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Fair Value Measurements Fair Value Measurements (Tables)

12 Months Ended

Mar. 31, 2019

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 March 31, 2019 and 2018, and that are included in the Company's Consolidated Statements of Financial Condition at these dates:

	Fair Value Measurements at March 31, 2019, 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	$	—			$	—			$	180			$	180
Investment securities
Available-for-sale:
Mortgage-backed securities:
Government National Mortgage Association	—				4,382				—				4,382
Federal Home Loan Mortgage Corporation	—				11,025				—				11,025
Federal National Mortgage Association	—				26,608				—				26,608
U.S. Government Agency securities	—				32,853				—				32,853
Corporate bonds	—				4,977				—				4,977
Total available-for-sale securities	—				79,845				—				79,845
Equity securities	—				—				454				454
Total assets	$	—			$	79,845			$	634			$	80,479
	Fair Value Measurements at March 31, 2018, 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	$	—			$	—			$	181			$	181
Investment securities
Available-for-sale:
Mortgage-backed securities:
Government National Mortgage Association	—				2,066				—				2,066
Federal Home Loan Mortgage Corporation	—				6,350				—				6,350
Federal National Mortgage Association	—				23,411				—				23,411
U.S. Government Agency securities	—				14,232				—				14,232
Corporate bonds	—				4,866				—				4,866
Other investments	—				9,351				433				9,784
Total available-for-sale securities	—				60,276				433				60,709
Total assets	$	—			$	60,276			$	614			$	60,890

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 years ended March 31, 2019 and 2018:

$ in thousands	Beginning balance, April 1, 2018				Total Realized/Unrealized Gains/(Losses) Recorded in Income (1)				Issuances / (Settlements)				Transfers to/(from) Level 3				Ending balance, March 31, 2019				Change in Unrealized Gains/(Losses) Related to Instruments Held at March 31, 2019
Equity Securities	$	433			$	21			$	—			$	—			$	454			$	—
Mortgage Servicing Rights	181				(1		)		—				—				180				(1		)

$ 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, March 31, 2018				Change in Unrealized Gains/(Losses) Related to Instruments Held at March 31, 2018
Available-for-Sale: Other investments	$	403			$	30			$	—			$	—			$	433			$	—
Mortgage Servicing Rights	192				(11		)		—				—				181				(10		)

⁽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 March 31, 2019 and 2018, the significant unobservable inputs used in the fair value measurements were as follows:

$ in thousands		Fair Value at March 31, 2019			Valuation Technique		Significant Unobservable Inputs		Significant Unobservable Input Value
Equity Securities		454			Cost		n/a
Mortgage Servicing Rights		180			Discounted Cash Flow		Weighted Average Constant Prepayment Rate (1)		11.19	%
							Option Adjusted Spread ("OAS") applied to Treasury curve		1000 basis points

$ in thousands		Fair Value at March 31, 2018			Valuation Technique		Significant Unobservable Inputs		Significant Unobservable Input Value
Available-for-Sale:
Other investments		433			Cost		n/a
Mortgage Servicing Rights		181			Discounted Cash Flow		Weighted Average Constant Prepayment Rate (1)		20.03	%
							Discount Rate		12.00	%

⁽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 March 31, 2019 and 2018, and that are included in the Company's Consolidated Statements of Financial Condition at these dates:

	Fair Value Measurements at March 31, 2019, 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
Impaired loans	$	—			$	—			$	2,027			$	2,027
Other real estate owned	$	—			$	—			$	404			$	404
	Fair Value Measurements at March 31, 2018, 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
Impaired loans	$	—			$	—			$	4,476			$	4,476
Other real estate owned	$	—			$	—			$	1,145			$	1,145

Fair Value, Assets Measured on Nonrecurring Basis, Valuation Techniques

For Level 3 assets measured at fair value on a non-recurring basis as of March 31, 2019 and 2018, the significant unobservable inputs used in the fair value measurements were as follows:

$ in thousands		Fair Value at March 31, 2019				Valuation Technique		Significant Unobservable Inputs		Significant Unobservable Input Value
Impaired loans		$	2,027			Appraisal of collateral		Appraisal adjustments		7.5% cost to sell
Other real estate owned		404				Appraisal of collateral		Appraisal adjustments		7.5% cost to sell

$ in thousands		Fair Value at March 31, 2018				Valuation Technique		Significant Unobservable Inputs		Significant Unobservable Input Value
Impaired loans		$	4,476			Appraisal of collateral		Appraisal adjustments		7.5% cost to sell
Other real estate owned		1,145				Appraisal of collateral		Appraisal adjustments		7.5% cost to sell

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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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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).

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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique used to measure similar asset in prior period by class of asset or liability on non-recurring basis.

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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.

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