Investment Securities (Tables)

9 Months Ended

Dec. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Unrealized Gain (Loss) on Investments

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
	Amortized		Gross Unrealized
$ in thousands	Cost		Gains		Losses		Fair Value
Available-for-Sale:
Mortgage-backed Securities:
Government National Mortgage Association	$	494	$	18	$	—	$	512
Federal Home Loan Mortgage Corporation	24,791		31		877		23,945
Federal National Mortgage Association	13,306		—		446		12,860
Total mortgage-backed securities	38,591		49		1,323		37,317
U.S. Government Agency Securities	15,131		—		60		15,071
Corporate Bonds	5,272		—		90		5,182
Muni Securities	17,746		88		547		17,287
Asset-backed Securities	410		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 Other	4,880		136		—		5,016
Total held-to maturity	$	5,407	$	185	$	—	$	5,592

	At March 31, 2021
	Amortized		Gross Unrealized
$ in thousands	Cost		Gains		Losses		Fair Value
Available-for-Sale:
Mortgage-backed Securities:
Government National Mortgage Association	$	987	$	39	$	—	$	1,026
Federal Home Loan Mortgage Corporation	28,458		88		761		27,785
Federal National Mortgage Association	15,120		—		510		14,610
Total mortgage-backed securities	44,565		127		1,271		43,421
U.S. Government Agency Securities	18,744		—		113		18,631
Corporate Bonds	5,274		—		793		4,481
Muni Securities	17,763		—		1,153		16,610
Asset-backed Securities	3,336		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 Other	7,124		264		—		7,388
Total held-to-maturity	$	7,807	$	333	$	—	$	8,140

Schedule of Realized Gain (Loss)

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 gains	862

Schedule of Unrealized Loss on Investments

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 months				12 months or longer				Total
$ in thousands	Unrealized 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 securities	411		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 months				12 months or longer				Total
$ in thousands	Unrealized 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 bonds	793		4,481		—		—		793		4,481
Muni securities	1,153		16,609						1,153		16,609
Total available-for-sale securities	$	3,217	$	60,110	$	113	$	18,631	$	3,330	$	78,741

Investments Classified by Contractual Maturity Date

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 thousands	Amortized Cost		Fair Value		Weighted Average Yield
Available-for-Sale:
One through five years	410		410		0.75	%
Five through ten years	7,582		7,644		1.95	%
After ten years	30,567		29,897		1.95	%
Mortgage-backed securities	38,591		37,317		1.33	%
Total	$	77,150	$	75,268	1.64	%
Held-to-maturity:
Mortgage-backed securities	$	5,407	$	5,592	2.48	%