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INVESTMENT SECURITIES (Tables)
 9 Months Ended
Dec. 31, 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

December 31, 2023

 

​

  

 

​

  

 

​

  

 

​

  

Available for sale:

 

​

​

 

​

  

 

​

  

 

​

  

Municipal securities

​

$

47,719

​

$

49

​

$

(7,461)

​

$

40,307

Agency securities

​

 

89,206

​

​

—

​

​

(5,214)

​

​

83,992

Real estate mortgage investment conduits (1)

​

 

32,021

​

​

—

​

​

(5,601)

​

​

26,420

Residential mortgage-backed securities (1)

​

 

14,191

​

​

3

​

​

(898)

​

​

13,296

Other mortgage-backed securities (2)

​

 

36,292

​

​

4

​

​

(3,850)

​

​

32,446

Total available for sale

​

$

219,429

​

$

56

​

$

(23,024)

​

$

196,461

​

​

​

​

​

​

​

​

​

​

​

​

​

Held to maturity:

​

 

​

​

​

​

​

​

​

​

​

​

Municipal securities

​

$

10,326

​

$

—

​

$

(2,796)

​

$

7,530

Agency securities

​

​

54,077

​

​

—

​

​

(4,293)

​

​

49,784

Real estate mortgage investment conduits (1)

​

​

32,538

​

​

—

​

​

(5,031)

​

​

27,507

Residential mortgage-backed securities (1)

​

​

115,213

​

​

—

​

​

(16,831)

​

​

98,382

Other mortgage-backed securities (3)

​

​

20,505

​

​

—

​

​

(3,233)

​

​

17,272

Total held to maturity

​

$

232,659

​

$

—

​

$

(32,184)

​

$

200,475

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

​

​

    

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 December 31, 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

​

$

19,327

​

$

19,198

​

$

5,950

​

$

5,789

Due after one year through five years

​

 

81,420

​

 

76,498

​

 

42,356

​

 

39,510

Due after five years through ten years

​

 

43,231

​

 

37,703

​

 

23,380

​

 

19,618

Due after ten years

​

 

75,451

​

 

63,062

​

 

160,973

​

 

135,558

Total

​

$

219,429

​

$

196,461

​

$

232,659

​

$

200,475
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

December 31, 2023

​

 Value

​

Losses

​

 Value

​

Losses

​

 Value

​

Losses

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Available for sale:

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

Municipal securities

​

$

448

​

$

(1)

​

$

37,463

​

$

(7,460)

​

$

37,911

​

$

(7,461)

Agency securities

​

 

5,819

​

 

(17)

​

 

78,173

​

 

(5,197)

​

 

83,992

​

 

(5,214)

Real estate mortgage investment conduits (1)

​

 

—

​

 

—

​

 

26,420

​

 

(5,601)

​

 

26,420

​

 

(5,601)

Residential mortgage-backed securities (1)

​

 

—

​

 

—

​

 

12,872

​

 

(898)

​

 

12,872

​

 

(898)

Other mortgage-backed securities (2)

​

 

846

​

 

(2)

​

 

31,260

​

 

(3,848)

​

 

32,106

​

 

(3,850)

Total available for sale

​

$

7,113

​

$

(20)

​

$

186,188

​

$

(23,004)

​

$

193,301

​

$

(23,024)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Held to maturity:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Municipal securities

​

$

—

​

$

—

​

$

7,530

​

$

(2,796)

​

$

7,530

​

$

(2,796)

Agency securities

​

​

—

​

​

—

​

​

49,784

​

​

(4,293)

​

​

49,784

​

​

(4,293)

Real estate mortgage investment conduits (1)

​

​

—

​

​

—

​

​

27,507

​

​

(5,031)

​

​

27,507

​

​

(5,031)

Residential mortgage-backed securities (1)

​

​

—

​

​

—

​

​

98,382

​

​

(16,831)

​

​

98,382

​

​

(16,831)

Other mortgage-backed securities (3)

​

​

—

​

​

—

​

​

17,272

​

​

(3,233)

​

​

17,272

​

​

(3,233)

Total held to maturity

​

$

—

​

$

—

​

$

200,475

​

$

(32,184)

​

$

200,475

​

$

(32,184)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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.