Note 10 - Investment Securities

6 Months Ended

Sep. 30, 2012

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

(10)           Investment Securities

Investment securities have been classified according to management’s intent.  The amortized cost of securities and their approximate fair values as of September 30, 2012 and March 31, 2012 are as follows:

	Held-to-Maturity September 30, 2012
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
(Dollars in Thousands)
Federal Home Loan Bank Bonds	$	4,906	$	13	─		$	4,919
Federal Farm Credit Bonds		4,000		22	─			4,022
Federal Home Loan Mortgage Corporation Bonds		1,499		18	─			1,517
Federal National Mortgage Association		8,498		92	─			8,590
Municipal Bond		64	─		─			64
		18,967		145	─			19,112
Mortgage-Backed Securities:
Federal Home Loan Mortgage Corporation		1,211		87		─		1,298
Federal National Mortgage Association		960		88		─		1,048
Government National Mortgage Corporation		313		15		─		328
		2,484		190		─		2,674
Total	$	21,451		335	─		$	21,786

	Held-to-Maturity March 31, 2012
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
(Dollars in Thousands)
Federal Home Loan Bank Bonds	$	3,945	$	5	$	(8	)	$	3,942
Federal Farm Credit Bonds		3,000		2		(25	)		2,977
Federal Home Loan Mortgage
Corporation Bonds		1,499		─		(6	)		1,493
Federal National Mortgage Association		5,997		26		(34	)		5,989
Municipal Bond		104		─		─			104
		14,545		33		(73	)		14,505
Mortgage-Backed Securities:
Federal Home Loan Mortgage Corporation		1,430		89		(2	)		1,517
Federal National Mortgage Association		1,146		90		─			1,236
Government National Mortgage Corporation		336		13		(1	)		348
		2,912		192		(3	)		3,101
Total	$	17,457	$	225	$	(76	)	$	17,606

	Available for Sale September 30, 2012
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Mutual Fund Shares		229		11		─		240

	Available for Sale March 31, 2012
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Mutual Fund Shares		237		5		─		242

The following is a summary of maturities of securities held-to-maturity and available-for-sale as of September 30, 2012 and March 31, 2012:

	September 30, 2012
	Held to Maturity				Available for Sale
(Dollars in Thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Amounts maturing in:
One year or less	$	64	$	64	─		─
After one year through five years		507		534	─		─
After five years through ten years		5,299		5,334	─		─
After ten years		15,581		15,854	─		─
Equity securities						229		240
	$	21,451	$	21786	$	229	$	240

	March 31, 2012
	Held to Maturity				Available for Sale
(Dollars in Thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Amounts maturing in:
One year or less	$	104	$	104	$ ─		$ ─
After one year through five years		510		532	─		─
After five years through ten years		3,444		3,449	─		─
After ten years		13,399		13,521	─		─
Equity securities						237		242
	$	17,457	$	17,606	$	237	$	242

The amortized cost and fair value of mortgage-backed securities are presented in the held-to-maturity category by contractual maturity in the preceding table.  Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations without call or prepayment penalties.

Information pertaining to securities with gross unrealized losses at  March 31, 2012, aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows. We had no such securities with gross unrealized losses at September 30, 2012.

	March 31,2012
	Less Than 12 Months					12 Months or Greater				Total
	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
(Dollars in Thousands)
Federal Home Loan Bank Bonds	$	2,000	$	(8	)	$	─	$	─	$	2,000	$	( 8	)
Federal Farm Credit Bonds		2,500		(25	)		─	─			2,500		(25	)
Federal Home Loan Mortgage Corporation Bonds		1,499		(6	)		─	─			1,499		(6	)
Federal National Mortgage Association		4,497		(34	)		─	─			4,497		(34	)
		10,496		(73	)		─		─		10,496		(73	)
Mortgage-Backed Securities:
Federal Home Loan Mortgage Corporation		374		(2	)	─		─			374		(2	)
Federal National Mortgage Association		346	─				─	─			346	─
Government National Mortgage Corporation		39		(1	)		─	─			39		(1	)
		759		(3	)		─	─			759		(3	)
Total	$	11,255	$	( 76	)	$	─	$	─	$	11,255	$	(76	)

Management evaluates securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation.  Consideration is given to (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Bank to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value.