The following is a summary of investment securities at March 31, 2026 and March 31, 2025:


	March 31, 2026
			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
Securities available-for-sale	(Dollars in thousands)
FHLMC bonds	$	24,376	$	149	$	(1,311	)	$	23,214
GNMA bonds		6,948		44		(19	)		6,973
FNMA bonds		26,010		224		(1,407	)		24,827
Municipal bonds		8,623		—		(1,103	)		7,520
Total securities available-for-sale	$	65,957	$	417	$	(3,840	)	$	62,534

Securities held-to-maturity
FHLMC bonds	$	54	$	1	$	—		$	55
GNMA bonds		33		—		—			33
FNMA bonds		88		2		—			90
Total securities held-to-maturity	$	175	$	3	$	—		$	178


	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 March 31, 2026 and March 31, 2025, are as follows:


	Less than 12 Months					12 Months or Greater					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
March 31, 2026	Value		Losses			Value		Losses			Value		Losses
Securities available-for-sale	(Dollars in thousands)
FHLMC bonds	$	4,088	$	(36	)	$	10,998	$	(1,275	)	$	15,086	$	(1,311	)
GNMA bonds		2,647		(19	)		—		—			2,647		(19	)
FNMA bonds		2,824		(35	)		10,815		(1,372	)		13,639		(1,407	)
Municipal bonds		—		—			7,520		(1,103	)		7,520		(1,103	)
Total securities available-for-sale	$	9,559	$	(90	)	$	29,333	$	(3,750	)	$	38,892	$	(3,840	)

	Less than 12 Months					12 Months or Greater					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 March 31, 2026 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 March 31, 2026, all of 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.

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 likely 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.

At March 31, 2026 and March 31, 2025, investment securities with amortized cost of $22.5 million, and $44.2 million, respectively, and estimated fair value of $21.2 million and $41.0 million, respectively, were pledged to secure public, consumer, and commercial deposits.

The Company’s held-to-maturity securities portfolio at March 31, 2026 consists entirely of mortgage-backed securities. These securities do not have a single contractual maturity date and are instead characterized by monthly principal and interest payments, with expected lives that may differ from contractual terms due to prepayments of the underlying mortgage loans. As a result, the Company has not presented the held-to-maturity portfolio by contractual maturity.

The Association had no sales of available for sale investment securities for the years ended March 31, 2026 or 2025.