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Investment Securities | 3 Months Ended
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Jun. 30, 2013
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 Subtopics 320-942 requires that securities be classified into three categories: trading, held-to-maturity, and available-for-sale. At June 30, 2013, $116.4 million, or 89.6%, of the Bank’s mortgage-backed and other investment securities were classified as available-for-sale, and the remaining $13.5 million, or 10.4%, were classified as held-to-maturity. The Bank had no securities classified as trading at June 30, 2013. The following table sets forth the amortized cost and estimated fair value of securities available-for-sale and held-to-maturity at June 30, 2013:
|  | Amortized |  | Gross Unrealized |  |
$ in thousands |  | Cost |  | Gains |  | Losses |  | Fair-Value
Available-for-Sale: |  |  |  |  |  |  |  |
Mortgage-backed securities: |  |  |  |  |  |  |  |
Government National Mortgage Association |  | $ | 17,123 |  |  | $ | 404 |  |  | $ | (123 | ) |  | $ | 17,404 |
Federal Home Loan Mortgage Corporation |  | 17,736 |  |  | 5 |  |  | (369 | ) |  | 17,372 |
Federal National Mortgage Association |  | 11,659 |  |  | — |  |  | (466 | ) |  | 11,193 |
Other |  | 50 |  |  | — |  |  | — |  |  | 50 |
Total mortgage-backed securities |  | 46,568 |  |  | 409 |  |  | (958 | ) |  | 46,019 |
U.S. Government Agency Securities |  | 50,593 |  |  | — |  |  | (2,667 | ) |  | 47,926 |
Asset-backed Securities |  | 12,567 |  |  | 199 |  |  | — |  |  | 12,766 |
Other |  | 10,000 |  |  | — |  |  | (334 | ) |  | 9,666 |
Total available-for-sale |  | 119,728 |  |  | 608 |  |  | (3,959 | ) |  | 116,377 |
Held-to-Maturity *: |  |  |  |  |  |  |  |
Mortgage-backed securities: |  |  |  |  |  |  |  |
Government National Mortgage Association |  | 4,838 |  |  | 257 |  |  | — |  |  | 5,095 |
Federal Home Loan Mortgage Corporation |  | 2,294 |  |  | 102 |  |  | — |  |  | 2,396 |
Federal National Mortgage Association |  | 6,405 |  |  | 75 |  |  | (303 | ) |  | 6,177 |
Total held-to-maturity mortgage-backed securities |  | 13,537 |  |  | 434 |  |  | (303 | ) |  | 13,668 |
Total securities |  | $ | 133,265 |  |  | $ | 1,042 |  |  | $ | (4,262 | ) |  | $ | 130,045 |
* The carrying amount and amortized cost are the same for all held to maturity securities, as no OTTI has been recorded.
The following table sets forth the amortized cost and estimated fair value of securities available-for-sale and held-to-maturity at March 31, 2013:
|  | Amortized |  | Gross Unrealized |  | Estimated
$ in thousands |  | Cost |  | Gains |  | Losses |  | Fair Value
Available-for-Sale: |  |  |  |  |  |  |  |
Mortgage-backed securities: |  |  |  |  |  |  |  |
Government National Mortgage Association |  | $ | 23,164 |  |  | $ | 676 |  |  | $ | — |  |  | $ | 23,840 |
Federal Home Loan Mortgage Corporation |  | 16,059 |  |  | 104 |  |  | (104 | ) |  | 16,059 |
Federal National Mortgage Association |  | 4,186 |  |  | 117 |  |  | — |  |  | 4,303 |
Other |  | 50 |  |  | — |  |  | — |  |  | 50 |
Total mortgage-backed securities |  | 43,459 |  |  | 897 |  |  | (104 | ) |  | 44,252 |
U.S. Government Agency Securities |  | 44,363 |  |  | 139 |  |  | (177 | ) |  | 44,325 |
Asset Backed Securities |  | 15,268 |  |  | 251 |  |  | — |  |  | 15,519 |
Small Business Administration |  | 1,919 |  |  | 45 |  |  | — |  |  | 1,964 |
Other |  | 10,000 |  |  | — |  |  | (9 | ) |  | 9,991 |
Total available-for-sale |  | 115,009 |  |  | 1,332 |  |  | (290 | ) |  | 116,051 |
Held-to-Maturity: |  |  |  |  |  |  |  |
Mortgage-backed securities *: |  |  |  |  |  |  |  |
Government National Mortgage Association |  | 5,335 |  |  | 404 |  |  | — |  |  | 5,739 |
Federal Home Loan Mortgage Corporation |  | 2,387 |  |  | 103 |  |  | — |  |  | 2,490 |
Federal National Mortgage Association |  | 1,321 |  |  | 79 |  |  | — |  |  | 1,400 |
Total held-to-maturity mortgage-backed securities |  | 9,043 |  |  | 586 |  |  | — |  |  | 9,629 |
Total securities |  | $ | 124,052 |  |  | $ | 1,918 |  |  | $ | (290 | ) |  | $ | 125,680 |
* The carrying amount and amortized cost are the same for all held to maturity securities, as no OTTI has been recorded.
