INVESTMENT SECURITIES (Tables)

6 Months Ended

Sep. 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
September 30, 2023
Available for sale:
Municipal securities	$	47,752	$	52	$	(10,149)	$	37,655
Agency securities		89,088		—		(7,541)		81,547
Real estate mortgage investment conduits (1)		32,751		—		(6,940)		25,811
Residential mortgage-backed securities (1)		14,905		1		(1,439)		13,467
Other mortgage-backed securities (2)		40,660		4		(5,160)		35,504
Total available for sale	$	225,156	$	57	$	(31,229)	$	193,984
Held to maturity:
Municipal securities	$	10,332	$	—	$	(3,516)	$	6,816
Agency securities		54,031		—		(6,080)		47,951
Real estate mortgage investment conduits (1)		33,366		—		(6,236)		27,130
Residential mortgage-backed securities (1)		117,761		—		(22,826)		94,935
Other mortgage-backed securities (3)		20,528		—		(4,077)		16,451
Total held to maturity	$	236,018	$	—	$	(42,735)	$	193,283

			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 September 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	$	20,142	$	19,890	$	1	$	1
Due after one year through five years		81,068		74,443		45,259		41,526
Due after five years through ten years		41,340		34,329		26,486		21,100
Due after ten years		82,606		65,322		164,272		130,656
Total	$	225,156	$	193,984	$	236,018	$	193,283

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
September 30, 2023	Value		Losses		Value		Losses		Value		Losses
Available for sale:
Municipal securities	$	410	$	(39)	$	34,866	$	(10,110)	$	35,276	$	(10,149)
Agency securities		5,680		(139)		75,867		(7,402)		81,547		(7,541)
Real estate mortgage investment conduits (1)		—		—		25,811		(6,940)		25,811		(6,940)
Residential mortgage-backed securities (1)		—		—		13,126		(1,439)		13,126		(1,439)
Other mortgage-backed securities (2)		873		(2)		34,273		(5,158)		35,146		(5,160)
Total available for sale	$	6,963	$	(180)	$	183,943	$	(31,049)	$	190,906	$	(31,229)
Held to maturity:
Municipal securities	$	—	$	—	$	6,816	$	(3,516)	$	6,816	$	(3,516)
Agency securities		—		—		47,951		(6,080)		47,951		(6,080)
Real estate mortgage investment conduits (1)		—		—		27,130		(6,236)		27,130		(6,236)
Residential mortgage-backed securities (1)		2		—		94,933		(22,826)		94,935		(22,826)
Other mortgage-backed securities (3)		—		—		16,451		(4,077)		16,451		(4,077)
Total held to maturity	$	2	$	—	$	193,281	$	(42,735)	$	193,283	$	(42,735)
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.