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FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Sep. 30, 2019

FAIR VALUE MEASUREMENTS

Schedule of assets that are measured at estimated fair value on a recurring basis

The following tables present assets that are measured at estimated fair value on a recurring basis at the dates indicated (in thousands):

		Total Estimated			Estimated Fair Value Measurements Using
September 30, 2019		Fair Value			Level 1			Level 2			Level 3
Investment securities available for sale:
Municipal securities		$	9,043		$	—		$	9,043		$	—
Agency securities			9,479			—			9,479			—
Real estate mortgage investment conduits			36,340			—			36,340			—
Residential mortgage-backed securities			69,658			—			69,658			—
Other mortgage-backed securities			39,162			—			39,162			—
Total assets measured at fair value on a recurring basis		$	163,682		$	—		$	163,682		$	—

		Total Estimated			Estimated Fair Value Measurements Using
March 31, 2019		Fair Value			Level 1			Level 2			Level 3
Investment securities available for sale:
Municipal securities		$	8,881		$	—		$	8,881		$	—
Agency securities			12,341			—			12,341			—
Real estate mortgage investment conduits			40,162			—			40,162			—
Residential mortgage-backed securities			75,821			—			75,821			—
Other mortgage-backed securities			41,021			—			41,021			—
Total assets measured at fair value on a recurring basis		$	178,226		$	—		$	178,226		$	—

Schedule of assets that are measured at estimated fair value on a nonrecurring basis

The following tables present assets that are measured at estimated fair value on a nonrecurring basis at the dates indicated (in thousands):

		Total Estimated			Estimated Fair Value Measurements Using
September 30, 2019		Fair Value			Level 1			Level 2			Level 3
Impaired loans		$	135		$	—		$	—		$	135

March 31, 2019
Impaired loans		$	394		$	—		$	—		$	394

Schedule of quantitative information about Level 3 inputs for financial instruments measured at fair value on a nonrecurring basis

The following table presents quantitative information about Level 3 inputs for financial instruments measured at fair value on a nonrecurring basis at September 30, 2019 and March 31, 2019:

		Valuation Technique		Significant Unobservable Inputs		Range
Impaired loans		Appraised value		Adjustment for market conditions		N/A(1)
		Discounted cash flows		Discount rate		6.25% to 8.00	%

There were no adjustments to appraised values of impaired loans as of September 30, 2019 and March 31, 2019.

Schedule of carrying amount and estimated fair value of financial instruments

The carrying amount and estimated fair value of financial instruments is as follows at the dates indicated (in thousands):

		Carrying												Estimated
September 30, 2019		Amount			Level 1			Level 2			Level 3			Fair Value
Assets:
Cash and cash equivalents		$	48,888		$	48,888		$	—		$	—		$	48,888
Certificates of deposit held for investment			249			—			255			—			255
Loans held for sale			310			—			310			—			310
Investment securities available for sale			163,682			—			163,682			—			163,682
Investment securities held to maturity			31			—			32			—			32
Loans receivable, net			869,880			—			—			866,748			866,748
FHLB stock			1,380			—			1,380			—			1,380
Liabilities:
Certificates of deposit			121,177			—			121,469			—			121,469
Junior subordinated debentures			26,619			—			—			13,145			13,145
Finance lease liability			2,387			—			2,387			—			2,387

		Carrying												Estimated
March 31, 2019		Amount			Level 1			Level 2			Level 3			Fair Value
Assets:
Cash and cash equivalents		$	22,950		$	22,950		$	—		$	—		$	22,950
Certificates of deposit held for investment			747			—			746			—			746
Loans held for sale			909			—			909			—			909
Investment securities available for sale			178,226			—			178,226			—			178,226
Investment securities held to maturity			35			—			35			—			35
Loans receivable, net			864,659			—			—			862,429			862,429
FHLB stock			3,644			—			3,644			—			3,644
Liabilities:
Certificates of deposit			86,006			—			84,455			—			84,455
FHLB advances			56,586			—			56,586			—			56,586
Junior subordinated debentures			26,575			—			—			15,468			15,468
Finance lease liability			2,403			—			2,403			—			2,403

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- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

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-Section 50
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Tabular disclosure of information about asset and liability measured at fair value under fair value option.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
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-Paragraph 2
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