Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Dec. 31, 2015 | Feb. 01, 2016 | |
Entity Registrant Name | Delanco Bancorp, Inc. | |
Entity Central Index Key | 1,577,603 | |
Trading Symbol | dlno | |
Current Fiscal Year End Date | --03-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 945,425 | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2015 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition (Current Period Unaudited) - USD ($) | Dec. 31, 2015 | Mar. 31, 2015 |
ASSETS | ||
Cash and amounts due from banks | $ 659,251 | $ 687,488 |
Interest-bearing deposits | 8,132,104 | 9,762,960 |
Total cash and cash equivalents | 8,791,355 | 10,450,448 |
Investment securities: | ||
Securities held-to-maturity (fair value $23,619,735 and $24,566,903 at December 31, 2015 and March 31, 2015, respectively) | 23,844,795 | 24,617,338 |
Securities available-for-sale (amortized cost of $2,129,985 and $1,154,418 at December 31, 2015 and March 31, 2015, respectively) | 2,110,206 | 1,127,515 |
Total investment securities | 25,955,001 | 25,744,853 |
Loans, net of allowance for loan losses of $1,174,434 at December 31, 2015 and $1,185,178 at March 31, 2015 | 83,564,611 | 80,146,397 |
Accrued interest receivable | 382,151 | 436,840 |
Premises and equipment, net | 6,353,361 | 6,490,331 |
Federal Home Loan Bank, at cost | 253,800 | 306,300 |
Deferred income tax, net | 2,071,851 | 2,060,233 |
Bank-owned life insurance | 169,252 | 169,252 |
Real estate owned | 2,157,766 | 2,433,483 |
Other assets | 256,437 | 334,613 |
Total assets | 129,955,585 | 128,572,750 |
LIABILITIES | ||
Non-interest bearing deposits | 12,451,603 | 10,733,275 |
Interest bearing deposits | 99,978,432 | 99,464,844 |
Total deposits | 112,430,035 | 110,198,119 |
Advances from Federal Home Loan bank | 3,000,000 | 4,000,000 |
Accrued interest payable | 665 | 5,763 |
Advance payments by borrowers for taxes and insurance | 407,648 | 320,356 |
Other liabilities | 849,140 | 876,221 |
Total liabilities | $ 116,687,488 | $ 115,400,459 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS’ EQUITY | ||
Preferred stock, $.01 par value, 5,000,000 shares authorized at December 31, 2015 and March 31, 2015, no shares issued | $ 0 | $ 0 |
Common stock, $.01 par value, 20,000,000 shares authorized at December 31, 2015 and March 31, 2015; 945,425 shares issued and outstanding at December 31, 2015 and March 31, 2015 | 9,454 | 9,454 |
Additional paid-in capital | 9,976,919 | 9,965,764 |
Retained earnings, substantially restricted | 3,971,371 | 3,936,546 |
Unearned common stock held by employee stock ownership plan | (501,066) | (546,617) |
Accumulated other comprehensive (loss) | (188,581) | (192,856) |
Total stockholder’s equity | 13,268,097 | 13,172,291 |
Total liabilities and stockholders’ equity | $ 129,955,585 | $ 128,572,750 |
Consolidated Statements of Fin3
Consolidated Statements of Financial Condition (Current Period Unaudited) (Parentheticals) - USD ($) | Dec. 31, 2015 | Mar. 31, 2015 |
Securities held-to-maturity, fair value | $ 23,619,735 | $ 24,566,903 |
Securities available-for-sale, amortized cost | 2,129,985 | 1,154,418 |
Allowance for loan losses | $ 1,174,434 | $ 1,185,178 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, shares issued (in shares) | 945,425 | 945,425 |
Common stock, shares outstanding (in shares) | 945,425 | 945,425 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
INTEREST INCOME | ||||
Loans | $ 910,027 | $ 888,334 | $ 2,720,113 | $ 2,754,276 |
Investment securities | 161,583 | 182,853 | 495,362 | 543,983 |
Total interest income | 1,071,610 | 1,071,187 | 3,215,475 | 3,298,259 |
INTEREST EXPENSE | ||||
Interest-bearing checking accounts | 10,743 | 10,378 | 29,056 | 30,424 |
Passbook and money market accounts | 26,624 | 26,452 | 79,198 | 78,713 |
Certificates of deposits | 101,031 | 106,778 | 300,295 | 330,133 |
Federal Home Loan Bank Advances | 5,978 | 7,164 | 19,858 | 16,486 |
Total interest expense | 144,376 | 150,772 | 428,407 | 455,756 |
Net interest income | $ 927,234 | $ 920,415 | 2,787,068 | 2,842,503 |
Provision for loan losses | 10,000 | 375,000 | ||
Net interest income after provision for loan losses | $ 927,234 | $ 920,415 | 2,777,068 | 2,467,503 |
NON-INTEREST INCOME | ||||
Gain (loss) on sale of REO | (1,115) | (11,078) | (3,096) | (11,078) |
Service charges | 28,358 | 33,235 | 99,019 | 108,151 |
Rental income | 15,969 | 26,349 | 83,898 | 78,118 |
Other | 3,656 | 3,531 | 11,237 | 12,364 |
Total non-interest income | 46,868 | 52,037 | 191,058 | 187,555 |
NON-INTEREST EXPENSE | ||||
Salaries and employee benefits | 416,893 | 388,128 | 1,248,971 | 1,230,022 |
Advertising | 7,894 | 7,239 | 17,535 | 17,749 |
Office supplies, telephone and postage | 29,560 | 22,512 | 82,039 | 81,737 |
Loan expenses | 14,276 | 14,775 | 62,140 | 117,586 |
Occupancy expense | 155,811 | 143,768 | 462,220 | 447,284 |
Federal insurance premiums | $ 43,083 | 42,384 | 128,669 | 128,170 |
Real estate owned loss reserve | 314,845 | 48,285 | 393,147 | |
Data processing expenses | $ 61,894 | 57,084 | 181,257 | 167,816 |
ATM expenses | 7,297 | 9,048 | 21,221 | 26,330 |
Bank charges and fees | 20,890 | 17,251 | 63,641 | 52,113 |
Insurance and surety bond premiums | 19,981 | 26,289 | 69,069 | 73,400 |
Dues and subscriptions | 10,933 | 6,516 | 35,204 | 20,211 |
Professional fees | 68,037 | 100,423 | 220,087 | 259,429 |
Real Estate Owned expense | 59,836 | 65,627 | 200,333 | 174,879 |
Other | 36,962 | 39,253 | 104,847 | 97,421 |
Total non-interest expense | 953,347 | 1,255,142 | 2,945,518 | 3,287,294 |
INCOME (LOSS) BEFORE INCOME TAX EXPENSE (BENEFIT) | 20,755 | (282,690) | 22,608 | (632,236) |
Income tax expense (benefit) | 8,133 | (106,699) | (12,217) | (280,957) |
NET INCOME (LOSS) | $ 12,622 | $ (175,991) | $ 34,825 | $ (351,279) |
LOSS PER COMMON SHARE (in dollars per share) | $ 0.01 | $ (0.19) | $ 0.04 | $ (0.39) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) | 9 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Net Income (Loss) | $ 34,825 | $ (351,279) |
Other comprehensive loss net of tax: | ||
Unrealized gain on investment securities available for sale, net of deferred tax of $1,710 and $29,827 for the nine months ended | 4,275 | 82,813 |
Other comprehensive income (loss) | 4,275 | 82,813 |
Total Comprehensive (Loss) Income | $ 39,100 | $ (268,466) |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (Parentheticals) - USD ($) | 9 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Unrealized gain (loss) on investment securities, deferred tax (benefit) | $ 1,710 | $ 29,827 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - 9 months ended Dec. 31, 2015 - 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 (in shares) at Mar. 31, 2015 | 945,425 | |||||
Balance at Mar. 31, 2015 | $ 9,454 | $ 9,965,764 | $ 3,936,546 | $ (546,617) | $ (192,856) | $ 13,172,291 |
Net Income (Loss) | 34,825 | 34,825 | ||||
Other comprehensive income, net of tax: | 4,275 | 4,275 | ||||
Employee stock option expense | 23,631 | 23,631 | ||||
Shares of common stock transferred to ESOP for services | (12,476) | 45,551 | 33,075 | |||
Balance (in shares) at Dec. 31, 2015 | 945,425 | |||||
Balance at Dec. 31, 2015 | $ 9,454 | $ 9,976,919 | $ 3,971,371 | $ (501,066) | $ (188,581) | $ 13,268,097 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flow from operating activities | ||
Net Income (Loss) | $ 34,825 | $ (351,279) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
ESOP amortization | 33,075 | 24,349 |
Deferred income taxes | (14,468) | (291,658) |
Depreciation | 198,048 | 193,635 |
Discount accretion net of premium amortization | 5,601 | (2,374) |
Provision for loan losses | $ 10,000 | $ 375,000 |
Income from bank owned life insurance | ||
Loss on sale of real estate owned | $ 3,096 | $ 11,078 |
Compensation expense for stock options | 23,631 | 23,631 |
(Increase) decrease in: | ||
Accrued interest receivable | 54,689 | 49,048 |
Other assets | 79,426 | 86,959 |
Increase (decrease) in: | ||
Accrued interest payable | (5,098) | (5,872) |
Other liabilities | (28,331) | (33,905) |
Net cash provided by operating activities | 394,494 | 78,612 |
Cash flows from investing activities | ||
Proceeds of securities available for sale | 524,433 | $ 21,754 |
Purchases of securities available for sale | (1,500,000) | |
Purchases of securities held-to-maturity | (4,736,250) | $ (1,500,000) |
Proceeds from maturities and principal repayments of securities held-to-maturity | 5,503,192 | 2,804,158 |
(Purchase) sale of investment required by law – stock in Federal Home Loan Bank | 52,500 | (35,000) |
Proceeds from sale of real estate owned | 470,718 | 864,532 |
Net (increase) decrease in loans | (3,626,310) | 1,447,304 |
Purchases of premises and equipment | (61,078) | (58,959) |
Net cash provided by(used in) investing activities | (3,372,795) | 3,543,789 |
Cash flows from financing activities | ||
(Decrease) increase in deposits | 2,231,916 | (1,603,203) |
(Decrease) increase in advance payments by borrowers for taxes and insurance | 87,292 | (16,059) |
Increase (decrease)in Federal Home Loan Bank advance | (1,000,000) | 2,000,000 |
Net cash provided by financing activities | 1,319,208 | 380,738 |
Net increase (decrease) in cash and cash equivalents | (1,659,093) | 4,003,139 |
Cash and cash equivalents, beginning of the period | 10,450,448 | 3,332,639 |
Cash and cash equivalents, end of period | 8,791,355 | 7,335,778 |
Supplemental Disclosures: | ||
Cash paid during the period for interest | 443,654 | 445,143 |
Cash paid during the period for income taxes | 2,500 | 2,000 |
Additions from loan foreclosures | 246,382 | 1,827,367 |
Net change in unrealized gain on securities available-for-sale net of tax | $ 4,275 | $ 82,813 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | (1) Basis of Presentation On October 16, 2013, Delanco Bancorp, Inc., a New Jersey corporation (the “Company”), became the holding company for Delanco Federal Savings Bank (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. The accompanying unaudited consolidated financial statements have been prepared in accordance with instructions for Form 10-Q and, therefore, do not include all disclosures necessary for a complete presentation of the financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP). However, all adjustments that are, in the opinion of management, necessary for the fair presentation of the interim financial statements have been included. Such adjustments were of a normal recurring nature. The results of operations for the three and nine month periods ended December 31, 2015 are not necessarily indicative of the results that may be expected for the entire year or any other interim period. For additional information, refer to the consolidated financial statements and footnotes thereto of the Company included in the Company’s annual report on Form 10-K for the year ended March 31, 2015. |
Note 2 - Use of Estimates
Note 2 - Use of Estimates | 9 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Use of Estimates [Text Block] | (2) Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for losses on loans and the evaluation of deferred taxes. |
Note 3 - Deferred Income Taxes
Note 3 - Deferred Income Taxes | 9 Months Ended |
Dec. 31, 2015 | |
Deferred Income Taxes [Member] | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | (3) Deferred Income Taxes We use the asset and liability method of accounting for income taxes. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. We exercise significant judgment in evaluating the amount and timing of recognition of the resulting tax liabilities and assets. These judgments require us to make projections of future taxable income. The judgments and estimates we make in determining our deferred tax assets, which are inherently subjective, are reviewed on a continual basis as regulatory and business factors change. The calculation of deferred taxes for GAAP capital differs from the calculation of deferred taxes for regulatory capital. For regulatory capital, deferred tax assets that are dependent upon future taxable income for realization are limited to the lesser of either the amount of deferred tax assets that the institution expects to realize within one year of the calendar quarter-end date, or 10% of the Bank’s Tier I capital. As a result of this variance, our Tier I regulatory capital ratio is lower than our GAAP capital ratio by 108 basis points. |
Income Tax Disclosure [Text Block] | (4) Income Taxes The Bank accounts for uncertainties in income taxes in accordance with Financial ASC Topic 740 “Accounting for Uncertainty in Income Taxes”. ASC Topic 740 prescribes a threshold and measurement process for recognizing in the financial statements a tax position taken or expected to be taken in a tax return. ASC Topic 740 also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Bank has determined that there are no significant uncertain tax positions requiring recognition in its financial statements. Tax years 2010 through 2014 remain subject to examination by Federal and New Jersey taxing authorities. In the event the Bank is assessed for interest and/or penalties by taxing authorities, such assessed amounts will be classified in the financial statements as income tax expense . |
Note 4 - Income Taxes
Note 4 - Income Taxes | 9 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | (4) Income Taxes The Bank accounts for uncertainties in income taxes in accordance with Financial ASC Topic 740 “Accounting for Uncertainty in Income Taxes”. ASC Topic 740 prescribes a threshold and measurement process for recognizing in the financial statements a tax position taken or expected to be taken in a tax return. ASC Topic 740 also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Bank has determined that there are no significant uncertain tax positions requiring recognition in its financial statements. Tax years 2010 through 2014 remain subject to examination by Federal and New Jersey taxing authorities. In the event the Bank is assessed for interest and/or penalties by taxing authorities, such assessed amounts will be classified in the financial statements as income tax expense . |
Note 5 - Earnings Per Share
Note 5 - Earnings Per Share | 9 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | (5) Earnings Per Share Basic earnings per share (“EPS”) are computed by dividing income available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted EPS reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. The difference between the common shares issued and the common shares outstanding for the purposes of calculating basic EPS is a result of the unallocated ESOP shares. The calculated basic and dilutive EPS are as follows: Three Months Ended December 31, Nine Months Ended December 31, 2015 2014 2015 2014 Numerator $ 12,622 $ (175,991 ) $ 34,825 $ (351,279 ) Denominators: Basic shares outstanding 906,720 903,201 906,720 903,201 Effect of dilutive securities 2,222 − 2,222 − Dilutive shares outstanding 908,942 903,201 908,942 903,201 Earnings per share: Basic $ 0.01 $ (0.19 ) $ 0.04 $ (0.39 ) Dilutive $ 0.01 $ (0.19 ) $ 0.04 $ (0.39 ) |
Note 6 - Regulatory Agreement
Note 6 - Regulatory Agreement | 9 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | (6) Regulatory Agreement On December 17, 2012, the Bank received a formal written agreement (the “Agreement”) with the Office of the Comptroller of the Currency (the “OCC”) dated November 21, 2012. The Agreement supersedes and terminates the Order to Cease and Desist entered into by and between the Bank and the Office of Thrift Supervision on March 17, 2010. The Agreement requires the Bank to take the following actions: ● prepare a three-year strategic plan that establishes objectives for the Bank’s overall risk profile, earnings performance, growth, balance sheet mix, liability structure, reduction in the volume of nonperforming assets, and product line development; ● prepare a capital plan that includes specific proposals related to the maintenance of adequate capital, identifies strategies to strengthen capital if necessary and includes detailed quarterly financial projections. If the OCC determines that the Bank has failed to submit an acceptable capital plan or fails to implement or adhere to its capital plan, then the OCC may require the Bank to develop a contingency capital plan detailing the Bank’s proposal to sell, merge or liquidate the Bank; ● prepare a criticized asset plan that will include strategies, targets and timeframes to reduce the Bank’s level of criticized assets; ● implement a plan to improve the Bank’s credit risk management and credit administration practices; ● implement programs and policies related to the Bank’s allowance for loan and lease losses, liquidity risk management, independent loan review and other real estate owned; ● review the capabilities of the Bank’s management to perform present and anticipated duties and to recommend and implement any changes based on such assessment; ● not pay any dividends or make any other capital distributions without the prior written approval of the OCC; ● not make any severance or indemnification payments without complying with regulatory requirements regarding such payments; and ● comply with prior regulatory notification requirements for any changes in directors or senior executive officers. We have submitted strategic and capital plans to the OCC and have developed the other plans and policies required by the written agreement. The written agreement will remain in effect until terminated, modified, or suspended in writing by the OCC. The Agreement does not require the Bank to maintain any specific minimum regulatory capital ratios. Separately, the OCC established higher individual minimum capital ratios for the Bank. Specifically, the Bank must maintain a Tier 1 capital to adjusted total assets ratio of at least 8%, a Tier 1 capital to risk-weighted assets ratio of at least 12% and a total capital to risk-weighted assets ratio of at least 13%. The Bank's ratios of Tier 1 capital to adjusted total assets, Tier 1 capital to risk-weighted assets and total capital to risk-weighted assets at December 31, 2015 were 8.74%, 15.95% and 17.23%, respectively. |
Note 7 - Recent Accounting Pron
Note 7 - Recent Accounting Pronouncements | 9 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | (7) Recent Accounting Pronouncements There was one recent amendment to an accounting pronouncements since the March 31, 2015 audited financial statements. In August 2015, the FASB issued ASU 2015-14: Revenue from Contracts with Customers – Deferral of the Effective Date. On May 28, 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers. For public business entities, the effective date was for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. In response to stakeholders’ requests to defer the effective date of the guidance in Update 2014-09 and in consideration of feedback received through extensive outreach with preparers, practitioners and users of financial statements, the Board issued proposed Accounting Standards Update, Revenue from Contracts with Customers: Deferral of the Effective Date. The amendments in this update defer the effective date of Update 2014-09 for all entities by one year. Public business entities should apply the guidance in Update 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The Company intends to comply with the effective date of this update. |
Note 8 - Fair Value of Financia
Note 8 - Fair Value of Financial Instruments | 9 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Fair Value, Measurement Inputs, Disclosure [Text Block] | (8) Fair Value of Financial Instruments ASC Topic 820-10 defines fair value, establishes a framework for measuring fair value in U.S. generally accepted accounting principles, and expands disclosure requirements for fair value measurements. ASC Topic 820 does not require any new fair value measurements. The adoption of ASC Topic 820-10 did not have a material impact on the consolidated financial statements. ASC Topic 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels, as described below: ● Level 1 Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities. ● Level 2 Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable, either directly or indirectly. Level 2 inputs include quoted prices for similar assets, quoted prices in markets that are not considered to be active, and observable inputs other than quoted prices such as interest rates. ● Level 3 Level 3 inputs are unobservable inputs. Assets and liabilities measured at fair value on a recurring basis are summarized below (dollars in thousands): Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) December 31, 2015 Available-for-sale securities $ 2,110 $ − $ − March 31, 2015 Available-for-sale securities $ 1,127 $ − $ − Assets and Liabilities on a Non-Recurring Basis Assets and liabilities measured at fair value on a non-recurring basis at December 31, 2015 and March 31, 2015 are as follows (dollars in thousands): Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) December 31, 2015 Impaired loans $ − $ − $ 4,725 Real estate owned − − 2,158 Total $ − $ − $ 6,883 March 31, 2015 Impaired loans $ − $ − $ 4,522 Real estate owned − − 2,433 Total $ − $ − $ 6,955 The fair value of impaired loans and real estate owned is generally based on recent real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. A financial instrument’s level within the fair value hierarchy is based upon the lowest level of any input significant to the fair value measurement. As required by ASC Topic 825-10-65, the estimated fair value of financial instruments at December 31, 2015 and March 31, 2015 was as follows: December 31, 2015 Carrying Amount Level 1 Level 2 Level 3 (Dollars in Thousands) Financial Assets: Cash and cash equivalents $ 8,791 $ 8,791 − − Investment securities 25,975 − 25,730 − Loans – net 83,565 − − 82,967 FHLB stock 254 254 − − Accrued interest receivable 382 382 − − Bank–owned life insurance 169 169 − − Total financial assets 119,136 9,596 25,730 82,967 Financial Liabilities: Deposits 112,430 12,452 99,997 − Advance payments by borrowers for taxes and insurance 408 408 − − Advances Federal Home Loan Bank 3,000 3,000 − − Accrued interest payable 1 1 − − Total financial liabilities 115,839 15,861 99,997 − March 31, 2015 Carrying Amount Level 1 Level 2 Level 3 (Dollars in Thousands) Financial Assets: Cash and cash equivalents $ 10,450 $ 10,450 $ − $ − Investment securities 25,772 − 25,694 − Loans – net 80,146 − − 79,675 FHLB stock 306 306 − − Accrued interest receivable 437 437 − − Bank-owned life insurance 169 169 − − Total financial assets $ 117,280 $ 11,362 $ 25,694 $ 79,675 Financial Liabilities: Deposits $ 110,198 $ 10,733 $ 99,411 $ − Advances from Federal Home Loan Bank 4,000 4,000 − − Advance payments by borrowers for taxes and insurance 320 320 − − Accrued interest payable 6 6 − − Total financial liabilities $ 114,524 $ 15,059 $ 99,411 $ − Off-balance sheet instruments Off-balance sheet instruments are primarily comprised of loan commitments and unfunded lines of credit which are generally priced at market rate at the time of funding. Therefore, these instruments have nominal value prior to funding. December 31, 2015 March 31, 2015 Contract Value Estimated Fair Value Contract Value Estimated Fair Value Off-balance sheet instruments Commitments to extend credit $ 5,989 − $ 8,840 $ − |
Note 9 - Loans
Note 9 - Loans | 9 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | (9) Loans The Bank monitors and assesses the credit risk of its loan portfolio using the classes set forth below. These classes also represent the segments by which the Bank monitors the performance of its loan portfolio and estimates its allowance for loan losses. Residential real estate loans consist of loans secured by one to four family residences located in the Bank’s market area. The Bank has originated one to four family residential mortgage loans in amounts up to 80% of the lesser of the appraised value or selling price of the mortgaged property without requiring mortgage insurance. A mortgage loan originated by the Bank, for owner occupied property, whether fixed rate or adjustable rate, can have a term of up to 30 years. Non-owner occupied property, whether fixed rate or adjustable rate, can have a term of up to 30 years. Adjustable rate loan terms limit the periodic interest rate adjustment and the minimum and maximum rates that may be charged over the term of the loan based on the type of loan. Commercial real estate loans are generally originated in amounts up to the lower of 80% of the appraised value or cost of the property and are secured by improved property such as multi-family dwelling units, office buildings, retail stores, warehouses, church buildings and other non-residential buildings, most of which are located in the Bank’s market area. Commercial real estate loans are generally made with fixed interest rates which mature or re-price in 5 to 7 years with principal amortization of up to 25 years. Commercial loans include short and long-term business loans and commercial lines of credit for the purposes of providing working capital, supporting accounts receivable, purchasing inventory and acquiring fixed assets. The loans generally are secured by these types of assets as collateral and/or by personal guarantees provided by principals of the borrowers. Construction loans will be made only if there is a permanent mortgage commitment in place. Interest rates on commercial construction loans are typically in line with normal commercial mortgage loan rates, while interest rates on residential construction loans are slightly higher than normal residential mortgage loan rates. These loans usually are adjustable rate loans and generally have terms of up to one year. Consumer loans include installment loans and home equity loans, secured by first or second mortgages on homes owned or being purchased by the loan applicant. Home equity term loans and credit lines are credit accommodations secured by either a first or second mortgage on the borrower’s residential property. Interest rates charged on home equity term loans are generally fixed; interest on credit lines is usually a floating rate related to the prime rate. The Bank generally requires a loan to