Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2015 | Sep. 30, 2015 | Jun. 11, 2015 | |
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 | $ 7,300,000 | ||
Amendment Flag | false | ||
Entity Central Index Key | 1,577,603 | ||
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 | Mar. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) | Mar. 31, 2015 | Mar. 31, 2014 |
Assets | ||
Cash and amount due from depository institutions | $ 687,488 | $ 505,735 |
Interest-bearing deposits with depository institutions | 9,762,960 | 2,826,904 |
Total cash and cash equivalents | 10,450,448 | 3,332,639 |
Investment securities | ||
Investment securities available-for-sale (amortized cost of $1,154,418 and $2,185,959 at March 31, 2015 and 2014, respectively) | 1,127,515 | 1,973,370 |
Investment and mortgage backed securities held-to-maturity (fair value of $24,566,903 and $25,410,461 at March 31, 2015 and 2014, respectively) | 24,617,338 | 26,975,907 |
Total investment securities | 25,744,853 | 28,949,277 |
Loans, net of allowance for loan losses of $1,185,178 and $1,448,298 at March 31, 2015 and 2014, respectively | 80,146,397 | 83,539,442 |
Accrued interest receivable | 436,840 | 462,284 |
Real estate owned | 2,433,483 | 1,949,825 |
Federal Home Loan Bank stock, at cost | 306,300 | 271,300 |
Premises and equipment, net | 6,490,331 | 6,668,552 |
Deferred income taxes, net | 2,060,233 | 1,722,601 |
Bank-owned life insurance | 169,252 | 165,197 |
Other assets | 334,613 | 335,245 |
Total Assets | 128,572,750 | 127,396,362 |
Deposits | ||
Non-interest bearing | 10,733,275 | 7,852,030 |
Interest-bearing | 99,464,844 | 102,772,669 |
Total deposits | 110,198,119 | 110,624,699 |
Advances from Federal Home Loan Bank | 4,000,000 | 2,000,000 |
Accrued interest payable | 5,763 | 6,556 |
Advance payments by borrowers for taxes and insurance | 320,356 | 328,815 |
Other liabilities | 876,221 | 684,289 |
Total liabilities | $ 115,400,459 | $ 113,644,359 |
Commitments and Contingencies (Note 21) | ||
Stockholders’ Equity | ||
Preferred stock, $.01 par value, 5,000,000 shares authorized at March 31, 2015 and 2014: None issued | ||
Common stock, $.01 par value, 20,000,000 shares authorized: 945,425 shares issued and outstanding at March 31, 2015 and 2014 | $ 9,454 | $ 9,454 |
Additional paid-in capital | 9,965,764 | 9,956,750 |
Retained earnings, substantially restricted | 3,936,546 | 4,569,378 |
Unearned common stock held by employee stock ownership plan | (546,617) | (592,168) |
Accumulated other comprehensive loss | (192,856) | (191,411) |
Total stockholders’ equity | 13,172,291 | 13,752,003 |
Total Liabilities and Stockholders’ Equity | $ 128,572,750 | $ 127,396,362 |
Consolidated Statements of Fin3
Consolidated Statements of Financial Condition (Parentheticals) - USD ($) | Mar. 31, 2015 | Mar. 31, 2014 |
Securities available-for-sale, amortized cost (in Dollars) | $ 1,154,418 | $ 2,185,959 |
Securities held-to-maturity, fair value (in Dollars) | 24,566,903 | 25,410,461 |
Allowance for loan losses (in Dollars) | $ 1,185,178 | $ 1,448,298 |
Preferred stock, par value (in Dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
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 | 20,000,000 |
Common stock, shares issued | 945,425 | 945,425 |
Common stock, shares outstanding | 945,425 | 945,425 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Loans, including fees | $ 3,645,438 | $ 3,946,591 |
Investment securities | 718,807 | 717,109 |
Interest-bearing deposits | 3,842 | 4,089 |
Total interest income | 4,368,087 | 4,667,789 |
Interest Expense | ||
Interest-bearing checking accounts | 40,215 | 40,926 |
Passbook and money market accounts | 104,164 | 120,524 |
Certificates of deposits | 431,709 | 565,076 |
Advances from Federal Home Loan Bank | 23,381 | 1,995 |
Total interest expense | 599,469 | 728,521 |
Net interest income | 3,768,618 | 3,939,268 |
Provision for loan losses | 390,000 | 957,357 |
Net interest income after provision for loan losses | 3,378,618 | 2,981,911 |
Non-Interest Income | ||
Service charges | 137,440 | 135,490 |
Increase in cash surrender value of bank-owned life insurance | 4,055 | 11,609 |
Rental income | 28,662 | 27,948 |
Other | 16,093 | 16,176 |
Total non-interest income | 186,250 | 191,223 |
Non-Interest Expense | ||
Salaries and employee benefits | 1,628,823 | 1,581,771 |
Advertising | 24,241 | 23,643 |
Office supplies, telephone and postage | 107,985 | 76,348 |
Loan expense | 160,085 | 210,029 |
Occupancy expense | 614,899 | 658,318 |
Federal insurance premiums | 170,785 | 213,194 |
Real estate owned – impairment losses | 642,080 | 675,100 |
Data processing expenses | 223,337 | 228,459 |
ATM expenses | 35,939 | 34,814 |
Bank charges and fees | 69,781 | 68,617 |
Insurance and surety bond premium | 99,529 | 86,085 |
Dues and subscriptions | 29,511 | 24,234 |
Professional fees | 349,038 | 261,248 |
Real estate owned (income) expenses, net | 152,503 | (3,017) |
Net loss on sale of real estate owned | 82,062 | 85,680 |
Other | 132,322 | 112,055 |
Total non-interest expense | 4,522,920 | 4,336,578 |
(Loss) Before Income Tax Benefit | (958,052) | (1,163,444) |
Income tax (benefit) | (325,220) | (400,106) |
Net (Loss) | $ (632,832) | $ (763,338) |
(Loss) per share | ||
Basic (in Dollars per share) | $ (0.70) | $ (0.85) |
Diluted (in Dollars per share) | $ (0.70) | $ (0.85) |
Average shares outstanding | ||
Basic (in Shares) | 903,201 | 899,681 |
Diluted (in Shares) | 903,201 | 899,681 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) - USD ($) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Net (loss) | $ (632,832) | $ (763,338) |
Other comprehensive income (loss), net of tax: | ||
Postretirement benefit plan adjustment, net of deferred taxes (benefit) of ($75,238) and $4,601 in 2015 and 2014, respectively | (112,857) | 6,902 |
Unrealized gains (loss) available-for-sale: | ||
Unrealized holding gains (loss), net of deferred tax (benefits) of $74,589 and ($80,956) in 2015 and 2014, respectively | 111,884 | (121,660) |
Reclassification adjustment for net (gains) losses on available-for-sale securities included in net (loss) (net of tax (benefit) of ($315) and $77 in 2015 and 2014, respectively) | (472) | 115 |
Total other comprehensive (loss) | (1,445) | (114,643) |
Comprehensive (Loss) | $ (634,277) | $ (877,981) |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive (Loss) (Parentheticals) - USD ($) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Postretirement benefit plan adjustment, deferred tax (benefit) | $ (75,238) | $ 4,601 |
Unrealized gain (loss) on investment securities, deferred tax (benefit) | 74,589 | (80,956) |
Reclassification adjustment for net (gains) losses on available-for-sale securities included in net (loss), tax expense (benefit) | $ (315) | $ 77 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Unearned Employee Stock Ownership Plan [Member] | AOCI Attributable to Parent [Member] | Total |
Balance at Mar. 31, 2013 | $ 16,347 | $ 6,570,852 | $ 5,332,716 | $ (448,567) | $ (76,768) | $ 11,394,580 |
Shares (in Shares) at Mar. 31, 2013 | 1,634,725 | |||||
Net (loss) | (763,338) | (763,338) | ||||
Other comprehensive (loss), net of tax | (114,643) | (114,643) | ||||
ESOP | ESOP Transferred for Services [Member] | (12,476) | 45,551 | 33,075 | |||
ESOP | ESO Purchased Pursuant to Recognization [Member] | (189,152) | (189,152) | ||||
Stock option expense | 15,108 | 15,108 | ||||
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 | |||||
Balance at Mar. 31, 2014 | $ 9,454 | 9,956,750 | 4,569,378 | (592,168) | (191,411) | 13,752,003 |
Shares (in Shares) at Mar. 31, 2014 | 945,425 | |||||
Net (loss) | (632,832) | (632,832) | ||||
Other comprehensive (loss), net of tax | (1,445) | (1,445) | ||||
ESOP | ESOP Transferred for Services [Member] | (21,202) | 45,551 | 24,349 | |||
Stock option expense | 30,216 | 30,216 | ||||
Balance at Mar. 31, 2015 | $ 9,454 | $ 9,965,764 | $ 3,936,546 | $ (546,617) | $ (192,856) | $ 13,172,291 |
Shares (in Shares) at Mar. 31, 2015 | 945,425 |
Consolidated Statements of Cha8
Consolidated Statements of Changes in Stockholders' Equity (Parentheticals) - Common Stock [Member] - $ / shares | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
ESOP Transferred for Services [Member] | ||
Shares of ESOP | $ 3,518.69 | $ 3,518.69 |
ESO Purchased Pursuant to Recognization [Member] | ||
Shares of ESOP | $ 23,644 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Cash Flows from Operating Activities | ||
Net (loss) | $ (632,832) | $ (763,338) |
Adjustments to reconcile net (loss) to net cash provided by operating activities: | ||
Compensation expense of ESOP | 21,202 | 12,476 |
Deferred income tax (benefit) | (520,932) | (385,670) |
Depreciation | 257,153 | 263,472 |
Amortization of premiums and accretion of discounts on securities, net | 4,956 | 27,254 |
Income from bank owned life insurance | (4,055) | (11,609) |
Real estate owned impairment losses | 642,080 | 675,100 |
Loss on sale of real estate owned | 82,062 | 85,680 |
Provision for loan losses | 390,000 | 957,357 |
Share based compensation expense | 30,216 | 15,108 |
(Increase) decrease in: | ||
Accrued interest receivable | 25,444 | (34,548) |
Other assets | 632 | 255,559 |
Increase (decrease) in: | ||
Accrued interest payable | (793) | (2,469) |
Other liabilities | 191,932 | 74,030 |
Net cash provided by operating activities | 487,065 | 1,168,402 |
Cash Flows from Investing Activities | ||
Proceeds from sale of securities available-for-sale | 31,541 | 31,073 |
Proceeds from maturities of securities available-for-sale | 1,000,000 | |
Purchases of securities held-to-maturity | (3,000,000) | (11,121,500) |
Proceeds from maturities and principal repayments of securities held-to-maturity | 5,353,613 | 4,256,225 |
Proceeds from redemption of (purchases) of Federal Home Loan Bank stock | (35,000) | (68,800) |
Principal collected on loans | 10,405,771 | 11,613,418 |
Loans originated | (9,735,588) | (8,477,572) |
Proceeds from sale of real estate owned | 1,125,062 | 545,634 |
Purchases of premises and equipment | (79,616) | (77,024) |
Net cash provided by (used in) investing activities | 5,065,783 | (3,298,546) |
Cash Flows from Financing Activities | ||
Net decrease in deposits | (426,580) | (6,409,415) |
Net decrease in advance payments by borrowers for taxes and insurance | (8,459) | (37,789) |
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 | 4,000,000 | 5,545,000 |
Payments on advances from Federal Home Loan Bank | (2,000,000) | (3,545,000) |
Net cash provided by (used in) financing activities | 1,564,961 | (1,259,983) |
Net Increase (Decrease) in Cash and Cash Equivalents | 7,117,809 | (3,390,127) |
Cash and Cash Equivalents, Beginning of Year | 3,332,639 | 6,722,766 |
Cash and Cash Equivalents, End of Year | 10,450,448 | 3,332,639 |
Supplemental Disclosures of Cash Flow Information | ||
Cash paid during the year for interest | 600,262 | 730,990 |
Cash paid during the year for income taxes | 2,750 | 1,500 |
Supplemental Disclosure of Noncash Items | ||
Loans transferred to real estate owned | $ 2,332,862 | $ 856,393 |
Note 1 - Nature of Operations
Note 1 - Nature of Operations | 12 Months Ended |
Mar. 31, 2015 | |
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, 2015, 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, 2015 | |
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, 2015 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 Available-for-Sale 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 $2,433,483 and $1,949,825 in real estate owned at March 31, 2015 and 2014, respectively. The Company recorded losses of $82,062 and $85,680 on sale of real estate owned for the years ended March 31, 2015 and 2014, 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, 2015 and 2014, 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 $24,241 and $23,643 for the years ended March 31, 2015 and 2014, 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, 2015, the Company had allocated a total of 18,016 shares from the suspense account to participants. For the years ended March 31, 2015 and 2014, the Company recognized $24,349 and $33,076, respectively in salaries and employee benefits related to the ESOP. At March 31, 2015, 60,240 shares were held in the ESOP. 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 Pron
Note 3 - Recent Accounting Pronouncements | 12 Months Ended |
Mar. 31, 2015 | |
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 May 2014, the FASB issued ASU 2014-09 , Revenue from Contracts with Customers (a new revenue recognition standard). In June 2014, the FASB issued ASU 2014-11 , Transfers and Servicing (Topic 860): In June 2014, the FASB issued ASU 2014-12, Compensation-Stock Compensation (Topic 718): In August 2014, the FASB issued ASU 2014-14, Receivables – Troubled Debt Restructurings by Creditors (Subtopic 310-40). In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements -Going Concern (Subtopic 205-40). In November 2014, the FASB issued ASU 2014-17, Business Combinations (Topic 805): In January 2015, the FASB issued ASU 2015-01 , Income Statement –Extraordinary and Unusual Items, In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810) In April 2015, the FASB issued ASU 2015-03, Interest-Imputation of Interest (Subtopic 835-30) In April 2015, the FASB issued ASU 2015-04, Compensation-Retirement Benefits (Topic 715) In April 2015, the FASB issued ASU 2015-05, Intangible – Goodwill and Other Internal Use Software (Topic 350-40) |
Note 4 - Restrictions on Cash a
Note 4 - Restrictions on Cash and Due from Banks | 12 Months Ended |
Mar. 31, 2015 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents Disclosure [Text Block] | 4. RESTRICTIONS ON CASH AND DUE FROM BANKS The Company is required to maintain reserve funds in vault cash or on deposit with the Federal Reserve Bank. The Company’s vault cash satisfied the required reserve at March 31, 2015 and 2014. |
Note 5 - Investment Securities
Note 5 - Investment Securities | 12 Months Ended |
Mar. 31, 2015 | |
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 March 31, 2015 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value Federal Home Loan Bank Bonds $ 500,000 $ $ (10,117 ) $ 489,883 Federal National Mortgage Association 500,000 (17,442 ) 482,558 Mutual Fund Shares 154,418 656 155,074 Total $ 1,154,418 $ 656 $ (27,559 ) $ 1,127,515 Available-for-Sale March 31, 2014 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value 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 Held-to-Maturity March 31, 2015 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value Federal Home Loan Bank Bonds $ 7,569,330 $ 25,212 $ (61,886 ) $ 7,532,656 Federal Farm Credit Bonds 6,436,634 245 (55,041 ) 6,381,838 Federal Home Loan Mortgage Corporation Bonds 1,997,490 1,869 (20,411 ) 1,978,948 Federal National Mortgage Association 6,998,982 15,848 (46,455 ) 6,968,375 Municipal Bond 470,250 1,653 471,903 23,472,686 44,827 (183,793 ) 23,333,720 Mortgage-Backed Securities: Federal Home Loan Mortgage Corporation 453,850 32,959 486,809 Federal National Mortgage Association 494,759 49,073 543,832 Government National Mortgage Corporation 196,043 6,499 202,542 1,144,652 88,531 1,233,183 Total $ 24,617,338 $ 133,358 $ (183,793 ) $ 24,566,903 Held-to-Maturity March 31, 2014 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value 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 Government 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 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, 2015 and 2014. March 31, 2015 Available-for-sale Held-to-maturity Amortized Fair Amortized Fair Cost Value Cost Value Amounts maturing in: One year or less $ $ $ 970,771 $ 980,256 After one year through five years 1,000,639 999,302 After five years through ten years 8,910,976 8,838,675 After ten years 1,000,000 972,441 13,734,952 13,748,670 Mutual fund shares 154,418 155,074 $ 1,154,418 $ 1,127,515 $ 24,617,338 $ 24,566,903 March 31, 2014 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 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, 2015 and 2014, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are as follows: Continuous Unrealized Continuous Unrealized Losses Existing For Losses Existing For Less Than 12 Months 12 Months or Greater Total Fair Unrealized Fair Unrealized Fair Unrealized March 31, 2015 Value Losses Value Losses Value Losses Federal Home Loan Bank Bonds $ 2,456,736 $ (20,116 ) $ 2,450,731 $ (51,887 ) $ 4,907,467 $ (72,003 ) Federal Farm Credit Bonds 2,478,672 (13,569 ) 2,903,103 (41,472 ) 5,381,775 (55,041 ) Federal Home Loan Mortgage Corporation 987,910 (12,090 ) 491,679 (8,321 ) 1,479,589 (20,411 ) Federal National Mortgage Association 1,492,801 (6,857 ) 2,442,960 (57,040 ) 3,935,761 (63,897 ) Mutual fund shares 7,416,119 (52,632 ) 8,288,473 (158,720 ) 15,704,592 (211,352 ) Mortgage-Backed Securities: Government National Mortgage Association Total $ 7,416,119 $ (52,632 ) $ 8,288,473 $ (158,720 ) $ 15,704,592 $ (211,352 ) Continuous Unrealized Continuous Unrealized Losses Existing For Losses Existing For Less Than 12 Months 12 Months or Greater Total Fair Unrealized Fair Unrealized Fair Unrealized March 31, 2014 Value Losses Value Losses Value 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 ) In estimating other-than-temporary impairment losses, the Company considers, among other things, (i) the length of time and the extent to which the fair value has been less than cost, (ii) the financial condition and near term prospects of the issuer, (iii) that the Company does not intend to sell these securities and (iv) it is more likely than not that the Company will not be required to sell before a period of time sufficient to allow for any anticipated recovery in fair value. The temporary impaired securities consisted of thirty-three debt securities with an aggregated book value of $15,915,944 at March 31, 2015. These unrealized losses relate principally to market changes in interest rates for similar types of securities. The Company has pledged investment securities with a carrying amount of approximately $1,016,000 and $517,000 at March 31, 2015 and 2014, 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, 2015 | |
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. Multi-family and commercial real estate loans are generally originated in amounts up to the lower of 80% of the appraised value or cost of the property and are secured by improved property such as multi-family dwelling units, office buildings, retail stores, warehouses, church buildings and other non-residential buildings, most of which are located in the Bank’s market area. Multi-family and commercial real estate loans are generally made with fixed interest rates which mature or re-price in 5 to 7 years with principal amortization of up to 25 years. Commercial loans include short and long-term business loans and commercial lines of credit for the purposes of providing working capital, supporting accounts receivable, purchasing inventory and acquiring fixed assets. The loans generally are secured by these types of assets as collateral and /or by personal guarantees provided by principals of the borrowers. 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. 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. Loans at March 31, 2015 and 2014 are summarized as follows: March 31, 2015 2014 Residential (one to four family) real estate $ 62,788,782 $ 63,524,240 Multi-family and commercial real estate 7,979,569 10,414,383 Commercial 1,913,466 1,306,877 Home equity 8,005,627 8,143,701 Consumer 677,964 686,217 Construction 56,027 1,009,027 Total loans 81,421,435 85,084,445 Net deferred loan origination fees (89,860 ) (96,705 ) Allowance for loan losses (1,185,178 ) (1,448,298 ) (1,275,038 ) (1,545,003 ) Loans, net $ 80,146,397 $ 83,539,442 The Bank is subject to a loans-to-one borrower limitation of 15% of capital funds. At March 31, 2015, the loans-to-one-borrower limitation was $1.8 million; this excluded an additional 10% of adjusted capital funds or approximately $1.2 million, which may be loaned if collateralized by readily marketable securities. At March 31, 2015 and 2014, 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, 2015: Special Non- Mention Classified Performing Pass Loans Loans Loans Total Residential real estate $ 60,728,444 $ $ $ 2,060,338 $ 62,788,782 Multi-family and commercial real estate 5,308,521 713,658 294,250 1,663,140 7,979,569 Commercial 1,685,655 23,568 204,243 1,913,466 Home equity 7,994,767 10,860 8,005,627 Consumer 606,577 71,387 677,964 Construction 56,027 56,027 $ 76,323,964 $ 737,226 $ 498,493 $ 3,861,752 $ 81,421,435 The following table represents past-due loans as of March 31, 2015: 30-59 60-89 Greater Than Days Days 90 Days Total Total Loan Past Due Past Due Past Due Past Due Current Balances Residential real estate $ 495,322 $ 1,324,777 $ 1,364,792 $ 3,184,891 $ 59,603,891 $ 62,788,782 Multi-family and commercial real estate 116,763 890,200 1,006,963 6,972,606 7,979,569 Commercial 98,280 98,280 1,815,186 1,913,466 Home equity 34,371 88,625 10,860 133,856 7,871,771 8,005,627 Consumer 29,967 71,387 101,354 576,610 677,964 Construction 56,027 56,027 Total Loans $ 657,940 $ 1,530,165 $ 2,337,239 $ 4,525,344 $ 76,896,091 $ 81,421,435 Percentage of Total Loans 0.81 % 1.88 % 2.87 % 5.56 % 94.44 % 100.0 % The following table represents loans by credit quality indicator at March 31, 2014: Special Non- Mention Classified Performing Pass Loans Loans Loans Total 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 Days Days 90 Days Total Total Loan Past Due Past Due Past Due Past Due Current Balances 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 % 8.80 % 91.20 % 100.0 % 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 eleven loans totaling $2,237,988 and fifteen loans totaling $3,435,909 whose terms were modified in a manner that met the criteria for a TDR as of March 31, 2015 and 2014, 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, 2015, three of the TDRs were commercial real estate loans with an aggregate outstanding balance of $653,944, one residential construction loan with an aggregate outstanding balance of $56,027, and seven were residential real estate loans with an aggregate outstanding balance of $1,528,017. The Company had one accruing TDR in the amount of $110,205 as of March 31, 2015 that was modified during the year. 