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v3.22.2.2

INVESTMENT SECURITIES | 6 Months Ended
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Sep. 30, 2022
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
September 30, 2022 |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Available for sale: |  | ​ | ​ |  | ​ |  |  | ​ |  |  | ​ |
Municipal securities | ​ | $ | 47,951 | ​ | $ | 2 | ​ | $ | (10,041) | ​ | $ | 37,912
Agency securities | ​ |  | 93,632 | ​ | ​ | 1 | ​ | ​ | (7,405) | ​ | ​ | 86,228
Real estate mortgage investment conduits (1) | ​ |  | 35,758 | ​ | ​ | — | ​ | ​ | (5,812) | ​ | ​ | 29,946
Residential mortgage-backed securities (1) | ​ |  | 18,253 | ​ | ​ | — | ​ | ​ | (1,451) | ​ | ​ | 16,802
Other mortgage-backed securities (2) | ​ |  | 47,656 | ​ | ​ | 19 | ​ | ​ | (4,855) | ​ | ​ | 42,820
Total available for sale | ​ | $ | 243,250 | ​ | $ | 22 | ​ | $ | (29,564) | ​ | $ | 213,708
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Held to maturity: | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Municipal securities | ​ | $ | 10,356 | ​ | $ | — | ​ | $ | (3,337) | ​ | $ | 7,019
Agency securities | ​ | ​ | 53,851 | ​ | ​ | — | ​ | ​ | (6,134) | ​ | ​ | 47,717
Real estate mortgage investment conduits (1) | ​ | ​ | 36,862 | ​ | ​ | — | ​ | ​ | (5,296) | ​ | ​ | 31,566
Residential mortgage-backed securities (1) | ​ | ​ | 129,274 | ​ | ​ | — | ​ | ​ | (20,941) | ​ | ​ | 108,333
Other mortgage-backed securities (3) | ​ | ​ | 20,673 | ​ | ​ | — | ​ | ​ | (3,817) | ​ | ​ | 16,856
Total held to maturity | ​ | $ | 251,016 | ​ | $ | — | ​ | $ | (39,525) | ​ | $ | 211,491
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | Gross |  | Gross |  | ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Estimated
​ | ​ | Cost | ​ | Gains | ​ | Losses | ​ | Fair 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
​
(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 and FHLMC.
(3) | Comprised of FHLMC and FNMA issued securities.
The contractual maturities of investment securities as of September 30, 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 | ​ | $ | 5,700 | ​ | $ | 5,654 | ​ | $ | — | ​ | $ | —
Due after one year through five years | ​ |  | 81,977 | ​ |  | 78,195 | ​ |  | 38,931 | ​ |  | 35,802
Due after five years through ten years | ​ |  | 61,865 | ​ |  | 52,738 | ​ |  | 33,140 | ​ |  | 27,207
Due after ten years | ​ |  | 93,708 | ​ |  | 77,121 | ​ |  | 178,945 | ​ |  | 148,482
Total | ​ | $ | 243,250 | ​ | $ | 213,708 | ​ | $ | 251,016 | ​ | $ | 211,491
​ 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
September 30, 2022 | ​ | Value | ​ | Losses | ​ | Value | ​ | Losses | ​ | Value | ​ | Losses
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Available for sale: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Municipal securities | ​ | $ | 18,343 | ​ | $ | (4,024) | ​ | $ | 18,397 | ​ | $ | (6,017) | ​ | $ | 36,740 | ​ | $ | (10,041)
Agency securities | ​ |  | 56,425 | ​ |  | (2,326) | ​ |  | 27,801 | ​ |  | (5,079) | ​ |  | 84,226 | ​ |  | (7,405)
Real estate mortgage investment conduits (1) | ​ |  | 8,081 | ​ |  | (866) | ​ |  | 21,862 | ​ |  | (4,946) | ​ |  | 29,943 | ​ |  | (5,812)
Residential mortgage-backed securities (1) | ​ |  | 14,644 | ​ |  | (1,186) | ​ |  | 2,159 | ​ |  | (265) | ​ |  | 16,803 | ​ |  | (1,451)
Other mortgage-backed securities (2) | ​ |  | 28,847 | ​ |  | (2,128) | ​ |  | 11,898 | ​ |  | (2,727) | ​ |  | 40,745 | ​ |  | (4,855)
Total available for sale | ​ | $ | 126,340 | ​ | $ | (10,530) | ​ | $ | 82,117 | ​ | $ | (19,034) | ​ | $ | 208,457 | ​ | $ | (29,564)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Held to maturity: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Municipal securities | ​ | $ | 2,594 | ​ | $ | (1,098) | ​ | $ | 4,425 | ​ | $ | (2,239) | ​ | $ | 7,019 | ​ | $ | (3,337)
Agency securities | ​ | ​ | 36,346 | ​ | ​ | (3,695) | ​ | ​ | 11,371 | ​ | ​ | (2,439) | ​ | ​ | 47,717 | ​ | ​ | (6,134)
Real estate mortgage investment conduits (1) | ​ | ​ | 13,769 | ​ | ​ | (1,492) | ​ | ​ | 17,798 | ​ | ​ | (3,804) | ​ | ​ | 31,567 | ​ | ​ | (5,296)
Residential mortgage-backed securities (1) | ​ | ​ | 56,478 | ​ | ​ | (9,647) | ​ | ​ | 51,853 | ​ | ​ | (11,294) | ​ | ​ | 108,331 | ​ | ​ | (20,941)
Other mortgage-backed securities (3) | ​ | ​ | 7,300 | ​ | ​ | (1,162) | ​ | ​ | 9,555 | ​ | ​ | (2,655) | ​ | ​ | 16,855 | ​ | ​ | (3,817)
Total held to maturity | ​ | $ | 116,487 | ​ | $ | (17,094) | ​ | $ | 95,002 | ​ | $ | (22,431) | ​ | $ | 211,489 | ​ | $ | (39,525)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
March 31, 2022 |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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)
​
(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.
​ 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 six months ended September 30, 2022 and 2021. Investment securities available for sale with an amortized cost of $3.5 million and $1.3 million and an estimated fair value of $3.2 million and $1.2 million at September 30, 2022 and March 31, 2022, respectively, were pledged as collateral for government public funds held by the Bank. Investment securities held to maturity with an amortized cost of $12.9 million and $13.7 million and a fair value of $10.6 million and $12.6 million at September 30, 2022 and March 31, 2022, 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 https://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 https://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 https://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 https://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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