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Fair Value Measurements (Tables) | 3 Months Ended
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Jun. 30, 2024
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, 2024 and March 31, 2024, and that are included in the Company’s Consolidated Statements of Financial Condition at these dates:
|  | Fair Value Measurements at June 30, 2024, 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 |  | $ | — |  |  | $ | — |  |  | $ | 130 |  |  | $ | 130 |
Investment securities |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |
Mortgage-backed securities: |  |  |  |  |  |  |  |
Government National Mortgage Association |  | — |  |  | 246 |  |  | — |  |  | 246 |
Federal Home Loan Mortgage Corporation |  | — |  |  | 15,393 |  |  | — |  |  | 15,393 |
Federal National Mortgage Association |  | — |  |  | 8,450 |  |  | — |  |  | 8,450 |
U.S. Government Agency securities |  | — |  |  | 6,007 |  |  | — |  |  | 6,007 |
Corporate bonds |  | — |  |  | 2,920 |  |  | — |  |  | 2,920 |
Muni securities |  | — |  |  | 13,929 |  |  | — |  |  | 13,929 |
Total available-for-sale securities |  | — |  |  | 46,945 |  |  | — |  |  | 46,945 |
Total assets |  | $ | — |  |  | $ | 46,945 |  |  | $ | 130 |  |  | $ | 47,075 |
|  | Fair Value Measurements at March 31, 2024, 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 |  | $ | — |  |  | $ | — |  |  | $ | 140 |  |  | $ | 140 |
Investment securities |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |
Mortgage-backed securities: |  |  |  |  |  |  |  |
Government National Mortgage Association |  | — |  |  | 283 |  |  | — |  |  | 283 |
Federal Home Loan Mortgage Corporation |  | — |  |  | 15,798 |  |  | — |  |  | 15,798 |
Federal National Mortgage Association |  | — |  |  | 8,636 |  |  | — |  |  | 8,636 |
U.S. Government Agency securities |  | — |  |  | 6,194 |  |  | — |  |  | 6,194 |
Corporate bonds |  | — |  |  | 3,063 |  |  | — |  |  | 3,063 |
Muni securities |  | — |  |  | 14,056 |  |  | — |  |  | 14,056 |
Total available-for-sale securities |  | — |  |  | 48,030 |  |  | — |  |  | 48,030 |
Total assets |  | $ | — |  |  | $ | 48,030 |  |  | $ | 140 |  |  | $ | 48,170 |
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, 2024 and 2023:
$ in thousands |  | Beginning balance, April 1, 2024 |  | Total Realized/Unrealized Gains/(Losses) Recorded in Income (1) |  | Issuances / (Settlements) |  | Transfers to/(from) Level 3 |  | Ending balance, June 30, 2024 |  | Change in Unrealized Gains/(Losses) Related to Instruments Held at June 30, 2024
Mortgage servicing rights |  | $ | 140 |  |  | (10) |  |  | — |  |  | — |  |  | $ | 130 |  |  | $ | (9) |
$ 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, June 30, 2023 |  | Change in Unrealized Gains/(Losses) Related to Instruments Held at June 30, 2023
Mortgage servicing rights |  | $ | 152 |  |  | (5) |  |  | — |  |  | — |  |  | $ | 147 |  |  | $ | (5) |
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, 2024 and March 31, 2024, the significant unobservable inputs used in the fair value measurements were as follows:
$ in thousands |  | Fair Value June 30, 2024 |  | Valuation Technique |  | Significant Unobservable Inputs |  | Significant Unobservable Input Value
Mortgage servicing rights |  | $ | 130 |  |  | Discounted Cash Flow |  | Weighted Average Constant Prepayment Rate (1) |  | 6.5 | %
|  |  |  |  |  | Range of Inputs |  | 3.0% to 7.5%
|  |  |  |  |  | Option Adjusted Spread ("OAS") applied to Treasury curve |  | 1000 basis points
$ in thousands |  | Fair Value March 31, 2024 |  | Valuation Technique |  | Significant Unobservable Inputs |  | Significant Unobservable Input Value
Mortgage servicing rights |  | $ | 140 |  |  | Discounted Cash Flow |  | Weighted Average Constant Prepayment Rate (1) |  | 6.4 | %
|  |  |  |  |  | Range of Inputs |  | 3.0% to 7.1%
|  |  |  |  |  | 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, 2024 and March 31, 2024, and that are included in the Company’s Consolidated Statements of Financial Condition at these dates:
|  | Fair Value Measurements at June 30, 2024 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 |  | — |  |  | — |  |  | 52 |  |  | $ | 52 |
|  | Fair Value Measurements at March 31, 2024, 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 |  | — |  |  | — |  |  | 52 |  |  | $ | 52 |
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, 2024 and March 31, 2024, the significant unobservable inputs used in the fair value measurements were as follows:
$ in thousands |  | Fair Value June 30, 2024 |  | Valuation Technique |  | Significant Unobservable Inputs |  | Significant Unobservable Input Value
Other real estate owned |  | $ | 52 |  |  | Appraisal of collateral |  | Appraisal adjustments |  | 7.5% cost to sell
$ in thousands |  | Fair Value March 31, 2024 |  | Valuation Technique |  | Significant Unobservable Inputs |  | Significant Unobservable Input Value
Other real estate owned |  | $ | 52 |  |  | Appraisal of collateral |  | Appraisal adjustments |  | 7.5% cost to sell

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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). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -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 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- 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://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- 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://www.xbrl.org/2009/role/commonPracticeRef -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 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- 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://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 101 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-101 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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