value ratio of less than or equal to 80% of the appraised value, including any outstanding prior mortgage balance. Loans at December 31, 2015 and March 31, 2015 are summarized as follows (dollars in thousands): December 31, 2015 March 31, 2015 Residential (one-to four-family) real estate $ 65,549 $ 62,789 Multi-family and commercial real estate 9,672 7,979 Commercial 2,186 1,913 Home equity 6,680 8,006 Consumer 672 678 Construction 55 56 Total loans 84,814 81,421 Net deferred loan origination fees (75 ) (90 ) Allowance for loan losses (1,174 ) (1,185 ) Loans, net 83,565 $ 80,146 The Bank is subject to a loans-to-one-borrower limitation of 15% of capital funds. At December 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 December 31, 2015, 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 Bank continues to work with its borrowers where possible and is pursuing legal action where the ability to work with the borrower does not exist. As of December 31, 2015, the Bank has entered into formal forbearance agreements with four relationships totaling $586 thousand The following table represents loans by credit quality indicator at December 31, 2015 (dollars in thousands): Pass Special Mention Loans Classified Loans Non- Performing Loans Total Residential real estate $ 62,737 $ − $ − $ 2,812 $ 65,549 Multi-family and commercial real estate 7,338 886 127 1,321 9,672 Commercial 1,967 76 143 − 2,186 Home equity 6,646 − − 34 6,680 Consumer 672 − − − 672 Construction − − − 55 55 $ 79,360 $ 962 $ 270 $ 4,222 $ 84,814 The following table represents past-due loans as of December 31, 2015 (dollars in thousands): 30-59 Days Past Due 60- 89 Days Past Due Greater than 90 Days Past Due Total Past Due Current Total Loan Balances Residential real estate $ 696 $ 880 $ 1,860 $ 3,436 $ 62,113 $ 65,549 Multi-family and commercial real estate 290 − 554 844 8,828 9,672 Commercial 98 − − 98 2,088 2,186 Home Equity 25 93 34 152 6,528 6,680 Consumer 16 − − 16 656 672 Construction − − − − 55 55 Total Loans $ 1,125 $ 973 $ 2,448 $ 4,546 $ 80,268 $ 84,814 Percentage of Total Loans 1.32 % 1.15 % 2.89 % 5.36 % 94.64 % 100.0 % 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 December 31, 2015, the Bank had 15 loan relationships totaling $2.4 million in non-accrual loans as compared to 17 relationships totaling $2.3 million at March 31, 2015. The average balance of impaired loans totaled $5.0 million for the nine months ended December 31, 2015 as compared to $4.7 million for the year ended March 31, 2015, and interest income recorded on impaired loans for the nine months ended December 31, 2015 totaled $144 thousand as compared to $201 thousand for the year ended March 31, 2015. The following table represents data on impaired loans at December 31, 2015 and March 31, 2015 (dollars in thousands): December 31, 2015 March 31, 2015 Impaired loans for which a valuation allowance has been provided $ − $ — Impaired loans for which no valuation allowance has been provided 5,077 4,522 Total loans determined to be impaired 5,077 4,522 Allowance for loans losses related to impaired loans − — Average recorded investment in impaired loans 5,036 4,707 Cash basis interest income recognized on impaired loans 144 201 The following table presents impaired loans by portfolio class at December 31, 2015 (dollars in thousands): Recorded Investment Unpaid Principal Balance Related Valuation Allowance Average Recorded Investment Interest Income Recognized While On Impaired Status Impaired loans with no valuation allowance: Residential real estate $ 3,071 $ 3,027 $ − $ 2,897 $ 44 Multi-family and commercial real estate 1,930 1,927 − 1,991 84 Commercial 34 34 − 16 13 Home equity 34 34 − 36 1 Consumer − − − 57 − Construction 60 55 − 39 2 Total $ 5,129 $ 5,077 $ − $ 5,036 $ 144 The following table presents impaired loans by portfolio class at March 31, 2015 (dollars in thousands): Recorded Investment Unpaid Principal Balance Related Valuation Allowance Average Recorded Investment Interest Income Recognized While On Impaired Statues Impaired loans with no valuation allowance: Residential real estate $ 2,600 $ 2,536 $ − $ 2,743 $ 65 Multi-family and commercial real estate 1,860 1,813 − 1,727 130 Commercial 35 35 − 31 1 Home equity 11 11 − 130 − Consumer 71 71 − 18 2 Construction 56 56 − 58 3 Total $ 4,633 $ 4,522 $ − $ 4,707 $ 201 The following table represents nonaccrual loans as of December 31, 2015 and March 31, 2015 (dollars in thousands): December 31, 2015 March 31, 2015 Non-accrual loans: Residential real estate $ 1,450 $ 880 Multi-family and commercial real estate 554 662 Commercial − − Consumer − 71 Home Equity 34 11 Construction − − Total non-accrual loans 2,038 1,624 Accruing loans past due 90 days or more: Residential real estate $ − $ − Multi-family and commercial real estate − − Commercial − − Consumer − − Home Equity − − Construction − − Total accruing loans past due 90 days or more − − Troubled Debt Restructurings: In non-accrual status: Residential real estate $ 410 $ 484 Multi-family and commercial real estate − 229 Commercial − − Consumer − − Home Equity − − Construction − − Total troubled debt restructurings in non-accrual status 410 713 Performing under modified terms: Residential real estate 952 696 Multi-family and commercial real estate 767 773 Commercial − Consumer − Home Equity − Construction 55 56 Total troubled debt restructurings performing under modified terms: 1,774 1,525 Total troubled debt restructurings 2,184 2,238 Total non-performing loans 4,222 3,862 Real estate owned 2,158 2,433 Total non-performing assets 6,380 6,295 Non-performing loans as a percentage of loans 4.98 % 4.74 % Non-performing assets as a percentage of loans and real estate owned 7.34 % 7.51 % Non-performing assets as percentage of total assets 4.91 % 4.90 % During the nine months ended December 31, 2015, the Bank experienced a $111 thousand net increase in non-accrual loans. This change reflects the downgrading of four loan relationships to non-accrual status totaling $778 thousand during the nine months ended December 31, 2015. The downgraded loans consisted of two residential mortgages totaling $632 thousand, one commercial loan relationship consisting of one loan totaling $112 thousand and one home equity loan totaling $34 thousand. These additions to the non-accruals were offset by one commercial loan for $229 thousand that returned to accruing status; one commercial loan for $118 thousand and one residential mortgage in the amount of $61 thousand that were paid in full; two consumer lines of credit totaling $82 thousand that were charged off; one residential mortgage totaling $75 thousand and one commercial real estate loan totaling $100 thousand that were transferred to real estate owned. The following table presents troubled debt restructurings that occurred during the periods ended December 31, 2015 and March 31, 2015 and loans modified as troubled debt restructurings within the previous 9 and 12 month periods and for which there was a payment default during the period. December 31, 2015 March 31, 2015 Outstanding Recorded Outstanding Recorded Number of Pre- Modification Post- Number of Pre- Modification Post- Troubled debt restructurings: Residential real estate − $ − $ − 1 $ 96 $ 111 Number of Recorded Investment Number of Recorded Investment Troubled debt restructurings that subsequently defaulted: Residential real estate − $ − - $ - The following table presents the changes in real estate owned (REO), net of valuation allowance, for the periods ended December 31, 2015 and March 31, 2015: December 31, 2015 March 31, 2015 Balance, beginning of period $ 2,433 $ 1,950 Additions from loan foreclosures 247 2,333 Additions from capitalized costs − − Dispositions of REO (995 ) (1,592 ) Gain (loss) on sale of REO (2 ) (82 ) Valuation adjustments in the period 475 (176 ) Balance, end of period $ 2,158 $ 2,433 The following table presents the changes in fair value adjustments to REO for the periods ended December 31, 2015 and March 31, 2015: December 31, 2015 March 31, 2015 Balance, beginning of period $ 851 $ 676 Valuation adjustments added in the period 48 642 Valuation adjustments on disposed properties during the period (523 ) (467 ) Balance, end of period $ 376 $ 851 The following table sets forth with respect to the Bank’s allowance for losses on loans (dollars in thousands): December 31, 2015 March 31, 2015 Balance at beginning of period $ 1,185 $ 1,448 Provision: Commercial (8 ) 45 Commercial real estate (7 ) 176 Residential real estate (39 ) 177 Home Equity (1 ) 21 Consumer 65 (25 ) Construction − (4 ) Total provision 10 390 Charge-offs: Commercial − 19 Commercial real estate − 598 Residential real estate 40 142 Home equity 11 − Consumer 71 4 Recoveries (101 ) (110 ) Total Net Charge-Offs $ 21 $ 653 Balance at end of period $ 1,174 $ 1,185 Period-end loans outstanding $ 84,814 $ 81,421 Average loans outstanding $ 85,627 $ 83,253 Allowance as a percentage of period-end loans 1.38 % 1.46 % Net charge-offs as a percentage of average loans 0.02 % 0.78 % Additional details for changes in the allowance for loan by loan portfolio as of December 31, 2015 are as follows (dollars in thousands): Allowance for Loan Losses Commercial Commercial Real Estate Residential Real Estate Home Equity Consumer Construction Total Balance, beginning of year $ 86 $ 289 $ 702 $ 87 $ 21 $ − $ 1,185 Loan charge-offs − − (40 ) (11 ) (71 ) − (122 ) Recoveries 4 44 35 − 18 − 101 Provision for loan losses (8 ) (7 ) (39 ) (1 ) 65 − 10 Balance, end of period $ 82 $ 326 $ 658 $ 75 $ 33 $ − $ 1,174 Ending balance for loans individually evaluated for impairment $ 133 $ 1,640 $ 2,863 $ 34 $ − $ 55 $ 4,725 Ending balance for loans collectively evaluated for impairment 2,053 8,032 62,686 6,646 672 − $ 80,089 Loans receivable: Ending balance $ 2,186 $ 9,672 $ 65,549 $ 6,680 $ 672 $ 55 $ 84,814 Ending balance: loans individually evaluated for impairment $ 133 $ 1,640 $ 2,863 $ 34 $ − $ 55 $ 4,725 Ending balance: loans collectively evaluated for impairment 2,053 8,032 62,686 6,646 672 − $ 80,089 The Bank prepares an allowance for loan loss model on a quarterly basis to determine the adequacy of the allowance. Management considers a variety of factors when establishing the allowance, such as the impact of current economic conditions, diversification of the loan portfolio, delinquency statistics, results of independent loan review and related classifications. The Bank’s historic loss rates and the loss rates of peer financial institutions are also considered. On a monthly basis, the loan committee meets to review each problem loan and determine if there has been any change in collateral value due to changes in market conditions. Each quarter, when calculating the allowance for loan loss, the loan committee reviews an updated loan impairment analysis on each problem loan to determine if a specific provision for loan loss is warranted. Management reviews the most recent appraisal on each loan adjusted for holding and selling costs. In the event there is not a recent appraisal on file, the Bank will use the aged appraisal and apply a discount factor to the appraisal and then adjust the holding and selling costs from the discounted appraisal value. In evaluating the Bank’s allowance for loan loss, the Bank maintains a loan committee consisting of senior management and the Board of Directors that monitors problem loans and formulates collection efforts and resolution plans for each borrower. For the nine months ending December 31, 2015, the Bank experienced two full At December 31, 2015, the Bank maintained an allowance for loan loss ratio of 1.38% to loans outstanding. Non-performing assets have increased by $84 thousand over their stated levels at March 31, 2015, representing a non-performing asset to total asset ratio of 4.91% at December 31, 2015 as compared to a non-performing asset to total asset ratio of 4.90% at March 31, 2015. 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. |
Note 10 - Investment Securities
