Fair Value Measurements Fair Value Measurements (Tables)

6 Months Ended

Sep. 30, 2018

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, 2018 and March 31, 2018, and that are included in the Company’s Consolidated Statements of Financial Condition at these dates:



	Fair Value Measurements at September 30, 2018, 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	$	—	$	—	$	161	$	161
Investment securities
Available-for-sale:
Mortgage-backed securities:
Government National Mortgage Association	—		4,601		—		4,601
Federal Home Loan Mortgage Corporation	—		15,433		—		15,433
Federal National Mortgage Association	—		26,947		—		26,947
U.S. Government Agency Securities	—		24,084		—		24,084
U.S. Treasury Securities	16,269		—		—		16,269
Corporate bonds	—		4,861		—		4,861
Total available-for-sale securities	16,269		75,926		—		92,195
Equity securities	—		9,207		435		9,642
Total	$	16,269	$	85,133	$	596	$	101,998



	Fair Value Measurements at March 31, 2018, 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	$	—	$	—	$	181	$	181
Investment securities
Available-for-sale:
Mortgage-backed securities:
Government National Mortgage Association	—		2,066		—		2,066
Federal Home Loan Mortgage Corporation	—		6,350		—		6,350
Federal National Mortgage Association	—		23,411		—		23,411
U.S. Government Agency securities	—		14,232		—		14,232
Corporate bonds	—		4,866		—		4,866
Other investments	—		9,351		433		9,784
Total available-for-sale securities	—		60,276		433		60,709
Total	$	—	$	60,276	$	614	$	60,890

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, 2018 and 2017:



$ in thousands	Beginning balance, April 1, 2018		Total Realized/Unrealized Gains/(Losses) Recorded in Income ⁽¹⁾			Issuances / (Settlements)		Transfers to/(from) Level 3		Ending balance, September 30, 2018		Change in Unrealized Gains and (Losses) Related to Instruments Held at September 30, 2018
Equity securities	$	433	$	2		$	—	$	—	$	435	$	—

Mortgage servicing rights	181		(20		)	—		—		161		(18		)



$ in thousands	Beginning balance, April 1, 2017		Total Realized/Unrealized Gains/(Losses) Recorded in Income ⁽¹⁾			Issuances / (Settlements)		Transfers to/(from) Level 3		Ending balance, September 30, 2017		Change in Unrealized Gains and (Losses) Related to Instruments Held at September 30, 2017
Available-for-Sale: Other investments	$	403	$	(12	)	$	—	$	—	$	391	$	—

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

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, 2018 and March 31, 2018, the significant unobservable inputs used in the fair value measurements were as follows:



$ in thousands	Fair Value September 30, 2018		Valuation Technique	Significant Unobservable Inputs	Significant Unobservable Input Value
Equity securities	$	435	Cost	n/a

Mortgage Servicing Rights	161		Discounted Cash Flow	Weighted Average Constant Prepayment Rate⁽¹⁾	17.63	%
				Discount Rate	12.00	%



$ in thousands	Fair Value March 31, 2018		Valuation Technique	Significant Unobservable Inputs	Significant Unobservable Input Value
Available-for-Sale:
Other investments	$	433	Cost	n/a

Mortgage Servicing Rights	181		Discounted Cash Flow	Weighted Average Constant Prepayment Rate⁽¹⁾	20.03	%
				Discount Rate	12.00	%

⁽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, 2018 and March 31, 2018, and that are included in the Company’s Consolidated Statements of Financial Condition at these dates:



	Fair Value Measurements at September 30, 2018, 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	$	—	$	—	$	3,324	$	3,324
Other real estate owned	—		—		262		$	262



	Fair Value Measurements at March 31, 2018, 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	$	—	$	—	$	4,476	$	4,476
Other real estate owned	—		—		1,145		$	1,145

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, 2018 and March 31, 2018, the significant unobservable inputs used in the fair value measurements were as follows:



$ in thousands	Fair Value September 30, 2018		Valuation Technique	Significant Unobservable Inputs	Significant Unobservable Input Value
Impaired loans	$	3,324	Appraisal of collateral	Costs to sell	7.5% cost to sell
Other real estate owned	262		Appraisal of collateral	Costs to sell	7.5% cost to sell



$ in thousands	Fair Value March 31, 2018		Valuation Technique	Significant Unobservable Inputs	Significant Unobservable Input Value
Impaired loans	$	4,476	Appraisal of collateral	Costs to sell	7.5% cost to sell
Other real estate owned	1,145		Appraisal of collateral	Costs to sell	7.5% cost to sell