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4. Mortgage-backed Securities
 12 Months Ended
Mar. 31, 2013
Notes  
4. Mortgage-backed Securities

4.     MORTGAGE-BACKED SECURITIES

 

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

 

 

March 31, 2013

 

Amortized Cost

 

 

Gross Unrealized

Gains

 

 

Gross Unrealized

Losses

 

 

Estimated Fair Value

 

FHLMC mortgage-backed securities

$

31

 

$

3

 

$

-

 

$

34

 

FNMA mortgage-backed securities

 

94

 

 

1

 

 

-

 

 

95

 

Total

$

125

 

$

4

 

$

-

 

$

129

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2012

 

 

 

 

 

 

 

 

 

 

 

 

FHLMC mortgage-backed securities

$

69

 

$

4

 

$

-

 

$

73

 

FNMA mortgage-backed securities

 

102

 

 

2

 

 

-

 

 

104

 

Total

$

171

 

$

6

 

$

-

 

$

177

 

 

 

Mortgage-backed securities held to maturity with an amortized cost of $53,000 and $69,000 and a fair value of $55,000 and $71,000 at March 31, 2013 and 2012, respectively, were pledged as collateral for governmental public funds.

 

 

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

 

 

March 31, 2013

 

Amortized

Cost

 

 

Estimated

Fair Value

Due in one year or less

$

-

 

$

-

Due after one year through five years

 

2

 

 

2

Due after five years through ten years

 

11

 

 

12

Due after ten years

 

112

 

 

115

Total

$

125

 

$

129

 

 

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

 

 

March 31, 2013

 

Amortized Cost

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Estimated Fair Value

 

Real estate mortgage investment conduits

$

230

 

$

7

 

$

-

 

$

237

 

FHLMC mortgage-backed securities

 

183

 

 

8

 

 

-

 

 

191

 

FNMA mortgage-backed securities

 

3

 

 

-

 

 

-

 

 

3

 

Total

$

416

 

$

15

 

$

-

 

$

431

 

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):

 

 

March 31, 2013

 

Amortized Cost

 

 

Estimated Fair Value

Due in one year or less

$

52

 

$

52

Due after one year through five years

 

189

 

 

200

Due after five years through ten years

 

-

 

 

-

Due after ten years

 

175

 

 

179

Total

$

416

 

$

431

 

 

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 $416,000 and $744,000 and a fair value of $431,000 and $776,000 at March 31, 2013 and 2012, 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.