10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended December 31, 2013

OR

☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT

For the transition period from ______________ to _____________

Commission file number: 0-55087   

DELANCO BANCORP, INC.

(Exact name of small business issuer as specified in its charter)

New Jersey (State or other jurisdiction of incorporation or organization) 80-0943940  (I.R.S. Employer Identification No.)

615 Burlington Avenue, Delanco, New Jersey 08075

(Address of principal executive offices)

(856) 461-0611

(Issuer’s telephone number)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒                 No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes ☒                 No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “accelerated filer,” “large accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer [    ]           Accelerated filer                                [    ]

Non-accelerated filer   [    ]           Smaller reporting company              [X ]

(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

No ☒

As of February 12, 2014 there were 945,425 shares of the registrant’s common stock outstanding.

DELANCO BANCORP, INC.

FORM 10-Q

Index

		Page No.
PART I.   FINANCIAL INFORMATION
Item 1.	Consolidated Statements of Financial Condition at December 31, 2013 (Unaudited) and March 31, 2013	1
	Consolidated Statements of Operations for the Three and Nine Months Ended December 31, 2013 and 2012 (Unaudited)	2
	Consolidated Statements of Comprehensive Income for the Nine Months Ended December 31, 2013 (Unaudited)	3
	Consolidated Statements of Changes in Stockholders’ Equity for the Nine Months Ended December 31, 2013 (Unaudited)	4
	Consolidated Statements of Cash Flows for the Nine Months Ended December 31, 2013 and 2012 (Unaudited)	5
	Notes to Unaudited Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	27
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	30
Item 4.	Controls and Procedures	30
Part II.   OTHER INFORMATION
Item 1.	Legal Proceedings	31
Item 1A.	Risk Factors	31
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	31
Item 3.	Defaults upon Senior Securities	32
Item 4.	Mine Safety Disclosures	32
Item 5.	Other Information	32
Item 6.	Exhibits	32
Signatures		33

1

Part I. Financial Information

Item 1. Financial Statements

DELANCO BANCORP, INC. AND SUBSIDIARY

Consolidated Statements of Financial Condition

	December 31, 2013			March 31, 2013
	(unaudited)
ASSETS
Cash and cash equivalents
Cash and amounts due from banks	$	592,502		$	506,921
Interest-bearing deposits		2,915,196			6,215,845
Total cash and cash equivalents		3,507,698			6,722,766
Investment securities:
Securities held-to-maturity (fair value $25,780,159 and $20,285,670 at December 31, 2013 and March 31, 2013, respectively)		28,178,088			20,137,886
Securities available-for-sale (amortized cost of $2,194,254 and $2,217,032 at December 31, 2013 and March 31, 2013, respectively)		1,901,284			2,207,018
Total investment securities		30,079,372			22,344,904
Loans, net of allowance for loan losses of $1,229,094 at December 31, 2013 (unaudited), $1,032,818 at March 31, 2013		84,216,876			88,419,084
Accrued interest receivable		437,208			427,736
Premises and equipment, net		6,681,283			6,855,000
Federal Home Loan Bank, at cost		226,300			202,500
Deferred income taxes		1,529,200			1,228,400
Bank-owned life insurance		159,398			153,588
Real estate owned		2,475,925			2,469,800
Other assets		236,693			590,804
Total assets	$	129,549,953		$	129,414,582
LIABILITIES
Deposits
Non-interest bearing deposits	$	9,811,710		$	6,872,713
Interest bearing deposits		103,738,434			110,161,401
Total deposits		113,550,144			117,034,114
Advances from Federal Home Loan bank		1,000,000		─
Accrued interest payable		1,244			9,025
Advance payments by borrowers for taxes and insurance		134,742			366,604
Other liabilities		655,687			610,259
Total liabilities		115,341,817			118,020,002
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY
Preferred stock, $.01 par value, 5,000,000 and 3,000,000 shares authorized at December 31, 2013 and March 31, 2013, respectively; no shares issued
Common stock, $.01 par value, 25,000,000 and 7,000,0000 shares authorized at December 31, 2013 and March 31, 2013, respectively ; 945,425 and 1,634,725 shares issued and outstanding at December 31, 2013 and March 31, 2013, respectively		9,454			16,347
Additional paid-in capital		9,948,873			6,570,852
Retained earnings, substantially restricted		5,093,378			5,332,716
Unearned common stock held by employee stock ownership plan		(592,168	)		(448,567	)
Accumulated other comprehensive (loss)		(251,401	)		(76,768	)
Total stockholder’s equity		14,208,136			11,394,580
Total liabilities and stockholders’ equity	$	129,549,953		$	129,414,582

See Notes to the Unaudited Consolidated Financial Statements.

2

DELANCO BANCORP, INC. AND SUBSIDIARY

Consolidated Statements of Income

(Unaudited)

	Three Months Ended December 31,						Nine months Ended December 31,
	2013			2012			2013			2012
INTEREST INCOME
Loans	$	935,616		$	1,087,196		$	2,976,420		$	3,426,890
Investment securities		192,811			162,895			529,517			471,992
Total interest income		1,128,427			1,250,091			3,505,937			3,898,882
INTEREST EXPENSE
Interest-bearing checking accounts		10,609			8,834			31,093			26,706
Passbook and money market accounts		28,203			47,348			94,134			149,781
Certificates of deposits		134,987			197,938			443,989			662,177
Federal Home Loan Bank Advances		97		─				97		─
Total interest expense		173,896			254,120			569,313			838,664
Net interest income		954,531			995,971			2,936,624			3,060,218
Provision for loan losses		406,557			295,000			613,057			483,000
Net interest income after provision for loan losses		547,974			700,971			2,323,567			2,577,218
NON-INTEREST INCOME
Income from bank-owned life insurance	─			─				5,809			6,080
Gain (loss) on sale of real estate owned	─				(87,133	)		(85,681	)		(86,264	)
Service charges		32,815			36,889			105,697			100,956
Rental income		33,820			47,491			108,369			125,104
Other		1,715			3,841			11,039			12,604
Total non-interest income		68,350			1,088			145,233			158,480
NON-INTEREST EXPENSE
Salaries and employee benefits		405,789			380,129			1,175,683			1,181,563
Advertising		6,760			4,481			18,472			16,806
Office supplies, telephone and postage		19,499			23,657			54,026			77,457
Loan expenses		56,212			135,671			159,836			409,620
Net occupancy expense		162,789			164,834			473,385			498,665
Federal insurance premiums		53,175			54,054			159,971			162,099
Real estate owned loss reserve		71,500		─				149,000			25,000
Data processing expenses		57,068			56,436			170,407			162,704
ATM expenses		8,765			6,947			23,876			20,512
Bank charges and fees		17,137			17,470			50,751			52,140
Insurance and surety bond premiums		20,471			19,628			62,698			58,405
Dues and subscriptions		7,010			7,945			18,074			17,155
Professional fees		57,290			66,094			185,259			190,917
Real Estate Owned expense		23,744			73,333			92,271			160,195
Other		33,552			34,516			81,141			95,595
Total non-interest expense		1,000,761			1,045,195			2,874,850			3,128,833
INCOME (LOSS) BEFORE INCOME TAX EXPENSE		(384,437	)		(343,136	)		(406,050	)		(393,135	)
Income tax expense (benefit)		(154,327	)		(136,905	)		(166,712	)		(180,036	)
NET INCOME (LOSS)		(230,110	)		(206,231	)		(239,338	)		(213,099	)
INCOME (LOSS) PER COMMON SHARE	$	(0.26	)	$	(0.23	)	$	(0.27	)	$	(0.23	)

See Notes to the Unaudited Consolidated Financial Statements.

3

DELANCO BANCORP, INC. AND SUBSIDIARY

Consolidated Statements of Comprehensive Income (Loss)

(Unaudited)

Nine Months Ended

  

	December 31, 2013			December 31, 2012
Net loss	$	(239,338	)	$	(213,099	)
Other comprehensive income (loss), net of tax unrealized income arising from available for sale securities during period		(169,773	)		(5,474	)
Postretirement benefit plan adjustment		(4,860	)		(28,222	)
Comprehensive (loss)	$	(413,971	)	$	(246,795	)

See Notes to the Unaudited Consolidated Financial Statements

4

1DELANCO BANCORP, INC. AND SUBSIDIARY

Consolidated Statements of Changes in Stockholders’ Equity

(Unaudited)

	Common Stock												Unearned Employee			Accumulated
	Shares			Amount			Additional Paid-in Capital			Retained Earnings			Stock Ownership Plan			Other-  Comprehensive Income (Loss)			Total Stockholders’ Equity			Comprehensive Income (Loss)
Balance at March 31, 2013		1,634,725		$	16,347		$	6,570,852		$	5,332,716		$	( 448,567	)	$	(76,768	)	$	11,394,580
Comprehensive income
Net loss											(239,338	)								(239,338	)		(239,338	)
Other comprehensive income, net of tax:
Change in unrealized gain on securities available-for-sale, net of deferred income taxes of ($117,181)																	(169,773	)		(169,773	)		(169,773	)
Post retirement benefit plan adjustment net of deferred taxes of ($3,239)																	(4,860	)		(4,860	)		(4,860	)
Employee stock options								7,231												7,231
Total comprehensive loss																							(413,971	)
3518.69 shares of common stock transferred to ESOP for services								(12,476	)					45,551						33,075
Corporate Reorganization:
Merger of Delanco MHC.		(899,099	)		(8,991	)		105,367												96,376
Exchange of common stock		(735,626	)		(7,356	)		7,356
Proceeds of stock offering, net of fractional shares, net of offering expenses		945,425			9,454			3,270,543												3,279,997
Shares purchased for ESOP pursuant to reorganization (23,644 shares)														(189,152	)					(189,152	)
Balance at December 31, 2013		945,425			9,454		$	9,948,873		$	5,093,378		$	(592,168	)	$	(251,401	)	$	14,208,136		$	(413,971	)

See Notes to the Unaudited Consolidated Financial Statements.

5

DELANCO BANCORP, INC. AND SUBSIDIARY

Consolidated Statements of Cash Flows

(Unaudited)

	Nine months Ended December 31,
	2013			2012
Cash flow from operating activities
Net Income	$	(239,338	)		(213,099	)
Adjustments to reconcile net income to net cash provided by operating activities:
ESOP amortization		33,075			12,336
Deferred income taxes		(192,477	)		(229,323	)
Depreciation		188,459			220,352
Discount accretion net of premium amortization		28,105			(724	)
Provision for loan losses		613,057			483,000
Income from bank owned life insurance		(5,809	)		(6,080	)
(Gain)Loss on sale of real estate owned		85,681			86,264
Compensation expense for stock options		7,231		─
Changes in operating assets and liabilities
(Increase) decrease in:
Accrued interest receivable		(9,472	)		(15,455	)
PrePaid income taxes		─			160,250
Other assets		354,111			43,738
Increase (decrease) in:
Accrued interest payable		(7,781	)		(13,826	)
Other liabilities		45,426			1,381
Net cash provided by operating activities		900,268			528,814
Cash flows from investing activities
Proceeds of securities available for sale		22,778			12,408
Purchases of securities available for sale	─				(2,000,000	)
Purchases of securities held-to-maturity		(11,621,500	)		(14,200,000	)
Proceeds from maturities and principal repayments of securities held-to-maturity		3,553,193			10,327,846
Redemption (purchase) of investment required by law – stock in Federal Home Loan Bank		(23,800	)		16,600
Proceeds from sale of real estate owned		545,634			741,041
Net decrease in loans		2,951,711			6,589,435
Purchases of premises and equipment		(14,742	)		(14,423	)
Net cash provided by(used in) investing activities		(4,586,726	)		1,472,907
Cash flows from financing activities
Decrease in deposits		(3,483,970	)		(4,164,217	)
Decrease in advance payments by borrowers for taxes and insurance		(231,862	)		(55,436	)
Net proceeds from issuance of common stock		3,376,374		─
Purchase of common stock in connection with ESOP		(189,152	)	─
Increase in Federal Home Loan Bank advance		1,000,000		─
Net cash provided by (used) in financing activities		471,390			(4,219,653	)

6

	Nine months Ended December 31,
	2013			2012
Net decrease in cash and cash equivalents	$	(3,215,068	)	$	(2,217,932	)
Cash and cash equivalents, beginning of the period		6,722,766			6,649,685
Cash and cash equivalents, end of period		3,507,698			4,431,753
Supplemental Disclosures:
Cash paid during the period for interest		576,997			852,489
Cash paid during the period for income taxes		2,000			1,500
Loans transferred to foreclosed real estate during the period		856,353			1,837,287
Net change in unrealized gain (loss) on securities available-for-sale net of tax		(169,773	)		(5,474	)

See Notes to the Unaudited Consolidated Financial Statements.

7

DELANCO BANCORP, INC. AND SUBSIDIARY

Notes to the Unaudited Consolidated Financial Statements

December 31, 2013

(1)          Basis of Presentation

On October 16, 2013, Delanco Bancorp, Inc., a New Jersey corporation (the “Company”), became the holding company for the Bank upon completion of the “second-step” conversion of the Bank from a mutual holding company structure to a stock holding company structure (the “Conversion”). The Conversion involved the sale by the Company of 525,423 shares of common stock in a subscription and community offering, including shares purchased by the Bank’s employee stock ownership plan, the exchange of 420,002 shares of common stock of the Company for shares of common stock of the former Delanco Bancorp, Inc. (“old Delanco Bancorp”) held by persons other than Delanco MHC (the “MHC”), and the elimination of old Delanco Bancorp and the MHC. Net proceeds received from the reorganization and stock offering totaled $3,280,000, net of costs of $923,000. Net income per share and the weighted average shares outstanding for the three and nine months ended December 31, 2013 have been restated to reflect the Conversion.

Financial information presented in this Quarterly Report on Form 10-Q is derived in part from the consolidated financial statements of the Company and subsidiaries on and after October 16, 2013 and from the consolidated financial statements of old Delanco Bancorp and subsidiaries prior to October 16, 2013.

The accompanying unaudited consolidated financial statements have been prepared in accordance with instructions for Form 10-Q and, therefore, do not include all disclosures necessary for a complete presentation of the financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP). However, all adjustments that are, in the opinion of management, necessary for the fair presentation of the interim financial statements have been included. Such adjustments were of a normal recurring nature. The results of operations for the three and nine month periods ended December 31, 2013 are not necessarily indicative of the results that may be expected for the entire year or any other interim period. For additional information, refer to the consolidated financial statements and footnotes thereto of Delanco Bancorp, Inc. (the “Company”) included in the Company’s annual report on Form 10-K for the year ended March 31, 2013.

(2)           Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.  Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for losses on loans and the evaluation of deferred taxes.

(3)           Deferred Income Taxes

We use the asset and liability method of accounting for income taxes. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. We exercise significant judgment in evaluating the amount and timing of recognition of the resulting tax liabilities and assets. These judgments require us to make projections of future taxable income. The judgments and estimates we make in determining our deferred tax assets, which are inherently subjective, are reviewed on a continual basis as regulatory and business factors change.

8

The calculation of deferred taxes for GAAP capital differs from the calculation of deferred taxes for regulatory capital. For regulatory capital, deferred tax assets that are dependent upon future taxable income for realization are limited to the lesser of either the amount of deferred tax assets that the institution expects to realize within one year of the calendar quarter-end date, or 10% of the Bank’s Tier I capital. As a result of this variance, our Tier I regulatory capital ratio is lower than our GAAP capital ratio by 78 basis points.

(4)           Income Taxes

The Bank accounts for uncertainties in income taxes in accordance with Financial ASC Topic 740 “Accounting for Uncertainty in Income Taxes”. ASC Topic 740 prescribes a threshold and measurement process for recognizing in the financial statements a tax position taken or expected to be taken in a tax return. ASC Topic 740 also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition.  The Bank has determined that there are no significant uncertain tax positions requiring recognition in its financial statements.   

Tax years 2009 through 2012 remain subject to examination by Federal and New Jersey taxing authorities. In the event the Bank is assessed for interest and/or penalties by taxing authorities, such assessed amounts will be classified in the financial statements as income tax expense.

(5)           Earnings Per Share

Basic earnings per share (“EPS”) are computed by dividing income available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted EPS reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity.

The difference between the common shares issued and the common shares outstanding for the purposes of calculating basic EPS is a result of the unallocated ESOP shares.

As a result of the Conversion, all share information for periods prior to December 31, 2013, has been revised to reflect the .5711 exchange ratio. Dilutive earnings per share was not adjusted for 20,000 outstanding options which would have had an antidilutive effect on earnings.

The calculated basic and dilutive EPS are as follows:

	Three Months Ended December 31,						Nine months Ended December 31,
	2013			2012			2013			2012
Numerator		(230,110	)		(206,231	)		(239,338	)		(213,099	)
Denominators:
Basic shares outstanding		899,681			907,973			899,681			907,973
Effect of dilutive securities
Dilutive shares outstanding		899,681			907,973			899,681			907,973
Earnings per share:
Basic	$	(0.26	)	$	(0.23	)	$	(0.27	)	$	(0.23	)
Dilutive	$	(0.26	)	$	(0.23	)	$	(0.27	)	$	(0.23	)

9

(6)            Regulatory Agreement      

On December 17, 2012, the Bank received a formal written agreement (the “Agreement”) with the Office of the Comptroller of the Currency (the “OCC”) dated November 21, 2012.  The Agreement supersedes and terminates the Order to Cease and Desist entered into by and between the Bank and the Office of Thrift Supervision on March 17, 2010.

The Agreement requires the Bank to take the following actions:

● prepare a three-year strategic plan that establishes objectives for the Bank’s overall risk profile, earnings performance, growth, balance sheet mix, liability structure, reduction in the volume of nonperforming assets, and product line development;

● prepare a capital plan that includes specific proposals related to the maintenance of adequate capital, identifies strategies to strengthen capital if necessary and includes detailed quarterly financial projections.  If the OCC determines that the Bank has failed to submit an acceptable capital plan or fails to implement or adhere to its capital plan, then the OCC may require the Bank to develop a contingency capital plan detailing the Bank’s proposal to sell, merge or liquidate the Bank;

● prepare a criticized asset plan that will include strategies, targets and timeframes to reduce the Bank’s level of criticized assets;

● implement a plan to improve the Bank’s credit risk management and credit administration practices;

● implement programs and policies related to the Bank’s allowance for loan and lease losses, liquidity risk management, independent loan review and other real estate owned;

● review the capabilities of the Bank’s management to perform present and anticipated duties and to recommend and implement any changes based on such assessment;

● not pay any dividends or make any other capital distributions without the prior written approval of the OCC;

● not make any severance or indemnification payments without complying with regulatory requirements regarding such payments; and

● comply with prior regulatory notification requirements for any changes in directors or senior executive officers.

The Agreement will remain in effect until terminated, modified, or suspended in writing by the OCC.

The Agreement does not require the Bank to maintain any specific minimum regulatory capital ratios. However, in connection with its most recent examination, the OCC established higher individual minimum capital ratios for the Bank. Specifically, the Bank must maintain a Tier 1 capital to adjusted total assets ratio of at least 8%, a Tier 1 capital to risk-weighted assets ratio of at least 12% and a total capital to risk-weighted assets ratio of at least 13%. The Bank's ratios of Tier 1 capital to adjusted total assets, Tier 1 capital to risk-weighted assets and total capital to risk-weighted assets at December 31, 2013 were 9.63%, 16.93% and 18.19%, respectively.

10

(7)           Recent Accounting Pronouncements

Below is a discussion of recent accounting pronouncements.

In February 2013, the FASB issued ASU 2013-02, Comprehensive Income, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (Topic 220): The amendments in this update aim to improve the reporting of reclassifications out of accumulated other comprehensive income. The amendments in this update seek to attain that objective by requiring an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required under U.S. GAAP to be reclassified in its entirety to net income. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other disclosures required under U.S. GAAP that provide additional detail about those amounts. This would be the case when a portion of the amount reclassified out of accumulated other comprehensive income is reclassified to a balance sheet account instead of directly to income or expense in the same reporting period. For public entities, the amendments are effective prospectively for reporting periods beginning after December 15, 2012. The adoption of this pronouncement did not have a material impact on the Company’s financial condition or results of operations.

In July 2013, the FASB issued ASU 2013-10, Derivatives and Hedging (Topic 815): Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes. The amendments in this Update permit the Fed Funds Effective Swap Rate (OIS) to be used as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815, in addition to UST and LIBOR. The amendments also remove the restriction on using different benchmark rates for similar hedges. The amendments are effective prospectively for qualifying new or re-designated hedging relationships entered into on or after July 17, 2013. The adoption of this standard is not expected to have a significant effect on future financial reporting.

In July 2013, the FASB issued ASU 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carry forward, a Similar Tax Loss, or a Tax Credit Carry forward Exists. This Update applies to all entities that have unrecognized tax benefits when a net operating loss carry forward, a similar tax loss, or a tax credit carry forward exists at the reporting date. An unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carry forward, a similar tax loss, or a tax credit carry forward, except as following situations. To the extent a net operating loss carry forward, a similar tax loss, or a tax credit carry forward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The assessment of whether a deferred tax asset is available is based on the unrecognized tax benefit and deferred tax asset that exist at the reporting date and should be made presuming disallowance of the tax position at the reporting date. The amendments in this Update are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. For nonpublic entities, the amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2014. Early adoption is permitted. The amendments should be applied prospectively to all unrecognized tax benefits that exist at the effective date. Retrospective application is permitted. The adoption of this standard is not expected to have a significant effect on future financial reporting.

11

(8)           Fair Value of Financial Instruments

ASC Topic 820-10 defines fair value, establishes a framework for measuring fair value in U.S. generally accepted accounting principles, and expands disclosure requirements for fair value measurements. ASC Topic 820 does not require any new fair value measurements. The adoption of ASC Topic 820-10 did not have a material impact on the consolidated financial statements.

