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FAIR VALUE MEASUREMENTS (Tables)
3 Months Ended
Jun. 30, 2022
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, 2022

    

 Fair Value

    

Level 1

    

Level 2

    

Level 3

Investment securities available for sale:

 

  

 

  

 

  

 

  

Municipal securities

$

40,596

$

$

40,596

$

Agency securities

 

51,214

 

 

51,214

 

Real estate mortgage investment conduits

 

33,143

 

 

33,143

 

Residential mortgage-backed securities

 

15,596

 

 

15,596

 

Other mortgage-backed securities

 

41,148

 

 

41,148

 

Total assets measured at fair value on a recurring basis

$

181,697

$

$

181,697

$

    

Total Estimated 

    

Estimated Fair Value Measurements Using

March 31, 2022

    

 Fair Value

    

Level 1

    

Level 2

    

Level 3

Investment securities available for sale:

 

  

 

  

 

  

 

  

Municipal securities

$

39,604

$

$

39,604

$

Agency securities

 

40,705

 

 

40,705

 

Real estate mortgage investment conduits

 

32,717

 

 

32,717

 

Residential mortgage-backed securities

 

16,945

 

 

16,945

 

Other mortgage-backed securities

 

35,811

 

 

35,811

 

Total assets measured at fair value on a recurring basis

$

165,782

$

$

165,782

$

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

June 30, 2022

    

Fair Value

    

Level 1

    

Level 2

    

Level 3

  

  

  

  

Impaired loans

$

99

$

$

$

99

March 31, 2022

    

    

    

Impaired loans

$

228

$

$

$

228

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, 2022 and March 31, 2022:

    

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 June 30, 2022 and March 31, 2022.
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, 2022

 Amount

  

Level 1

Level 2

Level 3

  

Fair Value

Assets:

    

  

    

  

    

  

    

  

    

  

Cash and cash equivalents

$

141,836

$

141,836

$

$

$

141,836

Certificates of deposit held for investment

 

249

 

 

249

 

 

249

Investment securities available for sale

 

181,697

 

 

181,697

 

 

181,697

Investment securities held to maturity

 

256,002

 

 

229,589

 

 

229,589

Loans receivable, net

 

997,906

 

 

 

984,634

 

984,634

FHLB stock

 

2,019

 

 

2,019

 

 

2,019

Liabilities:

 

 

 

 

 

Certificates of deposit

 

110,303

 

 

107,945

 

 

107,945

Junior subordinated debentures

 

26,854

 

 

 

16,533

 

16,533

Carrying

Estimated

March 31, 2022

Amount

Level 1

Level 2

Level 3

Fair Value

    

   

    

    

    

Assets:

 

  

 

  

 

  

 

  

 

  

Cash and cash equivalents

$

241,424

$

241,424

$

$

$

241,424

Certificates of deposit held for investment

 

249

 

 

253

 

 

253

Investment securities available for sale

 

165,782

 

 

165,782

 

 

165,782

Investment securities held to maturity

 

253,100

 

 

236,029

 

 

236,029

Loans receivable, net

 

975,885

 

 

 

962,893

 

962,893

FHLB stock

 

2,019

 

 

2,019

 

 

2,019

Liabilities:

 

 

 

 

 

  

Certificates of deposit

 

111,372

 

 

109,860

 

 

109,860

Junior subordinated debentures

 

26,833

 

 

 

16,046

 

16,046