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FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended
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Mar. 31, 2021
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):
|  |  |  |  | Estimated Fair Value Measurements Using
|  | Total Estimated |  |  |  |  |  |  |  |  |
March 31, 2021 |  | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Investment securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |
Municipal securities |  | $ | 23,566 |  | $ | — |  | $ | 23,566 |  | $ | —
Agency securities |  |  | 25,315 |  |  | — |  |  | 25,315 |  |  | —
Real estate mortgage investment conduits |  |  | 55,815 |  |  | — |  |  | 55,815 |  |  | —
Residential mortgage-backed securities |  |  | 72,248 |  |  | — |  |  | 72,248 |  |  | —
Other mortgage-backed securities |  |  | 39,360 |  |  | — |  |  | 39,360 |  |  | —
Total assets measured at fair value on a recurring basis |  | $ | 216,304 |  | $ | — |  | $ | 216,304 |  | $ | —
|  |  |  |  | Estimated Fair Value Measurements Using
|  | Total Estimated |  |  |  |  |  |  |  |  |
March 31, 2020 |  | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
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):
|  |  |  |  | Estimated fair value
|  |  |  |  | measurements using
|  | Total |  |  |  |  |  |  |  |  |
|  | estimated |  |  |  |  |  |  |  |  |
March 31, 2021 |  | fair value |  | Level 1 |  | Level 2 |  | Level 3
Impaired loans |  | $ | 241 |  | $ | — |  | $ | — |  | $ | 241
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 March 31, 2021 and 2020:
|  | Valuation |  | Significant unobservable |  |
|  | technique |  | inputs |  | Range
Impaired loans |  | Appraised value Discounted cash flows |  | Adjustment for market conditions Discount rate |  | N/A (1) 5.375% - 8.000%
(1)There were no adjustments to appraised values of impaired loans as of March 31, 2021 and 2020.
Schedule of carrying amount and estimated fair value of financial instruments | The carrying amounts and estimated fair values of financial instruments are as follows at the dates indicated (in thousands):
|  |  |  |  |  |  |  |  |  |  |  |  |  | Estimated
|  | Carrying |  |  |  |  |  |  |  |  |  |  | Fair
March 31, 2021 |  | Amount |  | Level 1 |  | Level 2 |  | Level 3 |  | Value
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 265,408 |  | $ | 265,408 |  | $ | — |  | $ | — |  | $ | 265,408
Certificates of deposit held for investment |  |  | 249 |  |  | — |  |  | 262 |  |  | — |  |  | 262
Investment securities available for sale |  |  | 216,304 |  |  | — |  |  | 216,304 |  |  | — |  |  | 216,304
Investment securities held to maturity |  |  | 39,574 |  |  | — |  |  | 38,220 |  |  | — |  |  | 38,220
Loans receivable, net |  |  | 924,057 |  |  | — |  |  | - |  |  | 920,102 |  |  | 920,102
FHLB stock |  |  | 1,722 |  |  | — |  |  | 1,722 |  |  | — |  |  | 1,722
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Certificates of deposit |  |  | 120,625 |  |  | — |  |  | 121,610 |  |  | — |  |  | 121,610
Junior subordinated debentures |  |  | 26,748 |  |  | — |  |  | — |  |  | 14,434 |  |  | 14,434
March 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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). + References No definition available. + Details
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- Definition 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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- Definition 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 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14210-108612 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14172-108612 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14217-108612 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612 + Details
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- Definition 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 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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