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 September 30, 2014

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 November 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 September 30, 2014 (Unaudited) and March 31, 2014	2
	Consolidated Statements of Income for the Three and Six Months Ended September 30, 2014 and 2013 (Unaudited)	3
	Consolidated Statements of Comprehensive Income (Loss) for the Six Months Ended September 30, 2014 (Unaudited)	4
	Consolidated Statements of Changes in Stockholders’ Equity for the Six Months Ended September 30, 2014 (Unaudited)	5
	Consolidated Statements of Cash Flows for the Six Months Ended September 30, 2014 and 2013 (Unaudited)	6
	Notes to Unaudited Consolidated Financial Statements	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	28
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	31
Item 4.	Controls and Procedures	31
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	32
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

	September 30, 2014			March 31, 2014
	(unaudited)
ASSETS
Cash and cash equivalents
Cash and amounts due from depository institutions	$	615,824		$	505,735
Interest-bearing deposits with depository institutions		4,596,676			2,826,904
Total cash and cash equivalents		5,212,500			3,332,639
Investment securities:
Securities available-for-sale (amortized cost of $2,172,400 and $2,185,959 at September 30, 2014 and March 31, 2014, respectively)		2,040,205			1,973,370
Securities held-to-maturity (fair value $24,906,258 and $25,410,461 at September 30, 2014 and March 31, 2014, respectively)		25,719,743			26,975,907
Total investment securities		27,759,948			28,949,277
Loans, net of allowance for loan losses of $1,228,399 at September 30, 2014 , $1,448,298 at March 31, 2014		80,704,832			83,539,442
Accrued interest receivable		447,615			462,284
Real estate owned		3,412,600			1,949,825
Federal Home Loan Bank, at cost		261,300			271,300
Premises and equipment, net		6,589,786			6,668,552
Deferred income tax, net		1,867,700			1,722,601
Bank-owned life insurance		164,666			165,197
Other assets		299,304			335,245
Total assets	$	126,720,251		$	127,396,362
LIABILITIES
Deposits
Non-interest bearing	$	8,144,524		$	7,852,030
Interest bearing		100,908,688			102,772,669
Total deposits		109,053,212			110,624,699
Advances from Federal Home Loan bank		3,000,000			2,000,000
Accrued interest payable		5,773			6,556
Advance payments by borrowers for taxes and insurance		344,830			328,815
Other liabilities		675,730			684,289
Total liabilities	$	113,079,545		$	113,644,359
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY
Preferred stock, $.01 par value, 5,000,000 shares authorized at September 30, 2014 and March 31, 2014, no shares issued
Common stock, $.01 par value, 20,000,000 shares authorized at September 30, 2014 and March 31, 2014, 945,425 shares issued and outstanding at September 30, 2014 and March 31, 2014,	$	9,454		$	9,454
Additional paid-in capital		9,972,504			9,956,750
Retained earnings, substantially restricted		4,394,090			4,569,378
Unearned common stock held by employee stock ownership plan		(592,168	)		(592,168	)
Accumulated other comprehensive (loss)		(143,174	)		(191,411	)
Total stockholder’s equity		13,640,706			13,752,003
Total liabilities and stockholders’ equity	$	126,720,251		$	127,396,362

See Notes to the Unaudited Consolidated Financial Statements.

2

DELANCO BANCORP, INC. AND SUBSIDIARY

Consolidated Statements of Income

(Unaudited)

	Three Months Ended September 30,						Six Months Ended September 30,
	2014			2013			2014			2013
INTEREST INCOME
Loans	$	926,137		$	994,378		$	1,865,942		$	2,040,804
Investment securities		180,238			177,363			361,130			336,706
Total interest income		1,106,375			1,171,741			2,227,072			2,377,510
INTEREST EXPENSE
Interest-bearing checking accounts		10,205			10,394			20,046			20,484
Passbook and money market accounts		26,212			33,069			52,261			65,931
Certificates of deposits		110,591			147,425			223,355			309,002
Federal Home Loan Bank Advances		4,964		−				9,322		−
Total interest expense		151,972			190,888			304,984			395,417
Net interest income		954,403			980,853			1,922,088			1,982,093
Provision for loan losses		300,000			116,500			375,000			206,500
Net interest income after provision for loan losses		654,403			864,353			1,547,088			1,775,593
NON-INTEREST INCOME
Increase in cash surrender value of bank-owned life insurance		−		−				−			5,809
Loss on sale of real estate owned		−			(51,585	)		−			(85,681	)
Service charges		39,715			37,847			74,916			72,882
Rental income		25,633			36,271			51,769			74,549
Other		5,838			5,083			8,833			9,324
Total non-interest income		71,186			27,616			135,518			76,883
NON-INTEREST EXPENSE
Salaries and employee benefits		420,245			374,750			841,894			769,894
Advertising		6,021			5,800			10,510			11,712
Office supplies, telephone and postage		35,727			18,831			59,225			34,527
Loan expenses		32,910			41,076			102,811			103,624
Occupancy expense		156,359			159,489			303,516			310,596
Federal insurance premiums		42,687			53,349			85,786			106,796
Real estate owned loss reserve		78,302			77,500			78,302			77,500
Data processing expenses		55,748			57,217			110,732			113,339
ATM expenses		10,258			8,194			17,282			15,111
Bank charges and fees		17,138			16,580			34,862			33,614
Insurance and surety bond premiums		27,854			20,845			47,111			42,227
Dues and subscriptions		7,474			6,476			13,695			11,064
Professional fees		80,049			58,432			159,006			127,969
Real Estate Owned expense, net		63,197			28,400			109,252			68,527
Other		29,219			26,153			58,168			47,589
Total non-interest expense		1,063,188			953,092			2,032,152			1,874,089
LOSS BEFORE INCOME TAX EXPENSE		(337,599	)		(61,123	)		(349,546	)		(21,613	)
Income tax (benefit)		(159,995	)		(18,185	)		(174,258	)		(12,385	)
NET LOSS		(177,604	)		(42,938	)		(175,288	)		(9,228	)
LOSS PER COMMON SHARE	$	(0.19	)	$	(0.05	)	$	(0.19	)	$	−

See Notes to the Unaudited Consolidated Financial Statements.

3

DELANCO BANCORP, INC. AND SUBSIDIARY

Consolidated Statements of Comprehensive Income (Loss)

(Unaudited)

Six months Ended

	September 30, 2014			September 30, 2013
Net loss	$	(175,288	)	$	(9,228	)
Other comprehensive loss net of tax:
Postretirement benefit plan adjustment, net of deferred tax expense (benefit) of $(3,240) for six months ended		−			(4,860	)
Unrealized gain (loss) on investment securities available for sale, net of deferred tax (benefit) of $32,158 and $(87,460) for the six months ended		48,237			(131,189	)
Other comprehensive income (loss)		48,237			(136,049	)
Total Comprehensive (loss)	$	(127,051	)	$	(145,277	)

See Notes to the Unaudited Consolidated Financial Statements

4

DELANCO BANCORP, INC. AND SUBSIDIARY

Consolidated Statements of Changes in Stockholders’ Equity

(Unaudited)

	Common Stock				Additional Paid-in		Retained			Common Stock Held			Accumulated Other-Comprehensive			Total Stockholders’
	Shares		Amount		Capital		Earnings			by ESOP			Income (Loss)			Equity
Balance at March 31, 2014		945,425	$	9,454	$	9,956,750	$	4,569,378		$	(592,168	)	$	(191,411	)		13,752,003
Net loss								(175,288	)								(175,288	)
Other comprehensive income, net of tax:														48,237			48,237
Employee stock option expense						15,754											15,754
Balance at September 30, 2014		945,425	$	9,454	$	9,972,504	$	4,394,090		$	(592,168	)	$	(143,174	)	$	13,640,706

See Notes to the Unaudited Consolidated Financial Statements.

