Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2017 | Jun. 02, 2017 | Sep. 30, 2016 | |
Document Information [Line Items] | |||
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 | ||
Entity Public Float | $ 10.6 | ||
Document Type | 10-K | ||
Document Period End Date | Mar. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) | Mar. 31, 2017 | Mar. 31, 2016 |
Assets | ||
Cash and amount due from depository institutions | $ 511,355 | $ 585,364 |
Interest-bearing deposits with depository institutions | 6,487,188 | 11,542,024 |
Total cash and cash equivalents | 6,998,543 | 12,127,388 |
Investment Securities | ||
Investment securities available-for-sale (amortized cost of $2,588,817 and $2,121,777 at March 31, 2017 and 2016, respectively) | 2,594,888 | 2,150,093 |
Investment and mortgage backed securities held-to-maturity (fair value of $21,797,695 and $21,706,150 at March 31, 2017 and 2016, respectively) | 22,622,835 | 21,584,538 |
Total investment securities | 25,217,723 | 23,734,631 |
Loans, net of allowance for loan losses of $1,001,449 and $1,099,232 at March 31, 2017 and 2016, respectively | 84,414,361 | 82,197,809 |
Accrued interest receivable | 378,243 | 369,138 |
Real estate owned | 1,271,302 | 1,763,628 |
Federal Home Loan Bank stock, at cost | 124,300 | 253,800 |
Premises and equipment, net | 6,047,703 | 6,290,047 |
Deferred income taxes, net | 1,981,950 | 2,066,535 |
Bank-owned life insurance | 178,514 | 174,252 |
Other assets | 374,714 | 437,797 |
Total Assets | 126,987,353 | 129,415,025 |
Liabilities | ||
Non-interest bearing | 11,703,567 | 12,054,146 |
Interest-bearing | 100,377,179 | 99,810,501 |
Total deposits | 112,080,746 | 111,864,647 |
Advances from Federal Home Loan Bank | 3,000,000 | |
Accrued interest payable | 6,273 | 5,830 |
Advance payments by borrowers for taxes and insurance | 500,485 | 433,034 |
Other liabilities | 908,005 | 815,802 |
Total liabilities | 113,495,509 | 116,119,313 |
Commitments and Contingencies (Note 21) | ||
Stockholders’ Equity | ||
Preferred stock, $.01 par value, 5,000,000 shares authorized at March 31, 2017 and 2016: None issued | 0 | 0 |
Common stock, $.01 par value, 20,000,000 shares authorized: 945,425 shares issued and outstanding at March 31, 2017 and 2016 | 9,454 | 9,454 |
Additional paid-in capital | 10,029,506 | 9,988,509 |
Retained earnings, substantially restricted | 4,036,465 | 3,918,476 |
Unearned common stock held by employee stock ownership plan | (455,514) | (501,065) |
Accumulated other comprehensive (loss) | (128,067) | (119,662) |
Total stockholders’ equity | 13,491,844 | 13,295,712 |
Total Liabilities and Stockholders’ Equity | $ 126,987,353 | $ 129,415,025 |
Consolidated Statements of Fin3
Consolidated Statements of Financial Condition (Parentheticals) - USD ($) | Mar. 31, 2017 | Mar. 31, 2016 |
Investment securities available-for-sale, amortized cost | $ 2,588,817 | $ 2,121,777 |
Investment and mortgage backed securities held-to-maturity, fair value | 21,797,695 | 21,706,150 |
Loans, allowance for loan losses | $ 1,001,449 | $ 1,099,232 |
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 Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Interest Income | ||
Loans, including fees | $ 3,519,928 | $ 3,600,437 |
Investment securities | 585,849 | 660,372 |
Interest-bearing deposits | 38,154 | 9,314 |
Total interest income | 4,143,931 | 4,270,123 |
Interest Expense | ||
Interest-bearing checking accounts | 43,053 | 39,947 |
Passbook and money market accounts | 119,723 | 107,676 |
Certificates of deposits | 357,295 | 396,524 |
Advances from Federal Home Loan Bank | 5,148 | 25,606 |
Total interest expense | 525,219 | 569,753 |
Net interest income | 3,618,712 | 3,700,370 |
(Recapture) of loan losses | (22,000) | (70,700) |
Net interest income after (recapture) of loan losses | 3,640,712 | 3,771,070 |
Non-Interest Income | ||
Service charges | 123,438 | 124,697 |
Increase in cash surrender value of bank-owned life insurance | 4,262 | 5,000 |
Rental income | 10,932 | 19,488 |
Other | 15,641 | 15,416 |
Total non-interest income | 154,273 | 164,601 |
Non-Interest Expense | ||
Salaries and employee benefits | 1,611,324 | 1,659,019 |
Advertising | 19,186 | 23,988 |
Office supplies, telephone and postage | 104,369 | 110,250 |
Loan expense | 51,588 | 74,112 |
Occupancy expense | 587,095 | 622,254 |
Federal insurance premiums | 109,599 | 170,570 |
Real estate owned – impairment losses | 62,100 | 246,879 |
Data processing expenses | 248,185 | 237,737 |
ATM expenses | 40,432 | 34,975 |
Bank charges and fees | 86,683 | 85,603 |
Insurance and surety bond premium | 86,007 | 87,582 |
Dues and subscriptions | 41,695 | 45,655 |
Professional fees | 271,019 | 285,465 |
Real estate owned expenses, net | 97,086 | 176,740 |
Net loss on sale of real estate owned | 33,578 | 3,519 |
Other | 133,909 | 141,991 |
Total non-interest expense | 3,583,855 | 4,006,339 |
Income (Loss) Before Income Tax Benefit | 211,130 | (70,668) |
Income tax (benefit) | 93,141 | (52,598) |
Net Income (Loss) | $ 117,989 | $ (18,070) |
(Loss) per share | ||
Basic (in dollars per share) | $ 0.13 | $ (0.02) |
Diluted (in dollars per share) | $ 0.13 | $ (0.02) |
Average shares outstanding | ||
Basic (in shares) | 910,238 | 906,719 |
Diluted (in shares) | 915,550 | 906,719 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Net income (loss) | $ 117,989 | $ (18,070) |
Other comprehensive income (loss), net of tax: | ||
Postretirement benefit plan adjustment, net of deferred taxes of $3,294 and $26,708 in 2017 and 2016, respectively | 4,942 | 40,063 |
Unrealized holding gains, net of deferred tax (benefits) of ($8,898) and $22,088 in 2017 and 2016, respectively | (13,347) | 33,131 |
Other comprehensive income (loss) | (8,405) | 73,194 |
Total Comprehensive Income | $ 109,584 | $ 55,124 |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Loss) (Parentheticals) - USD ($) | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Postretirement benefit plan adjustment, deferred tax | $ 3,294 | $ 26,708 |
Unrealized holding gains, deferred tax (benefits) | $ (8,898) | $ 22,088 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Unearned Employee Stock Ownership Plan [Member] | AOCI Attributable to Parent [Member] | Total |
BALANCES (in shares) at Mar. 31, 2015 | 945,425 | |||||
BALANCES at Mar. 31, 2015 | $ 9,454 | $ 9,965,764 | $ 3,936,546 | $ (546,617) | $ (192,856) | $ 13,172,291 |
Net income (loss) | (18,070) | (18,070) | ||||
BALANCES at Mar. 31, 2016 | $ 9,454 | 9,988,509 | 3,918,476 | (501,065) | (119,662) | 13,295,712 |
Other comprehensive income (loss), net of tax | 73,194 | 73,194 | ||||
3518.69 shares of common stock transferred to ESOP for services | (12,475) | 45,552 | 33,077 | |||
Stock option expense | 35,220 | 35,220 | ||||
BALANCES (in shares) at Mar. 31, 2016 | 945,425 | |||||
Net income (loss) | 117,989 | 117,989 | ||||
BALANCES at Mar. 31, 2017 | $ 9,454 | 10,029,506 | $ 4,036,465 | (455,514) | (128,067) | 13,491,844 |
Other comprehensive income (loss), net of tax | $ (8,405) | (8,405) | ||||
3518.69 shares of common stock transferred to ESOP for services | (4,910) | $ 45,551 | 40,641 | |||
Stock option expense | $ 45,907 | $ 45,907 | ||||
BALANCES (in shares) at Mar. 31, 2017 | 945,425 |
Consolidated Statements of Cha8
Consolidated Statements of Changes in Stockholders' Equity (Parentheticals) - shares | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Unearned Employee Stock Ownership Plan [Member] | ||
Shares of common stock transferred to ESOP for services (in shares) | 3,518.69 | 3,518.69 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash Flows from Operating Activities | ||
Net income (loss) | $ 117,989 | $ (18,070) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Compensation expense of ESOP | 4,910 | 12,475 |
Deferred income tax | 134,156 | 32,275 |
Depreciation | 254,081 | 264,356 |
Amortization of premiums and accretion of discounts on securities, net | (31,185) | (1,087) |
Income from bank owned life insurance | (4,262) | (5,000) |
Real estate owned – impairment losses | 62,100 | 246,879 |
Loss on sale of real estate owned | 33,578 | 3,519 |
(Recapture) of loan losses | (22,000) | (70,700) |
Share based compensation expense | 45,907 | 35,220 |
(Increase) decrease in: | ||
Accrued interest receivable | (9,105) | 67,702 |
Other assets | 63,083 | (103,184) |
Increase (decrease) in: | ||
Accrued interest payable | 443 | 67 |
Other liabilities | 92,203 | (60,419) |
Net cash provided by operating activities | 741,898 | 404,033 |
Cash Flows from Investing Activities | ||
Purchases of securities available-for-sale | (1,000,000) | (1,500,000) |
Principal repayments of securities available-for-sale | 32,960 | 32,641 |
Proceeds from maturities of securities available-for-sale | 500,000 | 500,000 |
Purchases of securities held-to-maturity | (24,101,250) | (12,473,250) |
Proceeds from maturities and principal repayments of securities held-to-maturity | 23,094,138 | 15,507,137 |
Proceeds from redemption of Federal Home Loan Bank stock | 129,500 | 52,500 |
Principal collected on loans | 10,374,242 | 11,825,655 |
Loans originated | (13,068,554) | (14,138,862) |
Real estate owned improvements | (25,875) | |
Proceeds from sale of real estate owned | 922,283 | 751,952 |
Purchases of premises and equipment | (11,737) | (64,072) |
Net cash provided by (used in) investing activities | (3,154,293) | 493,701 |
Cash Flows from Financing Activities | ||
Net increase in deposits | 216,099 | 1,666,528 |
Net increase in advance payments by borrowers for taxes and insurance | 67,451 | 112,678 |
Advances from Federal Home Loan Bank | 1,000,000 | |
Payments on advances from Federal Home Loan Bank | (3,000,000) | (2,000,000) |
Net cash provided by (used in) financing activities | (2,716,450) | 779,206 |
Net Increase (Decrease) in Cash and Cash Equivalents | (5,128,845) | 1,676,940 |
Cash and Cash Equivalents, Beginning of Year | 12,127,388 | 10,450,448 |
Cash and Cash Equivalents, End of Year | 6,998,543 | 12,127,388 |
Supplemental Disclosures of Cash Flow Information | ||
Cash paid during the year for interest | 524,776 | 569,686 |
Cash paid during the year for income taxes | 2,500 | 2,500 |
Supplemental Disclosure of Noncash Items | ||
Loans transferred to real estate owned | $ 499,760 | $ 332,495 |
Note 1 - Nature of Operations
Note 1 - Nature of Operations | 12 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. NATURE OF OPERATIONS Delanco Bancorp, Inc. (the “Company”) is a federally-chartered subsidiary holding company whose principal activity is the ownership and management of its wholly-owned subsidiary, Delanco Federal Savings Bank (the “Bank”), and its wholly-owned subsidiaries, Delanco Financial Services Corporation, an inactive subsidiary, DFSB Properties, LLC, and DFSB Properties II, LLC, real estate companies that hold other real estate acquired in foreclosure. The Bank provides a variety of financial services to individual and business customers located primarily in Southern New Jersey and Southeastern Pennsylvania. The Bank’s primary source of revenue is from single-family residential, commercial and multi-family real estate loans. The Bank is subject to regulation by the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation. Subsequent Events The Company has evaluated events and transactions occurring subsequent to March 31, 2017, June 29, 2017, |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Consolidation The accounting and reporting policies of the Company conform with accounting principles and predominant practices within the banking industry. The consolidated financial statements of the Company include the accounts of Delanco Federal Savings Bank and its subsidiaries. Intercompany balances and transactions are eliminated in consolidation. Use of Estimates in the Preparation of Consolidated Financial Statements The preparation of consolidated financial statements 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates and assumptions that are particularly susceptible to significant changes relate to the determination of the allowance for losses on loans, the fair value of financial instruments, the valuation of foreclosed real estate and the valuation of deferred tax assets. In connection with the determination of the estimated losses on loans and foreclosed real estate, management obtains independent appraisals for significant properties. A majority of the Bank’s loan portfolio consists of single-family residential, commercial and multi-family real estate loans in Southern New Jersey and Southeastern Pennsylvania. Accordingly, the ultimate collectibility of a substantial portion of the Bank’s loan portfolio and the recovery of a substantial portion of the carrying amount of foreclosed real estate are susceptible to changes in local market conditions. While management uses available information to recognize losses on loans and foreclosed real estate, further reductions in the carrying amounts of loans and foreclosed assets may may may Investment and Mortgage-Backed Securities Securities Held-to-Maturity first Securities Available-for-Sale not Declines in the fair value of individual held-to-maturity and available-for-sale securities below their cost that are other than temporary result in write-downs of the individual securities to their fair value. The related write-downs are included in earnings as realized losses. In estimating other than temporary impairment losses, management considers ( 1 2 3 Loans Receivable The Bank grants mortgage, commercial, consumer and lines of credit loans to customers. A substantial portion of the loan portfolio is represented by mortgage, commercial and multi-family real estate loans in Southern New Jersey and Southeastern Pennsylvania. The ability of the Bank’s debtors to honor their contracts is dependent upon the real estate and general economic conditions in these areas. Loans are stated at unpaid principal balances, less the allowance for loan losses and net deferred loan fees and unearned discounts. Loan origination and commitment fees, as well as certain direct origination costs, are deferred and amortized as a yield adjustment over the lives of the related loans using the interest method. Amortization of deferred loan fees is discontinued when a loan is placed on nonaccrual status. The recognition of income on a loan is discontinued and previously accrued interest is reversed, when interest or principal payments become ninety 90 Allowance For Loan Losses The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectibility of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may The allowance consists of specific, general, and unallocated components. The specific component relates to loans that are classified as doubtful, substandard, or special mention. For such loans that are also classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers non-classified loans and is based on historical loss experience adjusted for qualitative factors. An unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. Loan Impairment A loan is considered impaired when, based on current information and events, it is probable that the Bank will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Troubled Debt Restructurings In situations where, for economic or legal reasons related to a customer’s financial difficulties, the Bank grants a concession for other than an insignificant period of time to the customer that the Bank would not may Bank-Owned Life Insurance The Bank owns a life insurance policy on the life of a retired member of the Board of Directors. The cash surrender value of the policy is recorded as an asset of the bank and changes in this value are reflected in non-interest income. Death benefit proceeds in excess of the policy’s cash surrender value will be recognized as income upon receipt. There are no Premises and Equipment Land is carried at cost. Other premises and equipment are recorded at cost and are depreciated on the straight-line method. Charges for maintenance and repairs are expensed as incurred. Depreciation and amortization are provided over the estimated useful lives of the respective assets. Real Estate Owned Real estate owned is comprised of properties acquired through foreclosure proceedings or acceptance of a deed in lieu of foreclosure. Real estate owned is recorded at the lower of the carrying value of the loan or the fair value of the property, net of estimated selling costs. Costs relating to the development or improvement of the properties are capitalized while expenses related to the operation and maintenance of properties are recorded as an expense as incurred. Gains or losses upon dispositions are reflected in earnings as realized. The Company had $1,271,302 $1,763,628 March 31, 2017 2016, $33,578 $3,519 March 31, 2017 2016, Comprehensive Income The Company presents in the consolidated statement of comprehensive income those amounts arising from transactions and other events which currently are excluded from the statements of operations and are recorded directly to stockholders’ equity. For the years ended March 31, 2017 2016, Income Taxes Income taxes are provided for the tax effects of the transactions reported in the financial statements and consist of taxes currently due plus deferred taxes related primarily to tax net operating loss carryforwards and differences between the basis of available-for-sale securities, allowance for loan losses, estimated losses on real estate owned, accumulated depreciation, and accrued employee benefits for financial and income tax reporting. The deferred tax assets and liabilities represent the future tax return consequences of those differences, which will either be taxable or deductible when assets and liabilities are recovered or settled, as well as operating loss carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is established against deferred tax assets when in the judgment of management, it is more likely than not not may, Segment Information Delanco Bancorp, Inc. has one one Presentation of Cash Flows For purposes of reporting cash flows, cash and cash equivalents includes cash on hand, amounts due from banks (including cash items in process of clearing) and interest-bearing deposits in banks with an original maturity of 90 Advertising Costs Advertising costs are expensed as incurred. Advertising expenses totaled $19,186 $23,988 March 31, 2017 2016, Employee Stock Ownership Plan (“ESOP”) The Company maintains an employee stock ownership plan as (“ESOP”) for substantially all of its full-time employees. The ESOP purchased 64,081 $640,810 2008. October 2013, 64,081 36,596 23,644 October 2013 $189,152. March 31, 2017, 25,053 March 31, 2017 2016, $45,907 $35,220, March 31, 2017, 60,240 Stock Based Compensation The Company accounts for stock-based compensation issued to employees, and where appropriate, non-employees, at fair value. Under fair value provisions, stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense over the appropriate vesting period using the straight-line method. The amount of stock-based compensation recognized at any date must at least equal the portion of the grant date fair value of the award that is vested at that date and as a result it may Federal Home Loan Bank Stock FHLB Stock, which represents the required investment in the common stock of a correspondent bank, is carried at cost. Earnings Per Share Basic earnings per share is calculated on the basis of net income divided by the weighted average number of shares outstanding. Diluted earnings per share includes dilutive potential shares as computed under the treasury stock method using average common stock prices. Diluted earnings per share is calculated on the basis of the weighted average number of shares outstanding plus the weighted average number of additional dilutive shares. |
Note 3 - Recent Accounting Pron
Note 3 - Recent Accounting Pronouncements | 12 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 3. RECENT ACCOUNTING PRONOUNCEMENTS Below is a discussion of recent accounting standards that have significant implications (elected or required) within the consolidated financial statements, or that management expects may In March 2017, 2017 08: 310 20 December 15, 2018. not not Also in March 2017, 2017 07: 715 715, may December 15, 2017, not 2017. not In January 2017, 2017 03: 250 323 September 22, 2016 November 17, 2016 not Also in January 2017, 2017 01: 805 December 15, 2017, not In December 2016, 2016 20; 606, No. 2014 09 not not Also in December 2016, 2016 19: not not In November 2016, 2016 18: 230 230. 230. not In August 2016, 2016 15: 230 c a sh 230, eight zero not 230. December 15, 2017, not In June 2016, 2016 13: 326 326 326 326 not not December 15, 2019. In May 2016, 2016 12: 606 No, 2014 09, 606 not not In April 2016, 2016 10: 606 two 606: not 606. as 606. not In March 2016, 2016 09: 718 718 No, 123 2004 December 15, 2016, not Also in March 2016, 2016 08: 606 606 606. not Also in March 2016, 2016 07: 323 323 December 15, 2016. not Also in March 2016, 2016 05: 815 one 815, not, December 15, 2016, not Also in March 2016, 2016 04: 405 20 third 405 20 606. 405 20 606, December 15, 2017, not |
Note 4 - Restrictions on Cash a
Note 4 - Restrictions on Cash and Due From Banks | 12 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Cash and Cash Equivalents Disclosure [Text Block] | 4. RESTRICTIONS ON CASH AND DUE FROM BANKS The Company is required to maintain reserve funds in vault cash or on deposit with the Federal Reserve Bank. The Company’s vault cash satisfied the required reserve at March 31, 2017 2016. |
Note 5 - Investment Securities
