,057 136 2,454 547 14,511 
Total available-for-sale securities$575 $18,087 $1,445 $51,531 $2,020 $69,618 

At March 31, 2021
Less than 12 months12 months or longerTotal
$ in thousandsUnrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value
Available-for-Sale:      
Mortgage-backed securities$1,271 $39,020 $— $— $1,271 $39,020 
U.S. Government Agency securities— — 113 18,631 113 18,631 
Corporate bonds793 4,481 — — 793 4,481 
Muni securities1,153 16,609 1,153 16,609 
Total available-for-sale securities$3,217 $60,110 $113 $18,631 $3,330 $78,741 

    A total of 14 securities had an unrealized loss at December 31, 2021 compared to 15 at March 31, 2021. Mortgage-backed securities, U.S. government agency securities, municipal securities and a corporate bond security represented 50.1%, 21.6%, 20.8% and 7.4%, respectively, of total available-for-sale securities in an unrealized loss position at December 31, 2021. There were four mortgage-backed securities, three U.S. government agency securities, one corporate bond and one municipal security that had an unrealized loss position for more than 12 months at December 31, 2021. Given the high credit quality of the mortgage-backed securities, which are backed by the U.S. government's guarantees, the high credit quality and strong financial performance of the U.S. Government Agency and municipal securities, and the corporate security that is a reputable institution in good financial standing, the risk of credit loss is minimal. Management believes that these unrealized losses are a direct result of the current rate environment and the Company has the ability and intent to hold the securities until maturity or the valuations recover. The Bank did not have any securities that were classified as having other-than-temporary impairment in its investment portfolio at December 31, 2021.

    The following is a summary of the amortized cost and fair value of debt securities at December 31, 2021, by remaining period to contractual maturity (ignoring earlier call dates, if any).  Actual maturities may differ from contractual maturities because certain security issuers have the right to call or prepay their obligations.  The table below does not consider the effects of possible prepayments or unscheduled repayments.
$ in thousandsAmortized CostFair ValueWeighted
Average Yield
Available-for-Sale:
One through five years410 410 0.75 %
Five through ten years7,582 7,644 1.95 %
After ten years30,567 29,897 1.95 %
Mortgage-backed securities38,591 37,317 1.33 %
Total$77,150 $75,268 1.64 %
Held-to-maturity:
Mortgage-backed securities$5,407 $5,592 2.48 %