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INVESTMENT SECURITIES (Tables)

9 Months Ended

Dec. 31, 2021

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
December 31, 2021
Available for sale:
Municipal securities	$	44,174	$	295	$	(617)	$	43,852
Agency securities		43,842		3		(860)		42,985
Real estate mortgage investment conduits⁽¹⁾		37,307		57		(907)		36,457
Residential mortgage-backed securities ⁽¹⁾		18,704		385		(31)		19,058
Other mortgage-backed securities ⁽²⁾		40,035		369		(453)		39,951
Total available for sale	$	184,062	$	1,109	$	(2,868)	$	182,303

Held to maturity:
Municipal securities	$	10,373	$	7	$	(407)	$	9,973
Agency securities		34,671		3		(416)		34,258
Real estate mortgage investment conduits ⁽¹⁾		28,614		61		(630)		28,045
Residential mortgage-backed securities ⁽¹⁾		121,649		267		(1,147)		120,769
Other mortgage-backed securities ⁽²⁾		17,415		1		(434)		16,982
Total held to maturity	$	212,722	$	339	$	(3,034)	$	210,027


			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.

Schedule of contractual maturities of investment securities

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

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
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