XML 59 R46.htm IDEA: XBRL DOCUMENT v3.20.2
Fair Value Measurements (Tables)
12 Months Ended
Mar. 31, 2020
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 March 31, 2020 and 2019, and that are included in the Company's Consolidated Statements of Financial Condition at these dates:
Fair Value Measurements at March 31, 2020, Using
$ in thousandsQuoted 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$—  $—  $145  $145  
Investment securities
Available-for-sale:
Mortgage-backed securities:
Government National Mortgage Association—  3,587  —  3,587  
Federal Home Loan Mortgage Corporation—  9,538  —  9,538  
Federal National Mortgage Association—  22,168  —  22,168  
U.S. Government Agency securities—  26,481  —  26,481  
Corporate bonds—  4,055  —  4,055  
Total available-for-sale securities—  65,829  —  65,829  
Total assets$—  $65,829  $145  $65,974  
Fair Value Measurements at March 31, 2019, Using
$ in thousandsQuoted 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  $180  
Investment securities
Available-for-sale:
Mortgage-backed securities:
Government National Mortgage Association—  4,382  —  4,382  
Federal Home Loan Mortgage Corporation—  11,025  —  11,025  
Federal National Mortgage Association—  26,608  —  26,608  
U.S. Government Agency securities—  32,853  —  32,853  
Corporate bonds—  4,977  —  4,977  
Total available-for-sale securities—  79,845  —  79,845  
Total assets$—  $79,845  $180  $80,025  
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 years ended March 31, 2020 and 2019:
$ in thousandsBeginning balance, April 1, 2019
Total Realized/Unrealized Gains/(Losses) Recorded in Income (1)
Issuances / (Settlements)Transfers to/(from) Level 3Ending balance,
March 31, 2020
Change in Unrealized Gains/(Losses) Related to Instruments Held at March 31, 2020
Mortgage Servicing Rights180  (35) —  —  145  (33) 

$ in thousandsBeginning balance, April 1, 2018
Total Realized/Unrealized Gains/(Losses) Recorded in Income (1)
Issuances / (Settlements)Transfers to/(from) Level 3Ending balance,
March 31, 2019
Change in Unrealized Gains/(Losses) Related to Instruments Held at March 31, 2019
Mortgage Servicing Rights181  (1) —  —  180  (1) 
(1) Includes net servicing cash flows and the passage of time.
Fair Value, Assets Measured on Recurring Basis, Valuation Techniques For Level 3 assets measured at fair value on a recurring basis as of March 31, 2020 and 2019, the significant unobservable inputs used in the fair value measurements were as follows:
$ in thousandsFair Value at March 31, 2020Valuation TechniqueSignificant Unobservable InputsSignificant Unobservable Input Value
Mortgage Servicing Rights145  Discounted Cash Flow
Weighted Average Constant Prepayment Rate (1)
15.64 %
Option Adjusted Spread ("OAS") applied to Treasury curve1200 basis points


$ in thousandsFair Value at March 31, 2019Valuation TechniqueSignificant Unobservable InputsSignificant Unobservable Input Value
Mortgage Servicing Rights180  Discounted Cash Flow
Weighted Average Constant Prepayment Rate (1)
11.19 %
Option Adjusted Spread ("OAS") applied to Treasury curve1000 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 March 31, 2020 and 2019, and that are included in the Company's Consolidated Statements of Financial Condition at these dates:
Fair Value Measurements at March 31, 2020, Using
$ in thousandsQuoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)Total Fair Value
Impaired loans$—  $—  $1,293  $1,293  
Other real estate owned$—  $—  $120  $120  
Fair Value Measurements at March 31, 2019, Using
$ in thousandsQuoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)Total Fair Value
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 March 31, 2020 and 2019, the significant unobservable inputs used in the fair value measurements were as follows:
$ in thousandsFair Value at March 31, 2020Valuation TechniqueSignificant Unobservable InputsSignificant Unobservable Input Value
Impaired loans$1,293  Appraisal of collateralAppraisal adjustments7.5% cost to sell
Other real estate owned120  Appraisal of collateralAppraisal adjustments7.5% cost to sell

$ in thousandsFair Value at March 31, 2019Valuation TechniqueSignificant Unobservable InputsSignificant Unobservable Input Value
Impaired loans$2,027  Appraisal of collateralAppraisal adjustments7.5% cost to sell
Other real estate owned404  Appraisal of collateralAppraisal adjustments7.5% cost to sell