5

DELANCO BANCORP, INC. AND SUBSIDIARY

Consolidated Statements of Cash Flows

(Unaudited)

	Six months Ended September 30,
	2014			2013
Cash flow from operating activities
Net loss	$	(175,288	)	$	(9,228	)
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income tax benefit		(177,257	)		(37,400	)
Depreciation		129,457			136,448
Discount accretion net of premium amortization		(1,459	)		28,607
Provision for loan losses		375,000			206,500
Increase in cash surrender value from bank owned life insurance		−			(5,809	)
(Gain) Loss on sale of real estate owned		−			85,681
Compensation expense for stock options		15,754			−
Changes in operating assets and liabilities
(Increase) decrease in:
Accrued interest receivable		14,669			(19,375	)
Other assets		36,474			(250	)
Increase (decrease) in:
Accrued interest payable		(783	)		(1,774	)
Other liabilities		(8,559	)		(85,651	)
Net cash provided by operating activities	$	208,008		$	297,749
Cash flows from investing activities
Proceeds of securities available for sale		13,559			15,729
Purchases of securities held-to-maturity		(500,000	)		(10,022,500	)
Proceeds from maturities and principal repayments of securities held-to-maturity		1,757,622			3,452,830
Redemption of investment required by law – stock in Federal Home Loan Bank		10,000			21,200
Proceeds from sale of real estate owned		219,020			545,634
Net decrease in loans		777,815			4,451,661
Purchases of premises and equipment		(50,691	)		(5,561	)
Net cash provided by(used in) investing activities	$	2,227,325		$	(1,541,007	)
Cash flows from financing activities
(Decrease) increase in deposits		(1,571,487	)		361,659
Increase in advance payments by borrowers for taxes and insurance		16,015			10,316
Increase in federal Home Loan bank Advances		1,000,000			3,626,739
Net cash provided by (used) in financing activities	$	(555,472	)	$	3,998,714

6

	Six months Ended September 30,
	2014		2013
Net increase in cash and cash equivalents	$	1,879,861	$	2,755,456
Cash and cash equivalents, beginning of the period		3,332,639		6,722,766
Cash and cash equivalents, end of period	$	5,212,500	$	9,478,222
Supplemental Disclosures:
Cash paid during the period for interest	$	296,445	$	397,191
Cash paid during the period for income taxes	$	5,500	$	1,000
Loans transferred to foreclosed real estate during the period	$	1,725,243		176,113
Net change in unrealized gain (loss) on securities available-for-sale net of tax	$	48,237	$	(131,189	)

See Notes to the Unaudited Consolidated Financial Statements.

7

DELANCO BANCORP, INC. AND SUBSIDIARY

Notes to the Unaudited Consolidated Financial Statements

September 30, 2014

(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 six months ended September 30, 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 six month period ended September 30, 2014 are not necessarily indicative of the results that may be expected for the entire year or any other interim period. For additional information, refer to the consolidated financial statements and footnotes thereto of the Company included in the Company’s annual report on Form 10-K for the year ended March 31, 2014.

(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 115 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 2010 through 2013 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:

	Six months Ended September 30,
	2014		2013
Numerator
Denominators:
Basic shares outstanding		945,425		945,425*
Effect of dilutive securities		945,425		945,425
Dilutive shares outstanding
Earnings per share:
Basic		$(0.19)		$(0.05)
Dilutive		$(0.19)		$(0.05)

*Adjusted to reflect the stock conversion that took place on October 16, 2013.

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, 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 September 30, 2014 were 9.04%, 15.92% and 17.17%, respectively.

10

(7) Recent Accounting Pronouncements

There were no recent accounting pronouncements since the March 31, 2014 audited financial statements.

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		Significant		Significant
	in Active		Other		Other
	Markets for		Observable		Unobservable
	Identical Assets		Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)
September 30, 2014
Available-for-sale securities	$	173	$	1,867	$	--
March 31, 2014
Available-for-sale securities	$	183	$	1,790	$	--

12

Assets and Liabilities on a Non-Recurring Basis

Assets and liabilities measured at fair value on a non-recurring basis at September 30, 2014 and March 31, 2014 are as follows (dollars in thousands):

	Fair Value Measurements at Reporting Date Using
	Quoted Prices		Significant		Significant
	in Active		Other		Other
	Markets for		Observable		Unobservable
	Identical Assets		Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)
September 30, 2014
Impaired loans	$	--	$	--	$	4,760
Real estate owned		--		--		3,046
Total	$	--	$	--	$	7,806
March 31, 2014
Impaired loans	$	--	$	--	$	6,021
Real estate owned		--		--		1,950
Total	$	--	$	--	$	7,970

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 September 30, 2014 and March 31, 2014 was as follows:

	September 30, 2014
	Carrying Amount		Level 1		Level 2		Level 3
(Dollars in Thousands)
Financial Assets:
Cash and cash equivalents	$	5,212	$	5,212	$	−	$	−
Investment securities		27,892		173		26,773		−
Loans – net		80,705		−		−		80,189
FHLB stock		261		261		−		−
Accrued interest receivable		448		448		−		−
Bank–owned life insurance		165		165		−		−
Real estate owned		3,413		−		−		3,413
Total financial assets	$	118,096	$	6,259	$	26,773	$	83,602
Financial Liabilities:
Deposits	$	109,053	$	8,145	$	101,014	$	−
Advance payments by borrowers for taxes and insurance		345		345		−		−
Advances Federal Home Loan Bank		3,000		3,000		−		−
Accrued interest payable		6		6		−		−
Total financial liabilities	$	112,404	$	11,496	$	101,014	$	−

13

	March 31, 2014
	Carrying Amount		Level 1		Level 2		Level 3
(Dollars in Thousands)
Financial Assets:
Cash and cash equivalents	$	3,333	$	3,333	$	−	$	−
Investment securities		29,162		−		27,384		−
Loans – net		83,539		−		−		83,059
FHLB stock		271		271		−		−
Accrued interest receivable		462		462		−		−
Bank–owned life insurance		165		165		−		−
Real estate owned		1,950		−		−		1,950
Total financial assets	$	118,882	$	4,231	$	27,384	$	85,009
Financial Liabilities:
Deposits	$	110,625	$	7,852	$	103,249	$	−
Advances from Federal Home Loan Bank		2,000		2,000		−		−
Advance payments by borrowers for taxes and insurance		684		684		−		−
Accrued interest payable		7		7		−		−
Total financial liabilities	$	113,316	$	10,543	$	103,249	$	−

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.

	September 30, 2014				March 31, 2014
	Contract Value		Estimated Fair Value		Contract Value		Estimated Fair Value
Off-balance sheet instruments
Commitments to extend credit	$	5,734	$	−	$	5,710	$	−

(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.

