The following is a summary of investment securities at June 30, 2026 and March 31, 2026:


	June 30, 2026
			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
Securities available-for-sale	(Dollars in thousands)
FHLMC bonds	$	23,478	$	137	$	(1,376	)	$	22,239
GNMA bonds		6,707		32		(54	)		6,685
FNMA bonds		28,284		209		(1,512	)		26,981
Municipal bonds		8,624		—		(1,064	)		7,560
Total securities available-for-sale	$	67,093	$	378	$	(4,006	)	$	63,465

Securities held-to-maturity
FHLMC bonds	$	51	$	1	$	—		$	52
GNMA bonds		29		1		—			30
FNMA bonds		79		1		—			80
Total securities held-to-maturity	$	159	$	3	$	—		$	162


(dollars in thousands)	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

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 June 30, 2026 and March 31, 2026, are as follows:


	Less than 12 Months					12 Months or Longer					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
June 30, 2026	Value		Losses			Value		Losses			Value		Losses
Securities available-for-sale	(Dollars in thousands)
FHLMC bonds	$	4,518	$	(48	)	$	10,516	$	(1,328	)	$	15,034	$	(1,376	)
GNMA bonds		2,601		(54	)		—		—			2,601		(54	)
FNMA bonds		6,902		(102	)		9,645		(1,410	)		16,547		(1,512	)
Municipal bonds		—		—			7,560		(1,064	)		7,560		(1,064	)
Total securities available-for-sale	$	14,021	$	(204	)	$	27,721	$	(3,802	)	$	41,742	$	(4,006	)

	Less than 12 Months					12 Months or Longer					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	)

The unrealized losses at June 30, 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 June 30, 2026, 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 June 30, 2026, as there was no credit quality deterioration noted. Therefore, no provision for credit losses on securities was recognized for the three months ended June 30, 2026.

At June 30, 2026 and March 31, 2026, investment securities with amortized cost of $23.4 million, and $22.5 million, respectively, and estimated fair value of $22.0 million and $21.2 million, respectively, were pledged to secure public, consumer, and commercial deposits.

The Association had no sales of available for sale investment securities for the three months ended June 30, 2026 or 2025.