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Mortgage-Backed Securities

12 Months Ended

Mar. 31, 2012

4.	MORTGAGE-BACKED SECURITIES

Mortgage-backed securities held to maturity consisted of the following (in thousands):


March 31, 2012	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
FHLMC mortgage-backed securities	$	69	$	4	$	-	$	73
FNMA mortgage-backed securities		102		2		-		104
Total	$	171	$	6	$	-	$	177

March 31, 2011
FHLMC mortgage-backed securities	$	78	$	4	$	-	$	82
FNMA mortgage-backed securities		112		5		-		117
Total	$	190	$	9	$	-	$	199

Mortgage-backed securities held to maturity with an amortized cost of $69,000 and $76,000 and a fair value of $71,000 and $80,000 at March 31, 2012 and 2011, respectively, were pledged as collateral for governmental public funds. There were no mortgage-backed securities pledged as collateral for treasury tax and loan funds held by the Bank at March 31, 2012. Mortgage-backed securities held to maturity with an amortized cost of $98,000 and a fair value of $103,000 at March 31, 2011 were pledged as collateral for treasury tax and loan funds held by the Bank.

The contractual maturities of mortgage-backed securities classified as 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		3		3
Due after five years through ten years		-		-
Due after ten years		168		174
Total	$	171	$	177

Mortgage-backed securities available for sale consisted of the following (in thousands):

March 31, 2012		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Real estate mortgage investment conduits	$	319	$	10	$	-	$	329
FHLMC mortgage-backed securities		613		23		-		636
FNMA mortgage-backed securities		8		1		-		9
Total	$	940	$	34	$	-	$	974
March 31, 2011
Real estate mortgage investment conduits	$	421	$	12	$	-	$	433
FHLMC mortgage-backed securities		1,270		34		-		1,304
FNMA mortgage-backed securities		38		2		-		40
Total	$	1,729	$	48	$	-	$	1,777

The contractual maturities of mortgage-backed 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		714		743
Due after five years through ten years		-		-
Due after ten years		226		231
Total	$	940	$	974

Expected maturities of mortgage-backed securities held to maturity and available for sale will differ from contractual maturities because borrowers may have the right to prepay obligations with or without prepayment penalties.

Mortgage-backed securities available for sale with an amortized cost of $744,000 and $178,000 and a fair value of $776,000 and $187,000 at March 31, 2012 and 2011, respectively, were pledged as collateral for government public funds held by the Bank. The real estate mortgage investment conduits consist of FHLMC and Fannie Mae (“FNMA”) securities.