The amortized cost and approximate fair value of investment securities consisted of the following at the dates indicated (in thousands):

The contractual maturities of investment securities as of December 31, 2022 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	$	5,618	$	5,576	$	5	$	5
Due after one year through five years		84,927		80,879		42,168		38,799
Due after five years through ten years		57,980		49,934		29,798		24,514
Due after ten years		91,546		75,317		175,176		146,415
Total	$	240,071	$	211,706	$	247,147	$	209,733

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
December 31, 2022	Value		Losses		Value		Losses		Value		Losses

Available for sale:
Municipal securities	$	14,341	$	(2,024)	$	22,996	$	(7,372)	$	37,337	$	(9,396)
Agency securities		50,832		(1,047)		35,829		(6,037)		86,661		(7,084)
Real estate mortgage investment conduits ⁽¹⁾		5,903		(462)		23,005		(5,579)		28,908		(6,041)
Residential mortgage-backed securities ⁽¹⁾		13,985		(968)		2,071		(248)		16,056		(1,216)
Other mortgage-backed securities ⁽²⁾		25,409		(1,540)		14,384		(3,116)		39,793		(4,656)
Total available for sale	$	110,470	$	(6,041)	$	98,285	$	(22,352)	$	208,755	$	(28,393)

Held to maturity:
Municipal securities	$	1,649	$	(777)	$	5,457	$	(2,467)	$	7,106	$	(3,244)
Agency securities		20,800		(1,473)		27,209		(4,414)		48,009		(5,887)
Real estate mortgage investment conduits ⁽¹⁾		12,891		(1,517)		17,771		(3,829)		30,662		(5,346)
Residential mortgage-backed securities ⁽¹⁾		28,800		(3,641)		78,217		(15,613)		107,017		(19,254)
Other mortgage-backed securities ⁽³⁾		5,457		(760)		11,482		(2,923)		16,939		(3,683)
Total held to maturity	$	69,597	$	(8,168)	$	140,136	$	(29,246)	$	209,733	$	(37,414)

March 31, 2022

Available for sale:
Municipal securities	$	32,767	$	(4,293)	$	3,282	$	(221)	$	36,049	$	(4,514)
Agency securities		22,288		(1,565)		16,414		(1,579)		38,702		(3,144)
Real estate mortgage investment conduits ⁽¹⁾		17,334		(1,310)		15,275		(1,537)		32,609		(2,847)
Residential mortgage-backed securities ⁽¹⁾		15,702		(436)		—		—		15,702		(436)
Other mortgage-backed securities ⁽²⁾		32,408		(2,194)		769		(14)		33,177		(2,208)
Total available for sale	$	120,499	$	(9,798)	$	35,740	$	(3,351)	$	156,239	$	(13,149)

Held to maturity:
Municipal securities	$	5,911	$	(816)	$	3,036	$	(606)	$	8,947	$	(1,422)
Agency securities		35,930		(1,708)		6,897		(742)		42,827		(2,450)
Real estate mortgage investment conduits ⁽¹⁾		26,233		(1,715)		7,735		(742)		33,968		(2,457)
Residential mortgage-backed securities ⁽¹⁾		111,096		(7,160)		17,363		(1,723)		128,459		(8,883)
Other mortgage-backed securities ⁽³⁾		13,472		(1,153)		5,386		(706)		18,858		(1,859)
Total held to maturity	$	192,642	$	(12,552)	$	40,417	$	(4,519)	$	233,059	$	(17,071)

(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.

The unrealized losses on the Company’s investment securities were primarily attributable to increases in market interest rates subsequent to their purchase by the Company. 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 Company does not believe that these securities are other than temporarily impaired because of their credit quality or related to any issuer or industry specific event. The Company has the ability and intent to hold the investments until the fair value recovers. Based on management’s evaluation and intent, the unrealized losses related to the investment securities in the above tables are considered temporary.

The Company had no sales and realized no gains or losses on sales of investment securities for the three and nine months ended December 31, 2022 and 2021. Investment securities available for sale with an amortized cost of $3.4 million and $1.3 million and an estimated fair value of $3.1 million and $1.2 million at December 31, 2022 and March 31, 2022, respectively, were pledged as collateral for government public funds held by the Bank. Investment securities held to maturity with an amortized cost of $12.6 million and $13.7 million and a fair value of $10.5 million and $12.6 million at December 31, 2022 and March 31, 2022, respectively, were pledged as collateral for government public funds held by the Bank.