INVESTMENT SECURITIES (Tables)

12 Months Ended

Mar. 31, 2024

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
March 31, 2024
Available for sale:
Municipal securities	$	41,657	$	20	$	(6,541)	$	35,136
Agency securities		47,818		—		(4,241)		43,577
Real estate mortgage investment conduits⁽¹⁾		31,424		—		(5,759)		25,665
Residential mortgage-backed securities ⁽¹⁾		13,519		3		(971)		12,551
Other mortgage-backed securities ⁽²⁾		29,998		3		(3,734)		26,267
Total available for sale	$	164,416	$	26	$	(21,246)	$	143,196

Held to maturity:
Municipal securities	$	10,321	$	—	$	(2,789)	$	7,532
Agency securities		54,123		—		(4,522)		49,601
Real estate mortgage investment conduits⁽¹⁾		31,752		—		(5,171)		26,581
Residential mortgage-backed securities ⁽¹⁾		112,834		—		(18,196)		94,638
Other mortgage-backed securities ⁽³⁾		20,480		—		(3,313)		17,167
Total held to maturity	$	229,510	$	—	$	(33,991)	$	195,519


			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 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 March 31, 2024 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	$	19,359	$	19,192	$	11,900	$	11,658
Due after one year through five years		39,990		35,484		39,448		36,158
Due after five years through ten years		36,950		32,038		20,280		16,815
Due after ten years		68,117		56,482		157,882		130,888
Total	$	164,416	$	143,196	$	229,510	$	195,519

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
March 31, 2024	Value		Losses		Value		Losses		Value		Losses

Available for sale:
Municipal securities	$	—	$	—	$	32,748	$	(6,541)	$	32,748	$	(6,541)
Agency securities		—		—		43,577		(4,241)		43,577		(4,241)
Real estate mortgage investment conduits ⁽¹⁾		—		—		25,665		(5,759)		25,665		(5,759)
Residential mortgage-backed securities ⁽¹⁾		—		—		12,073		(971)		12,073		(971)
Other mortgage-backed securities ⁽²⁾		534		(1)		25,403		(3,733)		25,937		(3,734)
Total available for sale	$	534	$	(1)	$	139,466	$	(21,245)	$	140,000	$	(21,246)

Held to maturity:
Municipal securities	$	—	$	—	$	7,532	$	(2,789)	$	7,532	$	(2,789)
Agency securities		—		—		49,601		(4,522)		49,601		(4,522)
Real estate mortgage investment conduits ⁽¹⁾		—		—		26,581		(5,171)		26,581		(5,171)
Residential mortgage-backed securities ⁽¹⁾		—		—		94,638		(18,196)		94,638		(18,196)
Other mortgage-backed securities ⁽³⁾		—		—		17,167		(3,313)		17,167		(3,313)
Total held to maturity	$	—	$	—	$	195,519	$	(33,991)	$	195,519	$	(33,991)

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 CRE secured securities issued by FHLMC and FNMA.

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details