Fair Value Measurements (Tables)

6 Months Ended

Sep. 26, 2015

Summary of the Fair Value and Carrying Value of Financial Instruments

The book value and estimated fair value of the Company's financial instruments are as follows (in thousands):



	September 26, 2015						March 28, 2015
	Book Value			Estimated Fair Value			Book Value			Estimated Fair Value
Available-for-sale securities (1)	$	22,455		$	22,455		$	21,283		$	21,283
Non-marketable equity investments (2)	10,431			10,431			10,636			10,636
Consumer loans receivable (3)	93,142			126,439			98,158			129,616
Interest rate lock commitment derivatives (4)	15			15			19			19
Forward loan sale commitment derivatives (4)	(68		)	(68		)	(54		)	(54		)
Commercial loans receivable (5)	23,774			23,913			18,081			18,025
Securitized financings (6)	(63,519		)	(63,235		)	(66,960		)	(67,064		)
Mortgage servicing rights (7)	750			750			475			475

Summary of Assets Measured at Fair Value on a Recurring Basis

Financial instruments measured at fair value on a recurring basis are summarized below (in thousands):



	September 26, 2015
	Total			Level 1		Level 2		Level 3
Securities issued by the U.S Treasury and Government (1)	$	1,500		$	—	$	1,500	$	—
Mortgage-backed securities (1)	5,301			—		5,301		—
Securities issued by states and political subdivisions (1)	8,171			—		8,171		—
Corporate debt securities (1)	775			—		775		—
Marketable equity securities (1)	5,708			5,708		—		—
Interest rate lock commitment derivatives (2)	15			—		—		15
Forward loan sale commitment derivatives (2)	(68		)	—		—		(68		)
Mortgage servicing rights (3)	750			—		—		750


(1)	Unrealized gains or losses on investments are recorded in accumulated other comprehensive income (loss) at each measurement date.


(2)	Gains or losses on derivatives are recognized in current period earnings through cost of sales.


(3)	Changes in the fair value of mortgage servicing rights are recognized in the current period earnings through net revenue.

Summary of Assets and Liabilities Measured at Fair Value for Disclosure

Financial instruments for which fair value is disclosed but not required to be recognized in the balance sheet on a recurring basis are summarized below (in thousands):



	September 26, 2015
	Total			Level 1		Level 2			Level 3
Loans held for investment	$	110,893		$	—	$	—		$	110,893
Loans held for sale	10,340			—		10,340			—
Loans held—construction advances	5,206			—		—			5,206
Commercial loans receivable	23,913			—		—			23,913
Securitized financings	(63,235		)	—		(63,235		)	—
Non-marketable equity investments	10,431			—		—			10,431

Assumptions for Mortgage Servicing Rights



	September 26, 2015			March 28, 2015
Number of loans serviced with MSRs	3,549			3,306
Weighted average servicing fee (basis points)	30.18			29.88
Capitalized servicing multiple	60.80		%	42.10		%
Capitalized servicing rate (basis points)	18.35			12.58
Serviced portfolio with MSRs (in thousands)	$	408,920		$	380,120
Mortgage servicing rights (in thousands)	$	750		$	475