v2.3.0.9
Investment Securities
9 Months Ended
Dec. 31, 2011
Investments, Debt and Equity Securities [Abstract]  
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]
6. Investment Securities

 

The amortized cost and approximate fair values of securities are as follows:

 

Available-for-sale Securities   Amortized
Cost
    Gross
Unrealized
Gains
    Gross
Unrealized
Losses
    Approximate
Fair Value
 
    (In thousands)  
December 31, 2011                                
U.S. government sponsored enterprises (GSE)   $ 12,793     $ 141     $     $ 12,934  
Mortgage-backed securities,
   GSE, residential
    27,028       1,195       6       28,217  
Mortgage-backed securities,
   GSE, commercial
    1,072             24       1,048  
State and political subdivisions     1,965       39             2,004  
                                 
    $ 42,858     $ 1,375     $ 30     $ 44,203  
                                 
March 31, 2011                                
U.S. government sponsored enterprises (GSE)   $ 12,082     $ 263     $     $ 12,345  
Mortgage-backed securities,
   GSE residential
    32,868       1,127             33,995  
Mortgage-backed securities,
   GSE, commercial
    1,491             36       1,455  
State and political subdivisions     3,829       54       1       3,882  
                                 
    $ 50,270     $ 1,444     $ 37     $ 51,677  

 

Held-to-maturity Securities   Amortized
Cost
    Gross
Unrealized
Gains
    Gross
Unrealized
Losses
    Approximate
Fair Value
 
    (In thousands)  
December 31, 2011                                
State and political subdivisions   $ 1,225     $ 117     $     $ 1,342  

  

The Company had no held-to-maturity securities at March 31, 2011.

 

The amortized cost and fair value of available-for-sale and held-to-maturity securities at December 31, 2011, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

 

    Available-for-sale     Held-to-maturity  
    Amortized
Cost
    Fair Value     Amortized Cost     Fair
Value
 
    (In thousands)  
                         
Within one year   $ 7,822     $ 7,907     $ 205     $ 206  
One to five years     6,936       7,031       215       221  
Five to ten years                 515       577  
Over ten years                 290       338  
                                 
      14,758       14,938       1,225       1,342  
Mortgage-backed securities     28,100       29,265              
                                 
Totals   $ 42,858     $ 44,203     $ 1,225     $ 1,342  

 

There were no sales of investment securities during the three months or nine months ended December 31, 2011 or December 31, 2010.

 

The following table shows our investments’ gross unrealized losses and fair value (in thousands), aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2011 and March 31, 2011. At December 31, 2011, the Company does not hold any security that it considers other-than-temporarily impaired.

 

Description of Securities   Less than 12 Months     More than 12 Months     Total  
    Fair Value     Unrealized
Losses
    Fair Value     Unrealized
Losses
    Fair Value     Unrealized
Losses
 
    (In thousands)  
As of December 31, 2011                                                
Mortgage-backed securities, GSE, residential   $ 1,825     $ 6     $     $     $ 1,825     $ 6  
Mortgage-backed securities, GSE, commercial                 1,048       24       1,048       24  
Total temporarily impaired securities   $ 1,825     $ 6     $ 1,048     $ 24     $ 2,873     $ 30  
                                                 
As of March 31, 2011                                                
Mortgage-backed securities, GSE, residential   $ 1,455     $ 36     $     $     $ 1,455     $ 36  
State and political subdivisions     226       1                   226       1  
Total temporarily impaired securities   $ 1,681     $ 37     $     $     $ 1,681     $ 37  

 

There are four securities in unrealized loss positions in the investment portfolio at December 31, 2011, due to interest rate changes, not credit events. The unrealized losses are considered temporary and, therefore, have not been recognized, because the issuers are of high credit quality and the Bank has the ability and intent to hold for the foreseeable future. The fair values are expected to recover as the investments approach their maturity dates or there is a downward shift in interest rates. All but one of the mortgage-backed securities in the portfolio are residential properties. One of the mortgage-backed securities with a temporary loss is secured by 5 or more dwelling units.