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INVESTMENT SECURITIES | 12 Months Ended
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Mar. 31, 2022
INVESTMENT SECURITIES |
INVESTMENT SECURITIES | 3. 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, 2022 |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Available for sale: |  | ​ | ​ |  | ​ |  |  | ​ |  |  | ​ |
Municipal securities | ​ | $ | 44,104 | ​ | $ | 14 | ​ | $ | (4,514) | ​ | $ | 39,604
Agency securities | ​ |  | 43,848 | ​ | ​ | 1 | ​ | ​ | (3,144) | ​ | ​ | 40,705
Real estate mortgage investment conduits (1) | ​ |  | 35,563 | ​ | ​ | 1 | ​ | ​ | (2,847) | ​ | ​ | 32,717
Residential mortgage-backed securities (1) | ​ |  | 17,368 | ​ | ​ | 13 | ​ | ​ | (436) | ​ | ​ | 16,945
Other mortgage-backed securities (2) | ​ |  | 37,991 | ​ | ​ | 28 | ​ | ​ | (2,208) | ​ | ​ | 35,811
Total available for sale | ​ | $ | 178,874 | ​ | $ | 57 | ​ | $ | (13,149) | ​ | $ | 165,782
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Held to maturity: | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Municipal securities | ​ | $ | 10,368 | ​ | $ | — | ​ | $ | (1,422) | ​ | $ | 8,946
Agency securities | ​ | ​ | 45,277 | ​ | ​ | — | ​ | ​ | (2,450) | ​ | ​ | 42,827
Real estate mortgage investment conduits (1) | ​ | ​ | 39,394 | ​ | ​ | — | ​ | ​ | (2,457) | ​ | ​ | 36,937
Residential mortgage-backed securities (1) | ​ | ​ | 137,343 | ​ | ​ | — | ​ | ​ | (8,883) | ​ | ​ | 128,460
Other mortgage-backed securities (3) | ​ | ​ | 20,718 | ​ | ​ | — | ​ | ​ | (1,859) | ​ | ​ | 18,859
Total held to maturity | ​ | $ | 253,100 | ​ | $ | — | ​ | $ | (17,071) | ​ | $ | 236,029
​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | 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 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 and FHLMC. (3) Comprised of FHLMC and FNMA issued securities. ​ During the third fiscal quarter of 2022, the Company reassessed the classification of certain investment securities and transferred $85.8 million of U.S. government and agency securities from the available for sale classific ation to the held to maturity classification. The net unrealized after tax gain of $18,000 was deemed insignificant and the book balance of investment securities were transferred. No gains or losses were recognized in connection with the transfer. ​ The contractual maturities of investment securities as of March 31, 2022 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 | ​ | $ | 2,002 | ​ | $ | 2,004 | ​ | $ | — | ​ | $ | —
Due after one year through five years | ​ |  | 14,073 | ​ |  | 13,339 | ​ |  | 24,344 | ​ |  | 23,559
Due after five years through ten years | ​ |  | 63,995 | ​ |  | 59,735 | ​ |  | 39,407 | ​ |  | 36,305
Due after ten years | ​ |  | 98,804 | ​ |  | 90,704 | ​ |  | 189,349 | ​ |  | 176,165
Total | ​ | $ | 178,874 | ​ | $ | 165,782 | ​ | $ | 253,100 | ​ | $ | 236,029
​ 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
March 31, 2022 | ​ | Value | ​ | Losses | ​ | Value | ​ | Losses | ​ | Value | ​ | Losses
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Available for sale: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Municipal securities | ​ | $ | 32,767 | ​ | $ | (4,293) | ​ | $ | 3,282 | ​ | $ | (221) | ​ | $ | 36,049 | ​ | $ | (4,514)
Agency securities | ​ |  | 22,288 | ​ |  | (1,565) | ​ |  | 16,414 | ​ |  | (1,579) | ​ |  | 38,702 | ​ |  | (3,144)
Real estate mortgage investment conduits (1) | ​ |  | 17,334 | ​ |  | (1,310) | ​ |  | 15,275 | ​ |  | (1,537) | ​ |  | 32,609 | ​ |  | (2,847)
Residential mortgage-backed securities (1) | ​ |  | 15,702 | ​ |  | (436) | ​ |  | — | ​ |  | — | ​ |  | 15,702 | ​ |  | (436)
Other mortgage-backed securities (2) | ​ |  | 32,408 | ​ |  | (2,194) | ​ |  | 769 | ​ |  | (14) | ​ |  | 33,177 | ​ |  | (2,208)
Total available for sale | ​ | $ | 120,499 | ​ | $ | (9,798) | ​ | $ | 35,740 | ​ | $ | (3,351) | ​ | $ | 156,239 | ​ | $ | (13,149)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Held to maturity: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Municipal securities | ​ | $ | 5,911 | ​ | $ | (816) | ​ | $ | 3,036 | ​ | $ | (606) | ​ | $ | 8,947 | ​ | $ | (1,422)
Agency securities | ​ | ​ | 35,930 | ​ | ​ | (1,708) | ​ | ​ | 6,897 | ​ | ​ | (742) | ​ | ​ | 42,827 | ​ | ​ | (2,450)
Real estate mortgage investment conduits (1) | ​ | ​ | 26,233 | ​ | ​ | (1,715) | ​ | ​ | 7,735 | ​ | ​ | (742) | ​ | ​ | 33,968 | ​ | ​ | (2,457)
Residential mortgage-backed securities (1) | ​ | ​ | 111,096 | ​ | ​ | (7,160) | ​ | ​ | 17,363 | ​ | ​ | (1,723) | ​ | ​ | 128,459 | ​ | ​ | (8,883)
Other mortgage-backed securities (3) | ​ | ​ | 13,472 | ​ | ​ | (1,153) | ​ | ​ | 5,386 | ​ | ​ | (706) | ​ | ​ | 18,858 | ​ | ​ | (1,859)
Total held to maturity | ​ | $ | 192,642 | ​ | $ | (12,552) | ​ | $ | 40,417 | ​ | $ | (4,519) | ​ | $ | 233,059 | ​ | $ | (17,071)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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 (1) | ​ |  | 33,164 | ​ |  | (614) | ​ |  | — | ​ | ​ | — | ​ | ​ | 33,164 | ​ |  | (614)
Other mortgage-backed securities (6) | ​ |  | 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 (3) | ​ | ​ | 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 and CRE secured securities iss ued by FHLMC and FNMA. (3) Comprised of CRE secured securities issued by FHLMC and FNMA. (4) Comprised of FNMA issued securities. (5) Comprised of FHLMC and FNMA issued securities. (6) Comprised of SBA 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. 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 both the year ended March 31, 2022 and 2021. Proceeds from the sale of investment securities totaled $17.8 million for the year ended March 31, 2020. Gross realized gains on sales of investment securities totaled $30,000 for the year ended March 31, 2020 and are included in other non-interest income in the accompanying consolidated statements of income. Investment securities available for sale with an amortized cost of $1.3 million and $5.3 million and a fair value of $1.2 million and $5.4 million at March 31, 2022 and 2021, respectively, were pledged as collateral for government public funds held by the Bank. Investment securities held to maturity with an amortized cost of $13.7 million and $3.1 million and a fair value of $12.6 million and $3.0 million at March 31, 2022 and 2021, respectively, were pledged as collateral for government public funds held by the Bank.

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- 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 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
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