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. 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, 2015, the Bank had seventeen loan relationships totaling $2,337,239 in non-accrual loans as compared to 23 relationships totaling $3,567,513 at March 31, 2014. At March 31, 2015, the Bank had no 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, 2015 and 2014, 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 $4,707,275 for 2015 as compared to $5,964,786 for 2014, and interest income recorded on impaired loans during the year ended March 31, 2015 totaled $201,449 as compared to $235,179 for March 31, 2014. The following table represents data on impaired loans at March 31, 2015 and 2014: March 31, 2015 2014 Impaired loans for which a valuation allowance has been provided $ $ 846,075 Impaired loans for which no valuation allowance has been provided 4,521,712 5,174,500 Total loans determined to be impaired $ 4,521,712 $ 6,020,575 Allowance for loans losses related to impaired loans $ $287,507 Average recorded investment in impaired loans $ 4,707,275 $ 5,964,786 Cash basis interest income recognized on impaired loans $ 201,449 $ 235,179 The following table presents impaired loans with no valuation allowance by portfolio class at March 31, 2015: Interest Income Average Recognized Unpaid Related Annual While On Recorded Principal Valuation Recorded Impaired Investment Balance Allowance Investment Status Impaired loans with no valuation allowance: Residential real estate $ 2,600,317 $ 2,535,471 $ $ 2,742,623 $ 65,065 Multi-family and commercial real estate 1,860,348 1,813,440 1,727,671 129,426 Commercial 34,526 34,526 30,991 1,314 Home equity 10,860 10,860 129,542 176 Consumer 71,388 71,388 18,185 2,169 Construction 56,027 56,027 58,263 3,299 Subtotal $ 4,633,466 $ 4,521,712 $ $ 4,707,275 $ 201,449 The following table presents impaired loans with a valuation allowance by portfolio class at March 31, 2015: Interest Income Average Recognized Unpaid Related Annual While On Recorded Principal Valuation Recorded Impaired Investment Balance Allowance Investment Status Impaired loans with a valuation allowance: Residential real estate $ $ $ $ $ Multi-family and commercial real estate Commercial Home equity Consumer Construction Subtotal $ -0- $ -0- $ -0- $ -0- $ -0- Total Impaired Loans by Portfolio Class at March 31, 201 5 Interest Income Average Recognized Unpaid Related Annual While On Recorded Principal Valuation Recorded Impaired Investment Balance Allowance Investment Status Total impaired loans: Residential real estate $ 2,600,317 $ 2,535,471 $ $ 2,742,623 $ 65,065 Multi-family and commercial real estate 1,860,348 1,813,440 1,727,671 129,426 Commercial 34,526 34,526 30,991 1,314 Home equity 10,860 10,860 129,542 176 Consumer 71,388 71,388 18,185 2,169 Construction 56,027 56,027 58,263 3,299 Total $ 4,633,466 $ 4,521,712 $ $ 4,707,275 $ 201,449 The following table presents impaired loans with no valuation allowance by portfolio class at March 31, 2014: Interest Income Average Recognized Unpaid Related Annual While On Recorded Principal Valuation Recorded Impaired Investment Balance Allowance Investment 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: Interest Income Average Recognized Unpaid Related Annual While On Recorded Principal Valuation Recorded Impaired Investment Balance Allowance Investment 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, 201 4 Interest Income Average Recognized Unpaid Related Annual While On Recorded Principal Valuation Recorded Impaired Investment Balance Allowance Investment 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 non-performing assets as of March 31, 2015 and 2014. March 31, 2015 2014 Non-accrual loans: Residential real estate $ 880,061 $ 1,277,406 Multi-family and commercial real estate 661,456 980,711 Commercial 107,640 Home equity 10,860 218,909 Consumer 71,387 Construction Total non-accrual loans 1,623,764 2,584,666 March 31, 2015 2014 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 $ 484,731 $ 672,242 Multi-family and commercial real estate 228,744 846,962 Commercial Home equity Consumer Construction Total troubled debt restructurings in non- accrual status 713,475 1,519,204 Performing under modified terms: Residential real estate $ 695,546 $ 548,046 Multi-family and commercial real estate 772,940 1,308,888 Commercial Home equity Consumer Construction 56,027 59,771 Total troubled debt restructurings performing under modified terms 1,524,513 1,916,705 Total troubled debt restructurings 2,237,988 3,435,909 Total non-performing loans 3,861,752 6,120,935 Real estate owned 2,433,483 1,949,825 Total non-performing assets $ 6,295,235 $ 8,070,760 Non-performing loans as a percentage of loans 4.74 % 7.19 % Non-performing assets as a percentage of loans and real estate owned 7.51 % 9.27 % Non-performing assets as a percentage of total assets 4.90 % 6.34 % The following table presents troubled debt restructurings that occurred during the years ended March 31, 2015 and 2014 and loans modified as troubled debt restructurings with the previous 12 months and for which there was a payment default during the period. 2015 2014 Outstanding Recorded Outstanding Recorded Investment Investment Number of Pre- Post- Number of Pre- Post- Contracts Modification Modification Contracts Modification Modification Troubled debt restructurings: Residential real estate 1 $ 95,511 $ 111,000 1 $ 120,037 $ 122,878 Number of Contracts Recorded Investment Number of Contracts Recorded Investment Troubled debt restructurings that subsequently defaulted: Residential real estate -0- $ $ The following table presents the changes in real estate owned (REO), net of valuation allowance, for the years ended March 31, 2015 and 2014. March 31, 2015 2014 Balance, beginning of period $ 1,949,825 $ 2,469,800 Additions from loan foreclosures 2,332,861 856,393 Additions from capitalized costs 3,352 Dispositions of REO (1,591,941 ) (690,453 ) Gain (loss) on sale of REO (82,062 ) (85,680 ) Valuation adjustments in the period (175,200 ) (603,587 ) Balance, end of period $ 2,433,483 $ 1,949,825 The following table presents the changes in fair value adjustments to REO for the years ended March 31, 2015 and 2014. March 31, 2015 2014 Balance, beginning of period $ 675,665 $ 72,077 Valuation adjustments added in the period 642,080 675,100 Valuation adjustments on disposed properties during the period (466,880 ) (71,512 ) Balance, end of period $ 850,865 $ 675,665 The following table sets forth with respect to the Bank’s allowance for losses on loans: March 31, 2015 2014 Balance at beginning of year $ 1,448,298 $ 1,032,818 Provision: Residential real estate 177,490 266,246 Multi-family and commercial real estate 175,662 627,214 Commercial 44,689 141,359 Home equity loans 21,478 21,490 Consumer (25,522 ) (102,622 ) Construction (3,797 ) 3,670 Total Provision $ 390,000 $ 957,357 Charge-Offs: Residential real estate 142,279 99,548 Multi-family and commercial real estate 597,896 378,263 Commercial 19,325 127,259 Home equity 3,875 Consumer 4,054 16,450 Recoveries (110,434 ) (83,518 ) Total Net Charge-Offs 653,120 541,877 Balance at end of year $ 1,185,178 $ 1,448,298 Year-end loans outstanding $ 81,421,435 $ 85,084,445 Average loans outstanding $ 83,252,940 $ 87,327,374 Allowance as a percentage of year-end loans 1.46 % 1.70 % Net charge-offs as a percentage of average loans 0.78 % 0.62 % Additional details for changes in the allowance for loan by loan portfolio as of March 31, 2015 are as follows: Residential Real Estate Multi-Family and Commercial Real Estate Commercial Home Consumer Construction Total Allowance for loan losses: Beginning balance $ 656,156 $ 634,968 $ 58,399 $ 65,369 $ 29,609 $ 3,797 $ 1,448,298 Loan charge-offs (142,279 ) (597,896 ) (19,325 ) (4,054 ) (763,554 ) Recoveries 10,738 76,159 2,537 21,000 110,434 Provision for loan losses 177,490 175,662 44,689 21,478 (25,522 ) (3,797 ) 390,000 Ending balance $ 702,105 $ 288,893 $ 86,300 $ 86,847 $ 21,033 $ -0- $ 1,185,178 Ending balance: individually evaluated for impairment $ $ $ $ $ $ $ Ending balance: collectively evaluated for impairment $ 702,105 $ 288,893 $ 86,300 $ 86,847 $ 21,033 $ 1,185,178 Loans: Ending balance $ 62,788,782 $ 7,979,569 $ 1,913,466 $ 8,005,627 $ 677,964 $ 56,027 $ 81,421,435 Ending balance: individually evaluated for impairment $ 2,548,574 $ 1,813,440 $ 34,526 $ 10,860 $ $ $ 4,407,400 Ending balance: collectively evaluated for impairment $ 60,240,208 $ 6,166,129 $ 1,878,940 $ 7,994,767 $ 677,964 $ 56,027 $ 77,014,035 Additional details for changes in the allowance for loan by loan portfolio as of March 31, 2014 are as follows: Multi-Family and Residential Commercial Home Real Estate Real Estate Commercial Equity Consumer Construction Total Allowance for loan losses: Begi nning balance $ 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 Ending balance $ 656,156 $ 634,968 $ 58,399 $ 65,369 $ 29,609 $ 3,797 $ 1,448,298 Ending balance: individually evaluated for impairment $ 27,507 $ 260,000 $ $ $ $ $ 287,507 Ending balance: collectively evaluated for impairment $ 628,649 $ 374,968 $ 58,399 $ 65,369 $ 29,609 $ 3,797 $ 1,160,791 Loans: Ending balance $ 63,524,240 $ 10,414,383 $ 1,306,877 $ 8,143,701 $ 686,217 $ 1,009,027 $ 85,084,445 Ending balance: individually evaluated for impairment $ 3,141,851 $ 986,115 $ 107,640 $ 219,010 $ $ $ 4,454,616 Ending balance: collectively evaluated for impairment $ 60,382,389 $ 9,428,268 $ 1,199,237 $ 7,924,691 $ 686,217 $ 1,009,027 $ 80,629,829 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, 2015, the Bank maintained an allowance for loan loss ratio of 1.46% to year end loans outstanding. On a linked basis, non-performing assets have decreased by $1,775,525 over their stated levels at March 31, 2014 representing a non-performing asset to total asset ratio of 4.90% at March 31, 2015 as compared to a non-performing asset to total asset ratio of 6.34% at March 31, 2014. 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, 2015, the Bank experienced two charge-offs relating to two loan relationships totaling $22,694 and partial charge-offs relating to seventeen loan relationships totaling $602,701 as compared to three charge-offs relating to three loan relationships totaling $110,949 and partial charge-offs relating to eleven loan relationships totaling $514,446 for the year ended March 31, 2014. 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, 2015 2014 Balance, beginning of year $ 776,516 $ 672,699 Payments (30,691 ) (284,183 ) Borrowings 40,500 388,000 Balance, end of year $ 786,325 $ 776,516 |
Note 7 - Loan Servicing
Note 7 - Loan Servicing | 12 Months Ended |
Mar. 31, 2015 | |
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, 2015 and 2014 are summarized as follows: March 31, 2015 2014 Mortgage Loan Servicing Portfolio: Mortgage Partnership Finance FHLB New York $ 130,080 $ 246,332 |
Note 8 - Accrued Interest Recei
Note 8 - Accrued Interest Receivable | 12 Months Ended |
Mar. 31, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Other Assets Disclosure [Text Block] | 8. ACCRUED INTEREST RECEIVABLE Accrued interest receivable at March 31, 2015 and 2014 consists of the following: March 31, 2015 2014 Loans $ 261,564 $ 280,444 Investment securities 165,257 168,616 Mortgage backed securities 10,019 13,224 $ 436,840 $ 462,284 |
Note 9 - Premises and Equipment
Note 9 - Premises and Equipment | 12 Months Ended |
Mar. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | 9. PREMISES AND EQUIPMENT Premises and equipment at March 31, 2015 and 2014 consists of the following: March 31, 2015 2014 Land $ 1,451,203 $ 1,451,203 Buildings 6,848,967 6,848,967 Furniture, fixtures and equipment 2,006,454 1,979,488 10,306,624 10,279,658 Accumulated depreciation (3,816,293 ) (3,611,106 ) $ 6,490,331 $ 6,668,552 Depreciation expense amounted to $257,153 and $263,472 for the years ended March 31, 2015 and 2014, respectively. |
Note 10 - Federal Home Loan Ban
Note 10 - Federal Home Loan Bank Stock | 12 Months Ended |
Mar. 31, 2015 | |
Investment Holdings [Abstract] | |
Investment Holdings [Text Block] | 10. FEDERAL HOME LOAN BANK STOCK The Company is a member of the Federal Home Loan Bank System. As a member, the Company 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, 2015 | |
Disclosure Text Block [Abstract] | |
Deposit Liabilities Disclosures [Text Block] | 11. DEPOSITS Deposit account balances at March 31, 2015 and 2014 are summarized as follows: March 31, 2015 Weighted Average Percent of Amount Interest Rate Portfolio Non interest bearing accounts $ 10,733,275 % 9.74 Interest bearing checking accounts 20,816,278 0.20 18.89 Passbook savings accounts 15,415,613 0.10 13.99 Money Market accounts 19,780,377 0.44 17.95 Club accounts 133,586 0.10 0.12 66,879,129 60.69 Certificates of Deposits: 0.10% to 0.99% 26,142,514 0.56 23.72 1.00% to 1.99% 12,866,189 1.29 11.68 2.00% to 2.99% 4,310,287 2.31 3.91 43,318,990 39.31 $ 110,198,119 100.00 % March 31, 2014 Weighted Average Percent of Amount Interest Rate Portfolio Non interest bearing accounts $ 7,852,030 % 7.10 Interest bearing checking accounts 19,637,558 0.15 17.75 Passbook savings accounts 15,491,930 0.10 14.00 Money Market accounts 21,267,887 0.42 19.23 Club accounts 136,293 0.10 0.12 64,385,698 58.20 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 41.80 $ 110,624,699 100.00 % The aggregate amount of time deposits including certificates of deposits with a minimum denomination of $100,000 or more was approximately $14,017,872 and $14,672,000 at March 31, 2015 and 2014, respectively. Scheduled maturities of certificates of deposits at March 31, 2015 and 2014 are as follows: March 31, 2015 2014 2015 $ $ 28,268,039 2016 25,527,548 8,768,333 2017 9,336,093 4,598,454 2018 3,584,198 2,338,541 2019 2,252,245 2,265,634 2020 2,618,906 $ 43,318,990 $ 46,239,001 The Company held deposits from officers and directors of approximately $957,000 and $474,000 at March 31, 2015 and 2014, 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 A
Note 12 - Line of Credit from Atlantic Community Bankers Bank | 12 Months Ended |
Mar. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | 12. LINE OF CREDIT FROM ATLANTIC COMMUNITY BANKERS BANK The Company maintains a line of credit with Atlantic Community Bankers Bank at a rate to be determined by the lender when funds are borrowed. At March 31, 2015 and 2014, 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, 2015 | |
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, 2015 and 2014 are as follows: Maturity Interest Date Rate 2015 2014 April 7, 2014 0.36% $ $ 1,000,000 December 8, 2014 0.48% 1,000,000 October 19, 2015 0.45% 1,000,000 April 18, 2016 0.74% 2,000,000 October 17, 2016 0.81% 1,000,000 $ 4,000,000 $ 2,000,000 Specific repos and other securities, with balances approximating $18,088,000 and $20,850,000 at March 31, 2015 and 2014, respectively, were pledged to the FHLB of New York as collateral. As of March 31, 2015, the Company had a borrowing capacity in a combination of term advances and overnight borrowings of up to $12,839,000 at the FHLB of New York. |
Note 14 - Income Taxes
Note 14 - Income Taxes | 12 Months Ended |
Mar. 31, 2015 | |
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, 2015 and 2014 consists of the following: Years Ended March 31, 2015 2014 Income Tax Expense (benefit) Current federal tax expense Federal $ $ State 3,000 3,000 Deferred tax (benefit) Federal (241,825 ) (368,006 ) State (86,395 ) (35,100 ) Total $ (325,220 ) $ (400,106 ) The consolidated provision for income taxes for the years ended March 31, 2015 and 2014 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, 2015 2014 Expected federal tax provision (benefit) at 34% rate $ (325,738 ) $ (395,571 ) Municipal bond interest (899 ) (829 ) Increase in cash surrender value of life insurance (1,972 ) (3,947 ) State income tax (64,021 ) (67,169 ) Valuation allowance for state operating loss carryforward 67,410 67,410 Total income tax (benefit) (325,220 ) (400,106 ) Effective tax rate (benefit) (33.9% ) (34.4% ) A summary of deferred tax assets and liabilities as of March 31, 2015 and 2014 are as follows: March 31, 2015 2014 Deferred tax assets: Accrued pension costs $ 7,200 $ 9,500 Accrued retirement plan 2,800 Allowance for loan losses 722,503 722,051 Directors’ benefit plans 122,000 123,000 Employee stock option 18,200 6,000 FASB 158 – unrecognized transition costs 118,000 42,000 Federal tax loss carryforward 774,000 491,600 State tax loss carryforward 391,000 328,810 Unrealized losses on securities available-for-sale 11,000 85,000 Non accrual interest 16,000 33,700 Total deferred tax assets $ 2,179,903 $ 1,844,461 Valuation allowance (67,410 ) (67,410 ) March 31, 2015 2014 Deferred tax liabilities: Accumulated depreciation $ (52,260 ) $ (54,450 ) Total deferred tax liabilities (52,260 ) (54,450 ) NET DEFERRED TAX ASSETS $ 2,060,233 $ 1,722,601 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 2011 through 2014 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, 2015, the Company had approximately $2,497,000 federal net operating loss carryforwards, which result in a deferred tax asset of $774,000, expiring from 2028 through 2034. As of March 31, 2015, the Company had approximately $4,345,000 of state net operating loss carryforwards, which result in a deferred tax asset of $391,000, expiring from 2015 through 2034. 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, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Compensation and Employee Benefit Plans [Text Block] | 15. EMPLOYEE BENEFITS Cash/Deferred Profit Sharing Plan The Company 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 Company may contribute up to 10% of the annual compensation of each eligible employee. The Company’s contribution to the plan was $-0- for the years ended March 31, 2015 and 2014. |
Note 16 - Board of Directors' R
Note 16 - Board of Directors' Retirement Plan | 12 Months Ended |
Mar. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 16. BOARD OF DIRECTORS’ RETIREMENT PLAN The Company 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 $30,648 and $32,280 for years ended March 31, 2015 and 2014, respectively. The components of net pension cost are as follows: Years Ended March 31, 2015 2014 Service cost $ 7,080 $ 7,700 Interest cost 18,924 18,944 Amortization of gain 4,644 5,636 Net amortization and deferral -0- -0- Net periodic pension cost $ 30,648 $ 32,280 The following table presents a reconciliation of the funded status of the defined benefit pension plan at March 31, 2015 and 2014: March 31, 2015 2014 Accumulated benefit obligation $ 558,403 $ 413,120 Projected benefit obligation 599,324 415,803 Fair value of plan assets -0- -0- Unfunded projected benefit obligation 599,324 415,803 The following table presents a reconciliation of benefit obligations and plan assets: March 31, 2015 2014 Change in Benefit Obligation Projected benefit obligation at beginning of year $ 415,803 $ 438,352 Service cost 7,080 7,700 Interest cost 18,924 18,944 Actuarial (gain) loss 192,737 (13,966 ) Benefits paid (35,220 ) (35,227 ) Benefit obligation at end of year $ 599,324 $ 415,803 March 31, 2015 2014 Change in Plan Assets Fair value of Plan assets at beginning of year $ -0- $ -0- Actual return on Plan assets -0- -0- Employer contributions 35,220 35,227 Benefits paid (35,220 ) (35,227 ) 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, 2015 2014 Discount rate for periodic pension cost 4.75 % 4.50 % Discount rate for benefit obligation 4.00 % 4.75 % Rate of increase in compensation levels and social security wage base 2.00 % 2.00 % Expected long-term rate of return on plan assets N/A N/A |
Note 17 - Employee Stock Owners
Note 17 - Employee Stock Ownership Plan (ESOP) | 12 Months Ended |
Mar. 31, 2015 | |
Employee Stock Ownership Plan ESOP [Abstract] | |
Employee Stock Ownership Plan ESOP [Text Block] | 17. EMPLOYEE STOCK OWNERSHIP PLAN (ESOP) The Company 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 Company 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 Company 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. Years Ended March 31, 2015 2014 Shares released for allocation 18,016 14,496 Unearned shares 42,224 45,744 Total ESOP shares 60,240 60,240 |
Note 18 - Stock Based Compensat
Note 18 - Stock Based Compensation | 12 Months Ended |
Mar. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
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, 2015 and changes during the year ended March 31, 2015. Year Ended March 31, 2015 Weighted Average Number of Grant Date Shares Fair Value Restricted at the beginning of the period 20,000 $ 8.69 Granted 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, 2015 | |