ASC Topic 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels, as described below:

●	Level 1	Level 1 input are unadjusted quoted prices in active markets for identical assets or liabilities.
●	Level 2	Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable, either directly or indirectly. Level 2 inputs include quoted prices for similar assets, quoted prices in markets that are not considered to be active, and observable inputs other than quoted prices such as interest rates.
●	Level 3	Level 3 inputs are unobservable inputs.

Assets and liabilities measured at fair value on a recurring basis are summarized below (dollars in thousands):

	Fair Value Measurements at Reporting Date Using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
December 31, 2013
Available-for-sale securities	$	─	$	1,901	$	─
March 31, 2013
Available-for-sale securities	$	─	$	2,207	$	─

Assets and Liabilities on a Non-Recurring Basis

Assets and liabilities measured at fair value on a non-recurring basis at December 31, 2013 and March 31, 2013 are as follows (dollars in thousands):

	Fair Value Measurements at Reporting Date Using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
December 31, 2013
Impaired loans	$	─	$	─	$	6,289
Real estate owned		─		─		2,476
Total	$	─	$	─	$	8,765
March 31, 2013
Impaired loans	$	─	$	─	$	6,346
Real estate owned		─		─		2,470
Total	$	─	$	─	$	8,815

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The fair value of impaired loans and real estate owned is generally based on recent real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach.

A financial instrument’s level within the fair value hierarchy is based upon the lowest level of any input significant to the fair value measurement.

As required by ASC Topic 825-10-65, the estimated fair value of financial instruments at December 31, 2013 and March 31, 2013 was as follows:

	December 31, 2013
	Carrying Amount		Level 1		Level 2		Level 3
(Dollars in Thousands)
Financial Assets:
Cash and cash equivalents	$	3,508	$	3,508		─	$	─
Investment securities		30,372		─		27,681		─
Loans – net		84,217		─		─		83,553
FHLB stock		226		226		─		─
Accrued interest receivable		437		437		─		─
Bank–owned life insurance		159		159		─		─
Real estate owned		2,476		─		─		2,476
Total financial assets	$	121,395	$	4,330	$	27,681	$	86,029
Financial Liabilities:
Deposits	$	113,550	$	9,812	$	105,278	$	─
Advance payments by borrowers for taxes and insurance		135		135		─		─
Advances Federal Home Loan Bank		1,000		1,000		─		─
Accrued interest payable		1		1
Total financial liabilities	$	114,486	$	10,948	$	105,278	$	─

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	March 31, 2013
	Carrying Amount		Level 1		Level 2		Level 3
(Dollars in Thousands)
Financial Assets:
Cash and cash equivalents	$	6,723	$	6,723	$	─	$	─
Investment securities		22,355		─		22,493		─
Loans – net		88,419		─		─		91,300
FHLB stock		203		203		─		─
Accrued interest receivable		428		428		─		─
Bank–owned life insurance		154		154		─		─
Real estate owned		2,470		─		─		2,470
Total financial assets	$	120,752	$	7,508	$	22,493	$	93,770
Financial Liabilities:
Deposits	$	117,034	$	6,873	$	111,233	$	─
Advance payments by borrowers for taxes and insurance		367		367		─		─
Accrued interest payable		9		9		─		─
Total financial liabilities	$	117,410	$	7,249	$	111,233	$	─

Off-balance sheet instruments

Off-balance sheet instruments are primarily comprised of loan commitments and unfunded lines of credit which are generally priced at market rate at the time of funding. Therefore, these instruments have nominal value prior to funding.

	December 31, 2013				March 31, 2013
	Contract Value		Estimated Fair Value		Contract Value		Estimated Fair Value
Off-balance sheet instruments
Commitments to extend credit	$	5,849	$	─	$	5,893	$	─

(9)           Loans

The Bank monitors and assesses the credit risk of its loan portfolio using the classes set forth below. These classes also represent the segments by which the Bank monitors the performance of its loan portfolio and estimates its allowance for loan losses.

Residential real estate loans consist of loans secured by one to four family residences located in the Bank’s market area. The Bank has originated one to four family residential mortgage loans in amounts up to 80% of the lesser of the appraised value or selling price of the mortgaged property without requiring mortgage insurance. A mortgage loan originated by the Bank, for owner occupied property, whether fixed rate or adjustable rate, can have a term of up to 30 years. Non-owner occupied property, whether fixed rate or adjustable rate, can have a term of up to 30 years. Adjustable rate loan terms limit the periodic interest rate adjustment and the minimum and maximum rates that may be charged over the term of the loan based on the type of loan.

Commercial real estate loans are generally originated in amounts up to the lower of 80% of the appraised value or cost of the property and are secured by improved property such as multi-family dwelling units, office buildings, retail stores, warehouses, church buildings and other non-residential buildings, most of which are located in the Bank’s market area. Commercial real estate loans are generally made with fixed interest rates which mature or re-price in 5 to 7 years with principal amortization of up to 25 years.

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Commercial loans include short and long-term business loans and commercial lines of credit for the purposes of providing working capital, supporting accounts receivable, purchasing inventory and acquiring fixed assets. The loans generally are secured by these types of assets as collateral and/or by personal guarantees provided by principals of the borrowers.

Construction loans will be made only if there is a permanent mortgage commitment in place. Interest rates on commercial construction loans are typically in line with normal commercial mortgage loan rates, while interest rates on residential construction loans are slightly higher than normal residential mortgage loan rates. These loans usually are adjustable rate loans and generally have terms of up to one year.

Consumer loans include installment loans and home equity loans, secured by first or second mortgages on homes owned or being purchased by the loan applicant. Home equity term loans and credit lines are credit accommodations secured by either a first or second mortgage on the borrower’s residential property. Interest rates charged on home equity term loans are generally fixed; interest on credit lines is usually a floating rate related to the prime rate. The Bank generally requires a loan to value ratio of less than or equal to 80% of the appraised value, including any outstanding prior mortgage balance.

Loans at December 31, 2013 and March 31, 2013 are summarized as follows (dollars in thousands):

	December 31, 2013			March 31, 2013
Residential (one-to four-family) real estate	$	63,968		$	66,598
Multi-family and commercial real estate		10,474			12,402
Commercial		1,247			1,166
Home equity		7,974			8,361
Consumer		945			960
Construction		938			83
Total loans		85,546			89,570
Net deferred loan origination fees		(100	)		(118	)
Allowance for loan losses		(1,229	)		(1,033	)
Loans, net	$	84,217		$	88,419

The Bank is subject to a loans-to-one-borrower limitation of 15% of capital funds. At December 31, 2013, the loans-to-one-borrower limitation was $2.0 million; this excluded an additional 10% of adjusted capital funds or approximately $1.0 million, which may be loaned if collateralized by readily marketable securities. At December 31, 2013, there were no loans outstanding or committed to any one borrower, which individually or in the aggregate exceeded the Bank’s loans to-one-borrower limitations of 15% of capital funds.

A summary of the Bank’s credit quality indicators is as follows:

Pass – A credit which is assigned a rating of Pass shall exhibit some or all of the following characteristics:

a. Loans that present an acceptable degree of risk associated with the financing being considered as measured against earnings and balance sheet trends, industry averages, etc. Actual and projected indicators and market conditions provide satisfactory evidence that the credit will perform as agreed.

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b. Loans to borrowers that display acceptable financial conditions and operating results. Debt service capacity is demonstrated and future prospects are considered good.

c. Loans to borrowers where a comfort level is achieved by the strength of the cash flows from the business or project and the strength and quantity of the collateral or security position (i.e.; receivables, inventory and other readily marketable securities) as supported by a current valuation and/or the strong capabilities of a guarantor.

Special Mention – Loans on which the credit risk requires more than ordinary attention by the Loan Officer. This may be the result of some erosion in the borrower’s financial condition, the economics of the industry, the capability of management, or changes in the original transaction. Loans which are currently sound yet exhibit potentially unacceptable credit risk or deteriorating long term prospects, will receive this classification. Loans which deviate from loan policy or regulations will not generally be classified in this category, but will be separately reported as an area of concern.

Classified – Classified loans include those considered by the Bank to be substandard, doubtful or loss.

An asset is considered “substandard” if it involves more than an acceptable level of risk due to a deteriorating financial condition, unfavorable history of the borrower, inadequate payment capacity, insufficient security or other negative factors within the industry, market or management. Substandard loans have clearly defined weaknesses which can jeopardize the timely payment of the loan.

Assets classified as “doubtful” exhibit all of the weaknesses defined under the substandard category but with enough risk to present a high probability of some principal loss on the loan, although not yet fully ascertainable in amount.

Assets classified as “loss” are those considered uncollectible or of little value, even though a collection effort may continue after the classification and potential charge-off.

Non-Performing Loans

Non-performing loans consist of non-accrual loans (loans on which the accrual of interest has ceased), loans over ninety days delinquent and still accruing interest, renegotiated loans and impaired loans. Loans are generally placed on non-accrual status if, in the opinion of management, collection is doubtful, or when principal or interest is past due 90 days or more, unless the collateral is considered sufficient to cover principal and interest and the loan is in the process of collection.

The Bank continues to work with its borrowers where possible and is pursuing legal action where the ability to work with the borrower does not exist.  As of December 31, 2013, the Bank has entered into formal forbearance agreements with three relationships totaling $811 thousand that require current payments while the borrowers restructure their finances

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The following table represents loans by credit quality indicator at December 31, 2013 (dollars in thousands):

	Pass		Special Mention Loans		Classified Loans		Non- Performing Loans		Total
Residential real estate		60,824		302	─			2,842		63,968
Multi-family and commercial real estate		7,417		346		155		2,556		10,474
Commercial		800		255	─			192		1,247
Home equity		7,359	─		─			615		7,974
Consumer		910	─		─			35		945
Construction		889	─		─			49		938
		78,199		903		155		6,289		85,546

The following table represents past-due loans as of December 31, 2013 (dollars in thousands):

	30-59 Days Past Due			60- 89 Days Past Due			Greater than 90 Days Past Due			Total Past Due			Current			Total Loan Balances
Residential real estate		477			491			2,288			3,256			60,712			63,968
Multi-family and commercial real estate		223			219			1,670			2,112			8,362			10,474
Commercial		177			─			192			369			878			1,247
Home Equity		98			135			185			418			7,556			7,974
Consumer		5			5			35			45			900			945
Construction		─			─			─			─			938			938
Total Loans		980			850			4,370			6,200			79,346			85,546
Percentage of Total Loans		1.1	%		1.0	%		5.1	%		7.2	%		92.8	%		100.0	%

Impaired loans are measured based on the present value of expected future discounted cash flows, the fair value of the loan or the fair value of the underlying collateral if the loan is collateral dependent. The recognition of interest income on impaired loans is the same for non-accrual loans discussed above. At December 31, 2013, the Bank had 27 loan relationships totaling $4.4 million in non-accrual loans as compared to 25 relationships totaling $4.4 million at March 31, 2013. The average balance of impaired loans totaled $6.2 million for the nine months ended December 31, 2013 as compared to $7.2 million for the year ended March 31, 2013, and interest income recorded on impaired loans for the nine months ended December 31, 2013 totaled $182 thousand as compared to $168 thousand for the year ended March 31, 2013.

The following table represents data on impaired loans at December 31, 2013 and March 31, 2013 (dollars in thousands):

	December 31, 2013		March 31, 2013
Impaired loans for which a valuation allowance has been provided	$	-	$	-
Impaired loans for which no valuation allowance has been provided		6,289		6,346
Total loans determined to be impaired	$	6,289	$	6,346
Allowance for loans losses related to impaired loans	$	-	$	-
Average recorded investment in impaired loans	$	6,157	$	7,245
Cash basis interest income recognized on impaired Loans	$	182	$	168

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The following table presents impaired loans by portfolio class at December 31, 2013 (dollars in thousands):

	Recorded Investment		Unpaid Principal Balance		Related Valuation Allowance		Average Recorded Investment		Interest Income Recognized While On Impaired Statues
Impaired loans with no valuation allowance:
Residential real estate	$	2,890	$	2,852	$	─	$	2,366	$	100
Multi-family and commercial real estate		3,071		2,976		─		3,421		61
Commercial		192		192		─		199		1
Home equity		185		185		─		117		17
Consumer		35		35		─		4		1
Construction		49		49		─		50		2
Subtotal	$	6,422	$	6,289	$	─	$	6,517	$	182

The following table presents impaired loans by portfolio class at March 31, 2013 (dollars in thousands):

	Recorded Investment		Unpaid  Principal Balance		Related Valuation Allowance		Average Recorded Investment		Interest Income Recognized While On Impaired Statues
Impaired loans with no valuation allowance:
Residential real estate	$	2,255	$	2,223	$	─	$	2,774	$	83
Multi-family and commercial real estate		3,550		3,550		─		4,106		62
Commercial		235		235		─		172		8
Home equity		287		287		─		138		11
Consumer		─		─		─		3		─
Construction		51		51		─		52		4
Subtotal	$	6,378	$	6,346	$	─	$	7,245	$	168

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The following table represents nonaccrual loans as of December 31, 2013 and March 31, 2013 (dollars in thousands):

	December 31, 2013			March 31, 2013
Non-accrual loans:
Residential real estate	$	1,427		$	992
Multi-family and commercial real estate		595			1,302
Commercial		192			235
Consumer		35			─
Home Equity		615			287
Construction		─			─
Total non-accrual loans	$	2,864		$	2,816
Troubled Debt Restructurings:
In non-accrual status:
Residential real estate	$	678		$	550
Multi-family and commercial real estate		828			1,001
Commercial		─			─
Consumer		─			─
Home Equity		─			─
Construction		─			─
Total troubled debt restructurings in non-accrual status	$	1,506		$	1,551
Performing under modified terms:
Residential real estate	$	737		$	788
Multi-family and commercial real estate		1,133			1,139
Commercial		─			─
Consumer		─			─
Home Equity		─			─
Construction		49			51
Total troubled debt restructurings performing under modified terms:		1,919			1,978
Total troubled debt restructurings		3,425			3,529
Total non-performing loans		6,289			6,345
Real estate owned		2,476			2,470
Total non-performing assets	$	8,765		$	8,815
Non-performing loans as a percentage of loans		7.35	%		7.08	%
Non-performing assets as a percentage of loans and real estate owned		9.96	%		9.58	%
Non-performing assets as percentage of total assets		6.76	%		6.81	%

During the nine months ended December 31, 2013, the Bank experienced a $3 thousand net increase in non-accrual loans. This change reflects the downgrading of 13 loan relationships to non-accrual status totaling $2.0 million during the nine months ended December 31, 2013. The downgraded loans consisted of 6 residential mortgage totaling $1.2 million, 3 commercial loan relationships consisting of 4 loans totaling $616 thousand and 1 home equity line of credit totaling $178thousand and 2 personal lines of credit totaling $35 thousand. These additions to the non-accruals were offset by one residential mortgage for $140 thousand, two commercial loan for $283 thousandand one home equity loan in the amount of $1thousand that were paid in full, two home equity loans totaling $135thousand that returned to accruing status, a residential mortgage loan totaling $145 thousand that was paid through a short sale, 5 commercial relationships consisting 7 commercial real estate loans that were partially charged off by $293 thousand due to valuation updates, 1 residential loan in the amount of $154 thousand and 1 commercial relationship consisting of two commercial real estate loans of $784 thousand that were transferred to real estate owned and 1 commercial loan totaling $49 thousand that was charged off.

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The following table presents troubled debt restructurings that occurred during the periods ended December 31, 2013 and March 31, 2013 and loans modified as troubled debt restructurings within the previous 9 and 12 month periods and for which there was a payment default during the period.

	December 31, 2013						March 31, 2013
			Outstanding Recorded Investment						Outstanding Recorded Investment
	Number of Contracts		Pre- Modification		Post- Modification		Number of Contracts		Pre- Modification		Post- Modification
Troubled debt restructurings:
Residential real estate		1	$	120	$	123		2	$	339	$	486

	Number of Contracts		Recorded Investment		Number of Contracts		Recorded Investment
Troubled debt restructurings that subsequently defaulted:
Residential real estate		─		─		1	$	75

.

The following table presents the changes in real estate owned (REO), net of valuation allowance, for the periods ended December 31, 2013 and March 31, 2013:

	December 31, 2013			March 31, 2013
Balance, beginning of period	$	2,470		$	846
Additions from loan foreclosures		856			2,650
Additions from capitalized costs	─				3
Dispositions of REO		(615	)		(821	)
Gain (loss) on sale of REO		(86	)		(152	)
Valuation adjustments in the period		(149	)		(56	)
Balance, end of period	$	2,476		$	2,470

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The following table presents the changes in fair value adjustments to REO for the periods ended December 31, 2013 and March 31, 2013:

	December 31, 2013			March 31, 2013
Balance, beginning of period	$	72		$	104
Valuation adjustments added in the period		149			57
Valuation adjustments on disposed properties during the period		(72	)		(89	)
Balance, end of period	$	149		$	72

The following table sets forth with respect to the Bank’s allowance for losses on loans (dollars in thousands):

	December 31, 2013			March 31, 2013
Balance at beginning of period	$	1,033		$	1,161
Provision:
Commercial		54			4
Commercial real estate		433			587
Residential real estate		173			20
Home Equity		18			19
Consumer		(68	)		14
Construction		3			(4	)
Total Provision	$	613		$	640
Charge-Offs:
Commercial	$	49		$	-
Commercial Real Estate		365			686
Residential real estate		79			27
Home Equity		-			29
Consumer		-			66
Recoveries		(76	)		(40	)
Total Net Charge-Offs		417			768
Balance at end of period	$	1,229		$	1,033
Period-end loans outstanding	$	85,546		$	89,570
Average loans outstanding	$	85,393		$	95,122
Allowance as a percentage of period-end loans		1.44	%		1.15	%
Net charge-offs as a percentage of average loans		0.49	%		0.81	%

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Additional details for changes in the allowance for loan by loan portfolio as of December 31, 2013 are as follows (dollars in thousands):

Allowance for Loan Losses

	Commercial			Commercial Real Estate			Residential Real Estate			Home Equity		Consumer			Construction		Total
Balance, beginning of year	$	44		$	378		$	485		$	48	$	77		$	1	$	1,033
Loan charge-offs		(49	)		(365	)		(79	)		─		─			─		(493	)
Recoveries					7			1			─		68			─		76
Provision for loan losses		54			433			173			18		(68	)		3		613
Balance, end of period		49			453			580			66		77			4	$	1,229
Ending balance for loans individually evaluated for impairment		112			1,032			2,338			363		─			─		3,845
Ending balance for loans collectively evaluated for impairment		1,135			9,442			61,630			7,611		945			938		81,701
Loans receivable:		1,247			10,474			63,968			7,974		945			938		85,546
Ending balance
Ending balance: loans individually evaluated for impairment		112			1,032			2,338			363		─			─		3,845
Ending balance: loans collectively evaluated for impairment		1,135			9,442			61,630			7,611		945			938		81,701

The Bank prepares an allowance for loan loss model on a quarterly basis to determine the adequacy of the allowance. Management considers a variety of factors when establishing the allowance, such as the impact of current economic conditions, diversification of the loan portfolio, delinquency statistics, results of independent loan review and related classifications. The Bank’s historic loss rates and the loss rates of peer financial institutions are also considered.

On a monthly basis, the loan committee meets to review each problem loan and determine if there has been any change in collateral value due to changes in market conditions. Each quarter, when calculating the allowance for loan loss, the loan committee reviews an updated loan impairment analysis on each problem loan to determine if a specific provision for loan loss is warranted. Management reviews the most recent appraisal on each loan adjusted for holding and selling costs. In the event there is not a recent appraisal on file, the Bank will use the aged appraisal and apply a discount factor to the appraisal and then adjust the holding and selling costs from the discounted appraisal value.

In evaluating the Bank’s allowance for loan loss, the Bank maintains a loan committee consisting of senior management and the Board of Directors that monitors problem loans and formulates collection efforts and resolution plans for each borrower.

For the nine months ending December 31, 2013, the Bank experienced one full charge-off relating to one loan relationship totaling $49 thousand and 12 partial charge-offs related to nine relationships totaling $444 thousand as compared to two charge-offs relating to two loan relationships totaling $67 thousand and twelve partial charge-offs relating to twelve loan relationships totaling $742 thousand for the year ended March 31, 2013.

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At December 31, 2013, the Bank maintained an allowance for loan loss ratio of 1.44% to loans outstanding. Non-performing assets have decreased by $50 thousandover their stated levels at March 31, 2013, representing a non-performing asset to total asset ratio of 6.76% at December 31, 2013 as compared to a non-performing asset to total asset ratio of 6.81% at March 31, 2013.

The Bank’s charge-off policy states that any asset classified loss shall be charged-off within thirty days of such classification unless the asset has already been eliminated from the books by collection or other appropriate entry. On a quarterly basis, the loan committee will review past due, classified, non-performing and other loans, as it deems appropriate, to determine the collectability of such loans. If the loan committee determines a loan to be uncollectable, the loan shall be charged to the allowance for loan loss. In addition, upon reviewing the collectability, the loan committee may determine a portion of the loan to be uncollectable; in which case that portion of the loan deemed uncollectable will be partially charged-off against the allowance for loan loss.

