The following is a summary of investment securities at December 31, 2025 and March 31, 2025:


	December 31, 2025
			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
Securities available-for-sale	(Dollars in thousands)
FHLMC bonds	$	22,741	$	221	$	(1,276	)	$	21,686
GNMA bonds		4,534		57		—			4,591
FNMA bonds		26,080		344		(1,385	)		25,039
Municipal bonds		8,622		—		(1,049	)		7,573
Total securities available-for-sale	$	61,977	$	622	$	(3,710	)	$	58,889

Securities held-to-maturity
FHLMC bonds	$	56	$	1	$	—		$	57
GNMA bonds		36		—		—			36
FNMA bonds		92		2		—			94
Total securities held-to-maturity	$	184	$	3	$	—		$	187


(dollars in thousands)	March 31, 2025
			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
Securities available-for-sale	(Dollars in thousands)
FHLMC bonds	$	23,085	$	107	$	(1,726	)	$	21,466
GNMA bonds		5,035		34		(2	)		5,067
FNMA bonds		27,237		224		(1,871	)		25,590
Municipal bonds		8,622		—		(1,376	)		7,246
Total securities available-for-sale	$	63,979	$	365	$	(4,975	)	$	59,369

Securities held-to-maturity
FHLMC bonds	$	64	$	2	$	—		$	66
GNMA bonds		46		—		—			46
FNMA bonds		112		2		—			114
Total securities held-to-maturity	$	222	$	4	$	—		$	226

The fair value and gross unrealized losses on the Association’s available-for-sale investment securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2025 and March 31, 2025, are as follows:


	Less than 12 Months					12 Months or Longer					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
December 31, 2025	Value		Losses			Value		Losses			Value		Losses
Securities available-for-sale	(Dollars in thousands)
FHLMC bonds	$	—	$	—		$	11,394	$	(1,276	)	$	11,394	$	(1,276	)
FNMA bonds		988		(1	)		11,490		(1,384	)		12,478		(1,385	)
Municipal bonds		—		—			7,573		(1,049	)		7,573		(1,049	)
Total securities available-for-sale	$	988	$	(1	)	$	30,457	$	(3,709	)	$	31,445	$	(3,710	)

	Less than 12 Months					12 Months or Longer					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
March 31, 2025	Value		Losses			Value		Losses			Value		Losses
Securities available-for-sale	(Dollars in thousands)
FHLMC bonds	$	2,919	$	(39	)	$	12,978	$	(1,687	)	$	15,897	$	(1,726	)
GNMA bonds		105		(1	)		1,154		(1	)		1,259		(2	)
FNMA bonds		3,004		(24	)		12,315		(1,847	)		15,319		(1,871	)
Municipal bonds		—		—			7,246		(1,376	)		7,246		(1,376	)
Total securities available-for-sale	$	6,028	$	(64	)	$	33,693	$	(4,911	)	$	39,721	$	(4,975	)

The unrealized losses at December 31, 2025 are related to mortgage-backed securities and municipal bonds. Government-sponsored enterprises, such as the Federal Home Loan Mortgage Corporation or the Federal National Mortgage Association, have an implied guarantee by the U.S. government. At December 31, 2025, all the mortgage-backed securities held by the Association were issued by U.S. government-sponsored entities and agencies. The issuers continue to make timely principal and interest payments on the mortgage-backed securities. The fair value is expected to recover as the bonds approach maturity.

Unrealized losses on municipal bonds have not been recognized into income because the issuers’ bonds are high credit quality, the Association does not intend to sell, and it is more likely than not, that the Association will not be required to sell the securities prior to their anticipated recovery, and the decline in fair value is largely due to changes in interest rates and other market conditions. The issuers continue to make timely principal and interest payments on the bonds. The fair value is expected to recover as the bonds approach maturity.

No credit losses were determined to be present as of December 31, 2025, as there was no credit quality deterioration noted. Therefore, no provision for credit losses on securities was recognized for the nine months ended December 31, 2025.

At December 31, 2025 and March 31, 2025, investment securities with amortized cost of $23.3 million, and $44.2 million, respectively, and estimated fair value of $22.1 million and $41.0 million, respectively, were pledged to secure public, consumer, and commercial deposits.

The Association had no sales of available for sale investment securities for the nine months ended December 31, 2025 or 2024.