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Mortgage-backed Securities | 9 Months Ended
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Dec. 31, 2013
Notes |
Mortgage-backed Securities | 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, 2013 |  |  |  |  |  |  |  |  |  |  |  |
FHLMC mortgage-backed securities (1) | $ | 27 |  | $ | 2 |  | $ | - |  | $ | 29 |
FNMA mortgage-backed securities (2) |  | 77 |  |  | 1 |  |  | - |  |  | 78 |
Total | $ | 104 |  | $ | 3 |  | $ | - |  | $ | 107 |
March 31, 2013 |  |  |  |  |  |  |  |  |  |  |  |
FHLMC mortgage-backed securities | $ | 31 |  | $ | 3 |  | $ | - |  | $ | 34 |
FNMA mortgage-backed securities |  | 94 |  |  | 1 |  |  | - |  |  | 95 |
Total | $ | 125 |  | $ | 4 |  | $ | - |  | $ | 129 |
(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, 2013 are as follows (in thousands):
December 31, 2013 |  | Amortized Cost |  |  | Estimated Fair Value
Due in one year or less | $ | 1 |  | $ | 1
Due after one year through five years |  | - |  |  | -
Due after five years through ten years |  | 83 |  |  | 84
Due after ten years |  | 20 |  |  | 22
Total | $ | 104 |  | $ | 107
Mortgage-backed securities held to maturity with an amortized cost of $37,000 and $53,000 and a fair value of $38,000 and $55,000 at December 31, 2013 and March 31, 2013, 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):
December 31, 2013 |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
Real estate mortgage investment conduits | $ | 174 |  | $ | 4 |  | $ | - |  | $ | 178 |
FHLMC mortgage-backed securities |  | 10,027 |  |  | 8 | 7 |  | (143 | ) |  | 9,892 |
FNMA mortgage-backed securities |  | 19,581 |  |  | 19 |  |  | (331 | ) |  | 19,269 |
SBA mortgage-backed securities (1) |  | 4,072 |  |  | 13 |  |  | (5 | ) |  | 4,080 |
GNMA mortgage-backed securities (2) |  | 1,125 |  |  | - |  |  | (15 | ) |  | 1,110 |
Total | $ | 34,979 |  | $ | 44 |  | $ | (494 | ) | $ | 34,529 |
March 31, 2013 |  |  |  |  |  |  |  |  |  |  |  |
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 |
(1) Small Business Administration (“SBA”) |  |  |  |  |  |  |  |  |  |  |  |
(2) Ginnie Mae (“GNMA”) |  |  |  |  |  |  |  |  |  |  |  |
The contractual maturities of mortgage-backed securities available for sale at December 31, 2013 are as follows (in thousands):
December 31, 2013 |  | Amortized Cost |  |  | Estimated Fair Value
Due in one year or less | $ | 26 |  | $ | 27
Due after one year through five years |  | 33 |  |  | 34
Due after five years through ten years |  | 8,350 |  |  | 8,355
Due after ten years |  | 26,570 |  |  | 26,113
Total | $ | 34,979 |  | $ | 34,529
The fair value of temporarily impaired securities, the amount of unrealized losses and the length of time these unrealized losses existed are as follows (in thousands):
| Less than 12 months |  | 12 months or longer |  | Total |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
December 31, 2013 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FHLMC mortgage-backed securities | $ | 7,414 |  | $ | (143 | ) | $ | - |  | $ | - |  | $ | 7,414 |  | $ | (143 | )
FNMA mortgage-backed securities |  | 14,455 |  |  | (331 | ) |  | - |  |  | - |  |  | 14,455 |  |  | (331 | )
SBA mortgage-backed securities |  | 1,318 |  |  | (5 | ) |  | - |  |  | - |  |  | 1,318 |  |  | (5 | )
GNMA mortgage-backed securities |  | 1,110 |  |  | (15 | ) |  | - |  |  | - |  |  | 1,110 |  |  | (15 | )
Total | $ | 24,297 |  | $ | (494 | ) | $ | - |  | $ | - |  | $ | 24,297 |  | $ | (494 | )
There were no mortgage-backed securities that were temporarily impaired at March 31, 2013. The unrealized losses on the above mortgage-backed securities were primarily attributable to increases in market interest rates subsequent to their purchase by the Company. The Company expects the fair value of the mortgage-backed securities to recover as the mortgage-backed securities approaches their maturity dates or sooner if market yields for such securities decline. The Company does not believe that the mortgage-backed securities are impaired because of their credit quality or related to any issuer or industry specific event. Based on management’s evaluation and intent, the unrealized losses related to the mortgage-backed securities in this table are considered temporary. 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 $710,000 and $416,000 and a fair value of $713,000 and $431,000 at December 31, 2013 and March 31, 2013, 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.

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