Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Jun. 26, 2014 | Sep. 30, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'Delanco Bancorp, Inc. | ' | ' |
Document Type | '10-K | ' | ' |
Current Fiscal Year End Date | '--03-31 | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 945,425 | ' |
Entity Public Float | ' | ' | $8,200,000 |
Amendment Flag | 'false | ' | ' |
Entity Central Index Key | '0001577603 | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Document Period End Date | 31-Mar-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Consolidated_Statements_of_Fin
Consolidated Statements of Financial Condition (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Assets | ' | ' |
Cash and amount due from depository institutions | $505,735 | $506,921 |
Interest-bearing deposits with depository institutions | 2,826,904 | 6,215,845 |
Total cash and cash equivalents | 3,332,639 | 6,722,766 |
Investment securities | ' | ' |
Investment securities available-for-sale (amortized cost of $2,185,959 and $2,217,032 at March 31, 2014 and 2013, respectively) | 1,973,370 | 2,207,018 |
Investment and mortgage backed securities held-to-maturity (fair value of $25,410,461 and $20,285,670 at March 31, 2014 and 2013, respectively) | 26,975,907 | 20,137,886 |
Total investment securities | 28,949,277 | 22,344,904 |
Loans, net of allowance for loan losses of $1,448,298 and $1,032,818 at March 31, 2014 and 2013, respectively | 83,539,442 | 88,419,084 |
Accrued interest receivable | 462,284 | 427,736 |
Real estate owned | 1,949,825 | 2,469,800 |
Federal Home Loan Bank stock, at cost | 271,300 | 202,500 |
Premises and equipment, net | 6,668,552 | 6,855,000 |
Deferred income taxes, net | 1,722,601 | 1,228,400 |
Bank-owned life insurance | 165,197 | 153,588 |
Other assets | 335,245 | 590,804 |
Total Assets | 127,396,362 | 129,414,582 |
Deposits | ' | ' |
Non-interest bearing | 7,852,030 | 6,872,713 |
Interest-bearing | 102,772,669 | 110,161,401 |
Total deposits | 110,624,699 | 117,034,114 |
Advances from Federal Home Loan Bank | 2,000,000 | 0 |
Accrued interest payable | 6,556 | 9,025 |
Advance payments by borrowers for taxes and insurance | 328,815 | 366,604 |
Other liabilities | 684,289 | 610,259 |
Total liabilities | 113,644,359 | 118,020,002 |
Commitments and Contingencies (Note 21) | ' | ' |
Stockholders’ Equity | ' | ' |
Preferred stock, $.01 par value, 5,000,000 and 3,000,000 shares authorized at March 31, 2014 and 2013, respectively; None issued | ' | ' |
Common stock, $.01 par value, 20,000,000 and 7,000,000 shares authorized at March 31, 2014 and 2013, respectively; 945,425 and 1,634,725 shares issued and outstanding at March 31, 2014 and 2013, respectively | 9,454 | 16,347 |
Additional paid-in capital | 9,956,750 | 6,570,852 |
Retained earnings, substantially restricted | 4,569,378 | 5,332,716 |
Unearned common stock held by employee stock ownership plan | -592,168 | -448,567 |
Accumulated other comprehensive loss | -191,411 | -76,768 |
Total stockholders’ equity | 13,752,003 | 11,394,580 |
Total Liabilities and Stockholders’ Equity | $127,396,362 | $129,414,582 |
Consolidated_Statements_of_Fin1
Consolidated Statements of Financial Condition (Parentheticals) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Securities available-for-sale, amortized cost (in Dollars) | $2,185,959 | $2,217,032 |
Securities held-to-maturity, fair value (in Dollars) | 25,410,461 | 20,285,670 |
Allowance for loan losses (in Dollars) | $1,448,298 | $1,032,818 |
Preferred stock, par value (in Dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 5,000,000 | 3,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock par value (in Dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 20,000,000 | 7,000,000 |
Common stock, shares issued | 945,425 | 1,634,725 |
Common stock, shares outstanding | 945,425 | 1,634,725 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Interest Income | ' | ' |
Loans, including fees | $3,946,591 | $4,483,176 |
Investment securities | 717,109 | 614,623 |
Interest-bearing deposits | 4,089 | 3,694 |
Total interest income | 4,667,789 | 5,101,493 |
Interest Expense | ' | ' |
Interest-bearing checking accounts | 40,926 | 35,634 |
Passbook and money market accounts | 120,524 | 186,335 |
Certificates of deposits | 565,076 | 834,960 |
Advances from Federal Home Loan Bank | 1,995 | ' |
Total interest expense | 728,521 | 1,056,929 |
Net interest income | 3,939,268 | 4,044,564 |
Provision for loan losses | 957,357 | 640,200 |
Net interest income after provision for loan losses | 2,981,911 | 3,404,364 |
Non-Interest Income | ' | ' |
Service charges | 135,490 | 132,561 |
Increase in cash surrender value of bank-owned life insurance | 11,609 | 6,081 |
Rental income | 27,948 | 29,000 |
Other | 16,176 | 33,399 |
Total non-interest income | 191,223 | 201,041 |
Non-Interest Expense | ' | ' |
Salaries and employee benefits | 1,581,771 | 1,564,734 |
Advertising | 23,643 | 21,862 |
Office supplies, telephone and postage | 76,348 | 100,406 |
Loan expense | 210,029 | 447,706 |
Occupancy expense | 658,318 | 654,424 |
Federal insurance premiums | 213,194 | 216,123 |
Real estate owned – impairment losses | 675,100 | 56,493 |
Data processing expenses | 228,459 | 217,252 |
ATM expenses | 34,814 | 27,654 |
Bank charges and fees | 68,617 | 69,528 |
Insurance and surety bond premium | 86,085 | 79,526 |
Dues and subscriptions | 24,234 | 22,942 |
Professional fees | 261,248 | 248,522 |
Real estate owned (income) expenses, net | -3,017 | 130,906 |
Net loss on sale of real estate owned | 85,680 | 152,276 |
Other | 112,055 | 128,640 |
Total non-interest expense | 4,336,578 | 4,138,994 |
Loss Before Income Tax Benefit | -1,163,444 | -533,589 |
Income tax benefit | -400,106 | -209,438 |
Net Loss | ($763,338) | ($324,151) |
Loss per share | ' | ' |
Basic (in Dollars per share) | ($0.60) | ($0.20) |
Diluted (in Dollars per share) | ($0.60) | ($0.20) |
Weighted average shares outstanding | ' | ' |
Basic (in Shares) | 1,273,052 | 1,589,868 |
Diluted (in Shares) | 1,273,052 | 1,589,868 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive (Loss) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Net (loss) | ($763,338) | ($324,151) |
Other comprehensive income (loss), net of tax: | ' | ' |
Postretirement benefit plan adjustment, net of deferred taxes (benefit) of $4,601 and ($18,815) in 2014 and 2013, respectively | 6,902 | -28,222 |
Unrealized gains (loss) available-for-sale: | ' | ' |
Unrealized holding gains (loss), net of deferred tax (benefits) of ($80,956) and ($5,559) in 2014 and 2013, respectively | -121,660 | -8,172 |
Reclassification adjustment for net (gains) losses on available-for-sale securities included in net (loss) (net of tax (benefit) of ($77) and $450 in 2014 and 2013, respectively) | 115 | -675 |
Other comprehensive (loss) | -114,643 | -37,069 |
Total Comprehensive (Loss) | ($877,981) | ($361,220) |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive (Loss) (Parentheticals) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Postretirement benefit plan adjustment, net of deferred taxes (benefit) in 2014 and 2013, respectively | $4,601 | ($18,815) |
Unrealized holding gains (loss), net of deferred tax (benefits) in 2014 and 2013, respectively | -80,956 | -5,559 |
Reclassification adjustment for net (gains) losses on available-for-sale securities included in net (loss) (net of tax (benefit) in 2014 and 2013, respectively) | ($77) | $450 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity (USD $) | ESOP, Transferred For Services [Member] | ESOP, Transferred For Services [Member] | ESOP, Transferred For Services [Member] | ESOP, Purchased Pursuant To Reorganization [Member] | ESOP, Purchased Pursuant To Reorganization [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Common Stock Held By ESOP [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
Additional Paid-in Capital [Member] | Common Stock Held By ESOP [Member] | Common Stock Held By ESOP [Member] | |||||||||
Balance at at Mar. 31, 2012 | ' | ' | ' | ' | ' | $16,347 | $6,590,557 | $5,656,867 | ($480,608) | ($39,699) | $11,743,464 |
Balance at (in Shares) at Mar. 31, 2012 | ' | ' | ' | ' | ' | 1,634,725 | ' | ' | ' | ' | ' |
Corporate Reorganization: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net (Loss) | ' | ' | ' | ' | ' | ' | ' | -324,151 | ' | ' | -324,151 |
Other comprehensive (loss), net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | -37,069 | -37,069 |
Shares of common stock transferred/purchased to ESOP for services | -19,705 | 32,041 | 12,336 | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at at Mar. 31, 2013 | ' | ' | ' | ' | ' | 16,347 | 6,570,852 | 5,332,716 | -448,567 | -76,768 | 11,394,580 |
Balance at (in Shares) at Mar. 31, 2013 | ' | ' | ' | ' | ' | 1,634,725 | ' | ' | ' | ' | 1,634,725 |
Corporate Reorganization: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Merger of Delanco MHC | ' | ' | ' | ' | ' | -8,991 | 105,367 | ' | ' | ' | 96,376 |
Merger of Delanco MHC (in Shares) | ' | ' | ' | ' | ' | -899,099 | ' | ' | ' | ' | ' |
Exchange of common stock | ' | ' | ' | ' | ' | -7,356 | 7,356 | ' | ' | ' | ' |
Exchange of common stock (in Shares) | ' | ' | ' | ' | ' | -735,626 | ' | ' | ' | ' | ' |
Proceeds of stock offering, net of fractional shares, net of offering expenses | ' | ' | ' | ' | ' | 9,454 | 3,270,543 | ' | ' | ' | 3,279,997 |
Proceeds of stock offering, net of fractional shares, net of offering expenses (in Shares) | ' | ' | ' | ' | ' | 945,425 | ' | ' | ' | ' | ' |
Net (Loss) | ' | ' | ' | ' | ' | ' | ' | -763,338 | ' | ' | -763,338 |
Other comprehensive (loss), net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | -114,643 | -114,643 |
Shares of common stock transferred/purchased to ESOP for services | -12,476 | 45,551 | 33,075 | -189,152 | -189,152 | ' | ' | ' | ' | ' | ' |
Stock option expense | ' | ' | ' | ' | ' | ' | 15,108 | ' | ' | ' | 15,108 |
Balance at at Mar. 31, 2014 | ' | ' | ' | ' | ' | $9,454 | $9,956,750 | $4,569,378 | ($592,168) | ($191,411) | $13,752,003 |
Balance at (in Shares) at Mar. 31, 2014 | ' | ' | ' | ' | ' | 945,425 | ' | ' | ' | ' | 945,425 |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Stockholders' Equity (Parentheticals)(Common Stock [Member]) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | |
ESOP, Transferred For Services [Member] | ESOP, Transferred For Services [Member] | ESOP, Purchased Pursuant To Reorganization [Member] | |
Shares of common stock transferred to ESOP for services | 3,518.69 | 3,204.05 | 23,644 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Cash Flows from Operating Activities | ' | ' |
Net loss | ($763,338) | ($324,151) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ' | ' |
Compensation expense of ESOP | 12,476 | 19,705 |
Deferred income tax (benefit) | -385,670 | -270,150 |
Depreciation | 263,472 | 299,995 |
Amortization of premiums and accretion of discounts on securities, net | 27,254 | 1,528 |
Income from bank owned life insurance | -11,609 | -6,081 |
Real estate owned impairment losses | 675,100 | 56,493 |
Loss on sale of real estate owned | 85,680 | 152,276 |
Provision for loan losses | 957,357 | 640,200 |
Share based compensation expense | 15,108 | ' |
(Increase) decrease in: | ' | ' |
Accrued interest receivable | -34,548 | -10,634 |
Other assets | 255,559 | 24,579 |
Prepaid and refundable income taxes | ' | 160,250 |
Increase (decrease) in: | ' | ' |
Accrued interest payable | -2,469 | -6,887 |
Other liabilities | 74,030 | 49,828 |
Net cash provided by operating activities | 1,168,402 | 786,951 |
Cash Flows from Investing Activities | ' | ' |
Proceeds from sale of securities available-for-sale | 31,073 | 20,064 |
Purchases of securities available-for-sale | ' | -2,000,000 |
Purchases of securities held-to-maturity | -11,121,500 | -21,645,000 |
Proceeds from maturities and principal repayments of securities held-to-maturity | 4,256,225 | 18,966,140 |
Proceeds from redemption of (purchases) of Federal Home Loan Bank stock | -68,800 | 16,600 |
Principal collected on loans | 11,613,418 | 17,754,761 |
Loans originated | -8,477,572 | -9,985,984 |
Proceeds from sale of real estate owned | 545,634 | 770,657 |
Purchases of premises and equipment | -77,024 | -23,015 |
Net cash provided by (used in) investing activities | -3,298,546 | 3,874,223 |
Cash Flows from Financing Activities | ' | ' |
Net decrease in deposits | -6,409,415 | -4,554,777 |
Net decrease in advance payments by borrowers for taxes and insurance | -37,789 | -33,316 |
Net proceeds from issuance of common stock | 3,376,373 | ' |
Purchase of common stock in connection with ESOP | -189,152 | ' |
Advances from Federal Home Loan Bank | 5,545,000 | ' |
Payments on advances from Federal Home Loan Bank | -3,545,000 | ' |
Net cash used in financing activities | -1,259,983 | -4,588,093 |
Net Increase (Decrease) in Cash and Cash Equivalents | -3,390,127 | 73,081 |
Cash and Cash Equivalents, Beginning of Year | 6,722,766 | 6,649,685 |
Cash and Cash Equivalents, End of Year | 3,332,639 | 6,722,766 |
Supplemental Disclosures of Cash Flow Information | ' | ' |
Cash paid during the year for interest | 730,990 | 1,063,816 |
Cash paid during the year for income taxes | 1,500 | 1,500 |
Supplemental Disclosure of Noncash Items | ' | ' |
Loans transferred to real estate owned | $856,393 | $2,650,458 |
Note_1_Nature_of_Operations
Note 1 - Nature of Operations | 12 Months Ended |
Mar. 31, 2014 | |
Disclosure Text Block [Abstract] | ' |
Nature of Operations [Text Block] | ' |
1. NATURE OF OPERATIONS | |
On October 16, 2013, Delanco Bancorp, Inc., a New Jersey corporation (the “Company”), became the holding company for the Bank upon completion of the “second-step” conversion of the Bank from a mutual holding company structure to a stock holding company structure (the “Conversion”). The Conversion involved the sale by the Company of 525,423 shares of common stock in a subscription and community offering, including shares purchased by the Bank’s employee stock ownership plan, the exchange of 420,002 shares of common stock of the Company for shares of common stock of the former Delanco Bancorp, Inc. (“old Delanco Bancorp”) held by persons other than Delanco MHC (the “MHC”), and the elimination of old Delanco Bancorp and the MHC. Net proceeds received from the reorganization and stock offering totaled $3,280,000, net of costs of $923,000. | |
Delanco Bancorp, Inc. (the “Company”) is a federally-chartered subsidiary holding company whose principal activity is the ownership and management of its wholly-owned subsidiary, Delanco Federal Savings Bank (the “Bank”), and its wholly-owned subsidiaries, Delanco Financial Services Corporation, an inactive subsidiary, and DFSB Properties, LLC, a real estate company that holds other real estate acquired in foreclosure. The Bank provides a variety of financial services to individual and business customers located primarily in Southern New Jersey and Southeastern Pennsylvania. The Bank’s primary source of revenue is from single-family residential, commercial and multi-family real estate loans. The Bank is subject to regulation by the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation. | |
Subsequent Events | |
The Company has evaluated events and transactions occurring subsequent to March 31, 2014, 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. |
Note_2_Summary_of_Significant_
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Significant Accounting Policies [Text Block] | ' |
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Basis of Presentation and Consolidation | |
The accounting and reporting policies of the Company conform with accounting principles and predominant practices within the banking industry. The consolidated financial statements of the Company include the accounts of Delanco Federal Savings Bank and its subsidiaries. Intercompany balances and transactions are eliminated in consolidation. | |
Certain amounts in the prior period’s financial statements have been reclassified to conform to the March 31, 2014 presentation. These reclassifications did not have an impact on operations, stockholders’ equity or cash flows as previously reported. | |
Use of Estimates in the Preparation of Financial Statements | |
The preparation of financial statements in conformity with accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Material estimates and assumptions that are particularly susceptible to significant changes relate to the determination of the allowance for losses on loans, the fair value of financial instruments, the valuation of foreclosed real estate and the valuation of deferred tax assets. In connection with the determination of the estimated losses on loans and foreclosed real estate, management obtains independent appraisals for significant properties. | |
A majority of the Bank’s loan portfolio consists of single-family residential, commercial and multi-family real estate loans in Southern New Jersey and Southeastern Pennsylvania. Accordingly, the ultimate collectibility of a substantial portion of the Bank’s loan portfolio and the recovery of a substantial portion of the carrying amount of foreclosed real estate are susceptible to changes in local market conditions. | |
While management uses available information to recognize losses on loans and foreclosed real estate, further reductions in the carrying amounts of loans and foreclosed assets may be necessary based on changes in local economic conditions. In addition, regulatory agencies, as an integral part of their examination process, periodically review the estimated losses on loans and foreclosed real estate. Such agencies may require the Bank to recognize additional losses based on their judgments about information available to them at the time of their examination. Because of these factors, it is reasonably possible that the estimated losses on loans and foreclosed real estate may change materially in the near term. However, the amount of the change that is reasonably possible cannot be estimated. | |
Investment and Mortgage-Backed Securities | |
Securities Held-to-Maturity: Securities that management has the positive intent and ability to hold to maturity are reported at cost, adjusted for amortization of premiums and accretion of discounts that are recognized in interest income using methods approximating the interest method over the period to maturity. Mortgage-backed securities represent participating interests in pools of long-term first mortgage loans originated and serviced by issuers of the securities. Mortgage-backed securities are carried at unpaid principal balances, adjusted for unamortized premiums and unearned discounts. Premiums and discounts are amortized using methods approximating the interest method over the remaining period to contractual maturity, adjusted for anticipated prepayments. | |
Securities Available-for-Sale: Available-for-sale securities consist of investment securities not classified as trading securities nor as held-to-maturity securities. Unrealized holding gains and losses, net of tax, on available-for-sale securities are included in other comprehensive income. Realized gains (losses) on available-for-sale securities are included in other income (expense) and, when applicable, are reported as a reclassification adjustment, net of tax, in other comprehensive income. Gains and losses on the sale of available-for-sale securities are determined using the specific-identification method. The amortization of premiums and the accretion of discounts are recognized in interest income using methods approximating the interest method over the period of maturity. | |
Declines in the fair value of individual held-to-maturity and available-for-sale securities below their cost that are other than temporary result in write-downs of the individual securities to their fair value. The related write-downs are included in earnings as realized losses. In estimating other than temporary impairment losses, management considers (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Bank to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. | |
Loans Receivable | |
The Bank grants mortgage, commercial, consumer and lines of credit loans to customers. A substantial portion of the loan portfolio is represented by mortgage, commercial and multi-family real estate loans in Southern New Jersey and Southeastern Pennsylvania. The ability of the Bank’s debtors to honor their contracts is dependent upon the real estate and general economic conditions in these areas. | |
Loans are stated at unpaid principal balances, less the allowance for loan losses and net deferred loan fees and unearned discounts. | |
Loan origination and commitment fees, as well as certain direct origination costs, are deferred and amortized as a yield adjustment over the lives of the related loans using the interest method. Amortization of deferred loan fees is discontinued when a loan is placed on nonaccrual status. | |
The recognition of income on a loan is discontinued and previously accrued interest is reversed, when interest or principal payments become ninety (90) days past due unless, in the opinion of management, the outstanding interest remains collectible. Past due status is determined based on contractual terms. Interest is subsequently recognized only as received until the loan is returned to accrual status. A loan is restored to accrual status when all interest and principal payments are current and the borrower has demonstrated to management the ability to make payments of principal and interest as scheduled. The Bank’s practice is to charge off any loan or portion of a loan when the loan is determined by management to be uncollectible due to the borrower’s failure to meet repayment terms, the borrower’s deteriorating or deteriorated financial condition, the depreciation of the underlying collateral, the loan’s classification as a loss by regulatory examiners, or for other reasons. | |
Allowance For Loan Losses | |
The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. | |
The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectibility of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral, and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. | |
The allowance consists of specific, general, and unallocated components. The specific component relates to loans that are classified as doubtful, substandard, or special mention. For such loans that are also classified as impaired, an 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 covers non-classified loans and is based on historical loss experience adjusted for qualitative factors. 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 specific and general losses in the portfolio. | |
Loan Impairment | |
A loan is considered impaired when, based on current information and events, it is probable that the Bank will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reason for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan-by-loan basis for commercial real estate loans by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of the collateral if the loan is collateral dependent. | |
Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. | |
Troubled Debt Restructurings | |
In situations where, for economic or legal reasons related to a customer’s financial difficulties, the Bank grants a concession for other than an insignificant period of time to the customer that the Bank would not otherwise consider, the related loan is classified as a troubled debt restructuring (TDR). The Bank strives to identify customers in financial difficulty early and work with them to modify to more affordable terms before their loan reaches nonaccrual status. These modified terms may include rate reductions, principal forgiveness, payment forbearance and other actions intended to minimize the economic loss and to avoid foreclosure or repossession of the collateral. In cases where the Bank grants the customer new terms that provide for a reduction of either interest or principal, the Bank measures any impairment on the restructuring as previously noted for impaired loans. | |
Bank-Owned Life Insurance | |
The Bank owns a life insurance policy on the life of a retired member of the Board of Directors. The cash surrender value of the policy is recorded as an asset of the bank and changes in this value are reflected in non-interest income. Death benefit proceeds in excess of the policy’s cash surrender value will be recognized as income upon receipt. There are no policy loans offset against the cash surrender value or restrictions on the use of the proceeds. | |
Premises and Equipment | |
Land is carried at cost. Other premises and equipment are recorded at cost and are depreciated on the straight-line method. Charges for maintenance and repairs are expensed as incurred. Depreciation and amortization are provided over the estimated useful lives of the respective assets. | |
Real Estate Owned | |
Real estate owned is comprised of properties acquired through foreclosure proceedings or acceptance of a deed in lieu of foreclosure. Real estate owned is recorded at the lower of the carrying value of the loan or the fair value of the property, net of estimated selling costs. Costs relating to the development or improvement of the properties are capitalized while expenses related to the operation and maintenance of properties are recorded as an expense as incurred. Gains or losses upon dispositions are reflected in earnings as realized. The Company had $1,949,825 and $2,469,800 in real estate owned at March 31, 2014 and 2013, respectively. The Company recorded losses of $85,680 and $152,276 on sale of real estate owned for the years ended March 31, 2014 and 2013, respectively. | |
Comprehensive Income | |
The Company presents in the consolidated statement of comprehensive income those amounts arising from transactions and other events which currently are excluded from the statements of operations and are recorded directly to stockholders’ equity. For the years ended March 31, 2014 and 2013, the only components of comprehensive income were net (loss), unrealized holding (loss) gains, net of income tax (benefit) expense, on available for sale securities and reclassifications related to realized gains on sale of securities recognized in earnings, net of tax and postretirement benefit plan adjustments, net of tax. Reclassifications are made to avoid double counting in comprehensive income items which are displayed as part of net income for the period. | |
Income Taxes | |
Income taxes are provided for the tax effects of the transactions reported in the financial statements and consist of taxes currently due plus deferred taxes related primarily to tax net operating loss carryforwards and differences between the basis of available-for-sale securities, allowance for loan losses, estimated losses on real estate owned, accumulated depreciation, and accrued employee benefits for financial and income tax reporting. | |
The deferred tax assets and liabilities represent the future tax return consequences of those differences, which will either be taxable or deductible when assets and liabilities are recovered or settled, as well as operating loss carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is established against deferred tax assets when in the judgment of management, it is more likely than not that such deferred tax assets will not become available. Because the judgment about the level of future taxable income is dependent to a great extent on matters that may, at least in part be beyond the Company’s control, it is at least reasonably possible that management’s judgment about the need for a valuation allowance for deferred taxes could change in the near term. | |
Segment Information | |
Delanco Bancorp, Inc. has one reportable segment, “Community Banking”. All of the Company’s activities are interrelated, and each activity is dependent and assessed based on how each of the activities of the Company supports the others. For example, lending is dependent upon the ability of the Company to fund itself with deposits and borrowings while managing the interest rate and credit risk. Accordingly, all significant operating decisions are based upon analysis of the Bank as one segment or unit. | |
Statements of Cash Flows | |
The Company considers all cash and amounts due from depository institutions and interest-bearing deposits in other banks with original maturities of less than 90 days to be cash equivalents for purposes of the statements of cash flows. | |
Advertising Costs | |
Advertising costs are expensed as incurred. Advertising expenses totaled $23,643 and $21,862 for the years ended March 31, 2014 and 2013, respectively. | |
Employee Stock Ownership Plan (“ESOP”) | |
The Company maintains an employee stock ownership plan as (“ESOP”) for substantially all of its full-time employees. The ESOP purchased 64,081 shares of the Company’s common stock for an aggregate cost of approximately $640,810 in fiscal 2008. In October 2013, the Company completed a “second step” conversion and as a result, the original 64,081 shares purchased by the ESOP were converted to 36,596 shares of the new Bancorp. In addition, the ESOP purchased an additional 23,644 shares of the Company’s common stock in October 2013 for an aggregated cost of approximately $189,152. Shares of the Company’s common stock purchased by the ESOP are held in a suspense account until released for allocation to participants. Shares are allocated to each eligible participant based on the ratio of each such participant’s compensation, as defined in the ESOP, to the total compensation of all eligible plan participants. As the unearned shares are released from the suspense account, the Company recognizes compensation expense equal to the fair value of the ESOP shares during the periods in which they become committed to be released. To the extent that the fair value of the ESOP shares released differs from the cost of such shares, the difference is charged or credited to equity as additional paid-in capital. As of March 31, 2014, the Company had allocated a total of 14,496 shares from the suspense account to participants. For the years ended March 31, 2014 and 2013, the Company recognized $33,076 and $12,336, respectively in compensation expense related to the ESOP. At March 31, 2014, 60,240 shares were held in the ESOP. | |
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) | |
Stock Based Compensation | |
The Company accounts for stock-based compensation issued to employees, and where appropriate, non-employees, at fair value. Under fair value provisions, stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense over the appropriate vesting period using the straight-line method. The amount of stock-based compensation recognized at any date must at least equal the portion of the grant date fair value of the award that is vested at that date and as a result it may be necessary to recognize the expense using a ratable method. Determining the fair value of stock-based awards at the date of grant requires judgment, including estimating the expected term of the stock options and the expected volatility of the Company’s stock. In addition, judgment is required in estimating the amount of stock-based awards that are expected to be forfeited. If actual results differ significantly from these estimates or different key assumptions were used, it could have a material effect on the Company’s consolidated financial statements. | |
Federal Home Loan Bank Stock | |
FHLB Stock, which represents the required investment in the common stock of a correspondent bank, is carried at cost. | |
Earnings Per Share | |
Basic earnings per share is calculated on the basis of net income divided by the weighted average number of shares outstanding. Diluted earnings per share includes dilutive potential shares as computed under the treasury stock method using average common stock prices. Diluted earnings per share is calculated on the basis of the weighted average number of shares outstanding plus the weighted average number of additional dilutive shares. |
Note_3_Recent_Accounting_Prono
Note 3 - Recent Accounting Pronouncements | 12 Months Ended |
Mar. 31, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | ' |
3. RECENT ACCOUNTING PRONOUNCEMENTS | |
Below is a discussion of recent accounting standards that have significant implications (elected or required) within the consolidated financial statements, or that management expects may have a significant impact on financial statements issued in the near future. | |
In January 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-04, “Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure”. The objective of this guidance is to clarify when an in substance repossession or foreclosure occurs, that is, when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan receivable should be derecognized and the real estate property recognized. ASU No. 2014-04 states that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, ASU No. 2014-04 requires interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. ASU No. 2014-04 is effective for interim and annual reporting periods beginning after December 15, 2014. The adoption of ASU No. 2014-04 is not expected to have a material impact on the Company’s consolidated financial statements. | |
In July 2013, the FASB issued Accounting Standards Update (“ASU”) No. 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists”. This amendment addresses the financial statement presentation of an unrecognized tax benefit, or a portion of an unrecognized tax benefit, as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. The amendments in this Update are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. Early adoption is permitted. The amendments should be applied prospectively to all unrecognized tax benefits that exist at the effective date. The adoption of this ASU is not expected to have a material impact on the Company’s consolidated financial statements. | |
