Fair Value Measurements (Tables)

6 Months Ended

Oct. 01, 2016

Summary of the Fair Value and Carrying Value of Financial Instruments

The book value and estimated fair value of the Company's financial instruments are as follows (in thousands):



	October 1, 2016						April 2, 2016
	Book Value			Estimated Fair Value			Book Value			Estimated Fair Value
Available-for-sale securities (1)	$	25,201		$	25,201		$	24,247		$	24,247
Non-marketable equity investments (2)	14,847			14,847			14,841			14,841
Consumer loans receivable (3)	92,676			123,947			89,558			126,077
Interest rate lock commitment derivatives (4)	18			18			8			8
Forward loan sale commitment derivatives (4)	(42		)	(42		)	(31		)	(31		)
Commercial loans receivable (5)	21,015			21,123			25,542			25,688
Securitized financings (6)	(58,006		)	(56,583		)	(61,171		)	(60,220		)
Mortgage servicing rights (7)	899			899			803			803

Summary of Assets Measured at Fair Value on a Recurring Basis

Financial instruments measured at fair value on a recurring basis are summarized below (in thousands):



	October 1, 2016
	Total			Level 1		Level 2		Level 3
Securities issued by the U.S Treasury and Government (1)	$	650		$	—	$	650	$	—
Mortgage-backed securities (1)	6,399			—		6,399		—
Securities issued by states and political subdivisions (1)	7,564			—		7,564		—
Corporate debt securities (1)	1,160			—		1,160		—
Marketable equity securities (1)	8,428			8,428		—		—
Interest rate lock commitment derivatives (2)	18			—		—		18
Forward loan sale commitment derivatives (2)	(42		)	—		—		(42		)
Mortgage servicing rights (3)	899			—		—		899


(1)	Unrealized gains or losses on investments are recorded in accumulated other comprehensive income (loss) at each measurement date.


(2)	Gains or losses on derivatives are recognized in current period earnings through cost of sales.


(3)	Changes in the fair value of mortgage servicing rights are recognized in the current period earnings through net revenue.

Summary of Assets and Liabilities Measured at Fair Value for Disclosure

Financial instruments for which fair value is disclosed but not required to be recognized in the balance sheet on a recurring basis are summarized below (in thousands):



	October 1, 2016
	Total			Level 1		Level 2			Level 3
Loans held for investment	$	100,500		$	—	$	—		$	100,500
Loans held for sale	16,392			—		16,392			—
Loans held—construction advances	7,055			—		—			7,055
Commercial loans receivable	21,123			—		—			21,123
Securitized financings	(56,583		)	—		(56,583		)	—
Non-marketable equity investments	14,847			—		—			14,847

Assumptions for Mortgage Servicing Rights



	October 1, 2016			April 2, 2016
Number of loans serviced with MSRs	3,871			3,728
Weighted average servicing fee (basis points)	30.77			30.43
Capitalized servicing multiple	65.32		%	61.65		%
Capitalized servicing rate (basis points)	20.10			18.76
Serviced portfolio with MSRs (in thousands)	$	447,446		$	428,324
Mortgage servicing rights (in thousands)	$	899		$	803