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.