INVESTMENT SECURITIES (Tables)

9 Months Ended

Dec. 31, 2019

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
	Amortized		Unrealized		Unrealized		Estimated Fair
	Cost		Gains		Losses		Value
December 31, 2019
Available for sale:
Municipal securities	$	4,746	$	160	$	—	$	4,906
Agency securities		9,431		76		(41)		9,466
Real estate mortgage investment conduits (1)		44,577		166		(158)		44,585
Residential mortgage-backed securities (1)		61,823		194		(256)		61,761
Other mortgage-backed securities (2)		35,391		54		(406)		35,039
Total available for sale	$	155,968	$	650	$	(861)	$	155,757

Held to maturity:
Residential mortgage-backed securities (3)	$	29	$	1	$	—	$	30

March 31, 2019
Available for sale:
Municipal securities	$	8,885	$	30	$	(34)	$	8,881
Agency securities		12,426		22		(107)		12,341
Real estate mortgage investment conduits (1)		40,835		—		(673)		40,162
Residential mortgage-backed securities (1)		77,402		7		(1,588)		75,821
Other mortgage-backed securities (2)		42,133		12		(1,124)		41,021
Total available for sale	$	181,681	$	71	$	(3,526)	$	178,226

Held to maturity:
Residential mortgage-backed securities (3)	$	35	$	—	$	—	$	35

(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.

Schedule of contractual maturities of investment securities

The contractual maturities of investment securities as of December 31, 2019 are as follows (in thousands):


	Available for Sale				Held to Maturity
	Amortized		Estimated		Amortized		Estimated
	Cost		Fair Value		Cost		Fair Value
Due in one year or less	$	1,001	$	1,008	$	—	$	—
Due after one year through five years		5,953		5,934		26		27
Due after five years through ten years		35,598		35,789		3		3
Due after ten years		113,416		113,026		—		—
Total	$	155,968	$	155,757	$	29	$	30

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		Unrealized		Estimated		Unrealized		Estimated		Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses

December 31, 2019

Available for sale:
Municipal securities	$	—	$	—	$	—	$	—	$	—	$	—
Agency securities		1,998		(11)		2,969		(30)		4,967		(41)
Real estate mortgage investment conduits (1)		22,033		(140)		2,850		(18)		24,883		(158)
Residential mortgage-backed securities (1)		8,707		(18)		25,116		(238)		33,823		(256)
Other mortgage-backed securities (2)		15,987		(246)		8,509		(160)		24,496		(406)
Total available for sale	$	48,725	$	(415)	$	39,444	$	(446)	$	88,169	$	(861)

March 31, 2019

Available for sale:
Municipal securities	$	—	$	—	$	6,554	$	(34)	$	6,554	$	(34)
Agency securities		—		—		6,861		(107)		6,861		(107)
Real estate mortgage investment conduits (1)		—		—		40,126		(673)		40,126		(673)
Residential mortgage-backed securities (1)		—		—		74,288		(1,588)		74,288		(1,588)
Other mortgage-backed securities (2)		—		—		40,409		(1,124)		40,409		(1,124)
Total available for sale	$	—	$	—	$	168,238	$	(3,526)	$	168,238	$	(3,526)

⁽¹⁾

Comprised of FHLMC, FNMA and GNMA issued securities.

⁽²⁾

Comprised of SBA issued securities and CRE secured securities issued by FNMA.