(10)     Investment Securities

Investment securities have been classified according to management’s intent. The amortized cost of securities and their approximate fair values as of December 31, 2013 and March 31, 2013 are as follows:

	Held-to-Maturity December 31, 2013
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
(Dollars in Thousands)
Federal Farm Credit Bank Bond	$	5,944	$	─	$	(565	)	$	5,379
Federal Home Loan Bank Bonds		5,568	─			(569	)		4,999
Federal Home Loan Mortgage Corporation Bonds		3,497	─			(432	)		3,065
Federal National Mortgage Association		11,096		15		(944	)		10,167
Municipal Bond		547		2	─				549
		26,652		17		(2,510	)		24,159
Mortgage-Backed Securities:
Federal Home Loan Mortgage Corporation		668		40	─				708
Federal National Mortgage Association		621		49	─				670
Government National Mortgage Corporation		237		7		(1	)		243
		1,526		96		(1	)		1,621
Total	$	28,178	$	113	$	(2,511	)	$	25,780

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	Held-to-Maturity March 31, 2013
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
(Dollars in Thousands)
Federal Home Loan Bank Bonds	$	4,591	$	5	$	(18	)	$	4,578
Federal Farm Credit Bonds		3,444		1		(16	)		3,429
Federal Home Loan Mortgage
Corporation Bonds		500		─		(2	)		498
Federal National Mortgage Association Bond		9,500		49		(10	)		9,539
Municipal Bond		64		─		─			64
		18,099		55		(46	)		18,108
Mortgage-backed securities:
Federal Home Loan Mortgage Corporation		965		65		─			1,030
Federal National Mortgage Association		781		64		─			845
Government National Mortgage Corporation		293		11		(1	)		303
		2,039		140		(1	)		2,178
Total	$	20,138	$	195	$	(47	)	$	20,286

	Available for Sale December 31, 2013
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Federal Home Loan Bank Bonds	$	1,500	$	─	$	(208	)	$	1,292
Federal National Mortgage Association Bond		500		─		(81	)		419
Mutual Fund Shares		194		─		(4	)		190
	$	2,194	$	─	$	(293	)	$	1,901

	Available for Sale March 31, 2013
	Amortized Cost		Gross Unrealized Gains		Gross  Unrealized Losses			Fair Value
Federal Home Loan Bank Bonds	$	1,500	$	1	$	(5	)	$	1,496
Federal National Mortgage Association Bond		500		─		(11	)		489
Mutual Fund Shares		217		5		─			222
	$	2,217	$	6	$	(16	)	$	2,207

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The following is a summary of maturities of securities held-to-maturity and available-for-sale as of December 31, 2013 and March 31, 2013:

	December 31, 2013
	Held to Maturity				Available for Sale
(Dollars in Thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Amounts maturing in:
One year or less	$	547	$	549	$	─	$	─
After one year through five years		1,503		1,497		─		─
After five years through ten years		5,919		5,458		─		─
After ten years		20,209		18,276		2,000		1,711
Equity securities		─		─		194		190
	$	28,178	$	25,780	$	2,194	$	1,901

	March 31, 2013
	Held to Maturity				Available for Sale
(Dollars in Thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Amounts maturing in:
One year or less	$	64	$	64	$	─	$	─
After one year through five years		1,005		1,029		─		─
After five years through ten years		6,422		6,418		─		─
After ten years		12,647		12,775		2,000		1,985
Equity securities		─		─		217		222
	$	20,138	$	20,286	$	2,217	$	2,207

The amortized cost and fair value of mortgage-backed securities are presented in the held-to-maturity category by contractual maturity in the preceding table. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations without call or prepayment penalties.

25

Information pertaining to securities with gross unrealized losses at December 31, 2013 and March 31, 2013, aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows:

	December 31, 2013
	Less Than 12 Months					12 Months or Greater					Total
(Dollars in Thousands)	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
Federal Home Loan Bank Bonds	$	4,966	$	(625	)	$	1,325	$	(152	)	$	6,291	$	(777	)
Federal Farm Credit Bonds		4,101		(398	)		1,278		(167	)		5,379		(565	)
Federal Home Loan Mortgage Corporation Bonds		3,065		(432	)		─		─			3,065		(432	)
Federal National Mortgage Association		8,777		(819	)		1,294		(206	)		10,071		(1,025	)
		20,909		(2,274	)		3,897		(525	)		24,806		(2,799	)
Mortgage-Backed Securities:
Government National Mortgage Corporation		─		─			28		(1	)		28		(1	)
		─		─			28		(1	)		28		(1	)
Mutual Fund Shares		190		(4	)		─		─			190		(4	)
Total	$	21,099	$	( 2,278	)	$	3,925	$	(526	)	$	25,024	$	2,804

	March 31, 2013
	Less Than 12 Months					12 Months or Greater					Total
(Dollars in Thousands)	Fair Vealue		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
Federal Home Loan Bank Bonds	$	2,454	$	(22	)	$	─	$	─		$	2,454	$	(22	)
Federal Farm Credit Bonds		2,428		(17	)		─		─			2,428		(17	)
Federal Home Loan Mortgage Corporation Bonds		498		(2	)		─		─			498		(2	)
Federal National Mortgage Association		1,979		(21	)		─		─			1,979		(21	)
		7,359		(62	)		─		─			7,359		(62	)
Mortgage-Backed Securities:
Government National Mortgage Corporation		─		─		$	31	$	(1	)	$	31	$	(1	)
Total	$	7,359	$	(62	)	$	31	$	( 1	)	$	7,390	$	(63	)

Management evaluates securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Bank to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value.

26

At December 31, 2013, the 52 debt securities with unrealized losses have depreciated 9.4% from the Bank’s amortized cost basis. These unrealized losses relate principally to current interest rates for similar types of securities. In analyzing an issuer’s financial condition, management considers whether the securities are issued by the federal government, its agencies, or other governments, whether downgrades by bond rating agencies have occurred, and the results of reviews of the issuer’s financial condition. As management has the ability to hold debt securities until maturity, or for the foreseeable future if classified as available-for-sale, no declines are deemed to be other-than-temporary.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Management’s discussion and analysis of the financial condition and results of operations at and for the three and nine months ended December 31, 2013 and 2012 is intended to assist in understanding our financial condition and results of operations. The information contained in this section should be read in conjunction with the Unaudited Financial Statements and the notes thereto, appearing in Part I, Item 1 of this report.

Forward-Looking Statements

This quarterly report contains forward-looking statements that are based on assumptions and may describe our future plans, strategies and expectations. These forward-looking statements are generally identified by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project” or similar expressions.

Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on our operations include, but are not limited to, changes in interest rates, national and regional economic conditions, legislative and regulatory changes, monetary and fiscal policies of the U.S. government, including policies of the U.S. Treasury and the Federal Reserve Board, the quality and composition of our loan or investment portfolios, demand for loan products, deposit flows, competition, demand for financial services in our market area, changes in real estate market values in our area, and changes in relevant accounting principles and guidelines.

These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. Except as required by applicable law or regulation, we do not undertake, and specifically disclaim any obligation, to release publicly the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of the statements or to reflect the occurrence of anticipated or unanticipated events.

General

Delanco Bancorp, Inc. is the holding company for Delanco Federal Savings Bank. Delanco Federal Savings Bank operates from two offices in Burlington County, New Jersey. Delanco Federal Savings Bank is engaged primarily in the business of attracting deposits from the general public and using such funds to originate a variety of consumer and business loans.

Balance Sheet Analysis

Overview. Total assets at December 31, 2013 were $129.5million, an increase of $1million from total assets of $129.4 million at March 31, 2013. Total liabilities decrease $2.7 million from $118.0 million at March 31, 2013 to $115.3million at December 31, 2013. Total stockholders’ equity increased $2.8 million to $14.2million at December 31, 2013, primarily due to the proceeds from the conversion and stock offering.

27

Loans. At December 31, 2013, total loans, net, were $84.2 million, or 65.0% of total assets. Overall loans decreased by $4.2 million primarily due payoffs in the residential and commercial loan portfolios. Commercial and multi-family real estate loans decreased by $1.9million, residential real estate loans decreased by $2.6 million, residential construction loans increased by $855 thousand, home equity loans decreased by $387 thousand and commercial loans increased by $81 thousand.

Total nonperforming loans at December 31, 2013 decreased $56 thousand from March 31, 2013.

Securities. The investment securities portfolio was $30.1million, or 23.2% of total assets, at December 31, 2013. At that date, 5.1% of the investment portfolio was invested in mortgage-backed securities, while the remainder was invested primarily in U.S. Government agency and other debt securities. Investment securities increased $7.7 million compared to March 31, 2013. The increase was primarily due to purchases of debt securities.

Deposits. Total deposits were $113.6 million at December 31, 2013, a decrease of $3.5 million compared to March 31, 2013. Deposits increased as we made a conscious effort to attract core deposits and reduce our reliance on high costing time deposits. Core deposits grew for the nine months by $2.8million while time deposits decreased by $6.2million

Results of Operations for the Three and Nine Months Ended December 31, 2013 and 2012

Financial Highlights.  Net loss for the three and nine months ended December 31, 2013 was $230 thousand and $239 thousand, respectively as compared to a net loss of $206 thousand and $213 thousand for the same prior year periods. The increase in net loss for the three and six month periods was primarily the result of increased provision for loan losses and real estate owned loss reserve.

Net Interest Income.   Net interest income decreased $41 thousand to $955 thousand for the three months and $124 thousand to $2.9million for the nine months ended December 31, 2013. The Bank saw an increase in the interest rate spread (11 basis points) and a decrease in net interest margin (8 basis points) for the six month period.  The rates earned on assets declined, resulting in a 9.7% decrease in total interest income for the three months ending December 31, 2013 compared to the three months ended December 31, 2012. Total interest expense decreased by 31.6% between the same periods.

Average loans in the nine months ended December 31, 2013 decreased $8.4 million, or 9%, compared with the same period in 2012, driven by payoffs in the residential and commercial mortgage portfolios. Average investment securities in the nine months ended December 31, 2013increased $5.6million, or 24.7%, compared to the same period in 2012. The increase in the investment portfolio was due to purchases of debt securities. Declining interest rates decreased the average yield on earning assets to 4.08% for the nine months ended December 31, 2013, compared with 4.27% for the same period in 2012.

Average interest-bearing deposits in the nine months ended December 31, 2013 decreased $4.8million or 4.3%, compared with the same period in 2012. Declining interest rates decreased the average cost of deposits to 0.67%, compared with 0.82% for the same period in 2012.

Provision for Loan Losses.  The allowance for loan losses is a valuation allowance for probable losses inherent in the loan portfolio.  We evaluate the need to establish allowances against losses on loans on a quarterly basis.  When additional allowances are necessary, a provision for loan losses is charged to earnings.  Provisions for loan losses were $407 thousand in the three months and $613 thousand in the nine months ended December 31, 2013 compared to $295 thousand in the three months and $483 thousand in the nine months ended December 31, 2012.  We had $202 thousand in charge-offs in the three months and $493 thousand in the nine months ended December 31, 2013, compared to $329 thousand and $660 thousand in charge-offs in the same prior year periods.

28

Non-Interest Income.  Non-interest income increased $67 thousand in the three month period ending December 31, 2013 compared to the three month period ended December 31, 2012. Non-interest income decreased $13thousand in the nine months ended December 31, 2013 compared to the same period in the prior year, primarily due to a decrease in rental income from real estate owned.

Non-Interest Expenses.  Non-interest expenses decreased $44 thousand in the three months ending December 31, 2013 compared to the three months ended December 31, 2012 and non-interest expense decreased in the nine months ended December 31, 2013 by $254 thousand over the same period in the prior year primarily due to the decrease of loan and real estate owned expenses partially offset by the increase in the real estate owned loss reserve.

Liquidity Management 

Liquidity is the ability to meet current and future financial obligations of a short-term nature. Our primary sources of funds consist of deposit inflows, loan repayments, maturities of and payments on investment securities and borrowings from the Federal Home Loan Bank of New York, Atlantic Central Bankers Bank and the Federal Reserve Bank of Philadelphia. While maturities and scheduled amortization of loans and securities are predictable sources of funds, deposit flows and mortgage prepayments are greatly influenced by general interest rates, economic conditions and competition.

We regularly adjust our investments in liquid assets based upon our assessment of (1) expected loan demand, (2) expected deposit flows, (3) yields available on interest-earning deposits and securities and (4) the objectives of our asset/liability management policy.

Our most liquid assets are cash and cash equivalents. The levels of these assets depend on our operating, financing, lending and investing activities during any given period. At December 31, 2013, cash and cash equivalents totaled $3.5million. At December 31, 2013, we had 1 million in outstanding borrowings and had arrangements to borrow up to $17.5million from the Federal Home Loan Bank of New York and $1million from Atlantic Central Bankers Bank.

At December 31, 2013, substantially all of our investment securities were classified as held to maturity. We have classified our investments in this manner, rather than as available for sale, because they were purchased primarily to provide a source of income and not to provide liquidity. We anticipate that a portion of future investments will be classified as available for sale in order to give us greater flexibility in the management of our investment portfolio.

A significant use of our liquidity is the funding of loan originations. At December 31, 2013, we did not have any loan commitments outstanding. We had $5.8million in unused lines of credit. Historically, many of the lines of credit expire without being fully drawn; therefore, the total commitment amounts do not necessarily represent future cash requirements. Another significant use of our liquidity is the funding of deposit withdrawals. Certificates of deposit due within one year of December 31, 2013 totaled $31.7million, or 65.4% of certificates of deposit. The large percentage of certificates of deposit that mature within one year reflects customers’ hesitancy to invest their funds for long periods in the recent low interest rate environment. If these maturing deposits do not remain with us, we will be required to seek other sources of funds, including other certificates of deposit and borrowings. Depending on market conditions, we may be required to pay higher rates on such deposits or other borrowings than we currently pay on the certificates of deposit due on or before December 31, 2014. We believe, however, based on past experience that a significant portion of our certificates of deposit will remain with us. We have the ability to attract and retain deposits by adjusting the interest rates offered.

29

Our primary investing activities are the origination and purchase of loans and the purchase of securities. Our primary financing activities consist of activity in deposit accounts and Federal Home Loan Bank advances. Deposit flows are affected by the overall level of interest rates, the interest rates and products offered by us and our local competitors and other factors. We generally manage the pricing of our deposits to be competitive. Occasionally, we offer promotional rates on certain deposit products to attract deposits.

The Company is a separate entity and apart from the Bank and must provide for its own liquidity. As of December 31, 2013, the Company had $714 thousand in cash and cash equivalents compared to $312 thousandas of December 31, 2012.  Substantially all of the Company’s cash and cash equivalents were obtained from proceeds it retained from the Bank’s mutual-to-stock conversion completed in October 2013. In addition to its operating expenses, Company may utilize its cash position for the payment of dividends or to repurchase common stock, subject to applicable restrictions.  

The Company can receive dividends from the Bank. Payment of such dividends to the Company by the Bank is limited under federal law. The amount that can be paid in any calendar year, without prior regulatory approval, cannot exceed the retained net earnings (as defined) for the year plus the preceding two calendar years. Under the terms of its written agreement with the OCC, the Bank is not permitted to pay dividends without prior regulatory approval. In addition, at the request of the Federal Reserve, the Company has adopted resolutions that prohibit it from declaring or paying any dividends or taking any dividends or other distributions that would reduce the capital of the Bank without the prior written consent of the Federal Reserve.

Capital Management. We are subject to various regulatory capital requirements administered by the OCC, including a risk-based capital measure. The risk-based capital guidelines include both a definition of capital and a framework for calculating risk-weighted assets by assigning balance sheet assets and off-balance sheet items to broad risk categories. See note 6 of the notes.

Off-Balance Sheet Arrangements. In the normal course of operations, we engage in a variety of financial transactions that, in accordance with generally accepted accounting principles are not recorded in our financial statements. These transactions involve, to varying degrees, elements of credit, interest rate and liquidity risk. Such transactions are used primarily to manage customers’ requests for funding and take the form of loan commitments and lines of credit.

For the quarter ended December 31, 2013, we did not engage in any off-balance sheet transactions reasonably likely to have a material effect on our financial condition, results of operations or cash flows.

Item 3.     Quantitative and Qualitative Disclosures About Market Risk

Not applicable as the Company is a smaller reporting company.

Item 4.     Controls and Procedures

The Company’s management, including the Company’s principal executive officer and principal financial officer, have evaluated the effectiveness of the Company’s “disclosure controls and procedures,” as such term is defined in Rule 13a-15(e) promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Based upon their evaluation, the principal executive officer and principal financial officer concluded that, as of the end of the period covered by this report, the Company’s disclosure controls and procedures were effective for the purpose of ensuring that the information required to be disclosed in the reports that the Company files or submits under the Exchange Act with the Securities and Exchange Commission (the “SEC”) (1) is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and (2) is accumulated and communicated to the Company’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure. There have been no changes in the Company’s internal control over financial reporting identified in connection with the evaluation required by Rule 13(a)-15(e) that occurred during the Company’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

30

Part II. Other Information

Item 1.      Legal Proceedings

Delanco Bancorp is not involved in any pending legal proceedings. Delanco Federal Savings Bank is not involved in any pending legal proceedings other than routine legal proceedings occurring in the ordinary course of business. Such routine legal proceedings, in the aggregate, are believed by management to be immaterial to its financial condition and results of operations.

Item 1A.   Risk Factors

Other than as set forth below, there are no material changes from the risk factors set forth under “Risk Factors” in the prospectus contained in the Company’s registration statement on Form S-1 (File No. 333-189244) (the “Prospectus”), which could materially and adversely affect the Company’s business, financial condition or future results. The risks described in the Company’s Prospectus are not the only risks that the Company faces. Additional risks and uncertainties not currently known to the Company or that that the Company currently deems to be immaterial also may materially adversely affect the Company’s business, financial condition and/or operating results.

Item 2.      Unregistered Sales of Equity Securities and Use of Proceeds

On October 16, 2013, the Company completed its stock offering in connection with the second step conversion of the Bank. As part of the conversion, the Company succeeded old Delanco Bancorp as the stock holding company of the Bank and old Delanco Bancorp and the MHC ceased to exist. In the stock offering, a total of 525,423 shares with an aggregate offering price of $4.2 million, representing the MHC’s ownership interest in old Delanco Bancorp were sold by the Company in a subscription offering and community offering. Pursuant to a registration statement on Form S-1 (File No. 333-189244), which was declared effective by the Securities and Exchange Commission on August 9, 2013, $10,116,328 of securities were registered, of which a maximum of 702,579 shares with an aggregate offering price of $5.6 million were offered for a purchase price of $8.00 per share, and a maximum of 561,962 shares could be issued in exchange for shares of old Delanco Bancorp common stock. The offering was commenced on August 9, 2013 and completed on October 16, 2013. In addition, each share of old Delanco Bancorp common stock that was outstanding as of October 16, 2013 was exchanged for 0.5711 shares of Company common stock or an aggregate of 420,093 shares were issued in exchange (cash was issued in lieu of fractional shares).

Keefe, Bruyette & Woods, Inc. managed the subscription and community offerings. For their services, Keefe, Bruyette & Woods, Inc. received a fee of $160,000. Keefe, Bruyette & Woods, Inc. also was engaged to act as our conversion agent in connection with the offering. For these services, Keefe, Bruyette & Woods, Inc. received a fee of $25,000.

31

Expenses related to the offering are estimated to be approximately $922,500, none of which were paid to officers or directors of the Company or the Bank or associates of such persons. No underwriting discounts, commissions or finders fees were paid in connection with the offering. Net proceeds of the offering, prior to funding the ESOP as discussed in the next paragraph, are estimated to be approximately $3.3 million. As a result of completion of the offering, 945,425shares of Company common stock were outstanding as of October 16, 2013.

Of the net proceeds of the stock offering, $2.5 million were contributed to the Bank. Additionally, $189,152, an amount necessary to allow the ESOP to purchase 23,644 shares of Company common stock at $8.00 per share, was loaned to the ESOP. All further proceeds were retained at the holding company level for future capital needs.

Initially, both the Company and the Bank have invested the net proceeds from the stock offering in short-term investments until these proceeds can be deployed for other purposes.

Item 3.    Defaults upon Senior Securities

Not Applicable.

Item 4.    Mine Safety Disclosures.

Not Applicable.

Item 5.    Other Information

None.

Item 6.    Exhibits

3.1	Certificate of Incorporation(1)
3.2	Bylaws(2)
4.0	Form of Specimen Stock Certificate(3)
31.1	Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer
31.2	Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer
32.0	Section 1350 Certification
101	The following materials from the Company’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2013, formatted in XBRL (Extensible Business Reporting Language): (i) the Consolidated Statements of Financial Condition, (ii) the Consolidated Statements of Income, (iii) the Consolidated Statements of Stockholders’ Equity, (iv) the Consolidated Statements of Cash Flows and (v) the Notes to the Consolidated Financial Statements, tagged as blocks of text.

__________________________________

(1) Incorporated by reference to Exhibit 3.1 to the Company’s Form S-1 (File No. 333-189244) filed with the Commission on June 12, 2013.

(2) Incorporated by reference to Exhibit 3.2 to the Company’s Form S-1 (File No. 333-189244) filed with the Commission on June 12, 2013.

(3) Incorporated by reference to Exhibit 4.0 to the Company’s Form S-1 (File No. 333-189244) filed with the Commission on June 12, 2013.

32

Signatures

In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	DELANCO BANCORP, INC.
Dated: February 14, 2014	By:	/s/ James E. Igo
		James E. Igo
		Chairman, President and Chief Executive Officer

Dated: February 14, 2014	By:	/s/ Eva Modi
		Eva Modi
		Chief Financial Officer

33

EX-31

Exhibit 31.1

Certification

I, James E. Igo, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Delanco Bancorp, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report, based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 14, 2014	/s/ James E. Igo
	James E. Igo
	Chairman, President and Chief Executive Officer

EX-31

Exhibit 31.2

Certification

I, Eva Modi, certify that:

1.   I have reviewed this quarterly report on Form 10-Q of Delanco Bancorp, Inc.;

2.  Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report, based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 14, 2014	/s/ Eva Modi
	Eva Modi
	Chief Financial Officer

EX-32

Exhibit 32.0

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADDED BY

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Delanco Bancorp, Inc. (the “Company”) on Form 10-Q for the quarterly period ended December 31, 2013, as filed with the Securities and Exchange Commission (the “Report”), we hereby certify pursuant to 18 U.S.C. Section 1350, as added by Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in this Report fairly presents, in all material respects, the consolidated financial condition and results of the Company as of and for the period covered by this Report.

