Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Dec. 31, 2013 | Feb. 03, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Dec-13 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Registrant Name | 'CLIFTON SAVINGS BANCORP INC | ' |
Entity Central Index Key | '0001240581 | ' |
Current Fiscal Year End Date | '--03-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 26,477,394 |
Consolidated_Statements_of_Fin
Consolidated Statements of Financial Condition (USD $) | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and due from banks | $7,629 | $15,048 |
Interest-bearing deposits in other banks | 4,272 | 10,848 |
Cash and Cash Equivalents | 11,901 | 25,896 |
Securities available for sale, at fair value: | 3,764 | 15,399 |
Securities held to maturity, at cost (fair value of $445,024 at December 31, 2013 and $479,339 at March 31, 2013): | 446,439 | 462,728 |
Loans receivable | 580,438 | 459,312 |
Allowance for loan losses | -3,050 | -2,500 |
Net Loans | 577,388 | 456,812 |
Bank owned life insurance | 36,262 | 35,499 |
Premises and equipment | 7,523 | 7,841 |
Federal Home Loan Bank of New York stock | 6,989 | 3,897 |
Interest receivable | 3,235 | 3,177 |
Real estate owned | ' | 215 |
Other assets | 5,572 | 4,620 |
Total Assets | 1,099,073 | 1,016,084 |
Deposits: | ' | ' |
Non-interest bearing | 17,308 | 13,228 |
Interest bearing | 757,221 | 750,464 |
Total Deposits | 774,529 | 763,692 |
Advances from Federal Home Loan Bank of New York | 122,500 | 52,500 |
Advance payments by borrowers for taxes and insurance | 5,926 | 5,071 |
Other liabilities and accrued expenses | 4,658 | 7,493 |
Total Liabilities | 907,613 | 828,756 |
Commitments and Contingencies | ' | ' |
Stockholders' Equity | ' | ' |
Preferred stock ($.01 par value), 1,000,000 shares authorized; shares issued or outstanding - none | ' | ' |
Common stock ($.01 par value), 75,000,000 shares authorized; 30,530,470 shares issued, 26,470,164 shares outstanding at December 31, 2013; 26,166,652 shares outstanding at March 31, 2013 | 305 | 305 |
Paid-in capital | 136,562 | 136,154 |
Deferred compensation obligation under Rabbi Trust | 309 | 292 |
Retained earnings | 102,554 | 102,292 |
Treasury stock, at cost; 4,060,306 shares at December 31, 2013; 4,363,818 shares at March 31, 2013 | -43,869 | -47,067 |
Common stock acquired by Employee Stock Ownership Plan ("ESOP") | -3,664 | -4,213 |
Accumulated other comprehensive loss | -470 | -188 |
Stock held by Rabbi Trust | -267 | -247 |
Total Stockholders' Equity | 191,460 | 187,328 |
Total Liabilities and Stockholders' Equity | $1,099,073 | $1,016,084 |
Consolidated_Statements_of_Fin1
Consolidated Statements of Financial Condition (Parenthetical) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Securities held to maturity, fair value | $445,024 | $479,339 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | ' | ' |
Preferred stock, shares outstanding | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 30,530,470 | 30,530,470 |
Common stock, shares outstanding | 26,470,164 | 26,166,652 |
Treasury stock, shares | 4,060,306 | 4,363,818 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Interest Income: | ' | ' | ' | ' |
Loans | $5,471 | $4,837 | $15,433 | $14,715 |
Mortgage-backed securities | 2,492 | 3,111 | 7,822 | 9,773 |
Debt securities | 569 | 599 | 1,692 | 2,464 |
Other interest-earning assets | 51 | 53 | 133 | 178 |
Total Interest Income | 8,583 | 8,600 | 25,080 | 27,130 |
Interest Expense: | ' | ' | ' | ' |
Deposits | 1,909 | 2,264 | 5,951 | 7,434 |
Advances | 582 | 536 | 1,568 | 1,866 |
Total Interest Expense | 2,491 | 2,800 | 7,519 | 9,300 |
Net Interest Income | 6,092 | 5,800 | 17,561 | 17,830 |
Provision for loan losses | 128 | 450 | 664 | 742 |
Net Interest Income after Provision for Loan Losses | 5,964 | 5,350 | 16,897 | 17,088 |
Non-Interest Income: | ' | ' | ' | ' |
Fees and service charges | 66 | 50 | 185 | 162 |
Bank owned life insurance | 245 | 229 | 763 | 662 |
Gain on sale of securities | ' | ' | 566 | 647 |
Loss on disposal of premises and equipment | ' | -3 | ' | -3 |
Loss on extinguishment of debt | ' | ' | ' | -527 |
Loss on write-down of land held for sale | ' | ' | ' | -99 |
Other | ' | 2 | 1 | 3 |
Total Non-Interest Income | 311 | 278 | 1,515 | 845 |
Non-Interest Expenses: | ' | ' | ' | ' |
Salaries and employee benefits | 2,065 | 1,672 | 6,154 | 5,384 |
Occupancy expense of premises | 390 | 379 | 1,167 | 1,098 |
Equipment | 309 | 320 | 921 | 880 |
Directors' compensation | 212 | 285 | 651 | 656 |
Advertising | 45 | 58 | 196 | 171 |
Legal | 73 | 42 | 147 | 133 |
Federal deposit insurance premium | 132 | 121 | 375 | 379 |
Other | 387 | 549 | 1,299 | 1,528 |
Total Non-Interest Expenses | 3,613 | 3,426 | 10,910 | 10,229 |
Income before Income Taxes | 2,662 | 2,202 | 7,502 | 7,704 |
Income Taxes | 907 | 688 | 2,594 | 2,622 |
Net Income | $1,755 | $1,514 | $4,908 | $5,082 |
Net Income per Common Share: | ' | ' | ' | ' |
Basic | $0.07 | $0.06 | $0.19 | $0.20 |
Diluted | $0.07 | $0.06 | $0.19 | $0.20 |
Dividends per common share | $0.06 | $0.12 | $0.18 | $0.24 |
Weighted Average Number of Common Shares and Common Stock Equivalents Outstanding: | ' | ' | ' | ' |
Basic | 25,928,941 | 25,690,312 | 25,865,420 | 25,672,039 |
Diluted | 26,190,019 | 25,801,481 | 26,115,860 | 25,714,808 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Comprehensive Income Net Of Tax [Abstract] | ' | ' | ' | ' | ||||
Net income | $1,755 | $1,514 | $4,908 | $5,082 | ||||
Other comprehensive (loss): | ' | ' | ' | ' | ||||
Gross unrealized holding (loss) on securities available for sale, net of income taxes of $19 and $75, $100 and $129, respectively | -27 | -110 | -145 | -186 | ||||
Reclassification adjustment for net realized gains on securities available for sale, net of income taxes of of $0 and $0, and $120 and $264, respectively | ' | ' | -175 | [1] | -383 | [1] | ||
Benefit plans, net of income tax of ($8) and ($7), ($26) and ($20), respectively | 12 | [2] | 12 | [2] | 38 | [2] | 30 | [2] |
Total other comprehensive (loss) | -15 | -98 | -282 | -539 | ||||
Total comprehensive income | $1,740 | $1,416 | $4,626 | $4,543 | ||||
[1] | Net realized gain and related income taxes are included in the consolidated statements of income within the gain on sale of securities and income taxes lines, respectively. | |||||||
[2] | Benefit plan amounts represent the amortization of past service cost and unrecognized net loss; such amounts are included in the consolidated statements of income within the directors' compensation line. The related income tax amounts are included in income taxes. |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Comprehensive Income Net Of Tax [Abstract] | ' | ' | ' | ' |
Gross unrealized holding (loss) on securities available for sale, net of income tax benefit | $19 | $75 | $100 | $129 |
Reclassification adjustment for net realized gains on securities available for sale, net of income taxes | 0 | 0 | 120 | 264 |
Benefit plans, income taxes | ($8) | ($7) | ($26) | ($20) |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | ' | ' |
Net income | $4,908 | $5,082 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization of premises and equipment | 479 | 465 |
Net amortization (accretion) of deferred fees and costs, premiums and discounts | 84 | -51 |
Provision for loan losses | 664 | 742 |
Realized gain on sale of securities available for sale | -295 | -647 |
Realized gain on sale of securities held to maturity | -271 | ' |
Loss on disposal of premises and equipment | ' | 3 |
Loss on extinguishment of debt | ' | 527 |
Loss on write-down of land held for sale | ' | 99 |
Loss on write-down of real estate owned | 11 | 46 |
(Gain) loss on sale of real estate owned | -75 | 1 |
(Increase) decrease in interest receivable | -58 | 784 |
Deferred income taxes | -193 | 250 |
(Increase) decrease in other assets | -500 | 197 |
Increase (decrease) in accrued interest payable | 85 | -76 |
Increase (decrease) in other liabilities | 130 | -826 |
(Increase) in cash surrender value of bank owned life insurance | -763 | -662 |
ESOP shares committed to be released | 678 | 569 |
Restricted stock expense | 50 | 46 |
Stock option expense | 34 | 59 |
Increase in deferred compensation obligation under Rabbi Trust | 17 | 14 |
Net cash provided by operating activities | 4,985 | 6,622 |
Proceeds from calls, maturities and repayments of: | ' | ' |
Securities available for sale | 6,729 | 59,197 |
Securities held to maturity | 67,193 | 200,657 |
Proceeds from sale of securities available for sale | 4,659 | 8,827 |
Proceeds from sale of securities held to maturity | 5,579 | ' |
Redemptions of Federal Home Loan Bank of New York stock | 58 | 1,806 |
Purchases of: | ' | ' |
Securities available for sale | ' | -15,000 |
Securities held to maturity | -59,404 | -154,884 |
Loans receivable | -67,834 | -34,009 |
Bank owned life insurance | ' | -7,000 |
Premises and equipment | -161 | -383 |
Federal Home Loan Bank of New York stock | -3,150 | -675 |
Net (increase) decrease in loans receivable | -53,712 | 21,356 |
Proceeds from sale of real estate owned | 645 | 92 |
Net cash (used in) provided by investing activities | -99,398 | 79,984 |
Cash flows from financing activities: | ' | ' |
Net increase (decrease) in deposits | 10,837 | -55,170 |
Net increase in short-term advances from Federal Home Loan Bank of New York | 15,000 | ' |
Proceeds from long-term advances from Federal Home Loan Bank of New York | 55,000 | ' |
Payments on advances from Federal Home Loan Bank of New York | ' | -24,512 |
Net increase (decrease) in payments by borrowers for taxes and insurance | 855 | -231 |
Exercise of stock options | 3,106 | ' |
Dividends paid | -4,647 | -6,153 |
Purchase of treasury stock | -21 | -27 |
Income tax benefit from stock based compensation | 288 | 6 |
Net cash provided by (used in) financing activities | 80,418 | -86,087 |
Net (decrease) increase in cash and cash equivalents | -13,995 | 519 |
Cash and cash equivalents-beginning | 25,896 | 40,257 |
Cash and cash equivalents-ending | 11,901 | 40,776 |
Cash paid during the period for: | ' | ' |
Interest on deposits and borrowings | 7,434 | 9,376 |
Income taxes paid | 3,093 | 3,876 |
Non cash activities: | ' | ' |
Amounts (settled with) brokers for security purchases | -3,050 | ' |
Transfer from loans receivable to real estate owned | $366 | $215 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
1. BASIS OF PRESENTATION | |
The consolidated financial statements include the accounts of Clifton Savings Bancorp, Inc. (the “Company”), the Company’s wholly-owned subsidiary, Clifton Savings Bank (the “Bank”), and the Bank’s wholly-owned subsidiary, Botany Inc. (“Botany”). The Company’s business consists principally of investing in securities and the operations of the Bank. Botany’s business consists solely of holding investment and mortgage-backed securities, and Botany is treated under New Jersey tax law as a New Jersey investment company. All significant intercompany accounts and transactions have been eliminated in consolidation. | |
The accompanying unaudited consolidated financial statements were prepared in accordance with the instructions for Form 10-Q and Regulation S-X and do not include information or footnotes necessary for a complete presentation of financial condition, results of operations, or cash flows in conformity with accounting principles generally accepted in the United States of America (“GAAP”). However, in the opinion of management, all adjustments (consisting solely of normal recurring adjustments) necessary for a fair presentation of the consolidated financial statements have been included. The results of operations for the nine month period ended December 31, 2013 are not necessarily indicative of the results which may be expected for the entire fiscal year or any other period. The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reported periods. Actual results could differ from those estimates. These consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and related notes thereto for the year ended March 31, 2013, which are included in the Company’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission on June 6, 2013. | |
The Company has evaluated events and transactions occurring subsequent to the statement of financial condition date of December 31, 2013, for items that should potentially be recognized or disclosed in these consolidated financial statements. The evaluation was conducted through the date these consolidated financial statements were issued. |
Earnings_Per_Share_EPS
Earnings Per Share (EPS) | 9 Months Ended |
Dec. 31, 2013 | |
Earnings Per Share [Abstract] | ' |
Earnings Per Share (EPS) | ' |
2. EARNINGS PER SHARE (EPS) | |
Basic EPS is based on the weighted average number of common shares actually outstanding, and is adjusted for employee stock ownership plan shares not yet committed to be released and deferred compensation obligations required to be settled in shares of Company stock. Unvested restricted stock awards, which contain rights to non-forfeitable dividends, are considered participating securities and the two-class method of computing basic and diluted EPS is applied. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock, such as outstanding stock options, were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. Diluted EPS is calculated by adjusting the weighted average number of shares of common stock outstanding to include the effect of contracts or securities exercisable (such as stock options) or which could be converted into common stock, if dilutive, using the treasury stock method. The calculation of diluted EPS for the three and nine months ended December 31, 2013 includes incremental shares related to outstanding options of 261,078 and 250,440, respectively. The calculation of diluted EPS for the three and nine months ended December 31, 2012 includes incremental shares related to outstanding options of 111,169 and 42,769, respectively. During the three and nine months ended December 31, 2013 and 2012, no options were antidilutive. |
Stock_Repurchase_Plans
Stock Repurchase Plans | 9 Months Ended |
Dec. 31, 2013 | |
Equity [Abstract] | ' |
Stock Repurchase Plans | ' |
3. STOCK REPURCHASE PLANS | |
On November 28, 2012, the Company’s Board of Directors authorized the Company’s tenth stock repurchase plan for up to 280,000 shares of the Company’s outstanding common stock, representing approximately 3% of the outstanding shares owned by entities other than the Company’s majority stockholder, Clifton MHC, on that date. There were no stock repurchases under this plan or any other repurchase plans made during the nine months ended December 31, 2013 and 2012. | |
Additionally, during the nine months ended December 31, 2013 and 2012, 1,283 and 1,202 shares, respectively, were repurchased at an aggregate cost of approximately $16,000, or $12.15 per share, and $12,000, or $10.07 per share, respectively, representing the withholding of shares subject to restricted stock awards under the Clifton Savings Bancorp, Inc. 2005 Equity Incentive Plan for payment of taxes due upon the vesting of restricted stock awards. | |
All repurchased shares are held as treasury stock for general corporate use. |
Retirement_PlanComponents_of_N
Retirement Plan-Components of Net Periodic Pension Cost | 9 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Retirement Plan-Components of Net Periodic Pension Cost | ' | ||||||||||||||||
4. RETIREMENT PLAN-COMPONENTS OF NET PERIODIC PENSION COST | |||||||||||||||||
Periodic pension expense for the directors’ retirement plan and former President’s post-retirement health care plan were as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In Thousands) | |||||||||||||||||
Service cost | $ | 40 | $ | 16 | $ | 120 | $ | 46 | |||||||||
Interest cost | 35 | 32 | 105 | 104 | |||||||||||||
Amortization of past service cost | 10 | 10 | 30 | 30 | |||||||||||||
Amortization of unrecognized net loss | 12 | 8 | 36 | 20 | |||||||||||||
Settlement charge | — | 117 | — | 117 | |||||||||||||
Net periodic benefit cost | $ | 97 | $ | 183 | $ | 291 | $ | 317 | |||||||||
Securities
Securities | 9 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
Securities | ' | ||||||||||||||||||||||||
5. SECURITIES | |||||||||||||||||||||||||
The amortized cost, gross unrealized gains and losses and estimated fair value of securities available for sale and held to maturity for the dates indicated are as follows: | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||
Available for sale: | |||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||
Federal National Mortgage Association | $ | 3,599 | $ | 165 | $ | — | $ | 3,764 | |||||||||||||||||
Total available for sale securities | $ | 3,599 | $ | 165 | $ | — | $ | 3,764 | |||||||||||||||||
31-Mar-13 | |||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||
Available for sale: | |||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||
Government-sponsored enterprises | $ | 5,000 | $ | 4 | $ | — | $ | 5,004 | |||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||
Federal Home Loan Mortgage Corporation | 4,838 | 387 | — | 5,225 | |||||||||||||||||||||
Federal National Mortgage Association | 4,856 | 314 | — | 5,170 | |||||||||||||||||||||
9,694 | 701 | — | 10,395 | ||||||||||||||||||||||
Total available for sale securities | $ | 14,694 | $ | 705 | $ | — | $ | 15,399 | |||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||
Held to maturity: | |||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||
Government-sponsored enterprises | $ | 89,999 | $ | 113 | $ | 159 | $ | 89,953 | |||||||||||||||||
Corporate bonds | 49,966 | 1,471 | 88 | 51,349 | |||||||||||||||||||||
139,965 | 1,584 | 247 | 141,302 | ||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||
Federal Home Loan Mortgage Corporation | 82,738 | 2,449 | 2,037 | 83,150 | |||||||||||||||||||||
Federal National Mortgage Association | 202,335 | 3,103 | 7,261 | 198,177 | |||||||||||||||||||||
Governmental National Mortgage Association | 21,401 | 1,144 | 150 | 22,395 | |||||||||||||||||||||
306,474 | 6,696 | 9,448 | 303,722 | ||||||||||||||||||||||
Total held to maturity securities | $ | 446,439 | $ | 8,280 | $ | 9,695 | $ | 445,024 | |||||||||||||||||
31-Mar-13 | |||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||
Held to maturity: | |||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||
Government-sponsored enterprises | $ | 69,999 | $ | 607 | $ | 11 | $ | 70,595 | |||||||||||||||||
Corporate bonds | 49,917 | 1,951 | 1 | 51,867 | |||||||||||||||||||||
119,916 | 2,558 | 12 | 122,462 | ||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||
Federal Home Loan Mortgage Corporation | 106,346 | 5,459 | 125 | 111,680 | |||||||||||||||||||||
Federal National Mortgage Association | 207,781 | 7,118 | 350 | 214,549 | |||||||||||||||||||||
Governmental National Mortgage Association | 28,685 | 1,998 | 35 | 30,648 | |||||||||||||||||||||
342,812 | 14,575 | 510 | 356,877 | ||||||||||||||||||||||
Total held to maturity securities | $ | 462,728 | $ | 17,133 | $ | 522 | $ | 479,339 | |||||||||||||||||
Contractual maturity data for securities are as follows: | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||
Available for sale: | |||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||
Due after ten years | $ | 3,599 | $ | 3,764 | |||||||||||||||||||||
Total available for sale securities | $ | 3,599 | $ | 3,764 | |||||||||||||||||||||
Held to maturity: | |||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||
Due less than one year | $ | 4,952 | $ | 5,008 | |||||||||||||||||||||
Due after one through five years | 115,010 | 116,291 | |||||||||||||||||||||||
Due after five through ten years | 20,003 | 20,003 | |||||||||||||||||||||||
139,965 | 141,302 | ||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||
Due after one through five years | 2,006 | 2,131 | |||||||||||||||||||||||
Due after five through ten years | 83,815 | 79,096 | |||||||||||||||||||||||
Due after ten years | 220,653 | 222,495 | |||||||||||||||||||||||
306,474 | 303,722 | ||||||||||||||||||||||||
Total held to maturity securities | $ | 446,439 | $ | 445,024 | |||||||||||||||||||||
The amortized cost and carrying values shown above are by contractual final maturity. Actual maturities will differ from contractual final maturities due to scheduled monthly payments related to mortgage-backed securities and due to the borrowers having the right to prepay obligations with or without prepayment penalties. The Company’s mortgage-backed securities are generally secured by residential and multi-family mortgage loans. The effective lives of those securities are generally shorter than their contractual maturities due to principal amortization and prepayment of the mortgage loans comprised within those securities. Investors in mortgage pass-through securities generally share in the receipt of principal repayments on a pro-rata basis as paid by the borrowers. | |||||||||||||||||||||||||
The age of gross unrealized losses and the fair value of related securities at December 31 and March 31, 2013 were as follows: | |||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||
Gross | Gross | Gross | |||||||||||||||||||||||
Unrealized | Unrealized | Unrealized | |||||||||||||||||||||||
December 31, 2013: | Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | |||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||
Held to maturity: | |||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||
Government-sponsored enterprises | $ | 34,841 | $ | 159 | $ | — | $ | — | $ | 34,841 | $ | 159 | |||||||||||||
Corporate Bonds | 9,915 | 88 | — | — | 9,915 | 88 | |||||||||||||||||||
44,756 | 247 | — | — | 44,756 | 247 | ||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||
Federal Home Loan Mortgage Corporation | 35,166 | 2,034 | 171 | 3 | 35,337 | 2,037 | |||||||||||||||||||
Federal National Mortgage Association | 121,218 | 6,685 | 8,449 | 576 | 129,667 | 7,261 | |||||||||||||||||||
Government National Mortgage Association | — | — | 1,442 | 150 | 1,442 | 150 | |||||||||||||||||||
156,384 | 8,719 | 10,062 | 729 | 166,446 | 9,448 | ||||||||||||||||||||
Total held to maturity securities | $ | 201,140 | $ | 8,966 | $ | 10,062 | $ | 729 | $ | 211,202 | $ | 9,695 | |||||||||||||
Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||
Gross | Gross | Gross | |||||||||||||||||||||||
Unrealized | Unrealized | Unrealized | |||||||||||||||||||||||
31-Mar-13 | Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | |||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||
Held to maturity: | |||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||
Government-sponsored enterprises | $ | 9,988 | $ | 11 | $ | — | $ | — | $ | 9,988 | $ | 11 | |||||||||||||
Corporate bonds | — | — | 4,999 | 1 | 4,999 | 1 | |||||||||||||||||||
9,988 | 11 | 4,999 | 1 | 14,987 | 12 | ||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||
Federal Home Loan Mortgage Corporation | 10,368 | 124 | 30 | 1 | 10,398 | 125 | |||||||||||||||||||
Federal National Mortgage Association | 42,609 | 347 | 187 | 3 | 42,796 | 350 | |||||||||||||||||||
Government National Mortgage Association | 1,585 | 35 | — | — | 1,585 | 35 | |||||||||||||||||||
54,562 | 506 | 217 | 4 | 54,779 | 510 | ||||||||||||||||||||
Total held to maturity securities | $ | 64,550 | $ | 517 | $ | 5,216 | $ | 5 | $ | 69,766 | $ | 522 | |||||||||||||
Management does not believe that any of the unrealized losses at December 31, 2013 (seven bonds of Government-sponsored enterprises and two corporate bonds included in debt securities, and thirty-five FNMA, fourteen FHLMC, and one GNMA mortgage-backed security) represent an other-than-temporary impairment as they are primarily related to market interest rates and not related to the underlying credit quality of the issuers of the securities. Additionally, the Company and its subsidiaries have the ability, and management has the intent, to hold such securities for the time necessary to recover amortized cost and does not have the intent to sell the securities, and it is more likely than not that it will not have to sell the securities before recovery of their amortized cost. | |||||||||||||||||||||||||
During the nine months ended December 31, 2013, the proceeds from sales of securities available for sale totaled $4.7 million and the proceeds from sales of securities held to maturity totaled $5.6 million, resulting in gross realized gains of $295,000 and $272,000, respectively, and gross realized losses of $-0- and $1,000, respectively. The remaining principal balance for each of the securities held to maturity sold was less than 15% of the original principal purchased. The proceeds from sales of mortgage-backed securities available for sale totaled $8.8 million during the nine months ended December 31, 2012, and the gross realized gains on the sales totaled $647,000. There were no sales of securities held to maturity during the nine months ended December 31, 2012. |
Loans_Receivable_and_Allowance
Loans Receivable and Allowance for Loan Losses | 9 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||||||
Loans Receivable and Allowance for Loan Losses | ' | ||||||||||||||||||||||||||||||||
6. LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | |||||||||||||||||||||||||||||||||
The following is a summary of loans by segment and the classes within those segments: | |||||||||||||||||||||||||||||||||
December 31, | March 31, | ||||||||||||||||||||||||||||||||
2013 | 2013 | ||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
One-to four-family | $ | 518,415 | $ | 419,240 | |||||||||||||||||||||||||||||
Multi-family | 21,943 | 14,990 | |||||||||||||||||||||||||||||||
Commercial | 25,434 | 13,671 | |||||||||||||||||||||||||||||||
Construction | 654 | 937 | |||||||||||||||||||||||||||||||
566,446 | 448,838 | ||||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Second mortgage | 9,018 | 6,687 | |||||||||||||||||||||||||||||||
Passbook or certificate | 844 | 838 | |||||||||||||||||||||||||||||||
Equity lines of credit | 2,418 | 2,218 | |||||||||||||||||||||||||||||||
Other loans | 60 | 55 | |||||||||||||||||||||||||||||||
12,340 | 9,798 | ||||||||||||||||||||||||||||||||
Total Loans | 578,786 | 458,636 | |||||||||||||||||||||||||||||||
Less: | |||||||||||||||||||||||||||||||||
Loans in process | (287 | ) | (169 | ) | |||||||||||||||||||||||||||||
Net purchase premiums, discounts, and deferred loan costs | 1,939 | 845 | |||||||||||||||||||||||||||||||
1,652 | 676 | ||||||||||||||||||||||||||||||||
Total Loans, Net | $ | 580,438 | $ | 459,312 | |||||||||||||||||||||||||||||
The allowance for loan losses consists of general and unallocated components. For loans that are classified as impaired, a valuation allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component of the allowance covers pools of loans by loan class not considered impaired, as well as smaller balance homogeneous loans, such as one- to four-family real estate, construction real estate, second mortgage loans, home equity lines of credit and passbook loans. These pools of loans are evaluated for loss exposure based upon historical loss rates for each of these categories of loans, adjusted for qualitative factors to reflect current conditions. The historical loss factor is adjusted by qualitative risk factors which include: | |||||||||||||||||||||||||||||||||
1 | Lending policies and procedures, including underwriting standards and collection, charge-off, and recovery practices. | ||||||||||||||||||||||||||||||||
2 | National, regional, and local economic and business conditions, including the value of underlying collateral for collateral dependent loans. | ||||||||||||||||||||||||||||||||
3 | Nature and volume of the portfolio and terms of loans. | ||||||||||||||||||||||||||||||||
4 | Experience, ability and depth of lending management and staff. | ||||||||||||||||||||||||||||||||
5 | The quality of the Bank’s loan review system. | ||||||||||||||||||||||||||||||||
6 | Volume and severity of past due, classified and nonaccrual loans. | ||||||||||||||||||||||||||||||||
7 | Existence and effect of any concentrations of credit and changes in the level of such concentrations. | ||||||||||||||||||||||||||||||||
8 | Effect of external factors, such as competition and legal and regulatory requirements. | ||||||||||||||||||||||||||||||||
Each factor is assigned a value to reflect improving, stable or declining conditions based on management’s best judgment using relevant information available at the time of the evaluation. Adjustments to the factors are supported through documentation of changes in conditions in a narrative accompanying the allowance for loan loss calculation. | |||||||||||||||||||||||||||||||||
An unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating losses in the portfolio. | |||||||||||||||||||||||||||||||||
The evaluation of the adequacy of the allowance is based on an analysis which categorizes the entire loan portfolio by certain risk characteristics. The loan portfolio segments are further disaggregated into the following loan classes, where the risk level for each type is analyzed when determining the allowance for loan losses. | |||||||||||||||||||||||||||||||||
Real Estate: | |||||||||||||||||||||||||||||||||
1. One-to Four-Family Loans—consists of loans secured by first liens on either owner occupied or investment properties. These loans can be affected by economic conditions and the value of the underlying properties. The risk is considered relatively low as the Bank believes it has always had conservative underwriting standards, and does not have sub-prime loans in its loan portfolio. | |||||||||||||||||||||||||||||||||
2. Multi-Family Loans—consists of loans secured by multi-family real estate which generally involve a greater degree of risk than one-to four-family residential mortgage loans. These loans can be affected by economic conditions and the value of the underlying properties. The risk is considered relatively low as the Bank believes it has always had conservative underwriting standards. | |||||||||||||||||||||||||||||||||
3. Commercial Loans—consists of loans secured by commercial real estate which generally involve a greater degree of risk than one- to four-family residential mortgage loans. These loans can be affected by economic conditions and the value of the underlying properties. These loans are affected by economic conditions to a greater degree than one-to four-family and multi-family loans. The risk is considered relatively low as the Bank believes it has always had conservative underwriting standards. | |||||||||||||||||||||||||||||||||
4. Construction Loans—consists primarily of the financing of construction of one- to four-family properties or construction/permanent loans for the construction of one-to four-family homes to be occupied by the borrower. Construction loans generally are considered to involve a higher degree of risk of loss than long-term financing on improved, occupied real estate due to uncertainty of construction costs. Independent inspections are performed prior to disbursement of loan proceeds as construction progresses to mitigate these risks. These loans are also affected by economic conditions. | |||||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
1. Second Mortgage and Equity Lines of Credit—consists of one-to four-family loans secured by first, second or third liens (when the Bank has the two other lien positions) or, in one instance, a commercial property. These loans are affected by the borrower’s continuing financial stability, and therefore are more likely to be adversely affected by job loss, divorce, illness or personal bankruptcy. The credit risk is considered slightly higher than one-to four-family first lien loans as these loans are also dependent on the value of underlying properties, but have the added risk of a subordinate collateral position. | |||||||||||||||||||||||||||||||||
2. Passbook or Certificate and Other Loans—consists of loans secured by passbook accounts and certificates of deposit and unsecured loans. The passbook or certificate loans have low credit risk as they are fully secured by their collateral. Unsecured loans, included in other loans, are considered a low credit risk because of their small balances. | |||||||||||||||||||||||||||||||||
The allowance calculation methodology includes further segregation of loan classes into risk rating categories. The borrower’s overall financial condition, repayment sources, guarantors and value of collateral, if appropriate, are evaluated when credit deficiencies arise, such as delinquent loan payments. Credit quality risk ratings include regulatory classifications of special mention, substandard, doubtful and loss. Loans classified as special mention have potential weaknesses that deserve management’s close attention. If uncorrected, the potential weaknesses may result in deterioration of the repayment prospects. Loans classified as substandard have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They include loans that are inadequately protected by the current sound net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans classified as doubtful have all the weaknesses inherent in loans classified as substandard with the added characteristic that collection or liquidation in full, on the basis of current conditions and facts, is highly improbable. Loans classified as a loss are considered uncollectible and are charged to the allowance for loan losses. Non-classified assets are rated as pass or pass-watch. Pass-watch loans require current oversight or tracking by management generally due to incomplete documentation or monitoring due to previous delinquent status. | |||||||||||||||||||||||||||||||||