In February 2013, the FASB issued ASU 2013-02, Comprehensive Income, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (Topic 220): The amendments in this update aim to improve the reporting of reclassifications out of accumulated other comprehensive income. The amendments in this update seek to attain that objective by requiring an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required under U.S. GAAP to be reclassified in its entirety to net income. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other disclosures required under U.S. GAAP that provide additional detail about those amounts. This would be the case when a portion of the amount reclassified out of accumulated other comprehensive income is reclassified to a balance sheet account instead of directly to income or expense in the same reporting period. For public entities, the amendments are effective prospectively for reporting periods beginning after December 15, 2012. The adoption of this update did not have a material impact on the Company’s consolidated financial statements. |
Note_4_Restrictions_on_Cash_an
Note 4 - Restrictions on Cash and Due from Banks | 12 Months Ended |
Mar. 31, 2014 | |
Cash and Cash Equivalents [Abstract] | ' |
Cash and Cash Equivalents Disclosure [Text Block] | ' |
4. RESTRICTIONS ON CASH AND DUE FROM BANKS | |
The Bank is required to maintain reserve funds in vault cash or on deposit with the Federal Reserve Bank. The Bank’s vault cash satisfied the required reserve at March 31, 2014 and 2013. |
Note_5_Investment_Securities
Note 5 - Investment Securities | 12 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | ' | ||||||||||||||||||||||||
5. INVESTMENT SECURITIES | |||||||||||||||||||||||||
The amortized cost, gross unrealized gains and losses, and fair value of the Company’s investment securities held-to-maturity and available-for-sale are as follows: | |||||||||||||||||||||||||
Available-for-Sale | |||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||||||||||
Cost </ U> | Unrealized | Unrealized | Value | ||||||||||||||||||||||
Gains </ U> | Losses | ||||||||||||||||||||||||
Federal Home Loan Bank Bonds | 1,500,000 | - | (147,424 | ) | 1,352,576 | ||||||||||||||||||||
Federal National Mortgage Association | 500,000 | - | (62,352 | ) | 437,648 | ||||||||||||||||||||
Mutual Fund Shares | 185,959 | - | (2,813 | ) | 183,146 | ||||||||||||||||||||
Total | $ | 2,185,959 | $ | - | $ | (212,589 | ) | $ | 1,973,370 | ||||||||||||||||
Available-for-Sale | |||||||||||||||||||||||||
31-Mar-13 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||||||||||
Cost </ U></ /> | Unrealized | Unrealized | Value | ||||||||||||||||||||||
Gains </ U></ /> | Losses | ||||||||||||||||||||||||
Federal Home Loan Bank Bonds | 1,500,000 | 1,175 | (147,424,7954 | ) | 1,496 | ||||||||||||||||||||
Federal National Mortgage Association | 500,000 | (11,562 | ) | 488,438 | |||||||||||||||||||||
Mutual Fund Shares | 217,032 | 5,168 | 222,200 | ||||||||||||||||||||||
Total | $ | 2,217,032 | $ | 6,343 | $ | (16,357 | ) | $ | 2,207,018 | ||||||||||||||||
Held-to-Maturity | |||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||||||||||
Cost </ U></ /> | Unrealized | Unrealized | Value | ||||||||||||||||||||||
Gains </ U></ /> | Losses | ||||||||||||||||||||||||
Federal Home Loan Bank Bonds | $ | 6,567,912 | $ | 179 | $ | (524,274 | ) | $ | 6,043,817 | ||||||||||||||||
Federal Farm Credit Bonds | 5,944,328 | (387,400 | ) | 5,556,928 | |||||||||||||||||||||
Federal Home Loan Mortgage Corporation Bonds | 1,997,213 | (166,768 | ) | 1,830,445 | |||||||||||||||||||||
Federal National Mortgage Association | 10,497,566 | 17,409 | (596,584 | ) | 9,918,391 | ||||||||||||||||||||
Municipal Bond | $ | 546,820 | 1,040 | 547,860 | |||||||||||||||||||||
25,553,839 | 18,628 | (1,675,026 | ) | 23,897,441 | |||||||||||||||||||||
Mortgage-Backed Securities: | |||||||||||||||||||||||||
Federal Home Loan Mortgage Corporation | 610,004 | 43,541 | (7,525 | ) | 646,020 | ||||||||||||||||||||
Federal National Mortgage Association | 583,462 | 53,728 | (4,554 | ) | 632,636 | ||||||||||||||||||||
Governemnt National Mortgage Corporation | 228,602 | 6,910 | (1,148 | ) | 234,364 | ||||||||||||||||||||
1,422,068 | 104,179 | (13,227 | ) | 1,513,020 | |||||||||||||||||||||
Total | $ | 26,975,907 | $ | 122,807 | $ | (1,688,253 | ) | $ | 25,410,461 | ||||||||||||||||
Held-to-Maturity | |||||||||||||||||||||||||
31-Mar-13 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
Federal Home Loan Bank Bonds | 4,590,643 | 4,625 | (17,525 | ) | 4,577,743 | ||||||||||||||||||||
Federal Farm Credit Bonds | 3,444,266 | 1,324 | (16,560 | ) | 3,429,030 | ||||||||||||||||||||
Federal Home Loan Mortgage Corporation Bonds | 500,000 | (2,198 | ) | 497,802 | |||||||||||||||||||||
Federal National Mortgage Association | 9,499,365 | 48,995 | (9,546 | ) | 9,538,814 | ||||||||||||||||||||
Municipal Bond | 64,320 | 64,320 | |||||||||||||||||||||||
18,098,594 | 54,944 | (45,829 | ) | 18,107,709 | |||||||||||||||||||||
Mortgage-Backed Securities: | |||||||||||||||||||||||||
Federal Home Loan Mortgage Corporation | 965,204 | 64,850 | 1,030,054 | ||||||||||||||||||||||
Federal National Mortgage Association | 780,572 | 64,261 | 844,833 | ||||||||||||||||||||||
Government National Mortgage Corporation | 293,516 | 10,471 | (913 | ) | 303,074 | ||||||||||||||||||||
2,039,292 | 139,582 | (913 | ) | 2,177,961 | |||||||||||||||||||||
Total | 20,137,886 | 194,526 | (46,742 | ) | 20,285,670 | ||||||||||||||||||||
The following is a summary of the amortized cost and fair value of the Company’s investment securities held-to-maturity and available-for-sale by contractual maturity as of March 31, 2014 and 2013. | |||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||
Available-for-sale | Held-to-maturity | ||||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | ||||||||||||||||||||||
Cost | Value | Cost | Value | ||||||||||||||||||||||
Amounts maturing in: | |||||||||||||||||||||||||
One year or less | $ | 546,820 | $ | 547,860 | |||||||||||||||||||||
After one year through five years | 1,502,317 | 1,500,248 | |||||||||||||||||||||||
After five years through ten years | 5,918,854 | 7,927,988 | |||||||||||||||||||||||
After ten years | 2,000,000 | 1,790,224 | 19,007,916 | 15,434,365 | |||||||||||||||||||||
Mutual fund shares | 185,959 | 183,146 | |||||||||||||||||||||||
$ | 2,185,959 | $ | 1,973,370 | $ | 26,975,907 | $ | 25,410,461 | ||||||||||||||||||
31-Mar-13 | |||||||||||||||||||||||||
Available-for-sale | Held-to-maturity | ||||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | ||||||||||||||||||||||
Cost | Value | Cost | Value | ||||||||||||||||||||||
Amounts maturing in: | |||||||||||||||||||||||||
One year or less | $ | 64,320 | $ | 64,320 | |||||||||||||||||||||
After one year through five years | 1,005,098 | 1,028,678 | |||||||||||||||||||||||
After five years through ten years | 6,421,666 | 6,417,558 | |||||||||||||||||||||||
After ten years | 2,000,000 | 1,984,818 | 12,646,802 | 12,775,114 | |||||||||||||||||||||
Mutual fund shares | 217,032 | 222,200 | |||||||||||||||||||||||
$ | 2,217,032 | $ | 2,207,018 | $ | 20,137,886 | $ | 20,285,670 | ||||||||||||||||||
The amortized cost and fair value of mortgage-backed securities are presented in the held-to-maturity category by contractual maturity in the preceding table. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations without call or prepayment penalties. | |||||||||||||||||||||||||
Information pertaining to securities with gross unrealized losses at March 31, 2014 and 2013, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are as follows: | |||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Greater | Total | |||||||||||||||||||||||
31-Mar-14 | Fair | Gross | Fair | Gross | Fair | Gross | |||||||||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | ||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||
Federal Home Loan Bank Bonds | $ | 3,606,295 | $ | (371,027 | ) | $ | 3,789,919 | $ | (300,671 | ) | $ | 7,396,214 | $ | (671,698 | ) | ||||||||||
Federal Farm Credit Bonds | 3,282,377 | (217,412 | ) | 1,774,551 | (169,988 | ) | 5,056,928 | (387,400 | ) | ||||||||||||||||
Federal Home Loan Mortgage Corporation | 1,099,745 | (76,756 | ) | 902,463 | (97,538 | ) | 2,002,208 | (174,294 | ) | ||||||||||||||||
Federal National Mortgage Association | 7,686,714 | (512,183 | ) | 1,348,694 | (151,306 | ) | 9,035,408 | (663,489 | ) | ||||||||||||||||
Mutual fund shares | 182,861 | (2,813 | ) | 182,861 | (2,813 | ) | |||||||||||||||||||
15,857,992 | (1,180,191 | ) | 7,815,627 | (719,503 | ) | 23,673,619 | (1,899,694 | ) | |||||||||||||||||
Mortgage-Backed Securities: | |||||||||||||||||||||||||
Government National Mortgage Association | 26,537 | (1,148 | ) | 26,537 | (1,148 | ) | |||||||||||||||||||
Total | $ | 15,857,992 | $ | (1,180,191 | ) | $ | 7,842,164 | $ | (720,651 | ) | $ | 23,700,156 | $ | (1,900,842 | ) | ||||||||||
Less Than 12 Months | 12 Months or Greater | Total | |||||||||||||||||||||||
31-Mar-13 | Fair | Gross | Fair | Gross | Fair | Gross | |||||||||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | ||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||
Federal Home Loan Bank Bonds | $ | 2,454,531 | $ | (22,320 | ) | $ | $ | $ | 2,454,531 | $ | (22,320 | ) | |||||||||||||
Federal Farm Credit Bonds | 2,427,706 | (16,560 | ) | 2,427,706 | (16,560 | ) | |||||||||||||||||||
Federal Home Loan Mortgage Corporation | 497,802 | (2,198 | ) | 497,802 | (2,198 | ) | |||||||||||||||||||
Federal National Mortgage Association | 1,978,892 | (21,108 | ) | 1,978,892 | (21,108 | ) | |||||||||||||||||||
7,358,931 | (62,186 | ) | 7,358,931 | (62,186 | ) | ||||||||||||||||||||
Mortgage-Backed Securities: | |||||||||||||||||||||||||
Government National Mortgage Association | 31,562 | (913 | ) | 31,562 | (913 | ) | |||||||||||||||||||
Total | $ | 7,358,931 | $ | (62,186 | ) | $ | 31,562 | $ | (913 | ) | $ | 7,390,493 | $ | (63,099 | ) | ||||||||||
Management evaluates securities for other-than-temporary impairment (OTTI) at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Bank to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. | |||||||||||||||||||||||||
At March 31, 2014, the fifty-seven debt securities with unrealized losses have depreciated 7.4% from the Bank’s amortized cost basis. These unrealized losses relate principally to market changes in interest rates for similar types of securities. In analyzing an issuer’s financial condition, management considers whether the securities are issued by the federal government, its agencies, or other governments, whether downgrades by bond rating agencies have occurred, and the results of reviews of the issuer’s financial condition. As management has the ability to hold debt securities until maturity, or for the foreseeable future if classified as available-for-sale, no declines are deemed to be other-than-temporary. | |||||||||||||||||||||||||
The Bank has pledged investment securities with a carrying amount of approximately $517,000 and $519,000 at March 31, 2014 and 2013, respectively, to the New Jersey Commissioner of Banking and Insurance under the provisions of the Government Unit Deposit Protection Act that enables the Bank to act as a public depository. |
Note_6_Loans
Note 6 - Loans | 12 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | ' | ||||||||||||||||||||||||||||
6. LOANS | |||||||||||||||||||||||||||||
The Bank monitors and assesses the credit risk of its loan portfolio using the classes set forth below. These classes also represent the segments by which the Bank monitors the performance of its loan portfolio and estimates its allowance for loan losses. | |||||||||||||||||||||||||||||
Residential real estate loans consist of loans secured by one-to four-family residences located in the Bank’s market area. The Bank has originated one-to four-family residential mortgage loans in amounts up to 80% of the lesser of the appraised value or selling price of the mortgaged property without requiring mortgage insurance. A mortgage loan originated by the Bank, for owner and non-owner occupied property, whether fixed rate or adjustable rate, can have a term of up to 30 years. Adjustable rate loan terms limit the periodic interest rate adjustment and the minimum and maximum rates that may be charged over the term of the loan based on the type of loan. | |||||||||||||||||||||||||||||
Commercial and multi-family real estate loans are generally originated in amounts up to the lower of 80% of the appraised value or cost of the property and are secured by improved property such as multi-family dwelling units, office buildings, retail stores, warehouses, church buildings and other non-residential buildings, most of which are located in the Bank’s market area. Commercial and multi-family real estate loans are generally made with fixed interest rates which mature or re-price in 5 to 7 years with principal amortization of up to 25 years. | |||||||||||||||||||||||||||||
Commercial loans include short and long-term business loans and commercial lines of credit for the purposes of providing working capital, supporting accounts receivable, purchasing inventory and acquiring fixed assets. The loans generally are secured by these types of assets as collateral and /or by personal guarantees provided by principals of the borrowers. | |||||||||||||||||||||||||||||
Construction loans will be made only if there is a permanent mortgage commitment in place. Interest rates on commercial construction loans are typically in line with normal commercial mortgage loan rates, while interest rates on residential construction loans are slightly higher than normal residential mortgage loan rates. These loans usually are adjustable rate loans and generally have terms of up to one year. | |||||||||||||||||||||||||||||
Consumer loans include installment loans and home equity loans, secured by first or second mortgages on homes owned or being purchased by the loan applicant. Home equity term loans and credit lines are credit accommodations secured by either a first or second mortgage on the borrower’s residential property. Interest rates charged on home equity term loans are generally fixed; interest on credit lines is usually a floating rate related to the prime rate. The Bank generally requires a loan to value ratio of less than or equal to 80% of the appraised value, including any outstanding prior mortgage balance. | |||||||||||||||||||||||||||||
Loans at March 31, 2014 and 2013 are summarized as follows: | |||||||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Residential (one to four family) real estate | $ | 63,524,240 | $ | 66,597,885 | |||||||||||||||||||||||||
Multi-family and commercial real estate | 10,414,383 | 12,402,532 | |||||||||||||||||||||||||||
Commercial | 1,306,877 | 1,165,774 | |||||||||||||||||||||||||||
Home equity | 8,143,701 | 8,361,492 | |||||||||||||||||||||||||||
Consumer | 686,217 | 959,771 | |||||||||||||||||||||||||||
Construction | 1,009,027 | 82,849 | |||||||||||||||||||||||||||
Total loans | 85,084,445 | 89,570,303 | |||||||||||||||||||||||||||
Net deferred loan origination fees | (96,705 | ) | (118,401 | ) | |||||||||||||||||||||||||
Allowance for loan losses | (1,448,298 | ) | (1,032,818 | ) | |||||||||||||||||||||||||
(1,545,003 | ) | (1,151,219 | ) | ||||||||||||||||||||||||||
Loans, net | $ | 83,539,442 | $ | 88,419,084 | |||||||||||||||||||||||||
The Bank is subject to a loans-to-one borrower limitation of 15% of capital funds. At March 31, 2014, the loans-to-one-borrower limitation was $2.3 million; this excluded an additional 10% of adjusted capital funds or approximately $1.5 million, which may be loaned if collateralized by readily marketable securities. At March 31, 2014 and 2013, there were no loans outstanding or committed to any one borrower, which individually or in the aggregate exceeded the Bank’s loans-to-one-borrower limitations of 15% of capital funds. | |||||||||||||||||||||||||||||
A summary of the Bank’s credit quality indicators is as follows: | |||||||||||||||||||||||||||||
Pass – A credit which is assigned a rating of Pass shall exhibit some or all of the following characteristics: | |||||||||||||||||||||||||||||
a. | Loans that present an acceptable degree of risk associated with the financing being considered as measured against earnings and balance sheet trends, industry averages, etc. Actual and projected indicators and market conditions provide satisfactory evidence that the credit will perform as agreed. | ||||||||||||||||||||||||||||
b. | Loans to borrowers that display acceptable financial conditions and operating results. Debt service capacity is demonstrated and future prospects are considered good. | ||||||||||||||||||||||||||||
c. | Loans to borrowers where a comfort level is achieved by the strength of the cash flows from the business or project and the strength and quantity of the collateral or security position (i.e.; receivables, inventory and other readily marketable securities) as supported by a current valuation and/or the strong capabilities of a guarantor. | ||||||||||||||||||||||||||||
Special Mention – Loans on which the credit risk requires more than ordinary attention by the Loan Officer. This may be the result of some erosion in the borrower’s financial condition, the economics of the industry, the capability of management, or changes in the original transaction. Loans which are currently sound yet exhibit potentially unacceptable credit risk or deteriorating long term prospects, will receive this classification. Loans which deviate from loan policy or regulations will not generally be classified in this category, but will be separately reported as an area of concern. | |||||||||||||||||||||||||||||
Classified – Classified loans include those considered by the Bank to be substandard, doubtful or loss. | |||||||||||||||||||||||||||||
An asset is considered “substandard” if it involves more than an acceptable level of risk due to a deteriorating financial condition, unfavorable history of the borrower, inadequate payment capacity, insufficient security or other negative factors within the industry, market or management. Substandard loans have clearly defined weaknesses which can jeopardize the timely payment of the loan. | |||||||||||||||||||||||||||||
Assets classified as “doubtful” exhibit all of the weaknesses defined under the substandard category but with enough risk to present a high probability of some principal loss on the loan, although not yet fully ascertainable in amount. | |||||||||||||||||||||||||||||
Assets classified as “loss” are those considered uncollectible or of little value, even though a collection effort may continue after the classification and potential charge-off. | |||||||||||||||||||||||||||||
Non-Performing Loans | |||||||||||||||||||||||||||||
Non-performing loans consist of non-accrual loans (loans on which the accrual of interest has ceased), loans over ninety days delinquent and still accruing interest, renegotiated loans and impaired loans. Loans are generally placed on non-accrual status if, in the opinion of management, collection is doubtful, or when principal or interest is past due 90 days or more, unless the collateral is considered sufficient to cover principal and interest and the loan is in the process of collection. | |||||||||||||||||||||||||||||
The following table represents loans by credit quality indicator at March 31, 2014: | |||||||||||||||||||||||||||||
Pass | Special | Classified | Non- | Total | |||||||||||||||||||||||||
Mention | Loans | Performing | |||||||||||||||||||||||||||
Loans | Loans | ||||||||||||||||||||||||||||
Residential real estate | $ | 61,026,546 | $ | $ | 2,497,694 | 63,524,240 | |||||||||||||||||||||||
Multi-family and commercial real estate | 6,823,014 | 121,448 | 333,360 | 3,136,561 | 10,414,383 | ||||||||||||||||||||||||
Commercial | 923,314 | 241,396 | 34,527 | 107,640 | 1,306,877 | ||||||||||||||||||||||||
Home equity | 7,924,792 | 218,909 | 8,143,701 | ||||||||||||||||||||||||||
Consumer | 686,217 | 686,217 | |||||||||||||||||||||||||||
Construction | 949,256 | 59,771 | 1,009,027 | ||||||||||||||||||||||||||
$ | 78,333,139 | $ | 362,844 | $ | 367,887 | $ | 6,020,575 | $ | 85,084,445 | ||||||||||||||||||||
The following table represents past-due loans as of March 31, 2014: | |||||||||||||||||||||||||||||
30-59 | 60-89 | Greater Than | Total | Current | Total Loan | ||||||||||||||||||||||||
Days | Days | 90 Days | Past Due | Balances | |||||||||||||||||||||||||
Past Due | PastDue | Past Due | |||||||||||||||||||||||||||
Residential real estate | $ | 1,472,631 | $ | 307,584 | $ | 1,949,649 | $ | 3,729,864 | $ | 59,794,376 | $ | 63,524,240 | |||||||||||||||||
Multi-family and commercial real estate | 494,494 | 869,747 | 1,291,286 | 2,655,527 | 7,758,856 | 10,414,383 | |||||||||||||||||||||||
Commercial | 199,081 | 107,640 | 306,721 | 1,000,156 | 1,306,877 | ||||||||||||||||||||||||
Home equity | 255,004 | 240,811 | 218,938 | 714,753 | 7,428,948 | 8,143,701 | |||||||||||||||||||||||
Consumer | 79,268 | 79,268 | 606,949 | 686,217 | |||||||||||||||||||||||||
Construction | 1,009,027 | 1,009,027 | |||||||||||||||||||||||||||
Total Loans | $ | 2,500,478 | $ | 1,418,142 | $ | 3,567,513 | $ | 7,486,133 | $ | 77,598,312 | $ | 85,084,445 | |||||||||||||||||
Percentage of Total Loans | 2.94 | % | 1.67 | % | 4.19 | % | 8.8 | % | 91.2 | % | 100 | % | |||||||||||||||||
The following table represents loans by credit quality indicator at March 31, 2013: | |||||||||||||||||||||||||||||
Pass | Special | Classified | Non- | Total | |||||||||||||||||||||||||
Mention | Loans | Performing | |||||||||||||||||||||||||||
Loans | Loans | ||||||||||||||||||||||||||||
Residential real estate | $ | 63,418,245 | $ | 304,427 | $ | 199,966 | $ | 2,675,247 | $ | 66,597,885 | |||||||||||||||||||
Multi-family and commercial real estate | 8,719,717 | 119,950 | 465,287 | 3,097,578 | 12,402,532 | ||||||||||||||||||||||||
Commercial | 642,693 | 254,084 | 34,096 | 234,901 | 1,165,774 | ||||||||||||||||||||||||
Home equity | 8,074,576 | 286,916 | 8,361,492 | ||||||||||||||||||||||||||
Consumer | 959,771 | 959,771 | |||||||||||||||||||||||||||
Construction | 31,856 | 50,993 | 82,849 | ||||||||||||||||||||||||||
$ | 81,846,858 | $ | 678,461 | $ | 699,349 | $ | 6,345,635 | $ | 89,570,303 | ||||||||||||||||||||
The following table represents past-due loans as of March 31, 2013: | |||||||||||||||||||||||||||||
30-59 | 60-89 | Greater Than | Total | Current | Total Loan | ||||||||||||||||||||||||
Days | Days | 90 Days | Past Due | Balances | |||||||||||||||||||||||||
Past Due | Past Due | Past Due | |||||||||||||||||||||||||||
Residential real estate | $ | 1,745,733 | $ | 930,574 | $ | 1,542,578 | $ | 4,218,885 | $ | 62,379,000 | $ | 66,597,885 | |||||||||||||||||
Multi-family and commercial real estate | 314,279 | 231,377 | 2,303,228 | 2,848,884 | 9,553,648 | 12,402,532 | |||||||||||||||||||||||
Commercial | 234,901 | 234,901 | 930,873 | 1,165,774 | |||||||||||||||||||||||||
Home equity | 204,467 | 286,916 | 491,383 | 7,870,109 | 8,361,492 | ||||||||||||||||||||||||
Consumer | 6,738 | 6,738 | 953,033 | 959,771 | |||||||||||||||||||||||||
Construction | 82,849 | 82,849 | |||||||||||||||||||||||||||
Total Loans | $ | 2,271,217 | $ | 1,161,951 | $ | 4,367,623 | $ | 7,800,791 | $ | 81,769,512 | $ | 89,570,303 | |||||||||||||||||
Percentage of Total Loans | 2.53 | % | 1.3 | % | 4.88 | % | 8.71 | % | 91.29 | % | 100 | % | |||||||||||||||||
The Bank determines whether a restructuring of debt constitutes a troubled debt restructuring (“TDR”) in accordance with guidance under FASB ASC Topic 310 Receivables. The Company considers a loan a TDR when the borrower is experiencing financial difficulty and the Bank grants a concession that they would not otherwise consider but for the borrower’s financial difficulties. A TDR includes a modification of debt terms or assets received in satisfaction of the debt (including a foreclosure or a deed in lieu of foreclosure) or a combination of types. The Bank evaluates selective criteria to determine if a borrower is experiencing financial difficulty, including the ability of the borrower to obtain funds from sources other than the Bank at market rates. The Bank considers all TDR loans as impaired loans and, generally, they are put on non-accrual status. The Bank will not consider the loan a TDR if the loan modification was made for customer retention purposes. The Bank’s policy for returning a loan to accruing status requires the preparation of a well documented credit evaluation which includes the following: | |||||||||||||||||||||||||||||
● | A review of the borrower’s current financial condition in which the borrower must demonstrate sufficient cash flow to support the repayment of all principal and interest including any amounts previously charged-off; | ||||||||||||||||||||||||||||
● | An updated appraisal or home valuation which must demonstrate sufficient collateral value to support the debt; | ||||||||||||||||||||||||||||
● | Sustained performance based on the restructured terms for at least six consecutive months; | ||||||||||||||||||||||||||||
● | Approval by senior management. | ||||||||||||||||||||||||||||
The Bank had loans totaling $3,435,909 and fifteen loans totaling $3,529,215 whose terms were modified in a manner that met the criteria for a TDR as of March 31, 2014 and 2013, respectively. Restructured loans deemed to be TDRs typically are the result of extensions of the loan maturity date or a reduction of the interest rate to a rate that is below market, a combination of rate and maturity extension, or by other means including covenant modifications, forbearance and other concessions. However, the Company generally only restructures loans by modifying the payment structure to require payments of interest only or interest and escrows for a period of time or by reducing the actual interest rate to a current market rate, or a combination of both. In one instance, the Company restructured a loan by repaying loans with another lender who had a priority lien position and restructuring the whole indebtedness into an amortizing loan at market rates while taking additional collateral. As of March 31, 2014, six of the TDRs were commercial real estate loans with an aggregate outstanding balance of $1,808,631, one residential construction loan with an aggregate outstanding balance of $59,771, and seven were residential real estate loans with an aggregate outstanding balance of $1,567,507. The Company had one accruing TDR in the amount of $121,190 as of March 31, 2014 that was modified during the year. As of March 31, 2013, six of the TDRs were commercial real estate loans with an aggregate outstanding balance of $1,795,148, one residential construction loan with an aggregate outstanding balance of $50,993, and eight were residential real estate loans with an aggregate outstanding balance of $1,683,075. The Company had one accruing TDR in the amount of $135,609 as of March 31, 2013 that was modified during the year. All TDRs are considered impaired loans. If the Bank determines that the value of a modified loan is less than the recorded impairment in the loan, impairment is recognized through a charge to the allowance for loan losses at the time of determination. | |||||||||||||||||||||||||||||
Impaired loans are measured based on the present value of expected future discounted cash flows, the fair value of the loan or the fair value of the underlying collateral if the loan is collateral dependent. The recognition of interest income on impaired loans is the same for non-accrual loans discussed above. At March 31, 2014, the Bank had 23 loan relationships totaling $4,103,870 in non-accrual loans as compared to 25 relationships totaling $4,367,623 at March 31, 2013. At March 31, 2014, the Bank had two impaired loan relationships in which impaired loans had a related allowance for credit losses. During the quarter ended December 31, 2011 and in connection with the Bank’s change in regulators from the Office of Thrift Supervision to the Office of the Comptroller of the Currency, the Bank revised its allowance for loan loss reserve methodology based on regulatory guidance to the effect that the use of specific reserves was no longer permitted. As of March 31, 2014 and 2013, the Bank no longer maintained specific valuation allowances against impaired loans. Any valuation adjustments on impaired loans are now charged against the loan balances at the time of valuation. The average balance of impaired loans totaled $5,964,786 for 2014 as compared to $7,244,941 for 2013, and interest income recorded on impaired loans during the year ended March 31, 2014 totaled $235,179 as compared to $168,207 for March 31, 2013. | |||||||||||||||||||||||||||||
The following table represents data on impaired loans at March 31, 2014 and 2013: | |||||||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Impaired loans for which a valuation allowance has been provided | $ | 846,075 | $ | ||||||||||||||||||||||||||
Impaired loans for which no valuation allowance has been provided | 5,174,500 | 6,345,635 | |||||||||||||||||||||||||||
Total loans determined to be impaired | $ | 6,020,575 | $ | 6,345,635 | |||||||||||||||||||||||||
Allowance for loans losses related to impaired loans | $ | 287,507 | $ | ||||||||||||||||||||||||||
Average recorded investment in impaired loans | $ | 5,964,786 | $ | 7,244,941 | |||||||||||||||||||||||||
Cash basis interest income recognized on impaired loans | $ | 235,179 | $ | 168,207 | |||||||||||||||||||||||||
The following table presents impaired loans with no valuation allowance by portfolio class at March 31, 2014: | |||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | |||||||||||||||||||||||||
Investment | Principal | Valuation | Annual | Income | |||||||||||||||||||||||||
Balance | Allowance | Recorded | Recognized | ||||||||||||||||||||||||||
Investment | While On | ||||||||||||||||||||||||||||
Impaired | |||||||||||||||||||||||||||||
Status | |||||||||||||||||||||||||||||
Impaired loans with no valuation allowance: | |||||||||||||||||||||||||||||
Residential real estate | $ | 2,387,266 | $ | 2,344,801 | $ | - | $ | 2,184,474 | $ | 129,379 | |||||||||||||||||||
Multi-family and commercial real estate | 2,443,379 | 2,443,379 | - | 2,555,950 | 88,043 | ||||||||||||||||||||||||
Commercial | 107,640 | 107,640 | - | 183,296 | |||||||||||||||||||||||||
Home equity | 218,909 | 218,909 | - | 154,924 | 8,013 | ||||||||||||||||||||||||
Consumer | - | 4,293 | |||||||||||||||||||||||||||
Construction | 59,771 | 59,771 | - | 51,269 | 3,328 | ||||||||||||||||||||||||
Subtotal | $ | 5,216,965 | $ | 5,174,500 | $ | - | $ | 5,134,206 | $ | 228,763 | |||||||||||||||||||
The following table presents impaired loans with a valuation allowance by portfolio class at March 31, 2014: | |||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | |||||||||||||||||||||||||
Investment | Principal | Valuation | Annual | Income | |||||||||||||||||||||||||
Balance | Allowance | Recorded | Recognized | ||||||||||||||||||||||||||
Investment | While On | ||||||||||||||||||||||||||||
Impaired | |||||||||||||||||||||||||||||
Status | |||||||||||||||||||||||||||||
Impaired loans with a valuation allowance: | |||||||||||||||||||||||||||||
Residential real estate | $ | 152,893 | $ | 152,893 | $ | 27,507 | $ | 153,434 | $ | 6,416 | |||||||||||||||||||
Multi-family and commercial real estate | 693,182 | 693,182 | 260,000 | 677,146 | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Home equity | |||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||
Subtotal | $ | 846,075 | $ | 846,075 | $ | 287,507 | $ | 830,580 | $ | 6,416 | |||||||||||||||||||
Total Impaired Loans by Portfolio Class at March 31, 2014 | |||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | |||||||||||||||||||||||||
Investment | Principal | Valuation | Annual | Income | |||||||||||||||||||||||||
Balance | Allowance | Recorded | Recognized | ||||||||||||||||||||||||||
Investment | While On | ||||||||||||||||||||||||||||
Impaired | |||||||||||||||||||||||||||||
Status | |||||||||||||||||||||||||||||
Total impaired loans: | |||||||||||||||||||||||||||||
Residential real estate | $ | 2,540,159 | $ | 2,497,694 | $ | 27,507 | $ | 2,337,908 | $ | 135,795 | |||||||||||||||||||
Multi-family and commercial real estate | 3,136,561 | 3,136,561 | 260,000 | 3,233,096 | 88,043 | ||||||||||||||||||||||||
Commercial | 107,640 | 107,640 | 183,296 | ||||||||||||||||||||||||||
Home equity | 218,909 | 218,909 | 154,924 | 8,013 | |||||||||||||||||||||||||
Consumer | 4,293 | ||||||||||||||||||||||||||||
Construction | 59,771 | 59,771 | 51,269 | 3,328 | |||||||||||||||||||||||||
Total | $ | 6,063,040 | $ | 6,020,575 | $ | 287,507 | $ | 5,964,786 | $ | 235,179 | |||||||||||||||||||
The following table presents impaired loans with no valuation allowance by portfolio class at March 31, 2013: | |||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | |||||||||||||||||||||||||
Investment | Principal | Valuation | Annual | Income | |||||||||||||||||||||||||
Balance | Allowance | Recorded | Recognized | ||||||||||||||||||||||||||
Investment | While On | ||||||||||||||||||||||||||||
Impaired | |||||||||||||||||||||||||||||
Status | |||||||||||||||||||||||||||||
Impaired loans with no valuation allowance: | |||||||||||||||||||||||||||||
Residential real estate | $ | 2,254,806 | $ | 2,222,651 | $ | - | $ | $2,773,512 | $ | 83,173 | |||||||||||||||||||
Multi-family and commercial real estate | 3,550,177 | 3,550,177 | - | 4,105,741 | 61,604 | ||||||||||||||||||||||||
Commercial | 234,898 | 234,898 | - | 172,181 | 8,211 | ||||||||||||||||||||||||
Home equity | 286,916 | 286,916 | - | 137,938 | 11,486 | ||||||||||||||||||||||||
Consumer | - | 3,235 | |||||||||||||||||||||||||||
Construction | 50,993 | 50,993 | - | 52,334 | 3,733 | ||||||||||||||||||||||||
Subtotal | $ | 6,377,790 | $ | 6,345,635 | $ | - | $ | $7,244,941 | $ | 168,207 | |||||||||||||||||||
Total Impaired Loans by Portfolio Class at March 31, 2013 | |||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | |||||||||||||||||||||||||
Investment | Principal | Valuation | Annual | Income | |||||||||||||||||||||||||
Balance | Allowance | Recorded | Recognized | ||||||||||||||||||||||||||
Investment | While On | ||||||||||||||||||||||||||||
Impaired | |||||||||||||||||||||||||||||
Status | |||||||||||||||||||||||||||||
Total impaired loans: | |||||||||||||||||||||||||||||
Residential real estate | $ | 2,254,806 | $ | 2,222,651 | $ | - | $ | 2,773,512 | $ | 83,173 | |||||||||||||||||||
