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FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Mar. 31, 2018

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

			Estimated Fair Value Measurements Using
March 31, 2018	Total Estimated Fair Value		Level 1		Level 2		Level 3

Investment securities available for sale:
Municipal securities	$	8,732	$	-	$	8,732	$	-
Agency securities		22,102		-		22,102		-
Real estate mortgage investment conduits		46,955		-		46,955		-
Residential mortgage-backed securities		89,074		-		89,074		-
Other mortgage-backed securities		46,358		-		46,358		-
Total assets measured at fair value on a recurring basis	$	213,221	$	-	$	213,221	$	-

			Estimated Fair Value Measurements Using
March 31, 2017	Total Estimated Fair Value		Level 1		Level 2		Level 3

Investment securities available for sale:
Municipal securities	$	2,819	$	-	$	2,819	$	-
Agency securities		16,808		-		16,808		-
Real estate mortgage investment conduits		43,160		-		43,160		-
Residential mortgage-backed securities		96,611		-		96,611		-
Other mortgage-backed securities		40,816		-		40,816		-
Total assets measured at fair value on a recurring basis	$	200,214	$	-	$	200,214	$	-

Schedule of reconciliation of assets that are measured at fair value on a recurring basis using significant unobservable inputs (Level 3)

	For the Year Ended March 31,
	2018		2017

Beginning balance	$	-	$	1,808
Included in earnings ⁽¹⁾		-		(158	)
Included in other comprehensive income		-		29
Disposition		-		(1,679	)
Ending balance	$	-	$	-

⁽¹⁾Included in other non-interest income.

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

			Estimated fair value measurements using
March 31, 2018	Total estimated fair value		Level 1		Level 2		Level 3

Impaired loans	$	2,143	$	-	$	-	$	2,143

March 31, 2017

Impaired loans	$	2,281	$	-	$	-	$	2,281

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

Schedule of carrying amount and estimated fair value of financial instruments

March 31, 2018	Carrying Amount		Level 1		Level 2		Level 3		Estimated Fair Value
Assets:
Cash and cash equivalents	$	44,767	$	44,767	$	-	$	-	$	44,767
Certificates of deposit held for investment		5,967		-		5,959		-		5,959
Loans held for sale		210		-		210		-		210
Investment securities available for sale		213,221		-		213,221		-		213,221
Investment securities held to maturity		42		-		43		-		43
Loans receivable, net		800,610		-		-		792,916		792,916
FHLB stock		1,353		-		1,353		-		1,353

Liabilities:
Demand and savings deposits		872,547		872,547		-		-		872,547
Time deposits		123,144		-		120,940		-		120,940
Junior subordinated debentures		26,484		-		-		15,274		15,274
Capital lease obligation		2,431		-		2,431		-		2,431

March 31, 2017	Carrying Amount		Level 1		Level 2		Level 3		Estimated Fair Value

Assets:
Cash and cash equivalents	$	64,613	$	64,613	$	-	$	-	$	64,613
Certificates of deposit held for investment		11,042		-		11,108		-		11,108
Loans held for sale		478		-		478		-		478
Investment securities available for sale		200,214		-		200,214		-		200,214
Investment securities held to maturity		64		-		66		-		66
Loans receivable, net		768,904		-		-		731,996		731,996
FHLB stock		1,181		-		1,181		-		1,181

Liabilities:
Demand and savings deposits		830,258		830,258		-		-		830,258
Time deposits		149,800		-		148,574		-		148,574
Junior subordinated debentures		26,390		-		-		13,284		13,284
Capital lease obligation		2,454		-		2,454		-		2,454

- Definition

Tabular disclosure of the application of the fair value option for measurement and reporting of eligible financial assets and liabilities (as defined), as well as certain other eligible items (as defined) included in the statement of financial position, whether such option is elected for a single eligible item or a group of similar eligible items and is in addition to other disclosures concerning fair value which the company may be required to provide. Such disclosure might be expected to include: (1) for items included in the statement of financial position: (a) for each line item in the statement of financial position that includes an item or items for which the fair value option has been elected, provide the aggregate carrying amount of ineligible items included in each line item in the balance sheet, if any; (b) the difference between the aggregate fair value and the aggregate unpaid principal balance (assuming contractual principal amounts and fair value option elected) of: (i) loans and long-term receivables (other than securities otherwise reported at fair value) and (ii) long-term debt instruments; (c) for loans held as assets for which the fair value option has been elected: (i) the aggregate fair value of loans that are 90 days or more past due, (ii) if the policy is to recognize interest income separately from other changes in fair value, the aggregate fair value of loans in nonaccrual status, and (iii) the difference between the aggregate fair value and the aggregate unpaid principal balance for loans that are 90 days or more past due, in nonaccrual status, or both; (2) for items included in the income statement: (a) the amounts of gains and losses from fair value changes included in earnings and in which line in the income statement those gains and losses are reported whether or not combined with gains and losses from items required to be accounted for at fair value; (b) for loans and other receivables held as assets, the estimated amount of gains or losses included in earnings attributable to changes in instrument-specific credit risk; (c) for liabilities with fair values that have been significantly affected during the reporting period by changes in the instrument-specific credit risk, the estimated amount of gains and losses from fair value changes included in earnings that are attributable to changes in the instrument-specific credit risk; and (3) certain other disclosures as required or determined to be provided.

+ References + Details

Valuation technique

Significant unobservable inputs

Impaired loans

Appraised value

Adjustment for market conditions

⁽¹⁾ There were no adjustments to appraised values of impaired loans as of March 31, 2018 and 2017.