In addition, the Office of the Comptroller of the Currency (the “OCC”), as an integral part of its examination process, periodically reviews the Bank’s loan portfolio and the related allowance for loan losses. The OCC may require the allowance for loan losses to be increased based on its review of information available at the time of the examination. | |||||||||||||||||||||||||||||||||
The change in the allowance for loan losses for the three and nine months ended December 31, 2013 and 2012 is as follows: | |||||||||||||||||||||||||||||||||
One-to Four- | Multi-Family | Commercial | Construction | Second | Passbook or | Unallocated | Total | ||||||||||||||||||||||||||
Family | Real Estate | Real Estate | Real Estate | Mortgage and | Certificate | ||||||||||||||||||||||||||||
Real Estate | Equity Lines | and Other | |||||||||||||||||||||||||||||||
of Credit | Loans | ||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||
At September 30, 2013: | |||||||||||||||||||||||||||||||||
Total allowance for loan losses | $ | 2,440 | $ | 236 | $ | 165 | $ | 3 | $ | 49 | $ | — | $ | 57 | $ | 2,950 | |||||||||||||||||
Charge-offs | — | (28 | ) | — | — | — | — | — | (28 | ) | |||||||||||||||||||||||
Recoveries | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Provision charged to operations | 29 | (19 | ) | 62 | (1 | ) | 2 | 1 | 54 | 128 | |||||||||||||||||||||||
At December 31, 2013: | |||||||||||||||||||||||||||||||||
Total allowance for loan losses | $ | 2,469 | $ | 189 | $ | 227 | $ | 2 | $ | 51 | $ | 1 | $ | 111 | $ | 3,050 | |||||||||||||||||
One-to Four- | Multi-Family | Commercial | Construction | Second | Passbook or | Unallocated | Total | ||||||||||||||||||||||||||
Family | Real Estate | Real Estate | Real Estate | Mortgage and | Certificate | ||||||||||||||||||||||||||||
Real Estate | Equity Lines | and Other | |||||||||||||||||||||||||||||||
of Credit | Loans | ||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||
At March 31, 2013: | |||||||||||||||||||||||||||||||||
Total allowance for loan losses | $ | 2,127 | $ | 187 | $ | 99 | $ | 5 | $ | 38 | $ | 1 | $ | 43 | $ | 2,500 | |||||||||||||||||
Charge-offs | (90 | ) | (28 | ) | — | — | — | — | — | (118 | ) | ||||||||||||||||||||||
Recoveries | 4 | — | — | — | — | — | — | 4 | |||||||||||||||||||||||||
Provision charged to operations | 428 | 30 | 128 | (3 | ) | 13 | — | 68 | 664 | ||||||||||||||||||||||||
At December 31, 2013: | |||||||||||||||||||||||||||||||||
Total allowance for loan losses | $ | 2,469 | $ | 189 | $ | 227 | $ | 2 | $ | 51 | $ | 1 | $ | 111 | $ | 3,050 | |||||||||||||||||
One-to Four- | Multi-Family | Commercial | Real Estate | Second | Passbook or | Unallocated | Total | ||||||||||||||||||||||||||
Family Real | Real Estate | Real Estate | Construction | Mortgage and | Certificate | ||||||||||||||||||||||||||||
Estate | Equity Lines | and Other | |||||||||||||||||||||||||||||||
of Credit | Loans | ||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||
At September 30, 2012: | |||||||||||||||||||||||||||||||||
Total allowance for loan losses | $ | 1,898 | $ | 203 | $ | 106 | $ | 9 | $ | 39 | $ | 1 | $ | 44 | $ | 2,300 | |||||||||||||||||
Charge-offs | (320 | ) | — | — | — | — | — | — | (320 | ) | |||||||||||||||||||||||
Recoveries | 50 | — | — | — | — | — | — | 50 | |||||||||||||||||||||||||
Provision charged to operations | 490 | (4 | ) | (3 | ) | 2 | (2 | ) | — | (33 | ) | 450 | |||||||||||||||||||||
At December 31, 2012: | |||||||||||||||||||||||||||||||||
Total allowance for loan losses | $ | 2,118 | $ | 199 | $ | 103 | $ | 11 | $ | 37 | $ | 1 | $ | 11 | $ | 2,480 | |||||||||||||||||
One-to Four- | Multi-Family | Commercial | Construction | Second | Passbook or | Unallocated | Total | ||||||||||||||||||||||||||
Family Real | Real Estate | Real Estate | Real Estate | Mortgage and | Certificate | ||||||||||||||||||||||||||||
Estate | Equity Lines | and Other | |||||||||||||||||||||||||||||||
of Credit | Loans | ||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||
At March 31, 2012: | |||||||||||||||||||||||||||||||||
Total allowance for loan losses | $ | 1,733 | $ | 193 | $ | 105 | $ | 4 | $ | 42 | $ | 1 | $ | 12 | $ | 2,090 | |||||||||||||||||
Charge-offs | (402 | ) | — | — | — | — | — | — | (402 | ) | |||||||||||||||||||||||
Recoveries | 50 | — | — | — | — | — | — | 50 | |||||||||||||||||||||||||
Provision charged to operations | 737 | 6 | (2 | ) | 7 | (5 | ) | — | (1 | ) | 742 | ||||||||||||||||||||||
At December 31, 2012: | |||||||||||||||||||||||||||||||||
Total allowance for loan losses | $ | 2,118 | $ | 199 | $ | 103 | $ | 11 | $ | 37 | $ | 1 | $ | 11 | $ | 2,480 | |||||||||||||||||
The following table presents the allocation of the allowance for loan losses by loan class at December 31 and March 31, 2013. | |||||||||||||||||||||||||||||||||
Second | Passbook or | ||||||||||||||||||||||||||||||||
One-to Four- | Mortgage and | Certificate | |||||||||||||||||||||||||||||||
Family | Multi-Family | Commercial | Construction | Equity Lines | and Other | ||||||||||||||||||||||||||||
December 31, 2013 | Real Estate | Real Estate | Real Estate | Real Estate | of Credit | Loans | Unallocated | Total | |||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Collectively evaluated for impairment | 2,469 | 189 | 227 | 2 | 51 | 1 | 111 | 3,050 | |||||||||||||||||||||||||
Total | $ | 2,469 | $ | 189 | $ | 227 | $ | 2 | $ | 51 | $ | 1 | $ | 111 | $ | 3,050 | |||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 316 | $ | 209 | $ | 248 | $ | — | $ | — | $ | — | $ | — | $ | 773 | |||||||||||||||||
Collectively evaluated for impairment | 518,099 | 21,734 | 25,186 | 654 | 11,436 | 904 | — | 578,013 | |||||||||||||||||||||||||
Total | $ | 518,415 | $ | 21,943 | $ | 25,434 | $ | 654 | $ | 11,436 | $ | 904 | $ | — | $ | 578,786 | |||||||||||||||||
Second | Passbook or | ||||||||||||||||||||||||||||||||
One-to Four- | Mortgage and | Certificate | |||||||||||||||||||||||||||||||
Family | Multi-Family | Commercial | Construction | Equity Lines | and Other | ||||||||||||||||||||||||||||
March 31, 2013 | Real Estate | Real Estate | Real Estate | Real Estate | of Credit | Loans | Unallocated | Total | |||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Collectively evaluated for impairment | 2,127 | 187 | 99 | 5 | 38 | 1 | 43 | 2,500 | |||||||||||||||||||||||||
Total | $ | 2,127 | $ | 187 | $ | 99 | $ | 5 | $ | 38 | $ | 1 | $ | 43 | $ | 2,500 | |||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 528 | $ | — | $ | 251 | $ | — | $ | — | $ | — | $ | — | $ | 779 | |||||||||||||||||
Collectively evaluated for impairment | 418,712 | 14,990 | 13,420 | 937 | 8,905 | 893 | — | 457,857 | |||||||||||||||||||||||||
Total | $ | 419,240 | $ | 14,990 | $ | 13,671 | $ | 937 | $ | 8,905 | $ | 893 | $ | — | $ | 458,636 | |||||||||||||||||
The aggregate amounts of classified loan balances are as follows at December 31 and March 31, 2013: | |||||||||||||||||||||||||||||||||
Second | Passbook or | ||||||||||||||||||||||||||||||||
One-to Four- | Mortgage and | Certificate | |||||||||||||||||||||||||||||||
Family | Multi-family | Commercial | Construction | Equity Lines | and Other | Total | |||||||||||||||||||||||||||
December 31, 2013 | Real Estate | Real Estate | Real Estate | Real Estate | of Credit | Loans | Loans | ||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||
Non-classified: | $ | 512,712 | $ | 21,943 | $ | 25,186 | $ | 654 | $ | 11,308 | $ | 904 | 572,707 | ||||||||||||||||||||
Classified: | |||||||||||||||||||||||||||||||||
Special mention | 1,463 | — | — | — | 55 | — | 1,518 | ||||||||||||||||||||||||||
Substandard | 4,240 | — | 248 | — | 73 | — | 4,561 | ||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Loss | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Total loans | $ | 518,415 | $ | 21,943 | $ | 25,434 | $ | 654 | $ | 11,436 | $ | 904 | $ | 578,786 | |||||||||||||||||||
Second | Passbook or | ||||||||||||||||||||||||||||||||
One-to Four- | Mortgage and | Certificate | |||||||||||||||||||||||||||||||
Family | Multi-family | Commercial | Construction | Equity Lines | and Other | Total | |||||||||||||||||||||||||||
31-Mar-13 | Real Estate | Real Estate | Real Estate | Real Estate | of Credit | Loans | Loans | ||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||
Non-classified: | $ | 412,488 | $ | 14,990 | $ | 13,356 | $ | 937 | $ | 8,748 | $ | 893 | 451,412 | ||||||||||||||||||||
Classified: | |||||||||||||||||||||||||||||||||
Special mention | 1,191 | — | 64 | — | 9 | — | 1,264 | ||||||||||||||||||||||||||
Substandard | 5,561 | — | 251 | — | 148 | — | 5,960 | ||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Loss | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Total loans | $ | 419,240 | $ | 14,990 | $ | 13,671 | $ | 937 | $ | 8,905 | $ | 893 | $ | 458,636 | |||||||||||||||||||
The following table provides information with respect to the Bank’s nonaccrual loans at December 31 and March 31, 2013. Loans are generally placed on nonaccrual status when they become more than 90 days delinquent, or when the collection of principal and, or interest become doubtful. Nonaccrual loans differed from the amount of total loans past due greater than 90 days due to some previously delinquent loans that are currently not more than 90 days delinquent which are maintained on nonaccrual status for a minimum of six months until the borrower has demonstrated the ability to satisfy the loan terms. A loan is returned to accrual status when there is a sustained period of repayment performance (generally six consecutive months) by the borrower in accordance with the contractual terms of the loan, or in some circumstances, when the factors indicating doubtful collectability no longer exist and the Bank expects repayment of the remaining contractual amounts due. | |||||||||||||||||||||||||||||||||
December 31, | March 31, | ||||||||||||||||||||||||||||||||
2013 | 2013 | ||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||
Nonaccrual loans: | |||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||
One-to four-family | $ | 4,240 | $ | 5,496 | |||||||||||||||||||||||||||||
Commercial | 248 | 251 | |||||||||||||||||||||||||||||||
Consumer and other loans: | |||||||||||||||||||||||||||||||||
Second mortgage | 73 | 148 | |||||||||||||||||||||||||||||||
Total nonaccrual loans | $ | 4,561 | $ | 5,895 | |||||||||||||||||||||||||||||
The following table provides information about delinquencies in the Bank’s loan portfolio at December 31 and March 31, 2013. | |||||||||||||||||||||||||||||||||
30-59 | 60-89 | 90 Days | Total | ||||||||||||||||||||||||||||||
Days | Days | Or More | Total | Gross | |||||||||||||||||||||||||||||
December 31, 2013 | Past Due | Past Due | Past Due | Past Due | Current | Loans | |||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||
One-to four-family | $ | 2,846 | $ | 393 | $ | 2,647 | $ | 5,886 | $ | 512,529 | $ | 518,415 | |||||||||||||||||||||
Multi-family | — | — | — | — | 21,943 | 21,943 | |||||||||||||||||||||||||||
Commercial | — | — | 248 | 248 | 25,186 | 25,434 | |||||||||||||||||||||||||||
Construction | — | — | — | — | 654 | 654 | |||||||||||||||||||||||||||
Consumer and other loans: | |||||||||||||||||||||||||||||||||
Second mortgage and equity lines of credit | 18 | 8 | 73 | 99 | 11,337 | 11,436 | |||||||||||||||||||||||||||
Passbook or certificate and other loans | — | — | — | — | 904 | 904 | |||||||||||||||||||||||||||
Total | $ | 2,864 | $ | 401 | $ | 2,968 | $ | 6,233 | $ | 572,553 | $ | 578,786 | |||||||||||||||||||||
30-59 | 60-89 | 90 Days | Total | ||||||||||||||||||||||||||||||
Days | Days | Or More | Total | Gross | |||||||||||||||||||||||||||||
March 31, 2013 | Past Due | Past Due | Past Due | Past Due | Current | Loans | |||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||
One-to four-family | $ | 2,076 | $ | 300 | $ | 3,693 | $ | 6,069 | $ | 413,171 | $ | 419,240 | |||||||||||||||||||||
Multi-family | — | — | — | — | 14,990 | 14,990 | |||||||||||||||||||||||||||
Commercial | — | 251 | — | 251 | 13,420 | 13,671 | |||||||||||||||||||||||||||
Construction | — | — | — | — | 937 | 937 | |||||||||||||||||||||||||||
Consumer and other loans: | |||||||||||||||||||||||||||||||||
Second mortgage and equity lines of credit | 9 | 4 | 39 | 52 | 8,853 | 8,905 | |||||||||||||||||||||||||||
Passbook or certificate and other loans | — | 96 | — | 96 | 797 | 893 | |||||||||||||||||||||||||||
Total | $ | 2,085 | $ | 651 | $ | 3,732 | $ | 6,468 | $ | 452,168 | $ | 458,636 | |||||||||||||||||||||
There were no loans that are past due greater than 90 days that were accruing as of December 31 and March 31, 2013. | |||||||||||||||||||||||||||||||||
A loan is defined as impaired when, based on current information and events, it is probable that a creditor will be unable to collect all amounts due under the contractual terms of the loan agreement. The Company considers one-to four-family mortgage loans and consumer installment loans to be homogeneous and, therefore, does not separately evaluate them for impairment, unless they are considered troubled debt restructurings. All other loans are evaluated for impairment on an individual basis. | |||||||||||||||||||||||||||||||||
Impaired loans, none of which had a related allowance at or for the three and nine months ended December 31, 2013 and 2012, and at or for the year ended March 31, 2013, were as follows: | |||||||||||||||||||||||||||||||||
Unpaid | Average | Interest | |||||||||||||||||||||||||||||||
At or For The Three Months Ended | Recorded | Principal | Related | Recorded | Income | ||||||||||||||||||||||||||||
December 31, 2013 | Investment | Balance | Allowance | Investment | Recognized | ||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||
One-to four-family | $ | 316 | $ | 488 | $ | — | $ | 316 | $ | 4 | |||||||||||||||||||||||
Multi-family | 209 | 237 | — | 105 | 4 | ||||||||||||||||||||||||||||
Commercial | 248 | 248 | — | 248 | 4 | ||||||||||||||||||||||||||||
Total impaired loans | $ | 773 | $ | 973 | $ | — | $ | 669 | $ | 12 | |||||||||||||||||||||||
Unpaid | Average | Interest | |||||||||||||||||||||||||||||||
At or For The Three Months Ended | Recorded | Principal | Related | Recorded | Income | ||||||||||||||||||||||||||||
December 31, 2012 | Investment | Balance | Allowance | Investment | Recognized | ||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||
One-to four-family | $ | 529 | $ | 720 | $ | — | $ | 529 | $ | — | |||||||||||||||||||||||
Commercial | 252 | 252 | — | 254 | 5 | ||||||||||||||||||||||||||||
Total impaired loans | $ | 781 | $ | 972 | $ | — | $ | 783 | $ | 5 | |||||||||||||||||||||||
Unpaid | Average | Interest | |||||||||||||||||||||||||||||||
At or For The Nine Months Ended | Recorded | Principal | Related | Recorded | Income | ||||||||||||||||||||||||||||
December 31, 2013 | Investment | Balance | Allowance | Investment | Recognized | ||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||
One-to four-family | $ | 316 | $ | 488 | $ | — | $ | 380 | $ | 13 | |||||||||||||||||||||||
Multi-family | 209 | 237 | — | 42 | 4 | ||||||||||||||||||||||||||||
Commercial | 248 | 248 | — | 249 | 10 | ||||||||||||||||||||||||||||
Total impaired loans | $ | 773 | $ | 973 | $ | — | $ | 671 | $ | 27 | |||||||||||||||||||||||
Unpaid | Average | Interest | |||||||||||||||||||||||||||||||
At or For The Nine Months Ended | Recorded | Principal | Related | Recorded | Income | ||||||||||||||||||||||||||||
December 31, 2012 | Investment | Balance | Allowance | Investment | Recognized | ||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||
One-to four-family | $ | 529 | $ | 720 | $ | — | $ | 612 | $ | 11 | |||||||||||||||||||||||
Commercial | 252 | 252 | — | 254 | 10 | ||||||||||||||||||||||||||||
Total impaired loans | $ | 781 | $ | 972 | $ | — | $ | 866 | $ | 21 | |||||||||||||||||||||||
Unpaid | Average | Interest | |||||||||||||||||||||||||||||||
At or For The Year Ended | Recorded | Principal | Related | Recorded | Income | ||||||||||||||||||||||||||||