Multi-family and commercial real estate | 3,550,177 | 3,550,177 | - | 4,105,741 | 61,604 | ||||||||||||||||||||||||
Commercial | 234,898 | 234,898 | - | 172,181 | 8,211 | ||||||||||||||||||||||||
Home equity | 286,916 | 286,916 | - | 137,938 | 11,486 | ||||||||||||||||||||||||
Consumer | - | 3,235 | |||||||||||||||||||||||||||
Construction | 50,993 | 50,993 | - | 52,334 | 3,733 | ||||||||||||||||||||||||
Total | $ | 6,377,790 | $ | 6,345,635 | $ | - | $ | $7,244,941 | $ | 168,207 | |||||||||||||||||||
The following table presents non-performing assets as of March 31, 2014 and 2013. | |||||||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Non-accrual loans: | |||||||||||||||||||||||||||||
Residential real estate | $ | 1,277,406 | $ | 992,173 | |||||||||||||||||||||||||
Multi-family and commercial real estate | 980,711 | 1,302,430 | |||||||||||||||||||||||||||
Commercial | 107,640 | 234,901 | |||||||||||||||||||||||||||
Home equity | 218,909 | 286,916 | |||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||
Total non-accrual loans | 2,584,666 | 2,816,420 | |||||||||||||||||||||||||||
Accruing loans past due 90 days or more: | |||||||||||||||||||||||||||||
Residential real estate | $ | $ | |||||||||||||||||||||||||||
Multi-family and commercial real estate | 100,360 | ||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||
Total accruing loans past due 90 days or more | 100,360 | ||||||||||||||||||||||||||||
Troubled debt restructurings: | |||||||||||||||||||||||||||||
In non-accrual status: | |||||||||||||||||||||||||||||
Residential real estate | $ | 672,242 | $ | 550,405 | |||||||||||||||||||||||||
Multi-family and commercial real estate | 846,962 | 1,000,798 | |||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Home equity | |||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||
Total troubled debt restructurings in non- accrual status | 1,519,204 | 1,551,203 | |||||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Performing under modified terms: | |||||||||||||||||||||||||||||
Residential real estate | $ | 548,046 | $ | 787,667 | |||||||||||||||||||||||||
Multi-family and commercial real estate | 1,308,888 | 1,139,352 | |||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Home equity | |||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Construction | 59,771 | 50,993 | |||||||||||||||||||||||||||
Total troubled debt restructurings performing under modified terms | 1,916,705 | 1,978,012 | |||||||||||||||||||||||||||
Total troubled debt restructurings | 3,435,909 | 3,529,215 | |||||||||||||||||||||||||||
Total non-performing loans | 6,120,935 | 6,345,635 | |||||||||||||||||||||||||||
Real estate owned | 1,949,825 | 2,469,800 | |||||||||||||||||||||||||||
Total non-performing assets | $ | 8,070,760 | $ | 8,815,435 | |||||||||||||||||||||||||
Non-performing loans as a percentage of loans | 7.19 | % | 7.08 | % | |||||||||||||||||||||||||
Non-performing assets as a percentage of loans and real estate owned | 9.27 | % | 9.58 | % | |||||||||||||||||||||||||
Non-performing assets as a percentage of total assets | 6.34 | % | 6.81 | % | |||||||||||||||||||||||||
The following table presents troubled debt restructurings that occurred during the years ended March 31, 2014 and 2013 and loans modified as troubled debt restructurings with the previous 12 months and for which there was a payment default during the period. | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Outstanding Recorded | Outstanding Recorded | ||||||||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||||||
Number of | Post- | Number of | Pre- | Post- | |||||||||||||||||||||||||
Contracts | Pre- | Modification | Contracts | Modification | Modification | ||||||||||||||||||||||||
Modification | |||||||||||||||||||||||||||||
Troubled debt restructurings: | |||||||||||||||||||||||||||||
Residential real estate | 1 | $ | 120,037 | $ | 122,878 | 2 | $ | 338,865 | $ | 486,257 | |||||||||||||||||||
Number of | Recorded Investment | Number of | Recorded Investment | ||||||||||||||||||||||||||
Contracts | Contracts | ||||||||||||||||||||||||||||
Troubled debt restructurings that subsequently defaulted: | |||||||||||||||||||||||||||||
Residential real estate | $ | 1 | $ | 74,731 | |||||||||||||||||||||||||
The following table presents the changes in real estate owned (REO), net of valuation allowance, for the years ended March 31, 2014 and 2013. | |||||||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Balance, beginning of period | $ | 2,469,800 | $ | 845,669 | |||||||||||||||||||||||||
Additions from loan foreclosures | 856,393 | 2,650,458 | |||||||||||||||||||||||||||
Additions from capitalized costs | 3,352 | 3,100 | |||||||||||||||||||||||||||
Dispositions of REO | (690,453 | ) | (820,657 | ) | |||||||||||||||||||||||||
Gain (loss) on sale of REO | (85,680 | ) | (152,276 | ) | |||||||||||||||||||||||||
Valuation adjustments in the period | (603,587 | ) | (56,494 | ) | |||||||||||||||||||||||||
Balance, end of period | $ | 1,949,825 | $ | 2,469,800 | |||||||||||||||||||||||||
The following table presents the changes in fair value adjustments to REO for the years ended March 31, 2014 and 2013. | |||||||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Balance, beginning of period | 72,077 | 104,316 | |||||||||||||||||||||||||||
Valuation adjustments added in the period | 675,100 | 56,494 | |||||||||||||||||||||||||||
Valuation adjustments on disposed properties during the period | (71,512 | ) | (88,733 | ) | |||||||||||||||||||||||||
Balance, end of period | $ | 675,665 | $ | 72,077 | |||||||||||||||||||||||||
The following table sets forth with respect to the Bank’s allowance for losses on loans: | |||||||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Balance at beginning of year | 1,032,818 | 1,160,535 | |||||||||||||||||||||||||||
Provision: | |||||||||||||||||||||||||||||
Residential real estate | 266,246 | 19,862 | |||||||||||||||||||||||||||
Multi-family and commercial real estate | 627,214 | 587,288 | |||||||||||||||||||||||||||
Commercial | 141,359 | 3,783 | |||||||||||||||||||||||||||
Home equity loans | 21,490 | 18,827 | |||||||||||||||||||||||||||
Consumer | (102,622 | ) | 14,475 | ||||||||||||||||||||||||||
Construction | 3,670 | (4,035 | ) | ||||||||||||||||||||||||||
Total Provision | 957,357 | 640,200 | |||||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Charge-Offs: | |||||||||||||||||||||||||||||
Residential real estate | 99,548 | 26,757 | |||||||||||||||||||||||||||
Multi-family and commercial real estate | 378,263 | 686,293 | |||||||||||||||||||||||||||
Commercial | 127,259 | ||||||||||||||||||||||||||||
Home equity | 3,875 | 28,649 | |||||||||||||||||||||||||||
Consumer | 16,450 | 66,510 | |||||||||||||||||||||||||||
Recoveries | $ | (83,518 | ) | $ | (40,292 | ) | |||||||||||||||||||||||
Total Net Charge-Offs | 541,877 | 767,917 | |||||||||||||||||||||||||||
Balance at end of year | $ | 1,448,298 | $ | 1,032,818 | |||||||||||||||||||||||||
Year-end loans outstanding | $ | 85,084,445 | $ | 89,570,303 | |||||||||||||||||||||||||
Average loans outstanding | $ | 87,327,374 | $ | 95,122,254 | |||||||||||||||||||||||||
Allowance as a percentage of year-end loans | 1.7 | % | 1.15 | % | |||||||||||||||||||||||||
Net charge-offs as a percentage of average loans | 0.62 | % | 0.81 | % | |||||||||||||||||||||||||
Additional details for changes in the allowance for loan by loan portfolio as of March 31, 2014 are as follows: | |||||||||||||||||||||||||||||
Residential | Multi-Family | Commercial | Home | Consumer | Construction | Total | |||||||||||||||||||||||
Real Estate | and | Equity | |||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Balance, beginning of year | $ | 485,215 | $ | 378,289 | $ | 44,299 | $ | 47,754 | $ | 77,134 | $ | 127 | $ | 1,032,818 | |||||||||||||||
Loan charge-offs | (99,548 | ) | (378,263 | ) | (127,259 | ) | (3,875 | ) | (16,450 | ) | (625,395 | ) | |||||||||||||||||
Recoveries | 4,243 | 7,728 | 71,547 | 83,518 | |||||||||||||||||||||||||
Provision for loan losses | 266,246 | 627,214 | 141,359 | 21,490 | (102,622 | ) | 3,670 | 957,357 | |||||||||||||||||||||
Balance, end of year | $ | 656,156 | $ | 634,968 | $ | 58,399 | $ | 65,369 | $ | 29,609 | $ | 3,797 | $ | 1,448,298 | |||||||||||||||
Ending balance for allowance individually evaluated for impairment | $ | 27,507 | $ | 260,000 | $ | $ | $ | $ | $ | 287,507 | |||||||||||||||||||
Ending balance for allowance collectively evaluated for impairment | $ | 628,649 | $ | 374,968 | $ | 58,399 | $ | 65,369 | $ | 29,609 | $ | 3,797 | $ | 1,160,791 | |||||||||||||||
Loans receivable: | |||||||||||||||||||||||||||||
Ending balance | $ | 63,524,240 | $ | 10,414,383 | $ | 1,306,877 | $ | 8,143,701 | $ | 686,217 | $ | 1,009,027 | $ | 85,084,445 | |||||||||||||||
Ending balance for loans individually evaluated for impairment | $ | 3,141,851 | $ | 986,115 | $ | 107,640 | $ | 219,010 | $ | $ | $ | 4,454,616 | |||||||||||||||||
Ending balance for loans collectively evaluated for impairment | $ | 60,382,389 | $ | 9,428,268 | $ | 1,199,237 | $ | 7,924,691 | $ | 686,217 | $ | 1,009,027 | $ | 80,629,829 | |||||||||||||||
Additional details for changes in the allowance for loan by loan portfolio as of March 31, 2013 are as follows: | |||||||||||||||||||||||||||||
Residential | Multi-Family | Commercial | Home | Consumer | Construction | Total | |||||||||||||||||||||||
Real Estate | and | Equity | |||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Balance, beginning of year | $ | 491,273 | $ | 468,834 | $ | 40,516 | $ | 57,576 | $ | 98,174 | $ | 4,162 | $ | 1,160,535 | |||||||||||||||
Loan charge-offs | (26,757 | ) | (686,293 | ) | (28,649 | ) | (66,510 | ) | (808,209 | ) | |||||||||||||||||||
Recoveries | 837 | 8,460 | 30,995 | 40,292 | |||||||||||||||||||||||||
Provision for loan losses | 19,862 | 587,288 | 3,783 | 18,827 | 14,475 | (4,035 | ) | 640,200 | |||||||||||||||||||||
Balance, end of year | $ | 485,215 | $ | 378,289 | $ | 44,299 | $ | 47,754 | $ | 77,134 | $ | 127 | $ | 1,032,818 | |||||||||||||||
Ending balance for allowance individually evaluated for impairment | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||
Ending balance for allowance collectively evaluated for impairment | $ | 485,215 | $ | 378,289 | $ | 44,299 | $ | 47,754 | $ | 77,134 | $ | 127 | $ | 1,032,818 | |||||||||||||||
Loans receivable: | |||||||||||||||||||||||||||||
Ending balance | $ | 66,597,885 | $ | 12,402,532 | $ | 1,165,774 | $ | 8,361,492 | $ | 959,771 | $ | 82,849 | $ | 89,570,303 | |||||||||||||||
Ending balance for loans individually evaluated for impairment | $ | 1,435,444 | $ | 2,411,635 | $ | 234,899 | $ | 286,453 | $ | $ | $ | 4,368,431 | |||||||||||||||||
Ending balance for loans collectively evaluated for impairment | $ | 65,162,441 | $ | 9,990,897 | $ | 930,875 | $ | 8,075,039 | $ | 959,771 | $ | 82,849 | $ | 85,201,872 | |||||||||||||||
The Bank prepares an allowance for loan loss model on a quarterly basis to determine the adequacy of the allowance. Management considers a variety of factors when establishing the allowance, such as the impact of current economic conditions, diversification of the loan portfolio, delinquency statistics, results of independent loan review and related classifications. The Bank’s historic loss rates and the loss rates of peer financial institutions are also considered. In evaluating the Bank’s allowance for loan loss, the Bank maintains a loan committee consisting of senior management and the Board of Directors that monitors problem loans and formulates collection efforts and resolution plans for each borrower. On a monthly basis, the loan committee meets to review each problem loan and determine if there has been any change in collateral value due to changes in market conditions. Each quarter, when calculating the allowance for loan loss, the loan committee reviews an updated loan impairment analysis on each problem loan to determine if a specific provision for loan loss is warranted. Management reviews the most recent appraisal on each loan adjusted for holding and selling costs. In the event there is not a recent appraisal on file, the Bank will use the aged appraisal and apply a discount factor to the appraisal and then adjust the holding and selling costs from the discounted appraisal value. At March 31, 2014, the Bank maintained an allowance for loan loss ratio of 1.70% to year end loans outstanding. On a linked basis, non-performing assets have decreased by $845 thousand over their stated levels at March 31, 2013 representing a non-performing asset to total asset ratio of 6.34% at March 31, 2014 as compared to a non-performing asset to total asset ratio of 6.81% at March 31, 2013. | |||||||||||||||||||||||||||||
The Bank’s charge-off policy states that any asset classified loss shall be charged-off within thirty days of such classification unless the asset has already been eliminated from the books by collection or other appropriate entry. On a quarterly basis, the loan committee will review past due, classified, non-performing and other loans, as it deems appropriate, to determine the collectability of such loans. If the loan committee determines a loan to be uncollectable, the loan shall be charged to the allowance for loan loss. In addition, upon reviewing the collectability, the loan committee may determine a portion of the loan to be uncollectable; in which case that portion of the loan deemed uncollectable will be partially charged-off against the allowance for loan loss. | |||||||||||||||||||||||||||||
For the year ending March 31, 2014, the Bank experienced three charge-offs relating to three loan relationships totaling $110,949 and partial charge-offs relating to eleven loan relationships totaling $514,446 as compared to two charge-offs relating to two loan relationships totaling $66,510 and twelve partial charge-offs relating to twelve loan relationships totaling $741,699 for the year ended March 31, 2013. | |||||||||||||||||||||||||||||
In the ordinary course of business, the Bank has and expects to continue to have transactions, including borrowings, with its officers and directors. In the opinion of management, transactions with directors were on substantially the same terms, including interest rates and collateral, as those prevailing at the time of comparable transactions with other persons and did not involve more than a normal risk of collectability or present any other unfavorable features to the Bank. Officers of the Company are entitled to 1% loan discount, under a Bank-wide employee discount program, from those prevailing at the time of comparable transactions with other persons and did not involve more than a normal risk of collectability or present any other unfavorable features to the Bank. Loans to such borrowers are summarized as follows: | |||||||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Balance, beginning of year | $ | 672,699 | $ | 584,413 | |||||||||||||||||||||||||
Payments | (284,183 | ) | (86,905 | ) | |||||||||||||||||||||||||
Borrowings | 388,000 | 175,191 | |||||||||||||||||||||||||||
Balance, end of year | $ | 776,516 | $ | 672,699 | |||||||||||||||||||||||||
Note_7_Loan_Servicing
Note 7 - Loan Servicing | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Transfers and Servicing [Abstract] | ' | ||||||||
Transfers and Servicing of Financial Assets [Text Block] | ' | ||||||||
7. LOAN SERVICING | |||||||||
Mortgage loans serviced for others are not included in the accompanying statement of financial condition. The unpaid principal balances of these loans at March 31, 2014 and 2013 are summarized as follows: | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Mortgage Loan Servicing Portfolio: | |||||||||
Mortgage Partnership Finance FHLB New York | $ | 246,332 | $ | 393,480 | |||||
Note_8_Accrued_Interest_Receiv
Note 8 - Accrued Interest Receivable | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||
Other Assets Disclosure [Text Block] | ' | ||||||||
8. ACCRUED INTEREST RECEIVABLE | |||||||||
Accrued interest receivable at March 31, 2014 and 2013 consists of the following: | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Loans | $ | 280,444 | $ | 309,057 | |||||
Investment securities | 168,616 | 84,614 | |||||||
Mortgage backed securities | 13,224 | 34,065 | |||||||
$ | 462,284 | $ | 427,736 | ||||||
Note_9_Premises_and_Equipment
Note 9 - Premises and Equipment | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | ||||||||
9. PREMISES AND EQUIPMENT | |||||||||
Premises and equipment at March 31, 2014 and 2013 consists of the following: | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Land | $ | 1,451,203 | $ | 1,451,203 | |||||
Buildings | 6,848,967 | 6,848,967 | |||||||
Furniture, fixtures and equipment | 1,979,488 | 1,915,323 | |||||||
10,279,658 | 10,215,493 | ||||||||
Accumulated depreciation | (3,611,106 | ) | (3,360,493 | ) | |||||
$ | 6,668,552 | $ | 6,855,000 | ||||||
Depreciation expense amounted to $263,472 and $299,995 for the years ended March 31, 2014 and 2013, respectively. |
Note_10_Federal_Home_Loan_Bank
Note 10 - Federal Home Loan Bank Stock | 12 Months Ended |
Mar. 31, 2014 | |
Investment Holdings [Abstract] | ' |
Investment Holdings [Text Block] | ' |
10. FEDERAL HOME LOAN BANK STOCK | |
The Bank is a member of the Federal Home Loan Bank System. As a member, the Bank maintains an investment in the capital stock of the Federal Home Loan Bank of New York in an amount not less than 1% of its outstanding home loans or 1/20 of its outstanding notes payable, if any, to the Federal Home Loan Bank of New York, whichever is greater, as calculated December 31 of each year. |
Note_11_Deposits
Note 11 - Deposits | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||
Deposit Liabilities Disclosures [Text Block] | ' | ||||||||||||
11. DEPOSITS | |||||||||||||
Deposit account balances at March 31, 2014 and 2013 are summarized as follows: | |||||||||||||
31-Mar-14 | |||||||||||||
Amount | Weighted Average | Percent of | |||||||||||
Interest Rate | Portfolio | ||||||||||||
Non interest bearing accounts | $ | 7,852,030 | % | 7.1 | |||||||||
Interest bearing checking accounts | 19,637,558 | 0.15 | 17.75 | ||||||||||
Passbook savings accounts | 15,491,930 | 0.1 | 14 | ||||||||||
Money Market accounts | 21,267,887 | 0.42 | 19.23 | ||||||||||
Club accounts | 136,293 | 0.1 | 0.12 | ||||||||||
64,385,698 | 58.2 | ||||||||||||
Certificates of Deposits: | |||||||||||||
0.10% to 0.99% | 27,341,814 | 0.49 | 24.72 | ||||||||||
1.00% to 1.99% | 12,373,761 | 1.38 | 11.19 | ||||||||||
2.00% to 2.99% | 6,351,120 | 2.45 | 5.74 | ||||||||||
3.00% to 3.99% | 171,953 | 3.15 | 0.15 | ||||||||||
4.00% and over | 353 | 4.78 | |||||||||||
46,239,001 | 41.8 | ||||||||||||
$ | 110,624,699 | 100 | % | ||||||||||
31-Mar-13 | |||||||||||||
Amount | Weighted Average | Percent of | |||||||||||
Interest Rate | Portfolio | ||||||||||||
Non interest bearing accounts | $ | 6,872,713 | 5.87 | ||||||||||
Interest bearing checking accounts | 14,881,992 | 0.25 | % | 12.72 | |||||||||
Passbook savings accounts | 15,435,874 | 0.1 | 13.19 | ||||||||||
Money Market accounts | 25,019,142 | 0.49 | 21.38 | ||||||||||
Club accounts | 141,351 | 0.39 | 0.12 | ||||||||||
62,351,072 | 53.28 | ||||||||||||
Certificates of Deposits: | |||||||||||||
0.10% to 0.99% | 25,622,818 | 0.54 | 21.89 | ||||||||||
1.00% to 1.99% | 19,219,919 | 1.44 | 16.42 | ||||||||||
2.00% to 2.99% | 8,035,364 | 2.44 | 6.87 | ||||||||||
3.00% to 3.99% | 1,559,790 | 3.22 | 1.33 | ||||||||||
4.00% and over | 245,151 | 4.69 | 0.21 | ||||||||||
54,683,042 | 46.72 | ||||||||||||
$ | 117,034,114 | 100 | % | ||||||||||
The aggregate amount of time deposits including certificates of deposits with a minimum denomination of $100,000 or more was approximately $14,671,836 and $16,312,885 at March 31, 2014 and 2013, respectively. | |||||||||||||
Scheduled maturities of certificates of deposits at March 31, 2014 and 2013 are as follows: | |||||||||||||
March 31, | |||||||||||||
2014 | 2013 | ||||||||||||
2014 | $ | $ | 34,402,410 | ||||||||||
2015 | 28,268,039 | 10,485,591 | |||||||||||
2016 | 8,768,333 | 3,395,872 | |||||||||||
2017 | 4,598,454 | 3,653,130 | |||||||||||
2018 | 2,338,541 | 2,746,039 | |||||||||||
2019 | 2,265,634 | ||||||||||||
$ | 46,239,001 | $ | 54,683,042 | ||||||||||
The Bank held deposits from officers and directors of approximately $474,000 and $479,000 at March 31, 2014 and 2013, respectively. These transactions were on the same terms as those prevailing at the time of comparable transactions with other persons. |
Note_12_Line_of_Credit_from_At
Note 12 - Line of Credit from Atlantic Central Bankers Bank | 12 Months Ended |
Mar. 31, 2014 | |
Debt Disclosure [Abstract] | ' |
Debt Disclosure [Text Block] | ' |
12. LINE OF CREDIT FROM ATLANTIC CENTRAL BANKERS BANK | |
The Bank maintains a line of credit with Atlantic Central Bankers Bank at a rate to be determined by the lender when funds are borrowed. At March 31, 2014 and 2013, the outstanding balance on the unsecured line of credit was $ -0-. |
Note_13_Advances_from_Federal_
Note 13 - Advances from Federal Home Loan Bank | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||
Federal Home Loan Bank Advances, Disclosure [Text Block] | ' | ||||||||||||
13. ADVANCES FROM FEDERAL HOME LOAN BANK | |||||||||||||
Advances from the Federal Home Loan Bank of New York as of March 31, 2014 and 2013 are as follows: | |||||||||||||
Maturity | Interest | 2014 | 2013 | ||||||||||
Date | Rate | ||||||||||||
7-Apr-14 | 0.36% | $ | 1,000,000 | ||||||||||
8-Dec-14 | 0.48% | 1,000,000 | |||||||||||
$ | 2,000,000 | $ | 0 | ||||||||||
Specific repos and other securities, with balances approximating $20,850,000 and $11,900,000 at March 31, 2014 and 2013, respectively, were pledged to the FHLB of New York as collateral. As of March 31, 2014, the Bank had a borrowing capacity in a combination of term advances and overnight borrowings of up to $16,434,000 at the FHLB of New York. |
Note_14_Income_Taxes
Note 14 - Income Taxes | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Income Tax Disclosure [Text Block] | ' | ||||||||
14. INCOME TAXES | |||||||||
The Company is subject to federal income tax and New Jersey state income tax. | |||||||||
The Company and subsidiaries file a consolidated federal income tax return. The Company’s consolidated provision for income taxes for the years ended March 31, 2014 and 2013 consists of the following: | |||||||||
Years Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Income Tax Expense (benefit) | |||||||||
Current federal tax expense | |||||||||
Federal | $ | $ | |||||||
State | 3,000 | 3,000 | |||||||
Deferred tax (benefit) | |||||||||
Federal | (368,006 | ) | (165,538 | ) | |||||
State | (35,100 | ) | (46,900 | ) | |||||
Total | $ | (400,106 | ) | $ | (209,438 | ) | |||
The consolidated provision for income taxes for the years ended March 31, 2014 and 2013 differs from that computed by applying federal statutory rates to income before federal income tax expense, as indicated in the following analysis: | |||||||||
Years Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Expected federal tax provision (benefit) at 34% rate | $ | (395,571 | ) | $ | (181,420 | ) | |||
Municipal bond interest | (829 | ) | (137 | ) | |||||
Increase in cash surrender value of life insurance | (3,947 | ) | (2,068 | ) | |||||
State income tax | (67,169 | ) | (25,813 | ) | |||||
Valuation allowance for state operating loss carryforward | 67,410 | ||||||||
Total income tax (benefit) | (400,106 | ) | (209,438 | ) | |||||
Effective tax rate (benefit) | (34.4 | %) | (39.3 | %) | |||||
A summary of deferred tax assets and liabilities as of March 31, 2014 and 2013 are as follows: | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Deferred tax assets: | |||||||||
Accrued pension costs | $ | 9,500 | $ | 5,500 | |||||
Accrued retirement plan | 2,800 | 9,400 | |||||||
Allowance for loan losses | 722,051 | 333,800 | |||||||
Directors’ benefit plans | 123,000 | 125,000 | |||||||
Employee stock option | 6,000 | ||||||||
FASB 158 – unrecognized transition costs | 42,000 | 47,200 | |||||||
Federal tax loss carryforward | 491,600 | 424,000 | |||||||
State tax loss carryforward | 328,810 | 302,200 | |||||||
Unrealized losses on securities available-for-sale | 85,000 | 4,000 | |||||||
Non accrual interest | 33,700 | 39,100 | |||||||
Total deferred tax assets | $ | 1,844,461 | $ | 1,290,200 | |||||
Valuation allowance | (67,410 | ) | |||||||
Deferred tax liabilities: | |||||||||
Accumulated depreciation | $ | (54,450 | ) | $ | (61,800 | ) | |||
Total deferred tax liabilities | (54,450 | ) | (61,800 | ) | |||||
NET DEFERRED TAX ASSETS | $ | 1,722,601 | $ | 1,228,400 | |||||
The Company accounts for uncertainties in income taxes in accordance with FASB ASC Topic 740 “Accounting for Uncertainty in Income Taxes”. The Company has determined that there are no significant uncertain tax positions requiring recognition in its financial statements. | |||||||||
In the event the Company is assessed for interest and/or penalties by taxing authorities, such assessed amounts will be classified in the financial statements as income tax expense. Tax years 2010 through 2013 remain subject to examination by Federal and New Jersey taxing authorities. | |||||||||
The Company has considered future market growth, forecasted earnings, future taxable income, and prudent, feasible and permissible tax planning strategies in determining the realizability of deferred tax assets. If the Company were to determine that it would not be able to realize a portion of its net deferred tax assets in the future, an adjustment to the net deferred tax assets would be charged to earnings in the period such determination was made. | |||||||||
As of March 31, 2014, the Company had approximately $1,586,000 federal net operating loss carryforwards, which result in a deferred tax asset of $491,600, expiring from 2028 through 2033. | |||||||||
As of March 31, 2014, the Company had approximately $3,657,000 of state net operating loss carryforwards, which result in a deferred tax asset of $328,810, expiring from 2015 through 2033. The Company has recorded a valuation allowance of $67,410 as projected state income at the Company is not anticipated to be sufficient to realize these benefits. |
Note_15_Employee_Benefits
Note 15 - Employee Benefits | 12 Months Ended |
Mar. 31, 2014 | |
Disclosure Text Block Supplement [Abstract] | ' |
Compensation and Employee Benefit Plans [Text Block] | ' |
15. EMPLOYEE BENEFITS | |
Cash/Deferred Profit Sharing Plan | |
The Bank maintains a cash/deferred profit sharing plan covering all full time employees with one year of service and who are at least twenty-one years of age. Participants enter the Plan on the 1st of January or 1st of July subsequent to meeting the above requirements. | |
The Bank may contribute up to 10% of the annual compensation of each eligible employee. The Bank’s contribution to the plan was $-0- for the years ended March 31, 2014 and 2013. | |
Retirement Incentive Plan | |
A retired officer of the Bank is covered by a Retirement Incentive Plan that pays him $1,416.67 per month for ten years from July 2004, the date of retirement at age sixty-five, through July 2014. | |
To fund the above benefit, the Bank has purchased and is the sole beneficiary of a life insurance policy on the life of the officer. The cash surrender value of this policy was $165,197 and $153,588 as of March 31, 2014 and 2013, respectively, and is reflected on the consolidated statement of financial position as Bank-owned life insurance. |
Note_16_Board_of_Directors_Ret
Note 16 - Board of Directors' Retirement Plan | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' | ||||||||
16. BOARD OF DIRECTORS’ RETIREMENT PLAN | |||||||||
The Bank established a Defined Benefit Retirement Plan for the Bank’s Board of Directors on January 1, 2002. This plan provides a monthly retirement benefit equal to 4% of the board fees payable as of their retirement date, multiplied by their completed years of service, up to a maximum of 80% of the final fee amount. Directors must complete at least ten years of service in order to receive a retirement benefit under the plan. Director retirement benefits are payable in equal monthly installments during the director’s lifetime, unless the director elects to receive a life annuity with the first 129 months guaranteed or a life annuity with either 50% or 100% (joint and survivor benefits) continuing for the spouse’s lifetime after the Director dies. Under these other options, the retirement benefit is reduced to account for the value of the potential additional payments. | |||||||||
The estimated past service liability that will be amortized from accumulated other comprehensive income into net periodic pension costs over the next fiscal year is zero. | |||||||||
Net pension expense was $32,280 and $45,032 for years ended March 31, 2014 and 2013, respectively. The components of net pension cost are as follows: | |||||||||
Years Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Service cost | $ | 7,700 | $ | 8,488 | |||||
Interest cost | 18,944 | 20,056 | |||||||
Amortization of gain | 5,636 | 4,804 | |||||||
Net amortization and deferral | 0 | 11,684 | |||||||
Net periodic pension cost | $ | 32,280 | $ | 45,032 | |||||
The following table presents a reconciliation of the funded status of the defined benefit pension plan at March 31, 2014 and 2013: | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Accumulated benefit obligation | $ | 413,120 | $ | 423,368 | |||||
Projected benefit obligation | 415,803 | 438,352 | |||||||
Fair value of plan assets | 0 | 0 | |||||||
Unfunded projected benefit obligation | 415,803 | 438,352 | |||||||
The following table presents a reconciliation of benefit obligations and plan assets: | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Change in Benefit Obligation | |||||||||
Projected benefit obligation at beginning of year | $ | 438,352 | $ | 416,352 | |||||
Service cost | 7,700 | 8,488 | |||||||
Interest cost | 18,944 | 20,056 | |||||||
Actuarial (gain) loss | (13,966 | ) | 24,587 | ||||||
Benefits paid | (35,227 | ) | (31,131 | ) | |||||
Benefit obligation at end of year | $ | 415,803 | $ | 438,352 | |||||
March 31, | |||||||||
2014 | 2012 | ||||||||
Change in Plan Assets | |||||||||
Fair value of Plan assets at beginning of year | $ | 0 | $ | 0 | |||||
Actual return on Plan assets | 0 | 0 | |||||||
Employer contributions | 35,227 | 31,131 | |||||||
Benefits paid | (35,227 | ) | (31,131 | ) | |||||
Fair value of Plan assets at end of year | $ | 0 | $ | 0 | |||||
Actuarial assumptions used in determining pension amounts are as follows: | |||||||||
Years Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Discount rate for periodic pension cost | 4.5 | % | 5 | % | |||||
Discount rate for benefit obligation | 4.75 | % | 4.5 | % | |||||
Rate of increase in compensation levels and social security wage base | 2 | % | 2 | % | |||||
Expected long-term rate of return on plan assets | N/A | N/A | |||||||
Note_17_Employee_Stock_Ownersh
Note 17 - Employee Stock Ownership Plan (ESOP) | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Employee Stock Ownership Plan [Member] | ' | ||||||||
Note 17 - Employee Stock Ownership Plan (ESOP) [Line Items] | ' | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||
17. EMPLOYEE STOCK OWNERSHIP PLAN (ESOP) | |||||||||
The Bank has an Employee Stock Ownership Plan (“ESOP”) for the benefit of employees who meet the eligibility requirements as defined in the ESOP. The ESOP purchased 64,081 shares of common stock in the offering completed in March 2007 using proceeds of a loan from the former mid-tier holding company. The Bank made annual payments of principal and interest over a term of 20 years at a rate of 8.25% to the Company. On October 16, 2013, the remaining unallocated shares were converted at a conversion rate of .5711 to 1 of the new Company shares. The remaining loan balance was refinanced over a term of 14 years at a rate of 3.25%. The ESOP has a second loan from the Company to fund the purchase of 23,644 additional shares in connection with the second step conversion completed on October 16, 2013 under which the Bank makes annual payments of principal and interest over a term of 14 years at a rate of 3.25% to the Company. The loans are secured by the shares of the stock purchased. | |||||||||
The following table presents the components of the ESOP shares purchased. | |||||||||
Year Ended March 31, | |||||||||
2014 | 2013 | ||||||||
Shares released for allocation | 14,496 | 19,224 | |||||||
Unearned shares | 45,744 | 44,857 | |||||||
Total ESOP shares | 60,240 | 64,081 | |||||||
Equity Incentive Plan 2008 [Member] | ' | ||||||||
Note 17 - Employee Stock Ownership Plan (ESOP) [Line Items] | ' | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||
18. STOCK BASED COMPENSATION | |||||||||
On May 19, 2008, the Board of Directors adopted and the stockholders approved on August 18, 2008, the Delanco Bancorp, Inc. 2008 Equity Incentive Plan. The 2008 Equity Incentive Plan authorized the granting of up to 80,101 stock options and 32,040 shares of restricted stock. All of the Company’s employees, officers, and directors are eligible to participate in the 2008 Plan. | |||||||||
On October 16, 2013, options to purchase a total of 20,000 shares were granted at a price of $8.00 per share. The option will expire on the tenth anniversary of the date of the grant and will become exercisable in equal 20% installments on each anniversary of the grant date. | |||||||||
The following table is a summary of the status of the shares under the 2008 Equity Incentive Plan as of March 31, 2014 and changes during the year ended March 31, 2014. | |||||||||
Year Ended March 31, 2014 | |||||||||
Number of | Weighted Average | ||||||||
Shares | Grant Date | ||||||||
Fair Value | |||||||||
Restricted at the beginning of the period | $ | ||||||||
Granted | 20,000 | 8.69 | |||||||
Vested | |||||||||
Forfeited | |||||||||
Restricted at the end of the period | 20,000 | 8.69 | |||||||
Note_19_Earnings_Per_Share
Note 19 - Earnings Per Share | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Earnings Per Share [Text Block] | ' | ||||||||
19. EARNINGS PER SHARE | |||||||||
The following table sets forth the composition of the weighted average shares (denominator) used in the basic and dilutive earnings per share computation for the years ended March 31, 2014 and 2013. | |||||||||