Note 5 - Investment Securities | 12 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 5. INVESTMENT SECURITIES The amortized cost, gross unrealized gains and losses, and fair value of the Company’s investment securities held-to-maturity and available-for-sale are as follows: Available-for-Sale March 31, 2017 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value U.S. Government Agency Bonds $ 500,000 $ 32 $ $ 500,032 Certificates of Deposit 2,000,000 8,015 (387 ) 2,007,628 Mutual Fund Shares 88,817 (1,589 ) 87,228 Total $ 2,588,817 $ 8,047 $ (1,976 ) $ 2,594,888 Available-for-Sale March 31, 2016 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value U.S. Government Agency Bonds $ 500,000 $ $ (2,753 ) $ 497,247 Certificates of Deposit 1,500,000 30,854 1,530,854 Mutual Fund Shares 121,777 2,104 (1,889 ) 121,992 Total $ 2,121,777 $ 32,958 $ (4,642 ) $ 2,150,093 Held-to-Maturity March 31, 2017 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value U.S. Government Agency Bonds $ 20,417,712 $ $ (865,212 ) $ 19,552,500 Municipal Bond 1,536,250 (2,748 ) 1,533,502 Mortgage-Backed Securities 668,873 58,219 (15,399 ) 711,693 Total $ 22,622,835 $ 58,219 $ (883,359 ) $ 21,797,695 Held-to-Maturity March 31, 2016 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value U.S. Government Agency Bonds $ 20,293,734 $ 91,930 $ (12,495 ) $ 20,373,169 Municipal Bonds 736,250 (1,513 ) 734,737 Mortgage-Backed Securities 554,554 48,247 (4,557 ) 598,244 Total $ 21,584,538 $ 140,177 $ (18,565 ) $ 21,706,150 The following is a summary of the amortized cost and fair value of the Company’s investment securities held-to-maturity and available-for-sale by contractual maturity as of March 31, 2017 2016. March 31, 2017 Available-for-sale Held-to-maturity Amortized Fair Amortized Fair Cost Value Cost Value Amounts maturing in: One year or less $ $ $ 1,536,250 $ 1,533,502 After one year through five years 500,000 496,646 After five years through ten years 2,000,000 2,007,628 8,572,495 8,292,256 After ten years 500,000 500,032 12,014,090 11,475,291 Mutual fund shares 88,817 87,228 $ 2,588,817 $ 2,594,888 $ 22,622,835 $ 21,797,695 March 31, 2016 Available-for-sale Held-to-maturity Amortized Fair Amortized Fair Cost Value Cost Value Amounts maturing in: One year or less $ $ $ 736,250 $ 734,737 After one year through five years 1,000,000 1,024,569 945,000 945,091 After five years through ten years 500,000 506,285 8,379,581 8,384,588 After ten years 500,000 497,247 11,523,707 11,641,734 Mutual fund shares 121,777 121,992 $ 2,121,777 $ 2,150,093 $ 21,584,538 $ 21,706,150 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 Information pertaining to securities with gross unrealized losses at March 31, 2017 2016, Continuous Unrealized Continuous Unrealized Losses Existing For Losses Existing For Less Than 12 Months 12 Months or Greater Total Fair Unrealized Fair Unrealized Fair Unrealized March 31, 2017 Value Losses Value Losses Value Losses U.S. Government Agency Bonds $ 19,552,501 $ (865,212 ) $ $ $ 19,552,501 $ (865,212 ) Certificates of deposit 249,613 (387 ) 249,613 (387 ) Municipal Bonds 1,536,250 (2,748 ) 1,536,250 (2,748 ) Mutual fund shares 87,228 (1,589 ) 87,228 (1,589 ) Mortgage-Backed Securities 216,018 (15,399 ) 216,018 (15,399 ) Total $ 21,338,364 $ (868,347 ) $ 303,246 $ (16,988 ) $ 21,641,610 $ (885,335 ) March 31, 2016 U.S. Government Agency Bonds $ $ $ 1,492,480 $ (7,520 ) $ 1,492,480 $ (7,520 ) Municipal Bonds 734,737 (1,513 ) 734,737 (1,513 ) Mutual Fund Shares 64,031 (1,889 ) 64,031 (1,889 ) Mortgage-Backed Securities 279,285 (12,285 ) 279,285 (12,285 ) Total $ 734,737 $ (1,513 ) $ 1,835,796 $ (21,694 ) $ 2,570,533 $ (23,207 ) In estimating other-than-temporary impairment losses, the Company considers, among other things, (i) the length of time and the extent to which the fair value has been less than cost, (ii) the financial condition and near term prospects of the issuer, (iii) that the Company does not not not forty-eight $22,526,945 March 31, 2017. The Company has pledged investment securities with a carrying amount of approximately $3,510,000 $2,515,000 March 31, 2017 2016, |
Note 6 - Loans
Note 6 - Loans | 12 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 6. LOANS The Bank monitors and assesses the credit risk of its loan portfolio using the classes set forth below. These classes also represent the segments by which the Bank monitors the performance of its loan portfolio and estimates its allowance for loan losses. Residential real estate loans consist of loans secured by one four one four 80% 30 may Multi-family and commercial real estate loans are generally originated in amounts up to the lower of 80% 5 7 25 Commercial loans include short and long-term business loans and commercial lines of credit for the purposes of providing working capital, supporting accounts receivable, purchasing inventory and acquiring fixed assets. The loans generally are secured by these types of assets as collateral and /or by personal guarantees provided by principals of the borrowers. Consumer loans include installment loans and home equity loans, secured by first second first second 80% 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 Loans at March 31, 2017 2016 March 31, 2017 2016 Residential (one to four family) real estate $ 61,419,004 $ 62,250,645 Multi-family and commercial real estate 12,071,060 9,569,328 Commercial 1,858,107 2,290,405 Home equity 8,811,757 8,527,420 Consumer 636,658 682,193 Construction 680,556 54,268 Total loans 85,477,142 83,374,259 Net deferred loan origination fees (61,332 ) (77,218 ) Allowance for loan losses (1,001,449 ) (1,099,232 ) Net deferred loan fees and allowance (1,062,781 ) (1,176,450 ) Loans, net $ 84,414,361 $ 82,197,809 The Bank is subject to a loans-to- one 15% March 31, 2017, one $1.9 10% $1.2 may March 31, 2017 2016, no one one 15% 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 not 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 Assets classified as “loss” are those considered uncollectible or of little value, even though a collection effort may Non-Performing Loans Non-performing loans consist of non-accrual loans (loans on which the accrual of interest has ceased), loans over ninety 90 The following table represents loans by credit quality indicator at March 31, 2017: Special Non- Mention Classified Performing Pass Loans Loans Loans Total Residential real estate $ 58,806,400 $ $ $ 2,612,604 $ 61,419,004 Multi-family and commercial real estate 10,727,543 172,050 1,171,467 12,071,060 Commercial 1,652,256 34,377 171,474 1,858,107 Home equity 8,533,000 278,757 8,811,757 Consumer 636,658 636,658 Construction 628,052 52,504 680,556 $ 80,983,909 $ $ 206,427 $ 4,286,806 $ 85,477,142 The following table represents past-due loans as of March 31, 2017: 30-59 60-89 Greater Than Days Days 90 Days Total Total Loan Past Due Past Due Past Due Past Due Current Balances Residential real estate $ 483,057 $ 149,317 $ 1,545,714 $ 2,178,088 $ 59,240,916 $ 61,419,004 Multi-family and commercial real estate 172,050 425,200 880,342 1,477,592 10,593,468 12,071,060 Commercial 175,116 171,474 346,590 1,511,517 1,858,107 Home equity 183,930 183,930 8,627,827 8,811,757 Consumer 14,477 14,477 622,181 636,658 Construction 680,556 680,556 Total Loans $ 844,700 $ 574,517 $ 2,781,460 $ 4,200,677 $ 81,276,465 $ 85,477,142 Percentage of Total Loans 0.99 % 0.67 % 3.25 % 4.91 % 95.09 % 100.0 % The following table represents loans by credit quality indicator at March 31, 2016: Special Non- Mention Classified Performing Pass Loans Loans Loans Total Residential real estate $ 59,385,578 $ $ $ 2,865,067 $ 62,250,645 Multi-family and commercial real estate 7,962,420 288,784 1,318,124 9,569,328 Commercial 2,074,394 53,942 140,751 21,318 2,290,405 Home equity 8,416,499 110,921 8,527,420 Consumer 682,193 682,193 Construction 54,268 54,268 $ 78,521,084 $ 342,726 $ 140,751 $ 4,369,698 $ 83,374,259 The following table represents past-due loans as of March 31, 2016: 30-59 60-89 Greater Than Days Days 90 Days Total Total Loan Past Due Past Due Past Due Past Due Current Balances Residential real estate $ 577,002 $ 224,111 $ 1,967,082 $ 2,768,195 $ 59,482,450 $ 62,250,645 Multi-family and commercial real estate 288,784 663,068 951,852 8,617,476 9,569,328 Commercial 339,654 21,318 360,972 1,929,433 2,290,405 Home equity 50,000 110,471 160,471 8,366,949 8,527,420 Consumer 682,193 682,193 Construction 54,268 54,268 Total Loans $ 966,656 $ 534,213 $ 2,740,621 $ 4,241,490 $ 79,132,769 $ 83,374,259 Percentage of Total Loans 1.16 % .64 % 3.29 % 5.09 % 94.91 % 100.0 % The Bank determines whether a restructuring of debt constitutes a troubled debt restructuring (“TDR”) in accordance with guidance under FASB ASC Topic 310 not not ● A review of the borrower’s current financial condition in which the borrower must demonstrate sufficient cash flow to support the repayment of all principal and interest including any amounts previously charged-off; ● An updated appraisal or home valuation which must demonstrate sufficient collateral value to support the debt; ● Sustained performance based on the restructured terms for at least six ● Approval by senior management. The Bank had twelve $2,376,205 eleven $2,351,531 March 31, 2017 2016, one March 31, 2017, three $655,110, one $52,504, eight $1,668,591. six $1,084,799 March 31, 2017 March 31, 2016, three $676,293, one $54,268, seven $1,620,970. one $172,933 March 31, 2016 Impaired loans are measured based on the present value of expected future discounted cash flows, the fair value of the loan or the fair value of the underlying collateral if the loan is collateral dependent. The recognition of interest income on impaired loans is the same for non-accrual loans discussed above. At March 31, 2017, seventeen $3,206,661 eighteen $2,761,939 March 31, 2016. March 31, 2017, no December 31, 2011 no March 31, 2017 2016, no $5,144,281 2017 $4,965,658 2016, March 31, 2017 172,524 $200,787 March 31, 2016. The following table represents data on impaired loans at March 31, 2017 2016: March 31, 2017 2016 Impaired loans for which a valuation allowance has been provided $ $ Impaired loans for which no valuation allowance has been provided 4,882,799 4,965,658 Total loans determined to be impaired $ 4,882,799 $ 4,965,658 Allowance for loans losses related to impaired loans $ $ Average recorded investment in impaired loans $ 5,224,742 $ 5,054,436 Cash basis interest income recognized on impaired loans $ 172,524 $ 200,787 The following table presents impaired loans with no March 31, 2017: Interest Income Average Recognized Unpaid Related Annual While On Recorded Principal Valuation Recorded Impaired Investment Balance Allowance Investment Status Impaired loans with no valuation allowance: Residential real estate $ 2,288,798 $ 2,238,610 $ $ 2,710,870 $ 59,661 Multi-family and commercial real estate 2,162,188 2,141,444 2,059,650 93,446 Commercial 171,474 171,474 152,492 9,218 Home equity 283,156 278,767 242,465 7,488 Consumer 1,262 Construction 57,157 52,504 58,003 2,711 Subtotal $ 4,962,773 $ 4,882,799 $ $ 5,224,742 $ 172,524 Total Impaired Loans by Portfolio Class at March 31, 2017 Interest Income Average Recognized Unpaid Related Annual While On Recorded Principal Valuation Recorded Impaired Investment Balance Allowance Investment Status Total impaired loans: Residential real estate $ 2,288,798 $ 2,238,610 $ $ 2,710,870 $ 59,661 Multi-family and commercial real estate 2,162,188 2,141,444 2,059,650 93,446 Commercial 171,474 171,474 152,492 9,218 Home equity 283,156 278,767 242,465 7,488 Consumer 1,262 Construction 57,157 52,504 58,003 2,711 Total $ 4,962,773 $ 4,882,799 $ $ 5,224,742 $ 172,524 The following table presents impaired loans with no March 31, 2016: Interest Income Average Recognized Unpaid Related Annual While On Recorded Principal Valuation Recorded Impaired Investment Balance Allowance Investment Status Impaired loans with no valuation allowance: Residential real estate $ 2,964,318 $ 2,920,343 $ $ 2,912,541 $ 70,879 Multi-family and commercial real estate 1,938,180 1,935,352 1,992,465 117,115 Commercial 55,695 55,695 34,346 9,207 Home equity 39,066 775 Consumer 15,864 Construction 59,105 54,268 60,154 2,811 Subtotal $ 5,017,298 $ 4,965,658 $ $ 5,054,436 $ 200,787 Total Impaired Loans by Portfolio Class at March 31, 2016 Interest Income Average Recognized Unpaid Related Annual While On Recorded Principal Valuation Recorded Impaired Investment Balance Allowance Investment Status Total impaired loans: Residential real estate $ 2,964,318 $ 2,920,343 $ $ 2,912,541 $ 70,879 Multi-family and commercial real estate 1,938,180 1,935,352 1,992,465 117,115 Commercial 55,695 55,695 34,346 9,207 Home equity 39,066 775 Consumer 15,864 Construction 59,105 54,268 60,154 2,811 Total $ 5,017,298 $ 4,965,658 $ $ 5,054,436 $ 200,787 The following table presents non-performing assets as of March 31, 2017 2016. March 31, 2017 2016 Non-accrual loans: Residential real estate $ 1,179,630 $ 1,333,383 Multi-family and commercial real estate 506,357 552,545 Commercial 171,474 21,318 Home equity 53,140 110,921 Consumer Construction Total non-accrual loans 1,910,601 2,018,167 March 31, 2017 2016 Accruing loans past due 90 days or more: Residential real estate $ $ Multi-family and commercial real estate Commercial Consumer Construction Total accruing loans past due 90 days or more Troubled debt restructurings: In non-accrual status: Residential real estate $ 740,079 $ 744,222 Multi-family and commercial real estate 425,200 Commercial Home equity 130,780 Consumer Construction Total troubled debt restructurings in non- accrual status 1,296,059 744,222 Performing under modified terms: Residential real estate $ 692,895 $ 787,462 Multi-family and commercial real estate 239,910 765,579 Commercial Home equity 94,837 Consumer Construction 52,504 54,268 Total troubled debt restructurings performing under modified terms 1,080,146 1,607,309 Total troubled debt restructurings 2,376,205 2,351,531 Total non-performing loans 4,286,806 4,369,698 Real estate owned 1,271,302 1,763,628 Total non-performing assets $ 5,558,108 $ 6,133,326 Non-performing loans as a percentage of loans 5.02 % 5.24 % Non-performing assets as a percentage of loans and real estate owned 6.41 % 7.20 % Non-performing assets as a percentage of total assets 4.38 % 4.74 % The following table presents troubled debt restructurings that occurred during the years ended March 31, 2017 2016 12 2017 2016 Outstanding Recorded Outstanding Recorded Investment Investment Number of Pre- Post- Number of Pre- Post- Contracts Modification Modification Contracts Modification Modification Troubled debt restructurings: Residential real estate 1 $ 76,513 $ 96,000 1 $ 163,767 $ 172,933 Number of Number of Contracts Recorded Investment Contracts Recorded Investment Troubled debt restructurings that subsequently defaulted: Residential real estate -0- $ -0- $ The following table presents the changes in real estate owned (REO), net of valuation allowance, for the years ended March 31, 2017 2016. March 31, 2017 2016 Balance, beginning of year $ 1,763,628 $ 2,433,483 Additions from loan foreclosures 499,760 332,495 Additions from capitalized costs 25,875 Dispositions of REO (922,283 ) (751,952 ) (Loss) on sale of REO (33,578 ) (3,519 ) Valuation adjustments during the year (62,100 ) (246,879 ) Balance, end of year $ 1,271,302 $ 1,763,628 The following table presents the changes in fair value adjustments to REO for the years ended March 31, 2017 2016. March 31, 2017 2016 Balance, beginning of year $ 227,231 $ 850,865 Valuation adjustments added during the year 62,100 246,879 Valuation adjustments on disposed properties during the year (185,060 ) (870,513 ) Balance, end of year $ 104,271 $ 227,231 The following table sets forth with respect to the Bank’s allowance for losses on loans: March 31, 2017 2016 Balance at beginning of year $ 1,099,232 $ 1,185,178 Provision: Residential real estate 97,647 (132,262 ) Multi-family and commercial real estate (60,913 ) 9,520 Commercial (44,969 ) (11,855 ) Home equity loans 29,136 10,741 Consumer (45,413 ) 53,156 Construction 2,512 -0- Total Provision (Recapture) $ (22,000 ) $ (70,700 ) Charge-Offs: Residential real estate 101,912 39,730 Multi-family and commercial real estate 70,705 16,871 Commercial Home equity 41,769 10,860 Consumer 71,388 Recoveries (138,603 ) (123,603 ) Total Net Charge-Offs 75,783 15,246 Balance at end of year $ 1,001,449 $ 1,099,232 Year-end loans outstanding $ 85,477,142 $ 83,374,259 Average loans outstanding $ 84,425,701 $ 83,665,599 Allowance as a percentage of year-end loans 1.17 % 1.32 % Net charge-offs as a percentage of average loans 0.09 % 0.02 % Additional details for changes in the allowance for loan by loan portfolio as of March 31, 2017 Multi-Family and Residential Commercial Home Real Estate Real Estate Commercial Equity Consumer Construction Total Allowance for loan losses: - - - - - - Beginning balance $ 568,334 $ 339,022 $ 79,988 $ 86,728 $ 25,160 $ -0- $ 1,099,232 Loan charge-offs (101,912 ) (70,705 ) (41,769 ) (214,386 ) Recoveries 11,100 66,703 29,020 31,780 138,603 Provision for loan losses 97,647 (60,913 ) (44,969 ) 29,136 (45,413 ) 2,512 (22,000 ) Ending balance $ 575,169 $ 274,107 $ 64,039 $ 74,095 $ 11,527 $ 2,512 $ 1,001,449 Ending balance: individually evaluated for impairment $ $ $ $ $ $ $ Ending balance: collectively evaluated for impairment $ 575,169 $ 274,107 $ 64,039 $ 74,095 $ 11,527 $ 2,512 $ 1,001,449 Loans: Ending balance $ 61,419,004 $ 12,071,060 $ 1,858,107 $ 8,811,757 $ 636,658 $ 680,556 $ 85,477,142 Ending balance: individually evaluated for impairment $ 2,378,920 $ 1,662,860 $ 186,599 $ 512,441 $ $ 52,504 $ 4,793,324 Ending balance: collectively evaluated for impairment $ 59,040,084 $ 10,408,200 $ 1,671,508 $ 8,299,316 $ 636,658 $ 628,052 $ 80,683,818 Additional details for changes in the allowance for loan by loan portfolio as of March 31, 2016 Multi-Family and Residential Commercial Home Real Estate Real Estate Commercial Equity Consumer Construction Total Allowance for loan losses: - - - - - - Beginning balance $ 702,105 $ 288,893 $ 86,300 $ 86,847 $ 21,033 $ -0- $ 1,185,178 Loan charge-offs (39,730 ) (16,871 ) (10,860 ) (71,388 ) (138,849 ) Recoveries 38,221 57,480 5,543 22,359 123,603 Provision for loan losses (132,262 ) 9,520 (11,855 ) 10,741 53,156 (70,700 ) Ending balance $ 568,334 $ 339,022 $ 79,988 $ 86,728 $ 25,160 $ $ 1,099,232 Ending balance: individually evaluated for impairment $ $ $ $ $ $ $ Ending balance: collectively evaluated for impairment $ 568,334 $ 339,022 $ 79,988 $ 86,728 $ 25,160 $ $ 1,099,232 Loans: Ending balance $ 62,250,645 $ 9,569,328 $ 2,290,405 $ 8,527,420 $ 682,193 $ 54,268 $ 83,374,259 Ending balance: individually evaluated for impairment $ 2,448,138 $ 1,637,617 $ 132,657 $ 517,079 $ $ 54,268 $ 4,789,759 Ending balance: collectively evaluated for impairment $ 59,802,507 $ 7,931,711 $ 2,157,748 $ 8,010,341 $ 682,193 $ $ 78,584,500 The Bank prepares an allowance for loan loss model on a quarterly basis to determine the adequacy of the allowance. Management considers a variety of factors when establishing the allowance, such as the impact of current economic conditions, diversification of the loan portfolio, delinquency statistics, results of independent loan review and related classifications. The Bank’s historic loss rates and the loss rates of peer financial institutions are also considered. In evaluating the Bank’s allowance for loan loss, the Bank maintains a loan committee consisting of senior management and the Board of Directors that monitors problem loans and formulates collection efforts and resolution plans for each borrower. On a monthly basis, the loan committee meets to review each problem loan and determine if there has been any change in collateral value due to changes in market conditions. Each quarter, when calculating the allowance for loan loss, the loan committee reviews an updated loan impairment analysis on each problem loan to determine if a specific provision for loan loss is warranted. Management reviews the most recent appraisal on each loan adjusted for holding and selling costs. In the event there is not March 31, 2017, 1.17% $575,218 March 31, 2016 4.38% March 31, 2017 4.74% March 31, 2016. The Bank’s charge-off policy states that any asset classified loss shall be charged-off within thirty may For the year ending March 31, 2017, one one $39,866 three $174,521 one one $71,388 three $67,461 March 31, 2016. In the ordinary course of business, the Bank has and expects to continue to have transactions, including borrowings, with its officers and directors. In the opinion of management, transactions with directors were on substantially the same terms, including interest rates and collateral, as those prevailing at the time of comparable transactions with other persons and did not 1% not March 31, 2017 2016 Balance, beginning of year $ 1,688,726 $ 786,325 Payments (56,675 ) (56,887 ) Borrower no longer associated with Bank (40,712 ) Borrowings 150,000 1,000,000 Balance, end of year $ 1,782,051 $ 1,688,726 |
Note 7 - Loan Servicing
Note 7 - Loan Servicing | 12 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Transfers and Servicing of Financial Assets [Text Block] | 7. Mortgage loans serviced for others are not March 31, 2017 2016 March 31, 2017 2016 Mortgage Loan Servicing Portfolio: Mortgage Partnership Finance FHLB New York $ 120,963 $ 125,666 |
Note 8 - Accrued Interest Recei
Note 8 - Accrued Interest Receivable | 12 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Other Assets Disclosure [Text Block] | 8. Accrued interest receivable at March 31, 2017 2016 March 31, 2017 2016 Loans $ 226,189 $ 249,245 Investment securities 145,245 116,358 Mortgage backed securities 6,809 3,535 $ 378,243 $ 369,138 |
Note 9 - Premises and Equipment
Note 9 - Premises and Equipment | 12 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 9. Premises and equipment at March 31, 2017 2016 March 31, 2017 2016 Land $ 1,451,203 $ 1,451,203 Buildings 6,872,774 6,864,728 Furniture, fixtures and equipment 2,058,456 2,054,765 10,382,433 10,370,696 Accumulated depreciation (4,334,730 ) (4,080,649 ) Premises and equipment, net $ 6,047,703 $ 6,290,047 Depreciation expense amounted to $254,081 $264,356 March 31, 2017 2016, |
Note 10 - Federal Home Loan Ban
Note 10 - Federal Home Loan Bank Stock | 12 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Investment Holdings [Text Block] | 10. FEDERAL HOME LOAN BANK STOCK The Company is a member of the Federal Home Loan Bank System. As a member, the Company maintains an investment in the capital stock of the Federal Home Loan Bank of New York in an amount not 1% 1/20 December 31 |
Note 11 - Deposits