March 31, 2013 | Investment | Balance | Allowance | Investment | Recognized | ||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||
One-to four-family | $ | 528 | $ | 718 | $ | — | $ | 593 | $ | 19 | |||||||||||||||||||||||
Commercial | 251 | 251 | — | 253 | 12 | ||||||||||||||||||||||||||||
Total impaired loans | $ | 779 | $ | 969 | $ | — | $ | 846 | $ | 31 | |||||||||||||||||||||||
The recorded investment in loans modified in a troubled debt restructuring totaled $525,000 and $528,000, respectively, at December 31 and March 31, 2013, of which $8,000 and $217,000, respectively, were 90 days or more past due. The remaining loans modified were current at the time of the restructuring and have complied with the terms of their restructure agreements at December 31 and March 31, 2013. Loans that were modified in a troubled debt restructuring represent concessions made to borrowers experiencing financial difficulties. The Company works with these borrowers to modify existing loan terms usually by extending maturities or reducing interest rates. The Company records an impairment loss, if any, based on the present value of expected future cash flows discounted at the original loan’s effective interest rate. Subsequently, these loans are individually evaluated for impairment. As a result of our initial impairment evaluation for one multi-family loan, we charged-off $28,000 during the three and nine months ended | |||||||||||||||||||||||||||||||||
December 31, 2013. The following table presents trouble debt restructurings by class during the period indicated. | |||||||||||||||||||||||||||||||||
Pre-restructuring | Post- | ||||||||||||||||||||||||||||||||
restructuring | |||||||||||||||||||||||||||||||||
Outstanding | Outstanding | ||||||||||||||||||||||||||||||||
At or For The Three Months Ended | Number of | Recorded | Recorded | ||||||||||||||||||||||||||||||
December 31, 2013 | Loans | Investment | Investment | ||||||||||||||||||||||||||||||
Multi-Family Real Estate | 1 | $ | 237 | $ | 209 | ||||||||||||||||||||||||||||
Pre-restructuring | Post- | ||||||||||||||||||||||||||||||||
restructuring | |||||||||||||||||||||||||||||||||
Outstanding | Outstanding | ||||||||||||||||||||||||||||||||
At or For The Nine Months Ended | Number of | Recorded | Recorded | ||||||||||||||||||||||||||||||
31-Dec-13 | Loans | Investment | Investment | ||||||||||||||||||||||||||||||
Multi-Family Real Estate | 1 | $ | 237 | $ | 209 | ||||||||||||||||||||||||||||
There were no new troubled debt restructurings for the three and nine months ended December 31, 2012. There were no new troubled debt restructuring defaults that occurred within twelve months of restructuring during the three and nine months ended December 31, 2013 and 2012. |
Fair_Value
Fair Value | 9 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Fair Value | ' | ||||||||||||||||||||
7. FAIR VALUE | |||||||||||||||||||||
The accounting guidance on fair value measurement establishes a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy describes three levels of inputs that may be used to measure fair value: | |||||||||||||||||||||
Level 1: Quoted prices in active markets for identical assets or liabilities. | |||||||||||||||||||||
Level 2: Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | |||||||||||||||||||||
Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. | |||||||||||||||||||||
In addition, the guidance requires the Company to disclose the fair value for certain assets and liabilities on both a recurring and non-recurring basis. | |||||||||||||||||||||
An asset’s or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. | |||||||||||||||||||||
For assets measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy used at December 31 and March 31, 2013 are as follows: | |||||||||||||||||||||
Description | Carrying | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
Value | Quoted Prices | Significant | Significant | ||||||||||||||||||
in Active | Other | Unobservable | |||||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||
Identical | Inputs | ||||||||||||||||||||
Assets | |||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||
Federal National Mortgage Association | $ | 3,764 | $ | — | $ | 3,764 | $ | — | |||||||||||||
Total securities available for sale | $ | 3,764 | $ | — | $ | 3,764 | $ | — | |||||||||||||
March 31, 2013: | |||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||
Federal Home Loan Mortgage Corporation | $ | 5,225 | $ | — | $ | 5,225 | $ | — | |||||||||||||
Federal National Mortgage Association | 5,170 | — | 5,170 | — | |||||||||||||||||
Debt securities: | |||||||||||||||||||||
Government-sponsored enterprises | 5,004 | — | 5,004 | — | |||||||||||||||||
Total securities available for sale | $ | 15,399 | $ | — | $ | 15,399 | $ | — | |||||||||||||
There were no assets measured at fair value on a non-recurring basis at December 31, 2013 or March 31, 2013. There were no liabilities measured at fair value on a recurring or non-recurring basis at December 31 or March 31, 2013. | |||||||||||||||||||||
The following information should not be interpreted as an estimate of the fair value of the Company since a fair value calculation is only provided for a limited portion of the Company’s assets and liabilities. Due to a wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparisons between the Company’s disclosures and those of other companies may not be meaningful. | |||||||||||||||||||||
The following methods and assumptions were used to estimate the fair values of certain of the Company’s assets and liabilities at December 31 and March 31, 2013. | |||||||||||||||||||||
Cash and Cash Equivalents, Interest Receivable and Interest Payable (Carried at Cost) | |||||||||||||||||||||
The carrying amounts reported in the consolidated statements of financial condition for cash and cash equivalents, interest receivable and interest payable approximate their fair values. | |||||||||||||||||||||
Securities | |||||||||||||||||||||
The fair value of all securities, whether classified as available for sale (carried at fair value) or held to maturity (carried at amortized cost), is determined by reference to quoted market prices, where available. If quoted market prices are not available, fair values are based on quoted market prices of comparable instruments. Securities are measured on a recurring basis. The fair values of these securities are obtained from quotes received from an independent broker. The Company’s broker provides it with prices which are categorized as Level 2 since quoted prices in active markets for identical assets are generally not available. As the Company is responsible for the determination of fair value, it performs monthly analyses on the prices received from the pricing service to determine whether the prices are reasonable estimates of fair value. Specifically, the Company compares the prices received from the pricing service to a secondary pricing source. The | |||||||||||||||||||||
Company’s internal price verification procedures and review of fair value methodology documentation provided by independent pricing services has not historically resulted in adjustment in the prices obtained from the pricing service. | |||||||||||||||||||||
Loans Receivable (Carried at Cost) | |||||||||||||||||||||
Fair value is estimated by discounting the future cash flows, using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities, of such loans. | |||||||||||||||||||||
Impaired Loans (Carried based on Discounted Cash Flows) | |||||||||||||||||||||
Impaired loans are those accounted for under ASC Topic 310 “Accounting by Creditors for Impairment of a Loan” in which the Company has measured impairment generally based on either the fair value of the loan’s collateral or discounted cash flows. These assets are included as Level 3 assets. | |||||||||||||||||||||
Real Estate Owned | |||||||||||||||||||||
Real estate owned, acquired through foreclosure or deed-in-lieu of foreclosure, is initially recorded at fair value less estimated cost to sell and subsequently carried at the lower of such initially recorded amount or current fair value less estimated selling costs. Fair value is estimated through current appraisals by licensed appraisers and as such, foreclosed real estate properties are classified as Level 3. | |||||||||||||||||||||
Federal Home Loan Bank of New York Stock (Carried at Cost) | |||||||||||||||||||||
Fair value approximates cost basis as these instruments are redeemable only with the issuing agency at face value. | |||||||||||||||||||||
Deposits (Carried at Cost) | |||||||||||||||||||||
The fair value of non-interest-bearing demand, Crystal Checking, NOW, Super NOW, Money Market and Savings and Club accounts is the amount payable on demand at the reporting date. For fixed-maturity certificates of deposit, fair value is estimated by discounting future cash flows using the rates currently offered for deposits of similar remaining maturities. | |||||||||||||||||||||
Advances from Federal Home Loan Bank of New York (Carried at Cost) | |||||||||||||||||||||
The fair value is estimated by discounting future cash flows using rates currently offered for liabilities of similar remaining maturities, or when available, quoted market prices. | |||||||||||||||||||||
Commitments to Extend Credit | |||||||||||||||||||||
The fair value of commitments to extend credit is estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed-rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. | |||||||||||||||||||||
As of December 31 and March 31, 2013, the fair value of the commitments to extend credit were not considered to be material. | |||||||||||||||||||||
The carrying amounts and fair values of financial instruments are as follows: | |||||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||
Quoted Prices | Significant | (Level 3) | |||||||||||||||||||
in Active | Other | Significant | |||||||||||||||||||
Carrying | Estimated | Markets for | Observable | Unobservable | |||||||||||||||||
December 31, 2013 | Value | Fair Value | Identical Assets | Inputs | Inputs | ||||||||||||||||
(In Thousands) | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 11,901 | $ | 11,901 | $ | 11,901 | $ | — | $ | — | |||||||||||
Securities available for sale | 3,764 | 3,764 | — | 3,764 | — | ||||||||||||||||
Securities held to maturity | 446,439 | 445,024 | — | 445,024 | — | ||||||||||||||||
Net loans receivable | 577,388 | 580,374 | — | — | 580,374 | ||||||||||||||||
Federal Home Loan Bank of New York stock | 6,989 | 6,989 | — | 6,989 | — | ||||||||||||||||
Interest receivable | 3,235 | 3,235 | — | 3,235 | — | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | 774,529 | 778,859 | — | 778,859 | — | ||||||||||||||||
FHLB advances | 122,500 | 126,999 | — | 126,999 | — | ||||||||||||||||
Interest payable | 260 | 260 | — | 260 | — | ||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||
Quoted Prices | Significant | (Level 3) | |||||||||||||||||||
in Active | Other | Significant | |||||||||||||||||||
Carrying | Estimated | Markets for | Observable | Unobservable | |||||||||||||||||
March 31, 2013 | Value | Fair Value | Identical Assets | Inputs | Inputs | ||||||||||||||||
(In Thousands) | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 25,896 | $ | 25,896 | $ | 25,896 | $ | — | $ | — | |||||||||||
Securities available for sale | 15,399 | 15,399 | — | 15,399 | — | ||||||||||||||||
Securities held to maturity | 462,728 | 479,339 | — | 479,339 | — | ||||||||||||||||
Net loans receivable | 456,812 | 485,249 | — | — | 485,249 | ||||||||||||||||
Federal Home Loan Bank of New York stock | 3,897 | 3,897 | — | 3,897 | — | ||||||||||||||||
Interest receivable | 3,177 | 3,177 | — | 3,177 | — | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | 763,692 | 770,479 | — | 770,479 | — | ||||||||||||||||
FHLB advances | 52,500 | 59,786 | — | 59,786 | — | ||||||||||||||||
Interest payable | 175 | 175 | — | 175 | — |
Conversion_and_Reorganization
Conversion and Reorganization | 9 Months Ended |
Dec. 31, 2013 | |
Text Block [Abstract] | ' |
Conversion and Reorganization | ' |
8. CONVERSION AND REORGANIZATION | |
On November 20, 2013, the boards of directors of the Company, the Bank and Clifton MHC adopted an Amended and Restated Plan of Conversion and Reorganization (the “Plan of Conversion”), which amended and restated in its entirety the plan of conversion approved by the boards of directors of the Company, the Bank and Clifton MHC on November 8, 2010, pursuant to which the Bank will reorganize from the two-tier mutual holding company structure to the stock holding company structure. Pursuant to the Plan of Conversion: (1) Clifton MHC will merge with and into the Company, with the Company being the surviving entity (the “MHC Merger”); (2) the Company will merge with and into a newly formed Maryland corporation named Clifton Bancorp Inc. (the “Holding Company”); (3) the Bank will become a wholly-owned subsidiary of the Holding Company; (4) the shares of common stock of the Company held by persons other than Clifton MHC (whose shares will be canceled) will be converted into shares of common stock of the Holding Company pursuant to an exchange ratio designed to preserve the percentage ownership interests of such persons; and (5) the Holding Company will offer and sell shares of its common stock to certain depositors and borrowers of the Bank and others in the manner and subject to the priorities set forth in the Plan of Conversion. | |
In connection with the Plan of Conversion, shares of the Company’s common stock currently owned by Clifton MHC will be canceled and new shares of common stock, representing the approximate 64.0% ownership interest of Clifton MHC, will be offered for sale by the Holding Company. Concurrent with the completion of the conversion and offering, the Company’s existing public shareholders will receive shares of the Holding Company’s common stock for each share of the Company’s common stock they own at that date, based on an exchange ratio to ensure that they will own approximately the same percentage of the Holding Company’s common stock as they owned of the Company’s common stock immediately before the conversion and offering. | |
At the time of conversion, liquidation accounts will be established in an amount equal to the percentage of the outstanding shares of the Company owned by Clifton MHC before the MHC Merger, multiplied by the Company’s total stockholders’ equity as reflected in the latest statement of financial condition contained in the final offering prospectus for the conversion, plus the value of the net assets of Clifton MHC as reflected in the latest statement of financial condition of Clifton MHC before the effective date of the conversion. The liquidation account will be maintained for the benefit of eligible account holders and supplemental eligible account holders (collectively, “eligible depositors”) who continue to maintain their deposit accounts in the Bank after the conversion. In the event of a complete liquidation of the Bank or the Bank and the Holding Company (and only in such event), eligible depositors who continue to maintain accounts shall be entitled to receive a distribution from the liquidation account before any liquidation may be made with respect to common stock. Neither the Holding Company nor the Bank may declare or pay a cash dividend if the effect thereof would cause its equity to be reduced below either the amount required for the liquidation account or the regulatory capital requirements applicable to the Bank or the Holding Company. | |
The transactions contemplated by the Plan of Conversion are subject to approval by the shareholders of the Company, the members of Clifton MHC and the Board of Governors of the Federal Reserve System. Meetings of the Company’s shareholders and Clifton MHC’s members are expected to be held to approve the Plan of Conversion in the first calendar quarter of 2014. If the conversion and offering are completed, eligible conversion and offering costs will be netted against the offering proceeds. If the conversion and offering are terminated, such costs will be expensed. |
Fair_Value_Policies
Fair Value (Policies) | 9 Months Ended |
Dec. 31, 2013 | |
Fair Value Disclosures [Abstract] | ' |
Accounting by Creditors for Impairment of a Loan | ' |
Impaired Loans (Carried based on Discounted Cash Flows) | |
Impaired loans are those accounted for under ASC Topic 310 “Accounting by Creditors for Impairment of a Loan” in which the Company has measured impairment generally based on either the fair value of the loan’s collateral or discounted cash flows. These assets are included as Level 3 assets. |
