XML 31 R13.htm IDEA: XBRL DOCUMENT
v3.7.0.1

INVESTMENT SECURITIES | 12 Months Ended
--- | ---
Mar. 31, 2017
Investments, Debt and Equity Securities [Abstract] |
INVESTMENT SECURITIES |
4. | INVESTMENT SECURITIES
The amortized cost and approximate fair value of investment securities consisted of the following at the dates indicated (in thousands):
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
March 31, 2017 |  |  |  |  |  |  |  |  |  |  |  |
Available for sale: |  |  |  |  |  |  |  |  |  |  |  |
Municipal securities |  | $ | 2,936 |  |  | $ | - |  |  | $ | (117 | ) |  | $ | 2,819 |
Agency securities |  |  | 16,993 |  |  |  | 18 |  |  |  | (203 | ) |  |  | 16,808 |
Real estate mortgage investment conduits (1) |  |  | 43,510 |  |  |  | 49 |  |  |  | (399 | ) |  |  | 43,160 |
Mortgage-backed securities (1) |  |  | 97,742 |  |  |  | 111 |  |  |  | (1,242 | ) |  |  | 96,611 |
Other mortgage-backed securities (2) |  |  | 41,649 |  |  |  | 15 |  |  |  | (848 | ) |  |  | 40,816 |
Total available for sale |  | $ | 202,830 |  |  | $ | 193 |  |  | $ | (2,809 | ) |  | $ | 200,214 |
Held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities (3) |  | $ | 64 |  |  | $ | 2 |  |  | $ | - |  |  | $ | 66 |
March 31, 2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trust preferred |  | $ | 1,919 |  |  | $ | - |  |  | $ | (111 | ) |  | $ | 1,808 |
Agency securities |  |  | 19,520 |  |  |  | 63 |  |  |  | (14 | ) |  |  | 19,569 |
Real estate mortgage investment conduits (1) |  |  | 43,293 |  |  |  | 632 |  |  |  | (1 | ) |  |  | 43,924 |
Mortgage-backed securities (1) |  |  | 75,404 |  |  |  | 980 |  |  |  | (31 | ) |  |  | 76,353 |
Other mortgage-backed securities (2) |  |  | 8,875 |  |  |  | 185 |  |  |  | (24 | ) |  |  | 9,036 |
Total available for sale |  | $ | 149,011 |  |  | $ | 1,860 |  |  | $ | (181 | ) |  | $ | 150,690 |
Held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities (3) |  | $ | 75 |  |  | $ | 1 |  |  | $ | - |  |  | $ | 76 |
(1) Comprised of FHLMC, Federal National Mortgage Association ("FNMA") and Ginnie Mae ("GNMA") issued securities. |
(2) Comprised of U.S. Small Business Administration ("SBA") issued securities and commercial real estate ("CRE") secured securities issued by FNMA. |
(3) Comprised of FHLMC and FNMA issued securities. |
The contractual maturities of investment securities as of March 31, 2017 are as follows (in thousands):
|  | Available for Sale |  |  | Held to Maturity |
|  | Amortized Cost |  |  | Estimated Fair Value |  |  | Amortized Cost |  |  | Estimated Fair Value |
Due after one year through five years |  | $ | 16,487 |  |  | $ | 16,455 |  |  | $ | - |  |  | $ | - |
Due after five years through ten years |  |  | 35,852 |  |  |  | 35,350 |  |  |  | 58 |  |  |  | 59 |
Due after ten years |  |  | 150,491 |  |  |  | 148,409 |  |  |  | 6 |  |  |  | 7 |
Total |  | $ | 202,830 |  |  | $ | 200,214 |  |  | $ | 64 |  |  | $ | 66 |
Expected maturities of investment securities may differ from contractual maturities because borrowers may have the right to prepay obligations with or without prepayment penalties. The fair value of temporarily impaired investment 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 |
|  | Estimated Fair Value |  |  | Unrealized Losses |  |  | Estimated Fair Value |  |  | Unrealized Losses |  |  | Estimated Fair Value |  |  | Unrealized Losses |
March 31, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal securities |  | $ | 2,819 |  |  | $ | (117 | ) |  | $ | - |  |  | $ | - |  |  | $ | 2,819 |  |  | $ | (117 | )
Agency securities |  |  | 15,785 |  |  |  | (203 | ) |  |  | - |  |  |  | - |  |  |  | 15,785 |  |  |  | (203 | )
Real estate mortgage investment conduits (1) |  |  | 32,221 |  |  |  | (399 | ) |  |  | - |  |  |  | - |  |  |  | 32,221 |  |  |  | (399 | )
Mortgage-backed securities (2) |  |  | 74,388 |  |  |  | (1,232 | ) |  |  | 602 |  |  |  | (10 | ) |  |  | 74,990 |  |  |  | (1,242 | )
Other mortgage-backed securities (3) |  |  | 36,754 |  |  |  | (803 | ) |  |  | 2,840 |  |  |  | (45 | ) |  |  | 39,594 |  |  |  | (848 | )
Total available for sale |  | $ | 161,967 |  |  | $ | (2,754 | ) |  | $ | 3,442 |  |  | $ | (55 | ) |  | $ | 165,409 |  |  | $ | (2,809 | )
(1) Comprised of FHLMC and FNMA issued securities. |
(2) Comprised of FHLMC, FNMA and GNMA issued securities. |
(3) Comprised of SBA issued and CRE secured securities issued by FNMA. |
| Less than 12 months |  | 12 months or longer |  | Total |
