Fair Value Measurements (Tables)

9 Months Ended

Dec. 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):



	December 26, 2015						March 28, 2015
	Book Value			Estimated Fair Value			Book Value			Estimated Fair Value
Available-for-sale securities (1)	$	22,436		$	22,436		$	21,283		$	21,283
Non-marketable equity investments (2)	10,398			10,398			10,636			10,636
Consumer loans receivable (3)	92,297			126,474			98,158			129,616
Interest rate lock commitment derivatives (4)	13			13			19			19
Forward loan sale commitment derivatives (4)	(26		)	(26		)	(54		)	(54		)
Commercial loans receivable (5)	23,745			23,928			18,081			18,025
Securitized financings (6)	(62,480		)	(61,843		)	(66,960		)	(67,064		)
Mortgage servicing rights (7)	738			738			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):



	December 26, 2015
	Total			Level 1		Level 2		Level 3
Securities issued by the U.S Treasury and Government (1)	$	992		$	—	$	992	$	—
Mortgage-backed securities (1)	6,214			—		6,214		—
Securities issued by states and political subdivisions (1)	7,647			—		7,647		—
Corporate debt securities (1)	1,162			—		1,162		—
Marketable equity securities (1)	5,421			5,421		—		—
Interest rate lock commitment derivatives (2)	13			—		—		13
Forward loan sale commitment derivatives (2)	(26		)	—		—		(26		)
Mortgage servicing rights (3)	738			—		—		738


(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):



	December 26, 2015
	Total			Level 1		Level 2			Level 3
Loans held for investment	$	111,200		$	—	$	—		$	111,200
Loans held for sale	8,861			—		8,861			—
Loans held—construction advances	6,413			—		—			6,413
Commercial loans receivable	23,928			—		—			23,928
Securitized financings	(61,843		)	—		(61,843		)	—
Non-marketable equity investments	10,398			—		—			10,398

Assumptions for Mortgage Servicing Rights



	December 26, 2015			March 28, 2015
Number of loans serviced with MSRs	3,649			3,306
Weighted average servicing fee (basis points)	30.35			29.88
Capitalized servicing multiple	58.12		%	42.10		%
Capitalized servicing rate (basis points)	17.64			12.58
Serviced portfolio with MSRs (in thousands)	$	418,418		$	380,120
Mortgage servicing rights (in thousands)	$	738		$	475