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Mortgage-backed Securities

3 Months Ended

Jun. 30, 2012

6.	MORTGAGE-BACKED SECURITIES

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

		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value

June 30, 2012
FHLMC mortgage-backed securities	$	68	$	3	$	-	$	71
FNMA mortgage-backed securities		100		2		-		102
Total	$	168	$	5	$	-	$	173
March 31, 2012
FHLMC mortgage-backed securities	$	69	$	4	$	-	$	73
FNMA mortgage-backed securities		102		2		-		104
Total	$	171	$	6	$	-	$	177

The contractual maturities of mortgage-backed securities classified as held to maturity are as follows (in thousands):

June 30, 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		165		170
Total	$	168	$	173

Mortgage-backed securities held to maturity with an amortized cost of $67,000 and $69,000 and a fair value of $69,000 and $71,000 at June 30, 2012 and March 31, 2012, respectively, were pledged as collateral for governmental public funds held by the Bank.

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

June 30, 2012		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value

Real estate mortgage investment conduits	$	296	$	8	$	-	$	304
FHLMC mortgage-backed securities		484		18		-		502
FNMA mortgage-backed securities		7		-		-		7
Total	$	787	$	26	$	-	$	813
March 31, 2012
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

The contractual maturities of mortgage-backed securities available for sale are as follows (in thousands):

June 30, 2012		Amortized Cost		Estimated Fair Value

Due in one year or less	$	-	$	-
Due after one year through five years		574		595
Due after five years through ten years		-		-
Due after ten years		213		218
Total	$	787	$	813

Expected maturities of mortgage-backed securities 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 $639,000 and $744,000 and a fair value of $663,000 and $776,000 at June 30, 2012 and March 31, 2012, respectively, were pledged as collateral for government public funds held by the Bank. The real estate mortgage investment conduits consist of Federal Home Loan Mortgage Corporation (FHLMC) and Federal National Mortgage Association (FNMA) securities.