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INVESTMENT SECURITIES
 6 Months Ended
Sep. 30, 2017
Investments, Debt and Equity Securities [Abstract]  
INVESTMENT SECURITIES
6.
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
  
September 30, 2017
                        
Available for sale:
                        
Municipal securities
  
$
6,368
    
$
15
    
$
(42
)
  
$
6,341
  
Agency securities
    
22,404
      
22
      
(135
)
    
22,291
  
Real estate mortgage investment conduits (1)
    
39,896
      
42
      
(281
)
    
39,657
  
Residential mortgage-backed securities (1)
    
88,782
      
148
      
(770
)
    
88,160
  
Other mortgage-backed securities (2)
    
44,844
      
44
      
(753
)
    
44,135
  
Total available for sale
  
$
202,294
    
$
271
    
$
(1,981
)
  
$
200,584
  
                                 
Held to maturity:
                                
Residential mortgage-backed securities (3)
  
$
46
    
$
1
    
$
-
    
$
47
  
                                 
March 31, 2017
                                
Available for sale:
                                
Municipal securities
  
$
2,936
    
$
-
    
$
(117
)
  
$
2,819
  
Agency securities
    
16,993
      
18
      
(203
)
    
16,808
  
Real estate mortgage investment conduits (1)
    
43,510
      
49
      
(399
)
    
43,160
  
Residential mortgage-backed securities (1)
    
97,742
      
111
      
(1,242
)
    
96,611
  
Other mortgage-backed securities (2)
    
41,649
      
15
      
(848
)
    
40,816
  
Total available for sale
  
$
202,830
    
$
193
    
$
(2,809
)
  
$
200,214
  
                                 
Held to maturity:
                                
Residential mortgage-backed securities (3)
  
$
64
    
$
2
    
$
-
    
$
66
  
   
(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 FHLMC and FNMA issued securities.
  
 
The contractual maturities of investment securities as of September 30, 2017 are as follows (in thousands):
   
Available for Sale
    
Held to Maturity
  
   
Amortized
Cost
    
Estimated
Fair Value
    
Amortized
Cost
    
Estimated
Fair Value
  
Due in one year or less
  
$
5,000
    
$
4,990
    
$
-
    
$
-
  
Due after one year through five years
    
11,480
      
11,479
      
7
      
7
  
Due after five years through ten years
    
42,426
      
42,059
      
34
      
35
  
Due after ten years
    
143,388
      
142,056
      
5
      
5
  
Total
  
$
202,294
    
$
200,584
    
$
46
    
$
47
  
 
 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
  
September 30, 2017
                                    
                                     
Available for sale:
                                    
Municipal securities
  
$
4,140
    
$
(42
)
  
$
-
    
$
-
    
$
4,140
    
$
(42
)
Agency securities
    
16,274
      
(125
)
    
4,990
      
(10
)
    
21,264
      
(135
)
Real estate mortgage investment conduits (1)
    
26,962
      
(281
)
    
-
      
-
      
26,962
      
(281
)
Residential mortgage-backed securities (1)
    
58,627
      
(655
)
    
5,481
      
(115
)
    
64,108
      
(770
)
Other mortgage-backed securities (2)
    
31,483
      
(590
)
    
6,958
      
(163
)
    
38,441
      
(753
)
Total available for sale
  
$
137,486
    
$
(1,693
)
  
$
17,429
    
$
(288
)
  
$
154,915
    
$
(1,981
)
 
(1) Comprised of FHLMC, FNMA and GNMA issued securities.
(2) Comprised of SBA issued and CRE secured securities issued by FHLMC.
 
 
March 31, 2017
                                    
                                     
Available for sale:
                                    
Municipal securities
  
$
2,819
    
$
(117
)
  
$
-
    
$
-
    
$
2,819
    
$
(117
)
Agency securities
    
15,785
      
(203
)
    
-
      
-
      
15,785
      
(203
)
Real estate mortgage investment conduits (1)
    
32,221
      
(399
)
    
-
      
-
      
32,221
      
(399
)
Residential mortgage-backed securities (2)
    
74,388
      
(1,232
)
    
602
      
(10
)
    
74,990
      
(1,242
)
Other mortgage-backed securities (3)
    
36,754
      
(803
)
    
2,840
      
(45
)
    
39,594
      
(848
)
Total available for sale
  
$
161,967
    
$
(2,754
)
  
$
3,442
    
$
(55
)
  
$
165,409
    
$
(2,809
)
                                                 
(1) Comprised of FHLMC and FNMA issued securities.
  
(2) Comprised of FHLMC, FNMA and GNMA issued securities.
  
(3) Comprised of SBA issued and CRE secured securities issued by FNMA.
  
 
The unrealized losses on the Company's investment securities at September 30, 2017 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 for the three and six months ended September 30, 2017 and 2016. Investment securities available for sale with an amortized cost of $4.1 million and $11.1 million and a fair value of $4.1 million and $11.1 million at September 30, 2017 and March 31, 2017, respectively, were pledged as collateral for government public funds held by the Bank. There were no investment securities held to maturity pledged as collateral for government public funds held by the Bank at September 30, 2017. Investment securities held to maturity with an amortized cost and a fair value of $20,000 at March 31, 2017 were pledged as collateral for government public funds held by the Bank.