By:	/s/ James E. Igo
	James E. Igo
	President and Chief Executive Officer
	February 14, 2014

By:	/s/ Eva Modi
	Eva Modi
	Chief Financial Officer
	February 14, 2014

XML

Note 9 - Loans (Details) - Allowance for Losses on Loans and Charge-Offs (USD $)	3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Mar. 31, 2013
Note 9 - Loans (Details) - Allowance for Losses on Loans and Charge-Offs [Line Items]
Balance			$ 1,032,818	$ 1,161,000	$ 1,161,000
Period-end loans outstanding	85,546,000		85,546,000		89,570,000
Average loans outstanding			85,393,000		95,122,000
Allowance as a percentage of period-end loans	1.44%		1.44%		1.15%
Net charge-offs as a percentage of average loans	0.49%		0.49%		0.81%
Allowance for loan losses, provision for loss	406,557	295,000	613,057	483,000	640,000
Allowance for loan losses, charge-offs			493,000
Recoveries			(76,000)		(40,000)
Total Net Charge-Offs			417,000		768,000
Balance	1,229,094		1,229,094		1,032,818
Commercial Loan [Member]
Note 9 - Loans (Details) - Allowance for Losses on Loans and Charge-Offs [Line Items]
Balance			44,000
Period-end loans outstanding	1,247,000		1,247,000		1,166,000
Allowance for loan losses, provision for loss			54,000		4,000
Allowance for loan losses, charge-offs			49,000
Balance	49,000		49,000		44,000
Commercial Real Estate [Member]
Note 9 - Loans (Details) - Allowance for Losses on Loans and Charge-Offs [Line Items]
Balance			378,000
Period-end loans outstanding	10,474,000		10,474,000
Allowance for loan losses, provision for loss			433,000		587,000
Allowance for loan losses, charge-offs			365,000		686,000
Recoveries			(7,000)
Balance	453,000		453,000		378,000
Residential Real Estate Loans [Member]
Note 9 - Loans (Details) - Allowance for Losses on Loans and Charge-Offs [Line Items]
Balance			485,000
Period-end loans outstanding	63,968,000		63,968,000
Allowance for loan losses, provision for loss			173,000		20,000
Allowance for loan losses, charge-offs			79,000		27,000
Recoveries			(1,000)
Balance	580,000		580,000		485,000
Home Equity Line of Credit [Member]
Note 9 - Loans (Details) - Allowance for Losses on Loans and Charge-Offs [Line Items]
Balance			48,000
Period-end loans outstanding	7,974,000		7,974,000		8,361,000
Allowance for loan losses, provision for loss			18,000		19,000
Allowance for loan losses, charge-offs			0		29,000
Recoveries			0
Balance	66,000		66,000		48,000
Consumer Loan [Member]
Note 9 - Loans (Details) - Allowance for Losses on Loans and Charge-Offs [Line Items]
Balance			77,000
Period-end loans outstanding	945,000		945,000		960,000
Allowance for loan losses, provision for loss			(68,000)		14,000
Allowance for loan losses, charge-offs			0		66,000
Recoveries			(68,000)
Balance	77,000		77,000		77,000
Construction [Member]
Note 9 - Loans (Details) - Allowance for Losses on Loans and Charge-Offs [Line Items]
Balance			1,000
Period-end loans outstanding	938,000		938,000		83,000
Allowance for loan losses, provision for loss			3,000		(4,000)
Allowance for loan losses, charge-offs			0
Recoveries			0
Balance	$ 4,000		$ 4,000		$ 1,000

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Note 9 - Loans (Details) - Past-Due Loans (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013	Mar. 31, 2013
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, 30-59 Days Past Due	$ 980
Loans, 60- 89 Days Past Due	850
Loans, Greater than 90 Days Past Due	4,370
Loans, Total Past Due	6,200
Loans, Current	79,346
Loans, Total Loan Balances	85,546	89,570
Percentage of Total Loans	1.10%
Percentage of Total Loans	1.00%
Percentage of Total Loans	5.10%
Percentage of Total Loans	7.20%
Percentage of Total Loans	92.80%
Percentage of Total Loans	100.00%
Residential (One to Four Family) Real Estate [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, 30-59 Days Past Due	477
Loans, 60- 89 Days Past Due	491
Loans, Greater than 90 Days Past Due	2,288
Loans, Total Past Due	3,256
Loans, Current	60,712
Loans, Total Loan Balances	63,968	66,598
Multi-Family and Commercial Real Estate [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, 30-59 Days Past Due	223
Loans, 60- 89 Days Past Due	219
Loans, Greater than 90 Days Past Due	1,670
Loans, Total Past Due	2,112
Loans, Current	8,362
Loans, Total Loan Balances	10,474	12,402
Commercial Loan [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, 30-59 Days Past Due	177
Loans, Greater than 90 Days Past Due	192
Loans, Total Past Due	369
Loans, Current	878
Loans, Total Loan Balances	1,247	1,166
Home Equity Line of Credit [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, 30-59 Days Past Due	98
Loans, 60- 89 Days Past Due	135
Loans, Greater than 90 Days Past Due	185
Loans, Total Past Due	418
Loans, Current	7,556
Loans, Total Loan Balances	7,974	8,361
Consumer Loan [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, 30-59 Days Past Due	5
Loans, 60- 89 Days Past Due	5
Loans, Greater than 90 Days Past Due	35
Loans, Total Past Due	45
Loans, Current	900
Loans, Total Loan Balances	945	960
Construction [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, 30-59 Days Past Due	0
Loans, 60- 89 Days Past Due	0
Loans, Greater than 90 Days Past Due	0
Loans, Total Past Due	0
Loans, Current	938
Loans, Total Loan Balances	$ 938	$ 83

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Note 6 - Regulatory Agreement (Details)	Dec. 31, 2013
Disclosure Text Block Supplement [Abstract]
Tier One Leverage Capital Required for Capital Adequacy to Average Assets	8.00%
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets	12.00%
Capital Required for Capital Adequacy to Risk Weighted Assets	13.00%
Tier One Leverage Capital to Average Assets	9.63%
Tier One Risk Based Capital to Risk Weighted Assets	16.93%
Capital to Risk Weighted Assets	18.19%

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Note 10 - Investment Securities (Details) - Held-to-Maturity Securities (USD $)	9 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Mar. 31, 2013
Schedule of Held-to-maturity Securities [Line Items]
Held-to-Maturity Securities - Amortized Cost	$ 28,178,000	$ 20,138,000
Held-to-Maturity Securities - Gross Unrealized Gains	113,000	195,000
Held-to-Maturity Securities - Gross Unrealized Losses	(2,511,000)	(47,000)
Held-to-Maturity Securities - Fair Value	25,780,159	20,286,000	20,285,670
Federal Farm Credit Bonds [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-Maturity Securities - Amortized Cost	5,944,000	3,444,000
Held-to-Maturity Securities - Gross Unrealized Gains	0	1,000
Held-to-Maturity Securities - Gross Unrealized Losses	(565,000)	(16,000)
Held-to-Maturity Securities - Fair Value	5,379,000	3,429,000
Federal Home Loan Bank Bonds [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-Maturity Securities - Amortized Cost	5,568,000	4,591,000
Held-to-Maturity Securities - Gross Unrealized Gains	0	5,000
Held-to-Maturity Securities - Gross Unrealized Losses	(569,000)	(18,000)
Held-to-Maturity Securities - Fair Value	4,999,000	4,578,000
Federal Home Loan Mortgage Corporation Bonds [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-Maturity Securities - Amortized Cost	3,497,000	500,000
Held-to-Maturity Securities - Gross Unrealized Gains	0	0
Held-to-Maturity Securities - Gross Unrealized Losses	(432,000)	(2,000)
Held-to-Maturity Securities - Fair Value	3,065,000	498,000
Federal National Mortgage Association [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-Maturity Securities - Amortized Cost	11,096,000	9,500,000
Held-to-Maturity Securities - Gross Unrealized Gains	15,000	49,000
Held-to-Maturity Securities - Gross Unrealized Losses	(944,000)	(10,000)
Held-to-Maturity Securities - Fair Value	10,167,000	9,539,000
Municipal Bond [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-Maturity Securities - Amortized Cost	547,000	64,000
Held-to-Maturity Securities - Gross Unrealized Gains	2,000	0
Held-to-Maturity Securities - Gross Unrealized Losses	0	0
Held-to-Maturity Securities - Fair Value	549,000	64,000
Total Bonds [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-Maturity Securities - Amortized Cost	26,652,000	18,099,000
Held-to-Maturity Securities - Gross Unrealized Gains	17,000	55,000
Held-to-Maturity Securities - Gross Unrealized Losses	(2,510,000)	(46,000)
Held-to-Maturity Securities - Fair Value	24,159,000	18,108,000
Federal Home Loan Mortgage Corporation [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-Maturity Securities - Amortized Cost	668,000	965,000
Held-to-Maturity Securities - Gross Unrealized Gains	40,000	65,000
Held-to-Maturity Securities - Gross Unrealized Losses	0	0
Held-to-Maturity Securities - Fair Value	708,000	1,030,000
Federal National Mortgage Association Mortgage Backed Securities [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-Maturity Securities - Amortized Cost	621,000	781,000
Held-to-Maturity Securities - Gross Unrealized Gains	49,000	64,000
Held-to-Maturity Securities - Gross Unrealized Losses	0	0
Held-to-Maturity Securities - Fair Value	670,000	845,000
Government National Mortgage Corporation [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-Maturity Securities - Amortized Cost	237,000	293,000
Held-to-Maturity Securities - Gross Unrealized Gains	7,000	11,000
Held-to-Maturity Securities - Gross Unrealized Losses	(1,000)	(1,000)
Held-to-Maturity Securities - Fair Value	243,000	303,000
Total Mortgage-Backed Securities [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-Maturity Securities - Amortized Cost	1,526,000	2,039,000
Held-to-Maturity Securities - Gross Unrealized Gains	96,000	140,000
Held-to-Maturity Securities - Gross Unrealized Losses	(1,000)	(1,000)
Held-to-Maturity Securities - Fair Value	$ 1,621,000	$ 2,178,000

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Note 9 - Loans (Details) - Troubled Debt Restructurings (USD $) In Thousands, unless otherwise specified	9 Months Ended	12 Months Ended	15 Months Ended
	Dec. 31, 2013	Mar. 31, 2013	Mar. 31, 2013
Troubled debt restructurings:
Residential real estate	$ 3,425	$ 3,529
Residential Real Estate Loans [Member]
Troubled debt restructurings:
Residential real estate	1	2
Residential real estate	120	339
Residential real estate	123	486
Residential real estate			1
Residential real estate			$ 75

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Note 1 - Basis of Presentation

9 Months Ended

Dec. 31, 2013

Disclosure Text Block [Abstract]

Basis of Accounting [Text Block]

(1)          Basis of Presentation

On October 16, 2013, Delanco Bancorp, Inc., a New Jersey corporation (the “Company”), became the holding company for the Bank upon completion of the “second-step” conversion of the Bank from a mutual holding company structure to a stock holding company structure (the “Conversion”). The Conversion involved the sale by the Company of 525,423 shares of common stock in a subscription and community offering, including shares purchased by the Bank’s employee stock ownership plan, the exchange of 420,002 shares of common stock of the Company for shares of common stock of the former Delanco Bancorp, Inc. (“old Delanco Bancorp”) held by persons other than Delanco MHC (the “MHC”), and the elimination of old Delanco Bancorp and the MHC. Net proceeds received from the reorganization and stock offering totaled $3,280,000, net of costs of $923,000. Net income per share and the weighted average shares outstanding for the three and nine months ended December 31, 2013 have been restated to reflect the Conversion.

Financial information presented in this Quarterly Report on Form 10-Q is derived in part from the consolidated financial statements of the Company and subsidiaries on and after October 16, 2013 and from the consolidated financial statements of old Delanco Bancorp and subsidiaries prior to October 16, 2013.

The accompanying unaudited consolidated financial statements have been prepared in accordance with instructions for Form 10-Q and, therefore, do not include all disclosures necessary for a complete presentation of the financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP). However, all adjustments that are, in the opinion of management, necessary for the fair presentation of the interim financial statements have been included. Such adjustments were of a normal recurring nature. The results of operations for the three and nine month periods ended December 31, 2013 are not necessarily indicative of the results that may be expected for the entire year or any other interim period. For additional information, refer to the consolidated financial statements and footnotes thereto of Delanco Bancorp, Inc. (the “Company”) included in the Company’s annual report on Form 10-K for the year ended March 31, 2013.

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Note 10 - Investment Securities (Details) - Available for Sale Securities (USD $)	9 Months Ended	12 Months Ended
	Dec. 31, 2013	Mar. 31, 2013
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities amortized cost	$ 2,194,254	$ 2,217,032
Available for sale securities gross unrealized gains	0	6,000
Available for sale securities gross unrealized losses	(293,000)	(16,000)
Available for sale securities fair value	1,901,284	2,207,018
Federal Home Loan Bank Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities amortized cost	1,500,000	1,500,000
Available for sale securities gross unrealized gains	0	1,000
Available for sale securities gross unrealized losses	(208,000)	(5,000)
Available for sale securities fair value	1,292,000	1,496,000
Federal National Mortgage Association [Member]
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities amortized cost	500,000	500,000
Available for sale securities gross unrealized gains	0	0
Available for sale securities gross unrealized losses	(81,000)	(11,000)
Available for sale securities fair value	419,000	489,000
Mutual Fund Shares [Member]
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities amortized cost	194,000	217,000
Available for sale securities gross unrealized gains	0	5,000
Available for sale securities gross unrealized losses	(4,000)	0
Available for sale securities fair value	$ 190,000	$ 222,000

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Note 8 - Fair Value of Financial Instruments (Details) - Off-Balance Sheet Instruments (Commitments to Extend Credit [Member], USD $)	Dec. 31, 2013	Mar. 31, 2013
Reported Value Measurement [Member]
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Commitments to extend credit	$ 5,849	$ 5,893
Estimate of Fair Value Measurement [Member]
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Commitments to extend credit	$ 0

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Note 8 - Fair Value of Financial Instruments (Details) - Estimated Fair Value of Assets and Liabilities (USD $)	Dec. 31, 2013	Mar. 31, 2013	Dec. 31, 2012	Mar. 31, 2012
Financial Assets:
Cash and cash equivalents	$ 3,507,698	$ 6,722,766	$ 4,431,753	$ 6,649,685
Investment securities	30,372,000	22,355,000
Loans – net	84,216,876	88,419,084
FHLB stock	226,300	202,500
Accrued interest receivable	437,208	427,736
Bank–owned life insurance	159,398	153,588
Real estate owned	2,475,925	2,469,800		846,000
Total financial assets	129,549,953	129,414,582
Financial Liabilities:
Deposits	113,550,144	117,034,114
Advance payments by borrowers for taxes and insurance	134,742	366,604
Advances Federal Home Loan Bank	1,000,000	0
Accrued interest payable	1,000	9,000
Total financial liabilities	115,341,817	118,020,002
Financial Liabilities [Member] | Fair Value, Inputs, Level 1 [Member]
Financial Liabilities:
Total financial liabilities	10,948,000	7,249,000
Financial Liabilities [Member] | Fair Value, Inputs, Level 2 [Member]
Financial Liabilities:
Total financial liabilities	105,278,000	111,233,000
Financial Liabilities [Member]
Financial Liabilities:
Total financial liabilities	114,486,000	117,410,000
Financial Assets [Member] | Fair Value, Inputs, Level 1 [Member]
Financial Assets:
Total financial assets	4,330,000	7,508,000
Financial Assets [Member] | Fair Value, Inputs, Level 2 [Member]
Financial Assets:
Total financial assets	27,681,000	22,493,000
Financial Assets [Member] | Fair Value, Inputs, Level 3 [Member]
Financial Assets:
Total financial assets	86,029,000	93,770,000
Financial Assets [Member]
Financial Assets:
Total financial assets	121,395,000	120,752,000
Fair Value, Inputs, Level 1 [Member]
Financial Assets:
Cash and cash equivalents	3,508,000	6,723,000
FHLB stock	226,000	203,000
Accrued interest receivable	437,000	428,000
Bank–owned life insurance	159,000	154,000
Financial Liabilities:
Deposits	9,812,000	6,873,000
Advance payments by borrowers for taxes and insurance	135,000	367,000
Advances Federal Home Loan Bank	1,000,000
Accrued interest payable	1,000	9,000
Fair Value, Inputs, Level 2 [Member]
Financial Assets:
Investment securities	27,681,000	22,493,000
Financial Liabilities:
Deposits	105,278,000	111,233,000
Fair Value, Inputs, Level 3 [Member]
Financial Assets:
Loans – net	83,553,000	91,300,000
Real estate owned	$ 2,476,000	$ 2,470,000

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Note 10 - Investment Securities (Details) - Maturities of Securities (USD $)	Dec. 31, 2013	Mar. 31, 2013	Dec. 31, 2012
Maturities of Securities [Abstract]
Held to Maturity - Amortized Cost - One year or less	$ 547,000	$ 64,000
Held to Maturity - Fair Value - One year or less	549,000	64,000
Available for Sale - Amortized Cost - One year or less	0	0
Available for Sale - Fair Value - One year or less	0	0
Held to Maturity - Amortized Cost - After one year through five years	1,503,000	1,005,000
Held to Maturity - Fair Value - After one year through five years	1,497,000	1,029,000
Available for Sale - Amortized Cost - After one year through five years	0	0
Available for Sale - Fair Value - After one year through five years	0	0
Held to Maturity - Amortized Cost - After five years through ten years	5,919,000	6,422,000
Held to Maturity - Fair Value - After five years through ten years	5,458,000	6,418,000
Available for Sale - Amortized Cost - After five years through ten years	0	0
Available for Sale - Fair Value - After five years through ten years	0	0
Held to Maturity - Amortized Cost - After ten years	20,209,000	12,647,000
Held to Maturity - Fair Value - After ten years	18,276,000	12,775,000
Available for Sale - Amortized Cost - After ten years	2,000,000	2,000,000
Available for Sale - Fair Value - After ten years	1,711,000	1,985,000
Held to Maturity - Amortized Cost - Equity securities	0	0
Held to Maturity - Fair Value - Equity securities	0	0
Available for Sale - Amortized Cost - Equity securities	194,000	217,000
Available for Sale - Fair Value - Equity securities	190,000	222,000
Held to Maturity - Amortized Cost - Total	28,178,088	20,137,886
Held to Maturity - Fair Value - Total	25,780,159	20,285,670	20,286,000
Available for Sale - Amortized Cost - Total	2,194,000	2,217,000
Available for Sale - Fair Value - Total	$ 1,901,284	$ 2,207,018

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Note 9 - Loans (Details) (USD $)	9 Months Ended	12 Months Ended
	Dec. 31, 2013	Mar. 31, 2013
Note 9 - Loans (Details) [Line Items]
Maximum Loan to One Borrower Limitation, Percentage of Capital Funds	15.00%
Maximum Loan to One Borrower Limitation	$ 2,000,000
Additional Loan to One Borrower Limitation if Collateralized, Percentage of Adjusted Capital Funds	10.00%
Additional Loan to One Borrower Limitation if Collateralized	1,000,000
Financing Receivable, Recorded Investment, Nonaccrual Status	2,864,000	2,816,000
Impaired Financing Receivable, Average Recorded Investment	6,157,000	7,245,000
Impaired Financing Receivable, Interest Income, Cash Basis Method	182,000	168,000
Allowance for Loan Loss to Loans Outstanding Ratio	1.44%
Increase (Decrease) in Non-performing Assets	(50,000)
Non-performing Assets As Percentage Of Total Assets	6.76%	6.81%
Entered Into Forbearance Agreements [Member]
Note 9 - Loans (Details) [Line Items]
Financing Receivable, Modifications, Number of Contracts	3
Financing Receivable, Modifications, Recorded Investment	811,000
Including Troubled Debt Restructurings [Member]
Note 9 - Loans (Details) [Line Items]
Non-accrual Loans Receivable, Number of Positions		25
Financing Receivable, Recorded Investment, Nonaccrual Status	4,400,000	4,400,000
Residential Mortgages [Member] | Downgraded Loans [Member]
Note 9 - Loans (Details) [Line Items]
Non-accrual Loans Receivable, Number of Positions	6
Residential Mortgages [Member] | Paid In Full [Member]
Note 9 - Loans (Details) [Line Items]
Non-accrual Loans Receivable, Number of Positions	1
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest	140,000
Residential Mortgages [Member] | Paid Through Short Sale [Member]
Note 9 - Loans (Details) [Line Items]
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest	145,000
Residential Mortgages [Member] | Total Charge-offs [Member]
Note 9 - Loans (Details) [Line Items]
Non-accrual Loans Receivable, Number of Positions	1
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest	154,000
Commercial Loans [Member] | Downgraded Loans [Member] | Three Commercial Relationships [Member]
Note 9 - Loans (Details) [Line Items]
Non-accrual Loans Receivable, Number of Positions	4
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest	616,000
Commercial Loans [Member] | Downgraded Loans [Member] | Home Equity Loans [Member]
Note 9 - Loans (Details) [Line Items]
Non-accrual Loans Receivable, Number of Positions	1
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest	178,000
Commercial Loans [Member] | Downgraded Loans [Member]
Note 9 - Loans (Details) [Line Items]
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest	1,200,000
Commercial Loans [Member] | Paid In Full [Member]
Note 9 - Loans (Details) [Line Items]
Non-accrual Loans Receivable, Number of Positions	2
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest	283,000
Commercial Loans [Member] | Partial Charg-offs [Member]
Note 9 - Loans (Details) [Line Items]
Non-accrual Loans Receivable, Number of Positions	7
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest	293,000
Commercial Loans [Member] | Total Charge-offs [Member]
Note 9 - Loans (Details) [Line Items]
Non-accrual Loans Receivable, Number of Positions	1
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest	49,000
Commercial Relationships [Member] | Downgraded Loans [Member]
Note 9 - Loans (Details) [Line Items]
Non-accrual Loans Receivable, Number of Positions	3
Commercial Relationships [Member] | Partial Charg-offs [Member]
Note 9 - Loans (Details) [Line Items]
Non-accrual Loans Receivable, Number of Positions	5
Commercial Relationships [Member] | Total Charge-offs [Member]
Note 9 - Loans (Details) [Line Items]
Non-accrual Loans Receivable, Number of Positions	1
Personal Lines of Credit [Member] | Downgraded Loans [Member]
Note 9 - Loans (Details) [Line Items]
Non-accrual Loans Receivable, Number of Positions	2
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest	35,000
Home Equity Loans [Member] | Paid In Full [Member]
Note 9 - Loans (Details) [Line Items]
Non-accrual Loans Receivable, Number of Positions	1
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest	1,000
Home Equity Loans [Member] | Return from Nonaccruing Basis [Member]
Note 9 - Loans (Details) [Line Items]
Non-accrual Loans Receivable, Number of Positions	2
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest	135,000
Commercial Real Estate Loans[Member] | Total Charge-offs [Member]
Note 9 - Loans (Details) [Line Items]
Non-accrual Loans Receivable, Number of Positions	2
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest	784,000
Transfer to Real Estate Owned [Member]
Note 9 - Loans (Details) [Line Items]
Non-accrual Loans Receivable, Number of Positions	27
Downgraded Loans [Member]
Note 9 - Loans (Details) [Line Items]
Non-accrual Loans Receivable, Number of Positions	13
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest	2,000,000
Partial Charg-offs [Member]
Note 9 - Loans (Details) [Line Items]
Financing Receivable, Allowance for Credit Losses, Write-downs	444,000	742,000
Total Charge-offs [Member]
Note 9 - Loans (Details) [Line Items]
Financing Receivable, Allowance for Credit Losses, Write-downs	49,000	67,000
Nonaccrual Status [Member]
Note 9 - Loans (Details) [Line Items]
Increase (Decrease) in Finance Receivables	$ 3,000

