XML 171 R20.htm IDEA: XBRL DOCUMENT
v2.4.0.8

13. Fair Value of Financial Instruments | 3 Months Ended
--- | ---
Jun. 30, 2013
Notes |
13. 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 applicable accounting standards. 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. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize in the future. 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 (in thousands):
June 30, 2013 | Carry value |  | Quoted prices in active markets for identical assets (Level 1) |  | Other observable inputs (Level 2) |  | Significant unobservable inputs (Level 3) |  |  | Fair value
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash | $ | 111,878 |  | $ | 111,878 |  | $ | - |  | $ | - |  | $ | 111,878
Certificates of deposit held for investment |  | 42,652 |  |  | - |  |  | 42,861 |  |  | - |  |  | 42,861
Investment securities available for sale |  | 14,590 |  |  | - |  |  | 12,523 |  |  | 2,067 |  |  | 14,590
Mortgage-backed securities held to maturity |  | 122 |  |  | - |  |  | 125 |  |  | - |  |  | 125
Mortgage-backed securities available for sale |  | 6,068 |  |  | - |  |  | 6,068 |  |  | - |  |  | 6,068
Loans receivable, net |  | 511,692 |  |  | - |  |  | - |  |  | 477,078 |  |  | 477,078
Loans held for sale |  | 1,258 |  |  | - |  |  | 1,258 |  |  | - |  |  | 1,258
Federal Home Loan Bank stock |  | 7,089 |  |  | - |  |  | 7,089 |  |  | - |  |  | 7,089
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Demand – savings deposits | $ | 479,511 |  | $ | 479,511 |  | $ | - |  | $ | - |  | $ | 479,511
Time deposits |  | 179,984 |  |  | - |  |  | 179,886 |  |  | - |  |  | 179,886
Junior subordinated debentures |  | 22,681 |  |  | - |  |  | - |  |  | 10,210 |  |  | 10,210
March 31, 2013 | Carry value |  | Quoted prices in active markets for identical assets (Level 1) |  | Other observable inputs (Level 2) |  | Significant unobservable inputs (Level 3) |  |  | Fair value
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash | $ | 115,415 |  | $ | 115,415 |  | $ | - |  | $ | - |  | $ | 115,415
Certificates of deposit held for investment |  | 44,635 |  |  | - |  |  | 45,078 |  |  | - |  |  | 45,078
Investment securities available for sale |  | 6,216 |  |  | - |  |  | 4,978 |  |  | 1,238 |  |  | 6,216
Mortgage-backed securities held to maturity |  | 125 |  |  | - |  |  | 129 |  |  | - |  |  | 129
Mortgage-backed securities available for sale |  | 431 |  |  | - |  |  | 431 |  |  | - |  |  | 431
Loans receivable, net |  | 520,369 |  |  | - |  |  | - |  |  | 495,312 |  |  | 495,312
Loans held for sale |  | 831 |  |  | - |  |  | 831 |  |  | - |  |  | 831
Federal Home Loan Bank stock |  | 7,154 |  |  | - |  |  | 7,154 |  |  | - |  |  | 7,154
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Demand – savings deposits | $ | 475,688 |  | $ |  |  | $ | 475,688 |  | $ | - |  | $ | 475,688
Time deposits |  | 188,118 |  |  | - |  |  | 189,289 |  |  | - |  |  | 189,289
Junior subordinated debentures |  | 22,681 |  |  | - |  |  | - |  |  | 9,433 |  |  | 9,433
Fair value estimates were based on existing financial instruments without attempting to estimate the value of anticipated future business. The fair value was not 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. The fair value of the trust preferred investment was determined using a discounted cash flow method (see also Note 11 – Fair Value Measurements). Loans Receivable and Loans Held for Sale – Loans 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. Management believes that the discount rate utilized is indicative of those that would be used by market participants for similar types of 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 Company has determined they do not have a distinguishable fair value.

X
- Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: 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=25499696&loc=d3e19207-110258 Reference 2: 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=28364263&loc=d3e13433-108611 Reference 3: 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=28364263&loc=d3e13467-108611 Reference 4: 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=28364263&loc=d3e13476-108611 Reference 5: 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 Reference 6: 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 + Details
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration