Fair Value of Financial Instruments (Tables)

6 Months Ended

Sep. 30, 2022

The carrying amounts and estimated fair values of the Bank’s financial instruments and estimation methodologies at September 30, 2022 and March 31, 2022 are as follows:


	September 30, 2022
$ in thousands	Carrying Amount		Estimated Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Financial Assets:
Cash and cash equivalents	$	95,545	$	95,545	$	95,545	$	—	$	—

Securities available-for-sale	55,041		55,041		—		55,041		—


Securities held-to-maturity	2,511		2,361		—		2,361		—
Loans receivable	568,900		533,604		—		—		533,604

Accrued interest receivable	1,844		1,844		—		1,844		—
Mortgage servicing rights	157		157		—		—		157

Financial Liabilities:
Deposits	$	626,370	$	620,393	$	479,086	$	141,307	$	—
Advances from FHLB of New York	40,000		39,976		—		39,976		—

Other borrowed money	15,903		14,546		—		14,546		—
Accrued interest payable	353		353		—		353		—


	March 31, 2022
$ in thousands	Carrying Amount		Estimated Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Financial Assets:
Cash and cash equivalents	$	61,018	$	61,018	$	61,018	$	—	$	—

Securities available-for-sale	67,596		67,596		—		67,596		—


Securities held-to-maturity	5,254		5,276		—		5,276		—
Loans receivable	573,880		563,821		—		—		563,821

Accrued interest receivable	2,414		2,414		—		2,414		—
Mortgage servicing rights	162		162		—		—		162

Financial Liabilities:
Deposits	$	628,117	$	624,160	$	485,884	$	138,276	$	—

Other borrowed money	15,906		15,673		—		15,673		—
Accrued interest payable	91		91		—		91		—