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Investment Securities | 12 Months Ended
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Mar. 31, 2012
Investment Securities: |
Investment Securities |
3. | INVESTMENT SECURITIES
The amortized cost and approximate fair value of investment securities held to maturity consisted of the following (in thousands):
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
March 31, 2012 |  |  |  |  |  |  |  |  |  |  |
Municipal bonds | $ | 493 |  | $ | 49 |  | $ | - |  | $ | 542
March 31, 2011 |  |  |  |  |  |  |  |  |  |  |
Municipal bonds | $ | 506 |  | $ | 50 |  | $ | - |  | $ | 556
The contractual maturities of investment securities held to maturity are as follows (in thousands):
March 31, 2012 |  | Amortized Cost |  |  | Estimated Fair Value |
Due in one year or less | $ | - |  | $ | - |
Due after one year through five years |  | - |  |  | - |
Due after five years through ten years |  | 493 |  |  | 542 |
Due after ten years |  | - |  |  | - |
Total | $ | 493 |  | $ | 542 |
The amortized cost and approximate fair value of investment securities available for sale consisted of the following (in thousands):
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
March 31, 2012 |  |  |  |  |  |  |  |  |  |  |
Trust preferred | $ | 2,974 |  | $ | - |  | $ | (1,808 | ) | $ | 1,166
Agency securities |  | 5,000 |  |  | - |  |  | (1 | ) |  | 4,999
Municipal bonds |  | 149 |  |  | - |  |  | - |  |  | 149
Total | $ | 8,123 |  | $ | - |  | $ | (1,809 | ) | $ | 6,314
March 31, 2011 |  |  |  |  |  |  |  |  |  |  |
Trust preferred | $ | 2,974 |  | $ | - |  | $ | (2,058 | ) | $ | 916
Agency securities |  | 5,000 |  |  | - |  |  | (136 | ) |  | 4,864
Municipal bonds |  | 540 |  |  | - |  |  | - |  |  | 540
Total | $ | 8,514 |  | $ | - |  | $ | (2,194 | ) | $ | 6,320
The fair value of temporarily impaired securities, the amount of unrealized losses and the length of time these unrealized losses existed as of March 31, 2012 are as follows (in thousands):
| Less than 12 months |  | 12 months or longer |  | Total |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
Trust preferred | $ | - |  | $ | - |  | $ | 1,166 |  | $ | (1,808 | ) | $ | 1,166 |  | $ | (1,808 | )
Agency securities |  | 4,999 |  |  | (1 | ) |  | - |  |  | - |  |  | 4,999 |  |  | (1 | )
Total | $ | 4,999 |  | $ | (1 | ) | $ | 1,166 |  | $ | (1,808 | ) | $ | 6,165 |  | $ | (1,809 | )
The fair value of temporarily impaired securities, the amount of unrealized losses and the length of time these unrealized losses existed as of March 31, 2011 are as follows (in thousands):
| Less than 12 months |  | 12 months or longer |  | Total |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
Trust preferred | $ | - |  | $ | - |  | $ | 916 |  | $ | (2,058 | ) | $ | 916 |  | $ | (2,058 | )
Agency securities |  | 4,864 |  |  | (136 | ) |  | - |  |  | - |  |  | 4,864 |  |  | (136 | )
Total | $ | 4,864 |  | $ | (136 | ) | $ | 916 |  | $ | (2,058 | ) | $ | 5,780 |  | $ | (2,194 | )
At March 31, 2012, the Company had a single collateralized debt obligation which is secured by trust preferred securities issued by 19 other holding companies. The Company holds the mezzanine tranche of this security. Four of the issuers in this pool have defaulted (representing 38% of the remaining collateral), and seven other issuers are currently in deferral (29% of the remaining collateral). The Company has estimated an expected default rate of 44% for this security. The expected default rate was estimated based primarily on an analysis of the financial condition of the underlying banks. The Company estimates that a default rate of 46% would trigger a potential impairment of this security. The Company utilized a discount rate of 22% to estimate the fair value of this security. There was no excess subordination on this security. During the year ended March 31, 2012, the Company determined that there was no additional OTTI charge on the above trust preferred investment security. The Company does not intend to sell this security and it is not more likely than not that the Company will be required to sell the security before the anticipated recovery of the remaining amortized cost basis. To determine the component of gross OTTI related to credit losses, the Company compared the amortized cost basis of the OTTI security to the present value of the revised expected cash flows, discounted using the current pre-impairment yield. The revised expected cash flow estimates are based primarily on an analysis of default rates, prepayment speeds and third-party analytical reports. Significant judgment of management is required in this analysis that includes, but is not limited to, assumptions regarding the ultimate collectibility of principal and interest on the underlying collateral. The unrealized losses on the above single agency security is primarily attributable to increases in market interest rates subsequent to their purchase by the Company. The Company expects the fair value of these agency securities to recover as the agency securities approach their maturity dates or sooner if market yields for such securities decline. The Company does not believe that any of the agency securities are impaired due to reasons of credit quality or related to any issuer or industry specific event. Based on management’s evaluation and intent, none of the unrealized losses related to the agency securities in this table are considered other than temporary. The contractual maturities of investment securities available for sale are as follows (in thousands):
March 31, 2012 |  | Amortized Cost |  |  | Estimated Fair Value |
Due in one year or less | $ | - |  | $ | - |
Due after one year through five years |  | 5,000 |  |  | 4,999 |
Due after five years through ten years |  | - |  |  | - |
Due after ten years |  | 3,123 |  |  | 1,315 |
Total | $ | 8,123 |  | $ | 6,314 |
The Company realized no gains or losses on sales of investment securities in the years ended March 31, 2012, 2011 and 2010. There were no investment securities pledged as collateral by the Bank at March 31, 2012 and 2011.

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