10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

____________

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2013

OR

☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT

For the transition period from ______________ to _____________

Commission file number: 0-52517

DELANCO BANCORP, INC.

(Exact name of small business issuer as specified in its charter)

United States (State or other jurisdiction of incorporation or organization) 36-4519533 (I.R.S. Employer Identification No.)

615 Burlington Avenue, Delanco, New Jersey 08075

(Address of principal executive offices)

(856) 461-0611

(Issuer’s telephone number)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒     No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes ☒      No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “accelerated filer,” “large accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer [   ]	Accelerated filer                                [    ]
Non-accelerated filer   [   ]	Smaller reporting company              [X ]

(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

No ☒

As of August 12, 2013 there were 1,634,725 shares of the registrant’s common stock outstanding.

DELANCO BANCORP, INC.

FORM 10-Q

Index

		Page No.
PART I.   FINANCIAL INFORMATION
Item 1.	Consolidated Statements of Financial Condition at June 30, 2013 (Unaudited) and March 31, 2013	1
	Consolidated Statements of Operations for the Three Months Ended June 30, 2013 and 2012 (Unaudited)	2
	Consolidated Statements of Comprehensive Income for the Three Months Ended June 30, 2013 (Unaudited)	3
	Consolidated Statements of Changes in Stockholders’ Equity for the Three Months Ended June 30, 2013 (Unaudited)	4
	Consolidated Statements of Cash Flows for the Three Months Ended June 30, 2013 and 2012 (Unaudited)	5
	Notes to Unaudited Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	27
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	30
Item 4.	Controls and Procedures	31
Part II.   OTHER INFORMATION
Item 1.	Legal Proceedings	31
Item 1A.	Risk Factors	31
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	31
Item 3.	Defaults upon Senior Securities	31
Item 4.	Mine Safety Disclosures	31
Item 5.	Other Information	31
Item 6.	Exhibits	32
Signatures

Part I. Financial Information

Item 1. Financial Statements

DELANCO BANCORP, INC. AND SUBSIDIARY

Consolidated Statements of Financial Condition

	June 30, 2013			March 31, 2013
	(unaudited)
ASSETS
Cash and cash equivalents
Cash and amounts due from banks	$	503,847		$	506,921
Interest-bearing deposits		4,150,012			6,215,845
Total cash and cash equivalents		4,653,859			6,722,766
Investment securities:
Securities held-to-maturity (fair value $24,784,858 and $20,285,670 at June 30, 2013 and March 31, 2013, respectively)		25,930,239			20,137,886
Securities available-for-sale (amortized cost of $2,209,613 and $2,217,032 at June 30, 2013 and March 31, 2013, respectively)		2,079,362			2,207,018
Total investment securities		28,009,601			22,344,904
Loans, net of allowance for loan losses of $1,023,614 at June 30, 2013 (unaudited), $1,032,818 at March 31, 2013		86,084,478			88,419,084
Accrued interest receivable		447,360			427,736
Premises and equipment, net		6,786,771			6,855,000
Federal Home Loan Bank, at cost		181,300			202,500
Deferred income taxes		1,290,100			1,228,400
Bank-owned life insurance		159,398			153,588
Prepaid and refundable income taxes		500		─
Real estate owned		2,155,566			2,469,800
Other assets		299,199			590,804
Total assets	$	130,068,132		$	129,414,582
LIABILITIES
Deposits
Non-interest bearing deposits	$	6,955,949		$	6,872,713
Interest bearing deposits		110,962,425			110,161,401
Total deposits		117,918,374			117,034,114
Accrued interest payable		7,446			9,025
Advance payments by borrowers for taxes and insurance		373,818			366,604
Other liabilities		417,207			610,259
Total liabilities		118,716,845			118,020,002
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY
Preferred stock, $.01 par value, 3,000,000 shares authorized; no shares issued
Common stock, $.01 par value, 7,000,000 shares authorized; 1,634,725 shares issued and outstanding		16,347			16,347
Additional paid-in capital		6,570,852			6,570,852
Retained earnings, substantially restricted		5,366,426			5,332,716
Unearned common stock held by employee stock ownership plan		(448,567	)		(448,567	)
Accumulated other comprehensive (Loss)		(153,771	)		(76,768	)
Total stockholder’s equity		11,351,287			11,394,580
Total liabilities and stockholders’ equity	$	130,068,132		$	129,414,582

See Notes to the Unaudited Consolidated Financial Statements.

1

DELANCO BANCORP, INC. AND SUBSIDIARY

Consolidated Statements of Income

(Unaudited)

	Three months Ended June 30,
	2013			2012
INTEREST INCOME
Loans	$	1,046,426		$	1,193,712
Investment securities		159,343			149,838
Total interest income		1,205,769			1,343,550
INTEREST EXPENSE
Interest-bearing checking accounts		10,090			9,046
Passbook and money market accounts		32,862			52,568
Certificates of deposits		161,577			241,514
Federal Home Loan Bank Advances	─			─
Total interest expense		204,529			303,128
Net interest income		1,001,240			1,040,422
Provision for loan losses		90,000			80,000
Net interest income after provision for loan losses		911,240			960,422
NON-INTEREST INCOME
Income from bank-owned life insurance		5,809			6,080
Gain (loss) on sale of real estate owned		(34,096	)		869
Service charges		35,035			30,688
Rental income		38,278			24,426
Other		4,241			4,931
Total non-interest income		49,267			66,994
NON-INTEREST EXPENSE
Salaries and employee benefits		395,144			414,694
Advertising		5,912			5,876
Office supplies, telephone and postage		15,696			22,532
Loan expenses		62,548			72,075
Net occupancy expense		151,107			173,167
Real estate owned loss reserve	─				25,000
Federal insurance premiums		53,447			53,920
Data processing expenses		56,122			53,631
ATM expenses		6,917			6,408
Bank charges and fees		17,034			17,673
Insurance and surety bond premiums		21,382			19,536
Dues and subscriptions		4,588			4,293
Professional fees		69,537			66,337
Real estate owned expense		40,127			15,340
Other		21,436			32,191
Total non-interest expense		920,997			982,673
INCOME BEFORE INCOME TAX EXPENSE		39,510			44,743
Income taxes expense (benefit)		5,800			(4,796	)
NET INCOME	$	33,710		$	49,539
INCOME PER COMMON SHARE	$	0.02		$	0.03

See Notes to the Unaudited Consolidated Financial Statements.

2

DELANCO BANCORP, INC. AND SUBSIDIARY

Consolidated Statements of Comprehensive Income (Loss)

(Unaudited)

Three Months Ended

	June 30, 2013			June 30, 2012
Net income	$	33,710		$	49,539
Other comprehensive income, net of tax unrealized income arising from available for sale securities during period		(72,143	)		2,266
Postretirement benefit plan adjustment		(4,860	)		(28,222	)
Comprehensive income (loss)	$	(43,293	)	$	23,583

See Notes to the Unaudited Consolidated Financial Statements

3

DELANCO BANCORP, INC. AND SUBSIDIARY

Consolidated Statements of Changes in Stockholders’ Equity

(Unaudited)

	Common Stock								Unearned Employee			Accumulated
	Shares		Amount		Additional Paid-in Capital		Retained Earnings		Stock Ownership Plan			Other-Comprehensive Income (Loss)			Total Stockholders’ Equity			Comprehensive Income (Loss)
Balance at March 31, 2013		1,634,725	$	16,347	$	6,570,852	$	5,332,716	$	( 448,567	)	$	(76,768	)	$	11,394,580
Comprehensive income								33,710								33,710		$	33,710
Net income
Other comprehensive income, net of tax:
Change in unrealized gain on securities available-for-sale, net of deferred income taxes of ($48,095)													(72,143	)		(72,143	)		(72,143	)
Post retirement benefit plan adjustment net of deferred taxes of ($3,239 )													(4,860	)		(4,860	)		(4,860	)
Total comprehensive income																		$	(43,293	)
Balance at June 30, 2013		1,634,725	$	16,347	$	6,570,852	$	5,366,426	$	(448,567	)	$	( 153,771	)	$	11,351,287

See Notes to the Unaudited Consolidated Financial Statements.

4

DELANCO BANCORP, INC. AND SUBSIDIARY

Consolidated Statements of Cash Flows

(Unaudited)

	Three months Ended June 30,
	2013			2012
Cash flow from operating activities
Net Income	$	33,710		$	49,539
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income taxes		(18,464	)		(52,582	)
Depreciation		68,229			67,709
Discount accretion net of premium amortization		4,069			587
Provision for loan losses		90,000			80,000
Income from bank owned life insurance		(5,809	)		(6,080	)
Loss (gain) on sale of real estate owned		34,096			(869	)
Changes in operating assets and liabilities
(Increase) decrease in:
Accrued interest receivable		(19,624	)		(42,473	)
Other assets		291,606			86,789
Prepaid income taxes		(500	)		160,250
Increase (decrease) in:
Accrued interest payable		(1,579	)		(3,759	)
Other liabilities		(193,053	)		(20,526	)
Net cash provided by operating activities	$	282,681		$	318,585
Cash flows from investing activities
Proceeds of securities available for sale		7,418			4,740
Purchases of securities held-to-maturity		(8,022,500	)		(8,500,000	)
Proceeds from maturities and principal repayments of securities held-to-maturity		2,226,077			4,143,653
Purchase of investment required by law – stock in Federal Home Loan Bank		21,200			16,600
Proceeds from sale of real estate owned		212,444			116,436
Net decrease in loans		2,312,299			4,872,671
Purchases of premises and equipment	─				(13,895	)
Net cash provided by(used in) investing activities	$	(3,243,062	)	$	640,205
Cash flows from financing activities
Net increase in deposits		884,260			8,970
Net (increase) decrease in advance payments by borrowers for taxes and insurance		7,214			(12,804	)
Increase in Federal home Loan Bank Advances	─			─
Net cash provided by (used) in financing activities	$	891,474		$	(3,834	)

5

	Three months Ended June 30,
	2013			2012
Net (increase) decrease in cash and cash equivalents	$	(2,068,907	)	$	954,956
Cash and cash equivalents, beginning of the period		6,722,766			6,649,685
Cash and cash equivalents, end of period	$	4,653,859		$	7,604,641
Supplemental Disclosures:
Cash paid during the period for interest	$	206,108		$	307,209
Cash paid during the period for income taxes	$	500		$	500
Loans transferred to foreclosed real estate during the period	$	─		$	176,113
Net change in unrealized gain on securities available-for-sale net of tax	$	(72,143	)	$	2,266

See Notes to the Unaudited Consolidated Financial Statements.

6

DELANCO BANCORP, INC. AND SUBSIDIARY

Notes to the Unaudited Consolidated Financial Statements

June 30, 2013

(1)           Basis of Presentation

The accompanying unaudited consolidated financial statements have been prepared in accordance with instructions for Form 10-Q and, therefore, do not include all disclosures necessary for a complete presentation of the financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP). However, all adjustments that are, in the opinion of management, necessary for the fair presentation of the interim financial statements have been included. Such adjustments were of a normal recurring nature. The results of operations for the three month period ended June 30, 2013 are not necessarily indicative of the results that may be expected for the entire year or any other interim period. For additional information, refer to the consolidated financial statements and footnotes thereto of Delanco Bancorp, Inc. (the “Company”) included in the Company’s annual report on Form 10-K for the year ended March 31, 2013.

(2)           Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.  Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for losses on loans and the evaluation of deferred taxes.

(3)           Deferred Income Taxes

We use the asset and liability method of accounting for income taxes. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. We exercise significant judgment in evaluating the amount and timing of recognition of the resulting tax liabilities and assets. These judgments require us to make projections of future taxable income. The judgments and estimates we make in determining our deferred tax assets, which are inherently subjective, are reviewed on a continual basis as regulatory and business factors change.

The calculation of deferred taxes for GAAP capital differs from the calculation of deferred taxes for regulatory capital. For regulatory capital, deferred tax assets that are dependent upon future taxable income for realization are limited to the lesser of either the amount of deferred tax assets that the institution expects to realize within one year of the calendar quarter-end date, or 10% of Delanco Federal Savings Bank’s (the “Bank”) Tier I capital. As a result of this variance, our Tier I regulatory capital ratio is lower than our GAAP capital ratio by 77 basis points.

(4)           Income Taxes

The Bank accounts for uncertainties in income taxes in accordance with Financial ASC Topic 740 “Accounting for Uncertainty in Income Taxes”. ASC Topic 740 prescribes a threshold and measurement process for recognizing in the financial statements a tax position taken or expected to be taken in a tax return. ASC Topic 740 also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition.  The Bank has determined that there are no significant uncertain tax positions requiring recognition in its financial statements.   

7

Tax years 2009 through 2012 remain subject to examination by Federal and New Jersey taxing authorities. In the event the Bank is assessed for interest and/or penalties by taxing authorities, such assessed amounts will be classified in the financial statements as income tax expense.

(5)           Earnings Per Share

Basic earnings per share (“EPS”) are computed by dividing income available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted EPS reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity.

The difference between the common shares issued and the common shares outstanding for the purposes of calculating basic EPS is a result of the unallocated ESOP shares.

The calculated basic and dilutive EPS are as follows:

	Three Months Ended June 30,
	2013		2012
Numerator	$	33,710	$	49,539
Denominators:
Basic shares outstanding		1,589,868		1,586,664
Effect of dilutive securities
Dilutive shares outstanding		1,589,868		1,586,664
Earnings per share:
Basic	$	0.02	$	0.03
Dilutive	$	0.02	$	0.03

(6)             Regulatory Agreement      

On December 17, 2012, the Bank received a formal written agreement (the “Agreement”) with the Office of the Comptroller of the Currency (the “OCC”) dated November 21, 2012.  The Agreement supersedes and terminates the Order to Cease and Desist entered into by and between the Bank and the Office of Thrift Supervision on March 17, 2010.

The Agreement requires the Bank to take the following actions:

● prepare a three-year strategic plan that establishes objectives for the Bank’s overall risk profile, earnings performance, growth, balance sheet mix, liability structure, reduction in the volume of nonperforming assets, and product line development;

● prepare a capital plan that includes specific proposals related to the maintenance of adequate capital, identifies strategies to strengthen capital if necessary and includes detailed quarterly financial projections.  If the OCC determines that the Bank has failed to submit an acceptable capital plan or fails to implement or adhere to its capital plan, then the OCC may require the Bank to develop a contingency capital plan detailing the Bank’s proposal to sell, merge or liquidate the Bank;

● prepare a criticized asset plan that will include strategies, targets and timeframes to reduce the Bank’s level of criticized assets;

8

● implement a plan to improve the Bank’s credit risk management and credit administration practices;

● implement programs and policies related to the Bank’s allowance for loan and lease losses, liquidity risk management, independent loan review and other real estate owned;

● review the capabilities of the Bank’s management to perform present and anticipated duties and to recommend and implement any changes based on such assessment;

● not pay any dividends or make any other capital distributions without the prior written approval of the OCC;

● not make any severance or indemnification payments without complying with regulatory requirements regarding such payments; and

● comply with prior regulatory notification requirements for any changes in directors or senior executive officers.

The Agreement will remain in effect until terminated, modified, or suspended in writing by the OCC.

The Agreement does not require the Bank to maintain any specific minimum regulatory capital ratios. However, in connection with its most recent examination, the OCC established higher individual minimum capital ratios for the Bank. Specifically, the Bank must maintain a Tier 1 capital to adjusted total assets ratio of at least 8%, a Tier 1 capital to risk-weighted assets ratio of at least 12% and a total capital to risk-weighted assets ratio of at least 13%. The Bank's ratios of Tier 1 capital to adjusted total assets, Tier 1 capital to risk-weighted assets and total capital to risk-weighted assets at June 30, 2013 were 8.00%, 14.08% and 15.33%, respectively.

The Bank continues to work with its borrowers where possible and is pursuing legal action where the ability to work with the borrower does not exist.  As of June 30, 2013, the Bank has entered into formal forbearance agreements with four relationships totaling $850 thousand that require current payments while the borrowers restructure their finances.

(7)           Recent Accounting Pronouncements

Below is a discussion of recent accounting pronouncements.

In February 2013, the FASB issued ASU 2013-02, Comprehensive Income, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (Topic 220): The amendments in this update aim to improve the reporting of reclassifications out of accumulated other comprehensive income. The amendments in this update seek to attain that objective by requiring an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required under U.S. GAAP to be reclassified in its entirety to net income. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other disclosures required under U.S. GAAP that provide additional detail about those amounts. This would be the case when a portion of the amount reclassified out of accumulated other comprehensive income is reclassified to a balance sheet account instead of directly to income or expense in the same reporting period. For public entities, the amendments are effective prospectively for reporting periods beginning after December 15, 2012. The adoption of this pronouncement did not have a material impact on the Company’s financial condition or results of operations.

9

In December 2011, the FASB issued ASU 2011-12, Comprehensive Income (Topic 220): The amendments in this update supersede certain pending paragraphs in ASU No. 2011-05, Comprehensive Income (Topic 220): Presentation of Comprehensive Income, to effectively defer only those changes in ASU 2011-05 that relate to the presentation of reclassification adjustments out of accumulated other comprehensive income. The amendments will be temporary to allow the Board time to deliberate the presentation requirements for reclassifications out of accumulated other comprehensive income for annual and interim financial statements for public, private and nonprofit entities. The amendments in this update are effective for public entities for fiscal years, and interim annual periods within those years, beginning after December 15, 2011, consistent with ASU 2011-05. The adoption of this pronouncement did not have a material impact on the Company’s financial condition or results of operations.

In December 2011, the FASB issued ASU 2011-11, Balance Sheet, Disclosure about Offsetting Assets and Liabilities (Topic 210): The objective of this update is to provide enhanced disclosures that will enable users of its financial statements to evaluate the effect or potential effect of netting arrangements on an entity’s financial position. This includes the effect or potential effect of rights of setoff associated with an entity’s recognized assets and recognized liabilities within the scope of this Update. The amendments require enhancement disclosures by requiring improved information about financial instruments and derivative instruments that are either (1) offset in accordance with either Section 210-20-45 or Section 815-10-45 or (2) subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they offset in accordance with either Section 210-20-45 or Sections 815-10-45. These amendments are effective for annual periods beginning on or after January 3, 2013, and interim periods within those annual periods. An entity should provide the disclosures required by those amendments retrospectively for all comparative periods presented. The Company does not anticipate any material impact to the consolidated financial statements related to this guidance.

In December 2011, the FASB issued ASU 2011-10, Property, Plant and Equipment (Topic 360): The objective of this update is to resolve the diversity in practice about whether the guidance in the Subtopic 360-20, Property, Plant and Equipment – Real Estate Sales, applies to a parent that ceases to have a controlling financial interest (as described in Subtopic 810-10 Consolidation – Overall) in a subsidiary that is in substance real estate as a result of default on the subsidiary’s nonrecourse debt. This update does not address whether the guidance in Subtopic 360-20 would apply to other circumstances when parent ceases to have a controlling financial interest in a subsidiary that is in substance real estate. An entity is required to apply the amendments for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. The Company does not anticipate any material impact to the consolidated financial statements related to this guidance.

In June 2011, the FASB issued ASU 2011-05, Comprehensive Income (Topic 220): Presentation of Comprehensive Income. This ASU amends the FASB Accounting Standards Codification (Codification) to allow an entity the option to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In both choices, an entity is required to present each component of net income along with total net income, each component of other comprehensive income along with a total for other comprehensive income, and a total amount for comprehensive income. ASU 2011-05 eliminates the option to present the components of other comprehensive income as part of the statement of changes in stockholder’s equity. The amendments to the Codification in the ASU do not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income. ASU 2011-05 should be applied retrospectively. For public entities, the amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. The adoption of this pronouncement did not have a material impact on the Company’s financial condition or results of operations.

10

In May 2011, the FASB issued ASU 2011-04, Fair Value Measurement (Topic 820): Amendments to achieve Common Fair Value Measurement (Topic 820) and Disclosure Requirement in U.S. GAAP and IFRSs. This ASU represents the converged guidance of the FASB and the IASB (the “Boards”) on fair value measurement. The collective efforts of the Boards and their staff, reflected in ASU 2011-04, have resulted in common requirements for measuring fair value and for disclosing information about fair value measurement, including a consistent meaning of the term “fair value”. The Boards have concluded the common requirements will result in greater comparability of fair value measurements presented and disclosed in financial statements prepared in accordance with U.S. GAAP and IFRS. The amendments in this update apply to all reporting entities that are required or permitted to measure or disclose the fair value of an asset, a liability, or an instrument classified in a reporting entity’s shareholders’ equity in the financial statements. The amendments in this ASU are to be applied prospectively. For public entities, the amendments are effective during interim and annual periods beginning after December 15, 2011. The adoption of this pronouncement did not have a material impact on the Company’s financial condition on results of operations.