Note 11 - Deposits | 12 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | 11. Deposit account balances at March 31, 2017 2016 March 31, 2017 Weighted Average Percent of Amount Interest Rate Portfolio Non interest bearing accounts $ 11,703,567 % 10.44 Interest bearing checking accounts 22,256,234 0.17 19.86 Passbook savings accounts 18,584,956 0.10 16.58 Money Market accounts 21,231,184 0.49 18.95 Club accounts 148,288 0.10 0.13 73,924,229 65.96 Certificates of Deposits: 0.10% to 0.99% 20,542,894 0.60 18.33 1.00% to 1.99% 17,303,681 1.25 15.44 2.00% to 2.99% 309,942 2.13 0.27 38,156,517 34.04 $ 112,080,746 100.00 % March 31, 2016 Weighted Average Percent of Amount Interest Rate Portfolio Non interest bearing accounts $ 12,054,146 % 10.78 Interest bearing checking accounts 23,027,846 0.19 20.59 Passbook savings accounts 17,724,072 0.10 15.84 Money Market accounts 19,813,982 0.49 17.71 Club accounts 143,488 0.10 0.13 72,763,534 65.05 Certificates of Deposits: 0.10% to 0.99% 21,695,607 0.59 19.39 1.00% to 1.99% 14,773,019 1.29 13.21 2.00% to 2.99% 2,632,487 2.23 2.35 39,101,113 34.95 $ 111,864,647 100.00 % Certificates of deposit and other time deposits issued in denominations that meets or exceeds the FDIC insurance limit of $250,000 $2,935,732 $2,485,471 March 31, 2017 2016, Scheduled maturities of certificates of deposits at March 31, 2017 2016 March 31, 2017 2016 2017 $ $ 23,090,517 2018 21,544,213 8,181,234 2019 8,577,082 3,374,490 2020 3,364,211 2,358,507 2021 2,011,316 2,096,365 2022 2,659,695 Total certificates of deposit $ 38,156,517 $ 39,101,113 The Company held deposits from officers and directors of approximately $690,000 $755,000 March 31, 2017 2016, |
Note 12 - Line of Credit From A
Note 12 - Line of Credit From Atlantic Community Bankers Bank | 12 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 12. LINE OF CREDIT FROM ATLANTIC COMMUNITY BANKERS BANK The Company maintains a line of credit with Atlantic Community Bankers Bank at a rate to be determined by the lender when funds are borrowed. The Company’s line of credit limit is $1,000,000. March 31, 2017 2016, 0 |
Note 13 - Advances From Federal
Note 13 - Advances From Federal Home Loan Bank | 12 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Federal Home Loan Bank Advances, Disclosure [Text Block] | 13. ADVANCES FROM FEDERAL HOME LOAN BANK Advances from the Federal Home Loan Bank of New York as of March 31, 2017 2016 Maturity Interest Date Rate 2017 2016 April 18, 2017 0.74 % $ $ 2,000,000 October 17, 2017 0.81 % 1,000,000 $ -0- $ 3,000,000 Specific repos and other securities, with balances approximating $11,600,000 $16,800,000 March 31, 2017 2016, March 31, 2017, $10,353,783 |
Note 14 - Income Taxes
Note 14 - Income Taxes | 12 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 14. INCOME TAXES The Company is subject to federal and New Jersey state income tax. The Company and subsidiary file a consolidated federal income tax return. The Company’s consolidated provision (credit) for income taxes for the years ended March 31, 2017 2016 Years Ended March 31, 2017 2016 Income Tax Expense (benefit) Current federal tax expense Federal $ $ - State 3,000 3,000 Deferred tax (benefit) Federal 69,238 (85,569 ) State 20,903 29,971 Total $ 93,141 $ (52,598 ) The consolidated provision for income taxes for the years ended March 31, 2017 2016 Years Ended March 31, 2017 2016 Expected federal tax provision (benefit) at 34% rate $ 71,784 $ (24,027 ) Municipal bond interest (1,404 ) (469 ) Increase in cash surrender value of life insurance (1,564 ) (1,700 ) State income tax 24,325 (26,402 ) Total income tax (benefit) $ 93,141 $ (52,598 ) Effective tax rate (benefit) 44.1 % (74.4% ) A summary of deferred tax assets and liabilities as of March 31, 2017 2016 March 31, 2017 2016 Deferred tax assets: Accrued pension costs $ 23,900 $ 9,500 Allowance for loan losses 350,300 438,935 Directors’ benefit plans 138,500 131,500 Employee stock option 50,600 32,200 FASB 158 – unrecognized transition costs 87,800 91,100 Federal tax loss carryforward 1,016,400 1,050,900 State tax loss carryforward 360,200 372,800 Non accrual interest 28,000 15,000 Total deferred tax assets $ 2,055,700 $ 2,141,935 Valuation allowance (24,800 ) - March 31, 2017 2016 Deferred tax liabilities: Accumulated depreciation $ (46,500 ) $ (64,000 ) Unrealized gains on securities available-for-sale (2,450 ) (11,400 ) Total deferred tax liabilities (48,950 ) (75,400 ) NET DEFERRED TAX ASSETS $ 1,981,950 $ 2,066,535 The Company accounts for uncertainties in income taxes in accordance with FASB ASC Topic 740 no In the event the Company is assessed for interest and/or penalties by taxing authorities, such assessed amounts will be classified in the financial statements as income tax expense. As of March 2017, December 31, 2014 2015 no December 31, 2015 2016 2013 2016 The Company has considered future market growth, forecasted earnings, future taxable income, and prudent, feasible and permissible tax planning strategies in determining the realizability of deferred tax assets. If the Company were to determine that it would not As of March 31, 2017, $3,270,000 $1,016,400, 2029 2035. As of March 31, 2017, $4,000,000 $360,200, 2029 2035. |
Note 15 - Employee Benefits
Note 15 - Employee Benefits | 12 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | 15. EMPLOYEE BENEFITS Cash/Deferred Profit Sharing Plan The Company maintains a cash/deferred profit sharing plan covering all full time employees with one twenty-one 1st January 1st July The Company may 10% 0 March 31, 2017 2016. |
Note 16 - Board of Directors' R
Note 16 - Board of Directors' Retirement Plan | 12 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 16. BOARD OF DIRECTORS’ RETIREMENT PLAN The Company established a Defined Benefit Retirement Plan for the Bank’s Board of Directors on January 1, 2002. 4% 80% ten first 129 50% 100% The estimated past service liability that will be amortized from accumulated other comprehensive income into net periodic pension costs over the next fiscal year is zero Net pension expense was $52,748 $59,196 March 31, 2017 2016, Years Ended March 31, 2017 2016 Service cost $ 15,700 $ 18,012 Interest cost 22,896 23,276 Amortization of gain 14,152 17,908 Net amortization and deferral -0- -0- Net periodic pension cost $ 52,748 $ 59,196 The following table presents a reconciliation of the funded status of the defined benefit pension plan at March 31, 2017 2016: March 31, 2017 2016 Accumulated benefit obligation $ 537,500 $ 540,070 Projected benefit obligation 565,807 556,522 Fair value of plan assets -0- -0- Unfunded projected benefit obligation 565,807 556,522 The following table presents a reconciliation of benefit obligations and plan assets: March 31, 2017 2016 Change in Benefit Obligation Projected benefit obligation at beginning of year $ 556,522 $ 599,324 Service cost 15,700 18,012 Interest cost 22,896 23,276 Actuarial (gain) loss 5,916 (48,863 ) Benefits paid (35,227 ) (35,227 ) Benefit obligation at end of year $ 565,807 $ 556,522 March 31, 2017 2016 Change in Plan Assets Fair value of Plan assets at beginning of year $ -0- $ -0- Actual return on Plan assets -0- -0- Employer contributions 35,227 35,227 Benefits paid (35,227 ) (35,227 ) Fair value of Plan assets at end of year $ -0- $ -0- Actuarial assumptions used in determining pension amounts are as follows: Years Ended March 31, 2017 2016 Discount rate for periodic pension cost 4.25 % 4.00 % Discount rate for benefit obligation 4.25 % 4.25 % Rate of increase in compensation levels and social security wage base 2.00 % 2.00 % Expected long-term rate of return on plan assets N/A N/A |
Note 17 - Employee Stock Owners
Note 17 - Employee Stock Ownership Plan (ESOP) | 12 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Employee Stock Ownership Plan ESOP [Text Block] | 17. EMPLOYEE STOCK OWNERSHIP PLAN (ESOP) The Company has an Employee Stock Ownership Plan (“ESOP”) for the benefit of employees who meet the eligibility requirements as defined in the ESOP. The ESOP purchased 64,081 March 2007 20 8.25% October 16, 2013, .5711 1 14 3.25%. second 23,644 second October 16, 2013 14 3.25% The following table presents the components of the ESOP shares purchased. Years Ended March 31, 2017 2016 Shares released for allocation 25,053 21,534 Unearned shares 35,187 38,706 Total ESOP shares 60,240 60,240 |
Note 18 - Stock Based Compensat
Note 18 - Stock Based Compensation | 12 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 18. On May 19, 2008, August 18, 2008, 2008 2008 80,101 32,040 2008 On October 16, 2013, 20,000 $8.00 tenth 20% The following table is a summary of the status of the shares under the 2008 March 31, 2017 March 31, 2017. Year Ended March 31, 2017 Weighted Average Number of Grant Date Shares Fair Value Restricted at the beginning of the period 20,000 $ 8.69 Granted Vested Forfeited Restricted at the end of the period 20,000 8.69 |
Note 19 - Earnings Per Share
Note 19 - Earnings Per Share | 12 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 19. The following table sets forth the composition of the weighted average shares (denominator) used in the basic and dilutive earnings per share computation for the years ended March 31, 2017 2016. 2017 2016 Net Income (Loss) $ 117,989 $ (18,070 ) Weighted average shares outstanding 945,425 945,425 Adjusted average unearned ESOP shares (35,187 ) (38,706 ) Weighted average share outstanding - basic 910,238 906,719 Effect of dilutive common stock equivalents 5,312 - Adjusted weighted average shares outstanding - dilutive 915,550 906,719 Basic loss per share $ 0.13 $ (0.02 ) Diluted loss per share $ 0.13 $ (0.02 ) The effect of the 20,000 March 31, 2017 not |
Note 20 - Fair Value Measuremen
Note 20 - Fair Value Measurements | 12 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Fair Value, Measurement Inputs, Disclosure [Text Block] | 20. FAIR VALUE MEASUREMENTS FASB ASC 825, first FASB ASC 820, not 1 3 three Level 1 Valuations for assets and liabilities traded in active exchange markets. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities. Level 2 Valuations for assets and liabilities traded in less active dealer or broker markets. Valuations are obtained from third 1 not Level 3 Unobservable inputs that are supported by little or no A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The types of instruments valued based on quoted market prices in active markets include most U.S. government and agency securities, liquid mortgage products, active listed equities and most money market securities. Such instruments are generally classified within Level 1 2 not The types of instruments valued based on quoted prices in markets that are not 2 Level 3 not Impaired loans are evaluated and valued at the time the loan is identified as impaired, at the lower of cost or market value. Market value is measured based on the value of the collateral securing these loans and is classified at a Level 3 may may The following tables set forth the Company’s assets and liabilities that were accounted for or disclosed at fair value on a recurring basis as of March 31, 2017 2016. Significant Other Significant Carrying Observable Unobservable Value Quoted Prices Inputs Inputs (Fair Value) (Level 1) (Level 2) (Level 3) March 31, 2017 Securities available for sale: U.S. Government Agency Bonds $ 500,032 $ $ 500,032 $ Certificates of Deposit 2,007,628 2,007,628 Mutual Fund Shares 87,228 87,228 Totals $ 2,594,888 $ $ 2,594,888 $ Those assets as of March 31, 2016 Significant Other Significant Carrying Observable Unobservable Value Quoted Prices Inputs Inputs (Fair Value) (Level 1) (Level 2) (Level 3) March 31, 2016 Securities available for sale: U.S. Government Agency Bonds $ 497,247 $ $ 497,247 $ Certificates of Deposit 1,530,854 1,530,854 Mutual Fund Shares 121,992 121,992 Totals $ 2,150,093 $ $ 2,150,093 $ Certain assets are measured at fair value on a nonrecurring basis; that is, the instruments are not Impaired Loans The Company considers loans to be impaired when it becomes more likely than not 3 Real Estate Owned Once an asset is determined to be uncollectible, the underlying collateral is generally repossessed and reclassified to foreclosed real estate and repossessed assets. These repossessed assets are carried at the lower of cost or fair value of the collateral, based on independent appraisals, less cost to sell and would be categorized as Level 3 The following tables set forth the Company’s assets and liabilities that were accounted for and or disclosed at fair value on a nonrecurring basis as of March 31, 2017 2016: Significant Other Significant Carrying Observable Unobservable Value Quoted Prices Inputs Inputs (Fair Value) (Level 1) (Level 2) (Level 3) March 31, 2017 Impaired loans $ 4,882,799 $ $ $ 4,882,799 Real estate owned 1,271,302 1,271,302 Total $ 6,154,101 $ $ $ 6,154,101 Significant Other Significant Carrying Observable Unobservable Value Quoted Prices Inputs Inputs (Fair Value) (Level 1) (Level 2) (Level 3) March 31, 2016 Impaired loans $ 4,965,658 $ $ $ 4,965,658 Real estate owned 1,763,628 1,763,628 Total $ 6,729,286 $ $ $ 6,729,286 The following table provides information describing the valuation processes used to determine nonrecurring fair value measurement categorized within Level 3 March 31, 2017 2016: March 31, 2017 Fair Valuation Value Technique Unobservable Input Range (discount) Impaired loans $ 4,882,799 Property Management discount for 7% - 12% Real estate owned $ 1,271,302 Property Management discount for 7% - 12% March 31, 2016 Fair Valuation Value Technique Unobservable Input Range (discount) Impaired loans $ 4,965,658 Property Management discount for selling costs, property type discount and market volatility 7% - 12% Real estate owned $ 1,763,628 Property Management discount for selling costs, property type discount and market volatility 7% - 12% The fair value of financial instruments amounts have been determined by the Company using available market information and appropriate valuation methodologies. However, considerable judgment is required to interpret market data to develop the estimates of fair value. Accordingly, the estimates presented herein are not may In accordance with the disclosure requirements of FASB ASC 825, Fair Value Measurements Significant Significant Other Unobserv- Quoted Observable able Carrying Prices Inputs Inputs March 31, 2017 Amount Fair Value (Level 1) (Level 2) (Level 3) Financial Assets: Cash and cash equivalents $ 6,998,543 $ 6,998,543 $ 6,998,543 $ $ Investment securities available for sale 2,588,817 2,594,888 2,594,888 Investment and mortgage-backed securities held to maturity 22,622,835 21,797,695 21,797,695 Loans receivable, net 84,414,361 83,833,000 83,833,000 Accrued interest receivable 378,243 378,243 378,243 Federal Home Loan Bank stock 124,300 124,300 124,300 Bank owned life insurance 178,514 178,514 178,514 Financial Liabilities: Deposits – non-interest bearing 11,703,567 11,703,567 11,703,567 Deposits – interest bearing 100,377,179 99,183,000 99,183,000 Accrued interest payable 6,273 6,273 6,273 Advances from borrowers for taxes and insurance 500,485 500,485 500,485 Fair Value Measurements Significant Significant Other Unobserv- Quoted Observable able Carrying Prices Inputs Inputs March 31, 2016 Amount Fair Value (Level 1) (Level 2) (Level 3) Financial Assets: Cash and cash equivalents $ 12,127,388 $ 12,127,388 $ 12,127,388 $ $ Investment securities available for sale 2,121,777 2,150,093 2,150,093 Investment and mortgage-backed securities held to maturity 21,584,538 21,639,610 21,639,610 Loans receivable, net 82,197,809 84,355,000 84,355,000 Accrued interest receivable 369,138 369,138 369,138 Federal Home Loan Bank stock 253,800 253,800 253,800 Bank owned life insurance 174,252 174,252 174,252 Financial Liabilities: Deposits – non-interest bearing 12,054,146 12,054,146 12,054,146 Deposits – interest bearing 99,810,501 99,800,000 99,800,000 Advances from Federal Home Loan Bank 3,000,000 3,000,000 3,000,000 Accrued interest payable 5,830 5,830 5,830 Advances from borrowers for taxes and insurance 433,034 433,034 433,034 The following methods and assumptions were used to estimate the fair value disclosure for financial instruments as of March 31, 2017 2016: Cash and Cash Equivalents – For cash and cash equivalents, the carrying amount is a reasonable estimate of fair value. Investments and Mortgage-Backed Securities – The fair value of investment securities and mortgage-backed securities is based on quoted market prices, dealer quotes, and prices obtained from independent pricing services. Loans Receivable – The fair value of loans is estimated based on present value using the current market rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. The carrying value that fair value is compared to is net of the allowance for loan losses and other associated premiums and discounts. Due to the significant judgment involved in evaluating credit quality, loans are classified within level 3 Accrued Interest Receivable – For accrued interest receivable, the carrying amount is a reasonable estimate of fair value. Federal Home Loan Bank (FHLB) Stock – Although FHLB stock is an equity interest in an FHLB, it is carried at cost because it does not Bank Owned Life Insurance – The fair value of bank owned life insurance is based on the cash surrender value obtained from an independent advisor that are derivable from observable market inputs. Deposits – The fair value of deposits with no Advances from the Federal Home Loan Bank – The carrying amounts of advances from the Federal Home Loan Bank approximate the fair value. Accrued Interest Payable – For accrued interest payable, the carrying amount is a reasonable estimate of fair value. Advances from Borrowers for Taxes and Insurance – For advances from borrowers for taxes and insurance, the carrying amount is a reasonable estimate of fair value. |
Note 21 - Commitments and Conti
Note 21 - Commitments and Contingencies | 12 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 21. Financial Instruments In the normal course of business, there are outstanding commitments, contingent liabilities and other financial instruments that are not The Company’s exposure to credit loss in the event of nonperformance by the other parties to the financial instrument for these commitments is represented by the contractual amounts of those instruments. The Company uses the same credit policies in making commitments as it does for on-balance sheet instruments. These commitments as of March 31, 2017 2016 2017 2016 Contractual Contractual Amount Amount Financial instruments whose notional or contract amounts represent credit risk: Construction loan commitments $ 290,862 $ Unused commercial lines of credit 1,378,259 1,212,000 Unused home equity lines of credit 4,255,673 4,969,000 Personal lines of credit 494 635 1-4 family residential mortgage commitments 528,000 1,232,000 Commercial real estate mortgage commitments 112,000 Standby letters of credit 55,000 55,000 Total $ 6,620,288 $ 7,468,635 Commitments to extend credit are agreements to lend to a customer as long as there is no may not may Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third The Company has not two not 2017 2016. Litigation The Company is subject to claims and lawsuits which arise primarily in the ordinary course of business. It is the opinion of management that the disposition or ultimate resolution of such claims and lawsuits will not |
Note 22 - Related Party Transac
Note 22 - Related Party Transactions | 12 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 22. RELATED PARTY TRANSACTIONS The Company obtained legal services and insurance products from other entities which were affiliated with Directors of the Bank. The aggregate payment for these products and services amounted to $150,678 $186,985, March 31, 2017 2016, |
Note 23 - Regulatory Capital
Note 23 - Regulatory Capital | 12 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | 23. The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet the minimum capital requirements can initiate certain mandatory, and possible additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines involving quantitative measures of assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. Capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios of total and Tier 1 March 31, 2017 2016, As of March 31, 2017, The Bank’s actual and required capital amounts and ratios as of March 31, 2017 2016 Minimum to be Well Capitalized Under Prompt For Capital Corrective Action Actual Adequacy Purposes Provisions Amount Ratio Amount Ratio Amount Ratio As of March 31, 2017: Total Capital (to Risk-Weighted Assets) $ 12,373,000 17.60 % ≥$5,624,000 ≥8.0% ≥$7,030,000 ≥10.0% Tier 1 Capital (to Risk-Weighted Assets) $ 11,489,000 16.34 % ≥$4,218,000 ≥6.0% ≥$5,624,000 ≥ Tier 1 Common (to Risk-Weighted Assets) $ 11,489,000 16.34 % ≥$3,164,000 ≥4.5% ≥$4,570,000 ≥ 6.5% Tier 1 Capital (to Average Assets) $ 11,489,000 9.23 % ≥$4,979,000 ≥4.0% ≥$6,223,000 ≥ 5.0% Minimum to be Well Capitalized Under Prompt For Capital Corrective Action Actual Adequacy Purposes Provisions Amount Ratio Amount Ratio Amount Ratio As of March 31, 2016: Total Capital (to Risk-Weighted Assets) $ 11,859,000 17.26 % ≥$5,498,000 ≥8.0% ≥$6,873,000 ≥10.0% Tier 1 Capital (to Risk-Weighted Assets) $ 10,988,000 15.99 % ≥$4,124,000 ≥6.0% ≥$5,498,000 ≥ 8.0% Tier 1 Common (to Risk-Weighted Assets) $ 10,988,000 15.99 % ≥$3,092,000 ≥4.5% ≥$4,467,000 ≥ 6.5% Tier 1 Capital (to Average Assets) $ 10,988,000 8.67 % ≥$5,068,000 ≥4.0% ≥$6,335,000 ≥ 5.0% |
Note 24 - Regulatory Matters
Note 24 - Regulatory Matters | 12 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | 24. REGULATORY MATTERS Federal regulations place certain restrictions on dividends paid by the Bank to the Company. The total amount of dividends that may two The Bank is party to a formal written agreement (the “Agreement”) with the Office of the Comptroller of the Currency (the “OCC”) dated November 21, 2012. March 17, 2010. The Agreement requires the Bank to take the following actions: ● prepare a three ● 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 ● 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 ● not ● comply with prior regulatory notification requirements for any changes in directors or senior executive officers. The Agreement will remain in effect until terminated, modified, or suspended in writing by the OCC. The written agreement does not January 2, 2013, 1 8% 1 12% 13% March 31, 2017, 1 1 9.23%, 16.34% 17.60%, |
Note 25 - Changes in Accumulate
