Fair Value Measurements (Tables)

3 Months Ended

Jun. 30, 2025

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, 2025 and March 31, 2025, and that are included in the Company’s Consolidated Statements of Financial Condition at these dates:


	Fair Value Measurements at June 30, 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	$	—	$	—	$	—	$	—
Investment securities
Available-for-sale:
Mortgage-backed securities:
Government National Mortgage Association	—		203		—		203
Federal Home Loan Mortgage Corporation	—		14,446		—		14,446
Federal National Mortgage Association	—		7,979		—		7,979

U.S. Government Agency securities	—		4,040		—		4,040

Corporate bonds	—		2,792		—		2,792
Muni securities	—		14,376		—		14,376

Total available-for-sale securities	—		43,836		—		43,836

Total assets	$	—	$	43,836	$	—	$	43,836


	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, 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, 2025 and 2024:


$ in thousands	Beginning balance, April 1, 2025		Total Realized/Unrealized Gains/(Losses) Recorded in Income (1)	Issuances / (Settlements)	Transfers to/(from) Level 3	Ending balance, June 30, 2025		Change in Unrealized Gains/(Losses) Related to Instruments Held at June 30, 2025




Mortgage servicing rights	$	130	(130)	—	—	$	—	$	—


$ 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)

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, the significant unobservable inputs used in the fair value measurements were as follows:

$ in thousands

Fair Value

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

(1) Represents annualized loan repayment rate assumptions (ZMUPT model)

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, 2025 and March 31, 2025, and that are included in the Company’s Consolidated Statements of Financial Condition at these dates:

Fair Value Measurements at June 30, 2025 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

—

Fair Value Measurements at March 31, 2025, 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

—

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, 2025 and March 31, 2025, the significant unobservable inputs used in the fair value measurements were as follows:

$ in thousands

Fair Value

June 30, 2025

Valuation Technique

Significant Unobservable Inputs

Significant Unobservable Input Value

Other real estate owned

Appraisal of collateral

Appraisal adjustments

7.5% cost to sell

$ in thousands

Fair Value March 31, 2025

Valuation Technique

Significant Unobservable Inputs

Significant Unobservable Input Value

Other real estate owned

Appraisal of collateral

Appraisal adjustments

7.5% cost to sell

- 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 + Details