XML 40 R31.htm IDEA: XBRL DOCUMENT v3.22.0.1
FAIR VALUE MEASUREMENTS (Tables)
9 Months Ended
Dec. 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):

Total Estimated 

Estimated Fair Value Measurements Using

December 31, 2021

    

 Fair Value

    

Level 1

    

Level 2

    

Level 3

Investment securities available for sale:

 

  

 

  

 

  

 

  

Municipal securities

$

43,852

$

$

43,852

$

Agency securities

 

42,985

 

 

42,985

 

Real estate mortgage investment conduits

 

36,457

 

 

36,457

 

Residential mortgage-backed securities

 

19,058

 

 

19,058

 

Other mortgage-backed securities

 

39,951

 

 

39,951

 

Total assets measured at fair value on a recurring basis

$

182,303

$

$

182,303

$

    

Total Estimated 

    

Estimated Fair Value Measurements Using

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

$

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 Fair Value

Estimated

Measurements Using

December 31, 2021

    

Fair Value

    

Level 1

    

Level 2

    

Level 3

  

  

  

  

Impaired loans

$

231

$

$

$

231

March 31, 2021

    

    

    

Impaired loans

$

241

$

$

$

241

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 December 31, 2021 and March 31, 2021:

    

Valuation 

    

Significant Unobservable

    

Technique

 Inputs

Range

Impaired loans

 

Appraised value

 

Adjustment for market conditions

 

N/A (1) 

Discounted cash flows

Discount rate

5.375 % - 8.000%

(1)There were no adjustments to appraised values of impaired loans as of December 31, 2021 and March 31, 2021.
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

December 31, 2021

 Amount

  

Level 1

Level 2

Level 3

  

Fair Value

Assets:

    

  

    

  

    

  

    

  

    

  

Cash and cash equivalents

$

239,857

$

239,857

$

$

$

239,857

Certificates of deposit held for investment

 

249

 

 

257

 

 

257

Investment securities available for sale

 

182,303

 

 

182,303

 

 

182,303

Investment securities held to maturity

 

212,722

 

 

210,027

 

 

210,027

Loans receivable, net

 

947,050

 

 

 

942,978

 

942,978

FHLB stock

 

1,722

 

 

1,722

 

 

1,722

Liabilities:

 

 

 

 

 

Certificates of deposit

 

113,305

 

 

113,128

 

 

113,128

Junior subordinated debentures

 

26,812

 

 

 

14,406

 

14,406

Carrying

Estimated

March 31, 2021

Amount

Level 1

Level 2

Level 3

Fair 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