Note 10 - Investment Securities | 9 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | (10) Investment Securities Investment securities have been classified according to management’s intent. The amortized cost of securities and their approximate fair values as of December 31, 2015 and March 31, 2015 are as follows: Held-to-Maturity December 31, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Dollars in Thousands) Federal Farm Credit Bank Bond $ 8,933 $ − $ (100 ) $ 8,833 Federal Home Loan Bank Bonds 6,264 12 (90 ) 6,186 Federal Home Loan Mortgage Corporation Bonds 1,000 − (25 ) 975 Federal National Mortgage Association 5,999 2 (81 ) 5,920 Municipal Bond 736 − (1 ) 735 22,932 14 (297 ) 22,649 Mortgage-Backed Securities: Federal Home Loan Mortgage Corporation 342 17 − 359 Federal National Mortgage Association 410 37 − 447 Government National Mortgage Corporation 161 4 − 165 913 58 − 971 Total $ 23,845 $ 72 $ (297 ) $ 23,620 Held-to-Maturity March 31, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Dollars in Thousands) Federal Home Loan Bank Bonds $ 7,569 $ 25 $ (62 ) $ 7,532 Federal Farm Credit Bonds 6,437 − (55 ) 6,382 Federal Home Loan Mortgage Corporation Bonds 1,997 2 (20 ) 1,979 Federal National Mortgage Association Bond 6,999 16 (46 ) 6,969 Municipal Bond 470 2 − 472 23,472 45 (183 ) 23,334 Mortgage-backed securities: Federal Home Loan Mortgage Corporation 454 33 − 487 Federal National Mortgage Association 495 49 − 544 Government National Mortgage Corporation 196 6 − 202 1,145 88 − 1,233 Total $ 24,617 $ 133 $ (183 ) $ 24,567 Available for Sale December 31, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Certificates of Deposit $ 1,500 $ 5 $ (2 ) $ 1,503 Federal National Mortgage Association Bond 500 − (20 ) 480 Mutual Fund Shares 130 − (3 ) 127 $ 2,130 $ 5 $ (25 ) $ 2,110 Available for Sale March 31, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Federal Home Loan Bank Bonds $ 500 $ − $ (10 ) $ 490 Federal National Mortgage Association Bond 500 − (17 ) 483 Mutual Fund Shares 154 1 − 155 Total $ 1,154 $ 1 $ (27 ) $ 1,128 The following is a summary of maturities of securities held-to-maturity and available-for-sale as of December 31, 2015 and March 31, 2015: December 31, 2015 Held to Maturity Available for Sale (Dollars in Thousands) Amortized Cost Fair Value Amortized Cost Fair Value Amounts maturing in: One year or less $ 1,237 $ 1,237 $ − $ − After one year through five years 945 936 1,000 1,005 After five years through ten years 10,421 10,298 500 498 After ten years 11,242 11,149 500 480 Equity securities − − 130 127 $ 23,845 $ 23,620 $ 2,130 $ 2,110 March 31, 2015 Held to Maturity Available for Sale (Dollars in Thousands) Amortized Cost Fair Value Amortized Cost Fair Value Amounts maturing in: One year or less $ 971 $ 980 $ − $ − After one year through five years 1,000 999 − − After five years through ten years 8,911 8,839 − − After ten years 13,735 13,749 1,000 973 Equity securities − − 154 155 $ 24,617 $ 24,567 $ 1,154 $ 1,128 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 December 31, 2015 and March 31, 2015, aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows: December 31, 2015 Less Than 12 Months 12 Months or Greater Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (Dollars in Thousands) Certificate of Deposit $ 248 $ (2 ) $ − $ − $ 248 $ (2 ) Federal Home Loan Bank Bonds 3,552 (32 ) 1,942 (58 ) $ 5,494 (90 ) Federal Farm Credit Bonds 6,645 (44 ) 2,388 (56 ) 9,033 (100 ) Federal Home Loan Mortgage Corporation Bonds 487 (13 ) 488 (12 ) 975 (25 ) Federal National Mortgage Association 3,954 (46 ) 1,943 (57 ) 5,897 (103 ) Municipal Bond 735 (1 ) − − 735 (1 ) Mutual Fund Shares 127 (3 ) − − 127 (3 ) Total $ 15,748 $ (141 ) $ 6,761 $ (183 ) $ 22,509 $ (324 ) March 31, 2015 Less Than 12 Months 12 Months or Greater Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (Dollars in Thousands) Federal Home Loan Bank Bonds $ 2,457 $ (20 ) $ 2,451 $ (52 ) $ 4,907 $ (72 ) Federal Farm Credit Bonds 2,478 (14 ) 2,903 (42 ) 5,382 (55 ) Federal Home Loan Mortgage Corporation Bonds 988 (12 ) 492 (8 ) 1,480 (20 ) Federal National Mortgage Association 1,493 (7 ) 2,442 (57 ) 3,936 (64 ) Mutual funds shares − − − − − − 7,416 (53 ) 8,288 (159 ) 15,705 (211 ) Mortgage-Backed Securities: Government National Mortgage Corporation − − − − − − Total $ 7,416 $ (53 ) $ 8,288 $ (159 ) $ 15,705 $ (211 ) Management evaluates securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Bank to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. At December 31, 2015, the 45 debt securities with unrealized losses have depreciated 1.4% from the Bank’s amortized cost basis. These unrealized losses relate principally to current interest rates for similar types of securities. In analyzing an issuer’s financial condition, management considers whether the securities are issued by the federal government, its agencies, or other governments, whether downgrades by bond rating agencies have occurred, and the results of reviews of the issuer’s financial condition. As management has the ability to hold debt securities until maturity, or for the foreseeable future if classified as available-for-sale, no declines are deemed to be other-than-temporary. |
Note 5 - Earnings Per Share (Ta
Note 5 - Earnings Per Share (Tables) | 9 Months Ended |
Dec. 31, 2015 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended December 31, Nine Months Ended December 31, 2015 2014 2015 2014 Numerator $ 12,622 $ (175,991 ) $ 34,825 $ (351,279 ) Denominators: Basic shares outstanding 906,720 903,201 906,720 903,201 Effect of dilutive securities 2,222 − 2,222 − Dilutive shares outstanding 908,942 903,201 908,942 903,201 Earnings per share: Basic $ 0.01 $ (0.19 ) $ 0.04 $ (0.39 ) Dilutive $ 0.01 $ (0.19 ) $ 0.04 $ (0.39 ) |
Note 8 - Fair Value of Financ20
Note 8 - Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Dec. 31, 2015 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) December 31, 2015 Available-for-sale securities $ 2,110 $ − $ − March 31, 2015 Available-for-sale securities $ 1,127 $ − $ − |
Fair Value Measurements, Nonrecurring [Table Text Block] | Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) December 31, 2015 Impaired loans $ − $ − $ 4,725 Real estate owned − − 2,158 Total $ − $ − $ 6,883 March 31, 2015 Impaired loans $ − $ − $ 4,522 Real estate owned − − 2,433 Total $ − $ − $ 6,955 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | December 31, 2015 Carrying Amount Level 1 Level 2 Level 3 (Dollars in Thousands) Financial Assets: Cash and cash equivalents $ 8,791 $ 8,791 − − Investment securities 25,975 − 25,730 − Loans – net 83,565 − − 82,967 FHLB stock 254 254 − − Accrued interest receivable 382 382 − − Bank–owned life insurance 169 169 − − Total financial assets 119,136 9,596 25,730 82,967 Financial Liabilities: Deposits 112,430 12,452 99,997 − Advance payments by borrowers for taxes and insurance 408 408 − − Advances Federal Home Loan Bank 3,000 3,000 − − Accrued interest payable 1 1 − − Total financial liabilities 115,839 15,861 99,997 − March 31, 2015 Carrying Amount Level 1 Level 2 Level 3 (Dollars in Thousands) Financial Assets: Cash and cash equivalents $ 10,450 $ 10,450 $ − $ − Investment securities 25,772 − 25,694 − Loans – net 80,146 − − 79,675 FHLB stock 306 306 − − Accrued interest receivable 437 437 − − Bank-owned life insurance 169 169 − − Total financial assets $ 117,280 $ 11,362 $ 25,694 $ 79,675 Financial Liabilities: Deposits $ 110,198 $ 10,733 $ 99,411 $ − Advances from Federal Home Loan Bank 4,000 4,000 − − Advance payments by borrowers for taxes and insurance 320 320 − − Accrued interest payable 6 6 − − Total financial liabilities $ 114,524 $ 15,059 $ 99,411 $ − |
Schedule of Fair Value, Off-balance Sheet Risks [Table Text Block] | December 31, 2015 March 31, 2015 Contract Value Estimated Fair Value Contract Value Estimated Fair Value Off-balance sheet instruments Commitments to extend credit $ 5,989 − $ 8,840 $ − |
Note 9 - Loans (Tables)
Note 9 - Loans (Tables) | 9 Months Ended |
Dec. 31, 2015 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, 2015 March 31, 2015 Residential (one-to four-family) real estate $ 65,549 $ 62,789 Multi-family and commercial real estate 9,672 7,979 Commercial 2,186 1,913 Home equity 6,680 8,006 Consumer 672 678 Construction 55 56 Total loans 84,814 81,421 Net deferred loan origination fees (75 ) (90 ) Allowance for loan losses (1,174 ) (1,185 ) Loans, net 83,565 $ 80,146 |
Financing Receivable Credit Quality Indicators [Table Text Block] | Pass Special Mention Loans Classified Loans Non- Performing Loans Total Residential real estate $ 62,737 $ − $ − $ 2,812 $ 65,549 Multi-family and commercial real estate 7,338 886 127 1,321 9,672 Commercial 1,967 76 143 − 2,186 Home equity 6,646 − − 34 6,680 Consumer 672 − − − 672 Construction − − − 55 55 $ 79,360 $ 962 $ 270 $ 4,222 $ 84,814 |
Past Due Financing Receivables [Table Text Block] | 30-59 Days Past Due 60- 89 Days Past Due Greater than 90 Days Past Due Total Past Due Current Total Loan Balances Residential real estate $ 696 $ 880 $ 1,860 $ 3,436 $ 62,113 $ 65,549 Multi-family and commercial real estate 290 − 554 844 8,828 9,672 Commercial 98 − − 98 2,088 2,186 Home Equity 25 93 34 152 6,528 6,680 Consumer 16 − − 16 656 672 Construction − − − − 55 55 Total Loans $ 1,125 $ 973 $ 2,448 $ 4,546 $ 80,268 $ 84,814 Percentage of Total Loans 1.32 % 1.15 % 2.89 % 5.36 % 94.64 % 100.0 % |
Impaired Financing Receivables [Table Text Block] | December 31, 2015 March 31, 2015 Impaired loans for which a valuation allowance has been provided $ − $ — Impaired loans for which no valuation allowance has been provided 5,077 4,522 Total loans determined to be impaired 5,077 4,522 Allowance for loans losses related to impaired loans − — Average recorded investment in impaired loans 5,036 4,707 Cash basis interest income recognized on impaired loans 144 201 |
Schedule of Credit Losses Related to Financing Receivables, Current and Noncurrent [Table Text Block] | Recorded Investment Unpaid Principal Balance Related Valuation Allowance Average Recorded Investment Interest Income Recognized While On Impaired Status Impaired loans with no valuation allowance: Residential real estate $ 3,071 $ 3,027 $ − $ 2,897 $ 44 Multi-family and commercial real estate 1,930 1,927 − 1,991 84 Commercial 34 34 − 16 13 Home equity 34 34 − 36 1 Consumer − − − 57 − Construction 60 55 − 39 2 Total $ 5,129 $ 5,077 $ − $ 5,036 $ 144 Recorded Investment Unpaid Principal Balance Related Valuation Allowance Average Recorded Investment Interest Income Recognized While On Impaired Statues Impaired loans with no valuation allowance: Residential real estate $ 2,600 $ 2,536 $ − $ 2,743 $ 65 Multi-family and commercial real estate 1,860 1,813 − 1,727 130 Commercial 35 35 − 31 1 Home equity 11 11 − 130 − Consumer 71 71 − 18 2 Construction 56 56 − 58 3 Total $ 4,633 $ 4,522 $ − $ 4,707 $ 201 |
Schedule of Financing Receivables, Non Accrual Status [Table Text Block] | December 31, 2015 March 31, 2015 Non-accrual loans: Residential real estate $ 1,450 $ 880 Multi-family and commercial real estate 554 662 Commercial − − Consumer − 71 Home Equity 34 11 Construction − − Total non-accrual loans 2,038 1,624 Accruing loans past due 90 days or more: Residential real estate $ − $ − Multi-family and commercial real estate − − Commercial − − Consumer − − Home Equity − − Construction − − Total accruing loans past due 90 days or more − − Troubled Debt Restructurings: In non-accrual status: Residential real estate $ 410 $ 484 Multi-family and commercial real estate − 229 Commercial − − Consumer − − Home Equity − − Construction − − Total troubled debt restructurings in non-accrual status 410 713 Performing under modified terms: Residential real estate 952 696 Multi-family and commercial real estate 767 773 Commercial − Consumer − Home Equity − Construction 55 56 Total troubled debt restructurings performing under modified terms: 1,774 1,525 Total troubled debt restructurings 2,184 2,238 Total non-performing loans 4,222 3,862 Real estate owned 2,158 2,433 Total non-performing assets 6,380 6,295 Non-performing loans as a percentage of loans 4.98 % 4.74 % Non-performing assets as a percentage of loans and real estate owned 7.34 % 7.51 % Non-performing assets as percentage of total assets 4.91 % 4.90 % |
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | December 31, 2015 March 31, 2015 Outstanding Recorded Outstanding Recorded Number of Pre- Modification Post- Number of Pre- Modification Post- Troubled debt restructurings: Residential real estate − $ − $ − 1 $ 96 $ 111 |
Schedule of Debtor Troubled Debt Restructuring, Subsequent Periods [Table Text Block] | Number of Recorded Investment Number of Recorded Investment Troubled debt restructurings that subsequently defaulted: Residential real estate − $ − - $ - |
Real Estate Owned [Table Text Block] | December 31, 2015 March 31, 2015 Balance, beginning of period $ 2,433 $ 1,950 Additions from loan foreclosures 247 2,333 Additions from capitalized costs − − Dispositions of REO (995 ) (1,592 ) Gain (loss) on sale of REO (2 ) (82 ) Valuation adjustments in the period 475 (176 ) Balance, end of period $ 2,158 $ 2,433 December 31, 2015 March 31, 2015 Balance, beginning of period $ 851 $ 676 Valuation adjustments added in the period 48 642 Valuation adjustments on disposed properties during the period (523 ) (467 ) Balance, end of period $ 376 $ 851 |
Schedule of Charge-offs [Table Text Block] | December 31, 2015 March 31, 2015 Balance at beginning of period $ 1,185 $ 1,448 Provision: Commercial (8 ) 45 Commercial real estate (7 ) 176 Residential real estate (39 ) 177 Home Equity (1 ) 21 Consumer 65 (25 ) Construction − (4 ) Total provision 10 390 Charge-offs: Commercial − 19 Commercial real estate − 598 Residential real estate 40 142 Home equity 11 − Consumer 71 4 Recoveries (101 ) (110 ) Total Net Charge-Offs $ 21 $ 653 Balance at end of period $ 1,174 $ 1,185 Period-end loans outstanding $ 84,814 $ 81,421 Average loans outstanding $ 85,627 $ 83,253 Allowance as a percentage of period-end loans 1.38 % 1.46 % Net charge-offs as a percentage of average loans 0.02 % 0.78 % |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | Commercial Commercial Real Estate Residential Real Estate Home Equity Consumer Construction Total Balance, beginning of year $ 86 $ 289 $ 702 $ 87 $ 21 $ − $ 1,185 Loan charge-offs − − (40 ) (11 ) (71 ) − (122 ) Recoveries 4 44 35 − 18 − 101 Provision for loan losses (8 ) (7 ) (39 ) (1 ) 65 − 10 Balance, end of period $ 82 $ 326 $ 658 $ 75 $ 33 $ − $ 1,174 Ending balance for loans individually evaluated for impairment $ 133 $ 1,640 $ 2,863 $ 34 $ − $ 55 $ 4,725 Ending balance for loans collectively evaluated for impairment 2,053 8,032 62,686 6,646 672 − $ 80,089 Loans receivable: Ending balance $ 2,186 $ 9,672 $ 65,549 $ 6,680 $ 672 $ 55 $ 84,814 Ending balance: loans individually evaluated for impairment $ 133 $ 1,640 $ 2,863 $ 34 $ − $ 55 $ 4,725 Ending balance: loans collectively evaluated for impairment 2,053 8,032 62,686 6,646 672 − $ 80,089 |
