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INVESTMENT SECURITIES (Tables)
 9 Months Ended
Dec. 31, 2020
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

    

 

 

 

 

Amortized

 

Unrealized

 

Unrealized

 

Estimated Fair

 

 

Cost

 

Gains

 

Losses

 

 Value

December 31, 2020

 

 

  

 

 

  

 

 

  

 

 

  

Available for sale:

 

 

  

 

 

  

 

 

  

 

 

  

Municipal securities

 

$

22,201

 

$

494

 

$

(10)

 

$

22,685

Agency securities

 

 

11,001

 

 

 8

 

 

(20)

 

 

10,989

Real estate mortgage investment conduits (1)

 

 

44,905

 

 

657

 

 

(79)

 

 

45,483

Residential mortgage-backed securities (1)

 

 

42,809

 

 

1,286

 

 

 —

 

 

44,095

Other mortgage-backed securities (2)

 

 

28,977

 

 

1,048

 

 

(58)

 

 

29,967

Total available for sale

 

$

149,893

 

$

3,493

 

$

(167)

 

$

153,219

 

 

 

 

 

 

 

 

 

 

 

 

 

Held to maturity:

 

 

 

 

 

 

 

 

 

 

 

 

Municipal securities

 

$

6,009

 

$

136

 

$

(32)

 

$

6,113

Agency securities

 

 

7,700

 

 

 2

 

 

(8)

 

 

7,694

Real estate mortgage investment conduits (1)

 

 

9,324

 

 

 9

 

 

(7)

 

 

9,326

Residential mortgage-backed securities (3)

 

 

6,295

 

 

10

 

 

(41)

 

 

6,264

Other mortgage-backed securities (2)

 

 

4,097

 

 

 —

 

 

 —

 

 

4,097

Total held to maturity

 

$

33,425

 

$

157

 

$

(88)

 

$

33,494

 

 

 

 

 

 

 

 

 

 

 

 

 

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 December 31, 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

 

$

 —

 

$

 —

 

$

 —

 

$

 —

Due after one year through five years

 

 

6,618

 

 

6,732

 

 

20

 

 

20

Due after five years through ten years

 

 

37,163

 

 

37,932

 

 

8,600

 

 

8,599

Due after ten years

 

 

106,112

 

 

108,555

 

 

24,805

 

 

24,875

Total

 

$

149,893

 

$

153,219

 

$

33,425

 

$

33,494

 

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, 2020

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available for sale:

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Municipal securities

 

$

1,886

 

$

(10)

 

$

 —

 

$

 —

 

$

1,886

 

$

(10)

Agency securities

 

 

5,975

 

 

(20)

 

 

 —

 

 

 —

 

 

5,975

 

 

(20)

Real estate mortgage investment conduits (1)

 

 

15,540

 

 

(79)

 

 

 —

 

 

 —

 

 

15,540

 

 

(79)

Other mortgage-backed securities (2)

 

 

 —

 

 

 —

 

 

2,316

 

 

(58)

 

 

2,316

 

 

(58)

Total available for sale

 

$

23,401

 

$

(109)

 

$

2,316

 

$

(58)

 

$

25,717

 

$

(167)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Held to maturity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal securities

 

$

2,278

 

$

(32)

 

$

 —

 

$

 —

 

$

2,278

 

$

(32)

Agency securities

 

 

6,193

 

 

(8)

 

 

 —

 

 

 —

 

 

6,193

 

 

(8)

Real estate mortgage investment conduits (3)

 

 

3,104

 

 

(7)

 

 

 —

 

 

 —

 

 

3,104

 

 

(7)

Residential mortgage-backed securities (4)

 

 

3,130

 

 

(41)

 

 

 —

 

 

 —

 

 

3,130

 

 

(41)

   Total held to maturity

 

$

14,705

 

$

(88)

 

$

 —

 

$

 —

 

$

14,705

 

$

(88)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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.