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FAIR VALUE MEASUREMENTS (Tables)
9 Months Ended
Dec. 31, 2023
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, 2023

    

 Fair Value

    

Level 1

    

Level 2

    

Level 3

Investment securities available for sale:

 

  

 

  

 

  

 

  

Municipal securities

$

40,307

$

$

40,307

$

Agency securities

 

83,992

 

 

83,992

 

Real estate mortgage investment conduits

 

26,420

 

 

26,420

 

Residential mortgage-backed securities

 

13,296

 

 

13,296

 

Other mortgage-backed securities

 

32,446

 

 

32,446

 

Total assets measured at fair value on a recurring basis

$

196,461

$

$

196,461

$

    

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

The following tables present assets that are measured at estimated fair value on a nonrecurring basis at March 31, 2023 (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 amount and estimated fair value of financial instruments is as follows at the dates indicated (in thousands):

Carrying

Estimated

December 31, 2023

 Amount

  

Level 1

Level 2

Level 3

  

Fair Value

Assets:

    

  

    

  

    

  

    

  

    

  

Cash and cash equivalents

$

37,553

$

37,553

$

$

$

37,553

Investment securities available for sale

 

196,461

 

 

196,461

 

 

196,461

Investment securities held to maturity

 

232,659

 

 

200,475

 

 

200,475

Loans receivable, net

 

1,002,838

 

 

 

940,461

 

940,461

FHLB stock

 

8,026

 

 

8,026

 

 

8,026

Liabilities:

 

 

 

 

 

Certificates of deposit

 

170,491

 

 

168,101

 

 

168,101

FHLB advances

 

157,054

 

 

156,960

 

 

156,960

Junior subordinated debentures

 

26,982

 

 

 

18,989

 

18,989

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