14

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 September 30, 2014 and March 31, 2014 are summarized as follows (dollars in thousands):

	September 30,			March 31,
	2014			2014
Residential (one-to four-family) real estate	$	62,355		$	63,524
Multi-family and commercial real estate		8,636			10,414
Commercial		1,794			1,307
Home equity		7,681			8,144
Consumer		714			686
Construction		843			1,009
Total loans		82,023			85,084
Net deferred loan origination fees		(90	)		(97	)
Allowance for loan losses		(1,228	)		(1,448	)
Loans, net	$	80,705		$	83,539

The Bank is subject to a loans-to-one-borrower limitation of 15% of capital funds. At September 30, 2014, the loans-to-one-borrower limitation was $1.9 million; this excluded an additional 10% of adjusted capital funds or approximately $1.3 million, which may be loaned if collateralized by readily marketable securities. At September 30, 2014, there were no loans outstanding or committed to any one borrower, which individually or in the aggregate exceeded the Bank’s loans to-one-borrower limitations of 15% of capital funds.

15

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

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

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

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

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

Special Mention – Loans on which the credit risk requires more than ordinary attention by the Loan Officer. This may 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 September 30, 2014, the Bank has entered into formal forbearance agreements with three relationships totaling $683 thousand that require current payments while the borrowers restructure their finances.

16

The following table represents loans by credit quality indicator at September 30, 2014 (dollars in thousands):

	Pass		Special Mention Loans		Classified Loans		Non-Performing Loans		Total
Residential real estate	$	59,295	$	−	$	128	$	2,932	$	62,355
Multi-family and commercial real estate		6,224		716		530		1,166		8,636
Commercial		1,493		221		80		−		1,794
Home equity		7,681		−		−		−		7,681
Consumer		710		−		−		4		714
Construction		784		−		−		59		843
	$	76,187	$	937	$	738	$	4,161	$	82,023

The following table represents past-due loans as of September 30, 2014 (dollars in thousands):

							Greater
	30-59			60- 89			than 90
	Days Past			Days Past			Days Past			Total Past						Total Loan
	Due			Due			Due			Due			Current			Balances
Residential real estate	$	947		$	1,194		$	1,291		$	3,432		$	58,923		$	62,355
Multi-family and commercial real estate		374			413			1,021			1,808			6,828			8,636
Commercial		−			170			24			194			1,600			1,794
Home Equity		11			145			−			156			7,525			7,681
Consumer		19			71			4			94			620			714
Construction		−			59			−			59			784			843
Total Loans		1,351			2,052			2,340			5,743			76,280		$	82,023
Percentage of Total Loans		1.65	%		2.50	%		2.85	%		7.00	%		93.00	%		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 September 30, 2014, the Bank had 19 loan relationships totaling $2.4 million in non-accrual loans as compared to 23 relationships totaling $4.1 million at March 31, 2014. The average balance of impaired loans totaled $5.0 million for the six months ended September 30, 2014 as compared to $6.0 million for the year ended March 31, 2014, and interest income recorded on impaired loans for the six months ended September 30, 2014 totaled $96 thousand as compared to $235 thousand for the year ended March 31, 2014.

17

The following table represents data on impaired loans at September 30, 2014 and March 31, 2014 (dollars in thousands):

	September 30, 2014		March 31, 2014
Impaired loans for which a valuation allowance has been provided	$	−	$	846
Impaired loans for which no valuation allowance has been provided	$	4,406	$	5,175
Total loans determined to be impaired	$	4,406	$	6,021
Allowance for loans losses related to impaired loans	$	−	$	288
Average recorded investment in impaired loans	$	4,970	$	5,964
Cash basis interest income recognized on impaired loans	$	96	$	235

The following table presents impaired loans by portfolio class at September 30, 2014 (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	$	2,875	$	2,830	$	−	$	2,965	$	53
Multi-family and commercial real estate		1,503		1,446		−		1,801		41
Commercial		24		24		−		62		1
Home equity		47		47		−		184		−
Consumer		−		−		−		1		−
Construction		59		59		−		59		1
Total	$	4,508	$	4,406	$	−	$	5,072	$	96

The following table presents impaired loans by portfolio class with no valuation allowance at March 31, 2014 (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	$	2,387	$	2,345	$	−	$	2,185	$	130
Multi-family and commercial real estate		2,443		2,443		−		2,556		88
Commercial		108		108		−		183		−
Home equity		219		219		−		155		8
Consumer		−		−		−		4		−
Construction		60		60		−		51		3
Subtotal	$	5,217	$	5,175	$	−	$	5,134	$	229

18

The following table presents impaired loans by portfolio class with a valuation allowance at March 31, 2014 (dollars in thousands):

	Recorded Investment		Unpaid Principal Balance		Related Valuation Allowance		Average Recorded Investment		Interest Income Recognized While on Impaired Statues
Impaired loans with a valuation allowance:
Residential real estate	$	153	$	153	$	28	$	153	$	6
Multi-family and commercial real estate		693		693		260		677		−
Commercial		−		−		−		−		−
Home equity		−		−		−		−		−
Consumer		−		−		−		−		−
Construction		−		−		−		−		−
Subtotal	$	846	$	846	$	288	$	830	$	6

Total Impaired Loans by Portfolio Class at March 31, 2014

	Recorded Investment		Unpaid Principal Balance		Related Valuation Allowance		Average Recorded Investment		Interest Income Recognized While on Impaired Statues
Total impaired loans:
Residential real estate	$	2,540	$	2,498	$	28	$	2,338	$	136
Multi-family and commercial real estate		3,136		3,136		260		3,233		88
Commercial		108		108		−		183		−
Home equity		219		219		−		155		8
Consumer		−		−		−		4		−
Construction		60		60		−		51		3
Total	$	6,063	$	6,021	$	288	$	5,964	$	235

19

The following table represents nonaccrual loans as of September 30, 2014 and March 31, 2014 (dollars in thousands):

	Sept. 30, 2014			March 31, 2014
Non-accrual loans:
Residential real estate	$	1,217		$	1,277
Multi-family and commercial real estate		639			981
Commercial		24			108
Consumer		4			−
Home Equity		47			219
Construction		−			−
Total non-accrual loans		1,931			2,585
Accruing loans past due 90 days or more:
Residential real estate	$	−		$	−
Multi-family and commercial real estate		−			100
Commercial		−			−
Consumer		−			−
Home Equity		−			−
Construction		−			−
Total accruing loans past due 90 days or more		−			100
Troubled Debt Restructurings:
In non-accrual status:
Residential real estate	$	75		$	672
Multi-family and commercial real estate		382			847
Commercial		−			−
Consumer		−			−
Home Equity		−			−
Construction		−			−
Total troubled debt restructurings in non-accrual status		457			1,519
Performing under modified terms:
Residential real estate		1,194			548
Multi-family and commercial real estate		770			1,309
Commercial		−			−
Consumer		−			−
Home Equity		−			−
Construction		59			60
Total troubled debt restructurings performing under modified terms:		2,023			1,917
Total troubled debt restructurings		2,480			3,436
Total non-performing loans		4,411			6,121
Real estate owned		3,413			1,950
Total non-performing assets		7,824			8,071
Non-performing loans as a percentage of loans		5.38	%		7.19	%
Non-performing assets as a percentage of loans and real estate owned		9.16	%		9.27	%
Non-performing assets as percentage of total assets		6.17	%		6.34	%

