| 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, 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. |
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| Schedule of contractual maturities of investment 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 |
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| 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 | 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. |
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