2014 | 2013 | ||||||||
Net (Loss) | $ | (763,338 | ) | $ | (324,151 | ) | |||
Weighted average shares outstanding | 1,318,796 | 1,634,725 | |||||||
Adjusted average unearned ESOP shares | 45,744 | 44,857 | |||||||
Weighted average share outstanding - basic | 1,273,052 | 1,589,868 | |||||||
Effect of dilutive common stock equivalents | |||||||||
Adjusted weighted average shares outstanding - dilutive | 1,273,052 | 1,589,868 | |||||||
Basic loss per share | $ | (0.60 | ) | $ | (0.20 | ) | |||
Diluted loss per share | $ | (0.60 | ) | $ | (0.20 | ) | |||
The effect of the 20,000 stock options outstanding as of March 31, 2014 is antidilutive and therefore not presented in the above table. |
Note_20_Fair_Value_Measurement
Note 20 - Fair Value Measurement | 12 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||||||||||
Fair Value, Measurement Inputs, Disclosure [Text Block] | ' | ||||||||||||||||||||
20 | FAIR VALUE MEASUREMENT | ||||||||||||||||||||
The fair value estimates presented herein are based on pertinent information available to management as of March 31, 2014 and 2013, respectively. Although management is not aware of any factors that would significantly affect the fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since that date and, therefore, current estimates of fair value may differ significantly from the amounts presented herein. | |||||||||||||||||||||
Generally accepted accounting principles used in the United States establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value. | |||||||||||||||||||||
The three broad levels of hierarchy are as follows: | |||||||||||||||||||||
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 other 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. | |||||||||||||||||||||
Those assets as of March 31, 2014 which are to be measured at fair value on a recurring basis are as follows: | |||||||||||||||||||||
Category Used for Fair Value Measurement | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Totals | ||||||||||||||||||
Assets: | |||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||
Federal Home Loan Bank Bonds | $ | $ | 1,352,576 | $ | $ | 1,352,576 | |||||||||||||||
Federal National Mortgage Association | 437,648 | 437,648 | |||||||||||||||||||
Mutual Fund Shares | 183,146 | 183,146 | |||||||||||||||||||
Totals | $ | 183,146 | $ | 1,790,224 | $ | $ | 1,973,370 | ||||||||||||||
Those assets as of March 31, 2013 which are to be measured at fair value on a recurring basis are as follows: | |||||||||||||||||||||
Category Used for Fair Value Measurement | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Totals | ||||||||||||||||||
Assets: | |||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||
Federal Home Loan Bank Bonds | $ | $ | 1,496,380 | $ | $ | 1,496,380 | |||||||||||||||
Federal National Mortgage Association | 488,438 | 488,438 | |||||||||||||||||||
Mutual Fund Shares | 222,200 | 222,200 | |||||||||||||||||||
Totals | $ | 222,200 | $ | 1,984,818 | $ | $ | 2,207,018 | ||||||||||||||
Certain assets are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). The Company measures impaired loans and real estate owned at fair value on a non-recurring basis. | |||||||||||||||||||||
Impaired Loans | |||||||||||||||||||||
The Company considers loans to be impaired when it becomes more likely than not that the Company will be unable to collect all amounts due in accordance with the contractual terms of the loan agreements. Collateral dependent impaired loans are based on the fair value of the collateral which is based on appraisals and would be categorized as Level 2 measurement. In some cases, adjustments are made to the appraised values for various factors including the age of the appraisal, age of the comparables included in the appraisal, and known changes in the market and in the collateral. These adjustments are based upon unobservable inputs, and therefore, the fair value measurement would be categorized as a Level 3 measurement. These loans are reviewed for impairment and written down to their net realizable value by charges against the allowance for loan losses. | |||||||||||||||||||||
Real Estate Owned | |||||||||||||||||||||
Once an asset is determined to be uncollectible, the underlying collateral is generally repossessed and reclassified to foreclosed real estate and repossessed assets. These repossessed assets are carried at the lower of cost or fair value of the collateral, based on independent appraisals, less cost to sell and would be categorized as Level 2 measurement. In some cases, adjustments are made to the appraised values for various factors including age of the appraisal, age of the comparables included in the appraisal, and known changes in the market and in the collateral. Thus the evaluations are based upon unobservable inputs, and therefore, the fair value measurement would be categorized as a Level 3 measurement. | |||||||||||||||||||||
Summary of Non-Recurring Fair Value Measurements | |||||||||||||||||||||
At March 31, 2014 | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
Impaired loans | $ | $ | $ | $$6,020,575 | $ | 6,020,575 | |||||||||||||||
Real estate owned | 1,949,825 | 1,949,825 | |||||||||||||||||||
Total | $ | $ | $ | $$7,970,400 | $ | 7,970,400 | |||||||||||||||
At March 31, 2013 | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
Impaired loans | $ | $ | $ | $$6,345,635 | $ | 6,345,635 | |||||||||||||||
Real estate owned | 2,469,800 | 2,469,800 | |||||||||||||||||||
Total | $ | $ | $ | $$8,815,435 | $ | 8,815,435 | |||||||||||||||
The following table provides information describing the valuation processes used to determine nonrecurring fair value measurement categorized within Level 3 of the fair value hierarchy as of March 31, 2014 and 2013: | |||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||
Fair | Valuation | Unobservable Input | Range | ||||||||||||||||||
Value | Technique | ||||||||||||||||||||
Impaired loans | $ | 6,020,575 | Property appraisals | Management discount for selling costs, property type and market volatility | 7% - 12% discount | ||||||||||||||||
Real estate owned | $ | 1,949,825 | Property appraisals | Management discount for selling costs, property type and market volatility | 7% - 12% discount | ||||||||||||||||
March 31, 2013 | |||||||||||||||||||||
Fair | Valuation | Unobservable Input | Range | ||||||||||||||||||
Value | Technique | ||||||||||||||||||||
Impaired loans | $ | 6,345,635 | Property appraisals | Management discount for selling costs, property type and market volatility | 7% - 12% discount | ||||||||||||||||
Real estate owned | $ | 2,469,800 | Property appraisals | Management discount for selling costs, property type and market volatility | 7% - 12% discount | ||||||||||||||||
The fair value of financial instruments amounts have been determined by the Company using available market information and appropriate valuation methodologies. However, considerable judgment is required to interpret market data to develop the estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize in a current market exchange. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. | |||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||
Carrying | Fair | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
Amount | Value | ||||||||||||||||||||
Assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 3,332,639 | $ | 3,332,639 | $ | 3,332,639 | $ | $ | |||||||||||||
Investment securities available for sale | 2,185,959 | 1,973,370 | 1,973,370 | ||||||||||||||||||
Investment and mortgage-backed securities held to maturity | 26,975,907 | 25,410,461 | 25,410,461 | ||||||||||||||||||
Loans receivable, net | 83,539,442 | 83,059,000 | |||||||||||||||||||
Accrued interest receivable | 462,284 | 462,284 | 462,284 | ||||||||||||||||||
Federal Home Loan Bank stock | 271,300 | 271,300 | 271,300 | ||||||||||||||||||
Bank owned life insurance | 165,197 | 165,197 | 165,197 | ||||||||||||||||||
Liabilities: | |||||||||||||||||||||
Deposits – non-interest bearing | 7,852,030 | 7,852,030 | 7,852,030 | ||||||||||||||||||
Deposits – interest bearing | 102,772,669 | 103,249,000 | 103,249,000 | ||||||||||||||||||
Advances from Federal Home Loan Bank | 2,000,000 | 2,000,000 | |||||||||||||||||||
Accrued interest payable | 6,556 | 6,556 | 6,556 | ||||||||||||||||||
Advances from borrowers for taxes and insurance | 684,289 | 684,289 | 684,289 | ||||||||||||||||||
Fair Value Measurements at March 31, 2013 | |||||||||||||||||||||
Carrying | Fair | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
Amount | Value | ||||||||||||||||||||
Assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 6,722,766 | $ | 6,722,766 | $ | 6,722,766 | $ | $ | |||||||||||||
Investment securities available for sale | 2,217,032 | 2,207,018 | 2,207,018 | ||||||||||||||||||
Investment and mortgage-backed securities held to maturity | 20,137,886 | 20,285,670 | 20,285,670 | ||||||||||||||||||
Loans receivable, net | 88,419,084 | 91,300,000 | 91,300,000 | ||||||||||||||||||
Accrued interest receivable | 427,736 | 427,736 | 427,736 | ||||||||||||||||||
Federal Home Loan Bank stock | 202,500 | 202,500 | 202,500 | ||||||||||||||||||
Bank owned life insurance | 153,588 | 153,588 | 153,588 | ||||||||||||||||||
Liabilities: | |||||||||||||||||||||
Deposits – non-interest bearing | 6,872,713 | 6,872,713 | 6,872,713 | ||||||||||||||||||
Deposits – interest bearing | 110,161,401 | 111,233,000 | 111,233,000 | ||||||||||||||||||
Accrued interest payable | 9,025 | 9,025 | 9,025 | ||||||||||||||||||
Advances from borrowers for taxes and insurance | 366,604 | 366,604 | 366,604 | ||||||||||||||||||
Cash and Cash Equivalents – For cash and cash equivalents, the carrying amount is a reasonable estimate of fair value. | |||||||||||||||||||||
Investments and Mortgage-Backed Securities – The fair value of investment securities and mortgage-backed securities is based on quoted market prices, dealer quotes, and prices obtained from independent pricing services. | |||||||||||||||||||||
Loans Receivable – The fair value of loans is estimated based on present value using the current market rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. The carrying value that fair value is compared to is net of the allowance for loan losses and other associated premiums and discounts. Due to the significant judgment involved in evaluating credit quality, loans are classified within level 3 of the fair value hierarchy. | |||||||||||||||||||||
Accrued Interest Receivable – For accrued interest receivable, the carrying amount is a reasonable estimate of fair value. | |||||||||||||||||||||
Federal Home Loan Bank (FHLB) Stock – Although FHLB stock is an equity interest in an FHLB, it is carried at cost because it does not have a readily determinable fair value as its ownership is restricted and it lacks a market. The estimated fair value approximates the carrying amount. | |||||||||||||||||||||
Bank Owned Life Insurance – The fair value of bank owned life insurance is based on the cash surrender value obtained from an independent advisor that are derivable from observable market inputs. | |||||||||||||||||||||
Deposits – The fair value of deposits with no stated maturity, such as noninterest-bearing demand deposits, savings, and NOW and money market accounts, is equal to the amount payable on demand. The fair value of certificates of deposit is based on the discounted value of contractual cash flows. The discount rate is estimated using the rates currently offered for deposits of similar remaining maturities. | |||||||||||||||||||||
Advances from the Federal Home Loan Bank – The carrying amounts of advances from the Federal Home Loan Bank approximate the fair value. | |||||||||||||||||||||
Accrued Interest Payable – For accrued interest payable, the carrying amount is a reasonable estimate of fair value. | |||||||||||||||||||||
Advances from Borrowers for Taxes and Insurance – For advances from borrowers for taxes and insurance, the carrying amount is a reasonable estimate of fair value. | |||||||||||||||||||||
Commitments to Extend Credit and Letters of Credit – The majority of the Bank’s commitments to extend credit and letters of credit carry current market interest rates if converted to loans. Because commitments to extend credit and letters of credit are generally unassignable by either the Bank or the borrower, they only have value to the Bank and the borrower. |
Note_21_Financial_Instruments_
Note 21 - Financial Instruments with Off-balance Sheet Risk | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Financial Instruments With Offbalance Sheet Risk [Abstract] | ' | ||||||||
Financial Instruments With Offbalance Sheet Risk [Text Block] | ' | ||||||||
21 | FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK | ||||||||
In the normal course of business, the Bank has outstanding commitments and contingent liabilities, such as commitments to extend credit and standby letters of credit, which are not included in the accompanying consolidated financial statements. The Bank’s exposure to credit loss in the event of nonperformance by the other party to the financial instruments for commitments to extend credit and standby letters of credit is represented by the contractual or notional amount of those instruments. The Bank uses the same credit policies in making such commitments as it does for instruments that are included in the consolidated balance sheet. | |||||||||
Financial instruments whose contract amount represents credit risk were outstanding as follows: | |||||||||
March 31, | |||||||||
Unfunded Commitments to Extend Credit | 2014 | 2013 | |||||||
Home equity lines of credit | $ | 4,600,000 | $ | 4,783,000 | |||||
Commercial lines of credit | 1,085,000 | 1,060,000 | |||||||
Standby letters of credit | 25,000 | 50,000 | |||||||
$ | 5,710,000 | $ | 5,893,000 | ||||||
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Bank evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Bank upon extension of credit, is based on management’s credit evaluation. Collateral held varies but may include accounts receivable, inventory, property and equipment, and income-producing commercial properties. | |||||||||
Standby letters of credit are conditional lending commitments issued by the Bank to guarantee the performance of a customer to a third party. Standby letters of credit generally have fixed expiration dates or other termination clauses and may require payment of a fee. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. The Bank’s policy for obtaining collateral, and the nature of such collateral, is essentially the same as that involved in making commitments to extend credit. | |||||||||
The Bank has not been required to perform on any financial guarantees during the past two years. The Bank did not incur any losses on its commitments in either 2014 or 2013. |
Note_22_Commitments_and_Contin
Note 22 - Commitments and Contingent Liabilities | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||
Commitments and Contingencies Disclosure [Text Block] | ' | ||||||||||||
22 | COMMITMENTS AND CONTINGENT LIABILITIES | ||||||||||||
The Bank is subject to claims and lawsuits which arise primarily in the ordinary course of business. It is the opinion of management that the disposition or ultimate resolution of such claims and lawsuits will not have a material adverse effect on the consolidated financial position of the Company. | |||||||||||||
The Bank had outstanding commitment to originate loans as of March 31, 2014 as follows: | |||||||||||||
31-Mar-14 | |||||||||||||
Fixed-Rate | Variable-Rate | Total | |||||||||||
Residential mortgage loan | $ | 896,000 | $ | - | $ | 896,000 | |||||||
Construction loan | 511,000 | - | 511,000 | ||||||||||
$ | 1,407,000 | $ | - | $ | 1,407,000 | ||||||||
Note_23_Related_Party_Transact
Note 23 - Related Party Transactions | 12 Months Ended | |
Mar. 31, 2014 | ||
Related Party Transactions [Abstract] | ' | |
Related Party Transactions Disclosure [Text Block] | ' | |
23 | RELATED PARTY TRANSACTIONS | |
The Bank obtained legal services and insurance products from other entities which were affiliated with Directors of the Bank. The aggregate payment for these products and services amounted to $141,717 and $127,366, for the years ended March 31, 2014 and 2013, respectively. The Bank also recognized management fee income from a related party of $1,033 and $16,200 for the years ended March 31, 2014 and 2013, respectively. |
Note_24_Regulatory_Capital
Note 24 - Regulatory Capital | 12 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Regulatory Capital [Abstract] | ' | ||||||||||||||||||||||||
Regulatory Capital [Text Block] | ' | ||||||||||||||||||||||||
24 | REGULATORY CAPITAL | ||||||||||||||||||||||||
The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet the minimum capital requirements can initiate certain mandatory, and possible additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines involving quantitative measures of assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. Capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. | |||||||||||||||||||||||||
Quantitative measures established by regulation to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios of total and Tier 1 Capital (as defined in the regulations) to risk-weighted assets (as defined), and of Tier I capital (as defined) to average assets (as defined). Management believes, as of March 31, 2014 and 2013, that the Company and the Bank met all capital adequacy requirements to which it was subject. | |||||||||||||||||||||||||
As of March 31, 2014, the Bank exceeded all regulatory capital requirements necessary to be considered a “well capitalized” bank, but was classified as “adequately capitalized” because it was subject to a written agreement with the OCC. | |||||||||||||||||||||||||
The Bank’s actual and required capital amounts and ratios as of March 31, 2014 and 2013 are as follows: | |||||||||||||||||||||||||
Minimum Requirements | |||||||||||||||||||||||||
Actual | For Capital Adequacy Purposes | To be Well Capitalized under Prompt Corrective Action Provisions | |||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
As of March 31, 2014: | |||||||||||||||||||||||||
Total Risk-Based Capital (to Risk-Weighted Assets) | $ | 12,557,000 | 17.42 | % | ≥$ | 5,767,000 | ≥ | 8 | % | ≥$ | 7,208,000 | ≥ | 10 | % | |||||||||||
Tier 1 Capital (to Risk-Weighted Assets) | $ | 11,649,000 | 16.16 | % | ≥$ | 2,883,000 | ≥ | 4 | % | ≥$ | 4,325,000 | ≥ | 6 | % | |||||||||||
Tier 1 Capital (to Total Assets) | $ | 11,649,000 | 9.23 | % | ≥$ | 5,047,000 | ≥ | 4 | % | ≥$ | 6,309,000 | ≥ | 5 | % | |||||||||||
Minimum Requirements | |||||||||||||||||||||||||
Actual | For Capital Adequacy Purposes | To be Well Capitalized under Prompt Corrective Action Provisions | |||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
As of March 31, 2013: | |||||||||||||||||||||||||
Total Risk-Based Capital (to Risk-Weighted Assets) | $ | 10,941,000 | 14.67 | % | ≥$ | 5,966,000 | ≥ | 8 | % | ≥$ | 7,548,000 | ≥ | 10 | % | |||||||||||
Tier 1 Capital (to Risk-Weighted Assets) | $ | 10,007,000 | 13.41 | % | ≥$ | 2,984,000 | ≥ | 4 | % | ≥$ | 4,477,000 | ≥ | 6 | % | |||||||||||
Tier 1 Capital (to Total Assets) | $ | 10,007,000 | 7.79 | % | ≥$ | 5,138,000 | ≥ | 4 | % | ≥$ | 6,423,000 | ≥ | 5 | % | |||||||||||
The Company’s capital amounts and ratios are similar to those of the Bank. |
Note_25_Regulatory_Matters
Note 25 - Regulatory Matters | 12 Months Ended | ||
Mar. 31, 2014 | |||
Disclosure Text Block Supplement [Abstract] | ' | ||
Legal Matters and Contingencies [Text Block] | ' | ||
25 | REGULATORY MATTERS | ||
Federal regulations place certain restrictions on dividends paid by the Bank to the Company. The total amount of dividends that may be paid at any date is generally limited to the earnings of the Bank year to date plus retained earnings for the prior two fiscal years, net of any prior capital distributions. In addition, dividends paid by the Bank to the Company would be prohibited if the distribution would cause the Bank’s capital to be reduced below the applicable minimum capital requirements. | |||
The Bank is party to a formal written agreement (the “Agreement”) with the Office of the Comptroller of the Currency (the “OCC”) dated November 21, 2012. The Agreement supersedes and terminates the Order to Cease and Desist issued by the Office of Thrift Supervision on March 17, 2010. | |||
The Agreement requires the Bank to take the following actions: | |||
● | prepare a three-year strategic plan that establishes objectives for the Bank’s overall risk profile, earnings performance, growth, balance sheet mix, liability structure, reduction in the volume of nonperforming assets, and product line development; | ||
● | prepare a capital plan that includes specific proposals related to the maintenance of adequate capital, identifies strategies to strengthen capital if necessary and includes detailed quarterly financial projections. If the OCC determines that the Bank has failed to submit an acceptable capital plan or fails to implement or adhere to its capital plan, then the OCC may require the Bank to develop a contingency capital plan detailing the Bank’s proposal to sell, merge or liquidate the Bank; | ||
● | prepare a criticized asset plan that will include strategies, targets, and timeframes to reduce the Bank’s level of criticized assets; | ||
● | implement a plan to improve the Bank’s credit risk management and credit administration practices; | ||
● | implement programs and policies related to the Bank’s allowance for loan and lease losses, liquidity risk management, independent loan review and other real estate owned; | ||
● | review the capabilities of the Bank’s management to perform present and anticipated duties and to recommend and implement any changes based on such assessment; | ||
● | not pay any dividends or make any other capital distributions without the prior written approval of the OCC; | ||
● | not make any severance or indemnification payments without complying with regulatory requirements regarding such payments; and | ||
● | comply with prior regulatory notification requirements for any changes in directors or senior executive officers. | ||
The Agreement will remain in effect until terminated, modified, or suspended in writing by the OCC. | |||
The written agreement does not require the Bank to maintain any specific minimum regulatory capital ratios. However, by letter dated January 2, 2013, the OCC established higher individual minimum capital requirements for the Bank. Specifically, the Bank must maintain Tier 1 capital at least equal to 8% of adjusted total assets, Tier 1 capital at least equal to 12% of risk-weighted assets, and total capital at least equal to 13% of risk-weighted assets. At March 31, 2014, the Bank’s Tier 1 leverage capital ratio, Tier 1 risk-based capital ratio and total risk based-capital ratio were 9.23%, 16.16% and 17.42%, respectively. |
Note_26_Changes_in_Accumulated
Note 26 - Changes in Accumulated Other Comprehensive Income (Loss) Balances | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||
Comprehensive Income (Loss) Note [Text Block] | ' | ||||||||||||
26 | CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) BALANCES | ||||||||||||
The following presents the changes in accumulated other comprehensive income (loss) by component net of tax: | |||||||||||||
Unrealized Gains (Losses) On Available For Sale Securities | Defined Benefit Pension Plans | Accumulated Other Comprehensive Income (Loss) | |||||||||||
Balance as of April 1, 2013 | $ | (6,009 | ) | $ | (70,759 | ) | $ | (76,768 | ) | ||||
Other comprehensive income (loss) before reclassification | (121,660 | ) | 6,902 | (114,758 | ) | ||||||||
Amount reclassified from accumulated other comprehensive income (loss) | 115 | 115 | |||||||||||
Total other comprehensive (loss) | (121,545 | ) | 6,902 | (114,643 | ) | ||||||||
Balance as of March 31, 2014 | $ | ( 127,554 | ) | $ | (63,857 | ) | $ | ( 191,411 | ) | ||||
Note_27_Financial_Information_
Note 27 - Financial Information of Parent Company | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | ||||||||
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | ' | ||||||||
27 | FINANCIAL INFORMATION OF PARENT COMPANY | ||||||||
Delanco Bancorp, Inc. (Parent Company Only) | |||||||||
For the Years Ended March 31, | |||||||||
2014 | 2013 | ||||||||
Statement of Financial Condition | |||||||||
Assets: | |||||||||
Cash | $ | 716,188 | $ | 312,483 | |||||
Investment in Bank | 13,029,772 | 11,082,097 | |||||||
Deferred income taxes | 6,043 | ||||||||
Total assets | $ | 13,752,003 | $ | 11,394,580 | |||||
Stockholders’ equity: | |||||||||
Total stockholders’ equity | 13,752,003 | 11,394,580 | |||||||
Total liabilities and stockholders’ equity | $ | 13,752,003 | $ | 11,394,580 | |||||
For the Years Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Income Statement | |||||||||
Interest on ESOP loan | $ | 18,563 | $ | 45,508 | |||||
Postage refund | 1,611 | ||||||||
Other interest income | 484 | 1,275 | |||||||
Total income | $ | 20,658 | $ | 46,783 | |||||
Management fee | 50,000 | 50,000 | |||||||
Compensation expense | 15,108 | ||||||||
Total expense | 65,108 | 50,000 | |||||||
Loss before income tax benefit and equity in undistributed net loss of subsidiary | (44,450 | ) | (3,217 | ) | |||||
Equity in undistributed net loss of subsidiary | (724,932 | ) | (320,934 | ) | |||||
Income tax benefit | 6,044 | ||||||||
Net loss | $ | (763,338 | ) | $ | (324,151 | ) | |||
Cash Flows | |||||||||
Operating activities: | |||||||||
Net (loss) | $ | (763,338 | ) | $ | ( 324,151 | ) | |||
Undistributed net loss of subsidiary | 724,932 | 320,934 | |||||||
Increase in deferred income taxes | (6,044 | ) | |||||||
Net cash used in by operating activities | (44,450 | ) | (3,217 | ) | |||||
Investing activities: | |||||||||
Distribution to subsidiary | (2,928,218 | ) | 19,772 | ||||||
Net cash used in investing activities | (2,928,218 | ) | 19,772 | ||||||
Financing activities: | |||||||||
Net proceeds from issuance of stock | 3,376,373 | ||||||||
Net cash provided by financing activities | 3,376,373 | ||||||||
Net decrease in cash and cash equivalents | 403,705 | 16,555 | |||||||
Cash and Cash Equivalents, Beginning of Year | 312,483 | 295,928 | |||||||
Cash and Cash Equivalents, End of Year | $ | 716,188 | $ | 312,483 | |||||
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Subsequent Events, Policy [Policy Text Block] | ' |
Subsequent Events | |
The Company has evaluated events and transactions occurring subsequent to March 31, 2014, 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. | |
Basis of Accounting, Policy [Policy Text Block] | ' |
Basis of Presentation and Consolidation | |
The accounting and reporting policies of the Company conform with accounting principles and predominant practices within the banking industry. The consolidated financial statements of the Company include the accounts of Delanco Federal Savings Bank and its subsidiaries. Intercompany balances and transactions are eliminated in consolidation. | |
Certain amounts in the prior period’s financial statements have been reclassified to conform to the March 31, 2014 presentation. These reclassifications did not have an impact on operations, stockholders’ equity or cash flows as previously reported. | |
Use of Estimates, Policy [Policy Text Block] | ' |
Use of Estimates in the Preparation of Financial Statements | |
The preparation of financial statements in conformity with accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Material estimates and assumptions that are particularly susceptible to significant changes relate to the determination of the allowance for losses on loans, the fair value of financial instruments, the valuation of foreclosed real estate and the valuation of deferred tax assets. In connection with the determination of the estimated losses on loans and foreclosed real estate, management obtains independent appraisals for significant properties. | |
A majority of the Bank’s loan portfolio consists of single-family residential, commercial and multi-family real estate loans in Southern New Jersey and Southeastern Pennsylvania. Accordingly, the ultimate collectibility of a substantial portion of the Bank’s loan portfolio and the recovery of a substantial portion of the carrying amount of foreclosed real estate are susceptible to changes in local market conditions. | |
While management uses available information to recognize losses on loans and foreclosed real estate, further reductions in the carrying amounts of loans and foreclosed assets may be necessary based on changes in local economic conditions. In addition, regulatory agencies, as an integral part of their examination process, periodically review the estimated losses on loans and foreclosed real estate. Such agencies may require the Bank to recognize additional losses based on their judgments about information available to them at the time of their examination. Because of these factors, it is reasonably possible that the estimated losses on loans and foreclosed real estate may change materially in the near term. However, the amount of the change that is reasonably possible cannot be estimated. | |
Marketable Securities, Policy [Policy Text Block] | ' |
Investment and Mortgage-Backed Securities | |
Securities Held-to-Maturity: Securities that management has the positive intent and ability to hold to maturity are reported at cost, adjusted for amortization of premiums and accretion of discounts that are recognized in interest income using methods approximating the interest method over the period to maturity. Mortgage-backed securities represent participating interests in pools of long-term first mortgage loans originated and serviced by issuers of the securities. Mortgage-backed securities are carried at unpaid principal balances, adjusted for unamortized premiums and unearned discounts. Premiums and discounts are amortized using methods approximating the interest method over the remaining period to contractual maturity, adjusted for anticipated prepayments. | |
Securities Available-for-Sale: Available-for-sale securities consist of investment securities not classified as trading securities nor as held-to-maturity securities. Unrealized holding gains and losses, net of tax, on available-for-sale securities are included in other comprehensive income. Realized gains (losses) on available-for-sale securities are included in other income (expense) and, when applicable, are reported as a reclassification adjustment, net of tax, in other comprehensive income. Gains and losses on the sale of available-for-sale securities are determined using the specific-identification method. The amortization of premiums and the accretion of discounts are recognized in interest income using methods approximating the interest method over the period of maturity. | |
Declines in the fair value of individual held-to-maturity and available-for-sale securities below their cost that are other than temporary result in write-downs of the individual securities to their fair value. The related write-downs are included in earnings as realized losses. In estimating other than temporary impairment losses, management considers (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Bank to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. | |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | ' |
Loans Receivable | |
The Bank grants mortgage, commercial, consumer and lines of credit loans to customers. A substantial portion of the loan portfolio is represented by mortgage, commercial and multi-family real estate loans in Southern New Jersey and Southeastern Pennsylvania. The ability of the Bank’s debtors to honor their contracts is dependent upon the real estate and general economic conditions in these areas. | |
Loans are stated at unpaid principal balances, less the allowance for loan losses and net deferred loan fees and unearned discounts. | |
Loan origination and commitment fees, as well as certain direct origination costs, are deferred and amortized as a yield adjustment over the lives of the related loans using the interest method. Amortization of deferred loan fees is discontinued when a loan is placed on nonaccrual status. | |
The recognition of income on a loan is discontinued and previously accrued interest is reversed, when interest or principal payments become ninety (90) days past due unless, in the opinion of management, the outstanding interest remains collectible. Past due status is determined based on contractual terms. Interest is subsequently recognized only as received until the loan is returned to accrual status. A loan is restored to accrual status when all interest and principal payments are current and the borrower has demonstrated to management the ability to make payments of principal and interest as scheduled. The Bank’s practice is to charge off any loan or portion of a loan when the loan is determined by management to be uncollectible due to the borrower’s failure to meet repayment terms, the borrower’s deteriorating or deteriorated financial condition, the depreciation of the underlying collateral, the loan’s classification as a loss by regulatory examiners, or for other reasons. | |
Allowance For Loan Losses | |
The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. | |
The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectibility of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral, and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. | |
The allowance consists of specific, general, and unallocated components. The specific component relates to loans that are classified as doubtful, substandard, or special mention. For such loans that are also classified as impaired, an 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 covers non-classified loans and is based on historical loss experience adjusted for qualitative factors. 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 specific and general losses in the portfolio. | |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | ' |
Loan Impairment | |