Note 10 - Investment Securiti22
Note 10 - Investment Securities (Tables) | 9 Months Ended |
Dec. 31, 2015 | |
Notes Tables | |
Held-to-maturity Securities [Table Text Block] | Held-to-Maturity December 31, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Dollars in Thousands) Federal Farm Credit Bank Bond $ 8,933 $ − $ (100 ) $ 8,833 Federal Home Loan Bank Bonds 6,264 12 (90 ) 6,186 Federal Home Loan Mortgage Corporation Bonds 1,000 − (25 ) 975 Federal National Mortgage Association 5,999 2 (81 ) 5,920 Municipal Bond 736 − (1 ) 735 22,932 14 (297 ) 22,649 Mortgage-Backed Securities: Federal Home Loan Mortgage Corporation 342 17 − 359 Federal National Mortgage Association 410 37 − 447 Government National Mortgage Corporation 161 4 − 165 913 58 − 971 Total $ 23,845 $ 72 $ (297 ) $ 23,620 Held-to-Maturity March 31, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Dollars in Thousands) Federal Home Loan Bank Bonds $ 7,569 $ 25 $ (62 ) $ 7,532 Federal Farm Credit Bonds 6,437 − (55 ) 6,382 Federal Home Loan Mortgage Corporation Bonds 1,997 2 (20 ) 1,979 Federal National Mortgage Association Bond 6,999 16 (46 ) 6,969 Municipal Bond 470 2 − 472 23,472 45 (183 ) 23,334 Mortgage-backed securities: Federal Home Loan Mortgage Corporation 454 33 − 487 Federal National Mortgage Association 495 49 − 544 Government National Mortgage Corporation 196 6 − 202 1,145 88 − 1,233 Total $ 24,617 $ 133 $ (183 ) $ 24,567 |
Available-for-sale Securities [Table Text Block] | Available for Sale December 31, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Certificates of Deposit $ 1,500 $ 5 $ (2 ) $ 1,503 Federal National Mortgage Association Bond 500 − (20 ) 480 Mutual Fund Shares 130 − (3 ) 127 $ 2,130 $ 5 $ (25 ) $ 2,110 Available for Sale March 31, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Federal Home Loan Bank Bonds $ 500 $ − $ (10 ) $ 490 Federal National Mortgage Association Bond 500 − (17 ) 483 Mutual Fund Shares 154 1 − 155 Total $ 1,154 $ 1 $ (27 ) $ 1,128 |
Investments Classified by Contractual Maturity Date [Table Text Block] | December 31, 2015 Held to Maturity Available for Sale (Dollars in Thousands) Amortized Cost Fair Value Amortized Cost Fair Value Amounts maturing in: One year or less $ 1,237 $ 1,237 $ − $ − After one year through five years 945 936 1,000 1,005 After five years through ten years 10,421 10,298 500 498 After ten years 11,242 11,149 500 480 Equity securities − − 130 127 $ 23,845 $ 23,620 $ 2,130 $ 2,110 March 31, 2015 Held to Maturity Available for Sale (Dollars in Thousands) Amortized Cost Fair Value Amortized Cost Fair Value Amounts maturing in: One year or less $ 971 $ 980 $ − $ − After one year through five years 1,000 999 − − After five years through ten years 8,911 8,839 − − After ten years 13,735 13,749 1,000 973 Equity securities − − 154 155 $ 24,617 $ 24,567 $ 1,154 $ 1,128 |
Schedule of Unrealized Loss on Investments [Table Text Block] | December 31, 2015 Less Than 12 Months 12 Months or Greater Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (Dollars in Thousands) Certificate of Deposit $ 248 $ (2 ) $ − $ − $ 248 $ (2 ) Federal Home Loan Bank Bonds 3,552 (32 ) 1,942 (58 ) $ 5,494 (90 ) Federal Farm Credit Bonds 6,645 (44 ) 2,388 (56 ) 9,033 (100 ) Federal Home Loan Mortgage Corporation Bonds 487 (13 ) 488 (12 ) 975 (25 ) Federal National Mortgage Association 3,954 (46 ) 1,943 (57 ) 5,897 (103 ) Municipal Bond 735 (1 ) − − 735 (1 ) Mutual Fund Shares 127 (3 ) − − 127 (3 ) Total $ 15,748 $ (141 ) $ 6,761 $ (183 ) $ 22,509 $ (324 ) March 31, 2015 Less Than 12 Months 12 Months or Greater Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (Dollars in Thousands) Federal Home Loan Bank Bonds $ 2,457 $ (20 ) $ 2,451 $ (52 ) $ 4,907 $ (72 ) Federal Farm Credit Bonds 2,478 (14 ) 2,903 (42 ) 5,382 (55 ) Federal Home Loan Mortgage Corporation Bonds 988 (12 ) 492 (8 ) 1,480 (20 ) Federal National Mortgage Association 1,493 (7 ) 2,442 (57 ) 3,936 (64 ) Mutual funds shares − − − − − − 7,416 (53 ) 8,288 (159 ) 15,705 (211 ) Mortgage-Backed Securities: Government National Mortgage Corporation − − − − − − Total $ 7,416 $ (53 ) $ 8,288 $ (159 ) $ 15,705 $ (211 ) |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Details Textual) | Oct. 16, 2013USD ($)shares |
Sale of Stock, Number of Shares Issued in Transaction | shares | 525,423 |
Exchange of Common Stock Shares | shares | 420,002 |
Proceeds from Reorganization and Stock Offering | $ | $ 3,280,000 |
Costs from Reorganization and Stock Offering | $ | $ 923,000 |
Note 3 - Deferred Income Taxes
Note 3 - Deferred Income Taxes (Details Textual) | Dec. 31, 2015 |
GAAP Capital Ratio, Basis Points in Excess of Tier 1 Regulatory Capital Ratio | 1.08% |
Note 4 - Income Taxes (Details
Note 4 - Income Taxes (Details Textual) | 9 Months Ended |
Dec. 31, 2015USD ($) | |
Federal and State Jurisdiction [Member] | Earliest Tax Year [Member] | |
Open Tax Year | 2,010 |
Federal and State Jurisdiction [Member] | Latest Tax Year [Member] | |
Open Tax Year | 2,014 |
Liability for Uncertain Tax Positions, Current | $ 0 |
Note 5 - Earnings Per Share - E
Note 5 - Earnings Per Share - Earnings Per Share Reconciliation (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net Income (Loss) | $ 12,622 | $ (175,991) | $ 34,825 | $ (351,279) |
Denominators: | ||||
Basic shares outstanding (in shares) | 906,720 | 903,201 | 906,720 | 903,201 |
Effect of dilutive securities (in shares) | 2,222 | 0 | 2,222 | 0 |
Dilutive shares outstanding (in shares) | 908,942 | 903,201 | 908,942 | 903,201 |
Earnings per share: | ||||
Basic (in dollars per share) | $ 0.01 | $ (0.19) | $ 0.04 | $ (0.39) |
Dilutive (in dollars per share) | $ 0.01 | $ (0.19) | $ 0.04 | $ (0.39) |
Note 6 - Regulatory Agreement (
Note 6 - Regulatory Agreement (Details Textual) | Dec. 31, 2015 |
In Accordance With the Written Agreement With the Office of the Comptroller of the Currency [Member] | |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 8.00% |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 12.00% |
Capital Required for Capital Adequacy to Risk Weighted Assets | 13.00% |
Tier One Leverage Capital to Average Assets | 8.74% |
Tier One Risk Based Capital to Risk Weighted Assets | 15.95% |
Capital to Risk Weighted Assets | 17.23% |
Note 8 - Fair Value of Financ28
Note 8 - Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) | Dec. 31, 2015 | Mar. 31, 2015 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale (amortized cost of $2,129,985 and $1,154,418 at December 31, 2015 and March 31, 2015, respectively) | $ 2,110,000 | $ 1,127,000 |
Securities available-for-sale (amortized cost of $2,129,985 and $1,154,418 at December 31, 2015 and March 31, 2015, respectively) | $ 2,110,206 | $ 1,127,515 |
Note 8 - Fair Value of Financ29
Note 8 - Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on a Non-recurring Basis (Details) - Fair Value, Measurements, Nonrecurring [Member] - Fair Value, Inputs, Level 1 [Member] - USD ($) | Dec. 31, 2015 | Mar. 31, 2015 |
Impaired Loans [Member] | ||
Impaired loans | $ 0 | $ 0 |
Real Estate Owned [Member] | ||
Real estate owned | 0 | 0 |
Total | $ 0 | $ 0 |
Note 8 - Fair Value of Financ30
Note 8 - Fair Value of Financial Instruments - Estimated Fair Value of Assets and Liabilities (Details) - USD ($) | Dec. 31, 2015 | Mar. 31, 2015 |
Reported Value Measurement [Member] | ||
Financial Assets: | ||
Cash and cash equivalents | $ 8,791,000 | $ 10,450,000 |
Securities held-to-maturity (fair value $23,619,735 and $24,566,903 at December 31, 2015 and March 31, 2015, respectively) | 25,975,000 | 25,772,000 |
Loans, net of allowance for loan losses of $1,174,434 at December 31, 2015 and $1,185,178 at March 31, 2015 | 83,565,000 | 80,146,000 |
Federal Home Loan Bank, at cost | 254,000 | 306,000 |
Accrued interest receivable | 382,000 | 437,000 |
Bank-owned life insurance | 169,000 | 169,000 |
Total non-performing assets | 119,136,000 | 117,280,000 |
Financial Liabilities: | ||
Deposits | 112,430,000 | 110,198,000 |
Advance payments by borrowers for taxes and insurance | 408,000 | 320,000 |
Advances from Federal Home Loan bank | 3,000,000 | 4,000,000 |
Accrued interest payable | 1,000 | 6,000 |
Total financial liabilities | 115,839,000 | 114,524,000 |
Fair Value, Inputs, Level 1 [Member] | ||
Financial Assets: | ||
Cash and cash equivalents | 8,791,000 | 10,450,000 |
FHLB stock | 254,000 | 306,000 |
Accrued interest receivable | 382,000 | 437,000 |
Bank-owned life insurance | 169,000 | 169,000 |
Total financial assets | 9,596,000 | 11,362,000 |
Financial Liabilities: | ||
Deposits | 12,452,000 | 10,733,000 |
Advance payments by borrowers for taxes and insurance | 408,000 | 320,000 |
Advances from Federal Home Loan bank | 3,000,000 | 4,000,000 |
Accrued interest payable | 1,000 | 6,000 |
Total financial liabilities | 15,861,000 | 15,059,000 |
Fair Value, Inputs, Level 2 [Member] | ||
Financial Assets: | ||
Investment securities | 25,730,000 | 25,694,000 |
Total financial assets | 25,730,000 | 25,694,000 |
Financial Liabilities: | ||
Deposits | 99,411,000 | |
Total financial liabilities | 99,411,000 | |
Fair Value, Inputs, Level 3 [Member] | ||
Financial Assets: | ||
Total financial assets | 79,675,000 | |
Loans – net | 79,675,000 | |
Cash and cash equivalents | 8,791,355 | 10,450,448 |
Securities held-to-maturity (fair value $23,619,735 and $24,566,903 at December 31, 2015 and March 31, 2015, respectively) | 23,844,795 | 24,617,338 |
Investment securities | 23,619,735 | 24,566,903 |
Loans, net of allowance for loan losses of $1,174,434 at December 31, 2015 and $1,185,178 at March 31, 2015 | 83,564,611 | 80,146,397 |
Federal Home Loan Bank, at cost | 253,800 | 306,300 |
Accrued interest receivable | 382,151 | 436,840 |
Bank-owned life insurance | 169,252 | 169,252 |
Total non-performing assets | 129,955,585 | 128,572,750 |
Financial Liabilities: | ||
Advance payments by borrowers for taxes and insurance | 407,648 | 320,356 |
Advances from Federal Home Loan bank | 3,000,000 | 4,000,000 |
Total financial liabilities | $ 116,687,488 | $ 115,400,459 |
Note 8 - Fair Value of Financ31
Note 8 - Fair Value of Financial Instruments - Off-balance Sheet Instruments (Details) - Commitments to Extend Credit [Member] | Dec. 31, 2015USD ($) |
Commitments to extend credit, contract value | $ 5,989 |
Commitments to extend credit, estimated fair value | $ 0 |
Note 9 - Loans (Details Textual
Note 9 - Loans (Details Textual) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2015USD ($) | Mar. 31, 2015USD ($) | |
Residential Portfolio Segment [Member] | Maximum [Member] | ||
Loan Origination, Percentage of Appraised Value or Selling Price | 80.00% | |
Residential Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||
Financing Receivable, Modifications, Recorded Investment | $ 410,000 | $ 484,000 |
Residential Portfolio Segment [Member] | Downgraded Loans [Member] | ||
Financing Receivable, Modifications, Number of Contracts | 2 | |
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest | $ 632,000 | |
Residential Portfolio Segment [Member] | Paid In Full [Member] | ||
Financing Receivable, Modifications, Number of Contracts | 1 | |
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest | $ 61,000 | |
Residential Portfolio Segment [Member] | Total Charge-offs [Member] | ||
Financing Receivable, Modifications, Number of Contracts | 1 | |
Residential Portfolio Segment [Member] | Transfer to Real Estate Owned [Member] | ||
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest | $ 75,000 | |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Modifications, Number of Contracts | 0 | |
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 1,450,000 | 880,000 |
Allowance for Loan and Lease Losses, Write-offs | $ 40,000 | 142,000 |
Owner Occupied Property [Member] | Maximum [Member] | ||
Loan Term | 30 years | |
Non-owner Occupied Property [Member] | Maximum [Member] | ||
Loan Term | 30 years | |
Commercial Real Estate Portfolio Segment [Member] | Maximum [Member] | ||
Loan Origination, Percentage of Appraised Value or Selling Price | 80.00% | |
Interest Rate Maturity Or Re-price | 7 years | |
Loan Amortization Period | 25 years | |
Commercial Real Estate Portfolio Segment [Member] | Minimum [Member] | ||
Interest Rate Maturity Or Re-price | 5 years | |
Commercial Real Estate Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||
Financing Receivable, Modifications, Recorded Investment | $ 0 | 229,000 |