20

During the six months ended September 30, 2014, the Bank experienced a $1.7 million net decrease in non-accrual loans. This change reflects the downgrading of ten loan relationships to non-accrual status totaling $1.5 million during the six months ended September 30, 2014. The downgraded loans consisted of five residential mortgages totaling $909 thousand, five commercial loans totaling $549 thousand, one home equity loan totaling $47 thousand and one consumer loan for $4 thousand. These additions to the non-accruals were offset by four residential mortgages for $831 thousand, one commercial real estate loan for $128 thousand and a home equity loan for $46 thousand that returned to accruing status, one commercial loan for $56 thousandthat was paid in full, one commercial loan for $108 thousand that was paid off in a short sale, three residential loans that were partially charged off by $33 thousand due to updated valuations, four residential loans in the amount of $735 thousand and two commercial relationships consisting of two commercial real estate loans of $1.2 million that were transferred to real estate owned after a partial charge-off of $230 thousand due to valuation updates.

The following table presents troubled debt restructurings that occurred during the periods ended September 30, 2014 and March 31, 2014 and loans modified as troubled debt restructurings within the previous 3 and 12 month periods and for which there was a payment default during the period.

September 30, 2014

March 31, 2014

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

Number of Contracts

Recorded Investment

Number of Contracts

Recorded Investment

Troubled debt restructurings that subsequently defaulted:

Residential real estate

−

$

−

$

−

$

−

$

−

$

−

21

The following table presents the changes in real estate owned (REO), net of valuation allowance, for the periods ended September 30, 2014 and March 31, 2014:

	September 30,			March 31,
	2014			2014
Balance, beginning of period	$	1,950		$	2,470
Additions from loan foreclosures		1,725			856
Additions from capitalized costs		−			3
Dispositions of REO		(184	)		(690	)
Gain (loss) on sale of REO		−			(86	)
Valuation adjustments in the period		(78	)		(603	)
Balance, end of period	$	3,413		$	1,950

The following table presents the changes in fair value adjustments to REO for the periods ended September 30, 2014 and March 31, 2014:

	September 30,			March 31,
	2014			2014
Balance, beginning of period	$	676		$	73
Valuation adjustments added in the period		78			675
Valuation adjustments on disposed properties during the period		(35	)		(72	)
Balance, end of period	$	719		$	676

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

	September 30,			March 31,
	2014			2014
Balance at beginning of period	$	1,448		$	1,033
Provision:
Commercial		23			141
Commercial real estate		238			628
Residential real estate		116			266
Home Equity		12			21
Consumer		(13	)		(103	)
Construction		(1	)		4
Total provision		375			957
Charge-offs:
Commercial		−			127
Commercial real estate		557			378
Residential real estate		78			100
Home equity		−			4
Consumer		−			16
Recoveries		(40	)		(83	)
Total Net Charge-Offs	$	595		$	542
Balance at end of period	$	1,228		$	1,448
Period-end loans outstanding	$	82,023		$	85,084
Average loans outstanding	$	83,143		$	87,327
Allowance as a percentage of period-end loans		1.50	%		1.70	%
Net charge-offs as a percentage of average loans		0.72	%		0.62	%

22

Additional details for changes in the allowance for loan by loan portfolio as of September 30, 2014 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	$	58	$	635		$	656		$	65	$	30		$	4		$	1,448
Loan charge-offs		−		(557	)		(78	)		−		−			−			(635	)
Recoveries		−		25			5			−		10			−			40
Provision for loan losses		23		238			116			12		(13	)		(1	)		375
Balance, end of period	$	81	$	341		$	699		$	77	$	27		$	3		$	1,228
Ending balance for loans individually evaluated for impairment	$	−		−			−			−		−			−			−
Ending balance for loans collectively evaluated for impairment	$	81	$	341		$	699		$	77	$	27		$	3		$	1,228
Loans receivable:	$	1,794	$	8,636		$	62,355		$	7,681	$	714		$	843		$	82,023
Ending balance
Ending balance: loans individually evaluated for impairment	$	−	$	1,879		$	2,217		$	−	$	−		$	−		$	4,096
Ending balance: loans collectively evaluated for impairment	$	1,794	$	6,757		$	60,138		$	7,681	$	714		$	843		$	77,927

23

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 six months ending September 30, 2014, the Bank experienced 11 partial charge-offs related to 9 relationships totaling $635 thousand as compared to three charge-offs relating to three loan relationships totaling $111 thousand and eleven partial charge-offs relating to eleven loan relationships totaling $514 thousand for the year ended March 31, 2014.  

At September 30, 2014, the Bank maintained an allowance for loan loss ratio of 1.50% to loans outstanding. Non-performing assets have decreased by $247 thousandover their stated levels at March 31, 2014, representing a non-performing asset to total asset ratio of 6.17% at September 30, 2014 as compared to a non-performing asset to total asset ratio of 6.34% at March 31, 2014.

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

24

(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 September 30, 2014 and March 31, 2014 are as follows:

	Held-to-Maturity September 30, 2014
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
(Dollars in Thousands)
Federal Farm Credit Bank Bond	$	5,444	$	−	$	(239	)	$	5,205
Federal Home Loan Bank Bonds		7,069		−		(306	)		6,763
Federal Home Loan Mortgage Corporation Bonds		1,997		−		(90	)		1,907
Federal National Mortgage Association		9,499		11		(285	)		9,225
Municipal Bond		470		5		−			475
		24,479		16		(920	)		23,575
Mortgage-Backed Securities:
Federal Home Loan Mortgage Corporation		501		34		−			535
Federal National Mortgage Association		528		48		−			576
Government National Mortgage Corporation		212		8		−			220
		1,241		90		−			1,331
Total	$	25,720	$	106	$	(920	)	$	24,906

	Held-to-Maturity March 31, 2014
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
(Dollars in Thousands)
Federal Home Loan Bank Bonds	$	6,568	$	−	$	(524	)	$	6,044
Federal Farm Credit Bonds		5,944		−		(387	)		5,557
Federal Home Loan Mortgage Corporation Bonds		1,997		−		(167	)		1,830
Federal National Mortgage Association Bond		10,498		17		(597	)		9,918
Municipal Bond		547		1		−			548
		25,554		18		(1,675	)		23,897
Mortgage-backed securities:
Federal Home Loan Mortgage Corporation		610		43		(7	)		646
Federal National Mortgage Association		583		54		(4	)		633
Government National Mortgage Corporation		229		7		(2	)		234
		1,422		104		(13	)		1,513
Total	$	26,976	$	122	$	(1,688	)	$	25,410

	Available for Sale
	September 30, 2014
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Federal Home Loan Bank Bonds	$	1,500	$	−	$	(95	)	$	1,405
Federal National Mortgage Association Bond		500		−		(38	)		462
Mutual Fund Shares		173		−					173
	$	2,173	$	−	$	(133	)	$	2,040

	Available for Sale
	March 31, 2014
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Federal Home Loan Bank Bonds	$	1,500	$	−	$	(148	)	$	1,352
Federal National Mortgage Association Bond		500		−		(62	)		438
Mutual Fund Shares		186		−		(3	)		183
	$	2,186	$	−	$	(213	)	$	1,973