A loan is considered impaired when, based on current information and events, it is probable that the Bank will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reason for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan-by-loan basis for commercial real estate loans by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of the collateral if the loan is collateral dependent. | |
Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. | |
Loans and Leases Receivable, Troubled Debt Restructuring Policy [Policy Text Block] | ' |
Debt Restructurings | |
In situations where, for economic or legal reasons related to a customer’s financial difficulties, the Bank grants a concession for other than an insignificant period of time to the customer that the Bank would not otherwise consider, the related loan is classified as a troubled debt restructuring (TDR). The Bank strives to identify customers in financial difficulty early and work with them to modify to more affordable terms before their loan reaches nonaccrual status. These modified terms may include rate reductions, principal forgiveness, payment forbearance and other actions intended to minimize the economic loss and to avoid foreclosure or repossession of the collateral. In cases where the Bank grants the customer new terms that provide for a reduction of either interest or principal, the Bank measures any impairment on the restructuring as previously noted for impaired loans. | |
Bank-Owned Life Insurance [Policy Text Block] | ' |
Bank-Owned Life Insurance | |
The Bank owns a life insurance policy on the life of a retired member of the Board of Directors. The cash surrender value of the policy is recorded as an asset of the bank and changes in this value are reflected in non-interest income. Death benefit proceeds in excess of the policy’s cash surrender value will be recognized as income upon receipt. There are no policy loans offset against the cash surrender value or restrictions on the use of the proceeds. | |
Property, Plant and Equipment, Policy [Policy Text Block] | ' |
Premises and Equipment | |
Land is carried at cost. Other premises and equipment are recorded at cost and are depreciated on the straight-line method. Charges for maintenance and repairs are expensed as incurred. Depreciation and amortization are provided over the estimated useful lives of the respective assets. | |
Loans and Leases Receivable, Real Estate Acquired Through Foreclosure, Policy [Policy Text Block] | ' |
Real Estate Owned | |
Real estate owned is comprised of properties acquired through foreclosure proceedings or acceptance of a deed in lieu of foreclosure. Real estate owned is recorded at the lower of the carrying value of the loan or the fair value of the property, net of estimated selling costs. Costs relating to the development or improvement of the properties are capitalized while expenses related to the operation and maintenance of properties are recorded as an expense as incurred. Gains or losses upon dispositions are reflected in earnings as realized. The Company had $1,949,825 and $2,469,800 in real estate owned at March 31, 2014 and 2013, respectively. The Company recorded losses of $85,680 and $152,276 on sale of real estate owned for the years ended March 31, 2014 and 2013, respectively. | |
Comprehensive Income, Policy [Policy Text Block] | ' |
Comprehensive Income | |
The Company presents in the consolidated statement of comprehensive income those amounts arising from transactions and other events which currently are excluded from the statements of operations and are recorded directly to stockholders’ equity. For the years ended March 31, 2014 and 2013, the only components of comprehensive income were net (loss), unrealized holding (loss) gains, net of income tax (benefit) expense, on available for sale securities and reclassifications related to realized gains on sale of securities recognized in earnings, net of tax and postretirement benefit plan adjustments, net of tax. Reclassifications are made to avoid double counting in comprehensive income items which are displayed as part of net income for the period. | |
Income Tax, Policy [Policy Text Block] | ' |
Income Taxes | |
Income taxes are provided for the tax effects of the transactions reported in the financial statements and consist of taxes currently due plus deferred taxes related primarily to tax net operating loss carryforwards and differences between the basis of available-for-sale securities, allowance for loan losses, estimated losses on real estate owned, accumulated depreciation, and accrued employee benefits for financial and income tax reporting. | |
The deferred tax assets and liabilities represent the future tax return consequences of those differences, which will either be taxable or deductible when assets and liabilities are recovered or settled, as well as operating loss carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is established against deferred tax assets when in the judgment of management, it is more likely than not that such deferred tax assets will not become available. Because the judgment about the level of future taxable income is dependent to a great extent on matters that may, at least in part be beyond the Company’s control, it is at least reasonably possible that management’s judgment about the need for a valuation allowance for deferred taxes could change in the near term. | |
Segment Reporting, Policy [Policy Text Block] | ' |
Segment Information | |
Delanco Bancorp, Inc. has one reportable segment, “Community Banking”. All of the Company’s activities are interrelated, and each activity is dependent and assessed based on how each of the activities of the Company supports the others. For example, lending is dependent upon the ability of the Company to fund itself with deposits and borrowings while managing the interest rate and credit risk. Accordingly, all significant operating decisions are based upon analysis of the Bank as one segment or unit. | |
Cash and Cash Equivalents, Policy [Policy Text Block] | ' |
Statements of Cash Flows | |
The Company considers all cash and amounts due from depository institutions and interest-bearing deposits in other banks with original maturities of less than 90 days to be cash equivalents for purposes of the statements of cash flows. | |
Advertising Costs, Policy [Policy Text Block] | ' |
Advertising Costs | |
Advertising costs are expensed as incurred. Advertising expenses totaled $23,643 and $21,862 for the years ended March 31, 2014 and 2013, respectively. | |
Employee Stock Ownership Plan (ESOP), Policy [Policy Text Block] | ' |
Employee Stock Ownership Plan (“ESOP”) | |
The Company maintains an employee stock ownership plan as (“ESOP”) for substantially all of its full-time employees. The ESOP purchased 64,081 shares of the Company’s common stock for an aggregate cost of approximately $640,810 in fiscal 2008. In October 2013, the Company completed a “second step” conversion and as a result, the original 64,081 shares purchased by the ESOP were converted to 36,596 shares of the new Bancorp. In addition, the ESOP purchased an additional 23,644 shares of the Company’s common stock in October 2013 for an aggregated cost of approximately $189,152. Shares of the Company’s common stock purchased by the ESOP are held in a suspense account until released for allocation to participants. Shares are allocated to each eligible participant based on the ratio of each such participant’s compensation, as defined in the ESOP, to the total compensation of all eligible plan participants. As the unearned shares are released from the suspense account, the Company recognizes compensation expense equal to the fair value of the ESOP shares during the periods in which they become committed to be released. To the extent that the fair value of the ESOP shares released differs from the cost of such shares, the difference is charged or credited to equity as additional paid-in capital. As of March 31, 2014, the Company had allocated a total of 14,496 shares from the suspense account to participants. For the years ended March 31, 2014 and 2013, the Company recognized $33,076 and $12,336, respectively in compensation expense related to the ESOP. At March 31, 2014, 60,240 shares were held in the ESOP. | |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' |
Stock Based Compensation | |
The Company accounts for stock-based compensation issued to employees, and where appropriate, non-employees, at fair value. Under fair value provisions, stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense over the appropriate vesting period using the straight-line method. The amount of stock-based compensation recognized at any date must at least equal the portion of the grant date fair value of the award that is vested at that date and as a result it may be necessary to recognize the expense using a ratable method. Determining the fair value of stock-based awards at the date of grant requires judgment, including estimating the expected term of the stock options and the expected volatility of the Company’s stock. In addition, judgment is required in estimating the amount of stock-based awards that are expected to be forfeited. If actual results differ significantly from these estimates or different key assumptions were used, it could have a material effect on the Company’s consolidated financial statements. | |
Federal Home Loan Bank Stock Disclosure [Policy Text Block] | ' |
Federal Home Loan Bank Stock | |
FHLB Stock, which represents the required investment in the common stock of a correspondent bank, is carried at cost. | |
Earnings Per Share, Policy [Policy Text Block] | ' |
Earnings Per Share | |
Basic earnings per share is calculated on the basis of net income divided by the weighted average number of shares outstanding. Diluted earnings per share includes dilutive potential shares as computed under the treasury stock method using average common stock prices. Diluted earnings per share is calculated on the basis of the weighted average number of shares outstanding plus the weighted average number of additional dilutive shares. |
Note_5_Investment_Securities_T
Note 5 - Investment Securities (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
Available-for-sale Securities [Table Text Block] | ' | ||||||||||||||||||||||||
Available-for-Sale | |||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||||||||||
Cost </ U> | Unrealized | Unrealized | Value | ||||||||||||||||||||||
Gains </ U> | Losses | ||||||||||||||||||||||||
Federal Home Loan Bank Bonds | 1,500,000 | - | (147,424 | ) | 1,352,576 | ||||||||||||||||||||
Federal National Mortgage Association | 500,000 | - | (62,352 | ) | 437,648 | ||||||||||||||||||||
Mutual Fund Shares | 185,959 | - | (2,813 | ) | 183,146 | ||||||||||||||||||||
Total | $ | 2,185,959 | $ | - | $ | (212,589 | ) | $ | 1,973,370 | ||||||||||||||||
Available-for-Sale | |||||||||||||||||||||||||
31-Mar-13 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||||||||||
Cost </ U></ /> | Unrealized | Unrealized | Value | ||||||||||||||||||||||
Gains </ U></ /> | Losses | ||||||||||||||||||||||||
Federal Home Loan Bank Bonds | 1,500,000 | 1,175 | (147,424,7954 | ) | 1,496 | ||||||||||||||||||||
Federal National Mortgage Association | 500,000 | (11,562 | ) | 488,438 | |||||||||||||||||||||
Mutual Fund Shares | 217,032 | 5,168 | 222,200 | ||||||||||||||||||||||
Total | $ | 2,217,032 | $ | 6,343 | $ | (16,357 | ) | $ | 2,207,018 | ||||||||||||||||
Held-to-maturity Securities [Table Text Block] | ' | ||||||||||||||||||||||||
Held-to-Maturity | |||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||||||||||
Cost </ U></ /> | Unrealized | Unrealized | Value | ||||||||||||||||||||||
Gains </ U></ /> | Losses | ||||||||||||||||||||||||
Federal Home Loan Bank Bonds | $ | 6,567,912 | $ | 179 | $ | (524,274 | ) | $ | 6,043,817 | ||||||||||||||||
Federal Farm Credit Bonds | 5,944,328 | (387,400 | ) | 5,556,928 | |||||||||||||||||||||
Federal Home Loan Mortgage Corporation Bonds | 1,997,213 | (166,768 | ) | 1,830,445 | |||||||||||||||||||||
Federal National Mortgage Association | 10,497,566 | 17,409 | (596,584 | ) | 9,918,391 | ||||||||||||||||||||
Municipal Bond | $ | 546,820 | 1,040 | 547,860 | |||||||||||||||||||||
25,553,839 | 18,628 | (1,675,026 | ) | 23,897,441 | |||||||||||||||||||||
Mortgage-Backed Securities: | |||||||||||||||||||||||||
Federal Home Loan Mortgage Corporation | 610,004 | 43,541 | (7,525 | ) | 646,020 | ||||||||||||||||||||
Federal National Mortgage Association | 583,462 | 53,728 | (4,554 | ) | 632,636 | ||||||||||||||||||||
Governemnt National Mortgage Corporation | 228,602 | 6,910 | (1,148 | ) | 234,364 | ||||||||||||||||||||
1,422,068 | 104,179 | (13,227 | ) | 1,513,020 | |||||||||||||||||||||
Total | $ | 26,975,907 | $ | 122,807 | $ | (1,688,253 | ) | $ | 25,410,461 | ||||||||||||||||
Held-to-Maturity | |||||||||||||||||||||||||
31-Mar-13 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
Federal Home Loan Bank Bonds | 4,590,643 | 4,625 | (17,525 | ) | 4,577,743 | ||||||||||||||||||||
Federal Farm Credit Bonds | 3,444,266 | 1,324 | (16,560 | ) | 3,429,030 | ||||||||||||||||||||
Federal Home Loan Mortgage Corporation Bonds | 500,000 | (2,198 | ) | 497,802 | |||||||||||||||||||||
Federal National Mortgage Association | 9,499,365 | 48,995 | (9,546 | ) | 9,538,814 | ||||||||||||||||||||
Municipal Bond | 64,320 | 64,320 | |||||||||||||||||||||||
18,098,594 | 54,944 | (45,829 | ) | 18,107,709 | |||||||||||||||||||||
Mortgage-Backed Securities: | |||||||||||||||||||||||||
Federal Home Loan Mortgage Corporation | 965,204 | 64,850 | 1,030,054 | ||||||||||||||||||||||
Federal National Mortgage Association | 780,572 | 64,261 | 844,833 | ||||||||||||||||||||||
Government National Mortgage Corporation | 293,516 | 10,471 | (913 | ) | 303,074 | ||||||||||||||||||||
2,039,292 | 139,582 | (913 | ) | 2,177,961 | |||||||||||||||||||||
Total | 20,137,886 | 194,526 | (46,742 | ) | 20,285,670 | ||||||||||||||||||||
Investments Classified by Contractual Maturity Date [Table Text Block] | ' | ||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||
Available-for-sale | Held-to-maturity | ||||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | ||||||||||||||||||||||
Cost | Value | Cost | Value | ||||||||||||||||||||||
Amounts maturing in: | |||||||||||||||||||||||||
One year or less | $ | 546,820 | $ | 547,860 | |||||||||||||||||||||
After one year through five years | 1,502,317 | 1,500,248 | |||||||||||||||||||||||
After five years through ten years | 5,918,854 | 7,927,988 | |||||||||||||||||||||||
After ten years | 2,000,000 | 1,790,224 | 19,007,916 | 15,434,365 | |||||||||||||||||||||
Mutual fund shares | 185,959 | 183,146 | |||||||||||||||||||||||
$ | 2,185,959 | $ | 1,973,370 | $ | 26,975,907 | $ | 25,410,461 | ||||||||||||||||||
31-Mar-13 | |||||||||||||||||||||||||
Available-for-sale | Held-to-maturity | ||||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | ||||||||||||||||||||||
Cost | Value | Cost | Value | ||||||||||||||||||||||
Amounts maturing in: | |||||||||||||||||||||||||
One year or less | $ | 64,320 | $ | 64,320 | |||||||||||||||||||||
After one year through five years | 1,005,098 | 1,028,678 | |||||||||||||||||||||||
After five years through ten years | 6,421,666 | 6,417,558 | |||||||||||||||||||||||
After ten years | 2,000,000 | 1,984,818 | 12,646,802 | 12,775,114 | |||||||||||||||||||||
Mutual fund shares | 217,032 | 222,200 | |||||||||||||||||||||||
$ | 2,217,032 | $ | 2,207,018 | $ | 20,137,886 | $ | 20,285,670 | ||||||||||||||||||
Schedule of Unrealized Loss on Investments [Table Text Block] | ' | ||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Greater | Total | |||||||||||||||||||||||
31-Mar-14 | Fair | Gross | Fair | Gross | Fair | Gross | |||||||||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | ||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||
Federal Home Loan Bank Bonds | $ | 3,606,295 | $ | (371,027 | ) | $ | 3,789,919 | $ | (300,671 | ) | $ | 7,396,214 | $ | (671,698 | ) | ||||||||||
Federal Farm Credit Bonds | 3,282,377 | (217,412 | ) | 1,774,551 | (169,988 | ) | 5,056,928 | (387,400 | ) | ||||||||||||||||
Federal Home Loan Mortgage Corporation | 1,099,745 | (76,756 | ) | 902,463 | (97,538 | ) | 2,002,208 | (174,294 | ) | ||||||||||||||||
Federal National Mortgage Association | 7,686,714 | (512,183 | ) | 1,348,694 | (151,306 | ) | 9,035,408 | (663,489 | ) | ||||||||||||||||
Mutual fund shares | 182,861 | (2,813 | ) | 182,861 | (2,813 | ) | |||||||||||||||||||
15,857,992 | (1,180,191 | ) | 7,815,627 | (719,503 | ) | 23,673,619 | (1,899,694 | ) | |||||||||||||||||
Mortgage-Backed Securities: | |||||||||||||||||||||||||
Government National Mortgage Association | 26,537 | (1,148 | ) | 26,537 | (1,148 | ) | |||||||||||||||||||
Total | $ | 15,857,992 | $ | (1,180,191 | ) | $ | 7,842,164 | $ | (720,651 | ) | $ | 23,700,156 | $ | (1,900,842 | ) | ||||||||||
Less Than 12 Months | 12 Months or Greater | Total | |||||||||||||||||||||||
31-Mar-13 | Fair | Gross | Fair | Gross | Fair | Gross | |||||||||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | ||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||
Federal Home Loan Bank Bonds | $ | 2,454,531 | $ | (22,320 | ) | $ | $ | $ | 2,454,531 | $ | (22,320 | ) | |||||||||||||
Federal Farm Credit Bonds | 2,427,706 | (16,560 | ) | 2,427,706 | (16,560 | ) | |||||||||||||||||||
Federal Home Loan Mortgage Corporation | 497,802 | (2,198 | ) | 497,802 | (2,198 | ) | |||||||||||||||||||
Federal National Mortgage Association | 1,978,892 | (21,108 | ) | 1,978,892 | (21,108 | ) | |||||||||||||||||||
7,358,931 | (62,186 | ) | 7,358,931 | (62,186 | ) | ||||||||||||||||||||
Mortgage-Backed Securities: | |||||||||||||||||||||||||
Government National Mortgage Association | 31,562 | (913 | ) | 31,562 | (913 | ) | |||||||||||||||||||
Total | $ | 7,358,931 | $ | (62,186 | ) | $ | 31,562 | $ | (913 | ) | $ | 7,390,493 | $ | (63,099 | ) |
Note_6_Loans_Tables
Note 6 - Loans (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||
Note 6 - Loans (Tables) [Line Items] | ' | ||||||||||||||||||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | ' | ||||||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Residential (one to four family) real estate | $ | 63,524,240 | $ | 66,597,885 | |||||||||||||||||||||||||
Multi-family and commercial real estate | 10,414,383 | 12,402,532 | |||||||||||||||||||||||||||
Commercial | 1,306,877 | 1,165,774 | |||||||||||||||||||||||||||
Home equity | 8,143,701 | 8,361,492 | |||||||||||||||||||||||||||
Consumer | 686,217 | 959,771 | |||||||||||||||||||||||||||
Construction | 1,009,027 | 82,849 | |||||||||||||||||||||||||||
Total loans | 85,084,445 | 89,570,303 | |||||||||||||||||||||||||||
Net deferred loan origination fees | (96,705 | ) | (118,401 | ) | |||||||||||||||||||||||||
Allowance for loan losses | (1,448,298 | ) | (1,032,818 | ) | |||||||||||||||||||||||||
(1,545,003 | ) | (1,151,219 | ) | ||||||||||||||||||||||||||
Loans, net | $ | 83,539,442 | $ | 88,419,084 | |||||||||||||||||||||||||
Financing Receivable Credit Quality Indicators [Table Text Block] | ' | ||||||||||||||||||||||||||||
Pass | Special | Classified | Non- | Total | |||||||||||||||||||||||||
Mention | Loans | Performing | |||||||||||||||||||||||||||
Loans | Loans | ||||||||||||||||||||||||||||
Residential real estate | $ | 61,026,546 | $ | $ | 2,497,694 | 63,524,240 | |||||||||||||||||||||||
Multi-family and commercial real estate | 6,823,014 | 121,448 | 333,360 | 3,136,561 | 10,414,383 | ||||||||||||||||||||||||
Commercial | 923,314 | 241,396 | 34,527 | 107,640 | 1,306,877 | ||||||||||||||||||||||||
Home equity | 7,924,792 | 218,909 | 8,143,701 | ||||||||||||||||||||||||||
Consumer | 686,217 | 686,217 | |||||||||||||||||||||||||||
Construction | 949,256 | 59,771 | 1,009,027 | ||||||||||||||||||||||||||
$ | 78,333,139 | $ | 362,844 | $ | 367,887 | $ | 6,020,575 | $ | 85,084,445 | ||||||||||||||||||||
Pass | Special | Classified | Non- | Total | |||||||||||||||||||||||||
Mention | Loans | Performing | |||||||||||||||||||||||||||
Loans | Loans | ||||||||||||||||||||||||||||
Residential real estate | $ | 63,418,245 | $ | 304,427 | $ | 199,966 | $ | 2,675,247 | $ | 66,597,885 | |||||||||||||||||||
Multi-family and commercial real estate | 8,719,717 | 119,950 | 465,287 | 3,097,578 | 12,402,532 | ||||||||||||||||||||||||
Commercial | 642,693 | 254,084 | 34,096 | 234,901 | 1,165,774 | ||||||||||||||||||||||||
Home equity | 8,074,576 | 286,916 | 8,361,492 | ||||||||||||||||||||||||||
Consumer | 959,771 | 959,771 | |||||||||||||||||||||||||||
Construction | 31,856 | 50,993 | 82,849 | ||||||||||||||||||||||||||
$ | 81,846,858 | $ | 678,461 | $ | 699,349 | $ | 6,345,635 | $ | 89,570,303 | ||||||||||||||||||||
Past Due Financing Receivables [Table Text Block] | ' | ||||||||||||||||||||||||||||
30-59 | 60-89 | Greater Than | Total | Current | Total Loan | ||||||||||||||||||||||||
Days | Days | 90 Days | Past Due | Balances | |||||||||||||||||||||||||
Past Due | PastDue | Past Due | |||||||||||||||||||||||||||
Residential real estate | $ | 1,472,631 | $ | 307,584 | $ | 1,949,649 | $ | 3,729,864 | $ | 59,794,376 | $ | 63,524,240 | |||||||||||||||||
Multi-family and commercial real estate | 494,494 | 869,747 | 1,291,286 | 2,655,527 | 7,758,856 | 10,414,383 | |||||||||||||||||||||||
Commercial | 199,081 | 107,640 | 306,721 | 1,000,156 | 1,306,877 | ||||||||||||||||||||||||
Home equity | 255,004 | 240,811 | 218,938 | 714,753 | 7,428,948 | 8,143,701 | |||||||||||||||||||||||
Consumer | 79,268 | 79,268 | 606,949 | 686,217 | |||||||||||||||||||||||||
Construction | 1,009,027 | 1,009,027 | |||||||||||||||||||||||||||
Total Loans | $ | 2,500,478 | $ | 1,418,142 | $ | 3,567,513 | $ | 7,486,133 | $ | 77,598,312 | $ | 85,084,445 | |||||||||||||||||
Percentage of Total Loans | 2.94 | % | 1.67 | % | 4.19 | % | 8.8 | % | 91.2 | % | 100 | % | |||||||||||||||||
30-59 | 60-89 | Greater Than | Total | Current | Total Loan | ||||||||||||||||||||||||
Days | Days | 90 Days | Past Due | Balances | |||||||||||||||||||||||||
Past Due | Past Due | Past Due | |||||||||||||||||||||||||||
Residential real estate | $ | 1,745,733 | $ | 930,574 | $ | 1,542,578 | $ | 4,218,885 | $ | 62,379,000 | $ | 66,597,885 | |||||||||||||||||
Multi-family and commercial real estate | 314,279 | 231,377 | 2,303,228 | 2,848,884 | 9,553,648 | 12,402,532 | |||||||||||||||||||||||
Commercial | 234,901 | 234,901 | 930,873 | 1,165,774 | |||||||||||||||||||||||||
Home equity | 204,467 | 286,916 | 491,383 | 7,870,109 | 8,361,492 | ||||||||||||||||||||||||
Consumer | 6,738 | 6,738 | 953,033 | 959,771 | |||||||||||||||||||||||||
Construction | 82,849 | 82,849 | |||||||||||||||||||||||||||
Total Loans | $ | 2,271,217 | $ | 1,161,951 | $ | 4,367,623 | $ | 7,800,791 | $ | 81,769,512 | $ | 89,570,303 | |||||||||||||||||
Percentage of Total Loans | 2.53 | % | 1.3 | % | 4.88 | % | 8.71 | % | 91.29 | % | 100 | % | |||||||||||||||||
Schedule of Financing Receivables, Non Accrual Status [Table Text Block] | ' | ||||||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Non-accrual loans: | |||||||||||||||||||||||||||||
Residential real estate | $ | 1,277,406 | $ | 992,173 | |||||||||||||||||||||||||
Multi-family and commercial real estate | 980,711 | 1,302,430 | |||||||||||||||||||||||||||
Commercial | 107,640 | 234,901 | |||||||||||||||||||||||||||
Home equity | 218,909 | 286,916 | |||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||
Total non-accrual loans | 2,584,666 | 2,816,420 | |||||||||||||||||||||||||||
Accruing loans past due 90 days or more: | |||||||||||||||||||||||||||||
Residential real estate | $ | $ | |||||||||||||||||||||||||||
Multi-family and commercial real estate | 100,360 | ||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||
Total accruing loans past due 90 days or more | 100,360 | ||||||||||||||||||||||||||||
Troubled debt restructurings: | |||||||||||||||||||||||||||||
In non-accrual status: | |||||||||||||||||||||||||||||
Residential real estate | $ | 672,242 | $ | 550,405 | |||||||||||||||||||||||||
Multi-family and commercial real estate | 846,962 | 1,000,798 | |||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Home equity | |||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||
Total troubled debt restructurings in non- accrual status | 1,519,204 | 1,551,203 | |||||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Performing under modified terms: | |||||||||||||||||||||||||||||
Residential real estate | $ | 548,046 | $ | 787,667 | |||||||||||||||||||||||||
Multi-family and commercial real estate | 1,308,888 | 1,139,352 | |||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Home equity | |||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Construction | 59,771 | 50,993 | |||||||||||||||||||||||||||
Total troubled debt restructurings performing under modified terms | 1,916,705 | 1,978,012 | |||||||||||||||||||||||||||
Total troubled debt restructurings | 3,435,909 | 3,529,215 | |||||||||||||||||||||||||||
Total non-performing loans | 6,120,935 | 6,345,635 | |||||||||||||||||||||||||||
Real estate owned | 1,949,825 | 2,469,800 | |||||||||||||||||||||||||||
Total non-performing assets | $ | 8,070,760 | $ | 8,815,435 | |||||||||||||||||||||||||
Non-performing loans as a percentage of loans | 7.19 | % | 7.08 | % | |||||||||||||||||||||||||
Non-performing assets as a percentage of loans and real estate owned | 9.27 | % | 9.58 | % | |||||||||||||||||||||||||
Non-performing assets as a percentage of total assets | 6.34 | % | 6.81 | % | |||||||||||||||||||||||||
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | ' | ||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Outstanding Recorded | Outstanding Recorded | ||||||||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||||||
Number of | Post- | Number of | Pre- | Post- | |||||||||||||||||||||||||
Contracts | Pre- | Modification | Contracts | Modification | Modification | ||||||||||||||||||||||||
Modification | |||||||||||||||||||||||||||||
Troubled debt restructurings: | |||||||||||||||||||||||||||||
Residential real estate | 1 | $ | 120,037 | $ | 122,878 | 2 | $ | 338,865 | $ | 486,257 | |||||||||||||||||||
Number of | Recorded Investment | Number of | Recorded Investment | ||||||||||||||||||||||||||
Contracts | Contracts | ||||||||||||||||||||||||||||
Troubled debt restructurings that subsequently defaulted: | |||||||||||||||||||||||||||||
Residential real estate | $ | 1 | $ | 74,731 | |||||||||||||||||||||||||
Real Estate Owned [Table Text Block] | ' | ||||||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Balance, beginning of period | $ | 2,469,800 | $ | 845,669 | |||||||||||||||||||||||||
Additions from loan foreclosures | 856,393 | 2,650,458 | |||||||||||||||||||||||||||
Additions from capitalized costs | 3,352 | 3,100 | |||||||||||||||||||||||||||
Dispositions of REO | (690,453 | ) | (820,657 | ) | |||||||||||||||||||||||||
Gain (loss) on sale of REO | (85,680 | ) | (152,276 | ) | |||||||||||||||||||||||||
Valuation adjustments in the period | (603,587 | ) | (56,494 | ) | |||||||||||||||||||||||||
Balance, end of period | $ | 1,949,825 | $ | 2,469,800 | |||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Balance, beginning of period | 72,077 | 104,316 | |||||||||||||||||||||||||||
Valuation adjustments added in the period | 675,100 | 56,494 | |||||||||||||||||||||||||||
Valuation adjustments on disposed properties during the period | (71,512 | ) | (88,733 | ) | |||||||||||||||||||||||||
Balance, end of period | $ | 675,665 | $ | 72,077 | |||||||||||||||||||||||||
Schedule of Credit Losses Related to Financing Receivables, Current and Noncurrent [Table Text Block] | ' | ||||||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Balance at beginning of year | 1,032,818 | 1,160,535 | |||||||||||||||||||||||||||
Provision: | |||||||||||||||||||||||||||||
Residential real estate | 266,246 | 19,862 | |||||||||||||||||||||||||||
Multi-family and commercial real estate | 627,214 | 587,288 | |||||||||||||||||||||||||||
Commercial | 141,359 | 3,783 | |||||||||||||||||||||||||||
Home equity loans | 21,490 | 18,827 | |||||||||||||||||||||||||||
Consumer | (102,622 | ) | 14,475 | ||||||||||||||||||||||||||
Construction | 3,670 | (4,035 | ) | ||||||||||||||||||||||||||
Total Provision | 957,357 | 640,200 | |||||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Charge-Offs: | |||||||||||||||||||||||||||||
Residential real estate | 99,548 | 26,757 | |||||||||||||||||||||||||||
Multi-family and commercial real estate | 378,263 | 686,293 | |||||||||||||||||||||||||||
Commercial | 127,259 | ||||||||||||||||||||||||||||
Home equity | 3,875 | 28,649 | |||||||||||||||||||||||||||
Consumer | 16,450 | 66,510 | |||||||||||||||||||||||||||
Recoveries | $ | (83,518 | ) | $ | (40,292 | ) | |||||||||||||||||||||||
Total Net Charge-Offs | 541,877 | 767,917 | |||||||||||||||||||||||||||
Balance at end of year | $ | 1,448,298 | $ | 1,032,818 | |||||||||||||||||||||||||
Year-end loans outstanding | $ | 85,084,445 | $ | 89,570,303 | |||||||||||||||||||||||||
Average loans outstanding | $ | 87,327,374 | $ | 95,122,254 | |||||||||||||||||||||||||
Allowance as a percentage of year-end loans | 1.7 | % | 1.15 | % | |||||||||||||||||||||||||
Net charge-offs as a percentage of average loans | 0.62 | % | 0.81 | % | |||||||||||||||||||||||||
Allowance for Credit Losses on Financing Receivables [Table Text Block] | ' | ||||||||||||||||||||||||||||
Residential | Multi-Family | Commercial | Home | Consumer | Construction | Total | |||||||||||||||||||||||
Real Estate | and | Equity | |||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Balance, beginning of year | $ | 485,215 | $ | 378,289 | $ | 44,299 | $ | 47,754 | $ | 77,134 | $ | 127 | $ | 1,032,818 | |||||||||||||||
Loan charge-offs | (99,548 | ) | (378,263 | ) | (127,259 | ) | (3,875 | ) | (16,450 | ) | (625,395 | ) | |||||||||||||||||
Recoveries | 4,243 | 7,728 | 71,547 | 83,518 | |||||||||||||||||||||||||
Provision for loan losses | 266,246 | 627,214 | 141,359 | 21,490 | (102,622 | ) | 3,670 | 957,357 | |||||||||||||||||||||
Balance, end of year | $ | 656,156 | $ | 634,968 | $ | 58,399 | $ | 65,369 | $ | 29,609 | $ | 3,797 | $ | 1,448,298 | |||||||||||||||
Ending balance for allowance individually evaluated for impairment | $ | 27,507 | $ | 260,000 | $ | $ | $ | $ | $ | 287,507 | |||||||||||||||||||
Ending balance for allowance collectively evaluated for impairment | $ | 628,649 | $ | 374,968 | $ | 58,399 | $ | 65,369 | $ | 29,609 | $ | 3,797 | $ | 1,160,791 | |||||||||||||||
Loans receivable: | |||||||||||||||||||||||||||||
Ending balance | $ | 63,524,240 | $ | 10,414,383 | $ | 1,306,877 | $ | 8,143,701 | $ | 686,217 | $ | 1,009,027 | $ | 85,084,445 | |||||||||||||||
Ending balance for loans individually evaluated for impairment | $ | 3,141,851 | $ | 986,115 | $ | 107,640 | $ | 219,010 | $ | $ | $ | 4,454,616 | |||||||||||||||||
Ending balance for loans collectively evaluated for impairment | $ | 60,382,389 | $ | 9,428,268 | $ | 1,199,237 | $ | 7,924,691 | $ | 686,217 | $ | 1,009,027 | $ | 80,629,829 | |||||||||||||||
Residential | Multi-Family | Commercial | Home | Consumer | Construction | Total | |||||||||||||||||||||||
Real Estate | and | Equity | |||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Balance, beginning of year | $ | 491,273 | $ | 468,834 | $ | 40,516 | $ | 57,576 | $ | 98,174 | $ | 4,162 | $ | 1,160,535 | |||||||||||||||
Loan charge-offs | (26,757 | ) | (686,293 | ) | (28,649 | ) | (66,510 | ) | (808,209 | ) | |||||||||||||||||||
Recoveries | 837 | 8,460 | 30,995 | 40,292 | |||||||||||||||||||||||||
Provision for loan losses | 19,862 | 587,288 | 3,783 | 18,827 | 14,475 | (4,035 | ) | 640,200 | |||||||||||||||||||||
Balance, end of year | $ | 485,215 | $ | 378,289 | $ | 44,299 | $ | 47,754 | $ | 77,134 | $ | 127 | $ | 1,032,818 | |||||||||||||||
Ending balance for allowance individually evaluated for impairment | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||
Ending balance for allowance collectively evaluated for impairment | $ | 485,215 | $ | 378,289 | $ | 44,299 | $ | 47,754 | $ | 77,134 | $ | 127 | $ | 1,032,818 | |||||||||||||||
Loans receivable: | |||||||||||||||||||||||||||||
Ending balance | $ | 66,597,885 | $ | 12,402,532 | $ | 1,165,774 | $ | 8,361,492 | $ | 959,771 | $ | 82,849 | $ | 89,570,303 | |||||||||||||||
Ending balance for loans individually evaluated for impairment | $ | 1,435,444 | $ | 2,411,635 | $ | 234,899 | $ | 286,453 | $ | $ | $ | 4,368,431 | |||||||||||||||||
Ending balance for loans collectively evaluated for impairment | $ | 65,162,441 | $ | 9,990,897 | $ | 930,875 | $ | 8,075,039 | $ | 959,771 | $ | 82,849 | $ | 85,201,872 | |||||||||||||||
Loans Receivable, Officers and Directors [Table Text Block] | ' | ||||||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Balance, beginning of year | $ | 672,699 | $ | 584,413 | |||||||||||||||||||||||||
Payments | (284,183 | ) | (86,905 | ) | |||||||||||||||||||||||||
Borrowings | 388,000 | 175,191 | |||||||||||||||||||||||||||
Balance, end of year | $ | 776,516 | $ | 672,699 | |||||||||||||||||||||||||
Impaired Loans [Member] | ' | ||||||||||||||||||||||||||||
Note 6 - Loans (Tables) [Line Items] | ' | ||||||||||||||||||||||||||||
Impaired Financing Receivables [Table Text Block] | ' | ||||||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Impaired loans for which a valuation allowance has been provided | $ | 846,075 | $ | ||||||||||||||||||||||||||
Impaired loans for which no valuation allowance has been provided | 5,174,500 | 6,345,635 | |||||||||||||||||||||||||||
Total loans determined to be impaired | $ | 6,020,575 | $ | 6,345,635 | |||||||||||||||||||||||||
Allowance for loans losses related to impaired loans | $ | 287,507 | $ | ||||||||||||||||||||||||||
Average recorded investment in impaired loans | $ | 5,964,786 | $ | 7,244,941 | |||||||||||||||||||||||||
Cash basis interest income recognized on impaired loans | $ | 235,179 | $ | 168,207 | |||||||||||||||||||||||||
Impaired Loans by Portfolio [Member] | ' | ||||||||||||||||||||||||||||
Note 6 - Loans (Tables) [Line Items] | ' | ||||||||||||||||||||||||||||
Impaired Financing Receivables [Table Text Block] | ' | ||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | |||||||||||||||||||||||||
Investment | Principal | Valuation | Annual | Income | |||||||||||||||||||||||||
Balance | Allowance | Recorded | Recognized | ||||||||||||||||||||||||||
Investment | While On | ||||||||||||||||||||||||||||
