Fair Value Measurements Fair Value Measurements (Tables)

9 Months Ended

Dec. 31, 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 December 31, 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 December 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	$	—	$	—	183		$	183
Investment securities
Available-for-sale:
Mortgage-backed securities:
Government National Mortgage Association	—		2,149		—		2,149
Federal Home Loan Mortgage Corporation	—		6,736		—		6,736
Federal National Mortgage Association	—		24,490		—		24,490
Other	—		—		45		45
U.S. Government Agency Securities	—		6,828		—		6,828
Corporate bonds	—		4,989		—		4,989
Other investments	—		9,504		346		9,850
Total available-for-sale securities	—		54,696		391		55,087
Total	$	—	$	54,696	$	574	$	55,270



	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 nine months ended December 31, 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, December 31, 2017
Available-for-Sale
Other mortgage-backed securities	$	45	$	—		$	—	$	—	$	45
Other investments	358		(12		)	—		—		346

Mortgage servicing rights	192		(9		)	—		—		183



$ in thousands	Beginning balance, April 1, 2016		Total Realized/Unrealized Gains/(Losses) Recorded in Income			Issuances / (Settlements)		Transfers to/(from) Level 3		Ending balance, December 31, 2016
Available-for-Sale
Other mortgage-backed securities	$	45	$	—		$	—	$	—	$	45
Other investments	148		—			212		—		360

Mortgage servicing rights	201		(8		)	—		—		193

Fair Value, Assets Measured on Recurring Basis, Valuation Techniques

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



$ in thousands	Fair Value at December 31, 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	183		Discounted Cash Flow	Weighted Average Constant Prepayment Rate⁽¹⁾	19.47	%



$ 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⁾	22.37	%

⁽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 December 31, 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 December 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	$	—	$	—	$	4,430	$	4,430
Other real estate owned	—		—		1,200		$	1,200



	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 December 31, 2017 and March 31, 2017, the significant unobservable inputs used in the fair value measurements were as follows:



$ in thousands	Fair Value at December 31, 2017		Valuation Technique	Significant Unobservable Inputs	Significant Unobservable Input Value
Impaired loans	$	4,430	Appraisal of collateral	Appraisal adjustments	7.5% cost to sell
Other real estate owned	1,200		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