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INVESTMENT SECURITIES | 3 Months Ended
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Jun. 30, 2023
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
June 30, 2023 |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Available for sale: |  | ​ | ​ |  | ​ |  |  | ​ |  |  | ​ |
Municipal securities | ​ | $ | 47,810 | ​ | $ | 24 | ​ | $ | (8,123) | ​ | $ | 39,711
Agency securities | ​ |  | 91,972 | ​ | ​ | — | ​ | ​ | (6,826) | ​ | ​ | 85,146
Real estate mortgage investment conduits (1) | ​ |  | 33,473 | ​ | ​ | — | ​ | ​ | (6,210) | ​ | ​ | 27,263
Residential mortgage-backed securities (1) | ​ |  | 15,738 | ​ | ​ | — | ​ | ​ | (1,201) | ​ | ​ | 14,537
Other mortgage-backed securities (2) | ​ |  | 42,315 | ​ | ​ | 5 | ​ | ​ | (4,658) | ​ | ​ | 37,662
Total available for sale | ​ | $ | 231,308 | ​ | $ | 29 | ​ | $ | (27,018) | ​ | $ | 204,319
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Held to maturity: | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Municipal securities | ​ | $ | 10,338 | ​ | $ | — | ​ | $ | (2,922) | ​ | $ | 7,416
Agency securities | ​ | ​ | 53,985 | ​ | ​ | — | ​ | ​ | (5,462) | ​ | ​ | 48,523
Real estate mortgage investment conduits (1) | ​ | ​ | 34,327 | ​ | ​ | — | ​ | ​ | (5,555) | ​ | ​ | 28,772
Residential mortgage-backed securities (1) | ​ | ​ | 120,651 | ​ | ​ | — | ​ | ​ | (18,517) | ​ | ​ | 102,134
Other mortgage-backed securities (3) | ​ | ​ | 20,552 | ​ | ​ | — | ​ | ​ | (3,628) | ​ | ​ | 16,924
Total held to maturity | ​ | $ | 239,853 | ​ | $ | — | ​ | $ | (36,084) | ​ | $ | 203,769
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | Gross |  | Gross |  | ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Estimated
​ | ​ | Cost | ​ | Gains | ​ | Losses | ​ | Fair Value
March 31, 2023 |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Available for sale: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Municipal securities | ​ | $ | 47,857 | ​ | $ | 16 | ​ | $ | (7,612) | ​ | $ | 40,261
Agency securities | ​ |  | 91,858 | ​ | ​ | 23 | ​ | ​ | (5,974) | ​ | ​ | 85,907
Real estate mortgage investment conduits (1) | ​ |  | 34,247 | ​ | ​ | — | ​ | ​ | (5,370) | ​ | ​ | 28,877
Residential mortgage-backed securities (1) | ​ |  | 16,512 | ​ | ​ | — | ​ | ​ | (1,041) | ​ | ​ | 15,471
Other mortgage-backed securities (2) | ​ |  | 45,117 | ​ | ​ | 4 | ​ | ​ | (4,138) | ​ | ​ | 40,983
Total available for sale | ​ | $ | 235,591 | ​ | $ | 43 | ​ | $ | (24,135) | ​ | $ | 211,499
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Held to maturity: | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Municipal securities | ​ | $ | 10,344 | ​ | $ | — | ​ | $ | (2,859) | ​ | $ | 7,485
Agency securities | ​ | ​ | 53,941 | ​ | ​ | — | ​ | ​ | (5,091) | ​ | ​ | 48,850
Real estate mortgage investment conduits (1) | ​ | ​ | 35,186 | ​ | ​ | — | ​ | ​ | (4,769) | ​ | ​ | 30,417
Residential mortgage-backed securities (1) | ​ | ​ | 123,773 | ​ | ​ | — | ​ | ​ | (17,542) | ​ | ​ | 106,231
Other mortgage-backed securities (3) | ​ | ​ | 20,599 | ​ | ​ | — | ​ | ​ | (3,368) | ​ | ​ | 17,231
Total held to maturity | ​ | $ | 243,843 | ​ | $ | — | ​ | $ | (33,629) | ​ | $ | 210,214
​
(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 June 30, 2023 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 | ​ | $ | 16,786 | ​ | $ | 16,525 | ​ | $ | 3 | ​ | $ | 3
Due after one year through five years | ​ |  | 82,986 | ​ |  | 77,344 | ​ |  | 42,253 | ​ |  | 39,101
Due after five years through ten years | ​ |  | 47,472 | ​ |  | 40,972 | ​ |  | 29,556 | ​ |  | 24,458
Due after ten years | ​ |  | 84,064 | ​ |  | 69,478 | ​ |  | 168,041 | ​ |  | 140,207
Total | ​ | $ | 231,308 | ​ | $ | 204,319 | ​ | $ | 239,853 | ​ | $ | 203,769
​ 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
June 30, 2023 | ​ | Value | ​ | Losses | ​ | Value | ​ | Losses | ​ | Value | ​ | Losses
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Available for sale: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Municipal securities | ​ | $ | 3,388 | ​ | $ | (122) | ​ | $ | 35,128 | ​ | $ | (8,001) | ​ | $ | 38,516 | ​ | $ | (8,123)
Agency securities | ​ |  | 43,084 | ​ |  | (1,096) | ​ |  | 42,062 | ​ |  | (5,730) | ​ |  | 85,146 | ​ |  | (6,826)
Real estate mortgage investment conduits (1) | ​ |  | 2,561 | ​ |  | (151) | ​ |  | 24,702 | ​ |  | (6,059) | ​ |  | 27,263 | ​ |  | (6,210)
Residential mortgage-backed securities (1) | ​ |  | 2,685 | ​ |  | (164) | ​ |  | 11,852 | ​ |  | (1,037) | ​ |  | 14,537 | ​ |  | (1,201)
Other mortgage-backed securities (2) | ​ |  | 8,853 | ​ |  | (351) | ​ |  | 28,392 | ​ |  | (4,307) | ​ |  | 37,245 | ​ |  | (4,658)
