XML 37 R28.htm IDEA: XBRL DOCUMENT v3.22.4
INVESTMENT SECURITIES (Tables)
9 Months Ended
Dec. 31, 2022
INVESTMENT SECURITIES  
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

December 31, 2022

 

​

  

 

​

  

 

​

  

 

​

  

Available for sale:

 

​

​

 

​

  

 

​

  

 

​

  

Municipal securities

​

$

47,904

​

$

15

​

$

(9,396)

​

$

38,523

Agency securities

​

 

93,745

​

​

—

​

​

(7,084)

​

​

86,661

Real estate mortgage investment conduits (1)

​

 

34,952

​

​

—

​

​

(6,041)

​

​

28,911

Residential mortgage-backed securities (1)

​

 

17,272

​

​

—

​

​

(1,216)

​

​

16,056

Other mortgage-backed securities (2)

​

 

46,198

​

​

13

​

​

(4,656)

​

​

41,555

Total available for sale

​

$

240,071

​

$

28

​

$

(28,393)

​

$

211,706

​

​

​

​

​

​

​

​

​

​

​

​

​

Held to maturity:

​

 

​

​

​

​

​

​

​

​

​

​

Municipal securities

​

$

10,350

​

$

—

​

$

(3,244)

​

$

7,106

Agency securities

​

​

53,896

​

​

—

​

​

(5,887)

​

​

48,009

Real estate mortgage investment conduits (1)

​

​

36,008

​

​

—

​

​

(5,346)

​

​

30,662

Residential mortgage-backed securities (1)

​

​

126,271

​

​

—

​

​

(19,254)

​

​

107,017

Other mortgage-backed securities (3)

​

​

20,622

​

​

—

​

​

(3,683)

​

​

16,939

Total held to maturity

​

$

247,147

​

$

—

​

$

(37,414)

​

$

209,733

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

​

​

    

Gross

    

Gross

    

​

​

​

​

Amortized

​

Unrealized 

​

Unrealized

​

Estimated 

​

​

Cost

​

Gains

​

 Losses

​

Fair Value

March 31, 2022

 

​

  

 

​

  

 

​

  

 

​

  

Available for sale:

 

​

  

 

​

  

 

​

  

 

​

  

Municipal securities

​

$

44,104

​

$

14

​

$

(4,514)

​

$

39,604

Agency securities

​

 

43,848

​

​

1

​

​

(3,144)

​

​

40,705

Real estate mortgage investment conduits (1)

​

 

35,563

​

​

1

​

​

(2,847)

​

​

32,717

Residential mortgage-backed securities (1)

​

 

17,368

​

​

13

​

​

(436)

​

​

16,945

Other mortgage-backed securities (2)

​

 

37,991

​

​

28

​

​

(2,208)

​

​

35,811

Total available for sale

​

$

178,874

​

$

57

​

$

(13,149)

​

$

165,782

​

​

​

​

​

​

​

​

​

​

​

​

​

Held to maturity:

​

 

​

​

​

​

​

​

​

​

​

​

Municipal securities

​

$

10,368

​

$

—

​

$

(1,422)

​

$

8,946

Agency securities

​

​

45,277

​

​

—

​

​

(2,450)

​

​

42,827

Real estate mortgage investment conduits (1)

​

​

39,394

​

​

—

​

​

(2,457)

​

​

36,937

Residential mortgage-backed securities (1)

​

​

137,343

​

​

—

​

​

(8,883)

​

​

128,460

Other mortgage-backed securities (3)

​

​

20,718

​

​

—

​

​

(1,859)

​

​

18,859

Total held to maturity

​

$

253,100

​

$

—

​

$

(17,071)

​

$

236,029

​

(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 and FHLMC.
(3)Comprised of FHLMC and FNMA issued securities.
Schedule of contractual maturities of investment securities

The contractual maturities of investment securities as of December 31, 2022 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

​

$

5,618

​

$

5,576

​

$

5

​

$

5

Due after one year through five years

​

 

84,927

​

 

80,879

​

 

42,168

​

 

38,799

Due after five years through ten years

​

 

57,980

​

 

49,934

​

 

29,798

​

 

24,514

Due after ten years

​

 

91,546

​

 

75,317

​

 

175,176

​

 