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, 2015 and 2014. 2015 2014 Net (Loss) $ (632,832 ) $ (763,338 ) Weighted average shares outstanding 945,425 945,425* Adjusted average unearned ESOP shares (42,224 ) (45,744 ) Weighted average share outstanding - basic 903,201 899,681 Effect of dilutive common stock equivalents Adjusted weighted average shares outstanding - dilutive 903,201 899,681 Basic loss per share $ (0.70 ) $ (0.85 ) Diluted loss per share $ (0.70 ) $ (0.85 ) The effect of the 20,000 stock options outstanding as of March 31, 2015 is antidilutive and therefore not presented in the above table. * Restated for comparative purposes – reflecting the converted amount of shares |
Note 20 - Fair Value Measuremen
Note 20 - Fair Value Measurements | 12 Months Ended |
Mar. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Fair Value, Measurement Inputs, Disclosure [Text Block] | 20. FAIR VALUE MEASUREMENTS FASB ASC 825, Financial Instruments, permits entities to measure many financial instruments and certain other items at fair value. The objective is to improve financial reporting by providing entities with the opportunity to mitigate volatility in reported earnings caused by measuring related assets and liabilities differently without having to apply complex hedge accounting provisions. The election to use the fair value option is available when an entity first recognizes a financial asset or financial liability or upon entering into a commitment. Subsequent changes must be recorded in earnings. FASB ASC 820, Fair Value Measurement clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Under this guidance, fair value measurements are not adjusted for transaction costs. This guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under this guidance are described below. Level 1 Valuations for assets and liabilities traded in active exchange markets. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities. Level2 Valuations for assets and liabilities traded in less active dealer or broker markets. Valuations are obtained from third party pricing services for identical or comparable assets or liabilities which use observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in active 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. Level3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The types of instruments valued based on quoted market prices in active markets include most U.S. government and agency securities, liquid mortgage products, active listed equities and most money market securities. Such instruments are generally classified within Level 1 or Level 2 of the fair value hierarchy. As required by this guidance, the Company does not adjust the quoted price for such instruments. The types of instruments valued based on quoted prices in markets that are not active, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency include most investment-grade and high-yield corporate bonds, less liquid mortgage products, less liquid entities, state, municipal and provincial obligations, and certain physical commodities. Such instruments are generally classified within Level 2 of the fair value hierarchy. Level 3 is for positions that are not traded in active markets or are subject to transfer restrictions, valuations are adjusted to reflect illiquidity and/or non-transferability, and such adjustments are generally based on available market evidence. In the absence of such evidence, management’s best estimate is used. Impaired loans are evaluated and valued at the time the loan is identified as impaired, at the lower of cost or market value. Market value is measured based on the value of the collateral securing these loans and is classified at a Level 3 in the fair value hierarchy. Collateral may be real estate and/or business assets including equipment, inventory and/or accounts receivable. The value of real estate collateral is determined based on appraisal by qualified licensed appraisers hired by the Company. The value of business equipment, inventory and accounts receivable collateral is based on the net book value on the business’ financial statements and, if necessary, discounted based on management’s review and analysis. Appraised and reported values may be discounted based on management’s historical knowledge, changes in market conditions from the time of valuation, and/or management’s expertise and knowledge of the client and client’s business. Impaired loans are reviewed and evaluated on at least a quarterly basis for additional impairment and adjusted accordingly, based on the same factors identified previously. The following tables set forth the Company’s assets and liabilities that were accounted for or disclosed at fair value on a recurring basis as of March 31, 2015 and 2014. Significant Other Significant Carrying Observable Unobservable Value Quoted Prices Inputs Inputs (Fair Value) (Level 1) (Level 2) (Level 3) March 31, 2015 Securities available for sale: Federal Home Loan Bank Bonds $ 489,883 $ 489,883 $ $ Federal National Mortgage Association 482,558 482,558 Mutual Fund Shares 155,074 155,074 Totals $ 1,127,515 $ 1,127,515 $ $ Those assets as of March 31, 2014 which are to be measured at fair value on a recurring basis are as follows: Significant Other Significant Carrying Observable Unobservable Value Quoted Prices Inputs Inputs (Fair Value) (Level 1) (Level 2) (Level 3) March 31, 2014 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 $ 1,973,370 $ 1,973,370 $ $ 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. The following tables set forth the Company’s assets and liabilities that were accounted for and or disclosed at fair value on a nonrecurring basis as of March 31, 2015 and 2014: Significant Other Significant Carrying Observable Unobservable Value Quoted Prices Inputs Inputs (Fair Value) (Level 1) (Level 2) (Level 3) March 31, 2015 Impaired loans $ 4,521,712 $ $ $ 4,521,712 Real estate owned 2,433,483 2,433,483 Total $ 6,955,195 $ $ $ 6,955,195 Significant Other Significant Carrying Observable Unobservable Value Quoted Prices Inputs Inputs (Fair Value) (Level 1) (Level 2) (Level 3) March 31, 2014 Impaired loans $ 6,020,575 $ $ $ 6,020,575 Real estate owned 1,949,825 1,949,825 Total $ 7,970,400 $ $ $ 7,970,400 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, 2015 and 2014: March 31, 2015 Fair Valuation Value Technique Unobservable Input Range Impaired loans $ 4,521,712 Property Management discount for 7% - 12% Real estate owned $ 2,433,483 Property Management discount for 7% - 12% March 31, 2014 Fair Valuation Value Technique Unobservable Input Range Impaired loans $ 6,020,575 Property Management discount for 7% - 12% Real estate owned $ 1,949,825 Property Management discount for 7% - 12% 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. In accordance with the disclosure requirements of FASB ASC 825, Financial Instruments, the estimated fair values of the Company’s financial instruments are as follows: Fair Value Measurements Significant Significant Other Unobserv- Quoted Observable able Carrying Prices Inputs Inputs March 31, 2015 Amount Fair Value (Level 1) (Level 2) (Level 3) Financial Assets: Cash and cash equivalents $ 10,450,448 $ 10,450,448 $ 10,450,448 $ $ Investment securities available for sale 1,154,418 1,127,515 1,127,515 Investment and mortgage-backed securities held to maturity 24,617,338 24,566,903 24,566,903 Loans receivable, net 80,146,397 79,675,000 79,675,000 Accrued interest receivable 436,840 436,840 436,840 Federal Home Loan Bank stock 306,300 306,300 306,300 Bank owned life insurance 169,252 169,252 169,252 Financial Liabilities: Deposits – non-interest bearing 10,733,275 10,733,275 10,733,275 Deposits – interest bearing 99,464,844 99,411,000 99,411,000 Advances from Federal Home Loan Bank 4,000,000 4,000,000 4,000,000 Accrued interest payable 5,763 5,763 5,763 Advances from borrowers for taxes and insurance 320,356 320,356 320,356 Fair Value Measurements Significant Significant Unobserv- Quoted Observable able Carrying Prices Inputs Inputs March 31, 2014 Amount Fair Value (Level 1) (Level 2) (Level 3) Financial 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 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 Financial 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 2,000,000 Accrued interest payable 6,556 6,556 6,556 Advances from borrowers for taxes and insurance 328,815 328,815 328,815 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. |
Note 21 - Commitments and Conti
Note 21 - Commitments and Contingencies | 12 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 21. COMMITMENTS AND CONTINGENCIES Financial Instruments In the normal course of business, there are outstanding commitments, contingent liabilities and other financial instruments that are not reflected in the accompanying financial statements. These include commitments to extend credit and standby letters of credit, which are some of the instruments used by the Company to meet the financing needs of its customers. These instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amounts recognized in the balance sheet. The Company’s exposure to credit loss in the event of nonperformance by the other parties to the financial instrument for these commitments is represented by the contractual amounts of those instruments. The Company uses the same credit policies in making commitments as it does for on-balance sheet instruments. These commitments as of March 31, 2015 and 2014 were as follows: 2015 2014 Contractual Contractual Amount Amount Financial instruments whose notional or contract amounts represent credit risk: Construction loan commitments $ 225,000 $ 51,000 Unused commercial lines of credit 1,425,000 960,000 Unused home equity lines of credit 4,450,000 4,600,000 Personal lines of credit 2,500 2,100 1-4 family residential mortgage commitments 1,683,000 896,000 Commercial real estate mortgage commitments 1,000,000 585,000 Standby letters of credit 55,000 25,000 Total $ 8,840,500 $ 7,119,100 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. Certain commitments have fixed expiration dates, or other termination clauses, and may require payment of a fee. Many of the commitments are expected to expire without being drawn upon; accordingly, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral or other security obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation. Collateral held varies but may include deposits held in financial institutions; U.S. Treasury securities; other marketable securities; accounts receivable; inventory; property and equipment; personal residences; income-producing commercial properties and land under development. Personal guarantees are also obtained to provide added security for certain commitments. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Those guarantees are primarily issued to guarantee the installation of real property improvements and similar transactions. The credit risk involved in issued letters of credit is essentially the same as that involved in extending loan facilities to customers. The Company holds collateral and obtains personal guarantees supporting those commitments for which collateral or other security is deemed necessary. The Company has not been required to perform on any financial guarantees during the past two years. The Company has not incurred any losses on its commitments in either 2015 or 2014. Litigation The Company 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 financial position of the Company. |
Note 22 - Related Party Transac
Note 22 - Related Party Transactions | 12 Months Ended |
Mar. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | 22. RELATED PARTY TRANSACTIONS The Company 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 $183,345 and $141,717, for the years ended March 31, 2015 and 2014, respectively. |
Note 23 - Regulatory Capital
Note 23 - Regulatory Capital | 12 Months Ended |
Mar. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | 23. REGULATORY CAPITAL The Company is 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 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 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, 2015 and 2014, that the Company meets all capital adequacy requirements to which it was subject. As of March 31, 2015, the Company 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 Company’s actual and required capital amounts and ratios as of March 31, 2015 and 2014 are as follows: Minimum to be Well Capitalized Under Prompt For Capital Corrective Action Actual Adequacy Purposes Provisions Amount Ratio Amount Ratio Amount Ratio As of March 31, 2015: Total Risk-Based Capital (to Risk-Weighted Assets) $ 11,839,000 16.87 % ≥$5,615,000 ≥8.0% ≥$7,919,000 ≥10.0% Tier 1 Capital (to Risk-Weighted Assets) $ 10,958,000 15.61 % ≥$2,808,000 ≥4.0% ≥$4,212,000 ≥ 6.0% Tier 1 Capital (to Total Assets) $ 10,958,000 8.66 % ≥$5,059,000 ≥4.0% ≥$6,324,000 ≥ 5.0% Minimum to be Well Capitalized under Prompt For Capital Corrective Action Actual Adequacy Purposes 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 ≥8.0% ≥$7,208,000 ≥10.0% Tier 1 Capital (to Risk-Weighted Assets) $ 11,649,000 16.16 % ≥$2,883,000 ≥4.0% ≥$4,325,000 ≥ 6.0% Tier 1 Capital (to Total Assets) $ 11,649,000 9.23 % ≥$5,047,000 ≥4.0% ≥$6,309,000 ≥ 5.0% |
Note 24 - Regulatory Matters
Note 24 - Regulatory Matters | 12 Months Ended |
Mar. 31, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Legal Matters and Contingencies [Text Block] | 24. 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, 2015, the Bank’s Tier 1 leverage capital ratio, Tier 1 risk-based capital ratio and total risk based-capital ratio were 8.66%, 15.61% and 16.87%, respectively. |
Note 25 - Changes in Accumulate
Note 25 - Changes in Accumulated Other Comprehensive Income (Loss) Balances | 12 Months Ended |
Mar. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | 25. 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) Defined Accumulated On Available Benefit Other For Sale Pension Comprehensive Securities Plans Income (Loss) Balance as of April 1, 2014 $ (127,554 ) $ (63,857 ) $ (191,411 ) Other comprehensive income (loss) before reclassification 111,884 (112,857 ) (973 ) Amount reclassified from accumulated other comprehensive income (loss) (472 ) (472 ) Total other comprehensive (loss) 111,412 (112,857 ) (1,445 ) Balance as of March 31, 2015 $ (16,142 ) $ (176,714 ) $ (192,856 ) |
Note 26 - Financial Information
Note 26 - Financial Information of Parent Company | 12 Months Ended |
Mar. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | 26. FINANCIAL INFORMATION OF PARENT COMPANY Delanco Bancorp, Inc. (Parent Company Only) For the Years Ended March 31, 2015 2014 Statement of Financial Condition Assets: Cash and cash equivalents $ 460,783 $ 716,188 Investment in Bank 9,592,799 9,381,452 Deferred income taxes 18,130 6,043 Total assets $ 10,071,712 $ 10,103,683 Stockholders’ equity: Total stockholders’ equity 10,071,712 10,103,683 Total liabilities and stockholders’ equity $ 10,071,712 $ 10,103,683 For the Years Ended March 31, 2015 2014 Income Statement Interest on ESOP loan $ 21,938 $ 18,563 Postage refund 1,611 Other interest income 706 484 Total income $ 22,644 $ 20,658 Management fee 45,000 50,000 Compensation expense 30,216 15,108 Total expense 75,216 65,108 (Loss) before income tax benefit and equity in undistributed net loss of subsidiary (52,572 ) (44,450 ) Equity in undistributed net loss of subsidiary (591,847 ) (724,932 ) Income tax benefit 11,587 6,044 Net (loss) $ (632,832 ) $ (763,338 ) Cash Flows Adjustments to reconcile net loss to net cash used in operating activities: Share based compensation expense $ 30,216 $ 15,108 Operating activities: Net (loss) (632,832 ) $ (763,338 ) Undistributed net loss of subsidiary 591,847 724,932 Increase in deferred income taxes (12,087 ) (6,044 ) Net cash used in operating activities (22,856 ) (29,342 ) Investing activities: Distribution to subsidiary (275,000 ) (2,943,326 ) Net cash used in investing activities (275,000 ) (2,943,326 ) Financing activities: Net proceeds from issuance of stock 3,376,373 Proceeds from ESOP loan 42,451 Net cash provided by financing activities 42,451 3,376,373 Net (255,405 ) 403,705 Cash and cash equivalents, beginning of year 716,188 312,483 Cash and cash equivalents, end of year $ 460,783 $ 716,188 |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
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, 2015 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 Available-for-Sale 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. |
Finance, Loans and Leases Receivable, 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. |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | 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] | 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 Owed Life Insurance, Policy [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 $2,433,483 and $1,949,825 in real estate owned at March 31, 2015 and 2014, respectively. The Company recorded losses of $82,062 and $85,680 on sale of real estate owned for the years ended March 31, 2015 and 2014, 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, 2015 and 2014, 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 $24,241 and $23,643 for the years ended March 31, 2015 and 2014, 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, 2015, the Company had allocated a total of 18,016 shares from the suspense account to participants. For the years ended March 31, 2015 and 2014, the Company recognized $24,349 and $33,076, respectively in salaries and employee benefits related to the ESOP. At March 31, 2015, 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, Policy [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
Note 5 - Investment Securities (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Available-for-sale Securities [Table Text Block] | Available-for-Sale March 31, 2015 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value Federal Home Loan Bank Bonds $ 500,000 $ $ (10,117 ) $ 489,883 Federal National Mortgage Association 500,000 (17,442 ) 482,558 Mutual Fund Shares 154,418 656 155,074 Total $ 1,154,418 $ 656 $ (27,559 ) $ 1,127,515 Available-for-Sale March 31, 2014 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value 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 |
Held-to-maturity Securities [Table Text Block] | Held-to-Maturity March 31, 2015 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value Federal Home Loan Bank Bonds $ 7,569,330 $ 25,212 $ (61,886 ) $ 7,532,656 Federal Farm Credit Bonds 6,436,634 245 (55,041 ) 6,381,838 Federal Home Loan Mortgage Corporation Bonds 1,997,490 1,869 (20,411 ) 1,978,948 Federal National Mortgage Association 6,998,982 15,848 (46,455 ) 6,968,375 Municipal Bond 470,250 1,653 471,903 23,472,686 44,827 (183,793 ) 23,333,720 Mortgage-Backed Securities: Federal Home Loan Mortgage Corporation 453,850 32,959 486,809 Federal National Mortgage Association 494,759 49,073 543,832 Government National Mortgage Corporation 196,043 6,499 202,542 1,144,652 88,531 1,233,183 Total $ 24,617,338 $ 133,358 $ (183,793 ) $ 24,566,903 Held-to-Maturity March 31, 2014 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value 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 Government 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 |
Investments Classified by Contractual Maturity Date [Table Text Block] | March 31, 2015 Available-for-sale Held-to-maturity Amortized Fair Amortized Fair Cost Value Cost Value Amounts maturing in: One year or less $ $ $ 970,771 $ 980,256 After one year through five years 1,000,639 999,302 After five years through ten years 8,910,976 8,838,675 After ten years 1,000,000 972,441 13,734,952 13,748,670 Mutual fund shares 154,418 155,074 $ 1,154,418 $ 1,127,515 $ 24,617,338 $ 24,566,903 March 31, 2014 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 |
Schedule of Unrealized Loss on Investments [Table Text Block] | Continuous Unrealized Continuous Unrealized Losses Existing For Losses Existing For Less Than 12 Months 12 Months or Greater Total Fair Unrealized Fair Unrealized Fair Unrealized March 31, 2015 Value Losses Value Losses Value Losses Federal Home Loan Bank Bonds $ 2,456,736 $ (20,116 ) $ 2,450,731 $ (51,887 ) $ 4,907,467 $ (72,003 ) Federal Farm Credit Bonds 2,478,672 (13,569 ) 2,903,103 (41,472 ) 5,381,775 (55,041 ) Federal Home Loan Mortgage Corporation 987,910 (12,090 ) 491,679 (8,321 ) 1,479,589 (20,411 ) Federal National Mortgage Association 1,492,801 (6,857 ) 2,442,960 (57,040 ) 3,935,761 (63,897 ) Mutual fund shares 7,416,119 (52,632 ) 8,288,473 (158,720 ) 15,704,592 (211,352 ) Mortgage-Backed Securities: Government National Mortgage Association Total $ 7,416,119 $ (52,632 ) $ 8,288,473 $ (158,720 ) $ 15,704,592 $ (211,352 ) Continuous Unrealized Continuous Unrealized Losses Existing For Losses Existing For Less Than 12 Months 12 Months or Greater Total Fair Unrealized Fair Unrealized Fair Unrealized March 31, 2014 Value Losses Value Losses Value 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 ) |
Note 6 - Loans (Tables)
Note 6 - Loans (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | March 31, 2015 2014 Residential (one to four family) real estate $ 62,788,782 $ 63,524,240 Multi-family and commercial real estate 7,979,569 10,414,383 Commercial 1,913,466 1,306,877 Home equity 8,005,627 8,143,701 Consumer 677,964 686,217 Construction 56,027 1,009,027 Total loans 81,421,435 85,084,445 Net deferred loan origination fees (89,860 ) (96,705 ) Allowance for loan losses (1,185,178 ) (1,448,298 ) (1,275,038 ) (1,545,003 ) Loans, net $ 80,146,397 $ 83,539,442 |
