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Mortgage-backed Securities

6 Months Ended

Sep. 30, 2012

6. MORTGAGE-BACKED SECURITIES

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

		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value

September 30, 2012
FHLMC mortgage-backed securities ⁽¹⁾	$	66	$	4	$	-	$	70
FNMA mortgage-backed securities ⁽²⁾		98		2		-		100
Total	$	164	$	6	$	-	$	170
March 31, 2012
FHLMC mortgage-backed securities	$	69	$	4	$	-	$	73
FNMA mortgage-backed securities		102		2		-		104
Total	$	171	$	6	$	-	$	177

⁽¹⁾ Federal Home Loan Mortgage Corporation (FHLMC)
⁽²⁾ Federal National Mortgage Association (FNMA)

The contractual maturities of mortgage-backed securities classified as held to maturity at September 30, 2012 are as follows (in thousands):

September 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		43		46
Due after ten years		118		121
Total	$	164	$	170

Mortgage-backed securities held to maturity with an amortized cost of $65,000 and $69,000 and a fair value of $68,000 and $71,000 at September 30, 2012 and March 31, 2012, respectively, were pledged as collateral for governmental public funds held by the Company.

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

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

Real estate mortgage investment conduits	$	275	$	8	$	-	$	283
FHLMC mortgage-backed securities		373		17		-		390
FNMA mortgage-backed securities		5		1		-		6
Total	$	653	$	26	$	-	$	679
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 at September 30, 2012 are as follows (in thousands):

September 30, 2012		Amortized Cost		Estimated Fair Value

Due in one year or less	$	-	$	-
Due after one year through five years		452		474
Due after five years through ten years		-		-
Due after ten years		201		205
Total	$	653	$	679

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 $544,000 and $744,000 and a fair value of $569,000 and $776,000 at September 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 FHLMC and FNMA securities.