INVESTMENT SECURITIES (Tables)

3 Months Ended

Jun. 30, 2023

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
June 30, 2023
Available for sale:
Municipal securities	$	47,810	$	24	$	(8,123)	$	39,711
Agency securities		91,972		—		(6,826)		85,146
Real estate mortgage investment conduits (1)		33,473		—		(6,210)		27,263
Residential mortgage-backed securities (1)		15,738		—		(1,201)		14,537
Other mortgage-backed securities (2)		42,315		5		(4,658)		37,662
Total available for sale	$	231,308	$	29	$	(27,018)	$	204,319
Held to maturity:
Municipal securities	$	10,338	$	—	$	(2,922)	$	7,416
Agency securities		53,985		—		(5,462)		48,523
Real estate mortgage investment conduits (1)		34,327		—		(5,555)		28,772
Residential mortgage-backed securities (1)		120,651		—		(18,517)		102,134
Other mortgage-backed securities (3)		20,552		—		(3,628)		16,924
Total held to maturity	$	239,853	$	—	$	(36,084)	$	203,769

			Gross		Gross
	Amortized		Unrealized		Unrealized		Estimated
	Cost		Gains		Losses		Fair Value
March 31, 2023
Available for sale:
Municipal securities	$	47,857	$	16	$	(7,612)	$	40,261
Agency securities		91,858		23		(5,974)		85,907
Real estate mortgage investment conduits (1)		34,247		—		(5,370)		28,877
Residential mortgage-backed securities (1)		16,512		—		(1,041)		15,471
Other mortgage-backed securities (2)		45,117		4		(4,138)		40,983
Total available for sale	$	235,591	$	43	$	(24,135)	$	211,499
Held to maturity:
Municipal securities	$	10,344	$	—	$	(2,859)	$	7,485
Agency securities		53,941		—		(5,091)		48,850
Real estate mortgage investment conduits (1)		35,186		—		(4,769)		30,417
Residential mortgage-backed securities (1)		123,773		—		(17,542)		106,231
Other mortgage-backed securities (3)		20,599		—		(3,368)		17,231
Total held to maturity	$	243,843	$	—	$	(33,629)	$	210,214

(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 June 30, 2023 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	$	16,786	$	16,525	$	3	$	3
Due after one year through five years		82,986		77,344		42,253		39,101
Due after five years through ten years		47,472		40,972		29,556		24,458
Due after ten years		84,064		69,478		168,041		140,207
Total	$	231,308	$	204,319	$	239,853	$	203,769

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, 2023	Value		Losses		Value		Losses		Value		Losses
Available for sale:
Municipal securities	$	3,388	$	(122)	$	35,128	$	(8,001)	$	38,516	$	(8,123)
Agency securities		43,084		(1,096)		42,062		(5,730)		85,146		(6,826)
Real estate mortgage investment conduits (1)		2,561		(151)		24,702		(6,059)		27,263		(6,210)
Residential mortgage-backed securities (1)		2,685		(164)		11,852		(1,037)		14,537		(1,201)
Other mortgage-backed securities (2)		8,853		(351)		28,392		(4,307)		37,245		(4,658)
Total available for sale	$	60,571	$	(1,884)	$	142,136	$	(25,134)	$	202,707	$	(27,018)
Held to maturity:
Municipal securities	$	—	$	—	$	7,416	$	(2,922)	$	7,416	$	(2,922)
Agency securities		—		—		48,523		(5,462)		48,523		(5,462)
Real estate mortgage investment conduits (1)		—		—		28,772		(5,555)		28,772		(5,555)
Residential mortgage-backed securities (1)		2		—		102,132		(18,517)		102,134		(18,517)
Other mortgage-backed securities (3)		—		—		16,924		(3,628)		16,924		(3,628)
Total held to maturity	$	2	$	—	$	203,767	$	(36,084)	$	203,769	$	(36,084)
March 31, 2023
Available for sale:
Municipal securities	$	6,277	$	(133)	$	32,797	$	(7,479)	$	39,074	$	(7,612)
Agency securities		43,451		(747)		36,646		(5,227)		80,097		(5,974)
Real estate mortgage investment conduits (1)		2,693		(97)		26,184		(5,273)		28,877		(5,370)
Residential mortgage-backed securities (1)		3,449		(147)		12,022		(894)		15,471		(1,041)
Other mortgage-backed securities (2)		13,876		(376)		26,619		(3,762)		40,495		(4,138)
Total available for sale	$	69,746	$	(1,500)	$	134,268	$	(22,635)	$	204,014	$	(24,135)
Held to maturity:
Municipal securities	$	—	$	—	$	7,485	$	(2,859)	$	7,485	$	(2,859)
Agency securities		8,413		(240)		40,437		(4,851)		48,850		(5,091)
Real estate mortgage investment conduits (1)		2,580		(191)		27,837		(4,578)		30,417		(4,769)
Residential mortgage-backed securities (1)		2		—		106,229		(17,542)		106,231		(17,542)
Other mortgage-backed securities (3)		—		—		17,231		(3,368)		17,231		(3,368)
Total held to maturity	$	10,995	$	(431)	$	199,219	$	(33,198)	$	210,214	$	(33,629)

(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 FHLMC and FNMA issued securities.