Financing Receivable Credit Quality Indicators [Table Text Block] | Special Non- Mention Classified Performing Pass Loans Loans Loans Total Residential real estate $ 60,728,444 $ $ $ 2,060,338 $ 62,788,782 Multi-family and commercial real estate 5,308,521 713,658 294,250 1,663,140 7,979,569 Commercial 1,685,655 23,568 204,243 1,913,466 Home equity 7,994,767 10,860 8,005,627 Consumer 606,577 71,387 677,964 Construction 56,027 56,027 $ 76,323,964 $ 737,226 $ 498,493 $ 3,861,752 $ 81,421,435 Special Non- Mention Classified Performing Pass Loans Loans Loans Total 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 |
Past Due Financing Receivables [Table Text Block] | 30-59 60-89 Greater Than Days Days 90 Days Total Total Loan Past Due Past Due Past Due Past Due Current Balances Residential real estate $ 495,322 $ 1,324,777 $ 1,364,792 $ 3,184,891 $ 59,603,891 $ 62,788,782 Multi-family and commercial real estate 116,763 890,200 1,006,963 6,972,606 7,979,569 Commercial 98,280 98,280 1,815,186 1,913,466 Home equity 34,371 88,625 10,860 133,856 7,871,771 8,005,627 Consumer 29,967 71,387 101,354 576,610 677,964 Construction 56,027 56,027 Total Loans $ 657,940 $ 1,530,165 $ 2,337,239 $ 4,525,344 $ 76,896,091 $ 81,421,435 Percentage of Total Loans 0.81 % 1.88 % 2.87 % 5.56 % 94.44 % 100.0 % 30-59 60-89 Greater Than Days Days 90 Days Total Total Loan Past Due Past Due Past Due Past Due Current Balances 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 % 8.80 % 91.20 % 100.0 % |
Impaired Financing Receivables [Table Text Block] | March 31, 2015 2014 Impaired loans for which a valuation allowance has been provided $ $ 846,075 Impaired loans for which no valuation allowance has been provided 4,521,712 5,174,500 Total loans determined to be impaired $ 4,521,712 $ 6,020,575 Allowance for loans losses related to impaired loans $ $287,507 Average recorded investment in impaired loans $ 4,707,275 $ 5,964,786 Cash basis interest income recognized on impaired loans $ 201,449 $ 235,179 |
Schedule of Credit Losses Related to Financing Receivables, Current and Noncurrent [Table Text Block] | Interest Income Average Recognized Unpaid Related Annual While On Recorded Principal Valuation Recorded Impaired Investment Balance Allowance Investment Status Impaired loans with no valuation allowance: Residential real estate $ 2,600,317 $ 2,535,471 $ $ 2,742,623 $ 65,065 Multi-family and commercial real estate 1,860,348 1,813,440 1,727,671 129,426 Commercial 34,526 34,526 30,991 1,314 Home equity 10,860 10,860 129,542 176 Consumer 71,388 71,388 18,185 2,169 Construction 56,027 56,027 58,263 3,299 Subtotal $ 4,633,466 $ 4,521,712 $ $ 4,707,275 $ 201,449 Interest Income Average Recognized Unpaid Related Annual While On Recorded Principal Valuation Recorded Impaired Investment Balance Allowance Investment Status Impaired loans with a valuation allowance: Residential real estate $ $ $ $ $ Multi-family and commercial real estate Commercial Home equity Consumer Construction Subtotal $ -0- $ -0- $ -0- $ -0- $ -0- Interest Income Average Recognized Unpaid Related Annual While On Recorded Principal Valuation Recorded Impaired Investment Balance Allowance Investment Status Total impaired loans: Residential real estate $ 2,600,317 $ 2,535,471 $ $ 2,742,623 $ 65,065 Multi-family and commercial real estate 1,860,348 1,813,440 1,727,671 129,426 Commercial 34,526 34,526 30,991 1,314 Home equity 10,860 10,860 129,542 176 Consumer 71,388 71,388 18,185 2,169 Construction 56,027 56,027 58,263 3,299 Total $ 4,633,466 $ 4,521,712 $ $ 4,707,275 $ 201,449 Interest Income Average Recognized Unpaid Related Annual While On Recorded Principal Valuation Recorded Impaired Investment Balance Allowance Investment 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 Interest Income Average Recognized Unpaid Related Annual While On Recorded Principal Valuation Recorded Impaired Investment Balance Allowance Investment 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 Interest Income Average Recognized Unpaid Related Annual While On Recorded Principal Valuation Recorded Impaired Investment Balance Allowance Investment 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 |
Schedule of Financing Receivables, Non Accrual Status [Table Text Block] | March 31, 2015 2014 Non-accrual loans: Residential real estate $ 880,061 $ 1,277,406 Multi-family and commercial real estate 661,456 980,711 Commercial 107,640 Home equity 10,860 218,909 Consumer 71,387 Construction Total non-accrual loans 1,623,764 2,584,666 March 31, 2015 2014 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 $ 484,731 $ 672,242 Multi-family and commercial real estate 228,744 846,962 Commercial Home equity Consumer Construction Total troubled debt restructurings in non- accrual status 713,475 1,519,204 Performing under modified terms: Residential real estate $ 695,546 $ 548,046 Multi-family and commercial real estate 772,940 1,308,888 Commercial Home equity Consumer Construction 56,027 59,771 Total troubled debt restructurings performing under modified terms 1,524,513 1,916,705 Total troubled debt restructurings 2,237,988 3,435,909 Total non-performing loans 3,861,752 6,120,935 Real estate owned 2,433,483 1,949,825 Total non-performing assets $ 6,295,235 $ 8,070,760 Non-performing loans as a percentage of loans 4.74 % 7.19 % Non-performing assets as a percentage of loans and real estate owned 7.51 % 9.27 % Non-performing assets as a percentage of total assets 4.90 % 6.34 % |
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | 2015 2014 Outstanding Recorded Outstanding Recorded Investment Investment Number of Pre- Post- Number of Pre- Post- Contracts Modification Modification Contracts Modification Modification Troubled debt restructurings: Residential real estate 1 $ 95,511 $ 111,000 1 $ 120,037 $ 122,878 |
Schedule of Debtor Troubled Debt Restructuring, Subsequent Periods [Table Text Block] | Number of Contracts Recorded Investment Number of Contracts Recorded Investment Troubled debt restructurings that subsequently defaulted: Residential real estate -0- $ $ |
Real Estate Owned [Table Text Block] | March 31, 2015 2014 Balance, beginning of period $ 1,949,825 $ 2,469,800 Additions from loan foreclosures 2,332,861 856,393 Additions from capitalized costs 3,352 Dispositions of REO (1,591,941 ) (690,453 ) Gain (loss) on sale of REO (82,062 ) (85,680 ) Valuation adjustments in the period (175,200 ) (603,587 ) Balance, end of period $ 2,433,483 $ 1,949,825 March 31, 2015 2014 Balance, beginning of period $ 675,665 $ 72,077 Valuation adjustments added in the period 642,080 675,100 Valuation adjustments on disposed properties during the period (466,880 ) (71,512 ) Balance, end of period $ 850,865 $ 675,665 |
Schedule of Charge-offs [Table Text Block] | March 31, 2015 2014 Balance at beginning of year $ 1,448,298 $ 1,032,818 Provision: Residential real estate 177,490 266,246 Multi-family and commercial real estate 175,662 627,214 Commercial 44,689 141,359 Home equity loans 21,478 21,490 Consumer (25,522 ) (102,622 ) Construction (3,797 ) 3,670 Total Provision $ 390,000 $ 957,357 Charge-Offs: Residential real estate 142,279 99,548 Multi-family and commercial real estate 597,896 378,263 Commercial 19,325 127,259 Home equity 3,875 Consumer 4,054 16,450 Recoveries (110,434 ) (83,518 ) Total Net Charge-Offs 653,120 541,877 Balance at end of year $ 1,185,178 $ 1,448,298 Year-end loans outstanding $ 81,421,435 $ 85,084,445 Average loans outstanding $ 83,252,940 $ 87,327,374 Allowance as a percentage of year-end loans 1.46 % 1.70 % Net charge-offs as a percentage of average loans 0.78 % 0.62 % |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | Residential Real Estate Multi-Family and Commercial Real Estate Commercial Home Consumer Construction Total Allowance for loan losses: Beginning balance $ 656,156 $ 634,968 $ 58,399 $ 65,369 $ 29,609 $ 3,797 $ 1,448,298 Loan charge-offs (142,279 ) (597,896 ) (19,325 ) (4,054 ) (763,554 ) Recoveries 10,738 76,159 2,537 21,000 110,434 Provision for loan losses 177,490 175,662 44,689 21,478 (25,522 ) (3,797 ) 390,000 Ending balance $ 702,105 $ 288,893 $ 86,300 $ 86,847 $ 21,033 $ -0- $ 1,185,178 Ending balance: individually evaluated for impairment $ $ $ $ $ $ $ Ending balance: collectively evaluated for impairment $ 702,105 $ 288,893 $ 86,300 $ 86,847 $ 21,033 $ 1,185,178 Loans: Ending balance $ 62,788,782 $ 7,979,569 $ 1,913,466 $ 8,005,627 $ 677,964 $ 56,027 $ 81,421,435 Ending balance: individually evaluated for impairment $ 2,548,574 $ 1,813,440 $ 34,526 $ 10,860 $ $ $ 4,407,400 Ending balance: collectively evaluated for impairment $ 60,240,208 $ 6,166,129 $ 1,878,940 $ 7,994,767 $ 677,964 $ 56,027 $ 77,014,035 Multi-Family and Residential Commercial Home Real Estate Real Estate Commercial Equity Consumer Construction Total Allowance for loan losses: Begi nning balance $ 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 Ending balance $ 656,156 $ 634,968 $ 58,399 $ 65,369 $ 29,609 $ 3,797 $ 1,448,298 Ending balance: individually evaluated for impairment $ 27,507 $ 260,000 $ $ $ $ $ 287,507 Ending balance: collectively evaluated for impairment $ 628,649 $ 374,968 $ 58,399 $ 65,369 $ 29,609 $ 3,797 $ 1,160,791 Loans: Ending balance $ 63,524,240 $ 10,414,383 $ 1,306,877 $ 8,143,701 $ 686,217 $ 1,009,027 $ 85,084,445 Ending balance: individually evaluated for impairment $ 3,141,851 $ 986,115 $ 107,640 $ 219,010 $ $ $ 4,454,616 Ending balance: collectively evaluated for impairment $ 60,382,389 $ 9,428,268 $ 1,199,237 $ 7,924,691 $ 686,217 $ 1,009,027 $ 80,629,829 |
Loans Receivable Activity Officers and Directors [Table Text Block] | March 31, 2015 2014 Balance, beginning of year $ 776,516 $ 672,699 Payments (30,691 ) (284,183 ) Borrowings 40,500 388,000 Balance, end of year $ 786,325 $ 776,516 |
Note 7 - Loan Servicing (Tables
Note 7 - Loan Servicing (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
Transfers and Servicing [Abstract] | |
Schedule of Servicing Assets at Fair Value [Table Text Block] | March 31, 2015 2014 Mortgage Loan Servicing Portfolio: Mortgage Partnership Finance FHLB New York $ 130,080 $ 246,332 |
Note 8 - Accrued Interest Rec40
Note 8 - Accrued Interest Receivable (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule of Other Assets [Table Text Block] | March 31, 2015 2014 Loans $ 261,564 $ 280,444 Investment securities 165,257 168,616 Mortgage backed securities 10,019 13,224 $ 436,840 $ 462,284 |
Note 9 - Premises and Equipme41
Note 9 - Premises and Equipment (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | March 31, 2015 2014 Land $ 1,451,203 $ 1,451,203 Buildings 6,848,967 6,848,967 Furniture, fixtures and equipment 2,006,454 1,979,488 10,306,624 10,279,658 Accumulated depreciation (3,816,293 ) (3,611,106 ) $ 6,490,331 $ 6,668,552 |
Note 11 - Deposits (Tables)
Note 11 - Deposits (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Schedule of Deposit Account Balances [Table Text Block] | March 31, 2015 Weighted Average Percent of Amount Interest Rate Portfolio Non interest bearing accounts $ 10,733,275 % 9.74 Interest bearing checking accounts 20,816,278 0.20 18.89 Passbook savings accounts 15,415,613 0.10 13.99 Money Market accounts 19,780,377 0.44 17.95 Club accounts 133,586 0.10 0.12 66,879,129 60.69 Certificates of Deposits: 0.10% to 0.99% 26,142,514 0.56 23.72 1.00% to 1.99% 12,866,189 1.29 11.68 2.00% to 2.99% 4,310,287 2.31 3.91 43,318,990 39.31 $ 110,198,119 100.00 % March 31, 2014 Weighted Average Percent of Amount Interest Rate Portfolio Non interest bearing accounts $ 7,852,030 % 7.10 Interest bearing checking accounts 19,637,558 0.15 17.75 Passbook savings accounts 15,491,930 0.10 14.00 Money Market accounts 21,267,887 0.42 19.23 Club accounts 136,293 0.10 0.12 64,385,698 58.20 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 41.80 $ 110,624,699 100.00 % |
Schedule of Maturities of Deposits [Table Text Block] | March 31, 2015 2014 2015 $ $ 28,268,039 2016 25,527,548 8,768,333 2017 9,336,093 4,598,454 2018 3,584,198 2,338,541 2019 2,252,245 2,265,634 2020 2,618,906 $ 43,318,990 $ 46,239,001 |
Note 13 - Advances from Feder43
Note 13 - Advances from Federal Home Loan Bank (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Schedule of Federal Home Loan Bank, Advances, by Branch of FHLB Bank [Table Text Block] | Maturity Interest Date Rate 2015 2014 April 7, 2014 0.36% $ $ 1,000,000 December 8, 2014 0.48% 1,000,000 October 19, 2015 0.45% 1,000,000 April 18, 2016 0.74% 2,000,000 October 17, 2016 0.81% 1,000,000 $ 4,000,000 $ 2,000,000 |
Note 14 - Income Taxes (Tables)
Note 14 - Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Years Ended March 31, 2015 2014 Income Tax Expense (benefit) Current federal tax expense Federal $ $ State 3,000 3,000 Deferred tax (benefit) Federal (241,825 ) (368,006 ) State (86,395 ) (35,100 ) Total $ (325,220 ) $ (400,106 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Years Ended March 31, 2015 2014 Expected federal tax provision (benefit) at 34% rate $ (325,738 ) $ (395,571 ) Municipal bond interest (899 ) (829 ) Increase in cash surrender value of life insurance (1,972 ) (3,947 ) State income tax (64,021 ) (67,169 ) Valuation allowance for state operating loss carryforward 67,410 67,410 Total income tax (benefit) (325,220 ) (400,106 ) Effective tax rate (benefit) (33.9% ) (34.4% ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | March 31, 2015 2014 Deferred tax assets: Accrued pension costs $ 7,200 $ 9,500 Accrued retirement plan 2,800 Allowance for loan losses 722,503 722,051 Directors’ benefit plans 122,000 123,000 Employee stock option 18,200 6,000 FASB 158 – unrecognized transition costs 118,000 42,000 Federal tax loss carryforward 774,000 491,600 State tax loss carryforward 391,000 328,810 Unrealized losses on securities available-for-sale 11,000 85,000 Non accrual interest 16,000 33,700 Total deferred tax assets $ 2,179,903 $ 1,844,461 Valuation allowance (67,410 ) (67,410 ) March 31, 2015 2014 Deferred tax liabilities: Accumulated depreciation $ (52,260 ) $ (54,450 ) Total deferred tax liabilities (52,260 ) (54,450 ) NET DEFERRED TAX ASSETS $ 2,060,233 $ 1,722,601 |
Note 16 - Board of Directors'45
Note 16 - Board of Directors' Retirement Plan (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Net Benefit Costs [Table Text Block] | Years Ended March 31, 2015 2014 Service cost $ 7,080 $ 7,700 Interest cost 18,924 18,944 Amortization of gain 4,644 5,636 Net amortization and deferral -0- -0- Net periodic pension cost $ 30,648 $ 32,280 |
Schedule of Net Funded Status [Table Text Block] | March 31, 2015 2014 Accumulated benefit obligation $ 558,403 $ 413,120 Projected benefit obligation 599,324 415,803 Fair value of plan assets -0- -0- Unfunded projected benefit obligation 599,324 415,803 |
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | March 31, 2015 2014 Change in Benefit Obligation Projected benefit obligation at beginning of year $ 415,803 $ 438,352 Service cost 7,080 7,700 Interest cost 18,924 18,944 Actuarial (gain) loss 192,737 (13,966 ) Benefits paid (35,220 ) (35,227 ) Benefit obligation at end of year $ 599,324 $ 415,803 |
Schedule of Changes in Fair Value of Plan Assets [Table Text Block] | March 31, 2015 2014 Change in Plan Assets Fair value of Plan assets at beginning of year $ -0- $ -0- Actual return on Plan assets -0- -0- Employer contributions 35,220 35,227 Benefits paid (35,220 ) (35,227 ) Fair value of Plan assets at end of year $ -0- $ -0- |
Schedule of Assumptions Used [Table Text Block] | Years Ended March 31, 2015 2014 Discount rate for periodic pension cost 4.75 % 4.50 % Discount rate for benefit obligation 4.00 % 4.75 % Rate of increase in compensation levels and social security wage base 2.00 % 2.00 % Expected long-term rate of return on plan assets N/A N/A |
Note 17 - Employee Stock Owne46
Note 17 - Employee Stock Ownership Plan (ESOP) (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
Employee Stock Ownership Plan ESOP [Abstract] | |
Employee Stock Ownership Plan (ESOP) Disclosures [Table Text Block] | Years Ended March 31, 2015 2014 Shares released for allocation 18,016 14,496 Unearned shares 42,224 45,744 Total ESOP shares 60,240 60,240 |
Note 18 - Stock Based Compens47
Note 18 - Stock Based Compensation (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | Year Ended March 31, 2015 Weighted Average Number of Grant Date Shares Fair Value Restricted at the beginning of the period 20,000 $ 8.69 Granted Vested Forfeited Restricted at the end of the period 20,000 8.69 |
Note 19 - Earnings Per Share (T
Note 19 - Earnings Per Share (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2015 2014 Net (Loss) $ (632,832 ) $ (763,338 ) Weighted average shares outstanding 945,425 945,425* Adjusted average unearned ESOP shares (42,224 ) (45,744 ) Weighted average share outstanding - basic 903,201 899,681 Effect of dilutive common stock equivalents Adjusted weighted average shares outstanding - dilutive 903,201 899,681 Basic loss per share $ (0.70 ) $ (0.85 ) Diluted loss per share $ (0.70 ) $ (0.85 ) |
Note 20 - Fair Value Measurem49
Note 20 - Fair Value Measurements (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Significant Other Significant Carrying Observable Unobservable Value Quoted Prices Inputs Inputs (Fair Value) (Level 1) (Level 2) (Level 3) March 31, 2015 Securities available for sale: Federal Home Loan Bank Bonds $ 489,883 $ 489,883 $ $ Federal National Mortgage Association 482,558 482,558 Mutual Fund Shares 155,074 155,074 Totals $ 1,127,515 $ 1,127,515 $ $ Significant Other Significant Carrying Observable Unobservable Value Quoted Prices Inputs Inputs (Fair Value) (Level 1) (Level 2) (Level 3) March 31, 2014 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 $ 1,973,370 $ 1,973,370 $ $ |
Fair Value Measurements, Nonrecurring [Table Text Block] | Significant Other Significant Carrying Observable Unobservable Value Quoted Prices Inputs Inputs (Fair Value) (Level 1) (Level 2) (Level 3) March 31, 2015 Impaired loans $ 4,521,712 $ $ $ 4,521,712 Real estate owned 2,433,483 2,433,483 Total $ 6,955,195 $ $ $ 6,955,195 Significant Other Significant Carrying Observable Unobservable Value Quoted Prices Inputs Inputs (Fair Value) (Level 1) (Level 2) (Level 3) March 31, 2014 Impaired loans $ 6,020,575 $ $ $ 6,020,575 Real estate owned 1,949,825 1,949,825 Total $ 7,970,400 $ $ $ 7,970,400 |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block] | March 31, 2015 Fair Valuation Value Technique Unobservable Input Range Impaired loans $ 4,521,712 Property Management discount for 7% - 12% Real estate owned $ 2,433,483 Property Management discount for 7% - 12% March 31, 2014 Fair Valuation Value Technique Unobservable Input Range Impaired loans $ 6,020,575 Property Management discount for 7% - 12% Real estate owned $ 1,949,825 Property Management discount for 7% - 12% |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value Measurements Significant Significant Other Unobserv- Quoted Observable able Carrying Prices Inputs Inputs March 31, 2015 Amount Fair Value (Level 1) (Level 2) (Level 3) Financial Assets: Cash and cash equivalents $ 10,450,448 $ 10,450,448 $ 10,450,448 $ $ Investment securities available for sale 1,154,418 1,127,515 1,127,515 Investment and mortgage-backed securities held to maturity 24,617,338 24,566,903 24,566,903 Loans receivable, net 80,146,397 79,675,000 79,675,000 Accrued interest receivable 436,840 436,840 436,840 Federal Home Loan Bank stock 306,300 306,300 306,300 Bank owned life insurance 169,252 169,252 169,252 Financial Liabilities: Deposits – non-interest bearing 10,733,275 10,733,275 10,733,275 Deposits – interest bearing 99,464,844 99,411,000 99,411,000 Advances from Federal Home Loan Bank 4,000,000 4,000,000 4,000,000 Accrued interest payable 5,763 5,763 5,763 Advances from borrowers for taxes and insurance 320,356 320,356 320,356 Fair Value Measurements Significant Significant Unobserv- Quoted Observable able Carrying Prices Inputs Inputs March 31, 2014 Amount Fair Value (Level 1) (Level 2) (Level 3) Financial 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 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 Financial 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 2,000,000 Accrued interest payable 6,556 6,556 6,556 Advances from borrowers for taxes and insurance 328,815 328,815 328,815 |
Note 21 - Commitments and Con50
Note 21 - Commitments and Contingencies (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Other Commitments [Table Text Block] | 2015 2014 Contractual Contractual Amount Amount Financial instruments whose notional or contract amounts represent credit risk: Construction loan commitments $ 225,000 $ 51,000 Unused commercial lines of credit 1,425,000 960,000 Unused home equity lines of credit 4,450,000 4,600,000 Personal lines of credit 2,500 2,100 1-4 family residential mortgage commitments 1,683,000 896,000 Commercial real estate mortgage commitments 1,000,000 585,000 Standby letters of credit 55,000 25,000 Total $ 8,840,500 $ 7,119,100 |
Note 23 - Regulatory Capital (T
Note 23 - Regulatory Capital (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | Minimum to be Well Capitalized Under Prompt For Capital Corrective Action Actual Adequacy Purposes Provisions Amount Ratio Amount Ratio Amount Ratio As of March 31, 2015: Total Risk-Based Capital (to Risk-Weighted Assets) $ 11,839,000 16.87 % ≥$5,615,000 ≥8.0% ≥$7,919,000 ≥10.0% Tier 1 Capital (to Risk-Weighted Assets) $ 10,958,000 15.61 % ≥$2,808,000 ≥4.0% ≥$4,212,000 ≥ 6.0% Tier 1 Capital (to Total Assets) $ 10,958,000 8.66 % ≥$5,059,000 ≥4.0% ≥$6,324,000 ≥ 5.0% Minimum to be Well Capitalized under Prompt For Capital Corrective Action Actual Adequacy Purposes 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 ≥8.0% ≥$7,208,000 ≥10.0% Tier 1 Capital (to Risk-Weighted Assets) $ 11,649,000 16.16 % ≥$2,883,000 ≥4.0% ≥$4,325,000 ≥ 6.0% Tier 1 Capital (to Total Assets) $ 11,649,000 9.23 % ≥$5,047,000 ≥4.0% ≥$6,309,000 ≥ 5.0% |
