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Investment Securities | 6 Months Ended
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Sep. 30, 2014
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 320-10-25 requires that securities be classified into three categories: trading, held-to-maturity, and available-for-sale. At September 30, 2014, $94.7 million, or 91.6%, of the Bank’s mortgage-backed and other investment securities were classified as available-for-sale, and the remaining $8.7 million, or 8.4%, were classified as held-to-maturity. The Bank had no securities classified as trading at September 30, 2014 and March 31, 2014. The following table sets forth the amortized cost and estimated fair value of securities available-for-sale and held-to-maturity at September 30, 2014:
|  | Amortized |  | Gross Unrealized |  |
$ in thousands |  | Cost |  | Gains |  | Losses |  | Fair-Value
Available-for-Sale: |  |  |  |  |  |  |  |
Mortgage-backed securities: |  |  |  |  |  |  |  |
Government National Mortgage Association |  | $ | 5,811 |  |  | $ | — |  |  | $ | (157 | ) |  | $ | 5,654 |
Federal Home Loan Mortgage Corporation |  | 11,369 |  |  | 2 |  |  | (341 | ) |  | 11,030 |
Federal National Mortgage Association |  | 10,278 |  |  | — |  |  | (294 | ) |  | 9,984 |
Other |  | 48 |  |  | — |  |  | — |  |  | 48 |
Total mortgage-backed securities |  | 27,506 |  |  | 2 |  |  | (792 | ) |  | 26,716 |
U.S. Government Agency Securities |  | 54,737 |  |  | 12 |  |  | (1,914 | ) |  | 52,835 |
Other investments |  | 15,533 |  |  | — |  |  | (370 | ) |  | 15,163 |
Total available-for-sale |  | 97,776 |  |  | 14 |  |  | (3,076 | ) |  | 94,714 |
Held-to-Maturity*: |  |  |  |  |  |  |  |
Mortgage-backed securities: |  |  |  |  |  |  |  |
Government National Mortgage Association |  | 3,429 |  |  | 212 |  |  | — |  |  | 3,641 |
Federal National Mortgage Association |  | 5,225 |  |  | — |  |  | (144 | ) |  | 5,081 |
Total held-to-maturity mortgage-backed securities |  | 8,654 |  |  | 212 |  |  | (144 | ) |  | 8,722 |
Total securities |  | $ | 106,430 |  |  | $ | 226 |  |  | $ | (3,220 | ) |  | $ | 103,436 |
* 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, 2014:
|  | Amortized |  | Gross Unrealized |  | Estimated
$ in thousands |  | Cost |  | Gains |  | Losses |  | Fair Value
Available-for-Sale: |  |  |  |  |  |  |  |
Mortgage-backed securities: |  |  |  |  |  |  |  |
Government National Mortgage Association |  | $ | 5,972 |  |  | $ | — |  |  | $ | (307 | ) |  | $ | 5,665 |
Federal Home Loan Mortgage Corporation |  | 12,160 |  |  | — |  |  | (564 | ) |  | 11,596 |
Federal National Mortgage Association |  | 10,897 |  |  | — |  |  | (466 | ) |  | 10,431 |
Other |  | 49 |  |  | — |  |  | — |  |  | 49 |
Total mortgage-backed securities |  | 29,078 |  |  | — |  |  | (1,337 | ) |  | 27,741 |
U.S. Government Agency Securities |  | 55,155 |  |  | — |  |  | (2,966 | ) |  | 52,189 |
Other investments |  | 10,000 |  |  | — |  |  | (469 | ) |  | 9,531 |
Total available-for-sale |  | 94,233 |  |  | — |  |  | (4,772 | ) |  | 89,461 |
Held-to-Maturity*: |  |  |  |  |  |  |  |
Mortgage-backed securities: |  |  |  |  |  |  |  |
Government National Mortgage Association |  | 3,743 |  |  | 225 |  |  | — |  |  | 3,968 |
Federal National Mortgage Association |  | 5,079 |  |  | — |  |  | (283 | ) |  | 4,796 |
Total held-to-maturity mortgage-backed securities |  | 8,822 |  |  | 225 |  |  | (283 | ) |  | 8,764 |
Other |  | 207 |  |  | — |  |  | — |  |  | 207 |
Total held-to-maturity |  | 9,029 |  |  | 225 |  |  | (283 | ) |  | 8,971 |
Total securities |  | $ | 103,262 |  |  | $ | 225 |  |  | $ | (5,055 | ) |  | $ | 98,432 |
* 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 in an unrealized loss position at September 30, 2014 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 |  | $ | (4 | ) |  | $ | 652 |  |  | $ | (788 | ) |  | $ | 24,940 |  |  | $ | (792 | ) |  | $ | 25,592 |
U.S. Government Agency Securities |  | (3 | ) |  | 1,997 |  |  | (1,911 | ) |  | 45,826 |  |  | (1,914 | ) |  | 47,823 |
Other investments (1) |  | — |  |  | — |  |  | (370 | ) |  | 9,630 |  |  | (370 | ) |  | 9,630 |
Total available-for-sale securities |  | (7 | ) |  | 2,649 |  |  | (3,069 | ) |  | 80,396 |  |  | (3,076 | ) |  | 83,045 |
Held-to-Maturity: |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  | — |  |  | — |  |  | (144 | ) |  | 4,887 |  |  | (144 | ) |  | 4,887 |
Total held-to-maturity securities |  | — |  |  | — |  |  | (144 | ) |  | 4,887 |  |  | (144 | ) |  | 4,887 |
Total securities |  | $ | (7 | ) |  | $ | 2,649 |  |  | $ | (3,213 | ) |  | $ | 85,283 |  |  | $ | (3,220 | ) |  | $ | 87,932 |
(1) CRA fund comprised of over 95% agency securities. The following table sets forth the unrealized losses and fair value of securities in an unrealized loss position at March 31, 2014 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 |  | $ | (322 | ) |  | $ | 7,569 |  |  | $ | (1,015 | ) |  | $ | 20,123 |  |  | $ | (1,337 | ) |  | $ | 27,692 |
U.S. Government Agency Securities |  | (1,646 | ) |  | 34,074 |  |  | (1,320 | ) |  | 18,115 |  |  | (2,966 | ) |  | 52,189 |
Other investments (1) |  | (469 | ) |  | 9,531 |  |  | — |  |  | — |  |  | (469 | ) |  | 9,531 |
Total available-for-sale securities |  | (2,437 | ) |  | 51,174 |  |  | (2,335 | ) |  | 38,238 |  |  | (4,772 | ) |  | 89,412 |
Held-to-Maturity: |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  | (283 | ) |  | 4,796 |  |  | — |  |  | — |  |  | (283 | ) |  | 4,796 |
Total held-to-maturity securities |  | (283 | ) |  | 4,796 |  |  | — |  |  | — |  |  | (283 | ) |  | 4,796 |
Total securities |  | $ | (2,720 | ) |  | $ | 55,970 |  |  | $ | (2,335 | ) |  | $ | 38,238 |  |  | $ | (5,055 | ) |  | $ | 94,208 |
(1) CRA fund comprised of over 95% agency securities. A total of 32 securities had an unrealized loss at September 30, 2014 compared to 35 at March 31, 2014. The majority of the securities in an unrealized loss position were U.S. Government Agency securities and mortgage-backed securities, representing 69.2% and 30.8% of total available-for-sale securities in an unrealized loss position at September 30, 2014. There were seventeen mortgage-backed securities and nine U.S. Government Agency securities in an unrealized loss position that had an unrealized loss for more than 12 months at September 30, 2014. Given the high credit quality of the securities which are backed by the U.S. government's guarantees, the risk of credit loss is minimal. Management believes that these unrealized losses are a direct result of the current rate environment and has the ability and intent to hold the securities until maturity or the valuation recovers. 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 Company 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. The remaining difference between the debt security’s amortized cost basis and its fair value would be included in other comprehensive income (loss). At September 30, 2014, 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 September 30, 2014, 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 | $ | 5,533 |  |  | $ | 5,533 |  |  | 0.25 | %
One through five years | 13,000 |  |  | 12,893 |  |  | 1.42 | %
Five through ten years | 18,973 |  |  | 18,148 |  |  | 1.69 | %
After ten years | 60,270 |  |  | 58,140 |  |  | 2.02 | %
Total | $ | 97,776 |  |  | $ | 94,714 |  |  | 1.77 | %
Held-to-maturity: |  |  |  |  |
Five through ten years | $ | 5,032 |  |  | $ | 4,888 |  |  | 2.38 | %
After ten years | 3,622 |  |  | 3,834 |  |  | 3.74 | %
Total | $ | 8,654 |  |  | $ | 8,722 |  |  | 2.95 | %

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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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