Impaired | |||||||||||||||||||||||||||||
Status | |||||||||||||||||||||||||||||
Impaired loans with no valuation allowance: | |||||||||||||||||||||||||||||
Residential real estate | $ | 2,387,266 | $ | 2,344,801 | $ | - | $ | 2,184,474 | $ | 129,379 | |||||||||||||||||||
Multi-family and commercial real estate | 2,443,379 | 2,443,379 | - | 2,555,950 | 88,043 | ||||||||||||||||||||||||
Commercial | 107,640 | 107,640 | - | 183,296 | |||||||||||||||||||||||||
Home equity | 218,909 | 218,909 | - | 154,924 | 8,013 | ||||||||||||||||||||||||
Consumer | - | 4,293 | |||||||||||||||||||||||||||
Construction | 59,771 | 59,771 | - | 51,269 | 3,328 | ||||||||||||||||||||||||
Subtotal | $ | 5,216,965 | $ | 5,174,500 | $ | - | $ | 5,134,206 | $ | 228,763 | |||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | |||||||||||||||||||||||||
Investment | Principal | Valuation | Annual | Income | |||||||||||||||||||||||||
Balance | Allowance | Recorded | Recognized | ||||||||||||||||||||||||||
Investment | While On | ||||||||||||||||||||||||||||
Impaired | |||||||||||||||||||||||||||||
Status | |||||||||||||||||||||||||||||
Impaired loans with a valuation allowance: | |||||||||||||||||||||||||||||
Residential real estate | $ | 152,893 | $ | 152,893 | $ | 27,507 | $ | 153,434 | $ | 6,416 | |||||||||||||||||||
Multi-family and commercial real estate | 693,182 | 693,182 | 260,000 | 677,146 | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Home equity | |||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||
Subtotal | $ | 846,075 | $ | 846,075 | $ | 287,507 | $ | 830,580 | $ | 6,416 | |||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | |||||||||||||||||||||||||
Investment | Principal | Valuation | Annual | Income | |||||||||||||||||||||||||
Balance | Allowance | Recorded | Recognized | ||||||||||||||||||||||||||
Investment | While On | ||||||||||||||||||||||||||||
Impaired | |||||||||||||||||||||||||||||
Status | |||||||||||||||||||||||||||||
Total impaired loans: | |||||||||||||||||||||||||||||
Residential real estate | $ | 2,540,159 | $ | 2,497,694 | $ | 27,507 | $ | 2,337,908 | $ | 135,795 | |||||||||||||||||||
Multi-family and commercial real estate | 3,136,561 | 3,136,561 | 260,000 | 3,233,096 | 88,043 | ||||||||||||||||||||||||
Commercial | 107,640 | 107,640 | 183,296 | ||||||||||||||||||||||||||
Home equity | 218,909 | 218,909 | 154,924 | 8,013 | |||||||||||||||||||||||||
Consumer | 4,293 | ||||||||||||||||||||||||||||
Construction | 59,771 | 59,771 | 51,269 | 3,328 | |||||||||||||||||||||||||
Total | $ | 6,063,040 | $ | 6,020,575 | $ | 287,507 | $ | 5,964,786 | $ | 235,179 | |||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | |||||||||||||||||||||||||
Investment | Principal | Valuation | Annual | Income | |||||||||||||||||||||||||
Balance | Allowance | Recorded | Recognized | ||||||||||||||||||||||||||
Investment | While On | ||||||||||||||||||||||||||||
Impaired | |||||||||||||||||||||||||||||
Status | |||||||||||||||||||||||||||||
Impaired loans with no valuation allowance: | |||||||||||||||||||||||||||||
Residential real estate | $ | 2,254,806 | $ | 2,222,651 | $ | - | $ | $2,773,512 | $ | 83,173 | |||||||||||||||||||
Multi-family and commercial real estate | 3,550,177 | 3,550,177 | - | 4,105,741 | 61,604 | ||||||||||||||||||||||||
Commercial | 234,898 | 234,898 | - | 172,181 | 8,211 | ||||||||||||||||||||||||
Home equity | 286,916 | 286,916 | - | 137,938 | 11,486 | ||||||||||||||||||||||||
Consumer | - | 3,235 | |||||||||||||||||||||||||||
Construction | 50,993 | 50,993 | - | 52,334 | 3,733 | ||||||||||||||||||||||||
Subtotal | $ | 6,377,790 | $ | 6,345,635 | $ | - | $ | $7,244,941 | $ | 168,207 | |||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | |||||||||||||||||||||||||
Investment | Principal | Valuation | Annual | Income | |||||||||||||||||||||||||
Balance | Allowance | Recorded | Recognized | ||||||||||||||||||||||||||
Investment | While On | ||||||||||||||||||||||||||||
Impaired | |||||||||||||||||||||||||||||
Status | |||||||||||||||||||||||||||||
Total impaired loans: | |||||||||||||||||||||||||||||
Residential real estate | $ | 2,254,806 | $ | 2,222,651 | $ | - | $ | 2,773,512 | $ | 83,173 | |||||||||||||||||||
Multi-family and commercial real estate | 3,550,177 | 3,550,177 | - | 4,105,741 | 61,604 | ||||||||||||||||||||||||
Commercial | 234,898 | 234,898 | - | 172,181 | 8,211 | ||||||||||||||||||||||||
Home equity | 286,916 | 286,916 | - | 137,938 | 11,486 | ||||||||||||||||||||||||
Consumer | - | 3,235 | |||||||||||||||||||||||||||
Construction | 50,993 | 50,993 | - | 52,334 | 3,733 | ||||||||||||||||||||||||
Total | $ | 6,377,790 | $ | 6,345,635 | $ | - | $ | $7,244,941 | $ | 168,207 |
Note_7_Loan_Servicing_Tables
Note 7 - Loan Servicing (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Transfers and Servicing [Abstract] | ' | ||||||||
Schedule of Servicing Assets at Fair Value [Table Text Block] | ' | ||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Mortgage Loan Servicing Portfolio: | |||||||||
Mortgage Partnership Finance FHLB New York | $ | 246,332 | $ | 393,480 |
Note_8_Accrued_Interest_Receiv1
Note 8 - Accrued Interest Receivable (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||
Schedule of Other Assets [Table Text Block] | ' | ||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Loans | $ | 280,444 | $ | 309,057 | |||||
Investment securities | 168,616 | 84,614 | |||||||
Mortgage backed securities | 13,224 | 34,065 | |||||||
$ | 462,284 | $ | 427,736 |
Note_9_Premises_and_Equipment_
Note 9 - Premises and Equipment (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment [Table Text Block] | ' | ||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Land | $ | 1,451,203 | $ | 1,451,203 | |||||
Buildings | 6,848,967 | 6,848,967 | |||||||
Furniture, fixtures and equipment | 1,979,488 | 1,915,323 | |||||||
10,279,658 | 10,215,493 | ||||||||
Accumulated depreciation | (3,611,106 | ) | (3,360,493 | ) | |||||
$ | 6,668,552 | $ | 6,855,000 |
Note_11_Deposits_Tables
Note 11 - Deposits (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||
Schedule of Deposit Account Balances [Table Text Block] | ' | ||||||||||||
31-Mar-14 | |||||||||||||
Amount | Weighted Average | Percent of | |||||||||||
Interest Rate | Portfolio | ||||||||||||
Non interest bearing accounts | $ | 7,852,030 | % | 7.1 | |||||||||
Interest bearing checking accounts | 19,637,558 | 0.15 | 17.75 | ||||||||||
Passbook savings accounts | 15,491,930 | 0.1 | 14 | ||||||||||
Money Market accounts | 21,267,887 | 0.42 | 19.23 | ||||||||||
Club accounts | 136,293 | 0.1 | 0.12 | ||||||||||
64,385,698 | 58.2 | ||||||||||||
Certificates of Deposits: | |||||||||||||
0.10% to 0.99% | 27,341,814 | 0.49 | 24.72 | ||||||||||
1.00% to 1.99% | 12,373,761 | 1.38 | 11.19 | ||||||||||
2.00% to 2.99% | 6,351,120 | 2.45 | 5.74 | ||||||||||
3.00% to 3.99% | 171,953 | 3.15 | 0.15 | ||||||||||
4.00% and over | 353 | 4.78 | |||||||||||
46,239,001 | 41.8 | ||||||||||||
$ | 110,624,699 | 100 | % | ||||||||||
31-Mar-13 | |||||||||||||
Amount | Weighted Average | Percent of | |||||||||||
Interest Rate | Portfolio | ||||||||||||
Non interest bearing accounts | $ | 6,872,713 | 5.87 | ||||||||||
Interest bearing checking accounts | 14,881,992 | 0.25 | % | 12.72 | |||||||||
Passbook savings accounts | 15,435,874 | 0.1 | 13.19 | ||||||||||
Money Market accounts | 25,019,142 | 0.49 | 21.38 | ||||||||||
Club accounts | 141,351 | 0.39 | 0.12 | ||||||||||
62,351,072 | 53.28 | ||||||||||||
Certificates of Deposits: | |||||||||||||
0.10% to 0.99% | 25,622,818 | 0.54 | 21.89 | ||||||||||
1.00% to 1.99% | 19,219,919 | 1.44 | 16.42 | ||||||||||
2.00% to 2.99% | 8,035,364 | 2.44 | 6.87 | ||||||||||
3.00% to 3.99% | 1,559,790 | 3.22 | 1.33 | ||||||||||
4.00% and over | 245,151 | 4.69 | 0.21 | ||||||||||
54,683,042 | 46.72 | ||||||||||||
$ | 117,034,114 | 100 | % | ||||||||||
Schedule of Maturities of Deposits [Table Text Block] | ' | ||||||||||||
March 31, | |||||||||||||
2014 | 2013 | ||||||||||||
2014 | $ | $ | 34,402,410 | ||||||||||
2015 | 28,268,039 | 10,485,591 | |||||||||||
2016 | 8,768,333 | 3,395,872 | |||||||||||
2017 | 4,598,454 | 3,653,130 | |||||||||||
2018 | 2,338,541 | 2,746,039 | |||||||||||
2019 | 2,265,634 | ||||||||||||
$ | 46,239,001 | $ | 54,683,042 |
Note_13_Advances_from_Federal_1
Note 13 - Advances from Federal Home Loan Bank (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||
Schedule of Federal Home Loan Bank, Advances, by Branch of FHLB Bank [Table Text Block] | ' | ||||||||||||
Maturity | Interest | 2014 | 2013 | ||||||||||
Date | Rate | ||||||||||||
7-Apr-14 | 0.36% | $ | 1,000,000 | ||||||||||
8-Dec-14 | 0.48% | 1,000,000 | |||||||||||
$ | 2,000,000 | $ | 0 |
Note_14_Income_Taxes_Tables
Note 14 - Income Taxes (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | ||||||||
Years Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Income Tax Expense (benefit) | |||||||||
Current federal tax expense | |||||||||
Federal | $ | $ | |||||||
State | 3,000 | 3,000 | |||||||
Deferred tax (benefit) | |||||||||
Federal | (368,006 | ) | (165,538 | ) | |||||
State | (35,100 | ) | (46,900 | ) | |||||
Total | $ | (400,106 | ) | $ | (209,438 | ) | |||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | ||||||||
Years Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Expected federal tax provision (benefit) at 34% rate | $ | (395,571 | ) | $ | (181,420 | ) | |||
Municipal bond interest | (829 | ) | (137 | ) | |||||
Increase in cash surrender value of life insurance | (3,947 | ) | (2,068 | ) | |||||
State income tax | (67,169 | ) | (25,813 | ) | |||||
Valuation allowance for state operating loss carryforward | 67,410 | ||||||||
Total income tax (benefit) | (400,106 | ) | (209,438 | ) | |||||
Effective tax rate (benefit) | (34.4 | %) | (39.3 | %) | |||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Deferred tax assets: | |||||||||
Accrued pension costs | $ | 9,500 | $ | 5,500 | |||||
Accrued retirement plan | 2,800 | 9,400 | |||||||
Allowance for loan losses | 722,051 | 333,800 | |||||||
Directors’ benefit plans | 123,000 | 125,000 | |||||||
Employee stock option | 6,000 | ||||||||
FASB 158 – unrecognized transition costs | 42,000 | 47,200 | |||||||
Federal tax loss carryforward | 491,600 | 424,000 | |||||||
State tax loss carryforward | 328,810 | 302,200 | |||||||
Unrealized losses on securities available-for-sale | 85,000 | 4,000 | |||||||
Non accrual interest | 33,700 | 39,100 | |||||||
Total deferred tax assets | $ | 1,844,461 | $ | 1,290,200 | |||||
Valuation allowance | (67,410 | ) | |||||||
Deferred tax liabilities: | |||||||||
Accumulated depreciation | $ | (54,450 | ) | $ | (61,800 | ) | |||
Total deferred tax liabilities | (54,450 | ) | (61,800 | ) | |||||
NET DEFERRED TAX ASSETS | $ | 1,722,601 | $ | 1,228,400 |
Note_16_Board_of_Directors_Ret1
Note 16 - Board of Directors' Retirement Plan (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||
Schedule of Net Benefit Costs [Table Text Block] | ' | ||||||||
Years Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Service cost | $ | 7,700 | $ | 8,488 | |||||
Interest cost | 18,944 | 20,056 | |||||||
Amortization of gain | 5,636 | 4,804 | |||||||
Net amortization and deferral | 0 | 11,684 | |||||||
Net periodic pension cost | $ | 32,280 | $ | 45,032 | |||||
Schedule of Net Funded Status [Table Text Block] | ' | ||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Accumulated benefit obligation | $ | 413,120 | $ | 423,368 | |||||
Projected benefit obligation | 415,803 | 438,352 | |||||||
Fair value of plan assets | 0 | 0 | |||||||
Unfunded projected benefit obligation | 415,803 | 438,352 | |||||||
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | ' | ||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Change in Benefit Obligation | |||||||||
Projected benefit obligation at beginning of year | $ | 438,352 | $ | 416,352 | |||||
Service cost | 7,700 | 8,488 | |||||||
Interest cost | 18,944 | 20,056 | |||||||
Actuarial (gain) loss | (13,966 | ) | 24,587 | ||||||
Benefits paid | (35,227 | ) | (31,131 | ) | |||||
Benefit obligation at end of year | $ | 415,803 | $ | 438,352 | |||||
Schedule of Changes in Fair Value of Plan Assets [Table Text Block] | ' | ||||||||
March 31, | |||||||||
2014 | 2012 | ||||||||
Change in Plan Assets | |||||||||
Fair value of Plan assets at beginning of year | $ | 0 | $ | 0 | |||||
Actual return on Plan assets | 0 | 0 | |||||||
Employer contributions | 35,227 | 31,131 | |||||||
Benefits paid | (35,227 | ) | (31,131 | ) | |||||
Fair value of Plan assets at end of year | $ | 0 | $ | 0 | |||||
Schedule of Assumptions Used [Table Text Block] | ' | ||||||||
Years Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Discount rate for periodic pension cost | 4.5 | % | 5 | % | |||||
Discount rate for benefit obligation | 4.75 | % | 4.5 | % | |||||
Rate of increase in compensation levels and social security wage base | 2 | % | 2 | % | |||||
Expected long-term rate of return on plan assets | N/A | N/A |
Note_17_Employee_Stock_Ownersh1
Note 17 - Employee Stock Ownership Plan (ESOP) (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||
Employee Stock Ownership Plan (ESOP) Disclosures [Table Text Block] | ' | ||||||||
Year Ended March 31, | |||||||||
2014 | 2013 | ||||||||
Shares released for allocation | 14,496 | 19,224 | |||||||
Unearned shares | 45,744 | 44,857 | |||||||
Total ESOP shares | 60,240 | 64,081 | |||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | ' | ||||||||
Year Ended March 31, 2014 | |||||||||
Number of | Weighted Average | ||||||||
Shares | Grant Date | ||||||||
Fair Value | |||||||||
Restricted at the beginning of the period | $ | ||||||||
Granted | 20,000 | 8.69 | |||||||
Vested | |||||||||
Forfeited | |||||||||
Restricted at the end of the period | 20,000 | 8.69 |
Note_19_Earnings_Per_Share_Tab
Note 19 - Earnings Per Share (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||
2014 | 2013 | ||||||||
Net (Loss) | $ | (763,338 | ) | $ | (324,151 | ) | |||
Weighted average shares outstanding | 1,318,796 | 1,634,725 | |||||||
Adjusted average unearned ESOP shares | 45,744 | 44,857 | |||||||
Weighted average share outstanding - basic | 1,273,052 | 1,589,868 | |||||||
Effect of dilutive common stock equivalents | |||||||||
Adjusted weighted average shares outstanding - dilutive | 1,273,052 | 1,589,868 | |||||||
Basic loss per share | $ | (0.60 | ) | $ | (0.20 | ) | |||
Diluted loss per share | $ | (0.60 | ) | $ | (0.20 | ) |
Note_20_Fair_Value_Measurement1
Note 20 - Fair Value Measurement (Tables) | 12 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||||||||||
Category Used for Fair Value Measurement | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Totals | ||||||||||||||||||
Assets: | |||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||
Federal Home Loan Bank Bonds | $ | $ | 1,352,576 | $ | $ | 1,352,576 | |||||||||||||||
Federal National Mortgage Association | 437,648 | 437,648 | |||||||||||||||||||
Mutual Fund Shares | 183,146 | 183,146 | |||||||||||||||||||
Totals | $ | 183,146 | $ | 1,790,224 | $ | $ | 1,973,370 | ||||||||||||||
Category Used for Fair Value Measurement | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Totals | ||||||||||||||||||
Assets: | |||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||
Federal Home Loan Bank Bonds | $ | $ | 1,496,380 | $ | $ | 1,496,380 | |||||||||||||||
Federal National Mortgage Association | 488,438 | 488,438 | |||||||||||||||||||
Mutual Fund Shares | 222,200 | 222,200 | |||||||||||||||||||
Totals | $ | 222,200 | $ | 1,984,818 | $ | $ | 2,207,018 | ||||||||||||||
Fair Value Measurements, Nonrecurring [Table Text Block] | ' | ||||||||||||||||||||
At March 31, 2014 | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
Impaired loans | $ | $ | $ | $$6,020,575 | $ | 6,020,575 | |||||||||||||||
Real estate owned | 1,949,825 | 1,949,825 | |||||||||||||||||||
Total | $ | $ | $ | $$7,970,400 | $ | 7,970,400 | |||||||||||||||
At March 31, 2013 | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
Impaired loans | $ | $ | $ | $$6,345,635 | $ | 6,345,635 | |||||||||||||||
Real estate owned | 2,469,800 | 2,469,800 | |||||||||||||||||||
Total | $ | $ | $ | $$8,815,435 | $ | 8,815,435 | |||||||||||||||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block] | ' | ||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||
Fair | Valuation | Unobservable Input | Range | ||||||||||||||||||
Value | Technique | ||||||||||||||||||||
Impaired loans | $ | 6,020,575 | Property appraisals | Management discount for selling costs, property type and market volatility | 7% - 12% discount | ||||||||||||||||
Real estate owned | $ | 1,949,825 | Property appraisals | Management discount for selling costs, property type and market volatility | 7% - 12% discount | ||||||||||||||||
March 31, 2013 | |||||||||||||||||||||
Fair | Valuation | Unobservable Input | Range | ||||||||||||||||||
Value | Technique | ||||||||||||||||||||
Impaired loans | $ | 6,345,635 | Property appraisals | Management discount for selling costs, property type and market volatility | 7% - 12% discount | ||||||||||||||||
Real estate owned | $ | 2,469,800 | Property appraisals | Management discount for selling costs, property type and market volatility | 7% - 12% discount | ||||||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | ' | ||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||
Carrying | Fair | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
Amount | Value | ||||||||||||||||||||
Assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 3,332,639 | $ | 3,332,639 | $ | 3,332,639 | $ | $ | |||||||||||||
Investment securities available for sale | 2,185,959 | 1,973,370 | 1,973,370 | ||||||||||||||||||
Investment and mortgage-backed securities held to maturity | 26,975,907 | 25,410,461 | 25,410,461 | ||||||||||||||||||
Loans receivable, net | 83,539,442 | 83,059,000 | |||||||||||||||||||
Accrued interest receivable | 462,284 | 462,284 | 462,284 | ||||||||||||||||||
Federal Home Loan Bank stock | 271,300 | 271,300 | 271,300 | ||||||||||||||||||
Bank owned life insurance | 165,197 | 165,197 | 165,197 | ||||||||||||||||||
Liabilities: | |||||||||||||||||||||
Deposits – non-interest bearing | 7,852,030 | 7,852,030 | 7,852,030 | ||||||||||||||||||
Deposits – interest bearing | 102,772,669 | 103,249,000 | 103,249,000 | ||||||||||||||||||
Advances from Federal Home Loan Bank | 2,000,000 | 2,000,000 | |||||||||||||||||||
Accrued interest payable | 6,556 | 6,556 | 6,556 | ||||||||||||||||||
Advances from borrowers for taxes and insurance | 684,289 | 684,289 | 684,289 | ||||||||||||||||||
Fair Value Measurements at March 31, 2013 | |||||||||||||||||||||
Carrying | Fair | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
Amount | Value | ||||||||||||||||||||
Assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 6,722,766 | $ | 6,722,766 | $ | 6,722,766 | $ | $ | |||||||||||||
Investment securities available for sale | 2,217,032 | 2,207,018 | 2,207,018 | ||||||||||||||||||
Investment and mortgage-backed securities held to maturity | 20,137,886 | 20,285,670 | 20,285,670 | ||||||||||||||||||
Loans receivable, net | 88,419,084 | 91,300,000 | 91,300,000 | ||||||||||||||||||
Accrued interest receivable | 427,736 | 427,736 | 427,736 | ||||||||||||||||||
Federal Home Loan Bank stock | 202,500 | 202,500 | 202,500 | ||||||||||||||||||
Bank owned life insurance | 153,588 | 153,588 | 153,588 | ||||||||||||||||||
Liabilities: | |||||||||||||||||||||
Deposits – non-interest bearing | 6,872,713 | 6,872,713 | 6,872,713 | ||||||||||||||||||
Deposits – interest bearing | 110,161,401 | 111,233,000 | 111,233,000 | ||||||||||||||||||
Accrued interest payable | 9,025 | 9,025 | 9,025 | ||||||||||||||||||
Advances from borrowers for taxes and insurance | 366,604 | 366,604 | 366,604 |
Note_21_Financial_Instruments_1
Note 21 - Financial Instruments with Off-balance Sheet Risk (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Financial Instruments With Offbalance Sheet Risk [Abstract] | ' | ||||||||
Schedule of Fair Value, Off-balance Sheet Risks [Table Text Block] | ' | ||||||||
March 31, | |||||||||
Unfunded Commitments to Extend Credit | 2014 | 2013 | |||||||
Home equity lines of credit | $ | 4,600,000 | $ | 4,783,000 | |||||
Commercial lines of credit | 1,085,000 | 1,060,000 | |||||||
Standby letters of credit | 25,000 | 50,000 | |||||||
$ | 5,710,000 | $ | 5,893,000 |
Note_22_Commitments_and_Contin1
Note 22 - Commitments and Contingent Liabilities (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||
Schedule of Outstanding Commitment [Table Text Block] | ' | ||||||||||||
31-Mar-14 | |||||||||||||
Fixed-Rate | Variable-Rate | Total | |||||||||||
Residential mortgage loan | $ | 896,000 | $ | - | $ | 896,000 | |||||||
Construction loan | 511,000 | - | 511,000 | ||||||||||
$ | 1,407,000 | $ | - | $ | 1,407,000 |
Note_24_Regulatory_Capital_Tab
Note 24 - Regulatory Capital (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Regulatory Capital [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | ' | ||||||||||||||||||||||||
Minimum Requirements | |||||||||||||||||||||||||
Actual | For Capital Adequacy Purposes | To be Well Capitalized under Prompt Corrective Action Provisions | |||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
As of March 31, 2014: | |||||||||||||||||||||||||
Total Risk-Based Capital (to Risk-Weighted Assets) | $ | 12,557,000 | 17.42 | % | ≥$ | 5,767,000 | ≥ | 8 | % | ≥$ | 7,208,000 | ≥ | 10 | % | |||||||||||
Tier 1 Capital (to Risk-Weighted Assets) | $ | 11,649,000 | 16.16 | % | ≥$ | 2,883,000 | ≥ | 4 | % | ≥$ | 4,325,000 | ≥ | 6 | % | |||||||||||
Tier 1 Capital (to Total Assets) | $ | 11,649,000 | 9.23 | % | ≥$ | 5,047,000 | ≥ | 4 | % | ≥$ | 6,309,000 | ≥ | 5 | % | |||||||||||
Minimum Requirements | |||||||||||||||||||||||||
Actual | For Capital Adequacy Purposes | To be Well Capitalized under Prompt Corrective Action Provisions | |||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
As of March 31, 2013: | |||||||||||||||||||||||||
Total Risk-Based Capital (to Risk-Weighted Assets) | $ | 10,941,000 | 14.67 | % | ≥$ | 5,966,000 | ≥ | 8 | % | ≥$ | 7,548,000 | ≥ | 10 | % | |||||||||||
Tier 1 Capital (to Risk-Weighted Assets) | $ | 10,007,000 | 13.41 | % | ≥$ | 2,984,000 | ≥ | 4 | % | ≥$ | 4,477,000 | ≥ | 6 | % | |||||||||||
Tier 1 Capital (to Total Assets) | $ | 10,007,000 | 7.79 | % | ≥$ | 5,138,000 | ≥ | 4 | % | ≥$ | 6,423,000 | ≥ | 5 | % |
Note_26_Changes_in_Accumulated1
Note 26 - Changes in Accumulated Other Comprehensive Income (Loss) Balances (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||
Unrealized Gains (Losses) On Available For Sale Securities | Defined Benefit Pension Plans | Accumulated Other Comprehensive Income (Loss) | |||||||||||
Balance as of April 1, 2013 | $ | (6,009 | ) | $ | (70,759 | ) | $ | (76,768 | ) | ||||
Other comprehensive income (loss) before reclassification | (121,660 | ) | 6,902 | (114,758 | ) | ||||||||
Amount reclassified from accumulated other comprehensive income (loss) | 115 | 115 | |||||||||||
Total other comprehensive (loss) | (121,545 | ) | 6,902 | (114,643 | ) | ||||||||
Balance as of March 31, 2014 | $ | ( 127,554 | ) | $ | (63,857 | ) | $ | ( 191,411 | ) |
Note_27_Financial_Information_1
Note 27 - Financial Information of Parent Company (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | ||||||||
Condensed Balance Sheet [Table Text Block] | ' | ||||||||
For the Years Ended March 31, | |||||||||
2014 | 2013 | ||||||||
Statement of Financial Condition | |||||||||
Assets: | |||||||||
Cash | $ | 716,188 | $ | 312,483 | |||||
Investment in Bank | 13,029,772 | 11,082,097 | |||||||
Deferred income taxes | 6,043 | ||||||||
Total assets | $ | 13,752,003 | $ | 11,394,580 | |||||
Stockholders’ equity: | |||||||||
Total stockholders’ equity | 13,752,003 | 11,394,580 | |||||||
Total liabilities and stockholders’ equity | $ | 13,752,003 | $ | 11,394,580 | |||||
Condensed Income Statement [Table Text Block] | ' | ||||||||
For the Years Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Income Statement | |||||||||
Interest on ESOP loan | $ | 18,563 | $ | 45,508 | |||||
Postage refund | 1,611 | ||||||||
Other interest income | 484 | 1,275 | |||||||
Total income | $ | 20,658 | $ | 46,783 | |||||
Management fee | 50,000 | 50,000 | |||||||
Compensation expense | 15,108 | ||||||||
Total expense | 65,108 | 50,000 | |||||||
Loss before income tax benefit and equity in undistributed net loss of subsidiary | (44,450 | ) | (3,217 | ) | |||||
Equity in undistributed net loss of subsidiary | (724,932 | ) | (320,934 | ) | |||||
Income tax benefit | 6,044 | ||||||||
Net loss | $ | (763,338 | ) | $ | (324,151 | ) | |||
Condensed Cash Flow Statement [Table Text Block] | ' | ||||||||
Cash Flows | |||||||||
Operating activities: | |||||||||
Net (loss) | $ | (763,338 | ) | $ | ( 324,151 | ) | |||
Undistributed net loss of subsidiary | 724,932 | 320,934 | |||||||
Increase in deferred income taxes | (6,044 | ) | |||||||
Net cash used in by operating activities | (44,450 | ) | (3,217 | ) | |||||
Investing activities: | |||||||||
Distribution to subsidiary | (2,928,218 | ) | 19,772 | ||||||
Net cash used in investing activities | (2,928,218 | ) | 19,772 | ||||||
Financing activities: | |||||||||
Net proceeds from issuance of stock | 3,376,373 | ||||||||
Net cash provided by financing activities | 3,376,373 | ||||||||
Net decrease in cash and cash equivalents | 403,705 | 16,555 | |||||||
Cash and Cash Equivalents, Beginning of Year | 312,483 | 295,928 | |||||||
Cash and Cash Equivalents, End of Year | $ | 716,188 | $ | 312,483 |
Note_1_Nature_of_Operations_De
Note 1 - Nature of Operations (Details) (USD $) | 0 Months Ended |
Oct. 16, 2013 | |
Disclosure Text Block [Abstract] | ' |
Sale of Stock, Number of Shares Issued in Transaction | 525,423 |
420,002 | |
Proceeds From Reorganization And Stock Offering | $3,280,000 |
Costs From Reorganization And Stock Offering | $923,000 |
Note_2_Summary_of_Significant_1
Note 2 - Summary of Significant Accounting Policies (Details) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | ||||
Oct. 16, 2013 | Oct. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2008 | Mar. 31, 2012 | Mar. 31, 2007 | |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Real Estate Acquired Through Foreclosure | ' | ' | $1,949,825 | $2,469,800 | ' | $845,669 | ' |
Gains (Losses) on Sales of Other Real Estate | ' | ' | -85,680 | -152,276 | ' | ' | ' |
Number of Reportable Segments | ' | ' | 1 | ' | ' | ' | ' |
Advertising Expense | ' | ' | 23,643 | 21,862 | ' | ' | ' |
Stock Issued During Period, Shares, Employee Stock Ownership Plan (in Shares) | 23,644 | 23,644 | ' | ' | 64,081 | ' | ' |
Stock Issued During Period, Value, Employee Stock Ownership Plan | ' | 189,152 | ' | ' | 640,810 | ' | ' |
Employee Stock Ownership Plan (ESOP), Number of Allocated Shares (in Shares) | ' | ' | 14,496 | 19,224 | ' | ' | ' |
Employee Stock Ownership Plan (ESOP), Compensation Expense | ' | ' | $33,076 | $12,336 | ' | ' | ' |
Employee Stock Ownership Plan (ESOP), Shares in ESOP (in Shares) | ' | ' | 60,240 | 64,081 | ' | ' | 64,081 |
Converted To Shares Of Bancorp [Member] | Employee Stock Ownership Plan [Member] | ' | ' | ' | ' | ' | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Conversion of Stock, Shares Issued (in Shares) | ' | 36,596 | ' | ' | ' | ' | ' |
Note_5_Investment_Securities_D
Note 5 - Investment Securities (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Investments, Debt and Equity Securities [Abstract] | ' | ' |
Held-to-maturity, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 57 | ' |
Securities In Unrealized Loss Positions, Depreciated Percentage from Amortized Cost | 7.40% | ' |
Held-to-maturity Securities Pledged as Collateral | $517,000 | $519,000 |
Note_5_Investment_Securities_D1
Note 5 - Investment Securities (Details) - Available for Sale Securities (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available For Sale Securities - Amortized Cost | $2,185,959 | $2,217,032 |
Available For Sale Securities - Gross Unrealized Gains | ' | 6,343 |
Available For Sale Securities - Gross Unrealized Losses | -212,589 | -16,357 |
Available For Sale Securities - Fair Value | 1,973,370 | 2,207,018 |
Federal Home Loan Bank Bonds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available For Sale Securities - Amortized Cost | 1,500,000 | 1,500,000 |
Available For Sale Securities - Gross Unrealized Gains | ' | 1,175 |
Available For Sale Securities - Gross Unrealized Losses | -147,424 | -1,474,247,954 |
Available For Sale Securities - Fair Value | 1,352,576 | 1,496 |
Federal National Mortgage Association [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available For Sale Securities - Amortized Cost | 500,000 | 500,000 |
Available For Sale Securities - Gross Unrealized Losses | -62,352 | -11,562 |
Available For Sale Securities - Fair Value | 437,648 | 488,438 |
Mutual Fund Shares [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available For Sale Securities - Amortized Cost | 185,959 | 217,032 |
Available For Sale Securities - Gross Unrealized Gains | ' | 5,168 |
Available For Sale Securities - Gross Unrealized Losses | -2,813 | ' |
Available For Sale Securities - Fair Value | $183,146 | $222,200 |
Note_5_Investment_Securities_D2
Note 5 - Investment Securities (Details) - Held-to-Maturity Securities (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Held-to-Maturity Securities - Amortized Cost | $26,975,907 | $20,137,886 |
Held-to-Maturity Securities - Gross Unrealized Gains | 122,807 | 194,526 |
Held-to-Maturity Securities - Gross Unrealized Losses | -1,688,253 | -46,742 |
Held-to-Maturity Securities - Fair Value | 25,410,461 | 20,285,670 |
Federal Home Loan Bank Bonds [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Held-to-Maturity Securities - Amortized Cost | 6,567,912 | 4,590,643 |
Held-to-Maturity Securities - Gross Unrealized Gains | 179 | 4,625 |
Held-to-Maturity Securities - Gross Unrealized Losses | -524,274 | -17,525 |
Held-to-Maturity Securities - Fair Value | 6,043,817 | 4,577,743 |
Federal Farm Credit Bonds [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Held-to-Maturity Securities - Amortized Cost | 5,944,328 | 3,444,266 |
Held-to-Maturity Securities - Gross Unrealized Gains | ' | 1,324 |
Held-to-Maturity Securities - Gross Unrealized Losses | -387,400 | -16,560 |
Held-to-Maturity Securities - Fair Value | 5,556,928 | 3,429,030 |
Federal Home Loan Mortgage Corporation Bonds [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Held-to-Maturity Securities - Amortized Cost | 1,997,213 | 500,000 |
Held-to-Maturity Securities - Gross Unrealized Losses | -166,768 | -2,198 |
Held-to-Maturity Securities - Fair Value | 1,830,445 | 497,802 |
Federal National Mortgage Association [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Held-to-Maturity Securities - Amortized Cost | 10,497,566 | 780,572 |
Held-to-Maturity Securities - Gross Unrealized Gains | 17,409 | 64,261 |
Held-to-Maturity Securities - Gross Unrealized Losses | -596,584 | ' |
Held-to-Maturity Securities - Fair Value | 9,918,391 | 844,833 |
Municipal Bond [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Held-to-Maturity Securities - Amortized Cost | 546,820 | 64,320 |
Held-to-Maturity Securities - Gross Unrealized Gains | 1,040 | ' |
Held-to-Maturity Securities - Fair Value | 547,860 | 64,320 |
Total Bonds [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Held-to-Maturity Securities - Amortized Cost | 25,553,839 | 18,098,594 |
Held-to-Maturity Securities - Gross Unrealized Gains | 18,628 | 54,944 |
Held-to-Maturity Securities - Gross Unrealized Losses | -1,675,026 | -45,829 |
Held-to-Maturity Securities - Fair Value | 23,897,441 | 18,107,709 |
Federal Home Loan Mortgage Corporation [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Held-to-Maturity Securities - Amortized Cost | 610,004 | 965,204 |
Held-to-Maturity Securities - Gross Unrealized Gains | 43,541 | 64,850 |
Held-to-Maturity Securities - Gross Unrealized Losses | -7,525 | ' |
Held-to-Maturity Securities - Fair Value | 646,020 | 1,030,054 |
Federal National Mortgage Association Mortgage Backed Securities [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Held-to-Maturity Securities - Amortized Cost | 583,462 | 9,499,365 |
Held-to-Maturity Securities - Gross Unrealized Gains | 53,728 | 48,995 |
Held-to-Maturity Securities - Gross Unrealized Losses | -4,554 | -9,546 |
Held-to-Maturity Securities - Fair Value | 632,636 | 9,538,814 |
Government National Mortgage Corporation [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Held-to-Maturity Securities - Amortized Cost | 228,602 | 293,516 |
Held-to-Maturity Securities - Gross Unrealized Gains | 6,910 | 10,471 |
Held-to-Maturity Securities - Gross Unrealized Losses | -1,148 | -913 |
Held-to-Maturity Securities - Fair Value | 234,364 | 303,074 |
Total Mortgage-Backed Securities [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Held-to-Maturity Securities - Amortized Cost | 1,422,068 | 2,039,292 |
Held-to-Maturity Securities - Gross Unrealized Gains | 104,179 | 139,582 |
Held-to-Maturity Securities - Gross Unrealized Losses | -13,227 | -913 |
Held-to-Maturity Securities - Fair Value | $1,513,020 | $2,177,961 |
Note_5_Investment_Securities_D3
Note 5 - Investment Securities (Details) - Maturities of Securities (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Maturities of Securities [Abstract] | ' | ' |
Held to Maturity - Amortized Cost - One year or less | $546,820 | $64,320 |
Held to Maturity - Fair Value - One year or less | 547,860 | 64,320 |
Held to Maturity - Amortized Cost - After one year through five years | 1,502,317 | 1,005,098 |
Held to Maturity - Fair Value - After one year through five years | 1,500,248 | 1,028,678 |
Held to Maturity - Amortized Cost - After five years through ten years | 5,918,854 | 6,421,666 |
Held to Maturity - Fair Value - After five years through ten years | 7,927,988 | 6,417,558 |
Available for Sale - Amortized Cost - After ten years | 2,000,000 | 2,000,000 |
Available for Sale - Fair Value - After ten years | 1,790,224 | 1,984,818 |
Held to Maturity - Amortized Cost - After ten years | 19,007,916 | 12,646,802 |
Held to Maturity - Fair Value - After ten years | 15,434,365 | 12,775,114 |
Available for Sale - Amortized Cost - Equity securities | 185,959 | 217,032 |
Available for Sale - Fair Value - Equity securities | 183,146 | 222,200 |
