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Fair Value Measurements (Tables)

6 Months Ended

Sep. 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 September 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 September 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						$	—					$	—					$	131					$	131
Investment securities
Available-for-sale:
Mortgage-backed securities:
Government National Mortgage Association						—						217						—						217
Federal Home Loan Mortgage Corporation						—						15,601						—						15,601
Federal National Mortgage Association						—						8,673						—						8,673
U.S. Government Agency securities						—						5,754						—						5,754
Corporate bonds						—						3,180						—						3,180
Muni securities						—						14,686						—						14,686
Total available-for-sale securities						—						48,111						—						48,111
Total assets						$	—					$	48,111					$	131					$	48,242

						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 six months ended September 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, September 30, 2024						Change in Unrealized Gains/(Losses) Related to Instruments Held at September 30, 2024
Mortgage servicing rights						$	140					(9)						—						—						$	131					$	(8)

$ 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)

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, 2024 and March 31, 2024, the significant unobservable inputs used in the fair value measurements were as follows:

$ in thousands

Fair Value September 30, 2024

Valuation Technique

Significant Unobservable Inputs

Significant Unobservable Input Value

Mortgage servicing rights

$

131

Discounted Cash Flow

Weighted Average Constant Prepayment Rate (1)

6.5

%

Range of Inputs

3.0% to 6.4%

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 September 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 September 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 September 30, 2024 and March 31, 2024, the significant unobservable inputs used in the fair value measurements were as follows:

$ in thousands

Fair Value September 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

X

- References

No definition available.

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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.

+ References

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-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

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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/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

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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.

+ References

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-Name Accounting Standards Codification
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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).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
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-Section 50
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-Subparagraph (b)
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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/exampleRef
-Topic 820
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-Section 55
-Paragraph 101
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-101

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