Fair Value Measurements (Tables)

12 Months Ended

Mar. 31, 2021

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, 2021 and 2020, and that are included in the Company's Consolidated Statements of Financial Condition at these dates:

	Fair Value Measurements at March 31, 2021, 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	$	—	$	—	$	147	$	147
Investment securities
Available-for-sale:
Mortgage-backed securities:
Government National Mortgage Association	—		1,026		—		1,026
Federal Home Loan Mortgage Corporation	—		27,785		—		27,785
Federal National Mortgage Association	—		14,610		—		14,610
U.S. Government Agency securities	—		18,631		—		18,631
Corporate bonds	—		4,481		—		4,481
Muni securities	—		16,610		—		16,610
Asset-backed securities	—		3,364		—		3,364
Total available-for-sale securities	—		86,507		—		86,507
Total assets	$	—	$	86,507	$	147	$	86,654
	Fair Value Measurements at March 31, 2020, 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	$	—	$	—	$	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 years ended March 31, 2021 and 2020:

$ in thousands	Beginning balance, April 1, 2020	Total Realized/Unrealized Gains/(Losses) Recorded in Income (1)	Issuances / (Settlements)	Transfers to/(from) Level 3	Ending balance, March 31, 2021	Change in Unrealized Gains/(Losses) Related to Instruments Held at March 31, 2021
Mortgage Servicing Rights	145	2	—	—	147	2

$ 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, March 31, 2020	Change in Unrealized Gains/(Losses) Related to Instruments Held at March 31, 2020
Mortgage Servicing Rights	180	(35)	—	—	145	(33)

(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, 2021 and 2020, the significant unobservable inputs used in the fair value measurements were as follows:

$ in thousands	Fair Value at March 31, 2021	Valuation Technique	Significant Unobservable Inputs	Significant Unobservable Input Value
Mortgage Servicing Rights	147	Discounted Cash Flow	Weighted Average Constant Prepayment Rate (1)	13.33	%
			Option Adjusted Spread ("OAS") applied to Treasury curve	1200 basis points

$ in thousands	Fair Value at March 31, 2020	Valuation Technique	Significant Unobservable Inputs	Significant Unobservable Input Value
Mortgage Servicing Rights	145	Discounted Cash Flow	Weighted Average Constant Prepayment Rate (1)	15.64	%
			Option Adjusted Spread ("OAS") applied to Treasury curve	1200 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, 2021 and 2020, and that are included in the Company's Consolidated Statements of Financial Condition at these dates:

	Fair Value Measurements at March 31, 2021, 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
Impaired loans	$	—	$	—	$	5,341	$	5,341
Other real estate owned	$	—	$	—	$	60	$	60
	Fair Value Measurements at March 31, 2020, 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
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 March 31, 2021 and 2020, the significant unobservable inputs used in the fair value measurements were as follows:

$ in thousands	Fair Value at March 31, 2021		Valuation Technique	Significant Unobservable Inputs	Significant Unobservable Input Value
Impaired loans	$	5,341	Appraisal of collateral	Appraisal adjustments	7.5% cost to sell
Other real estate owned	60		Appraisal of collateral	Appraisal adjustments	7.5% cost to sell

$ in thousands	Fair Value at March 31, 2020		Valuation Technique	Significant Unobservable Inputs	Significant Unobservable Input Value
Impaired loans	$	1,293	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