Retirement_PlanComponents_of_N1
Retirement Plan-Components of Net Periodic Pension Cost (Tables) | 9 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Periodic Pension Expense | ' | ||||||||||||||||
Periodic pension expense for the directors’ retirement plan and former President’s post-retirement health care plan were as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In Thousands) | |||||||||||||||||
Service cost | $ | 40 | $ | 16 | $ | 120 | $ | 46 | |||||||||
Interest cost | 35 | 32 | 105 | 104 | |||||||||||||
Amortization of past service cost | 10 | 10 | 30 | 30 | |||||||||||||
Amortization of unrecognized net loss | 12 | 8 | 36 | 20 | |||||||||||||
Settlement charge | — | 117 | — | 117 | |||||||||||||
Net periodic benefit cost | $ | 97 | $ | 183 | $ | 291 | $ | 317 | |||||||||
Securities_Tables
Securities (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
Available-for-Sale Securities and Held-to-Maturity Securities | ' | ||||||||||||||||||||||||
The amortized cost, gross unrealized gains and losses and estimated fair value of securities available for sale and held to maturity for the dates indicated are as follows: | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||
Available for sale: | |||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||
Federal National Mortgage Association | $ | 3,599 | $ | 165 | $ | — | $ | 3,764 | |||||||||||||||||
Total available for sale securities | $ | 3,599 | $ | 165 | $ | — | $ | 3,764 | |||||||||||||||||
31-Mar-13 | |||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||
Available for sale: | |||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||
Government-sponsored enterprises | $ | 5,000 | $ | 4 | $ | — | $ | 5,004 | |||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||
Federal Home Loan Mortgage Corporation | 4,838 | 387 | — | 5,225 | |||||||||||||||||||||
Federal National Mortgage Association | 4,856 | 314 | — | 5,170 | |||||||||||||||||||||
9,694 | 701 | — | 10,395 | ||||||||||||||||||||||
Total available for sale securities | $ | 14,694 | $ | 705 | $ | — | $ | 15,399 | |||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||
Held to maturity: | |||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||
Government-sponsored enterprises | $ | 89,999 | $ | 113 | $ | 159 | $ | 89,953 | |||||||||||||||||
Corporate bonds | 49,966 | 1,471 | 88 | 51,349 | |||||||||||||||||||||
139,965 | 1,584 | 247 | 141,302 | ||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||
Federal Home Loan Mortgage Corporation | 82,738 | 2,449 | 2,037 | 83,150 | |||||||||||||||||||||
Federal National Mortgage Association | 202,335 | 3,103 | 7,261 | 198,177 | |||||||||||||||||||||
Governmental National Mortgage Association | 21,401 | 1,144 | 150 | 22,395 | |||||||||||||||||||||
306,474 | 6,696 | 9,448 | 303,722 | ||||||||||||||||||||||
Total held to maturity securities | $ | 446,439 | $ | 8,280 | $ | 9,695 | $ | 445,024 | |||||||||||||||||
31-Mar-13 | |||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||
Held to maturity: | |||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||
Government-sponsored enterprises | $ | 69,999 | $ | 607 | $ | 11 | $ | 70,595 | |||||||||||||||||
Corporate bonds | 49,917 | 1,951 | 1 | 51,867 | |||||||||||||||||||||
119,916 | 2,558 | 12 | 122,462 | ||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||
Federal Home Loan Mortgage Corporation | 106,346 | 5,459 | 125 | 111,680 | |||||||||||||||||||||
Federal National Mortgage Association | 207,781 | 7,118 | 350 | 214,549 | |||||||||||||||||||||
Governmental National Mortgage Association | 28,685 | 1,998 | 35 | 30,648 | |||||||||||||||||||||
342,812 | 14,575 | 510 | 356,877 | ||||||||||||||||||||||
Total held to maturity securities | $ | 462,728 | $ | 17,133 | $ | 522 | $ | 479,339 | |||||||||||||||||
Contractual Maturity Data for Securities | ' | ||||||||||||||||||||||||
Contractual maturity data for securities are as follows: | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||
Available for sale: | |||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||
Due after ten years | $ | 3,599 | $ | 3,764 | |||||||||||||||||||||
Total available for sale securities | $ | 3,599 | $ | 3,764 | |||||||||||||||||||||
Held to maturity: | |||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||
Due less than one year | $ | 4,952 | $ | 5,008 | |||||||||||||||||||||
Due after one through five years | 115,010 | 116,291 | |||||||||||||||||||||||
Due after five through ten years | 20,003 | 20,003 | |||||||||||||||||||||||
139,965 | 141,302 | ||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||
Due after one through five years | 2,006 | 2,131 | |||||||||||||||||||||||
Due after five through ten years | 83,815 | 79,096 | |||||||||||||||||||||||
Due after ten years | 220,653 | 222,495 | |||||||||||||||||||||||
306,474 | 303,722 | ||||||||||||||||||||||||
Total held to maturity securities | $ | 446,439 | $ | 445,024 | |||||||||||||||||||||
Gross Unrealized Losses and Fair Value of Related Securities | ' | ||||||||||||||||||||||||
The age of gross unrealized losses and the fair value of related securities at December 31 and March 31, 2013 were as follows: | |||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||
Gross | Gross | Gross | |||||||||||||||||||||||
Unrealized | Unrealized | Unrealized | |||||||||||||||||||||||
December 31, 2013: | Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | |||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||
Held to maturity: | |||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||
Government-sponsored enterprises | $ | 34,841 | $ | 159 | $ | — | $ | — | $ | 34,841 | $ | 159 | |||||||||||||
Corporate Bonds | 9,915 | 88 | — | — | 9,915 | 88 | |||||||||||||||||||
44,756 | 247 | — | — | 44,756 | 247 | ||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||
Federal Home Loan Mortgage Corporation | 35,166 | 2,034 | 171 | 3 | 35,337 | 2,037 | |||||||||||||||||||
Federal National Mortgage Association | 121,218 | 6,685 | 8,449 | 576 | 129,667 | 7,261 | |||||||||||||||||||
Government National Mortgage Association | — | — | 1,442 | 150 | 1,442 | 150 | |||||||||||||||||||
156,384 | 8,719 | 10,062 | 729 | 166,446 | 9,448 | ||||||||||||||||||||
Total held to maturity securities | $ | 201,140 | $ | 8,966 | $ | 10,062 | $ | 729 | $ | 211,202 | $ | 9,695 | |||||||||||||
Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||
Gross | Gross | Gross | |||||||||||||||||||||||
Unrealized | Unrealized | Unrealized | |||||||||||||||||||||||
31-Mar-13 | Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | |||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||
Held to maturity: | |||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||
Government-sponsored enterprises | $ | 9,988 | $ | 11 | $ | — | $ | — | $ | 9,988 | $ | 11 | |||||||||||||
Corporate bonds | — | — | 4,999 | 1 | 4,999 | 1 | |||||||||||||||||||
9,988 | 11 | 4,999 | 1 | 14,987 | 12 | ||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||
Federal Home Loan Mortgage Corporation | 10,368 | 124 | 30 | 1 | 10,398 | 125 | |||||||||||||||||||
Federal National Mortgage Association | 42,609 | 347 | 187 | 3 | 42,796 | 350 | |||||||||||||||||||
Government National Mortgage Association | 1,585 | 35 | — | — | 1,585 | 35 | |||||||||||||||||||
54,562 | 506 | 217 | 4 | 54,779 | 510 | ||||||||||||||||||||
Total held to maturity securities | $ | 64,550 | $ | 517 | $ | 5,216 | $ | 5 | $ | 69,766 | $ | 522 |
Loans_Receivable_and_Allowance1
Loans Receivable and Allowance for Loan Losses (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||||||
Summary of Loans by Segment | ' | ||||||||||||||||||||||||||||||||
The following is a summary of loans by segment and the classes within those segments: | |||||||||||||||||||||||||||||||||
December 31, | March 31, | ||||||||||||||||||||||||||||||||
2013 | 2013 | ||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
One- to four-family | $ | 518,415 | $ | 419,240 | |||||||||||||||||||||||||||||
Multi-family | 21,943 | 14,990 | |||||||||||||||||||||||||||||||
Commercial | 25,434 | 13,671 | |||||||||||||||||||||||||||||||
Construction | 654 | 937 | |||||||||||||||||||||||||||||||
566,446 | 448,838 | ||||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Second mortgage | 9,018 | 6,687 | |||||||||||||||||||||||||||||||
Passbook or certificate | 844 | 838 | |||||||||||||||||||||||||||||||
Equity lines of credit | 2,418 | 2,218 | |||||||||||||||||||||||||||||||
Other loans | 60 | 55 | |||||||||||||||||||||||||||||||
12,340 | 9,798 | ||||||||||||||||||||||||||||||||
Total Loans | 578,786 | 458,636 | |||||||||||||||||||||||||||||||
Less: | |||||||||||||||||||||||||||||||||
Loans in process | (287 | ) | (169 | ) | |||||||||||||||||||||||||||||
Net purchase premiums, discounts, and deferred loan costs | 1,939 | 845 | |||||||||||||||||||||||||||||||
1,652 | 676 | ||||||||||||||||||||||||||||||||
Total Loans, Net | $ | 580,438 | $ | 459,312 | |||||||||||||||||||||||||||||
Allowance for Loan Losses | ' | ||||||||||||||||||||||||||||||||
The change in the allowance for loan losses for the three and nine months ended December 31, 2013 and 2012 is as follows: | |||||||||||||||||||||||||||||||||
One-to Four- | Multi-Family | Commercial | Construction | Second | Passbook or | Unallocated | Total | ||||||||||||||||||||||||||
Family | Real Estate | Real Estate | Real Estate | Mortgage and | Certificate | ||||||||||||||||||||||||||||
Real Estate | Equity Lines | and Other | |||||||||||||||||||||||||||||||
of Credit | Loans | ||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||
At September 30, 2013: | |||||||||||||||||||||||||||||||||
Total allowance for loan losses | $ | 2,440 | $ | 236 | $ | 165 | $ | 3 | $ | 49 | $ | — | $ | 57 | $ | 2,950 | |||||||||||||||||
Charge-offs | — | (28 | ) | — | — | — | — | — | (28 | ) | |||||||||||||||||||||||
Recoveries | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Provision charged to operations | 29 | (19 | ) | 62 | (1 | ) | 2 | 1 | 54 | 128 | |||||||||||||||||||||||
At December 31, 2013: | |||||||||||||||||||||||||||||||||
Total allowance for loan losses | $ | 2,469 | $ | 189 | $ | 227 | $ | 2 | $ | 51 | $ | 1 | $ | 111 | $ | 3,050 | |||||||||||||||||
One-to Four- | Multi-Family | Commercial | Construction | Second | Passbook or | Unallocated | Total | ||||||||||||||||||||||||||
Family | Real Estate | Real Estate | Real Estate | Mortgage and | Certificate | ||||||||||||||||||||||||||||
Real Estate | Equity Lines | and Other | |||||||||||||||||||||||||||||||
of Credit | Loans | ||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||
At March 31, 2013: | |||||||||||||||||||||||||||||||||
Total allowance for loan losses | $ | 2,127 | $ | 187 | $ | 99 | $ | 5 | $ | 38 | $ | 1 | $ | 43 | $ | 2,500 | |||||||||||||||||
Charge-offs | (90 | ) | (28 | ) | — | — | — | — | — | (118 | ) | ||||||||||||||||||||||
Recoveries | 4 | — | — | — | — | — | — | 4 | |||||||||||||||||||||||||
Provision charged to operations | 428 | 30 | 128 | (3 | ) | 13 | — | 68 | 664 | ||||||||||||||||||||||||
At December 31, 2013: | |||||||||||||||||||||||||||||||||
Total allowance for loan losses | $ | 2,469 | $ | 189 | $ | 227 | $ | 2 | $ | 51 | $ | 1 | $ | 111 | $ | 3,050 | |||||||||||||||||
One-to Four- | Multi-Family | Commercial | Real Estate | Second | Passbook or | Unallocated | Total | ||||||||||||||||||||||||||
Family Real | Real Estate | Real Estate | Construction | Mortgage and | Certificate | ||||||||||||||||||||||||||||
Estate | Equity Lines | and Other | |||||||||||||||||||||||||||||||
of Credit | Loans | ||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||
At September 30, 2012: | |||||||||||||||||||||||||||||||||
Total allowance for loan losses | $ | 1,898 | $ | 203 | $ | 106 | $ | 9 | $ | 39 | $ | 1 | $ | 44 | $ | 2,300 | |||||||||||||||||
Charge-offs | (320 | ) | — | — | — | — | — | — | (320 | ) | |||||||||||||||||||||||
Recoveries | 50 | — | — | — | — | — | — | 50 | |||||||||||||||||||||||||
Provision charged to operations | 490 | (4 | ) | (3 | ) | 2 | (2 | ) | — | (33 | ) | 450 | |||||||||||||||||||||
At December 31, 2012: | |||||||||||||||||||||||||||||||||
Total allowance for loan losses | $ | 2,118 | $ | 199 | $ | 103 | $ | 11 | $ | 37 | $ | 1 | $ | 11 | $ | 2,480 | |||||||||||||||||
One-to Four- | Multi-Family | Commercial | Construction | Second | Passbook or | Unallocated | Total | ||||||||||||||||||||||||||
Family Real | Real Estate | Real Estate | Real Estate | Mortgage and | Certificate | ||||||||||||||||||||||||||||
Estate | Equity Lines | and Other | |||||||||||||||||||||||||||||||
of Credit | Loans | ||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||
At March 31, 2012: | |||||||||||||||||||||||||||||||||
Total allowance for loan losses | $ | 1,733 | $ | 193 | $ | 105 | $ | 4 | $ | 42 | $ | 1 | $ | 12 | $ | 2,090 | |||||||||||||||||
Charge-offs | (402 | ) | — | — | — | — | — | — | (402 | ) | |||||||||||||||||||||||
Recoveries | 50 | — | — | — | — | — | — | 50 | |||||||||||||||||||||||||
Provision charged to operations | 737 | 6 | (2 | ) | 7 | (5 | ) | — | (1 | ) | 742 | ||||||||||||||||||||||
At December 31, 2012: | |||||||||||||||||||||||||||||||||
Total allowance for loan losses | $ | 2,118 | $ | 199 | $ | 103 | $ | 11 | $ | 37 | $ | 1 | $ | 11 | $ | 2,480 | |||||||||||||||||
Allocation of Allowance for Loan Losses by Loan Class | ' | ||||||||||||||||||||||||||||||||
The following table presents the allocation of the allowance for loan losses by loan class at December 31 and March 31, 2013. | |||||||||||||||||||||||||||||||||
Second | Passbook or | ||||||||||||||||||||||||||||||||
One-to Four- | Mortgage and | Certificate | |||||||||||||||||||||||||||||||
Family | Multi-Family | Commercial | Construction | Equity Lines | and Other | ||||||||||||||||||||||||||||
December 31, 2013 | Real Estate | Real Estate | Real Estate | Real Estate | of Credit | Loans | Unallocated | Total | |||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Collectively evaluated for impairment | 2,469 | 189 | 227 | 2 | 51 | 1 | 111 | 3,050 | |||||||||||||||||||||||||
Total | $ | 2,469 | $ | 189 | $ | 227 | $ | 2 | $ | 51 | $ | 1 | $ | 111 | $ | 3,050 | |||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 316 | $ | 209 | $ | 248 | $ | — | $ | — | $ | — | $ | — | $ | 773 | |||||||||||||||||
Collectively evaluated for impairment | 518,099 | 21,734 | 25,186 | 654 | 11,436 | 904 | — | 578,013 | |||||||||||||||||||||||||
Total | $ | 518,415 | $ | 21,943 | $ | 25,434 | $ | 654 | $ | 11,436 | $ | 904 | $ | — | $ | 578,786 | |||||||||||||||||
Second | Passbook or | ||||||||||||||||||||||||||||||||
One-to Four- | Mortgage and | Certificate | |||||||||||||||||||||||||||||||
Family | Multi-Family | Commercial | Construction | Equity Lines | and Other | ||||||||||||||||||||||||||||
31-Mar-13 | Real Estate | Real Estate | Real Estate | Real Estate | of Credit | Loans | Unallocated | Total | |||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Collectively evaluated for impairment | 2,127 | 187 | 99 | 5 | 38 | 1 | 43 | 2,500 | |||||||||||||||||||||||||
Total | $ | 2,127 | $ | 187 | $ | 99 | $ | 5 | $ | 38 | $ | 1 | $ | 43 | $ | 2,500 | |||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 528 | $ | — | $ | 251 | $ | — | $ | — | $ | — | $ | — | $ | 779 | |||||||||||||||||
Collectively evaluated for impairment | 418,712 | 14,990 | 13,420 | 937 | 8,905 | 893 | — | 457,857 | |||||||||||||||||||||||||
Total | $ | 419,240 | $ | 14,990 | $ | 13,671 | $ | 937 | $ | 8,905 | $ | 893 | $ | — | $ | 458,636 | |||||||||||||||||
Aggregate Amounts of Classified Loan Balances | ' | ||||||||||||||||||||||||||||||||
The aggregate amounts of classified loan balances are as follows at December 31 and March 31, 2013: | |||||||||||||||||||||||||||||||||
Second | Passbook or | ||||||||||||||||||||||||||||||||
One-to Four- | Mortgage and | Certificate | |||||||||||||||||||||||||||||||
Family | Multi-family | Commercial | Construction | Equity Lines | and Other | Total | |||||||||||||||||||||||||||
December 31, 2013 | Real Estate | Real Estate | Real Estate | Real Estate | of Credit | Loans | Loans | ||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||
Non-classified: | $ | 512,712 | $ | 21,943 | $ | 25,186 | $ | 654 | $ | 11,308 | $ | 904 | 572,707 | ||||||||||||||||||||
Classified: | |||||||||||||||||||||||||||||||||
Special mention | 1,463 | — | — | — | 55 | — | 1,518 | ||||||||||||||||||||||||||