Commercial Real Estate Portfolio Segment [Member] | Non-Accruals Transfer to Accruing Status [Member] | ||
Financing Receivable, Modifications, Number of Contracts | 1 | |
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest | $ 229,000 | |
Commercial Real Estate Portfolio Segment [Member] | Transfer to Real Estate Owned [Member] | ||
Financing Receivable, Modifications, Number of Contracts | 1 | |
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest | $ 100,000 | |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 554,000 | 662,000 |
Allowance for Loan and Lease Losses, Write-offs | $ 0 | 598,000 |
Construction Portfolio Segment [Member] | Maximum [Member] | ||
Loan Term | 1 year | |
Construction Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||
Financing Receivable, Modifications, Recorded Investment | $ 0 | 0 |
Construction Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 0 | 0 |
Allowance for Loan and Lease Losses, Write-offs | 0 | |
Consumer Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||
Financing Receivable, Modifications, Recorded Investment | $ 0 | 0 |
Consumer Portfolio Segment [Member] | Total Charge-offs [Member] | ||
Financing Receivable, Modifications, Number of Contracts | 2 | |
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest | $ 82,000 | |
Consumer Portfolio Segment [Member] | ||
Loan Origination, Percentage of Appraised Value or Selling Price | 80.00% | |
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 0 | 71,000 |
Allowance for Loan and Lease Losses, Write-offs | 71,000 | 4,000 |
Commercial Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||
Financing Receivable, Modifications, Recorded Investment | $ 0 | 0 |
Commercial Portfolio Segment [Member] | Downgraded Loans [Member] | ||
Financing Receivable, Modifications, Number of Contracts | 1 | |
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest | $ 112,000 | |
Commercial Portfolio Segment [Member] | Paid In Full [Member] | ||
Financing Receivable, Modifications, Number of Contracts | 1 | |
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest | $ 118,000 | |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 0 | 0 |
Allowance for Loan and Lease Losses, Write-offs | 0 | 19,000 |
Home Equity Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||
Financing Receivable, Modifications, Recorded Investment | $ 0 | 0 |
Home Equity Portfolio Segment [Member] | Downgraded Loans [Member] | ||
Financing Receivable, Modifications, Number of Contracts | 1 | |
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest | $ 34,000 | |
Home Equity Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 34,000 | $ 11,000 |
Allowance for Loan and Lease Losses, Write-offs | $ 11,000 | |
Nonperforming Financial Instruments [Member] | Payment Deferral [Member] | ||
Financing Receivable, Modifications, Number of Contracts | 4 | |
Financing Receivable, Modifications, Recorded Investment | $ 586,000 | |
Nonperforming Financial Instruments [Member] | ||
Financing Receivable, Modifications, Recorded Investment | $ 410,000 | $ 713,000 |
In Non-accrual Status [Member] | ||
Financing Receviable, Number of Contracts, Nonaccrual Status | 15 | 17 |
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 2,400,000 | $ 2,300,000 |
Increase (Decrease) in Finance Receivables | $ 111,000 | |
Downgraded Loans [Member] | ||
Financing Receivable, Modifications, Number of Contracts | 4 | |
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest | $ 778,000 | |
Total Charge-offs [Member] | ||
Loans Receivables, Write Offs, Number of Relationships | 2 | 2 |
Allowance for Loan and Lease Losses, Write-offs | $ 82,000 | $ 23,000 |
Partial Charge-offs [Member] | ||
Loans Receivables, Write Offs, Number of Relationships | 2 | 17 |
Allowance for Loan and Lease Losses, Write-offs | $ 40,000 | $ 603,000 |
Loans Outstanding or Committed to a Single Borrower Exceeding Limitation | $ 0 | |
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, Recorded Investment | 2,184,000 | 2,238,000 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 2,038,000 | 1,624,000 |
Impaired Financing Receivable, Average Recorded Investment | 5,036,000 | 4,707,000 |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 144,000 | $ 201,000 |
Allowance for Loan and Lease Losses, Write-offs | $ 122,000 | |
Allowance for Loan Loss to Loans Outstanding Ratio | 1.38% | |
Increase (Decrease) in Non-performing Assets | $ 84,000 | |
Non-performing Assets As Percentage of Total Assets | 4.91% | 4.90% |
Note 9 - Loans - Loans (Details
Note 9 - Loans - Loans (Details) - USD ($) | Dec. 31, 2015 | Mar. 31, 2015 |
Residential Portfolio Segment [Member] | ||
Loans | $ 65,549,000 | $ 62,789,000 |
Allowance for loan losses | (658,000) | (702,000) |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans | 9,672,000 | 7,979,000 |
Allowance for loan losses | (326,000) | (289,000) |
Commercial Portfolio Segment [Member] | ||
Loans | 2,186,000 | 1,913,000 |
Allowance for loan losses | (82,000) | (86,000) |
Home Equity Portfolio Segment [Member] | ||
Loans | 6,680,000 | 8,006,000 |
Allowance for loan losses | (75,000) | (87,000) |
Consumer Portfolio Segment [Member] | ||
Loans | 672,000 | 678,000 |
Allowance for loan losses | (33,000) | (21,000) |
Construction Portfolio Segment [Member] | ||
Loans | 55,000 | 56,000 |
Allowance for loan losses | 0 | 0 |
Loans | 84,814,000 | 81,421,000 |
Net deferred loan origination fees | (75,000) | (90,000) |
Allowance for loan losses | (1,174,434) | (1,185,178) |
Loans, net | $ 83,564,611 | $ 80,146,397 |
Note 9 - Loans - Loans by Credi
Note 9 - Loans - Loans by Credit Quality Indicator (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Pass [Member] | Residential Portfolio Segment [Member] | |
Loans | $ 62,737 |
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | |
Loans | 7,338 |
Pass [Member] | Commercial Portfolio Segment [Member] | |
Loans | 1,967 |
Pass [Member] | Home Equity Portfolio Segment [Member] | |
Loans | 6,646 |
Pass [Member] | Consumer Portfolio Segment [Member] | |
Loans | $ 672 |
Pass [Member] | Construction Portfolio Segment [Member] | |
Loans | |
Pass [Member] | |
Loans | $ 79,360 |
Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | |
Loans | 886 |
Special Mention [Member] | Commercial Portfolio Segment [Member] | |
Loans | 76 |
Special Mention [Member] | |
Loans | 962 |
Classified Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | |
Loans | 127 |
Classified Loans [Member] | Commercial Portfolio Segment [Member] | |
Loans | 143 |
Classified Loans [Member] | |
Loans | 270 |
Residential Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |
Loans | 2,812 |
Residential Portfolio Segment [Member] | |
Loans | 65,549 |
Commercial Real Estate Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |
Loans | 1,321 |
Commercial Real Estate Portfolio Segment [Member] | |
Loans | 9,672 |
Commercial Portfolio Segment [Member] | |
Loans | 2,186 |
Home Equity Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |
Loans | 34 |
Home Equity Portfolio Segment [Member] | |
Loans | 6,680 |
Consumer Portfolio Segment [Member] | |
Loans | 672 |
Construction Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |
Loans | 55 |
Construction Portfolio Segment [Member] | |
Loans | 55 |
Nonperforming Financial Instruments [Member] | |
Loans | 4,222 |
Loans | $ 84,814 |
Note 9 - Loans - Past-Due Loans
Note 9 - Loans - Past-Due Loans (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Financing Receivables, 30 to 59 Days Past Due [Member] | Residential Portfolio Segment [Member] | |
Past due loans | $ 696 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | |
Past due loans | 290 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial Portfolio Segment [Member] | |
Past due loans | 98 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Home Equity Portfolio Segment [Member] | |
Past due loans | 25 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Consumer Portfolio Segment [Member] | |
Past due loans | 16 |
Financing Receivables, 30 to 59 Days Past Due [Member] | |
Past due loans | $ 1,125 |
Percentage past due loans | 1.32% |
Financing Receivables, 60 to 89 Days Past Due [Member] | Residential Portfolio Segment [Member] | |
Past due loans | $ 880 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Home Equity Portfolio Segment [Member] | |
Past due loans | 93 |
Financing Receivables, 60 to 89 Days Past Due [Member] | |
Past due loans | $ 973 |
Percentage past due loans | 1.15% |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Residential Portfolio Segment [Member] | |
Past due loans | $ 1,860 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | |
Past due loans | 554 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Home Equity Portfolio Segment [Member] | |
Past due loans | 34 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |
Past due loans | $ 2,448 |
Percentage past due loans | 2.89% |
Residential Portfolio Segment [Member] | |
Past due loans | $ 3,436 |
Current loans | 62,113 |
Loans | 65,549 |
Commercial Real Estate Portfolio Segment [Member] | |
Past due loans | 844 |
Current loans | 8,828 |
Loans | 9,672 |
Commercial Portfolio Segment [Member] | |
Past due loans | 98 |
Current loans | 2,088 |
Loans | 2,186 |
Home Equity Portfolio Segment [Member] | |
Past due loans | 152 |
Current loans | 6,528 |
Loans | 6,680 |
Consumer Portfolio Segment [Member] | |
Past due loans | 16 |
Current loans | 656 |
Loans | 672 |
Construction Portfolio Segment [Member] | |
Current loans | 55 |
Loans | 55 |
Past due loans | 4,546 |
Current loans | 80,268 |
Loans | $ 84,814 |
Percentage past due loans | 5.36% |
Percentage of current loans | 94.64% |
Percentage of Total Loans | 100.00% |
Note 9 - Loans - Impaired Loans
Note 9 - Loans - Impaired Loans (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2015 | Mar. 31, 2015 | |
Unpaid principal balance | $ 5,077,000 | $ 4,522,000 |
Total loans determined to be impaired | 5,077,000 | 4,522,000 |
Average recorded investment in impaired loans | 5,036,000 | 4,707,000 |
Cash basis interest income recognized on impaired loans | $ 144,000 | $ 201,000 |
Note 9 - Loans - Impaired Loa37
Note 9 - Loans - Impaired Loans by Portfolio (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Dec. 31, 2015 | Mar. 31, 2015 | |
Residential Portfolio Segment [Member] | ||
Impaired loans with no valuation allowance: | ||
Recorded investment | $ 3,071 | $ 2,600 |
Unpaid principal balance | 3,027 | 2,536 |
Average recorded investment | 2,897 | 2,743 |
Interest income recognized while on impaired statues | 44 | 65 |
Commercial Real Estate Portfolio Segment [Member] | ||
Impaired loans with no valuation allowance: | ||
Recorded investment | 1,930 | 1,860 |
Unpaid principal balance | 1,927 | 1,813 |
Average recorded investment | 1,991 | 1,727 |
Interest income recognized while on impaired statues | 84 | 130 |
Commercial Portfolio Segment [Member] | ||
Impaired loans with no valuation allowance: | ||
Recorded investment | 34 | 35 |
Unpaid principal balance | 34 | 35 |
Average recorded investment | 16 | 31 |
Interest income recognized while on impaired statues | 13 | 1 |
Home Equity Portfolio Segment [Member] | ||
Impaired loans with no valuation allowance: | ||
Recorded investment | 34 | 11 |
Unpaid principal balance | 34 | 11 |
Average recorded investment | 36 | 130 |
Interest income recognized while on impaired statues | 1 | |
Consumer Portfolio Segment [Member] | ||
Impaired loans with no valuation allowance: | ||
Recorded investment | 71 | |
Unpaid principal balance | 71 | |
Average recorded investment | 57 | 18 |
Interest income recognized while on impaired statues | 2 | |
Construction Portfolio Segment [Member] | ||
Impaired loans with no valuation allowance: | ||
Recorded investment | 60 | 56 |
Unpaid principal balance | 55 | 56 |
Average recorded investment | 39 | 58 |
Interest income recognized while on impaired statues | 2 | 3 |
Recorded investment | 5,129 | 4,633 |
Unpaid principal balance | 5,077 | 4,522 |
Average recorded investment | 5,036 | 4,707 |
Interest income recognized while on impaired statues | $ 144 | $ 201 |
Note 9 - Loans - Nonaccrual Loa
Note 9 - Loans - Nonaccrual Loans (Details) - USD ($) | Dec. 31, 2015 | Mar. 31, 2015 |
Residential Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||
In non-accrual status: | ||
Troubled debt restructurings | $ 410,000 | $ 484,000 |
Performing under modified terms: | ||
Troubled debt restructurings | 410,000 | 484,000 |
Residential Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||
In non-accrual status: | ||
Troubled debt restructurings | 952,000 | 696,000 |
Performing under modified terms: | ||
Troubled debt restructurings | 952,000 | 696,000 |
Residential Portfolio Segment [Member] | ||
Non-accrual loans: | ||
Non-accrual loans | 1,450,000 | 880,000 |
Accruing loans past due 90 days or more: | ||
90 days past due and still accruing | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||
In non-accrual status: | ||
Troubled debt restructurings | 0 | 229,000 |
Performing under modified terms: | ||
Troubled debt restructurings | 0 | 229,000 |
Commercial Real Estate Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||
