FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Jun. 30, 2021

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, 2021	Fair Value		Level 1		Level 2		Level 3
Investment securities available for sale:
Municipal securities	$	38,514	$	—	$	38,514	$	—
Agency securities		46,753		—		46,753		—
Real estate mortgage investment conduits		53,960		—		53,960		—
Residential mortgage-backed securities		85,858		—		85,858		—
Other mortgage-backed securities		43,768		—		43,768		—
Total assets measured at fair value on a recurring basis	$	268,853	$	—	$	268,853	$	—

	Total Estimated		Estimated Fair Value Measurements Using
March 31, 2021	Fair Value		Level 1		Level 2		Level 3
Investment securities available for sale:
Municipal securities	$	23,566	$	—	$	23,566	$	—
Agency securities		25,315		—		25,315		—
Real estate mortgage investment conduits		55,815		—		55,815		—
Residential mortgage-backed securities		72,248		—		72,248		—
Other mortgage-backed securities		39,360		—		39,360		—
Total assets measured at fair value on a recurring basis	$	216,304	$	—	$	216,304	$	—

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 the dates indicated (in thousands):

	Total		Estimated Fair Value
	Estimated		Measurements Using
June 30, 2021	Fair Value		Level 1		Level 2		Level 3
Impaired loans	$	239	$	—	$	—	$	239
March 31, 2021
Impaired loans	$	241	$	—	$	—	$	241

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

The following table presents quantitative information about Level 3 inputs for financial instruments measured at fair value on a nonrecurring basis at June 30, 2021 and March 31, 2021:

	Valuation	Significant Unobservable
	Technique	Inputs	Range
Impaired loans	Appraised value	Adjustment for market conditions	N/A (1)
	Discounted cash flows	Discount rate	5.375 % - 8.000%

(1) There were no adjustments to appraised values of impaired loans as of June 30, 2021 and March 31, 2021.

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, 2021	Amount		Level 1		Level 2		Level 3		Fair Value
Assets:
Cash and cash equivalents	$	334,741	$	334,741	$	—	$	—	$	334,741
Certificates of deposit held for investment		249		—		260		—		260
Investment securities available for sale		268,853		—		268,853		—		268,853
Investment securities held to maturity		39,225		—		38,664		—		38,664
Loans receivable, net		871,889		—		—		868,140		868,140
FHLB stock		1,722		—		1,722		—		1,722
Liabilities:
Certificates of deposit		122,168		—		122,801		—		122,801
Junior subordinated debentures		26,770		—		—		13,847		13,847

	Carrying								Estimated
March 31, 2021	Amount		Level 1		Level 2		Level 3		Fair Value
Assets:
Cash and cash equivalents	$	265,408	$	265,408	$	—	$	—	$	265,408
Certificates of deposit held for investment		249		—		262		—		262
Investment securities available for sale		216,304		—		216,304		—		216,304
Investment securities held to maturity		39,574		—		38,220		—		38,220
Loans receivable, net		924,057		—		—		920,102		920,102
FHLB stock		1,722		—		1,722		—		1,722
Liabilities:
Certificates of deposit		120,625		—		121,610		—		121,610
Junior subordinated debentures		26,748		—		—		14,434		14,434