Note 25 - Changes in Accumulated Other Comprehensive Income (Loss) Balances | 12 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 25. The following presents the changes in accumulated other comprehensive income (loss) by component net of tax: Unrealized Gains (Losses) Defined Accumulated On Available Benefit Other For Sale Pension Comprehensive Securities Plans Income (Loss) Balance as of April 1, 2016 $ 16,989 $ (136,651 ) $ (119,662 ) Other comprehensive income before reclassification (13,347 ) 4,942 (8,405 ) Total other comprehensive income (13,347 ) 4,942 (8,405 ) Balance as of March 31, 2017 $ 3,642 $ (131,709 ) $ (128,067 ) |
Note 26 - Financial Information
Note 26 - Financial Information of Parent Company | 12 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | 26. Delanco Bancorp, Inc. (Parent Company Only) For the Years Ended March 31, 2017 2016 Statement of Financial Condition Assets: Cash and cash equivalents $ 399,459 $ 480,129 Investment in Bank 9,586,332 9,536,490 Deferred income taxes 50,582 32,219 Total assets $ 10,036,373 $ 10,048,838 Stockholders’ equity: Total stockholders’ equity 10,036,373 10,048,838 Total liabilities and stockholders’ equity $ 10,036,373 $ 10,048,838 For the Years Ended March 31, 2017 2016 Income Statement Interest on ESOP loan $ 19,142 $ 20,556 Other interest income 440 456 Total income $ 19,582 $ 21,012 Management fee 45,000 45,000 Compensation expense 45,907 35,220 Total expense 90,907 80,220 Loss before income tax benefit and equity in undistributed net loss of subsidiary (71,325 ) (59,208 ) Equity in undistributed net income of subsidiary 171,451 27,549 Income tax benefit 17,863 13,589 Net income (loss) $ 117,989 $ (18,070 ) Cash Flows Adjustments to reconcile net income (loss) to net cash used in operating activities: Share based compensation expense $ 45,907 $ 35,220 Operating activities: Net income (loss) 117,989 (18,070 ) Undistributed net income of subsidiary (171,451 ) (27,549 ) Increase in deferred income taxes (18,363 ) (14,089 ) Net cash used in operating activities (25,918 ) (24,488 ) Investing activities: Distribution to subsidiary (100,000 ) Net cash used in investing activities (100,000 ) Financing activities: Proceeds from ESOP loan 45,248 43,834 Net cash provided by financing activities 45,248 43,834 Net (80,670 ) 19,346 Cash and cash equivalents, beginning of year 480,129 460,783 Cash and cash equivalents, end of year $ 399,459 $ 480,129 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation and Consolidation The accounting and reporting policies of the Company conform with accounting principles and predominant practices within the banking industry. The consolidated financial statements of the Company include the accounts of Delanco Federal Savings Bank and its subsidiaries. Intercompany balances and transactions are eliminated in consolidation. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates in the Preparation of Consolidated Financial Statements The preparation of consolidated financial statements 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates and assumptions that are particularly susceptible to significant changes relate to the determination of the allowance for losses on loans, the fair value of financial instruments, the valuation of foreclosed real estate and the valuation of deferred tax assets. In connection with the determination of the estimated losses on loans and foreclosed real estate, management obtains independent appraisals for significant properties. A majority of the Bank’s loan portfolio consists of single-family residential, commercial and multi-family real estate loans in Southern New Jersey and Southeastern Pennsylvania. Accordingly, the ultimate collectibility of a substantial portion of the Bank’s loan portfolio and the recovery of a substantial portion of the carrying amount of foreclosed real estate are susceptible to changes in local market conditions. While management uses available information to recognize losses on loans and foreclosed real estate, further reductions in the carrying amounts of loans and foreclosed assets may may may |
Marketable Securities, Policy [Policy Text Block] | Investment and Mortgage-Backed Securities Securities Held-to-Maturity first Securities Available-for-Sale not Declines in the fair value of individual held-to-maturity and available-for-sale securities below their cost that are other than temporary result in write-downs of the individual securities to their fair value. The related write-downs are included in earnings as realized losses. In estimating other than temporary impairment losses, management considers ( 1 2 3 |
Finance, Loans and Leases Receivable, Policy [Policy Text Block] | Loans Receivable The Bank grants mortgage, commercial, consumer and lines of credit loans to customers. A substantial portion of the loan portfolio is represented by mortgage, commercial and multi-family real estate loans in Southern New Jersey and Southeastern Pennsylvania. The ability of the Bank’s debtors to honor their contracts is dependent upon the real estate and general economic conditions in these areas. Loans are stated at unpaid principal balances, less the allowance for loan losses and net deferred loan fees and unearned discounts. Loan origination and commitment fees, as well as certain direct origination costs, are deferred and amortized as a yield adjustment over the lives of the related loans using the interest method. Amortization of deferred loan fees is discontinued when a loan is placed on nonaccrual status. The recognition of income on a loan is discontinued and previously accrued interest is reversed, when interest or principal payments become ninety 90 |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance For Loan Losses The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectibility of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may The allowance consists of specific, general, and unallocated components. The specific component relates to loans that are classified as doubtful, substandard, or special mention. For such loans that are also classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers non-classified loans and is based on historical loss experience adjusted for qualitative factors. An unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. |
Impaired Financing Receivable, Policy [Policy Text Block] | Loan Impairment A loan is considered impaired when, based on current information and events, it is probable that the Bank will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. |
Loans and Leases Receivable, Troubled Debt Restructuring Policy [Policy Text Block] | Troubled Debt Restructurings In situations where, for economic or legal reasons related to a customer’s financial difficulties, the Bank grants a concession for other than an insignificant period of time to the customer that the Bank would not may |
Bank Owed Life Insurance Policy [Policy Text Block] | Bank-Owned Life Insurance The Bank owns a life insurance policy on the life of a retired member of the Board of Directors. The cash surrender value of the policy is recorded as an asset of the bank and changes in this value are reflected in non-interest income. Death benefit proceeds in excess of the policy’s cash surrender value will be recognized as income upon receipt. There are no |
Property, Plant and Equipment, Policy [Policy Text Block] | Premises and Equipment Land is carried at cost. Other premises and equipment are recorded at cost and are depreciated on the straight-line method. Charges for maintenance and repairs are expensed as incurred. Depreciation and amortization are provided over the estimated useful lives of the respective assets. |
Loans and Leases Receivable, Real Estate Acquired Through Foreclosure, Policy [Policy Text Block] | Real Estate Owned Real estate owned is comprised of properties acquired through foreclosure proceedings or acceptance of a deed in lieu of foreclosure. Real estate owned is recorded at the lower of the carrying value of the loan or the fair value of the property, net of estimated selling costs. Costs relating to the development or improvement of the properties are capitalized while expenses related to the operation and maintenance of properties are recorded as an expense as incurred. Gains or losses upon dispositions are reflected in earnings as realized. The Company had $1,271,302 $1,763,628 March 31, 2017 2016, $33,578 $3,519 March 31, 2017 2016, |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income The Company presents in the consolidated statement of comprehensive income those amounts arising from transactions and other events which currently are excluded from the statements of operations and are recorded directly to stockholders’ equity. For the years ended March 31, 2017 2016, |
Income Tax, Policy [Policy Text Block] | Income Taxes Income taxes are provided for the tax effects of the transactions reported in the financial statements and consist of taxes currently due plus deferred taxes related primarily to tax net operating loss carryforwards and differences between the basis of available-for-sale securities, allowance for loan losses, estimated losses on real estate owned, accumulated depreciation, and accrued employee benefits for financial and income tax reporting. The deferred tax assets and liabilities represent the future tax return consequences of those differences, which will either be taxable or deductible when assets and liabilities are recovered or settled, as well as operating loss carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is established against deferred tax assets when in the judgment of management, it is more likely than not not may, |
Segment Reporting, Policy [Policy Text Block] | Segment Information Delanco Bancorp, Inc. has one one |
Cash and Cash Equivalents, Policy [Policy Text Block] | Presentation of Cash Flows For purposes of reporting cash flows, cash and cash equivalents includes cash on hand, amounts due from banks (including cash items in process of clearing) and interest-bearing deposits in banks with an original maturity of 90 |
Advertising Costs, Policy [Policy Text Block] | Advertising Costs Advertising costs are expensed as incurred. Advertising expenses totaled $19,186 $23,988 March 31, 2017 2016, |
Employee Stock Ownership Plan (ESOP), Policy [Policy Text Block] | Employee Stock Ownership Plan (“ESOP”) The Company maintains an employee stock ownership plan as (“ESOP”) for substantially all of its full-time employees. The ESOP purchased 64,081 $640,810 2008. October 2013, 64,081 36,596 23,644 October 2013 $189,152. March 31, 2017, 25,053 March 31, 2017 2016, $45,907 $35,220, March 31, 2017, 60,240 |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock Based Compensation The Company accounts for stock-based compensation issued to employees, and where appropriate, non-employees, at fair value. Under fair value provisions, stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense over the appropriate vesting period using the straight-line method. The amount of stock-based compensation recognized at any date must at least equal the portion of the grant date fair value of the award that is vested at that date and as a result it may |
Federal Home Loan Bank Stock Policy [Policy Text Block] | Federal Home Loan Bank Stock FHLB Stock, which represents the required investment in the common stock of a correspondent bank, is carried at cost. |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share Basic earnings per share is calculated on the basis of net income divided by the weighted average number of shares outstanding. Diluted earnings per share includes dilutive potential shares as computed under the treasury stock method using average common stock prices. Diluted earnings per share is calculated on the basis of the weighted average number of shares outstanding plus the weighted average number of additional dilutive shares. |
Note 5 - Investment Securities
Note 5 - Investment Securities (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Available-for-sale Securities [Table Text Block] | Available-for-Sale March 31, 2017 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value U.S. Government Agency Bonds $ 500,000 $ 32 $ $ 500,032 Certificates of Deposit 2,000,000 8,015 (387 ) 2,007,628 Mutual Fund Shares 88,817 (1,589 ) 87,228 Total $ 2,588,817 $ 8,047 $ (1,976 ) $ 2,594,888 Available-for-Sale March 31, 2016 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value U.S. Government Agency Bonds $ 500,000 $ $ (2,753 ) $ 497,247 Certificates of Deposit 1,500,000 30,854 1,530,854 Mutual Fund Shares 121,777 2,104 (1,889 ) 121,992 Total $ 2,121,777 $ 32,958 $ (4,642 ) $ 2,150,093 |
Held-to-maturity Securities [Table Text Block] | Held-to-Maturity March 31, 2017 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value U.S. Government Agency Bonds $ 20,417,712 $ $ (865,212 ) $ 19,552,500 Municipal Bond 1,536,250 (2,748 ) 1,533,502 Mortgage-Backed Securities 668,873 58,219 (15,399 ) 711,693 Total $ 22,622,835 $ 58,219 $ (883,359 ) $ 21,797,695 Held-to-Maturity March 31, 2016 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value U.S. Government Agency Bonds $ 20,293,734 $ 91,930 $ (12,495 ) $ 20,373,169 Municipal Bonds 736,250 (1,513 ) 734,737 Mortgage-Backed Securities 554,554 48,247 (4,557 ) 598,244 Total $ 21,584,538 $ 140,177 $ (18,565 ) $ 21,706,150 |
Investments Classified by Contractual Maturity Date [Table Text Block] | March 31, 2017 Available-for-sale Held-to-maturity Amortized Fair Amortized Fair Cost Value Cost Value Amounts maturing in: One year or less $ $ $ 1,536,250 $ 1,533,502 After one year through five years 500,000 496,646 After five years through ten years 2,000,000 2,007,628 8,572,495 8,292,256 After ten years 500,000 500,032 12,014,090 11,475,291 Mutual fund shares 88,817 87,228 $ 2,588,817 $ 2,594,888 $ 22,622,835 $ 21,797,695 March 31, 2016 Available-for-sale Held-to-maturity Amortized Fair Amortized Fair Cost Value Cost Value Amounts maturing in: One year or less $ $ $ 736,250 $ 734,737 After one year through five years 1,000,000 1,024,569 945,000 945,091 After five years through ten years 500,000 506,285 8,379,581 8,384,588 After ten years 500,000 497,247 11,523,707 11,641,734 Mutual fund shares 121,777 121,992 $ 2,121,777 $ 2,150,093 $ 21,584,538 $ 21,706,150 |
Schedule of Unrealized Loss on Investments [Table Text Block] | Continuous Unrealized Continuous Unrealized Losses Existing For Losses Existing For Less Than 12 Months 12 Months or Greater Total Fair Unrealized Fair Unrealized Fair Unrealized March 31, 2017 Value Losses Value Losses Value Losses U.S. Government Agency Bonds $ 19,552,501 $ (865,212 ) $ $ $ 19,552,501 $ (865,212 ) Certificates of deposit 249,613 (387 ) 249,613 (387 ) Municipal Bonds 1,536,250 (2,748 ) 1,536,250 (2,748 ) Mutual fund shares 87,228 (1,589 ) 87,228 (1,589 ) Mortgage-Backed Securities 216,018 (15,399 ) 216,018 (15,399 ) Total $ 21,338,364 $ (868,347 ) $ 303,246 $ (16,988 ) $ 21,641,610 $ (885,335 ) March 31, 2016 U.S. Government Agency Bonds $ $ $ 1,492,480 $ (7,520 ) $ 1,492,480 $ (7,520 ) Municipal Bonds 734,737 (1,513 ) 734,737 (1,513 ) Mutual Fund Shares 64,031 (1,889 ) 64,031 (1,889 ) Mortgage-Backed Securities 279,285 (12,285 ) 279,285 (12,285 ) Total $ 734,737 $ (1,513 ) $ 1,835,796 $ (21,694 ) $ 2,570,533 $ (23,207 ) |
Note 6 - Loans (Tables)
Note 6 - Loans (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | March 31, 2017 2016 Residential (one to four family) real estate $ 61,419,004 $ 62,250,645 Multi-family and commercial real estate 12,071,060 9,569,328 Commercial 1,858,107 2,290,405 Home equity 8,811,757 8,527,420 Consumer 636,658 682,193 Construction 680,556 54,268 Total loans 85,477,142 83,374,259 Net deferred loan origination fees (61,332 ) (77,218 ) Allowance for loan losses (1,001,449 ) (1,099,232 ) Net deferred loan fees and allowance (1,062,781 ) (1,176,450 ) Loans, net $ 84,414,361 $ 82,197,809 |
Financing Receivable Credit Quality Indicators [Table Text Block] | Special Non- Mention Classified Performing Pass Loans Loans Loans Total Residential real estate $ 58,806,400 $ $ $ 2,612,604 $ 61,419,004 Multi-family and commercial real estate 10,727,543 172,050 1,171,467 12,071,060 Commercial 1,652,256 34,377 171,474 1,858,107 Home equity 8,533,000 278,757 8,811,757 Consumer 636,658 636,658 Construction 628,052 52,504 680,556 $ 80,983,909 $ $ 206,427 $ 4,286,806 $ 85,477,142 Special Non- Mention Classified Performing Pass Loans Loans Loans Total Residential real estate $ 59,385,578 $ $ $ 2,865,067 $ 62,250,645 Multi-family and commercial real estate 7,962,420 288,784 1,318,124 9,569,328 Commercial 2,074,394 53,942 140,751 21,318 2,290,405 Home equity 8,416,499 110,921 8,527,420 Consumer 682,193 682,193 Construction 54,268 54,268 $ 78,521,084 $ 342,726 $ 140,751 $ 4,369,698 $ 83,374,259 |
Past Due Financing Receivables [Table Text Block] | 30-59 60-89 Greater Than Days Days 90 Days Total Total Loan Past Due Past Due Past Due Past Due Current Balances Residential real estate $ 483,057 $ 149,317 $ 1,545,714 $ 2,178,088 $ 59,240,916 $ 61,419,004 Multi-family and commercial real estate 172,050 425,200 880,342 1,477,592 10,593,468 12,071,060 Commercial 175,116 171,474 346,590 1,511,517 1,858,107 Home equity 183,930 183,930 8,627,827 8,811,757 Consumer 14,477 14,477 622,181 636,658 Construction 680,556 680,556 Total Loans $ 844,700 $ 574,517 $ 2,781,460 $ 4,200,677 $ 81,276,465 $ 85,477,142 Percentage of Total Loans 0.99 % 0.67 % 3.25 % 4.91 % 95.09 % 100.0 % 30-59 60-89 Greater Than Days Days 90 Days Total Total Loan Past Due Past Due Past Due Past Due Current Balances Residential real estate $ 577,002 $ 224,111 $ 1,967,082 $ 2,768,195 $ 59,482,450 $ 62,250,645 Multi-family and commercial real estate 288,784 663,068 951,852 8,617,476 9,569,328 Commercial 339,654 21,318 360,972 1,929,433 2,290,405 Home equity 50,000 110,471 160,471 8,366,949 8,527,420 Consumer 682,193 682,193 Construction 54,268 54,268 Total Loans $ 966,656 $ 534,213 $ 2,740,621 $ 4,241,490 $ 79,132,769 $ 83,374,259 Percentage of Total Loans 1.16 % .64 % 3.29 % 5.09 % 94.91 % 100.0 % |
Impaired Financing Receivables [Table Text Block] | March 31, 2017 2016 Impaired loans for which a valuation allowance has been provided $ $ Impaired loans for which no valuation allowance has been provided 4,882,799 4,965,658 Total loans determined to be impaired $ 4,882,799 $ 4,965,658 Allowance for loans losses related to impaired loans $ $ Average recorded investment in impaired loans $ 5,224,742 $ 5,054,436 Cash basis interest income recognized on impaired loans $ 172,524 $ 200,787 |
Schedule of Credit Losses Related to Financing Receivables, Current and Noncurrent [Table Text Block] | Interest Income Average Recognized Unpaid Related Annual While On Recorded Principal Valuation Recorded Impaired Investment Balance Allowance Investment Status Impaired loans with no valuation allowance: Residential real estate $ 2,288,798 $ 2,238,610 $ $ 2,710,870 $ 59,661 Multi-family and commercial real estate 2,162,188 2,141,444 2,059,650 93,446 Commercial 171,474 171,474 152,492 9,218 Home equity 283,156 278,767 242,465 7,488 Consumer 1,262 Construction 57,157 52,504 58,003 2,711 Subtotal $ 4,962,773 $ 4,882,799 $ $ 5,224,742 $ 172,524 Interest Income Average Recognized Unpaid Related Annual While On Recorded Principal Valuation Recorded Impaired Investment Balance Allowance Investment Status Total impaired loans: Residential real estate $ 2,288,798 $ 2,238,610 $ $ 2,710,870 $ 59,661 Multi-family and commercial real estate 2,162,188 2,141,444 2,059,650 93,446 Commercial 171,474 171,474 152,492 9,218 Home equity 283,156 278,767 242,465 7,488 Consumer 1,262 Construction 57,157 52,504 58,003 2,711 Total $ 4,962,773 $ 4,882,799 $ $ 5,224,742 $ 172,524 Interest Income Average Recognized Unpaid Related Annual While On Recorded Principal Valuation Recorded Impaired Investment Balance Allowance Investment Status Impaired loans with no valuation allowance: Residential real estate $ 2,964,318 $ 2,920,343 $ $ 2,912,541 $ 70,879 Multi-family and commercial real estate 1,938,180 1,935,352 1,992,465 117,115 Commercial 55,695 55,695 34,346 9,207 Home equity 39,066 775 Consumer 15,864 Construction 59,105 54,268 60,154 2,811 Subtotal $ 5,017,298 $ 4,965,658 $ $ 5,054,436 $ 200,787 Interest Income Average Recognized Unpaid Related Annual While On Recorded Principal Valuation Recorded Impaired Investment Balance Allowance Investment Status Total impaired loans: Residential real estate $ 2,964,318 $ 2,920,343 $ $ 2,912,541 $ 70,879 Multi-family and commercial real estate 1,938,180 1,935,352 1,992,465 117,115 Commercial 55,695 55,695 34,346 9,207 Home equity 39,066 775 Consumer 15,864 Construction 59,105 54,268 60,154 2,811 Total $ 5,017,298 $ 4,965,658 $ $ 5,054,436 $ 200,787 |
Schedule of Financing Receivables, Non Accrual Status [Table Text Block] | March 31, 2017 2016 Non-accrual loans: Residential real estate $ 1,179,630 $ 1,333,383 Multi-family and commercial real estate 506,357 552,545 Commercial 171,474 21,318 Home equity 53,140 110,921 Consumer Construction Total non-accrual loans 1,910,601 2,018,167 March 31, 2017 2016 Accruing loans past due 90 days or more: Residential real estate $ $ Multi-family and commercial real estate Commercial Consumer Construction Total accruing loans past due 90 days or more Troubled debt restructurings: In non-accrual status: Residential real estate $ 740,079 $ 744,222 Multi-family and commercial real estate 425,200 Commercial Home equity 130,780 Consumer Construction Total troubled debt restructurings in non- accrual status 1,296,059 744,222 Performing under modified terms: Residential real estate $ 692,895 $ 787,462 Multi-family and commercial real estate 239,910 765,579 Commercial Home equity 94,837 Consumer Construction 52,504 54,268 Total troubled debt restructurings performing under modified terms 1,080,146 1,607,309 Total troubled debt restructurings 2,376,205 2,351,531 Total non-performing loans 4,286,806 4,369,698 Real estate owned 1,271,302 1,763,628 Total non-performing assets $ 5,558,108 $ 6,133,326 Non-performing loans as a percentage of loans 5.02 % 5.24 % Non-performing assets as a percentage of loans and real estate owned 6.41 % 7.20 % Non-performing assets as a percentage of total assets 4.38 % 4.74 % |
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | 2017 2016 Outstanding Recorded Outstanding Recorded Investment Investment Number of Pre- Post- Number of Pre- Post- Contracts Modification Modification Contracts Modification Modification Troubled debt restructurings: Residential real estate 1 $ 76,513 $ 96,000 1 $ 163,767 $ 172,933 |