In April 2011, the FASB issued ASU 2011-03, Transfers and Servicing (Topic 860): Reconsideration of Effective Control for Repurchase Agreements. The ASU is intended to improve financial reporting of repurchase agreements (“repos”) and other agreements that both entitle and obligate a transferor to repurchase or redeem financial assets before their maturity. The amendments to the Codification in this ASU are intended to improve the accounting for these transactions by removing from the assessment of effective control the criterion requiring the transferor to have the ability to purchase or redeem the financial assets. The amendments in this update apply to all entities, both public and nonpublic. This ASU is effective for the first interim or annual periods beginning on or after December 15, 2011. The guidance should be applied prospectively to transactions or modification of existing transactions that occur on or after the effective date. Early adoption is not permitted. The adoption of this pronouncement did not have a material impact on the Company’s financial condition on results of operations.

(8)           Fair Value of Financial Instruments

ASC Topic 820-10 defines fair value, establishes a framework for measuring fair value in U.S. generally accepted accounting principles, and expands disclosure requirements for fair value measurements. ASC Topic 820 does not require any new fair value measurements. The adoption of ASC Topic 820-10 did not have a material impact on the consolidated financial statements.

ASC Topic 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels, as described below:

● Level 1     Level 1 input are unadjusted quoted prices in active markets for identical assets or liabilities.

●      Level 2  Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable, either directly or indirectly. Level 2 inputs include quoted prices for similar assets, quoted prices in markets that are not considered to be active, and observable inputs other than quoted prices such as interest rates.

●      Level 3      Level 3 inputs are unobservable inputs.

11

Assets and liabilities measured at fair value on a recurring basis are summarized below (dollars in thousands):

	Fair Value Measurements at Reporting Date Using
	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
June 30, 2013
Available-for-sale securities	$─	$	2,079	$─
March 31, 2013
Available-for-sale securities	$─	$	2,207	$─

Assets and Liabilities on a Non-Recurring Basis

Assets and liabilities measured at fair value on a non-recurring basis at June 30, 2013 and March 31, 2013 are as follows (dollars in thousands):

	Fair Value Measurements at Reporting Date Using
	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Other Unobservable Inputs (Level 3)
June 30, 2013
Impaired loans	$─	$─	$	5,797
Real estate owned	─	─		2,156
Total	$─	$─	$	7,953
March 31, 2013
Impaired loans	$─	$─	$	6,346
Real estate owned	─	─		2,470
Total	$─	$─	$	8,816

The fair value of impaired loans and real estate owned is generally based on recent real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach.

Off-balance sheet instruments

Off-balance sheet instruments are primarily comprised of loan commitments and unfunded lines of credit which are generally priced at market rate at the time of funding. Therefore, these instruments have nominal value prior to funding.

A financial instrument’s level within the fair value hierarchy is based upon the lowest level of any input significant to the fair value measurement.

12

As required by ASC Topic 825-10-65, the estimated fair value of financial instruments at June 30, 2013 and March 31, 2013 was as follows:

	June 30, 2013
	Carrying Amount		Level 1		Level 2		Level 3
(Dollars in Thousands)
Financial Assets:
Cash and cash equivalents	$	4,654	$	4,654	$	─	$	─
Investment securities		28,140		─		26,865	─
Loans – net		86,084		─		─		87,469
FHLB stock		181		181		─		─
Accrued interest receivable		447		447		─		─
Bank–owned life insurance		159		159		─		─
Real estate owned		2,156		─		─		2,156
Total financial assets	$	121,821	$	5,441	$	26,865	$	89,625
Financial Liabilities:
Deposits	$	117,918	$	6,956	$	111,947	$	─
Advance payments by borrowers for taxes and insurance		374		374		─		─
Accrued interest payable		7		7		─		─
Total financial liabilities	$	118,299	$	7,337	$	111,947	$	─

	March 31, 2013
	Carrying  Amount		Level 1		Level 2		Level 3
(Dollars in Thousands)
Financial Assets:
Cash and cash equivalents	$	6,723	$	6,723	$	─	$	─
Investment securities		22,355		─		22,493		─
Loans – net		88,419		─		─		91,300
FHLB stock		203		203		─		─
Accrued interest receivable		428		428		─		─
Bank–owned life insurance		154		154		─		─
Real estate owned		2,470		─		─		2,470
Total financial assets	$	120,752	$	7,508	$	22,493	$	93,770
Financial Liabilities:
Deposits	$	117,034	$	6,873	$	111,233	$	─
Advance payments by borrowers for taxes and insurance		367		367		─		─
Accrued interest payable		9		9		─		─
Total financial liabilities	$	117,410	$	7,249	$	111,233	$	─

13

	June 30, 2013				March 31, 2013
	Contract Value		Estimated Fair Value		Contract Value		Estimated Fair Value
Off-balance sheet instruments
Commitments to extend credit	$	6,128	$	─	$	5,893	$	─

(9) Loans

The Bank monitors and assesses the credit risk of its loan portfolio using the classes set forth below. These classes also represent the segments by which the Bank monitors the performance of its loan portfolio and estimates its allowance for loan losses.

Residential real estate loans consist of loans secured by one to four family residences located in the Bank’s market area. The Bank has originated one to four family residential mortgage loans in amounts up to 80% of the lesser of the appraised value or selling price of the mortgaged property without requiring mortgage insurance. A mortgage loan originated by the Bank, for owner occupied property, whether fixed rate or adjustable rate, can have a term of up to 30 years. Non-owner occupied property, whether fixed rate or adjustable rate, can have a term of up to 30 years. Adjustable rate loan terms limit the periodic interest rate adjustment and the minimum and maximum rates that may be charged over the term of the loan based on the type of loan.

Commercial real estate loans are generally originated in amounts up to the lower of 80% of the appraised value or cost of the property and are secured by improved property such as multi-family dwelling units, office buildings, retail stores, warehouses, church buildings and other non-residential buildings, most of which are located in the Bank’s market area. Commercial real estate loans are generally made with fixed interest rates which mature or re-price in 5 to 7 years with principal amortization of up to 25 years.

Commercial loans include short and long-term business loans and commercial lines of credit for the purposes of providing working capital, supporting accounts receivable, purchasing inventory and acquiring fixed assets. The loans generally are secured by these types of assets as collateral and/or by personal guarantees provided by principals of the borrowers.

Construction loans will be made only if there is a permanent mortgage commitment in place. Interest rates on commercial construction loans are typically in line with normal commercial mortgage loan rates, while interest rates on residential construction loans are slightly higher than normal residential mortgage loan rates. These loans usually are adjustable rate loans and generally have terms of up to one year.

Consumer loans include installment loans and home equity loans, secured by first or second mortgages on homes owned or being purchased by the loan applicant. Home equity term loans and credit lines are credit accommodations secured by either a first or second mortgage on the borrower’s residential property. Interest rates charged on home equity term loans are generally fixed; interest on credit lines is usually a floating rate related to the prime rate. The Bank generally requires a loan to value ratio of less than or equal to 80% of the appraised value, including any outstanding prior mortgage balance.

14

Loans at June 30, 2013 and March 31, 2013 are summarized as follows (dollars in thousands):

	June 30, 2013			March 31, 2013
Residential (one-to four-family) real estate		65,278			66,598
Multi-family and commercial real estate		11,512			12,402
Commercial		1,120			1,166
Home equity		8,338			8,361
Consumer		922			960
Construction		50			83
Total loans		87,220			89,570
Net deferred loan origination fees		(113	)		(118	)
Allowance for loan losses		(1,023	)		(1,033	)
Loans, net		86,084			88,419

The Bank is subject to a loans-to-one-borrower limitation of 15% of capital funds. At June 30, 2013, the loans-to-one-borrower limitation was $1.7 million; this excluded an additional 10% of adjusted capital funds or approximately $1.1 million, which may be loaned if collateralized by readily marketable securities. At June 30, 2013, there were no loans outstanding or committed to any one borrower, which individually or in the aggregate exceeded the Bank’s loans to-one-borrower limitations of 15% of capital funds.

A summary of the Bank’s credit quality indicators is as follows:

Pass – A credit which is assigned a rating of Pass shall exhibit some or all of the following characteristics:

a. Loans that present an acceptable degree of risk associated with the financing being considered as measured against earnings and balance sheet trends, industry averages, etc. Actual and projected indicators and market conditions provide satisfactory evidence that the credit will perform as agreed.

b. Loans to borrowers that display acceptable financial conditions and operating results. Debt service capacity is demonstrated and future prospects are considered good.

c. Loans to borrowers where a comfort level is achieved by the strength of the cash flows from the business or project and the strength and quantity of the collateral or security position (i.e.; receivables, inventory and other readily marketable securities) as supported by a current valuation and/or the strong capabilities of a guarantor.

Special Mention – Loans on which the credit risk requires more than ordinary attention by the Loan Officer. This may be the result of some erosion in the borrower’s financial condition, the economics of the industry, the capability of management, or changes in the original transaction. Loans which are currently sound yet exhibit potentially unacceptable credit risk or deteriorating long term prospects, will receive this classification. Loans which deviate from loan policy or regulations will not generally be classified in this category, but will be separately reported as an area of concern.

Classified – Classified loans include those considered by the Bank to be substandard, doubtful or loss.

15

An asset is considered “substandard” if it involves more than an acceptable level of risk due to a deteriorating financial condition, unfavorable history of the borrower, inadequate payment capacity, insufficient security or other negative factors within the industry, market or management. Substandard loans have clearly defined weaknesses which can jeopardize the timely payment of the loan.

Assets classified as “doubtful” exhibit all of the weaknesses defined under the substandard category but with enough risk to present a high probability of some principal loss on the loan, although not yet fully ascertainable in amount.

Assets classified as “loss” are those considered uncollectible or of little value, even though a collection effort may continue after the classification and potential charge-off.

Non-Performing Loans

Non-performing loans consist of non-accrual loans (loans on which the accrual of interest has ceased), loans over ninety days delinquent and still accruing interest, renegotiated loans and impaired loans. Loans are generally placed on non-accrual status if, in the opinion of management, collection is doubtful, or when principal or interest is past due 90 days or more, unless the collateral is considered sufficient to cover principal and interest and the loan is in the process of collection.

The following table represents loans by credit quality indicator at June 30, 2013 (dollars in thousands):

	Pass		Special Mention Loans		Classified Loans		Non- Performing Loans		Total
Residential real estate	$	62,635	$	304	$	145	$	2,194	$	65,278
Multi-family and commercial real estate		7,558		172		464		3,318		11,512
Commercial		649		251		34		186		1,120
Home equity		8,289		─		─		49		8,338
Consumer		922		─		─		─		922
Construction		─		─		─		50		50
	$	80,053	$	727	$	643	$	5,797	$	87,220

The following table represents past-due loans as of June 30, 2013 (dollars in thousands):

	30-59 Days Past Due			60- 89 Days Past Due			Greater than 90 Days Past Due			Total Past Due			Current			Total Loan Balances
Residential real estate	$	1,223		$	800		$	1,443		$	3,466		$	61,812		$	65,278
Multi-family and commercial real estate		525			609			2,183			3,317			8,195			11,512
Commercial		─			─			186			186			934			1,120
Home Equity		128			─			49			177			8,161			8,338
Consumer		17			6			─			23			899			922
Construction		─			─			─			─			50			50
Total Loans	$	1,893		$	1,415		$	3,861		$	7,169		$	80,051		$	87,220
Percentage of Total Loans		2.17	%		1.62	%		4.43	%		8.22	%		91.78	%		100.00	%

16

Impaired loans are measured based on the present value of expected future discounted cash flows, the fair value of the loan or the fair value of the underlying collateral if the loan is collateral dependent. The recognition of interest income on impaired loans is the same for non-accrual loans discussed above. At June 30, 2013, the Bank had 21 loan relationships totaling $3.9 million in non-accrual loans as compared to 25 relationships totaling $4.4 million at March 31, 2013. The average balance of impaired loans totaled $6.0 million for the three months ended June 30, 2013 as compared to $7.2 million for the year ended March 31, 2013, and interest income recorded on impaired loans for the three months ended June 30, 2013 totaled $42 thousand as compared to $168 thousand for the year ended March 31, 2013.

The following table represents data on impaired loans at June 30, 2013 and March 31, 2013 (dollars in thousands):

	June 30, 2013		March 31, 2013
Impaired loans for which a valuation allowance has been provided	$	─	$	─
Impaired loans for which no valuation allowance has been provided		5,797		6,346
Total loans determined to be impaired	$	5,797	$	6,346
Allowance for loans losses related to impaired loans	$	─	$	─
Average recorded investment in impaired loans	$	6,087	$	7,245
Cash basis interest income recognized on impaired Loans	$	42	$	168

The following table presents impaired loans by portfolio class at June 30, 2013 (dollars in thousands):

	Recorded Investment		Unpaid Principal Balance		Related Valuation Allowance		Average Recorded Investment		Interest Income Recognized While On Impaired Statues
Impaired loans with no valuation allowance:
Residential real estate	$	2,233	$	2,194	$	─	$	2,372	$	25
Multi-family and commercial real estate		3,317		3,318		─		3,319		16
Commercial		186		186		─		219		─
Home equity		49		49		─		127		─
Consumer				─		─				─
Construction		50		50		─		50		1
Subtotal	$	5,835	$	5,797	$	─	$	6,087	$	42

17

The following table presents impaired loans by portfolio class at March 31, 2013) (dollars in thousands):

	Recorded Investment		Unpaid Principal Balance		Related Valuation Allowance		Average Recorded Investment		Interest Income Recognized While On Impaired Statues
Impaired loans with no valuation allowance:
Residential real estate	$	2,255	$	2,223	$	─	$	2,774	$	83
Multi-family and commercial real estate		3,550		3,550		─		4,106		62
Commercial		235		235		─		172		8
Home equity		287		287		─		138		11
Consumer		─		─		─		3		─
Construction		51		51		─		52		4
Subtotal	$	6,378	$	6,346	$	─	$	7,245	$	168

18

The following table represents nonaccrual loans as of June 30, 2013 and March 31, 2013 (dollars in thousands):

	June 30, 2013			March 31, 2013
Non-accrual loans:
Residential real estate	$	894		$	992
Multi-family and commercial real estate		1,187			1,302
Commercial		186			235
Consumer	─			─
Home Equity		49			287
Construction	─			─
Total non-accrual loans	$	2,316		$	2,816
Troubled Debt Restructurings:
In non-accrual status:
Residential real estate	$	549		$	550
Multi-family and commercial real estate		996			1,001
Commercial	─			─
Consumer	─			─
Home Equity	─			─
Construction	─			─
Total troubled debt restructurings in non-accrual status	$	1,545		$	1,551
Performing under modified terms:
Residential real estate		751			788
Multi-family and commercial real estate		1,135			1,139
Commercial	─			─
Consumer	─			─
Home Equity	─			─
Construction		50			51
Total troubled debt restructurings performing under modified terms:		1,936			1,978
Total troubled debt restructurings		3,481			3,529
Total non-performing loans		5,797			6,345
Real estate owned		2,156			2,470
Total non-performing assets	$	7,953		$	8,815
Non-performing loans as a percentage of loans		6.65	%		7.08	%
Non-performing assets as a percentage of loans and real estate owned		8.91	%		9.58	%
Non-performing assets as percentage of total assets		6.11	%		6.81	%

During the three months ended June 30, 2013, the Bank experienced a $506 thousand net decrease in non-accrual loans. This change reflects the downgrading of two loan relationships to non-accrual status totaling $85 thousand during the three months ended June 30, 2013. The downgraded loans consisted of one residential mortgage totaling $77 thousand and one home equity loan totaling $8 thousand. These additions to the non-accruals were offset by one residential mortgage for $140 thousandand one home equity loan in the amount of $463 that were paid in full, two home equity loans totaling $245 thousand that returned to accruing status, a residential mortgage loan totaling $145 thousand that was paid through a short sale, two commercial real estate loans that were partially charged off by $10 thousand due to valuation updates and one commercial loan totaling $49 thousand that was charged off.

19

The following table presents troubled debt restructurings that occurred during the periods ended June 30, 2013 and March 31, 2013 and loans modified as troubled debt restructurings within the previous three and 12 month period and for which there was a payment default during the period.

June 30, 2013

March 31, 2013

Outstanding Recorded Investment

Outstanding Recorded Investment

Number of Contracts

Pre- Modification

Post- Modification

Number of Contracts

Pre- Modification

Post- Modification

Troubled debt restructurings:

Residential real estate

─

$

─

$

─

2

$

339

$

486

	Number of Contracts		Recorded Investment		Number of Contracts		Recorded Investment
Troubled debt restructurings that subsequently defaulted:
Residential real estate		─	$	─		1	$	75

The following table presents the changes in real estate owned (REO), net of valuation allowance, for the periods ended June 30, 2013 and March 31, 2013:

	June 30, 2013			March 31, 2013
Balance, beginning of period	$	2,470		$	846
Additions from loan foreclosures		─			2,650
Additions from capitalized costs		─			3
Dispositions of REO		(280	)		(820	)
Gain (loss) on sale of REO		(34	)		(152	)
Valuation adjustments in the period		─			(57	)
Balance, end of period	$	2,156		$	2,470

20

The following table presents the changes in fair value adjustments to REO for the periods ended June 30, 2013 and March 31, 2013:

	June 30, 2013			March 31, 2013
Balance, beginning of period	$	72		$	104
Valuation adjustments added in the period		─			57
Valuation adjustments on disposed properties during the period		(7	)		(89	)
Balance, end of period	$	65		$	72

The following table sets forth with respect to the Bank’s allowance for losses on loans (dollars in thousands):

	June 30, 2013			March 31, 2013
Balance at beginning of period	$	1,033		$	1,161
Provision:
Commercial		50			4
Commercial real estate		13			587
Residential real estate		36			20
Home Equity		1			19
Consumer		(9	)		14
Construction		(1	)		(4	)
Total Provision	$	90		$	640
Charge-Offs:
Commercial	$	49		$	─
Commercial Real Estate		10			686
Residential real estate		46			27
Home Equity		─			29
Consumer		─			66
Recoveries		(6	)		(40	)
Total Net Charge-Offs		99			768
Balance at end of period	$	1,024		$	1,033
Period-end loans outstanding	$	87,220		$	89,570
Average loans outstanding	$	89,667		$	95,122
Allowance as a percentage of period-end loans		1.17	%		1.15	%
Net charge-offs as a percentage of average loans		0.11	%		0.81	%

21

Additional details for changes in the allowance for loan by loan portfolio as of June 30, 2013 are as follows (dollars in thousands):

Allowance for Loan Losses

	Commercial			Commercial Real Estate			Residential Real Estate			Home  Equity		Consumer			Construction			Total
Balance, beginning of year	$	44		$	378		$	485		$	48	$	77		$	1		$	1,033
Loan charge-offs		(49	)		(10	)		(46	)		─		─			─			(105	)
Recoveries		─			1			─			─		5			─			6
Provision for loan losses		50			13			36			1		(9	)		(1	)		90
Balance, end of period	$	45		$	382		$	475		$	49	$	73		$	─		$	1,024
Ending balance for loans individually evaluated for impairment	$	186		$	2,182		$	2,364		$	49	$	─		$	─		$	4,781
Ending balance for loans collectively evaluated for impairment	$	934		$	9,330		$	62,914		$	8,289	$	922		$	50		$	82,439
Loans receivable:
Ending balance	$	1,120		$	11,512		$	65,278		$	8,338	$	922		$	50		$	87,220
Ending balance: loans individually evaluated for impairment	$	186		$	2,182		$	2,364		$	49	$	─		$	─		$	4,781
Ending balance: loans collectively evaluated for impairment	$	934		$	9,330		$	62,914		$	8,289	$	922		$	50		$	82,439

The Bank prepares an allowance for loan loss model on a quarterly basis to determine the adequacy of the allowance. Management considers a variety of factors when establishing the allowance, such as the impact of current economic conditions, diversification of the loan portfolio, delinquency statistics, results of independent loan review and related classifications. The Bank’s historic loss rates and the loss rates of peer financial institutions are also considered.

On a monthly basis, the loan committee meets to review each problem loan and determine if there has been any change in collateral value due to changes in market conditions. Each quarter, when calculating the allowance for loan loss, the loan committee reviews an updated loan impairment analysis on each problem loan to determine if a specific provision for loan loss is warranted. Management reviews the most recent appraisal on each loan adjusted for holding and selling costs. In the event there is not a recent appraisal on file, the Bank will use the aged appraisal and apply a discount factor to the appraisal and then adjust the holding and selling costs from the discounted appraisal value.

In evaluating the Bank’s allowance for loan loss, the Bank maintains a loan committee consisting of senior management and the Board of Directors that monitors problem loans and formulates collection efforts and resolution plans for each borrower.

For the three months ending June 30, 2013, the Bank experienced one full charge-off relating to one loan relationship totaling $49 thousand and three partial charge-offs related to two relationships totaling $56 thousand as compared to two charge-offs relating to two loan relationships totaling $66,510 and twelve partial charge-offs relating to twelve loan relationships totaling $741,699for the year ended March 31, 2013.

22

At June 30, 2013, the Bank maintained an allowance for loan loss ratio of 1.17% to loans outstanding. Non-performing assets have decreased by $863 thousandover their stated levels at March 31, 2013, representing a non-performing asset to total asset ratio of 6.11% at June 30, 2013 as compared to a non-performing asset to total asset ratio of 6.81% at March 31, 2013.

