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Investment Securities
 6 Months Ended
Sep. 30, 2022
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. Debt securities are classified into three categories: trading, held-to-maturity, and available-for-sale. At September 30, 2022, securities with fair value of $55.0 million, or 95.6%, of the Bank’s total securities were classified as available-for-sale, and securities with amortized cost of $2.5 million, or 4.4%, were classified as held-to-maturity, compared to $67.6 million and $5.3 million at March 31, 2022, respectively. The Bank had no securities classified as trading at September 30, 2022 and March 31, 2022.

    Other investments as of September 30, 2022 primarily consists of the Bank's investment in a limited partnership Community Capital Fund and a $5 million bank-owned life insurance policy ("BOLI") that was purchased during the first quarter of fiscal year 2023 as a channel to add to the Company's non-interest income revenue by means of an investment considered safe and sound by the Company's regulators. The investment in the limited partnership is measured using the equity method. The BOLI is carried at the cash surrender value of the underlying policies. Income generated from the investment and the increase in the cash surrender value of the BOLI is included in other non-interest income on the Statements of Operations. Other investments totaled $6.2 million at September 30, 2022 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 September 30, 2022 and March 31, 2022:
At September 30, 2022
AmortizedGross Unrealized
$ in thousandsCostGainsLossesFair Value
Available-for-Sale:    
Mortgage-backed Securities:    
Government National Mortgage Association$375 $1 $1 $375 
Federal Home Loan Mortgage Corporation22,448 — 4,491 17,957 
Federal National Mortgage Association12,094 — 2,484 9,610 
Total mortgage-backed securities34,917 1 6,976 27,942 
U.S. Government Agency Securities10,743 — 24 10,719 
Corporate Bonds5,270 — 2,297 2,973 
Muni Securities17,730 — 4,422 13,308 
Asset-backed Securities101 — 2 99 
Total available-for-sale$68,761 $1 $13,721 $55,041 
Held-to-Maturity:    
Mortgage-backed Securities:    
Government National Mortgage Association$399 $— $11 $388 
Federal National Mortgage Association and Other2,112 — 139 1,973 
Total held-to maturity$2,511 $— $150 $2,361 

At March 31, 2022
AmortizedGross Unrealized
$ in thousandsCostGainsLossesFair Value
Available-for-Sale:    
Mortgage-backed Securities:    
Government National Mortgage Association$439 $9 $— $448 
Federal Home Loan Mortgage Corporation23,744 — 2,197 21,547 
Federal National Mortgage Association12,852 — 1,268 11,584 
Total mortgage-backed securities37,035 9 3,465 33,579 
U.S. Government Agency Securities13,864 — 79 13,785 
Corporate Bonds5,271 — 1,150 4,121 
Muni Securities17,741 — 1,973 15,768 
Asset-backed Securities347 — 4 343 
Total available-for-sale$74,258 $9 $6,671 $67,596 
Held-to-Maturity:    
Mortgage-backed Securities:    
Government National Mortgage Association$481 $27 $— $508 
Federal National Mortgage Association and Other4,773 9 14 4,768 
Total held-to-maturity$5,254 $36 $14 $5,276 

There were no sales of available-for-sale and held-to-maturity securities for the six months ended September 30, 2022 and September 30, 2021.
    The following tables set forth the unrealized losses and fair value of securities in an unrealized loss position at September 30, 2022 and March 31, 2022 for less than 12 months and 12 months or longer:
At September 30, 2022
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$45 $1,272 $6,931 $26,344 $6,976 $27,616 
U.S. Government Agency securities4 4,573 20 6,146 24 10,719 
Corporate bonds— — 2,297 2,973 2,297 2,973 
Muni securities1,087 4,105 3,335 9,203 4,422 13,308 
Asset-backed securities2 99 — — 2 99 
Total available-for-sale securities$1,138 $10,049 $12,583 $44,666 $13,721 $54,715 
Held-to-Maturity:
Mortgage-backed securities$150 $2,324 $— $— $150 $2,324 
  Total held-to-maturity securities$150 $2,324 $— $— $150 $2,324 

At March 31, 2022
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$519 $7,057 $2,946 $26,128 $3,465 $33,185 
U.S. Government Agency securities— — 79 13,785 79 13,785 
Corporate bonds— — 1,150 4,121 1,150 4,121 
Muni securities1,640 13,512 333 2,256 1,973 15,768 
Asset-backed securities4 343 — — 4 343 
Total available-for-sale securities$2,163 $20,912 $4,508 $46,290 $6,671 $67,202 
Held-to-Maturity:      
Mortgage-backed securities$14 $2,204 $— $— $14 $2,204 
Total held-to-maturity securities$14 $2,204 $— $— $14 $2,204 

    A total of 25 securities had an unrealized loss at September 30, 2022 compared to 23 at March 31, 2022. Mortgage-backed securities, U.S. government agency securities, municipal securities and a corporate bond security represented 50.5%, 19.6%, 24.3% and 5.4%, respectively, of total available-for-sale securities in an unrealized loss position at September 30, 2022. There were five mortgage-backed securities, two U.S. government agency securities, one corporate bond and four municipal securities that had an unrealized loss position for more than 12 months at September 30, 2022. 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 September 30, 2022.
    The following is a summary of the amortized cost and fair value of debt securities at September 30, 2022, 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:
Less than one year$101 $99 (0.85)%
One through five years— — — %
Five through ten years6,344 5,965 3.23 %
After ten years27,399 21,035 2.67 %
Mortgage-backed securities34,917 27,942 1.53 %
Total$68,761 $55,041 1.99 %
Held-to-maturity:
Mortgage-backed securities$2,511 $2,361 2.77 %