Schedule of Debtor Troubled Debt Restructuring, Subsequent Periods [Table Text Block] | Number of Number of Contracts Recorded Investment Contracts Recorded Investment Troubled debt restructurings that subsequently defaulted: Residential real estate -0- $ -0- $ |
Real Estate Owned [Table Text Block] | March 31, 2017 2016 Balance, beginning of year $ 1,763,628 $ 2,433,483 Additions from loan foreclosures 499,760 332,495 Additions from capitalized costs 25,875 Dispositions of REO (922,283 ) (751,952 ) (Loss) on sale of REO (33,578 ) (3,519 ) Valuation adjustments during the year (62,100 ) (246,879 ) Balance, end of year $ 1,271,302 $ 1,763,628 March 31, 2017 2016 Balance, beginning of year $ 227,231 $ 850,865 Valuation adjustments added during the year 62,100 246,879 Valuation adjustments on disposed properties during the year (185,060 ) (870,513 ) Balance, end of year $ 104,271 $ 227,231 |
Schedule of Charge-offs [Table Text Block] | March 31, 2017 2016 Balance at beginning of year $ 1,099,232 $ 1,185,178 Provision: Residential real estate 97,647 (132,262 ) Multi-family and commercial real estate (60,913 ) 9,520 Commercial (44,969 ) (11,855 ) Home equity loans 29,136 10,741 Consumer (45,413 ) 53,156 Construction 2,512 -0- Total Provision (Recapture) $ (22,000 ) $ (70,700 ) Charge-Offs: Residential real estate 101,912 39,730 Multi-family and commercial real estate 70,705 16,871 Commercial Home equity 41,769 10,860 Consumer 71,388 Recoveries (138,603 ) (123,603 ) Total Net Charge-Offs 75,783 15,246 Balance at end of year $ 1,001,449 $ 1,099,232 Year-end loans outstanding $ 85,477,142 $ 83,374,259 Average loans outstanding $ 84,425,701 $ 83,665,599 Allowance as a percentage of year-end loans 1.17 % 1.32 % Net charge-offs as a percentage of average loans 0.09 % 0.02 % |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | Multi-Family and Residential Commercial Home Real Estate Real Estate Commercial Equity Consumer Construction Total Allowance for loan losses: - - - - - - Beginning balance $ 568,334 $ 339,022 $ 79,988 $ 86,728 $ 25,160 $ -0- $ 1,099,232 Loan charge-offs (101,912 ) (70,705 ) (41,769 ) (214,386 ) Recoveries 11,100 66,703 29,020 31,780 138,603 Provision for loan losses 97,647 (60,913 ) (44,969 ) 29,136 (45,413 ) 2,512 (22,000 ) Ending balance $ 575,169 $ 274,107 $ 64,039 $ 74,095 $ 11,527 $ 2,512 $ 1,001,449 Ending balance: individually evaluated for impairment $ $ $ $ $ $ $ Ending balance: collectively evaluated for impairment $ 575,169 $ 274,107 $ 64,039 $ 74,095 $ 11,527 $ 2,512 $ 1,001,449 Loans: Ending balance $ 61,419,004 $ 12,071,060 $ 1,858,107 $ 8,811,757 $ 636,658 $ 680,556 $ 85,477,142 Ending balance: individually evaluated for impairment $ 2,378,920 $ 1,662,860 $ 186,599 $ 512,441 $ $ 52,504 $ 4,793,324 Ending balance: collectively evaluated for impairment $ 59,040,084 $ 10,408,200 $ 1,671,508 $ 8,299,316 $ 636,658 $ 628,052 $ 80,683,818 Multi-Family and Residential Commercial Home Real Estate Real Estate Commercial Equity Consumer Construction Total Allowance for loan losses: - - - - - - Beginning balance $ 702,105 $ 288,893 $ 86,300 $ 86,847 $ 21,033 $ -0- $ 1,185,178 Loan charge-offs (39,730 ) (16,871 ) (10,860 ) (71,388 ) (138,849 ) Recoveries 38,221 57,480 5,543 22,359 123,603 Provision for loan losses (132,262 ) 9,520 (11,855 ) 10,741 53,156 (70,700 ) Ending balance $ 568,334 $ 339,022 $ 79,988 $ 86,728 $ 25,160 $ $ 1,099,232 Ending balance: individually evaluated for impairment $ $ $ $ $ $ $ Ending balance: collectively evaluated for impairment $ 568,334 $ 339,022 $ 79,988 $ 86,728 $ 25,160 $ $ 1,099,232 Loans: Ending balance $ 62,250,645 $ 9,569,328 $ 2,290,405 $ 8,527,420 $ 682,193 $ 54,268 $ 83,374,259 Ending balance: individually evaluated for impairment $ 2,448,138 $ 1,637,617 $ 132,657 $ 517,079 $ $ 54,268 $ 4,789,759 Ending balance: collectively evaluated for impairment $ 59,802,507 $ 7,931,711 $ 2,157,748 $ 8,010,341 $ 682,193 $ $ 78,584,500 |
Loans Receivable Activity Officers and Directors [Table Text Block] | March 31, 2017 2016 Balance, beginning of year $ 1,688,726 $ 786,325 Payments (56,675 ) (56,887 ) Borrower no longer associated with Bank (40,712 ) Borrowings 150,000 1,000,000 Balance, end of year $ 1,782,051 $ 1,688,726 |
Note 7 - Loan Servicing (Tables
Note 7 - Loan Servicing (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Servicing Assets at Fair Value [Table Text Block] | March 31, 2017 2016 Mortgage Loan Servicing Portfolio: Mortgage Partnership Finance FHLB New York $ 120,963 $ 125,666 |
Note 8 - Accrued Interest Rec40
Note 8 - Accrued Interest Receivable (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Other Assets [Table Text Block] | March 31, 2017 2016 Loans $ 226,189 $ 249,245 Investment securities 145,245 116,358 Mortgage backed securities 6,809 3,535 $ 378,243 $ 369,138 |
Note 9 - Premises and Equipme41
Note 9 - Premises and Equipment (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | March 31, 2017 2016 Land $ 1,451,203 $ 1,451,203 Buildings 6,872,774 6,864,728 Furniture, fixtures and equipment 2,058,456 2,054,765 10,382,433 10,370,696 Accumulated depreciation (4,334,730 ) (4,080,649 ) Premises and equipment, net $ 6,047,703 $ 6,290,047 |
Note 11 - Deposits (Tables)
Note 11 - Deposits (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Deposit Account Balances [Table Text Block] | March 31, 2017 Weighted Average Percent of Amount Interest Rate Portfolio Non interest bearing accounts $ 11,703,567 % 10.44 Interest bearing checking accounts 22,256,234 0.17 19.86 Passbook savings accounts 18,584,956 0.10 16.58 Money Market accounts 21,231,184 0.49 18.95 Club accounts 148,288 0.10 0.13 73,924,229 65.96 Certificates of Deposits: 0.10% to 0.99% 20,542,894 0.60 18.33 1.00% to 1.99% 17,303,681 1.25 15.44 2.00% to 2.99% 309,942 2.13 0.27 38,156,517 34.04 $ 112,080,746 100.00 % March 31, 2016 Weighted Average Percent of Amount Interest Rate Portfolio Non interest bearing accounts $ 12,054,146 % 10.78 Interest bearing checking accounts 23,027,846 0.19 20.59 Passbook savings accounts 17,724,072 0.10 15.84 Money Market accounts 19,813,982 0.49 17.71 Club accounts 143,488 0.10 0.13 72,763,534 65.05 Certificates of Deposits: 0.10% to 0.99% 21,695,607 0.59 19.39 1.00% to 1.99% 14,773,019 1.29 13.21 2.00% to 2.99% 2,632,487 2.23 2.35 39,101,113 34.95 $ 111,864,647 100.00 % |
Schedule of Maturities of Deposits [Table Text Block] | March 31, 2017 2016 2017 $ $ 23,090,517 2018 21,544,213 8,181,234 2019 8,577,082 3,374,490 2020 3,364,211 2,358,507 2021 2,011,316 2,096,365 2022 2,659,695 Total certificates of deposit $ 38,156,517 $ 39,101,113 |
Note 13 - Advances From Feder43
Note 13 - Advances From Federal Home Loan Bank (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Federal Home Loan Bank, Advances, by Branch of FHLB Bank [Table Text Block] | Maturity Interest Date Rate 2017 2016 April 18, 2017 0.74 % $ $ 2,000,000 October 17, 2017 0.81 % 1,000,000 $ -0- $ 3,000,000 |
Note 14 - Income Taxes (Tables)
Note 14 - Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Years Ended March 31, 2017 2016 Income Tax Expense (benefit) Current federal tax expense Federal $ $ - State 3,000 3,000 Deferred tax (benefit) Federal 69,238 (85,569 ) State 20,903 29,971 Total $ 93,141 $ (52,598 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Years Ended March 31, 2017 2016 Expected federal tax provision (benefit) at 34% rate $ 71,784 $ (24,027 ) Municipal bond interest (1,404 ) (469 ) Increase in cash surrender value of life insurance (1,564 ) (1,700 ) State income tax 24,325 (26,402 ) Total income tax (benefit) $ 93,141 $ (52,598 ) Effective tax rate (benefit) 44.1 % (74.4% ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | March 31, 2017 2016 Deferred tax assets: Accrued pension costs $ 23,900 $ 9,500 Allowance for loan losses 350,300 438,935 Directors’ benefit plans 138,500 131,500 Employee stock option 50,600 32,200 FASB 158 – unrecognized transition costs 87,800 91,100 Federal tax loss carryforward 1,016,400 1,050,900 State tax loss carryforward 360,200 372,800 Non accrual interest 28,000 15,000 Total deferred tax assets $ 2,055,700 $ 2,141,935 Valuation allowance (24,800 ) - March 31, 2017 2016 Deferred tax liabilities: Accumulated depreciation $ (46,500 ) $ (64,000 ) Unrealized gains on securities available-for-sale (2,450 ) (11,400 ) Total deferred tax liabilities (48,950 ) (75,400 ) NET DEFERRED TAX ASSETS $ 1,981,950 $ 2,066,535 |
Note 16 - Board of Directors'45
Note 16 - Board of Directors' Retirement Plan (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Years Ended March 31, 2017 2016 Service cost $ 15,700 $ 18,012 Interest cost 22,896 23,276 Amortization of gain 14,152 17,908 Net amortization and deferral -0- -0- Net periodic pension cost $ 52,748 $ 59,196 |
Schedule of Net Funded Status [Table Text Block] | March 31, 2017 2016 Accumulated benefit obligation $ 537,500 $ 540,070 Projected benefit obligation 565,807 556,522 Fair value of plan assets -0- -0- Unfunded projected benefit obligation 565,807 556,522 |
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | March 31, 2017 2016 Change in Benefit Obligation Projected benefit obligation at beginning of year $ 556,522 $ 599,324 Service cost 15,700 18,012 Interest cost 22,896 23,276 Actuarial (gain) loss 5,916 (48,863 ) Benefits paid (35,227 ) (35,227 ) Benefit obligation at end of year $ 565,807 $ 556,522 |
Schedule of Changes in Fair Value of Plan Assets [Table Text Block] | March 31, 2017 2016 Change in Plan Assets Fair value of Plan assets at beginning of year $ -0- $ -0- Actual return on Plan assets -0- -0- Employer contributions 35,227 35,227 Benefits paid (35,227 ) (35,227 ) Fair value of Plan assets at end of year $ -0- $ -0- |
Schedule of Assumptions Used [Table Text Block] | Years Ended March 31, 2017 2016 Discount rate for periodic pension cost 4.25 % 4.00 % Discount rate for benefit obligation 4.25 % 4.25 % Rate of increase in compensation levels and social security wage base 2.00 % 2.00 % Expected long-term rate of return on plan assets N/A N/A |
Note 17 - Employee Stock Owne46
Note 17 - Employee Stock Ownership Plan (ESOP) (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Employee Stock Ownership Plan (ESOP) Disclosures [Table Text Block] | Years Ended March 31, 2017 2016 Shares released for allocation 25,053 21,534 Unearned shares 35,187 38,706 Total ESOP shares 60,240 60,240 |
Note 18 - Stock Based Compens47
Note 18 - Stock Based Compensation (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | Year Ended March 31, 2017 Weighted Average Number of Grant Date Shares Fair Value Restricted at the beginning of the period 20,000 $ 8.69 Granted Vested Forfeited Restricted at the end of the period 20,000 8.69 |
Note 19 - Earnings Per Share (T
Note 19 - Earnings Per Share (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2017 2016 Net Income (Loss) $ 117,989 $ (18,070 ) Weighted average shares outstanding 945,425 945,425 Adjusted average unearned ESOP shares (35,187 ) (38,706 ) Weighted average share outstanding - basic 910,238 906,719 Effect of dilutive common stock equivalents 5,312 - Adjusted weighted average shares outstanding - dilutive 915,550 906,719 Basic loss per share $ 0.13 $ (0.02 ) Diluted loss per share $ 0.13 $ (0.02 ) |
Note 20 - Fair Value Measurem49
Note 20 - Fair Value Measurements (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Significant Other Significant Carrying Observable Unobservable Value Quoted Prices Inputs Inputs (Fair Value) (Level 1) (Level 2) (Level 3) March 31, 2017 Securities available for sale: U.S. Government Agency Bonds $ 500,032 $ $ 500,032 $ Certificates of Deposit 2,007,628 2,007,628 Mutual Fund Shares 87,228 87,228 Totals $ 2,594,888 $ $ 2,594,888 $ Significant Other Significant Carrying Observable Unobservable Value Quoted Prices Inputs Inputs (Fair Value) (Level 1) (Level 2) (Level 3) March 31, 2016 Securities available for sale: U.S. Government Agency Bonds $ 497,247 $ $ 497,247 $ Certificates of Deposit 1,530,854 1,530,854 Mutual Fund Shares 121,992 121,992 Totals $ 2,150,093 $ $ 2,150,093 $ |
Fair Value Measurements, Nonrecurring [Table Text Block] | Significant Other Significant Carrying Observable Unobservable Value Quoted Prices Inputs Inputs (Fair Value) (Level 1) (Level 2) (Level 3) March 31, 2017 Impaired loans $ 4,882,799 $ $ $ 4,882,799 Real estate owned 1,271,302 1,271,302 Total $ 6,154,101 $ $ $ 6,154,101 Significant Other Significant Carrying Observable Unobservable Value Quoted Prices Inputs Inputs (Fair Value) (Level 1) (Level 2) (Level 3) March 31, 2016 Impaired loans $ 4,965,658 $ $ $ 4,965,658 Real estate owned 1,763,628 1,763,628 Total $ 6,729,286 $ $ $ 6,729,286 |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block] | March 31, 2017 Fair Valuation Value Technique Unobservable Input Range (discount) Impaired loans $ 4,882,799 Property Management discount for 7% - 12% Real estate owned $ 1,271,302 Property Management discount for 7% - 12% March 31, 2016 Fair Valuation Value Technique Unobservable Input Range (discount) Impaired loans $ 4,965,658 Property Management discount for selling costs, property type discount and market volatility 7% - 12% Real estate owned $ 1,763,628 Property Management discount for selling costs, property type discount and market volatility 7% - 12% |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value Measurements Significant Significant Other Unobserv- Quoted Observable able Carrying Prices Inputs Inputs March 31, 2017 Amount Fair Value (Level 1) (Level 2) (Level 3) Financial Assets: Cash and cash equivalents $ 6,998,543 $ 6,998,543 $ 6,998,543 $ $ Investment securities available for sale 2,588,817 2,594,888 2,594,888 Investment and mortgage-backed securities held to maturity 22,622,835 21,797,695 21,797,695 Loans receivable, net 84,414,361 83,833,000 83,833,000 Accrued interest receivable 378,243 378,243 378,243 Federal Home Loan Bank stock 124,300 124,300 124,300 Bank owned life insurance 178,514 178,514 178,514 Financial Liabilities: Deposits – non-interest bearing 11,703,567 11,703,567 11,703,567 Deposits – interest bearing 100,377,179 99,183,000 99,183,000 Accrued interest payable 6,273 6,273 6,273 Advances from borrowers for taxes and insurance 500,485 500,485 500,485 Fair Value Measurements Significant Significant Other Unobserv- Quoted Observable able Carrying Prices Inputs Inputs March 31, 2016 Amount Fair Value (Level 1) (Level 2) (Level 3) Financial Assets: Cash and cash equivalents $ 12,127,388 $ 12,127,388 $ 12,127,388 $ $ Investment securities available for sale 2,121,777 2,150,093 2,150,093 Investment and mortgage-backed securities held to maturity 21,584,538 21,639,610 21,639,610 Loans receivable, net 82,197,809 84,355,000 84,355,000 Accrued interest receivable 369,138 369,138 369,138 Federal Home Loan Bank stock 253,800 253,800 253,800 Bank owned life insurance 174,252 174,252 174,252 Financial Liabilities: Deposits – non-interest bearing 12,054,146 12,054,146 12,054,146 Deposits – interest bearing 99,810,501 99,800,000 99,800,000 Advances from Federal Home Loan Bank 3,000,000 3,000,000 3,000,000 Accrued interest payable 5,830 5,830 5,830 Advances from borrowers for taxes and insurance 433,034 433,034 433,034 |
Note 21 - Commitments and Con50
Note 21 - Commitments and Contingencies (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Other Commitments [Table Text Block] | 2017 2016 Contractual Contractual Amount Amount Financial instruments whose notional or contract amounts represent credit risk: Construction loan commitments $ 290,862 $ Unused commercial lines of credit 1,378,259 1,212,000 Unused home equity lines of credit 4,255,673 4,969,000 Personal lines of credit 494 635 1-4 family residential mortgage commitments 528,000 1,232,000 Commercial real estate mortgage commitments 112,000 Standby letters of credit 55,000 55,000 Total $ 6,620,288 $ 7,468,635 |
Note 23 - Regulatory Capital (T
Note 23 - Regulatory Capital (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | Minimum to be Well Capitalized Under Prompt For Capital Corrective Action Actual Adequacy Purposes Provisions Amount Ratio Amount Ratio Amount Ratio As of March 31, 2017: Total Capital (to Risk-Weighted Assets) $ 12,373,000 17.60 % ≥$5,624,000 ≥8.0% ≥$7,030,000 ≥10.0% Tier 1 Capital (to Risk-Weighted Assets) $ 11,489,000 16.34 % ≥$4,218,000 ≥6.0% ≥$5,624,000 ≥ Tier 1 Common (to Risk-Weighted Assets) $ 11,489,000 16.34 % ≥$3,164,000 ≥4.5% ≥$4,570,000 ≥ 6.5% Tier 1 Capital (to Average Assets) $ 11,489,000 9.23 % ≥$4,979,000 ≥4.0% ≥$6,223,000 ≥ 5.0% Minimum to be Well Capitalized Under Prompt For Capital Corrective Action Actual Adequacy Purposes Provisions Amount Ratio Amount Ratio Amount Ratio As of March 31, 2016: Total Capital (to Risk-Weighted Assets) $ 11,859,000 17.26 % ≥$5,498,000 ≥8.0% ≥$6,873,000 ≥10.0% Tier 1 Capital (to Risk-Weighted Assets) $ 10,988,000 15.99 % ≥$4,124,000 ≥6.0% ≥$5,498,000 ≥ 8.0% Tier 1 Common (to Risk-Weighted Assets) $ 10,988,000 15.99 % ≥$3,092,000 ≥4.5% ≥$4,467,000 ≥ 6.5% Tier 1 Capital (to Average Assets) $ 10,988,000 8.67 % ≥$5,068,000 ≥4.0% ≥$6,335,000 ≥ 5.0% |
Note 25 - Changes in Accumula52
Note 25 - Changes in Accumulated Other Comprehensive Income (Loss) Balances (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Unrealized Gains (Losses) Defined Accumulated On Available Benefit Other For Sale Pension Comprehensive Securities Plans Income (Loss) Balance as of April 1, 2016 $ 16,989 $ (136,651 ) $ (119,662 ) Other comprehensive income before reclassification (13,347 ) 4,942 (8,405 ) Total other comprehensive income (13,347 ) 4,942 (8,405 ) Balance as of March 31, 2017 $ 3,642 $ (131,709 ) $ (128,067 ) |
Note 26 - Financial Informati53
Note 26 - Financial Information of Parent Company (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | For the Years Ended March 31, 2017 2016 Statement of Financial Condition Assets: Cash and cash equivalents $ 399,459 $ 480,129 Investment in Bank 9,586,332 9,536,490 Deferred income taxes 50,582 32,219 Total assets $ 10,036,373 $ 10,048,838 Stockholders’ equity: Total stockholders’ equity 10,036,373 10,048,838 Total liabilities and stockholders’ equity $ 10,036,373 $ 10,048,838 |
Schedule of Condensed Income Statement and Cash Flow Statement [Table Text Block] | For the Years Ended March 31, 2017 2016 Income Statement Interest on ESOP loan $ 19,142 $ 20,556 Other interest income 440 456 Total income $ 19,582 $ 21,012 Management fee 45,000 45,000 Compensation expense 45,907 35,220 Total expense 90,907 80,220 Loss before income tax benefit and equity in undistributed net loss of subsidiary (71,325 ) (59,208 ) Equity in undistributed net income of subsidiary 171,451 27,549 Income tax benefit 17,863 13,589 Net income (loss) $ 117,989 $ (18,070 ) Cash Flows Adjustments to reconcile net income (loss) to net cash used in operating activities: Share based compensation expense $ 45,907 $ 35,220 Operating activities: Net income (loss) 117,989 (18,070 ) Undistributed net income of subsidiary (171,451 ) (27,549 ) Increase in deferred income taxes (18,363 ) (14,089 ) Net cash used in operating activities (25,918 ) (24,488 ) Investing activities: Distribution to subsidiary (100,000 ) Net cash used in investing activities (100,000 ) Financing activities: Proceeds from ESOP loan 45,248 43,834 Net cash provided by financing activities 45,248 43,834 Net (80,670 ) 19,346 Cash and cash equivalents, beginning of year 480,129 460,783 Cash and cash equivalents, end of year $ 399,459 $ 480,129 |
Note 2 - Summary of Significa54
Note 2 - Summary of Significant Accounting Policies (Details Textual) | Oct. 16, 2013shares | Oct. 31, 2013USD ($)shares | Mar. 31, 2017USD ($)shares | Mar. 31, 2016USD ($)shares | Mar. 31, 2008USD ($)shares | Mar. 31, 2015USD ($) | Mar. 31, 2007shares |
Real Estate Acquired Through Foreclosure | $ 1,271,302 | $ 1,763,628 | $ 2,433,483 | ||||
Gains (Losses) on Sales of Other Real Estate | $ (33,578) | (3,519) | |||||
Number of Reportable Segments | 1 | ||||||
Advertising Expense | $ 19,186 | 23,988 | |||||
Stock Issued During Period, Shares, Employee Stock Ownership Plan | shares | 23,644 | 23,644 | 64,081 | ||||
Stock Issued During Period, Value, Employee Stock Ownership Plan | $ 189,152 | $ 40,641 | $ 33,077 | $ 640,810 | |||
Employee Stock Ownership Plan (ESOP), Number of Allocated Shares | shares | 25,053 | 21,534 | |||||
Employee Stock Ownership Plan (ESOP), Compensation Expense | $ 45,907 | $ 35,220 | |||||
Employee Stock Ownership Plan (ESOP), Shares in ESOP | shares | 60,240 | 60,240 | 64,081 | ||||
Employee Stock Ownership Plan [Member] | Converted to Shares of Bancorp [Member] | |||||||
Conversion of Stock, Shares Issued | shares | 36,596 |
Note 5 - Investment Securitie55
Note 5 - Investment Securities (Details Textual) | Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | $ 21,641,610 | $ 2,570,533 |
Held-to-maturity Securities Pledged as Collateral | $ 3,510,000 | $ 2,515,000 |
Debt Securities [Member] | ||
Held-to-maturity, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 48 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | $ 22,526,945 |
Note 5 - Investment Securitie56
Note 5 - Investment Securities - Available-for-sale Securities (Details) - USD ($) | Mar. 31, 2017 | Mar. 31, 2016 |
Available-for-sale securities - fair value | $ 2,594,888 | $ 2,150,093 |
Investment securities available-for-sale, amortized cost | 2,588,817 | 2,121,777 |
Available-for-sale securities - gross unrealized gains | 8,047 | 32,958 |
Available-for-sale securities - gross unrealized losses | (1,976) | (4,642) |
US Government Agencies Debt Securities [Member] | ||
Available-for-sale securities - fair value | 500,032 | 497,247 |
Investment securities available-for-sale, amortized cost | 500,000 | 500,000 |
Available-for-sale securities - gross unrealized gains | 32 | |
Available-for-sale securities - gross unrealized losses | (2,753) | |
Certificates of Deposit [Member] | ||
Available-for-sale securities - fair value | 2,007,628 | 1,530,854 |
Investment securities available-for-sale, amortized cost | 2,000,000 | 1,500,000 |
Available-for-sale securities - gross unrealized gains | 8,015 | 30,854 |
Available-for-sale securities - gross unrealized losses | (387) | |
Mutual Fund Shares [Member] | ||
Available-for-sale securities - fair value | 87,228 | 121,992 |