The Bank’s charge-off policy states that any asset classified loss shall be charged-off within thirty days of such classification unless the asset has already been eliminated from the books by collection or other appropriate entry. On a quarterly basis, the loan committee will review past due, classified, non-performing and other loans, as it deems appropriate, to determine the collectability of such loans. If the loan committee determines a loan to be uncollectable, the loan shall be charged to the allowance for loan loss. In addition, upon reviewing the collectability, the loan committee may determine a portion of the loan to be uncollectable; in which case that portion of the loan deemed uncollectable will be partially charged-off against the allowance for loan loss.

(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 June 30, 2013 and March 31, 2013 are as follows:

	Held-to-Maturity June 30, 2013
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
(Dollars in Thousands)
Federal Farm Credit Bank Bond	$	5,444	$	─	$	(340	)	$	5,104
Federal Home Loan Bank Bonds		6,591		1		(396	)		6,196
Federal Home Loan Mortgage		1,997		─		(134	)		1,863
Corporation Bonds
Federal National Mortgage Association		9,498		18		(412	)		9,104
Municipal Bond		587		5		─			592
		24,117		24		(1,282	)		22,859
Mortgage-Backed Securities:
Federal Home Loan Mortgage Corporation		814		49		(1	)		862
Federal National Mortgage Association		717		56		─			773
Government National Mortgage Corporation		282		10		(1	)		291
		1,813		115		(2	)		1,926
Total	$	25,930	$	139	$	(1,284	)	$	24,785

23

	Held-to-Maturity March 31, 2013
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
(Dollars in Thousands)
Federal Home Loan Bank Bonds	$	4,591	$	5	$	(18	)	$	4,578
Federal Farm Credit Bonds		3,444		1		(16	)		3,429
Federal Home Loan Mortgage
Corporation Bonds		500				(2	)		498
Federal National Mortgage Association Bond		9,500		49		(10	)		9,539
Municipal Bond		64		─		─			64
		18,099		55		(46	)		18,108
Mortgage-backed securities:
Federal Home Loan Mortgage Corporation		965		65		─			1,030
Federal National Mortgage Association		781		64		─			845
Government National Mortgage Corporation		293		11		(1	)		303
		2,039		140		(1	)		2,178
Total	$	20,138	$	195	$	(47	)	$	20,286

	Available for Sale June 30, 2013
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Federal Home Loan Bank Bonds	$	1,500	$	─	$	(76	)	$	1,424
Federal National Mortgage Association Bond		500		─		(51	)		449
Mutual Fund Shares		210		─		(3	)		207
	$	2,210	$	─	$	(130	)	$	2,080

	Available for Sale March 31, 2013
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Federal Home Loan Bank Bonds	$	1,500	$	1	$	(5	)	$	1,496
Federal National Mortgage Association Bond		500		─		(11	)		489
Mutual Fund Shares		217		5		─			222
	$	2,217	$	6		(16	)	$	2,207

24

The following is a summary of maturities of securities held-to-maturity and available-for-sale as of June 30, 2013 and March 31, 2013:

	June 30, 2013
	Held to Maturity				Available for Sale
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
(Dollars in Thousands)
Amounts maturing in:
One year or less	$	587	$	592	$	─	$	─
After one year through five years		1,004		1,014		─		─
After five years through ten years		6,419		6,130		─		─
After ten years		17,920		17,049		2,000		1,873
Equity securities						210		207
	$	25,930	$	24,785	$	2,210	$	2,080

	March 31, 2013
	Held to Maturity				Available for Sale
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
(Dollars in Thousands)
Amounts maturing in:
One year or less	$	64	$	64	$	─	$	─
After one year through five years		1,005		1,029		─		─
After five years through ten years		6,422		6,418		─		─
After ten years		12,647		12,775		2,000		1,985
Equity securities		─		─		217		222
	$	20,138	$	20,286	$	2,217	$	2,207

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.

25

Information pertaining to securities with gross unrealized losses at June 30, 2013 and March 31, 2013, aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows:

	June 30, 2013
	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	$	7,119	$	(472	)	$	─	$	─	$	7,119	$	(472	)
Federal Farm Credit Bonds		5,104		(340	)		─		─		5,104	$	(340	)
Federal Home Loan Mortgage Corporation Bonds		1,863		(134	)		─		─		1,863		(134	)
Federal National Mortgage Association		9,035		(463	)		─		─		9,035		(463	)
		23,121		(1,409	)		─		─		23,121	$	(1,409	)
Mortgage-Backed Securities:
Federal Home Loan Mortgage Corporation	$	211	$	(1	)	$	─	$	─	$	211	$	(1	)
Federal National Mortgage Association		─		─			─		─		─		─
Government National Mortgage Corporation		32		(1	)		─		─		32		(1	)
		243		(2	)		─		─		243	$	(2	)
Mutual Fund Shares		210		(3	)		─		─		210	$	(3	)
		210		(3	)		─		─		210		(3	)
Total	$	23,574	$	(1,414	)	$	─	$	─	$	23,574	$	(1,414	)

	March 31, 2013
	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	$	2,454	$	(22	)	$	─	$	─		$	2,454	$	(22	)
Federal Farm Credit Bonds		2,428		(17	)		─		─			2,428		(17	)
Federal Home Loan Mortgage Corporation Bonds		498		(2	)		─		─			498		(2	)
Federal National Mortgage Association		1,979		(21	)		─		─			1,979		(21	)
		7,359		(62	)							7,359		(62	)
Mortgage-Backed Securities:
Government National Mortgage Corporation	$	─	$	─		$	31	$	(1	)	$	31	$	(1	)
Total	$	7,359	$	(62	)	$	31	$	( 1	)	$	7,390	$	(63	)

26

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.

At June 30, 2013, the 50 debt securities with unrealized losses have depreciated 5.0% from the Bank’s amortized cost basis. These unrealized losses relate principally to current interest rates for similar types of securities. In analyzing an issuer’s financial condition, management considers whether the securities are issued by the federal government, its agencies, or other governments, whether downgrades by bond rating agencies have occurred, and the results of reviews of the issuer’s financial condition. As management has the ability to hold debt securities until maturity, or for the foreseeable future if classified as available-for-sale, no declines are deemed to be other-than-temporary.

Item 2.   Management’s Discussion and Analysis of Financial Condition and Results of Operations

Management’s discussion and analysis of the financial condition and results of operations at and for the three months ended June 30, 2013 and 2012 is intended to assist in understanding our financial condition and results of operations. The information contained in this section should be read in conjunction with the Unaudited Financial Statements and the notes thereto, appearing in Part I, Item 1 of this report.

Forward-Looking Statements

This quarterly report contains forward-looking statements that are based on assumptions and may describe our future plans, strategies and expectations. These forward-looking statements are generally identified by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project” or similar expressions.

Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on our operations include, but are not limited to, changes in interest rates, national and regional economic conditions, legislative and regulatory changes, monetary and fiscal policies of the U.S. government, including policies of the U.S. Treasury and the Federal Reserve Board, the quality and composition of our loan or investment portfolios, demand for loan products, deposit flows, competition, demand for financial services in our market area, changes in real estate market values in our area, and changes in relevant accounting principles and guidelines.

These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. Except as required by applicable law or regulation, we do not undertake, and specifically disclaim any obligation, to release publicly the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of the statements or to reflect the occurrence of anticipated or unanticipated events.

General

Delanco Bancorp, Inc. is the holding company for Delanco Federal Savings Bank. Delanco Federal Savings Bank operates from two offices in Burlington County, New Jersey. Delanco Federal Savings Bank is engaged primarily in the business of attracting deposits from the general public and using such funds to originate a variety of consumer and business loans.

27

Balance Sheet Analysis

Overview. Total assets at June 30, 2013 were $130.1 million, an increase of $653 thousand from total assets of $129.4 million at March 31, 2013. Total liabilities increased $697 thousand from $118.0 million at March 31, 2013 to $118.7 million at June 30, 2013. Total stockholders’ equity decreased $44 thousand to $11.4 million at March 31, 2013, reflecting a $72,000 decrease in other comprehensive income, partially offset by net income of $33,000.

Loans. At June 30, 2013, total loans, net, were $86.1 million, or 66.2% of total assets. Overall loans decreased by $2.3 million, primarily due to payoffs of loans exceeding new loan production for the quarter. Commercial and multi-family real estate loans decreased by $891 thousand, residential real estate loans decreased by $1.3 million, home equity loans decreased by $28 thousand and commercial loans decreased by $46 thousand.

Total nonperforming loans at June 30, 2013 decreased $549 thousand from March 31, 2013 primarily due to a decrease in non-accrual loans as a result of the payoff of two residential loans totaling $285 thousand and one consumer loan of $463, the return to current status on two home equity loans totaling $245 thousand and the charge-off of one commercial loan in the amount of $49 thousand, partially offset by the addition of two residential mortgages totaling $83 thousand to non-accrual status.

Securities. The investment securities portfolio was $28.0 million, or 21.5% of total assets, at June 30, 2013. At that date, 6.5% of the investment portfolio was invested in mortgage-backed securities, while the remainder was invested primarily in U.S. Government agency and other debt securities. Investment securities increased $5.7 million compared to March 31, 2013. The increase was primarily due to purchases of debt securities.

Deposits. Total deposits were $117.9 million at June 30, 2013, an increase of $884 thousand compared to March 31, 2013. Deposits increased as we made a conscious effort to attract core deposits and reduce our reliance on high costing time deposits. Core deposits grew for the three months by $2.0 million while time deposits decreased by $1.1 million.

Results of Operations for the Three Months Ended June 30, 2013 and 2012

Financial Highlights. Net income for the three months ended June 30, 2013 was $33 thousand as compared to net income of $50 thousand for the same period in the prior year. The decrease in net income for the three month period was primarily the result of lower net interest income, a slight increase in the provision for loan losses and lower noninterest income, which were partially offset by lower noninterest expenses.

Net Interest Income. Net interest income decreased $40 thousand to $1.0 million for the three months ended June 30, 2013 from $1.0 million for the three months ended June 30, 2012. Delanco Federal saw a decrease in both the interest rate spread (13 basis points) and net interest margin (1 basis point) for the three month period compared to the prior year period. The lower volume of interest-earning assets combined with lower rates earned on assets resulted in a 10.3% decrease in total interest income for the three months ending June 30, 2013 compared to the three months ended June 30, 2012. Total interest expense decreased by 32.3% between the same periods.

Average loans in the three months ended June 30, 2013 decreased $8.7 million, or 9.0%, compared with the same period in 2012, driven primarily by payoffs of higher yielding loans. Average investment securities in the three months ended June 30, 2013 increased $5.1 million, or 24.1%, compared to the same period in 2012. The increase in the investment portfolio was due to purchases of debt securities. Declining interest rates decreased the average yield on earning assets to 4.05% for the three months ended June 30, 2013, compared with 4.42% for the same period in 2012.

28

Average interest-bearing deposits in the three months ended June 30, 2013 decreased $4.1 million or 3.5%, compared with the same period in 2012. Declining interest rates decreased the average cost of deposits to 0.73%, compared with 0.97% for the same period in 2012.

Provision for Loan Losses. Following a review of the adequacy of the remaining allowance after impaired loan charges and other charge-offs, Delanco Federal’s loan committee determined that the provisions for loan losses needed to provide an adequate allowance were $90 thousand in the three months ended June 30, 2013 compared to $80 thousand in the three months ended June 30, 2012. Net charge-offs totaled $63 thousand in the three months ended June 30, 2013, compared to $1 thousand in net recoveries in the same prior year period.

Noninterest Income. Non-interest income decreased $18 thousand in the three month period ending June 30, 2013 compared to the three month period ended June 30, 2012 due to the increase in loss on sale of real estate owned partially offset by the increase in rental income and service fee income.

Noninterest Expense. Non-interest expenses decreased $62 thousand in the three months ending June 30, 2013 compared to the three months ended June 30, 2012 primarily due to decrease in salaries and employee benefit expense, real estate owned reserves and office occupancy expenses.

Liquidity Management 

Liquidity is the ability to meet current and future financial obligations of a short-term nature. Our primary sources of funds consist of deposit inflows, loan repayments, maturities of and payments on investment securities and borrowings from the Federal Home Loan Bank of New York, Atlantic Central Bankers Bank and the Federal Reserve Bank of Philadelphia. While maturities and scheduled amortization of loans and securities are predictable sources of funds, deposit flows and mortgage prepayments are greatly influenced by general interest rates, economic conditions and competition.

We regularly adjust our investments in liquid assets based upon our assessment of (1) expected loan demand, (2) expected deposit flows, (3) yields available on interest-earning deposits and securities and (4) the objectives of our asset/liability management policy.

Our most liquid assets are cash and cash equivalents. The levels of these assets depend on our operating, financing, lending and investing activities during any given period. At June 30, 2013, cash and cash equivalents totaled $4.7 million. At June 30, 2013, we had no outstanding borrowings and had arrangements to borrow up to $10.2 million from the Federal Home Loan Bank of New York and $1 million from Atlantic Central Bankers Bank.

At June 30, 2013, substantially all of our investment securities were classified as held to maturity. We have classified our investments in this manner, rather than as available for sale, because they were purchased primarily to provide a source of income and not to provide liquidity. We anticipate that a portion of future investments will be classified as available for sale in order to give us greater flexibility in the management of our investment portfolio.

A significant use of our liquidity is the funding of loan originations. At June 30, 2013, we did not have any loan commitments outstanding. We had $6.1 million in unused lines of credit. Historically, many of the lines of credit expire without being fully drawn; therefore, the total commitment amounts do not necessarily represent future cash requirements. Another significant use of our liquidity is the funding of deposit withdrawals. Certificates of deposit due within one year of June 30, 2013 totaled $34.9 million, or 65.1% of certificates of deposit. The large percentage of certificates of deposit that mature within one year reflects customers’ hesitancy to invest their funds for long periods in the recent low interest rate environment. If these maturing deposits do not remain with us, we will be required to seek other sources of funds, including other certificates of deposit and borrowings. Depending on market conditions, we may be required to pay higher rates on such deposits or other borrowings than we currently pay on the certificates of deposit due on or before June 30, 2014. We believe, however, based on past experience that a significant portion of our certificates of deposit will remain with us. We have the ability to attract and retain deposits by adjusting the interest rates offered.

29

Our primary investing activities are the origination and purchase of loans and the purchase of securities. Our primary financing activities consist of activity in deposit accounts and Federal Home Loan Bank advances. Deposit flows are affected by the overall level of interest rates, the interest rates and products offered by us and our local competitors and other factors. We generally manage the pricing of our deposits to be competitive. Occasionally, we offer promotional rates on certain deposit products to attract deposits.

The Company is a separate entity and apart from the Bank and must provide for its own liquidity. As of June 30, 2013, the Company had $13 thousand in cash and cash equivalents compared to $296 thousandas of June 30, 2012.  Substantially all of the Company’s cash and cash equivalents were obtained from proceeds it retained from the Bank’s mutual-to-stock conversion completed in March 2007.  In addition to its operating expenses, Company may utilize its cash position for the payment of dividends or to repurchase common stock, subject to applicable restrictions.  

The Company can receive dividends from the Bank. Payment of such dividends to the Company by the Bank is limited under federal law. The amount that can be paid in any calendar year, without prior regulatory approval, cannot exceed the retained net earnings (as defined) for the year plus the preceding two calendar years. Under the terms of its written agreement with the OCC, the Bank is not permitted to pay dividends without prior regulatory approval. In addition, at the request of the Federal Reserve, the Company has adopted resolutions that prohibit it from declaring or paying any dividends or taking any dividends or other distributions that would reduce the capital of the Bank without the prior written consent of the Federal Reserve.

Capital Management. We are subject to various regulatory capital requirements administered by the OCC, including a risk-based capital measure. The risk-based capital guidelines include both a definition of capital and a framework for calculating risk-weighted assets by assigning balance sheet assets and off-balance sheet items to broad risk categories. See note 23 of the notes to the financial statements.

Off-Balance Sheet Arrangements. In the normal course of operations, we engage in a variety of financial transactions that, in accordance with generally accepted accounting principles are not recorded in our financial statements. These transactions involve, to varying degrees, elements of credit, interest rate and liquidity risk. Such transactions are used primarily to manage customers’ requests for funding and take the form of loan commitments and lines of credit.

For the quarter ended June 30, 2013, we did not engage in any off-balance sheet transactions reasonably likely to have a material effect on our financial condition, results of operations or cash flows.

Item 3.    Quantitative and Qualitative Disclosures About Market Risk

Not applicable as the Company is a smaller reporting company.

30

Item 4.    Controls and Procedures

The Company’s management, including the Company’s principal executive officer and principal financial officer, have evaluated the effectiveness of the Company’s “disclosure controls and procedures,” as such term is defined in Rule 13a-15(e) promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Based upon their evaluation, the principal executive officer and principal financial officer concluded that, as of the end of the period covered by this report, the Company’s disclosure controls and procedures were effective for the purpose of ensuring that the information required to be disclosed in the reports that the Company files or submits under the Exchange Act with the Securities and Exchange Commission (the “SEC”) (1) is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and (2) is accumulated and communicated to the Company’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure. There have been no changes in the Company’s internal control over financial reporting identified in connection with the evaluation required by Rule 13(a)-15(e) that occurred during the Company’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

Part II. Other Information

Item 1.      Legal Proceedings

Delanco Bancorp is not involved in any pending legal proceedings. Delanco Federal Savings Bank is not involved in any pending legal proceedings other than routine legal proceedings occurring in the ordinary course of business. Such routine legal proceedings, in the aggregate, are believed by management to be immaterial to its financial condition and results of operations.

Item 1A. Risk Factors

Other than as set forth below, there are no material changes from the risk factors set forth under Part I, Item 1A. “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended March 31, 2013, which could materially and adversely affect the Company’s business, financial condition or future results. The risks described in the Company’s Annual Report on Form 10-K are not the only risks that the Company faces. Additional risks and uncertainties not currently known to the Company or that the Company currently deems to be immaterial also may materially adversely affect the Company’s business, financial condition and/or operating results.

Item 2.      Unregistered Sales of Equity Securities and Use of Proceeds

Not Applicable.

Item 3.      Defaults upon Senior Securities

Not Applicable.

Item 4.      Mine Safety Disclosures.

Not Applicable.

Item 5.      Other Information

None.

31

Item 6.      Exhibits

31.1 Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer

31.1 Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer

32.0 Section 1350 Certification

32

Signatures

In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

	DELANCO BANCORP, INC.
Dated: August 14, 2013	By:	/s/ James E. Igo
		James E. Igo
		Chairman, President and Chief Executive Officer
Dated: August 14, 2013	By:	/s/ Eva Modi
		Eva Modi
		Chief Financial Officer

EX-31

Exhibit 31.1

Certification

I, James E. Igo, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Delanco Bancorp, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report, based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

      

 Date: August 14, 2013  /s/ James E. Igo                James E. Igo President and Chief Executive Officer

EX-31

Exhibit 31.2

Certification

I, Eva Modi, certify that:

1.  I have reviewed this quarterly report on Form 10-Q of Delanco Bancorp, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report, based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 Date: August 14, 2013                  /s/ Eva Modi                Eva Modi Chief Financial Officer

         

EX-32

Exhibit 32.0

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADDED BY

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Delanco Bancorp, Inc. (the “Company”) on Form 10-Q for the quarterly period ended June 30, 2013, as filed with the Securities and Exchange Commission (the “Report”), we hereby certify pursuant to 18 U.S.C. Section 1350, as added by Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in this Report fairly presents, in all material respects, the consolidated financial condition and results of the Company as of and for the period covered by this Report.