25

The following is a summary of maturities of securities held-to-maturity and available-for-sale as of September 30, 2014 and March 31, 2014:

	September 30, 2014
	Held to Maturity				Available for Sale
(Dollars in Thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Amounts maturing in:
One year or less	$	470	$	475	$	−	$	−
After one year through five years		2,002		2,001		−		−
After five years through ten years		5,419		5,227		−		−
After ten years		17,829		17,203		2,000		1,867
Equity securities		−		−		173		173
	$	25,720	$	24,906	$	2,173	$	2,040

	March 31, 2014
	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	$	548	$	−	$	−
After one year through five years		1,502		1,500		−		−
After five years through ten years		8,418		7,928		−		−
After ten years		16,509		15,434		2,000		1,790
Equity securities		−		−		186		183
	$	26,976	$	25,410	$	2,186	$	1,973

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 September 30, 2014 and March 31, 2014, aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows:

	September 30, 2014
	Less Than 12 Months					12 Months or Greater					Total
	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
(Dollars in Thousands)
Federal Home Loan Bank Bonds	$	968	$	(10	)	$	7,199	$	(391	)	$	8,167	$	(401	)
Federal Farm Credit Bonds		−		−			5,205		(239	)		5,205		(239	)
Federal Home Loan Mortgage Corporation Bonds		−		−			1,906		(91	)		1,906		(91	)
Federal National Mortgage Association		499		(1	)		8,678		(321	)		9,177		(322	)
Total	$	1,467	$	(11	)	$	22,988	$	(1,042	)	$	24,455	$	(1,053	)

26

	March 31, 2014
	Less Than 12 Months					12 Months or Greater					Total
	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
(Dollars in Thousands)
Federal Home Loan Bank Bonds	$	3,606	$	(371	)	$	3,790	$	(301	)	$	7,396	$	(672	)
Federal Farm Credit Bonds		3,282		(217	)		1,775		(171	)		5,057		(388	)
Federal Home Loan Mortgage Corporation Bonds		1,100		(77	)		902		(97	)		2,002		(174	)
Federal National Mortgage Association		7,687		(512	)		1,349		(151	)		9,036		(663	)
Mutual funds shares		183		(3	)		−		−			183		(3	)
		15,858		(1,180	)		7,816		(720	)		23,674		(1,900	)
Mortgage-Backed Securities:
Government National Mortgage Corporation		−		−			26		(1	)		26		(1	)
Total	$	15,858	$	(1,180	)	$	7,842	$	(721	)	$	23,700	$	(1,901	)

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 September 30, 2014, the 52 debt securities with unrealized losses have depreciated 3.69% 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.

27

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 six months ended September 30, 2014 and 2013 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 September 30, 2014 were $126.7 million, a decrease of $700 thousand from total assets of $ 127.4 million at March 31, 2014. Total liabilities decreased $500 thousand from $113.6 million at March 31, 2014 to $113.1 million at September 30, 2014. Total stockholders’ equity decreased $100 thousand to $13.6 million at September 30, 2014, primarily due to net loss offset by the increase in other comprehensive income related to increased values in the held to maturity portfolio.

Loans. At September 30, 2014, total loans, net, were $80.7 million, or 63.7% of total assets. Overall loans decreased by $2.8 million primarily due to payoffs in the portfolio and the transfer of defaulted loans into real estate owned. Commercial and multi-family real estate loans decreased by $1.8 million, residential real estate loans decreased by $1.2 million, home equity loans decreased by $463 thousand and commercial loans increased by $487 thousand.

Total nonperforming loans at September 30, 2014 decreased $1.7 million from March 31, 2014.

Securities. The investment securities portfolio was $27.8 million, or 21.9% of total assets, at September 30, 2014. At that date, 4.5% 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 decreased $1.2 million compared to March 31, 2014. The decrease was primarily due to calls of debt securities.

Deposits. Total deposits were $109.1 million at September 30, 2014, a decrease of $1.6 million compared to March 31, 2014. Deposits decreased as we made a conscious effort to reduce our reliance on high costing time deposits. Core deposits remained constant for the six months while time deposits decreased by $1.6 million.

28

Results of Operations for the Three and Six Months Ended September 30, 2014 and 2013

Financial Highlights.  The net loss for the three months ended September 30, 2014 was $178 thousand as compared to a net loss of $43 thousand for the same prior year period. The net loss for the six months ended September 30, 2014 was $175 thousand as compared to a net loss of $9 thousand for the same prior year period. The decrease in net income for the three-month period was primarily the result of a higher loan loss provision, decreased net interest income, increased salaries and employee benefits, professional fees and real estate owned expense. The decrease in net income for the six-month period was primarily the result of the same factors listed above for the three month variances.

Net Interest Income.   Net interest income decreased $60 thousand to $1.9 million for the six months ended September 30, 2014 as compared to the prior year period. The Bank saw an increase in the interest rate spread (7 basis points) and an increase in net interest margin (1basis points) for the six month period.  The rates earned on assets declined, resulting in a 3.0% decrease in total net interest income for the six months ending September 30, 2014 compared to the six months ended September 20, 2013. Total interest expense decreased by 22.9% between the same periods.

Average loans in the six months ended September 30, 2014 decreased $4.3 million, or 5.0%, compared with the same period in 2013, driven by payoffs in the residential and commercial mortgage portfolios. Average investment securities in the six months ended September 30, 2014 increased $1.2 million, or 4.5%, compared to the same period in 2013. The increase in the investment portfolio was due to purchases of debt securities. Declining interest rates decreased the average yield on earning assets to 3.89% for the six months ended September 30, 2014, compared with 4.0% for the same period in 2013.

Average interest-bearing deposits in the six months ended September 30, 2014 decreased $5.6 million or 5.2%, compared with the same period in 2013. Declining interest rates decreased the average cost of deposits to 0.54%, compared with 0.71% for the same period in 2013.

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 $300 thousand for the three months and $375 thousand in the six months ended September 30, 2014 compared to $117 thousand in the three months and $207 thousand in the six months ended September 30, 2013.  We had $350 thousand in net charge-offs in the three months and $595 thousand in net charge-offs in the six months ended September 30, 2014 compared to $120 thousand and $291 thousand in net charge-offs in the same prior year periods. The charge-offs were primarily the result of re-evaluations of the collateral securing classified assets.

Non-Interest Income.  Non-interest income increased $59 thousand in the six-month period ending September 30, 2014 compared to the six-month period ended September 20, 2013 primarily due to no losses on real estate owned for both the three and six months ending September 30, 2014.

Non-Interest Expenses.  Non-interest expenses increased $45 thousand for the three months and $158 thousand in the six months ending September 30, 2014 compared to the six months ended September 30, 2013 primarily due to increased salary and employee benefit and real estate owned expenses offset by decreased federal insurance premiums. The increases in real estate owned expense are related to the increased number of properties in real estate owned and the increases in professional fees are related to the ongoing collection efforts on the classified assets.

29

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 September 30, 2014, cash and cash equivalents totaled $5.2 million. At September 30, 2014, we had $3.0 million in outstanding borrowings and had arrangements to borrow up to $15.2 million from the Federal Home Loan Bank of New York and $1 million from Atlantic Central Bankers Bank.

