XML 83 R13.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Investment Securities | 6 Months Ended
--- | ---
Sep. 30, 2014
Notes |
Investment Securities | 5. INVESTMENT SECURITIES The amortized cost and fair value of investment securities available for sale consisted of the following at the dates indicated (in thousands):
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
September 30, 2014 |  |  |  |  |  |  |  |  |  |  |
Trust preferred | $ | 1,919 |  | $ | - |  | $ | (34 | ) | $ | 1,885
Agency securities |  | 17,954 |  |  | 48 |  |  | (316 | ) |  | 17,686
Total | $ | 19,873 |  | $ | 48 |  | $ | (350 | ) | $ | 19,571
March 31, 2014 |  |  |  |  |  |  |  |  |  |  |
Trust preferred | $ | 1,919 |  | $ | - |  | $ | (16 | ) | $ | 1,903
Agency securities |  | 21,947 |  |  | 6 |  |  | (462 | ) |  | 21,491
Total | $ | 23,866 |  | $ | 6 |  | $ | (478 | ) | $ | 23,394
The contractual maturities of investment securities available for sale are as follows (in thousands):
September 30, 2014 |  | Amortized Cost |  |  | Estimated Fair Value
Due in one year or less | $ | - |  | $ | -
Due after one year through five years |  | 16,945 |  |  | 16,666
Due after five years through ten years |  | 1,009 |  |  | 1,020
Due after ten years |  | 1,919 |  |  | 1,885
Total | $ | 19,873 |  | $ | 19,571
The fair value of temporarily impaired securities, the amount of unrealized losses and the length of time these unrealized losses existed are as follows at the dates indicated (in thousands):
| Less than 12 months |  | 12 months or longer |  | Total |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
September 30, 2014 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trust preferred | $ | 1,885 |  | $ | (34 | ) | $ | - |  | $ | - |  | $ | 1,885 |  | $ | (34 | )
Agency securities |  | - |  |  | - |  |  | 12,684 |  |  | (316 | ) |  | 12,684 |  |  | (316 | )
Total | $ | 1,885 |  | $ | (34 | ) | $ | 12,684 |  | $ | (316 | ) | $ | 14,569 |  | $ | (350 | )
March 31, 2014 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trust preferred | $ | 1,903 |  | $ | (16 | ) | $ | - |  | $ | - |  | $ | 1,903 |  | $ | (16 | )
Agency securities |  | 17,985 |  |  | (462 | ) |  | - |  |  | - |  |  | 17,985 |  |  | (462 | )
Total | $ | 19,888 |  | $ | (478 | ) | $ | - |  | $ | - |  | $ | 19,888 |  | $ | (478 | )
At September 30, 2014, the Company had a single collateralized debt obligation which is secured by a pool of trust preferred securities issued by 15 other holding companies. The Company holds the mezzanine tranche of this security. All tranches senior to the mezzanine tranche have been repaid by the issuer. Four of the issuers of trust preferred securities in this pool have defaulted (representing 51% of the remaining collateral, including excess collateral), and one other issuer is currently deferring interest payments (2% of the remaining collateral). The Company has estimated an expected default rate of 43% for its portion of this security. The expected default rate was estimated based primarily on an analysis of the financial condition of the underlying issuers. The Company estimates that a default rate of 68% would trigger additional other than temporary impairment (“OTTI”) of this security. The Company utilized a discount rate of 10% to estimate the fair value of this security. There was no excess subordination on this security. During the three and six months ended September 30, 2014, the Company determined that there was no additional OTTI charge on the above collateralized debt obligation. The Company does not intend to sell this security and it is not more likely than not that the Company will be required to sell the security before the anticipated recovery of the remaining amortized cost basis. To determine the component of gross OTTI related to credit losses, the Company compared the amortized cost basis of the collateralized debt obligation to the present value of the revised expected cash flows, discounted using the current pre-impairment yield. The revised expected cash flow estimates are based primarily on an analysis of default rates, prepayment speeds and third-party analytical reports. Significant judgment of management is required in this analysis that includes, but is not limited to, assumptions regarding the ultimate collectibility of principal and interest on the underlying collateral. The unrealized losses on the above agency 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 agency securities to recover as the agency securities approach their maturity dates or sooner if market yields for such securities decline. The Company does not believe that the agency securities are other than temporarily 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 agency securities in this table are considered temporary. The Company realized no gains or losses on sales of investment securities for the three and six months ended September 30, 2014 and 2013. Investment securities with an amortized cost of $1.0 million at September 30, 2014 and March 31, 2014 and a fair value of $981,000 and $975,000 at September 30, 2014 and March 31, 2014, respectively, were pledged as collateral for government public funds held by the Bank.

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

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27290-111563 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27357-111563 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -Glossary Debt Security -URI http://asc.fasb.org/extlink&oid=6509901 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6379141&loc=d3e15032-111544 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27232-111563 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27161-111563 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27405-111563 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -Glossary Equity Security -URI http://asc.fasb.org/extlink&oid=6511694 + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration