INVESTMENT SECURITIES (Tables)

12 Months Ended

Mar. 31, 2022

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, 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.

Schedule of contractual maturities of investment securities

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

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
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 issued 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.