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FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Mar. 31, 2024

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
March 31, 2024	Fair Value		Level 1		Level 2		Level 3

Investment securities available for sale:
Municipal securities	$	35,136	$	—	$	35,136	$	—
Agency securities		43,577		—		43,577		—
Real estate mortgage investment conduits		25,665		—		25,665		—
Residential mortgage-backed securities		12,551		—		12,551		—
Other mortgage-backed securities		26,267		—		26,267		—
Total assets measured at fair value on a recurring basis	$	143,196	$	—	$	143,196	$	—


	Total Estimated		Estimated Fair Value Measurements Using
March 31, 2023	Fair Value		Level 1		Level 2		Level 3

Investment securities available for sale:
Municipal securities	$	40,261	$	—	$	40,261	$	—
Agency securities		85,907		—		85,907		—
Real estate mortgage investment conduits		28,877		—		28,877		—
Residential mortgage-backed securities		15,471		—		15,471		—
Other mortgage-backed securities		40,983		—		40,983		—
Total assets measured at fair value on a recurring basis	$	211,499	$	—	$	211,499	$	—

Schedule of assets that are measured at estimated fair value on a nonrecurring basis

There were no assets that are measured at estimated fair value on a nonrecurring basis at March 31, 2024. The following table presents assets that are measured at estimated fair value on a nonrecurring basis at the date indicated (in thousands):


	Total		Estimated Fair Value
	Estimated		Measurements Using
March 31, 2023	Fair Value		Level 1		Level 2		Level 3

Impaired loans	$	89	$	—	$	—	$	89

Schedule of quantitative information about Level 3 inputs for financial instruments measured at fair value on a nonrecurring basis


	Valuation	Significant Unobservable
March 31, 2023	Technique	Inputs	Range

Impaired loans	Appraised value	Adjustment for market conditions	N/A ⁽¹⁾
	Discounted cash flows	Discount rate	5.375%

(1)

There were no adjustments to appraised values of impaired loans as of March 31, 2023.

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):



	Carrying								Estimated
March 31, 2024	Amount		Level 1		Level 2		Level 3		Fair Value

Assets:
Cash and cash equivalents	$	23,642	$	23,642	$	—	$	—	$	23,642
Investment securities available for sale		143,196		—		143,196		—		143,196
Investment securities held to maturity		229,510		—		195,519		—		195,519
Loans receivable, net		1,008,649		—		—		909,254		909,254
FHLB stock		4,927		—		4,927		—		4,927

Liabilities:
Certificates of deposit		190,972		—		188,972		—		188,972
FHLB advances		88,304		—		88,101		—		88,101
Junior subordinated debentures		27,004		—		—		19,327		19,327


	Carrying								Estimated
March 31, 2023	Amount		Level 1		Level 2		Level 3		Fair Value

Assets:
Cash and cash equivalents	$	22,044	$	22,044	$	—	$	—	$	22,044
Certificates of deposit held for investment		249		—		248		—		248
Investment securities available for sale		211,499		—		211,499		—		211,499
Investment securities held to maturity		243,843		—		210,214		—		210,214
Loans receivable, net		993,547		—		—		931,784		931,784
FHLB stock		6,867		—		6,867		—		6,867

Liabilities:
Certificates of deposit		128,833		—		126,072		—		126,072
FHLB advances		123,754		—		123,679		—		123,679
Junior subordinated debentures		26,918		—		—		17,698		17,698