Note 25 - Changes in Accumula52
Note 25 - Changes in Accumulated Other Comprehensive Income (Loss) Balances (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Unrealized Gains (Losses) Defined Accumulated On Available Benefit Other For Sale Pension Comprehensive Securities Plans Income (Loss) Balance as of April 1, 2014 $ (127,554 ) $ (63,857 ) $ (191,411 ) Other comprehensive income (loss) before reclassification 111,884 (112,857 ) (973 ) Amount reclassified from accumulated other comprehensive income (loss) (472 ) (472 ) Total other comprehensive (loss) 111,412 (112,857 ) (1,445 ) Balance as of March 31, 2015 $ (16,142 ) $ (176,714 ) $ (192,856 ) |
Note 26 - Financial Informati53
Note 26 - Financial Information of Parent Company (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Balance Sheet [Table Text Block] | For the Years Ended March 31, 2015 2014 Statement of Financial Condition Assets: Cash and cash equivalents $ 460,783 $ 716,188 Investment in Bank 9,592,799 9,381,452 Deferred income taxes 18,130 6,043 Total assets $ 10,071,712 $ 10,103,683 Stockholders’ equity: Total stockholders’ equity 10,071,712 10,103,683 Total liabilities and stockholders’ equity $ 10,071,712 $ 10,103,683 |
Condensed Income Statement [Table Text Block] | For the Years Ended March 31, 2015 2014 Income Statement Interest on ESOP loan $ 21,938 $ 18,563 Postage refund 1,611 Other interest income 706 484 Total income $ 22,644 $ 20,658 Management fee 45,000 50,000 Compensation expense 30,216 15,108 Total expense 75,216 65,108 (Loss) before income tax benefit and equity in undistributed net loss of subsidiary (52,572 ) (44,450 ) Equity in undistributed net loss of subsidiary (591,847 ) (724,932 ) Income tax benefit 11,587 6,044 Net (loss) $ (632,832 ) $ (763,338 ) Cash Flows Adjustments to reconcile net loss to net cash used in operating activities: Share based compensation expense $ 30,216 $ 15,108 Operating activities: Net (loss) (632,832 ) $ (763,338 ) Undistributed net loss of subsidiary 591,847 724,932 Increase in deferred income taxes (12,087 ) (6,044 ) Net cash used in operating activities (22,856 ) (29,342 ) Investing activities: Distribution to subsidiary (275,000 ) (2,943,326 ) Net cash used in investing activities (275,000 ) (2,943,326 ) Financing activities: Net proceeds from issuance of stock 3,376,373 Proceeds from ESOP loan 42,451 Net cash provided by financing activities 42,451 3,376,373 Net (255,405 ) 403,705 Cash and cash equivalents, beginning of year 716,188 312,483 Cash and cash equivalents, end of year $ 460,783 $ 716,188 |
Note 1 - Nature of Operations (
Note 1 - Nature of Operations (Details) - Oct. 16, 2013 - USD ($) | Total |
Disclosure Text Block [Abstract] | |
Sale of Stock, Number of Shares Issued in Transaction | 525,423 |
Exchange of Common Stock Shares | 420,002 |
Proceeds from Reorganization and Stock Offering | $ 3,280,000 |
Costs from Reorganization and Stock Offering | $ 923,000 |
Note 2 - Summary of Significa55
Note 2 - Summary of Significant Accounting Policies (Details) | Oct. 16, 2013shares | Oct. 31, 2013USD ($)shares | Mar. 31, 2015USD ($)shares | Mar. 31, 2014USD ($)shares | Mar. 31, 2008USD ($)shares | Mar. 31, 2013USD ($) | Mar. 31, 2007shares |
Employee Stock Ownership Plan [Member] | Converted to Shares of Bancorp [Member] | |||||||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | |||||||
Conversion of Stock, Shares Issued (in Shares) | shares | 36,596 | ||||||
Real Estate Acquired Through Foreclosure | $ 2,433,483 | $ 1,949,825 | $ 2,469,800 | ||||
Gains (Losses) on Sales of Other Real Estate | $ (82,062) | (85,680) | |||||
Number of Reportable Segments | 1 | ||||||
Advertising Expense | $ 24,241 | $ 23,643 | |||||
Stock Issued During Period, Shares, Employee Stock Ownership Plan (in Shares) | 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) | shares | 18,016 | 14,496 | |||||
Employee Stock Ownership Plan (ESOP), Compensation Expense | $ 24,349 | $ 33,076 | |||||
Employee Stock Ownership Plan (ESOP), Shares in ESOP (in Shares) | shares | 60,240 | 60,240 | 64,081 |
Note 5 - Investment Securitie56
Note 5 - Investment Securities (Details) | Mar. 31, 2015USD ($) | Mar. 31, 2014USD ($) |
Note 5 - Investment Securities (Details) [Line Items] | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | $ 15,704,592 | $ 23,700,156 |
Held-to-maturity Securities Pledged as Collateral | $ 1,016,000 | $ 517,000 |
Debt Securities [Member] | ||
Note 5 - Investment Securities (Details) [Line Items] | ||
Held-to-maturity, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 33 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | $ 15,915,944 |
Note 5 - Investment Securitie57
Note 5 - Investment Securities (Details) - Available-for-Sale Securities - USD ($) | Mar. 31, 2015 | Mar. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities | $ 1,154,418 | $ 2,185,959 |
Available-for-sale securities, gross unrealized gains | 656 | |
Available-for-sale securities, gross unrealized losses | (27,559) | (212,589) |
Available-for-sale securities, fair value | 1,127,515 | 1,973,370 |
Federal Home Loan Bank Certificates and Obligations (FHLB) [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities | 500,000 | 1,500,000 |
Available-for-sale securities, gross unrealized gains | 0 | |
Available-for-sale securities, gross unrealized losses | (10,117) | (147,424) |
Available-for-sale securities, fair value | 489,883 | 1,352,576 |
Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities | 500,000 | 500,000 |
Available-for-sale securities, gross unrealized gains | 0 | |
Available-for-sale securities, gross unrealized losses | (17,442) | (62,352) |
Available-for-sale securities, fair value | 482,558 | 437,648 |
Equity Funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities | 154,418 | 185,959 |
Available-for-sale securities, gross unrealized gains | 656 | |
Available-for-sale securities, gross unrealized losses | (2,813) | |
Available-for-sale securities, fair value | $ 155,074 | $ 183,146 |
Note 5 - Investment Securitie58
Note 5 - Investment Securities (Details) - Held-to-Maturity Securities - USD ($) | Mar. 31, 2015 | Mar. 31, 2014 |
Bonds [Member] | Federal Home Loan Bank Certificates and Obligations (FHLB) [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, amortized cost | $ 7,569,330 | $ 6,567,912 |
Held-to-maturity securities, gross unrealized gains | 25,212 | 179 |
Held-to-maturity securities, gross unrealized losses | (61,886) | (524,274) |
Held-to-maturity securities, fair value | 7,532,656 | 6,043,817 |
Bonds [Member] | Federal Farm Credit Bonds [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, amortized cost | 6,436,634 | 5,944,328 |
Held-to-maturity securities, gross unrealized gains | 245 | 0 |
Held-to-maturity securities, gross unrealized losses | (55,041) | (387,400) |
Held-to-maturity securities, fair value | 6,381,838 | 5,556,928 |
Bonds [Member] | Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, amortized cost | 1,997,490 | 1,997,213 |
Held-to-maturity securities, gross unrealized gains | 1,869 | 0 |
Held-to-maturity securities, gross unrealized losses | (20,411) | (166,768) |
Held-to-maturity securities, fair value | 1,978,948 | 1,830,445 |
Bonds [Member] | Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, amortized cost | 6,998,982 | 10,497,566 |
Held-to-maturity securities, gross unrealized gains | 15,848 | 17,409 |
Held-to-maturity securities, gross unrealized losses | (46,455) | (596,584) |
Held-to-maturity securities, fair value | 6,968,375 | 9,918,391 |
Bonds [Member] | Municipal Bonds [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, amortized cost | 470,250 | 546,820 |
Held-to-maturity securities, gross unrealized gains | 1,653 | 1,040 |
Held-to-maturity securities, gross unrealized losses | 0 | 0 |
Held-to-maturity securities, fair value | 471,903 | 547,860 |
Bonds [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, amortized cost | 23,472,686 | 25,553,839 |
Held-to-maturity securities, gross unrealized gains | 44,827 | 18,628 |
Held-to-maturity securities, gross unrealized losses | (183,793) | (1,675,026) |
Held-to-maturity securities, fair value | 23,333,720 | 23,897,441 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, amortized cost | 453,850 | 610,004 |
Held-to-maturity securities, gross unrealized gains | 32,959 | 43,541 |
Held-to-maturity securities, gross unrealized losses | 0 | (7,525) |
Held-to-maturity securities, fair value | 486,809 | 646,020 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, amortized cost | 494,759 | 583,462 |
Held-to-maturity securities, gross unrealized gains | 49,073 | 53,728 |
Held-to-maturity securities, gross unrealized losses | 0 | (4,554) |
Held-to-maturity securities, fair value | 543,832 | 632,636 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Government National Mortgage Association Certificates and Obligations (GNMA) [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, amortized cost | 196,043 | 228,602 |
Held-to-maturity securities, gross unrealized gains | 6,499 | 6,910 |
Held-to-maturity securities, gross unrealized losses | 0 | (1,148) |
Held-to-maturity securities, fair value | 202,542 | 234,364 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, amortized cost | 1,144,652 | 1,422,068 |
Held-to-maturity securities, gross unrealized gains | 88,531 | 104,179 |
Held-to-maturity securities, gross unrealized losses | 0 | (13,227) |
Held-to-maturity securities, fair value | 1,233,183 | 1,513,020 |
Held-to-maturity securities, amortized cost | 24,617,338 | 26,975,907 |
Held-to-maturity securities, gross unrealized gains | 133,358 | 122,807 |
Held-to-maturity securities, gross unrealized losses | (183,793) | (1,688,253) |
Held-to-maturity securities, fair value | $ 24,566,903 | $ 25,410,461 |
Note 5 - Investment Securitie59
Note 5 - Investment Securities (Details) - Maturities of Securities - USD ($) | Mar. 31, 2015 | Mar. 31, 2014 |
Amounts maturing in: | ||
Available-for-sale securities, amortized cost - one year or less | $ 0 | $ 0 |
Available-for-sale securities, fair value - one year or less | 0 | 0 |
Held-to-maturity securities, amortized cost - one year or less | 970,771 | 546,820 |
Held-to-maturity securities, fair value - one year or less | 980,256 | 547,860 |
Available-for-sale securities, amortized cost - after one year through five years | 0 | 0 |
Available-for-sale securities, fair value - after one year through five years | 0 | 0 |
Held-to-maturity securities, amortized cost - after one year through five years | 1,000,639 | 1,502,317 |
Held-to-maturity securities, fair value - after one year through five years | 999,302 | 1,500,248 |
Available-for-sale securities, amortized cost - after five years through ten years | 0 | 0 |
Available-for-sale securities, fair value - after five years through ten years | 0 | 0 |
Held-to-maturity securities, amortized cost - after five years through ten years | 8,910,976 | 5,918,854 |
Held-to-maturity securities, fair value - after five years through ten years | 8,838,675 | 7,927,988 |
Available-for-sale securities, amortized cost - after ten years | 1,000,000 | 2,000,000 |
Available-for-sale securities, fair value - after ten years | 972,441 | 1,790,224 |
Held-to-maturity securities, amortized cost - after ten years | 13,734,952 | 19,007,916 |
Held-to-maturity securities, fair value - after ten years | 13,748,670 | 15,434,365 |
Mutual fund shares, available-for-sale, amortized cost | 154,418 | 185,959 |
Mutual fund shares, available-for-sale, fair value | 155,074 | 183,146 |
Mutual fund shares, held-to-maturity, amortized cost | 0 | 0 |
Mutual fund shares, held-to-maturity, fair value | 0 | 0 |
Available-for-sale securities, amortized cost | 1,154,418 | 2,185,959 |
Available-for-sale securities, fair value | 1,127,515 | 1,973,370 |
Held-to-maturity securities, amortized cost | 24,617,338 | 26,975,907 |
Held-to-maturity securities, fair value | $ 24,566,903 | $ 25,410,461 |
Note 5 - Investment Securitie60
Note 5 - Investment Securities (Details) - Securities With Gross Unrealized Losses - USD ($) | Mar. 31, 2015 | Mar. 31, 2014 |
Bonds [Member] | Federal Home Loan Bank Certificates and Obligations (FHLB) [Member] | ||
Note 5 - Investment Securities (Details) - Securities With Gross Unrealized Losses [Line Items] | ||
Securities with unrealized losses, less than 12 months, fair value | $ 2,456,736 | $ 3,606,295 |
Securities with unrealized losses, less than 12 months, gross unrealized losses | (20,116) | (371,027) |
Securities with unrealized losses, 12 months or greater, fair value | 2,450,731 | 3,789,919 |
Securities with unrealized losses, 12 months or greater, gross unrealized losses | (51,887) | (300,671) |
Securities with unrealized losses, fair value | 4,907,467 | 7,396,214 |
Securities with unrealized losses, gross unrealized losses | (72,003) | (671,698) |
Bonds [Member] | Federal Farm Credit Bonds [Member] | ||
Note 5 - Investment Securities (Details) - Securities With Gross Unrealized Losses [Line Items] | ||
Securities with unrealized losses, less than 12 months, fair value | 2,478,672 | 3,282,377 |
Securities with unrealized losses, less than 12 months, gross unrealized losses | (13,569) | (217,412) |
Securities with unrealized losses, 12 months or greater, fair value | 2,903,103 | 1,774,551 |
Securities with unrealized losses, 12 months or greater, gross unrealized losses | (41,472) | (169,988) |
Securities with unrealized losses, fair value | 5,381,775 | 5,056,928 |
Securities with unrealized losses, gross unrealized losses | (55,041) | (387,400) |
Bonds [Member] | Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) [Member] | ||
Note 5 - Investment Securities (Details) - Securities With Gross Unrealized Losses [Line Items] | ||
Securities with unrealized losses, less than 12 months, fair value | 987,910 | 1,099,745 |
Securities with unrealized losses, less than 12 months, gross unrealized losses | (12,090) | (76,756) |
Securities with unrealized losses, 12 months or greater, fair value | 491,679 | 902,463 |
Securities with unrealized losses, 12 months or greater, gross unrealized losses | (8,321) | (97,538) |
Securities with unrealized losses, fair value | 1,479,589 | 2,002,208 |
Securities with unrealized losses, gross unrealized losses | (20,411) | (174,294) |
Bonds [Member] | Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] | ||
Note 5 - Investment Securities (Details) - Securities With Gross Unrealized Losses [Line Items] | ||
Securities with unrealized losses, less than 12 months, fair value | 1,492,801 | 7,686,714 |
Securities with unrealized losses, less than 12 months, gross unrealized losses | (6,857) | (512,183) |
Securities with unrealized losses, 12 months or greater, fair value | 2,442,960 | 1,348,694 |
Securities with unrealized losses, 12 months or greater, gross unrealized losses | (57,040) | (151,306) |
Securities with unrealized losses, fair value | 3,935,761 | 9,035,408 |
Securities with unrealized losses, gross unrealized losses | (63,897) | (663,489) |
Bonds [Member] | Mutual Fund Shares [Member] | ||
Note 5 - Investment Securities (Details) - Securities With Gross Unrealized Losses [Line Items] | ||
Securities with unrealized losses, less than 12 months, fair value | 182,861 | |
Securities with unrealized losses, less than 12 months, gross unrealized losses | (2,813) | |
Securities with unrealized losses, 12 months or greater, fair value | 182,861 | |
Securities with unrealized losses, 12 months or greater, gross unrealized losses | (2,813) | |
Bonds [Member] | ||
Note 5 - Investment Securities (Details) - Securities With Gross Unrealized Losses [Line Items] | ||
Securities with unrealized losses, less than 12 months, fair value | 7,416,119 | 15,857,992 |
Securities with unrealized losses, less than 12 months, gross unrealized losses | (52,632) | (1,180,191) |
Securities with unrealized losses, 12 months or greater, fair value | 8,288,473 | 7,815,627 |
Securities with unrealized losses, 12 months or greater, gross unrealized losses | (158,720) | (719,503) |
Securities with unrealized losses, fair value | 15,704,592 | 23,673,619 |
Securities with unrealized losses, gross unrealized losses | (211,352) | (1,899,694) |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Government National Mortgage Association Certificates and Obligations (GNMA) [Member] | ||
Note 5 - Investment Securities (Details) - Securities With Gross Unrealized Losses [Line Items] | ||
Securities with unrealized losses, 12 months or greater, fair value | 26,537 | |
Securities with unrealized losses, 12 months or greater, gross unrealized losses | (1,148) | |
Securities with unrealized losses, fair value | 26,537 | |
Securities with unrealized losses, gross unrealized losses | (1,148) | |
Securities with unrealized losses, less than 12 months, fair value | 7,416,119 | 15,857,992 |
Securities with unrealized losses, less than 12 months, gross unrealized losses | (52,632) | (1,180,191) |
Securities with unrealized losses, 12 months or greater, fair value | 8,288,473 | 7,842,164 |
Securities with unrealized losses, 12 months or greater, gross unrealized losses | (158,720) | (720,651) |
Securities with unrealized losses, fair value | 15,704,592 | 23,700,156 |
Securities with unrealized losses, gross unrealized losses | $ (211,352) | $ (1,900,842) |
Note 6 - Loans (Details)
Note 6 - Loans (Details) | 9 Months Ended | 12 Months Ended | |
Dec. 31, 2014USD ($) | Mar. 31, 2015USD ($) | Mar. 31, 2014USD ($) | |
Maximum [Member] | Residential (One to Four Family) Real Estate [Member] | |||
Note 6 - Loans (Details) [Line Items] | |||
Loan Origination, Percentage of Appraised Value or Selling Price | 80.00% | ||
Maximum [Member] | Owner and Non-owner Occupied Property [Member] | |||
Note 6 - Loans (Details) [Line Items] | |||
Loan Term | 30 years | ||
Maximum [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Note 6 - Loans (Details) [Line Items] | |||
Loan Origination, Percentage of Appraised Value or Selling Price | 80.00% | ||
Interest Rate Maturity Or Re-price | 7 years | ||
Loan Amortization Period | 25 years | ||
Maximum [Member] | Consumer Portfolio Segment [Member] | |||
Note 6 - Loans (Details) [Line Items] | |||
Loan Origination, Percentage of Appraised Value or Selling Price | 80.00% | ||
Maximum [Member] | Construction [Member] | |||
Note 6 - Loans (Details) [Line Items] | |||
Loan Term | 1 year | ||
Minimum [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Note 6 - Loans (Details) [Line Items] | |||
Interest Rate Maturity Or Re-price | 5 years | ||
Commercial Real Estate [Member] | |||
Note 6 - Loans (Details) [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | 3 | 6 | |
Financing Receivable, Modifications, Recorded Investment | $ 653,944 | $ 1,808,631 | |
Financing Receivable, Recorded Investment, Nonaccrual Status | 661,456 | 980,711 | |
Impaired Financing Receivable, Average Recorded Investment | 1,727,671 | 3,233,096 | |
Impaired Financing Receivable, Interest Income, Cash Basis Method | $ 129,426 | $ 88,043 | |
Construction [Member] | |||
Note 6 - Loans (Details) [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | 1 | 1 | |
Financing Receivable, Modifications, Recorded Investment | $ 56,027 | $ 59,771 | |
Financing Receivable, Recorded Investment, Nonaccrual Status | 0 | 0 | |
Impaired Financing Receivable, Average Recorded Investment | 58,263 | 51,269 | |
Impaired Financing Receivable, Interest Income, Cash Basis Method | $ 3,299 | $ 3,328 | |
Residential Real Estate Loans [Member] | |||
Note 6 - Loans (Details) [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | 7 | 7 | |
Financing Receivable, Modifications, Recorded Investment | $ 1,528,017 | $ 1,567,507 | |
Modified During the Year [Member] | |||
Note 6 - Loans (Details) [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | 1 | 1 | |
Financing Receivable, Modifications, Recorded Investment | $ 110,205 | $ 121,190 | |
Paid In Full [Member] | Home Equity Loans [Member] | |||
Note 6 - Loans (Details) [Line Items] | |||
Impaired Financing Receivable, Average Recorded Investment | $ 5,964,786 | ||
Total Charge-offs [Member] | |||
Note 6 - Loans (Details) [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | 3 | ||
Financing Receivable, Allowance for Credit Losses, Write-downs | 22,694 | $ 110,949 | |
Partial Charge-offs [Member] | |||
Note 6 - Loans (Details) [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | 11 | ||
Financing Receivable, Allowance for Credit Losses, Write-downs | $ 602,701 | $ 514,446 | |
Non-Accrual Loans and TDR Loans [Member] | |||
Note 6 - Loans (Details) [Line Items] | |||
Non-accrual Loans Receivable, Number of Loans | 23 | 17 | |
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 2,337,239 | $ 3,567,513 | |
Maximum Loan to One Borrower Limitation, Percentage of Capital Funds | 15.00% | ||
Maximum Loan to One Borrower Limitation | $ 1,800,000 | ||
Additional Loan to One Borrower Limitation if Collateralized, Percentage of Adjusted Capital Funds | 10.00% | ||
Adjusted Capital Funds Value | $ 1,200,000 | ||
Financing Receivable, Modifications, Number of Contracts | 11 | 15 | |
Financing Receivable, Modifications, Recorded Investment | $ 2,237,988 | $ 3,435,909 | |
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,623,764 | 2,584,666 | |
Impaired Financing Receivable, Average Recorded Investment | 4,707,275 | 5,964,786 | |
Impaired Financing Receivable, Interest Income, Cash Basis Method | $ 201,449 | $ 235,179 | |
