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Fair Value Of Financial Instruments | 9 Months Ended
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Dec. 31, 2012
Notes |
Fair Value Of Financial Instruments | 13. FAIR VALUE OF FINANCIAL INSTRUMENTS The following disclosure of the estimated fair value of financial instruments is made in accordance with accounting guidance on the requirements of disclosures about fair value of financial instruments. The Company, using available market information and appropriate valuation methodologies, has determined the estimated fair value amounts. However, considerable judgment is necessary to interpret market data in the development of the estimates of fair value. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. The estimated fair value of financial instruments is as follows at the dates indicated (in thousands):
|  |  | Quoted prices in active markets for identical assets |  | Other observable inputs |  | Significant unobservable inputs |  |  |
December 31, 2012 | Carry value |  | (Level 1) |  | (Level 2) |  | (Level 3) |  |  | Fair value
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash | $ | 107,080 |  | $ | 107,080 |  | $ | - |  | $ | - |  | $ | 107,080
Certificates of deposit held for investment |  | 44,137 |  |  | - |  |  | 44,543 |  |  | - |  |  | 44,543
Investment securities available for sale |  | 6,204 |  |  | - |  |  | 5,000 |  |  | 1,204 |  |  | 6,204
Mortgage-backed securities held to maturity |  | 129 |  |  | - |  |  | 132 |  |  | - |  |  | 132
Mortgage-backed securities available for sale |  | 549 |  |  | - |  |  | 549 |  |  | - |  |  | 549
Loans receivable, net |  | 539,549 |  |  | - |  |  | - |  |  | 506,923 |  |  | 506,923
Loans held for sale |  | 2,551 |  |  | 2,551 |  |  | - |  |  | - |  |  | 2,551
Federal Home Loan Bank stock |  | 7,219 |  |  | - |  |  | 7,219 |  |  | - |  |  | 7,219
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Demand – savings deposits |  | 487,970 |  |  | - |  |  | 487,970 |  |  | - |  |  | 487,970
Time deposits |  | 194,824 |  |  | - |  |  | 196,303 |  |  | - |  |  | 196,303
Junior subordinated debentures |  | 22,681 |  |  | - |  |  | - |  |  | 8,753 |  |  | 8,753
March 31, 2012 |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash | $ | 46,393 |  | $ | 46,393 |  | $ | - |  | $ | - |  | $ | 46,393
Certificates of deposit held for investment |  | 41,473 |  |  | - |  |  | 41,767 |  |  | - |  |  | 41,767
Investment securities held to maturity |  | 493 |  |  | - |  |  | 542 |  |  | - |  |  | 542
Investment securities available for sale |  | 6,314 |  |  | - |  |  | 5,148 |  |  | 1,166 |  |  | 6,314
Mortgage-backed securities held to maturity |  | 171 |  |  | - |  |  | 177 |  |  | - |  |  | 177
Mortgage-backed securities available for sale |  | 974 |  |  | - |  |  | 974 |  |  | - |  |  | 974
Loans receivable, net |  | 664,888 |  |  | - |  |  | - |  |  | 596,552 |  |  | 596,552
Loans held for sale |  | 480 |  |  | 480 |  |  | - |  |  | - |  |  | 480
Federal Home Loan Bank stock |  | 7,350 |  |  | - |  |  | 7,350 |  |  | - |  |  | 7,350
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Demand – savings deposits |  | 514,446 |  |  | - |  |  | 514,446 |  |  | - |  |  | 514,446
Time deposits |  | 230,009 |  |  | - |  |  | 231,631 |  |  | - |  |  | 231,631
Junior subordinated debentures |  | 22,681 |  |  | - |  |  | - |  |  | 9,831 |  |  | 9,831
Fair value estimates were based on existing financial instruments without attempting to estimate the value of anticipated future business. The fair value has not been estimated for assets and liabilities that were not considered financial instruments. Fair value estimates, methods and assumptions are set forth below. Cash – Fair value approximates the carrying amount. Certificates of Deposit held for investment – The fair value of certificates of deposit with stated maturity was based on the discounted value of contractual cash flows. The discount rate was estimated using rates currently available in the local market. Investments and Mortgage-Backed Securities – Fair values were based on quoted market rates and dealer quotes, where available. The fair value of the pooled trust preferred security was determined using a discounted cash flow method (see also Note 11 – Fair Value Measurement). Loans Receivable and Loans Held for Sale – At December 31, 2012, the entire loan portfolio was priced using a discounted cash flow analysis. At March 31, 2012, nonperforming and criticized loans were priced using comparable market statistics. The nonperforming and criticized loan portfolio was segregated into various categories and a weighted average valuation discount that approximated similar loan sales was applied to each of these categories. The remaining loans within the portfolio were priced using a discounted cash flow analysis. The fair value of loans held for sale was based on the loans carrying value as the agreements to sell these loans are short term fixed rate commitments and no material difference between the carrying value is likely. Federal Home Loan Bank stock – The carrying amount approximates the estimated fair value of this investment. Deposits – The fair value of deposits with no stated maturity such as non-interest-bearing demand deposits, interest checking, money market and savings accounts was equal to the amount payable on demand. The fair value of time deposits with stated maturity was based on the discounted value of contractual cash flows. The discount rate was estimated using rates currently available in the local market. Junior Subordinated Debentures – The fair value of the Debentures was based on the discounted cash flow method. The discount rate was estimated using rates currently available for the Debentures. Off-Balance Sheet Financial Instruments – The estimated fair value of loan commitments approximates fees recorded associated with such commitments. Since the majority of the Company’s off-balance-sheet instruments consist of non-fee producing, variable rate commitments, the Bank has determined they do not have a distinguishable fair value.

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- Definition Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 14 -Subparagraph a -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 159 -Paragraph 18 -Subparagraph c(2), d, e, f -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13433-108611 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 15 -Subparagraph b-d -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13467-108611 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 159 -Paragraph 19 -Subparagraph a, b, c(1), d(1) -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 32 -Subparagraph a, c(1), c(2), c(3), d -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 10 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13476-108611 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 + Details
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