Investment Securities (Tables)

3 Months Ended

Jun. 30, 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 June 30, 2023 and March 31, 2023:

	At June 30, 2023
	Amortized		Gross Unrealized
$ in thousands	Cost		Gains		Losses		Fair Value
Available-for-Sale:
Mortgage-backed Securities:
Government National Mortgage Association	$	316	$	—	$	4	$	312
Federal Home Loan Mortgage Corporation	21,281		—		4,607		16,674
Federal National Mortgage Association	11,510		—		2,262		9,248
Total mortgage-backed securities	33,107		—		6,873		26,234
U.S. Government Agency Securities	9,112		—		30		9,082
Corporate Bonds	5,268		—		2,182		3,086
Muni Securities	17,713		—		3,923		13,790
Total available-for-sale	$	65,200	$	—	$	13,008	$	52,192
Held-to-Maturity:
Mortgage-backed Securities:
Government National Mortgage Association	$	347	$	—	$	9	$	338
Federal National Mortgage Association and Other	1,890		—		121		1,769
Total held-to maturity	$	2,237	$	—	$	130	$	2,107

	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 and Other	1,952		—		94		1,858
Total held-to-maturity	$	2,318	$	—	$	97	$	2,221

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 June 30, 2023 and March 31, 2023 for less than 12 months and 12 months or longer:

	At June 30, 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	$	3	$	270	$	6,870	$	25,964	$	6,873	$	26,234
U.S. Government Agency securities	—		—		30		9,082		30		9,082
Corporate bonds	—		—		2,182		3,086		2,182		3,086
Muni securities	—		—		3,923		13,790		3,923		13,790
Total available-for-sale securities	$	3	$	270	$	13,005	$	51,922	$	13,008	$	52,192
Held-to-Maturity:
Mortgage-backed securities	$	9	$	338	$	121	$	1,734	$	130	$	2,072
Total held-to-maturity securities	$	9	$	338	$	121	$	1,734	$	130	$	2,072

	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

Investments Classified by Contractual Maturity Date

The following is a summary of the amortized cost and fair value of debt securities at June 30, 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	5,540		5,157		4.63	%
After ten years	26,553		20,801		3.47	%
Mortgage-backed securities	33,107		26,234		1.62	%
Total	$	65,200	$	52,192	2.66	%
Held-to-maturity:
Mortgage-backed securities	$	2,237	$	2,107	2.8	%