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Note 9 - Loans (Details) - Loans (USD $)	Dec. 31, 2013	Mar. 31, 2013	Mar. 31, 2012
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans Receivable Gross	$ 85,546,000	$ 89,570,000
Net deferred loan origination fees	(100,000)	(118,000)
Allowance for loan losses	(1,229,094)	(1,032,818)	(1,161,000)
Loans, net	84,216,876	88,419,084
Residential (One to Four Family) Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans Receivable Gross	63,968,000	66,598,000
Multi-Family and Commercial Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans Receivable Gross	10,474,000	12,402,000
Commercial Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans Receivable Gross	1,247,000	1,166,000
Allowance for loan losses	(49,000)	(44,000)
Home Equity Line of Credit [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans Receivable Gross	7,974,000	8,361,000
Allowance for loan losses	(66,000)	(48,000)
Consumer Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans Receivable Gross	945,000	960,000
Allowance for loan losses	(77,000)	(77,000)
Construction [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans Receivable Gross	938,000	83,000
Allowance for loan losses	$ (4,000)	$ (1,000)

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Consolidated Statements of Cash Flows (Unaudited) (USD $)	9 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Cash flow from operating activities
Net Income	$ (239,338)	$ (213,099)
Adjustments to reconcile net income to net cash provided by operating activities:
ESOP amortization	33,075	12,336
Deferred income taxes	(192,477)	(229,323)
Depreciation	188,459	220,352
Discount accretion net of premium amortization	28,105	(724)
Provision for loan losses	613,057	483,000
Income from bank owned life insurance	(5,809)	(6,080)
(Gain)Loss on sale of real estate owned	85,681	86,264
Compensation expense for stock options	7,231
(Increase) decrease in:
Accrued interest receivable	(9,472)	(15,455)
PrePaid income taxes		160,250
Other assets	354,111	43,738
Increase (decrease) in:
Accrued interest payable	(7,781)	(13,826)
Other liabilities	45,426	1,381
Net cash provided by operating activities	900,268	528,814
Cash flows from investing activities
Proceeds of securities available for sale	22,778	12,408
Purchases of securities available for sale		(2,000,000)
Purchases of securities held-to-maturity	(11,621,500)	(14,200,000)
Proceeds from maturities and principal repayments of securities held-to-maturity	3,553,193	10,327,846
Redemption (purchase) of investment required by law – stock in Federal Home Loan Bank	(23,800)	16,600
Proceeds from sale of real estate owned	545,634	741,041
Net decrease in loans	2,951,711	6,589,435
Purchases of premises and equipment	(14,742)	(14,423)
Net cash provided by(used in) investing activities	(4,586,726)	1,472,907
Cash flows from financing activities
Decrease in deposits	(3,483,970)	(4,164,217)
Decrease in advance payments by borrowers for taxes and insurance	(231,862)	(55,436)
Net proceeds from issuance of common stock	3,376,374	0
Purchase of common stock in connection with ESOP	(189,152)
Increase in Federal Home Loan Bank advance	1,000,000
Net cash provided by (used) in financing activities	471,390	(4,219,653)
Net decrease in cash and cash equivalents	(3,215,068)	(2,217,932)
Cash and cash equivalents, beginning of the period	6,722,766	6,649,685
Cash and cash equivalents, end of period	3,507,698	4,431,753
Supplemental Disclosures:
Cash paid during the period for interest	576,997	852,489
Cash paid during the period for income taxes	2,000	1,500
Loans transferred to foreclosed real estate during the period	856,353	1,837,287
Net change in unrealized gain (loss) on securities available-for-sale net of tax	$ (169,773)	$ (5,474)

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Note 9 - Loans (Details) - Loans by Credit Quality Indicator (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013	Mar. 31, 2013
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	$ 85,546	$ 89,570
Residential (One to Four Family) Real Estate [Member] | Pass [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	60,824
Residential (One to Four Family) Real Estate [Member] | Special Mention [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	302
Residential (One to Four Family) Real Estate [Member] | Classified Loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	0
Residential (One to Four Family) Real Estate [Member] | Nonperforming Financing Receivable [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	2,842
Residential (One to Four Family) Real Estate [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	63,968	66,598
Multi-Family and Commercial Real Estate [Member] | Pass [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	7,417
Multi-Family and Commercial Real Estate [Member] | Special Mention [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	346
Multi-Family and Commercial Real Estate [Member] | Classified Loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	155
Multi-Family and Commercial Real Estate [Member] | Nonperforming Financing Receivable [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	2,556
Multi-Family and Commercial Real Estate [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	10,474	12,402
Commercial Loan [Member] | Pass [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	800
Commercial Loan [Member] | Special Mention [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	255
Commercial Loan [Member] | Classified Loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	0
Commercial Loan [Member] | Nonperforming Financing Receivable [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	192
Commercial Loan [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	1,247	1,166
Home Equity Line of Credit [Member] | Pass [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	7,359
Home Equity Line of Credit [Member] | Special Mention [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	0
Home Equity Line of Credit [Member] | Classified Loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	0
Home Equity Line of Credit [Member] | Nonperforming Financing Receivable [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	615
Home Equity Line of Credit [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	7,974	8,361
Consumer Loan [Member] | Pass [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	910
Consumer Loan [Member] | Special Mention [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	0
Consumer Loan [Member] | Classified Loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	0
Consumer Loan [Member] | Nonperforming Financing Receivable [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	35
Consumer Loan [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	945	960
Construction [Member] | Pass [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	889
Construction [Member] | Special Mention [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	0
Construction [Member] | Classified Loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	0
Construction [Member] | Nonperforming Financing Receivable [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	49
Construction [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	938	83
Pass [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	78,199
Special Mention [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	903
Classified Loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	155
Nonperforming Financing Receivable [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	$ 6,289

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Note 9 - Loans (Details) - Allowance for Loan Losses (USD $)	3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Mar. 31, 2013	Mar. 31, 2012
Financing Receivable, Allowance for Credit Losses [Line Items]
Balance	$ 1,229,094		$ 1,229,094		$ 1,032,818	$ 1,161,000
Ending balance for loans individually evaluated for impairment	3,845,000		3,845,000
Ending balance for loans collectively evaluated for impairment	81,701,000		81,701,000
Loans receivable:	85,546,000		85,546,000		89,570,000
Ending balance: loans individually evaluated for impairment	3,845,000		3,845,000
Ending balance: loans collectively evaluated for impairment	81,701,000		81,701,000
Loan charge-offs			(493,000)
Recoveries			76,000		40,000
Provision for loan losses	406,557	295,000	613,057	483,000	640,000
Commercial Loan [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Balance	49,000		49,000		44,000
Ending balance for loans individually evaluated for impairment	112,000		112,000
Ending balance for loans collectively evaluated for impairment	1,135,000		1,135,000
Loans receivable:	1,247,000		1,247,000		1,166,000
Ending balance: loans individually evaluated for impairment	112,000		112,000
Ending balance: loans collectively evaluated for impairment	1,135,000		1,135,000
Loan charge-offs			(49,000)
Provision for loan losses			54,000		4,000
Commercial Real Estate [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Balance	453,000		453,000		378,000
Ending balance for loans individually evaluated for impairment	1,032,000		1,032,000
Ending balance for loans collectively evaluated for impairment	9,442,000		9,442,000
Loans receivable:	10,474,000		10,474,000
Ending balance: loans individually evaluated for impairment	1,032,000		1,032,000
Ending balance: loans collectively evaluated for impairment	9,442,000		9,442,000
Loan charge-offs			(365,000)		(686,000)
Recoveries			7,000
Provision for loan losses			433,000		587,000
Residential Real Estate Loans [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Balance	580,000		580,000		485,000
Ending balance for loans individually evaluated for impairment	2,338,000		2,338,000
Ending balance for loans collectively evaluated for impairment	61,630,000		61,630,000
Loans receivable:	63,968,000		63,968,000
Ending balance: loans individually evaluated for impairment	2,338,000		2,338,000
Ending balance: loans collectively evaluated for impairment	61,630,000		61,630,000
Loan charge-offs			(79,000)		(27,000)
Recoveries			1,000
Provision for loan losses			173,000		20,000
Home Equity Line of Credit [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Balance	66,000		66,000		48,000
Ending balance for loans individually evaluated for impairment	363,000		363,000
Ending balance for loans collectively evaluated for impairment	7,611,000		7,611,000
Loans receivable:	7,974,000		7,974,000		8,361,000
Ending balance: loans individually evaluated for impairment	363,000		363,000
Ending balance: loans collectively evaluated for impairment	7,611,000		7,611,000
Loan charge-offs			0		(29,000)
Recoveries			0
Provision for loan losses			18,000		19,000
Consumer Loan [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Balance	77,000		77,000		77,000
Ending balance for loans individually evaluated for impairment	0		0
Ending balance for loans collectively evaluated for impairment	945,000		945,000
Loans receivable:	945,000		945,000		960,000
Ending balance: loans individually evaluated for impairment	0		0
Ending balance: loans collectively evaluated for impairment	945,000		945,000
Loan charge-offs			0		(66,000)
Recoveries			68,000
Provision for loan losses			(68,000)		14,000
Construction [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Balance	4,000		4,000		1,000
Ending balance for loans individually evaluated for impairment	0		0
Ending balance for loans collectively evaluated for impairment	938,000		938,000
Loans receivable:	938,000		938,000		83,000
Ending balance: loans individually evaluated for impairment	0		0
Ending balance: loans collectively evaluated for impairment	938,000		938,000
Loan charge-offs			0
Recoveries			0
Provision for loan losses			$ 3,000		$ (4,000)

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Consolidated Statements of Financial Condition (Current Period Unaudited) (USD $)	Dec. 31, 2013	Mar. 31, 2013
Cash and cash equivalents
Cash and amounts due from banks	$ 592,502	$ 506,921
Interest-bearing deposits	2,915,196	6,215,845
Total cash and cash equivalents	3,507,698	6,722,766
Investment securities:
Securities held-to-maturity (fair value $25,780,159 and $20,285,670 at December 31, 2013 and March 31, 2013, respectively)	28,178,088	20,137,886
Securities available-for-sale (amortized cost of $2,194,254 and $2,217,032 at December 31, 2013 and March 31, 2013, respectively)	1,901,284	2,207,018
Total investment securities	30,079,372	22,344,904
Loans, net of allowance for loan losses of $1,229,094 at December 31, 2013 (unaudited), $1,032,818 at March 31, 2013	84,216,876	88,419,084
Accrued interest receivable	437,208	427,736
Premises and equipment, net	6,681,283	6,855,000
Federal Home Loan Bank, at cost	226,300	202,500
Deferred income taxes	1,529,200	1,228,400
Bank-owned life insurance	159,398	153,588
Real estate owned	2,475,925	2,469,800
Other assets	236,693	590,804
Total assets	129,549,953	129,414,582
Deposits
Non-interest bearing deposits	9,811,710	6,872,713
Interest bearing deposits	103,738,434	110,161,401
Total deposits	113,550,144	117,034,114
Advances from Federal Home Loan bank	1,000,000	0
Accrued interest payable	1,244	9,025
Advance payments by borrowers for taxes and insurance	134,742	366,604
Other liabilities	655,687	610,259
Total liabilities	115,341,817	118,020,002
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY
Preferred stock, $.01 par value, 5,000,000 and 3,000,000 shares authorized at December 31, 2013 and March 31, 2013, respectively; no shares issued
Common stock, $.01 par value, 25,000,000 and 7,000,0000 shares authorized at December 31, 2013 and March 31, 2013, respectively ; 945,425 and 1,634,725 shares issued and outstanding at December 31, 2013 and March 31, 2013, respectively	9,454	16,347
Additional paid-in capital	9,948,873	6,570,852
Retained earnings, substantially restricted	5,093,378	5,332,716
Unearned common stock held by employee stock ownership plan	(592,168)	(448,567)
Accumulated other comprehensive (loss)	(251,401)	(76,768)
Total stockholder’s equity	14,208,136	11,394,580
Total liabilities and stockholders’ equity	$ 129,549,953	$ 129,414,582

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Note 10 - Investment Securities (Details) - Securities With Gross Unrealized Losses (USD $) In Thousands, unless otherwise specified	9 Months Ended	12 Months Ended
	Dec. 31, 2013	Mar. 31, 2013
Note 10 - Investment Securities (Details) - Securities With Gross Unrealized Losses [Line Items]
Less Than 12 Months, Fair Value	$ 21,099	$ 7,359
Less Than 12 Months, Gross Unrealized Losses	(2,278)	(62)
12 Months or Greater, Fair Value	3,925	31
12 Months or Greater, Gross Unrealized Losses	(526)	(1)
Total, Fair Value	25,024	7,390
Total, Gross Unrealized Losses	2,804	(63)
Federal Home Loan Bank Bonds [Member]
Note 10 - Investment Securities (Details) - Securities With Gross Unrealized Losses [Line Items]
Less Than 12 Months, Fair Value	4,966	2,454
Less Than 12 Months, Gross Unrealized Losses	(625)	(22)
12 Months or Greater, Fair Value	1,325	0
12 Months or Greater, Gross Unrealized Losses	(152)	0
Total, Fair Value	6,291	2,454
Total, Gross Unrealized Losses	(777)	(22)
Federal Farm Credit Bonds [Member]
Note 10 - Investment Securities (Details) - Securities With Gross Unrealized Losses [Line Items]
Less Than 12 Months, Fair Value	4,101	2,428
Less Than 12 Months, Gross Unrealized Losses	(398)	(17)
12 Months or Greater, Fair Value	1,278	0
12 Months or Greater, Gross Unrealized Losses	(167)	0
Total, Fair Value	5,379	2,428
Total, Gross Unrealized Losses	(565)	(17)
Federal Home Loan Mortgage Corporation Bonds [Member]
Note 10 - Investment Securities (Details) - Securities With Gross Unrealized Losses [Line Items]
Less Than 12 Months, Fair Value	3,065	498
Less Than 12 Months, Gross Unrealized Losses	(432)	(2)
12 Months or Greater, Fair Value	0	0
12 Months or Greater, Gross Unrealized Losses	0	0
Total, Fair Value	3,065	498
Total, Gross Unrealized Losses	(432)	(2)
Federal National Mortgage Association [Member]
Note 10 - Investment Securities (Details) - Securities With Gross Unrealized Losses [Line Items]
Less Than 12 Months, Fair Value	8,777	1,979
Less Than 12 Months, Gross Unrealized Losses	(819)	(21)
12 Months or Greater, Fair Value	1,294	0
12 Months or Greater, Gross Unrealized Losses	(206)	0
Total, Fair Value	10,071	1,979
Total, Gross Unrealized Losses	(1,025)	(21)
Total Bonds [Member]
Note 10 - Investment Securities (Details) - Securities With Gross Unrealized Losses [Line Items]
Less Than 12 Months, Fair Value	20,909	7,359
Less Than 12 Months, Gross Unrealized Losses	(2,274)	(62)
12 Months or Greater, Fair Value	3,897	0
12 Months or Greater, Gross Unrealized Losses	(525)	0
Total, Fair Value	24,806	7,359
Total, Gross Unrealized Losses	(2,799)	(62)
Government National Mortgage Association [Member]
Note 10 - Investment Securities (Details) - Securities With Gross Unrealized Losses [Line Items]
Less Than 12 Months, Fair Value	0	0
Less Than 12 Months, Gross Unrealized Losses	0	0
12 Months or Greater, Fair Value	28	31
12 Months or Greater, Gross Unrealized Losses	(1)	(1)
Total, Fair Value	28	31
Total, Gross Unrealized Losses	(1)	(1)
Total Mortgage-Backed Securities [Member]
Note 10 - Investment Securities (Details) - Securities With Gross Unrealized Losses [Line Items]
Less Than 12 Months, Fair Value	0
Less Than 12 Months, Gross Unrealized Losses	0
12 Months or Greater, Fair Value	28
12 Months or Greater, Gross Unrealized Losses	(1)
Total, Fair Value	28
Total, Gross Unrealized Losses	(1)
Mutual Fund Shares [Member]
Note 10 - Investment Securities (Details) - Securities With Gross Unrealized Losses [Line Items]
Less Than 12 Months, Fair Value	190
Less Than 12 Months, Gross Unrealized Losses	(4)
12 Months or Greater, Fair Value	0
12 Months or Greater, Gross Unrealized Losses	0
Total, Fair Value	190
Total, Gross Unrealized Losses	$ (4)

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Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (USD $)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Unearned Employee Stock Ownership Plan [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Comprehensive Income [Member]	Total
Balance at March 31, 2013 at Mar. 31, 2013	$ 16,347	$ 6,570,852	$ 5,332,716	$ (448,567)	$ (76,768)		$ 11,394,580
Balance at March 31, 2013 (in Shares) at Mar. 31, 2013	1,634,725						1,634,725
Comprehensive income
Net loss			(239,338)			(239,338)	(239,338)
Change in unrealized gain on securities available-for-sale, net of deferred income taxes of ($117,181)					(169,773)	(169,773)	(169,773)
Post retirement benefit plan adjustment net of deferred taxes of ($3,239)					(4,860)	(4,860)	(4,860)
Employee stock options		7,231					7,231
Total comprehensive loss						(413,971)
3518.69 shares of common stock transferred to ESOP for services		(12,476)		45,551			33,075
Corporate Reorganization:
Merger of Delanco MHC.	(8,991)	105,367					96,376
Merger of Delanco MHC. (in Shares)	(899,099)
Exchange of common stock	(7,356)	7,356
Exchange of common stock (in Shares)	(735,626)
Proceeds of stock offering, net of fractional shares, net of offering expenses	9,454	3,270,543					3,279,997
Proceeds of stock offering, net of fractional shares, net of offering expenses (in Shares)	945,425
Shares purchased for ESOP pursuant to reorganization (23,644 shares)				(189,152)			(189,152)
Balance at December 31, 2013 at Dec. 31, 2013	$ 9,454	$ 9,948,873	$ 5,093,378	$ (592,168)	$ (251,401)	$ (413,971)	$ 14,208,136
Balance at December 31, 2013 (in Shares) at Dec. 31, 2013	945,425						945,425

XML

Note 9 - Loans (Details) - Impaired Loans by Portfolio (USD $) In Thousands, unless otherwise specified	9 Months Ended	12 Months Ended
	Dec. 31, 2013	Mar. 31, 2013
Note 9 - Loans (Details) - Impaired Loans by Portfolio [Line Items]
Recorded Investment	$ 6,422	$ 6,378
Unpaid Principal Balance	6,289	6,346
Average Recorded Investment	6,517	7,245
Interest Income Recognized While On Impaired Statues	182	168
Residential (One to Four Family) Real Estate [Member]
Note 9 - Loans (Details) - Impaired Loans by Portfolio [Line Items]
Recorded Investment	2,890	2,255
Unpaid Principal Balance	2,852	2,223
Average Recorded Investment	2,366	2,774
Interest Income Recognized While On Impaired Statues	100	83
Multi-Family and Commercial Real Estate [Member]
Note 9 - Loans (Details) - Impaired Loans by Portfolio [Line Items]
Recorded Investment	3,071	3,550
Unpaid Principal Balance	2,976	3,550
Average Recorded Investment	3,421	4,106
Interest Income Recognized While On Impaired Statues	61	62
Commercial Loan [Member]
Note 9 - Loans (Details) - Impaired Loans by Portfolio [Line Items]
Recorded Investment	192	235
Unpaid Principal Balance	192	235
Average Recorded Investment	199	172
Interest Income Recognized While On Impaired Statues	1	8
Home Equity Line of Credit [Member]
Note 9 - Loans (Details) - Impaired Loans by Portfolio [Line Items]
Recorded Investment	185	287
Unpaid Principal Balance	185	287
Average Recorded Investment	117	138
Interest Income Recognized While On Impaired Statues	17	11
Consumer Loan [Member]
Note 9 - Loans (Details) - Impaired Loans by Portfolio [Line Items]
Recorded Investment	35	0
Unpaid Principal Balance	35	0
Average Recorded Investment	4	3
Interest Income Recognized While On Impaired Statues	1	0
Construction [Member]
Note 9 - Loans (Details) - Impaired Loans by Portfolio [Line Items]
Recorded Investment	49	51
Unpaid Principal Balance	49	51
Average Recorded Investment	50	52
Interest Income Recognized While On Impaired Statues	$ 2	$ 4