Investment securities available-for-sale, amortized cost | 88,817 | 121,777 |
Available-for-sale securities - gross unrealized gains | 2,104 | |
Available-for-sale securities - gross unrealized losses | $ (1,589) | $ (1,889) |
Note 5 - Investment Securitie57
Note 5 - Investment Securities - Held-to-maturity Securities (Details) - USD ($) | Mar. 31, 2017 | Mar. 31, 2016 |
Held-to-maturity securities, fair value | $ 21,797,695 | $ 21,706,150 |
Held-to-maturity securities, amortized cost | 22,622,835 | 21,584,538 |
Held-to-maturity securities, gross unrealized gains | 58,219 | 140,177 |
Held-to-maturity securities, gross unrealized losses | (883,359) | (18,565) |
US Government Agencies Debt Securities [Member] | ||
Held-to-maturity securities, fair value | 19,552,500 | 20,373,169 |
Held-to-maturity securities, amortized cost | 20,417,712 | 20,293,734 |
Held-to-maturity securities, gross unrealized gains | 91,930 | |
Held-to-maturity securities, gross unrealized losses | (865,212) | (12,495) |
Municipal Bonds [Member] | ||
Held-to-maturity securities, fair value | 1,533,502 | 734,737 |
Held-to-maturity securities, amortized cost | 1,536,250 | 736,250 |
Held-to-maturity securities, gross unrealized gains | ||
Held-to-maturity securities, gross unrealized losses | (2,748) | (1,513) |
Collateralized Mortgage Backed Securities [Member] | ||
Held-to-maturity securities, fair value | 711,693 | 598,244 |
Held-to-maturity securities, amortized cost | 668,873 | 554,554 |
Held-to-maturity securities, gross unrealized gains | 58,219 | 48,247 |
Held-to-maturity securities, gross unrealized losses | $ (15,399) | $ (4,557) |
Note 5 - Investment Securitie58
Note 5 - Investment Securities - Maturity of Securities (Details) - USD ($) | Mar. 31, 2017 | Mar. 31, 2016 |
Held-to-maturity securities, fair value - after one year through five years | $ 496,646 | $ 945,091 |
Available-for-sale securities, amortized cost - after five years through ten years | 2,000,000 | 500,000 |
Available-for-sale securities, fair value - after five years through ten years | 2,007,628 | 506,285 |
Held-to-maturity securities, amortized cost - after five years through ten years | 8,572,495 | 8,379,581 |
Held-to-maturity securities, fair value - after five years through ten years | 8,292,256 | 8,384,588 |
Available-for-sale securities, amortized cost - after ten years | 500,000 | 500,000 |
Available-for-sale securities, fair value - after ten years | 500,032 | 497,247 |
Held-to-maturity securities, amortized cost - after ten years | 12,014,090 | 11,523,707 |
Held-to-maturity securities, fair value - after ten years | 11,475,291 | 11,641,734 |
Mutual fund shares, available-for-sale, amortized cost | 88,817 | 121,777 |
Mutual fund shares, available-for-sale securities, fair value | 87,228 | 121,992 |
Mutual fund shares, held-to-maturity securities, amortized cost | ||
Mutual fund shares, held-to-maturity securities, fair value | ||
Available-for-sale securities, amortized cost | 2,588,817 | 2,121,777 |
Available-for-sale securities, fair value | 2,594,888 | 2,150,093 |
Held-to-maturity securities, amortized cost | 22,622,835 | 21,584,538 |
Investment and mortgage backed securities held-to-maturity, fair value | 21,797,695 | 21,706,150 |
Available-for-sale securities, amortized cost - one year or less | ||
Available-for-sale securities, fair value - one year or less | ||
Held-to-maturity securities, amortized cost - one year or less | 1,536,250 | 736,250 |
Held-to-maturity securities, fair value - one year or less | 1,533,502 | 734,737 |
Available-for-sale securities, amortized cost - after one year through five years | 1,000,000 | |
Available-for-sale securities, fair value - after one year through five years | 1,024,569 | |
Held-to-maturity securities, amortized cost - after one year through five years | $ 500,000 | $ 945,000 |
Note 5 - Investment Securitie59
Note 5 - Investment Securities - Securities with Gross Unrealized Losses (Details) - USD ($) | Mar. 31, 2017 | Mar. 31, 2016 |
Securities with unrealized losses, 12 months or greater, gross unrealized losses | $ (16,988) | $ (21,694) |
Securities with unrealized losses, fair value | 21,641,610 | 2,570,533 |
Securities with unrealized losses, gross unrealized losses | (885,335) | (23,207) |
Securities with unrealized losses, less than 12 months, fair value | 21,338,364 | 734,737 |
Securities with unrealized losses, less than 12 months, gross unrealized losses | (868,347) | (1,513) |
Securities with unrealized losses, 12 months or greater, fair value | 303,246 | 1,835,796 |
US Government Agencies Debt Securities [Member] | ||
Securities with unrealized losses, 12 months or greater, gross unrealized losses | (7,520) | |
Securities with unrealized losses, fair value | 19,552,501 | 1,492,480 |
Securities with unrealized losses, gross unrealized losses | (865,212) | (7,520) |
Securities with unrealized losses, less than 12 months, fair value | 19,552,501 | |
Securities with unrealized losses, less than 12 months, gross unrealized losses | (865,212) | |
Securities with unrealized losses, 12 months or greater, fair value | 1,492,480 | |
Certificates of Deposit [Member] | ||
Securities with unrealized losses, 12 months or greater, gross unrealized losses | ||
Securities with unrealized losses, fair value | 249,613 | |
Securities with unrealized losses, gross unrealized losses | (387) | |
Securities with unrealized losses, less than 12 months, fair value | 249,613 | |
Securities with unrealized losses, less than 12 months, gross unrealized losses | (387) | |
Securities with unrealized losses, 12 months or greater, fair value | ||
Municipal Bonds [Member] | ||
Securities with unrealized losses, 12 months or greater, gross unrealized losses | ||
Securities with unrealized losses, fair value | 1,536,250 | 734,737 |
Securities with unrealized losses, gross unrealized losses | (2,748) | (1,513) |
Securities with unrealized losses, less than 12 months, fair value | 1,536,250 | 734,737 |
Securities with unrealized losses, less than 12 months, gross unrealized losses | (2,748) | (1,513) |
Securities with unrealized losses, 12 months or greater, fair value | ||
Mutual Fund Shares [Member] | ||
Securities with unrealized losses, 12 months or greater, gross unrealized losses | (1,589) | (1,889) |
Securities with unrealized losses, fair value | 87,228 | 64,031 |
Securities with unrealized losses, gross unrealized losses | (1,589) | (1,889) |
Securities with unrealized losses, less than 12 months, fair value | ||
Securities with unrealized losses, less than 12 months, gross unrealized losses | ||
Securities with unrealized losses, 12 months or greater, fair value | 87,228 | 64,031 |
Collateralized Mortgage Backed Securities [Member] | ||
Securities with unrealized losses, 12 months or greater, gross unrealized losses | (15,399) | (12,285) |
Securities with unrealized losses, fair value | 216,018 | 279,285 |
Securities with unrealized losses, gross unrealized losses | (15,399) | (12,285) |
Securities with unrealized losses, less than 12 months, fair value | ||
Securities with unrealized losses, less than 12 months, gross unrealized losses | ||
Securities with unrealized losses, 12 months or greater, fair value | $ 216,018 | $ 279,285 |
Note 6 - Loans (Details Textual
Note 6 - Loans (Details Textual) | 12 Months Ended | |
Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | |
Maximum Loan to One Borrower Limitation, Percentage of Capital Funds | 15.00% | |
Maximum Loan to One Borrower Limitation | $ 1,900,000 | |
Additional Loan to One Borrower Limitation if Collateralized, Percentage of Adjusted Capital Funds | 10.00% | |
Adjusted Capital Funds Value | $ 1,200,000 | |
Financing Receivable, Modifications, Number of Contracts | 12 | 11 |
Financing Receivable, Modifications, Recorded Investment | $ 2,376,205 | $ 2,351,531 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,910,601 | 2,018,167 |
Impaired Financing Receivable, Average Principal Balance | 5,144,281 | 4,965,658 |
Impaired Financing Receivable, Interest Income, Cash Basis Method | $ 172,524 | 200,787 |
Allowance for Loan Loss to Loans Outstanding Ratio | 1.17% | |
Increase (Decrease) in Non-performing Assets | $ (575,218) | |
Non-performing Assets As Percentage of Total Assets | 4.38% | 4.74% |
Allowance for Loan and Lease Losses, Write-offs | $ 214,386 | $ 138,849 |
Loan Discount, Percentage | 1.00% | |
Total Charge-offs [Member] | ||
Loans Receivables, Write Offs, Number of Relationships | 1 | 1 |
Allowance for Loan and Lease Losses, Write-offs | $ 39,866 | $ 71,388 |
Partial Charge-offs [Member] | ||
Loans Receivables, Write Offs, Number of Relationships | 3 | 3 |
Allowance for Loan and Lease Losses, Write-offs | $ 174,521 | $ 67,461 |
In Non-accrual Status [Member] | ||
Financing Receivable, Number of Contracts, Nonaccrual Status | 18 | |
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 2,761,939 | |
Commercial Real Estate [Member] | ||
Financing Receivable, Modifications, Number of Contracts | 3 | 3 |
Financing Receivable, Modifications, Recorded Investment | $ 655,110 | $ 676,293 |
Construction [Member] | ||
Financing Receivable, Modifications, Number of Contracts | 1 | 1 |
Financing Receivable, Modifications, Recorded Investment | $ 52,504 | $ 54,268 |
Residential Real Estate Loans [Member] | ||
Financing Receivable, Modifications, Number of Contracts | 8 | 7 |
Financing Receivable, Modifications, Recorded Investment | $ 1,668,591 | $ 1,620,970 |
Modified During the Year [Member] | ||
Financing Receivable, Modifications, Number of Contracts | 6 | 1 |
Financing Receivable, Modifications, Recorded Investment | $ 1,084,799 | $ 172,933 |
In Non-accrual Status [Member] | ||
Financing Receivable, Number of Contracts, Nonaccrual Status | 17 | |
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 3,206,661 | |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Modifications, Number of Contracts | 1 | 1 |
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 1,179,630 | $ 1,333,383 |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 59,661 | 70,879 |
Allowance for Loan and Lease Losses, Write-offs | $ 101,912 | 39,730 |
Residential Portfolio Segment [Member] | Maximum [Member] | ||
Loan Origination, Percentage of Appraised Value or Selling Price | 80.00% | |
Owner and Non-owner Occupied Property [Member] | Maximum [Member] | ||
Loan Term | 30 years | |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 506,357 | 552,545 |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 93,446 | 117,115 |
Allowance for Loan and Lease Losses, Write-offs | $ 70,705 | 16,871 |
Commercial Real Estate Portfolio Segment [Member] | Maximum [Member] | ||
Interest Rate Maturity Or Re-price | 7 years | |
Loan Amortization Period | 25 years | |
Loan Origination, Percentage of Appraised Value or Selling Price | 80.00% | |
Commercial Real Estate Portfolio Segment [Member] | Minimum [Member] | ||
Interest Rate Maturity Or Re-price | 5 years | |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | ||
Impaired Financing Receivable, Interest Income, Cash Basis Method | ||
Allowance for Loan and Lease Losses, Write-offs | 71,388 | |
Consumer Portfolio Segment [Member] | Maximum [Member] | ||
Loan Origination, Percentage of Appraised Value or Selling Price | 80.00% | |
Construction Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | ||
Impaired Financing Receivable, Interest Income, Cash Basis Method | 2,711 | 2,811 |
Allowance for Loan and Lease Losses, Write-offs | $ 0 | $ 0 |
Construction Portfolio Segment [Member] | Maximum [Member] | ||
Loan Term | 1 year |
Note 6 - Loans - Loans (Details
Note 6 - Loans - Loans (Details) - USD ($) | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 |
Loans | $ 85,477,142 | $ 83,374,259 | |
Net deferred loan origination fees | (61,332) | (77,218) | |
Allowance for loan losses | (1,001,449) | (1,099,232) | $ (1,185,178) |
Net deferred loan fees and allowance | (1,062,781) | (1,176,450) | |
Loans, net | 84,414,361 | 82,197,809 | |
Residential Portfolio Segment [Member] | |||
Loans | 61,419,004 | 62,250,645 | |
Allowance for loan losses | (575,169) | (568,334) | (702,105) |
Commercial Real Estate Portfolio Segment [Member] | |||
Loans | 12,071,060 | 9,569,328 | |
Allowance for loan losses | (274,107) | (339,022) | (288,893) |
Commercial Portfolio Segment [Member] | |||
Loans | 1,858,107 | 2,290,405 | |
Allowance for loan losses | (64,039) | (79,988) | (86,300) |
Home Equity Portfolio Segment [Member] | |||
Loans | 8,811,757 | 8,527,420 | |
Allowance for loan losses | (74,095) | (86,728) | (86,847) |
Consumer Portfolio Segment [Member] | |||
Loans | 636,658 | 682,193 | |
Allowance for loan losses | (11,527) | (25,160) | (21,033) |
Construction Portfolio Segment [Member] | |||
Loans | 680,556 | 54,268 | |
Allowance for loan losses | $ (2,512) | $ 0 | $ 0 |
Note 6 - Loans - Loans by Credi
Note 6 - Loans - Loans by Credit Quality Indicator (Details) - USD ($) | Mar. 31, 2017 | Mar. 31, 2016 |
Loans | $ 85,477,142 | $ 83,374,259 |
Nonperforming Financial Instruments [Member] | ||
Loans | 4,286,806 | 4,369,698 |
Pass [Member] | ||
Loans | 80,983,909 | 78,521,084 |
Special Mention [Member] | ||
Loans | 342,726 | |
Classified Loans [Member] | ||
Loans | 206,427 | 140,751 |
Residential Portfolio Segment [Member] | ||
Loans | 61,419,004 | 62,250,645 |
Residential Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||
Loans | 2,612,604 | 2,865,067 |
Residential Portfolio Segment [Member] | Pass [Member] | ||
Loans | 58,806,400 | 59,385,578 |
Residential Portfolio Segment [Member] | Special Mention [Member] | ||
Loans | ||
Residential Portfolio Segment [Member] | Classified Loans [Member] | ||
Loans | ||
Commercial Real Estate Portfolio Segment [Member] | ||
Loans | 12,071,060 | 9,569,328 |
Commercial Real Estate Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||
Loans | 1,171,467 | 1,318,124 |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Loans | 10,727,543 | 7,962,420 |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||
Loans | 288,784 | |
Commercial Real Estate Portfolio Segment [Member] | Classified Loans [Member] | ||
Loans | 172,050 | |
Commercial Portfolio Segment [Member] | ||
Loans | 1,858,107 | 2,290,405 |
Commercial Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||
Loans | 171,474 | 21,318 |
Commercial Portfolio Segment [Member] | Pass [Member] | ||
Loans | 1,652,256 | 2,074,394 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Loans | 53,942 | |
Commercial Portfolio Segment [Member] | Classified Loans [Member] | ||
Loans | 34,377 | 140,751 |
Home Equity Portfolio Segment [Member] | ||
Loans | 8,811,757 | 8,527,420 |
Home Equity Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||
Loans | 278,757 | 110,921 |
Home Equity Portfolio Segment [Member] | Pass [Member] | ||
Loans | 8,533,000 | 8,416,499 |
Home Equity Portfolio Segment [Member] | Special Mention [Member] | ||
Loans | ||
Home Equity Portfolio Segment [Member] | Classified Loans [Member] | ||
Loans | ||
Consumer Portfolio Segment [Member] | ||
Loans | 636,658 | 682,193 |
Consumer Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||
Loans | ||
Consumer Portfolio Segment [Member] | Pass [Member] | ||
Loans | 636,658 | 682,193 |
Consumer Portfolio Segment [Member] | Special Mention [Member] | ||
Loans | ||
Consumer Portfolio Segment [Member] | Classified Loans [Member] | ||
Loans | ||
Construction Portfolio Segment [Member] | ||
Loans | 680,556 | 54,268 |
Construction Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||
Loans | 52,504 | 54,268 |
Construction Portfolio Segment [Member] | Pass [Member] | ||
Loans | 628,052 | |
Construction Portfolio Segment [Member] | Special Mention [Member] | ||
Loans | ||
Construction Portfolio Segment [Member] | Classified Loans [Member] | ||
Loans |
Note 6 - Loans - Past Due Loans
Note 6 - Loans - Past Due Loans (Details) - USD ($) | Mar. 31, 2017 | Mar. 31, 2016 |
Percentage past due loans | 4.91% | 5.09% |
Percentage of current loans | 95.09% | 94.91% |
Percentage of Total Loans | 100.00% | 100.00% |
Past due loans | $ 4,200,677 | $ 4,241,490 |
Current loans | 81,276,465 | 79,132,769 |
Loans | 85,477,142 | 83,374,259 |
Residential Portfolio Segment [Member] | ||
Past due loans | 2,178,088 | 2,768,195 |
Current loans | 59,240,916 | 59,482,450 |
Loans | 61,419,004 | 62,250,645 |
Commercial Real Estate Portfolio Segment [Member] | ||
Past due loans | 1,477,592 | 951,852 |
Current loans | 10,593,468 | 8,617,476 |
Loans | 12,071,060 | 9,569,328 |
Commercial Portfolio Segment [Member] | ||
Past due loans | 346,590 | 360,972 |
Current loans | 1,511,517 | 1,929,433 |
Loans | 1,858,107 | 2,290,405 |
Home Equity Portfolio Segment [Member] | ||
Past due loans | 183,930 | 160,471 |
Current loans | 8,627,827 | 8,366,949 |
Loans | 8,811,757 | 8,527,420 |
Consumer Portfolio Segment [Member] | ||
Past due loans | 14,477 | |
Current loans | 622,181 | 682,193 |
Loans | 636,658 | 682,193 |
Construction Portfolio Segment [Member] | ||
Current loans | 680,556 | 54,268 |
Loans | $ 680,556 | $ 54,268 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Percentage past due loans | 0.99% | 1.16% |
Past due loans | $ 844,700 | $ 966,656 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Residential Portfolio Segment [Member] | ||
Past due loans | 483,057 | 577,002 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Past due loans | 172,050 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial Portfolio Segment [Member] | ||
Past due loans | 175,116 | 339,654 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Home Equity Portfolio Segment [Member] | ||
Past due loans | 50,000 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Consumer Portfolio Segment [Member] | ||
Past due loans | $ 14,477 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Percentage past due loans | 0.67% | 0.64% |
Past due loans | $ 574,517 | $ 534,213 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Residential Portfolio Segment [Member] | ||
Past due loans | 149,317 | 224,111 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Past due loans | 425,200 | 288,784 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial Portfolio Segment [Member] | ||
Past due loans | 21,318 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Home Equity Portfolio Segment [Member] | ||
Past due loans | ||
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Percentage past due loans | 3.25% | 3.29% |
Past due loans | $ 2,781,460 | $ 2,740,621 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Residential Portfolio Segment [Member] | ||
Past due loans | 1,545,714 | 1,967,082 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Past due loans | 880,342 | 663,068 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial Portfolio Segment [Member] | ||
Past due loans | 171,474 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Home Equity Portfolio Segment [Member] | ||
Past due loans | $ 183,930 | 110,471 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Consumer Portfolio Segment [Member] | ||
Past due loans |
Note 6 - Loans - Impaired Loans
Note 6 - Loans - Impaired Loans (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Impaired loans for which a valuation allowance has been provided | ||
Impaired loans for which no valuation allowance has been provided | 4,882,799 | 4,965,658 |
Total loans determined to be impaired | 4,882,799 | 4,965,658 |
Allowance for loans losses related to impaired loans | ||
Average recorded investment in impaired loans | 5,224,742 | 5,054,436 |
Cash basis interest income recognized on impaired loans | $ 172,524 | $ 200,787 |
Note 6 - Loans - Impaired Loa65
Note 6 - Loans - Impaired Loans by Portfolio (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Impaired loans for which no valuation allowance has been provided | $ 4,882,799 | $ 4,965,658 |
Average annual recorded investment, no valuation allowance | 5,224,742 | 5,054,436 |
Interest income recognized while on impaired status, no valuation allowance | 172,524 | 200,787 |
Total non-performing loans | 4,962,773 | 5,017,298 |
Unpaid principal balance, total | 4,882,799 | 4,965,658 |
Average annual recorded investment, total | 5,224,742 | 5,054,436 |
Interest income recognized while on impaired status, total | 172,524 | 200,787 |
Recorded investment, no valuation allowance | 4,962,773 | 5,017,298 |
Residential Portfolio Segment [Member] | ||
Impaired loans for which no valuation allowance has been provided | 2,238,610 | 2,920,343 |
Average annual recorded investment, no valuation allowance | 2,710,870 | 2,912,541 |
Interest income recognized while on impaired status, no valuation allowance | 59,661 | 70,879 |
Total non-performing loans | 2,288,798 | 2,964,318 |
Unpaid principal balance, total | 2,238,610 | 2,920,343 |
Average annual recorded investment, total | 2,710,870 | 2,912,541 |
Interest income recognized while on impaired status, total | 59,661 | 70,879 |
Recorded investment, no valuation allowance | 2,288,798 | 2,964,318 |
Commercial Real Estate Portfolio Segment [Member] | ||
Impaired loans for which no valuation allowance has been provided | 2,141,444 | 1,935,352 |
Average annual recorded investment, no valuation allowance | 2,059,650 | 1,992,465 |
Interest income recognized while on impaired status, no valuation allowance | 93,446 | 117,115 |
Total non-performing loans | 2,162,188 | 1,938,180 |
Unpaid principal balance, total | 2,141,444 | 1,935,352 |
Average annual recorded investment, total | 2,059,650 | 1,992,465 |
Interest income recognized while on impaired status, total | 93,446 | 117,115 |
Recorded investment, no valuation allowance | 2,162,188 | 1,938,180 |
Commercial Portfolio Segment [Member] | ||
Impaired loans for which no valuation allowance has been provided | 171,474 | 55,695 |
Average annual recorded investment, no valuation allowance | 152,492 | 34,346 |
Interest income recognized while on impaired status, no valuation allowance | 9,218 | 9,207 |
Total non-performing loans | 171,474 | 55,695 |
Unpaid principal balance, total | 171,474 | 55,695 |
Average annual recorded investment, total | 152,492 | 34,346 |
Interest income recognized while on impaired status, total | 9,218 | 9,207 |
Recorded investment, no valuation allowance | 171,474 | 55,695 |
Home Equity Portfolio Segment [Member] | ||
Impaired loans for which no valuation allowance has been provided | 278,767 | |
Average annual recorded investment, no valuation allowance | 242,465 | 39,066 |