Total available for sale | ​ | $ | 60,571 | ​ | $ | (1,884) | ​ | $ | 142,136 | ​ | $ | (25,134) | ​ | $ | 202,707 | ​ | $ | (27,018)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Held to maturity: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Municipal securities | ​ | $ | — | ​ | $ | — | ​ | $ | 7,416 | ​ | $ | (2,922) | ​ | $ | 7,416 | ​ | $ | (2,922)
Agency securities | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 48,523 | ​ | ​ | (5,462) | ​ | ​ | 48,523 | ​ | ​ | (5,462)
Real estate mortgage investment conduits (1) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 28,772 | ​ | ​ | (5,555) | ​ | ​ | 28,772 | ​ | ​ | (5,555)
Residential mortgage-backed securities (1) | ​ | ​ | 2 | ​ | ​ | — | ​ | ​ | 102,132 | ​ | ​ | (18,517) | ​ | ​ | 102,134 | ​ | ​ | (18,517)
Other mortgage-backed securities (3) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 16,924 | ​ | ​ | (3,628) | ​ | ​ | 16,924 | ​ | ​ | (3,628)
Total held to maturity | ​ | $ | 2 | ​ | $ | — | ​ | $ | 203,767 | ​ | $ | (36,084) | ​ | $ | 203,769 | ​ | $ | (36,084)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
March 31, 2023 |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Available for sale: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Municipal securities | ​ | $ | 6,277 | ​ | $ | (133) | ​ | $ | 32,797 | ​ | $ | (7,479) | ​ | $ | 39,074 | ​ | $ | (7,612)
Agency securities | ​ | ​ | 43,451 | ​ |  | (747) | ​ |  | 36,646 | ​ |  | (5,227) | ​ |  | 80,097 | ​ |  | (5,974)
Real estate mortgage investment conduits (1) | ​ |  | 2,693 | ​ |  | (97) | ​ |  | 26,184 | ​ |  | (5,273) | ​ |  | 28,877 | ​ |  | (5,370)
Residential mortgage-backed securities (1) | ​ |  | 3,449 | ​ |  | (147) | ​ |  | 12,022 | ​ |  | (894) | ​ |  | 15,471 | ​ |  | (1,041)
Other mortgage-backed securities (2) | ​ |  | 13,876 | ​ |  | (376) | ​ |  | 26,619 | ​ |  | (3,762) | ​ |  | 40,495 | ​ |  | (4,138)
Total available for sale | ​ | $ | 69,746 | ​ | $ | (1,500) | ​ | $ | 134,268 | ​ | $ | (22,635) | ​ | $ | 204,014 | ​ | $ | (24,135)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Held to maturity: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Municipal securities | ​ | $ | — | ​ | $ | — | ​ | $ | 7,485 | ​ | $ | (2,859) | ​ | $ | 7,485 | ​ | $ | (2,859)
Agency securities | ​ | ​ | 8,413 | ​ | ​ | (240) | ​ | ​ | 40,437 | ​ | ​ | (4,851) | ​ | ​ | 48,850 | ​ | ​ | (5,091)
Real estate mortgage investment conduits (1) | ​ | ​ | 2,580 | ​ | ​ | (191) | ​ | ​ | 27,837 | ​ | ​ | (4,578) | ​ | ​ | 30,417 | ​ | ​ | (4,769)
Residential mortgage-backed securities (1) | ​ | ​ | 2 | ​ | ​ | — | ​ | ​ | 106,229 | ​ | ​ | (17,542) | ​ | ​ | 106,231 | ​ | ​ | (17,542)
Other mortgage-backed securities (3) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 17,231 | ​ | ​ | (3,368) | ​ | ​ | 17,231 | ​ | ​ | (3,368)
Total held to maturity | ​ | $ | 10,995 | ​ | $ | (431) | ​ | $ | 199,219 | ​ | $ | (33,198) | ​ | $ | 210,214 | ​ | $ | (33,629)
​
(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 FHLMC and FNMA issued securities.
​ Allowance for Credit Losses on Available-for-Sale Debt Securities – Each reporting period, the Company assesses each available for sale debt security that is in an unrealized loss position to determine whether the decline in fair value below the amortized cost basis results from a credit loss or other factors. The Company did not record an ACL on any available for sale debt securities at June 30, 2023 or upon adoption of ASU 2016-13 on April 1, 2023. As of both dates, the Company considers the unrealized losses across the classes of major security-type to be related to fluctuations in market conditions, primarily interest rates, and not reflective of a deterioration in credit value. 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. Allowance for Credit Losses on Held to Maturity Debt Securities – The Company separately evaluates its held to maturity debt securities for any credit losses based on probability of default and loss given default utilizing historical industry data based on investment category. The probability of default and loss given default are incorporated into the present value of expected cash flows and compared against amortized cost. The Company did not record an ACL on any held to maturity debt securities as the impact was insignificant. The Company had no sales and realized no gains or losses on sales of investment securities for the three months ended June 30, 2023 and 2022. Investment securities available for sale with an amortized cost of $3.1 million and $3.2 million and an estimated fair value of $2.7 million and $2.9 million at June 30, 2023 and March 31, 2023, respectively, were pledged as collateral for government public funds held by the Bank. Investment securities held to maturity with an amortized cost of $12.0 million and $12.3 million and a fair value of $10.0 million and $10.4 million at June 30, 2023 and March 31, 2023, 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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