XML

Note 1 - Basis of Presentation (Details) (USD $)	0 Months Ended
	Oct. 16, 2013
Disclosure Text Block [Abstract]
Sale of Stock, Number of Shares Issued in Transaction	525,423
	420,002
Proceeds From Reorganization And Stock Offering (in Dollars)	$ 3,280,000
Costs From Reorganization And Stock Offering (in Dollars)	$ 923,000

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Note 9 - Loans (Details) - Nonaccrual Loans (USD $)	9 Months Ended	12 Months Ended
	Dec. 31, 2013	Mar. 31, 2013	Mar. 31, 2012
Non-accrual loans:
Non-accrual Loans	$ 2,864,000	$ 2,816,000
Trouble Debt Restructurings	3,425,000	3,529,000
Total non-performing loans	6,289,000	6,345,000
Real estate owned	2,475,925	2,469,800	846,000
Total non-performing assets	8,765,000	8,815,000
Non-performing loans as a percentage of loans	7.35%	7.08%
Non-performing assets as a percentage of loans and real estate owned	9.96%	9.58%
Non-performing assets as percentage of total assets	6.76%	6.81%
In Non-accrual Status [Member] | Residential (One to Four Family) Real Estate [Member]
Non-accrual loans:
Trouble Debt Restructurings	678,000	550,000
In Non-accrual Status [Member] | Multi-Family and Commercial Real Estate [Member]
Non-accrual loans:
Trouble Debt Restructurings	828,000	1,001,000
In Non-accrual Status [Member] | Commercial Loan [Member]
Non-accrual loans:
Trouble Debt Restructurings	0	0
In Non-accrual Status [Member] | Consumer Loan [Member]
Non-accrual loans:
Trouble Debt Restructurings	0	0
In Non-accrual Status [Member] | Home Equity Line of Credit [Member]
Non-accrual loans:
Trouble Debt Restructurings	0	0
In Non-accrual Status [Member] | Construction [Member]
Non-accrual loans:
Trouble Debt Restructurings	0	0
In Non-accrual Status [Member]
Non-accrual loans:
Trouble Debt Restructurings	1,506,000	1,551,000
Performing Under Modified Terms [Member] | Residential (One to Four Family) Real Estate [Member]
Non-accrual loans:
Trouble Debt Restructurings	737,000	788,000
Performing Under Modified Terms [Member] | Multi-Family and Commercial Real Estate [Member]
Non-accrual loans:
Trouble Debt Restructurings	1,133,000	1,139,000
Performing Under Modified Terms [Member] | Commercial Loan [Member]
Non-accrual loans:
Trouble Debt Restructurings	0	0
Performing Under Modified Terms [Member] | Consumer Loan [Member]
Non-accrual loans:
Trouble Debt Restructurings	0	0
Performing Under Modified Terms [Member] | Home Equity Line of Credit [Member]
Non-accrual loans:
Trouble Debt Restructurings	0	0
Performing Under Modified Terms [Member] | Construction [Member]
Non-accrual loans:
Trouble Debt Restructurings	49,000	51,000
Performing Under Modified Terms [Member]
Non-accrual loans:
Trouble Debt Restructurings	1,919,000	1,978,000
Residential (One to Four Family) Real Estate [Member]
Non-accrual loans:
Non-accrual Loans	1,427,000	992,000
Multi-Family and Commercial Real Estate [Member]
Non-accrual loans:
Non-accrual Loans	595,000	1,302,000
Commercial Loan [Member]
Non-accrual loans:
Non-accrual Loans	192,000	235,000
Consumer Loan [Member]
Non-accrual loans:
Non-accrual Loans	35,000	0
Home Equity Line of Credit [Member]
Non-accrual loans:
Non-accrual Loans	615,000	287,000
Construction [Member]
Non-accrual loans:
Non-accrual Loans	$ 0	$ 0

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Note 5 - Earnings Per Share (Details) - Earnings Per Share Reconciliation (USD $)	3 Months Ended		9 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012
Earnings Per Share Reconciliation [Abstract]
Numerator (in Dollars)	$ (230,110)	$ (206,231)	$ (239,338)	$ (213,099)
Denominators:
Basic shares outstanding	899,681	907,973	899,681	907,973
Dilutive shares outstanding	899,681	907,973	899,681	907,973
Earnings per share:
Basic (in Dollars per share)	$ (0.26)	$ (0.23)	$ (0.27)	$ (0.23)
Dilutive (in Dollars per share)	$ (0.26)	$ (0.23)	$ (0.27)	$ (0.23)

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Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parentheticals) (USD $)	9 Months Ended
	Dec. 31, 2013
Change in unrealized gain on securities available-for-sale, deferred income taxes	$ (117,181)
Post retirement benefit plan adjustment, deferred taxes	$ (3,239)
Common Stock [Member]
Shares of common stock transferred ESOP for services (in Shares)	3,518.69

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Consolidated Statements of Financial Condition (Current Period Unaudited) (Parentheticals) (USD $)	Dec. 31, 2013	Mar. 31, 2013
Securities held-to-maturity, fair value (in Dollars)	$ 25,780,159	$ 20,285,670
Securities available-for-sale, amortized cost (in Dollars)	2,194,254	2,217,032
Allowance for loan losses (in Dollars)	$ 1,229,094	$ 1,032,818
Preferred stock, par value (in Dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	5,000,000	3,000,000
Preferred stock, shares issued	0	0
Common stock par value (in Dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	25,000,000	7,000,000
Common stock, shares issued	945,425	1,634,725
Common stock, shares outstanding	945,425	1,634,725

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Note 10 - Investment Securities

9 Months Ended

Dec. 31, 2013

Investments, Debt and Equity Securities [Abstract]

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

(10)     Investment Securities

Investment securities have been classified according to management’s intent. The amortized cost of securities and their approximate fair values as of December 31, 2013 and March 31, 2013 are as follows:

	Held-to-Maturity December 31, 2013
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
(Dollars in Thousands)
Federal Farm Credit Bank Bond	$	5,944	$	─	$	(565	)	$	5,379
Federal Home Loan Bank Bonds		5,568	─			(569	)		4,999
Federal Home Loan Mortgage Corporation Bonds		3,497	─			(432	)		3,065
Federal National Mortgage Association		11,096		15		(944	)		10,167
Municipal Bond		547		2	─				549
		26,652		17		(2,510	)		24,159
Mortgage-Backed Securities:
Federal Home Loan Mortgage Corporation		668		40	─				708
Federal National Mortgage Association		621		49	─				670
Government National Mortgage Corporation		237		7		(1	)		243
		1,526		96		(1	)		1,621
Total	$	28,178	$	113	$	(2,511	)	$	25,780

	Held-to-Maturity March 31, 2013
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
(Dollars in Thousands)
Federal Home Loan Bank Bonds	$	4,591	$	5	$	(18	)	$	4,578
Federal Farm Credit Bonds		3,444		1		(16	)		3,429
Federal Home Loan Mortgage
Corporation Bonds		500		─		(2	)		498
Federal National Mortgage Association Bond		9,500		49		(10	)		9,539
Municipal Bond		64		─		─			64
		18,099		55		(46	)		18,108
Mortgage-backed securities:
Federal Home Loan Mortgage Corporation		965		65		─			1,030
Federal National Mortgage Association		781		64		─			845
Government National Mortgage Corporation		293		11		(1	)		303
		2,039		140		(1	)		2,178
Total	$	20,138	$	195	$	(47	)	$	20,286

	Available for Sale December 31, 2013
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Federal Home Loan Bank Bonds	$	1,500	$	─	$	(208	)	$	1,292
Federal National Mortgage Association Bond		500		─		(81	)		419
Mutual Fund Shares		194		─		(4	)		190
	$	2,194	$	─	$	(293	)	$	1,901

	Available for Sale March 31, 2013
	Amortized Cost		Gross Unrealized Gains		Gross  Unrealized Losses			Fair Value
Federal Home Loan Bank Bonds	$	1,500	$	1	$	(5	)	$	1,496
Federal National Mortgage Association Bond		500		─		(11	)		489
Mutual Fund Shares		217		5		─			222
	$	2,217	$	6	$	(16	)	$	2,207

The following is a summary of maturities of securities held-to-maturity and available-for-sale as of December 31, 2013 and March 31, 2013:

	December 31, 2013
	Held to Maturity				Available for Sale
(Dollars in Thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Amounts maturing in:
One year or less	$	547	$	549	$	─	$	─
After one year through five years		1,503		1,497		─		─
After five years through ten years		5,919		5,458		─		─
After ten years		20,209		18,276		2,000		1,711
Equity securities		─		─		194		190
	$	28,178	$	25,780	$	2,194	$	1,901

	March 31, 2013
	Held to Maturity				Available for Sale
(Dollars in Thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Amounts maturing in:
One year or less	$	64	$	64	$	─	$	─
After one year through five years		1,005		1,029		─		─
After five years through ten years		6,422		6,418		─		─
After ten years		12,647		12,775		2,000		1,985
Equity securities		─		─		217		222
	$	20,138	$	20,286	$	2,217	$	2,207

The amortized cost and fair value of mortgage-backed securities are presented in the held-to-maturity category by contractual maturity in the preceding table. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations without call or prepayment penalties.

Information pertaining to securities with gross unrealized losses at December 31, 2013 and March 31, 2013, aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows:

	December 31, 2013
	Less Than 12 Months					12 Months or Greater					Total
(Dollars in Thousands)	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
Federal Home Loan Bank Bonds	$	4,966	$	(625	)	$	1,325	$	(152	)	$	6,291	$	(777	)
Federal Farm Credit Bonds		4,101		(398	)		1,278		(167	)		5,379		(565	)
Federal Home Loan Mortgage Corporation Bonds		3,065		(432	)		─		─			3,065		(432	)
Federal National Mortgage Association		8,777		(819	)		1,294		(206	)		10,071		(1,025	)
		20,909		(2,274	)		3,897		(525	)		24,806		(2,799	)
Mortgage-Backed Securities:
Government National Mortgage Corporation		─		─			28		(1	)		28		(1	)
		─		─			28		(1	)		28		(1	)
Mutual Fund Shares		190		(4	)		─		─			190		(4	)
Total	$	21,099	$	( 2,278	)	$	3,925	$	(526	)	$	25,024	$	2,804

	March 31, 2013
	Less Than 12 Months					12 Months or Greater					Total
(Dollars in Thousands)	Fair Vealue		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
Federal Home Loan Bank Bonds	$	2,454	$	(22	)	$	─	$	─		$	2,454	$	(22	)
Federal Farm Credit Bonds		2,428		(17	)		─		─			2,428		(17	)
Federal Home Loan Mortgage Corporation Bonds		498		(2	)		─		─			498		(2	)
Federal National Mortgage Association		1,979		(21	)		─		─			1,979		(21	)
		7,359		(62	)		─		─			7,359		(62	)
Mortgage-Backed Securities:
Government National Mortgage Corporation		─		─		$	31	$	(1	)	$	31	$	(1	)
Total	$	7,359	$	(62	)	$	31	$	( 1	)	$	7,390	$	(63	)

Management evaluates securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Bank to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value.

At December 31, 2013, the 52 debt securities with unrealized losses have depreciated 9.4% from the Bank’s amortized cost basis. These unrealized losses relate principally to current interest rates for similar types of securities. In analyzing an issuer’s financial condition, management considers whether the securities are issued by the federal government, its agencies, or other governments, whether downgrades by bond rating agencies have occurred, and the results of reviews of the issuer’s financial condition. As management has the ability to hold debt securities until maturity, or for the foreseeable future if classified as available-for-sale, no declines are deemed to be other-than-temporary.

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Document And Entity Information	9 Months Ended
	Dec. 31, 2013	Feb. 12, 2014
Document and Entity Information [Abstract]
Entity Registrant Name	Delanco Bancorp, Inc.
Document Type	10-Q
Current Fiscal Year End Date	--03-31
Entity Common Stock, Shares Outstanding		945,425
Amendment Flag	false
Entity Central Index Key	0001577603
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Smaller Reporting Company
Entity Well-known Seasoned Issuer	No
Document Period End Date	Dec. 31, 2013
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q3

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Note 5 - Earnings Per Share (Tables)

9 Months Ended

Dec. 31, 2013

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	Three Months Ended December 31,						Nine months Ended December 31,
	2013			2012			2013			2012
Numerator		(230,110	)		(206,231	)		(239,338	)		(213,099	)
Denominators:
Basic shares outstanding		899,681			907,973			899,681			907,973
Effect of dilutive securities
Dilutive shares outstanding		899,681			907,973			899,681			907,973
Earnings per share:
Basic	$	(0.26	)	$	(0.23	)	$	(0.27	)	$	(0.23	)
Dilutive	$	(0.26	)	$	(0.23	)	$	(0.27	)	$	(0.23	)

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Consolidated Statements of Income (Unaudited) (USD $)	3 Months Ended		9 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012
INTEREST INCOME
Loans	$ 935,616	$ 1,087,196	$ 2,976,420	$ 3,426,890
Investment securities	192,811	162,895	529,517	471,992
Total interest income	1,128,427	1,250,091	3,505,937	3,898,882
INTEREST EXPENSE
Interest-bearing checking accounts	10,609	8,834	31,093	26,706
Passbook and money market accounts	28,203	47,348	94,134	149,781
Certificates of deposits	134,987	197,938	443,989	662,177
Federal Home Loan Bank Advances	97	0	97	0
Total interest expense	173,896	254,120	569,313	838,664
Net interest income	954,531	995,971	2,936,624	3,060,218
Provision for loan losses	406,557	295,000	613,057	483,000
Net interest income after provision for loan losses	547,974	700,971	2,323,567	2,577,218
NON-INTEREST INCOME
Income from bank-owned life insurance	0	0	5,809	6,080
Gain (loss) on sale of real estate owned		(87,133)	(85,681)	(86,264)
Service charges	32,815	36,889	105,697	100,956
Rental income	33,820	47,491	108,369	125,104
Other	1,715	3,841	11,039	12,604
Total non-interest income	68,350	1,088	145,233	158,480
NON-INTEREST EXPENSE
Salaries and employee benefits	405,789	380,129	1,175,683	1,181,563
Advertising	6,760	4,481	18,472	16,806
Office supplies, telephone and postage	19,499	23,657	54,026	77,457
Loan expenses	56,212	135,671	159,836	409,620
Net occupancy expense	162,789	164,834	473,385	498,665
Federal insurance premiums	53,175	54,054	159,971	162,099
Real estate owned loss reserve	71,500	0	149,000	25,000
Data processing expenses	57,068	56,436	170,407	162,704
ATM expenses	8,765	6,947	23,876	20,512
Bank charges and fees	17,137	17,470	50,751	52,140
Insurance and surety bond premiums	20,471	19,628	62,698	58,405
Dues and subscriptions	7,010	7,945	18,074	17,155
Professional fees	57,290	66,094	185,259	190,917
Real Estate Owned expense	23,744	73,333	92,271	160,195
Other	33,552	34,516	81,141	95,595
Total non-interest expense	1,000,761	1,045,195	2,874,850	3,128,833
INCOME (LOSS) BEFORE INCOME TAX EXPENSE	(384,437)	(343,136)	(406,050)	(393,135)
Income tax expense (benefit)	(154,327)	(136,905)	(166,712)	(180,036)
NET INCOME (LOSS)	$ (230,110)	$ (206,231)	$ (239,338)	$ (213,099)
INCOME (LOSS) PER COMMON SHARE (in Dollars per share)	$ (0.26)	$ (0.23)	$ (0.27)	$ (0.23)

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Note 5 - Earnings Per Share

9 Months Ended

Dec. 31, 2013

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

(5)           Earnings Per Share

Basic earnings per share (“EPS”) are computed by dividing income available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted EPS reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity.

The difference between the common shares issued and the common shares outstanding for the purposes of calculating basic EPS is a result of the unallocated ESOP shares.

As a result of the Conversion, all share information for periods prior to December 31, 2013, has been revised to reflect the .5711 exchange ratio. Dilutive earnings per share was not adjusted for 20,000 outstanding options which would have had an antidilutive effect on earnings.

The calculated basic and dilutive EPS are as follows:

	Three Months Ended December 31,						Nine months Ended December 31,
	2013			2012			2013			2012
Numerator		(230,110	)		(206,231	)		(239,338	)		(213,099	)
Denominators:
Basic shares outstanding		899,681			907,973			899,681			907,973
Effect of dilutive securities
Dilutive shares outstanding		899,681			907,973			899,681			907,973
Earnings per share:
Basic	$	(0.26	)	$	(0.23	)	$	(0.27	)	$	(0.23	)
Dilutive	$	(0.26	)	$	(0.23	)	$	(0.27	)	$	(0.23	)

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Note 3 - Deferred Income Taxes

9 Months Ended

Dec. 31, 2013

Note 3 - Deferred Income Taxes [Line Items]

Income Tax Disclosure [Text Block]

(4)           Income Taxes

The Bank accounts for uncertainties in income taxes in accordance with Financial ASC Topic 740 “Accounting for Uncertainty in Income Taxes”. ASC Topic 740 prescribes a threshold and measurement process for recognizing in the financial statements a tax position taken or expected to be taken in a tax return. ASC Topic 740 also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition.  The Bank has determined that there are no significant uncertain tax positions requiring recognition in its financial statements.   

Tax years 2009 through 2012 remain subject to examination by Federal and New Jersey taxing authorities. In the event the Bank is assessed for interest and/or penalties by taxing authorities, such assessed amounts will be classified in the financial statements as income tax expense.

Deferred Income Taxes [Member]

Note 3 - Deferred Income Taxes [Line Items]

Income Tax Disclosure [Text Block]

(3)           Deferred Income Taxes

We use the asset and liability method of accounting for income taxes. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. We exercise significant judgment in evaluating the amount and timing of recognition of the resulting tax liabilities and assets. These judgments require us to make projections of future taxable income. The judgments and estimates we make in determining our deferred tax assets, which are inherently subjective, are reviewed on a continual basis as regulatory and business factors change.

The calculation of deferred taxes for GAAP capital differs from the calculation of deferred taxes for regulatory capital. For regulatory capital, deferred tax assets that are dependent upon future taxable income for realization are limited to the lesser of either the amount of deferred tax assets that the institution expects to realize within one year of the calendar quarter-end date, or 10% of the Bank’s Tier I capital. As a result of this variance, our Tier I regulatory capital ratio is lower than our GAAP capital ratio by 78 basis points.

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Note 5 - Earnings Per Share (Details) (Equity Option [Member])	9 Months Ended
	Dec. 31, 2013
Equity Option [Member]
Note 5 - Earnings Per Share (Details) [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	20,000

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Note 8 - Fair Value of Financial Instruments (Tables)

9 Months Ended

Dec. 31, 2013

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring Basis [Table Text Block]

	Fair Value Measurements at Reporting Date Using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
December 31, 2013
Available-for-sale securities	$	─	$	1,901	$	─
March 31, 2013
Available-for-sale securities	$	─	$	2,207	$	─

Fair Value Measurements, Nonrecurring [Table Text Block]

	Fair Value Measurements at Reporting Date Using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
December 31, 2013
Impaired loans	$	─	$	─	$	6,289
Real estate owned		─		─		2,476
Total	$	─	$	─	$	8,765
March 31, 2013
Impaired loans	$	─	$	─	$	6,346
Real estate owned		─		─		2,470
Total	$	─	$	─	$	8,815

Fair Value, by Balance Sheet Grouping [Table Text Block]

	December 31, 2013
	Carrying Amount		Level 1		Level 2		Level 3
(Dollars in Thousands)
Financial Assets:
Cash and cash equivalents	$	3,508	$	3,508		─	$	─
Investment securities		30,372		─		27,681		─
Loans – net		84,217		─		─		83,553
FHLB stock		226		226		─		─
Accrued interest receivable		437		437		─		─
Bank–owned life insurance		159		159		─		─
Real estate owned		2,476		─		─		2,476
Total financial assets	$	121,395	$	4,330	$	27,681	$	86,029
Financial Liabilities:
Deposits	$	113,550	$	9,812	$	105,278	$	─
Advance payments by borrowers for taxes and insurance		135		135		─		─
Advances Federal Home Loan Bank		1,000		1,000		─		─
Accrued interest payable		1		1
Total financial liabilities	$	114,486	$	10,948	$	105,278	$	─

	March 31, 2013
	Carrying Amount		Level 1		Level 2		Level 3
(Dollars in Thousands)
Financial Assets:
Cash and cash equivalents	$	6,723	$	6,723	$	─	$	─
Investment securities		22,355		─		22,493		─
Loans – net		88,419		─		─		91,300
FHLB stock		203		203		─		─
Accrued interest receivable		428		428		─		─
Bank–owned life insurance		154		154		─		─
Real estate owned		2,470		─		─		2,470
Total financial assets	$	120,752	$	7,508	$	22,493	$	93,770
Financial Liabilities:
Deposits	$	117,034	$	6,873	$	111,233	$	─
Advance payments by borrowers for taxes and insurance		367		367		─		─
Accrued interest payable		9		9		─		─
Total financial liabilities	$	117,410	$	7,249	$	111,233	$	─

Schedule of Fair Value, Off-balance Sheet Risks [Table Text Block]

	December 31, 2013				March 31, 2013
	Contract Value		Estimated Fair Value		Contract Value		Estimated Fair Value
Off-balance sheet instruments
Commitments to extend credit	$	5,849	$	─	$	5,893	$	─

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Note 8 - Fair Value of Financial Instruments

9 Months Ended

Dec. 31, 2013

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

(8)           Fair Value of Financial Instruments

ASC Topic 820-10 defines fair value, establishes a framework for measuring fair value in U.S. generally accepted accounting principles, and expands disclosure requirements for fair value measurements. ASC Topic 820 does not require any new fair value measurements. The adoption of ASC Topic 820-10 did not have a material impact on the consolidated financial statements.

