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INVESTMENT SECURITIES
 9 Months Ended
Dec. 31, 2018
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
  
December 31, 2018
                        
Available for sale:
                        
Municipal securities
  
$
8,924
    
$
2
    
$
(247
)
  
$
8,679
  
Agency securities
    
12,423
      
3
      
(246
)
    
12,180
  
Real estate mortgage investment conduits (1)
    
42,561
      
1
      
(1,111
)
    
41,451
  
Residential mortgage-backed securities (1)
    
80,390
      
2
      
(2,565
)
    
77,827
  
Other mortgage-backed securities (2)
    
43,620
      
5
      
(1,482
)
    
42,143
  
Total available for sale
  
$
187,918
    
$
13
    
$
(5,651
)
  
$
182,280
  
                                 
Held to maturity:
                                
Residential mortgage-backed securities (3)
  
$
36
    
$
1
    
$
-
    
$
37
  
                                 
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 December 31, 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
  
$
5,138
    
$
5,111
    
$
-
    
$
-
  
Due after one year through five years
    
8,392
      
8,269
      
33
      
33
  
Due after five years through ten years
    
50,031
      
48,689
      
-
      
-
  
Due after ten years
    
124,357
      
120,211
      
3
      
4
  
Total
  
$
187,918
    
$
182,280
    
$
36
    
$
37
  
 
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, 2018
                                    
                                     
Available for sale:
                                    
Municipal securities
  
$
1,103
    
$
(41
)
  
$
6,415
    
$
(206
)
  
$
7,518
    
$
(247
)
Agency securities
    
1,001
      
(2
)
    
9,164
      
(244
)
    
10,165
      
(246
)
Real estate mortgage investment conduits (2)
    
2,126
      
(11
)
    
39,284
      
(1,100
)
    
41,410
      
(1,111
)
Residential mortgage-backed securities (2)
    
4,273
      
(64
)
    
73,365
      
(2,501
)
    
77,638
      
(2,565
)
Other mortgage-backed securities (3)
    
977
      
(14
)
    
40,547
      
(1,468
)
    
41,524
      
(1,482
)
Total available for sale
  
$
9,480
    
$
(132
)
  
$
168,775
    
$
(5,519
)
  
$
178,255
    
$
(5,651
)
   
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 nine months ended December 31, 2018 and 2017. Investment securities available for sale with an amortized cost of $6.0 million and $3.7 million and a fair value of $5.8 million and $3.6 million at December 31, 2018 and March 31, 2018, respectively, were pledged as collateral for government public funds held by the Bank.