In non-accrual status: | ||
Troubled debt restructurings | 767,000 | 773,000 |
Performing under modified terms: | ||
Troubled debt restructurings | 767,000 | 773,000 |
Commercial Real Estate Portfolio Segment [Member] | ||
Non-accrual loans: | ||
Non-accrual loans | 554,000 | 662,000 |
Accruing loans past due 90 days or more: | ||
90 days past due and still accruing | 0 | 0 |
Commercial Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||
In non-accrual status: | ||
Troubled debt restructurings | 0 | 0 |
Performing under modified terms: | ||
Troubled debt restructurings | 0 | 0 |
Commercial Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||
In non-accrual status: | ||
Troubled debt restructurings | 0 | 0 |
Performing under modified terms: | ||
Troubled debt restructurings | 0 | 0 |
Commercial Portfolio Segment [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 |
Consumer Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||
In non-accrual status: | ||
Troubled debt restructurings | 0 | 0 |
Performing under modified terms: | ||
Troubled debt restructurings | 0 | 0 |
Consumer Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||
In non-accrual status: | ||
Troubled debt restructurings | 0 | 0 |
Performing under modified terms: | ||
Troubled debt restructurings | 0 | 0 |
Consumer Portfolio Segment [Member] | ||
Non-accrual loans: | ||
Non-accrual loans | 0 | 71,000 |
Accruing loans past due 90 days or more: | ||
90 days past due and still accruing | 0 | 0 |
Home Equity Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||
In non-accrual status: | ||
Troubled debt restructurings | 0 | 0 |
Performing under modified terms: | ||
Troubled debt restructurings | 0 | 0 |
Home Equity Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||
In non-accrual status: | ||
Troubled debt restructurings | 0 | 0 |
Performing under modified terms: | ||
Troubled debt restructurings | 0 | 0 |
Home Equity Portfolio Segment [Member] | ||
Non-accrual loans: | ||
Non-accrual loans | 34,000 | 11,000 |
Accruing loans past due 90 days or more: | ||
90 days past due and still accruing | 0 | 0 |
Construction Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||
In non-accrual status: | ||
Troubled debt restructurings | 0 | 0 |
Performing under modified terms: | ||
Troubled debt restructurings | 0 | 0 |
Construction Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||
In non-accrual status: | ||
Troubled debt restructurings | 55,000 | 56,000 |
Performing under modified terms: | ||
Troubled debt restructurings | 55,000 | 56,000 |
Construction Portfolio Segment [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 |
Nonperforming Financial Instruments [Member] | ||
In non-accrual status: | ||
Troubled debt restructurings | 410,000 | 713,000 |
Performing under modified terms: | ||
Troubled debt restructurings | 410,000 | 713,000 |
Total non-performing loans | 4,222,000 | 3,862,000 |
Real estate owned | 2,158,000 | 2,433,000 |
Total non-performing assets | 6,380,000 | 6,295,000 |
Performing Financial Instruments [Member] | ||
In non-accrual status: | ||
Troubled debt restructurings | 1,774,000 | 1,525,000 |
Performing under modified terms: | ||
Troubled debt restructurings | 1,774,000 | 1,525,000 |
Non-accrual loans | 2,038,000 | 1,624,000 |
90 days past due and still accruing | 0 | 0 |
Troubled debt restructurings | 2,184,000 | 2,238,000 |
Troubled debt restructurings | 2,184,000 | 2,238,000 |
Real estate owned | 2,157,766 | 2,433,483 |
Total non-performing assets | $ 129,955,585 | $ 128,572,750 |
Non-performing loans as a percentage of loans | 4.98% | 4.74% |
Non-performing assets as a percentage of loans and real estate owned | 7.34% | 7.51% |
Non-performing assets as percentage of total assets | 4.91% | 4.90% |
Note 9 - Loans - Troubled Debt
Note 9 - Loans - Troubled Debt Restructurings (Details) - Residential Portfolio Segment [Member] | 9 Months Ended |
Dec. 31, 2015USD ($) | |
Number of Contracts | 0 |
Outstanding Recorded Investment Pre-Modification | $ 0 |
Outstanding Recorded Investment Post-Modification | $ 0 |
Note 9 - Loans - Troubled Deb40
Note 9 - Loans - Troubled Debt Restructurings Subsequent Default (Details) - Residential Portfolio Segment [Member] | 9 Months Ended |
Dec. 31, 2015USD ($) | |
Troubled debt restructurings that subsequently defaulted, number of contracts | 0 |
Troubled debt restructurings that subsequently defaulted, recorded investment | $ 0 |
Note 9 - Loans - Real Estate Ow
Note 9 - Loans - Real Estate Owned (REO), Net of Valuation Allowance (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | |
Balance, beginning of period | $ 2,433,483 | $ 1,950,000 | $ 1,950,000 | |
Additions from loan foreclosures | 246,382 | 1,827,367 | 2,333,000 | |
Dispositions of REO | (995,000) | (1,592,000) | ||
Gain (loss) on sale of REO | $ (1,115) | (3,096) | (11,078) | (82,000) |
Valuation adjustments in the period | 475,000 | (176,000) | ||
Balance, end of period | 2,157,766 | 2,157,766 | 2,433,483 | |
Balance, beginning of period | 851,000 | $ 676,000 | 676,000 | |
Valuation adjustments added in the period | 48,000 | 642,000 | ||
Valuation adjustments on disposed properties during the period | (523,000) | (467,000) | ||
Balance, end of period | $ 376,000 | $ 376,000 | $ 851,000 |
Note 9 - Loans - Allowance for
Note 9 - Loans - Allowance for Losses on Loans and Charge-Offs (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Dec. 31, 2015 | Dec. 31, 2015 | Mar. 31, 2015 | |
Commercial Portfolio Segment [Member] | |||
Balance, beginning of year | $ 86,000 | ||
Provision: | |||
Provision for loan losses | (8,000) | $ 45,000 | |
Charge-offs: | |||
Charge-offs | 0 | 19,000 | |
Recoveries | (4,000) | ||
Balance, end of period | $ 82,000 | 82,000 | 86,000 |
Loans | 2,186,000 | 2,186,000 | 1,913,000 |
Commercial Real Estate Portfolio Segment [Member] | |||
Balance, beginning of year | 289,000 | ||
Provision: | |||
Provision for loan losses | (7,000) | 176,000 | |
Charge-offs: | |||
Charge-offs | 0 | 598,000 | |
Recoveries | (44,000) | ||
Balance, end of period | 326,000 | 326,000 | 289,000 |
Loans | 9,672,000 | 9,672,000 | 7,979,000 |
Residential Portfolio Segment [Member] | |||
Balance, beginning of year | 702,000 | ||
Provision: | |||
Provision for loan losses | (39,000) | 177,000 | |
Charge-offs: | |||
Charge-offs | 40,000 | 142,000 | |
Recoveries | (35,000) | ||
Balance, end of period | 658,000 | 658,000 | 702,000 |
Loans | 65,549,000 | 65,549,000 | 62,789,000 |
Home Equity Portfolio Segment [Member] | |||
Balance, beginning of year | 87,000 | ||
Provision: | |||
Provision for loan losses | (1,000) | $ 21,000 | |
Charge-offs: | |||
Charge-offs | $ 11,000 | ||
Recoveries | |||
Balance, end of period | 75,000 | $ 75,000 | $ 87,000 |
Loans | 6,680,000 | 6,680,000 | 8,006,000 |
Consumer Portfolio Segment [Member] | |||
Balance, beginning of year | 21,000 | ||
Provision: | |||
Provision for loan losses | 65,000 | (25,000) | |
Charge-offs: | |||
Charge-offs | 71,000 | 4,000 | |
Recoveries | (18,000) | ||
Balance, end of period | 33,000 | 33,000 | 21,000 |
Loans | 672,000 | 672,000 | 678,000 |
Construction Portfolio Segment [Member] | |||
Balance, beginning of year | 0 | ||
Provision: | |||
Provision for loan losses | 0 | (4,000) | |
Charge-offs: | |||
Charge-offs | 0 | ||
Recoveries | 0 | ||
Balance, end of period | 0 | 0 | 0 |
Loans | $ 55,000 | 55,000 | 56,000 |
Balance, beginning of year | 1,185,178 | 1,448,000 | |
Provision for loan losses | 10,000 | 390,000 | |
Charge-offs | 122,000 | ||
Recoveries | (101,000) | (110,000) | |
Total Net Charge-Offs | 21,000 | 653,000 | |
Balance, end of period | $ 1,174,434 | 1,174,434 | 1,185,178 |
Loans | $ 84,814,000 | 84,814,000 | 81,421,000 |
Average loans outstanding | $ 85,627,000 | $ 83,253,000 | |
Allowance as a percentage of period-end loans | 1.38% | 1.38% | 1.46% |
Net charge-offs as a percentage of average loans | 0.02% | 0.02% | 0.78% |
Note 9 - Loans - Allowance fo43
Note 9 - Loans - Allowance for Loan Losses (Details) | 3 Months Ended | 9 Months Ended |
Dec. 31, 2015USD ($) | Dec. 31, 2015USD ($) | |
Commercial Portfolio Segment [Member] | ||
Balance, beginning of year | $ 86,000 | |
Loan charge-offs | 0 | |
Recoveries | 4,000 | |
Provision for loan losses | (8,000) | |
Balance, end of period | $ 82,000 | 82,000 |
Ending balance for loans individually evaluated for impairment | 133,000 | 133,000 |
Ending balance for loans collectively evaluated for impairment | 2,053,000 | 2,053,000 |
Loans receivable: | ||
Ending balance | 2,186,000 | 2,186,000 |
Ending balance: loans individually evaluated for impairment | 133,000 | 133,000 |
Ending balance: loans collectively evaluated for impairment | 2,053,000 | 2,053,000 |
Commercial Real Estate Portfolio Segment [Member] | ||
Balance, beginning of year | 289,000 | |
Loan charge-offs | 0 | |
Recoveries | 44,000 | |
Provision for loan losses | (7,000) | |
Balance, end of period | 326,000 | 326,000 |
Ending balance for loans individually evaluated for impairment | 1,640,000 | 1,640,000 |
Ending balance for loans collectively evaluated for impairment | 8,032,000 | 8,032,000 |
Loans receivable: | ||
Ending balance | 9,672,000 | 9,672,000 |
Ending balance: loans individually evaluated for impairment | 1,640,000 | 1,640,000 |
Ending balance: loans collectively evaluated for impairment | 8,032,000 | 8,032,000 |
Residential Portfolio Segment [Member] | ||
Balance, beginning of year | 702,000 | |
Loan charge-offs | (40,000) | |
Recoveries | 35,000 | |
Provision for loan losses | (39,000) | |
Balance, end of period | 658,000 | 658,000 |
Ending balance for loans individually evaluated for impairment | 2,863,000 | 2,863,000 |
Ending balance for loans collectively evaluated for impairment | 62,686,000 | 62,686,000 |
Loans receivable: | ||
Ending balance | 65,549,000 | 65,549,000 |
Ending balance: loans individually evaluated for impairment | 2,863,000 | 2,863,000 |
Ending balance: loans collectively evaluated for impairment | 62,686,000 | 62,686,000 |
Home Equity Portfolio Segment [Member] | ||
Balance, beginning of year | 87,000 | |
Loan charge-offs | $ (11,000) | |
Recoveries | ||
Provision for loan losses | $ (1,000) | |
Balance, end of period | 75,000 | 75,000 |
Ending balance for loans individually evaluated for impairment | 34,000 | 34,000 |
Ending balance for loans collectively evaluated for impairment | 6,646,000 | 6,646,000 |
Loans receivable: | ||
Ending balance | 6,680,000 | 6,680,000 |
Ending balance: loans individually evaluated for impairment | 34,000 | 34,000 |
Ending balance: loans collectively evaluated for impairment | 6,646,000 | 6,646,000 |
Consumer Portfolio Segment [Member] | ||
Balance, beginning of year | 21,000 | |
Loan charge-offs | (71,000) | |
Recoveries | 18,000 | |
Provision for loan losses | 65,000 | |
Balance, end of period | 33,000 | 33,000 |
Ending balance for loans individually evaluated for impairment | 0 | 0 |
Ending balance for loans collectively evaluated for impairment | 672,000 | 672,000 |
Loans receivable: | ||
Ending balance | 672,000 | 672,000 |
Ending balance: loans individually evaluated for impairment | 0 | 0 |
Ending balance: loans collectively evaluated for impairment | 672,000 | 672,000 |
Construction Portfolio Segment [Member] | ||
Balance, beginning of year | 0 | |
Loan charge-offs | 0 | |
Recoveries | 0 | |
Provision for loan losses | 0 | |
Balance, end of period | 0 | 0 |
Ending balance for loans individually evaluated for impairment | 55,000 | 55,000 |
Ending balance for loans collectively evaluated for impairment | 0 | 0 |
Loans receivable: | ||
Ending balance | 55,000 | 55,000 |
Ending balance: loans individually evaluated for impairment | 55,000 | 55,000 |
Ending balance: loans collectively evaluated for impairment | $ 0 | 0 |
Balance, beginning of year | 1,185,178 | |
Loan charge-offs | (122,000) | |
Recoveries | 101,000 | |
Provision for loan losses | 10,000 | |
Balance, end of period | $ 1,174,434 | 1,174,434 |
Ending balance for loans individually evaluated for impairment | 4,725,000 | 4,725,000 |
Ending balance for loans collectively evaluated for impairment | 80,089,000 | 80,089,000 |
Ending balance | 84,814,000 | 84,814,000 |
Ending balance: loans individually evaluated for impairment | 4,725,000 | 4,725,000 |
Ending balance: loans collectively evaluated for impairment | $ 80,089,000 | $ 80,089,000 |
Note 10 - Investment Securiti44
Note 10 - Investment Securities (Details Textual) - Debt Securities [Member] | Dec. 31, 2015 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 45 |
Securities in Unrealized Loss Positions, Depreciated Percentage from Amortized Cost | 1.40% |
Note 10 - Investment Securiti45
Note 10 - Investment Securities - Held-to-Maturity Securities (Details) - USD ($) | Dec. 31, 2015 | Mar. 31, 2015 |
Federal Farm Credit Bonds [Member] | Bonds [Member] | ||
Securities held-to-maturity (fair value $23,619,735 and $24,566,903 at December 31, 2015 and March 31, 2015, respectively) | $ 8,933,000 | $ 6,437,000 |
Held-to-maturity securities, gross unrealized losses | (100,000) | (55,000) |
Securities held-to-maturity, fair value | 8,833,000 | 6,382,000 |