ASC Topic 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels, as described below:

●	Level 1	Level 1 input are unadjusted quoted prices in active markets for identical assets or liabilities.
●	Level 2	Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable, either directly or indirectly. Level 2 inputs include quoted prices for similar assets, quoted prices in markets that are not considered to be active, and observable inputs other than quoted prices such as interest rates.
●	Level 3	Level 3 inputs are unobservable inputs.

Assets and liabilities measured at fair value on a recurring basis are summarized below (dollars in thousands):

	Fair Value Measurements at Reporting Date Using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
December 31, 2013
Available-for-sale securities	$	─	$	1,901	$	─
March 31, 2013
Available-for-sale securities	$	─	$	2,207	$	─

Assets and Liabilities on a Non-Recurring Basis

Assets and liabilities measured at fair value on a non-recurring basis at December 31, 2013 and March 31, 2013 are as follows (dollars in thousands):

	Fair Value Measurements at Reporting Date Using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
December 31, 2013
Impaired loans	$	─	$	─	$	6,289
Real estate owned		─		─		2,476
Total	$	─	$	─	$	8,765
March 31, 2013
Impaired loans	$	─	$	─	$	6,346
Real estate owned		─		─		2,470
Total	$	─	$	─	$	8,815

The fair value of impaired loans and real estate owned is generally based on recent real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach.

A financial instrument’s level within the fair value hierarchy is based upon the lowest level of any input significant to the fair value measurement.

As required by ASC Topic 825-10-65, the estimated fair value of financial instruments at December 31, 2013 and March 31, 2013 was as follows:

	December 31, 2013
	Carrying Amount		Level 1		Level 2		Level 3
(Dollars in Thousands)
Financial Assets:
Cash and cash equivalents	$	3,508	$	3,508		─	$	─
Investment securities		30,372		─		27,681		─
Loans – net		84,217		─		─		83,553
FHLB stock		226		226		─		─
Accrued interest receivable		437		437		─		─
Bank–owned life insurance		159		159		─		─
Real estate owned		2,476		─		─		2,476
Total financial assets	$	121,395	$	4,330	$	27,681	$	86,029
Financial Liabilities:
Deposits	$	113,550	$	9,812	$	105,278	$	─
Advance payments by borrowers for taxes and insurance		135		135		─		─
Advances Federal Home Loan Bank		1,000		1,000		─		─
Accrued interest payable		1		1
Total financial liabilities	$	114,486	$	10,948	$	105,278	$	─

	March 31, 2013
	Carrying Amount		Level 1		Level 2		Level 3
(Dollars in Thousands)
Financial Assets:
Cash and cash equivalents	$	6,723	$	6,723	$	─	$	─
Investment securities		22,355		─		22,493		─
Loans – net		88,419		─		─		91,300
FHLB stock		203		203		─		─
Accrued interest receivable		428		428		─		─
Bank–owned life insurance		154		154		─		─
Real estate owned		2,470		─		─		2,470
Total financial assets	$	120,752	$	7,508	$	22,493	$	93,770
Financial Liabilities:
Deposits	$	117,034	$	6,873	$	111,233	$	─
Advance payments by borrowers for taxes and insurance		367		367		─		─
Accrued interest payable		9		9		─		─
Total financial liabilities	$	117,410	$	7,249	$	111,233	$	─

Off-balance sheet instruments

Off-balance sheet instruments are primarily comprised of loan commitments and unfunded lines of credit which are generally priced at market rate at the time of funding. Therefore, these instruments have nominal value prior to funding.

	December 31, 2013				March 31, 2013
	Contract Value		Estimated Fair Value		Contract Value		Estimated Fair Value
Off-balance sheet instruments
Commitments to extend credit	$	5,849	$	─	$	5,893	$	─

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Note 6 - Regulatory Agreement

9 Months Ended

Dec. 31, 2013

Disclosure Text Block Supplement [Abstract]

Legal Matters and Contingencies [Text Block]

(6)            Regulatory Agreement      

On December 17, 2012, the Bank received a formal written agreement (the “Agreement”) with the Office of the Comptroller of the Currency (the “OCC”) dated November 21, 2012.  The Agreement supersedes and terminates the Order to Cease and Desist entered into by and between the Bank and the Office of Thrift Supervision on March 17, 2010.

The Agreement requires the Bank to take the following actions:

● prepare a three-year strategic plan that establishes objectives for the Bank’s overall risk profile, earnings performance, growth, balance sheet mix, liability structure, reduction in the volume of nonperforming assets, and product line development;

● prepare a capital plan that includes specific proposals related to the maintenance of adequate capital, identifies strategies to strengthen capital if necessary and includes detailed quarterly financial projections.  If the OCC determines that the Bank has failed to submit an acceptable capital plan or fails to implement or adhere to its capital plan, then the OCC may require the Bank to develop a contingency capital plan detailing the Bank’s proposal to sell, merge or liquidate the Bank;

● prepare a criticized asset plan that will include strategies, targets and timeframes to reduce the Bank’s level of criticized assets;

● implement a plan to improve the Bank’s credit risk management and credit administration practices;

● implement programs and policies related to the Bank’s allowance for loan and lease losses, liquidity risk management, independent loan review and other real estate owned;

● review the capabilities of the Bank’s management to perform present and anticipated duties and to recommend and implement any changes based on such assessment;

● not pay any dividends or make any other capital distributions without the prior written approval of the OCC;

● not make any severance or indemnification payments without complying with regulatory requirements regarding such payments; and

● comply with prior regulatory notification requirements for any changes in directors or senior executive officers.

The Agreement will remain in effect until terminated, modified, or suspended in writing by the OCC.

The Agreement does not require the Bank to maintain any specific minimum regulatory capital ratios. However, in connection with its most recent examination, the OCC established higher individual minimum capital ratios for the Bank. Specifically, the Bank must maintain a Tier 1 capital to adjusted total assets ratio of at least 8%, a Tier 1 capital to risk-weighted assets ratio of at least 12% and a total capital to risk-weighted assets ratio of at least 13%. The Bank's ratios of Tier 1 capital to adjusted total assets, Tier 1 capital to risk-weighted assets and total capital to risk-weighted assets at December 31, 2013 were 9.63%, 16.93% and 18.19%, respectively.

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Note 7 - Recent Accounting Pronouncements

9 Months Ended

Dec. 31, 2013

New Accounting Pronouncements and Changes in Accounting Principles [Abstract]

New Accounting Pronouncements and Changes in Accounting Principles [Text Block]

(7)           Recent Accounting Pronouncements

Below is a discussion of recent accounting pronouncements.

In February 2013, the FASB issued ASU 2013-02, Comprehensive Income, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (Topic 220): The amendments in this update aim to improve the reporting of reclassifications out of accumulated other comprehensive income. The amendments in this update seek to attain that objective by requiring an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required under U.S. GAAP to be reclassified in its entirety to net income. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other disclosures required under U.S. GAAP that provide additional detail about those amounts. This would be the case when a portion of the amount reclassified out of accumulated other comprehensive income is reclassified to a balance sheet account instead of directly to income or expense in the same reporting period. For public entities, the amendments are effective prospectively for reporting periods beginning after December 15, 2012. The adoption of this pronouncement did not have a material impact on the Company’s financial condition or results of operations.

In July 2013, the FASB issued ASU 2013-10, Derivatives and Hedging (Topic 815): Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes. The amendments in this Update permit the Fed Funds Effective Swap Rate (OIS) to be used as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815, in addition to UST and LIBOR. The amendments also remove the restriction on using different benchmark rates for similar hedges. The amendments are effective prospectively for qualifying new or re-designated hedging relationships entered into on or after July 17, 2013. The adoption of this standard is not expected to have a significant effect on future financial reporting.

In July 2013, the FASB issued ASU 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carry forward, a Similar Tax Loss, or a Tax Credit Carry forward Exists. This Update applies to all entities that have unrecognized tax benefits when a net operating loss carry forward, a similar tax loss, or a tax credit carry forward exists at the reporting date. An unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carry forward, a similar tax loss, or a tax credit carry forward, except as following situations. To the extent a net operating loss carry forward, a similar tax loss, or a tax credit carry forward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The assessment of whether a deferred tax asset is available is based on the unrecognized tax benefit and deferred tax asset that exist at the reporting date and should be made presuming disallowance of the tax position at the reporting date. The amendments in this Update are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. For nonpublic entities, the amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2014. Early adoption is permitted. The amendments should be applied prospectively to all unrecognized tax benefits that exist at the effective date. Retrospective application is permitted. The adoption of this standard is not expected to have a significant effect on future financial reporting.

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Note 9 - Loans

9 Months Ended

Dec. 31, 2013

Receivables [Abstract]

Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

(9)           Loans

The Bank monitors and assesses the credit risk of its loan portfolio using the classes set forth below. These classes also represent the segments by which the Bank monitors the performance of its loan portfolio and estimates its allowance for loan losses.

Residential real estate loans consist of loans secured by one to four family residences located in the Bank’s market area. The Bank has originated one to four family residential mortgage loans in amounts up to 80% of the lesser of the appraised value or selling price of the mortgaged property without requiring mortgage insurance. A mortgage loan originated by the Bank, for owner occupied property, whether fixed rate or adjustable rate, can have a term of up to 30 years. Non-owner occupied property, whether fixed rate or adjustable rate, can have a term of up to 30 years. Adjustable rate loan terms limit the periodic interest rate adjustment and the minimum and maximum rates that may be charged over the term of the loan based on the type of loan.

Commercial real estate loans are generally originated in amounts up to the lower of 80% of the appraised value or cost of the property and are secured by improved property such as multi-family dwelling units, office buildings, retail stores, warehouses, church buildings and other non-residential buildings, most of which are located in the Bank’s market area. Commercial real estate loans are generally made with fixed interest rates which mature or re-price in 5 to 7 years with principal amortization of up to 25 years.

Commercial loans include short and long-term business loans and commercial lines of credit for the purposes of providing working capital, supporting accounts receivable, purchasing inventory and acquiring fixed assets. The loans generally are secured by these types of assets as collateral and/or by personal guarantees provided by principals of the borrowers.

Construction loans will be made only if there is a permanent mortgage commitment in place. Interest rates on commercial construction loans are typically in line with normal commercial mortgage loan rates, while interest rates on residential construction loans are slightly higher than normal residential mortgage loan rates. These loans usually are adjustable rate loans and generally have terms of up to one year.

Consumer loans include installment loans and home equity loans, secured by first or second mortgages on homes owned or being purchased by the loan applicant. Home equity term loans and credit lines are credit accommodations secured by either a first or second mortgage on the borrower’s residential property. Interest rates charged on home equity term loans are generally fixed; interest on credit lines is usually a floating rate related to the prime rate. The Bank generally requires a loan to value ratio of less than or equal to 80% of the appraised value, including any outstanding prior mortgage balance.

Loans at December 31, 2013 and March 31, 2013 are summarized as follows (dollars in thousands):

	December 31, 2013			March 31, 2013
Residential (one-to four-family) real estate	$	63,968		$	66,598
Multi-family and commercial real estate		10,474			12,402
Commercial		1,247			1,166
Home equity		7,974			8,361
Consumer		945			960
Construction		938			83
Total loans		85,546			89,570
Net deferred loan origination fees		(100	)		(118	)
Allowance for loan losses		(1,229	)		(1,033	)
Loans, net	$	84,217		$	88,419

The Bank is subject to a loans-to-one-borrower limitation of 15% of capital funds. At December 31, 2013, the loans-to-one-borrower limitation was $2.0 million; this excluded an additional 10% of adjusted capital funds or approximately $1.0 million, which may be loaned if collateralized by readily marketable securities. At December 31, 2013, there were no loans outstanding or committed to any one borrower, which individually or in the aggregate exceeded the Bank’s loans to-one-borrower limitations of 15% of capital funds.

A summary of the Bank’s credit quality indicators is as follows:

Pass – A credit which is assigned a rating of Pass shall exhibit some or all of the following characteristics:

a. Loans that present an acceptable degree of risk associated with the financing being considered as measured against earnings and balance sheet trends, industry averages, etc. Actual and projected indicators and market conditions provide satisfactory evidence that the credit will perform as agreed.

b. Loans to borrowers that display acceptable financial conditions and operating results. Debt service capacity is demonstrated and future prospects are considered good.

c. Loans to borrowers where a comfort level is achieved by the strength of the cash flows from the business or project and the strength and quantity of the collateral or security position (i.e.; receivables, inventory and other readily marketable securities) as supported by a current valuation and/or the strong capabilities of a guarantor.

Special Mention – Loans on which the credit risk requires more than ordinary attention by the Loan Officer. This may be the result of some erosion in the borrower’s financial condition, the economics of the industry, the capability of management, or changes in the original transaction. Loans which are currently sound yet exhibit potentially unacceptable credit risk or deteriorating long term prospects, will receive this classification. Loans which deviate from loan policy or regulations will not generally be classified in this category, but will be separately reported as an area of concern.

Classified – Classified loans include those considered by the Bank to be substandard, doubtful or loss.

An asset is considered “substandard” if it involves more than an acceptable level of risk due to a deteriorating financial condition, unfavorable history of the borrower, inadequate payment capacity, insufficient security or other negative factors within the industry, market or management. Substandard loans have clearly defined weaknesses which can jeopardize the timely payment of the loan.

Assets classified as “doubtful” exhibit all of the weaknesses defined under the substandard category but with enough risk to present a high probability of some principal loss on the loan, although not yet fully ascertainable in amount.

Assets classified as “loss” are those considered uncollectible or of little value, even though a collection effort may continue after the classification and potential charge-off.

Non-Performing Loans

Non-performing loans consist of non-accrual loans (loans on which the accrual of interest has ceased), loans over ninety days delinquent and still accruing interest, renegotiated loans and impaired loans. Loans are generally placed on non-accrual status if, in the opinion of management, collection is doubtful, or when principal or interest is past due 90 days or more, unless the collateral is considered sufficient to cover principal and interest and the loan is in the process of collection.

The Bank continues to work with its borrowers where possible and is pursuing legal action where the ability to work with the borrower does not exist.  As of December 31, 2013, the Bank has entered into formal forbearance agreements with three relationships totaling $811 thousand that require current payments while the borrowers restructure their finances

The following table represents loans by credit quality indicator at December 31, 2013 (dollars in thousands):

	Pass		Special Mention Loans		Classified Loans		Non- Performing Loans		Total
Residential real estate		60,824		302	─			2,842		63,968
Multi-family and commercial real estate		7,417		346		155		2,556		10,474
Commercial		800		255	─			192		1,247
Home equity		7,359	─		─			615		7,974
Consumer		910	─		─			35		945
Construction		889	─		─			49		938
		78,199		903		155		6,289		85,546

The following table represents past-due loans as of December 31, 2013 (dollars in thousands):

	30-59 Days Past Due			60- 89 Days Past Due			Greater than 90 Days Past Due			Total Past Due			Current			Total Loan Balances
Residential real estate		477			491			2,288			3,256			60,712			63,968
Multi-family and commercial real estate		223			219			1,670			2,112			8,362			10,474
Commercial		177			─			192			369			878			1,247
Home Equity		98			135			185			418			7,556			7,974
Consumer		5			5			35			45			900			945
Construction		─			─			─			─			938			938
Total Loans		980			850			4,370			6,200			79,346			85,546
Percentage of Total Loans		1.1	%		1.0	%		5.1	%		7.2	%		92.8	%		100.0	%

Impaired loans are measured based on the present value of expected future discounted cash flows, the fair value of the loan or the fair value of the underlying collateral if the loan is collateral dependent. The recognition of interest income on impaired loans is the same for non-accrual loans discussed above. At December 31, 2013, the Bank had 27 loan relationships totaling $4.4 million in non-accrual loans as compared to 25 relationships totaling $4.4 million at March 31, 2013. The average balance of impaired loans totaled $6.2 million for the nine months ended December 31, 2013 as compared to $7.2 million for the year ended March 31, 2013, and interest income recorded on impaired loans for the nine months ended December 31, 2013 totaled $182 thousand as compared to $168 thousand for the year ended March 31, 2013.

The following table represents data on impaired loans at December 31, 2013 and March 31, 2013 (dollars in thousands):

	December 31, 2013		March 31, 2013
Impaired loans for which a valuation allowance has been provided	$	-	$	-
Impaired loans for which no valuation allowance has been provided		6,289		6,346
Total loans determined to be impaired	$	6,289	$	6,346
Allowance for loans losses related to impaired loans	$	-	$	-
Average recorded investment in impaired loans	$	6,157	$	7,245
Cash basis interest income recognized on impaired Loans	$	182	$	168

The following table presents impaired loans by portfolio class at December 31, 2013 (dollars in thousands):

	Recorded Investment		Unpaid Principal Balance		Related Valuation Allowance		Average Recorded Investment		Interest Income Recognized While On Impaired Statues
Impaired loans with no valuation allowance:
Residential real estate	$	2,890	$	2,852	$	─	$	2,366	$	100
Multi-family and commercial real estate		3,071		2,976		─		3,421		61
Commercial		192		192		─		199		1
Home equity		185		185		─		117		17
Consumer		35		35		─		4		1
Construction		49		49		─		50		2
Subtotal	$	6,422	$	6,289	$	─	$	6,517	$	182

The following table presents impaired loans by portfolio class at March 31, 2013 (dollars in thousands):

	Recorded Investment		Unpaid  Principal Balance		Related Valuation Allowance		Average Recorded Investment		Interest Income Recognized While On Impaired Statues
Impaired loans with no valuation allowance:
Residential real estate	$	2,255	$	2,223	$	─	$	2,774	$	83
Multi-family and commercial real estate		3,550		3,550		─		4,106		62
Commercial		235		235		─		172		8
Home equity		287		287		─		138		11
Consumer		─		─		─		3		─
Construction		51		51		─		52		4
Subtotal	$	6,378	$	6,346	$	─	$	7,245	$	168

The following table represents nonaccrual loans as of December 31, 2013 and March 31, 2013 (dollars in thousands):

	December 31, 2013			March 31, 2013
Non-accrual loans:
Residential real estate	$	1,427		$	992
Multi-family and commercial real estate		595			1,302
Commercial		192			235
Consumer		35			─
Home Equity		615			287
Construction		─			─
Total non-accrual loans	$	2,864		$	2,816
Troubled Debt Restructurings:
In non-accrual status:
Residential real estate	$	678		$	550
Multi-family and commercial real estate		828			1,001
Commercial		─			─
Consumer		─			─
Home Equity		─			─
Construction		─			─
Total troubled debt restructurings in non-accrual status	$	1,506		$	1,551
Performing under modified terms:
Residential real estate	$	737		$	788
Multi-family and commercial real estate		1,133			1,139
Commercial		─			─
Consumer		─			─
Home Equity		─			─
Construction		49			51
Total troubled debt restructurings performing under modified terms:		1,919			1,978
Total troubled debt restructurings		3,425			3,529
Total non-performing loans		6,289			6,345
Real estate owned		2,476			2,470
Total non-performing assets	$	8,765		$	8,815
Non-performing loans as a percentage of loans		7.35	%		7.08	%
Non-performing assets as a percentage of loans and real estate owned		9.96	%		9.58	%
Non-performing assets as percentage of total assets		6.76	%		6.81	%

During the nine months ended December 31, 2013, the Bank experienced a $3 thousand net increase in non-accrual loans. This change reflects the downgrading of 13 loan relationships to non-accrual status totaling $2.0 million during the nine months ended December 31, 2013. The downgraded loans consisted of 6 residential mortgage totaling $1.2 million, 3 commercial loan relationships consisting of 4 loans totaling $616 thousand and 1 home equity line of credit totaling $178 thousand and 2 personal lines of credit totaling $35 thousand. These additions to the non-accruals were offset by one residential mortgage for $140 thousand, two commercial loan for $283 thousand and one home equity loan in the amount of $1 thousand that were paid in full, two home equity loans totaling $135 thousand that returned to accruing status, a residential mortgage loan totaling $145 thousand that was paid through a short sale, 5 commercial relationships consisting 7 commercial real estate loans that were partially charged off by $293 thousand due to valuation updates, 1 residential loan in the amount of $154 thousand and 1 commercial relationship consisting of two commercial real estate loans of $784 thousand that were transferred to real estate owned and 1 commercial loan totaling $49 thousand that was charged off.

The following table presents troubled debt restructurings that occurred during the periods ended December 31, 2013 and March 31, 2013 and loans modified as troubled debt restructurings within the previous 9 and 12 month periods and for which there was a payment default during the period.

