XML 37 R27.htm IDEA: XBRL DOCUMENT
v3.23.3

Fair Value Measurements (Tables) | 6 Months Ended
--- | ---
Sep. 30, 2023
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 September 30, 2023 and March 31, 2023, and that are included in the Company’s Consolidated Statements of Financial Condition at these dates:
|  | Fair Value Measurements at September 30, 2023, 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 |  | $ | — |  |  | $ | — |  |  | $ | 151 |  |  | $ | 151 |
Investment securities |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |
Mortgage-backed securities: |  |  |  |  |  |  |  |
Government National Mortgage Association |  | — |  |  | 297 |  |  | — |  |  | 297 |
Federal Home Loan Mortgage Corporation |  | — |  |  | 15,672 |  |  | — |  |  | 15,672 |
Federal National Mortgage Association |  | — |  |  | 8,506 |  |  | — |  |  | 8,506 |
U.S. Government Agency securities |  | — |  |  | 7,463 |  |  | — |  |  | 7,463 |
Corporate bonds |  | — |  |  | 2,744 |  |  | — |  |  | 2,744 |
Muni securities |  | — |  |  | 12,962 |  |  | — |  |  | 12,962 |
Total available-for-sale securities |  | — |  |  | 47,644 |  |  | — |  |  | 47,644 |
Total assets |  | $ | — |  |  | $ | 47,644 |  |  | $ | 151 |  |  | $ | 47,795 |
|  | Fair Value Measurements at March 31, 2023, 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 |  | $ | — |  |  | $ | — |  |  | $ | 152 |  |  | $ | 152 |
Investment securities |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |
Mortgage-backed securities: |  |  |  |  |  |  |  |
Government National Mortgage Association |  | — |  |  | 341 |  |  | — |  |  | 341 |
Federal Home Loan Mortgage Corporation |  | — |  |  | 17,600 |  |  | — |  |  | 17,600 |
Federal National Mortgage Association |  | — |  |  | 9,502 |  |  | — |  |  | 9,502 |
U.S. Government Agency securities |  | — |  |  | 9,326 |  |  | — |  |  | 9,326 |
Corporate bonds |  | — |  |  | 3,092 |  |  | — |  |  | 3,092 |
Muni securities |  | — |  |  | 13,982 |  |  | — |  |  | 13,982 |
Total available-for-sale securities |  | — |  |  | 53,843 |  |  | — |  |  | 53,843 |
Total assets |  | $ | — |  |  | $ | 53,843 |  |  | $ | 152 |  |  | $ | 53,995 |
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 six months ended September 30, 2023 and 2022:
$ in thousands | Beginning balance, April 1, 2023 |  | Total Realized/Unrealized Gains/(Losses) Recorded in Income (1) |  | Issuances / (Settlements) |  | Transfers to/(from) Level 3 |  | Ending balance, September 30, 2023 |  | Change in Unrealized Gains/(Losses) Related to Instruments Held at September 30, 2023
Mortgage servicing rights | 152 |  |  | (1) |  |  | — |  |  | — |  |  | 151 |  |  | (2) |
$ in thousands | Beginning balance, April 1, 2022 |  | Total Realized/Unrealized Gains/(Losses) Recorded in Income (1) |  | Issuances / (Settlements) |  | Transfers to/(from) Level 3 |  | Ending balance, September 30, 2022 |  | Change in Unrealized Gains/(Losses) Related to Instruments Held at September 30, 2022
Mortgage servicing rights | 162 |  | (5) |  |  | — |  |  | — |  |  | 157 |  |  | (5) |
Fair Value, Assets Measured on Recurring Basis, Valuation Techniques | For Level 3 assets measured at fair value on a recurring basis as of September 30, 2023 and March 31, 2023, the significant unobservable inputs used in the fair value measurements were as follows:
$ in thousands |  | Fair Value September 30, 2023 |  | Valuation Technique |  | Significant Unobservable Inputs |  | Significant Unobservable Input Value
Mortgage servicing rights |  | 151 |  |  | Discounted Cash Flow |  | Weighted Average Constant Prepayment Rate (1) |  | 3.51 | %
|  |  |  |  |  | Option Adjusted Spread ("OAS") applied to Treasury curve |  | 1000 basis points
$ in thousands |  | Fair Value March 31, 2023 |  | Valuation Technique |  | Significant Unobservable Inputs |  | Significant Unobservable Input Value
Mortgage servicing rights |  | 152 |  |  | Discounted Cash Flow |  | Weighted Average Constant Prepayment Rate (1) |  | 4.01 | %
|  |  |  |  |  | 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 September 30, 2023 and March 31, 2023, and that are included in the Company’s Consolidated Statements of Financial Condition at these dates:
|  | Fair Value Measurements at September 30, 2023 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) |
Other real estate owned |  | — |  |  | — |  |  | 60 |  |  | $ | 60 |
|  | Fair Value Measurements at March 31, 2023, 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 |  | $ | — |  |  | $ | — |  |  | $ | 5,529 |  |  | $ | 5,529 |
Other real estate owned |  | — |  |  | — |  |  | 60 |  |  | $ | 60 |
Fair Value, Assets Measured on Nonrecurring Basis, Valuation Techniques | For Level 3 assets measured at fair value on a non-recurring basis as of September 30, 2023 and March 31, 2023, the significant unobservable inputs used in the fair value measurements were as follows:
$ in thousands |  | Fair Value September 30, 2023 |  | Valuation Technique |  | Significant Unobservable Inputs |  | Significant Unobservable Input Value
Other real estate owned |  | 60 |  |  | Appraisal of collateral |  | Appraisal adjustments |  | 7.5% cost to sell
$ in thousands |  | Fair Value March 31, 2023 |  | Valuation Technique |  | Significant Unobservable Inputs |  | Significant Unobservable Input Value
Impaired loans |  | $ | 5,529 |  |  | Appraisal of collateral |  | Appraisal adjustments |  | 7.5% cost to sell
Other real estate owned |  | 60 |  |  | Appraisal of collateral |  | Appraisal adjustments |  | 7.5% cost to sell

X
- References No definition available. + Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisValuationTechniquesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration