XML 37 R27.htm IDEA: XBRL DOCUMENT

INVESTMENT SECURITIES (Tables)

3 Months Ended

Jun. 30, 2021

Schedule of amortized cost and approximate fair value of investment securities

The amortized cost and approximate fair value of investment securities consisted of the following at the dates indicated (in thousands):


			Gross		Gross		Estimated
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
June 30, 2021
Available for sale:
Municipal securities	$	38,293	$	434	$	(213)	$	38,514
Agency securities		47,076		69		(392)		46,753
Real estate mortgage investment conduits⁽¹⁾		53,997		374		(411)		53,960
Residential mortgage-backed securities ⁽¹⁾		85,259		948		(349)		85,858
Other mortgage-backed securities ⁽²⁾		42,887		930		(49)		43,768
Total available for sale	$	267,512	$	2,755	$	(1,414)	$	268,853

Held to maturity:
Municipal securities	$	10,384	$	36	$	(177)	$	10,243
Agency securities		7,676		—		(105)		7,571
Real estate mortgage investment conduits ⁽¹⁾		9,068		—		(77)		8,991
Residential mortgage-backed securities ⁽³⁾		5,989		—		(75)		5,914
Other mortgage-backed securities ⁽²⁾		6,108		—		(163)		5,945
Total held to maturity	$	39,225	$	36	$	(597)	$	38,664


			Gross		Gross
	Amortized		Unrealized		Unrealized		Estimated
	Cost		Gains		Losses		Fair Value
March 31, 2021
Available for sale:
Municipal securities	$	23,883	$	238	$	(555)	$	23,566
Agency securities		25,996		5		(686)		25,315
Real estate mortgage investment conduits ⁽¹⁾		55,826		469		(480)		55,815
Residential mortgage-backed securities ⁽¹⁾		71,787		1,075		(614)		72,248
Other mortgage-backed securities ⁽²⁾		39,022		514		(176)		39,360
Total available for sale	$	216,514	$	2,301	$	(2,511)	$	216,304

Held to maturity:
Municipal securities	$	10,391	$	—	$	(509)	$	9,882
Agency securities		7,688		—		(220)		7,468
Real estate mortgage investment conduits ⁽¹⁾		9,207		—		(141)		9,066
Residential mortgage-backed securities ⁽³⁾		6,175		—		(119)		6,056
Other mortgage-backed securities ⁽²⁾		6,113		—		(365)		5,748
Total held to maturity		39,574	$	—	$	(1,354)	$	38,220

(1)	Comprised of Federal Home Loan Mortgage Corporation (“FHLMC”), Federal National Mortgage Association (“FNMA”) and Ginnie Mae (“GNMA”) issued securities.

(2)	Comprised of U.S. Small Business Administration (“SBA”) issued securities and commercial real estate (“CRE”) secured securities issued by FNMA.

(3)	Comprised of FHLMC and FNMA issued securities.

Schedule of contractual maturities of investment securities

The contractual maturities of investment securities as of June 30, 2021 are as follows (in thousands):


	Available for Sale				Held to Maturity
			Estimated				Estimated
	Amortized		Fair		Amortized		Fair
	Cost		Value		Cost		Value
Due in one year or less	$	—	$	—	$	—	$	—
Due after one year through five years		8,402		8,461		16		16
Due after five years through ten years		78,950		79,291		8,590		8,400
Due after ten years		180,160		181,101		30,619		30,248
Total	$	267,512	$	268,853	$	39,225	$	38,664

Schedule of temporarily impaired securities, fair value and unrealized losses

The fair value of temporarily impaired investment securities, the amount of unrealized losses and the length of time these unrealized losses existed are as follows at the dates indicated (in thousands):


	Less than 12 months				12 months or longer				Total
	Estimated				Estimated				Estimated
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
June 30, 2021	Value		Losses		Value		Losses		Value		Losses


Available for sale:
Municipal securities	$	12,971	$	(213)	$	—	$	—	$	12,971	$	(213)
Agency securities		20,577		(392)		—		—		20,577		(392)
Real estate mortgage investment conduits ⁽¹⁾		38,492		(411)		—		—		38,492		(411)
Residential mortgage-backed securities		45,122		(349)		—		—		45,122		(349)
Other mortgage-backed securities ⁽²⁾		3,028		(5)		1,993		(44)		5,021		(49)
Total available for sale	$	120,190	$	(1,370)	$	1,993	$	(44)	$	122,183	$	(1,414)

Held to maturity:
Municipal securities	$	6,511	$	(177)	$	—	$	—	$	6,511	$	(177)
Agency securities		7,570		(105)		—		—		7,570		(105)
Real estate mortgage investment conduits ⁽³⁾		8,991		(77)		—		—		8,991		(77)
Residential mortgage-backed securities ⁽⁴⁾		5,895		(75)		—		—		5,895		(75)
Other mortgage-backed securities		5,945		(163)		—		—		5,945		(163)
Total held to maturity	$	34,912	$	(597)	$	—	$	—	$	34,912	$	(597)

March 31, 2021

Available for sale:
Municipal securities	$	17,529	$	(555)	$	—	$	—	$	17,529	$	(555)
Agency securities		23,306		(686)		—		—		23,306		(686)
Real estate mortgage investment conduits ⁽¹⁾		25,462		(480)		—		—		25,462		(480)
Residential mortgage-backed securities		33,164		(614)		—		—		33,164		(614)
Other mortgage-backed securities ⁽²⁾		5,856		(125)		2,225		(51)		8,081		(176)
Total available for sale	$	105,317	$	(2,460)	$	2,225	$	(51)	$	107,542	$	(2,511)

Held to maturity:
Municipal securities	$	9,882	$	(509)	$	—	$	—	$	9,882	$	(509)
Agency securities		7,468		(220)		—		—		7,468		(220)
Real estate mortgage investment conduits ⁽³⁾		9,066		(141)		—		—		9,066		(141)
Residential mortgage-backed securities ⁽⁴⁾		6,035		(119)		—		—		6,035		(119)
Other mortgage-backed securities		5,748		(365)		—		—		5,748		(365)
Total held to maturity	$	38,199	$	(1,354)	$	—	$	—	$	38,199	$	(1,354)

(1)	Comprised of FHLMC, FNMA and GNMA issued securities.

(2)	Comprised of SBA issued securities.

(3)	Comprised of FNMA issued securities.

(4)	Comprised of FHLMC and FNMA issued securities.