|  | Estimated Fair Value |  |  | Unrealized Losses |  |  | Estimated Fair Value |  |  | Unrealized Losses |  |  | Estimated Fair Value |  |  | Unrealized Losses |
March 31, 2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trust preferred |  | $ | - |  |  | $ | - |  |  | $ | 1,808 |  |  | $ | (111 | ) |  | $ | 1,808 |  |  | $ | (111 | )
Agency securities |  |  | 5,508 |  |  |  | (6 | ) |  |  | 4,991 |  |  |  | (8 | ) |  |  | 10,499 |  |  |  | (14 | )
Real estate mortgage investment conduits (1) |  |  | 1,636 |  |  |  | (1 | ) |  |  | - |  |  |  | - |  |  |  | 1,636 |  |  |  | (1 | )
Mortgage-backed securities (2) |  |  | 831 |  |  |  | (10 | ) |  |  | 3,051 |  |  |  | (21 | ) |  |  | 3,882 |  |  |  | (31 | )
Other mortgage-backed securities (3) |  |  | 1,891 |  |  |  | (6 | ) |  |  | 1,229 |  |  |  | (18 | ) |  |  | 3,120 |  |  |  | (24 | )
Total available for sale |  | $ | 9,866 |  |  | $ | (23 | ) |  | $ | 11,079 |  |  | $ | (158 | ) |  | $ | 20,945 |  |  | $ | (181 | )
(1) Comprised of FHLMC issued securities. |
(2) Comprised of FHLMC and FNMA issued securities. |
(3) Comprised of SBA issued securities. |
At March 31, 2016, the Company's trust preferred securities consisted of a single collateralized debt obligation secured by a pool of trust preferred securities issued by other bank holding companies. The Company held the mezzanine tranche of this security. During the year ended March 31, 2017, the collateralized debt obligation was liquidated and the Company received $1.8 million in proceeds from the liquidation which resulted in a realized gain of $82,000. For the year ended March 31, 2017, the Company recognized OTTI charges of $240,000 on this collateralized debt obligation. The unrealized losses on the Company's investment securities were primarily attributable to increases in market interest rates subsequent to their purchase by the Company. The Company expects the fair value of these securities to recover as the securities approach their maturity dates or sooner if market yields for such securities decline. The Company does not believe that these 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 investment securities in the above tables are considered temporary. Gross realized gains on sales of investment securities available for sale totaled $82,000 for the year ended March 31, 2017, which was related to the collateralized debt obligation and the gross realized gain was recorded in other non-interest income in the 2017 consolidated statement of income. The income tax of $29,000 related to these realized gains was recorded in the provision for income taxes in the consolidated statement of income for the year ended March 31, 2017. The Company had no sales and realized no gains or losses on sales of investment securities for the year ended March 31, 2016. Gross realized gains on sales of investment securities available for sale totaled $158,000 for the year ended March 31, 2015 and the gross realized gain was recorded in other non-interest income in the 2015 consolidated statement of income. The income tax of $54,000 related to these realized gains was recorded in the provision for income taxes in the consolidated statement of income for the year ended March 31, 2015. Investment securities available for sale with an amortized cost of $11.1 million and $10.2 million and a fair value of $11.1 million and $10.3 million at March 31, 2017 and 2016, respectively, were pledged as collateral for government public funds held by the Bank. Investment securities held to maturity with an amortized cost of $20,000 and $23,000 and a fair value of $--20,000 and $24,000 at March 31, 2017 and 2016, respectively, were pledged as collateral for government public funds held by the Bank.

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
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 -Glossary Debt Security -URI http://asc.fasb.org/extlink&oid=6509901 Reference 2: 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=73527792&loc=d3e27290-111563 Reference 3: 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 4: 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=73527792&loc=d3e27232-111563 Reference 5: 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 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=73527792&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 9 -URI http://asc.fasb.org/extlink&oid=73527792&loc=d3e27357-111563 Reference 9: 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=73527792&loc=d3e27405-111563 + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration