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FAIR VALUE MEASUREMENTS (Tables)
3 Months Ended
Jun. 30, 2024
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, 2024

    

 Fair Value

    

Level 1

    

Level 2

    

Level 3

Investment securities available for sale:

 

  

 

  

 

  

 

  

Municipal securities

$

34,785

$

$

34,785

$

Agency securities

 

40,814

 

 

40,814

 

Real estate mortgage investment conduits

 

24,672

 

 

24,672

 

Residential mortgage-backed securities

 

11,925

 

 

11,925

 

Other mortgage-backed securities

 

25,175

 

 

25,175

 

Total assets measured at fair value on a recurring basis

$

137,371

$

$

137,371

$

    

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

$

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, 2024

 Amount

  

Level 1

Level 2

Level 3

  

Fair Value

Assets:

    

  

    

  

    

  

    

  

    

  

Cash and cash equivalents

$

27,804

$

27,804

$

$

$

27,804

Investment securities available for sale

 

137,371

 

 

137,371

 

 

137,371

Investment securities held to maturity

 

225,817

 

 

192,026

 

 

192,026

Loans receivable, net

 

1,029,701

 

 

 

928,275

 

928,275

FHLB stock

 

6,061

 

 

6,061

 

 

6,061

Liabilities:

 

 

 

 

 

Certificates of deposit

 

204,423

 

 

202,614

 

 

202,614

FHLB advances

 

113,504

 

 

113,243

 

 

113,243

Junior subordinated debentures

 

27,026

 

 

 

19,465

 

19,465

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