Fair Value of Financial Instruments (Tables)

9 Months Ended

Dec. 31, 2019

The carrying amounts and estimated fair values of the Bank’s financial instruments and estimation methodologies at December 31, 2019 and March 31, 2019 are as follows:


	December 31, 2019
$ in thousands	Carrying Amount		Estimated Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Financial Assets:
Cash and cash equivalents	$	37,733	$	37,733	$	37,733	$	—	$	—

Securities available-for-sale	70,443		70,443		—		70,443		—


Securities held-to-maturity	10,447		10,604		—		10,604		—
Loans receivable	417,712		422,890		—		—		422,890

Accrued interest receivable	2,019		2,019		—		2,019		—
Mortgage servicing rights	172		172		—		—		172
Other assets - Interest-bearing deposits	980		980		—		980		—
Financial Liabilities:
Deposits	$	464,298	$	463,869	$	278,925	$	184,944	$	—
Advances from FHLB of New York	12,000		11,999		—		11,999		—

Other borrowed money	13,403		13,371		—		13,371		—
Accrued interest payable	2,426		2,426		—		2,426		—


	March 31, 2019
$ in thousands	Carrying Amount		Estimated Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Financial Assets:
Cash and cash equivalents	$	31,228	$	31,228	$	31,228	$	—	$	—

Securities available-for-sale	79,845		79,845		—		79,845		—


Securities held-to-maturity	11,137		11,107		—		11,107		—
Loans receivable	424,182		424,013		—		—		424,013

Accrued interest receivable	2,019		2,019		—		2,019		—
Mortgage servicing rights	180		180		—		—		180
Other assets - Interest-bearing deposits	976		976		—		976		—
Financial Liabilities:
Deposits	$	480,196	$	477,503	$	277,360	$	200,143	$	—
Advances from FHLB of New York	8,000		8,001		—		8,001		—
Other borrowed money	13,403		12,393		—		12,393		—
Accrued interest payable	1,931		1,931		—		1,931		—