Available for Sale - Amortized Cost - Total | 2,185,959 | 2,217,032 |
Available for Sale - Fair Value - Total | 1,973,370 | 2,207,018 |
Held to Maturity - Amortized Cost - Total | 26,975,907 | 20,137,886 |
Held to Maturity - Fair Value - Total | $25,410,461 | $20,285,670 |
Note_5_Investment_Securities_D4
Note 5 - Investment Securities (Details) - Securities with Gross Unrealized Losses (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Note 5 - Investment Securities (Details) - Securities with Gross Unrealized Losses [Line Items] | ' | ' |
Less Than 12 Months, Fair Value | $15,857,992 | $7,358,931 |
Less Than 12 Months, Gross Unrealized Losses | -1,180,191 | -62,186 |
12 Months or Greater, Fair Value | 7,842,164 | 31,562 |
12 Months or Greater, Gross Unrealized Losses | -720,651 | -913 |
Total, Fair Value | 23,700,156 | 7,390,493 |
Total, Gross Unrealized Losses | -1,900,842 | -63,099 |
Federal Home Loan Bank Bonds [Member] | ' | ' |
Note 5 - Investment Securities (Details) - Securities with Gross Unrealized Losses [Line Items] | ' | ' |
Less Than 12 Months, Fair Value | 3,606,295 | 2,454,531 |
Less Than 12 Months, Gross Unrealized Losses | -371,027 | -22,320 |
12 Months or Greater, Fair Value | 3,789,919 | ' |
12 Months or Greater, Gross Unrealized Losses | -300,671 | ' |
Total, Fair Value | 7,396,214 | 2,454,531 |
Total, Gross Unrealized Losses | -671,698 | -22,320 |
Federal Farm Credit Bonds [Member] | ' | ' |
Note 5 - Investment Securities (Details) - Securities with Gross Unrealized Losses [Line Items] | ' | ' |
Less Than 12 Months, Fair Value | 3,282,377 | 2,427,706 |
Less Than 12 Months, Gross Unrealized Losses | -217,412 | -16,560 |
12 Months or Greater, Fair Value | 1,774,551 | ' |
12 Months or Greater, Gross Unrealized Losses | -169,988 | ' |
Total, Fair Value | 5,056,928 | 2,427,706 |
Total, Gross Unrealized Losses | -387,400 | -16,560 |
Federal Home Loan Mortgage Corporation Bonds [Member] | ' | ' |
Note 5 - Investment Securities (Details) - Securities with Gross Unrealized Losses [Line Items] | ' | ' |
Less Than 12 Months, Fair Value | 1,099,745 | 497,802 |
Less Than 12 Months, Gross Unrealized Losses | -76,756 | -2,198 |
12 Months or Greater, Fair Value | 902,463 | ' |
12 Months or Greater, Gross Unrealized Losses | -97,538 | ' |
Total, Fair Value | 2,002,208 | 497,802 |
Total, Gross Unrealized Losses | -174,294 | -2,198 |
Federal National Mortgage Association [Member] | ' | ' |
Note 5 - Investment Securities (Details) - Securities with Gross Unrealized Losses [Line Items] | ' | ' |
Less Than 12 Months, Fair Value | 7,686,714 | 1,978,892 |
Less Than 12 Months, Gross Unrealized Losses | -512,183 | -21,108 |
12 Months or Greater, Fair Value | 1,348,694 | ' |
12 Months or Greater, Gross Unrealized Losses | -151,306 | ' |
Total, Fair Value | 9,035,408 | 1,978,892 |
Total, Gross Unrealized Losses | -663,489 | -21,108 |
Mutual Fund Shares [Member] | ' | ' |
Note 5 - Investment Securities (Details) - Securities with Gross Unrealized Losses [Line Items] | ' | ' |
Less Than 12 Months, Fair Value | 182,861 | ' |
Less Than 12 Months, Gross Unrealized Losses | -2,813 | ' |
Total, Fair Value | 182,861 | ' |
Total, Gross Unrealized Losses | -2,813 | ' |
Total Bonds [Member] | ' | ' |
Note 5 - Investment Securities (Details) - Securities with Gross Unrealized Losses [Line Items] | ' | ' |
Less Than 12 Months, Fair Value | 15,857,992 | 7,358,931 |
Less Than 12 Months, Gross Unrealized Losses | -1,180,191 | -62,186 |
12 Months or Greater, Fair Value | 7,815,627 | ' |
12 Months or Greater, Gross Unrealized Losses | -719,503 | ' |
Total, Fair Value | 23,673,619 | 7,358,931 |
Total, Gross Unrealized Losses | -1,899,694 | -62,186 |
Government National Mortgage Association [Member] | ' | ' |
Note 5 - Investment Securities (Details) - Securities with Gross Unrealized Losses [Line Items] | ' | ' |
12 Months or Greater, Fair Value | 26,537 | 31,562 |
12 Months or Greater, Gross Unrealized Losses | -1,148 | -913 |
Total, Fair Value | 26,537 | 31,562 |
Total, Gross Unrealized Losses | ($1,148) | ($913) |
Note_6_Loans_Details
Note 6 - Loans (Details) (USD $) | 1 Months Ended | 12 Months Ended | 13 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | ||||||||||||
Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | |
Total Charge-offs [Member] | Total Charge-offs [Member] | Partial Charg-offs [Member] | Partial Charg-offs [Member] | Commercial Real Estate Loans[Member] | Commercial Real Estate Loans[Member] | Construction [Member] | Construction [Member] | Residential Real Estate Loans [Member] | Residential Real Estate Loans [Member] | Residential Real Estate Loans [Member] | Residential Real Estate Loans [Member] | Accruing Status [Member] | Accruing Status [Member] | Officer [Member] | |||||
Note 6 - Loans (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum Loan to One Borrower Limitation, Percentage of Capital Funds | 15.00% | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum Loan to One Borrower Limitation | $2,300,000 | $2,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional Loan to One Borrower Limitation if Collateralized, Percentage of Adjusted Capital Funds | 10.00% | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional Loan to One Borrower Limitation if Collateralized | 1,500,000 | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable, Modifications, Recorded Investment | 3,435,909 | 3,435,909 | 3,529,215 | 3,529,215 | ' | ' | ' | ' | 1,808,631 | 1,795,148 | 59,771 | 50,993 | 1,567,507 | 1,683,075 | 1,567,507 | 1,683,075 | 121,190 | 135,609 | ' |
Financing Receivable, Modifications, Number of Contracts | ' | ' | ' | 15 | ' | ' | ' | ' | 6 | 6 | 1 | 1 | 7 | 8 | 1 | 2 | 1 | 1 | ' |
Non-accrual Loans Receivable, Number of Positions | 23 | 23 | 25 | 25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment, Nonaccrual Status | 4,103,870 | 4,103,870 | 4,367,623 | 4,367,623 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impaired Financing Receivable, Average Recorded Investment | ' | 5,964,786 | 7,244,941 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impaired Financing Receivable, Interest Income, Cash Basis Method | ' | 235,179 | 168,207 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for Loan Loss to Loans Outstanding Ratio | 1.70% | 1.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Non-performing Assets | -845,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-performing Assets As Percentage Of Total Assets | 6.34% | 6.34% | 6.81% | 6.81% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses, Write-downs | ' | ' | ' | ' | $110,949 | $66,510 | $514,446 | $741,699 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan Discount, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% |
Note_6_Loans_Details_Loans
Note 6 - Loans (Details) - Loans (USD $) | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Loans Receivable Gross | $85,084,445 | $89,570,303 | ' |
Net deferred loan origination fees | -96,705 | -118,401 | ' |
Allowance for loan losses | -1,448,298 | -1,032,818 | -1,160,535 |
-1,545,003 | -1,151,219 | ' | |
Loans, net | 83,539,442 | 88,419,084 | ' |
Residential (One to Four Family) Real Estate [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Loans Receivable Gross | 63,524,240 | 66,597,885 | ' |
Multi-Family and Commercial Real Estate [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Loans Receivable Gross | 10,414,383 | 12,402,532 | ' |
Allowance for loan losses | -634,968 | -378,289 | -468,834 |
Commercial Loan [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Loans Receivable Gross | 1,306,877 | 1,165,774 | ' |
Allowance for loan losses | -58,399 | -44,299 | -40,516 |
Home Equity Line of Credit [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Loans Receivable Gross | 8,143,701 | 8,361,492 | ' |
Allowance for loan losses | -65,369 | -47,754 | -57,576 |
Consumer Loan [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Loans Receivable Gross | 686,217 | 959,771 | ' |
Allowance for loan losses | -29,609 | -77,134 | -98,174 |
Construction [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Loans Receivable Gross | 1,009,027 | 82,849 | ' |
Allowance for loan losses | ($3,797) | ($127) | ($4,162) |
Note_6_Loans_Details_Loans_by_
Note 6 - Loans (Details) - Loans by Credit Quality Indicator (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans Receivable | $85,084,445 | $89,570,303 |
Residential (One to Four Family) Real Estate [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans Receivable | 61,026,546 | 63,418,245 |
Residential (One to Four Family) Real Estate [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans Receivable | ' | 304,427 |
Residential (One to Four Family) Real Estate [Member] | Classified Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans Receivable | ' | 199,966 |
Residential (One to Four Family) Real Estate [Member] | Nonperforming Financing Receivable [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans Receivable | 2,497,694 | 2,675,247 |
Residential (One to Four Family) Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans Receivable | 63,524,240 | 66,597,885 |
Multi-Family and Commercial Real Estate [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans Receivable | 6,823,014 | 8,719,717 |
Multi-Family and Commercial Real Estate [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans Receivable | 121,448 | 119,950 |
Multi-Family and Commercial Real Estate [Member] | Classified Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans Receivable | 333,360 | 465,287 |
Multi-Family and Commercial Real Estate [Member] | Nonperforming Financing Receivable [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans Receivable | 3,136,561 | 3,097,578 |
Multi-Family and Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans Receivable | 10,414,383 | 12,402,532 |
Commercial Loan [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans Receivable | 923,314 | 642,693 |
Commercial Loan [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans Receivable | 241,396 | 254,084 |
Commercial Loan [Member] | Classified Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans Receivable | 34,527 | 34,096 |
Commercial Loan [Member] | Nonperforming Financing Receivable [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans Receivable | 107,640 | 234,901 |
Commercial Loan [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans Receivable | 1,306,877 | 1,165,774 |
Home Equity Line of Credit [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans Receivable | 7,924,792 | 8,074,576 |
Home Equity Line of Credit [Member] | Nonperforming Financing Receivable [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans Receivable | 218,909 | 286,916 |
Home Equity Line of Credit [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans Receivable | 8,143,701 | 8,361,492 |
Consumer Loan [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans Receivable | 686,217 | 959,771 |
Consumer Loan [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans Receivable | 686,217 | 959,771 |
Construction [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans Receivable | 949,256 | 31,856 |
Construction [Member] | Nonperforming Financing Receivable [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans Receivable | 59,771 | 50,993 |
Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans Receivable | 1,009,027 | 82,849 |
Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans Receivable | 78,333,139 | 81,846,858 |
Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans Receivable | 362,844 | 678,461 |
Classified Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans Receivable | 367,887 | 699,349 |
Nonperforming Financing Receivable [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans Receivable | $6,020,575 | $6,345,635 |
Note_6_Loans_Details_PastDue_L
Note 6 - Loans (Details) - Past-Due Loans (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans, 30-59 Days Past Due | $2,500,478 | $2,271,217 |
Loans, 60- 89 Days Past Due | 1,418,142 | 1,161,951 |
Loans, Greater than 90 Days Past Due | 3,567,513 | 4,367,623 |
Loans, Total Past Due | 7,486,133 | 7,800,791 |
Loans, Current | 77,598,312 | 81,769,512 |
Loans, Total Loan Balances | 85,084,445 | 89,570,303 |
Loans, 30-59 Days Past Due | 2.94% | 2.53% |
Loans, 60- 89 Days Past Due | 1.67% | 1.30% |
Loans, Greater than 90 Days Past Due | 4.19% | 4.88% |
Loans, Total Past Due | 8.80% | 8.71% |
Loans, Current | 91.20% | 91.29% |
Loans, Total Loan Balances | 100.00% | 100.00% |
Residential (One to Four Family) Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans, 30-59 Days Past Due | 1,472,631 | 1,745,733 |
Loans, 60- 89 Days Past Due | 307,584 | 930,574 |
Loans, Greater than 90 Days Past Due | 1,949,649 | 1,542,578 |
Loans, Total Past Due | 3,729,864 | 4,218,885 |
Loans, Current | 59,794,376 | 62,379,000 |
Loans, Total Loan Balances | 63,524,240 | 66,597,885 |
Multi-Family and Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans, 30-59 Days Past Due | 494,494 | 314,279 |
Loans, 60- 89 Days Past Due | 869,747 | 231,377 |
Loans, Greater than 90 Days Past Due | 1,291,286 | 2,303,228 |
Loans, Total Past Due | 2,655,527 | 2,848,884 |
Loans, Current | 7,758,856 | 9,553,648 |
Loans, Total Loan Balances | 10,414,383 | 12,402,532 |
Commercial Loan [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans, 30-59 Days Past Due | 199,081 | ' |
Loans, Greater than 90 Days Past Due | 107,640 | 234,901 |
Loans, Total Past Due | 306,721 | 234,901 |
Loans, Current | 1,000,156 | 930,873 |
Loans, Total Loan Balances | 1,306,877 | 1,165,774 |
Home Equity Line of Credit [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans, 30-59 Days Past Due | 255,004 | 204,467 |
Loans, 60- 89 Days Past Due | 240,811 | ' |
Loans, Greater than 90 Days Past Due | 218,938 | 286,916 |
Loans, Total Past Due | 714,753 | 491,383 |
Loans, Current | 7,428,948 | 7,870,109 |
Loans, Total Loan Balances | 8,143,701 | 8,361,492 |
Consumer Loan [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans, 30-59 Days Past Due | 79,268 | 6,738 |
Loans, Total Past Due | 79,268 | 6,738 |
Loans, Current | 606,949 | 953,033 |
Loans, Total Loan Balances | 686,217 | 959,771 |
Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans, Current | 1,009,027 | 82,849 |
Loans, Total Loan Balances | $1,009,027 | $82,849 |
Note_6_Loans_Details_Impaired_
Note 6 - Loans (Details) - Impaired Loans (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Impaired Loans [Abstract] | ' | ' |
Impaired loans for which a valuation allowance has been provided | $846,075 | ' |
Impaired loans for which no valuation allowance has been provided | 5,174,500 | 6,345,635 |
Total loans determined to be impaired | 6,020,575 | 6,345,635 |
Allowance for loans losses related to impaired loans | 287,507 | ' |
Average recorded investment in impaired loans | 5,964,786 | 7,244,941 |
Cash basis interest income recognized on impaired loans | $235,179 | $168,207 |
Note_6_Loans_Details_Impaired_1
Note 6 - Loans (Details) - Impaired Loans by Portfolio (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Impaired loans with no valuation allowance: | ' | ' |
Recorded Investment | $5,216,965 | $6,377,790 |
Unpaid Principal Balance | 5,174,500 | 6,345,635 |
Average Annual Recorded Investment | 5,134,206 | 7,244,941 |
Interest Income Recognized While On Impaired Status | 228,763 | 168,207 |
Impaired loans with a valuation allowance: | ' | ' |
Recorded Investment | 846,075 | ' |
Unpaid Principal Balance | 846,075 | ' |
Related Valuation Allowance | 287,507 | ' |
Average Annual Recorded Investment | 830,580 | ' |
Interest Income Recognized While On Impaired Status | 6,416 | ' |
Total impaired loans: | ' | ' |
Recorded Investment | 6,063,040 | 6,377,790 |
Unpaid Principal Balance | 6,020,575 | 6,345,635 |
Related Valuation Allowance | 287,507 | ' |
Average Annual Recorded Investment | 5,964,786 | 7,244,941 |
Interest Income Recognized While On Impaired Status | 235,179 | 168,207 |
Residential Real Estate Loans [Member] | ' | ' |
Impaired loans with no valuation allowance: | ' | ' |
Recorded Investment | 2,387,266 | 2,254,806 |
Unpaid Principal Balance | 2,344,801 | 2,222,651 |
Average Annual Recorded Investment | 2,184,474 | 2,773,512 |
Interest Income Recognized While On Impaired Status | 129,379 | 83,173 |
Impaired loans with a valuation allowance: | ' | ' |
Recorded Investment | 152,893 | ' |
Unpaid Principal Balance | 152,893 | ' |
Related Valuation Allowance | 27,507 | ' |
Average Annual Recorded Investment | 153,434 | ' |
Interest Income Recognized While On Impaired Status | 6,416 | ' |
Total impaired loans: | ' | ' |
Recorded Investment | 2,540,159 | 2,254,806 |
Unpaid Principal Balance | 2,497,694 | 2,222,651 |
Related Valuation Allowance | 27,507 | ' |
Average Annual Recorded Investment | 2,337,908 | 2,773,512 |
Interest Income Recognized While On Impaired Status | 135,795 | 83,173 |
Multi-Family and Commercial Real Estate [Member] | ' | ' |
Impaired loans with no valuation allowance: | ' | ' |
Recorded Investment | 2,443,379 | 3,550,177 |
Unpaid Principal Balance | 2,443,379 | 3,550,177 |
Average Annual Recorded Investment | 2,555,950 | 4,105,741 |
Interest Income Recognized While On Impaired Status | 88,043 | 61,604 |
Impaired loans with a valuation allowance: | ' | ' |
Recorded Investment | 693,182 | ' |
Unpaid Principal Balance | 693,182 | ' |
Related Valuation Allowance | 260,000 | ' |
Average Annual Recorded Investment | 677,146 | ' |
Total impaired loans: | ' | ' |
Recorded Investment | 3,136,561 | 3,550,177 |
Unpaid Principal Balance | 3,136,561 | 3,550,177 |
Related Valuation Allowance | 260,000 | ' |
Average Annual Recorded Investment | 3,233,096 | 4,105,741 |
Interest Income Recognized While On Impaired Status | 88,043 | 61,604 |
Commercial Loan [Member] | ' | ' |
Impaired loans with no valuation allowance: | ' | ' |
Recorded Investment | 107,640 | 234,898 |
Unpaid Principal Balance | 107,640 | 234,898 |
Average Annual Recorded Investment | 183,296 | 172,181 |
Interest Income Recognized While On Impaired Status | ' | 8,211 |
Total impaired loans: | ' | ' |
Recorded Investment | 107,640 | 234,898 |
Unpaid Principal Balance | 107,640 | 234,898 |
Average Annual Recorded Investment | 183,296 | 172,181 |
Interest Income Recognized While On Impaired Status | ' | 8,211 |
Home Equity Line of Credit [Member] | ' | ' |
Impaired loans with no valuation allowance: | ' | ' |
Recorded Investment | 218,909 | 286,916 |
Unpaid Principal Balance | 218,909 | 286,916 |
Average Annual Recorded Investment | 154,924 | 137,938 |
Interest Income Recognized While On Impaired Status | 8,013 | 11,486 |
Total impaired loans: | ' | ' |
Recorded Investment | 218,909 | 286,916 |
Unpaid Principal Balance | 218,909 | 286,916 |
Average Annual Recorded Investment | 154,924 | 137,938 |
Interest Income Recognized While On Impaired Status | 8,013 | 11,486 |
Consumer Loan [Member] | ' | ' |
Impaired loans with no valuation allowance: | ' | ' |
Average Annual Recorded Investment | 4,293 | 3,235 |
Total impaired loans: | ' | ' |
Average Annual Recorded Investment | 4,293 | 3,235 |
Construction [Member] | ' | ' |
Impaired loans with no valuation allowance: | ' | ' |
Recorded Investment | 59,771 | 50,993 |
Unpaid Principal Balance | 59,771 | 50,993 |
Average Annual Recorded Investment | 51,269 | 52,334 |
Interest Income Recognized While On Impaired Status | 3,328 | 3,733 |
Total impaired loans: | ' | ' |
Recorded Investment | 59,771 | 50,993 |
Unpaid Principal Balance | 59,771 | 50,993 |
Average Annual Recorded Investment | 51,269 | 52,334 |
Interest Income Recognized While On Impaired Status | $3,328 | $3,733 |
Note_6_Loans_Details_NonAccrua
Note 6 - Loans (Details) - Non-Accrual Loans (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Note 6 - Loans (Details) - Non-Accrual Loans [Line Items] | ' | ' | ' |
Non-accrual Loans | $4,103,870 | $4,367,623 | ' |
Trouble Debt Restructurings | 3,435,909 | 3,529,215 | ' |
Total non-performing loans | 6,063,040 | 6,377,790 | ' |
Real estate owned | 1,949,825 | 2,469,800 | 845,669 |
Total non-performing assets | 8,070,760 | 8,815,435 | ' |
Non-performing loans as a percentage of loans | 7.19% | 7.08% | ' |
Non-performing assets as a percentage of loans and real estate owned | 9.27% | 9.58% | ' |
Non-performing assets as a percentage of total assets | 6.34% | 6.81% | ' |
In Non-accrual Status [Member] | Residential (One to Four Family) Real Estate [Member] | ' | ' | ' |
Note 6 - Loans (Details) - Non-Accrual Loans [Line Items] | ' | ' | ' |
Non-accrual Loans | 1,277,406 | 992,173 | ' |
In Non-accrual Status [Member] | Multi-Family and Commercial Real Estate [Member] | ' | ' | ' |
Note 6 - Loans (Details) - Non-Accrual Loans [Line Items] | ' | ' | ' |
Non-accrual Loans | 980,711 | 1,302,430 | ' |
In Non-accrual Status [Member] | Commercial Loan [Member] | ' | ' | ' |
Note 6 - Loans (Details) - Non-Accrual Loans [Line Items] | ' | ' | ' |
Non-accrual Loans | 107,640 | 234,901 | ' |
In Non-accrual Status [Member] | Home Equity Line of Credit [Member] | ' | ' | ' |
Note 6 - Loans (Details) - Non-Accrual Loans [Line Items] | ' | ' | ' |
Non-accrual Loans | 218,909 | 286,916 | ' |
In Non-accrual Status [Member] | ' | ' | ' |
Note 6 - Loans (Details) - Non-Accrual Loans [Line Items] | ' | ' | ' |
Non-accrual Loans | 2,584,666 | 2,816,420 | ' |
Accruing Past 90 Days [Member] | Multi-Family and Commercial Real Estate [Member] | ' | ' | ' |
Note 6 - Loans (Details) - Non-Accrual Loans [Line Items] | ' | ' | ' |
Accruing Past 90 Days | 100,360 | ' | ' |
Accruing Past 90 Days [Member] | ' | ' | ' |
Note 6 - Loans (Details) - Non-Accrual Loans [Line Items] | ' | ' | ' |
Accruing Past 90 Days | 100,360 | ' | ' |
In Non-accrual Status [Member] | Residential (One to Four Family) Real Estate [Member] | ' | ' | ' |
Note 6 - Loans (Details) - Non-Accrual Loans [Line Items] | ' | ' | ' |
Trouble Debt Restructurings | 672,242 | 550,405 | ' |
In Non-accrual Status [Member] | Multi-Family and Commercial Real Estate [Member] | ' | ' | ' |
Note 6 - Loans (Details) - Non-Accrual Loans [Line Items] | ' | ' | ' |
Trouble Debt Restructurings | 846,962 | 1,000,798 | ' |
In Non-accrual Status [Member] | ' | ' | ' |
Note 6 - Loans (Details) - Non-Accrual Loans [Line Items] | ' | ' | ' |
Trouble Debt Restructurings | 1,519,204 | 1,551,203 | ' |
Performing Under Modified Terms [Member] | Residential (One to Four Family) Real Estate [Member] | ' | ' | ' |
Note 6 - Loans (Details) - Non-Accrual Loans [Line Items] | ' | ' | ' |
Trouble Debt Restructurings | 548,046 | 787,667 | ' |
Performing Under Modified Terms [Member] | Multi-Family and Commercial Real Estate [Member] | ' | ' | ' |
Note 6 - Loans (Details) - Non-Accrual Loans [Line Items] | ' | ' | ' |
Trouble Debt Restructurings | 1,308,888 | 1,139,352 | ' |
Performing Under Modified Terms [Member] | Construction [Member] | ' | ' | ' |
Note 6 - Loans (Details) - Non-Accrual Loans [Line Items] | ' | ' | ' |
Trouble Debt Restructurings | 59,771 | 50,993 | ' |
Performing Under Modified Terms [Member] | ' | ' | ' |
Note 6 - Loans (Details) - Non-Accrual Loans [Line Items] | ' | ' | ' |
Trouble Debt Restructurings | 1,916,705 | 1,978,012 | ' |
Multi-Family and Commercial Real Estate [Member] | ' | ' | ' |
Note 6 - Loans (Details) - Non-Accrual Loans [Line Items] | ' | ' | ' |
Total non-performing loans | 3,136,561 | 3,550,177 | ' |
Commercial Loan [Member] | ' | ' | ' |
Note 6 - Loans (Details) - Non-Accrual Loans [Line Items] | ' | ' | ' |
Total non-performing loans | 107,640 | 234,898 | ' |
Home Equity Line of Credit [Member] | ' | ' | ' |
Note 6 - Loans (Details) - Non-Accrual Loans [Line Items] | ' | ' | ' |
Total non-performing loans | 218,909 | 286,916 | ' |
Construction [Member] | ' | ' | ' |
Note 6 - Loans (Details) - Non-Accrual Loans [Line Items] | ' | ' | ' |
Total non-performing loans | 59,771 | 50,993 | ' |
Nonperforming Financing Receivable [Member] | ' | ' | ' |
Note 6 - Loans (Details) - Non-Accrual Loans [Line Items] | ' | ' | ' |
Total non-performing loans | $6,120,935 | $6,345,635 | ' |
Note_6_Loans_Details_Troubled_
Note 6 - Loans (Details) - Troubled Debt Restructurings (USD $) | 12 Months Ended | 13 Months Ended | 1 Months Ended | 12 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
Residential Real Estate Loans [Member] | Residential Real Estate Loans [Member] | Residential Real Estate Loans [Member] | Residential Real Estate Loans [Member] | ||||
Troubled debt restructurings: | ' | ' | ' | ' | ' | ' | ' |
Residential real estate | ' | ' | 15 | 7 | 8 | 1 | 2 |
Residential real estate | ' | ' | ' | ' | ' | $120,037 | $338,865 |
Residential real estate | 3,435,909 | 3,529,215 | ' | ' | ' | 122,878 | 486,257 |
Residential real estate | ' | ' | ' | ' | ' | ' | 1 |
Residential real estate | ' | ' | ' | ' | ' | ' | $74,731 |
Note_6_Loans_Details_Real_Esta
Note 6 - Loans (Details) - Real Estate Owned (REO), Net of Valuation Allowance (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Real Estate Owned (REO), Net of Valuation Allowance [Abstract] | ' | ' |
Balance, beginning of period | $2,469,800 | $845,669 |
Additions from loan foreclosures | 856,393 | 2,650,458 |
Additions from capitalized costs | 3,352 | 3,100 |
Dispositions of REO | -690,453 | -820,657 |
Gain (loss) on sale of REO | -85,680 | -152,276 |
Valuation adjustments in the period | -603,587 | -56,494 |
Balance, end of period | 1,949,825 | 2,469,800 |
Balance, beginning of period | 72,077 | 104,316 |
Valuation adjustments added in the period | 603,587 | 56,494 |
Valuation adjustments on disposed properties during the period | -71,512 | -88,733 |
Balance, end of period | $675,665 | $72,077 |
Note_6_Loans_Details_Allowance
Note 6 - Loans (Details) - Allowance for Losses on Loans and Charge-Offs (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Note 6 - Loans (Details) - Allowance for Losses on Loans and Charge-Offs [Line Items] | ' | ' |
Balance | $1,032,818 | $1,160,535 |
Year-end loans outstanding | 85,084,445 | 89,570,303 |
Average loans outstanding | 87,327,374 | 95,122,254 |
Allowance as a percentage of year-end loans | 1.70% | 1.15% |
Net charge-offs as a percentage of average loans | 0.62% | 0.81% |
Provision: | ' | ' |
Provisions | 957,357 | 640,200 |
Charge-Offs: | ' | ' |
Charge-Offs | 625,395 | 808,209 |
Recoveries | -83,518 | -40,292 |
Total Net Charge-Offs | 541,877 | 767,917 |
Balance | 1,448,298 | 1,032,818 |
Residential Real Estate Loans [Member] | ' | ' |
Note 6 - Loans (Details) - Allowance for Losses on Loans and Charge-Offs [Line Items] | ' | ' |
Balance | 485,215 | 491,273 |
Year-end loans outstanding | 63,524,240 | 66,597,885 |
Provision: | ' | ' |
Provisions | 266,246 | 19,862 |
Charge-Offs: | ' | ' |
Charge-Offs | 99,548 | 26,757 |
Recoveries | -4,243 | -837 |
Balance | 656,156 | 485,215 |
Multi-Family and Commercial Real Estate [Member] | ' | ' |
Note 6 - Loans (Details) - Allowance for Losses on Loans and Charge-Offs [Line Items] | ' | ' |
Balance | 378,289 | 468,834 |
Year-end loans outstanding | 10,414,383 | 12,402,532 |
Provision: | ' | ' |
Provisions | 627,214 | 587,288 |
Charge-Offs: | ' | ' |
Charge-Offs | 378,263 | 686,293 |
Recoveries | -7,728 | -8,460 |
Balance | 634,968 | 378,289 |
Commercial Loan [Member] | ' | ' |
Note 6 - Loans (Details) - Allowance for Losses on Loans and Charge-Offs [Line Items] | ' | ' |
Balance | 44,299 | 40,516 |
Year-end loans outstanding | 1,306,877 | 1,165,774 |
Provision: | ' | ' |
Provisions | 141,359 | 3,783 |
Charge-Offs: | ' | ' |
Charge-Offs | 127,259 | ' |
Balance | 58,399 | 44,299 |
Home Equity Line of Credit [Member] | ' | ' |
Note 6 - Loans (Details) - Allowance for Losses on Loans and Charge-Offs [Line Items] | ' | ' |
Balance | 47,754 | 57,576 |
Year-end loans outstanding | 8,143,701 | 8,361,492 |
Provision: | ' | ' |
Provisions | 21,490 | 18,827 |
Charge-Offs: | ' | ' |
Charge-Offs | 3,875 | 28,649 |
Balance | 65,369 | 47,754 |
Consumer Loan [Member] | ' | ' |
Note 6 - Loans (Details) - Allowance for Losses on Loans and Charge-Offs [Line Items] | ' | ' |
Balance | 77,134 | 98,174 |
Year-end loans outstanding | 686,217 | 959,771 |
Provision: | ' | ' |
Provisions | -102,622 | 14,475 |
Charge-Offs: | ' | ' |
Charge-Offs | 16,450 | 66,510 |
Recoveries | -71,547 | -30,995 |
Balance | 29,609 | 77,134 |
Construction [Member] | ' | ' |
Note 6 - Loans (Details) - Allowance for Losses on Loans and Charge-Offs [Line Items] | ' | ' |
Balance | 127 | 4,162 |
Year-end loans outstanding | 1,009,027 | 82,849 |
Provision: | ' | ' |
Provisions | 3,670 | -4,035 |
Charge-Offs: | ' | ' |
Balance | $3,797 | $127 |
Note_6_Loans_Details_Allowance1
Note 6 - Loans (Details) - Allowance for Loan Losses (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Balance | $1,032,818 | $1,160,535 |
Ending balance for allowance individually evaluated for impairment | 287,507 | ' |
Ending balance for allowance collectively evaluated for impairment | 1,160,791 | 1,032,818 |
Ending Balance | 85,084,445 | 89,570,303 |
Ending balance for loans individually evaluated for impairment | 4,454,616 | 4,368,431 |
Ending balance for loans collectively evaluated for impairment | 80,629,829 | 85,201,872 |
Loan Charge-Offs | -625,395 | -808,209 |
Recoveries | 83,518 | 40,292 |
Provision for loan losses | 957,357 | 640,200 |
Balance | 1,448,298 | 1,032,818 |
Residential Real Estate Loans [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Balance | 485,215 | 491,273 |
Ending balance for allowance individually evaluated for impairment | 27,507 | ' |
Ending balance for allowance collectively evaluated for impairment | 628,649 | 485,215 |
Ending Balance | 63,524,240 | 66,597,885 |
Ending balance for loans individually evaluated for impairment | 3,141,851 | 1,435,444 |
Ending balance for loans collectively evaluated for impairment | 60,382,389 | 65,162,441 |
Loan Charge-Offs | -99,548 | -26,757 |
Recoveries | 4,243 | 837 |
Provision for loan losses | 266,246 | 19,862 |
Balance | 656,156 | 485,215 |
Multi-Family and Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Balance | 378,289 | 468,834 |
Ending balance for allowance individually evaluated for impairment | 260,000 | ' |
Ending balance for allowance collectively evaluated for impairment | 374,968 | 378,289 |
Ending Balance | 10,414,383 | 12,402,532 |
Ending balance for loans individually evaluated for impairment | 986,115 | 2,411,635 |
Ending balance for loans collectively evaluated for impairment | 9,428,268 | 9,990,897 |
Loan Charge-Offs | -378,263 | -686,293 |
Recoveries | 7,728 | 8,460 |
Provision for loan losses | 627,214 | 587,288 |
Balance | 634,968 | 378,289 |
Commercial Loan [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Balance | 44,299 | 40,516 |
Ending balance for allowance collectively evaluated for impairment | 58,399 | 44,299 |
Ending Balance | 1,306,877 | 1,165,774 |
Ending balance for loans individually evaluated for impairment | 107,640 | 234,899 |
Ending balance for loans collectively evaluated for impairment | 1,199,237 | 930,875 |
Loan Charge-Offs | -127,259 | ' |
Provision for loan losses | 141,359 | 3,783 |
Balance | 58,399 | 44,299 |
Home Equity Line of Credit [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Balance | 47,754 | 57,576 |
Ending balance for allowance collectively evaluated for impairment | 65,369 | 47,754 |
Ending Balance | 8,143,701 | 8,361,492 |
Ending balance for loans individually evaluated for impairment | 219,010 | 286,453 |
Ending balance for loans collectively evaluated for impairment | 7,924,691 | 8,075,039 |
Loan Charge-Offs | -3,875 | -28,649 |
Provision for loan losses | 21,490 | 18,827 |
Balance | 65,369 | 47,754 |
Consumer Loan [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Balance | 77,134 | 98,174 |
Ending balance for allowance collectively evaluated for impairment | 29,609 | 77,134 |
Ending Balance | 686,217 | 959,771 |
Ending balance for loans collectively evaluated for impairment | 686,217 | 959,771 |
Loan Charge-Offs | -16,450 | -66,510 |
Recoveries | 71,547 | 30,995 |
Provision for loan losses | -102,622 | 14,475 |
Balance | 29,609 | 77,134 |
Construction [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Balance | 127 | 4,162 |
Ending balance for allowance collectively evaluated for impairment | 3,797 | 127 |
Ending Balance | 1,009,027 | 82,849 |
Ending balance for loans collectively evaluated for impairment | 1,009,027 | 82,849 |
Provision for loan losses | 3,670 | -4,035 |
Balance | $3,797 | $127 |
Note_6_Loans_Details_Loans_to_
Note 6 - Loans (Details) - Loans to Officers and Directors (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Loans to Officers and Directors [Abstract] | ' | ' |
Balance, beginning of year | $672,699 | $584,413 |
Payments | -284,183 | -86,905 |
Borrowings | 388,000 | 175,191 |
Balance, end of year | $776,516 | $672,699 |
Note_7_Loan_Servicing_Details_
Note 7 - Loan Servicing (Details) - Mortgage Loans Servicing Portfolio (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Mortgage Loan Servicing Portfolio: | ' | ' |
Mortgage Partnership Finance FHLB New York | $246,332 | $393,480 |
Note_8_Accrued_Interest_Receiv2
Note 8 - Accrued Interest Receivable (Details) - Accrued Interest Receivable (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Note 8 - Accrued Interest Receivable (Details) - Accrued Interest Receivable [Line Items] | ' | ' |
Accrued Interest Receivable | $462,284 | $427,736 |
Loans Receivable [Member] | ' | ' |
Note 8 - Accrued Interest Receivable (Details) - Accrued Interest Receivable [Line Items] | ' | ' |
Accrued Interest Receivable | 280,444 | 309,057 |
Investment Securities [Member] | ' | ' |
Note 8 - Accrued Interest Receivable (Details) - Accrued Interest Receivable [Line Items] | ' | ' |
Accrued Interest Receivable | 168,616 | 84,614 |
Mortgage Backed Security [Member] | ' | ' |
Note 8 - Accrued Interest Receivable (Details) - Accrued Interest Receivable [Line Items] | ' | ' |
Accrued Interest Receivable | $13,224 | $34,065 |
Note_9_Premises_and_Equipment_1
Note 9 - Premises and Equipment (Details) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Property, Plant and Equipment [Abstract] | ' | ' |
Depreciation | $263,472 | $299,995 |
Note_9_Premises_and_Equipment_2
Note 9 - Premises and Equipment (Details) - Premises and Equipment (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Property, Plant and Equipment [Line Items] | ' | ' |
Premises and equipment | $10,279,658 | $10,215,493 |
