Fair Value Measurements Fair Value Measurements (Tables)

6 Months Ended

Sep. 30, 2017

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]

Fair Value, Assets Measured on Recurring Basis

The following table presents, by valuation hierarchy, assets that are measured at fair value on a recurring basis as of September 30, 2017 and March 31, 2017, and that are included in the Company’s Consolidated Statements of Financial Condition at these dates:



	Fair Value Measurements at September 30, 2017, Using
$ in thousands	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value
Mortgage servicing rights	$	—	$	—	171		$	171
Investment securities
Available-for-sale:
Mortgage-backed securities:
Government National Mortgage Association	—		2,225		—		2,225
Federal Home Loan Mortgage Corporation	—		7,155		—		7,155
Federal National Mortgage Association	—		25,265		—		25,265
Other	—		—		45		45
U.S. Government Agency Securities	—		6,870		—		6,870
Corporate bonds	—		5,013		—		5,013
Other investments	—		9,567		346		9,913
Total available-for-sale securities	—		56,095		391		56,486
Total	$	—	$	56,095	$	562	$	56,657



	Fair Value Measurements at March 31, 2017, Using
$ in thousands	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value
Mortgage servicing rights	$	—	$	—	$	192	$	192
Investment securities
Available-for-sale:
Mortgage-backed securities:
Government National Mortgage Association	—		2,487		—		2,487
Federal Home Loan Mortgage Corporation	—		7,858		—		7,858
Federal National Mortgage Association	—		26,313		—		26,313
Other	—		—		45		45
U.S. Government Agency securities	—		7,482		—		7,482
Corporate bonds	—		4,964		—		4,964
Other investments	—		9,504		358		9,862
Total available-for-sale securities	—		58,608		403		59,011
Total	$	—	$	58,608	$	595	$	59,203

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table includes a rollforward of assets classified by the Company within Level 3 of the valuation hierarchy for the six months ended September 30, 2017 and 2016:



$ in thousands	Beginning balance, April 1, 2017		Total Realized/Unrealized Gains/(Losses) Recorded in Income			Issuances / (Settlements)		Transfers to/(from) Level 3		Ending balance, September 30, 2017		Unrealized Gains and (Losses) Related to Instruments Held at September 30, 2017
Available-for-Sale
Other mortgage-backed securities	$	45	$	—		$	—	$	—	$	45	$	—
Other investments	358		(12		)	—		—		346		—

Mortgage servicing rights	192		(21		)	—		—		171		(20		)



$ in thousands	Beginning balance, April 1, 2016		Total Realized/Unrealized Gains/(Losses) Recorded in Income			Issuances / (Settlements)		Transfers to/(from) Level 3		Ending balance, September 30, 2016		Unrealized Gains and (Losses) Related to Instruments Held at September 30, 2016
Available-for-Sale
Other mortgage-backed securities	$	45	$	—		$	—	$	—	$	45	$	—
Other investments	148		—			212		—		360		—

Mortgage servicing rights	201		(5		)	—		—		196		(5		)

Fair Value, Assets Measured on Recurring Basis, Valuation Techniques

For Level 3 assets measured at fair value on a recurring basis as of September 30, 2017 and 2016, the significant unobservable inputs used in the fair value measurements were as follows:



$ in thousands	Fair Value at September 30, 2017		Valuation Technique	Significant Unobservable Inputs	Significant Unobservable Input Value
Available-for-Sale:
Other mortgage-backed securities	$	45	Cost	n/a
Other investments	346		Cost	n/a

Mortgage Servicing Rights	171		Discounted Cash Flow	Weighted Average Constant Prepayment Rate⁽¹⁾	23.70	%



$ in thousands	Fair Value at March 31, 2017		Valuation Technique	Significant Unobservable Inputs	Significant Unobservable Input Value
Available-for-Sale:
Other mortgage-backed securities	$	45	Cost	n/a
Other investments	358		Cost	n/a

Mortgage Servicing Rights	192		Discounted Cash Flow	Weighted Average Constant Prepayment Rate⁽¹⁾	22.22	%

⁽¹⁾ Represents annualized loan repayment rate assumptions

Fair Value Measurements, Nonrecurring

The following table presents assets and liabilities that were measured at fair value on a non-recurring basis as of September 30, 2017 and March 31, 2017, and that are included in the Company’s Consolidated Statements of Financial Condition at these dates:



	Fair Value Measurements at September 30, 2017, Using
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs		Total Fair Value
$ in thousands	(Level 1)		(Level 2)		(Level 3)		Total Fair Value
Impaired loans	$	—	$	—	$	3,417	$	3,417
Other real estate owned	—		—		604		$	604



	Fair Value Measurements at March 31, 2017, Using
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs		Total Fair Value
$ in thousands	(Level 1)		(Level 2)		(Level 3)		Total Fair Value
Impaired loans	$	—	$	—	$	5,953	$	5,953
Other real estate owned	—		—		990		$	990

Fair Value, Assets Measured on Nonrecurring Basis, Valuation Techniques

For Level 3 assets measured at fair value on a non-recurring basis as of September 30, 2017 and March 31, 2017, the significant unobservable inputs used in the fair value measurements were as follows:



$ in thousands	Fair Value at September 30, 2017		Valuation Technique	Significant Unobservable Inputs	Significant Unobservable Input Value
Impaired loans	$	3,417	Appraisal of collateral	Appraisal adjustments	7.5% cost to sell
Other real estate owned	604		Appraisal of collateral	Appraisal adjustments	7.5% cost to sell



$ in thousands	Fair Value at March 31, 2017		Valuation Technique	Significant Unobservable Inputs	Significant Unobservable Input Value
Impaired loans	$	5,953	Appraisal of collateral	Appraisal adjustments	7.5% cost to sell
Other real estate owned	990		Appraisal of collateral	Appraisal adjustments	7.5% cost to sell