XML 24 R14.htm IDEA: XBRL DOCUMENT
v3.20.2

INVESTMENT SECURITIES | 3 Months Ended
--- | ---
Jun. 30, 2020
INVESTMENT SECURITIES |
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):
|  |  |  |  | Gross |  | Gross |  |  |
|  | Amortized |  | Unrealized |  | Unrealized |  | Estimated Fair
|  | Cost |  | Gains |  | Losses |  | Value
June 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |
Available for sale: |  |  |  |  |  |  |  |  |  |  |  |
Municipal securities |  | $ | 4,737 |  | $ | 279 |  | $ | — |  | $ | 5,016
Agency securities |  |  | 3,008 |  |  | 9 |  |  | (9) |  |  | 3,008
Real estate mortgage investment conduits (1) |  |  | 40,308 |  |  | 952 |  |  | — |  |  | 41,260
Residential mortgage-backed securities (1) |  |  | 54,184 |  |  | 1,481 |  |  | — |  |  | 55,665
Other mortgage-backed securities (2) |  |  | 31,878 |  |  | 1,023 |  |  | (101) |  |  | 32,800
Total available for sale |  | $ | 134,115 |  | $ | 3,744 |  | $ | (110) |  | $ | 137,749
Held to maturity: |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed securities (3) |  | $ | 26 |  | $ | — |  | $ | — |  | $ | 26
March 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |
Available for sale: |  |  |  |  |  |  |  |  |  |  |  |
Municipal securities |  | $ | 4,740 |  | $ | 137 |  | $ | — |  | $ | 4,877
Agency securities |  |  | 6,009 |  |  | 17 |  |  | (10) |  |  | 6,016
Real estate mortgage investment conduits (1) |  |  | 42,663 |  |  | 1,128 |  |  | — |  |  | 43,791
Residential mortgage-backed securities (1) |  |  | 58,700 |  |  | 1,415 |  |  | (30) |  |  | 60,085
Other mortgage-backed securities (2) |  |  | 33,417 |  |  | 256 |  |  | (151) |  |  | 33,522
Total available for sale |  | $ | 145,529 |  | $ | 2,953 |  | $ | (191) |  | $ | 148,291
Held to maturity: |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed securities (3) |  | $ | 28 |  | $ | — |  | $ | — |  | $ | 28
(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 June 30, 2020 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 |  | $ | 1,010 |  | $ | — |  | $ | —
Due after one year through five years |  |  | 5,103 |  |  | 5,149 |  |  | 23 |  |  | 23
Due after five years through ten years |  |  | 29,637 |  |  | 30,531 |  |  | 3 |  |  | 3
Due after ten years |  |  | 98,374 |  |  | 101,059 |  |  | — |  |  | —
Total |  | $ | 134,115 |  | $ | 137,749 |  | $ | 26 |  | $ | 26
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 |  | Unrealized |  | Estimated |  | Unrealized |  | Estimated |  | Unrealized
|  | Fair Value |  | Losses |  | Fair Value |  | Losses |  | Fair Value |  | Losses
June 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency securities |  | $ | 1,998 |  | $ | (9) |  | $ | — |  | $ | — |  | $ | 1,998 |  | $ | (9)
Other mortgage-backed securities (2) |  |  | — |  |  | — |  |  | 4,787 |  |  | (101) |  |  | 4,787 |  |  | (101)
Total available for sale |  | $ | 1,998 |  | $ | (9) |  | $ | 4,787 |  | $ | (101) |  | $ | 6,785 |  | $ | (110)
March 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency securities |  | $ | 1,998 |  | $ | (10) |  | $ | — |  | $ | — |  | $ | 1,998 |  | $ | (10)
Residential mortgage-backed securities (1) |  |  | 2,509 |  |  | (22) |  |  | 409 |  |  | (8) |  |  | 2,918 |  |  | (30)
Other mortgage-backed securities (2) |  |  | 11,726 |  |  | (58) |  |  | 4,911 |  |  | (93) |  |  | 16,637 |  |  | (151)
Total available for sale |  | $ | 16,233 |  | $ | (90) |  | $ | 5,320 |  | $ | (101) |  | $ | 21,553 |  | $ | (191)
| (1) |  | Comprised of FHLMC and FNMA issued securities.
| (2) |  | Comprised of SBA 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. The Company has the ability and intent to hold the investments until the fair value recovers. 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 months ended June 30, 2020 and 2019. Investment securities available for sale with an amortized cost of $6.4 million and $6.6 million and an estimated fair value of $6.5 million and $6.8 million at June 30, 2020 and March 31, 2020, respectively, were pledged as collateral for government public funds held by the Bank. There were no held to maturity securities pledged as collateral for government public funds held by the Bank at June 30, 2020 and March 31, 2020.

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration