Fair Value Measurements Fair Value Measurements (Tables)

6 Months Ended

Sep. 30, 2019

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, 2019 and March 31, 2019, and that are included in the Company’s Consolidated Statements of Financial Condition at these dates:

	Fair Value Measurements at September 30, 2019, 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	$	—	$	—	$	174	$	174
Investment securities
Available-for-sale:
Mortgage-backed securities:
Government National Mortgage Association	—		3,913		—		3,913
Federal Home Loan Mortgage Corporation	—		10,366		—		10,366
Federal National Mortgage Association	—		25,642		—		25,642
U.S. Government Agency Securities	—		30,118		—		30,118
Corporate bonds	—		5,070		—		5,070
Total available-for-sale securities	—		75,109		—		75,109
Other investments	—		—		492		492
Total	$	—	$	75,109	$	666	$	75,775

	Fair Value Measurements at March 31, 2019, 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	$	—	$	—	$	180	$	180
Investment securities
Available-for-sale:
Mortgage-backed securities:
Government National Mortgage Association	—		4,382		—		4,382
Federal Home Loan Mortgage Corporation	—		11,025		—		11,025
Federal National Mortgage Association	—		26,608		—		26,608
U.S. Government Agency securities	—		32,853		—		32,853
Corporate bonds	—		4,977		—		4,977
Total available-for-sale securities	—		79,845		—		79,845
Other investments	—		—		454		454
Total	$	—	$	79,845	$	634	$	80,479

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, 2019 and 2018:

$ in thousands	Beginning balance, April 1, 2019		Total Realized/Unrealized Gains/(Losses) Recorded in Income (1)			Issuances / (Settlements)		Transfers to/(from) Level 3		Ending balance, September 30, 2019		Change in Unrealized Gains/(Losses) Related to Instruments Held at September 30, 2019
Other investments	$	454	$	38		$	—	$	—	$	492	$	—
Mortgage servicing rights	180		(6		)	—		—		174		(6		)

$ 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/(Losses) Related to Instruments Held at September 30, 2018
Other investments	$	433	$	2		$	—	$	—	$	435	$	—
Mortgage servicing rights	181		(20		)	—		—		161		(18		)

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, 2019 and March 31, 2019, the significant unobservable inputs used in the fair value measurements were as follows:

$ in thousands	Fair Value September 30, 2019		Valuation Technique	Significant Unobservable Inputs	Significant Unobservable Input Value
Other investments	$	492	Cost	n/a
Mortgage servicing rights	174		Discounted Cash Flow	Weighted Average Constant Prepayment Rate(1)	21.63	%
				Option Adjusted Spread ("OAS") applied to Treasury curve	1000 basis points

$ in thousands	Fair Value March 31, 2019		Valuation Technique	Significant Unobservable Inputs	Significant Unobservable Input Value
Other investments	$	454	Cost	n/a
Mortgage servicing rights	180		Discounted Cash Flow	Weighted Average Constant Prepayment Rate(1)	11.19	%
				Option Adjusted Spread ("OAS" applied to Treasury curve	1000 basis points

⁽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, 2019 and March 31, 2019, and that are included in the Company’s Consolidated Statements of Financial Condition at these dates:

	Fair Value Measurements at September 30, 2019, 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)
Impaired loans	$	—	$	—	$	1,522	$	1,522
Other real estate owned	—		—		120		$	120

	Fair Value Measurements at March 31, 2019, 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)
Impaired loans	$	—	$	—	$	2,027	$	2,027
Other real estate owned	—		—		404		$	404

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, 2019 and March 31, 2019, the significant unobservable inputs used in the fair value measurements were as follows:

$ in thousands	Fair Value September 30, 2019		Valuation Technique	Significant Unobservable Inputs	Significant Unobservable Input Value
Impaired loans	$	1,522	Appraisal of collateral	Appraisal adjustments	7.5% cost to sell
Other real estate owned	120		Appraisal of collateral	Appraisal adjustments	7.5% cost to sell

$ in thousands	Fair Value March 31, 2019		Valuation Technique	Significant Unobservable Inputs	Significant Unobservable Input Value
Impaired loans	$	2,027	Appraisal of collateral	Appraisal adjustments	7.5% cost to sell
Other real estate owned	404		Appraisal of collateral	Appraisal adjustments	7.5% cost to sell