The Company did not hold any held to maturity securities at March 31, 2026. In the fourth quarter of fiscal year 2026, the Company completed a balance sheet optimization by selling securities with a book value of $149.3 million at a pre-tax loss of $11.35 million.

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, 2026
Available for sale:
Municipal securities		$	37,106		$	10		$	(7,008)		$	30,108
Agency securities			5,975			—			(723)			5,252
Real estate mortgage investment conduits⁽¹⁾			45,206			—			(7,050)			38,156
Residential mortgage-backed securities ⁽¹⁾			81,198			19			(9,626)			71,591
Other mortgage-backed securities ⁽²⁾			10,798			3			(1,140)			9,661
Total available for sale		$	180,283		$	32		$	(25,547)		$	154,768


					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 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.

The contractual maturities of investment securities as of March 31, 2026 were as follows (in thousands):

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 sales proceeds and gross realized losses of investment securities were as follows for the years ended March 31, 2026, 2025, and 2024 (in thousands):

The fair value of securities in an unrealized loss position, the amount of unrealized losses and the length of time these unrealized losses existed 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
March 31, 2026		Value			Losses			Value			Losses			Value			Losses

Available for sale:
Municipal securities		$	444		$	(2)		$	28,484		$	(7,006)		$	28,928		$	(7,008)
Agency securities			—			—			5,252			(723)			5,252			(723)
Real estate mortgage investment conduits ⁽¹⁾			4,986			(21)			33,170			(7,029)			38,156			(7,050)
Residential mortgage-backed securities ⁽¹⁾			15,528			(49)			50,590			(9,577)			66,118			(9,626)
Other mortgage-backed securities ⁽²⁾			72			(3)			9,386			(1,137)			9,458			(1,140)
Total available for sale		$	21,030		$	(75)		$	126,882		$	(25,472)		$	147,912		$	(25,547)


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)

The Company does not believe that the unrealized losses at March 31, 2026 and 2025, were related to credit quality. The Company expects the fair value of these securities to recover as the securities approach their maturity dates or sooner if market yields for such securities decline. The declines in fair market values of these securities were mainly attributable to changes in market interest rates, credit spreads, market volatility and liquidity conditions. As such, the Company determined that no ACL was required. Based on management’s evaluation and intent, the unrealized losses related to the investment securities in the above tables are not attributable to credit-related factors.

Investment securities available for sale with an amortized cost of $26.4 million and $2.1 million and a fair value of $22.2 million and $2.0 million at March 31, 2026 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 $12.2 million and a fair value of $10.4 million at March 31, 2025, were pledged as collateral for government public funds held by the Bank. Investment securities available for sale with an amortized cost of $49.2 million and a fair value of $41.0 million at March 31, 2026, were pledged as collateral to the FRB. Investment securities held to maturity with an amortized cost of $141.3 million and a fair value of $120.5 million at March 31, 2025, were pledged as collateral to the FRB.