The amortized cost and approximate fair value of investment securities consisted of the following at the dates indicated (in thousands):

(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.

During the three months ended December 31, 2021, the Company reassessed and transferred $85.8 million of U.S. government and agency securities from the available for sale classification 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 at the time of the transfer.

The contractual maturities of investment securities as of December 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		13,729		13,663		10,406		10,327
Due after five years through ten years		68,178		67,644		39,524		38,936
Due after ten years		102,155		100,996		162,792		160,764
Total	$	184,062	$	182,303	$	212,722	$	210,027

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
December 31, 2021	Value		Losses		Value		Losses		Value		Losses

Available for sale:
Municipal securities	$	29,956	$	(617)	$	—	$	—	$	29,956	$	(617)
Agency securities		35,205		(637)		5,774		(223)		40,979		(860)
Real estate mortgage investment conduits ⁽¹⁾		22,585		(621)		8,552		(286)		31,137		(907)
Residential mortgage-backed securities ⁽³⁾		2,768		(31)		—		—		2,768		(31)
Other mortgage-backed securities ⁽⁵⁾		16,605		(438)		1,255		(15)		17,860		(453)
Total available for sale	$	107,119	$	(2,344)	$	15,581	$	(524)	$	122,700	$	(2,868)

Held to maturity:
Municipal securities	$	7,537	$	(407)	$	—	$	—	$	7,537	$	(407)
Agency securities		25,304		(215)		5,950		(201)		31,254		(416)
Real estate mortgage investment conduits ⁽¹⁾		20,592		(548)		2,773		(82)		23,365		(630)
Residential mortgage-backed securities ⁽¹⁾		100,070		(1,121)		2,636		(26)		102,706		(1,147)
Other mortgage-backed securities ⁽⁴⁾		14,056		(434)		—		—		14,056		(434)
Total held to maturity	$	167,559	$	(2,725)	$	11,359	$	(309)	$	178,918	$	(3,034)

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.

(5)	Comprised of SBA, 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 and nine months ended December 31, 2021 and 2020. Investment securities available for sale with an amortized cost of $1.5 million and $5.3 million and an estimated fair value of $1.5 million and $5.4 million at December 31, 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 $11.1 million and $3.1 million and a fair value of $10.9 million and $3.0 million at December 31, 2021 and March 31, 2021, respectively, were pledged as collateral for government public funds held by the Bank.