Federal Home Loan Bank Certificates and Obligations (FHLB) [Member] | Bonds [Member] | ||
Securities held-to-maturity (fair value $23,619,735 and $24,566,903 at December 31, 2015 and March 31, 2015, respectively) | 6,264,000 | 7,569,000 |
Held-to-maturity securities, gross unrealized losses | (90,000) | (62,000) |
Securities held-to-maturity, fair value | 6,186,000 | 7,532,000 |
Held-to-maturity securities, gross unrealized gains | 12,000 | 25,000 |
Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) [Member] | Bonds [Member] | ||
Securities held-to-maturity (fair value $23,619,735 and $24,566,903 at December 31, 2015 and March 31, 2015, respectively) | 1,000,000 | 1,997,000 |
Held-to-maturity securities, gross unrealized losses | (25,000) | (20,000) |
Securities held-to-maturity, fair value | $ 975,000 | 1,979,000 |
Held-to-maturity securities, gross unrealized gains | 2,000 | |
Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Securities held-to-maturity (fair value $23,619,735 and $24,566,903 at December 31, 2015 and March 31, 2015, respectively) | $ 342,000 | 454,000 |
Securities held-to-maturity, fair value | 359,000 | 487,000 |
Held-to-maturity securities, gross unrealized gains | 17,000 | 33,000 |
Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] | Bonds [Member] | ||
Securities held-to-maturity (fair value $23,619,735 and $24,566,903 at December 31, 2015 and March 31, 2015, respectively) | 5,999,000 | 6,999,000 |
Held-to-maturity securities, gross unrealized losses | (81,000) | (46,000) |
Securities held-to-maturity, fair value | 5,920,000 | 6,969,000 |
Held-to-maturity securities, gross unrealized gains | 2,000 | 16,000 |
Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Securities held-to-maturity (fair value $23,619,735 and $24,566,903 at December 31, 2015 and March 31, 2015, respectively) | 410,000 | 495,000 |
Securities held-to-maturity, fair value | 447,000 | 544,000 |
Held-to-maturity securities, gross unrealized gains | 37,000 | 49,000 |
Municipal Bonds [Member] | Bonds [Member] | ||
Securities held-to-maturity (fair value $23,619,735 and $24,566,903 at December 31, 2015 and March 31, 2015, respectively) | 736,000 | 470,000 |
Held-to-maturity securities, gross unrealized losses | (1,000) | |
Securities held-to-maturity, fair value | 735,000 | 472,000 |
Held-to-maturity securities, gross unrealized gains | 2,000 | |
Government National Mortgage Association Certificates and Obligations (GNMA) [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Securities held-to-maturity (fair value $23,619,735 and $24,566,903 at December 31, 2015 and March 31, 2015, respectively) | 161,000 | 196,000 |
Securities held-to-maturity, fair value | 165,000 | 202,000 |
Held-to-maturity securities, gross unrealized gains | 4,000 | 6,000 |
Bonds [Member] | ||
Securities held-to-maturity (fair value $23,619,735 and $24,566,903 at December 31, 2015 and March 31, 2015, respectively) | 22,932,000 | 23,472,000 |
Held-to-maturity securities, gross unrealized losses | (297,000) | (183,000) |
Securities held-to-maturity, fair value | 22,649,000 | 23,334,000 |
Held-to-maturity securities, gross unrealized gains | 14,000 | 45,000 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Securities held-to-maturity (fair value $23,619,735 and $24,566,903 at December 31, 2015 and March 31, 2015, respectively) | 913,000 | 1,145,000 |
Securities held-to-maturity, fair value | 971,000 | 1,233,000 |
Held-to-maturity securities, gross unrealized gains | 58,000 | 88,000 |
Securities held-to-maturity (fair value $23,619,735 and $24,566,903 at December 31, 2015 and March 31, 2015, respectively) | 23,844,795 | 24,617,338 |
Held-to-maturity securities, gross unrealized losses | (297,000) | (183,000) |
Securities held-to-maturity, fair value | 23,619,735 | 24,566,903 |
Held-to-maturity securities, gross unrealized gains | $ 72,000 | $ 133,000 |
Note 10 - Investment Securiti46
Note 10 - Investment Securities - Available-for-Sale Securities (Details) - USD ($) | Dec. 31, 2015 | Mar. 31, 2015 |
Certificates of Deposit [Member] | ||
Securities available-for-sale, amortized cost | $ 1,500,000 | |
Available-for-sale securities - gross unrealized gains | 5,000 | |
Available-for-sale securities - gross unrealized losses | (2,000) | |
Securities available-for-sale (amortized cost of $2,129,985 and $1,154,418 at December 31, 2015 and March 31, 2015, respectively) | 1,503,000 | |
Federal Home Loan Bank Certificates and Obligations (FHLB) [Member] | ||
Securities available-for-sale, amortized cost | $ 500,000 | |
Available-for-sale securities - gross unrealized gains | ||
Available-for-sale securities - gross unrealized losses | $ (10,000) | |
Securities available-for-sale (amortized cost of $2,129,985 and $1,154,418 at December 31, 2015 and March 31, 2015, respectively) | 490,000 | |
Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] | ||
Securities available-for-sale, amortized cost | $ 500,000 | $ 500,000 |
Available-for-sale securities - gross unrealized gains | ||
Available-for-sale securities - gross unrealized losses | $ (20,000) | $ (17,000) |
Securities available-for-sale (amortized cost of $2,129,985 and $1,154,418 at December 31, 2015 and March 31, 2015, respectively) | 480,000 | 483,000 |
Mutual Fund Shares [Member] | ||
Securities available-for-sale, amortized cost | $ 130,000 | 154,000 |
Available-for-sale securities - gross unrealized gains | $ 1,000 | |
Available-for-sale securities - gross unrealized losses | $ (3,000) | |
Securities available-for-sale (amortized cost of $2,129,985 and $1,154,418 at December 31, 2015 and March 31, 2015, respectively) | 127,000 | $ 155,000 |
Securities available-for-sale, amortized cost | 2,129,985 | 1,154,418 |
Available-for-sale securities - gross unrealized gains | 5,000 | 1,000 |
Available-for-sale securities - gross unrealized losses | (25,000) | (27,000) |
Securities available-for-sale (amortized cost of $2,129,985 and $1,154,418 at December 31, 2015 and March 31, 2015, respectively) | $ 2,110,206 | $ 1,127,515 |
Note 10 - Investment Securiti47
Note 10 - Investment Securities - Maturities of Securities (Details) - USD ($) | Dec. 31, 2015 | Mar. 31, 2015 |
Amounts maturing in: | ||
Held-to-maturity securities, amortized cost - one year or less | $ 1,237,000 | $ 971,000 |
Held-to-maturity securities, fair value - one year or less | 1,237,000 | 980,000 |
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 - after one year through five years | 945,000 | 1,000,000 |
Held-to-maturity securities, fair value - after one year through five years | 936,000 | 999,000 |
Available-for-sale securities, amortized cost - after one year through five years | 1,000,000 | 0 |
Available-for-sale securities, fair value - after one year through five years | 1,005,000 | 0 |
Held-to-maturity securities, amortized cost - after five years through ten years | 10,421,000 | 8,911,000 |
Held-to-maturity securities, fair value - after five years through ten years | 10,298,000 | 8,839,000 |
Available-for-sale securities, amortized cost - after five years through ten years | 500,000 | 0 |
Available-for-sale securities, fair value - after five years through ten years | 498,000 | 0 |
Held-to-maturity securities, amortized cost - after ten years | 11,242,000 | 13,735,000 |
Held-to-maturity securities, fair value - after ten years | 11,149,000 | 13,749,000 |
Available-for-sale securities, amortized cost - after ten years | 500,000 | 1,000,000 |
Available-for-sale securities, fair value - after ten years | 480,000 | 973,000 |
Equity securities, held-to-maturity, amortized cost | 0 | 0 |
Equity securities, held-to-maturity, fair value | 0 | 0 |
Equity securities, available-for-sale, amortized cost | 130,000 | 154,000 |
Equity securities, available-for-sale, fair value | 127,000 | 155,000 |
Securities held-to-maturity (fair value $23,619,735 and $24,566,903 at December 31, 2015 and March 31, 2015, respectively) | 23,844,795 | 24,617,338 |
Securities held-to-maturity, fair value | 23,619,735 | 24,566,903 |
Available-for-sale securities, amortized cost | 2,130,000 | 1,154,000 |
Securities available-for-sale (amortized cost of $2,129,985 and $1,154,418 at December 31, 2015 and March 31, 2015, respectively) | $ 2,110,206 | $ 1,127,515 |
Note 10 - Investment Securiti48
Note 10 - Investment Securities - Securities With Gross Unrealized Losses (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Mar. 31, 2015 |
Certificates of Deposit [Member] | ||
Securities with unrealized losses, less than 12 months, fair value | $ 248 | |
Securities with unrealized losses, less than 12 months, gross unrealized losses | $ (2) | |
Securities with unrealized losses, 12 months or greater, fair value | ||
Securities with unrealized losses, 12 months or greater, gross unrealized losses | ||
Securities with unrealized losses, fair value | $ 248 | |
Securities with unrealized losses, gross unrealized losses | (2) | |
Federal Home Loan Bank Certificates and Obligations (FHLB) [Member] | Bonds [Member] | ||
Securities with unrealized losses, less than 12 months, fair value | 3,552 | $ 2,457 |
Securities with unrealized losses, less than 12 months, gross unrealized losses | (32) | (20) |
Securities with unrealized losses, 12 months or greater, fair value | 1,942 | 2,451 |
Securities with unrealized losses, 12 months or greater, gross unrealized losses | (58) | (52) |
Securities with unrealized losses, fair value | 5,494 | 4,907 |
Securities with unrealized losses, gross unrealized losses | (90) | (72) |
Federal Farm Credit Bonds [Member] | Bonds [Member] | ||
Securities with unrealized losses, less than 12 months, fair value | 6,645 | 2,478 |
Securities with unrealized losses, less than 12 months, gross unrealized losses | (44) | (14) |
Securities with unrealized losses, 12 months or greater, fair value | 2,388 | 2,903 |
Securities with unrealized losses, 12 months or greater, gross unrealized losses | (56) | (42) |
Securities with unrealized losses, fair value | 9,033 | 5,382 |
Securities with unrealized losses, gross unrealized losses | (100) | (55) |
Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) [Member] | Bonds [Member] | ||
Securities with unrealized losses, less than 12 months, fair value | 487 | 988 |
Securities with unrealized losses, less than 12 months, gross unrealized losses | (13) | (12) |
Securities with unrealized losses, 12 months or greater, fair value | 488 | 492 |
Securities with unrealized losses, 12 months or greater, gross unrealized losses | (12) | (8) |
Securities with unrealized losses, fair value | 975 | 1,480 |
Securities with unrealized losses, gross unrealized losses | (25) | (20) |
Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] | Bonds [Member] | ||
Securities with unrealized losses, less than 12 months, fair value | 3,954 | 1,493 |
Securities with unrealized losses, less than 12 months, gross unrealized losses | (46) | (7) |
Securities with unrealized losses, 12 months or greater, fair value | 1,943 | 2,442 |
Securities with unrealized losses, 12 months or greater, gross unrealized losses | (57) | (57) |
Securities with unrealized losses, fair value | 5,897 | 3,936 |
Securities with unrealized losses, gross unrealized losses | (103) | (64) |
Municipal Bonds [Member] | ||
Securities with unrealized losses, less than 12 months, fair value | 735 | |
Securities with unrealized losses, less than 12 months, gross unrealized losses | $ (1) | |
Securities with unrealized losses, 12 months or greater, fair value | ||
Securities with unrealized losses, 12 months or greater, gross unrealized losses | ||
Securities with unrealized losses, fair value | $ 735 | |
Securities with unrealized losses, gross unrealized losses | (1) | |
Mutual Fund Shares [Member] | Bonds [Member] | ||
Securities with unrealized losses, less than 12 months, fair value | 127 | |
Securities with unrealized losses, less than 12 months, gross unrealized losses | $ (3) | |
Securities with unrealized losses, 12 months or greater, fair value | ||
Securities with unrealized losses, 12 months or greater, gross unrealized losses | ||
Securities with unrealized losses, fair value | $ 127 | |
Securities with unrealized losses, gross unrealized losses | (3) | |
Bonds [Member] | ||
Securities with unrealized losses, less than 12 months, fair value | 7,416 | |
Securities with unrealized losses, less than 12 months, gross unrealized losses | (53) | |
Securities with unrealized losses, 12 months or greater, fair value | 8,288 | |
Securities with unrealized losses, 12 months or greater, gross unrealized losses | (159) | |
Securities with unrealized losses, fair value | 15,705 | |
Securities with unrealized losses, gross unrealized losses | (211) | |
Securities with unrealized losses, less than 12 months, fair value | 15,748 | 7,416 |
Securities with unrealized losses, less than 12 months, gross unrealized losses | (141) | (53) |
Securities with unrealized losses, 12 months or greater, fair value | 6,761 | 8,288 |
Securities with unrealized losses, 12 months or greater, gross unrealized losses | (183) | (159) |
Securities with unrealized losses, fair value | 22,509 | 15,705 |
Securities with unrealized losses, gross unrealized losses | $ (324) | $ (211) |