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INVESTMENT SECURITIES (Tables) | 3 Months Ended
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Jun. 30, 2024
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
June 30, 2024 |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Available for sale: |  | ​ | ​ |  | ​ |  |  | ​ |  |  | ​ |
Municipal securities | ​ | $ | 41,651 | ​ | $ | 1 | ​ | $ | (6,867) | ​ | $ | 34,785
Agency securities | ​ |  | 44,874 | ​ | ​ | — | ​ | ​ | (4,060) | ​ | ​ | 40,814
Real estate mortgage investment conduits (1) | ​ |  | 30,677 | ​ | ​ | — | ​ | ​ | (6,005) | ​ | ​ | 24,672
Residential mortgage-backed securities (1) | ​ |  | 12,840 | ​ | ​ | 6 | ​ | ​ | (921) | ​ | ​ | 11,925
Other mortgage-backed securities (2) | ​ |  | 28,878 | ​ | ​ | 5 | ​ | ​ | (3,708) | ​ | ​ | 25,175
Total available for sale | ​ | $ | 158,920 | ​ | $ | 12 | ​ | $ | (21,561) | ​ | $ | 137,371
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Held to maturity: | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Municipal securities | ​ | $ | 10,314 | ​ | $ | — | ​ | $ | (2,892) | ​ | $ | 7,422
Agency securities | ​ | ​ | 54,169 | ​ | ​ | — | ​ | ​ | (4,281) | ​ | ​ | 49,888
Real estate mortgage investment conduits (1) | ​ | ​ | 30,922 | ​ | ​ | — | ​ | ​ | (5,228) | ​ | ​ | 25,694
Residential mortgage-backed securities (1) | ​ | ​ | 109,955 | ​ | ​ | — | ​ | ​ | (18,126) | ​ | ​ | 91,829
Other mortgage-backed securities (3) | ​ | ​ | 20,457 | ​ | ​ | — | ​ | ​ | (3,264) | ​ | ​ | 17,193
Total held to maturity | ​ | $ | 225,817 | ​ | $ | — | ​ | $ | (33,791) | ​ | $ | 192,026
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | Gross |  | Gross |  | ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Estimated
​ | ​ | Cost | ​ | Gains | ​ | Losses | ​ | Fair 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
​
(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 June 30, 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 | ​ | $ | 16,171 | ​ | $ | 16,064 | ​ | $ | 11,934 | ​ | $ | 11,759
Due after one year through five years | ​ |  | 42,525 | ​ |  | 37,760 | ​ |  | 39,461 | ​ |  | 36,333
Due after five years through ten years | ​ |  | 33,861 | ​ |  | 29,154 | ​ |  | 20,167 | ​ |  | 16,752
Due after ten years | ​ |  | 66,363 | ​ |  | 54,393 | ​ |  | 154,255 | ​ |  | 127,182
Total | ​ | $ | 158,920 | ​ | $ | 137,371 | ​ | $ | 225,817 | ​ | $ | 192,026
Schedule of fair value for securities available-for-sale and held to maturity and unrealized losses | The gross unrealized losses and the fair value of securities available-for-sale and held to maturity aggregated by the length of time that individual securities have been in a continuous unrealized loss position were 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, 2024 | ​ | Value | ​ | Losses | ​ | Value | ​ | Losses | ​ | Value | ​ | Losses
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Available for sale: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Municipal securities | ​ | $ | — | ​ | $ | — | ​ | $ | 32,394 | ​ | $ | (6,867) | ​ | $ | 32,394 | ​ | $ | (6,867)
Agency securities | ​ |  | — | ​ |  | — | ​ |  | 40,814 | ​ |  | (4,060) | ​ |  | 40,814 | ​ |  | (4,060)
Real estate mortgage investment conduits (1) | ​ |  | — | ​ |  | — | ​ |  | 24,672 | ​ |  | (6,005) | ​ |  | 24,672 | ​ |  | (6,005)
Residential mortgage-backed securities (1) | ​ |  | — | ​ |  | — | ​ |  | 11,101 | ​ |  | (921) | ​ |  | 11,101 | ​ |  | (921)
Other mortgage-backed securities (2) | ​ |  | — | ​ |  | — | ​ |  | 24,326 | ​ |  | (3,708) | ​ |  | 24,326 | ​ |  | (3,708)
Total available for sale | ​ | $ | — | ​ | $ | — | ​ | $ | 133,307 | ​ | $ | (21,561) | ​ | $ | 133,307 | ​ | $ | (21,561)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Held to maturity: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Municipal securities | ​ | $ | — | ​ | $ | — | ​ | $ | 7,422 | ​ | $ | (2,892) | ​ | $ | 7,422 | ​ | $ | (2,892)
Agency securities | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 49,888 | ​ |  | (4,281) | ​ | ​ | 49,888 | ​ | ​ | (4,281)
Real estate mortgage investment conduits (1) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 25,694 | ​ |  | (5,228) | ​ | ​ | 25,694 | ​ | ​ | (5,228)
Residential mortgage-backed securities (1) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 91,829 | ​ |  | (18,126) | ​ | ​ | 91,829 | ​ | ​ | (18,126)
Other mortgage-backed securities (3) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 17,193 | ​ |  | (3,264) | ​ | ​ | 17,193 | ​ | ​ | (3,264)
Total held to maturity | ​ | $ | — | ​ | $ | — | ​ | $ | 192,026 | ​ | $ | (33,791) | ​ | $ | 192,026 | ​ | $ | (33,791)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
March 31, 2024 |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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)
​
(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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