Interest income recognized while on impaired status, no valuation allowance | 7,488 | 775 |
Total non-performing loans | 283,156 | |
Unpaid principal balance, total | 278,767 | |
Average annual recorded investment, total | 242,465 | 39,066 |
Interest income recognized while on impaired status, total | 7,488 | 775 |
Recorded investment, no valuation allowance | 283,156 | |
Consumer Portfolio Segment [Member] | ||
Impaired loans for which no valuation allowance has been provided | ||
Average annual recorded investment, no valuation allowance | 1,262 | 15,864 |
Interest income recognized while on impaired status, no valuation allowance | ||
Total non-performing loans | ||
Unpaid principal balance, total | ||
Average annual recorded investment, total | 1,262 | 15,864 |
Interest income recognized while on impaired status, total | ||
Recorded investment, no valuation allowance | ||
Construction Portfolio Segment [Member] | ||
Impaired loans for which no valuation allowance has been provided | 52,504 | 54,268 |
Average annual recorded investment, no valuation allowance | 58,003 | 60,154 |
Interest income recognized while on impaired status, no valuation allowance | 2,711 | 2,811 |
Total non-performing loans | 57,157 | 59,105 |
Unpaid principal balance, total | 52,504 | 54,268 |
Average annual recorded investment, total | 58,003 | 60,154 |
Interest income recognized while on impaired status, total | 2,711 | 2,811 |
Recorded investment, no valuation allowance | $ 57,157 | $ 59,105 |
Note 6 - Loans - Nonaccrual Loa
Note 6 - Loans - Nonaccrual Loans (Details) - USD ($) | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 |
Nonaccrual loans | $ 1,910,601 | $ 2,018,167 | |
Accruing loans past due 90 days or more | |||
Troubled debt restructurings | 2,376,205 | 2,351,531 | |
Total non-performing loans | 4,962,773 | 5,017,298 | |
Real estate owned | 1,271,302 | 1,763,628 | $ 2,433,483 |
Total non-performing assets | $ 126,987,353 | $ 129,415,025 | |
Non-performing loans as a percentage of loans | 5.02% | 5.24% | |
Non-performing assets as a percentage of loans and real estate owned | 6.41% | 7.20% | |
Non-performing assets as a percentage of total assets | 4.38% | 4.74% | |
Nonperforming Financial Instruments [Member] | |||
Troubled debt restructurings | $ 1,296,059 | $ 744,222 | |
Total non-performing loans | 4,286,806 | 4,369,698 | |
Real estate owned | 1,271,302 | 1,763,628 | |
Total non-performing assets | 5,558,108 | 6,133,326 | |
Performing Financial Instruments [Member] | |||
Troubled debt restructurings | 1,080,146 | 1,607,309 | |
Residential Portfolio Segment [Member] | |||
Nonaccrual loans | 1,179,630 | 1,333,383 | |
Accruing loans past due 90 days or more | |||
Total non-performing loans | 2,288,798 | 2,964,318 | |
Residential Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||
Troubled debt restructurings | 740,079 | 744,222 | |
Residential Portfolio Segment [Member] | Performing Financial Instruments [Member] | |||
Troubled debt restructurings | 692,895 | 787,462 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Nonaccrual loans | 506,357 | 552,545 | |
Accruing loans past due 90 days or more | |||
Total non-performing loans | 2,162,188 | 1,938,180 | |
Commercial Real Estate Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||
Troubled debt restructurings | 425,200 | ||
Commercial Real Estate Portfolio Segment [Member] | Performing Financial Instruments [Member] | |||
Troubled debt restructurings | 239,910 | 765,579 | |
Commercial Portfolio Segment [Member] | |||
Nonaccrual loans | 171,474 | 21,318 | |
Accruing loans past due 90 days or more | |||
Total non-performing loans | 171,474 | 55,695 | |
Commercial Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||
Troubled debt restructurings | |||
Commercial Portfolio Segment [Member] | Performing Financial Instruments [Member] | |||
Troubled debt restructurings | |||
Consumer Portfolio Segment [Member] | |||
Nonaccrual loans | |||
Accruing loans past due 90 days or more | |||
Total non-performing loans | |||
Consumer Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||
Troubled debt restructurings | |||
Consumer Portfolio Segment [Member] | Performing Financial Instruments [Member] | |||
Troubled debt restructurings | |||
Home Equity Portfolio Segment [Member] | |||
Nonaccrual loans | 53,140 | 110,921 | |
Total non-performing loans | 283,156 | ||
Home Equity Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||
Troubled debt restructurings | 130,780 | ||
Home Equity Portfolio Segment [Member] | Performing Financial Instruments [Member] | |||
Troubled debt restructurings | 94,837 | ||
Construction Portfolio Segment [Member] | |||
Nonaccrual loans | |||
Accruing loans past due 90 days or more | |||
Total non-performing loans | 57,157 | 59,105 | |
Construction Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||
Troubled debt restructurings | |||
Construction Portfolio Segment [Member] | Performing Financial Instruments [Member] | |||
Troubled debt restructurings | $ 52,504 | $ 54,268 |
Note 6 - Loans - Troubled Debt
Note 6 - Loans - Troubled Debt Restructurings (Details) | 12 Months Ended | |
Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | |
Number of Contracts | 12 | 11 |
Residential Portfolio Segment [Member] | ||
Number of Contracts | 1 | 1 |
Outstanding Recorded Investment Pre-Modification | $ 76,513 | $ 163,767 |
Outstanding Recorded Investment Post-Modification | $ 96,000 | $ 172,933 |
Note 6 - Loans - Troubled Deb68
Note 6 - Loans - Troubled Debt Restructurings, Subsequent Default (Details) - Residential Portfolio Segment [Member] | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016USD ($) | |
Troubled debt restructurings that subsequently defaulted, number of contracts | ||
Troubled debt restructurings that subsequently defaulted, recorded investment | $ 0 |
Note 6 - Loans - Real Estate Ow
Note 6 - Loans - Real Estate Owned (REO), Net of Valuation Allowance (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Balance, beginning of year | $ 1,763,628 | $ 2,433,483 |
Additions from loan foreclosures | 499,760 | 332,495 |
Additions from capitalized costs | 25,875 | |
Dispositions of REO | (922,283) | (751,952) |
(Loss) on sale of REO | (33,578) | (3,519) |
Valuation adjustments during the year | (62,100) | (246,879) |
Balance, end of year | 1,271,302 | 1,763,628 |
Balance, beginning of year | 227,231 | 850,865 |
Valuation adjustments added during the year | 62,100 | 246,879 |
Valuation adjustments on disposed properties during the year | (185,060) | (870,513) |
Balance, end of year | $ 104,271 | $ 227,231 |
Note 6 - Loans - Allowance for
Note 6 - Loans - Allowance for Losses on Loans and Charge-offs (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Beginning balance | $ 1,099,232 | $ 1,185,178 |
Provision | (22,000) | (70,700) |
Loan charge-offs | 214,386 | 138,849 |
Recoveries | (138,603) | (123,603) |
Total Net Charge-Offs | 75,783 | 15,246 |
Ending balance | 1,001,449 | 1,099,232 |
Year-end loans outstanding | 85,477,142 | 83,374,259 |
Average loans outstanding | $ 84,425,701 | $ 83,665,599 |
Allowance as a percentage of year-end loans | 1.17% | 1.32% |
Net charge-offs as a percentage of average loans | 0.09% | 0.02% |
Residential Portfolio Segment [Member] | ||
Beginning balance | $ 568,334 | $ 702,105 |
Provision | 97,647 | (132,262) |
Loan charge-offs | 101,912 | 39,730 |
Recoveries | (11,100) | (38,221) |
Ending balance | 575,169 | 568,334 |
Year-end loans outstanding | 61,419,004 | 62,250,645 |
Commercial Real Estate Portfolio Segment [Member] | ||
Beginning balance | 339,022 | 288,893 |
Provision | (60,913) | 9,520 |
Loan charge-offs | 70,705 | 16,871 |
Recoveries | (66,703) | (57,480) |
Ending balance | 274,107 | 339,022 |
Year-end loans outstanding | 12,071,060 | 9,569,328 |
Commercial Portfolio Segment [Member] | ||
Beginning balance | 79,988 | 86,300 |
Provision | (44,969) | (11,855) |
Loan charge-offs | ||
Recoveries | (29,020) | (5,543) |
Ending balance | 64,039 | 79,988 |
Year-end loans outstanding | 1,858,107 | 2,290,405 |
Home Equity Portfolio Segment [Member] | ||
Beginning balance | 86,728 | 86,847 |
Provision | 29,136 | 10,741 |
Loan charge-offs | 41,769 | 10,860 |
Recoveries | 0 | 0 |
Ending balance | 74,095 | 86,728 |
Year-end loans outstanding | 8,811,757 | 8,527,420 |
Consumer Portfolio Segment [Member] | ||
Beginning balance | 25,160 | 21,033 |
Provision | (45,413) | 53,156 |
Loan charge-offs | 71,388 | |
Recoveries | (31,780) | (22,359) |
Ending balance | 11,527 | 25,160 |
Year-end loans outstanding | 636,658 | 682,193 |
Construction Portfolio Segment [Member] | ||
Beginning balance | 0 | 0 |
Provision | 2,512 | 0 |
Loan charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Ending balance | 2,512 | 0 |
Year-end loans outstanding | $ 680,556 | $ 54,268 |
Note 6 - Loans - Allowance fo71
Note 6 - Loans - Allowance for Loan Losses (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Recoveries | $ 138,603 | $ 123,603 |
Provision for loan losses | (22,000) | (70,700) |
Ending balance | 1,001,449 | 1,099,232 |
Allowance for loan losses, individually evaluated for impairment | 0 | 0 |
Allowance for loan losses, collectively evaluated for impairment | 1,001,449 | 1,099,232 |
Loans | 85,477,142 | 83,374,259 |
Loans, individually evaluated for impairment | 4,793,324 | 4,789,759 |
Loans, collectively evaluated for impairment | 80,683,818 | 78,584,500 |
Beginning balance | 1,099,232 | 1,185,178 |
Loan charge-offs | (214,386) | (138,849) |
Residential Portfolio Segment [Member] | ||
Recoveries | 11,100 | 38,221 |
Provision for loan losses | 97,647 | (132,262) |
Ending balance | 575,169 | 568,334 |
Allowance for loan losses, individually evaluated for impairment | 0 | 0 |
Allowance for loan losses, collectively evaluated for impairment | 575,169 | 568,334 |
Loans | 61,419,004 | 62,250,645 |
Loans, individually evaluated for impairment | 2,378,920 | 2,448,138 |
Loans, collectively evaluated for impairment | 59,040,084 | 59,802,507 |
Beginning balance | 568,334 | 702,105 |
Loan charge-offs | (101,912) | (39,730) |
Commercial Real Estate Portfolio Segment [Member] | ||
Recoveries | 66,703 | 57,480 |
Provision for loan losses | (60,913) | 9,520 |
Ending balance | 274,107 | 339,022 |
Allowance for loan losses, individually evaluated for impairment | 0 | 0 |
Allowance for loan losses, collectively evaluated for impairment | 274,107 | 339,022 |
Loans | 12,071,060 | 9,569,328 |
Loans, individually evaluated for impairment | 1,662,860 | 1,637,617 |
Loans, collectively evaluated for impairment | 10,408,200 | 7,931,711 |
Beginning balance | 339,022 | 288,893 |
Loan charge-offs | (70,705) | (16,871) |
Commercial Portfolio Segment [Member] | ||
Recoveries | 29,020 | 5,543 |
Provision for loan losses | (44,969) | (11,855) |
Ending balance | 64,039 | 79,988 |
Allowance for loan losses, individually evaluated for impairment | 0 | 0 |
Allowance for loan losses, collectively evaluated for impairment | 64,039 | 79,988 |
Loans | 1,858,107 | 2,290,405 |
Loans, individually evaluated for impairment | 186,599 | 132,657 |
Loans, collectively evaluated for impairment | 1,671,508 | 2,157,748 |
Beginning balance | 79,988 | 86,300 |
Loan charge-offs | ||
Home Equity Portfolio Segment [Member] | ||
Recoveries | 0 | 0 |
Provision for loan losses | 29,136 | 10,741 |
Ending balance | 74,095 | 86,728 |
Allowance for loan losses, individually evaluated for impairment | 0 | 0 |
Allowance for loan losses, collectively evaluated for impairment | 74,095 | 86,728 |
Loans | 8,811,757 | 8,527,420 |
Loans, individually evaluated for impairment | 512,441 | 517,079 |
Loans, collectively evaluated for impairment | 8,299,316 | 8,010,341 |
Beginning balance | 86,728 | 86,847 |
Loan charge-offs | (41,769) | (10,860) |
Consumer Portfolio Segment [Member] | ||
Recoveries | 31,780 | 22,359 |
Provision for loan losses | (45,413) | 53,156 |
Ending balance | 11,527 | 25,160 |
Allowance for loan losses, individually evaluated for impairment | 0 | 0 |
Allowance for loan losses, collectively evaluated for impairment | 11,527 | 25,160 |
Loans | 636,658 | 682,193 |
Loans, individually evaluated for impairment | 0 | 0 |
Loans, collectively evaluated for impairment | 636,658 | 682,193 |
Beginning balance | 25,160 | 21,033 |
Loan charge-offs | (71,388) | |
Construction Portfolio Segment [Member] | ||
Recoveries | 0 | 0 |
Provision for loan losses | 2,512 | 0 |
Ending balance | 2,512 | 0 |
Allowance for loan losses, individually evaluated for impairment | 0 | 0 |
Allowance for loan losses, collectively evaluated for impairment | 2,512 | 0 |
Loans | 680,556 | 54,268 |
Loans, individually evaluated for impairment | 52,504 | 54,268 |
Loans, collectively evaluated for impairment | 628,052 | 0 |
Beginning balance | 0 | 0 |
Loan charge-offs | $ 0 | $ 0 |
Note 6 - Loans - Loans to Offic
Note 6 - Loans - Loans to Officers and Directors (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Balance, beginning of year | $ 1,688,726 | $ 786,325 |
Borrowings | 150,000 | 1,000,000 |
Balance, end of year | 1,782,051 | 1,688,726 |
Borrowers Associated with Bank [Member] | ||
Payments | (56,675) | (56,887) |
Borrower No Longer Associated with Bank [Member] | ||
Payments | $ (40,712) |
Note 7 - Loan Servicing - Mortg
Note 7 - Loan Servicing - Mortgage Loans Servicing Portfolio (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Finance FHLB New York | $ 120,963 | $ 125,666 |
Note 8 - Accrued Interest Rec74
Note 8 - Accrued Interest Receivable - Accrued Interest Receivable (Details) - USD ($) | Mar. 31, 2017 | Mar. 31, 2016 |
Accrued interest receivable | $ 378,243 | $ 369,138 |
Loans Receivable [Member] | ||
Accrued interest receivable | 226,189 | 249,245 |
Investment Securities [Member] | ||
Accrued interest receivable | 145,245 | 116,358 |
Mortgage Backed Security [Member] | ||
Accrued interest receivable | $ 6,809 | $ 3,535 |
Note 9 - Premises and Equipme75
Note 9 - Premises and Equipment (Details Textual) - USD ($) | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Depreciation | $ 254,081 | $ 264,356 |
Note 9 - Premises and Equipme76
Note 9 - Premises and Equipment - Premises and Equipment (Details) - USD ($) | Mar. 31, 2017 | Mar. 31, 2016 |
Property, plant and equipment, gross | $ 10,382,433 | $ 10,370,696 |
Accumulated depreciation | (4,334,730) | (4,080,649) |
Premises and equipment, net | 6,047,703 | 6,290,047 |
Land [Member] | ||
Property, plant and equipment, gross | 1,451,203 | 1,451,203 |
Building [Member] | ||
Property, plant and equipment, gross | 6,872,774 | 6,864,728 |
Furniture and Fixtures [Member] | ||
Property, plant and equipment, gross | $ 2,058,456 | $ 2,054,765 |
Note 11 - Deposits (Details Tex
Note 11 - Deposits (Details Textual) - USD ($) | Mar. 31, 2017 | Mar. 31, 2016 |
Time Deposits, at or Above FDIC Insurance Limit | $ 2,935,732 | $ 2,485,471 |
Related Party Deposit Liabilities | $ 690,000 | $ 755,000 |
Note 11 - Deposits - Deposits A
Note 11 - Deposits - Deposits Account Balances (Details) - USD ($) | Mar. 31, 2017 | Mar. 31, 2016 |
Certificates of deposits, weighted average interest rate, 0.10% to 0.99% | 0.60% | 0.59% |
Certificates of deposits, percent of portfolio, 0.10% to 0.99% | 18.33% | 19.39% |
Certificates of deposits, 1.00% to 1.99% | $ 17,303,681 | $ 14,773,019 |
Certificates of deposits, weighted average interest rate, 1.00% to 1.99% | 1.25% | 1.29% |
Certificates of deposits, percent of portfolio, 1.00% to 1.99% | 15.44% | 13.21% |
Certificates of deposits, 2.00% to 2.99% | $ 309,942 | $ 2,632,487 |
Certificates of deposits, weighted average interest rate, 2.00% to 2.99% | 2.13% | 2.23% |
Certificates of deposits, percent of portfolio, 2.00% to 2.99% | 0.27% | 2.35% |
Certificates of deposits | $ 38,156,517 | $ 39,101,113 |
Certificates of deposits, percent of portfolio | 34.04% | 34.95% |
Total deposits | $ 112,080,746 | $ 111,864,647 |
Total deposits, percent of porfolio | 100.00% | 100.00% |
Non interest bearing accounts | $ 11,703,567 | $ 12,054,146 |
Non interest bearing accounts, percent of portfolio | 10.44% | 10.78% |
Interest bearing checking accounts | $ 22,256,234 | $ 23,027,846 |
Interest bearing checking accounts, weighted average interest rate | 0.17% | 0.19% |
Interest bearing checking accounts, percent of portfolio | 19.86% | 20.59% |
Passbook savings accounts | $ 18,584,956 | $ 17,724,072 |
Passbook savings accounts, weighted average interest rate | 0.10% | 0.10% |
Passbook savings accounts, percent of portfolio | 16.58% | 15.84% |
Money Market accounts | $ 21,231,184 | $ 19,813,982 |
Money Market accounts, weighted average interest rate | 0.49% | 0.49% |
Money Market accounts, percent of portfolio | 18.95% | 17.71% |
Club accounts | $ 148,288 | $ 143,488 |
Club accounts, weighted average interest rate | 0.10% | 0.10% |
Club accounts, percent of portfolio | 0.13% | 0.13% |
Deposits - excluding certificates of deposit | $ 73,924,229 | $ 72,763,534 |
Deposits - excluding certificates of deposit, percent of portfolio | 65.96% | 65.05% |
Certificates of deposits, 0.10% to 0.99% | $ 20,542,894 | $ 21,695,607 |
Note 11 - Deposits - Scheduled
Note 11 - Deposits - Scheduled Maturities of Certificates of Deposits (Details) - USD ($) | Mar. 31, 2017 | Mar. 31, 2016 |
2,017 | $ 23,090,517 | |
2,018 | 21,544,213 | 8,181,234 |
2,019 | 8,577,082 | 3,374,490 |
2,020 | 3,364,211 | 2,358,507 |
2,021 | 2,011,316 | 2,096,365 |
2,022 | 2,659,695 | |
Total certificates of deposit | $ 38,156,517 | $ 39,101,113 |
Note 12 - Line of Credit From80
Note 12 - Line of Credit From Atlantic Community Bankers Bank (Details Textual) - Atlantic Community Bankers Bank [Member] - USD ($) | Mar. 31, 2017 | Mar. 31, 2016 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000,000 | |
Long-term Line of Credit | $ 0 | $ 0 |
Note 13 - Advances From Feder81
Note 13 - Advances From Federal Home Loan Bank (Details Textual) - USD ($) | Mar. 31, 2017 | Mar. 31, 2016 |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | $ 11,600,000 | $ 16,800,000 |
Federal Home Loan Bank, Advances, General Debt Obligations, Maximum Amount Available | $ 10,353,783 |
Note 13 - Advances from Feder82
Note 13 - Advances from Federal Home Loan Bank - Advances From Federal Home Loan Bank of New York (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Interest rate | ||
Advances from Federal Home Loan Bank | $ 3,000,000 | |
Maturity Date, April 18, 2017 [Member] | ||
Interest rate | 0.74% | |
Advances from Federal Home Loan Bank | 2,000,000 | |
Maturity Date, October 17, 2017 [Member] | ||
Interest rate | 0.81% | |
Advances from Federal Home Loan Bank | $ 1,000,000 |
Note 14 - Income Taxes (Details
Note 14 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | $ 1,016,400 | $ 1,050,900 |
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 360,200 | $ 372,800 |
Domestic Tax Authority [Member] | ||
Operating Loss Carryforwards | 3,270,000 | |
State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards | $ 4,000,000 | |
Earliest Tax Year [Member] | Federal and State Jurisdiction [Member] | ||
Open Tax Year | 2,013 | |
Latest Tax Year [Member] | Federal and State Jurisdiction [Member] | ||
Open Tax Year | 2,016 |
Note 14 - Income Taxes - Compon
Note 14 - Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Federal | ||
State | 3,000 | 3,000 |
Federal | 69,238 | (85,569) |
State | 20,903 | 29,971 |
Total | $ 93,141 | $ (52,598) |
Note 14 - Income Taxes - Effect
Note 14 - Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Expected federal tax provision (benefit) at 34% rate | $ 71,784 | $ (24,027) |
Municipal bond interest | (1,404) | (469) |
Increase in cash surrender value of life insurance | (1,564) | (1,700) |
State income tax | 24,325 | (26,402) |
Income tax (benefit) | $ 93,141 | $ (52,598) |
Effective tax rate (benefit) | 44.10% | (74.40%) |
Note 14 - Income Taxes - Effe86
Note 14 - Income Taxes - Effective Income Tax Rate Reconciliation (Details) (Parentheticals) | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Federal tax rate | 34.00% | 34.00% |
Note 14 - Income Taxes - Summar
Note 14 - Income Taxes - Summary of Deferred Tax Assets and Liabilities (Details) - USD ($) | Mar. 31, 2017 | Mar. 31, 2016 |
Accrued pension costs | $ 23,900 | $ 9,500 |
Allowance for loan losses | 350,300 | 438,935 |
Directors’ benefit plans | 138,500 | 131,500 |
Employee stock option | 50,600 | 32,200 |
FASB 158 – unrecognized transition costs | 87,800 | 91,100 |
Federal tax loss carryforward | 1,016,400 | 1,050,900 |
State tax loss carryforward | 360,200 | 372,800 |
Non accrual interest | 28,000 | 15,000 |
Total deferred tax assets | 2,055,700 | 2,141,935 |
Valuation allowance | (24,800) | |
Accumulated depreciation | (46,500) | (64,000) |
Unrealized gains on securities available-for-sale | (2,450) | (11,400) |
Total deferred tax liabilities | (48,950) | (75,400) |
NET DEFERRED TAX ASSETS | $ 1,981,950 | $ 2,066,535 |
Note 15 - Employee Benefits (De
Note 15 - Employee Benefits (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 10.00% | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 0 | $ 0 |
Note 16 - Board of Directors'89
Note 16 - Board of Directors' Retirement Plan (Details Textual) - USD ($) | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Jan. 01, 2002 | |
Defined Benefit Plan Monthly Retirement Benefit Percentage of Board Fees Payable | 4.00% | ||
Defined Benefit Plan Maximum Retirement Benefit Percentage of Final Fee Amount | 80.00% | ||
Pension Cost (Reversal of Cost) | $ 52,748 | $ 59,196 | |
Defined Benefit Plan, Expected Amortization, Next Fiscal Year | $ 0 |
Note 16 - Board of Directors'90
Note 16 - Board of Directors' Retirement Plan - Net Pension Expense (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Service cost | $ 15,700 | $ 18,012 |
Interest cost | 22,896 | 23,276 |
Amortization of gain | 14,152 | 17,908 |
Net amortization and deferral | 0 | 0 |
Net periodic pension cost | $ 52,748 | $ 59,196 |
Note 16 - Board of Directors'91
Note 16 - Board of Directors' Retirement Plan - Funded Status of Defined Benefit Pension Plan (Details) - USD ($) | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 |
Accumulated benefit obligation | $ 537,500 | $ 540,070 | |
Projected benefit obligation | 565,807 | 556,522 | $ 599,324 |
Fair value of plan assets | 0 | 0 | $ 0 |
Unfunded projected benefit obligation | $ 565,807 | $ 556,522 |
Note 16 - Board of Directors'92
