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INVESTMENT SECURITIES (Tables)

6 Months Ended

Sep. 30, 2022

INVESTMENT SECURITIES

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
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.

Schedule of contractual maturities of investment 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

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
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.