FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Sep. 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
September 30, 2021	Fair Value		Level 1		Level 2		Level 3
Investment securities available for sale:
Municipal securities	$	43,920	$	—	$	43,920	$	—
Agency securities		46,688		—		46,688		—
Real estate mortgage investment conduits		53,334		—		53,334		—
Residential mortgage-backed securities		92,799		—		92,799		—
Other mortgage-backed securities		41,483		—		41,483		—
Total assets measured at fair value on a recurring basis	$	278,224	$	—	$	278,224	$	—

	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
September 30, 2021	Fair Value		Level 1		Level 2		Level 3
Impaired loans	$	109	$	—	$	—	$	109
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 September 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 September 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
September 30, 2021	Amount		Level 1		Level 2		Level 3		Fair Value
Assets:
Cash and cash equivalents	$	368,122	$	368,122	$	—	$	—	$	368,122
Certificates of deposit held for investment		249		—		259		—		259
Investment securities available for sale		278,224		—		278,224		—		278,224
Investment securities held to maturity		72,109		—		70,707		—		70,707
Loans receivable, net		898,032		—		—		894,170		894,170
FHLB stock		1,722		—		1,722		—		1,722
Liabilities:
Certificates of deposit		120,341		—		120,657		—		120,657
Junior subordinated debentures		26,791		—		—		14,301		14,301

	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