Investment Securities (Tables)

12 Months Ended

Mar. 31, 2023

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 March 31, 2023 and March 31, 2022:

	At March 31, 2023
	Amortized		Gross Unrealized
$ in thousands	Cost		Gains		Losses		Fair Value
Available-for-Sale:
Mortgage-backed securities:
Government National Mortgage Association	$	341	$	1	$	1	$	341
Federal Home Loan Mortgage Corporation	21,651		—		4,051		17,600
Federal National Mortgage Association	11,714		—		2,212		9,502
Total mortgage-backed securities	33,706		1		6,264		27,443
U.S. Government Agency Securities	9,364		—		38		9,326
Corporate Bonds	5,269		—		2,177		3,092
Muni Securities	17,719		—		3,737		13,982
Total available-for-sale	$	66,058	$	1	$	12,216	$	53,843
Held-to-Maturity:
Mortgage-backed securities:
Government National Mortgage Association	$	366	$	—	$	3	$	363
Federal National Mortgage Association	1,952		—		94		1,858
Total held-to-maturity	$	2,318	$	—	$	97	$	2,221

	At March 31, 2022
	Amortized		Gross Unrealized
$ in thousands	Cost		Gains		Losses		Fair Value
Available-for-Sale:
Mortgage-backed securities:
Government National Mortgage Association	$	439	$	9	$	—	$	448
Federal Home Loan Mortgage Corporation	23,744		—		2,197		21,547
Federal National Mortgage Association	12,852		—		1,268		11,584
Total mortgage-backed securities	37,035		9		3,465		33,579
U.S. Government Agency Securities	13,864		—		79		13,785
Corporate Bonds	5,271		—		1,150		4,121
Muni Securities	17,741		—		1,973		15,768
Asset-backed Securities	347		—		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	4,773		9		14		4,768
Total held-to-maturity	$	5,254	$	36	$	14	$	5,276

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 March 31, 2023 and March 31, 2022 for less than 12 months and 12 months or longer:

	At March 31, 2023
	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	$	—	$	—	$	6,264	$	27,146	$	6,264	$	27,146
U.S. Government Agency Securities	13		4,075		25		5,251		38		9,326
Corporate bonds	—		—		2,177		3,092		2,177		3,092
Muni securities	—		—		3,737		13,982		3,737		13,982
Total available-for-sale securities	$	13	$	4,075	$	12,203	$	49,471	$	12,216	$	53,546
Held-to-Maturity:
Mortgage-backed securities	$	3	$	363	$	94	$	1,822	$	97	$	2,185
Total held-to-maturity securities	$	3	$	363	$	94	$	1,822	$	97	$	2,185

	At March 31, 2022
	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	$	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 securities	1,640		13,512		333		2,256		1,973		15,768
Asset-backed securities	4		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

Investments Classified by Contractual Maturity Date

The following is a summary of the amortized cost and fair value of debt securities at March 31, 2023, 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:
Five through ten years	5,679		5,330		4.34	%
After ten years	26,673		21,070		3.33	%
Mortgage-backed securities	33,706		27,443		1.63	%
	$	66,058	$	53,843	2.56	%
Held-to-maturity:
Mortgage-backed securities	$	2,318	$	2,221	2.78	%