Investment Securities (Tables)

9 Months Ended

Dec. 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 December 31, 2023 and March 31, 2023:

	At December 31, 2023
	Amortized		Gross Unrealized
$ in thousands	Cost		Gains		Losses		Fair Value
Available-for-Sale:
Mortgage-backed Securities:
Government National Mortgage Association	$	295	$	4	$	(1)	$	298
Federal Home Loan Mortgage Corporation	20,561		—		(4,321)		16,240
Federal National Mortgage Association	11,132		—		(2,149)		8,983
Total mortgage-backed securities	31,988		4		(6,471)		25,521
U.S. Government Agency Securities	6,427		—		(25)		6,402
Corporate Bonds	5,266		—		(2,074)		3,192
Muni Securities	17,702		—		(3,711)		13,991
Total available-for-sale	$	61,383	$	4	$	(12,281)	$	49,106
Held-to-Maturity:
Mortgage-backed Securities:
Government National Mortgage Association	$	311	$	—	$	(6)	$	305
Federal National Mortgage Association and Other	1,767		—		(88)		1,679
Total held-to maturity	$	2,078	$	—	$	(94)	$	1,984

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

	At December 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	$	—	$	—	$	(6,471)	$	25,260	$	(6,471)	$	25,260
U.S. Government Agency securities	—		—		(25)		5,076		(25)		5,076
Corporate bonds	—		—		(2,074)		3,192		(2,074)		3,192
Muni securities	—		—		(3,711)		13,991		(3,711)		13,991
Total available-for-sale securities	$	—	$	—	$	(12,281)	$	47,519	$	(12,281)	$	47,519
Held-to-Maturity:
Mortgage-backed securities	$	—	$	—	$	(94)	$	1,950	$	(94)	$	1,950
Total held-to-maturity securities	$	—	$	—	$	(94)	$	1,950	$	(94)	$	1,950

	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 December 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:
One through five years	1,984		1,971		6.41	%
Five through ten years	2,667		2,326		2.67	%
After ten years	24,744		19,288		3.25	%
Mortgage-backed securities	31,988		25,521		1.65	%
Total	$	61,383	$	49,106	2.52	%
Held-to-maturity:
Mortgage-backed securities	$	2,078	$	1,984	2.79	%