Fair Value Measurements (Tables)
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12 Months Ended |
Mar. 31, 2025 |
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| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] |
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| 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, 2025 and 2024, and that are included in the Company's Consolidated Statements of Financial Condition at these dates: | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements at March 31, 2025, 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 | — | | | 209 | | | — | | | 209 | | | Federal Home Loan Mortgage Corporation | — | | | 14,762 | | | — | | | 14,762 | | | Federal National Mortgage Association | — | | | 8,101 | | | — | | | 8,101 | | | | | | | | | | | U.S. Government Agency securities | — | | | 4,310 | | | — | | | 4,310 | | | Corporate bonds | — | | | 2,820 | | | — | | | 2,820 | | | Muni securities | — | | | 14,320 | | | — | | | 14,320 | | | | | | | | | | | | | | | | | | | Total available-for-sale securities | — | | | 44,522 | | | — | | | 44,522 | | | | | | | | | | | Total assets | $ | — | | | $ | 44,522 | | | $ | 130 | | | $ | 44,652 | | | | | | | | | | | 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 | |
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| 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, 2025 and 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ 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, March 31, 2025 | | Change in Unrealized Gains/(Losses) Related to Instruments Held at March 31, 2025 | | | | | | | | | | | | | | | | | | | | | | | | | | 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, March 31, 2024 | | Change in Unrealized Gains/(Losses) Related to Instruments Held at March 31, 2024 | | | | | | | | | | | | | | | | | | | | | | | | | | Mortgage Servicing Rights | $ | 152 | | | $ | (12) | | | $ | — | | | $ | — | | | $ | 140 | | | $ | (12) | |
(1) Includes net servicing cash flows and the passage of time.
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| 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, 2025 and 2024, the significant unobservable inputs used in the fair value measurements were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ in thousands | | Fair Value at March 31, 2025 | | Valuation Technique | | Significant Unobservable Inputs | | Range | | Weighted Average | | | | | | | | | | | | | | | | | | | | | | | | Mortgage Servicing Rights | | $ | 130 | | | Discounted Cash Flow | | Constant Prepayment Rate (1) | | 3.0% to 9.8% | | 6.4 | % | | | | | | | Option Adjusted Spread ("OAS") | | N/A | | 1000 basis points |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ in thousands | | Fair Value at March 31, 2024 | | Valuation Technique | | Significant Unobservable Inputs | | Range | | Weighted Average | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Mortgage Servicing Rights | | $ | 140 | | | Discounted Cash Flow | | Constant Prepayment Rate (1) | | 3.0% to 7.1% | | 6.4 | % | | | | | | | Option Adjusted Spread ("OAS") | | N/A | | 1000 basis points |
(1) Represents annualized loan repayment rate assumptions (ZMUPT model)
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| 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, 2025 and 2024, and that are included in the Company's Consolidated Statements of Financial Condition at these dates: | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements at March 31, 2025, 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 | | | | | | | | | | | | | | | | | | Other real estate owned | $ | — | | | $ | — | | | $ | 52 | | | $ | 52 | | | | | | | | | | | | | | | | | | | 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 | | | | | | | | | | | | | | | | | | Other real estate owned | $ | — | | | $ | — | | | $ | 52 | | | $ | 52 | |
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| 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, 2025 and 2024, the significant unobservable inputs used in the fair value measurements were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ in thousands | | Fair Value at March 31, 2025 | | 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 at 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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