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INVESTMENT SECURITIES (Tables)
 3 Months Ended
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.