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INVESTMENT SECURITIES
 9 Months Ended
Dec. 31, 2016
Investments, Debt and Equity Securities [Abstract]  
INVESTMENT SECURITIES
5.
INVESTMENT SECURITIES
 
The amortized cost and approximate fair value of investment securities consisted of the following at the dates indicated (in thousands):
   
Amortized
Cost
    
Gross
Unrealized
Gains
    
Gross
Unrealized
Losses
    
Estimated
Fair Value
  
December 31, 2016
                        
Available for sale:
                        
Municipal securities
  
$
2,951
    
$
-
    
$
(141
)
  
$
2,810
  
Agency securities
    
16,992
      
17
      
(212
)
    
16,797
  
Real estate mortgage investment conduits (1)
    
45,505
      
64
      
(420
)
    
45,149
  
Residential mortgage-backed securities (1)
    
102,193
      
82
      
(1,312
)
    
100,963
  
Other mortgage-backed securities (2)
    
42,607
      
18
      
(1,073
)
    
41,552
  
Total available for sale
  
$
210,248
    
$
181
    
$
(3,158
)
  
$
207,271
  
                                 
Held to maturity:
                                
Mortgage-backed securities (3)
  
$
67
    
$
1
    
$
-
    
$
68
  
                                 
March 31, 2016
                                
Available for sale:
                                
Trust preferred
  
$
1,919
    
$
-
    
$
(111
)
  
$
1,808
  
Agency securities
    
19,520
      
63
      
(14
)
    
19,569
  
Real estate mortgage investment conduits (1)
    
43,293
      
632
      
(1
)
    
43,924
  
Residential mortgage-backed securities (1)
    
75,404
      
980
      
(31
)
    
76,353
  
Other mortgage-backed securities (2)
    
8,875
      
185
      
(24
)
    
9,036
  
Total available for sale
  
$
149,011
    
$
1,860
    
$
(181
)
  
$
150,690
  
                                 
Held to maturity:
                                
Residential mortgage-backed securities (3)
  
$
75
    
$
1
    
$
-
    
$
76
  
   
(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 FNMA and FHLMC issued securities.
  
 
The contractual maturities of investment securities as of December 31, 2016 are as follows (in thousands):
   
Available for Sale
    
Held to Maturity
  
   
Amortized
Cost
    
Estimated
Fair Value
    
Amortized
Cost
    
Estimated
Fair Value
  
Due after one year through five years
  
$
16,486
    
$
16,433
    
$
-
    
$
-
  
Due after five years through ten years
    
34,178
      
33,578
      
60
      
61
  
Due after ten years
    
159,584
      
157,260
      
7
      
7
  
Total
  
$
210,248
    
$
207,271
    
$
67
    
$
68
  
 
Expected maturities of investment securities may differ from contractual maturities because borrowers may have the right to prepay obligations with or without prepayment penalties.
 
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
Fair Value
    
Unrealized
Losses
    
Estimated
Fair Value
    
Unrealized
Losses
    
Estimated
Fair Value
    
Unrealized
Losses
  
December 31, 2016
                                    
                                     
Available for sale:
                                    
Municipal securities
  
$
2,810
    
$
(141
)
  
$
-
    
$
-
    
$
2,810
    
$
(141
)
Agency securities
    
15,774
      
(212
)
    
-
      
-
      
15,774
      
(212
)
Real estate mortgage investment conduits (1)
    
33,074
      
(420
)
    
-
      
-
      
33,074
      
(420
)
Residential mortgage-backed securities (1)
    
82,188
      
(1,297
)
    
651
      
(15
)
    
82,839
      
(1,312
)
Other mortgage-backed securities (2)
    
36,760
      
(1,029
)
    
2,873
      
(44
)
    
39,633
      
(1,073
)
Total available for sale
  
$
170,606
    
$
(3,099
)
  
$
3,524
    
$
(59
)
  
$
174,130
    
$
(3,158
)
   
(1) Comprised of FHLMC, FNMA and GNMA issued securities.
  
(2) Comprised of SBA and CRE issued securities.
  
   
 
Less than 12 months
  
12 months or longer
  
Total
  
   
Estimated
Fair Value
    
Unrealized
Losses
    
Estimated
Fair Value
    
Unrealized
Losses
    
Estimated
Fair Value
    
Unrealized
Losses
  
March 31, 2016
                                                
                                                 
Available for sale:
                                                
Trust preferred
  
$
-
    
$
-
    
$
1,808
    
$
(111
)
  
$
1,808
    
$
(111
)
Agency securities
    
5,508
      
(6
)
    
4,991
      
(8
)
    
10,499
      
(14
)
Real estate mortgage investment conduits (1)
    
1,636
      
(1
)
    
-
      
-
      
1,636
      
(1
)
Residential mortgage-backed securities (2)
    
831
      
(10
)
    
3,051
      
(21
)
    
3,882
      
(31
)
Other mortgage-backed securities (3)
    
1,891
      
(6
)
    
1,229
      
(18
)
    
3,120
      
(24
)
Total available for sale
  
$
9,866
    
$
(23
)
  
$
11,079
    
$
(158
)
  
$
20,945
    
$
(181
)
                                                 
(1) Comprised of a FHLMC security.
  
(2) Comprised of FHLMC and FNMA issued securities.
  
(3) Comprised of SBA issued securities.
  
 
For the three and nine months ended December 31, 2016, the Company recognized other than temporary impairment ("OTTI") charges of $108,000 and $240,000, respectively, on a collateralized debt obligation secured by a pool of trust preferred securities issued by other bank holding companies. In September 2016, the Company was notified that this collateralized debt obligation will be liquidated in accordance with provisions contained within the collateralized debt obligation indenture agreement. Management concluded that the collateralized debt obligation was other than temporarily impaired based upon the liquidation notice and has recorded the OTTI charges through other non-interest income. As of December 31, 2016, the collateralized debt obligation was reclassified from investment securities available for sale to other assets on the consolidated balance sheets. As of December 31, 2016, the collateralized debt obligation had been liquidated and proceeds from the liquidation were distributed on January 25, 2017.
 
The unrealized losses on the Company's investment securities at December 31, 2016 were primarily attributable to increases in market interest rates subsequent to their purchase by the Company. The Company expects the fair value of these securities to recover as the securities approach their maturity dates or sooner if market yields for such securities decline. The Company does not believe that these securities are other than temporarily impaired because of their credit quality or related to any issuer or industry specific event. Based on management's evaluation and intent, the unrealized losses related to the investment securities in the above tables are considered temporary.
 
The Company had no sales and realized no gains or losses on sales of investment securities available for sale for the three and nine months ended December 31, 2016 and 2015. Investment securities available for sale with an amortized cost of $11.6 million and $10.2 million and a fair value of $11.5 million and $10.3 million at December 31, 2016 and March 31, 2016, respectively, were pledged as collateral for government public funds held by the Bank. Investment securities held to maturity with an amortized cost of $20,000 and $23,000 and a fair value of $21,000 and $24,000 at December 31, 2016 and March 31, 2016, respectively, were pledged as collateral for government public funds held by the Bank.