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INVESTMENT SECURITIES | 6 Months Ended
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Sep. 30, 2018
Investments, Debt and Equity Securities [Abstract] |
INVESTMENT SECURITIES |
6. | INVESTMENT SECURITIES
The amortized cost and estimated 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, 2018 |  |  |  |  |  |  |  |  |  |  |  |
Available for sale: |  |  |  |  |  |  |  |  |  |  |  |
Municipal securities |  | $ | 8,964 |  |  | $ | - |  |  | $ | (390 | ) |  | $ | 8,574 |
Agency securities |  |  | 17,420 |  |  |  | 4 |  |  |  | (412 | ) |  |  | 17,012 |
Real estate mortgage investment conduits (1) |  |  | 44,108 |  |  |  | 1 |  |  |  | (1,860 | ) |  |  | 42,249 |
Residential mortgage-backed securities (1) |  |  | 83,865 |  |  |  | 3 |  |  |  | (3,721 | ) |  |  | 80,147 |
Other mortgage-backed securities (2) |  |  | 44,934 |  |  |  | - |  |  |  | (2,124 | ) |  |  | 42,810 |
Total available for sale |  | $ | 199,291 |  |  | $ | 8 |  |  | $ | (8,507 | ) |  | $ | 190,792 |
Held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed securities (3) |  | $ | 38 |  |  | $ | 1 |  |  | $ | - |  |  | $ | 39 |
March 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal securities |  | $ | 9,041 |  |  | $ | - |  |  | $ | (309 | ) |  | $ | 8,732 |
Agency securities |  |  | 22,412 |  |  |  | 1 |  |  |  | (311 | ) |  |  | 22,102 |
Real estate mortgage investment conduits (1) |  |  | 48,310 |  |  |  | - |  |  |  | (1,355 | ) |  |  | 46,955 |
Residential mortgage-backed securities (1) |  |  | 91,786 |  |  |  | 3 |  |  |  | (2,715 | ) |  |  | 89,074 |
Other mortgage-backed securities (2) |  |  | 47,878 |  |  |  | 1 |  |  |  | (1,521 | ) |  |  | 46,358 |
Total available for sale |  | $ | 219,427 |  |  | $ | 5 |  |  | $ | (6,211 | ) |  | $ | 213,221 |
Held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed securities (3) |  | $ | 42 |  |  | $ | 1 |  |  | $ | - |  |  | $ | 43 |
(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, 2018 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 |  | $ | 8,000 |  |  | $ | 7,971 |  |  | $ | - |  |  | $ | - |
Due after one year through five years |  |  | 10,787 |  |  |  | 10,535 |  |  |  | 5 |  |  |  | 5 |
Due after five years through ten years |  |  | 41,341 |  |  |  | 39,543 |  |  |  | 29 |  |  |  | 30 |
Due after ten years |  |  | 139,163 |  |  |  | 132,743 |  |  |  | 4 |  |  |  | 4 |
Total |  | $ | 199,291 |  |  | $ | 190,792 |  |  | $ | 38 |  |  | $ | 39 |
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, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal securities |  | $ | 5,293 |  |  | $ | (289 | ) |  | $ | 3,281 |  |  | $ | (101 | ) |  | $ | 8,574 |  |  | $ | (390 | )
Agency securities |  |  | 995 |  |  |  | (9 | ) |  |  | 13,999 |  |  |  | (403 | ) |  |  | 14,994 |  |  |  | (412 | )
Real estate mortgage investment conduits (2) |  |  | 20,660 |  |  |  | (759 | ) |  |  | 21,546 |  |  |  | (1,101 | ) |  |  | 42,206 |  |  |  | (1,860 | )
Residential mortgage-backed securities (2) |  |  | 28,498 |  |  |  | (1,018 | ) |  |  | 51,415 |  |  |  | (2,703 | ) |  |  | 79,913 |  |  |  | (3,721 | )
Other mortgage-backed securities (3) |  |  | 10,514 |  |  |  | (259 | ) |  |  | 32,296 |  |  |  | (1,865 | ) |  |  | 42,810 |  |  |  | (2,124 | )
Total available for sale |  | $ | 65,960 |  |  | $ | (2,334 | ) |  | $ | 122,537 |  |  | $ | (6,173 | ) |  | $ | 188,497 |  |  | $ | (8,507 | )
|  | 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, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal securities |  | $ | 6,626 |  |  | $ | (236 | ) |  | $ | 2,106 |  |  | $ | (73 | ) |  | $ | 8,732 |  |  | $ | (309 | )
Agency securities |  |  | 5,301 |  |  |  | (112 | ) |  |  | 15,797 |  |  |  | (199 | ) |  |  | 21,098 |  |  |  | (311 | )
Real estate mortgage investment conduits (1) |  |  | 31,922 |  |  |  | (774 | ) |  |  | 14,983 |  |  |  | (581 | ) |  |  | 46,905 |  |  |  | (1,355 | )
Residential mortgage-backed securities (2) |  |  | 50,941 |  |  |  | (1,192 | ) |  |  | 37,823 |  |  |  | (1,523 | ) |  |  | 88,764 |  |  |  | (2,715 | )
Other mortgage-backed securities (3) |  |  | 16,355 |  |  |  | (382 | ) |  |  | 29,351 |  |  |  | (1,139 | ) |  |  | 45,706 |  |  |  | (1,521 | )
Total available for sale |  | $ | 111,145 |  |  | $ | (2,696 | ) |  | $ | 100,060 |  |  | $ | (3,515 | ) |  | $ | 211,205 |  |  | $ | (6,211 | )
(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 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, 2018 and 2017. Investment securities available for sale with an amortized cost of $3.3 million and $3.7 million and a fair value of $3.2 million and $3.6 million at September 30, 2018 and March 31, 2018, respectively, were pledged as collateral for government public funds held by the Bank.

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