Substandard | 4,240 | — | 248 | — | 73 | — | 4,561 | ||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Loss | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Total loans | $ | 518,415 | $ | 21,943 | $ | 25,434 | $ | 654 | $ | 11,436 | $ | 904 | $ | 578,786 | |||||||||||||||||||
Second | Passbook or | ||||||||||||||||||||||||||||||||
One-to Four- | Mortgage and | Certificate | |||||||||||||||||||||||||||||||
Family | Multi-family | Commercial | Construction | Equity Lines | and Other | Total | |||||||||||||||||||||||||||
31-Mar-13 | Real Estate | Real Estate | Real Estate | Real Estate | of Credit | Loans | Loans | ||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||
Non-classified: | $ | 412,488 | $ | 14,990 | $ | 13,356 | $ | 937 | $ | 8,748 | $ | 893 | 451,412 | ||||||||||||||||||||
Classified: | |||||||||||||||||||||||||||||||||
Special mention | 1,191 | — | 64 | — | 9 | — | 1,264 | ||||||||||||||||||||||||||
Substandard | 5,561 | — | 251 | — | 148 | — | 5,960 | ||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Loss | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Total loans | $ | 419,240 | $ | 14,990 | $ | 13,671 | $ | 937 | $ | 8,905 | $ | 893 | $ | 458,636 | |||||||||||||||||||
Information with Respect to Nonaccrual Loans | ' | ||||||||||||||||||||||||||||||||
the factors indicating doubtful collectability no longer exist and the Bank expects repayment of the remaining contractual amounts due. | |||||||||||||||||||||||||||||||||
December 31, | March 31, | ||||||||||||||||||||||||||||||||
2013 | 2013 | ||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||
Nonaccrual loans: | |||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||
One-to four-family | $ | 4,240 | $ | 5,496 | |||||||||||||||||||||||||||||
Commercial | 248 | 251 | |||||||||||||||||||||||||||||||
Consumer and other loans: | |||||||||||||||||||||||||||||||||
Second mortgage | 73 | 148 | |||||||||||||||||||||||||||||||
Total nonaccrual loans | $ | 4,561 | $ | 5,895 | |||||||||||||||||||||||||||||
Information About Delinquencies in Loan Portfolio | ' | ||||||||||||||||||||||||||||||||
The following table provides information about delinquencies in the Bank’s loan portfolio at December 31 and March 31, 2013. | |||||||||||||||||||||||||||||||||
30-59 | 60-89 | 90 Days | Total | ||||||||||||||||||||||||||||||
Days | Days | Or More | Total | Gross | |||||||||||||||||||||||||||||
December 31, 2013 | Past Due | Past Due | Past Due | Past Due | Current | Loans | |||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||
One-to four-family | $ | 2,846 | $ | 393 | $ | 2,647 | $ | 5,886 | $ | 512,529 | $ | 518,415 | |||||||||||||||||||||
Multi-family | — | — | — | — | 21,943 | 21,943 | |||||||||||||||||||||||||||
Commercial | — | — | 248 | 248 | 25,186 | 25,434 | |||||||||||||||||||||||||||
Construction | — | — | — | — | 654 | 654 | |||||||||||||||||||||||||||
Consumer and other loans: | |||||||||||||||||||||||||||||||||
Second mortgage and equity lines of credit | 18 | 8 | 73 | 99 | 11,337 | 11,436 | |||||||||||||||||||||||||||
Passbook or certificate and other loans | — | — | — | — | 904 | 904 | |||||||||||||||||||||||||||
Total | $ | 2,864 | $ | 401 | $ | 2,968 | $ | 6,233 | $ | 572,553 | $ | 578,786 | |||||||||||||||||||||
30-59 | 60-89 | 90 Days | Total | ||||||||||||||||||||||||||||||
Days | Days | Or More | Total | Gross | |||||||||||||||||||||||||||||
March 31, 2013 | Past Due | Past Due | Past Due | Past Due | Current | Loans | |||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||
One-to four-family | $ | 2,076 | $ | 300 | $ | 3,693 | $ | 6,069 | $ | 413,171 | $ | 419,240 | |||||||||||||||||||||
Multi-family | — | — | — | — | 14,990 | 14,990 | |||||||||||||||||||||||||||
Commercial | — | 251 | — | 251 | 13,420 | 13,671 | |||||||||||||||||||||||||||
Construction | — | — | — | — | 937 | 937 | |||||||||||||||||||||||||||
Consumer and other loans: | |||||||||||||||||||||||||||||||||
Second mortgage and equity lines of credit | 9 | 4 | 39 | 52 | 8,853 | 8,905 | |||||||||||||||||||||||||||
Passbook or certificate and other loans | — | 96 | — | 96 | 797 | 893 | |||||||||||||||||||||||||||
Total | $ | 2,085 | $ | 651 | $ | 3,732 | $ | 6,468 | $ | 452,168 | $ | 458,636 | |||||||||||||||||||||
Impaired Loans, None of which had Related Allowance | ' | ||||||||||||||||||||||||||||||||
Impaired loans, none of which had a related allowance at or for the three and nine months ended December 31, 2013 and 2012, and at or for the year ended March 31, 2013, were as follows: | |||||||||||||||||||||||||||||||||
Unpaid | Average | Interest | |||||||||||||||||||||||||||||||
At or For The Three Months Ended | Recorded | Principal | Related | Recorded | Income | ||||||||||||||||||||||||||||
December 31, 2013 | Investment | Balance | Allowance | Investment | Recognized | ||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||
One-to four-family | $ | 316 | $ | 488 | $ | — | $ | 316 | $ | 4 | |||||||||||||||||||||||
Multi-family | 209 | 237 | — | 105 | 4 | ||||||||||||||||||||||||||||
Commercial | 248 | 248 | — | 248 | 4 | ||||||||||||||||||||||||||||
Total impaired loans | $ | 773 | $ | 973 | $ | — | $ | 669 | $ | 12 | |||||||||||||||||||||||
Unpaid | Average | Interest | |||||||||||||||||||||||||||||||
At or For The Three Months Ended | Recorded | Principal | Related | Recorded | Income | ||||||||||||||||||||||||||||
December 31, 2012 | Investment | Balance | Allowance | Investment | Recognized | ||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||
One-to four-family | $ | 529 | $ | 720 | $ | — | $ | 529 | $ | — | |||||||||||||||||||||||
Commercial | 252 | 252 | — | 254 | 5 | ||||||||||||||||||||||||||||
Total impaired loans | $ | 781 | $ | 972 | $ | — | $ | 783 | $ | 5 | |||||||||||||||||||||||
Unpaid | Average | Interest | |||||||||||||||||||||||||||||||
At or For The Nine Months Ended | Recorded | Principal | Related | Recorded | Income | ||||||||||||||||||||||||||||
December 31, 2013 | Investment | Balance | Allowance | Investment | Recognized | ||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||
One-to four-family | $ | 316 | $ | 488 | $ | — | $ | 380 | $ | 13 | |||||||||||||||||||||||
Multi-family | 209 | 237 | — | 42 | 4 | ||||||||||||||||||||||||||||
Commercial | 248 | 248 | — | 249 | 10 | ||||||||||||||||||||||||||||
Total impaired loans | $ | 773 | $ | 973 | $ | — | $ | 671 | $ | 27 | |||||||||||||||||||||||
Unpaid | Average | Interest | |||||||||||||||||||||||||||||||
At or For The Nine Months Ended | Recorded | Principal | Related | Recorded | Income | ||||||||||||||||||||||||||||
December 31, 2012 | Investment | Balance | Allowance | Investment | Recognized | ||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||
One-to four-family | $ | 529 | $ | 720 | $ | — | $ | 612 | $ | 11 | |||||||||||||||||||||||
Commercial | 252 | 252 | — | 254 | 10 | ||||||||||||||||||||||||||||
Total impaired loans | $ | 781 | $ | 972 | $ | — | $ | 866 | $ | 21 | |||||||||||||||||||||||
Unpaid | Average | Interest | |||||||||||||||||||||||||||||||
At or For The Year Ended | Recorded | Principal | Related | Recorded | Income | ||||||||||||||||||||||||||||
March 31, 2013 | Investment | Balance | Allowance | Investment | Recognized | ||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||
One-to four-family | $ | 528 | $ | 718 | $ | — | $ | 593 | $ | 19 | |||||||||||||||||||||||
Commercial | 251 | 251 | — | 253 | 12 | ||||||||||||||||||||||||||||
Total impaired loans | $ | 779 | $ | 969 | $ | — | $ | 846 | $ | 31 | |||||||||||||||||||||||
Trouble Debt Restructurings by Class | ' | ||||||||||||||||||||||||||||||||
The following table presents trouble debt restructurings by class during the period indicated. | |||||||||||||||||||||||||||||||||
Pre-restructuring | Post-restructuring | ||||||||||||||||||||||||||||||||
Outstanding | Outstanding | ||||||||||||||||||||||||||||||||
At or For The Three Months Ended | Number of | Recorded | Recorded | ||||||||||||||||||||||||||||||
December 31, 2013 | Loans | Investment | Investment | ||||||||||||||||||||||||||||||
Multi-Family Real Estate | 1 | $ | 237 | $ | 209 | ||||||||||||||||||||||||||||
Pre-restructuring | Post-restructuring | ||||||||||||||||||||||||||||||||
Outstanding | Outstanding | ||||||||||||||||||||||||||||||||
At or For The Nine Months Ended | Number of | Recorded | Recorded | ||||||||||||||||||||||||||||||
31-Dec-13 | Loans | Investment | Investment | ||||||||||||||||||||||||||||||
Multi-Family Real Estate | 1 | $ | 237 | $ | 209 |
Fair_Value_Tables
Fair Value (Tables) | 9 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Assets Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||||||
For assets measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy used at December 31 and March 31, 2013 are as follows: | |||||||||||||||||||||
Description | Carrying | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
Value | Quoted Prices | Significant | Significant | ||||||||||||||||||
in Active | Other | Unobservable | |||||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||
Identical Assets | Inputs | ||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||
Federal National Mortgage Association | $ | 3,764 | $ | — | $ | 3,764 | $ | — | |||||||||||||
Total securities available for sale | $ | 3,764 | $ | — | $ | 3,764 | $ | — | |||||||||||||
March 31, 2013: | |||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||
Federal Home Loan Mortgage Corporation | $ | 5,225 | $ | — | $ | 5,225 | $ | — | |||||||||||||
Federal National Mortgage Association | 5,170 | — | 5,170 | — | |||||||||||||||||
Debt securities: | |||||||||||||||||||||
Government-sponsored enterprises | 5,004 | — | 5,004 | — | |||||||||||||||||
Total securities available for sale | $ | 15,399 | $ | — | $ | 15,399 | $ | — | |||||||||||||
Carrying Amounts and Fair Values of Financial Instruments | ' | ||||||||||||||||||||
The carrying amounts and fair values of financial instruments are as follows: | |||||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||
Quoted Prices | Significant | (Level 3) | |||||||||||||||||||
in Active | Other | Significant | |||||||||||||||||||
Carrying | Estimated | Markets for | Observable | Unobservable | |||||||||||||||||
December 31, 2013 | Value | Fair Value | Identical Assets | Inputs | Inputs | ||||||||||||||||
(In Thousands) | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 11,901 | $ | 11,901 | $ | 11,901 | $ | — | $ | — | |||||||||||
Securities available for sale | 3,764 | 3,764 | — | 3,764 | — | ||||||||||||||||
Securities held to maturity | 446,439 | 445,024 | — | 445,024 | — | ||||||||||||||||
Net loans receivable | 577,388 | 580,374 | — | — | 580,374 | ||||||||||||||||
Federal Home Loan Bank of New York stock | 6,989 | 6,989 | — | 6,989 | — | ||||||||||||||||
Interest receivable | 3,235 | 3,235 | — | 3,235 | — | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | 774,529 | 778,859 | — | 778,859 | — | ||||||||||||||||
FHLB advances | 122,500 | 126,999 | — | 126,999 | — | ||||||||||||||||
Interest payable | 260 | 260 | — | 260 | — | ||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||
Quoted Prices | Significant | (Level 3) | |||||||||||||||||||
in Active | Other | Significant | |||||||||||||||||||
Carrying | Estimated | Markets for | Observable | Unobservable | |||||||||||||||||
March 31, 2013 | Value | Fair Value | Identical Assets | Inputs | Inputs | ||||||||||||||||
(In Thousands) | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 25,896 | $ | 25,896 | $ | 25,896 | $ | — | $ | — | |||||||||||
Securities available for sale | 15,399 | 15,399 | — | 15,399 | — | ||||||||||||||||
Securities held to maturity | 462,728 | 479,339 | — | 479,339 | — | ||||||||||||||||
Net loans receivable | 456,812 | 485,249 | — | — | 485,249 | ||||||||||||||||
Federal Home Loan Bank of New York stock | 3,897 | 3,897 | — | 3,897 | — | ||||||||||||||||
Interest receivable | 3,177 | 3,177 | — | 3,177 | — | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | 763,692 | 770,479 | — | 770,479 | — | ||||||||||||||||
FHLB advances | 52,500 | 59,786 | — | 59,786 | — | ||||||||||||||||
Interest payable | 175 | 175 | — | 175 | — |
Earnings_Per_Share_EPS_Additio
Earnings Per Share (EPS) - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Incremental shares related to outstanding options included in calculation of diluted EPS | 261,078 | 111,169 | 250,440 | 42,769 |
Antidilutive shares excluded from calculation of diluted EPS | 0 | 0 | 0 | 0 |
Stock_Repurchase_Plans_Additio
Stock Repurchase Plans - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 28, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Tenth Repurchase Plan [Member] | Tenth Repurchase Plan [Member] | Tenth Repurchase Plan [Member] | 2005 Equity Incentive Plan [Member] | 2005 Equity Incentive Plan [Member] | |
Equity, Class of Treasury Stock [Line Items] | ' | ' | ' | ' | ' |
Number of shares authorized to be repurchased under tenth repurchase plan | 0 | 0 | 280,000 | ' | ' |
Percentage of shares authorized to be repurchased on outstanding shares owned by entity | ' | ' | 3.00% | ' | ' |
Repurchase treasury stock for tax due upon the vesting restricted stock awards, shares | ' | ' | ' | 1,283 | 1,202 |
Repurchase treasury stock for tax due upon the vesting restricted stock awards, values | ' | ' | ' | $16,000 | $12,000 |
Treasury stock acquired, average cost per share | ' | ' | ' | $12.15 | $10.07 |
Retirement_PlanComponents_of_N2
Retirement Plan-Components of Net Periodic Pension Cost - Periodic Pension Expense (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Compensation And Retirement Disclosure [Abstract] | ' | ' | ' | ' |
Service cost | $40 | $16 | $120 | $46 |
Interest cost | 35 | 32 | 105 | 104 |
Amortization of past service cost | 10 | 10 | 30 | 30 |
Amortization of unrecognized net loss | 12 | 8 | 36 | 20 |
Settlement charge | ' | 117 | ' | 117 |
Net periodic benefit cost | $97 | $183 | $291 | $317 |
Securities_AvailableforSale_Se
Securities - Available-for-Sale Securities and Held-to-Maturity Securities (Detail) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investment Holdings [Line Items] | ' | ' |
Available for sale, Amortized Cost | ' | $14,694 |
Available for sale, Gross Unrealized Gains | ' | 705 |
Available for sale, Gross Unrealized Losses | ' | ' |
Available for sale, Fair Value | 3,764 | 15,399 |
Held to maturity, Amortized Cost | 446,439 | 462,728 |
Held to maturity, Gross Unrealized Gains | 8,280 | 17,133 |
Held to maturity, Gross Unrealized Losses | 9,695 | 522 |
Held to maturity, Fair Value | 445,024 | 479,339 |
Debt Securities [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Held to maturity, Amortized Cost | 139,965 | 119,916 |
Held to maturity, Gross Unrealized Gains | 1,584 | 2,558 |
Held to maturity, Gross Unrealized Losses | 247 | 12 |
Held to maturity, Fair Value | 141,302 | 122,462 |
Debt Securities [Member] | Government-Sponsored Enterprises [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Available for sale, Amortized Cost | ' | 5,000 |
Available for sale, Gross Unrealized Gains | ' | 4 |
Available for sale, Gross Unrealized Losses | ' | ' |
Available for sale, Fair Value | ' | 5,004 |
Held to maturity, Amortized Cost | 89,999 | 69,999 |
Held to maturity, Gross Unrealized Gains | 113 | 607 |
Held to maturity, Gross Unrealized Losses | 159 | 11 |
Held to maturity, Fair Value | 89,953 | 70,595 |
Debt Securities [Member] | Corporate Bonds [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Held to maturity, Amortized Cost | 49,966 | 49,917 |
Held to maturity, Gross Unrealized Gains | 1,471 | 1,951 |
Held to maturity, Gross Unrealized Losses | 88 | 1 |
Held to maturity, Fair Value | 51,349 | 51,867 |
Mortgage-Backed Securities [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Available for sale, Amortized Cost | 3,599 | 9,694 |
Available for sale, Gross Unrealized Gains | 165 | 701 |
Available for sale, Gross Unrealized Losses | ' | ' |
Available for sale, Fair Value | 3,764 | 10,395 |
Held to maturity, Amortized Cost | 306,474 | 342,812 |
Held to maturity, Gross Unrealized Gains | 6,696 | 14,575 |
Held to maturity, Gross Unrealized Losses | 9,448 | 510 |
Held to maturity, Fair Value | 303,722 | 356,877 |
Mortgage-Backed Securities [Member] | Federal Home Loan Mortgage Corporation [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Available for sale, Amortized Cost | ' | 4,838 |
Available for sale, Gross Unrealized Gains | ' | 387 |
Available for sale, Gross Unrealized Losses | ' | ' |
Available for sale, Fair Value | ' | 5,225 |
Held to maturity, Amortized Cost | 82,738 | 106,346 |
Held to maturity, Gross Unrealized Gains | 2,449 | 5,459 |
