XML 38 R27.htm IDEA: XBRL DOCUMENT v3.20.4
Fair Value Measurements (Tables)
 9 Months Ended
Dec. 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 December 31, 2020 and March 31, 2020, and that are included in the Company’s Consolidated Statements of Financial Condition at these dates:
Fair Value Measurements at December 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$— $— $142 $142 
Investment securities
Available-for-sale:
Mortgage-backed securities:
Government National Mortgage Association— 1,270 — 1,270 
Federal Home Loan Mortgage Corporation— 29,169 — 29,169 
Federal National Mortgage Association— 15,380 — 15,380 
U.S. Government Agency securities— 19,678 — 19,678 
Corporate bonds— 5,353 — 5,353 
Muni securities— 17,877 — 17,877 
Asset-backed securities— 11,454 — 11,454 
Total available-for-sale securities— 100,181 — 100,181 
Total$— $100,181 $142 $100,323 

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, 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, 2020 and 2019:
$ in thousandsBeginning balance,
April 1, 2020
Total Realized/Unrealized Gains/(Losses) Recorded in Income (1)
Issuances / (Settlements)Transfers to/(from) Level 3
Ending balance,
December 31, 2020
Change in Unrealized Gains/(Losses) Related to Instruments Held at December 31, 2020
Mortgage servicing rights145 (3)— — 142 2 

$ in thousandsBeginning balance,
April 1, 2019
Total Realized/Unrealized Gains/(Losses) Recorded in Income (1)
Issuances / (Settlements)Transfers to/(from) Level 3
Ending balance,
December 31, 2019
Change in Unrealized Gains/(Losses) Related to Instruments Held at December 31, 2019
Mortgage servicing rights180(8)——172 (7)
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, 2020 and March 31, 2020, the significant unobservable inputs used in the fair value measurements were as follows:
$ in thousands
Fair Value December 31, 2020
Valuation TechniqueSignificant Unobservable InputsSignificant Unobservable Input Value
Mortgage servicing rights142 Discounted Cash Flow
Weighted Average Constant Prepayment Rate (1)
15.33 %
Option Adjusted Spread ("OAS") applied to Treasury curve1200 basis points

$ in thousandsFair Value
March 31, 2020		Valuation 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
(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, 2020 and March 31, 2020, and that are included in the Company’s Consolidated Statements of Financial Condition at these dates:
Fair Value Measurements at December 31, 2020 Using
Quoted Prices in Active Markets for Identical AssetsSignificant Other Observable InputsSignificant Unobservable InputsTotal Fair Value
$ in thousands(Level 1)(Level 2)(Level 3)
Impaired loans$— $— $5,365 $5,365 
Other real estate owned— — 60 $60 

Fair Value Measurements at March 31, 2020, Using
Quoted Prices in Active Markets for Identical AssetsSignificant Other Observable InputsSignificant Unobservable InputsTotal Fair Value
$ in thousands(Level 1)(Level 2)(Level 3)
Impaired loans$— $— $1,293 $1,293 
Other real estate owned— — 120 $120 
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, 2020 and March 31, 2020, the significant unobservable inputs used in the fair value measurements were as follows:
$ in thousands
Fair Value
December 31, 2020
Valuation TechniqueSignificant Unobservable InputsSignificant Unobservable Input Value
Impaired loans$5,365 Appraisal of collateralAppraisal adjustments7.5% cost to sell
Other real estate owned60 Appraisal of collateralAppraisal adjustments7.5% cost to sell

$ in thousandsFair Value 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