At September 30, 2014, 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 September 30, 2014, we had $550 thousand in loan commitments outstanding. We also had $5.2 million 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 September 30, 2014 totaled $23.5 million, or 52.7% 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 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 September 30, 2015. 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.

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 September 30, 2014 and March 31, 2014, the Company had $716 thousand in cash and cash equivalents.  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.

30

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 to the Consolidated Financial Statements.

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 September 30, 2014, 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.

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

There are no material changes from the risk factors set forth under Part I, Item 1A. “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2014, which could materially and adversely affect the Company’s business, financial condition or future results. The risks described in the Company’s Form 10-K 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.

31

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

Not applicable.

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 September 30, 2014, 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 Comprehensive Income (Loss); (iv) the Consolidated Statements of Changes in Stockholders’ Equity, (v) the Consolidated Statements of Cash Flows and (vi) the Notes to the Consolidated Financial Statements.

________________________________

(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: November 14, 2014	By:	/s/ James E. Igo
		James E. Igo
		Chairman, President and
		Chief Executive Officer
Dated: November 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.

Dated: November 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.

Dated: November 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 September 30, 2014, 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
	Chairman, President and Chief Executive Officer
	Dated: November 14, 2014
By:	/s/ Eva Modi
	Eva Modi
	Chief Financial Officer
	Dated: November 14, 2014

XML

Note 9 - Loans (Details) - Troubled Debt Restructurings Subsequently Defaulted (Residential Portfolio Segment [Member], USD $)	6 Months Ended	12 Months Ended
	Sep. 30, 2014	Mar. 31, 2014
Residential Portfolio Segment [Member]
Financing Receivable, Modifications [Line Items]
Residential real estate
Residential real estate

XML

Note 10 - Investment Securities (Details) - Maturities of Securities (USD $)	Sep. 30, 2014	Mar. 31, 2014
Maturities of Securities [Abstract]
Held to Maturity - Amortized Cost - One year or less	$ 470,000	$ 547,000
Held to Maturity - Fair Value - One year or less	475,000	548,000
Held to Maturity - Amortized Cost - After one year through five years	2,002,000	1,502,000
Held to Maturity - Fair Value - After one year through five years	2,001,000	1,500,000
Held to Maturity - Amortized Cost - After five years through ten years	5,419,000	8,418,000
Held to Maturity - Fair Value - After five years through ten years	5,227,000	7,928,000
Held to Maturity - Amortized Cost - After ten years	17,829,000	16,509,000
Held to Maturity - Fair Value - After ten years	17,203,000	15,434,000
Available for Sale - Amortized Cost - After ten years	2,000,000	2,000,000
Available for Sale - Fair Value - After ten years	1,867,000	1,790,000
Available for Sale - Amortized Cost - Equity securities	173,000	186,000
Available for Sale - Fair Value - Equity securities	173,000	183,000
Held to Maturity - Amortized Cost - Total	25,719,743	26,975,907
Held to Maturity - Fair Value - Total	24,906,258	25,410,461
Available for Sale - Amortized Cost - Total	2,173,000	2,186,000
Available for Sale - Fair Value - Total	$ 2,040,205	$ 1,973,370

XML

Note 9 - Loans (Details) - Loans by Credit Quality Indicator (USD $) In Thousands, unless otherwise specified	Sep. 30, 2014	Mar. 31, 2014
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	$ 82,023	$ 85,084
Residential (One to Four Family) Real Estate [Member] | Pass [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	59,295
Residential (One to Four Family) Real Estate [Member] | Classified Loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	128
Residential (One to Four Family) Real Estate [Member] | Nonperforming Financing Receivable [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	2,932
Residential (One to Four Family) Real Estate [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	62,355	63,524
Multi-Family and Commercial Real Estate [Member] | Pass [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	6,224
Multi-Family and Commercial Real Estate [Member] | Special Mention [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	716
Multi-Family and Commercial Real Estate [Member] | Classified Loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	530
Multi-Family and Commercial Real Estate [Member] | Nonperforming Financing Receivable [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	1,166
Multi-Family and Commercial Real Estate [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	8,636	10,414
Commercial Loan [Member] | Pass [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	1,493
Commercial Loan [Member] | Special Mention [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	221
Commercial Loan [Member] | Classified Loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	80
Commercial Loan [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	1,794	1,307
Home Equity Line of Credit [Member] | Pass [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	7,681
Home Equity Line of Credit [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	7,681	8,144
Consumer Loan [Member] | Pass [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	710
Consumer Loan [Member] | Nonperforming Financing Receivable [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	4
Consumer Loan [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	714	686
Construction [Member] | Pass [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	784
Construction [Member] | Nonperforming Financing Receivable [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	59
Construction [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	843	1,009
Pass [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	76,187
Special Mention [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	937
Classified Loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	738
Nonperforming Financing Receivable [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans Receivable	$ 4,161

XML

Note 5 - Earnings Per Share (Details) - Earnings Per Share Reconciliation (USD $)	6 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Denominators:
Basic shares outstanding	945,425	945,425	[1]
Effect of dilutive securities	945,425	945,425
Earnings per share:
Basic	$ (0.19)	$ (0.05)
Dilutive	$ (0.19)	$ (0.05)

[1] Adjusted to reflect the stock conversion that took place on October 16, 2013.

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Note 9 - Loans (Details) - Allowance for Loan Losses (USD $)	3 Months Ended		6 Months Ended		12 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Mar. 31, 2014
Financing Receivable, Allowance for Credit Losses [Line Items]
Balance			$ 1,448,298	$ 1,033,000	$ 1,033,000
Ending balance for loans collectively evaluated for impairment	1,228,000		1,228,000
Loans receivable:	82,023,000		82,023,000		85,084,000
Ending balance: loans individually evaluated for impairment	4,096,000		4,096,000
Ending balance: loans collectively evaluated for impairment	77,927,000		77,927,000
Loan charge-offs			(635,000)
Recoveries			40,000		83,000
Provision for loan losses	300,000	116,500	375,000	206,500	957,000
Balance	1,228,399		1,228,399		1,448,298
Commercial Loan [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Balance			58,000
Ending balance for loans collectively evaluated for impairment	81,000		81,000
Loans receivable:	1,794,000		1,794,000		1,307,000
Ending balance: loans collectively evaluated for impairment	1,794,000		1,794,000
Loan charge-offs					(127,000)
Provision for loan losses			23,000		141,000
Balance	81,000		81,000		58,000
Commercial Real Estate [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Balance			635,000
Ending balance for loans collectively evaluated for impairment	341,000		341,000
Loans receivable:	8,636,000		8,636,000
Ending balance: loans individually evaluated for impairment	1,879,000		1,879,000
Ending balance: loans collectively evaluated for impairment	6,757,000		6,757,000
Loan charge-offs			(557,000)		(378,000)
Recoveries			25,000
Provision for loan losses			238,000		628,000
Balance	341,000		341,000		635,000
Residential Portfolio Segment [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Balance			656,000
Ending balance for loans collectively evaluated for impairment	699,000		699,000
Loans receivable:	62,355,000		62,355,000
Ending balance: loans individually evaluated for impairment	2,217,000		2,217,000
Ending balance: loans collectively evaluated for impairment	60,138,000		60,138,000
Loan charge-offs			(78,000)		(100,000)
Recoveries			5,000
Provision for loan losses			116,000		266,000
Balance	699,000		699,000		656,000
Home Equity Line of Credit [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Balance			65,000
Ending balance for loans collectively evaluated for impairment	77,000		77,000
Loans receivable:	7,681,000		7,681,000		8,144,000
Ending balance: loans collectively evaluated for impairment	7,681,000		7,681,000
Loan charge-offs					(4,000)
Provision for loan losses			12,000		21,000
Balance	77,000		77,000		65,000
Consumer Loan [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Balance			30,000
Ending balance for loans collectively evaluated for impairment	27,000		27,000
Loans receivable:	714,000		714,000		686,000
Ending balance: loans collectively evaluated for impairment	714,000		714,000
Loan charge-offs					(16,000)
Recoveries			10,000
Provision for loan losses			(13,000)		(103,000)
Balance	27,000		27,000		30,000
Construction [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Balance			4,000
Ending balance for loans collectively evaluated for impairment	3,000		3,000
Loans receivable:	843,000		843,000		1,009,000
Ending balance: loans collectively evaluated for impairment	843,000		843,000
Provision for loan losses			(1,000)		4,000
Balance	$ 3,000		$ 3,000		$ 4,000

