Investment Securities (Tables)
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6 Months Ended |
Sep. 30, 2026 |
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| Investments, Debt and Equity Securities [Abstract] |
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| Summary of Investment Securities Available for Sale and Held to Maturity |
The following is a summary of investment securities at September 30, 2026 and March 31, 2026:
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September 30, 2026 |
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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 |
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Securities available-for-sale |
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(Dollars in thousands) |
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FHLMC bonds |
|
$ |
23,578 |
|
|
$ |
76 |
|
|
$ |
(1,995 |
) |
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$ |
21,659 |
|
GNMA bonds |
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9,363 |
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11 |
|
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(217 |
) |
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9,157 |
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FNMA bonds |
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30,793 |
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115 |
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(2,453 |
) |
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28,455 |
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Municipal bonds |
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7,259 |
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— |
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(1,096 |
) |
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|
6,163 |
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Total securities available-for-sale |
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$ |
70,993 |
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|
$ |
202 |
|
|
$ |
(5,761 |
) |
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$ |
65,434 |
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Securities held-to-maturity |
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FHLMC bonds |
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$ |
48 |
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$ |
1 |
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$ |
— |
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$ |
49 |
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GNMA bonds |
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27 |
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— |
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— |
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27 |
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FNMA bonds |
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|
75 |
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1 |
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— |
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76 |
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Bank subordinated debt |
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3,000 |
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— |
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(20 |
) |
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2,980 |
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Total securities held-to-maturity |
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$ |
3,150 |
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|
$ |
2 |
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|
$ |
(20 |
) |
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$ |
3,132 |
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(dollars in thousands) |
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March 31, 2026 |
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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 |
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Securities available-for-sale |
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(Dollars in thousands) |
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FHLMC bonds |
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$ |
24,376 |
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$ |
149 |
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$ |
(1,311 |
) |
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$ |
23,214 |
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GNMA bonds |
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6,948 |
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44 |
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(19 |
) |
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6,973 |
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FNMA bonds |
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26,010 |
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224 |
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(1,407 |
) |
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24,827 |
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Municipal bonds |
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8,623 |
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— |
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(1,103 |
) |
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|
7,520 |
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Total securities available-for-sale |
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$ |
65,957 |
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|
$ |
417 |
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$ |
(3,840 |
) |
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$ |
62,534 |
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Securities held-to-maturity |
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FHLMC bonds |
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$ |
54 |
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$ |
1 |
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$ |
— |
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$ |
55 |
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GNMA bonds |
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33 |
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— |
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— |
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33 |
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FNMA bonds |
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88 |
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2 |
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— |
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|
90 |
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Total securities held-to-maturity |
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$ |
175 |
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$ |
3 |
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$ |
— |
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$ |
178 |
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| 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 September 30, 2026 and March 31, 2026, 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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September 30, 2026 |
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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 |
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Securities available-for-sale |
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(Dollars in thousands) |
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FHLMC bonds |
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$ |
9,278 |
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|
$ |
(365 |
) |
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$ |
9,794 |
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|
$ |
(1,630 |
) |
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$ |
19,072 |
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$ |
(1,995 |
) |
GNMA bonds |
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7,156 |
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(217 |
) |
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— |
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— |
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7,156 |
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(217 |
) |
FNMA bonds |
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14,486 |
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(751 |
) |
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8,987 |
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(1,702 |
) |
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23,473 |
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(2,453 |
) |
Municipal bonds |
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— |
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— |
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6,163 |
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(1,096 |
) |
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6,163 |
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(1,096 |
) |
Total securities available-for-sale |
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$ |
30,920 |
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|
$ |
(1,333 |
) |
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$ |
24,944 |
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|
$ |
(4,428 |
) |
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$ |
55,864 |
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$ |
(5,761 |
) |
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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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March 31, 2026 |
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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 |
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Securities available-for-sale |
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(Dollars in thousands) |
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FHLMC bonds |
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$ |
4,088 |
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|
$ |
(36 |
) |
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$ |
10,998 |
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|
$ |
(1,275 |
) |
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$ |
15,086 |
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$ |
(1,311 |
) |
GNMA bonds |
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|
2,647 |
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(19 |
) |
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— |
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— |
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|
2,647 |
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(19 |
) |
FNMA bonds |
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2,824 |
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(35 |
) |
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10,815 |
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(1,372 |
) |
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13,639 |
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(1,407 |
) |
Municipal bonds |
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|
— |
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|
— |
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7,520 |
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(1,103 |
) |
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7,520 |
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(1,103 |
) |
Total securities available-for-sale |
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$ |
9,559 |
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|
$ |
(90 |
) |
|
$ |
29,333 |
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|
$ |
(3,750 |
) |
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$ |
38,892 |
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$ |
(3,840 |
) |
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| Schedule of Amortized Cost and Fair Value of Available for sale and Held to Maturity Investment Securities by Contractual Maturity |
The amortized cost and fair values of available-for-sale investment securities as of September 30, 2026 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 |
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Maturity |
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(Dollars in thousands) |
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Due less than one year |
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$ |
2,010 |
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$ |
1,979 |
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Due after one year through five years |
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|
1,938 |
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|
1,752 |
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Due after five years through ten years |
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|
973 |
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|
762 |
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Due after ten years |
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|
2,338 |
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|
1,670 |
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Mortgage-backed securities and collateralized mortgage obligations |
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|
63,734 |
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|
59,271 |
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Total |
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$ |
70,993 |
|
|
$ |
65,434 |
|
The amortized cost and fair values of held-to-maturity investment securities as of September 30, 2026 by contractual maturity, are shown below:
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Held-to-Maturity |
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Amortized Cost |
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Fair Value |
|
Maturity |
|
(Dollars in thousands) |
|
Due less than one year |
|
$ |
— |
|
|
$ |
— |
|
Due after one year through five years |
|
|
— |
|
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|
— |
|
Due after five years through ten years |
|
|
3,000 |
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|
2,980 |
|
Due after ten years |
|
|
— |
|
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|
— |
|
Mortgage-backed securities |
|
|
150 |
|
|
|
152 |
|
Total |
|
$ |
3,150 |
|
|
$ |
3,132 |
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|