XML 24 R14.htm IDEA: XBRL DOCUMENT
v3.25.2

INVESTMENT SECURITIES | 3 Months Ended
--- | ---
Jun. 30, 2025
INVESTMENT SECURITIES |
INVESTMENT SECURITIES | 5. 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, 2025 |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Available for sale: |  | ​ | ​ |  | ​ |  |  | ​ |  |  | ​ |
Municipal securities | ​ | $ | 36,966 | ​ | $ | 3 | ​ | $ | (5,878) | ​ | $ | 31,091
Agency securities | ​ |  | 32,948 | ​ | ​ | — | ​ | ​ | (2,371) | ​ | ​ | 30,577
Real estate mortgage investment conduits (1) | ​ |  | 27,977 | ​ | ​ | — | ​ | ​ | (4,843) | ​ | ​ | 23,134
Residential mortgage-backed securities (1) | ​ |  | 10,153 | ​ | ​ | 13 | ​ | ​ | (488) | ​ | ​ | 9,678
Other mortgage-backed securities (2) | ​ |  | 26,825 | ​ | ​ | 3 | ​ | ​ | (2,531) | ​ | ​ | 24,297
Total available for sale | ​ | $ | 134,869 | ​ | $ | 19 | ​ | $ | (16,111) | ​ | $ | 118,777
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Held to maturity: | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Municipal securities | ​ | $ | 10,290 | ​ | $ | — | ​ | $ | (2,707) | ​ | $ | 7,583
Agency securities | ​ | ​ | 42,303 | ​ | ​ | — | ​ | ​ | (2,354) | ​ | ​ | 39,949
Real estate mortgage investment conduits (1) | ​ | ​ | 27,625 | ​ | ​ | — | ​ | ​ | (3,871) | ​ | ​ | 23,754
Residential mortgage-backed securities (1) | ​ | ​ | 98,927 | ​ | ​ | — | ​ | ​ | (14,398) | ​ | ​ | 84,529
Other mortgage-backed securities (3) | ​ | ​ | 18,333 | ​ | ​ | — | ​ | ​ | (2,372) | ​ | ​ | 15,961
Total held to maturity | ​ | $ | 197,478 | ​ | $ | — | ​ | $ | (25,702) | ​ | $ | 171,776
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | Gross |  | Gross |  | ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Estimated
​ | ​ | Cost | ​ | Gains | ​ | Losses | ​ | Fair 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
​
(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.
The contractual maturities of investment securities as of June 30, 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 | ​ | $ | 247 | ​ | $ | 12,109 | ​ | $ | 11,980
Due after one year through five years | ​ |  | 48,153 | ​ |  | 44,935 | ​ |  | 25,530 | ​ |  | 24,123
Due after five years through ten years | ​ |  | 35,165 | ​ |  | 30,652 | ​ |  | 23,808 | ​ |  | 20,770
Due after ten years | ​ |  | 51,303 | ​ |  | 42,943 | ​ |  | 136,031 | ​ |  | 114,903
Total | ​ | $ | 134,869 | ​ | $ | 118,777 | ​ | $ | 197,478 | ​ | $ | 171,776
​ Expected maturities of investment securities may differ from contractual maturities because borrowers may have the right to prepay obligations with or without prepayment penalties. 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
June 30, 2025 | ​ | Value | ​ | Losses | ​ | Value | ​ | Losses | ​ | Value | ​ | Losses
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Available for sale: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Municipal securities | ​ | $ | — | ​ | $ | — | ​ | $ | 29,918 | ​ | $ | (5,878) | ​ | $ | 29,918 | ​ | $ | (5,878)
Agency securities | ​ |  | — | ​ |  | — | ​ |  | 30,577 | ​ |  | (2,371) | ​ |  | 30,577 | ​ |  | (2,371)
Real estate mortgage investment conduits (1) | ​ |  | — | ​ |  | — | ​ |  | 23,134 | ​ |  | (4,843) | ​ |  | 23,134 | ​ |  | (4,843)
Residential mortgage-backed securities (1) | ​ |  | — | ​ |  | — | ​ |  | 9,047 | ​ |  | (488) | ​ |  | 9,047 | ​ |  | (488)
Other mortgage-backed securities (2) | ​ |  | 493 | ​ |  | (4) | ​ |  | 23,507 | ​ |  | (2,527) | ​ |  | 24,000 | ​ |  | (2,531)
Total available for sale | ​ | $ | 493 | ​ | $ | (4) | ​ | $ | 116,183 | ​ | $ | (16,107) | ​ | $ | 116,676 | ​ | $ | (16,111)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Held to maturity: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Municipal securities | ​ | $ | — | ​ | $ | — | ​ | $ | 7,583 | ​ | $ | (2,707) | ​ | $ | 7,583 | ​ | $ | (2,707)
Agency securities | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 39,949 | ​ | ​ | (2,354) | ​ | ​ | 39,949 | ​ | ​ | (2,354)
Real estate mortgage investment conduits (1) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 23,754 | ​ | ​ | (3,871) | ​ | ​ | 23,754 | ​ | ​ | (3,871)
Residential mortgage-backed securities (1) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 84,529 | ​ | ​ | (14,398) | ​ | ​ | 84,529 | ​ | ​ | (14,398)
