XML 24 R14.htm IDEA: XBRL DOCUMENT
v3.21.2

INVESTMENT SECURITIES | 3 Months Ended
--- | ---
Jun. 30, 2021
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 |  | Estimated
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Fair
​ | ​ | Cost | ​ | Gains | ​ | Losses | ​ | Value
June 30, 2021 |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Available for sale: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Municipal securities | ​ | $ | 38,293 | ​ | $ | 434 | ​ | $ | (213) | ​ | $ | 38,514
Agency securities | ​ |  | 47,076 | ​ | ​ | 69 | ​ | ​ | (392) | ​ | ​ | 46,753
Real estate mortgage investment conduits (1) | ​ |  | 53,997 | ​ | ​ | 374 | ​ | ​ | (411) | ​ | ​ | 53,960
Residential mortgage-backed securities (1) | ​ |  | 85,259 | ​ | ​ | 948 | ​ | ​ | (349) | ​ | ​ | 85,858
Other mortgage-backed securities (2) | ​ |  | 42,887 | ​ | ​ | 930 | ​ | ​ | (49) | ​ | ​ | 43,768
Total available for sale | ​ | $ | 267,512 | ​ | $ | 2,755 | ​ | $ | (1,414) | ​ | $ | 268,853
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Held to maturity: | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Municipal securities | ​ | $ | 10,384 | ​ | $ | 36 | ​ | $ | (177) | ​ | $ | 10,243
Agency securities | ​ | ​ | 7,676 | ​ | ​ | — | ​ | ​ | (105) | ​ | ​ | 7,571
Real estate mortgage investment conduits (1) | ​ | ​ | 9,068 | ​ | ​ | — | ​ | ​ | (77) | ​ | ​ | 8,991
Residential mortgage-backed securities (3) | ​ | ​ | 5,989 | ​ | ​ | — | ​ | ​ | (75) | ​ | ​ | 5,914
Other mortgage-backed securities (2) | ​ | ​ | 6,108 | ​ | ​ | — | ​ | ​ | (163) | ​ | ​ | 5,945
Total held to maturity | ​ | $ | 39,225 | ​ | $ | 36 | ​ | $ | (597) | ​ | $ | 38,664
​ ​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | Gross |  | Gross |  | ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Estimated
​ | ​ | Cost | ​ | Gains | ​ | Losses | ​ | Fair 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
(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, 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 | ​ |  | 8,402 | ​ |  | 8,461 | ​ |  | 16 | ​ |  | 16
Due after five years through ten years | ​ |  | 78,950 | ​ |  | 79,291 | ​ |  | 8,590 | ​ |  | 8,400
Due after ten years | ​ |  | 180,160 | ​ |  | 181,101 | ​ |  | 30,619 | ​ |  | 30,248
Total | ​ | $ | 267,512 | ​ | $ | 268,853 | ​ | $ | 39,225 | ​ | $ | 38,664
​ 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 |  | ​ | ​ |  | Estimated |  | ​ | ​ |  | Estimated |  | ​ | ​
​ | ​ | Fair | ​ | Unrealized | ​ | Fair | ​ | Unrealized | ​ | Fair | ​ | Unrealized
June 30, 2021 | ​ | Value | ​ | Losses | ​ | Value | ​ | Losses | ​ | Value | ​ | Losses
​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Available for sale: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Municipal securities | ​ | $ | 12,971 | ​ | $ | (213) | ​ | $ | — | ​ | $ | — | ​ | $ | 12,971 | ​ | $ | (213)
Agency securities | ​ |  | 20,577 | ​ |  | (392) | ​ |  | — | ​ |  | — | ​ |  | 20,577 | ​ |  | (392)
Real estate mortgage investment conduits (1) | ​ |  | 38,492 | ​ |  | (411) | ​ |  | — | ​ |  | — | ​ |  | 38,492 | ​ |  | (411)
Residential mortgage-backed securities | ​ |  | 45,122 | ​ |  | (349) | ​ |  | — | ​ |  | — | ​ |  | 45,122 | ​ |  | (349)
Other mortgage-backed securities (2) | ​ |  | 3,028 | ​ |  | (5) | ​ |  | 1,993 | ​ |  | (44) | ​ |  | 5,021 | ​ |  | (49)
Total available for sale | ​ | $ | 120,190 | ​ | $ | (1,370) | ​ | $ | 1,993 | ​ | $ | (44) | ​ | $ | 122,183 | ​ | $ | (1,414)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Held to maturity: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Municipal securities | ​ | $ | 6,511 | ​ | $ | (177) | ​ | $ | — | ​ | $ | — | ​ | $ | 6,511 | ​ | $ | (177)
Agency securities | ​ | ​ | 7,570 | ​ | ​ | (105) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 7,570 | ​ | ​ | (105)
Real estate mortgage investment conduits (3) | ​ | ​ | 8,991 | ​ | ​ | (77) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 8,991 | ​ | ​ | (77)
Residential mortgage-backed securities (4) | ​ | ​ | 5,895 | ​ | ​ | (75) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 5,895 | ​ | ​ | (75)
Other mortgage-backed securities | ​ | ​ | 5,945 | ​ | ​ | (163) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 5,945 | ​ | ​ | (163)
Total held to maturity | ​ | $ | 34,912 | ​ | $ | (597) | ​ | $ | — | ​ | $ | — | ​ | $ | 34,912 | ​ | $ | (597)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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 (3) | ​ | ​ | 9,066 | ​ | ​ | (141) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 9,066 | ​ | ​ | (141)
Residential mortgage-backed securities (4) | ​ | ​ | 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)
(1) | Comprised of FHLMC, FNMA and GNMA issued securities.
(2) | Comprised of SBA issued securities.
(3) | Comprised of FNMA issued securities.
(4) | Comprised of FHLMC and FNMA issued securities.
​ 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, 2021 and 2020. Investment securities available for sale with an amortized cost of $9.8 million and $5.3 million and an estimated fair value of $9.8 million and $5.4 million at June 30, 2021 and March 31, 2021, respectively, were pledged as collateral for government public funds held by the Bank. Investment securities held to maturity with an amortized cost of $6.0 million and $3.1 million and a fair value of $5.9 million and $3.0 million at June 30, 2021 and March 31, 2021, respectively, were pledged as collateral for government public funds held by the Bank

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