146,415

Total

​

$

240,071

​

$

211,706

​

$

247,147

​

$

209,733

​

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

December 31, 2022

​

 Value

​

Losses

​

 Value

​

Losses

​

 Value

​

Losses

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Available for sale:

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

Municipal securities

​

$

14,341

​

$

(2,024)

​

$

22,996

​

$

(7,372)

​

$

37,337

​

$

(9,396)

Agency securities

​

 

50,832

​

 

(1,047)

​

 

35,829

​

 

(6,037)

​

 

86,661

​

 

(7,084)

Real estate mortgage investment conduits (1)

​

 

5,903

​

 

(462)

​

 

23,005

​

 

(5,579)

​

 

28,908

​

 

(6,041)

Residential mortgage-backed securities (1)

​

 

13,985

​

 

(968)

​

 

2,071

​

 

(248)

​

 

16,056

​

 

(1,216)

Other mortgage-backed securities (2)

​

 

25,409

​

 

(1,540)

​

 

14,384

​

 

(3,116)

​

 

39,793

​

 

(4,656)

Total available for sale

​

$

110,470

​

$

(6,041)

​

$

98,285

​

$

(22,352)

​

$

208,755

​

$

(28,393)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Held to maturity:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Municipal securities

​

$

1,649

​

$

(777)

​

$

5,457

​

$

(2,467)

​

$

7,106

​

$

(3,244)

Agency securities

​

​

20,800

​

​

(1,473)

​

​

27,209

​

​

(4,414)

​

​

48,009

​

​

(5,887)

Real estate mortgage investment conduits (1)

​

​

12,891

​

​

(1,517)

​

​

17,771

​

​

(3,829)

​

​

30,662

​

​

(5,346)

Residential mortgage-backed securities (1)

​

​

28,800

​

​

(3,641)

​

​

78,217

​

​

(15,613)

​

​

107,017

​

​

(19,254)

Other mortgage-backed securities (3)

​

​

5,457

​

​

(760)

​

​

11,482

​

​

(2,923)

​

​

16,939

​

​

(3,683)

Total held to maturity

​

$

69,597

​

$

(8,168)

​

$

140,136

​

$

(29,246)

​

$

209,733

​

$

(37,414)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

March 31, 2022

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Available for sale:

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

Municipal securities

​

$

32,767

​

$

(4,293)

​

$

3,282

​

$

(221)

​

$

36,049

​

$

(4,514)

Agency securities

​

 

22,288

​

 

(1,565)

​

 

16,414

​

 

(1,579)

​

​

38,702

​

​

(3,144)

Real estate mortgage investment conduits (1)

​

 

17,334

​

 

(1,310)

​

 

15,275

​

 

(1,537)

​

​

32,609

​

​

(2,847)

Residential mortgage-backed securities (1)

​

 

15,702

​

 

(436)

​

 

—

​

 

—

​

​

15,702

​

 

(436)

Other mortgage-backed securities (2)

​

 

32,408

​

 

(2,194)

​

 

769

​

 

(14)

​

​

33,177

​

​

(2,208)

Total available for sale

​

$

120,499

​

$

(9,798)

​

$

35,740

​

$

(3,351)

​

$

156,239

​

$

(13,149)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Held to maturity:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Municipal securities

​

$

5,911

​

$

(816)

​

$

3,036

​

$

(606)

​

$

8,947

​

$

(1,422)

Agency securities

​

​

35,930

​

​

(1,708)

​

​

6,897

​

​

(742)

​

​

42,827

​

​

(2,450)

Real estate mortgage investment conduits (1)

​

​

26,233

​

​

(1,715)

​

​

7,735

​

​

(742)

​

​

33,968

​

​

(2,457)

Residential mortgage-backed securities (1)

​

​

111,096

​

​

(7,160)

​

​

17,363

​

​

(1,723)

​

​

128,459

​

​

(8,883)

Other mortgage-backed securities (3)

​

​

13,472

​

​

(1,153)

​

​

5,386

​

​

(706)

​

​

18,858

​

​

(1,859)

Total held to maturity

​

$

192,642

​

$

(12,552)

​

$

40,417

​

$

(4,519)

​

$

233,059

​

$

(17,071)

​

(1)Comprised of FHLMC, FNMA and GNMA issued securities.
(2)Comprised of SBA and CRE secured securities issued by FHLMC and FNMA.
(3)Comprised of CRE secured securities issued by FHLMC and FNMA.

​