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Fair Value Measurements (Tables)

3 Months Ended

Jun. 27, 2020

Summary of the Fair Value and Carrying Value of Financial Instruments

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


	June 27, 2020						March 28, 2020
	Book Value		Estimated Fair Value		Book Value		Estimated Fair Value
Available-for-sale debt securities	$	13,975	$	13,975	$	14,774	$	14,774
Marketable equity securities	11,611		11,611		9,829		9,829
Non-marketable equity investments	21,294		21,294		21,536		21,536
Consumer loans receivable	88,959		102,578		82,304		97,395
Interest rate lock commitment derivatives	40		40		164		164
Forward loan sale commitment derivatives	5		5		(1,011)		(1,011)
Commercial loans receivable	44,009		47,503		46,565		46,819
Securitized financings and other	(14,512)		(14,099)		(14,953)		(15,592)

Summary of Assets Measured at Fair Value on a Recurring Basis

Assets and liabilities measured at fair value on a recurring basis are summarized below (in thousands):


	June 27, 2020
	Total		Level 1		Level 2		Level 3

Residential mortgage-backed securities ⁽¹⁾	$	4,671	$	—	$	4,671	$	—
State and political subdivision debt securities ⁽¹⁾	4,581		—		4,581		—
Corporate debt securities ⁽¹⁾	4,723		—		4,723		—
Marketable equity securities ⁽²⁾	11,611		11,611		—		—
Interest rate lock commitment derivatives ⁽³⁾	40		—		—		40
Forward loan sale commitment derivatives ⁽³⁾	5		—		—		5
Mortgage servicing rights ⁽⁴⁾	1,195		—		—		1,195


	March 28, 2020
	Total		Level 1		Level 2		Level 3
Residential mortgage-backed securities ⁽¹⁾	$	5,443	$	—	$	5,443	$	—
State and political subdivision debt securities ⁽¹⁾	4,370		—		4,370		—
Corporate debt securities ⁽¹⁾	4,961		—		4,961		—
Marketable equity securities ⁽²⁾	9,829		9,829		—		—
Interest rate lock commitment derivatives ⁽³⁾	164		—		—		164
Forward loan sale commitment derivatives ⁽³⁾	(1,011)		—		—		(1,011)
Mortgage servicing rights ⁽⁴⁾	1,225		—		—		1,225

(1)Unrealized gains or losses on investments are recorded in Accumulated other comprehensive income 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 27, 2020
	Total		Level 1		Level 2		Level 3
Loans held for investment	$	63,647	$	—	$	—	$	63,647
Loans held for sale	26,691		—		—		26,691
Loans held—construction advances	12,240		—		—		12,240
Commercial loans receivable	47,503		—		—		47,503
Securitized financings and other	(14,099)		—		(14,099)		—
Non-marketable equity investments	21,294		—		—		21,294

Assumptions for Mortgage Servicing Rights


	June 27, 2020			March 28, 2020
Number of loans serviced with MSRs	4,660			4,688
Weighted average servicing fee (basis points)	31.07			31.12
Capitalized servicing multiple	65.92		%	67.19		%
Capitalized servicing rate (basis points)	20.48			20.91
Serviced portfolio with MSRs (in thousands)	$	583,372		$	585,777
Mortgage servicing rights (in thousands)	$	1,195		$	1,225