Allowance for Loan Loss to Loans Outstanding Ratio | 1.46% | ||
Increase (Decrease) in Non-performing Assets | $ (1,775,525) | ||
Non-performing Assets As Percentage of Total Assets | 4.90% | 6.34% | |
Loan Discount Percentage | 1.00% |
Note 6 - Loans (Details) - Loan
Note 6 - Loans (Details) - Loans - USD ($) | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Year-end loans outstanding | $ 81,421,435 | $ 85,084,445 | |
Net deferred loan origination fees | (89,860) | (96,705) | |
Allowance for loan losses | (1,185,178) | (1,448,298) | $ (1,032,818) |
(1,275,038) | (1,545,003) | ||
Loans, net | 80,146,397 | 83,539,442 | |
Residential (One to Four Family) Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Year-end loans outstanding | 62,788,782 | 63,524,240 | |
Multi-Family and Commercial Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Year-end loans outstanding | 7,979,569 | 10,414,383 | |
Commercial Loan [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Year-end loans outstanding | 1,913,466 | 1,306,877 | |
Allowance for loan losses | (86,300) | (58,399) | (44,299) |
Home Equity Line of Credit [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Year-end loans outstanding | 8,005,627 | 8,143,701 | |
Allowance for loan losses | (86,847) | (65,369) | (47,754) |
Consumer Loan [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Year-end loans outstanding | 677,964 | 686,217 | |
Allowance for loan losses | (21,033) | (29,609) | (77,134) |
Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Year-end loans outstanding | 56,027 | 1,009,027 | |
Allowance for loan losses | $ 0 | $ (3,797) | $ (127) |
Note 6 - Loans (Details) - Lo63
Note 6 - Loans (Details) - Loans by Credit Quality Indicator - USD ($) | Mar. 31, 2015 | Mar. 31, 2014 |
Pass [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Year-end loans outstanding | $ 60,728,444 | $ 61,026,546 |
Pass [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Year-end loans outstanding | 5,308,521 | 6,823,014 |
Pass [Member] | Commercial Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Year-end loans outstanding | 1,685,655 | 923,314 |
Pass [Member] | Home Equity Line of Credit [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Year-end loans outstanding | 7,994,767 | 7,924,792 |
Pass [Member] | Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Year-end loans outstanding | 606,577 | 686,217 |
Pass [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Year-end loans outstanding | 949,256 | |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Year-end loans outstanding | 76,323,964 | 78,333,139 |
Special Mention [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Year-end loans outstanding | 713,658 | 121,448 |
Special Mention [Member] | Commercial Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Year-end loans outstanding | 23,568 | 241,396 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Year-end loans outstanding | 737,226 | 362,844 |
Classified Loans [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Year-end loans outstanding | 294,250 | 333,360 |
Classified Loans [Member] | Commercial Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Year-end loans outstanding | 204,243 | 34,527 |
Classified Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Year-end loans outstanding | 498,493 | 367,887 |
Nonperforming Financial Instruments [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Year-end loans outstanding | 2,060,338 | 2,497,694 |
Nonperforming Financial Instruments [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Year-end loans outstanding | 1,663,140 | 3,136,561 |
Nonperforming Financial Instruments [Member] | Commercial Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Year-end loans outstanding | 107,640 | |
Nonperforming Financial Instruments [Member] | Home Equity Line of Credit [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Year-end loans outstanding | 10,860 | 218,909 |
Nonperforming Financial Instruments [Member] | Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Year-end loans outstanding | 71,387 | |
Nonperforming Financial Instruments [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Year-end loans outstanding | 56,027 | 59,771 |
Nonperforming Financial Instruments [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Year-end loans outstanding | 3,861,752 | 6,020,575 |
Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Year-end loans outstanding | 62,788,782 | 63,524,240 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Year-end loans outstanding | 7,979,569 | 10,414,383 |
Commercial Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Year-end loans outstanding | 1,913,466 | 1,306,877 |
Home Equity Line of Credit [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Year-end loans outstanding | 8,005,627 | 8,143,701 |
Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Year-end loans outstanding | 677,964 | 686,217 |
Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Year-end loans outstanding | 56,027 | 1,009,027 |
Year-end loans outstanding | $ 81,421,435 | $ 85,084,445 |
Note 6 - Loans (Details) - Past
Note 6 - Loans (Details) - Past-Due Loans - USD ($) | Mar. 31, 2015 | Mar. 31, 2014 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans past due | $ 495,322 | $ 1,472,631 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans past due | 494,494 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans past due | 98,280 | 199,081 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Home Equity Line of Credit [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans past due | 34,371 | 255,004 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans past due | 29,967 | 79,268 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans past due | $ 657,940 | $ 2,500,478 |
Percentage of Total Loans | 0.81% | 2.94% |
Financing Receivables, 60 to 89 Days Past Due [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans past due | $ 1,324,777 | $ 307,584 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans past due | 116,763 | 869,747 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Home Equity Line of Credit [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans past due | 88,625 | 240,811 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans past due | $ 1,530,165 | $ 1,418,142 |
Percentage of Total Loans | 1.88% | 1.67% |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans past due | $ 1,364,792 | $ 1,949,649 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans past due | 890,200 | 1,291,286 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans past due | 107,640 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Home Equity Line of Credit [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans past due | 10,860 | 218,938 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans past due | 71,387 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans past due | $ 2,337,239 | $ 3,567,513 |
Percentage of Total Loans | 2.87% | 4.19% |
Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans past due | $ 3,184,891 | $ 3,729,864 |
Loans, current | 59,603,891 | 59,794,376 |
Year-end loans outstanding | 62,788,782 | 63,524,240 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans past due | 1,006,963 | 2,655,527 |
Loans, current | 6,972,606 | 7,758,856 |
Year-end loans outstanding | 7,979,569 | 10,414,383 |
Commercial Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans past due | 98,280 | 306,721 |
Loans, current | 1,815,186 | 1,000,156 |
Year-end loans outstanding | 1,913,466 | 1,306,877 |
Home Equity Line of Credit [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans past due | 133,856 | 714,753 |
Loans, current | 7,871,771 | 7,428,948 |
Year-end loans outstanding | 8,005,627 | 8,143,701 |
Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans past due | 101,354 | 79,268 |
Loans, current | 576,610 | 606,949 |
Year-end loans outstanding | 677,964 | 686,217 |
Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, current | 56,027 | 1,009,027 |
Year-end loans outstanding | 56,027 | 1,009,027 |
Total loans past due | 4,525,344 | 7,486,133 |
Loans, current | 76,896,091 | 77,598,312 |
Year-end loans outstanding | $ 81,421,435 | $ 85,084,445 |
Percentage of Total Loans | 5.56% | 8.80% |
Percentage of Total Loans | 94.44% | 91.20% |
Percentage of Total Loans | 100.00% | 100.00% |
Note 6 - Loans (Details) - Impa
Note 6 - Loans (Details) - Impaired Loans - USD ($) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Impaired Loans [Abstract] | ||
Impaired loans for which a valuation allowance has been provided | $ 0 | $ 846,075 |
Impaired loans for which no valuation allowance has been provided | 4,521,712 | 5,174,500 |
Total loans determined to be impaired | 4,521,712 | 6,020,575 |
Allowance for loans losses related to impaired loans | 0 | 287,507 |
Average recorded investment in impaired loans | 4,707,275 | 5,964,786 |
Cash basis interest income recognized on impaired loans | $ 201,449 | $ 235,179 |
Note 6 - Loans (Details) - Im66
Note 6 - Loans (Details) - Impaired Loans by Portfolio - USD ($) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Impaired loans with no valuation allowance: | ||
Recorded Investment | $ 4,633,466 | $ 5,216,965 |
Unpaid Pricipal Balance | 4,521,712 | 5,174,500 |
Average Annual Recorded Investment | 4,707,275 | 5,134,206 |
Interest Income Recognized while on Impaired Status | 201,449 | 228,763 |
Recorded Investment, with Valuation Allowance | 0 | 846,075 |
Unpaid Pricipal Balance, with Valuation Allowance | 0 | 846,075 |
Related Valuation Allowance | 0 | 287,507 |
Average Annual Recorded Investment, with Valuation Allowance | 0 | 830,580 |
Interest Income Recognized while on Impaired Status, with Valuation Allowance | 0 | 6,416 |
Recorded Investment, Total | 4,633,466 | 6,063,040 |
Unpaid Pricipal Balance, Total | 4,521,712 | 6,020,575 |
Average Annual Recorded Investment, Total | 4,707,275 | 5,964,786 |
Interest Income Recognized while on Impaired Status, Total | 201,449 | 235,179 |
Residential Mortgage [Member] | ||
Impaired loans with no valuation allowance: | ||
Recorded Investment | 2,600,317 | 2,387,266 |
Unpaid Pricipal Balance | 2,535,471 | 2,344,801 |
Average Annual Recorded Investment | 2,742,623 | 2,184,474 |
Interest Income Recognized while on Impaired Status | 65,065 | 129,379 |
Recorded Investment, with Valuation Allowance | 152,893 | |
Unpaid Pricipal Balance, with Valuation Allowance | 152,893 | |
Related Valuation Allowance | 27,507 | |
Average Annual Recorded Investment, with Valuation Allowance | 153,434 | |
Interest Income Recognized while on Impaired Status, with Valuation Allowance | 6,416 | |
Recorded Investment, Total | 2,600,317 | 2,540,159 |
Unpaid Pricipal Balance, Total | 2,535,471 | 2,497,694 |
Average Annual Recorded Investment, Total | 2,742,623 | 2,337,908 |
Interest Income Recognized while on Impaired Status, Total | 65,065 | 135,795 |
Commercial Real Estate [Member] | ||
Impaired loans with no valuation allowance: | ||
Recorded Investment | 1,860,348 | 2,443,379 |
Unpaid Pricipal Balance | 1,813,440 | 2,443,379 |
Average Annual Recorded Investment | 1,727,671 | 2,555,950 |
Interest Income Recognized while on Impaired Status | 129,426 | 88,043 |
Recorded Investment, with Valuation Allowance | 693,182 | |
Unpaid Pricipal Balance, with Valuation Allowance | 693,182 | |
Related Valuation Allowance | 260,000 | |
Average Annual Recorded Investment, with Valuation Allowance | 677,146 | |
Recorded Investment, Total | 1,860,348 | 3,136,561 |
Unpaid Pricipal Balance, Total | 1,813,440 | 3,136,561 |
Average Annual Recorded Investment, Total | 1,727,671 | 3,233,096 |
Interest Income Recognized while on Impaired Status, Total | 129,426 | 88,043 |
Commercial Loan [Member] | ||
Impaired loans with no valuation allowance: | ||
Recorded Investment | 34,526 | 107,640 |
Unpaid Pricipal Balance | 34,526 | 107,640 |
Average Annual Recorded Investment | 30,991 | 183,296 |
Interest Income Recognized while on Impaired Status | 1,314 | |
Recorded Investment, Total | 34,526 | 107,640 |
Unpaid Pricipal Balance, Total | 34,526 | 107,640 |
Average Annual Recorded Investment, Total | 30,991 | 183,296 |
Interest Income Recognized while on Impaired Status, Total | 1,314 | |
Home Equity Line of Credit [Member] | ||
Impaired loans with no valuation allowance: | ||
Recorded Investment | 10,860 | 218,909 |
Unpaid Pricipal Balance | 10,860 | 218,909 |
Average Annual Recorded Investment | 129,542 | 154,924 |
Interest Income Recognized while on Impaired Status | 176 | 8,013 |
Recorded Investment, Total | 10,860 | 218,909 |
Unpaid Pricipal Balance, Total | 10,860 | 218,909 |
Average Annual Recorded Investment, Total | 129,542 | 154,924 |
Interest Income Recognized while on Impaired Status, Total | 176 | 8,013 |
Consumer Loan [Member] | ||
Impaired loans with no valuation allowance: | ||
Recorded Investment | 71,388 | 4,293 |
Unpaid Pricipal Balance | 71,388 | |
Average Annual Recorded Investment | 18,185 | |
Interest Income Recognized while on Impaired Status | 2,169 | |
Recorded Investment, Total | 71,388 | |
Unpaid Pricipal Balance, Total | 71,388 | |
Average Annual Recorded Investment, Total | 18,185 | 4,293 |
Interest Income Recognized while on Impaired Status, Total | 2,169 | |
Construction [Member] | ||
Impaired loans with no valuation allowance: | ||
Recorded Investment | 56,027 | 59,771 |
Unpaid Pricipal Balance | 56,027 | 59,771 |
Average Annual Recorded Investment | 58,263 | 51,269 |
Interest Income Recognized while on Impaired Status | 3,299 | 3,328 |
Recorded Investment, Total | 56,027 | 59,771 |
Unpaid Pricipal Balance, Total | 56,027 | 59,771 |
Average Annual Recorded Investment, Total | 58,263 | 51,269 |
Interest Income Recognized while on Impaired Status, Total | $ 3,299 | $ 3,328 |
Note 6 - Loans (Details) - Nona
Note 6 - Loans (Details) - Nonaccrual Loans - USD ($) | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Nonperforming Financial Instruments [Member] | Residential Mortgage [Member] | |||
In non-accrual status: | |||
Trouble debt restructurings | $ 484,731 | $ 672,242 | |
Nonperforming Financial Instruments [Member] | Commercial Real Estate [Member] | |||
In non-accrual status: | |||
Trouble debt restructurings | 228,744 | 846,962 | |
Nonperforming Financial Instruments [Member] | Commercial Loan [Member] | |||
In non-accrual status: | |||
Trouble debt restructurings | 0 | 0 | |
Nonperforming Financial Instruments [Member] | Home Equity Line of Credit [Member] | |||
In non-accrual status: | |||
Trouble debt restructurings | 0 | 0 | |
Nonperforming Financial Instruments [Member] | Consumer Loan [Member] | |||
In non-accrual status: | |||
Trouble debt restructurings | 0 | 0 | |
Nonperforming Financial Instruments [Member] | Construction [Member] | |||
In non-accrual status: | |||
Trouble debt restructurings | 0 | 0 | |
Nonperforming Financial Instruments [Member] | |||
In non-accrual status: | |||
Trouble debt restructurings | 713,475 | 1,519,204 | |
Total non-performing loans | 3,861,752 | 6,120,935 | |
Real estate owned | 2,433,483 | 1,949,825 | |
Total non-performing assets | 6,295,235 | 8,070,760 | |
Performing Financial Instruments [Member] | Residential Mortgage [Member] | |||
In non-accrual status: | |||
Trouble debt restructurings | 695,546 | 548,046 | |
Performing Financial Instruments [Member] | Commercial Real Estate [Member] | |||
In non-accrual status: | |||
Trouble debt restructurings | 772,940 | 1,308,888 | |
Performing Financial Instruments [Member] | Commercial Loan [Member] | |||
In non-accrual status: | |||
Trouble debt restructurings | 0 | 0 | |
Performing Financial Instruments [Member] | Home Equity Line of Credit [Member] | |||
In non-accrual status: | |||
Trouble debt restructurings | 0 | 0 | |
Performing Financial Instruments [Member] | Consumer Loan [Member] | |||
In non-accrual status: | |||
Trouble debt restructurings | 0 | 0 | |
Performing Financial Instruments [Member] | Construction [Member] | |||
In non-accrual status: | |||
Trouble debt restructurings | 56,027 | 59,771 | |
Performing Financial Instruments [Member] | |||
In non-accrual status: | |||
Trouble debt restructurings | 1,524,513 | 1,916,705 | |
Residential Mortgage [Member] | |||
Non-accrual loans: | |||
Non-accrual loans | 880,061 | 1,277,406 | |
Accruing loans past due 90 days or more: | |||
90 days past due and still accruing | 0 | 0 | |
In non-accrual status: | |||
Total non-performing loans | 2,600,317 | 2,540,159 | |
Commercial Real Estate [Member] | |||
Non-accrual loans: | |||
Non-accrual loans | 661,456 | 980,711 | |
Accruing loans past due 90 days or more: | |||
90 days past due and still accruing | 0 | 100,360 | |
In non-accrual status: | |||
Trouble debt restructurings | 653,944 | 1,808,631 | |
Total non-performing loans | 1,860,348 | 3,136,561 | |
Commercial Loan [Member] | |||
Non-accrual loans: | |||
Non-accrual loans | 0 | 107,640 | |
Accruing loans past due 90 days or more: | |||
90 days past due and still accruing | 0 | 0 | |
In non-accrual status: | |||
Total non-performing loans | 34,526 | 107,640 | |
Home Equity Line of Credit [Member] | |||
Non-accrual loans: | |||
Non-accrual loans | 10,860 | 218,909 | |
In non-accrual status: | |||
Total non-performing loans | 10,860 | 218,909 | |
Consumer Loan [Member] | |||
Non-accrual loans: | |||
Non-accrual loans | 71,387 | 0 | |
Accruing loans past due 90 days or more: | |||
90 days past due and still accruing | 0 | 0 | |
In non-accrual status: | |||
Total non-performing loans | 71,388 | ||
Construction [Member] | |||
Non-accrual loans: | |||
Non-accrual loans | 0 | 0 | |
Accruing loans past due 90 days or more: | |||
90 days past due and still accruing | 0 | 0 | |
In non-accrual status: | |||
Trouble debt restructurings | 56,027 | 59,771 | |
Total non-performing loans | 56,027 | 59,771 | |
Non-accrual loans | 1,623,764 | 2,584,666 | |
90 days past due and still accruing | 0 | 100,360 | |
Trouble debt restructurings | 2,237,988 | 3,435,909 | |
Total non-performing loans | 4,633,466 | 6,063,040 | |
Real estate owned | 2,433,483 | 1,949,825 | $ 2,469,800 |
Total non-performing assets | $ 128,572,750 | $ 127,396,362 | |
Non-performing loans as a percentage of loans | 4.74% | 7.19% | |
Non-performing assets as a percentage of loans and real estate owned | 7.51% | 9.27% | |
Non-performing assets as a percentage of total assets | 4.90% | 6.34% |
Note 6 - Loans (Details) - Trou
Note 6 - Loans (Details) - Troubled Debt Restructurings $ in Thousands | 12 Months Ended | |
Mar. 31, 2015USD ($) | Mar. 31, 2014USD ($) | |
Troubled debt restructurings: | ||
Residential real estate | 11 | 15 |
Residential Mortgage [Member] | ||
Troubled debt restructurings: | ||
Residential real estate | 1 | 1 |
Residential real estate | $ 95,511 | $ 120,037 |
Residential real estate | $ 111,000 | $ 122,878 |
Note 6 - Loans (Details) - Tr69
Note 6 - Loans (Details) - Troubled Debt Restructurings Subsequently Defaulted | 12 Months Ended |
Mar. 31, 2015 | |
Residential Mortgage [Member] | |
Troubled debt restructurings that subsequently defaulted: | |
Residential real estate | 0 |
Note 6 - Loans (Details) - Real
Note 6 - Loans (Details) - Real Estate Owned (REO), Net of Valuation Allowance - USD ($) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Real Estate Owned (REO), Net of Valuation Allowance [Abstract] | ||
Balance, beginning of period | $ 1,949,825 | $ 2,469,800 |
Additions from loan foreclosures | 2,332,862 | 856,393 |
Additions from capitalized costs | 3,352 | |
Dispositions of REO | (1,591,941) | (690,453) |
Gain (loss) on sale of REO | (82,062) | (85,680) |
Valuation adjustments in the period | (175,200) | (603,587) |
Balance, end of period | 2,433,483 | 1,949,825 |
Balance, beginning of period | 675,665 | 72,077 |
Valuation adjustments added in the period | 642,080 | 675,100 |
Valuation adjustments on disposed properties during the period | (466,880) | (71,512) |
Balance, end of period | $ 850,865 | $ 675,665 |
Note 6 - Loans (Details) - Allo
Note 6 - Loans (Details) - Allowance for Losses on Loans and Charge-Offs - USD ($) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Note 6 - Loans (Details) - Allowance for Losses on Loans and Charge-Offs [Line Items] | ||
Balance at beginning of year | $ 1,448,298 | $ 1,032,818 |
Provision: | ||
Allowance for loan losses, provision for loss | 390,000 | 957,357 |
Charge-Offs: | ||
Allowance for loan losses, charge-offs | 763,554 | 625,395 |
Recoveries | (110,434) | (83,518) |
Total Net Charge-Offs | 653,120 | 541,877 |
Balance at end of year | 1,185,178 | 1,448,298 |
Year-end loans outstanding | 81,421,435 | 85,084,445 |
Average loans outstanding | $ 83,252,940 | $ 87,327,374 |
Allowance as a percentage of year-end loans | 1.46% | 1.70% |
Net charge-offs as a percentage of average loans | 0.78% | 0.62% |
Residential Mortgage [Member] | ||
Note 6 - Loans (Details) - Allowance for Losses on Loans and Charge-Offs [Line Items] | ||
Balance at beginning of year | $ 656,156 | $ 485,215 |
Provision: | ||
Allowance for loan losses, provision for loss | 177,490 | 266,246 |
Charge-Offs: | ||
Allowance for loan losses, charge-offs | 142,279 | 99,548 |
Recoveries | (10,738) | (4,243) |
Balance at end of year | 702,105 | 656,156 |
Year-end loans outstanding | 62,788,782 | 63,524,240 |
Commercial Real Estate [Member] | ||
Note 6 - Loans (Details) - Allowance for Losses on Loans and Charge-Offs [Line Items] | ||
Balance at beginning of year | 634,968 | 378,289 |
Provision: | ||
Allowance for loan losses, provision for loss | 175,662 | 627,214 |
Charge-Offs: | ||
Allowance for loan losses, charge-offs | 597,896 | 378,263 |
