FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Dec. 31, 2022

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
December 31, 2022	Fair Value		Level 1		Level 2		Level 3
Investment securities available for sale:
Municipal securities	$	38,523	$	—	$	38,523	$	—
Agency securities		86,661		—		86,661		—
Real estate mortgage investment conduits		28,911		—		28,911		—
Residential mortgage-backed securities		16,056		—		16,056		—
Other mortgage-backed securities		41,555		—		41,555		—
Total assets measured at fair value on a recurring basis	$	211,706	$	—	$	211,706	$	—

	Total Estimated		Estimated Fair Value Measurements Using
March 31, 2022	Fair Value		Level 1		Level 2		Level 3
Investment securities available for sale:
Municipal securities	$	39,604	$	—	$	39,604	$	—
Agency securities		40,705		—		40,705		—
Real estate mortgage investment conduits		32,717		—		32,717		—
Residential mortgage-backed securities		16,945		—		16,945		—
Other mortgage-backed securities		35,811		—		35,811		—
Total assets measured at fair value on a recurring basis	$	165,782	$	—	$	165,782	$	—

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
December 31, 2022	Fair Value		Level 1		Level 2		Level 3
Impaired loans	$	214	$	—	$	—	$	214
March 31, 2022
Impaired loans	$	228	$	—	$	—	$	228

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

	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 December 31, 2022 and March 31, 2022.

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
December 31, 2022	Amount		Level 1		Level 2		Level 3		Fair Value
Assets:
Cash and cash equivalents	$	24,337	$	24,337	$	—	$	—	$	24,337
Certificates of deposit held for investment		249		—		231		—		231
Investment securities available for sale		211,706		—		211,706		—		211,706
Investment securities held to maturity		247,147		—		209,733		—		209,733
Loans receivable, net		1,001,955		—		—		988,629		988,629
FHLB stock		3,309		—		3,309		—		3,309
Liabilities:
Certificates of deposit		86,134		—		82,921		—		82,921
FHLB advances		32,264		—		32,264		—		32,264
Junior subordinated debentures		26,896		—		—		18,170		18,170

	Carrying								Estimated
March 31, 2022	Amount		Level 1		Level 2		Level 3		Fair Value
Assets:
Cash and cash equivalents	$	241,424	$	241,424	$	—	$	—	$	241,424
Certificates of deposit held for investment		249		—		253		—		253
Investment securities available for sale		165,782		—		165,782		—		165,782
Investment securities held to maturity		253,100		—		236,029		—		236,029
Loans receivable, net		975,885		—		—		962,893		962,893
FHLB stock		2,019		—		2,019		—		2,019
Liabilities:
Certificates of deposit		111,372		—		109,860		—		109,860
Junior subordinated debentures		26,833		—		—		16,046		16,046