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FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Sep. 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
September 30, 2020		Fair Value			Level 1			Level 2			Level 3
Investment securities available for sale:
Municipal securities		$	5,010		$	—		$	5,010		$	—
Agency securities			3,002			—			3,002			—
Real estate mortgage investment conduits			37,123			—			37,123			—
Residential mortgage-backed securities			49,701			—			49,701			—
Other mortgage-backed securities			31,437			—			31,437			—
Total assets measured at fair value on a recurring basis		$	126,273		$	—		$	126,273		$	—

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
September 30, 2020		Fair Value			Level 1			Level 2			Level 3
Impaired loans		$	120		$	—		$	—		$	120

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 September 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		8.0%

⁽¹⁾ There were no adjustments to appraised values of impaired loans as of September 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
September 30, 2020		Amount			Level 1			Level 2			Level 3			Fair Value
Assets:
Cash and cash equivalents		$	238,016		$	238,016		$	—		$	—		$	238,016
Certificates of deposit held for investment			249			—			264			—			264
Investment securities available for sale			126,273			—			126,273			—			126,273
Investment securities held to maturity			24			—			24			—			24
Loans receivable, net			956,308			—			—			946,171			946,171
FHLB stock			2,620			—			2,620			—			2,620
Liabilities:
Certificates of deposit			131,309			—			133,063			—			133,063
FHLB advances			30,000			—			30,000			—			30,000
Junior subordinated debentures			26,705			—			—			12,559			12,559

		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

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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.

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

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-Publisher FASB
-Name Accounting Standards Codification
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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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