By:	/s/ James E. Igo                James E. Igo President and Chief Executive Officer August 14, 2013
By:	/s/ Eva Modi                Eva Modi Chief Financial Officer August 14, 2013

XML

Note 10 - Investment Securities

3 Months Ended

Jun. 30, 2013

Investments, Debt and Equity Securities [Abstract]

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 June 30, 2013 and March 31, 2013 are as follows:

	Held-to-Maturity June 30, 2013
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
(Dollars in Thousands)
Federal Farm Credit Bank Bond	$	5,444	$	─	$	(340	)	$	5,104
Federal Home Loan Bank Bonds		6,591		1		(396	)		6,196
Federal Home Loan Mortgage		1,997		─		(134	)		1,863
Corporation Bonds
Federal National Mortgage Association		9,498		18		(412	)		9,104
Municipal Bond		587		5		─			592
		24,117		24		(1,282	)		22,859
Mortgage-Backed Securities:
Federal Home Loan Mortgage Corporation		814		49		(1	)		862
Federal National Mortgage Association		717		56		─			773
Government National Mortgage Corporation		282		10		(1	)		291
		1,813		115		(2	)		1,926
Total	$	25,930	$	139	$	(1,284	)	$	24,785

	Held-to-Maturity March 31, 2013
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
(Dollars in Thousands)
Federal Home Loan Bank Bonds	$	4,591	$	5	$	(18	)	$	4,578
Federal Farm Credit Bonds		3,444		1		(16	)		3,429
Federal Home Loan Mortgage
Corporation Bonds		500				(2	)		498
Federal National Mortgage Association Bond		9,500		49		(10	)		9,539
Municipal Bond		64		─		─			64
		18,099		55		(46	)		18,108
Mortgage-backed securities:
Federal Home Loan Mortgage Corporation		965		65		─			1,030
Federal National Mortgage Association		781		64		─			845
Government National Mortgage Corporation		293		11		(1	)		303
		2,039		140		(1	)		2,178
Total	$	20,138	$	195	$	(47	)	$	20,286

	Available for Sale June 30, 2013
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Federal Home Loan Bank Bonds	$	1,500	$	─	$	(76	)	$	1,424
Federal National Mortgage Association Bond		500		─		(51	)		449
Mutual Fund Shares		210		─		(3	)		207
	$	2,210	$	─	$	(130	)	$	2,080

	Available for Sale March 31, 2013
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Federal Home Loan Bank Bonds	$	1,500	$	1	$	(5	)	$	1,496
Federal National Mortgage Association Bond		500		─		(11	)		489
Mutual Fund Shares		217		5		─			222
	$	2,217	$	6		(16	)	$	2,207

The following is a summary of maturities of securities held-to-maturity and available-for-sale as of June 30, 2013 and March 31, 2013:

	June 30, 2013
	Held to Maturity				Available for Sale
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
(Dollars in Thousands)
Amounts maturing in:
One year or less	$	587	$	592	$	─	$	─
After one year through five years		1,004		1,014		─		─
After five years through ten years		6,419		6,130		─		─
After ten years		17,920		17,049		2,000		1,873
Equity securities						210		207
	$	25,930	$	24,785	$	2,210	$	2,080

	March 31, 2013
	Held to Maturity				Available for Sale
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
(Dollars in Thousands)
Amounts maturing in:
One year or less	$	64	$	64	$	─	$	─
After one year through five years		1,005		1,029		─		─
After five years through ten years		6,422		6,418		─		─
After ten years		12,647		12,775		2,000		1,985
Equity securities		─		─		217		222
	$	20,138	$	20,286	$	2,217	$	2,207

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 June 30, 2013 and March 31, 2013, aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows:

	June 30, 2013
	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	$	7,119	$	(472	)	$	─	$	─	$	7,119	$	(472	)
Federal Farm Credit Bonds		5,104		(340	)		─		─		5,104	$	(340	)
Federal Home Loan Mortgage Corporation Bonds		1,863		(134	)		─		─		1,863		(134	)
Federal National Mortgage Association		9,035		(463	)		─		─		9,035		(463	)
		23,121		(1,409	)		─		─		23,121	$	(1,409	)
Mortgage-Backed Securities:
Federal Home Loan Mortgage Corporation	$	211	$	(1	)	$	─	$	─	$	211	$	(1	)
Federal National Mortgage Association		─		─			─		─		─		─
Government National Mortgage Corporation		32		(1	)		─		─		32		(1	)
		243		(2	)		─		─		243	$	(2	)
Mutual Fund Shares		210		(3	)		─		─		210	$	(3	)
		210		(3	)		─		─		210		(3	)
Total	$	23,574	$	(1,414	)	$	─	$	─	$	23,574	$	(1,414	)

	March 31, 2013
	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	$	2,454	$	(22	)	$	─	$	─		$	2,454	$	(22	)
Federal Farm Credit Bonds		2,428		(17	)		─		─			2,428		(17	)
Federal Home Loan Mortgage Corporation Bonds		498		(2	)		─		─			498		(2	)
Federal National Mortgage Association		1,979		(21	)		─		─			1,979		(21	)
		7,359		(62	)							7,359		(62	)
Mortgage-Backed Securities:
Government National Mortgage Corporation	$	─	$	─		$	31	$	(1	)	$	31	$	(1	)
Total	$	7,359	$	(62	)	$	31	$	( 1	)	$	7,390	$	(63	)

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.

At June 30, 2013, the 50 debt securities with unrealized losses have depreciated 5.0% from the Bank’s amortized cost basis. These unrealized losses relate principally to current interest rates for similar types of securities. In analyzing an issuer’s financial condition, management considers whether the securities are issued by the federal government, its agencies, or other governments, whether downgrades by bond rating agencies have occurred, and the results of reviews of the issuer’s financial condition. As management has the ability to hold debt securities until maturity, or for the foreseeable future if classified as available-for-sale, no declines are deemed to be other-than-temporary.

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Consolidated Statements of Income (Unaudited) (USD $)	3 Months Ended
	Jun. 30, 2013	Jun. 30, 2012
INTEREST INCOME
Loans	$ 1,046,426	$ 1,193,712
Investment securities	159,343	149,838
Total interest income	1,205,769	1,343,550
INTEREST EXPENSE
Interest-bearing checking accounts	10,090	9,046
Passbook and money market accounts	32,862	52,568
Certificates of deposits	161,577	241,514
Federal Home Loan Bank Advances	0	0
Total interest expense	204,529	303,128
Net interest income	1,001,240	1,040,422
Provision for loan losses	90,000	80,000
Net interest income after provision for loan losses	911,240	960,422
NON-INTEREST INCOME
Income from bank-owned life insurance	5,809	6,080
Gain (loss) on sale of real estate owned	(34,096)	869
Service charges	35,035	30,688
Rental income	38,278	24,426
Other	4,241	4,931
Total non-interest income	49,267	66,994
NON-INTEREST EXPENSE
Salaries and employee benefits	395,144	414,694
Advertising	5,912	5,876
Office supplies, telephone and postage	15,696	22,532
Loan expenses	62,548	72,075
Net occupancy expense	151,107	173,167
Real estate owned loss reserve		25,000
Federal insurance premiums	53,447	53,920
Data processing expenses	56,122	53,631
ATM expenses	6,917	6,408
Bank charges and fees	17,034	17,673
Insurance and surety bond premiums	21,382	19,536
Dues and subscriptions	4,588	4,293
Professional fees	69,537	66,337
Real estate owned expense	40,127	15,340
Other	21,436	32,191
Total non-interest expense	920,997	982,673
INCOME BEFORE INCOME TAX EXPENSE	39,510	44,743
Income taxes expense (benefit)	5,800	(4,796)
NET INCOME	$ 33,710	$ 49,539
INCOME PER COMMON SHARE (in Dollars per share)	$ 0.02	$ 0.03

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Note 2 - Use of Estimates

3 Months Ended

Jun. 30, 2013

Policy Text Block [Abstract]

Use of Estimates, Policy [Policy Text Block]

(2)           Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.  Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for losses on loans and the evaluation of deferred taxes.

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Note 8 - Fair Value of Financial Instruments (Details) - Assets and Liabilities Measured at Fair Value on a Recurring Basis (USD $)	Jun. 30, 2013	Mar. 31, 2013
Note 8 - Fair Value of Financial Instruments (Details) - Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items]
Available-for-sale securities	$ 2,079,362	$ 2,207,018
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Note 8 - Fair Value of Financial Instruments (Details) - Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items]
Available-for-sale securities	2,079,000	2,207,000
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Note 8 - Fair Value of Financial Instruments (Details) - Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items]
Available-for-sale securities	$ 0	$ 0

XML

Note 5 - Earnings Per Share (Tables)

3 Months Ended

Jun. 30, 2013

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	Three Months Ended June 30,
	2013		2012
Numerator	$	33,710	$	49,539
Denominators:
Basic shares outstanding		1,589,868		1,586,664
Effect of dilutive securities
Dilutive shares outstanding		1,589,868		1,586,664
Earnings per share:
Basic	$	0.02	$	0.03
Dilutive	$	0.02	$	0.03

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Note 9 - Loans (Details) - Allowance for Loan Losses (USD $)	3 Months Ended		12 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Mar. 31, 2013	Mar. 31, 2012
Financing Receivable, Allowance for Credit Losses [Line Items]
Balance	$ 1,023,614		$ 1,032,818	$ 1,161,000
Ending balance for loans individually evaluated for impairment	4,781,000
Ending balance for loans collectively evaluated for impairment	82,439,000
Ending balance	87,220,000
Ending balance: loans individually evaluated for impairment	4,781,000
Ending balance: loans collectively evaluated for impairment	82,439,000
Loan charge-offs	(105,000)
Recoveries	6,000		40,000
Provision for loan losses	90,000	80,000	640,000
Commercial Loan [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Balance	45,000		44,000
Ending balance for loans individually evaluated for impairment	186,000
Ending balance for loans collectively evaluated for impairment	934,000
Ending balance	1,120,000
Ending balance: loans individually evaluated for impairment	186,000
Ending balance: loans collectively evaluated for impairment	934,000
Loan charge-offs	(49,000)		0
Recoveries	0
Provision for loan losses	50,000		4,000
Commercial Real Estate [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Balance	382,000		378,000
Ending balance for loans individually evaluated for impairment	2,182,000
Ending balance for loans collectively evaluated for impairment	9,330,000
Ending balance	11,512,000
Ending balance: loans individually evaluated for impairment	2,182,000
Ending balance: loans collectively evaluated for impairment	9,330,000
Loan charge-offs	(10,000)		(686,000)
Recoveries	1,000
Provision for loan losses	13,000		587,000
Residential Real Estate Loans [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Balance	475,000		485,000
Ending balance for loans individually evaluated for impairment	2,364,000
Ending balance for loans collectively evaluated for impairment	62,914,000
Ending balance	65,278,000
Ending balance: loans individually evaluated for impairment	2,364,000
Ending balance: loans collectively evaluated for impairment	62,914,000
Loan charge-offs	(46,000)		(27,000)
Recoveries	0
Provision for loan losses	36,000		20,000
Home Equity Line of Credit [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Balance	49,000		48,000
Ending balance for loans individually evaluated for impairment	49,000
Ending balance for loans collectively evaluated for impairment	8,289,000
Ending balance	8,338,000
Ending balance: loans individually evaluated for impairment	49,000
Ending balance: loans collectively evaluated for impairment	8,289,000
Loan charge-offs	0		(29,000)
Recoveries	0
Provision for loan losses	1,000		19,000
Consumer Loan [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Balance	73,000		77,000
Ending balance for loans individually evaluated for impairment	0
Ending balance for loans collectively evaluated for impairment	922,000
Ending balance	922,000
Ending balance: loans individually evaluated for impairment	0
Ending balance: loans collectively evaluated for impairment	922,000
Loan charge-offs	0		(66,000)
Recoveries	5,000
Provision for loan losses	(9,000)		14,000
Construction [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Balance	0		1,000
Ending balance for loans individually evaluated for impairment	0
Ending balance for loans collectively evaluated for impairment	50,000
Ending balance	50,000
Ending balance: loans individually evaluated for impairment	0
Ending balance: loans collectively evaluated for impairment	50,000
Loan charge-offs	0
Recoveries	0
Provision for loan losses	$ (1,000)		$ (4,000)

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Note 8 - Fair Value of Financial Instruments (Details) - Off-Balance Sheet Instruments (Commitments to Extend Credit [Member], USD $)	Jun. 30, 2013	Mar. 31, 2013
Reported Value Measurement [Member]
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Commitments to extend credit	$ 6,128	$ 5,893
Estimate of Fair Value Measurement [Member]
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Commitments to extend credit	$ 0	$ 0

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Note 8 - Fair Value of Financial Instruments (Details) - Estimated Fair Value of Assets and Liabilities (USD $)	Jun. 30, 2013	Mar. 31, 2013	Jun. 30, 2012	Mar. 31, 2012
Financial Assets:
Cash and cash equivalents	$ 4,653,859	$ 6,722,766	$ 7,604,641	$ 6,649,685
Investment securities	28,140,000	22,355,000
Loans – net	86,084,478	88,419,084
FHLB stock	181,300	202,500
Accrued interest receivable	447,360	427,736
Bank–owned life insurance	159,398	153,588
Real estate owned	2,155,566	2,469,800		846,000
Total financial assets	130,068,132	129,414,582
Financial Liabilities:
Deposits	117,918,374	117,034,114
Advance payments by borrowers for taxes and insurance	373,818	366,604
Accrued interest payable	7,000	9,000
Total financial liabilities	118,716,845	118,020,002
Financial Liabilities [Member] | Fair Value, Inputs, Level 1 [Member]
Financial Liabilities:
Total financial liabilities	7,337,000	7,249,000
Financial Liabilities [Member] | Fair Value, Inputs, Level 2 [Member]
Financial Liabilities:
Total financial liabilities	111,947,000	111,233,000
Financial Liabilities [Member]
Financial Liabilities:
Total financial liabilities	118,299,000	117,410,000
Financial Assets [Member] | Fair Value, Inputs, Level 1 [Member]
Financial Assets:
Total financial assets	5,441,000	7,508,000
Financial Assets [Member] | Fair Value, Inputs, Level 2 [Member]
Financial Assets:
Total financial assets	26,865,000	22,493,000
Financial Assets [Member] | Fair Value, Inputs, Level 3 [Member]
Financial Assets:
Total financial assets	89,625,000	93,770,000
Financial Assets [Member]
Financial Assets:
Total financial assets	121,821,000	120,752,000
Fair Value, Inputs, Level 1 [Member]
Financial Assets:
Cash and cash equivalents	4,654,000	6,723,000
Loans – net		0
FHLB stock	181,000	203,000
Accrued interest receivable	447,000	428,000
Bank–owned life insurance	159,000	154,000
Financial Liabilities:
Deposits	6,956,000	6,873,000
Advance payments by borrowers for taxes and insurance	374,000	367,000
Accrued interest payable	7,000	9,000
Fair Value, Inputs, Level 2 [Member]
Financial Assets:
Investment securities	26,865,000	22,493,000
Financial Liabilities:
Deposits	111,947,000	111,233,000
Fair Value, Inputs, Level 3 [Member]
Financial Assets:
Loans – net	87,469,000	91,300,000
Real estate owned	$ 2,156,000	$ 2,470,000

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Note 9 - Loans (Details) - Nonaccrual Loans (USD $)	3 Months Ended	12 Months Ended
	Jun. 30, 2013	Mar. 31, 2013	Mar. 31, 2012
Non-accrual loans:
Non-accrual Loans	$ 2,316,000	$ 2,816,000
Trouble Debt Restructurings	3,481,000	3,529,000
Total non-performing loans	5,797,000	6,345,000
Real estate owned	2,155,566	2,469,800	846,000
Total non-performing assets	7,953,000	8,815,000
Non-performing loans as a percentage of loans	6.65%	7.08%
Non-performing assets as a percentage of loans and real estate owned	8.91%	9.58%
Non-performing assets as percentage of total assets	6.11%	6.81%
In Non-accrual Status [Member] | Residential (One to Four Family) Real Estate [Member]
Non-accrual loans:
Trouble Debt Restructurings	549,000	550,000
In Non-accrual Status [Member] | Multi-Family and Commercial Real Estate [Member]
Non-accrual loans:
Trouble Debt Restructurings	996,000	1,001,000
In Non-accrual Status [Member] | Commercial Loan [Member]
Non-accrual loans:
Trouble Debt Restructurings	0	0
In Non-accrual Status [Member] | Consumer Loan [Member]
Non-accrual loans:
Trouble Debt Restructurings	0	0
In Non-accrual Status [Member] | Home Equity Line of Credit [Member]
Non-accrual loans:
Trouble Debt Restructurings	0	0
In Non-accrual Status [Member] | Construction [Member]
Non-accrual loans:
Trouble Debt Restructurings	0	0
In Non-accrual Status [Member]
Non-accrual loans:
Trouble Debt Restructurings	1,545,000	1,551,000
Performing Under Modified Terms [Member] | Residential (One to Four Family) Real Estate [Member]
Non-accrual loans:
Trouble Debt Restructurings	751,000	788,000
Performing Under Modified Terms [Member] | Multi-Family and Commercial Real Estate [Member]
Non-accrual loans:
Trouble Debt Restructurings	1,135,000	1,139,000
Performing Under Modified Terms [Member] | Commercial Loan [Member]
Non-accrual loans:
Trouble Debt Restructurings	0	0
Performing Under Modified Terms [Member] | Consumer Loan [Member]
Non-accrual loans:
Trouble Debt Restructurings	0	0
Performing Under Modified Terms [Member] | Home Equity Line of Credit [Member]
Non-accrual loans:
Trouble Debt Restructurings	0	0
Performing Under Modified Terms [Member] | Construction [Member]
Non-accrual loans:
Trouble Debt Restructurings	50,000	51,000
Performing Under Modified Terms [Member]
Non-accrual loans:
Trouble Debt Restructurings	1,936,000	1,978,000
Residential (One to Four Family) Real Estate [Member]
Non-accrual loans:
Non-accrual Loans	894,000	992,000
Multi-Family and Commercial Real Estate [Member]
Non-accrual loans:
Non-accrual Loans	1,187,000	1,302,000
Commercial Loan [Member]
Non-accrual loans:
Non-accrual Loans	186,000	235,000
Consumer Loan [Member]
Non-accrual loans:
Non-accrual Loans	0	0
Home Equity Line of Credit [Member]
Non-accrual loans:
Non-accrual Loans	49,000	287,000
Construction [Member]
Non-accrual loans:
Non-accrual Loans	$ 0	$ 0

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Note 10 - Investment Securities (Details) - Held-to-Maturity Securities (USD $)	3 Months Ended	12 Months Ended
	Jun. 30, 2013	Mar. 31, 2013
Schedule of Held-to-maturity Securities [Line Items]
Held-to-Maturity Securities - Amortized Cost	$ 25,930,000	$ 20,138,000
Held-to-Maturity Securities - Gross Unrealized Gains	139,000	195,000
Held-to-Maturity Securities - Gross Unrealized Losses	(1,284,000)	(47,000)
Held-to-Maturity Securities - Fair Value	24,784,858	20,285,670
Federal Farm Credit Bonds [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-Maturity Securities - Amortized Cost	5,444,000	3,444,000
Held-to-Maturity Securities - Gross Unrealized Gains	0	1,000
Held-to-Maturity Securities - Gross Unrealized Losses	(340,000)	(16,000)
Held-to-Maturity Securities - Fair Value	5,104,000	3,429,000
Federal Home Loan Bank Bonds [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-Maturity Securities - Amortized Cost	6,591,000	4,591,000
Held-to-Maturity Securities - Gross Unrealized Gains	1,000	5,000
Held-to-Maturity Securities - Gross Unrealized Losses	(396,000)	(18,000)
Held-to-Maturity Securities - Fair Value	6,196,000	4,578,000
Federal Home Loan Mortgage [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-Maturity Securities - Amortized Cost	1,997,000
Held-to-Maturity Securities - Gross Unrealized Gains	0
Held-to-Maturity Securities - Gross Unrealized Losses	(134,000)
Held-to-Maturity Securities - Fair Value	1,863,000
Corporation Bonds [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-Maturity Securities - Amortized Cost		500,000
Held-to-Maturity Securities - Gross Unrealized Losses		(2,000)
Held-to-Maturity Securities - Fair Value		498,000
Federal National Mortgage Association [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-Maturity Securities - Amortized Cost	9,498,000	9,500,000
Held-to-Maturity Securities - Gross Unrealized Gains	18,000	49,000
Held-to-Maturity Securities - Gross Unrealized Losses	(412,000)	(10,000)
Held-to-Maturity Securities - Fair Value	9,104,000	9,539,000
Municipal Bond [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-Maturity Securities - Amortized Cost	587,000	64,000
Held-to-Maturity Securities - Gross Unrealized Gains	5,000	0
Held-to-Maturity Securities - Gross Unrealized Losses	0	0
Held-to-Maturity Securities - Fair Value	592,000	64,000
Total Bonds [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-Maturity Securities - Amortized Cost	24,117,000	18,099,000
Held-to-Maturity Securities - Gross Unrealized Gains	24,000	55,000
Held-to-Maturity Securities - Gross Unrealized Losses	(1,282,000)	(46,000)
Held-to-Maturity Securities - Fair Value	22,859,000	18,108,000
Federal Home Loan Mortgage Corporation [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-Maturity Securities - Amortized Cost	814,000	965,000
Held-to-Maturity Securities - Gross Unrealized Gains	49,000	65,000
Held-to-Maturity Securities - Gross Unrealized Losses	(1,000)	0
Held-to-Maturity Securities - Fair Value	862,000	1,030,000
Federal National Mortgage Association Mortgage Backed Securities [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-Maturity Securities - Amortized Cost	717,000	781,000
Held-to-Maturity Securities - Gross Unrealized Gains	56,000	64,000
Held-to-Maturity Securities - Gross Unrealized Losses	0	0
Held-to-Maturity Securities - Fair Value	773,000	845,000
Government National Mortgage Corporation [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-Maturity Securities - Amortized Cost	282,000	293,000
Held-to-Maturity Securities - Gross Unrealized Gains	10,000	11,000
Held-to-Maturity Securities - Gross Unrealized Losses	(1,000)	(1,000)
Held-to-Maturity Securities - Fair Value	291,000	303,000
Total Mortgage-Backed Securities [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-Maturity Securities - Amortized Cost	1,813,000	2,039,000
Held-to-Maturity Securities - Gross Unrealized Gains	115,000	140,000
Held-to-Maturity Securities - Gross Unrealized Losses	(2,000)	(1,000)
Held-to-Maturity Securities - Fair Value	$ 1,926,000	$ 2,178,000

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Note 9 - Loans (Details) - Past-Due Loans (USD $)	Jun. 30, 2013	Mar. 31, 2013
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, 30-59 Days Past Due	$ 1,893,000
Loans, 60- 89 Days Past Due	1,415,000
Loans, Greater than 90 Days Past Due	3,861,000
Loans, Total Past Due	7,169,000
Loans, Current	80,051,000
Loans, Total Loan Balances	87,220,000	89,570,000
Percentage of Total Loans	2.17%
Percentage of Total Loans	1.62%
Percentage of Total Loans	4.43%
Percentage of Total Loans	8.22%
Percentage of Total Loans	91.78%
Percentage of Total Loans	100.00%
Residential (One to Four Family) Real Estate [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, 30-59 Days Past Due	1,223,000
Loans, 60- 89 Days Past Due	800,000
Loans, Greater than 90 Days Past Due	1,443,000
Loans, Total Past Due	3,466,000
Loans, Current	61,812,000
Loans, Total Loan Balances	65,278,000	66,598,000
Multi-Family and Commercial Real Estate [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, 30-59 Days Past Due	525,000
Loans, 60- 89 Days Past Due	609,000
Loans, Greater than 90 Days Past Due	2,183,000
Loans, Total Past Due	3,317,000
Loans, Current	8,195,000
Loans, Total Loan Balances	11,512,000	12,402,000
Commercial Loan [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, 30-59 Days Past Due	0
Loans, 60- 89 Days Past Due	0
Loans, Greater than 90 Days Past Due	186,000
Loans, Total Past Due	186,000
Loans, Current	934,000
Loans, Total Loan Balances	1,120,000	1,166,000
Home Equity Line of Credit [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, 30-59 Days Past Due	128,000
Loans, 60- 89 Days Past Due	0
Loans, Greater than 90 Days Past Due	49,000
Loans, Total Past Due	177,000
Loans, Current	8,161,000
Loans, Total Loan Balances	8,338,000	8,361,000
Consumer Loan [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, 30-59 Days Past Due	17,000
Loans, 60- 89 Days Past Due	6,000
Loans, Greater than 90 Days Past Due	0
Loans, Total Past Due	23,000
Loans, Current	899,000
Loans, Total Loan Balances	922,000	960,000
Construction [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, 30-59 Days Past Due	0
Loans, 60- 89 Days Past Due	0
Loans, Greater than 90 Days Past Due	0
Loans, Total Past Due	0
Loans, Current	50,000
Loans, Total Loan Balances	$ 50,000	$ 83,000

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Note 10 - Investment Securities (Details) - Securities With Gross Unrealized Losses (USD $) In Thousands, unless otherwise specified	3 Months Ended	12 Months Ended
	Jun. 30, 2013	Mar. 31, 2013
Note 10 - Investment Securities (Details) - Securities With Gross Unrealized Losses [Line Items]
Less Than 12 Months, Fair Value	$ 23,574	$ 7,359
Less Than 12 Months, Gross Unrealized Losses	(1,414)	(62)
12 Months or Greater, Fair Value	0	31
12 Months or Greater, Gross Unrealized Losses	0	(1)
Total, Fair Value	23,574	7,390
Total, Gross Unrealized Losses	(1,414)	(63)
Federal Home Loan Bank Bonds [Member]
Note 10 - Investment Securities (Details) - Securities With Gross Unrealized Losses [Line Items]
Less Than 12 Months, Fair Value	7,119	2,454
Less Than 12 Months, Gross Unrealized Losses	(472)	(22)
12 Months or Greater, Fair Value	0	0
12 Months or Greater, Gross Unrealized Losses	0	0
Total, Fair Value	7,119	2,454
Total, Gross Unrealized Losses	(472)	(22)
Federal Farm Credit Bonds [Member]
Note 10 - Investment Securities (Details) - Securities With Gross Unrealized Losses [Line Items]
Less Than 12 Months, Fair Value	5,104	2,428
Less Than 12 Months, Gross Unrealized Losses	(340)	(17)
12 Months or Greater, Fair Value	0	0
12 Months or Greater, Gross Unrealized Losses	0	0
Total, Fair Value	5,104	2,428
Total, Gross Unrealized Losses	(340)	(17)
Federal Home Loan Mortgage Corporation Bonds [Member]
Note 10 - Investment Securities (Details) - Securities With Gross Unrealized Losses [Line Items]
Less Than 12 Months, Fair Value	1,863
Less Than 12 Months, Gross Unrealized Losses	(134)
12 Months or Greater, Fair Value	0
12 Months or Greater, Gross Unrealized Losses	0
Total, Fair Value	1,863
Total, Gross Unrealized Losses	(134)
Federal National Mortgage Association [Member]
Note 10 - Investment Securities (Details) - Securities With Gross Unrealized Losses [Line Items]
Less Than 12 Months, Fair Value	9,035	1,979
Less Than 12 Months, Gross Unrealized Losses	(463)	(21)
12 Months or Greater, Fair Value	0	0
12 Months or Greater, Gross Unrealized Losses	0	0
Total, Fair Value	9,035	1,979
Total, Gross Unrealized Losses	(463)	(21)
Total Bonds [Member]
Note 10 - Investment Securities (Details) - Securities With Gross Unrealized Losses [Line Items]
Less Than 12 Months, Fair Value	23,121	7,359
Less Than 12 Months, Gross Unrealized Losses	(1,409)	(62)
12 Months or Greater, Fair Value	0
12 Months or Greater, Gross Unrealized Losses	0
Total, Fair Value	23,121	7,359
Total, Gross Unrealized Losses	(1,409)	(62)
Federal Home Loan Mortgage Corporation [Member]
Note 10 - Investment Securities (Details) - Securities With Gross Unrealized Losses [Line Items]
Less Than 12 Months, Fair Value	211	498
Less Than 12 Months, Gross Unrealized Losses	(1)	(2)
12 Months or Greater, Fair Value	0	0
12 Months or Greater, Gross Unrealized Losses	0	0
Total, Fair Value	211	498
Total, Gross Unrealized Losses	(1)	(2)
Federal National Mortgage Association Mortgage Backed Securities [Member]
Note 10 - Investment Securities (Details) - Securities With Gross Unrealized Losses [Line Items]
Less Than 12 Months, Fair Value	0
Less Than 12 Months, Gross Unrealized Losses	0
12 Months or Greater, Fair Value	0
12 Months or Greater, Gross Unrealized Losses	0
Total, Fair Value	0
Total, Gross Unrealized Losses	0
Government National Mortgage Association [Member]
Note 10 - Investment Securities (Details) - Securities With Gross Unrealized Losses [Line Items]
Less Than 12 Months, Fair Value	32
Less Than 12 Months, Gross Unrealized Losses	(1)
12 Months or Greater, Fair Value	0	31
12 Months or Greater, Gross Unrealized Losses	0	(1)
Total, Fair Value	32	31
Total, Gross Unrealized Losses	(1)	(1)
Total Mortgage-Backed Securities [Member]
Note 10 - Investment Securities (Details) - Securities With Gross Unrealized Losses [Line Items]
Less Than 12 Months, Fair Value	243
Less Than 12 Months, Gross Unrealized Losses	(2)
12 Months or Greater, Fair Value	0
12 Months or Greater, Gross Unrealized Losses	0
Total, Fair Value	243
Total, Gross Unrealized Losses	(2)
Mutual Fund Shares [Member]
Note 10 - Investment Securities (Details) - Securities With Gross Unrealized Losses [Line Items]
Less Than 12 Months, Fair Value	210
Less Than 12 Months, Gross Unrealized Losses	(3)
12 Months or Greater, Fair Value	0
12 Months or Greater, Gross Unrealized Losses	0
Total, Fair Value	210
Total, Gross Unrealized Losses	$ (3)

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Note 8 - Fair Value of Financial Instruments (Details) - Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis (USD $)	Jun. 30, 2013	Mar. 31, 2013
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | Fair Value, Inputs, Level 1 [Member]
Note 8 - Fair Value of Financial Instruments (Details) - Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis [Line Items]
Impaired loans	$ 0	$ 0
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | Fair Value, Inputs, Level 2 [Member]
Note 8 - Fair Value of Financial Instruments (Details) - Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis [Line Items]
Impaired loans	0	0
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | Fair Value, Inputs, Level 3 [Member]
Note 8 - Fair Value of Financial Instruments (Details) - Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis [Line Items]
Impaired loans	5,797	6,346
Fair Value, Measurements, Nonrecurring [Member] | Real Estate Owned [Member] | Fair Value, Inputs, Level 1 [Member]
Note 8 - Fair Value of Financial Instruments (Details) - Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis [Line Items]
Real estate owned	0	0
Fair Value, Measurements, Nonrecurring [Member] | Real Estate Owned [Member] | Fair Value, Inputs, Level 2 [Member]
Note 8 - Fair Value of Financial Instruments (Details) - Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis [Line Items]
Real estate owned	0	0
Fair Value, Measurements, Nonrecurring [Member] | Real Estate Owned [Member] | Fair Value, Inputs, Level 3 [Member]
Note 8 - Fair Value of Financial Instruments (Details) - Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis [Line Items]
Real estate owned	2,156	2,470
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member]
Note 8 - Fair Value of Financial Instruments (Details) - Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis [Line Items]
Total	0	0
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member]
Note 8 - Fair Value of Financial Instruments (Details) - Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis [Line Items]
Total	0	0
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member]
Note 8 - Fair Value of Financial Instruments (Details) - Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis [Line Items]
Total	7,953	8,816
Fair Value, Inputs, Level 1 [Member]
Note 8 - Fair Value of Financial Instruments (Details) - Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis [Line Items]
Impaired loans		0
Fair Value, Inputs, Level 3 [Member]
Note 8 - Fair Value of Financial Instruments (Details) - Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis [Line Items]
Impaired loans	87,469,000	91,300,000
Real estate owned	$ 2,156,000	$ 2,470,000

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Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (USD $)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Unearned Employee Stock Ownership Plan [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Comprehensive Income [Member]	Total
Balance at March 31, 2013 at Mar. 31, 2013	$ 16,347	$ 6,570,852	$ 5,332,716	$ (448,567)	$ (76,768)		$ 11,394,580
Balance at March 31, 2013 (in Shares) at Mar. 31, 2013	1,634,725						1,634,725
Comprehensive income			33,710			33,710	33,710
Change in unrealized gain on securities available-for-sale, net of deferred income taxes of ($48,095)					(72,143)	(72,143)	(72,143)
Post retirement benefit plan adjustment net of deferred taxes of ($3,239 )					(4,860)	(4,860)	(4,860)
Total comprehensive income						(43,293)
Balance at June 30, 2013 at Jun. 30, 2013	$ 16,347	$ 6,570,852	$ 5,366,426	$ (448,567)	$ (153,771)		$ 11,351,287
Balance at June 30, 2013 (in Shares) at Jun. 30, 2013	1,634,725						1,634,725

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Consolidated Statements of Cash Flows (Unaudited) (USD $)	3 Months Ended
	Jun. 30, 2013	Jun. 30, 2012
Cash flow from operating activities
Net Income	$ 33,710	$ 49,539
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income taxes	(18,464)	(52,582)
Depreciation	68,229	67,709
Discount accretion net of premium amortization	4,069	587
Provision for loan losses	90,000	80,000
Income from bank owned life insurance	(5,809)	(6,080)
Loss (gain) on sale of real estate owned	34,096	(869)
(Increase) decrease in:
Accrued interest receivable	(19,624)	(42,473)
Other assets	291,606	86,789
Prepaid income taxes	(500)	160,250
Increase (decrease) in:
Accrued interest payable	(1,579)	(3,759)
Other liabilities	(193,053)	(20,526)
Net cash provided by operating activities	282,681	318,585
Cash flows from investing activities
Proceeds of securities available for sale	7,418	4,740
Purchases of securities held-to-maturity	(8,022,500)	(8,500,000)
Proceeds from maturities and principal repayments of securities held-to-maturity	2,226,077	4,143,653
Purchase of investment required by law – stock in Federal Home Loan Bank	21,200	16,600
Proceeds from sale of real estate owned	212,444	116,436
Net decrease in loans	2,312,299	4,872,671
Purchases of premises and equipment		(13,895)
Net cash provided by(used in) investing activities	(3,243,062)	640,205
Cash flows from financing activities
Net increase in deposits	884,260	8,970
Net (increase) decrease in advance payments by borrowers for taxes and insurance	7,214	(12,804)
Increase in Federal home Loan Bank Advances	0	0
Net cash provided by (used) in financing activities	891,474	(3,834)
Net (increase) decrease in cash and cash equivalents	(2,068,907)	954,956
Cash and cash equivalents, beginning of the period	6,722,766	6,649,685
Cash and cash equivalents, end of period	4,653,859	7,604,641
Supplemental Disclosures:
Cash paid during the period for interest	206,108	307,209
Cash paid during the period for income taxes	500	500
Loans transferred to foreclosed real estate during the period	0	176,113
Net change in unrealized gain on securities available-for-sale net of tax	$ (72,143)	$ 2,266

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Note 3 - Deferred Income Taxes

3 Months Ended

Jun. 30, 2013

Note 3 - Deferred Income Taxes [Line Items]

Income Tax Disclosure [Text Block]

(4)           Income Taxes

The Bank accounts for uncertainties in income taxes in accordance with Financial ASC Topic 740 “Accounting for Uncertainty in Income Taxes”. ASC Topic 740 prescribes a threshold and measurement process for recognizing in the financial statements a tax position taken or expected to be taken in a tax return. ASC Topic 740 also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition.  The Bank has determined that there are no significant uncertain tax positions requiring recognition in its financial statements.   

Tax years 2009 through 2012 remain subject to examination by Federal and New Jersey taxing authorities. In the event the Bank is assessed for interest and/or penalties by taxing authorities, such assessed amounts will be classified in the financial statements as income tax expense.

Deferred Income Taxes [Member]

Note 3 - Deferred Income Taxes [Line Items]

Income Tax Disclosure [Text Block]

(3)           Deferred Income Taxes

We use the asset and liability method of accounting for income taxes. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. We exercise significant judgment in evaluating the amount and timing of recognition of the resulting tax liabilities and assets. These judgments require us to make projections of future taxable income. The judgments and estimates we make in determining our deferred tax assets, which are inherently subjective, are reviewed on a continual basis as regulatory and business factors change.

The calculation of deferred taxes for GAAP capital differs from the calculation of deferred taxes for regulatory capital. For regulatory capital, deferred tax assets that are dependent upon future taxable income for realization are limited to the lesser of either the amount of deferred tax assets that the institution expects to realize within one year of the calendar quarter-end date, or 10% of Delanco Federal Savings Bank’s (the “Bank”) Tier I capital. As a result of this variance, our Tier I regulatory capital ratio is lower than our GAAP capital ratio by 77 basis points.

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Note 1 - Basis of Presentation

3 Months Ended

Jun. 30, 2013

Disclosure Text Block [Abstract]

Basis of Accounting [Text Block]

(1)           Basis of Presentation

The accompanying unaudited consolidated financial statements have been prepared in accordance with instructions for Form 10-Q and, therefore, do not include all disclosures necessary for a complete presentation of the financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP). However, all adjustments that are, in the opinion of management, necessary for the fair presentation of the interim financial statements have been included. Such adjustments were of a normal recurring nature. The results of operations for the three month period ended June 30, 2013 are not necessarily indicative of the results that may be expected for the entire year or any other interim period. For additional information, refer to the consolidated financial statements and footnotes thereto of Delanco Bancorp, Inc. (the “Company”) included in the Company’s annual report on Form 10-K for the year ended March 31, 2013.

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Note 10 - Investment Securities (Details) - Available for Sale Securities (USD $)	3 Months Ended	12 Months Ended
	Jun. 30, 2013	Mar. 31, 2013
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities amortized cost	$ 2,209,613	$ 2,217,032
Available for sale securities gross unrealized gains	0	6,000
Available for sale securities gross unrealized losses	(130,000)	(16,000)
Available for sale securities fair value	2,079,362	2,207,018
Federal Home Loan Bank Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities amortized cost	1,500,000	1,500,000
Available for sale securities gross unrealized gains	0	1,000
Available for sale securities gross unrealized losses	(76,000)	(5,000)
Available for sale securities fair value	1,424,000	1,496,000
Federal National Mortgage Association [Member]
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities amortized cost	500,000	500,000
Available for sale securities gross unrealized gains	0	0
Available for sale securities gross unrealized losses	(51,000)	(11,000)
Available for sale securities fair value	449,000	489,000
Mutual Fund Shares [Member]
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities amortized cost	210,000	217,000
Available for sale securities gross unrealized gains	0	5,000
Available for sale securities gross unrealized losses	(3,000)
Available for sale securities fair value	$ 207,000	$ 222,000

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Note 9 - Loans (Details) (USD $)	3 Months Ended	12 Months Ended	15 Months Ended
	Jun. 30, 2013	Mar. 31, 2013	Jun. 30, 2013
Note 9 - Loans (Details) [Line Items]
Maximum Loan to One Borrower Limitation, Percentage of Capital Funds	15.00%		15.00%
Maximum Loan to One Borrower Limitation	$ 1,700,000		$ 1,700,000
Additional Loan to One Borrower Limitation if Collateralized, Percentage of Adjusted Capital Funds	10.00%		10.00%
Additional Loan to One Borrower Limitation if Collateralized	1,100,000		1,100,000
Financing Receivable, Recorded Investment, Nonaccrual Status	2,316,000	2,816,000	2,316,000
Non-accrual Loans Receivable, Number of Positions	25		25
Impaired Financing Receivable, Average Recorded Investment	6,087,000	7,245,000
Impaired Financing Receivable, Interest Income, Cash Basis Method	42,000	168,000
Financing Receivable, Recorded Investment, Current	80,051,000		80,051,000
Loans and Leases Receivable, Nonperforming, Accrual of Interest	245,000		245,000
Financing Receivable, Allowance for Credit Losses, Write-downs	49,000
Allowance for Loan Loss to Loans Outstanding Ratio	1.17%		1.17%
Increase (Decrease) in Non-performing Assets			(863,000)
	6.11%	6.81%	6.11%
Including Troubled Debt Restructurings [Member]
Note 9 - Loans (Details) [Line Items]
Financing Receivable, Recorded Investment, Nonaccrual Status	3,900,000	4,400,000	3,900,000
Residential Mortgages [Member] | Downgraded Loans [Member]
Note 9 - Loans (Details) [Line Items]
Non-accrual Loans Receivable, Number of Positions	1		1
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest	77,000		77,000
Residential Mortgages [Member] | Removed from Non-Accrual [Member]
Note 9 - Loans (Details) [Line Items]
Financing Receivable, Recorded Investment, Current	140,000		140,000
Residential Mortgages [Member]
Note 9 - Loans (Details) [Line Items]
Non-accrual Loans Receivable, Number of Positions	1		1
Financing Receivable, Recorded Investment, Current	145,000		145,000
Home Equity Loans [Member] | Downgraded Loans [Member]
Note 9 - Loans (Details) [Line Items]
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest	8,000		8,000
Home Equity Loans [Member]
Note 9 - Loans (Details) [Line Items]
Financing Receivable, Recorded Investment, Current	463		463
Downgraded Loans [Member]
Note 9 - Loans (Details) [Line Items]
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest	85,000		85,000
Partial Charg-offs [Member]
Note 9 - Loans (Details) [Line Items]
Financing Receivable, Allowance for Credit Losses, Write-downs	10,000	56,000	741,699
Total Charge-offs [Member]
Note 9 - Loans (Details) [Line Items]
Financing Receivable, Allowance for Credit Losses, Write-downs	49,000	66,510
Nonaccrual Status [Member]
Note 9 - Loans (Details) [Line Items]
Increase (Decrease) in Finance Receivables	$ (506,000)

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Note 9 - Loans (Details) - Impaired Loans (USD $) In Thousands, unless otherwise specified	3 Months Ended	12 Months Ended
	Jun. 30, 2013	Mar. 31, 2013
Impaired Loans [Abstract]
Impaired loans for which a valuation allowance has been provided	$ 0	$ 0
Impaired loans for which no valuation allowance has been provided	5,797	6,346
Total loans determined to be impaired	5,797	6,346
Allowance for loans losses related to impaired loans	0	0
Average recorded investment in impaired loans	6,087	7,245
Cash basis interest income recognized on impaired Loans	$ 42	$ 168

