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Mortgage-backed Securities

9 Months Ended

Dec. 31, 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

December 31, 2012
FHLMC mortgage-backed securities ⁽¹⁾	$	33	$	2	$	-	$	35
FNMA mortgage-backed securities		96		1		-		97
Total	$	129	$	3	$	-	$	132
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 December 31, 2012 are as follows (in thousands):

December 31, 2012		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		12		13
Due after ten years		115		117
Total	$	129	$	132

Mortgage-backed securities held to maturity with an amortized cost of $54,000 and $69,000 and a fair value of $56,000 and $71,000 at December 31, 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 at the dates indicated (in thousands):

December 31, 2012		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value

Real estate mortgage investment conduits	$	252	$	8	$	-	$	260
FHLMC mortgage-backed securities		273		12		-		285
FNMA mortgage-backed securities		4		-		-		4
Total	$	529	$	20	$	-	$	549
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 December 31, 2012 are as follows (in thousands):

December 31, 2012		Amortized Cost		Estimated Fair Value

Due in one year or less	$	89	$	90
Due after one year through five years		253		268
Due after five years through ten years		-		-
Due after ten years		187		191
Total	$	529	$	549

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 $529,000 and $744,000 and a fair value of $549,000 and $776,000 at December 31, 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.