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Investment Securities | 3 Months Ended
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Jun. 30, 2012
INVESTMENT SECURITIES [Abstract] |
Investment [Text Block] | INVESTMENT SECURITIES The Bank utilizes mortgage-backed and other investment securities in its asset/liability management strategy. In making investment decisions, the Bank considers, among other things, its yield and interest rate objectives, its interest rate and credit risk position and its liquidity and cash flow. Generally, the investment policy of the Bank is to invest funds among categories of investments and maturities based upon the Bank’s asset/liability management policies, investment quality, loan and deposit volume and collateral requirements, liquidity needs and performance objectives. ASC subtopic 320-942 requires that securities be classified into three categories: trading, held-to-maturity, and available-for-sale. At June 30, 2012, the Bank had no securities classified as trading. At June 30, 2012, 90.8 million, or 89.7% of the Bank’s mortgage-backed and other investment securities, were classified as available-for-sale. The remaining 10.4 million or 10.3% were classified as held-to-maturity. The following table sets forth the amortized cost and estimated fair value of securities available-for-sale and held-to-maturity at June 30, 2012 :
$ in thousands |  | Amortized |  | Gross Unrealized |  |
|  | Cost |  | Gains |  | Losses |  | Fair-Value
Available-for-Sale: |  |  |  |  |  |  |  |
Mortgage-backed securities: |  |  |  |  |  |  |  |
Government National Mortgage Association |  | $ | 27,138 |  |  | $ | 148 |  |  | $ | (207 | ) |  | $ | 27,079 |
Federal Home Loan Mortgage Corporation |  | 8,180 |  |  | 44 |  |  | (34 | ) |  | 8,190 |
Federal National Mortgage Association |  | 6,694 |  |  | 148 |  |  | — |  |  | 6,842 |
Small Business Association |  | 2,027 |  |  | 12 |  |  | — |  |  | 2,039 |
Other |  | 51 |  |  | — |  |  | — |  |  | 51 |
Total mortgage-backed securities |  | 44,090 |  |  | 352 |  |  | (241 | ) |  | 44,201 |
U.S. Government Agency Securities |  | 30,976 |  |  | 64 |  |  | (40 | ) |  | 31,000 |
U.S. Government Securities |  | 3,104 |  |  | 5 |  |  | (1 | ) |  | 3,108 |
Corporates Bonds |  | 1,897 |  |  | 43 |  |  | — |  |  | 1,940 |
Others |  | 10,485 |  |  | 99 |  |  | — |  |  | 10,584 |
Total available-for-sale |  | 90,552 |  |  | 563 |  |  | (282 | ) |  | 90,833 |
Held-to-Maturity: |  |  |  |  |  |  |  |
Mortgage-backed securities: |  |  |  |  |  |  |  |
Government National Mortgage Association |  | 6,202 |  |  | 476 |  |  | — |  |  | 6,678 |
Federal Home Loan Mortgage Corporation |  | 2,637 |  |  | 128 |  |  | — |  |  | 2,765 |
Federal National Mortgage Association |  | 1,562 |  |  | 86 |  |  | — |  |  | 1,648 |
Total held-to-maturity mortgage-backed securities |  | 10,401 |  |  | 690 |  |  | — |  |  | 11,091 |
Total securities |  | $ | 100,953 |  |  | $ | 1,253 |  |  | $ | (282 | ) |  | $ | 101,924 |
The following table sets forth the amortized cost and estimated fair value of securities available-for-sale and held-to-maturity at March 31, 2012:
$ in thousands |  | Amortized |  | Gross Unrealized |  | Estimated
|  | Cost |  | Gains |  | Losses |  | Fair-Value
Available-for-Sale: |  |  |  |  |  |  |  |
Mortgage-backed securities: |  |  |  |  |  |  |  |
Government National Mortgage Association |  | $ | 31,100 |  |  | $ | 269 |  |  | $ | (23 | ) |  | $ | 31,346 |
Federal Home Loan Mortgage Corporation |  | 7,468 |  |  | 8 |  |  | (1 | ) |  | 7,475 |
Federal National Mortgage Association |  | 7,214 |  |  | 50 |  |  | (1 | ) |  | 7,263 |
Other |  | — |  |  | — |  |  | — |  |  | — |
Total mortgage-backed securities |  | 45,782 |  |  | 327 |  |  | (25 | ) |  | 46,084 |
U.S. Government Agency Securities |  | 23,176 |  |  | 91 |  |  | (63 | ) |  | 23,204 |
U.S. Government Securities |  | 3,356 |  |  | 6 |  |  | (1 | ) |  | 3,361 |
Corporate Bonds |  | 1,890 |  |  | 58 |  |  | — |  |  | 1,948 |
Other |  | 10,536 |  |  | — |  |  | (27 | ) |  | 10,509 |
Total available-for-sale |  | 84,740 |  |  | 482 |  |  | (116 | ) |  | 85,106 |
Held-to-Maturity: |  |  |  |  |  |  |  |
Mortgage-backed securities: |  |  |  |  |  |  |  |
Government National Mortgage Association |  | 6,659 |  |  | 473 |  |  | — |  |  | 7,132 |
Federal Home Loan Mortgage Corporation |  | 2,794 |  |  | 134 |  |  | — |  |  | 2,928 |
Federal National Mortgage Association |  | 1,628 |  |  | 86 |  |  | — |  |  | 1,714 |
Total held-to-maturity mortgage-backed securities |  | 11,081 |  |  | 693 |  |  | — |  |  | 11,774 |