Note 16 - Board of Directors' Retirement Plan - Projected Benefit Obligations (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Projected benefit obligation at beginning of year | $ 556,522 | $ 599,324 |
Service cost | 15,700 | 18,012 |
Interest cost | 22,896 | 23,276 |
Actuarial (gain) loss | 5,916 | (48,863) |
Benefits paid | (35,227) | (35,227) |
Benefit obligation at end of year | $ 565,807 | $ 556,522 |
Note 16 - Board of Directors'93
Note 16 - Board of Directors' Retirement Plan - Changes in Plan Assets (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Fair value of Plan assets at beginning of year | $ 0 | $ 0 |
Actual return on Plan assets | 0 | 0 |
Employer contributions | 35,227 | 35,227 |
Benefits paid | (35,227) | (35,227) |
Fair value of Plan assets at end of year | $ 0 | $ 0 |
Note 16 - Board of Directors'94
Note 16 - Board of Directors' Retirement Plan - Actuarial Assumptions Used in Determining Pension Amounts (Details) | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Discount rate for periodic pension cost | 4.25% | 4.00% |
Discount rate for benefit obligation | 4.25% | 4.25% |
Rate of increase in compensation levels and social security wage base | 2.00% | 2.00% |
Expected long-term rate of return on plan assets |
Note 17 - Employee Stock Owne95
Note 17 - Employee Stock Ownership Plan (ESOP) (Details Textual) | Oct. 16, 2013shares | Oct. 31, 2013shares | Mar. 31, 2007shares | Mar. 31, 2008shares | Mar. 31, 2017shares | Mar. 31, 2016shares |
Employee Stock Ownership Plan (ESOP), Shares in ESOP | 64,081 | 60,240 | 60,240 | |||
Stock Issued During Period, Shares, Employee Stock Ownership Plan | 23,644 | 23,644 | 64,081 | |||
Conversion of Stock Shares Converted Ratio | 0.5711 | |||||
ESOP Loan One [Member] | ||||||
Maximum ESOP Loan Repayment Period | 20 years | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | 8.25% | ||||
ESOP Loan One [Member] | Refinanced [Member] | ||||||
Maximum ESOP Loan Repayment Period | 14 years | |||||
ESOP Loan Two [Member] | ||||||
Maximum ESOP Loan Repayment Period | 14 years | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.25% |
Note 17 - Employee Stock Owne96
Note 17 - Employee Stock Ownership Plan (ESOP) - Components of the ESOP (Details) - shares | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2007 |
Shares released for allocation (in shares) | 25,053 | 21,534 | |
Unearned shares (in shares) | 35,187 | 38,706 | |
Total ESOP shares (in shares) | 60,240 | 60,240 | 64,081 |
Note 18 - Stock Based Compens97
Note 18 - Stock Based Compensation (Details Textual) - $ / shares | Oct. 16, 2013 | May 19, 2008 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 20,000 | |
Share Price | $ 8 | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | |
Employee Stock Option [Member] | Equity Incentive Plan 2008 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 80,101 | |
Restricted Stock [Member] | Equity Incentive Plan 2008 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 32,040 |
Note 18 - Stock Based Compens98
Note 18 - Stock Based Compensation - Equity Incentive Plan Activity (Details) | 12 Months Ended |
Mar. 31, 2017$ / sharesshares | |
Restricted, Shaes (in shares) | shares | 20,000 |
Restricted, Weighted average grant date fair value (in dollars per share) | $ / shares | $ 8.69 |
Granted, Shares (in shares) | shares | |
Granted, Weighted average grant date fair value (in dollars per share) | $ / shares | |
Vested, Shares (in shares) | shares | |
Vested, Weighted average grant date fair value (in dollars per share) | $ / shares | |
Forfeited, Shares (in shares) | shares | |
Forfeited, Weighted average grant date fair value (in dollars per share) | $ / shares | |
Restricted, Shaes (in shares) | shares | 20,000 |
Restricted, Weighted average grant date fair value (in dollars per share) | $ / shares | $ 8.69 |
Note 19 - Earnings Per Share (D
Note 19 - Earnings Per Share (Details Textual) | 12 Months Ended |
Mar. 31, 2017shares | |
Employee Stock Option [Member] | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 20,000 |
Note 19 - Earnings Per Share -
Note 19 - Earnings Per Share - Earnings Per Share Reconciliation (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Net Income (Loss) | $ 117,989 | $ (18,070) |
Weighted average shares outstanding (in shares) | 945,425 | 945,425 |
Adjusted average unearned ESOP shares (in shares) | (35,187) | (38,706) |
Weighted average share outstanding - basic (in shares) | 910,238 | 906,719 |
Effect of dilutive common stock equivalents (in shares) | 5,312 | |
Adjusted weighted average shares outstanding - dilutive (in shares) | 915,550 | 906,719 |
Basic loss per share (in dollars per share) | $ 0.13 | $ (0.02) |
Diluted loss per share (in dollars per share) | $ 0.13 | $ (0.02) |
Note 20 - Fair Value Measure101
Note 20 - Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) | Mar. 31, 2017 | Mar. 31, 2016 |
Securities available for sale: | ||
Available-for-sale Securities | $ 2,594,888 | $ 2,150,093 |
US Government Agencies Debt Securities [Member] | ||
Securities available for sale: | ||
Available-for-sale Securities | 500,032 | 497,247 |
Certificates of Deposit [Member] | ||
Securities available for sale: | ||
Available-for-sale Securities | 2,007,628 | 1,530,854 |
Mutual Fund Shares [Member] | ||
Securities available for sale: | ||
Available-for-sale Securities | 87,228 | 121,992 |
Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale: | ||
Available-for-sale Securities | 2,594,888 | 2,150,093 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale: | ||
Available-for-sale Securities | 2,594,888 | 2,150,093 |
Fair Value, Measurements, Recurring [Member] | US Government Agencies Debt Securities [Member] | ||
Securities available for sale: | ||
Available-for-sale Securities | 500,032 | 497,247 |
Fair Value, Measurements, Recurring [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale: | ||
Available-for-sale Securities | 500,032 | 497,247 |
Fair Value, Measurements, Recurring [Member] | Certificates of Deposit [Member] | ||
Securities available for sale: | ||
Available-for-sale Securities | 2,007,628 | 1,530,854 |
Fair Value, Measurements, Recurring [Member] | Certificates of Deposit [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale: | ||
Available-for-sale Securities | 2,007,628 | 1,530,854 |
Fair Value, Measurements, Recurring [Member] | Mutual Fund Shares [Member] | ||
Securities available for sale: | ||
Available-for-sale Securities | 87,228 | 121,992 |
Fair Value, Measurements, Recurring [Member] | Mutual Fund Shares [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale: | ||
Available-for-sale Securities | $ 87,228 | $ 121,992 |
Note 20 - Fair Value Measure102
Note 20 - Fair Value Measurements - Assets and Liabilities Measured at Fair Value On a Non-recurring Basis (Details) - USD ($) | Mar. 31, 2017 | Mar. 31, 2016 |
Total | $ 6,729,286 | |
Fair Value, Inputs, Level 3 [Member] | ||
Total | 6,729,286 | |
Fair Value, Measurements, Nonrecurring [Member] | ||
Total | $ 6,154,101 | |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total | 6,154,101 | |
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | ||
Impaired loans | 4,882,799 | 4,965,658 |
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Impaired loans | 4,882,799 | 4,965,658 |
Fair Value, Measurements, Nonrecurring [Member] | Real Estate Owned [Member] | ||
Real estate owned | 1,271,302 | 1,763,628 |
Fair Value, Measurements, Nonrecurring [Member] | Real Estate Owned [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Real estate owned | $ 1,271,302 | $ 1,763,628 |
Note 20 - Fair Value Measure103
Note 20 - Fair Value Measurements - Valuation Processes Used to Determine Nonrecurring Fair Value Measurement Within Level 3 (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Nonrecurring assets, fair value | $ 6,729,286 | |
Fair Value, Inputs, Level 3 [Member] | ||
Nonrecurring assets, fair value | 6,729,286 | |
Market Approach Valuation Technique [Member] | Impaired Loans [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Nonrecurring assets, fair value | $ 4,882,799 | $ 4,965,658 |
Market Approach Valuation Technique [Member] | Impaired Loans [Member] | Fair Value, Inputs, Level 3 [Member] | Minimum [Member] | ||
Nonrecurring assets, range | 7.00% | 7.00% |
Market Approach Valuation Technique [Member] | Impaired Loans [Member] | Fair Value, Inputs, Level 3 [Member] | Maximum [Member] | ||
Nonrecurring assets, range | 12.00% | 12.00% |
Market Approach Valuation Technique [Member] | Real Estate Owned [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Nonrecurring assets, fair value | $ 1,271,302 | $ 1,763,628 |
Market Approach Valuation Technique [Member] | Real Estate Owned [Member] | Fair Value, Inputs, Level 3 [Member] | Minimum [Member] | ||
Nonrecurring assets, range | 7.00% | 7.00% |
Market Approach Valuation Technique [Member] | Real Estate Owned [Member] | Fair Value, Inputs, Level 3 [Member] | Maximum [Member] | ||
Nonrecurring assets, range | 12.00% | 12.00% |
Note 20 - Fair Value of Financi
Note 20 - Fair Value of Financial Instruments - Estimated Fair Value of Assets and Liabilities (Details) - USD ($) | Mar. 31, 2017 | Mar. 31, 2016 |
Advances from Federal Home Loan Bank | $ 3,000,000 | |
Advance payments by borrowers for taxes and insurance | 500,485 | 433,034 |
Investment securities available-for-sale (amortized cost of $2,588,817 and $2,121,777 at March 31, 2017 and 2016, respectively) | 2,594,888 | 2,150,093 |
Investment and mortgage backed securities held-to-maturity, fair value | 21,797,695 | 21,706,150 |
Accrued interest receivable | 378,243 | 369,138 |
Bank-owned life insurance | 178,514 | 174,252 |
Reported Value Measurement [Member] | ||
Deposits – non-interest bearing | 11,703,567 | 12,054,146 |
Deposits – interest bearing | 100,377,179 | 99,810,501 |
Advances from Federal Home Loan Bank | 3,000,000 | |
Accrued interest payable | 6,273 | 5,830 |
Advance payments by borrowers for taxes and insurance | 500,485 | 433,034 |
Cash and cash equivalents | 6,998,543 | 12,127,388 |
Investment securities available-for-sale (amortized cost of $2,588,817 and $2,121,777 at March 31, 2017 and 2016, respectively) | 2,588,817 | 2,121,777 |
Investment and mortgage backed securities held-to-maturity, fair value | 22,622,835 | 21,584,538 |
Loans receivable, net | 84,414,361 | 82,197,809 |
Accrued interest receivable | 378,243 | 369,138 |
Federal Home Loan Bank stock | 124,300 | 253,800 |
Bank-owned life insurance | 178,514 | 174,252 |
Estimate of Fair Value Measurement [Member] | ||
Deposits – non-interest bearing | 11,703,567 | 12,054,146 |
Deposits – interest bearing | 99,183,000 | 99,800,000 |
Advances from Federal Home Loan Bank | 3,000,000 | |
Accrued interest payable | 6,273 | 5,830 |
Advance payments by borrowers for taxes and insurance | 500,485 | 433,034 |
Cash and cash equivalents | 6,998,543 | 12,127,388 |
Investment securities available-for-sale (amortized cost of $2,588,817 and $2,121,777 at March 31, 2017 and 2016, respectively) | 2,594,888 | 2,150,093 |
Investment and mortgage backed securities held-to-maturity, fair value | 21,797,695 | 21,639,610 |
Loans receivable, net | 83,833,000 | 84,355,000 |
Accrued interest receivable | 378,243 | 369,138 |
Federal Home Loan Bank stock | 124,300 | 253,800 |
Bank-owned life insurance | 178,514 | 174,252 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Deposits – non-interest bearing | 11,703,567 | 12,054,146 |
Deposits – interest bearing | ||
Advances from Federal Home Loan Bank | 3,000,000 | |
Accrued interest payable | 6,273 | 5,830 |
Advance payments by borrowers for taxes and insurance | 500,485 | 433,034 |
Cash and cash equivalents | 6,998,543 | 12,127,388 |
Investment securities available-for-sale (amortized cost of $2,588,817 and $2,121,777 at March 31, 2017 and 2016, respectively) | ||
Investment and mortgage backed securities held-to-maturity, fair value | ||
Loans receivable, net | ||
Accrued interest receivable | 378,243 | 369,138 |
Federal Home Loan Bank stock | 124,300 | 253,800 |
Bank-owned life insurance | 178,514 | 174,252 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Deposits – non-interest bearing | ||
Deposits – interest bearing | 99,183,000 | 99,800,000 |
Advances from Federal Home Loan Bank | ||
Advance payments by borrowers for taxes and insurance | ||
Cash and cash equivalents | ||
Investment securities available-for-sale (amortized cost of $2,588,817 and $2,121,777 at March 31, 2017 and 2016, respectively) | 2,594,888 | 2,150,093 |
Investment and mortgage backed securities held-to-maturity, fair value | 21,797,695 | 21,639,610 |
Loans receivable, net | ||
Federal Home Loan Bank stock | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Deposits – non-interest bearing | ||
Deposits – interest bearing | ||
Advances from Federal Home Loan Bank | ||
Accrued interest payable | ||
Advance payments by borrowers for taxes and insurance | ||
Cash and cash equivalents | ||
Investment securities available-for-sale (amortized cost of $2,588,817 and $2,121,777 at March 31, 2017 and 2016, respectively) | ||
Investment and mortgage backed securities held-to-maturity, fair value | ||
Loans receivable, net | 83,833,000 | 84,355,000 |
Accrued interest receivable | ||
Federal Home Loan Bank stock | ||
Bank-owned life insurance |
Note 21 - Commitments and Co105
Note 21 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Guarantee Obligations [Member] | ||
Loss Contingency, Loss in Period | $ 0 | $ 0 |
Note 21 - Commitments and Co106
Note 21 - Commitments and Contingencies - Outstanding Commitment to Originate Loans (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Financial instruments whose notional or contract amounts represent credit risk | $ 6,620,288 | $ 7,468,635 |
Construction [Member] | ||
Financial instruments whose notional or contract amounts represent credit risk | 290,862 | |
Unused Commercial Lines of Credit [Member] | ||
Financial instruments whose notional or contract amounts represent credit risk | 1,378,259 | 1,212,000 |
Unused Home Equity Lines of Credit [Member] | ||
Financial instruments whose notional or contract amounts represent credit risk | 4,255,673 | 4,969,000 |
Personal Lines of Credit [Member] | ||
Financial instruments whose notional or contract amounts represent credit risk | 494 | 635 |
Family 1 to 4Residential Mortgage Commitments [Member] | ||
Financial instruments whose notional or contract amounts represent credit risk | 528,000 | 1,232,000 |
Commercial Real Estate Mortgage Commitments [Member] | ||
Financial instruments whose notional or contract amounts represent credit risk | 112,000 | |
Standby Letters of Credit 1 [Member] | ||
Financial instruments whose notional or contract amounts represent credit risk | $ 55,000 | $ 55,000 |
Note 22 - Related Party Tran107
Note 22 - Related Party Transactions (Details Textual) - USD ($) | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Related Party Transaction, Amounts of Transaction | $ 150,678 | $ 186,985 |
Note 23 - Regulatory Capital -
Note 23 - Regulatory Capital - The Bank's Actual and Required Capital Amounts and Ratios (Details) - USD ($) | Mar. 31, 2017 | Mar. 31, 2016 |
Total Capital (to Risk-Weighted Assets), Minimum to be Well Capitalized under Prompt Corrective Action Provisions Ratio | 10.00% | 10.00% |
Tier 1 Capital (to Risk-Weighted Assets), Actual Amount | $ 11,489,000 | $ 10,988,000 |
Tier 1 Capital (to Risk-Weighted Assets), Actual Ratio | 16.34% | 15.99% |
Tier 1 Capital (to Risk-Weighted Assets), For Capital Adequacy Purposes Amount | $ 4,218,000 | $ 4,124,000 |
Tier 1 Capital (to Risk-Weighted Assets), For Capital Adequacy Purposes Ratio | 6.00% | 6.00% |
Tier 1 Capital (to Risk-Weighted Assets), Minimum to be Well Capitalized under Prompt Corrective Action Provisions Amount | $ 5,624,000 | $ 5,498,000 |
Tier 1 Capital (to Risk-Weighted Assets), Minimum to be Well Capitalized under Prompt Corrective Action Provisions Ratio | 8.00% | 8.00% |
Tier 1 Common (to Risk-Weighted Assets), Actual Amount | $ 11,489,000 | $ 10,988,000 |
Tier 1 Common (to Risk-Weighted Assets), Actual Ratio | 16.34% | 15.99% |
Tier 1 Common (to Risk-Weighted Assets), For Capital Adequacy Purposes Amount | $ 3,164,000 | $ 3,092,000 |
Tier 1 Common (to Risk-Weighted Assets), For Capital Adequacy Purposes Ratio | 4.50% | 4.50% |
Tier 1 Common (to Risk-Weighted Assets), Minimum to be Well Capitalized under Prompt Corrective Action Provisions Amount | $ 4,570,000 | $ 4,467,000 |
Tier 1 Common (to Risk-Weighted Assets), Minimum to be Well Capitalized under Prompt Corrective Action Provisions Ratio | 6.50% | 6.50% |
Tier 1 Capital (to Average Assets), Actual Amount | $ 11,489,000 | $ 10,988,000 |
Tier 1 Capital (to Average Assets), Actual Ratio | 9.23% | 8.67% |
Tier 1 Capital (to Average Assets), For Capital Adequacy Purposes Amount | $ 4,979,000 | $ 5,068,000 |
Tier 1 Capital (to Average Assets), For Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
Tier 1 Capital (to Average Assets), Minimum to be Well Capitalized under Prompt Corrective Action Provisions Amount | $ 6,223,000 | $ 6,335,000 |
Tier 1 Capital (to Average Assets), Minimum to be Well Capitalized under Prompt Corrective Action Provisions Ratio | 5.00% | 5.00% |
Total Capital (to Risk-Weighted Assets), Actual Amount | $ 12,373,000 | $ 11,859,000 |
Total Capital (to Risk-Weighted Assets), Actual Ratio | 17.60% | 17.26% |
Total Capital (to Risk-Weighted Assets), For Capital Adequacy Purposes Amount | $ 5,624,000 | $ 5,498,000 |
Total Capital (to Risk-Weighted Assets), For Capital Adequacy Purposes Ratio | 8.00% | 8.00% |
Total Capital (to Risk-Weighted Assets), Minimum to be Well Capitalized under Prompt Corrective Action Provisions Amount | $ 7,030,000 | $ 6,873,000 |
Note 24 - Regulatory Matters (D
Note 24 - Regulatory Matters (Details Textual) | Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2015 |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | 4.00% | |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 6.00% | 6.00% | |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% | |
Tier One Leverage Capital to Average Assets | 9.23% | 8.67% | |
Tier One Risk Based Capital to Risk Weighted Assets | 16.34% | 15.99% | |
Capital to Risk Weighted Assets | 17.60% | 17.26% | |
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% |
Note 25 - Changes in Accumul110
Note 25 - Changes in Accumulated Other Comprehensive Income (Loss) Balances - Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Balance | $ (119,662) | |
Other comprehensive income before reclassification | (8,405) | |
Other comprehensive income (loss) | (8,405) | $ 73,194 |
Balance | (128,067) | (119,662) |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||
Balance | 16,989 | |
Other comprehensive income before reclassification | (13,347) | |
Other comprehensive income (loss) | (13,347) | |
Balance | 3,642 | 16,989 |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||
Balance | (136,651) | |
Other comprehensive income before reclassification | 4,942 | |
Other comprehensive income (loss) | 4,942 | |
Balance | $ (131,709) | $ (136,651) |
Note 26 - Financial Informat111
Note 26 - Financial Information of Parent Company - Statement of Financial Condition (Parent Company Only) (Details) - USD ($) | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 |
Assets | |||
Cash and cash equivalents | $ 6,998,543 | $ 12,127,388 | $ 10,450,448 |
Deferred income taxes | 1,981,950 | 2,066,535 | |
Total assets | 126,987,353 | 129,415,025 | |
Stockholders’ Equity | |||
Total stockholders’ equity | 13,491,844 | 13,295,712 | 13,172,291 |
Total liabilities and stockholders’ equity | 126,987,353 | 129,415,025 | |
Parent Company [Member] | |||
Assets | |||
Cash and cash equivalents | 399,459 | 480,129 | $ 460,783 |
Investment in Bank | 9,586,332 | 9,536,490 | |
Deferred income taxes | 50,582 | 32,219 | |
Total assets | 10,036,373 | 10,048,838 | |
Stockholders’ Equity | |||
Total stockholders’ equity | 10,036,373 | 10,048,838 | |
Total liabilities and stockholders’ equity | $ 10,036,373 | $ 10,048,838 |
Note 26 - Financial Informat112
Note 26 - Financial Information of Parent Company - Income Statement and Cash Flow (Parent Company Only) (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Share based compensation expense | $ 45,907 | $ 35,220 |
Operating activities: | ||
Loans, including fees | 3,519,928 | 3,600,437 |
Salaries and employee benefits | 1,611,324 | 1,659,019 |
Total expense | 3,583,855 | 4,006,339 |
Loss before income tax benefit and equity in undistributed net loss of subsidiary | 211,130 | (70,668) |
Income tax (benefit) | 93,141 | (52,598) |
Net income (loss) | 117,989 | (18,070) |
Net cash used in operating activities | 741,898 | 404,033 |
Investing activities: | ||
Net cash used in investing activities | (3,154,293) | 493,701 |
Financing activities: | ||
Net cash provided by financing activities | (2,716,450) | 779,206 |
Net increase (decrease) in cash and cash equivalents | (5,128,845) | 1,676,940 |
Cash and Cash Equivalents, Beginning of Year | 12,127,388 | 10,450,448 |
Cash and Cash Equivalents, End of Year | 6,998,543 | 12,127,388 |
Parent Company [Member] | ||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Share based compensation expense | 45,907 | 35,220 |
Operating activities: | ||
Loans, including fees | 19,142 | 20,556 |
Other interest income | 440 | 456 |
Total income | 19,582 | 21,012 |
Management fee | 45,000 | 45,000 |
Salaries and employee benefits | 45,907 | 35,220 |
Total expense | 90,907 | 80,220 |
Loss before income tax benefit and equity in undistributed net loss of subsidiary | (71,325) | (59,208) |
Equity in undistributed net income of subsidiary | 171,451 | 27,549 |
Income tax (benefit) | 17,863 | 13,589 |
Net income (loss) | 117,989 | (18,070) |
Undistributed net income of subsidiary | (171,451) | (27,549) |
Increase in deferred income taxes | (18,363) | (14,089) |
Net cash used in operating activities | (25,918) | (24,488) |
Investing activities: | ||
Distribution to subsidiary | (100,000) | |
Net cash used in investing activities | (100,000) | |
Financing activities: | ||
Proceeds from ESOP loan | 45,248 | 43,834 |
Net cash provided by financing activities | 45,248 | 43,834 |
Net increase (decrease) in cash and cash equivalents | (80,670) | 19,346 |
Cash and Cash Equivalents, Beginning of Year | 480,129 | 460,783 |
Cash and Cash Equivalents, End of Year | $ 399,459 | $ 480,129 |