INVESTMENT SECURITIES (Tables)

12 Months Ended

Mar. 31, 2025

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, 2025
Available for sale:
Municipal securities	$	37,280	$	1	$	(6,262)	$	31,019
Agency securities		32,944		—		(2,741)		30,203
Real estate mortgage investment conduits⁽¹⁾		28,597		—		(5,107)		23,490
Residential mortgage-backed securities ⁽¹⁾		10,802		13		(589)		10,226
Other mortgage-backed securities ⁽²⁾		27,317		4		(2,823)		24,498
Total available for sale	$	136,940	$	18	$	(17,522)	$	119,436

Held to maturity:
Municipal securities	$	10,296	$	—	$	(2,667)	$	7,629
Agency securities		42,279		—		(2,723)		39,556
Real estate mortgage investment conduits⁽¹⁾		28,499		—		(4,231)		24,268
Residential mortgage-backed securities ⁽¹⁾		101,933		—		(15,448)		86,485
Other mortgage-backed securities ⁽³⁾		20,072		—		(2,618)		17,454
Total held to maturity	$	203,079	$	—	$	(27,687)	$	175,392


			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 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, 2025 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	$	248	$	246	$	13,791	$	13,583
Due after one year through five years		45,091		41,599		25,532		23,877
Due after five years through ten years		32,658		28,312		24,033		20,703
Due after ten years		58,943		49,279		139,723		117,229
Total	$	136,940	$	119,436	$	203,079	$	175,392

Schedule of fair value of temporarily impaired investment securities available-for-sale and held to maturity 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, 2025	Value		Losses		Value		Losses		Value		Losses

Available for sale:
Municipal securities	$	—	$	—	$	29,849	$	(6,262)	$	29,849	$	(6,262)
Agency securities		—		—		30,203		(2,741)		30,203		(2,741)
Real estate mortgage investment conduits ⁽¹⁾		—		—		23,490		(5,107)		23,490		(5,107)
Residential mortgage-backed securities ⁽¹⁾		—		—		9,540		(589)		9,540		(589)
Other mortgage-backed securities ⁽²⁾		418		(3)		23,816		(2,820)		24,234		(2,823)
Total available for sale	$	418	$	(3)	$	116,898	$	(17,519)	$	117,316	$	(17,522)

Held to maturity:
Municipal securities	$	—	$	—	$	7,629	$	(2,667)	$	7,629	$	(2,667)
Agency securities		—		—		39,556		(2,723)		39,556		(2,723)
Real estate mortgage investment conduits ⁽¹⁾		—		—		24,268		(4,231)		24,268		(4,231)
Residential mortgage-backed securities ⁽¹⁾		—		—		86,485		(15,448)		86,485		(15,448)
Other mortgage-backed securities ⁽³⁾		—		—		17,454		(2,618)		17,454		(2,618)
Total held to maturity	$	—	$	—	$	175,392	$	(27,687)	$	175,392	$	(27,687)

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 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