Other mortgage-backed securities (3) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 15,961 | ​ | ​ | (2,372) | ​ | ​ | 15,961 | ​ | ​ | (2,372)
Total held to maturity | ​ | $ | — | ​ | $ | — | ​ | $ | 171,776 | ​ | $ | (25,702) | ​ | $ | 171,776 | ​ | $ | (25,702)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
March 31, 2025 |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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)
​
(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.
​ Allowance for Credit Losses (“ACL”) on Available for Sale Debt Securities – Each reporting period, the Company assesses each available for sale debt security that is in an unrealized loss position to determine whether the decline in fair value below the amortized cost basis results from a credit loss or other factors. The Company did not record an ACL on available for sale debt securities at June 30, 2025 and March 31, 2025. As of both dates, the Company considered the unrealized losses across the classes of major security-type to be related to fluctuations in market conditions, primarily interest rates, and not reflective of a deterioration in credit value. For available for sale debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If the Company intends to sell the security or it is more likely than not that the Company will be required to sell the security before recovering its cost basis, the entire impairment loss would be recognized in earnings. If the Company does not intend to sell the security and it is not more likely than not that the Company will be required to sell the security, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized costs, any changes to the rating of the security by a rating agency and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. Projected cash flows are discounted by the current effective interest rate. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an ACL is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. The remaining impairment related to all other factors, the difference between the present value of the cash flows expected to be collected and fair value, is recognized as a charge to accumulated other comprehensive income (loss) (“AOCI”). ACL on Held to Maturity Debt Securities – The Company separately evaluates its held to maturity debt securities for any credit losses based on probability of default and loss given default utilizing historical industry data based on investment category. The probability of default and loss given default are incorporated into the present value of expected cash flows and compared against amortized cost. The Company did not record an ACL on held to maturity debt securities at June 30, 2025 and March 31, 2025 as the impact was insignificant. The Company had no sales and realized no gains or losses on sales of investment securities for the three months ended June 30, 2025 and 2024. Investment securities available for sale with an amortized cost of $2.0 million and $2.1 million and an estimated fair value of $1.8 million and $2.0 million at June 30, 2025 and March 31, 2025, respectively, were pledged as collateral for government public funds held by the Bank. Investment securities held to maturity with an amortized cost of $11.9 million and $12.2 million and a fair value of $10.2 million and $10.4 million at June 30, 2025 and March 31, 2025, respectively, were pledged as collateral for government public funds held by the Bank. Investment securities held to maturity with an amortized cost of $138.4 million and $141.3 million and a fair value of $119.3 million and $120.5 million at June 30, 2025 and March 31, 2025, respectively, were pledged as collateral to the Federal Reserve Bank of San Francisco (“FRB”) pursuant to borrowing agreements.

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 940 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/940-320/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph b -Publisher SEC Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-10 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/942-320/tableOfContent + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration