XML 25 R13.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Investment Securities | 6 Months Ended
--- | ---
Sep. 30, 2017
Investments, Debt and Equity Securities [Abstract] |
Investment Securities | 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. GAAP requires that securities be classified into three categories: trading, held-to-maturity, and available-for-sale. At September 30, 2017, $56.5 million, or 81.6%, of the Bank’s total securities were classified as available-for-sale, and the remaining $12.8 million, or 18.4%, were classified as held-to-maturity. The Bank had no securities classified as trading at September 30, 2017 and March 31, 2017. The following tables set forth the amortized cost and estimated fair value of securities available-for-sale and held-to-maturity at September 30, 2017 and March 31, 2017:
|  | At September 30, 2017
|  | Amortized |  | Gross Unrealized |  | Estimated
$ in thousands |  | Cost |  | Gains |  | Losses |  | Fair-Value
Available-for-Sale: |  |  |  |  |  |  |  |
Mortgage-backed securities: |  |  |  |  |  |  |  |
Government National Mortgage Association |  | $ | 2,272 |  |  | $ | — |  |  | $ | 47 |  |  | $ | 2,225 |
Federal Home Loan Mortgage Corporation |  | 7,285 |  |  | — |  |  | 130 |  |  | 7,155 |
Federal National Mortgage Association |  | 25,923 |  |  | — |  |  | 658 |  |  | 25,265 |
Other |  | 45 |  |  | — |  |  | — |  |  | 45 |
Total mortgage-backed securities |  | 35,525 |  |  | — |  |  | 835 |  |  | 34,690 |
U.S. Government Agency Securities |  | 6,955 |  |  | — |  |  | 85 |  |  | 6,870 |
Corporate Bonds |  | 5,092 |  |  | — |  |  | 79 |  |  | 5,013 |
Other investments (1) |  | 10,346 |  |  | — |  |  | 433 |  |  | 9,913 |
Total available-for-sale |  | $ | 57,918 |  |  | $ | — |  |  | $ | 1,432 |  |  | $ | 56,486 |
Held-to-Maturity*: |  |  |  |  |  |  |  |
Mortgage-backed securities: |  |  |  |  |  |  |  |
Government National Mortgage Association |  | $ | 1,649 |  |  | $ | 85 |  |  | $ | — |  |  | $ | 1,734 |
Federal National Mortgage Association and Other |  | 10,103 |  |  | 42 |  |  | 22 |  |  | 10,123 |
Total held-to-maturity mortgage-backed securities |  | 11,752 |  |  | 127 |  |  | 22 |  |  | 11,857 |
Corporate Bonds |  | 1,000 |  |  | 35 |  |  | — |  |  | 1,035 |
Total held-to maturity |  | $ | 12,752 |  |  | $ | 162 |  |  | $ | 22 |  |  | $ | 12,892 |
|  | At March 31, 2017
|  | Amortized |  | Gross Unrealized |  | Estimated
$ in thousands |  | Cost |  | Gains |  | Losses |  | Fair Value
Available-for-Sale: |  |  |  |  |  |  |  |
Mortgage-backed securities: |  |  |  |  |  |  |  |
Government National Mortgage Association |  | $ | 2,576 |  |  | $ | — |  |  | $ | 89 |  |  | $ | 2,487 |
Federal Home Loan Mortgage Corporation |  | 8,053 |  |  | — |  |  | 195 |  |  | 7,858 |
Federal National Mortgage Association |  | 27,241 |  |  | — |  |  | 928 |  |  | 26,313 |
Other |  | 45 |  |  | — |  |  | — |  |  | 45 |
Total mortgage-backed securities |  | 37,915 |  |  | — |  |  | 1,212 |  |  | 36,703 |
U.S. Government Agency Securities |  | 7,574 |  |  | — |  |  | 92 |  |  | 7,482 |
Corporate Bonds |  | 5,104 |  |  | — |  |  | 140 |  |  | 4,964 |
Other investments (1) |  | 10,358 |  |  | — |  |  | 496 |  |  | 9,862 |
Total available-for-sale |  | $ | 60,951 |  |  | $ | — |  |  | $ | 1,940 |  |  | $ | 59,011 |
Held-to-Maturity*: |  |  |  |  |  |  |  |
Mortgage-backed securities: |  |  |  |  |  |  |  |
Government National Mortgage Association |  | $ | 1,797 |  |  | $ | 86 |  |  | $ | — |  |  | $ | 1,883 |
Federal National Mortgage Association and Other |  | 10,638 |  |  | 12 |  |  | 60 |  |  | 10,590 |
Total held-to-maturity mortgage-backed securities |  | 12,435 |  |  | 98 |  |  | 60 |  |  | 12,473 |
Corporate Bonds |  | 1,000 |  |  | 24 |  |  | — |  |  | 1,024 |
Total held-to-maturity |  | $ | 13,435 |  |  | $ | 122 |  |  | $ | 60 |  |  | $ | 13,497 |
* The carrying amount and amortized cost are the same for all held-to-maturity securities, as no OTTI has been recorded. (1) Primarily comprised of an investment in a CRA fund with 95% of its underlying investments consisting of government and agency-backed securities. The following is a summary regarding proceeds, gross gains and gross losses realized from the sale of securities from the available-for-sale portfolio for the three and six months ended September 30, 2017 and 2016:
