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INVESTMENT SECURITIES (Tables) | 12 Months Ended
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Mar. 31, 2021
INVESTMENT SECURITIES |
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 |  | Estimated
|  | Amortized |  | Unrealized |  | Unrealized |  | Fair
|  | Cost |  | Gains |  | Losses |  | Value
March 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |
Available for sale: |  |  |  |  |  |  |  |  |  |  |  |
Municipal securities |  | $ | 23,883 |  | $ | 238 |  | $ | (555) |  | $ | 23,566
Agency securities |  |  | 25,996 |  |  | 5 |  |  | (686) |  |  | 25,315
Real estate mortgage investment conduits (1) |  |  | 55,826 |  |  | 469 |  |  | (480) |  |  | 55,815
Residential mortgage-backed securities (1) |  |  | 71,787 |  |  | 1,075 |  |  | (614) |  |  | 72,248
Other mortgage-backed securities (2) |  |  | 39,022 |  |  | 514 |  |  | (176) |  |  | 39,360
Total available for sale |  | $ | 216,514 |  | $ | 2,301 |  | $ | (2,511) |  | $ | 216,304
Held to maturity: |  |  |  |  |  |  |  |  |  |  |  |
Municipal securities |  | $ | 10,391 |  | $ | — |  | $ | (509) |  | $ | 9,882
Agency securities |  |  | 7,688 |  |  | — |  |  | (220) |  |  | 7,468
Real estate mortgage investment conduits (1) |  |  | 9,207 |  |  | — |  |  | (141) |  |  | 9,066
Residential mortgage-backed securities (3) |  |  | 6,175 |  |  | — |  |  | (119) |  |  | 6,056
Other mortgage-backed securities (2) |  |  | 6,113 |  |  | — |  |  | (365) |  |  | 5,748
Total held to maturity |  | $ | 39,574 |  | $ | — |  | $ | (1,354) |  | $ | 38,220
|  |  |  |  | Gross |  | Gross |  |  |
|  | Amortized |  | Unrealized |  | Unrealized |  | Estimated
|  | Cost |  | Gains |  | Losses |  | Fair Value
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.
Schedule of contractual maturities of investment securities | The contractual maturities of investment securities as of March 31, 2021 are as follows (in thousands):
|  | Available for Sale |  | Held to Maturity
|  |  |  |  | Estimated |  |  |  |  | Estimated
|  | Amortized |  | Fair |  | Amortized |  | Fair
|  | Cost |  | Value |  | Cost |  | Value
Due in one year or less |  | $ | — |  | $ | — |  | $ | — |  | $ | —
Due after one year through five years |  |  | 5,919 |  |  | 5,992 |  |  | 18 |  |  | 18
Due after five years through ten years |  |  | 57,704 |  |  | 57,409 |  |  | 8,595 |  |  | 8,193
Due after ten years |  |  | 152,891 |  |  | 152,903 |  |  | 30,961 |  |  | 30,009
Total |  | $ | 216,514 |  | $ | 216,304 |  | $ | 39,574 |  | $ | 38,220
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 |  |  |  |  | Estimated |  |  |  |  | Estimated |  |  |
|  | Fair |  | Unrealized |  | Fair |  | Unrealized |  | Fair |  | Unrealized
|  | Value |  | Losses |  | Value |  | Losses |  | Value |  | Losses
March 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal securities |  | $ | 17,529 |  | $ | (555) |  | $ | — |  | $ | — |  | $ | 17,529 |  | $ | (555)
Agency securities |  |  | 23,306 |  |  | (686) |  |  | — |  |  | — |  |  | 23,306 |  |  | (686)
Real estate mortgage investment conduits (1) |  |  | 25,462 |  |  | (480) |  |  | — |  |  | — |  |  | 25,462 |  |  | (480)
Residential mortgage-backed securities |  |  | 33,164 |  |  | (614) |  |  | — |  |  | — |  |  | 33,164 |  |  | (614)
Other mortgage-backed securities (2) |  |  | 5,856 |  |  | (125) |  |  | 2,225 |  |  | (51) |  |  | 8,081 |  |  | (176)
Total available for sale |  | $ | 105,317 |  | $ | (2,460) |  | $ | 2,225 |  | $ | (51) |  | $ | 107,542 |  | $ | (2,511)
Held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal securities |  | $ | 9,882 |  | $ | (509) |  | $ | — |  | $ | — |  | $ | 9,882 |  | $ | (509)
Agency securities |  |  | 7,468 |  |  | (220) |  |  | — |  |  | — |  |  | 7,468 |  |  | (220)
Real estate mortgage investment conduits (4) |  |  | 9,066 |  |  | (141) |  |  | — |  |  | — |  |  | 9,066 |  |  | (141)
Residential mortgage-backed securities (5) |  |  | 6,035 |  |  | (119) |  |  | — |  |  | — |  |  | 6,035 |  |  | (119)
Other mortgage-backed securities |  |  | 5,748 |  |  | (365) |  |  | — |  |  | — |  |  | 5,748 |  |  | (365)
Total held to maturity |  | $ | 38,199 |  | $ | (1,354) |  | $ | — |  | $ | — |  | $ | 38,199 |  | $ | (1,354)
March 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency securities |  | $ | 1,998 |  | $ | (10) |  | $ | — |  | $ | — |  | $ | 1,998 |  | $ | (10)
Residential mortgage-backed securities (5) |  |  | 2,509 |  |  | (22) |  |  | 409 |  |  | (8) |  |  | 2,918 |  |  | (30)
Other mortgage-backed securities (6) |  |  | 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, FNMA and GNMA issued securities. (2) Comprised of SBA issued securities. (3) Comprised of FHLMC issued securities. (4) Comprised of FNMA issued securities. (5) Comprised of FHLMC and FNMA issued securities. (6) Comprised of SBA and CRE secured securities issued by FNMA.

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- Definition Schedule (table) showing the fair value of temporarily impaired securities, the amount of unrealized losses and the length of time these unrealized losses existed, as of the dates indicated. + References No definition available. + Details
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- Definition Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 + Details
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