Investment Securities (Tables)

6 Months Ended

Sep. 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 September 30, 2023 and March 31, 2023:

	At September 30, 2023
	Amortized		Gross Unrealized
$ in thousands	Cost		Gains		Losses		Fair Value
Available-for-Sale:
Mortgage-backed Securities:
Government National Mortgage Association	$	300	$	—	$	3	$	297
Federal Home Loan Mortgage Corporation	20,920		—		5,248		15,672
Federal National Mortgage Association	11,276		—		2,770		8,506
Total mortgage-backed securities	32,496		—		8,021		24,475
U.S. Government Agency Securities	7,488		—		25		7,463
Corporate Bonds	5,267		—		2,523		2,744
Muni Securities	17,707		—		4,745		12,962
Total available-for-sale	$	62,958	$	—	$	15,314	$	47,644
Held-to-Maturity:
Mortgage-backed Securities:
Government National Mortgage Association	$	326	$	—	$	18	$	308
Federal National Mortgage Association and Other	1,836		—		139		1,697
Total held-to maturity	$	2,162	$	—	$	157	$	2,005

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

	At September 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	$	1	$	258	$	8,020	$	24,217	$	8,021	$	24,475
U.S. Government Agency securities	—		—		25		7,462		25		7,462
Corporate bonds	—		—		2,523		2,744		2,523		2,744
Muni securities	—		—		4,745		12,962		4,745		12,962
Total available-for-sale securities	$	1	$	258	$	15,313	$	47,385	$	15,314	$	47,643
Held-to-Maturity:
Mortgage-backed securities	$	—	$	—	$	157	$	1,971	$	157	$	1,971
Total held-to-maturity securities	$	—	$	—	$	157	$	1,971	$	157	$	1,971

	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 September 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:
One through five years	2,185		2,173		6.05	%
Five through ten years	2,670		2,174		2.67	%
After ten years	25,607		18,822		3.47	%
Mortgage-backed securities	32,496		24,475		1.62	%
Total	$	62,958	$	47,644	2.60	%
Held-to-maturity:
Mortgage-backed securities	$	2,162	$	2,005	2.81	%