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Note 9 - Loans (Details) - Allowance for Losses on Loans and Charge-Offs (USD $)	3 Months Ended		12 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Mar. 31, 2013
Note 9 - Loans (Details) - Allowance for Losses on Loans and Charge-Offs [Line Items]
Balance	$ 1,032,818	$ 1,161,000	$ 1,161,000
Period-end loans outstanding	87,220,000		89,570,000
Average loans outstanding	89,667,000		95,122,000
Allowance as a percentage of period-end loans	1.17%		1.15%
Net charge-offs as a percentage of average loans	0.11%		0.81%
Provision:
Allowance for loan losses, provision for loss	90,000	80,000	640,000
Charge-Offs:
Allowance for loan losses, charge-offs	105,000
Recoveries	(6,000)		(40,000)
Total Net Charge-Offs	99,000		768,000
Balance	1,023,614		1,032,818
Commercial Loan [Member]
Note 9 - Loans (Details) - Allowance for Losses on Loans and Charge-Offs [Line Items]
Balance	44,000
Period-end loans outstanding	1,120,000		1,166,000
Provision:
Allowance for loan losses, provision for loss	50,000		4,000
Charge-Offs:
Allowance for loan losses, charge-offs	49,000		0
Recoveries	0
Balance	45,000		44,000
Commercial Real Estate [Member]
Note 9 - Loans (Details) - Allowance for Losses on Loans and Charge-Offs [Line Items]
Balance	378,000
Provision:
Allowance for loan losses, provision for loss	13,000		587,000
Charge-Offs:
Allowance for loan losses, charge-offs	10,000		686,000
Recoveries	(1,000)
Balance	382,000		378,000
Residential Real Estate Loans [Member]
Note 9 - Loans (Details) - Allowance for Losses on Loans and Charge-Offs [Line Items]
Balance	485,000
Provision:
Allowance for loan losses, provision for loss	36,000		20,000
Charge-Offs:
Allowance for loan losses, charge-offs	46,000		27,000
Recoveries	0
Balance	475,000		485,000
Home Equity Line of Credit [Member]
Note 9 - Loans (Details) - Allowance for Losses on Loans and Charge-Offs [Line Items]
Balance	48,000
Period-end loans outstanding	8,338,000		8,361,000
Provision:
Allowance for loan losses, provision for loss	1,000		19,000
Charge-Offs:
Allowance for loan losses, charge-offs	0		29,000
Recoveries	0
Balance	49,000		48,000
Consumer Loan [Member]
Note 9 - Loans (Details) - Allowance for Losses on Loans and Charge-Offs [Line Items]
Balance	77,000
Period-end loans outstanding	922,000		960,000
Provision:
Allowance for loan losses, provision for loss	(9,000)		14,000
Charge-Offs:
Allowance for loan losses, charge-offs	0		66,000
Recoveries	(5,000)
Balance	73,000		77,000
Construction [Member]
Note 9 - Loans (Details) - Allowance for Losses on Loans and Charge-Offs [Line Items]
Balance	1,000
Period-end loans outstanding	50,000		83,000
Provision:
Allowance for loan losses, provision for loss	(1,000)		(4,000)
Charge-Offs:
Allowance for loan losses, charge-offs	0
Recoveries	0
Balance	$ 0		$ 1,000

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Consolidated Statements of Financial Condition (Current Period Unaudited) (Parentheticals) (USD $)	Jun. 30, 2013	Mar. 31, 2013
Securities held-to-maturity, fair value (in Dollars)	$ 24,784,858	$ 20,285,670
Securities available-for-sale, amortized cost (in Dollars)	2,209,613	2,217,032
Allowance for loan losses (in Dollars)	$ 1,023,614	$ 1,032,818
Preferred stock, par value (in Dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	3,000,000	3,000,000
Preferred stock, shares issued	0	0
Common stock par value (in Dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	7,000,000	7,000,000
Common stock, shares issued	1,634,725	1,634,725
Common stock, shares outstanding	1,634,725	1,634,725

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Note 7 - Recent Accounting Pronouncements

3 Months Ended

Jun. 30, 2013

New Accounting Pronouncements and Changes in Accounting Principles [Abstract]

New Accounting Pronouncements and Changes in Accounting Principles [Text Block]

(7)           Recent Accounting Pronouncements

Below is a discussion of recent accounting pronouncements.

In February 2013, the FASB issued ASU 2013-02, Comprehensive Income, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (Topic 220): The amendments in this update aim to improve the reporting of reclassifications out of accumulated other comprehensive income. The amendments in this update seek to attain that objective by requiring an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required under U.S. GAAP to be reclassified in its entirety to net income. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other disclosures required under U.S. GAAP that provide additional detail about those amounts. This would be the case when a portion of the amount reclassified out of accumulated other comprehensive income is reclassified to a balance sheet account instead of directly to income or expense in the same reporting period. For public entities, the amendments are effective prospectively for reporting periods beginning after December 15, 2012. The adoption of this pronouncement did not have a material impact on the Company’s financial condition or results of operations.

In December 2011, the FASB issued ASU 2011-12, Comprehensive Income (Topic 220): The amendments in this update supersede certain pending paragraphs in ASU No. 2011-05, Comprehensive Income (Topic 220): Presentation of Comprehensive Income, to effectively defer only those changes in ASU 2011-05 that relate to the presentation of reclassification adjustments out of accumulated other comprehensive income. The amendments will be temporary to allow the Board time to deliberate the presentation requirements for reclassifications out of accumulated other comprehensive income for annual and interim financial statements for public, private and nonprofit entities. The amendments in this update are effective for public entities for fiscal years, and interim annual periods within those years, beginning after December 15, 2011, consistent with ASU 2011-05. The adoption of this pronouncement did not have a material impact on the Company’s financial condition or results of operations.

In December 2011, the FASB issued ASU 2011-11, Balance Sheet, Disclosure about Offsetting Assets and Liabilities (Topic 210): The objective of this update is to provide enhanced disclosures that will enable users of its financial statements to evaluate the effect or potential effect of netting arrangements on an entity’s financial position. This includes the effect or potential effect of rights of setoff associated with an entity’s recognized assets and recognized liabilities within the scope of this Update. The amendments require enhancement disclosures by requiring improved information about financial instruments and derivative instruments that are either (1) offset in accordance with either Section 210-20-45 or Section 815-10-45 or (2) subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they offset in accordance with either Section 210-20-45 or Sections 815-10-45. These amendments are effective for annual periods beginning on or after January 3, 2013, and interim periods within those annual periods. An entity should provide the disclosures required by those amendments retrospectively for all comparative periods presented. The Company does not anticipate any material impact to the consolidated financial statements related to this guidance.

In December 2011, the FASB issued ASU 2011-10, Property, Plant and Equipment (Topic 360): The objective of this update is to resolve the diversity in practice about whether the guidance in the Subtopic 360-20, Property, Plant and Equipment – Real Estate Sales, applies to a parent that ceases to have a controlling financial interest (as described in Subtopic 810-10 Consolidation – Overall) in a subsidiary that is in substance real estate as a result of default on the subsidiary’s nonrecourse debt. This update does not address whether the guidance in Subtopic 360-20 would apply to other circumstances when parent ceases to have a controlling financial interest in a subsidiary that is in substance real estate. An entity is required to apply the amendments for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. The Company does not anticipate any material impact to the consolidated financial statements related to this guidance.

In June 2011, the FASB issued ASU 2011-05, Comprehensive Income (Topic 220): Presentation of Comprehensive Income. This ASU amends the FASB Accounting Standards Codification (Codification) to allow an entity the option to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In both choices, an entity is required to present each component of net income along with total net income, each component of other comprehensive income along with a total for other comprehensive income, and a total amount for comprehensive income. ASU 2011-05 eliminates the option to present the components of other comprehensive income as part of the statement of changes in stockholder’s equity. The amendments to the Codification in the ASU do not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income. ASU 2011-05 should be applied retrospectively. For public entities, the amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. The adoption of this pronouncement did not have a material impact on the Company’s financial condition or results of operations.

In May 2011, the FASB issued ASU 2011-04, Fair Value Measurement (Topic 820): Amendments to achieve Common Fair Value Measurement (Topic 820) and Disclosure Requirement in U.S. GAAP and IFRSs. This ASU represents the converged guidance of the FASB and the IASB (the “Boards”) on fair value measurement. The collective efforts of the Boards and their staff, reflected in ASU 2011-04, have resulted in common requirements for measuring fair value and for disclosing information about fair value measurement, including a consistent meaning of the term “fair value”. The Boards have concluded the common requirements will result in greater comparability of fair value measurements presented and disclosed in financial statements prepared in accordance with U.S. GAAP and IFRS. The amendments in this update apply to all reporting entities that are required or permitted to measure or disclose the fair value of an asset, a liability, or an instrument classified in a reporting entity’s shareholders’ equity in the financial statements. The amendments in this ASU are to be applied prospectively. For public entities, the amendments are effective during interim and annual periods beginning after December 15, 2011. The adoption of this pronouncement did not have a material impact on the Company’s financial condition on results of operations.

In April 2011, the FASB issued ASU 2011-03, Transfers and Servicing (Topic 860): Reconsideration of Effective Control for Repurchase Agreements. The ASU is intended to improve financial reporting of repurchase agreements (“repos”) and other agreements that both entitle and obligate a transferor to repurchase or redeem financial assets before their maturity. The amendments to the Codification in this ASU are intended to improve the accounting for these transactions by removing from the assessment of effective control the criterion requiring the transferor to have the ability to purchase or redeem the financial assets. The amendments in this update apply to all entities, both public and nonpublic. This ASU is effective for the first interim or annual periods beginning on or after December 15, 2011. The guidance should be applied prospectively to transactions or modification of existing transactions that occur on or after the effective date. Early adoption is not permitted. The adoption of this pronouncement did not have a material impact on the Company’s financial condition on results of operations.

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Consolidated Statements of Comprehensive Income (Unaudited) (USD $)	3 Months Ended
	Jun. 30, 2013	Jun. 30, 2012
Net income	$ 33,710	$ 49,539
Other comprehensive income, net of tax unrealized income arising from available for sale securities during period	(72,143)	2,266
Postretirement benefit plan adjustment	(4,860)	(28,222)
Comprehensive income (loss)	$ (43,293)	$ 23,583

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Consolidated Statements of Financial Condition (Current Period Unaudited) (USD $)	Jun. 30, 2013	Mar. 31, 2013
ASSETS
Cash and amounts due from banks	$ 503,847	$ 506,921
Interest-bearing deposits	4,150,012	6,215,845
Total cash and cash equivalents	4,653,859	6,722,766
Investment securities:
Securities held-to-maturity (fair value $24,784,858 and $20,285,670 at June 30, 2013 and March 31, 2013, respectively)	25,930,239	20,137,886
Securities available-for-sale (amortized cost of $2,209,613 and $2,217,032 at June 30, 2013 and March 31, 2013, respectively)	2,079,362	2,207,018
Total investment securities	28,009,601	22,344,904
Loans, net of allowance for loan losses of $1,023,614 at June 30, 2013 (unaudited), $1,032,818 at March 31, 2013	86,084,478	88,419,084
Accrued interest receivable	447,360	427,736
Premises and equipment, net	6,786,771	6,855,000
Federal Home Loan Bank, at cost	181,300	202,500
Deferred income taxes	1,290,100	1,228,400
Bank-owned life insurance	159,398	153,588
Prepaid and refundable income taxes	500
Real estate owned	2,155,566	2,469,800
Other assets	299,199	590,804
Total assets	130,068,132	129,414,582
LIABILITIES
Non-interest bearing deposits	6,955,949	6,872,713
Interest bearing deposits	110,962,425	110,161,401
Total deposits	117,918,374	117,034,114
Accrued interest payable	7,446	9,025
Advance payments by borrowers for taxes and insurance	373,818	366,604
Other liabilities	417,207	610,259
Total liabilities	118,716,845	118,020,002
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY
Common stock, $.01 par value, 7,000,000 shares authorized; 1,634,725 shares issued and outstanding	16,347	16,347
Additional paid-in capital	6,570,852	6,570,852
Retained earnings, substantially restricted	5,366,426	5,332,716
Unearned common stock held by employee stock ownership plan	(448,567)	(448,567)
Accumulated other comprehensive (Loss)	(153,771)	(76,768)
Total stockholder’s equity	11,351,287	11,394,580
Total liabilities and stockholders’ equity	$ 130,068,132	$ 129,414,582

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Note 9 - Loans (Details) - Loans (USD $)	Jun. 30, 2013	Mar. 31, 2013	Mar. 31, 2012
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans Receivable Gross	$ 87,220,000	$ 89,570,000
Net deferred loan origination fees	(113,000)	(118,000)
Allowance for loan losses	(1,023,614)	(1,032,818)	(1,161,000)
Loans, net	86,084,478	88,419,084
Residential (One to Four Family) Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans Receivable Gross	65,278,000	66,598,000
Multi-Family and Commercial Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans Receivable Gross	11,512,000	12,402,000
Commercial Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans Receivable Gross	1,120,000	1,166,000
Allowance for loan losses	(45,000)	(44,000)
Home Equity Line of Credit [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans Receivable Gross	8,338,000	8,361,000
Allowance for loan losses	(49,000)	(48,000)
Consumer Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans Receivable Gross	922,000	960,000
Allowance for loan losses	(73,000)	(77,000)
Construction [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans Receivable Gross	50,000	83,000
Allowance for loan losses	$ 0	$ (1,000)

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Note 6 - Regulatory Agreement (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Jun. 30, 2013
Disclosure Text Block Supplement [Abstract]
Tier One Leverage Capital Required for Capital Adequacy to Average Assets	8.00%
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets	12.00%
Capital Required for Capital Adequacy to Risk Weighted Assets	13.00%
Tier One Leverage Capital to Average Assets	8.00%
Tier One Risk Based Capital to Risk Weighted Assets	14.08%
Capital to Risk Weighted Assets	15.33%
Financing Receivable, Modifications, Number of Contracts	4
Forbearence Agreement (in Dollars)	$ 850

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Note 10 - Investment Securities (Details)	Jun. 30, 2013
Investments, Debt and Equity Securities [Abstract]
Held-to-maturity, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions	50
Securities In Unrealized Loss Positions, Depreciated Percentage from Amortized Cost	5.00%

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Note 9 - Loans (Details) - Troubled Debt Restructurings (USD $)	3 Months Ended	12 Months Ended
	Jun. 30, 2013	Mar. 31, 2013
Troubled debt restructurings:
Residential real estate	4
Residential real estate	$ 3,481,000	$ 3,529,000
Residential Real Estate Loans [Member]
Troubled debt restructurings:
Residential real estate		2
Residential real estate	0	339
Residential real estate	$ 0	$ 486
Residential real estate		75

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Note 9 - Loans (Details) - Real Estate Owned (REO), Net of Valuation Allowance (USD $)	3 Months Ended		12 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Mar. 31, 2013
Real Estate Owned (REO), Net of Valuation Allowance [Abstract]
Balance, beginning of period	$ 2,469,800	$ 846,000	$ 846,000
Balance, end of period	2,155,566		2,469,800
Balance, beginning of period	72,000	104,000	104,000
Balance, end of period	65,000		72,000
Additions from loan foreclosures	0	176,113	2,650,000
Additions from capitalized costs	0		3,000
Dispositions of REO	(280,000)		(820,000)
Gain (loss) on sale of REO	(34,096)	869	(152,000)
Valuation adjustments in the period	0		(57,000)
Valuation adjustments added in the period	0		57,000
Valuation adjustments on disposed properties during the period	$ (7,000)		$ (89,000)

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Note 6 - Regulatory Agreement

3 Months Ended

Jun. 30, 2013

Disclosure Text Block Supplement [Abstract]

Legal Matters and Contingencies [Text Block]

(6)             Regulatory Agreement      

On December 17, 2012, the Bank received a formal written agreement (the “Agreement”) with the Office of the Comptroller of the Currency (the “OCC”) dated November 21, 2012.  The Agreement supersedes and terminates the Order to Cease and Desist entered into by and between the Bank and the Office of Thrift Supervision on March 17, 2010.

The Agreement requires the Bank to take the following actions:

● prepare a three-year strategic plan that establishes objectives for the Bank’s overall risk profile, earnings performance, growth, balance sheet mix, liability structure, reduction in the volume of nonperforming assets, and product line development;

● prepare a capital plan that includes specific proposals related to the maintenance of adequate capital, identifies strategies to strengthen capital if necessary and includes detailed quarterly financial projections.  If the OCC determines that the Bank has failed to submit an acceptable capital plan or fails to implement or adhere to its capital plan, then the OCC may require the Bank to develop a contingency capital plan detailing the Bank’s proposal to sell, merge or liquidate the Bank;

● prepare a criticized asset plan that will include strategies, targets and timeframes to reduce the Bank’s level of criticized assets;

● implement a plan to improve the Bank’s credit risk management and credit administration practices;

● implement programs and policies related to the Bank’s allowance for loan and lease losses, liquidity risk management, independent loan review and other real estate owned;

● review the capabilities of the Bank’s management to perform present and anticipated duties and to recommend and implement any changes based on such assessment;

● not pay any dividends or make any other capital distributions without the prior written approval of the OCC;

● not make any severance or indemnification payments without complying with regulatory requirements regarding such payments; and

● comply with prior regulatory notification requirements for any changes in directors or senior executive officers.

The Agreement will remain in effect until terminated, modified, or suspended in writing by the OCC.

The Agreement does not require the Bank to maintain any specific minimum regulatory capital ratios. However, in connection with its most recent examination, the OCC established higher individual minimum capital ratios for the Bank. Specifically, the Bank must maintain a Tier 1 capital to adjusted total assets ratio of at least 8%, a Tier 1 capital to risk-weighted assets ratio of at least 12% and a total capital to risk-weighted assets ratio of at least 13%. The Bank's ratios of Tier 1 capital to adjusted total assets, Tier 1 capital to risk-weighted assets and total capital to risk-weighted assets at June 30, 2013 were 8.00%, 14.08% and 15.33%, respectively.

The Bank continues to work with its borrowers where possible and is pursuing legal action where the ability to work with the borrower does not exist.  As of June 30, 2013, the Bank has entered into formal forbearance agreements with four relationships totaling $850 thousand that require current payments while the borrowers restructure their finances.

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Note 9 - Loans (Details) - Loans by Credit Quality Indicator (USD $) In Thousands, unless otherwise specified	Jun. 30, 2013	Mar. 31, 2013
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	$ 87,220	$ 89,570
Residential (One to Four Family) Real Estate [Member] | Pass [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	62,635
Residential (One to Four Family) Real Estate [Member] | Special Mention [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	304
Residential (One to Four Family) Real Estate [Member] | Classified Loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	145
Residential (One to Four Family) Real Estate [Member] | Nonperforming Financing Receivable [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	2,194
Residential (One to Four Family) Real Estate [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	65,278	66,598
Multi-Family and Commercial Real Estate [Member] | Pass [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	7,558
Multi-Family and Commercial Real Estate [Member] | Special Mention [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	172
Multi-Family and Commercial Real Estate [Member] | Classified Loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	464
Multi-Family and Commercial Real Estate [Member] | Nonperforming Financing Receivable [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	3,318
Multi-Family and Commercial Real Estate [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	11,512	12,402
Commercial Loan [Member] | Pass [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	649
Commercial Loan [Member] | Special Mention [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	251
Commercial Loan [Member] | Classified Loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	34
Commercial Loan [Member] | Nonperforming Financing Receivable [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	186
Commercial Loan [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	1,120	1,166
Home Equity Line of Credit [Member] | Pass [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	8,289
Home Equity Line of Credit [Member] | Special Mention [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	0
Home Equity Line of Credit [Member] | Classified Loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	0
Home Equity Line of Credit [Member] | Nonperforming Financing Receivable [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	49
Home Equity Line of Credit [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	8,338	8,361
Consumer Loan [Member] | Pass [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	922
Consumer Loan [Member] | Special Mention [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	0
Consumer Loan [Member] | Classified Loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	0
Consumer Loan [Member] | Nonperforming Financing Receivable [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	0
Consumer Loan [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	922	960
Construction [Member] | Pass [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	0
Construction [Member] | Special Mention [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	0
Construction [Member] | Classified Loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	0
Construction [Member] | Nonperforming Financing Receivable [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	50
Construction [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	50	83
Pass [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	80,053
Special Mention [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	727
Classified Loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	643
Nonperforming Financing Receivable [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	$ 5,797

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Note 10 - Investment Securities (Details) - Maturities of Securities (USD $)	Jun. 30, 2013	Mar. 31, 2013
Maturities of Securities [Abstract]
Held to Maturity - Amortized Cost - One year or less	$ 587,000	$ 64,000
Held to Maturity - Fair Value - One year or less	592,000	64,000
Available for Sale - Amortized Cost - One year or less	0	0
Available for Sale - Fair Value - One year or less	0	0
Held to Maturity - Amortized Cost - After one year through five years	1,004,000	1,005,000
Held to Maturity - Fair Value - After one year through five years	1,014,000	1,029,000
Available for Sale - Amortized Cost - After one year through five years	0	0
Available for Sale - Fair Value - After one year through five years	0	0
Held to Maturity - Amortized Cost - After five years through ten years	6,419,000	6,422,000
Held to Maturity - Fair Value - After five years through ten years	6,130,000	6,418,000
Available for Sale - Amortized Cost - After five years through ten years	0	0
Available for Sale - Fair Value - After five years through ten years	0	0
Held to Maturity - Amortized Cost - After ten years	17,920,000	12,647,000
Held to Maturity - Fair Value - After ten years	17,049,000	12,775,000
Available for Sale - Amortized Cost - After ten years	2,000,000	2,000,000
Available for Sale - Fair Value - After ten years	1,873,000	1,985,000
Available for Sale - Amortized Cost - Equity securities	210,000	217,000
Available for Sale - Fair Value - Equity securities	207,000	222,000
Held to Maturity - Amortized Cost - Total	25,930,239	20,137,886
Held to Maturity - Fair Value - Total	24,784,858	20,285,670
Available for Sale - Amortized Cost - Total	2,210,000	2,217,000
Available for Sale - Fair Value - Total	$ 2,079,362	$ 2,207,018

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Note 9 - Loans

3 Months Ended

Jun. 30, 2013

Receivables [Abstract]

Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

(9) Loans

The Bank monitors and assesses the credit risk of its loan portfolio using the classes set forth below. These classes also represent the segments by which the Bank monitors the performance of its loan portfolio and estimates its allowance for loan losses.

