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Fair Value Measurements Fair Value Measurements (Tables)

3 Months Ended

Jun. 30, 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 June 30, 2019 and March 31, 2019, and that are included in the Company’s Consolidated Statements of Financial Condition at these dates:

		Fair Value Measurements at June 30, 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		$	—			$	—			$	168			$	168
Investment securities
Available-for-sale:
Mortgage-backed securities:
Government National Mortgage Association		—				4,205				—				4,205
Federal Home Loan Mortgage Corporation		—				10,829				—				10,829
Federal National Mortgage Association		—				26,216				—				26,216
U.S. Government Agency Securities		—				32,091				—				32,091
Corporate bonds		—				5,050				—				5,050
Total available-for-sale securities		—				78,391				—				78,391
Other investments		—				—				455				455
Total		$	—			$	78,391			$	623			$	79,014

		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
Other investments		—				—				454				454
Total		$	—			$	79,845			$	634			$	80,479

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, 2019 and 2018:

$ in thousands	Beginning balance, April 1, 2019				Total Realized/Unrealized Gains/(Losses) Recorded in Income (1)				Issuances / (Settlements)				Transfers to/(from) Level 3				Ending balance, June 30, 2019				Change in Unrealized Gains/(Losses) Related to Instruments Held at June 30, 2019
Other investments	$	454			$	1			$	—			$	—			$	455			$	—
Mortgage servicing rights	180				(12		)		—				—				168				(12		)

$ 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, June 30, 2018				Change in Unrealized Gains/(Losses) Related to Instruments Held at June 30, 2018
Other investments	$	433			$	(2	)		$	—			$	—			$	431			$	—
Mortgage servicing rights	181				(7		)		—				—				174				(7		)

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

$ in thousands		Fair Value June 30, 2019				Valuation Technique		Significant Unobservable Inputs		Significant Unobservable Input Value
Other investments		$	455			Cost		n/a
Mortgage servicing rights		168				Discounted Cash Flow		Weighted Average Constant Prepayment Rate(1)		12.79	%
								Option Adjusted Spread ("OAS") applied to Treasury curve		1200 basis points

$ in thousands		Fair Value March 31, 2019				Valuation Technique		Significant Unobservable Inputs		Significant Unobservable Input Value
Other investments		$	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

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

		Fair Value Measurements at June 30, 2019, 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		$	—			$	—			$	1,971			$	1,971
Other real estate owned		—				—				311				$	311

		Fair Value Measurements at March 31, 2019, 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		$	—			$	—			$	2,027			$	2,027
Other real estate owned		—				—				404				$	404

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

$ in thousands		Fair Value June 30, 2019				Valuation Technique		Significant Unobservable Inputs		Significant Unobservable Input Value
Impaired loans		$	1,971			Appraisal of collateral		Appraisal adjustments		7.5% cost to sell
Other real estate owned		311				Appraisal of collateral		Appraisal adjustments		7.5% cost to sell

$ in thousands		Fair Value 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

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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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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
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- Definition

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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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
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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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