Recoveries | (76,159) | (7,728) |
Balance at end of year | 288,893 | 634,968 |
Year-end loans outstanding | 7,979,569 | 10,414,383 |
Commercial Loan [Member] | ||
Note 6 - Loans (Details) - Allowance for Losses on Loans and Charge-Offs [Line Items] | ||
Balance at beginning of year | 58,399 | 44,299 |
Provision: | ||
Allowance for loan losses, provision for loss | 44,689 | 141,359 |
Charge-Offs: | ||
Allowance for loan losses, charge-offs | 19,325 | 127,259 |
Recoveries | (2,537) | 0 |
Balance at end of year | 86,300 | 58,399 |
Year-end loans outstanding | 1,913,466 | 1,306,877 |
Home Equity Line of Credit [Member] | ||
Note 6 - Loans (Details) - Allowance for Losses on Loans and Charge-Offs [Line Items] | ||
Balance at beginning of year | 65,369 | 47,754 |
Provision: | ||
Allowance for loan losses, provision for loss | 21,478 | 21,490 |
Charge-Offs: | ||
Allowance for loan losses, charge-offs | 0 | 3,875 |
Recoveries | 0 | 0 |
Balance at end of year | 86,847 | 65,369 |
Year-end loans outstanding | 8,005,627 | 8,143,701 |
Consumer Loan [Member] | ||
Note 6 - Loans (Details) - Allowance for Losses on Loans and Charge-Offs [Line Items] | ||
Balance at beginning of year | 29,609 | 77,134 |
Provision: | ||
Allowance for loan losses, provision for loss | (25,522) | (102,622) |
Charge-Offs: | ||
Allowance for loan losses, charge-offs | 4,054 | 16,450 |
Recoveries | (21,000) | (71,547) |
Balance at end of year | 21,033 | 29,609 |
Year-end loans outstanding | 677,964 | 686,217 |
Construction [Member] | ||
Note 6 - Loans (Details) - Allowance for Losses on Loans and Charge-Offs [Line Items] | ||
Balance at beginning of year | 3,797 | 127 |
Provision: | ||
Allowance for loan losses, provision for loss | (3,797) | 3,670 |
Charge-Offs: | ||
Allowance for loan losses, charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Balance at end of year | 0 | 3,797 |
Year-end loans outstanding | $ 56,027 | $ 1,009,027 |
Note 6 - Loans (Details) - Al72
Note 6 - Loans (Details) - Allowance for Loan Losses - USD ($) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Allowance for loan losses: | ||
Balance at beginning of year | $ 1,448,298 | $ 1,032,818 |
Loan charge-offs | (763,554) | (625,395) |
Recoveries | 110,434 | 83,518 |
Provision for loan losses | 390,000 | 957,357 |
Balance at end of year | 1,185,178 | 1,448,298 |
Ending balance: | ||
individually evaluated for impairment | 0 | 287,507 |
Ending balance: | ||
collectively evaluated for impairment | 1,185,178 | 1,160,791 |
Loans: | ||
Year-end loans outstanding | 81,421,435 | 85,084,445 |
Ending balance: | ||
individually evaluated for impairment | 4,407,400 | 4,454,616 |
Ending balance: | ||
collectively evaluated for impairment | 77,014,035 | 80,629,829 |
Residential Mortgage [Member] | ||
Allowance for loan losses: | ||
Balance at beginning of year | 656,156 | 485,215 |
Loan charge-offs | (142,279) | (99,548) |
Recoveries | 10,738 | 4,243 |
Provision for loan losses | 177,490 | 266,246 |
Balance at end of year | 702,105 | 656,156 |
Ending balance: | ||
individually evaluated for impairment | 0 | 27,507 |
Ending balance: | ||
collectively evaluated for impairment | 702,105 | 628,649 |
Loans: | ||
Year-end loans outstanding | 62,788,782 | 63,524,240 |
Ending balance: | ||
individually evaluated for impairment | 2,548,574 | 3,141,851 |
Ending balance: | ||
collectively evaluated for impairment | 60,240,208 | 60,382,389 |
Commercial Real Estate [Member] | ||
Allowance for loan losses: | ||
Balance at beginning of year | 634,968 | 378,289 |
Loan charge-offs | (597,896) | (378,263) |
Recoveries | 76,159 | 7,728 |
Provision for loan losses | 175,662 | 627,214 |
Balance at end of year | 288,893 | 634,968 |
Ending balance: | ||
individually evaluated for impairment | 0 | 260,000 |
Ending balance: | ||
collectively evaluated for impairment | 288,893 | 374,968 |
Loans: | ||
Year-end loans outstanding | 7,979,569 | 10,414,383 |
Ending balance: | ||
individually evaluated for impairment | 1,813,440 | 986,115 |
Ending balance: | ||
collectively evaluated for impairment | 6,166,129 | 9,428,268 |
Commercial Loan [Member] | ||
Allowance for loan losses: | ||
Balance at beginning of year | 58,399 | 44,299 |
Loan charge-offs | (19,325) | (127,259) |
Recoveries | 2,537 | 0 |
Provision for loan losses | 44,689 | 141,359 |
Balance at end of year | 86,300 | 58,399 |
Ending balance: | ||
individually evaluated for impairment | 0 | 0 |
Ending balance: | ||
collectively evaluated for impairment | 86,300 | 58,399 |
Loans: | ||
Year-end loans outstanding | 1,913,466 | 1,306,877 |
Ending balance: | ||
individually evaluated for impairment | 34,526 | 107,640 |
Ending balance: | ||
collectively evaluated for impairment | 1,878,940 | 1,199,237 |
Home Equity Line of Credit [Member] | ||
Allowance for loan losses: | ||
Balance at beginning of year | 65,369 | 47,754 |
Loan charge-offs | 0 | (3,875) |
Recoveries | 0 | 0 |
Provision for loan losses | 21,478 | 21,490 |
Balance at end of year | 86,847 | 65,369 |
Ending balance: | ||
individually evaluated for impairment | 0 | 0 |
Ending balance: | ||
collectively evaluated for impairment | 86,847 | 65,369 |
Loans: | ||
Year-end loans outstanding | 8,005,627 | 8,143,701 |
Ending balance: | ||
individually evaluated for impairment | 10,860 | 219,010 |
Ending balance: | ||
collectively evaluated for impairment | 7,994,767 | 7,924,691 |
Consumer Loan [Member] | ||
Allowance for loan losses: | ||
Balance at beginning of year | 29,609 | 77,134 |
Loan charge-offs | (4,054) | (16,450) |
Recoveries | 21,000 | 71,547 |
Provision for loan losses | (25,522) | (102,622) |
Balance at end of year | 21,033 | 29,609 |
Ending balance: | ||
individually evaluated for impairment | 0 | 0 |
Ending balance: | ||
collectively evaluated for impairment | 21,033 | 29,609 |
Loans: | ||
Year-end loans outstanding | 677,964 | 686,217 |
Ending balance: | ||
individually evaluated for impairment | 0 | 0 |
Ending balance: | ||
collectively evaluated for impairment | 677,964 | 686,217 |
Construction [Member] | ||
Allowance for loan losses: | ||
Balance at beginning of year | 3,797 | 127 |
Loan charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision for loan losses | (3,797) | 3,670 |
Balance at end of year | 0 | 3,797 |
Ending balance: | ||
individually evaluated for impairment | 0 | 0 |
Ending balance: | ||
collectively evaluated for impairment | 0 | 3,797 |
Loans: | ||
Year-end loans outstanding | 56,027 | 1,009,027 |
Ending balance: | ||
individually evaluated for impairment | 0 | 0 |
Ending balance: | ||
collectively evaluated for impairment | $ 56,027 | $ 1,009,027 |
Note 6 - Loans (Details) - Lo73
Note 6 - Loans (Details) - Loans to Officers and Directors - USD ($) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Loans to Officers and Directors [Abstract] | ||
Balance, beginning of year | $ 776,516 | $ 672,699 |
Payments | (30,691) | (284,183) |
Borrowings | 40,500 | 388,000 |
Balance, end of year | $ 786,325 | $ 776,516 |
Note 7 - Loan Servicing (Detail
Note 7 - Loan Servicing (Details) - Mortgage Loans Servicing Portfolio - USD ($) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Mortgage Partnership | ||
Finance FHLB New York | $ 130,080 | $ 246,332 |
Note 8 - Accrued Interest Rec75
Note 8 - Accrued Interest Receivable (Details) - Accrued Interest Receivable - USD ($) | Mar. 31, 2015 | Mar. 31, 2014 |
Note 8 - Accrued Interest Receivable (Details) - Accrued Interest Receivable [Line Items] | ||
Accrued interest receivables | $ 436,840 | $ 462,284 |
Loans Receivable [Member] | ||
Note 8 - Accrued Interest Receivable (Details) - Accrued Interest Receivable [Line Items] | ||
Accrued interest receivables | 261,564 | 280,444 |
Investment Securities [Member] | ||
Note 8 - Accrued Interest Receivable (Details) - Accrued Interest Receivable [Line Items] | ||
Accrued interest receivables | 165,257 | 168,616 |
Mortgage Backed Security [Member] | ||
Note 8 - Accrued Interest Receivable (Details) - Accrued Interest Receivable [Line Items] | ||
Accrued interest receivables | $ 10,019 | $ 13,224 |
Note 9 - Premises and Equipme76
Note 9 - Premises and Equipment (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation | $ 257,153 | $ 263,472 |
Note 9 - Premises and Equipme77
Note 9 - Premises and Equipment (Details) - Premises and Equipment - USD ($) | Mar. 31, 2015 | Mar. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 10,306,624 | $ 10,279,658 |
Accumulated depreciation | (3,816,293) | (3,611,106) |
6,490,331 | 6,668,552 | |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 1,451,203 | 1,451,203 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 6,848,967 | 6,848,967 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 2,006,454 | $ 1,979,488 |
Note 11 - Deposits (Details)
Note 11 - Deposits (Details) - USD ($) | Mar. 31, 2015 | Mar. 31, 2014 |
Note 11 - Deposits (Details) [Line Items] | ||
Time Deposits, $100,000 or More | $ 14,017,872 | $ 14,672,000 |
Deposits | 110,198,119 | 110,624,699 |
Officer [Member] | ||
Note 11 - Deposits (Details) [Line Items] | ||
Deposits | $ 957,000 | $ 474,000 |
Note 11 - Deposits (Details) -
Note 11 - Deposits (Details) - Deposit Account Balances - USD ($) | Mar. 31, 2015 | Mar. 31, 2014 |
Note 11 - Deposits (Details) - Deposit Account Balances [Line Items] | ||
Non interest bearing accounts (in Dollars) | $ 107,332.75 | $ 78,520.30 |
Non interest bearing accounts, percent of portfolio | 9.74% | 7.10% |
Interest bearing checking accounts (in Dollars) | $ 20,816,278 | $ 19,637,558 |
Interest bearing checking accounts, weighted average interest rate | 0.20% | 0.15% |
Interest bearing checking accounts, percent of portfolio | 18.89% | 17.75% |
Passbook savings accounts (in Dollars) | $ 15,415,613 | $ 15,491,930 |
Passbook savings accounts, weighted average interest rate | 0.10% | 0.10% |
Passbook savings accounts, percent of portfolio | 13.99% | 14.00% |
Money Market accounts (in Dollars) | $ 19,780,377 | $ 21,267,887 |
Money Market accounts, weighted average interest rate | 0.44% | 0.42% |
Money Market accounts, percent of portfolio | 17.95% | 19.23% |
Club accounts (in Dollars) | $ 133,586 | $ 136,293 |
Club accounts, weighted average interest rate | 0.10% | 0.10% |
Club accounts, percent of portfolio | 0.12% | 0.12% |
Deposits - excluding certificates of deposit (in Dollars) | $ 66,879,129 | $ 64,385,698 |
Deposits - excluding certificates of deposit, percent of portfolio | 60.69% | 58.20% |
Certificates of Deposits: | ||
Certificates of deposits (in Dollars) | $ 43,318,990 | $ 46,239,001 |
Certificates of deposits, percent of portfolio | 39.31% | 41.80% |
Total deposits (in Dollars) | $ 110,198,119 | $ 110,624,699 |
Total deposits, percent of portfolio | 100.00% | 100.00% |
Range One [Member] | ||
Certificates of Deposits: | ||
Certificates of deposits (in Dollars) | $ 26,142,514 | $ 27,341,814 |
Certificates of deposits, weighted average interest rate | 0.56% | 0.49% |
Certificates of deposits, percent of portfolio | 23.72% | 24.72% |
Range Two [Member] | ||
Certificates of Deposits: | ||
Certificates of deposits (in Dollars) | $ 12,866,189 | $ 12,373,761 |
Certificates of deposits, weighted average interest rate | 1.29% | 1.38% |
Certificates of deposits, percent of portfolio | 11.68% | 11.19% |
Range Three [Member] | ||
Certificates of Deposits: | ||
Certificates of deposits (in Dollars) | $ 4,310,287 | $ 6,351,120 |
Certificates of deposits, weighted average interest rate | 2.31% | 2.45% |
Certificates of deposits, percent of portfolio | 3.91% | 5.74% |
Range Four [Member] | ||
Certificates of Deposits: | ||
Certificates of deposits (in Dollars) | $ 171,953 | |
Certificates of deposits, weighted average interest rate | 3.15% | |
Certificates of deposits, percent of portfolio | 0.15% | |
Range Five [Member] | ||
Certificates of Deposits: | ||
Certificates of deposits (in Dollars) | $ 353 | |
Certificates of deposits, weighted average interest rate | 4.78% |
Note 11 - Deposits (Details) 80
Note 11 - Deposits (Details) - Scheduled Maturities of Certificates of Deposits - USD ($) | Mar. 31, 2015 | Mar. 31, 2014 |
Scheduled Maturities of Certificates of Deposits [Abstract] | ||
2,015 | $ 28,268,039 | |
2,016 | $ 25,527,548 | 8,768,333 |
2,017 | 9,336,093 | 4,598,454 |
2,018 | 3,584,198 | 2,338,541 |
2,019 | 2,252,245 | 2,265,634 |
2,020 | 2,618,906 | 0 |
$ 43,318,990 | $ 46,239,001 |
Note 12 - Line of Credit from81
Note 12 - Line of Credit from Atlantic Community Bankers Bank (Details) - USD ($) | Mar. 31, 2015 | Mar. 31, 2014 |
Debt Disclosure [Abstract] | ||
Long-term Line of Credit | $ 0 | $ 0 |
Note 13 - Advances from Feder82
Note 13 - Advances from Federal Home Loan Bank (Details) - USD ($) | Mar. 31, 2015 | Mar. 31, 2014 |
Disclosure Text Block [Abstract] | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | $ 18,088,000 | $ 20,850,000 |
Federal Home Loan Bank, Advances, General Debt Obligations, Maximum Amount Available | $ 12,839,000 |
Note 13 - Advances from Feder83
Note 13 - Advances from Federal Home Loan Bank (Details) - Advances from Federal Home Loan Bank of New York - USD ($) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Federal Home Loan Bank Advances | $ 4,000,000 | $ 2,000,000 |
Maturity Date, April 7, 2014 [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Interest rate | 0.36% | |
Federal Home Loan Bank Advances | $ 0 | 1,000,000 |
Maturity Date, December 8, 2014 [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Interest rate | 0.48% | |
Federal Home Loan Bank Advances | $ 0 | 1,000,000 |
Maturity Date, October 19, 2015 [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Interest rate | 0.45% | |
Federal Home Loan Bank Advances | $ 1,000,000 | 0 |
Maturity Date, April 18, 2016 [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Interest rate | 0.74% | |
Federal Home Loan Bank Advances | $ 2,000,000 | 0 |
Maturity Date, October 17, 2016 [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Interest rate | 0.81% | |
Federal Home Loan Bank Advances | $ 1,000,000 | $ 0 |
Note 14 - Income Taxes (Details
Note 14 - Income Taxes (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Earliest Tax Year [Member] | Federal and State Jurisdiction [Member] | ||
Note 14 - Income Taxes (Details) [Line Items] | ||
Open Tax Year | 2,011 | |
Latest Tax Year [Member] | Federal and State Jurisdiction [Member] | ||
Note 14 - Income Taxes (Details) [Line Items] | ||
Open Tax Year | 2,014 | |
Domestic Tax Authority [Member] | ||
Note 14 - Income Taxes (Details) [Line Items] | ||
Operating Loss Carryforwards | $ 2,497,000 | |
State and Local Jurisdiction [Member] | ||
Note 14 - Income Taxes (Details) [Line Items] | ||
Operating Loss Carryforwards | 4,345,000 | |
Liability for Uncertain Tax Positions, Current | 0 | |
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | 774,000 | $ 491,600 |
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 391,000 | 328,810 |
Deferred Tax Assets, Valuation Allowance | $ 67,410 | $ 67,410 |
Note 14 - Income Taxes (Detai85
Note 14 - Income Taxes (Details) - Components of Income Tax Expense (Benefit) - USD ($) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Current federal tax expense | ||
Federal | $ 0 | $ 0 |
State | 3,000 | 3,000 |
Deferred tax (benefit) | ||
Federal | (241,825) | (368,006) |
State | (86,395) | (35,100) |
Total | $ (325,220) | $ (400,106) |
Note 14 - Income Taxes (Detai86
Note 14 - Income Taxes (Details) - Effective Income Tax Rate Reconciliation - USD ($) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Effective Income Tax Rate Reconciliation [Abstract] | ||
Expected federal tax provision (benefit) at 34% rate | $ (325,738) | $ (395,571) |
Municipal bond interest | (899) | (829) |
Increase in cash surrender value of life insurance | (1,972) | (3,947) |
State income tax | (64,021) | (67,169) |
Valuation allowance for state operating loss carryforward | 67,410 | 67,410 |
Total income tax (benefit) | $ (325,220) | $ (400,106) |
Effective tax rate (benefit) | (33.90%) | (34.40%) |
Note 14 - Income Taxes (Detai87
Note 14 - Income Taxes (Details) - Effective Income Tax Rate Reconciliation (Parentheticals) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Effective Income Tax Rate Reconciliation [Abstract] | ||
Federal tax rate | 34.00% | 34.00% |
Note 14 - Income Taxes (Detai88
Note 14 - Income Taxes (Details) - Summary of Deferred Tax Assets and Liabilities - USD ($) | Mar. 31, 2015 | Mar. 31, 2014 |
Deferred tax assets: | ||
Accrued pension costs | $ 7,200 | $ 9,500 |
Accrued retirement plan | 2,800 | |
Allowance for loan losses | 722,503 | 722,051 |
Directors’ benefit plans | 122,000 | 123,000 |
Employee stock option | 18,200 | 6,000 |
FASB 158 – unrecognized transition costs | 118,000 | 42,000 |
Federal tax loss carryforward | 774,000 | 491,600 |
State tax loss carryforward | 391,000 | 328,810 |
Unrealized losses on securities available-for-sale | 11,000 | 85,000 |
Non accrual interest | 16,000 | 33,700 |
Total deferred tax assets | 2,179,903 | 1,844,461 |
Valuation allowance | (67,410) | (67,410) |
Deferred tax liabilities: | ||
Accumulated depreciation | (52,260) | (54,450) |
Total deferred tax liabilities | (52,260) | (54,450) |
NET DEFERRED TAX ASSETS | $ 2,060,233 | $ 1,722,601 |
Note 15 - Employee Benefits (De
Note 15 - Employee Benefits (Details) - Cash Deferred Profit Sharing Plan [Member] - USD ($) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
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 |
Note 16 - Board of Directors'90
Note 16 - Board of Directors' Retirement Plan (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | 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 | $ 30,648 | $ 32,280 |
Note 16 - Board of Directors'91
Note 16 - Board of Directors' Retirement Plan (Details) - Net Pension Expense - USD ($) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Net Pension Expense [Abstract] | ||
Service cost | $ 7,080 | $ 7,700 |
Interest cost | 18,924 | 18,944 |
Amortization of gain | 4,644 | 5,636 |
Net amortization and deferral | 0 | 0 |
Net periodic pension cost | $ 30,648 | $ 32,280 |
Note 16 - Board of Directors'92
Note 16 - Board of Directors' Retirement Plan (Details) - Funded Status of Defined Benefit Pension Plan - USD ($) | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Funded Status of Defined Benefit Pension Plan [Abstract] | |||
Accumulated benefit obligation | $ 558,403 | $ 413,120 | |
Projected benefit obligation | 599,324 | 415,803 | $ 438,352 |
Fair value of plan assets | 0 | 0 | $ 0 |
Unfunded projected benefit obligation | $ 599,324 | $ 415,803 |
Note 16 - Board of Directors'93
Note 16 - Board of Directors' Retirement Plan (Details) - Projected Benefit Obligations - USD ($) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Change in Benefit Obligation | ||
Projected benefit obligation at beginning of year | $ 415,803 | $ 438,352 |
Service cost | 7,080 | 7,700 |
Interest cost | 18,924 | 18,944 |
Actuarial (gain) loss | 192,737 | (13,966) |
Benefits paid | (35,220) | (35,227) |
Benefit obligation at end of year | $ 599,324 | $ 415,803 |
Note 16 - Board of Directors'94
Note 16 - Board of Directors' Retirement Plan (Details) - Changes in Plan Assets - USD ($) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Change in Plan Assets | ||
Fair value of Plan assets at beginning of year | $ 0 | $ 0 |
Actual return on Plan assets | 0 | 0 |
Employer contributions | 35,220 | 35,227 |
Benefits paid | (35,220) | (35,227) |
Fair value of Plan assets at end of year | $ 0 | $ 0 |
Note 16 - Board of Directors'95
Note 16 - Board of Directors' Retirement Plan (Details) - Actuarial Assumptions Used in Determining Pension Amounts | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Actuarial Assumptions Used in Determining Pension Amounts [Abstract] | ||
Discount rate for periodic pension cost | 4.75% | 4.50% |
Discount rate for benefit obligation | 4.00% | 4.75% |
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 Owne96
Note 17 - Employee Stock Ownership Plan (ESOP) (Details) | Oct. 16, 2013shares | Oct. 31, 2013shares | Mar. 31, 2007shares | Mar. 31, 2008shares | Mar. 31, 2015shares | Mar. 31, 2014shares |
Refinanced [Member] | ESOP Loan One [Member] | ||||||
Note 17 - Employee Stock Ownership Plan (ESOP) (Details) [Line Items] | ||||||
Maximum ESOP Loan Repayment Period | 14 years | |||||
ESOP Loan One [Member] | ||||||
Note 17 - Employee Stock Ownership Plan (ESOP) (Details) [Line Items] | ||||||
Maximum ESOP Loan Repayment Period | 20 years | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | 8.25% | ||||
ESOP Loan Two [Member] | ||||||
Note 17 - Employee Stock Ownership Plan (ESOP) (Details) [Line Items] | ||||||
Maximum ESOP Loan Repayment Period | 14 years | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | |||||
Employee Stock Ownership Plan (ESOP), Shares in ESOP (in Shares) | 64,081 | 60,240 | 60,240 | |||
Conversion of Stock Shares Converted Ratio | 0.5711 | |||||
Stock Issued During Period, Shares, Employee Stock Ownership Plan (in Shares) | 23,644 | 23,644 | 64,081 |
Note 17 - Employee Stock Owne97
Note 17 - Employee Stock Ownership Plan (ESOP) (Details) - Components of the ESOP - shares | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2007 |
Components of the ESOP [Abstract] | |||
Shares released for allocation | 18,016 | 14,496 | |
Unearned shares | 42,224 | 45,744 | |
Total ESOP shares | 60,240 | 60,240 | 64,081 |
Note 18 - Stock Based Compens98
Note 18 - Stock Based Compensation (Details) - Equity Incentive Plan 2008 [Member] - $ / shares | Oct. 16, 2013 | May. 19, 2008 |
Employee Stock Option [Member] | ||
Note 18 - Stock Based Compensation (Details) [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 80,101 | |
