Fair Value Measurements Fair Value Measurements (Tables)

9 Months Ended

Dec. 31, 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 December 31, 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 December 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	$	—	$	—	$	209	$	209
Investment securities
Available-for-sale:
Mortgage-backed securities:
Government National Mortgage Association	—		4,461		—		4,461
Federal Home Loan Mortgage Corporation	—		15,378		—		15,378
Federal National Mortgage Association	—		26,816		—		26,816
U.S. Government Agency Securities	—		34,479		—		34,479
U.S. Treasury Securities	16,340		—		—		16,340
Corporate bonds	—		4,856		—		4,856
Total available-for-sale securities	16,340		85,990		—		102,330
Equity securities	—		—		416		416
Total	$	16,340	$	85,990	$	625	$	102,955



	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 nine months ended December 31, 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, December 31, 2018		Change in Unrealized Gains and (Losses) Related to Instruments Held at December 31, 2018
Equity securities	$	433	$	(17	)	$	—	$	—	$	416	$	—

Mortgage servicing rights	181		28			—		—		209		26



$ 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, December 31, 2017		Change in Unrealized Gains and (Losses) Related to Instruments Held at December 31, 2017
Available-for-Sale: Other investments	$	403	$	(12	)	$	—	$	—	$	391	$	—

Mortgage servicing rights	192		(9		)	—		—		183		(8		)

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



$ in thousands	Fair Value December 31, 2018		Valuation Technique	Significant Unobservable Inputs	Significant Unobservable Input Value
Equity securities	$	416	Cost	n/a

Mortgage Servicing Rights	209		Discounted Cash Flow	Weighted Average Constant Prepayment Rate⁽¹⁾	9.28	%
				Option Adjusted Spread ("OAS") applied to Treasury curve	1000 basis points



$ 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 December 31, 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 December 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	$	—	$	—	$	2,542	$	2,542
Other real estate owned	—		—		453		$	453



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



$ in thousands	Fair Value December 31, 2018		Valuation Technique	Significant Unobservable Inputs	Significant Unobservable Input Value
Impaired loans	$	2,542	Appraisal of collateral	Costs to sell	7.5% cost to sell
Other real estate owned	453		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