FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Jun. 30, 2023

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, 2023	Fair Value		Level 1		Level 2		Level 3
Investment securities available for sale:
Municipal securities	$	39,711	$	—	$	39,711	$	—
Agency securities		85,146		—		85,146		—
Real estate mortgage investment conduits		27,263		—		27,263		—
Residential mortgage-backed securities		14,537		—		14,537		—
Other mortgage-backed securities		37,662		—		37,662		—
Total assets measured at fair value on a recurring basis	$	204,319	$	—	$	204,319	$	—

	Total Estimated		Estimated Fair Value Measurements Using
March 31, 2023	Fair Value		Level 1		Level 2		Level 3
Investment securities available for sale:
Municipal securities	$	40,261	$	—	$	40,261	$	—
Agency securities		85,907		—		85,907		—
Real estate mortgage investment conduits		28,877		—		28,877		—
Residential mortgage-backed securities		15,471		—		15,471		—
Other mortgage-backed securities		40,983		—		40,983		—
Total assets measured at fair value on a recurring basis	$	211,499	$	—	$	211,499	$	—

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 March 31, 2023 (in thousands):

	Total		Estimated Fair Value
	Estimated		Measurements Using
March 31, 2023	Fair Value		Level 1		Level 2		Level 3
Impaired loans	$	89	$	—	$	—	$	89

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

	Valuation	Significant Unobservable
March 31, 2023	Technique	Inputs	Range
Impaired loans	Appraised value	Adjustment for market conditions	N/A (1)
	Discounted cash flows	Discount rate	5.375%

(1) There were no adjustments to appraised values of impaired loans as of  March 31, 2023.

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, 2023	Amount		Level 1		Level 2		Level 3		Fair Value
Assets:
Cash and cash equivalents	$	29,947	$	29,947	$	—	$	—	$	29,947
Investment securities available for sale		204,319		—		204,319		—		204,319
Investment securities held to maturity		239,853		—		203,769		—		203,769
Loans receivable, net		989,064		—		—		927,544		927,544
FHLB stock		7,360		—		7,360		—		7,360
Liabilities:
Certificates of deposit		146,150		—		—		—		—
FHLB advances		136,069		—		135,987		—		135,987
Junior subordinated debentures		26,940		—		—		18,231		18,231

	Carrying								Estimated
March 31, 2023	Amount		Level 1		Level 2		Level 3		Fair Value
Assets:
Cash and cash equivalents	$	22,044	$	22,044	$	—	$	—	$	22,044
Certificates of deposit held for investment		249		—		248		—		248
Investment securities available for sale		211,499		—		211,499		—		211,499
Investment securities held to maturity		243,843		—		210,214		—		210,214
Loans receivable, net		993,547		—		—		931,784		931,784
FHLB stock		6,867		—		6,867		—		6,867
Liabilities:
Certificates of deposit		128,833		—		126,072		—		126,072
FHLB advances		123,754				123,679		—		123,679
Junior subordinated debentures		26,918		—		—		17,698		17,698