Fair Value Measurements (Tables)

3 Months Ended

Jun. 30, 2023

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 June 30, 2023 and March 31, 2023, and that are included in the Company’s Consolidated Statements of Financial Condition at these dates:

	Fair Value Measurements at June 30, 2023, 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	—		312		—		312
Federal Home Loan Mortgage Corporation	—		16,674		—		16,674
Federal National Mortgage Association	—		9,248		—		9,248
U.S. Government Agency securities	—		9,082		—		9,082
Corporate bonds	—		3,086		—		3,086
Muni securities	—		13,790		—		13,790
Total available-for-sale securities	—		52,192		—		52,192
Total assets	$	—	$	52,192	$	147	$	52,339

	Fair Value Measurements at March 31, 2023, 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	$	—	$	—	$	152	$	152
Investment securities
Available-for-sale:
Mortgage-backed securities:
Government National Mortgage Association	—		341		—		341
Federal Home Loan Mortgage Corporation	—		17,600		—		17,600
Federal National Mortgage Association	—		9,502		—		9,502
U.S. Government Agency securities	—		9,326		—		9,326
Corporate bonds	—		3,092		—		3,092
Muni securities	—		13,982		—		13,982
Total available-for-sale securities	—		53,843		—		53,843
Total assets	$	—	$	53,843	$	152	$	53,995

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 three months ended June 30, 2023 and 2022:

$ in thousands	Beginning balance, April 1, 2023	Total Realized/Unrealized Gains/(Losses) Recorded in Income (1)	Issuances / (Settlements)	Transfers to/(from) Level 3	Ending balance, June 30, 2023	Change in Unrealized Gains/(Losses) Related to Instruments Held at June 30, 2023
Mortgage servicing rights	152	(5)	—	—	147	(5)

$ in thousands	Beginning balance, April 1, 2022	Total Realized/Unrealized Gains/(Losses) Recorded in Income (1)	Issuances / (Settlements)	Transfers to/(from) Level 3	Ending balance, June 30, 2022	Change in Unrealized Gains/(Losses) Related to Instruments Held at June 30, 2022
Mortgage servicing rights	162	3	—	—	165	3

Fair Value, Assets Measured on Recurring Basis, Valuation Techniques

For Level 3 assets measured at fair value on a recurring basis as of June 30, 2023 and March 31, 2023, the significant unobservable inputs used in the fair value measurements were as follows:

$ in thousands	Fair Value June 30, 2023	Valuation Technique	Significant Unobservable Inputs	Significant Unobservable Input Value
Mortgage servicing rights	147	Discounted Cash Flow	Weighted Average Constant Prepayment Rate (1)	3.86	%
			Option Adjusted Spread ("OAS") applied to Treasury curve	1000 basis points

$ in thousands	Fair Value March 31, 2023	Valuation Technique	Significant Unobservable Inputs	Significant Unobservable Input Value
Mortgage servicing rights	152	Discounted Cash Flow	Weighted Average Constant Prepayment Rate (1)	4.01	%
			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 June 30, 2023 and March 31, 2023, and that are included in the Company’s Consolidated Statements of Financial Condition at these dates:

	Fair Value Measurements at June 30, 2023 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)
Collateral dependent loans	$	—	$	—	$	1,029	$	1,029
Other real estate owned	—		—		60		$	60

	Fair Value Measurements at March 31, 2023, 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	$	—	$	—	$	5,529	$	5,529
Other real estate owned	—		—		60		$	60

Fair Value, Assets Measured on Nonrecurring Basis, Valuation Techniques

For Level 3 assets measured at fair value on a non-recurring basis as of June 30, 2023 and March 31, 2023, the significant unobservable inputs used in the fair value measurements were as follows:

$ in thousands	Fair Value June 30, 2023		Valuation Technique	Significant Unobservable Inputs	Significant Unobservable Input Value
Collateral dependent loans	$	1,029	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 March 31, 2023		Valuation Technique	Significant Unobservable Inputs	Significant Unobservable Input Value
Impaired loans	$	5,529	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