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Note 9 - Loans (Details) - Nonaccrual Loans (USD $)	6 Months Ended	12 Months Ended
	Sep. 30, 2014	Mar. 31, 2014	Mar. 31, 2013
Non-accrual loans:
Non-accrual Loans	$ 1,931,000	$ 2,585,000
Accruing loans past due 90 days or more:
90 Days Past Due And Still Accruing		100,000
Troubled Debt Restructurings:
Trouble Debt Restructurings	2,480,000	3,436,000
Total non-performing loans		6,063,000
Real estate owned	3,412,600	1,949,825	2,470,000
Total non-performing assets	7,824,000	8,071,000
Non-performing loans as a percentage of loans	5.38%	7.19%
Non-performing assets as a percentage of loans and real estate owned	9.16%	9.27%
Non-performing assets as percentage of total assets	6.17%	6.34%
In Non-accrual Status [Member] | Residential (One to Four Family) Real Estate [Member]
Troubled Debt Restructurings:
Trouble Debt Restructurings	75,000	672,000
In Non-accrual Status [Member] | Multi-Family and Commercial Real Estate [Member]
Troubled Debt Restructurings:
Trouble Debt Restructurings	382,000	847,000
In Non-accrual Status [Member] | Commercial Loan [Member]
Troubled Debt Restructurings:
Trouble Debt Restructurings		0
In Non-accrual Status [Member] | Consumer Loan [Member]
Troubled Debt Restructurings:
Trouble Debt Restructurings		0
In Non-accrual Status [Member] | Home Equity Line of Credit [Member]
Troubled Debt Restructurings:
Trouble Debt Restructurings		0
In Non-accrual Status [Member] | Construction [Member]
Troubled Debt Restructurings:
Trouble Debt Restructurings		0
In Non-accrual Status [Member]
Troubled Debt Restructurings:
Trouble Debt Restructurings	457,000	1,519,000
Performing Under Modified Terms [Member] | Residential (One to Four Family) Real Estate [Member]
Troubled Debt Restructurings:
Trouble Debt Restructurings	1,194,000	548,000
Performing Under Modified Terms [Member] | Multi-Family and Commercial Real Estate [Member]
Troubled Debt Restructurings:
Trouble Debt Restructurings	770,000	1,309,000
Performing Under Modified Terms [Member] | Commercial Loan [Member]
Troubled Debt Restructurings:
Trouble Debt Restructurings		0
Performing Under Modified Terms [Member] | Consumer Loan [Member]
Troubled Debt Restructurings:
Trouble Debt Restructurings		0
Performing Under Modified Terms [Member] | Home Equity Line of Credit [Member]
Troubled Debt Restructurings:
Trouble Debt Restructurings		0
Performing Under Modified Terms [Member] | Construction [Member]
Troubled Debt Restructurings:
Trouble Debt Restructurings	59,000	60,000
Performing Under Modified Terms [Member]
Troubled Debt Restructurings:
Trouble Debt Restructurings	2,023,000	1,917,000
Residential (One to Four Family) Real Estate [Member]
Non-accrual loans:
Non-accrual Loans	1,217,000	1,277,000
Troubled Debt Restructurings:
Total non-performing loans		2,540,000
Multi-Family and Commercial Real Estate [Member]
Non-accrual loans:
Non-accrual Loans	639,000	981,000
Accruing loans past due 90 days or more:
90 Days Past Due And Still Accruing		100,000
Troubled Debt Restructurings:
Total non-performing loans		3,136,000
Commercial Loan [Member]
Non-accrual loans:
Non-accrual Loans	24,000	108,000
Troubled Debt Restructurings:
Total non-performing loans		108,000
Consumer Loan [Member]
Non-accrual loans:
Non-accrual Loans	4,000	0
Home Equity Line of Credit [Member]
Non-accrual loans:
Non-accrual Loans	47,000	219,000
Troubled Debt Restructurings:
Total non-performing loans		219,000
Construction [Member]
Non-accrual loans:
Non-accrual Loans		0
Troubled Debt Restructurings:
Total non-performing loans		60,000
Nonperforming Financing Receivable [Member]
Troubled Debt Restructurings:
Total non-performing loans	$ 4,411,000	$ 6,121,000

