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Fair Value Measurements (Tables)
 3 Months Ended
Jun. 29, 2019
Fair Value Disclosures [Abstract]  
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):
 
June 29, 2019
 
March 30, 2019
 
Book
Value
 
Estimated
Fair Value
 
Book
Value
 
Estimated
Fair Value
Available-for-sale debt securities (1)
$
13,094

 
$
13,094

 
$
13,408

 
$
13,408

Marketable equity securities (1)
12,117

 
12,117

 
11,073

 
11,073

Non-marketable equity investments (2)
20,552

 
20,552

 
20,276

 
20,276

Consumer loans receivable (3)
85,981

 
100,955

 
86,785

 
101,001

Interest rate lock commitment derivatives (4)
11

 
11

 
11

 
11

Forward loan sale commitment derivatives (4)
(25
)
 
(25
)
 
(59
)
 
(59
)
Commercial loans receivable (5)
46,658

 
47,253

 
43,006

 
43,582

Securitized financings and other (6)
(34,342
)
 
(38,354
)
 
(34,140
)
 
(38,101
)

(1)
For Level 1 classified securities, the fair value is based on quoted market prices. The fair value of Level 2 securities is based on other inputs, as further described below.
(2)
The fair value approximates book value based on the non-marketable nature of the investments.
(3)
Includes consumer loans receivable held for investment, held for sale and construction advances. The fair value of the loans held for investment is based on the discounted value of the remaining principal and interest cash flows. The fair value of the loans held for sale is estimated based on recent GSE mortgage-backed bond prices. The fair value of the construction advances approximates book value and the sales price of these loans.
(4)
The fair values are based on changes in GSE mortgage-backed bond prices and, additionally for IRLCs, pull through rates.
(5)
The fair value is estimated using market interest rates of comparable loans.
(6)
The fair value is estimated using recent public transactions of similar asset-backed securities.
Summary of Assets Measured at Fair Value on a Recurring Basis measured at fair value on a recurring basis are summarized below (in thousands):
 
June 29, 2019
 
Total
 
Level 1
 
Level 2
 
Level 3
Securities issued by the U.S Treasury and Government (1)
$
300

 
$
—

 
$
300

 
$
—

Mortgage-backed securities (1)
6,697

 
—

 
6,697

 
—

Securities issued by states and political subdivisions (1)
4,196

 
—

 
4,196

 
—

Corporate debt securities (1)
1,901

 
—

 
1,901

 
—

Marketable equity securities (2)
12,117

 
12,117

 
—

 
—

Interest rate lock commitment derivatives (3)
11

 
—

 
—

 
11

Forward loan sale commitment derivatives (3)
(25
)
 
—

 
—

 
(25
)
Mortgage servicing rights (4)
1,325

 
—

 
—

 
1,325



 
March 30, 2019
 
Total
 
Level 1
 
Level 2
 
Level 3
Securities issued by the U.S Treasury and Government (1)
$
297

 
$
—

 
$
297

 
$
—

Mortgage-backed securities (1)
6,509

 
—

 
6,509

 
—

Securities issued by states and political subdivisions (1)
4,983

 
—

 
4,983

 
—

Corporate debt securities (1)
1,619

 
—

 
1,619

 
—

Marketable equity securities (2)
11,073

 
11,073

 
—

 
—

Interest rate lock commitment derivatives (3)
11

 
—

 
—

 
11

Forward loan sale commitment derivatives (3)
(59
)
 
—

 
—

 
(59
)
Mortgage servicing rights (4)
1,372

 
—

 
—

 
1,372

(1)
Unrealized gains or losses on investments are recorded in Accumulated other comprehensive income (loss) at each measurement date.
(2)
Unrealized gains or losses on investments are recorded in earnings at each measurement date.
(3)
Gains or losses on derivatives are recognized in current period earnings through cost of sales.
(4)
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):
 
June 29, 2019
 
Total
 
Level 1
 
Level 2
 
Level 3
Loans held for investment
$
74,220

 
$
—

 
$
—

 
$
74,220

Loans held for sale
12,655

 
—

 
—

 
12,655

Loans held—construction advances
14,080

 
—

 
—

 
14,080

Commercial loans receivable
47,253

 
—

 
—

 
47,253

Securitized financings and other
(38,354
)
 
—

 
(38,354
)
 
—

Non-marketable equity investments
20,552

 
—

 
—

 
20,552
Assumptions for Mortgage Servicing Rights
 
June 29,
2019
 
March 30,
2019
Number of loans serviced with MSRs
4,556

 
4,557

Weighted average servicing fee (basis points)
31.59

 
31.59

Capitalized servicing multiple
74.93
%
 
77.97
%
Capitalized servicing rate (basis points)
23.67

 
24.63

Serviced portfolio with MSRs (in thousands)
$
559,481

 
$
556,934

Mortgage servicing rights (in thousands)
$
1,325

 
$
1,372