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FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Jun. 30, 2020

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
June 30, 2020		Fair Value			Level 1			Level 2			Level 3
Investment securities available for sale:
Municipal securities		$	5,016		$	—		$	5,016		$	—
Agency securities			3,008			—			3,008			—
Real estate mortgage investment conduits			41,260			—			41,260			—
Residential mortgage-backed securities			55,665			—			55,665			—
Other mortgage-backed securities			32,800			—			32,800			—
Total assets measured at fair value on a recurring basis		$	137,749		$	—		$	137,749		$	—

March 31, 2020
Investment securities available for sale:
Municipal securities		$	4,877		$	—		$	4,877		$	—
Agency securities			6,016			—			6,016			—
Real estate mortgage investment conduits			43,791			—			43,791			—
Residential mortgage-backed securities			60,085			—			60,085			—
Other mortgage-backed securities			33,522			—			33,522			—
Total assets measured at fair value on a recurring basis		$	148,291		$	—		$	148,291		$	—

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
June 30, 2020		Fair Value			Level 1			Level 2			Level 3
Impaired loans		$	123		$	—		$	—		$	123

March 31, 2020
Impaired loans		$	125		$	—		$	—		$	125

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 June 30, 2020 and March 31, 2020:

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

⁽¹⁾ There were no adjustments to appraised values of impaired loans as of June 30, 2020 and March 31, 2020.

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
June 30, 2020		Amount			Level 1			Level 2			Level 3			Fair Value
Assets:
Cash and cash equivalents		$	157,835		$	157,835		$	—		$	—		$	157,835
Certificates of deposit held for investment			249			—			265			—			265
Investment securities available for sale			137,749			—			137,749			—			137,749
Investment securities held to maturity			26			—			26			—			26
Loans receivable, net			985,644			—			—			975,176			975,176
FHLB stock			2,620			—			2,620			—			2,620
Liabilities:
Certificates of deposit			136,042			—			138,106			—			138,106
FHLB advances			30,000			—			30,000			—			30,000
Junior subordinated debentures			26,684			—			—			12,006			12,006

		Carrying												Estimated
March 31, 2020		Amount			Level 1			Level 2			Level 3			Fair Value
Assets:
Cash and cash equivalents		$	41,968		$	41,968		$	—		$	—		$	41,968
Certificates of deposit held for investment			249			—			258			—			258
Loans held for sale			275			—			275			—			275
Investment securities available for sale			148,291			—			148,291			—			148,291
Investment securities held to maturity			28			—			28			—			28
Loans receivable, net			898,885			—			—			889,398			889,398
FHLB stock			1,420			—			1,420			—			1,420
Liabilities:
Certificates of deposit			134,941			—			136,997			—			136,997
Junior subordinated debentures			26,662			—			—			12,127			12,127

X

- 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.

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

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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
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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).

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-Publisher FASB
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-Topic 820
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