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INVESTMENT SECURITIES (Tables) | 6 Months Ended
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Sep. 30, 2023
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, 2023 |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Available for sale: |  | ​ | ​ |  | ​ |  |  | ​ |  |  | ​ |
Municipal securities | ​ | $ | 47,752 | ​ | $ | 52 | ​ | $ | (10,149) | ​ | $ | 37,655
Agency securities | ​ |  | 89,088 | ​ | ​ | — | ​ | ​ | (7,541) | ​ | ​ | 81,547
Real estate mortgage investment conduits (1) | ​ |  | 32,751 | ​ | ​ | — | ​ | ​ | (6,940) | ​ | ​ | 25,811
Residential mortgage-backed securities (1) | ​ |  | 14,905 | ​ | ​ | 1 | ​ | ​ | (1,439) | ​ | ​ | 13,467
Other mortgage-backed securities (2) | ​ |  | 40,660 | ​ | ​ | 4 | ​ | ​ | (5,160) | ​ | ​ | 35,504
Total available for sale | ​ | $ | 225,156 | ​ | $ | 57 | ​ | $ | (31,229) | ​ | $ | 193,984
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Held to maturity: | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Municipal securities | ​ | $ | 10,332 | ​ | $ | — | ​ | $ | (3,516) | ​ | $ | 6,816
Agency securities | ​ | ​ | 54,031 | ​ | ​ | — | ​ | ​ | (6,080) | ​ | ​ | 47,951
Real estate mortgage investment conduits (1) | ​ | ​ | 33,366 | ​ | ​ | — | ​ | ​ | (6,236) | ​ | ​ | 27,130
Residential mortgage-backed securities (1) | ​ | ​ | 117,761 | ​ | ​ | — | ​ | ​ | (22,826) | ​ | ​ | 94,935
Other mortgage-backed securities (3) | ​ | ​ | 20,528 | ​ | ​ | — | ​ | ​ | (4,077) | ​ | ​ | 16,451
Total held to maturity | ​ | $ | 236,018 | ​ | $ | — | ​ | $ | (42,735) | ​ | $ | 193,283
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | 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.
Schedule of contractual maturities of investment securities | The contractual maturities of investment securities as of September 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 | ​ | $ | 20,142 | ​ | $ | 19,890 | ​ | $ | 1 | ​ | $ | 1
Due after one year through five years | ​ |  | 81,068 | ​ |  | 74,443 | ​ |  | 45,259 | ​ |  | 41,526
Due after five years through ten years | ​ |  | 41,340 | ​ |  | 34,329 | ​ |  | 26,486 | ​ |  | 21,100
Due after ten years | ​ |  | 82,606 | ​ |  | 65,322 | ​ |  | 164,272 | ​ |  | 130,656
Total | ​ | $ | 225,156 | ​ | $ | 193,984 | ​ | $ | 236,018 | ​ | $ | 193,283
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, 2023 | ​ | Value | ​ | Losses | ​ | Value | ​ | Losses | ​ | Value | ​ | Losses
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Available for sale: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Municipal securities | ​ | $ | 410 | ​ | $ | (39) | ​ | $ | 34,866 | ​ | $ | (10,110) | ​ | $ | 35,276 | ​ | $ | (10,149)
Agency securities | ​ |  | 5,680 | ​ |  | (139) | ​ |  | 75,867 | ​ |  | (7,402) | ​ |  | 81,547 | ​ |  | (7,541)
Real estate mortgage investment conduits (1) | ​ |  | — | ​ |  | — | ​ |  | 25,811 | ​ |  | (6,940) | ​ |  | 25,811 | ​ |  | (6,940)
Residential mortgage-backed securities (1) | ​ |  | — | ​ |  | — | ​ |  | 13,126 | ​ |  | (1,439) | ​ |  | 13,126 | ​ |  | (1,439)
Other mortgage-backed securities (2) | ​ |  | 873 | ​ |  | (2) | ​ |  | 34,273 | ​ |  | (5,158) | ​ |  | 35,146 | ​ |  | (5,160)
Total available for sale | ​ | $ | 6,963 | ​ | $ | (180) | ​ | $ | 183,943 | ​ | $ | (31,049) | ​ | $ | 190,906 | ​ | $ | (31,229)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Held to maturity: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Municipal securities | ​ | $ | — | ​ | $ | — | ​ | $ | 6,816 | ​ | $ | (3,516) | ​ | $ | 6,816 | ​ | $ | (3,516)
Agency securities | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 47,951 | ​ | ​ | (6,080) | ​ | ​ | 47,951 | ​ | ​ | (6,080)
Real estate mortgage investment conduits (1) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 27,130 | ​ | ​ | (6,236) | ​ | ​ | 27,130 | ​ | ​ | (6,236)
Residential mortgage-backed securities (1) | ​ | ​ | 2 | ​ | ​ | — | ​ | ​ | 94,933 | ​ | ​ | (22,826) | ​ | ​ | 94,935 | ​ | ​ | (22,826)
Other mortgage-backed securities (3) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 16,451 | ​ | ​ | (4,077) | ​ | ​ | 16,451 | ​ | ​ | (4,077)
Total held to maturity | ​ | $ | 2 | ​ | $ | — | ​ | $ | 193,281 | ​ | $ | (42,735) | ​ | $ | 193,283 | ​ | $ | (42,735)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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.

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