Total securities |  | $ | 95,821 |  |  | $ | 1,175 |  |  | $ | (116 | ) |  | $ | 96,880 |
The following table sets forth the unrealized losses and fair value of securities at June 30, 2012 for less than 12 months and 12 months or longer:
$ in thousands |  | Less than 12 months |  | 12 months or longer |  | Total
|  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value
Available-for-Sale: |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  | $ | (241 | ) |  | $ | 25,419 |  |  | $ | — |  |  | $ | — |  |  | $ | (241 | ) |  | $ | 25,419 |
Agencies |  | (40 | ) |  | 16,954 |  |  | — |  |  | — |  |  | (40 | ) |  | 16,954 |
Treasuries |  | (1 | ) |  | 1,554 |  |  | — |  |  | — |  |  | (1 | ) |  | 1,554 |
Total available-for-sale securities |  | (282 | ) |  | 43,927 |  |  | — |  |  | — |  |  | (282 | ) |  | 43,927 |
The following table sets forth the unrealized losses and fair value of securities at March 31, 2012 for less than 12 months and 12 months or longer:
$ in thousands |  | Less than 12 months |  | 12 months or longer |  | Total
|  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value
Available-for-Sale: |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  | $ | (25 | ) |  | $ | 13,699 |  |  | $ | — |  |  | $ | — |  |  | $ | (25 | ) |  | $ | 13,699 |
Agencies |  | (63 | ) |  | 9,917 |  |  | — |  |  | — |  |  | (63 | ) |  | 9,917 |
Treasuries |  | (1 | ) |  | 1,555 |  |  | — |  |  | — |  |  | (1 | ) |  | 1,555 |
Others |  | (27 | ) |  | 9,973 |  |  | — |  |  | — |  |  | (27 | ) |  | 9,973 |
Total available-for-sale securities |  | (116 | ) |  | 35,144 |  |  | — |  |  | — |  |  | (116 | ) |  | 35,144 |
A total of 17 securities had an unrealized loss at June 30, 2012 compared to 14 at March 31, 2012, based on estimated fair value. The majority of the securities in an unrealized loss position were mortgage-backed securities, U.S. Government Agency securities and U.S. Treasury securities, representing 57.9%, 38.6% and 3.5% of total securities that had an unrealized loss at June 30, 2012. The cause of the temporary impairment is directly related to changes in interest rates. In general, as interest rates decline, the fair value of securities will rise, and conversely as interest rates rise, the fair value of securities will decline. Management considers fluctuations in fair value as a result of interest rate changes to be temporary, which is consistent with the Bank's experience. The impairments are deemed temporary based on the direct relationship of the rise in fair value to movements in interest rates, the life of the investments and their high credit quality. Unrealized losses identified as other than temporary are recognized in earnings when there are losses on a debt security which management does not intend to sell, and for which it is more-likely-than-not that the entity will not be required to sell the security prior to the recovery of the non-credit impairment. In those situations, the portion of the total impairment that is attributable to the credit loss would be recognized in earnings, and the remaining difference between the debt security's amortized cost basis and its fair value would be included in other comprehensive loss. At June 30, 2012 the Bank does not have any other securities that may be classified as having other than temporary impairment in its investment portfolio. The following is a summary of the carrying value (amortized cost) and fair value of securities at June 30, 2012, by remaining period to contractual maturity (ignoring earlier call dates, if any). Actual maturities may differ from contractual maturities because certain security issuers have the right to call or prepay their obligations. The table below does not consider the effects of possible prepayments or unscheduled repayments.
$ in thousands | Amortized Cost |  | Fair Value |  | Weighted Average Rate
Available-for-Sale: |  |  |  |  |
Less than one year | $ | 3,104 |  |  | $ | 3,108 |  |  | 0.39 | %
One through five years | 14,891 |  |  | 15,002 |  |  | 1.37 | %
Five through ten years | 14,896 |  |  | 14,983 |  |  | 1.50 | %
After ten years | 57,661 |  |  | 57,740 |  |  | 1.54 | %
Total | 90,552 |  |  | 90,833 |  |  | 1.46 | %
Held-to-maturity: |  |  |  |  |
Five through ten years | 217 |  |  | 227 |  |  | 4.02 | %
After ten years | 10,184 |  |  | 10,864 |  |  | 4.09 | %
Total | $ | 10,401 |  |  | $ | 11,091 |  |  | 4.09 | %

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- Definition The entire disclosure for investments, including all tables. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Article 12 + Details
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