Accumulated depreciation | -3,611,106 | -3,360,493 |
6,668,552 | 6,855,000 | |
Land [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Premises and equipment | 1,451,203 | 1,451,203 |
Building [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Premises and equipment | 6,848,967 | 6,848,967 |
Furniture and Fixtures [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Premises and equipment | $1,979,488 | $1,915,323 |
Note_11_Deposits_Details
Note 11 - Deposits (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Note 11 - Deposits (Details) [Line Items] | ' | ' |
Time Deposits, $100,000 or More | $14,671,836 | $16,312,885 |
Deposits | 110,624,699 | 117,034,114 |
Officer [Member] | ' | ' |
Note 11 - Deposits (Details) [Line Items] | ' | ' |
Deposits | $474,000 | $479,000 |
Note_11_Deposits_Details_Depos
Note 11 - Deposits (Details) - Deposit Account Balances (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Note 11 - Deposits (Details) - Deposit Account Balances [Line Items] | ' | ' |
Non interest bearing accounts - amount (in Dollars) | $78,520.30 | $6,872,713 |
Non interest bearing accounts - percent of portfolio | 7.10% | 5.87% |
Interest bearing checking accounts - amount (in Dollars) | 19,637,558 | 14,881,992 |
Interest bearing checking accounts - weighted-average interest rate | 0.15% | 0.25% |
Interest bearing checking accounts - percent of portfolio | 17.75% | 12.72% |
Passbook savings accounts - amount (in Dollars) | 15,491,930 | 15,435,874 |
Passbook savings accounts - weighted-average interest rate | 0.10% | 0.10% |
Passbook savings accounts - percent of portfolio | 14.00% | 13.19% |
Money Market accounts - amount (in Dollars) | 21,267,887 | 25,019,142 |
Money Market accounts - weighted-average interest rate | 0.42% | 0.49% |
Money Market accounts - percent of portfolio | 19.23% | 21.38% |
Club accounts - amount (in Dollars) | 136,293 | 141,351 |
Club accounts - weighted-average interest rate | 0.10% | 0.39% |
Club accounts - percent of portfolio | 0.12% | 0.12% |
Total - Amount (in Dollars) | 110,624,699 | 117,034,114 |
Total - percent of portfolio | 100.00% | 100.00% |
Certificates of Deposits: | ' | ' |
Certificates of deposit - amount (in Dollars) | 46,239,001 | 54,683,042 |
Certificates of deposit - percent of portfolio | 41.80% | 46.72% |
Excluding Certificates of Deposits [Member] | ' | ' |
Note 11 - Deposits (Details) - Deposit Account Balances [Line Items] | ' | ' |
Total - Amount (in Dollars) | 64,385,698 | 62,351,072 |
Total - percent of portfolio | 58.20% | 53.28% |
Certificates of Deposits, Interest Rate Range, 0.10% to 0.99% [Member] | ' | ' |
Certificates of Deposits: | ' | ' |
Certificates of deposit - amount (in Dollars) | 27,341,814 | 25,622,818 |
Certificates of deposit - weighted-average interest rate | 0.49% | 0.54% |
Certificates of deposit - percent of portfolio | 24.72% | 21.89% |
Certificates of Deposits, Interest Rate Range, 1.00% to 1.99% [Member] | ' | ' |
Certificates of Deposits: | ' | ' |
Certificates of deposit - amount (in Dollars) | 12,373,761 | 19,219,919 |
Certificates of deposit - weighted-average interest rate | 1.38% | 1.44% |
Certificates of deposit - percent of portfolio | 11.19% | 16.42% |
Certificates of Deposits, Interest Rate Range, 2.00% to 2.99% [Member] | ' | ' |
Certificates of Deposits: | ' | ' |
Certificates of deposit - amount (in Dollars) | 6,351,120 | 8,035,364 |
Certificates of deposit - weighted-average interest rate | 2.45% | 2.44% |
Certificates of deposit - percent of portfolio | 5.74% | 6.87% |
Certificates of Deposits, Interest Rate Range, 3.00% to 3.99% [Member] | ' | ' |
Certificates of Deposits: | ' | ' |
Certificates of deposit - amount (in Dollars) | 171,953 | 1,559,790 |
Certificates of deposit - weighted-average interest rate | 3.15% | 3.22% |
Certificates of deposit - percent of portfolio | 0.15% | 1.33% |
Certificates of Deposits, Interest Rate Range, 4.00% & Over [Member] | ' | ' |
Certificates of Deposits: | ' | ' |
Certificates of deposit - amount (in Dollars) | $353 | $245,151 |
Certificates of deposit - weighted-average interest rate | 4.78% | 4.69% |
Certificates of deposit - percent of portfolio | ' | 0.21% |
Note_11_Deposits_Details_Sched
Note 11 - Deposits (Details) - Scheduled Maturities of Certificates of Deposits (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Scheduled Maturities of Certificates of Deposits [Abstract] | ' | ' |
2014 | ' | $34,402,410 |
2015 | 28,268,039 | 10,485,591 |
2016 | 8,768,333 | 3,395,872 |
2017 | 4,598,454 | 3,653,130 |
2018 | 2,338,541 | 2,746,039 |
2019 | 2,265,634 | ' |
$46,239,001 | $54,683,042 |
Note_12_Line_of_Credit_from_At1
Note 12 - Line of Credit from Atlantic Central Bankers Bank (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Debt Disclosure [Abstract] | ' | ' |
Line of Credit Facility, Amount Outstanding | $0 | $0 |
Note_13_Advances_from_Federal_2
Note 13 - Advances from Federal Home Loan Bank (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Disclosure Text Block [Abstract] | ' | ' |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | $20,850,000 | $11,900,000 |
Federal Home Loan Bank, Advances, General Debt Obligations, Maximum Amount Available | $16,434,000 | ' |
Note_13_Advances_from_Federal_3
Note 13 - Advances from Federal Home Loan Bank (Details) - Advances from Federal Home Loan Bank of New York (USD $) | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 |
Maturity Date, April 7,2014 [Member] | Maturity Date, December 8, 2014 [Member] | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' | ' | ' |
Interest Rate | ' | ' | 0.36% | 0.48% |
Balance | $2,000,000 | $0 | $1,000,000 | $1,000,000 |
Note_14_Income_Taxes_Details
Note 14 - Income Taxes (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Note 14 - Income Taxes (Details) [Line Items] | ' | ' |
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | $491,600 | $424,000 |
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 328,810 | 302,200 |
Deferred Tax Assets, Valuation Allowance | 67,410 | ' |
Domestic Tax Authority [Member] | ' | ' |
Note 14 - Income Taxes (Details) [Line Items] | ' | ' |
Operating Loss Carryforwards | 1,586,000 | ' |
State and Local Jurisdiction [Member] | ' | ' |
Note 14 - Income Taxes (Details) [Line Items] | ' | ' |
Operating Loss Carryforwards | $3,657,000 | ' |
Note_14_Income_Taxes_Details_C
Note 14 - Income Taxes (Details) - Components of Income Tax Expense (Benefit) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Current federal tax expense | ' | ' |
Federal | $0 | $0 |
State | 3,000 | 3,000 |
Deferred tax (benefit) | ' | ' |
Federal | -368,006 | -165,538 |
State | -35,100 | -46,900 |
Total | ($400,106) | ($209,438) |
Note_14_Income_Taxes_Details_E
Note 14 - Income Taxes (Details) - Effective Income Tax Rate Reconciliation (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Effective Income Tax Rate Reconciliation [Abstract] | ' | ' |
Expected federal tax provision (benefit) at 34% rate | ($395,571) | ($181,420) |
Municipal bond interest | -829 | -137 |
Increase in cash surrender value of life insurance | -3,947 | -2,068 |
State income tax | -67,169 | -25,813 |
Valuation allowance for state operating loss carryforward | 67,410 | ' |
Total income tax (benefit) | ($400,106) | ($209,438) |
Effective tax rate (benefit) | -34.40% | -39.30% |
Note_14_Income_Taxes_Details_E1
Note 14 - Income Taxes (Details) - Effective Income Tax Rate Reconciliation (Parentheticals) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Effective Income Tax Rate Reconciliation [Abstract] | ' | ' |
Federal tax rate | 34.00% | 34.00% |
Note_14_Income_Taxes_Details_S
Note 14 - Income Taxes (Details) - Summary of Deferred Tax Assets and Liabilities (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Summary of Deferred Tax Assets and Liabilities [Abstract] | ' | ' |
Accrued pension costs | $9,500 | $5,500 |
Accrued retirement plan | 2,800 | 9,400 |
Allowance for loan losses | 722,051 | 333,800 |
Directorsb benefit plans | 123,000 | 125,000 |
Employee stock option | 6,000 | ' |
FASB 158 b unrecognized transition costs | 42,000 | 47,200 |
Federal tax loss carryforward | 491,600 | 424,000 |
State tax loss carryforward | 328,810 | 302,200 |
Unrealized losses on securities available-for-sale | 85,000 | 4,000 |
Non accrual interest | 33,700 | 39,100 |
Total deferred tax assets | 1,844,461 | 1,290,200 |
Valuation allowance | -67,410 | ' |
Accumulated depreciation | -54,450 | -61,800 |
Total deferred tax liabilities | -54,450 | -61,800 |
NET DEFERRED TAX ASSETS | $1,722,601 | $1,228,400 |
Note_15_Employee_Benefits_Deta
Note 15 - Employee Benefits (Details) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Cash/Deferred Profit Sharing Plan [Member] | ' | ' |
Note 15 - Employee Benefits (Details) [Line Items] | ' | ' |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 10.00% | ' |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $0 | $0 |
Retirement Incentive Plan [Member] | ' | ' |
Note 15 - Employee Benefits (Details) [Line Items] | ' | ' |
Monthly Payment under Retirement Plan | 1,416.67 | ' |
Cash Surrender Value of Life Insurance | $165,197 | $153,588 |
Note_16_Board_of_Directors_Ret2
Note 16 - Board of Directors' Retirement Plan (Details) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Jan. 01, 2002 | |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' |
Defined Benefit Plan, Monthly Retirement Benefit, Percentage of Board Fees Payable | ' | ' | 4.00% |
Defined Benefit Plan, Maximum Retirement Benefit, Percentage of Final Fee Amount | ' | ' | 80.00% |
Defined Benefit Plan, Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year | $0 | ' | ' |
Pension Expense | $32,280 | $45,032 | ' |
Note_16_Board_of_Directors_Ret3
Note 16 - Board of Directors' Retirement Plan (Details) - Net pension expense (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Net pension expense [Abstract] | ' | ' |
Service cost | $7,700 | $8,488 |
Interest cost | 18,944 | 20,056 |
Amortization of gain | 5,636 | 4,804 |
Net amortization and deferral | 0 | 11,684 |
Net periodic pension cost | $32,280 | $45,032 |
Note_16_Board_of_Directors_Ret4
Note 16 - Board of Directors' Retirement Plan (Details) - Funded Status of Defined Benefit Pension Plan (USD $) | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Funded Status of Defined Benefit Pension Plan [Abstract] | ' | ' | ' |
Accumulated benefit obligation | $413,120 | $423,368 | ' |
Projected benefit obligation | 415,803 | 438,352 | 416,352 |
Fair value of plan assets | 0 | 0 | 0 |
Unfunded projected benefit obligation | $415,803 | $438,352 | ' |
Note_16_Board_of_Directors_Ret5
Note 16 - Board of Directors' Retirement Plan (Details) - Projected Benefit Obligations (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Projected Benefit Obligations [Abstract] | ' | ' |
Projected benefit obligation at beginning of year | $438,352 | $416,352 |
Service cost | 7,700 | 8,488 |
Interest cost | 18,944 | 20,056 |
Actuarial (gain) loss | -13,966 | 24,587 |
Benefits paid | -35,227 | -31,131 |
Benefit obligation at end of year | $415,803 | $438,352 |
Note_16_Board_of_Directors_Ret6
Note 16 - Board of Directors' Retirement Plan (Details) - Changes in Plan Assets (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Changes in Plan Assets [Abstract] | ' | ' |
Fair value of Plan assets at beginning of year | $0 | $0 |
Actual return on Plan assets | 0 | 0 |
Employer contributions | 35,227 | 31,131 |
Benefits paid | -35,227 | -31,131 |
Fair value of Plan assets at end of year | $0 | $0 |
Note_16_Board_of_Directors_Ret7
Note 16 - Board of Directors' Retirement Plan (Details) - Actuarial Assumptions Used in Determining Pension Amounts | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Actuarial Assumptions Used in Determining Pension Amounts [Abstract] | ' | ' |
Discount rate for periodic pension cost | 4.50% | 5.00% |
Discount rate for benefit obligation | 4.75% | 4.50% |
Rate of increase in compensation levels and social security wage base | 2.00% | 2.00% |
Expected long-term rate of return on plan assets | ' | ' |
Note_17_Employee_Stock_Ownersh2
Note 17 - Employee Stock Ownership Plan (ESOP) (Details) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | |||||
Oct. 16, 2013 | Oct. 31, 2013 | Mar. 31, 2008 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2007 | Oct. 16, 2013 | 19-May-08 | 19-May-08 | Oct. 16, 2013 | Mar. 31, 2007 | Oct. 16, 2013 | |
Refinanced [Member] | Employee Stock Option [Member] | Restricted Stock [Member] | Equity Incentive Plan 2008 [Member] | ESOP Loan One [Member] | ESOP Loan Two [Member] | |||||||
ESOP Loan One [Member] | Equity Incentive Plan 2008 [Member] | Equity Incentive Plan 2008 [Member] | ||||||||||
Note 17 - Employee Stock Ownership Plan (ESOP) (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Stock Ownership Plan (ESOP), Shares in ESOP | ' | ' | ' | 60,240 | 64,081 | 64,081 | ' | ' | ' | ' | ' | ' |
Maximum ESOP Loan Repayment Period | ' | ' | ' | ' | ' | ' | '14 years | ' | ' | ' | '20 years | '14 years |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | 3.25% | ' | ' | ' | 8.25% | 3.25% |
Conversion of Stock, Shares Converted, Ratio | 0.5711 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Employee Stock Ownership Plan | 23,644 | 23,644 | 64,081 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | ' | ' | ' | ' | ' | ' | ' | 80,101 | 32,040 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000 | ' | ' |
Share Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' |
Note_17_Employee_Stock_Ownersh3
Note 17 - Employee Stock Ownership Plan (ESOP) (Details) - Components of the ESOP | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2007 |
Components of the ESOP [Abstract] | ' | ' | ' |
Shares released for allocation | 14,496 | 19,224 | ' |
Unearned shares | 45,744 | 44,857 | ' |
Total ESOP shares | 60,240 | 64,081 | 64,081 |
Note_18_Stock_Based_Compensati
Note 18 - Stock Based Compensation (Details) - Equity Incentive Plan Activity (USD $) | 12 Months Ended |
Mar. 31, 2014 | |
Equity Incentive Plan Activity [Abstract] | ' |
Granted | 20,000 |
Granted | $8.69 |
Restricted at the end of the period | 20,000 |
Restricted at the end of the period | $8.69 |
Note_19_Earnings_Per_Share_Det
Note 19 - Earnings Per Share (Details) (Equity Option [Member]) | 12 Months Ended |
Mar. 31, 2014 | |
Equity Option [Member] | ' |
Note 19 - Earnings Per Share (Details) [Line Items] | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 20,000 |
Note_19_Earnings_Per_Share_Det1
Note 19 - Earnings Per Share (Details) - Earnings Per Share Reconciliation (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Earnings Per Share Reconciliation [Abstract] | ' | ' |
Net (Loss) (in Dollars) | ($763,338) | ($324,151) |
Weighted average shares outstanding | 1,318,796 | 1,634,725 |
Adjusted average unearned ESOP shares | 45,744 | 44,857 |
Weighted average share outstanding - basic | 1,273,052 | 1,589,868 |
Adjusted weighted average shares outstanding - dilutive | 1,273,052 | 1,589,868 |
Basic loss per share (in Dollars per share) | ($0.60) | ($0.20) |
Diluted loss per share (in Dollars per share) | ($0.60) | ($0.20) |
Note_20_Fair_Value_Measurement2
Note 20 - Fair Value Measurement (Details) - Assets and Liabilities Measured at Fair Value on a Recurring Basis (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Note 20 - Fair Value Measurement (Details) - Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ' | ' |
Available for sale securities | $1,973,370 | $2,207,018 |
Federal Home Loan Bank Bonds [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Note 20 - Fair Value Measurement (Details) - Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ' | ' |
Available for sale securities | 1,352,576 | 1,496,380 |
Federal Home Loan Bank Bonds [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Note 20 - Fair Value Measurement (Details) - Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ' | ' |
Available for sale securities | 1,352,576 | 1,496,380 |
Federal Home Loan Bank Bonds [Member] | ' | ' |
Note 20 - Fair Value Measurement (Details) - Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ' | ' |
Available for sale securities | 1,352,576 | 1,496 |
Federal National Mortgage Association [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Note 20 - Fair Value Measurement (Details) - Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ' | ' |
Available for sale securities | 437,648 | 488,438 |
Federal National Mortgage Association [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Note 20 - Fair Value Measurement (Details) - Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ' | ' |
Available for sale securities | 437,648 | 488,438 |
Federal National Mortgage Association [Member] | ' | ' |
Note 20 - Fair Value Measurement (Details) - Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ' | ' |
Available for sale securities | 437,648 | 488,438 |
Mutual Fund Shares [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Note 20 - Fair Value Measurement (Details) - Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ' | ' |
Available for sale securities | 183,146 | 222,200 |
Mutual Fund Shares [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Note 20 - Fair Value Measurement (Details) - Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ' | ' |
Available for sale securities | 183,146 | 222,200 |
Mutual Fund Shares [Member] | ' | ' |
Note 20 - Fair Value Measurement (Details) - Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ' | ' |
Available for sale securities | 183,146 | 222,200 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Note 20 - Fair Value Measurement (Details) - Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ' | ' |
Available for sale securities | 183,146 | 222,200 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Note 20 - Fair Value Measurement (Details) - Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ' | ' |
Available for sale securities | 1,790,224 | 1,984,818 |
Fair Value, Measurements, Recurring [Member] | ' | ' |
Note 20 - Fair Value Measurement (Details) - Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ' | ' |
Available for sale securities | 1,973,370 | 2,207,018 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Note 20 - Fair Value Measurement (Details) - Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ' | ' |
Available for sale securities | $25,410,461 | $20,285,670 |
Note_20_Fair_Value_Measurement3
Note 20 - Fair Value Measurement (Details) - Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Note 20 - Fair Value Measurement (Details) - Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis [Line Items] | ' | ' |
Impaired loans | $6,020,575 | $6,345,635 |
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | ' | ' |
Note 20 - Fair Value Measurement (Details) - Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis [Line Items] | ' | ' |
Impaired loans | 6,020,575 | 6,345,635 |
Fair Value, Measurements, Nonrecurring [Member] | Real Estate Owned [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Note 20 - Fair Value Measurement (Details) - Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis [Line Items] | ' | ' |
Real estate owned | 1,949,825 | 2,469,800 |
Fair Value, Measurements, Nonrecurring [Member] | Real Estate Owned [Member] | ' | ' |
Note 20 - Fair Value Measurement (Details) - Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis [Line Items] | ' | ' |
Real estate owned | 1,949,825 | 2,469,800 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Note 20 - Fair Value Measurement (Details) - Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis [Line Items] | ' | ' |
Total | 7,970,400 | 8,815,435 |
Fair Value, Measurements, Nonrecurring [Member] | ' | ' |
Note 20 - Fair Value Measurement (Details) - Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis [Line Items] | ' | ' |
Total | 7,970,400 | 8,815,435 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Note 20 - Fair Value Measurement (Details) - Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis [Line Items] | ' | ' |
Impaired loans | $83,059,000 | $91,300,000 |
Note_20_Fair_Value_Measurement4
Note 20 - Fair Value Measurement (Details) - Valuation Processes Used to Determine Nonrecurring Fair Value Measurement Within Level 3 (Property Appraisals [Member], Fair Value, Inputs, Level 3 [Member], USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Impaired Loans [Member] | ' | ' |
Note 20 - Fair Value Measurement (Details) - Valuation Processes Used to Determine Nonrecurring Fair Value Measurement Within Level 3 [Line Items] | ' | ' |
Fair value (in Dollars) | 6,020,575 | 6,345,635 |
Real Estate Owned [Member] | ' | ' |
Note 20 - Fair Value Measurement (Details) - Valuation Processes Used to Determine Nonrecurring Fair Value Measurement Within Level 3 [Line Items] | ' | ' |
Fair value (in Dollars) | 1,949,825 | 2,469,800 |
Minimum [Member] | Impaired Loans [Member] | ' | ' |
Note 20 - Fair Value Measurement (Details) - Valuation Processes Used to Determine Nonrecurring Fair Value Measurement Within Level 3 [Line Items] | ' | ' |
Range | 7.00% | 7.00% |
Minimum [Member] | Real Estate Owned [Member] | ' | ' |
Note 20 - Fair Value Measurement (Details) - Valuation Processes Used to Determine Nonrecurring Fair Value Measurement Within Level 3 [Line Items] | ' | ' |
Range | 7.00% | 7.00% |
Maximum [Member] | Impaired Loans [Member] | ' | ' |
Note 20 - Fair Value Measurement (Details) - Valuation Processes Used to Determine Nonrecurring Fair Value Measurement Within Level 3 [Line Items] | ' | ' |
Range | 12.00% | 12.00% |
Maximum [Member] | Real Estate Owned [Member] | ' | ' |
Note 20 - Fair Value Measurement (Details) - Valuation Processes Used to Determine Nonrecurring Fair Value Measurement Within Level 3 [Line Items] | ' | ' |
Range | 12.00% | 12.00% |
Note_20_Fair_Value_Measurement5
Note 20 - Fair Value Measurement (Details) - Estimated Fair Value of Assets and Liabilities (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Assets: | ' | ' |
Investment securities available for sale | $25,410,461 | $20,285,670 |
Investment and mortgage-backed securities held to maturity | 1,973,370 | 2,207,018 |
Accrued interest receivable | 462,284 | 427,736 |
Bank owned life insurance | 165,197 | 153,588 |
Liabilities: | ' | ' |
Deposits b non-interest bearing | 7,852,030 | 6,872,713 |
Deposits b interest bearing | 102,772,669 | 110,161,401 |
Accrued interest payable | 6,556 | 9,025 |
Advances from borrowers for taxes and insurance | 328,815 | 366,604 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Assets: | ' | ' |
Cash and cash equivalents | 3,332,639 | 6,722,766 |
Accrued interest receivable | 462,284 | 427,736 |
Federal Home Loan Bank stock | 271,300 | 202,500 |
Bank owned life insurance | 165,197 | 153,588 |
Liabilities: | ' | ' |
Deposits b non-interest bearing | 7,852,030 | 6,872,713 |
Accrued interest payable | 6,556 | 9,025 |
Advances from borrowers for taxes and insurance | 684,289 | 366,604 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Assets: | ' | ' |
Investment securities available for sale | 1,973,370 | 2,207,018 |
Investment and mortgage-backed securities held to maturity | 25,410,461 | 20,285,670 |
Liabilities: | ' | ' |
Deposits b interest bearing | 103,249,000 | 111,233,000 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Assets: | ' | ' |
Loans receivable, net | 83,059,000 | 91,300,000 |
Reported Value Measurement [Member] | ' | ' |
Assets: | ' | ' |
Cash and cash equivalents | 3,332,639 | 6,722,766 |
Investment securities available for sale | 2,185,959 | 2,217,032 |
Investment and mortgage-backed securities held to maturity | 26,975,907 | 20,137,886 |
Loans receivable, net | 83,539,442 | 88,419,084 |
Accrued interest receivable | 462,284 | 427,736 |
Federal Home Loan Bank stock | 271,300 | 202,500 |
Bank owned life insurance | 165,197 | 153,588 |
Liabilities: | ' | ' |
Deposits b non-interest bearing | 7,852,030 | 6,872,713 |
Deposits b interest bearing | 102,772,669 | 110,161,401 |
Advances from Federal Home Loan Bank | 2,000,000 | ' |
Accrued interest payable | 6,556 | 9,025 |
Advances from borrowers for taxes and insurance | 684,289 | 366,604 |
Estimate of Fair Value Measurement [Member] | ' | ' |
Assets: | ' | ' |
Cash and cash equivalents | 3,332,639 | 6,722,766 |
Investment securities available for sale | 1,973,370 | 2,207,018 |
Investment and mortgage-backed securities held to maturity | 25,410,461 | 20,285,670 |
Loans receivable, net | ' | 91,300,000 |
Accrued interest receivable | 462,284 | 427,736 |
Federal Home Loan Bank stock | 271,300 | 202,500 |
Bank owned life insurance | 165,197 | 153,588 |
Liabilities: | ' | ' |
Deposits b non-interest bearing | 7,852,030 | 6,872,713 |
Deposits b interest bearing | 103,249,000 | 111,233,000 |
Advances from Federal Home Loan Bank | 2,000,000 | ' |
Accrued interest payable | 6,556 | 9,025 |
Advances from borrowers for taxes and insurance | $684,289 | $366,604 |
Note_21_Financial_Instruments_2
Note 21 - Financial Instruments with Off-balance Sheet Risk (Details) - Financial Instruments with Off-balance Sheet Risks (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Commitments to Extend Credit, Home Equity Line of Creidt [Member] | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Unfunded commitments to extend credit | $4,600,000 | $4,783,000 |
Commitments to Extend Credit, Commerical Line of Creidt [Member] | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Unfunded commitments to extend credit | 1,085,000 | 1,060,000 |
Commitments to Extend Credit, Standby Line of Creidt [Member] | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Unfunded commitments to extend credit | 25,000 | 50,000 |
Commitments to Extend Credit [Member] | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Unfunded commitments to extend credit | $5,710,000 | $5,893,000 |
Note_22_Commitments_and_Contin2
Note 22 - Commitments and Contingent Liabilities (Details) - Outstanding Commitment to Originate Loans (USD $) | 12 Months Ended |
Mar. 31, 2014 | |
Note 22 - Commitments and Contingent Liabilities (Details) - Outstanding Commitment to Originate Loans [Line Items] | ' |
Residential and Construction Loans Fixed Rate | $1,407,000 |
Residential and Construction Loans | 1,407,000 |
Residential Mortgage [Member] | ' |
Note 22 - Commitments and Contingent Liabilities (Details) - Outstanding Commitment to Originate Loans [Line Items] | ' |
Residential and Construction Loans Fixed Rate | 896,000 |
Residential and Construction Loans | 896,000 |
Construction [Member] | ' |
Note 22 - Commitments and Contingent Liabilities (Details) - Outstanding Commitment to Originate Loans [Line Items] | ' |
Residential and Construction Loans Fixed Rate | 511,000 |
Residential and Construction Loans | $511,000 |
Note_23_Related_Party_Transact1
Note 23 - Related Party Transactions (Details) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Related Party Transactions [Abstract] | ' | ' |
Related Party Transaction, Amounts of Transaction | $141,717 | $127,366 |
Revenue from Related Parties | $1,033 | $16,200 |
Note_24_Regulatory_Capital_Det
Note 24 - Regulatory Capital (Details) - The Bank's Actual and Required Capital Amounts and Ratios (USD $) | Mar. 31, 2014 | Mar. 31, 2013 | Jan. 02, 2013 |
The Bank's Actual and Required Capital Amounts and Ratios [Abstract] | ' | ' | ' |
Total Risk-Based Capital (to Risk-Weighted Assets) Actual Amount | $12,557,000 | $10,941,000 | ' |
Total Risk-Based Capital (to Risk-Weighted Assets) Actual Ratio | 17.42% | 14.67% | ' |
Total Risk-Based Capital (to Risk-Weighted Assets) For Capital Adequacy Purposes | 5,767,000 | 5,966,000 | ' |
Total Risk-Based Capital (to Risk-Weighted Assets) For Capital Adequacy Purposes | 8.00% | 8.00% | 13.00% |
Total Risk-Based Capital (to Risk-Weighted Assets) To be Well Capitalized under Prompt Corrective Action Provisions | 7,208,000 | 7,548,000 | ' |
Total Risk-Based Capital (to Risk-Weighted Assets)To be Well Capitalized under Prompt Corrective Action Provisions | 10.00% | 10.00% | ' |
Tier 1 Capital (to Risk-Weighted Assets) Actual Amount | 11,649,000 | 10,007,000 | ' |
Tier 1 Capital (to Risk-Weighted Assets) Actual Ratio | 16.16% | 13.41% | ' |
Tier 1 Capital (to Risk-Weighted Assets) For Capital Adequacy Purposes Amount | 2,883,000 | 2,984,000 | ' |
Tier 1 Capital (to Risk-Weighted Assets) For Capital Adequacy Purposes Ratio | 4.00% | 4.00% | 12.00% |
Tier 1 Capital (to Risk-Weighted Assets) To be Well Capitalized under Prompt Corrective Action Provisions Amount | 4,325,000 | 4,477,000 | ' |
Tier 1 Capital (to Risk-Weighted Assets) To be Well Capitalized under Prompt Corrective Action Provisions Ratio | 6.00% | 6.00% | ' |
Tier 1 Capital (to Total Assets) Actual Amount | 11,649,000 | 10,007,000 | ' |
Tier 1 Capital (to Total Assets) Actual Ratio | 9.23% | 7.79% | ' |
Tier 1 Capital (to Total Assets) For Capital Adequacy Purposes Amount | 5,047,000 | 5,138,000 | ' |
Tier 1 Capital (to Total Assets) For Capital Adequacy Purposes Ratio | 4.00% | 4.00% | 8.00% |
Tier 1 Capital (to Total Assets) To be Well Capitalized under Prompt Corrective Action Provisions Amount | $6,309,000 | $6,423,000 | ' |
Tier 1 Capital (to Total Assets) To be Well Capitalized under Prompt Corrective Action Provisions Ratio | 5.00% | 5.00% | ' |
Note_25_Regulatory_Matters_Det
Note 25 - Regulatory Matters (Details) | Mar. 31, 2014 | Mar. 31, 2013 | Jan. 02, 2013 |
Disclosure Text Block Supplement [Abstract] | ' | ' | ' |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | 4.00% | 8.00% |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 4.00% | 4.00% | 12.00% |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% | 13.00% |
Tier One Leverage Capital to Average Assets | 9.23% | 7.79% | ' |
Tier One Risk Based Capital to Risk Weighted Assets | 16.16% | 13.41% | ' |
Capital to Risk Weighted Assets | 17.42% | 14.67% | ' |
Note_26_Changes_in_Accumulated2
Note 26 - Changes in Accumulated Other Comprehensive Income (Loss) Balances (Details) - Changes in Accumulated Other Comprehensive Income (Loss) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Balance | ($76,768) | ' |
Other comprehensive income (loss) before reclassification | -114,758 | ' |
Amount reclassified from accumulated other comprehensive income (loss) | 115 | ' |
Total other comprehensive (loss) | -114,643 | -37,069 |
Balance | -191,411 | -76,768 |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Balance | -6,009 | ' |
Other comprehensive income (loss) before reclassification | -121,660 | ' |
Amount reclassified from accumulated other comprehensive income (loss) | 115 | ' |
Total other comprehensive (loss) | -121,545 | ' |
Balance | -127,554 | ' |
Accumulated Defined Benefit Plans Adjustment [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Balance | -70,759 | ' |
Other comprehensive income (loss) before reclassification | 6,902 | ' |
Total other comprehensive (loss) | 6,902 | ' |
Balance | ($63,857) | ' |
Note_27_Financial_Information_2
Note 27 - Financial Information of Parent Company (Details) - Statement of Financial Condition (Parent Company Only) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Assets: | ' | ' | ' |
Deferred income taxes | $1,722,601 | $1,228,400 | ' |
Total assets | 127,396,362 | 129,414,582 | ' |
Stockholdersb equity: | ' | ' | ' |
Total stockholdersb equity | 13,752,003 | 11,394,580 | 11,743,464 |
Total liabilities and stockholdersb equity | 127,396,362 | 129,414,582 | ' |
Parent Company [Member] | ' | ' | ' |
Assets: | ' | ' | ' |
Cash | 716,188 | 312,483 | ' |
Investment in Bank | 13,029,772 | 11,082,097 | ' |
Deferred income taxes | 6,043 | ' | ' |
Total assets | 13,752,003 | 11,394,580 | ' |
Stockholdersb equity: | ' | ' | ' |
Total stockholdersb equity | 13,752,003 | 11,394,580 | ' |
Total liabilities and stockholdersb equity | $13,752,003 | $11,394,580 | ' |
Note_27_Financial_Information_3
Note 27 - Financial Information of Parent Company (Details) - Income Statement (Parent Company Only) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Income Statement | ' | ' |
Interest on ESOP loan | $3,946,591 | $4,483,176 |
Compensation expense | 1,581,771 | 1,564,734 |
Total expense | 4,336,578 | 4,138,994 |
Loss before income tax benefit and equity in undistributed net loss of subsidiary | -1,163,444 | -533,589 |
Income tax benefit | 400,106 | 209,438 |
Net loss | -763,338 | -324,151 |
Parent Company [Member] | ' | ' |
Income Statement | ' | ' |
Interest on ESOP loan | 18,563 | 45,508 |
Postage refund | 1,611 | ' |
Other interest income | 484 | 1,275 |
Total income | 20,658 | 46,783 |
Management fee | 50,000 | 50,000 |
Compensation expense | 15,108 | ' |
Total expense | 65,108 | 50,000 |
Loss before income tax benefit and equity in undistributed net loss of subsidiary | -44,450 | -3,217 |
Equity in undistributed net loss of subsidiary | -724,932 | -320,934 |
Income tax benefit | 6,044 | ' |
Net loss | ($763,338) | ($324,151) |
Note_27_Financial_Information_4
Note 27 - Financial Information of Parent Company (Details) - Cash Flows (Parent Company Only) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Operating activities: | ' | ' |
Net (loss) | ($763,338) | ($324,151) |
Net cash used in by operating activities | 1,168,402 | 786,951 |
Investing activities: | ' | ' |
Net cash used in investing activities | -3,298,546 | 3,874,223 |
Financing activities: | ' | ' |
Net cash provided by financing activities | -1,259,983 | -4,588,093 |
Net decrease in cash and cash equivalents | -3,390,127 | 73,081 |
Cash and Cash Equivalents, Beginning of Year | 6,722,766 | 6,649,685 |
Cash and Cash Equivalents, End of Year | 3,332,639 | 6,722,766 |
Parent Company [Member] | ' | ' |
Operating activities: | ' | ' |
Net (loss) | -763,338 | -324,151 |
Undistributed net loss of subsidiary | 724,932 | 320,934 |
Increase in deferred income taxes | -6,044 | ' |
Net cash used in by operating activities | -44,450 | -3,217 |
Investing activities: | ' | ' |
Distribution to subsidiary | -2,928,218 | 19,772 |
Net cash used in investing activities | -2,928,218 | 19,772 |
Financing activities: | ' | ' |
Net proceeds from issuance of stock | 3,376,373 | ' |
Net cash provided by financing activities | 3,376,373 | ' |
Net decrease in cash and cash equivalents | 403,705 | 16,555 |
Cash and Cash Equivalents, Beginning of Year | 312,483 | 295,928 |
Cash and Cash Equivalents, End of Year | $716,188 | $312,483 |