|  | For the Three Months Ended September 30, |  | For the Six Months Ended September 30,
$ in thousands |  | 2017 |  | 2016 |  | 2017 |  | 2016
Proceeds |  | $ | — |  |  | $ | 7,259 |  |  | $ | — |  |  | $ | 7,259 |
Gross Gains |  | — |  |  | 58 |  |  | — |  |  | 58 |
Gross Losses |  | — |  |  | — |  |  | — |  |  | — |
The following table sets forth the unrealized losses and fair value of securities in an unrealized loss position at September 30, 2017 and March 31, 2017 for less than 12 months and 12 months or longer:
|  | At September 30, 2017
|  | 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 |  | $ | 69 |  |  | $ | 7,458 |  |  | $ | 766 |  |  | $ | 27,186 |  |  | $ | 835 |  |  | $ | 34,644 |
U.S. Government Agency Securities |  | 51 |  |  | 3,825 |  |  | 34 |  |  | 3,045 |  |  | 85 |  |  | 6,870 |
Corporate Bonds |  | — |  |  | — |  |  | 79 |  |  | 5,013 |  |  | 79 |  |  | 5,013 |
Other investments (1) |  | — |  |  | — |  |  | 433 |  |  | 9,567 |  |  | 433 |  |  | 9,567 |
Total available-for-sale securities |  | $ | 120 |  |  | $ | 11,283 |  |  | $ | 1,312 |  |  | $ | 44,811 |  |  | $ | 1,432 |  |  | $ | 56,094 |
Held-to-Maturity: |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  | $ | 3 |  |  | $ | 2,323 |  |  | $ | 19 |  |  | $ | 1,820 |  |  | $ | 22 |  |  | $ | 4,143 |
Total held-to-maturity securities |  | $ | 3 |  |  | $ | 2,323 |  |  | $ | 19 |  |  | $ | 1,820 |  |  | $ | 22 |  |  | $ | 4,143 |
|  | At March 31, 2017
|  | 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 |  | $ | 1,171 |  |  | $ | 34,716 |  |  | $ | 41 |  |  | $ | 1,942 |  |  | $ | 1,212 |  |  | $ | 36,658 |
U.S. Government Agency Securities |  | 92 |  |  | 7,482 |  |  | — |  |  | — |  |  | 92 |  |  | 7,482 |
Corporate bonds |  | 140 |  |  | 4,964 |  |  | — |  |  | — |  |  | 140 |  |  | 4,964 |
Other investments (1) |  | — |  |  | — |  |  | 496 |  |  | 9,504 |  |  | 496 |  |  | 9,504 |
Total available-for-sale securities |  | $ | 1,403 |  |  | $ | 47,162 |  |  | $ | 537 |  |  | $ | 11,446 |  |  | $ | 1,940 |  |  | $ | 58,608 |
Held-to-Maturity: |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  | $ | 60 |  |  | $ | 7,623 |  |  | $ | — |  |  | $ | — |  |  | $ | 60 |  |  | $ | 7,623 |
Total held-to-maturity securities |  | $ | 60 |  |  | $ | 7,623 |  |  | $ | — |  |  | $ | — |  |  | $ | 60 |  |  | $ | 7,623 |
(1) Primarily comprised of an investment in a CRA fund with 95% of its underlying investments consisting of government and agency-backed securities. A total of 31 securities had an unrealized loss at September 30, 2017 compared to 33 at March 31, 2017. Mortgage-backed securities represented 61.8% of total available-for-sale securities in an unrealized loss position at September 30, 2017. There were 16 mortgage-backed securities, five corporate bonds and one investment in a CRA fund that had an unrealized loss position for more than 12 months at September 30, 2017. Given the high credit quality of the securities which are backed by the U.S. government's guarantees, and the corporate securities which are all reputable institutions in good financial standing, 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 until 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 is accounted for as follows: (1) the portion of the total impairment that is attributable to the credit loss would be recognized in earnings, and (2) 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, 2017, 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, 2017, 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 | $ | 5,054 |  |  | $ | 5,000 |  |  | 1.66 | %
Five through ten years | 13,579 |  |  | 13,316 |  |  | 2.03 | %
After ten years | 39,284 |  |  | 38,170 |  |  | 1.49 | %
Total | $ | 57,917 |  |  | $ | 56,486 |  |  | 1.63 | %
Held-to-maturity: |  |  |  |  |
Five through ten years | $ | 9,263 |  |  | $ | 9,364 |  |  | 2.83 | %
After ten years | 3,489 |  |  | 3,528 |  |  | 2.55 | %
Total | $ | 12,752 |  |  | $ | 12,892 |  |  | 2.75 | %

X
- 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
Name: | invest_InvestmentTextBlock
Namespace Prefix: | invest_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration