Segment Information

12 Months Ended

Mar. 31, 2013

Segment Information

Note 20 – Segment Information

The Corporation provides a full range of banking services, as well as invested in real estate ventures through its two consolidated subsidiaries. The Corporation manages its business primarily by focusing on the results for each subsidiary. Thus, two operating segments have been identified, and operating segments have been aggregated.

Community Banking: This segment is the main basis of operation for the Corporation and includes the branch network and other deposit support services; origination, sales and servicing of one-to-four family loans; origination of multifamily, commercial real estate and business loans; origination of a variety of consumer loans; and sales of alternative financial investments such as tax deferred annuities.

Real Estate Investments: The Corporation’s non-banking subsidiary, IDI, invested in limited partnerships in real estate developments. Such investments included residential developments. In 2009, IDI sold its interest in several limited partnerships as well as substantially all of its remaining assets, which included some developed lots. The assets that remain at IDI include an equity interest in one commercial enterprise and one residential real estate development along with several notes receivable.

The Real Estate Investment segment has borrowed funds from the Corporation to meet its operating needs. Such intercompany borrowings and the interest income and interest expense associated with such borrowings are eliminated in consolidation.

The following represents reconciliations of reportable segment revenues, profit or loss, and assets to the Corporation’s consolidated totals for the years ended March 31, 2013, 2012 and 2011, respectively.

Year Ended:	Real Estate Investments			Community Banking			Intersegment Eliminations			Consolidated Financial Statements
	(In thousands)
March 31, 2013
Interest income	$	54		$	99,828		$	—		$	99,882
Interest expense		—			37,399			—			37,399
Net interest income		54			62,429			—			62,483
Provision for credit losses		—			9,125			—			9,125
Net interest income after provision for credit losses		54			53,304			—			53,358
Other income		80			45,826			(5	)		45,901
Other expense		(687	)		(132,930	)		5			(133,612	)
Loss before income taxes		(553	)		(33,800	)		—			(34,353	)
Income tax expense (benefit)		(1,574	)		1,393			—			(181	)
Net income (loss)	$	1,021		$	(35,193	)	$	—		$	(34,172	)
Total assets at end of period	$	831		$	2,366,752		$	—		$	2,367,583
March 31, 2012
Interest income	$	54		$	127,199		$	—		$	127,253
Interest expense		—			55,329			—			55,329
Net interest income		54			71,870			—			71,924
Provision for credit losses		—			33,578			—			33,578
Net interest income after provision for credit losses		54			38,292			—			38,346
Other income		222			49,044			(5	)		49,261
Other expense		(886	)		(123,454	)		5			(124,335	)
Loss before income taxes		(610	)		(36,118	)		—			(36,728	)
Income tax expense (benefit)		(41	)		51			—			10
Net loss	$	(569	)	$	(36,169	)	$	—		$	(36,738	)
Total assets at end of period	$	550		$	2,788,902		$	—		$	2,789,452
March 31, 2011
Interest income	$	83		$	166,384		$	—		$	166,467
Interest expense		—			81,383			—			81,383
Net interest income		83			85,001			—			85,084
Provision for credit losses		—			51,198			—			51,198
Net interest income after provision for credit losses		83			33,803			—			33,886
Other income		92			59,173			(5	)		59,260
Other expense		(667	)		(133,498	)		5			(134,160	)
Loss before income taxes		(492	)		(40,522	)		—			(41,014	)
Income tax expense (benefit)		641			(477	)		—			164
Net loss	$	(1,133	)	$	(40,045	)	$	—		$	(41,178	)
Total assets at end of period	$	518		$	3,394,307		$	—		$	3,394,825