Restricted Stock [Member] | ||
Note 18 - Stock Based Compensation (Details) [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 32,040 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 20,000 | |
Share Price (in Dollars per share) | $ 8 | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% |
Note 18 - Stock Based Compens99
Note 18 - Stock Based Compensation (Details) - Equity Incentive Plan Activity - 12 months ended Mar. 31, 2015 - $ / shares | Total |
Equity Incentive Plan Activity [Abstract] | |
Restricted at the beginning of the period | 20,000 |
Restricted at the beginning of the period | $ 8.69 |
Granted | 0 |
Granted | $ 0 |
Vested | 0 |
Vested | $ 0 |
Forfeited | 0 |
Forfeited | $ 0 |
Restricted at the end of the period | 20,000 |
Restricted at the end of the period | $ 8.69 |
Note 19 - Earnings Per Share (D
Note 19 - Earnings Per Share (Details) | 12 Months Ended |
Mar. 31, 2015shares | |
Employee Stock 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 Share101
Note 19 - Earnings Per Share (Details) - Earnings Per Share Reconciliation - USD ($) | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | ||
Earnings Per Share Reconciliation [Abstract] | |||
Net (Loss) (in Dollars) | $ (632,832) | $ (763,338) | |
Weighted average shares outstanding | 945,425 | 945,425 | [1] |
Adjusted average unearned ESOP shares | (42,224) | (45,744) | |
Weighted average share outstanding - basic | 903,201 | 899,681 | |
Effect of dilutive common stock equivalents | |||
Adjusted weighted average shares outstanding - dilutive | 903,201 | 899,681 | |
Basic loss per share (in Dollars per share) | $ (0.70) | $ (0.85) | |
Diluted loss per share (in Dollars per share) | $ (0.70) | $ (0.85) | |
[1] | Restated for comparative purposes - reflecting the converted amount of shares |
Note 20 - Fair Value Measure102
Note 20 - Fair Value Measurements (Details) - Assets and Liabilities Measured at Fair Value on a Recurring Basis - USD ($) | Mar. 31, 2015 | Mar. 31, 2014 |
Fair Value, Inputs, Level 1 [Member] | Federal Home Loan Bank Certificates and Obligations (FHLB) [Member] | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale: | ||
Available-for-Sale Securities | $ 489,883 | $ 1,352,576 |
Fair Value, Inputs, Level 1 [Member] | Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale: | ||
Available-for-Sale Securities | 482,558 | 437,648 |
Fair Value, Inputs, Level 1 [Member] | Mutual Fund Shares [Member] | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale: | ||
Available-for-Sale Securities | 155,074 | 183,146 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale: | ||
Available-for-Sale Securities | 1,127,515 | 1,973,370 |
Federal Home Loan Bank Certificates and Obligations (FHLB) [Member] | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale: | ||
Available-for-Sale Securities | 489,883 | 1,352,576 |
Federal Home Loan Bank Certificates and Obligations (FHLB) [Member] | ||
Securities available for sale: | ||
Available-for-Sale Securities | 489,883 | 1,352,576 |
Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale: | ||
Available-for-Sale Securities | 482,558 | 437,648 |
Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] | ||
Securities available for sale: | ||
Available-for-Sale Securities | 482,558 | 437,648 |
Mutual Fund Shares [Member] | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale: | ||
Available-for-Sale Securities | 155,074 | 183,146 |
Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale: | ||
Available-for-Sale Securities | 1,127,515 | 1,973,370 |
Available-for-Sale Securities | $ 1,127,515 | $ 1,973,370 |
Note 20 - Fair Value Measure103
Note 20 - Fair Value Measurements (Details) - Assets and Liabilities Measured at Fair Value On a Non-recurring Basis - USD ($) | Mar. 31, 2015 | Mar. 31, 2014 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | ||
Note 20 - Fair Value Measurements (Details) - Assets and Liabilities Measured at Fair Value On a Non-recurring Basis [Line Items] | ||
Impaired loans | $ 4,521,712 | $ 6,020,575 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Real Estate Owned [Member] | ||
Note 20 - Fair Value Measurements (Details) - Assets and Liabilities Measured at Fair Value On a Non-recurring Basis [Line Items] | ||
Real estate owned | 2,433,483 | 1,949,825 |
Total | 6,955,195 | 7,970,400 |
Fair Value, Inputs, Level 3 [Member] | ||
Note 20 - Fair Value Measurements (Details) - Assets and Liabilities Measured at Fair Value On a Non-recurring Basis [Line Items] | ||
Impaired loans | 79,675,000 | 83,059,000 |
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | ||
Note 20 - Fair Value Measurements (Details) - Assets and Liabilities Measured at Fair Value On a Non-recurring Basis [Line Items] | ||
Impaired loans | 4,521,712 | 6,020,575 |
Fair Value, Measurements, Nonrecurring [Member] | Real Estate Owned [Member] | ||
Note 20 - Fair Value Measurements (Details) - Assets and Liabilities Measured at Fair Value On a Non-recurring Basis [Line Items] | ||
Real estate owned | 2,433,483 | 1,949,825 |
Total | 6,955,195 | 7,970,400 |
Impaired loans | $ 79,675,000 | $ 83,059,000 |
Note 20 - Fair Value Measure104
Note 20 - Fair Value Measurements (Details) - Valuation Processes Used to Determine Nonrecurring Fair Value Measurement Within Level 3 - Fair Value, Inputs, Level 3 [Member] - Property Appraisals [Member] - USD ($) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Minimum [Member] | Impaired Loans [Member] | ||
Note 20 - Fair Value Measurements (Details) - Valuation Processes Used to Determine Nonrecurring Fair Value Measurement Within Level 3 [Line Items] | ||
Nonrecurring assets, range | 7.00% | 7.00% |
Minimum [Member] | Real Estate Owned [Member] | ||
Note 20 - Fair Value Measurements (Details) - Valuation Processes Used to Determine Nonrecurring Fair Value Measurement Within Level 3 [Line Items] | ||
Nonrecurring assets, range | 7.00% | 7.00% |
Maximum [Member] | Impaired Loans [Member] | ||
Note 20 - Fair Value Measurements (Details) - Valuation Processes Used to Determine Nonrecurring Fair Value Measurement Within Level 3 [Line Items] | ||
Nonrecurring assets, range | 12.00% | 12.00% |
Maximum [Member] | Real Estate Owned [Member] | ||
Note 20 - Fair Value Measurements (Details) - Valuation Processes Used to Determine Nonrecurring Fair Value Measurement Within Level 3 [Line Items] | ||
Nonrecurring assets, range | 12.00% | 12.00% |
Impaired Loans [Member] | ||
Note 20 - Fair Value Measurements (Details) - Valuation Processes Used to Determine Nonrecurring Fair Value Measurement Within Level 3 [Line Items] | ||
Nonrecurring assets, fair value (in Dollars) | $ 4,521,712 | $ 6,020,575 |
Real Estate Owned [Member] | ||
Note 20 - Fair Value Measurements (Details) - Valuation Processes Used to Determine Nonrecurring Fair Value Measurement Within Level 3 [Line Items] | ||
Nonrecurring assets, fair value (in Dollars) | $ 2,433,483 | $ 1,949,825 |
Note 20 - Fair Value Measure105
Note 20 - Fair Value Measurements (Details) - Estimated Fair Value of Assets and Liabilities - Fair Value Hierarchy [Domain] - Reported Value Measurement [Member] - USD ($) | Mar. 31, 2015 | Mar. 31, 2014 |
Financial Assets: | ||
Cash and cash equivalents | $ 10,450,448 | $ 3,332,639 |
Available-for-sale securities | 1,154,418 | 2,185,959 |
Held-to-maturity securities | 24,617,338 | 26,975,907 |
Loans – net | 80,146,397 | 83,539,442 |
Accrued interest receivable | 436,840 | 462,284 |
Accrued interest receivable, fair value | 436,840 | 462,284 |
FHLB stock | 306,300 | 271,300 |
Bank–owned life insurance | 169,252 | 165,197 |
Bank–owned life insurance, fair value | 169,252 | 165,197 |
Financial Liabilities: | ||
Deposits – non-interest bearing | 10,733,275 | 7,852,030 |
Deposits – interest bearing | 99,464,844 | 102,772,669 |
Advances Federal Home Loan Bank | 4,000,000 | 2,000,000 |
Advances Federal Home Loan Bank, fair value | 4,000,000 | 2,000,000 |
Accrued interest payable | 5,763 | 6,556 |
Advance payments by borrowers for taxes and insurance | 320,356 | 328,815 |
Advance payments by borrowers for taxes and insurance, fair value | $ 320,356 | $ 328,815 |
Note 21 - Commitments and Co106
Note 21 - Commitments and Contingencies (Details) - Outstanding Commitment to Originate Loans - USD ($) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Financial instruments whose notional or contract amounts represent credit risk: | ||
Financial instruments whose notional or contract amounts represent credit risk | $ 8,840,500 | $ 7,119,100 |
Construction [Member] | ||
Financial instruments whose notional or contract amounts represent credit risk: | ||
Financial instruments whose notional or contract amounts represent credit risk | 225,000 | 51,000 |
Unused Commercial Lines of Credit [Member] | ||
Financial instruments whose notional or contract amounts represent credit risk: | ||
Financial instruments whose notional or contract amounts represent credit risk | 1,425,000 | 960,000 |
Unused Home Equity Lines of Credit [Member] | ||
Financial instruments whose notional or contract amounts represent credit risk: | ||
Financial instruments whose notional or contract amounts represent credit risk | 4,450,000 | 4,600,000 |
Personal Lines of Credit [Member] | ||
Financial instruments whose notional or contract amounts represent credit risk: | ||
Financial instruments whose notional or contract amounts represent credit risk | 2,500 | 2,100 |
1-4 Family Residential Mortgage Commitments [Member] | ||
Financial instruments whose notional or contract amounts represent credit risk: | ||
Financial instruments whose notional or contract amounts represent credit risk | 1,683,000 | 896,000 |
Commercial Real Estate Mortgage Commitments [Member] | ||
Financial instruments whose notional or contract amounts represent credit risk: | ||
Financial instruments whose notional or contract amounts represent credit risk | 1,000,000 | 585,000 |
Standby Letters of Credit [Member] | ||
Financial instruments whose notional or contract amounts represent credit risk: | ||
Financial instruments whose notional or contract amounts represent credit risk | $ 55,000 | $ 25,000 |
Note 22 - Related Party Tran107
Note 22 - Related Party Transactions (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Related Party Transactions [Abstract] | ||
Related Party Transaction, Amounts of Transaction | $ 183,345 | $ 141,717 |
Note 23 - Regulatory Capital (D
Note 23 - Regulatory Capital (Details) - The Bank's Actual and Required Capital Amounts and Ratios - USD ($) | Mar. 31, 2015 | Mar. 31, 2014 |
The Bank's Actual and Required Capital Amounts and Ratios [Abstract] | ||
Total Risk-Based Capital, Actual Amount | $ 11,839,000 | $ 12,557,000 |
Total Risk-Based Capital, Actual Ratio | 16.87% | 17.42% |
Total Risk-Based Capital, for Capital Adequacy Purposes Amount | $ 5,615,000 | $ 5,767,000 |
Total Risk-Based Capital, for Capital Adequacy Purposes Ratio | 8.00% | 8.00% |
Total Risk-Based Capital, Minimum to be Well Capitalized under Prompt Corrective Action Provision Amount | $ 7,919,000 | $ 7,208,000 |
Total Risk-Based Capital, Minimum to be Well Capitalized under Prompt Corrective Action Provision Ratio | 10.00% | 10.00% |
Tier 1 Capital to Risk-Weighted Assets, Actual Amount | $ 10,958,000 | $ 11,649,000 |
Tier 1 Capital to Risk-Weighted Assets, Actual Ratio | 15.61% | 16.16% |
Tier 1 Capital to Risk-Weighted Assets, for Capital Adequacy Purposes Amount | $ 2,808,000 | $ 2,883,000 |
Tier 1 Capital to Risk-Weighted Assets, for Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
Tier 1 Capital to Risk-Weighted Assets, Minimum to be Well Capitalized under Prompt Corrective Action Provision Amount | $ 4,212,000 | $ 4,325,000 |
Tier 1 Capital to Risk-Weighted Assets, Minimum to be Well Capitalized under Prompt Corrective Action Provision Ratio | 6.00% | 6.00% |
Tier 1 Capital to Total Assets, Actual Amount | $ 10,958,000 | $ 11,649,000 |
Tier 1 Capital to Total Assets, Actual Ratio | 8.66% | 9.23% |
Tier 1 Capital to Total Assets, for Capital Adequacy Purposes Amount | $ 5,059,000 | $ 5,047,000 |
Tier 1 Capital to Total Assets, for Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
Tier 1 Capital to Total Assets, Minimum to be Well Capitalized under Prompt Corrective Action Provision Amount | $ 6,324,000 | $ 6,309,000 |
Tier 1 Capital to Total Assets, Minimum to be Well Capitalized under Prompt Corrective Action Provision Ratio | 5.00% | 5.00% |
Note 24 - Regulatory Matters (D
Note 24 - Regulatory Matters (Details) | Mar. 31, 2015 | Mar. 31, 2014 |
Note 24 - Regulatory Matters (Details) [Line Items] | ||
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | 4.00% |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 4.00% | 4.00% |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% |
Tier One Leverage Capital to Average Assets | 8.66% | 9.23% |
Tier One Risk Based Capital to Risk Weighted Assets | 15.61% | 16.16% |
Capital to Risk Weighted Assets | 16.87% | 17.42% |
In Accordance With the Written Agreement With the Office of the Comptroller of the Currency [Member] | ||
Note 24 - Regulatory Matters (Details) [Line Items] | ||
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 8.00% | |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 12.00% | |
Capital Required for Capital Adequacy to Risk Weighted Assets | 13.00% |
Note 25 - Changes in Accumul110
Note 25 - Changes in Accumulated Other Comprehensive Income (Loss) Balances (Details) - Changes in Accumulated Other Comprehensive Income (Loss) - USD ($) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance as of April 1, 2014 | $ (191,411) | |
Other comprehensive income (loss) before reclassification | (973) | |
Amount reclassified from accumulated other comprehensive income (loss) | (472) | |
Total other comprehensive (loss) | (1,445) | $ (114,643) |
Balance as of March 31, 2015 | (192,856) | (191,411) |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance as of April 1, 2014 | (127,554) | |
Other comprehensive income (loss) before reclassification | 111,884 | |
Amount reclassified from accumulated other comprehensive income (loss) | (472) | |
Total other comprehensive (loss) | 111,412 | |
Balance as of March 31, 2015 | (16,142) | (127,554) |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance as of April 1, 2014 | (63,857) | |
Other comprehensive income (loss) before reclassification | (112,857) | |
Total other comprehensive (loss) | (112,857) | |
Balance as of March 31, 2015 | $ (176,714) | $ (63,857) |
Note 26 - Financial Informat111
Note 26 - Financial Information of Parent Company (Details) - Statement of Financial Condition (Parent Company Only) - USD ($) | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Assets: | |||
Cash and cash equivalents | $ 10,450,448 | $ 3,332,639 | $ 6,722,766 |
Deferred income taxes | 2,060,233 | 1,722,601 | |
Total assets | 128,572,750 | 127,396,362 | |
Stockholders’ equity: | |||
Total stockholders’ equity | 13,172,291 | 13,752,003 | $ 11,394,580 |
Total liabilities and stockholders’ equity | 128,572,750 | 127,396,362 | |
Parent Company [Member] | |||
Assets: | |||
Cash and cash equivalents | 460,783 | 716,188 | |
Investment in Bank | 9,592,799 | 9,381,452 | |
Deferred income taxes | 18,130 | 6,043 | |
Total assets | 10,071,712 | 10,103,683 | |
Stockholders’ equity: | |||
Total stockholders’ equity | 10,071,712 | 10,103,683 | |
Total liabilities and stockholders’ equity | $ 10,071,712 | $ 10,103,683 |
Note 26 - Financial Informat112
Note 26 - Financial Information of Parent Company (Details) - Income Statement (Parent Company Only) - USD ($) | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Income Statement | |||
Interest on ESOP loan | $ 3,645,438 | $ 3,946,591 | |
Compensation expense | 1,628,823 | 1,581,771 | |
Total expense | 4,522,920 | 4,336,578 | |
(Loss) before income tax benefit and equity in undistributed net loss of subsidiary | (958,052) | (1,163,444) | |
Income tax benefit | (325,220) | (400,106) | |
Net (loss) | (632,832) | (763,338) | |
Operating activities: | |||
Net (loss) | (632,832) | (763,338) | |
Net cash used in operating activities | 487,065 | 1,168,402 | |
Investing activities: | |||
Net cash used in investing activities | 5,065,783 | (3,298,546) | |
Financing activities: | |||
Net proceeds from issuance of stock | 3,376,373 | ||
Net cash provided by financing activities | 1,564,961 | (1,259,983) | |
Net decrease in cash and cash equivalents | 7,117,809 | (3,390,127) | |
Cash and cash equivalents, beginning of year | 10,450,448 | 3,332,639 | $ 6,722,766 |
Cash and cash equivalents, end of year | 10,450,448 | 3,332,639 | $ 6,722,766 |
Parent Company [Member] | |||
Income Statement | |||
Interest on ESOP loan | 21,938 | 18,563 | |
Postage refund | 1,611 | ||
Other interest income | 706 | 484 | |
Total income | 22,644 | 20,658 | |
Management fee | 45,000 | 50,000 | |
Compensation expense | 30,216 | 15,108 | |
Total expense | 75,216 | 65,108 | |
(Loss) before income tax benefit and equity in undistributed net loss of subsidiary | (52,572) | (44,450) | |
Equity in undistributed net loss of subsidiary | (591,847) | (724,932) | |
Income tax benefit | 11,587 | 6,044 | |
Net (loss) | (632,832) | (763,338) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Share based compensation expense | 30,216 | 15,108 | |
Operating activities: | |||
Net (loss) | (632,832) | (763,338) | |
Undistributed net loss of subsidiary | 591,847 | 724,932 | |
Increase in deferred income taxes | (12,087) | (6,044) | |
Net cash used in operating activities | (22,856) | (29,342) | |
Investing activities: | |||
Distribution to subsidiary | (275,000) | (2,943,326) | |
Net cash used in investing activities | (275,000) | (2,943,326) | |
Financing activities: | |||
Net proceeds from issuance of stock | 3,376,373 | ||
Proceeds from ESOP loan | 42,451 | ||
Net cash provided by financing activities | 42,451 | 3,376,373 | |
Net decrease in cash and cash equivalents | (255,405) | 403,705 | |
Cash and cash equivalents, beginning of year | 460,783 | 716,188 | |
Cash and cash equivalents, end of year | $ 460,783 | $ 716,188 |
Uncategorized Items - dlno-2015
Label | Element | Value |
Deposits – interest bearing, fair value | dlno_InterestBearingDepositLiabilitiesFairValue | $ 103,249,000 |
Deposits – interest bearing, fair value | dlno_InterestBearingDepositLiabilitiesFairValue | 99,411,000 |
FHLB stock, fair value | us-gaap_InvestmentInFederalHomeLoanBankStockFairValueDisclosure | 271,300 |
FHLB stock, fair value | us-gaap_InvestmentInFederalHomeLoanBankStockFairValueDisclosure | 306,300 |
Cash and Cash Equivalents, Fair Value Disclosure | us-gaap_CashAndCashEquivalentsFairValueDisclosure | 10,450,448 |
Cash and Cash Equivalents, Fair Value Disclosure | us-gaap_CashAndCashEquivalentsFairValueDisclosure | 3,332,639 |
Accrued Liabilities, Fair Value Disclosure | us-gaap_AccruedLiabilitiesFairValueDisclosure | 5,763 |
Accrued Liabilities, Fair Value Disclosure | us-gaap_AccruedLiabilitiesFairValueDisclosure | 6,556 |
Deposits – non-interest bearing, fair value | dlno_NoninterestBearingDepositLiabilitiesFairValue | 10,733,275 |
Deposits – non-interest bearing, fair value | dlno_NoninterestBearingDepositLiabilitiesFairValue | 7,852,030 |
Fair Value, Inputs, Level 1 [Member] | ||
FHLB stock, fair value | us-gaap_InvestmentInFederalHomeLoanBankStockFairValueDisclosure | 271,300 |
FHLB stock, fair value | us-gaap_InvestmentInFederalHomeLoanBankStockFairValueDisclosure | 306,300 |
Cash and Cash Equivalents, Fair Value Disclosure | us-gaap_CashAndCashEquivalentsFairValueDisclosure | 10,450,448 |
Cash and Cash Equivalents, Fair Value Disclosure | us-gaap_CashAndCashEquivalentsFairValueDisclosure | 3,332,639 |
Accrued Liabilities, Fair Value Disclosure | us-gaap_AccruedLiabilitiesFairValueDisclosure | 5,763 |
Accrued Liabilities, Fair Value Disclosure | us-gaap_AccruedLiabilitiesFairValueDisclosure | 6,556 |
Advances from Federal Home Loan Bank | us-gaap_AdvancesFromFederalHomeLoanBanks | 2,000,000 |
Advances from Federal Home Loan Bank | us-gaap_AdvancesFromFederalHomeLoanBanks | 4,000,000 |
Accrued interest receivable | us-gaap_InterestReceivable | 436,840 |
Accrued interest receivable | us-gaap_InterestReceivable | 462,284 |
Bank-owned life insurance | us-gaap_BankOwnedLifeInsurance | 165,197 |
Bank-owned life insurance | us-gaap_BankOwnedLifeInsurance | 169,252 |
Advance payments by borrowers for taxes and insurance | us-gaap_AdvancePaymentsByBorrowersForTaxesAndInsurance | 320,356 |
Advance payments by borrowers for taxes and insurance | us-gaap_AdvancePaymentsByBorrowersForTaxesAndInsurance | 328,815 |
Deposits – non-interest bearing, fair value | dlno_NoninterestBearingDepositLiabilitiesFairValue | 10,733,275 |
Deposits – non-interest bearing, fair value | dlno_NoninterestBearingDepositLiabilitiesFairValue | 7,852,030 |
Fair Value, Inputs, Level 2 [Member] | ||
Deposits – interest bearing, fair value | dlno_InterestBearingDepositLiabilitiesFairValue | 103,249,000 |
Deposits – interest bearing, fair value | dlno_InterestBearingDepositLiabilitiesFairValue | 99,411,000 |
Investment securities available-for-sale (amortized cost of $1,154,418 and $2,185,959 at March 31, 2015 and 2014, respectively) | us-gaap_AvailableForSaleSecurities | 1,127,515 |
Investment securities available-for-sale (amortized cost of $1,154,418 and $2,185,959 at March 31, 2015 and 2014, respectively) | us-gaap_AvailableForSaleSecurities | 1,973,370 |
Securities held-to-maturity, fair value (in Dollars) | us-gaap_HeldToMaturitySecuritiesFairValue | 24,566,903 |
Securities held-to-maturity, fair value (in Dollars) | us-gaap_HeldToMaturitySecuritiesFairValue | $ 25,410,461 |