Residential real estate loans consist of loans secured by one to four family residences located in the Bank’s market area. The Bank has originated one to four family residential mortgage loans in amounts up to 80% of the lesser of the appraised value or selling price of the mortgaged property without requiring mortgage insurance. A mortgage loan originated by the Bank, for owner occupied property, whether fixed rate or adjustable rate, can have a term of up to 30 years. Non-owner occupied property, whether fixed rate or adjustable rate, can have a term of up to 30 years. Adjustable rate loan terms limit the periodic interest rate adjustment and the minimum and maximum rates that may be charged over the term of the loan based on the type of loan.

Commercial real estate loans are generally originated in amounts up to the lower of 80% of the appraised value or cost of the property and are secured by improved property such as multi-family dwelling units, office buildings, retail stores, warehouses, church buildings and other non-residential buildings, most of which are located in the Bank’s market area. Commercial real estate loans are generally made with fixed interest rates which mature or re-price in 5 to 7 years with principal amortization of up to 25 years.

Commercial loans include short and long-term business loans and commercial lines of credit for the purposes of providing working capital, supporting accounts receivable, purchasing inventory and acquiring fixed assets. The loans generally are secured by these types of assets as collateral and/or by personal guarantees provided by principals of the borrowers.

Construction loans will be made only if there is a permanent mortgage commitment in place. Interest rates on commercial construction loans are typically in line with normal commercial mortgage loan rates, while interest rates on residential construction loans are slightly higher than normal residential mortgage loan rates. These loans usually are adjustable rate loans and generally have terms of up to one year.

Consumer loans include installment loans and home equity loans, secured by first or second mortgages on homes owned or being purchased by the loan applicant. Home equity term loans and credit lines are credit accommodations secured by either a first or second mortgage on the borrower’s residential property. Interest rates charged on home equity term loans are generally fixed; interest on credit lines is usually a floating rate related to the prime rate. The Bank generally requires a loan to value ratio of less than or equal to 80% of the appraised value, including any outstanding prior mortgage balance.

Loans at June 30, 2013 and March 31, 2013 are summarized as follows (dollars in thousands):

	June 30, 2013			March 31, 2013
Residential (one-to four-family) real estate		65,278			66,598
Multi-family and commercial real estate		11,512			12,402
Commercial		1,120			1,166
Home equity		8,338			8,361
Consumer		922			960
Construction		50			83
Total loans		87,220			89,570
Net deferred loan origination fees		(113	)		(118	)
Allowance for loan losses		(1,023	)		(1,033	)
Loans, net		86,084			88,419

The Bank is subject to a loans-to-one-borrower limitation of 15% of capital funds. At June 30, 2013, the loans-to-one-borrower limitation was $1.7 million; this excluded an additional 10% of adjusted capital funds or approximately $1.1 million, which may be loaned if collateralized by readily marketable securities. At June 30, 2013, there were no loans outstanding or committed to any one borrower, which individually or in the aggregate exceeded the Bank’s loans to-one-borrower limitations of 15% of capital funds.

A summary of the Bank’s credit quality indicators is as follows:

Pass – A credit which is assigned a rating of Pass shall exhibit some or all of the following characteristics:

a. Loans that present an acceptable degree of risk associated with the financing being considered as measured against earnings and balance sheet trends, industry averages, etc. Actual and projected indicators and market conditions provide satisfactory evidence that the credit will perform as agreed.

b. Loans to borrowers that display acceptable financial conditions and operating results. Debt service capacity is demonstrated and future prospects are considered good.

c. Loans to borrowers where a comfort level is achieved by the strength of the cash flows from the business or project and the strength and quantity of the collateral or security position (i.e.; receivables, inventory and other readily marketable securities) as supported by a current valuation and/or the strong capabilities of a guarantor.

Special Mention – Loans on which the credit risk requires more than ordinary attention by the Loan Officer. This may be the result of some erosion in the borrower’s financial condition, the economics of the industry, the capability of management, or changes in the original transaction. Loans which are currently sound yet exhibit potentially unacceptable credit risk or deteriorating long term prospects, will receive this classification. Loans which deviate from loan policy or regulations will not generally be classified in this category, but will be separately reported as an area of concern.

Classified – Classified loans include those considered by the Bank to be substandard, doubtful or loss.

An asset is considered “substandard” if it involves more than an acceptable level of risk due to a deteriorating financial condition, unfavorable history of the borrower, inadequate payment capacity, insufficient security or other negative factors within the industry, market or management. Substandard loans have clearly defined weaknesses which can jeopardize the timely payment of the loan.

Assets classified as “doubtful” exhibit all of the weaknesses defined under the substandard category but with enough risk to present a high probability of some principal loss on the loan, although not yet fully ascertainable in amount.

Assets classified as “loss” are those considered uncollectible or of little value, even though a collection effort may continue after the classification and potential charge-off.

Non-Performing Loans

Non-performing loans consist of non-accrual loans (loans on which the accrual of interest has ceased), loans over ninety days delinquent and still accruing interest, renegotiated loans and impaired loans. Loans are generally placed on non-accrual status if, in the opinion of management, collection is doubtful, or when principal or interest is past due 90 days or more, unless the collateral is considered sufficient to cover principal and interest and the loan is in the process of collection.

The following table represents loans by credit quality indicator at June 30, 2013 (dollars in thousands):

	Pass		Special Mention Loans		Classified Loans		Non- Performing Loans		Total
Residential real estate	$	62,635	$	304	$	145	$	2,194	$	65,278
Multi-family and commercial real estate		7,558		172		464		3,318		11,512
Commercial		649		251		34		186		1,120
Home equity		8,289		─		─		49		8,338
Consumer		922		─		─		─		922
Construction		─		─		─		50		50
	$	80,053	$	727	$	643	$	5,797	$	87,220

The following table represents past-due loans as of June 30, 2013 (dollars in thousands):

	30-59 Days Past Due			60- 89 Days Past Due			Greater than 90 Days Past Due			Total Past Due			Current			Total Loan Balances
Residential real estate	$	1,223		$	800		$	1,443		$	3,466		$	61,812		$	65,278
Multi-family and commercial real estate		525			609			2,183			3,317			8,195			11,512
Commercial		─			─			186			186			934			1,120
Home Equity		128			─			49			177			8,161			8,338
Consumer		17			6			─			23			899			922
Construction		─			─			─			─			50			50
Total Loans	$	1,893		$	1,415		$	3,861		$	7,169		$	80,051		$	87,220
Percentage of Total Loans		2.17	%		1.62	%		4.43	%		8.22	%		91.78	%		100.00	%

Impaired loans are measured based on the present value of expected future discounted cash flows, the fair value of the loan or the fair value of the underlying collateral if the loan is collateral dependent. The recognition of interest income on impaired loans is the same for non-accrual loans discussed above. At June 30, 2013, the Bank had 21 loan relationships totaling $3.9 million in non-accrual loans as compared to 25 relationships totaling $4.4 million at March 31, 2013. The average balance of impaired loans totaled $6.0 million for the three months ended June 30, 2013 as compared to $7.2 million for the year ended March 31, 2013, and interest income recorded on impaired loans for the three months ended June 30, 2013 totaled $42 thousand as compared to $168 thousand for the year ended March 31, 2013.

The following table represents data on impaired loans at June 30, 2013 and March 31, 2013 (dollars in thousands):

	June 30, 2013		March 31, 2013
Impaired loans for which a valuation allowance has been provided	$	─	$	─
Impaired loans for which no valuation allowance has been provided		5,797		6,346
Total loans determined to be impaired	$	5,797	$	6,346
Allowance for loans losses related to impaired loans	$	─	$	─
Average recorded investment in impaired loans	$	6,087	$	7,245
Cash basis interest income recognized on impaired Loans	$	42	$	168

The following table presents impaired loans by portfolio class at June 30, 2013 (dollars in thousands):

	Recorded Investment		Unpaid Principal Balance		Related Valuation Allowance		Average Recorded Investment		Interest Income Recognized While On Impaired Statues
Impaired loans with no valuation allowance:
Residential real estate	$	2,233	$	2,194	$	─	$	2,372	$	25
Multi-family and commercial real estate		3,317		3,318		─		3,319		16
Commercial		186		186		─		219		─
Home equity		49		49		─		127		─
Consumer				─		─				─
Construction		50		50		─		50		1
Subtotal	$	5,835	$	5,797	$	─	$	6,087	$	42

The following table presents impaired loans by portfolio class at March 31, 2013) (dollars in thousands):

	Recorded Investment		Unpaid Principal Balance		Related Valuation Allowance		Average Recorded Investment		Interest Income Recognized While On Impaired Statues
Impaired loans with no valuation allowance:
Residential real estate	$	2,255	$	2,223	$	─	$	2,774	$	83
Multi-family and commercial real estate		3,550		3,550		─		4,106		62
Commercial		235		235		─		172		8
Home equity		287		287		─		138		11
Consumer		─		─		─		3		─
Construction		51		51		─		52		4
Subtotal	$	6,378	$	6,346	$	─	$	7,245	$	168

The following table represents nonaccrual loans as of June 30, 2013 and March 31, 2013 (dollars in thousands):

	June 30, 2013			March 31, 2013
Non-accrual loans:
Residential real estate	$	894		$	992
Multi-family and commercial real estate		1,187			1,302
Commercial		186			235
Consumer	─			─
Home Equity		49			287
Construction	─			─
Total non-accrual loans	$	2,316		$	2,816
Troubled Debt Restructurings:
In non-accrual status:
Residential real estate	$	549		$	550
Multi-family and commercial real estate		996			1,001
Commercial	─			─
Consumer	─			─
Home Equity	─			─
Construction	─			─
Total troubled debt restructurings in non-accrual status	$	1,545		$	1,551
Performing under modified terms:
Residential real estate		751			788
Multi-family and commercial real estate		1,135			1,139
Commercial	─			─
Consumer	─			─
Home Equity	─			─
Construction		50			51
Total troubled debt restructurings performing under modified terms:		1,936			1,978
Total troubled debt restructurings		3,481			3,529
Total non-performing loans		5,797			6,345
Real estate owned		2,156			2,470
Total non-performing assets	$	7,953		$	8,815
Non-performing loans as a percentage of loans		6.65	%		7.08	%
Non-performing assets as a percentage of loans and real estate owned		8.91	%		9.58	%
Non-performing assets as percentage of total assets		6.11	%		6.81	%

During the three months ended June 30, 2013, the Bank experienced a $506 thousand net decrease in non-accrual loans. This change reflects the downgrading of two loan relationships to non-accrual status totaling $85 thousand during the three months ended June 30, 2013. The downgraded loans consisted of one residential mortgage totaling $77 thousand and one home equity loan totaling $8 thousand. These additions to the non-accruals were offset by one residential mortgage for $140 thousand and one home equity loan in the amount of $463 that were paid in full, two home equity loans totaling $245 thousand that returned to accruing status, a residential mortgage loan totaling $145 thousand that was paid through a short sale, two commercial real estate loans that were partially charged off by $10 thousand due to valuation updates and one commercial loan totaling $49 thousand that was charged off.

The following table presents troubled debt restructurings that occurred during the periods ended June 30, 2013 and March 31, 2013 and loans modified as troubled debt restructurings within the previous three and 12 month period and for which there was a payment default during the period.

June 30, 2013

March 31, 2013

Outstanding Recorded Investment

Outstanding Recorded Investment

Number of Contracts

Pre- Modification

Post- Modification

Number of Contracts

Pre- Modification

Post- Modification

Troubled debt restructurings:

Residential real estate

─

$

─

$

─

2

$

339

$

486

	Number of Contracts		Recorded Investment		Number of Contracts		Recorded Investment
Troubled debt restructurings that subsequently defaulted:
Residential real estate		─	$	─		1	$	75

The following table presents the changes in real estate owned (REO), net of valuation allowance, for the periods ended June 30, 2013 and March 31, 2013:

	June 30, 2013			March 31, 2013
Balance, beginning of period	$	2,470		$	846
Additions from loan foreclosures		─			2,650
Additions from capitalized costs		─			3
Dispositions of REO		(280	)		(820	)
Gain (loss) on sale of REO		(34	)		(152	)
Valuation adjustments in the period		─			(57	)
Balance, end of period	$	2,156		$	2,470

The following table presents the changes in fair value adjustments to REO for the periods ended June 30, 2013 and March 31, 2013:

	June 30, 2013			March 31, 2013
Balance, beginning of period	$	72		$	104
Valuation adjustments added in the period		─			57
Valuation adjustments on disposed properties during the period		(7	)		(89	)
Balance, end of period	$	65		$	72

The following table sets forth with respect to the Bank’s allowance for losses on loans (dollars in thousands):

	June 30, 2013			March 31, 2013
Balance at beginning of period	$	1,033		$	1,161
Provision:
Commercial		50			4
Commercial real estate		13			587
Residential real estate		36			20
Home Equity		1			19
Consumer		(9	)		14
Construction		(1	)		(4	)
Total Provision	$	90		$	640
Charge-Offs:
Commercial	$	49		$	─
Commercial Real Estate		10			686
Residential real estate		46			27
Home Equity		─			29
Consumer		─			66
Recoveries		(6	)		(40	)
Total Net Charge-Offs		99			768
Balance at end of period	$	1,024		$	1,033
Period-end loans outstanding	$	87,220		$	89,570
Average loans outstanding	$	89,667		$	95,122
Allowance as a percentage of period-end loans		1.17	%		1.15	%
Net charge-offs as a percentage of average loans		0.11	%		0.81	%

Additional details for changes in the allowance for loan by loan portfolio as of June 30, 2013 are as follows (dollars in thousands):

Allowance for Loan Losses

	Commercial			Commercial Real Estate			Residential Real Estate			Home  Equity		Consumer			Construction			Total
Balance, beginning of year	$	44		$	378		$	485		$	48	$	77		$	1		$	1,033
Loan charge-offs		(49	)		(10	)		(46	)		─		─			─			(105	)
Recoveries		─			1			─			─		5			─			6
Provision for loan losses		50			13			36			1		(9	)		(1	)		90
Balance, end of period	$	45		$	382		$	475		$	49	$	73		$	─		$	1,024
Ending balance for loans individually evaluated for impairment	$	186		$	2,182		$	2,364		$	49	$	─		$	─		$	4,781
Ending balance for loans collectively evaluated for impairment	$	934		$	9,330		$	62,914		$	8,289	$	922		$	50		$	82,439
Loans receivable:
Ending balance	$	1,120		$	11,512		$	65,278		$	8,338	$	922		$	50		$	87,220
Ending balance: loans individually evaluated for impairment	$	186		$	2,182		$	2,364		$	49	$	─		$	─		$	4,781
Ending balance: loans collectively evaluated for impairment	$	934		$	9,330		$	62,914		$	8,289	$	922		$	50		$	82,439

The Bank prepares an allowance for loan loss model on a quarterly basis to determine the adequacy of the allowance. Management considers a variety of factors when establishing the allowance, such as the impact of current economic conditions, diversification of the loan portfolio, delinquency statistics, results of independent loan review and related classifications. The Bank’s historic loss rates and the loss rates of peer financial institutions are also considered.

On a monthly basis, the loan committee meets to review each problem loan and determine if there has been any change in collateral value due to changes in market conditions. Each quarter, when calculating the allowance for loan loss, the loan committee reviews an updated loan impairment analysis on each problem loan to determine if a specific provision for loan loss is warranted. Management reviews the most recent appraisal on each loan adjusted for holding and selling costs. In the event there is not a recent appraisal on file, the Bank will use the aged appraisal and apply a discount factor to the appraisal and then adjust the holding and selling costs from the discounted appraisal value.

In evaluating the Bank’s allowance for loan loss, the Bank maintains a loan committee consisting of senior management and the Board of Directors that monitors problem loans and formulates collection efforts and resolution plans for each borrower.

For the three months ending June 30, 2013, the Bank experienced one full charge-off relating to one loan relationship totaling $49 thousand and three partial charge-offs related to two relationships totaling $56 thousand as compared to two charge-offs relating to two loan relationships totaling $66,510 and twelve partial charge-offs relating to twelve loan relationships totaling $741,699 for the year ended March 31, 2013.

At June 30, 2013, the Bank maintained an allowance for loan loss ratio of 1.17% to loans outstanding. Non-performing assets have decreased by $863 thousand over their stated levels at March 31, 2013, representing a non-performing asset to total asset ratio of 6.11% at June 30, 2013 as compared to a non-performing asset to total asset ratio of 6.81% at March 31, 2013.

The Bank’s charge-off policy states that any asset classified loss shall be charged-off within thirty days of such classification unless the asset has already been eliminated from the books by collection or other appropriate entry. On a quarterly basis, the loan committee will review past due, classified, non-performing and other loans, as it deems appropriate, to determine the collectability of such loans. If the loan committee determines a loan to be uncollectable, the loan shall be charged to the allowance for loan loss. In addition, upon reviewing the collectability, the loan committee may determine a portion of the loan to be uncollectable; in which case that portion of the loan deemed uncollectable will be partially charged-off against the allowance for loan loss.

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Note 5 - Earnings Per Share

3 Months Ended

Jun. 30, 2013

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

(5)           Earnings Per Share

Basic earnings per share (“EPS”) are computed by dividing income available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted EPS reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity.

The difference between the common shares issued and the common shares outstanding for the purposes of calculating basic EPS is a result of the unallocated ESOP shares.

