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Fair Value Measurements Fair Value Measurements (Tables)

3 Months Ended

Jun. 30, 2017

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, 2017 and March 31, 2017, and that are included in the Company’s Consolidated Statements of Financial Condition at these dates:

		Fair Value Measurements at June 30, 2017, 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		$	—			$	—			182				$	182
Investment securities
Available-for-sale:
Mortgage-backed securities:
Government National Mortgage Association		—				2,284				—				2,284
Federal Home Loan Mortgage Corporation		—				7,521				—				7,521
Federal National Mortgage Association		—				25,867				—				25,867
Other		—				—				45				45
U.S. Government Agency Securities		—				7,484				—				7,484
Corporate bonds		—				4,990				—				4,990
Other investments		—				9,558				358				9,916
Total available-for-sale securities		—				57,704				403				58,107
Total		$	—			$	57,704			$	585			$	58,289

		Fair Value Measurements at March 31, 2017, 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		$	—			$	—			$	192			$	192
Investment securities
Available-for-sale:
Mortgage-backed securities:
Government National Mortgage Association		—				2,487				—				2,487
Federal Home Loan Mortgage Corporation		—				7,858				—				7,858
Federal National Mortgage Association		—				26,313				—				26,313
Other		—				—				45				45
U.S. Government Agency securities		—				7,482				—				7,482
Corporate bonds		—				4,964				—				4,964
Other investments		—				9,504				358				9,862
Total available-for-sale securities		—				58,608				403				59,011
Total		$	—			$	58,608			$	595			$	59,203

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, 2017 and 2016:

$ in thousands	Beginning balance, April 1, 2017			Total Realized/Unrealized Gains/(Losses) Recorded in Income (1)				Issuances / (Settlements)				Transfers to/(from) Level 3				Ending balance, June 30, 2017				Unrealized Gains and (Losses) Related to Instruments Held at June 30, 2017
Available-for-Sale
Securities Available-for-Sale	45			$	—			$	—			$	—			$	45			$	—
Other investments	358			—				—				—				358				—
Mortgage servicing rights	192			(10		)		—				—				182				(10		)

$ in thousands	Beginning balance, April 1, 2016			Total Realized/Unrealized Gains/(Losses) Recorded in Income (1)				Issuances / (Settlements)				Transfers to/(from) Level 3				Ending balance, June 30, 2016				Unrealized Gains and (Losses) Related to Instruments Held at June 30, 2016
Available-for-Sale
Securities Available-for-Sale	45			$	—			$	—			$	—			$	45			$	—
Other investments	148			—				44				—				192				—
Mortgage servicing rights	201			(11		)		—				—				190				(11		)

⁽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 June 30, 2017 and 2016, the significant unobservable inputs used in the fair value measurements were as follows:

$ in thousands

Fair Value at June 30, 2017

Valuation Technique

Significant Unobservable Inputs

Significant Unobservable Input Value

Available-for-Sale:

Securities Available-for-Sale

$

45

Cost

n/a

Other investments

358

Cost

Contribution into Fund

$

360

Mortgage Servicing Rights

182

Discounted Cash Flow

Weighted Average Constant Prepayment Rate(1)

23.10

%

$ in thousands

Fair Value at June 30, 2016

Valuation Technique

Significant Unobservable Inputs

Significant Unobservable Input Value

Available-for-Sale:

Securities Available-for-Sale

$

45

Cost

n/a

Other investments

192

Cost

Contribution into Fund

$

192

Mortgage Servicing Rights

190

Discounted Cash Flow

Weighted Average Constant Prepayment Rate(1)

22.25

%

⁽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, 2017 and March 31, 2017, and that are included in the Company’s Consolidated Statements of Financial Condition at these dates:

		Fair Value Measurements at June 30, 2017, 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		$	—			$	—			$	6,109			$	6,109
Other real estate owned		—				—				787				$	787

		Fair Value Measurements at March 31, 2017, 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		$	—			$	—			$	5,953			$	5,953
Other real estate owned		—				—				990				$	990

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, 2017 and March 31, 2017, the significant unobservable inputs used in the fair value measurements were as follows:

$ in thousands		Fair Value at June 30, 2017				Valuation Technique		Significant Unobservable Inputs		Significant Unobservable Input Value
Impaired loans		$	6,109			Appraisal of collateral		Appraisal adjustments		7.5% cost to sell
Other real estate owned		787				Appraisal of collateral		Appraisal adjustments		7.5% cost to sell

$ in thousands		Fair Value at March 31, 2017				Valuation Technique		Significant Unobservable Inputs		Significant Unobservable Input Value
Impaired loans		$	5,953			Appraisal of collateral		Appraisal adjustments		7.5% cost to sell
Other real estate owned		990				Appraisal of collateral		Appraisal adjustments		7.5% cost to sell

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Tabular disclosure of the inputs and valuation techniques used to measure fair value, and a discussion of changes in valuation techniques and related inputs, if any, applied during the period to each separate class of assets, liabilities, and financial instruments classified in shareholders' equity that are measured on a recurring and/or nonrecurring basis.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
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Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
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Tabular disclosure of the inputs and valuation techniques used to measure fair value, and a discussion of changes in valuation techniques and related inputs, if any, used to measure similar assets in prior periods (non-recurring basis) by class of asset or liability.

+ References

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Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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