| Summary of Investment Securities Available for Sale and Held to Maturity |
The following is a summary of investment securities at December 31, 2025 and March 31, 2025:
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December 31, 2025 |
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Gross |
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|
Gross |
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Amortized |
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Unrealized |
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Unrealized |
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Fair |
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Cost |
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Gains |
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Losses |
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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 |
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|
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|
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|
|
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Securities held-to-maturity |
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FHLMC bonds |
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$ |
56 |
|
|
$ |
1 |
|
|
$ |
— |
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|
$ |
57 |
|
GNMA bonds |
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|
36 |
|
|
|
— |
|
|
|
— |
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|
|
36 |
|
FNMA bonds |
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|
92 |
|
|
|
2 |
|
|
|
— |
|
|
|
94 |
|
Total securities held-to-maturity |
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$ |
184 |
|
|
$ |
3 |
|
|
$ |
— |
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|
$ |
187 |
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|
|
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(dollars in thousands) |
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March 31, 2025 |
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Gross |
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|
Gross |
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|
|
|
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Amortized |
|
|
Unrealized |
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|
Unrealized |
|
|
Fair |
|
|
|
Cost |
|
|
Gains |
|
|
Losses |
|
|
Value |
|
Securities available-for-sale |
|
(Dollars in thousands) |
|
FHLMC bonds |
|
$ |
23,085 |
|
|
$ |
107 |
|
|
$ |
(1,726 |
) |
|
$ |
21,466 |
|
GNMA bonds |
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|
5,035 |
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|
34 |
|
|
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(2 |
) |
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|
5,067 |
|
FNMA bonds |
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|
27,237 |
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|
|
224 |
|
|
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(1,871 |
) |
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|
25,590 |
|
Municipal bonds |
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|
8,622 |
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|
|
— |
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(1,376 |
) |
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|
7,246 |
|
Total securities available-for-sale |
|
$ |
63,979 |
|
|
$ |
365 |
|
|
$ |
(4,975 |
) |
|
$ |
59,369 |
|
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|
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|
|
|
|
|
|
|
|
|
Securities held-to-maturity |
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|
|
|
|
|
|
|
|
|
|
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FHLMC bonds |
|
$ |
64 |
|
|
$ |
2 |
|
|
$ |
— |
|
|
$ |
66 |
|
GNMA bonds |
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|
46 |
|
|
|
— |
|
|
|
— |
|
|
|
46 |
|
FNMA bonds |
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|
112 |
|
|
|
2 |
|
|
|
— |
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|
|
114 |
|
Total securities held-to-maturity |
|
$ |
222 |
|
|
$ |
4 |
|
|
$ |
— |
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|
$ |
226 |
|
|
| Summary of Debt Securities Available for Sale and Unrealized Loss Position |
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:
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Less than 12 Months |
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12 Months or Longer |
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Total |
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Fair |
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Unrealized |
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Fair |
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Unrealized |
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Fair |
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|
Unrealized |
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December 31, 2025 |
|
Value |
|
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Losses |
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|
Value |
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|
Losses |
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|
Value |
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|
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 |
) |
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Less than 12 Months |
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12 Months or Longer |
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Total |
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Fair |
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Unrealized |
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|
Fair |
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|
Unrealized |
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|
Fair |
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|
Unrealized |
|
March 31, 2025 |
|
Value |
|
|
Losses |
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|
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 |
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|
105 |
|
|
|
(1 |
) |
|
|
1,154 |
|
|
|
(1 |
) |
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|
1,259 |
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|
|
(2 |
) |
FNMA bonds |
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|
3,004 |
|
|
|
(24 |
) |
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|
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 |
) |
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| Schedule of Amortized Cost and Fair Value of Available for sale Investment Securities by Contractual Maturity |
The amortized cost and fair values of available for sale investment securities as of December 31, 2025 by contractual maturity, are shown below:
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Available for Sale |
|
|
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Amortized Cost |
|
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Fair Value |
|
Maturity |
|
(Dollars in thousands) |
|
Due less than one year |
|
$ |
1,063 |
|
|
$ |
1,044 |
|
Due after one year through five years |
|
|
2,382 |
|
|
|
2,276 |
|
Due after five years through ten years |
|
|
2,843 |
|
|
|
2,374 |
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Due after ten years |
|
|
2,334 |
|
|
|
1,879 |
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Mortgage-backed securities and collateralized mortgage obligations |
|
|
53,355 |
|
|
|
51,316 |
|
Total |
|
$ |
61,977 |
|
|
$ |
58,889 |
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