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FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Mar. 31, 2022

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
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	$	—


	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
March 31, 2022	Fair Value		Level 1		Level 2		Level 3

Impaired loans	$	228	$	—	$	—	$	228

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 March 31, 2022 and 2021:

(1)

There were no adjustments to appraised values of impaired loans as of March 31, 2022 and 2021.

Schedule of carrying amount and estimated fair value of financial instruments

The carrying amounts and estimated fair values of financial instruments are as follows at the dates indicated (in thousands):



	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


	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

Valuation

Significant Unobservable

Technique

Inputs

Impaired loans

Appraised value

Adjustment for market conditions

Discounted cash flows

Discount rate

5.375 % - 8.000%