Held to maturity, Gross Unrealized Losses | 2,037 | 125 |
Held to maturity, Fair Value | 83,150 | 111,680 |
Mortgage-Backed Securities [Member] | Federal National Mortgage Association [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Available for sale, Amortized Cost | 3,599 | 4,856 |
Available for sale, Gross Unrealized Gains | 165 | 314 |
Available for sale, Gross Unrealized Losses | ' | ' |
Available for sale, Fair Value | 3,764 | 5,170 |
Held to maturity, Amortized Cost | 202,335 | 207,781 |
Held to maturity, Gross Unrealized Gains | 3,103 | 7,118 |
Held to maturity, Gross Unrealized Losses | 7,261 | 350 |
Held to maturity, Fair Value | 198,177 | 214,549 |
Mortgage-Backed Securities [Member] | Government National Mortgage Association [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Held to maturity, Amortized Cost | 21,401 | 28,685 |
Held to maturity, Gross Unrealized Gains | 1,144 | 1,998 |
Held to maturity, Gross Unrealized Losses | 150 | 35 |
Held to maturity, Fair Value | $22,395 | $30,648 |
Securities_Contractual_Maturit
Securities - Contractual Maturity Data for Securities (Detail) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investment Holdings [Line Items] | ' | ' |
Held to maturity, Amortized Cost | $446,439 | $462,728 |
Held to maturity, Fair Value | 445,024 | 479,339 |
Mortgage-Backed Securities [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Available for sale, Due after ten years, Amortized Cost | 3,599 | ' |
Total available for sale securities, Amortized Cost | 3,599 | ' |
Held to maturity, Due after one through five years, Amortized Cost | 2,006 | ' |
Held to maturity, Due after five through ten years, Amortized Cost | 83,815 | ' |
Held to maturity, Due after ten years, Amortized Cost | 220,653 | ' |
Held to maturity, Amortized Cost | 306,474 | 342,812 |
Available for sale, Due after ten years, Fair value | 3,764 | ' |
Total available for sale securities, Fair Value | 3,764 | ' |
Held to maturity, Due after one through five years, Fair Value | 2,131 | ' |
Held to maturity, Due after five through ten years, Fair Value | 79,096 | ' |
Held to maturity, Due after ten years, Fair Value | 222,495 | ' |
Held to maturity, Fair Value | 303,722 | 356,877 |
Debt Securities [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Held to maturity, Due less than one year, Amortized Cost | 4,952 | ' |
Held-to-maturity, Due less than one year, Fair Value | 5,008 | ' |
Held to maturity, Due after one through five years, Amortized Cost | 115,010 | ' |
Held to maturity, Due after five through ten years, Amortized Cost | 20,003 | ' |
Held to maturity, Amortized Cost | 139,965 | 119,916 |
Held to maturity, Due after one through five years, Fair Value | 116,291 | ' |
Held to maturity, Due after five through ten years, Fair Value | 20,003 | ' |
Held to maturity, Fair Value | $141,302 | $122,462 |
Securities_Gross_Unrealized_Lo
Securities - Gross Unrealized Losses and Fair Value of Related Securities (Detail) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investment Holdings [Line Items] | ' | ' |
Held to maturity, Less Than 12 Months, Fair Value | $201,140 | $64,550 |
Held to maturity, Less Than 12 Months, Gross Unrealized Losses | 8,966 | 517 |
Held to maturity, 12 Months or More, Fair Value | 10,062 | 5,216 |
Held to maturity, 12 Months or More, Gross Unrealized Losses | 729 | 5 |
Held to maturity, Total, Fair Value | 211,202 | 69,766 |
Held to maturity, Total, Gross Unrealized Losses | 9,695 | 522 |
Debt Securities [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Held to maturity, Less Than 12 Months, Fair Value | 44,756 | 9,988 |
Held to maturity, Less Than 12 Months, Gross Unrealized Losses | 247 | 11 |
Held to maturity, 12 Months or More, Fair Value | ' | 4,999 |
Held to maturity, 12 Months or More, Gross Unrealized Losses | ' | 1 |
Held to maturity, Total, Fair Value | 44,756 | 14,987 |
Held to maturity, Total, Gross Unrealized Losses | 247 | 12 |
Debt Securities [Member] | Government-Sponsored Enterprises [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Held to maturity, Less Than 12 Months, Fair Value | 34,841 | 9,988 |
Held to maturity, Less Than 12 Months, Gross Unrealized Losses | 159 | 11 |
Held to maturity, 12 Months or More, Fair Value | ' | ' |
Held to maturity, 12 Months or More, Gross Unrealized Losses | ' | ' |
Held to maturity, Total, Fair Value | 34,841 | 9,988 |
Held to maturity, Total, Gross Unrealized Losses | 159 | 11 |
Debt Securities [Member] | Corporate Bonds [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Held to maturity, Less Than 12 Months, Fair Value | 9,915 | ' |
Held to maturity, Less Than 12 Months, Gross Unrealized Losses | 88 | ' |
Held to maturity, 12 Months or More, Fair Value | ' | 4,999 |
Held to maturity, 12 Months or More, Gross Unrealized Losses | ' | 1 |
Held to maturity, Total, Fair Value | 9,915 | 4,999 |
Held to maturity, Total, Gross Unrealized Losses | 88 | 1 |
Mortgage-Backed Securities [Member] | Federal Home Loan Mortgage Corporation [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Held to maturity, Less Than 12 Months, Fair Value | 35,166 | 10,368 |
Held to maturity, Less Than 12 Months, Gross Unrealized Losses | 2,034 | 124 |
Held to maturity, 12 Months or More, Fair Value | 171 | 30 |
Held to maturity, 12 Months or More, Gross Unrealized Losses | 3 | 1 |
Held to maturity, Total, Fair Value | 35,337 | 10,398 |
Held to maturity, Total, Gross Unrealized Losses | 2,037 | 125 |
Mortgage-Backed Securities [Member] | Federal National Mortgage Association [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Held to maturity, Less Than 12 Months, Fair Value | 121,218 | 42,609 |
Held to maturity, Less Than 12 Months, Gross Unrealized Losses | 6,685 | 347 |
Held to maturity, 12 Months or More, Fair Value | 8,449 | 187 |
Held to maturity, 12 Months or More, Gross Unrealized Losses | 576 | 3 |
Held to maturity, Total, Fair Value | 129,667 | 42,796 |
Held to maturity, Total, Gross Unrealized Losses | 7,261 | 350 |
Mortgage-Backed Securities [Member] | Government National Mortgage Association [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Held to maturity, Less Than 12 Months, Fair Value | ' | 1,585 |
Held to maturity, Less Than 12 Months, Gross Unrealized Losses | ' | 35 |
Held to maturity, 12 Months or More, Fair Value | 1,442 | ' |
Held to maturity, 12 Months or More, Gross Unrealized Losses | 150 | ' |
Held to maturity, Total, Fair Value | 1,442 | 1,585 |
Held to maturity, Total, Gross Unrealized Losses | 150 | 35 |
Mortgage-Backed Securities [Member] | Federal Securities [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Held to maturity, Less Than 12 Months, Fair Value | 156,384 | 54,562 |
Held to maturity, Less Than 12 Months, Gross Unrealized Losses | 8,719 | 506 |
Held to maturity, 12 Months or More, Fair Value | 10,062 | 217 |
Held to maturity, 12 Months or More, Gross Unrealized Losses | 729 | 4 |
Held to maturity, Total, Fair Value | 166,446 | 54,779 |
Held to maturity, Total, Gross Unrealized Losses | $9,448 | $510 |
Securities_Additional_Informat
Securities - Additional Information (Detail) (USD $) | 9 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Investment Holdings [Line Items] | ' | ' |
Proceeds from sales of securities available for sale | $4,659,000 | $8,827,000 |
Realized gain on securities available for sale | 295,000 | 647,000 |
Held-to-maturity Securities, sold security, at carrying value | 5,600,000 | 0 |
Available for sale securities sold security realized loss | 0 | ' |
Held to maturity securities sold security realized gain | 272,000 | ' |
Held to maturity securities sold security realized loss | $1,000 | ' |
Federal National Mortgage Association [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Number of FNMA MBS not representing other than temporary impairment | 35 | ' |
Federal Home Loan Mortgage Corporation [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Number of FNMA MBS not representing other than temporary impairment | 14 | ' |
Government National Mortgage Association [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Number of FNMA MBS not representing other than temporary impairment | 1 | ' |
Government-Sponsored Enterprises [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Number of Government Sponsored Securities not representing other than temporary impairment | 7 | ' |
Corporate Bonds [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Number of FNMA MBS not representing other than temporary impairment | 2 | ' |
Mortgage-Backed Securities [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Held to maturity securities maximum percentage of remaining principal balance | 15.00% | ' |
Loans_Receivable_and_Allowance2
Loans Receivable and Allowance for Loan Losses - Summary of Loans by Segment (Detail) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total gross loans | $578,786 | $458,636 |
Loans in process | -287 | -169 |
Net purchase premiums, discounts, and deferred loan costs | 1,939 | 845 |
Total subtraction from gross loans | 1,652 | 676 |
Total loans, net | 580,438 | 459,312 |
One-to-Four Family [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total gross loans | 518,415 | 419,240 |
Multi-Family Real Estate [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total gross loans | 21,943 | 14,990 |
Commercial [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total gross loans | 25,434 | 13,671 |
Construction Real Estate [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total gross loans | 654 | 937 |
Real Estate [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total real estate loans | 566,446 | 448,838 |
Real Estate [Member] | One-to-Four Family [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total real estate loans | 518,415 | 419,240 |
Total gross loans | 518,415 | 419,240 |
Real Estate [Member] | Multi-Family Real Estate [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total real estate loans | 21,943 | 14,990 |
Total gross loans | 21,943 | 14,990 |
Real Estate [Member] | Commercial [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total real estate loans | 25,434 | 13,671 |
Total gross loans | 25,434 | 13,671 |
Real Estate [Member] | Construction Real Estate [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total real estate loans | 654 | 937 |
Total gross loans | 654 | 937 |
Consumer [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total consumer loans | 12,340 | 9,798 |
Consumer [Member] | Second Mortgage [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total consumer loans | 9,018 | 6,687 |
Consumer [Member] | Passbook or Certificate [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total consumer loans | 844 | 838 |
Consumer [Member] | Equity Lines of Credit [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total consumer loans | 2,418 | 2,218 |
Consumer [Member] | Other Loans [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total consumer loans | $60 | $55 |
Loans_Receivable_and_Allowance3
Loans Receivable and Allowance for Loan Losses - Allowance for Loan Losses (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Total allowance for loan losses, beginning balance | $2,950 | $2,300 | $2,500 | $2,090 |
Charge-offs | -28 | -320 | -118 | -402 |
Recoveries | ' | 50 | 4 | 50 |
Provision charged to operations | 128 | 450 | 664 | 742 |
Total allowance for loan losses, ending balance | 3,050 | 2,480 | 3,050 | 2,480 |
One-to-Four Family [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Total allowance for loan losses, beginning balance | 2,440 | 1,898 | 2,127 | 1,733 |
Charge-offs | ' | -320 | -90 | -402 |
Recoveries | ' | 50 | 4 | 50 |
Provision charged to operations | 29 | 490 | 428 | 737 |
Total allowance for loan losses, ending balance | 2,469 | 2,118 | 2,469 | 2,118 |
Multi-Family Real Estate [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Total allowance for loan losses, beginning balance | 236 | 203 | 187 | 193 |
Charge-offs | -28 | ' | -28 | ' |
Recoveries | ' | ' | ' | ' |
Provision charged to operations | -19 | -4 | 30 | 6 |
Total allowance for loan losses, ending balance | 189 | 199 | 189 | 199 |
Commercial [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Total allowance for loan losses, beginning balance | 165 | 106 | 99 | 105 |
Recoveries | ' | ' | ' | ' |
Provision charged to operations | 62 | -3 | 128 | -2 |
Total allowance for loan losses, ending balance | 227 | 103 | 227 | 103 |
Construction Real Estate [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Total allowance for loan losses, beginning balance | 3 | 9 | 5 | 4 |
Recoveries | ' | ' | ' | ' |
Provision charged to operations | -1 | 2 | -3 | 7 |
Total allowance for loan losses, ending balance | 2 | 11 | 2 | 11 |
Second Mortgage and Equity Lines of Credit [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Total allowance for loan losses, beginning balance | 49 | 39 | 38 | 42 |
Recoveries | ' | ' | ' | ' |
Provision charged to operations | 2 | -2 | 13 | -5 |
Total allowance for loan losses, ending balance | 51 | 37 | 51 | 37 |
Passbook or Certificate and Other Loans [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Total allowance for loan losses, beginning balance | ' | 1 | 1 | 1 |
Recoveries | ' | ' | ' | ' |
Provision charged to operations | 1 | ' | ' | ' |
Total allowance for loan losses, ending balance | 1 | 1 | 1 | 1 |
Unallocated [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Total allowance for loan losses, beginning balance | 57 | 44 | 43 | 12 |
Recoveries | ' | ' | ' | ' |
Provision charged to operations | 54 | -33 | 68 | -1 |
Total allowance for loan losses, ending balance | $111 | $11 | $111 | $11 |
Loans_Receivable_and_Allowance4
Loans Receivable and Allowance for Loan Losses - Allocation of Allowance for Loan Losses by Loan Class (Detail) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Mar. 31, 2012 |
In Thousands, unless otherwise specified | ||||||
Allowance for loan losses: | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | ' | ' | ' | ' | ' | ' |
Collectively evaluated for impairment | 3,050 | ' | 2,500 | ' | ' | ' |
Total | 3,050 | 2,950 | 2,500 | 2,480 | 2,300 | 2,090 |
Individually evaluated for impairment | 773 | ' | 779 | ' | ' | ' |
Collectively evaluated for impairment | 578,013 | ' | 457,857 | ' | ' | ' |
Total | 578,786 | ' | 458,636 | ' | ' | ' |
One-to-Four Family [Member] | ' | ' | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | ' | ' | ' | ' | ' | ' |
Collectively evaluated for impairment | 2,469 | ' | 2,127 | ' | ' | ' |
Total | 2,469 | 2,440 | 2,127 | 2,118 | 1,898 | 1,733 |
Individually evaluated for impairment | 316 | ' | 528 | ' | ' | ' |
Collectively evaluated for impairment | 518,099 | ' | 418,712 | ' | ' | ' |
Total | 518,415 | ' | 419,240 | ' | ' | ' |
Multi-Family Real Estate [Member] | ' | ' | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | ' | ' | ' | ' | ' | ' |
Collectively evaluated for impairment | 189 | ' | 187 | ' | ' | ' |
Total | 189 | 236 | 187 | 199 | 203 | 193 |
Individually evaluated for impairment | 209 | ' | ' | ' | ' | ' |
Collectively evaluated for impairment | 21,734 | ' | 14,990 | ' | ' | ' |
Total | 21,943 | ' | 14,990 | ' | ' | ' |
Commercial [Member] | ' | ' | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | ' | ' | ' | ' | ' | ' |
Collectively evaluated for impairment | 227 | ' | 99 | ' | ' | ' |
Total | 227 | 165 | 99 | 103 | 106 | 105 |
Individually evaluated for impairment | 248 | ' | 251 | ' | ' | ' |
Collectively evaluated for impairment | 25,186 | ' | 13,420 | ' | ' | ' |
Total | 25,434 | ' | 13,671 | ' | ' | ' |
Construction Real Estate [Member] | ' | ' | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | ' | ' | ' | ' | ' | ' |
Collectively evaluated for impairment | 2 | ' | 5 | ' | ' | ' |
Total | 2 | 3 | 5 | 11 | 9 | 4 |
Collectively evaluated for impairment | 654 | ' | 937 | ' | ' | ' |
Total | 654 | ' | 937 | ' | ' | ' |
Second Mortgage and Equity Lines of Credit [Member] | ' | ' | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | ' | ' | ' | ' | ' | ' |
Collectively evaluated for impairment | 51 | ' | 38 | ' | ' | ' |
Total | 51 | 49 | 38 | 37 | 39 | 42 |
Collectively evaluated for impairment | 11,436 | ' | 8,905 | ' | ' | ' |
Total | 11,436 | ' | 8,905 | ' | ' | ' |
Passbook or Certificate and Other Loans [Member] | ' | ' | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | ' | ' | ' | ' | ' | ' |
Collectively evaluated for impairment | 1 | ' | 1 | ' | ' | ' |
Total | 1 | ' | 1 | 1 | 1 | 1 |
Collectively evaluated for impairment | 904 | ' | 893 | ' | ' | ' |
Total | 904 | ' | 893 | ' | ' | ' |