The following table sets forth the unrealized losses and fair value of securities at June 30, 2013 for less than 12 months and 12 months or longer:
|  | Less than 12 months |  | 12 months or longer |  | Total
$ in thousands |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value
Available-for-Sale: |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  | $ | (958 | ) |  | $ | 33,268 |  |  | $ | — |  |  | $ | — |  |  | $ | (958 | ) |  | $ | 33,268 |
U.S. Government Agency Securities |  | (2,667 | ) |  | 48,038 |  |  | — |  |  | — |  |  | (2,667 | ) |  | 48,038 |
Other |  | (334 | ) |  | 9,666 |  |  | — |  |  | — |  |  | (334 | ) |  | 9,666 |
Total available-for-sale securities |  | (3,959 | ) |  | 90,972 |  |  | — |  |  | — |  |  | (3,959 | ) |  | 90,972 |
Held-to-Maturity: |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  | (303 | ) |  | 4,848 |  |  | — |  |  | — |  |  | (303 | ) |  | 4,848 |
Total held-to-maturity |  | (303 | ) |  | 4,848 |  |  | — |  |  | — |  |  | (303 | ) |  | 4,848 |
Total securities |  | $ | (4,262 | ) |  | $ | 95,820 |  |  | $ | — |  |  | $ | — |  |  | $ | (4,262 | ) |  | $ | 95,820 |
The following table sets forth the unrealized losses and fair value of securities in an unrealized loss position at March 31, 2013 for less than 12 months and 12 months or longer:
|  | Less than 12 months |  | 12 months or longer |  | Total
$ in thousands |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value
Available-for-Sale: |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  | $ | (104 | ) |  | $ | 10,298 |  |  | $ | — |  |  | $ | — |  |  | $ | (104 | ) |  | $ | 10,298 |
U.S. Government Agency Securities |  | (177 | ) |  | 25,290 |  |  | — |  |  | — |  |  | (177 | ) |  | 25,290 |
Other |  | (9 | ) |  | 9,991 |  |  | — |  |  | — |  |  | (9 | ) |  | 9,991 |
Total available-for-sale securities |  | $ | (290 | ) |  | $ | 45,579 |  |  | $ | — |  |  | $ | — |  |  | $ | (290 | ) |  | $ | 45,579 |
A total of 35 securities had an unrealized loss at June 30, 2013 compared to 13 at March 31, 2013. The majority of the securities in an unrealized loss position were U.S. Government Agency securities and mortgage-backed securities, representing 52.8% and 36.6% of total securities in an unrealized loss position that had an unrealized loss for less than 12 months at June 30, 2013. Given the U.S. government's guarantees of the mortgage-backed and agency securities, 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 economic conditions improve. 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, 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 income. At June 30, 2013, the Bank does not have any securities that are 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, 2013, 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: |  |  |  |  |
One through five years | $ | 2,000 |  |  | $ | 1,969 |  |  | 1.50 | %
Five through ten years | 32,044 |  |  | 31,052 |  |  | 1.52 | %
After ten years | 85,684 |  |  | 83,356 |  |  | 1.54 | %
Total | $ | 119,728 |  |  | $ | 116,377 |  |  | 1.54 | %
Held-to-maturity: |  |  |  |  |
One through five years | $ | 135 |  |  | $ | 138 |  |  | 2.76 | %
Five through ten years | 5,201 |  |  | 4,904 |  |  | 2.42 | %
After ten years | 8,201 |  |  | 8,626 |  |  | 3.52 | %
Total | $ | 13,537 |  |  | $ | 13,668 |  |  | 3.09 | %

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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 6 -Section 10 -Paragraph (c) -Subparagraph (1) + Details
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