The calculated basic and dilutive EPS are as follows:

	Three Months Ended June 30,
	2013		2012
Numerator	$	33,710	$	49,539
Denominators:
Basic shares outstanding		1,589,868		1,586,664
Effect of dilutive securities
Dilutive shares outstanding		1,589,868		1,586,664
Earnings per share:
Basic	$	0.02	$	0.03
Dilutive	$	0.02	$	0.03

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Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parentheticals) (USD $)	3 Months Ended
	Jun. 30, 2013
Change in unrealized gain on securities available-for-sale, deferred income taxes	$ (48,095)
Post retirement benefit plan adjustment, deferred taxes	$ (3,239)

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Note 9 - Loans (Details) - Impaired Loans by Portfolio (USD $) In Thousands, unless otherwise specified	3 Months Ended	12 Months Ended
	Jun. 30, 2013	Mar. 31, 2013
Note 9 - Loans (Details) - Impaired Loans by Portfolio [Line Items]
Recorded Investment	$ 5,835	$ 6,378
Unpaid Principal Balance	5,797	6,346
Average Recorded Investment	6,087	7,245
Interest Income Recognized While On Impaired Statues	42	168
Residential (One to Four Family) Real Estate [Member]
Note 9 - Loans (Details) - Impaired Loans by Portfolio [Line Items]
Recorded Investment	2,233	2,255
Unpaid Principal Balance	2,194	2,223
Average Recorded Investment	2,372	2,774
Interest Income Recognized While On Impaired Statues	25	83
Multi-Family and Commercial Real Estate [Member]
Note 9 - Loans (Details) - Impaired Loans by Portfolio [Line Items]
Recorded Investment	3,317	3,550
Unpaid Principal Balance	3,318	3,550
Average Recorded Investment	3,319	4,106
Interest Income Recognized While On Impaired Statues	16	62
Commercial Loan [Member]
Note 9 - Loans (Details) - Impaired Loans by Portfolio [Line Items]
Recorded Investment	186	235
Unpaid Principal Balance	186	235
Average Recorded Investment	219	172
Interest Income Recognized While On Impaired Statues	0	8
Home Equity Line of Credit [Member]
Note 9 - Loans (Details) - Impaired Loans by Portfolio [Line Items]
Recorded Investment	49	287
Unpaid Principal Balance	49	287
Average Recorded Investment	127	138
Interest Income Recognized While On Impaired Statues	0	11
Consumer Loan [Member]
Note 9 - Loans (Details) - Impaired Loans by Portfolio [Line Items]
Recorded Investment		0
Unpaid Principal Balance	0	0
Average Recorded Investment		3
Interest Income Recognized While On Impaired Statues	0	0
Construction [Member]
Note 9 - Loans (Details) - Impaired Loans by Portfolio [Line Items]
Recorded Investment	50	51
Unpaid Principal Balance	50	51
Average Recorded Investment	50	52
Interest Income Recognized While On Impaired Statues	$ 1	$ 4

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Note 8 - Fair Value of Financial Instruments (Tables)

3 Months Ended

Jun. 30, 2013

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring Basis [Table Text Block]

	Fair Value Measurements at Reporting Date Using
	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
June 30, 2013
Available-for-sale securities	$─	$	2,079	$─
March 31, 2013
Available-for-sale securities	$─	$	2,207	$─

Fair Value Measurements, Nonrecurring [Table Text Block]

	Fair Value Measurements at Reporting Date Using
	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Other Unobservable Inputs (Level 3)
June 30, 2013
Impaired loans	$─	$─	$	5,797
Real estate owned	─	─		2,156
Total	$─	$─	$	7,953
March 31, 2013
Impaired loans	$─	$─	$	6,346
Real estate owned	─	─		2,470
Total	$─	$─	$	8,816

Fair Value, by Balance Sheet Grouping [Table Text Block]

	June 30, 2013
	Carrying Amount		Level 1		Level 2		Level 3
(Dollars in Thousands)
Financial Assets:
Cash and cash equivalents	$	4,654	$	4,654	$	─	$	─
Investment securities		28,140		─		26,865	─
Loans – net		86,084		─		─		87,469
FHLB stock		181		181		─		─
Accrued interest receivable		447		447		─		─
Bank–owned life insurance		159		159		─		─
Real estate owned		2,156		─		─		2,156
Total financial assets	$	121,821	$	5,441	$	26,865	$	89,625
Financial Liabilities:
Deposits	$	117,918	$	6,956	$	111,947	$	─
Advance payments by borrowers for taxes and insurance		374		374		─		─
Accrued interest payable		7		7		─		─
Total financial liabilities	$	118,299	$	7,337	$	111,947	$	─

	March 31, 2013
	Carrying  Amount		Level 1		Level 2		Level 3
(Dollars in Thousands)
Financial Assets:
Cash and cash equivalents	$	6,723	$	6,723	$	─	$	─
Investment securities		22,355		─		22,493		─
Loans – net		88,419		─		─		91,300
FHLB stock		203		203		─		─
Accrued interest receivable		428		428		─		─
Bank–owned life insurance		154		154		─		─
Real estate owned		2,470		─		─		2,470
Total financial assets	$	120,752	$	7,508	$	22,493	$	93,770
Financial Liabilities:
Deposits	$	117,034	$	6,873	$	111,233	$	─
Advance payments by borrowers for taxes and insurance		367		367		─		─
Accrued interest payable		9		9		─		─
Total financial liabilities	$	117,410	$	7,249	$	111,233	$	─

Schedule of Fair Value, Off-balance Sheet Risks [Table Text Block]

	June 30, 2013				March 31, 2013
	Contract Value		Estimated Fair Value		Contract Value		Estimated Fair Value
Off-balance sheet instruments
Commitments to extend credit	$	6,128	$	─	$	5,893	$	─

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Note 8 - Fair Value of Financial Instruments

3 Months Ended

Jun. 30, 2013

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

(8)           Fair Value of Financial Instruments

ASC Topic 820-10 defines fair value, establishes a framework for measuring fair value in U.S. generally accepted accounting principles, and expands disclosure requirements for fair value measurements. ASC Topic 820 does not require any new fair value measurements. The adoption of ASC Topic 820-10 did not have a material impact on the consolidated financial statements.

ASC Topic 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels, as described below:

● Level 1     Level 1 input are unadjusted quoted prices in active markets for identical assets or liabilities.

●      Level 2  Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable, either directly or indirectly. Level 2 inputs include quoted prices for similar assets, quoted prices in markets that are not considered to be active, and observable inputs other than quoted prices such as interest rates.

●      Level 3      Level 3 inputs are unobservable inputs.

Assets and liabilities measured at fair value on a recurring basis are summarized below (dollars in thousands):

	Fair Value Measurements at Reporting Date Using
	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
June 30, 2013
Available-for-sale securities	$─	$	2,079	$─
March 31, 2013
Available-for-sale securities	$─	$	2,207	$─

Assets and Liabilities on a Non-Recurring Basis

Assets and liabilities measured at fair value on a non-recurring basis at June 30, 2013 and March 31, 2013 are as follows (dollars in thousands):

	Fair Value Measurements at Reporting Date Using
	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Other Unobservable Inputs (Level 3)
June 30, 2013
Impaired loans	$─	$─	$	5,797
Real estate owned	─	─		2,156
Total	$─	$─	$	7,953
March 31, 2013
Impaired loans	$─	$─	$	6,346
Real estate owned	─	─		2,470
Total	$─	$─	$	8,816

The fair value of impaired loans and real estate owned is generally based on recent real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach.

Off-balance sheet instruments

Off-balance sheet instruments are primarily comprised of loan commitments and unfunded lines of credit which are generally priced at market rate at the time of funding. Therefore, these instruments have nominal value prior to funding.

A financial instrument’s level within the fair value hierarchy is based upon the lowest level of any input significant to the fair value measurement.

As required by ASC Topic 825-10-65, the estimated fair value of financial instruments at June 30, 2013 and March 31, 2013 was as follows:

	June 30, 2013
	Carrying Amount		Level 1		Level 2		Level 3
(Dollars in Thousands)
Financial Assets:
Cash and cash equivalents	$	4,654	$	4,654	$	─	$	─
Investment securities		28,140		─		26,865	─
Loans – net		86,084		─		─		87,469
FHLB stock		181		181		─		─
Accrued interest receivable		447		447		─		─
Bank–owned life insurance		159		159		─		─
Real estate owned		2,156		─		─		2,156
Total financial assets	$	121,821	$	5,441	$	26,865	$	89,625
Financial Liabilities:
Deposits	$	117,918	$	6,956	$	111,947	$	─
Advance payments by borrowers for taxes and insurance		374		374		─		─
Accrued interest payable		7		7		─		─
Total financial liabilities	$	118,299	$	7,337	$	111,947	$	─

	March 31, 2013
	Carrying  Amount		Level 1		Level 2		Level 3
(Dollars in Thousands)
Financial Assets:
Cash and cash equivalents	$	6,723	$	6,723	$	─	$	─
Investment securities		22,355		─		22,493		─
Loans – net		88,419		─		─		91,300
FHLB stock		203		203		─		─
Accrued interest receivable		428		428		─		─
Bank–owned life insurance		154		154		─		─
Real estate owned		2,470		─		─		2,470
Total financial assets	$	120,752	$	7,508	$	22,493	$	93,770
Financial Liabilities:
Deposits	$	117,034	$	6,873	$	111,233	$	─
Advance payments by borrowers for taxes and insurance		367		367		─		─
Accrued interest payable		9		9		─		─
Total financial liabilities	$	117,410	$	7,249	$	111,233	$	─

	June 30, 2013				March 31, 2013
	Contract Value		Estimated Fair Value		Contract Value		Estimated Fair Value
Off-balance sheet instruments
Commitments to extend credit	$	6,128	$	─	$	5,893	$	─

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Note 5 - Earnings Per Share (Details) - Earnings Per Share Reconciliation (USD $)	3 Months Ended
	Jun. 30, 2013	Jun. 30, 2012
Earnings Per Share Reconciliation [Abstract]
Numerator (in Dollars)	$ 33,710	$ 49,539
Denominators:
Basic shares outstanding	1,589,868	1,586,664
Effect of dilutive securities	0	0
Dilutive shares outstanding	1,589,868	1,586,664
Earnings per share:
Basic (in Dollars per share)	$ 0.02	$ 0.03
Dilutive (in Dollars per share)	$ 0.02	$ 0.03

XML

Note 9 - Loans (Tables)

3 Months Ended

Jun. 30, 2013

Receivables [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]

	June 30, 2013			March 31, 2013
Residential (one-to four-family) real estate		65,278			66,598
Multi-family and commercial real estate		11,512			12,402
Commercial		1,120			1,166
Home equity		8,338			8,361
Consumer		922			960
Construction		50			83
Total loans		87,220			89,570
Net deferred loan origination fees		(113	)		(118	)
Allowance for loan losses		(1,023	)		(1,033	)
Loans, net		86,084			88,419

Financing Receivable Credit Quality Indicators [Table Text Block]

	Pass		Special Mention Loans		Classified Loans		Non- Performing Loans		Total
Residential real estate	$	62,635	$	304	$	145	$	2,194	$	65,278
Multi-family and commercial real estate		7,558		172		464		3,318		11,512
Commercial		649		251		34		186		1,120
Home equity		8,289		─		─		49		8,338
Consumer		922		─		─		─		922
Construction		─		─		─		50		50
	$	80,053	$	727	$	643	$	5,797	$	87,220

Past Due Financing Receivables [Table Text Block]

	30-59 Days Past Due			60- 89 Days Past Due			Greater than 90 Days Past Due			Total Past Due			Current			Total Loan Balances
Residential real estate	$	1,223		$	800		$	1,443		$	3,466		$	61,812		$	65,278
Multi-family and commercial real estate		525			609			2,183			3,317			8,195			11,512
Commercial		─			─			186			186			934			1,120
Home Equity		128			─			49			177			8,161			8,338
Consumer		17			6			─			23			899			922
Construction		─			─			─			─			50			50
Total Loans	$	1,893		$	1,415		$	3,861		$	7,169		$	80,051		$	87,220
Percentage of Total Loans		2.17	%		1.62	%		4.43	%		8.22	%		91.78	%		100.00	%

Impaired Financing Receivables [Table Text Block]

	June 30, 2013		March 31, 2013
Impaired loans for which a valuation allowance has been provided	$	─	$	─
Impaired loans for which no valuation allowance has been provided		5,797		6,346
Total loans determined to be impaired	$	5,797	$	6,346
Allowance for loans losses related to impaired loans	$	─	$	─
Average recorded investment in impaired loans	$	6,087	$	7,245
Cash basis interest income recognized on impaired Loans	$	42	$	168

Schedule of Credit Losses Related to Financing Receivables, Current and Noncurrent [Table Text Block]

	Recorded Investment		Unpaid Principal Balance		Related Valuation Allowance		Average Recorded Investment		Interest Income Recognized While On Impaired Statues
Impaired loans with no valuation allowance:
Residential real estate	$	2,233	$	2,194	$	─	$	2,372	$	25
Multi-family and commercial real estate		3,317		3,318		─		3,319		16
Commercial		186		186		─		219		─
Home equity		49		49		─		127		─
Consumer				─		─				─
Construction		50		50		─		50		1
Subtotal	$	5,835	$	5,797	$	─	$	6,087	$	42

	Recorded Investment		Unpaid Principal Balance		Related Valuation Allowance		Average Recorded Investment		Interest Income Recognized While On Impaired Statues
Impaired loans with no valuation allowance:
Residential real estate	$	2,255	$	2,223	$	─	$	2,774	$	83
Multi-family and commercial real estate		3,550		3,550		─		4,106		62
Commercial		235		235		─		172		8
Home equity		287		287		─		138		11
Consumer		─		─		─		3		─
Construction		51		51		─		52		4
Subtotal	$	6,378	$	6,346	$	─	$	7,245	$	168

Schedule of Financing Receivables, Non Accrual Status [Table Text Block]

	June 30, 2013			March 31, 2013
Non-accrual loans:
Residential real estate	$	894		$	992
Multi-family and commercial real estate		1,187			1,302
Commercial		186			235
Consumer	─			─
Home Equity		49			287
Construction	─			─
Total non-accrual loans	$	2,316		$	2,816
Troubled Debt Restructurings:
In non-accrual status:
Residential real estate	$	549		$	550
Multi-family and commercial real estate		996			1,001
Commercial	─			─
Consumer	─			─
Home Equity	─			─
Construction	─			─
Total troubled debt restructurings in non-accrual status	$	1,545		$	1,551
Performing under modified terms:
Residential real estate		751			788
Multi-family and commercial real estate		1,135			1,139
Commercial	─			─
Consumer	─			─
Home Equity	─			─
Construction		50			51
Total troubled debt restructurings performing under modified terms:		1,936			1,978
Total troubled debt restructurings		3,481			3,529
Total non-performing loans		5,797			6,345
Real estate owned		2,156			2,470
Total non-performing assets	$	7,953		$	8,815
Non-performing loans as a percentage of loans		6.65	%		7.08	%
Non-performing assets as a percentage of loans and real estate owned		8.91	%		9.58	%
Non-performing assets as percentage of total assets		6.11	%		6.81	%

Troubled Debt Restructurings on Financing Receivables [Table Text Block]

June 30, 2013

March 31, 2013

Outstanding Recorded Investment

Outstanding Recorded Investment

Number of Contracts

Pre- Modification

Post- Modification

Number of Contracts

Pre- Modification

Post- Modification

Troubled debt restructurings:

Residential real estate

─

$

─

$

─

2

$

339

$

486

	Number of Contracts		Recorded Investment		Number of Contracts		Recorded Investment
Troubled debt restructurings that subsequently defaulted:
Residential real estate		─	$	─		1	$	75

Real Estate Owned [Table Text Block]

	June 30, 2013			March 31, 2013
Balance, beginning of period	$	2,470		$	846
Additions from loan foreclosures		─			2,650
Additions from capitalized costs		─			3
Dispositions of REO		(280	)		(820	)
Gain (loss) on sale of REO		(34	)		(152	)
Valuation adjustments in the period		─			(57	)
Balance, end of period	$	2,156		$	2,470

	June 30, 2013			March 31, 2013
Balance, beginning of period	$	72		$	104
Valuation adjustments added in the period		─			57
Valuation adjustments on disposed properties during the period		(7	)		(89	)
Balance, end of period	$	65		$	72

Schedule of Charge-Offs [Table Text Block]

	June 30, 2013			March 31, 2013
Balance at beginning of period	$	1,033		$	1,161
Provision:
Commercial		50			4
Commercial real estate		13			587
Residential real estate		36			20
Home Equity		1			19
Consumer		(9	)		14
Construction		(1	)		(4	)
Total Provision	$	90		$	640
Charge-Offs:
Commercial	$	49		$	─
Commercial Real Estate		10			686
Residential real estate		46			27
Home Equity		─			29
Consumer		─			66
Recoveries		(6	)		(40	)
Total Net Charge-Offs		99			768
Balance at end of period	$	1,024		$	1,033
Period-end loans outstanding	$	87,220		$	89,570
Average loans outstanding	$	89,667		$	95,122
Allowance as a percentage of period-end loans		1.17	%		1.15	%
Net charge-offs as a percentage of average loans		0.11	%		0.81	%

Allowance for Credit Losses on Financing Receivables [Table Text Block]

	Commercial			Commercial Real Estate			Residential Real Estate			Home  Equity		Consumer			Construction			Total
Balance, beginning of year	$	44		$	378		$	485		$	48	$	77		$	1		$	1,033
Loan charge-offs		(49	)		(10	)		(46	)		─		─			─			(105	)
Recoveries		─			1			─			─		5			─			6
Provision for loan losses		50			13			36			1		(9	)		(1	)		90
Balance, end of period	$	45		$	382		$	475		$	49	$	73		$	─		$	1,024
Ending balance for loans individually evaluated for impairment	$	186		$	2,182		$	2,364		$	49	$	─		$	─		$	4,781
Ending balance for loans collectively evaluated for impairment	$	934		$	9,330		$	62,914		$	8,289	$	922		$	50		$	82,439
Loans receivable:
Ending balance	$	1,120		$	11,512		$	65,278		$	8,338	$	922		$	50		$	87,220
Ending balance: loans individually evaluated for impairment	$	186		$	2,182		$	2,364		$	49	$	─		$	─		$	4,781
Ending balance: loans collectively evaluated for impairment	$	934		$	9,330		$	62,914		$	8,289	$	922		$	50		$	82,439

XML

Document And Entity Information	3 Months Ended
	Jun. 30, 2013	Aug. 12, 2013
Document and Entity Information [Abstract]
Entity Registrant Name	Delanco Bancorp, Inc
Document Type	10-Q
Current Fiscal Year End Date	--03-31
Entity Common Stock, Shares Outstanding		1,634,725
Amendment Flag	false
Entity Central Index Key	0001382413
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Smaller Reporting Company
Entity Well-known Seasoned Issuer	No
Document Period End Date	Jun. 30, 2013
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q1

XML

Note 10 - Investment Securities (Tables)

3 Months Ended

Jun. 30, 2013

Investments, Debt and Equity Securities [Abstract]

Held-to-maturity Securities [Table Text Block]

	Held-to-Maturity June 30, 2013
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
(Dollars in Thousands)
Federal Farm Credit Bank Bond	$	5,444	$	─	$	(340	)	$	5,104
Federal Home Loan Bank Bonds		6,591		1		(396	)		6,196
Federal Home Loan Mortgage		1,997		─		(134	)		1,863
Corporation Bonds
Federal National Mortgage Association		9,498		18		(412	)		9,104
Municipal Bond		587		5		─			592
		24,117		24		(1,282	)		22,859
Mortgage-Backed Securities:
Federal Home Loan Mortgage Corporation		814		49		(1	)		862
Federal National Mortgage Association		717		56		─			773
Government National Mortgage Corporation		282		10		(1	)		291
		1,813		115		(2	)		1,926
Total	$	25,930	$	139	$	(1,284	)	$	24,785

	Held-to-Maturity March 31, 2013
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
(Dollars in Thousands)
Federal Home Loan Bank Bonds	$	4,591	$	5	$	(18	)	$	4,578
Federal Farm Credit Bonds		3,444		1		(16	)		3,429
Federal Home Loan Mortgage
Corporation Bonds		500				(2	)		498
Federal National Mortgage Association Bond		9,500		49		(10	)		9,539
Municipal Bond		64		─		─			64
		18,099		55		(46	)		18,108
Mortgage-backed securities:
Federal Home Loan Mortgage Corporation		965		65		─			1,030
Federal National Mortgage Association		781		64		─			845
Government National Mortgage Corporation		293		11		(1	)		303
		2,039		140		(1	)		2,178
Total	$	20,138	$	195	$	(47	)	$	20,286

Available-for-sale Securities [Table Text Block]

	Available for Sale June 30, 2013
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Federal Home Loan Bank Bonds	$	1,500	$	─	$	(76	)	$	1,424
Federal National Mortgage Association Bond		500		─		(51	)		449
Mutual Fund Shares		210		─		(3	)		207
	$	2,210	$	─	$	(130	)	$	2,080

	Available for Sale March 31, 2013
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Federal Home Loan Bank Bonds	$	1,500	$	1	$	(5	)	$	1,496
Federal National Mortgage Association Bond		500		─		(11	)		489
Mutual Fund Shares		217		5		─			222
	$	2,217	$	6		(16	)	$	2,207

Investments Classified by Contractual Maturity Date [Table Text Block]

	June 30, 2013
	Held to Maturity				Available for Sale
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
(Dollars in Thousands)
Amounts maturing in:
One year or less	$	587	$	592	$	─	$	─
After one year through five years		1,004		1,014		─		─
After five years through ten years		6,419		6,130		─		─
After ten years		17,920		17,049		2,000		1,873
Equity securities						210		207
	$	25,930	$	24,785	$	2,210	$	2,080

	March 31, 2013
	Held to Maturity				Available for Sale
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
(Dollars in Thousands)
Amounts maturing in:
One year or less	$	64	$	64	$	─	$	─
After one year through five years		1,005		1,029		─		─
After five years through ten years		6,422		6,418		─		─
After ten years		12,647		12,775		2,000		1,985
Equity securities		─		─		217		222
	$	20,138	$	20,286	$	2,217	$	2,207

Schedule of Unrealized Loss on Investments [Table Text Block]

	June 30, 2013
	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	$	7,119	$	(472	)	$	─	$	─	$	7,119	$	(472	)
Federal Farm Credit Bonds		5,104		(340	)		─		─		5,104	$	(340	)
Federal Home Loan Mortgage Corporation Bonds		1,863		(134	)		─		─		1,863		(134	)
Federal National Mortgage Association		9,035		(463	)		─		─		9,035		(463	)
		23,121		(1,409	)		─		─		23,121	$	(1,409	)
Mortgage-Backed Securities:
Federal Home Loan Mortgage Corporation	$	211	$	(1	)	$	─	$	─	$	211	$	(1	)
Federal National Mortgage Association		─		─			─		─		─		─
Government National Mortgage Corporation		32		(1	)		─		─		32		(1	)
		243		(2	)		─		─		243	$	(2	)
Mutual Fund Shares		210		(3	)		─		─		210	$	(3	)
		210		(3	)		─		─		210		(3	)
Total	$	23,574	$	(1,414	)	$	─	$	─	$	23,574	$	(1,414	)

	March 31, 2013
	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	$	2,454	$	(22	)	$	─	$	─		$	2,454	$	(22	)
Federal Farm Credit Bonds		2,428		(17	)		─		─			2,428		(17	)
Federal Home Loan Mortgage Corporation Bonds		498		(2	)		─		─			498		(2	)
Federal National Mortgage Association		1,979		(21	)		─		─			1,979		(21	)
		7,359		(62	)							7,359		(62	)
Mortgage-Backed Securities:
Government National Mortgage Corporation	$	─	$	─		$	31	$	(1	)	$	31	$	(1	)
Total	$	7,359	$	(62	)	$	31	$	( 1	)	$	7,390	$	(63	)