	December 31, 2013						March 31, 2013
			Outstanding Recorded Investment						Outstanding Recorded Investment
	Number of Contracts		Pre- Modification		Post- Modification		Number of Contracts		Pre- Modification		Post- Modification
Troubled debt restructurings:
Residential real estate		1	$	120	$	123		2	$	339	$	486

	Number of Contracts		Recorded Investment		Number of Contracts		Recorded Investment
Troubled debt restructurings that subsequently defaulted:
Residential real estate		─		─		1	$	75

The following table presents the changes in real estate owned (REO), net of valuation allowance, for the periods ended December 31, 2013 and March 31, 2013:

	December 31, 2013			March 31, 2013
Balance, beginning of period	$	2,470		$	846
Additions from loan foreclosures		856			2,650
Additions from capitalized costs	─				3
Dispositions of REO		(615	)		(821	)
Gain (loss) on sale of REO		(86	)		(152	)
Valuation adjustments in the period		(149	)		(56	)
Balance, end of period	$	2,476		$	2,470

The following table presents the changes in fair value adjustments to REO for the periods ended December 31, 2013 and March 31, 2013:

	December 31, 2013			March 31, 2013
Balance, beginning of period	$	72		$	104
Valuation adjustments added in the period		149			57
Valuation adjustments on disposed properties during the period		(72	)		(89	)
Balance, end of period	$	149		$	72

The following table sets forth with respect to the Bank’s allowance for losses on loans (dollars in thousands):

	December 31, 2013			March 31, 2013
Balance at beginning of period	$	1,033		$	1,161
Provision:
Commercial		54			4
Commercial real estate		433			587
Residential real estate		173			20
Home Equity		18			19
Consumer		(68	)		14
Construction		3			(4	)
Total Provision	$	613		$	640
Charge-Offs:
Commercial	$	49		$	-
Commercial Real Estate		365			686
Residential real estate		79			27
Home Equity		-			29
Consumer		-			66
Recoveries		(76	)		(40	)
Total Net Charge-Offs		417			768
Balance at end of period	$	1,229		$	1,033
Period-end loans outstanding	$	85,546		$	89,570
Average loans outstanding	$	85,393		$	95,122
Allowance as a percentage of period-end loans		1.44	%		1.15	%
Net charge-offs as a percentage of average loans		0.49	%		0.81	%

Additional details for changes in the allowance for loan by loan portfolio as of December 31, 2013 are as follows (dollars in thousands):

Allowance for Loan Losses

	Commercial			Commercial Real Estate			Residential Real Estate			Home Equity		Consumer			Construction		Total
Balance, beginning of year	$	44		$	378		$	485		$	48	$	77		$	1	$	1,033
Loan charge-offs		(49	)		(365	)		(79	)		─		─			─		(493	)
Recoveries					7			1			─		68			─		76
Provision for loan losses		54			433			173			18		(68	)		3		613
Balance, end of period		49			453			580			66		77			4	$	1,229
Ending balance for loans individually evaluated for impairment		112			1,032			2,338			363		─			─		3,845
Ending balance for loans collectively evaluated for impairment		1,135			9,442			61,630			7,611		945			938		81,701
Loans receivable:		1,247			10,474			63,968			7,974		945			938		85,546
Ending balance
Ending balance: loans individually evaluated for impairment		112			1,032			2,338			363		─			─		3,845
Ending balance: loans collectively evaluated for impairment		1,135			9,442			61,630			7,611		945			938		81,701

The Bank prepares an allowance for loan loss model on a quarterly basis to determine the adequacy of the allowance. Management considers a variety of factors when establishing the allowance, such as the impact of current economic conditions, diversification of the loan portfolio, delinquency statistics, results of independent loan review and related classifications. The Bank’s historic loss rates and the loss rates of peer financial institutions are also considered.

On a monthly basis, the loan committee meets to review each problem loan and determine if there has been any change in collateral value due to changes in market conditions. Each quarter, when calculating the allowance for loan loss, the loan committee reviews an updated loan impairment analysis on each problem loan to determine if a specific provision for loan loss is warranted. Management reviews the most recent appraisal on each loan adjusted for holding and selling costs. In the event there is not a recent appraisal on file, the Bank will use the aged appraisal and apply a discount factor to the appraisal and then adjust the holding and selling costs from the discounted appraisal value.

In evaluating the Bank’s allowance for loan loss, the Bank maintains a loan committee consisting of senior management and the Board of Directors that monitors problem loans and formulates collection efforts and resolution plans for each borrower.

For the nine months ending December 31, 2013, the Bank experienced one full charge-off relating to one loan relationship totaling $49 thousand and 12 partial charge-offs related to nine relationships totaling $444 thousand as compared to two charge-offs relating to two loan relationships totaling $67 thousand and twelve partial charge-offs relating to twelve loan relationships totaling $742 thousand for the year ended March 31, 2013.

At December 31, 2013, the Bank maintained an allowance for loan loss ratio of 1.44% to loans outstanding. Non-performing assets have decreased by $50 thousand over their stated levels at March 31, 2013, representing a non-performing asset to total asset ratio of 6.76% at December 31, 2013 as compared to a non-performing asset to total asset ratio of 6.81% at March 31, 2013.

The Bank’s charge-off policy states that any asset classified loss shall be charged-off within thirty days of such classification unless the asset has already been eliminated from the books by collection or other appropriate entry. On a quarterly basis, the loan committee will review past due, classified, non-performing and other loans, as it deems appropriate, to determine the collectability of such loans. If the loan committee determines a loan to be uncollectable, the loan shall be charged to the allowance for loan loss. In addition, upon reviewing the collectability, the loan committee may determine a portion of the loan to be uncollectable; in which case that portion of the loan deemed uncollectable will be partially charged-off against the allowance for loan loss.

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Note 9 - Loans (Details) - Impaired Loans (USD $) In Thousands, unless otherwise specified	9 Months Ended	12 Months Ended
	Dec. 31, 2013	Mar. 31, 2013
Impaired Loans [Abstract]
Impaired loans for which a valuation allowance has been provided	$ 0	$ 0
Impaired loans for which no valuation allowance has been provided	6,289	6,346
Total loans determined to be impaired	6,289	6,346
Allowance for loans losses related to impaired loans	0	0
Average recorded investment in impaired loans	6,157	7,245
Cash basis interest income recognized on impaired Loans	$ 182	$ 168

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Note 10 - Investment Securities (Tables)

9 Months Ended

Dec. 31, 2013

Investments, Debt and Equity Securities [Abstract]

Held-to-maturity Securities [Table Text Block]

	Held-to-Maturity December 31, 2013
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
(Dollars in Thousands)
Federal Farm Credit Bank Bond	$	5,944	$	─	$	(565	)	$	5,379
Federal Home Loan Bank Bonds		5,568	─			(569	)		4,999
Federal Home Loan Mortgage Corporation Bonds		3,497	─			(432	)		3,065
Federal National Mortgage Association		11,096		15		(944	)		10,167
Municipal Bond		547		2	─				549
		26,652		17		(2,510	)		24,159
Mortgage-Backed Securities:
Federal Home Loan Mortgage Corporation		668		40	─				708
Federal National Mortgage Association		621		49	─				670
Government National Mortgage Corporation		237		7		(1	)		243
		1,526		96		(1	)		1,621
Total	$	28,178	$	113	$	(2,511	)	$	25,780

	Held-to-Maturity March 31, 2013
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
(Dollars in Thousands)
Federal Home Loan Bank Bonds	$	4,591	$	5	$	(18	)	$	4,578
Federal Farm Credit Bonds		3,444		1		(16	)		3,429
Federal Home Loan Mortgage
Corporation Bonds		500		─		(2	)		498
Federal National Mortgage Association Bond		9,500		49		(10	)		9,539
Municipal Bond		64		─		─			64
		18,099		55		(46	)		18,108
Mortgage-backed securities:
Federal Home Loan Mortgage Corporation		965		65		─			1,030
Federal National Mortgage Association		781		64		─			845
Government National Mortgage Corporation		293		11		(1	)		303
		2,039		140		(1	)		2,178
Total	$	20,138	$	195	$	(47	)	$	20,286

Available-for-sale Securities [Table Text Block]

	Available for Sale December 31, 2013
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Federal Home Loan Bank Bonds	$	1,500	$	─	$	(208	)	$	1,292
Federal National Mortgage Association Bond		500		─		(81	)		419
Mutual Fund Shares		194		─		(4	)		190
	$	2,194	$	─	$	(293	)	$	1,901

	Available for Sale March 31, 2013
	Amortized Cost		Gross Unrealized Gains		Gross  Unrealized Losses			Fair Value
Federal Home Loan Bank Bonds	$	1,500	$	1	$	(5	)	$	1,496
Federal National Mortgage Association Bond		500		─		(11	)		489
Mutual Fund Shares		217		5		─			222
	$	2,217	$	6	$	(16	)	$	2,207

Investments Classified by Contractual Maturity Date [Table Text Block]

	December 31, 2013
	Held to Maturity				Available for Sale
(Dollars in Thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Amounts maturing in:
One year or less	$	547	$	549	$	─	$	─
After one year through five years		1,503		1,497		─		─
After five years through ten years		5,919		5,458		─		─
After ten years		20,209		18,276		2,000		1,711
Equity securities		─		─		194		190
	$	28,178	$	25,780	$	2,194	$	1,901

	March 31, 2013
	Held to Maturity				Available for Sale
(Dollars in Thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Amounts maturing in:
One year or less	$	64	$	64	$	─	$	─
After one year through five years		1,005		1,029		─		─
After five years through ten years		6,422		6,418		─		─
After ten years		12,647		12,775		2,000		1,985
Equity securities		─		─		217		222
	$	20,138	$	20,286	$	2,217	$	2,207

Schedule of Unrealized Loss on Investments [Table Text Block]

	December 31, 2013
	Less Than 12 Months					12 Months or Greater					Total
(Dollars in Thousands)	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
Federal Home Loan Bank Bonds	$	4,966	$	(625	)	$	1,325	$	(152	)	$	6,291	$	(777	)
Federal Farm Credit Bonds		4,101		(398	)		1,278		(167	)		5,379		(565	)
Federal Home Loan Mortgage Corporation Bonds		3,065		(432	)		─		─			3,065		(432	)
Federal National Mortgage Association		8,777		(819	)		1,294		(206	)		10,071		(1,025	)
		20,909		(2,274	)		3,897		(525	)		24,806		(2,799	)
Mortgage-Backed Securities:
Government National Mortgage Corporation		─		─			28		(1	)		28		(1	)
		─		─			28		(1	)		28		(1	)
Mutual Fund Shares		190		(4	)		─		─			190		(4	)
Total	$	21,099	$	( 2,278	)	$	3,925	$	(526	)	$	25,024	$	2,804

	March 31, 2013
	Less Than 12 Months					12 Months or Greater					Total
(Dollars in Thousands)	Fair Vealue		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
Federal Home Loan Bank Bonds	$	2,454	$	(22	)	$	─	$	─		$	2,454	$	(22	)
Federal Farm Credit Bonds		2,428		(17	)		─		─			2,428		(17	)
Federal Home Loan Mortgage Corporation Bonds		498		(2	)		─		─			498		(2	)
Federal National Mortgage Association		1,979		(21	)		─		─			1,979		(21	)
		7,359		(62	)		─		─			7,359		(62	)
Mortgage-Backed Securities:
Government National Mortgage Corporation		─		─		$	31	$	(1	)	$	31	$	(1	)
Total	$	7,359	$	(62	)	$	31	$	( 1	)	$	7,390	$	(63	)

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Note 8 - Fair Value of Financial Instruments (Details) - Assets and Liabilities Measured at Fair Value on a Recurring Basis (USD $)	Dec. 31, 2013	Mar. 31, 2013
Note 8 - Fair Value of Financial Instruments (Details) - Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items]
Available-for-sale securities	$ 1,901,284	$ 2,207,018
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Note 8 - Fair Value of Financial Instruments (Details) - Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items]
Available-for-sale securities	0	0
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Note 8 - Fair Value of Financial Instruments (Details) - Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items]
Available-for-sale securities	1,901,000	2,207,000
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Note 8 - Fair Value of Financial Instruments (Details) - Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items]
Available-for-sale securities	$ 0	$ 0

XML

Note 10 - Investment Securities (Details)	Dec. 31, 2013
Investments, Debt and Equity Securities [Abstract]
Held-to-maturity, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions	52
Securities In Unrealized Loss Positions, Depreciated Percentage from Amortized Cost	9.40%

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Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (USD $)	9 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Net loss	$ (239,338)	$ (213,099)
Other comprehensive income (loss), net of tax unrealized income arising from available for sale securities during period	(169,773)	(5,474)
Postretirement benefit plan adjustment	(4,860)	(28,222)
Comprehensive (loss)	$ (413,971)	$ (246,795)

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Note 2 - Use of Estimates

9 Months Ended

Dec. 31, 2013

Policy Text Block [Abstract]

Use of Estimates, Policy [Policy Text Block]

(2)           Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.  Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for losses on loans and the evaluation of deferred taxes.

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Note 8 - Fair Value of Financial Instruments (Details) - Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013	Mar. 31, 2013
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | Fair Value, Inputs, Level 1 [Member]
Note 8 - Fair Value of Financial Instruments (Details) - Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis [Line Items]
Impaired loans	$ 0	$ 0
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | Fair Value, Inputs, Level 2 [Member]
Note 8 - Fair Value of Financial Instruments (Details) - Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis [Line Items]
Impaired loans	0	0
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | Fair Value, Inputs, Level 3 [Member]
Note 8 - Fair Value of Financial Instruments (Details) - Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis [Line Items]
Impaired loans	6,289	6,346
Fair Value, Measurements, Nonrecurring [Member] | Real Estate Owned [Member] | Fair Value, Inputs, Level 1 [Member]
Note 8 - Fair Value of Financial Instruments (Details) - Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis [Line Items]
Real estate owned	0	0
Total		0
Fair Value, Measurements, Nonrecurring [Member] | Real Estate Owned [Member] | Fair Value, Inputs, Level 2 [Member]
Note 8 - Fair Value of Financial Instruments (Details) - Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis [Line Items]
Real estate owned	0	0
Total		0
Fair Value, Measurements, Nonrecurring [Member] | Real Estate Owned [Member] | Fair Value, Inputs, Level 3 [Member]
Note 8 - Fair Value of Financial Instruments (Details) - Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis [Line Items]
Real estate owned	2,476	2,470
Total		8,815
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member]
Note 8 - Fair Value of Financial Instruments (Details) - Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis [Line Items]
Total	0
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member]
Note 8 - Fair Value of Financial Instruments (Details) - Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis [Line Items]
Total	0
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member]
Note 8 - Fair Value of Financial Instruments (Details) - Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis [Line Items]
Total	8,765
Fair Value, Inputs, Level 3 [Member]
Note 8 - Fair Value of Financial Instruments (Details) - Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis [Line Items]
Impaired loans	83,553	91,300
Real estate owned	$ 2,476	$ 2,470

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Note 9 - Loans (Details) - Real Estate Owned (REO), Net of Valuation Allowance (USD $)	3 Months Ended	9 Months Ended		12 Months Ended
	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Mar. 31, 2013
Real Estate Owned (REO), Net of Valuation Allowance [Abstract]
Balance, beginning of period		$ 2,469,800	$ 846,000	$ 846,000
Balance, end of period		2,475,925		2,469,800
Balance, beginning of period		72,000	104,000	104,000
Balance, end of period		149,000		72,000
Additions from loan foreclosures		856,353	1,837,287	2,650,000
Additions from capitalized costs		0		3,000
Dispositions of REO		(615,000)		(821,000)
Gain (loss) on sale of REO	(87,133)	(85,681)	(86,264)	(152,000)
Valuation adjustments in the period		(149,000)		(56,000)
Valuation adjustments added in the period		149,000		56,000
Valuation adjustments on disposed properties during the period		$ (72,000)		$ (89,000)

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Note 9 - Loans (Tables)

9 Months Ended

Dec. 31, 2013

Receivables [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]

	December 31, 2013			March 31, 2013
Residential (one-to four-family) real estate	$	63,968		$	66,598
Multi-family and commercial real estate		10,474			12,402
Commercial		1,247			1,166
Home equity		7,974			8,361
Consumer		945			960
Construction		938			83
Total loans		85,546			89,570
Net deferred loan origination fees		(100	)		(118	)
Allowance for loan losses		(1,229	)		(1,033	)
Loans, net	$	84,217		$	88,419

Financing Receivable Credit Quality Indicators [Table Text Block]

	Pass		Special Mention Loans		Classified Loans		Non- Performing Loans		Total
Residential real estate		60,824		302	─			2,842		63,968
Multi-family and commercial real estate		7,417		346		155		2,556		10,474
Commercial		800		255	─			192		1,247
Home equity		7,359	─		─			615		7,974
Consumer		910	─		─			35		945
Construction		889	─		─			49		938
		78,199		903		155		6,289		85,546

Past Due Financing Receivables [Table Text Block]

	30-59 Days Past Due			60- 89 Days Past Due			Greater than 90 Days Past Due			Total Past Due			Current			Total Loan Balances
Residential real estate		477			491			2,288			3,256			60,712			63,968
Multi-family and commercial real estate		223			219			1,670			2,112			8,362			10,474
Commercial		177			─			192			369			878			1,247
Home Equity		98			135			185			418			7,556			7,974
Consumer		5			5			35			45			900			945
Construction		─			─			─			─			938			938
Total Loans		980			850			4,370			6,200			79,346			85,546
Percentage of Total Loans		1.1	%		1.0	%		5.1	%		7.2	%		92.8	%		100.0	%

Impaired Financing Receivables [Table Text Block]

	December 31, 2013		March 31, 2013
Impaired loans for which a valuation allowance has been provided	$	-	$	-
Impaired loans for which no valuation allowance has been provided		6,289		6,346
Total loans determined to be impaired	$	6,289	$	6,346
Allowance for loans losses related to impaired loans	$	-	$	-
Average recorded investment in impaired loans	$	6,157	$	7,245
Cash basis interest income recognized on impaired Loans	$	182	$	168

Schedule of Credit Losses Related to Financing Receivables, Current and Noncurrent [Table Text Block]

	Recorded Investment		Unpaid Principal Balance		Related Valuation Allowance		Average Recorded Investment		Interest Income Recognized While On Impaired Statues
Impaired loans with no valuation allowance:
Residential real estate	$	2,890	$	2,852	$	─	$	2,366	$	100
Multi-family and commercial real estate		3,071		2,976		─		3,421		61
Commercial		192		192		─		199		1
Home equity		185		185		─		117		17
Consumer		35		35		─		4		1
Construction		49		49		─		50		2
Subtotal	$	6,422	$	6,289	$	─	$	6,517	$	182

	Recorded Investment		Unpaid  Principal Balance		Related Valuation Allowance		Average Recorded Investment		Interest Income Recognized While On Impaired Statues
Impaired loans with no valuation allowance:
Residential real estate	$	2,255	$	2,223	$	─	$	2,774	$	83
Multi-family and commercial real estate		3,550		3,550		─		4,106		62
Commercial		235		235		─		172		8
Home equity		287		287		─		138		11
Consumer		─		─		─		3		─
Construction		51		51		─		52		4
Subtotal	$	6,378	$	6,346	$	─	$	7,245	$	168

Schedule of Financing Receivables, Non Accrual Status [Table Text Block]

	December 31, 2013			March 31, 2013
Non-accrual loans:
Residential real estate	$	1,427		$	992
Multi-family and commercial real estate		595			1,302
Commercial		192			235
Consumer		35			─
Home Equity		615			287
Construction		─			─
Total non-accrual loans	$	2,864		$	2,816
Troubled Debt Restructurings:
In non-accrual status:
Residential real estate	$	678		$	550
Multi-family and commercial real estate		828			1,001
Commercial		─			─
Consumer		─			─
Home Equity		─			─
Construction		─			─
Total troubled debt restructurings in non-accrual status	$	1,506		$	1,551
Performing under modified terms:
Residential real estate	$	737		$	788
Multi-family and commercial real estate		1,133			1,139
Commercial		─			─
Consumer		─			─
Home Equity		─			─
Construction		49			51
Total troubled debt restructurings performing under modified terms:		1,919			1,978
Total troubled debt restructurings		3,425			3,529
Total non-performing loans		6,289			6,345
Real estate owned		2,476			2,470
Total non-performing assets	$	8,765		$	8,815
Non-performing loans as a percentage of loans		7.35	%		7.08	%
Non-performing assets as a percentage of loans and real estate owned		9.96	%		9.58	%
Non-performing assets as percentage of total assets		6.76	%		6.81	%

Troubled Debt Restructurings on Financing Receivables [Table Text Block]

	December 31, 2013						March 31, 2013
			Outstanding Recorded Investment						Outstanding Recorded Investment
	Number of Contracts		Pre- Modification		Post- Modification		Number of Contracts		Pre- Modification		Post- Modification
Troubled debt restructurings:
Residential real estate		1	$	120	$	123		2	$	339	$	486

	Number of Contracts		Recorded Investment		Number of Contracts		Recorded Investment
Troubled debt restructurings that subsequently defaulted:
Residential real estate		─		─		1	$	75

Real Estate Owned [Table Text Block]

	December 31, 2013			March 31, 2013
Balance, beginning of period	$	2,470		$	846
Additions from loan foreclosures		856			2,650
Additions from capitalized costs	─				3
Dispositions of REO		(615	)		(821	)
Gain (loss) on sale of REO		(86	)		(152	)
Valuation adjustments in the period		(149	)		(56	)
Balance, end of period	$	2,476		$	2,470

	December 31, 2013			March 31, 2013
Balance, beginning of period	$	72		$	104
Valuation adjustments added in the period		149			57
Valuation adjustments on disposed properties during the period		(72	)		(89	)
Balance, end of period	$	149		$	72

	December 31, 2013			March 31, 2013
Balance at beginning of period	$	1,033		$	1,161
Provision:
Commercial		54			4
Commercial real estate		433			587
Residential real estate		173			20
Home Equity		18			19
Consumer		(68	)		14
Construction		3			(4	)
Total Provision	$	613		$	640
Charge-Offs:
Commercial	$	49		$	-
Commercial Real Estate		365			686
Residential real estate		79			27
Home Equity		-			29
Consumer		-			66
Recoveries		(76	)		(40	)
Total Net Charge-Offs		417			768
Balance at end of period	$	1,229		$	1,033
Period-end loans outstanding	$	85,546		$	89,570
Average loans outstanding	$	85,393		$	95,122
Allowance as a percentage of period-end loans		1.44	%		1.15	%
Net charge-offs as a percentage of average loans		0.49	%		0.81	%

Allowance for Credit Losses on Financing Receivables [Table Text Block]

	Commercial			Commercial Real Estate			Residential Real Estate			Home Equity		Consumer			Construction		Total
Balance, beginning of year	$	44		$	378		$	485		$	48	$	77		$	1	$	1,033
Loan charge-offs		(49	)		(365	)		(79	)		─		─			─		(493	)
Recoveries					7			1			─		68			─		76
Provision for loan losses		54			433			173			18		(68	)		3		613
Balance, end of period		49			453			580			66		77			4	$	1,229
Ending balance for loans individually evaluated for impairment		112			1,032			2,338			363		─			─		3,845
Ending balance for loans collectively evaluated for impairment		1,135			9,442			61,630			7,611		945			938		81,701
Loans receivable:		1,247			10,474			63,968			7,974		945			938		85,546
Ending balance
Ending balance: loans individually evaluated for impairment		112			1,032			2,338			363		─			─		3,845
Ending balance: loans collectively evaluated for impairment		1,135			9,442			61,630			7,611		945			938		81,701