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Investment Securities | 6 Months Ended
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Sep. 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 September 30, 2012, the Bank had no securities classified as trading. At September 30, 2012, $114.5 million, or 91.9%, of the Bank’s mortgage-backed and other investment securities, were classified as available-for-sale. The remaining $10.0 million, or 8.1%, 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 September 30, 2012 :
$ in thousands |  | Amortized |  | Gross Unrealized |  |
|  | Cost |  | Gains |  | Losses |  | Fair-Value
Available-for-Sale: |  |  |  |  |  |  |  |
Mortgage-backed securities: |  |  |  |  |  |  |  |
Government National Mortgage Association |  | $ | 25,217 |  |  | $ | 203 |  |  | $ | (210 | ) |  | $ | 25,210 |
Federal Home Loan Mortgage Corporation |  | 7,500 |  |  | 68 |  |  | (31 | ) |  | 7,537 |
Federal National Mortgage Association |  | 5,204 |  |  | 151 |  |  | — |  |  | 5,355 |
Small Business Association |  | 1,962 |  |  | 34 |  |  | — |  |  | 1,996 |
Other |  | 51 |  |  | — |  |  | — |  |  | 51 |
Total mortgage-backed securities |  | 39,934 |  |  | 456 |  |  | (241 | ) |  | 40,149 |
U.S. Government Agency Securities |  | 43,128 |  |  | 153 |  |  | (20 | ) |  | 43,261 |
U.S. Government Securities |  | 3,102 |  |  | 3 |  |  | — |  |  | 3,105 |
Corporates Bonds |  | 1,904 |  |  | 114 |  |  | — |  |  | 2,018 |
Asset-backed Securities |  | 15,237 |  |  | 48 |  |  | (21 | ) |  | 15,264 |
Other |  | 10,485 |  |  | 180 |  |  | — |  |  | 10,665 |
Total available-for-sale |  | 113,790 |  |  | 954 |  |  | (282 | ) |  | 114,462 |
Held-to-Maturity: |  |  |  |  |  |  |  |
Mortgage-backed securities: |  |  |  |  |  |  |  |
Government National Mortgage Association |  | 5,983 |  |  | 483 |  |  | — |  |  | 6,466 |
Federal Home Loan Mortgage Corporation |  | 2,559 |  |  | 124 |  |  | — |  |  | 2,683 |
Federal National Mortgage Association |  | 1,496 |  |  | 92 |  |  | — |  |  | 1,588 |
Total held-to-maturity mortgage-backed securities |  | 10,038 |  |  | 699 |  |  | — |  |  | 10,737 |
Total securities |  | $ | 123,828 |  |  | $ | 1,653 |  |  | $ | (282 | ) |  | $ | 125,199 |
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 |
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 September 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 |  | $ | (188 | ) |  | $ | 17,123 |  |  | $ | (53 | ) |  | $ | 3,986 |  |  | $ | (241 | ) |  | $ | 21,109 |
Asset-backed securities |  | (21 | ) |  | 6,716 |  |  | — |  |  | — |  |  | (21 | ) |  | 6,716 |
U.S. Government Agency Securities |  | (20 | ) |  | 11,044 |  |  | — |  |  | — |  |  | (20 | ) |  | 11,044 |
U.S. Government Securities |  | — |  |  | 1,552 |  |  | — |  |  | — |  |  | — |  |  | 1,552 |
Total available-for-sale securities |  | (229 | ) |  | 36,435 |  |  | (53 | ) |  | 3,986 |  |  | (282 | ) |  | 40,421 |
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 |
U.S. Government Agency Securities |  | (63 | ) |  | 9,917 |  |  | — |  |  | — |  |  | (63 | ) |  | 9,917 |
U.S. Government Securities |  | (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 13 securities had an unrealized loss at September 30, 2012 compared to 14 at March 31, 2012. The majority of the securities in an unrealized loss position were mortgage-backed securities, U.S. Government Agency securities, asset-backed securities and U.S. Treasury securities, representing 42.4%, 16.6%, 27.3% and 3.8% of total securities in an unrealized loss position that had an unrealized loss for less than 12 months at September 30, 2012. One security representing 9.9% of those securities in an unrealized loss position had an unrealized loss for more than 12 months at September 30, 2012. Given the U.S. government's guarantees of the mortgage-backed and agency securities and U.S. Treasury Notes, there is no reason to believe that these securities will experience permanent impairment. Management believes that these unrealized losses are a direct result of the current rate environment and will recover as the economic conditions improve. On the two impaired asset-backed securities, the credit ratings from Moody's and Standard & Poor's were triple and double 'A' for the respective securities. Management believes that these securities impairments are due to interest rate cycles and will not be permanent. For the quarter ended September 30, 2012, there was a Government National Mortgage Association security impaired for more than 12 months. Management believes that this security impairment is due to interest rate cycle and intends to keep the security in the portfolio for the foreseeable future. Given the Bank's ample liquidity, the bank also has the ability to hold this security in the portfolio. Following FASB guidance, the amount of an other-than-temporary impairment, when there are credit and non-credit 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, 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 September 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 September 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 Yield
Available-for-Sale: |  |  |  |  |
Less than one year | $ | 3,103 |  |  | $ | 3,105 |  |  | 0.39 | %
One through five years | 9,898 |  |  | 10,074 |  |  | 1.53 | %
Five through ten years | 30,615 |  |  | 30,778 |  |  | 1.58 | %
After ten years | 70,174 |  |  | 70,505 |  |  | 1.46 | %
Total | 113,790 |  |  | 114,462 |  |  | 1.46 | %
Held-to-maturity: |  |  |  |  |
Five through ten years | 204 |  |  | 214 |  |  | 3.92 | %
After ten years | 9,834 |  |  | 10,523 |  |  | 4.09 | %
Total | $ | 10,038 |  |  | $ | 10,737 |  |  | 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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