Unallocated [Member] | ' | ' | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | ' | ' | ' | ' | ' | ' |
Collectively evaluated for impairment | 111 | ' | 43 | ' | ' | ' |
Total | $111 | $57 | $43 | $11 | $44 | $12 |
Loans_Receivable_and_Allowance5
Loans Receivable and Allowance for Loan Losses - Aggregate Amounts of Classified Loan Balances (Detail) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Non-classified: | $572,707 | $451,412 |
Special mention loan | 1,518 | 1,264 |
Substandard loan | 4,561 | 5,960 |
Doubtful loan | ' | ' |
Loss loan | ' | ' |
Total | 578,786 | 458,636 |
One-to-Four Family [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Non-classified: | 512,712 | 412,488 |
Special mention loan | 1,463 | 1,191 |
Substandard loan | 4,240 | 5,561 |
Doubtful loan | ' | ' |
Loss loan | ' | ' |
Total | 518,415 | 419,240 |
Multi-Family Real Estate [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Non-classified: | 21,943 | 14,990 |
Doubtful loan | ' | ' |
Loss loan | ' | ' |
Total | 21,943 | 14,990 |
Commercial [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Non-classified: | 25,186 | 13,356 |
Special mention loan | ' | 64 |
Substandard loan | 248 | 251 |
Doubtful loan | ' | ' |
Loss loan | ' | ' |
Total | 25,434 | 13,671 |
Construction Real Estate [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Non-classified: | 654 | 937 |
Doubtful loan | ' | ' |
Loss loan | ' | ' |
Total | 654 | 937 |
Second Mortgage and Equity Lines of Credit [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Non-classified: | 11,308 | 8,748 |
Special mention loan | 55 | 9 |
Substandard loan | 73 | 148 |
Doubtful loan | ' | ' |
Loss loan | ' | ' |
Total | 11,436 | 8,905 |
Passbook or Certificate and Other Loans [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Non-classified: | 904 | 893 |
Doubtful loan | ' | ' |
Loss loan | ' | ' |
Total | $904 | $893 |
Loans_Receivable_and_Allowance6
Loans Receivable and Allowance for Loan Losses - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 |
Troubled Debt Restructuring [Member] | Troubled Debt Restructuring [Member] | Troubled Debt Restructuring [Member] | Troubled Debt Restructuring [Member] | Troubled Debt Restructuring [Member] | Multi-Family Real Estate [Member] | Multi-Family Real Estate [Member] | Minimum [Member] | Minimum [Member] | |||
Restructuring | Restructuring | Restructuring | Restructuring | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan on non accrual status | ' | ' | ' | ' | ' | ' | ' | ' | ' | '90 days | '90 days |
Non accrual status to satisfy the loan terms | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 months | '6 months |
Troubled debt restructuring total | ' | ' | $525,000 | ' | $525,000 | ' | $528,000 | ' | ' | ' | ' |
90 Days or More Past Due | 2,968,000 | 3,732,000 | 8,000 | ' | 8,000 | ' | 217,000 | ' | ' | ' | ' |
Impairment evaluations charged-off | ' | ' | ' | ' | ' | ' | ' | $28,000 | $28,000 | ' | ' |
Period for assumption of trouble debt restructuring | ' | ' | '12 months | '12 months | '12 months | '12 months | ' | ' | ' | ' | ' |
Number of defaults of new troubled debt restructuring | ' | ' | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' |
Loans_Receivable_and_Allowance7
Loans Receivable and Allowance for Loan Losses - Information with Respect to Nonaccrual Loans (Detail) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Nonaccrual loans: | ' | ' |
Total nonaccrual loans | $4,561 | $5,895 |
Real Estate [Member] | One-to-Four Family [Member] | ' | ' |
Nonaccrual loans: | ' | ' |
Total nonaccrual loans | 4,240 | 5,496 |
Real Estate [Member] | Commercial [Member] | ' | ' |
Nonaccrual loans: | ' | ' |
Total nonaccrual loans | 248 | 251 |
Consumer [Member] | Second Mortgage [Member] | ' | ' |
Nonaccrual loans: | ' | ' |
Total nonaccrual loans | $73 | $148 |
Loans_Receivable_and_Allowance8
Loans Receivable and Allowance for Loan Losses - Information About Delinquencies in Loan Portfolio (Detail) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
30-59 Days Past Due | $2,864,000 | $2,085,000 |
60-89 Days Past Due | 401,000 | 651,000 |
90 Days or More Past Due | 2,968,000 | 3,732,000 |
Total Past Due | 6,233,000 | 6,468,000 |
Current | 572,553,000 | 452,168,000 |
Total | 578,786,000 | 458,636,000 |
One-to-Four Family [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total | 518,415,000 | 419,240,000 |
Multi-Family Real Estate [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total | 21,943,000 | 14,990,000 |
Commercial [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total | 25,434,000 | 13,671,000 |
Construction Real Estate [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total | 654,000 | 937,000 |
Second Mortgage and Equity Lines of Credit [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total | 11,436,000 | 8,905,000 |
Passbook or Certificate and Other Loans [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total | 904,000 | 893,000 |
Real Estate [Member] | One-to-Four Family [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
30-59 Days Past Due | 2,846,000 | 2,076,000 |
60-89 Days Past Due | 393,000 | 300,000 |
90 Days or More Past Due | 2,647,000 | 3,693,000 |
Total Past Due | 5,886,000 | 6,069,000 |
Current | 512,529,000 | 413,171,000 |
Total | 518,415,000 | 419,240,000 |
Real Estate [Member] | Multi-Family Real Estate [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
30-59 Days Past Due | ' | ' |
60-89 Days Past Due | ' | ' |
90 Days or More Past Due | ' | ' |
Total Past Due | ' | ' |
Current | 21,943,000 | 14,990,000 |
Total | 21,943,000 | 14,990,000 |
Real Estate [Member] | Commercial [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
30-59 Days Past Due | ' | ' |
60-89 Days Past Due | ' | 251,000 |
90 Days or More Past Due | 248,000 | ' |
Total Past Due | 248,000 | 251,000 |
Current | 25,186,000 | 13,420,000 |
Total | 25,434,000 | 13,671,000 |
Real Estate [Member] | Construction Real Estate [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
30-59 Days Past Due | ' | ' |
60-89 Days Past Due | ' | ' |
90 Days or More Past Due | ' | ' |
Total Past Due | ' | ' |
Current | 654,000 | 937,000 |
Total | 654,000 | 937,000 |
Consumer [Member] | Second Mortgage and Equity Lines of Credit [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
30-59 Days Past Due | 18,000 | 9,000 |
60-89 Days Past Due | 8,000 | 4,000 |
90 Days or More Past Due | 73,000 | 39,000 |
Total Past Due | 99,000 | 52,000 |
Current | 11,337,000 | 8,853,000 |
Total | 11,436,000 | 8,905,000 |
Consumer [Member] | Passbook or Certificate and Other Loans [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
30-59 Days Past Due | ' | ' |
60-89 Days Past Due | ' | 96,000 |
90 Days or More Past Due | ' | ' |
Total Past Due | ' | 96,000 |
Current | 904,000 | 797,000 |
Total | $904,000 | $893,000 |
Loans_Receivable_and_Allowance9
Loans Receivable and Allowance for Loan Losses - Impaired Loans, None of Which had Related Allowance (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Total impaired loans, Recorded Investment | $773 | $781 | $773 | $781 | $779 |
With no related allowance recorded, Related Allowance | ' | ' | ' | ' | ' |
Total impaired loans, Unpaid Principal Balance | 973 | 972 | 973 | 972 | 969 |
Total impaired loans, Average Recorded Investment | 669 | 783 | 671 | 866 | 846 |
Total impaired loans, Interest Income Recognized | 12 | 5 | 27 | 21 | 31 |
Real Estate [Member] | One-to-Four Family [Member] | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
With no related allowance recorded, Recorded Investment | 316 | 529 | 316 | 529 | 528 |
With no related allowance recorded, Unpaid Principal Balance | 488 | 720 | 488 | 720 | 718 |
With no related allowance recorded, Related Allowance | ' | ' | ' | ' | ' |
With no related allowance recorded, Average Recorded Investment | 316 | 529 | 380 | 612 | 593 |
With no related allowance recorded, Interest Income Recognized | 4 | ' | 13 | 11 | 19 |
Real Estate [Member] | Multi-Family Real Estate [Member] | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
With no related allowance recorded, Recorded Investment | 209 | ' | 209 | ' | ' |
With no related allowance recorded, Unpaid Principal Balance | 237 | ' | 237 | ' | ' |
With no related allowance recorded, Related Allowance | ' | ' | ' | ' | ' |
With no related allowance recorded, Average Recorded Investment | 105 | ' | 42 | ' | ' |
With no related allowance recorded, Interest Income Recognized | 4 | ' | 4 | ' | ' |
Real Estate [Member] | Commercial [Member] | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
With no related allowance recorded, Recorded Investment | 248 | 252 | 248 | 252 | 251 |
With no related allowance recorded, Unpaid Principal Balance | 248 | 252 | 248 | 252 | 251 |
With no related allowance recorded, Related Allowance | ' | ' | ' | ' | ' |
With no related allowance recorded, Average Recorded Investment | 248 | 254 | 249 | 254 | 253 |
With no related allowance recorded, Interest Income Recognized | $4 | $5 | $10 | $10 | $12 |
Recovered_Sheet1
Loans Receivable and Allowance for Loan Losses - Troubled Debt Restructurings by Class (Detail) (Multi-Family Real Estate [Member], USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 |
SecurityLoan | Real Estate [Member] | |
SecurityLoan | ||
Financing Receivable Modifications Number Of Contracts [Line Items] | ' | ' |
Number of Loans | 1 | 1 |
Pre-restructuring Outstanding Recorded Investment | $237 | $237 |
Post-restructuring Outstanding Recorded Investment | $209 | $209 |
Fair_Value_Assets_Measured_at_
Fair Value - Assets Measured at Fair Value on Recurring Basis (Detail) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total securities available for sale | $3,764 | $15,399 |
Debt Securities [Member] | Government-Sponsored Enterprises [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total securities available for sale | ' | 5,004 |
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total securities available for sale | 3,764 | 15,399 |
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | Mortgage-Backed Securities [Member] | Federal National Mortgage Association [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total securities available for sale | 3,764 | 5,170 |
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | Mortgage-Backed Securities [Member] | Federal Home Loan Mortgage Corporation [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total securities available for sale | ' | 5,225 |
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | Debt Securities [Member] | Government-Sponsored Enterprises [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total securities available for sale | ' | 5,004 |
(Level 1) Quoted Prices in Active Markets for Identical Assets [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total securities available for sale | ' | ' |
(Level 1) Quoted Prices in Active Markets for Identical Assets [Member] | Fair Value, Measurements, Recurring [Member] | Mortgage-Backed Securities [Member] | Federal National Mortgage Association [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total securities available for sale | ' | ' |
(Level 1) Quoted Prices in Active Markets for Identical Assets [Member] | Fair Value, Measurements, Recurring [Member] | Mortgage-Backed Securities [Member] | Federal Home Loan Mortgage Corporation [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total securities available for sale | ' | ' |
(Level 1) Quoted Prices in Active Markets for Identical Assets [Member] | Fair Value, Measurements, Recurring [Member] | Debt Securities [Member] | Government-Sponsored Enterprises [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total securities available for sale | ' | ' |
(Level 2) Significant Other Observable Inputs [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total securities available for sale | 3,764 | 15,399 |
(Level 2) Significant Other Observable Inputs [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total securities available for sale | 3,764 | 15,399 |
(Level 2) Significant Other Observable Inputs [Member] | Fair Value, Measurements, Recurring [Member] | Mortgage-Backed Securities [Member] | Federal National Mortgage Association [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total securities available for sale | 3,764 | 5,170 |
(Level 2) Significant Other Observable Inputs [Member] | Fair Value, Measurements, Recurring [Member] | Mortgage-Backed Securities [Member] | Federal Home Loan Mortgage Corporation [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total securities available for sale | ' | 5,225 |
(Level 2) Significant Other Observable Inputs [Member] | Fair Value, Measurements, Recurring [Member] | Debt Securities [Member] | Government-Sponsored Enterprises [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total securities available for sale | ' | 5,004 |
(Level 3) Significant Unobservable Inputs [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total securities available for sale | ' | ' |
(Level 3) Significant Unobservable Inputs [Member] | Fair Value, Measurements, Recurring [Member] | Mortgage-Backed Securities [Member] | Federal National Mortgage Association [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total securities available for sale | ' | ' |
(Level 3) Significant Unobservable Inputs [Member] | Fair Value, Measurements, Recurring [Member] | Mortgage-Backed Securities [Member] | Federal Home Loan Mortgage Corporation [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total securities available for sale | ' | ' |
(Level 3) Significant Unobservable Inputs [Member] | Fair Value, Measurements, Recurring [Member] | Debt Securities [Member] | Government-Sponsored Enterprises [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total securities available for sale | ' | ' |
Fair_Value_Additional_Informat
Fair Value - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value Disclosures [Abstract] | ' | ' |
Fair value of assets measured on non-recurring basis | $0 | $0 |
Liabilities measured at fair value on recurring or non-recurring basis | $0 | $0 |
Fair_Value_Carrying_Amounts_an
Fair Value - Carrying Amounts and Fair Values of Financial Instruments (Detail) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Financial assets: | ' | ' | ' | ' |
Cash and cash equivalents | $11,901 | $25,896 | $40,776 | $40,257 |
Securities available for sale | 3,764 | 15,399 | ' | ' |
Securities held to maturity, carrying value | 446,439 | 462,728 | ' | ' |
Securities held to maturity, fair value | 445,024 | 479,339 | ' | ' |
Net loans receivable | 577,388 | 456,812 | ' | ' |
Federal Home Loan Bank of New York stock | 6,989 | 3,897 | ' | ' |
Interest receivable | 3,235 | 3,177 | ' | ' |
Financial liabilities: | ' | ' | ' | ' |
Deposits | 774,529 | 763,692 | ' | ' |
FHLB advances | 122,500 | 52,500 | ' | ' |
Interest payable | 260 | 175 | ' | ' |
Estimated Fair Value [Member] | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Cash and cash equivalents | 11,901 | 25,896 | ' | ' |
Securities available for sale | 3,764 | 15,399 | ' | ' |
Securities held to maturity, fair value | 445,024 | 479,339 | ' | ' |
Net loans receivable | 580,374 | 485,249 | ' | ' |
Federal Home Loan Bank of New York stock | 6,989 | 3,897 | ' | ' |
Interest receivable | 3,235 | 3,177 | ' | ' |
Financial liabilities: | ' | ' | ' | ' |
Deposits | 778,859 | 770,479 | ' | ' |
FHLB advances | 126,999 | 59,786 | ' | ' |
Interest payable | 260 | 175 | ' | ' |
(Level 1) Quoted Prices in Active Markets for Identical Assets [Member] | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Cash and cash equivalents | 11,901 | 25,896 | ' | ' |
(Level 2) Significant Other Observable Inputs [Member] | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Securities available for sale | 3,764 | 15,399 | ' | ' |
Securities held to maturity, fair value | 445,024 | 479,339 | ' | ' |
Federal Home Loan Bank of New York stock | 6,989 | 3,897 | ' | ' |
Interest receivable | 3,235 | 3,177 | ' | ' |
Financial liabilities: | ' | ' | ' | ' |
Deposits | 778,859 | 770,479 | ' | ' |
FHLB advances | 126,999 | 59,786 | ' | ' |
Interest payable | 260 | 175 | ' | ' |
(Level 3) Significant Unobservable Inputs [Member] | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Net loans receivable | $580,374 | $485,249 | ' | ' |
Conversion_and_Reorganization_
Conversion and Reorganization - Additional Information (Detail) (Clifton MHC [Member]) | 9 Months Ended |
Dec. 31, 2013 | |
Clifton MHC [Member] | ' |
Reorganization [Line Items] | ' |
Percentage of ownership interest of parent | 64.00% |