Fair Value Measurements (Tables)

9 Months Ended

Dec. 26, 2020

Fair Value Disclosures [Abstract]

Summary of the Fair Value and Carrying Value of Financial Instruments

The book value and estimated fair value of our financial instruments were as follows (in thousands):

	December 26, 2020				March 28, 2020
	Book Value		Estimated Fair Value		Book Value		Estimated Fair Value
Available-for-sale debt securities	$	16,673	$	16,673	$	14,774	$	14,774
Marketable equity securities	13,987		13,987		9,829		9,829
Non-marketable equity investments	21,791		21,791		21,536		21,536
Consumer loans receivable	81,592		96,313		82,304		97,395
Interest rate lock commitment derivatives	77		77		164		164
Forward loan sale commitment derivatives	(195)		(195)		(1,011)		(1,011)
Commercial loans receivable	39,746		38,300		46,565		46,819
Secured financings and other	(12,987)		(12,493)		(14,953)		(15,592)

Summary of Assets Measured at Fair Value on a Recurring Basis

Assets and liabilities measured at fair value on a recurring basis are summarized below (in thousands):

	December 26, 2020
	Total		Level 1		Level 2		Level 3
Residential mortgage-backed securities (1)	$	5,237	$	—	$	5,237	$	—
State and political subdivision debt securities (1)	6,306		—		6,306		—
Corporate debt securities (1)	5,130		—		5,130		—
Marketable equity securities (2)	13,987		13,987		—		—
Interest rate lock commitment derivatives (3)	77		—		—		77
Forward loan sale commitment derivatives (3)	(195)		—		—		(195)
Mortgage servicing rights (4)	831		—		—		831

	March 28, 2020
	Total		Level 1		Level 2		Level 3
Residential mortgage-backed securities (1)	$	5,443	$	—	$	5,443	$	—
State and political subdivision debt securities (1)	4,370		—		4,370		—
Corporate debt securities (1)	4,961		—		4,961		—
Marketable equity securities (2)	9,829		9,829		—		—
Interest rate lock commitment derivatives (3)	164		—		—		164
Forward loan sale commitment derivatives (3)	(1,011)		—		—		(1,011)
Mortgage servicing rights (4)	1,225		—		—		1,225

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

(2)Unrealized gains or losses on investments are recorded in earnings at each measurement date.

(3)Gains or losses on derivatives are recorded in earnings through Cost of sales.

(4)Changes in the fair value of mortgage servicing rights are recorded in 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, 2020
	Total		Level 1		Level 2		Level 3
Loans held for investment	$	59,167	$	—	$	—	$	59,167
Loans held for sale	23,223		—		—		23,223
Construction advances	13,923		—		—		13,923
Commercial loans receivable	38,300		—		—		38,300
Secured financings and other	(12,493)		—		(12,493)		—
Non-marketable equity investments	21,791		—		—		21,791

Assumptions for Mortgage Servicing Rights

	December 26, 2020			March 28, 2020
Number of loans serviced with MSRs	4,663			4,688
Weighted average servicing fee (basis points)	31.81			31.12
Capitalized servicing multiple	44.23		%	67.19		%
Capitalized servicing rate (basis points)	14.07			20.91
Serviced portfolio with MSRs (in thousands)	$	590,433		$	585,777
MSRs (in thousands)	$	831		$	1,225