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Note 10 - Investment Securities (Details) - Securities With Gross Unrealized Losses (USD $) In Thousands, unless otherwise specified	Sep. 30, 2014	Mar. 31, 2014
Note 10 - Investment Securities (Details) - Securities With Gross Unrealized Losses [Line Items]
Less Than 12 Months, Fair Value	$ 1,467	$ 15,858
Less Than 12 Months, Gross Unrealized Losses	(11)	(1,180)
12 Months or Greater, Fair Value	22,988	7,842
12 Months or Greater, Gross Unrealized Losses	(1,042)	(721)
Total, Fair Value	24,455	23,700
Total, Gross Unrealized Losses	(1,053)	(1,901)
Federal Home Loan Bank Bonds [Member]
Note 10 - Investment Securities (Details) - Securities With Gross Unrealized Losses [Line Items]
Less Than 12 Months, Fair Value	968	3,606
Less Than 12 Months, Gross Unrealized Losses	(10)	(371)
12 Months or Greater, Fair Value	7,199	3,790
12 Months or Greater, Gross Unrealized Losses	(391)	(301)
Total, Fair Value	8,167	7,396
Total, Gross Unrealized Losses	(401)	(672)
Federal Farm Credit Bonds [Member]
Note 10 - Investment Securities (Details) - Securities With Gross Unrealized Losses [Line Items]
Less Than 12 Months, Fair Value		3,282
Less Than 12 Months, Gross Unrealized Losses		(217)
12 Months or Greater, Fair Value	5,205	1,775
12 Months or Greater, Gross Unrealized Losses	(239)	(171)
Total, Fair Value	5,205	5,057
Total, Gross Unrealized Losses	(239)	(388)
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		1,100
Less Than 12 Months, Gross Unrealized Losses		(77)
12 Months or Greater, Fair Value	1,906	902
12 Months or Greater, Gross Unrealized Losses	(91)	(97)
Total, Fair Value	1,906	2,002
Total, Gross Unrealized Losses	(91)	(174)
Federal National Mortgage Association [Member]
Note 10 - Investment Securities (Details) - Securities With Gross Unrealized Losses [Line Items]
Less Than 12 Months, Fair Value	499	7,687
Less Than 12 Months, Gross Unrealized Losses	(1)	(512)
12 Months or Greater, Fair Value	8,678	1,349
12 Months or Greater, Gross Unrealized Losses	(321)	(151)
Total, Fair Value	9,177	9,036
Total, Gross Unrealized Losses	(322)	(663)
Mutual Fund Shares [Member]
Note 10 - Investment Securities (Details) - Securities With Gross Unrealized Losses [Line Items]
Less Than 12 Months, Fair Value		183
Less Than 12 Months, Gross Unrealized Losses		(3)
12 Months or Greater, Fair Value		0
12 Months or Greater, Gross Unrealized Losses		0
Total, Fair Value		183
Total, Gross Unrealized Losses		(3)
Total Bonds [Member]
Note 10 - Investment Securities (Details) - Securities With Gross Unrealized Losses [Line Items]
Less Than 12 Months, Fair Value		15,858
Less Than 12 Months, Gross Unrealized Losses		(1,180)
12 Months or Greater, Fair Value		7,816
12 Months or Greater, Gross Unrealized Losses		(720)
Total, Fair Value		23,674
Total, Gross Unrealized Losses		(1,900)
Government National Mortgage Association [Member]
Note 10 - Investment Securities (Details) - Securities With Gross Unrealized Losses [Line Items]
12 Months or Greater, Fair Value		26
12 Months or Greater, Gross Unrealized Losses		(1)
Total, Fair Value		26
Total, Gross Unrealized Losses		$ (1)

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Note 1 - Basis of Presentation

6 Months Ended

Sep. 30, 2014

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 six months ended September 30, 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 six month period ended September 30, 2014 are not necessarily indicative of the results that may be expected for the entire year or any other interim period. For additional information, refer to the consolidated financial statements and footnotes thereto of the Company included in the Company’s annual report on Form 10-K for the year ended March 31, 2014.

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Note 10 - Investment Securities (Details)	Sep. 30, 2014
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	3.69%

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Note 8 - Fair Value of Financial Instruments (Details) - Estimated Fair Value of Assets and Liabilities (USD $)	Sep. 30, 2014	Mar. 31, 2014	Sep. 30, 2013	Mar. 31, 2013
Financial Assets:
Cash and cash equivalents	$ 5,212,500	$ 3,332,639	$ 9,478,222	$ 6,722,766
Loans – net	80,704,832	83,539,442
FHLB stock	261,300	271,300
Accrued interest receivable	447,615	462,284
Bank–owned life insurance	164,666	165,197
Real estate owned	3,412,600	1,949,825		2,470,000
Total financial assets	126,720,251	127,396,362
Financial Liabilities:
Deposits	109,053,212	110,624,699
Advance payments by borrowers for taxes and insurance	344,830	328,815
Advances Federal Home Loan Bank	3,000,000	2,000,000
Total financial liabilities	113,079,545	113,644,359
Fair Value, Inputs, Level 1 [Member]
Financial Assets:
Cash and cash equivalents	5,212,000	3,333,000
Investment securities	173,000
FHLB stock	261,000	271,000
Accrued interest receivable	448,000	462,000
Bank–owned life insurance	165,000	165,000
Total financial assets	6,259,000	4,231,000
Financial Liabilities:
Deposits	8,145,000	7,852,000
Advance payments by borrowers for taxes and insurance	345,000	684,000
Advances Federal Home Loan Bank	3,000,000	2,000,000
Accrued interest payable	6,000	7,000
Total financial liabilities	11,496,000	10,543,000
Fair Value, Inputs, Level 2 [Member]
Financial Assets:
Investment securities	26,773,000	27,384,000
Total financial assets	26,773,000	27,384,000
Financial Liabilities:
Deposits	101,014,000	103,249,000
Total financial liabilities	101,014,000	103,249,000
Fair Value, Inputs, Level 3 [Member]
Financial Assets:
Loans – net	80,189,000	83,059,000
Real estate owned	3,413,000	1,950,000
Total financial assets	83,602,000	85,009,000
Reported Value Measurement [Member]
Financial Assets:
Cash and cash equivalents	5,212,000	3,333,000
Investment securities	27,892,000	29,162,000
Loans – net	80,705,000	83,539,000
FHLB stock	261,000	271,000
Accrued interest receivable	448,000	462,000
Bank–owned life insurance	165,000	165,000
Real estate owned	3,413,000	1,950,000
Total financial assets	118,096,000	118,882,000
Financial Liabilities:
Deposits	109,053,000	110,625,000
Advance payments by borrowers for taxes and insurance	345,000	684,000
Advances Federal Home Loan Bank	3,000,000	2,000,000
Accrued interest payable	6,000	7,000
Total financial liabilities	$ 112,404,000	$ 113,316,000

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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	Sep. 30, 2014	Mar. 31, 2014
Fair Value, Inputs, Level 1 [Member] | Impaired Loans [Member] | Fair Value, Measurements, Nonrecurring [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
Fair Value, Inputs, Level 1 [Member] | Real Estate Owned [Member] | Fair Value, Measurements, Nonrecurring [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
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Nonrecurring [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, Inputs, Level 2 [Member] | Impaired Loans [Member] | Fair Value, Measurements, Nonrecurring [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
Fair Value, Inputs, Level 2 [Member] | Real Estate Owned [Member] | Fair Value, Measurements, Nonrecurring [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
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Nonrecurring [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, Inputs, Level 3 [Member] | Impaired Loans [Member] | Fair Value, Measurements, Nonrecurring [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	4,760	6,021
Fair Value, Inputs, Level 3 [Member] | Real Estate Owned [Member] | Fair Value, Measurements, Nonrecurring [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	3,046	1,950
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member]
Note 8 - Fair Value of Financial Instruments (Details) - Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis [Line Items]
Total	7,806	7,970
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	80,189	83,059
Real estate owned	$ 3,413	$ 1,950

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Note 10 - Investment Securities (Details) - Held-to-Maturity Securities (USD $)	Sep. 30, 2014	Mar. 31, 2014
Schedule of Held-to-maturity Securities [Line Items]
Held-to-Maturity Securities - Amortized Cost	$ 25,720,000	$ 26,976,000
Held-to-Maturity Securities - Gross Unrealized Gains	106,000	122,000
Held-to-Maturity Securities - Gross Unrealized Losses	(920,000)	(1,688,000)
Held-to-Maturity Securities - Fair Value	24,906,258	25,410,461
Federal Farm Credit Bonds [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-Maturity Securities - Amortized Cost	5,444,000	5,944,000
Held-to-Maturity Securities - Gross Unrealized Gains	0
Held-to-Maturity Securities - Gross Unrealized Losses	(239,000)	(387,000)
Held-to-Maturity Securities - Fair Value	5,205,000	5,557,000
Federal Home Loan Bank Bonds [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-Maturity Securities - Amortized Cost	7,069,000	6,568,000
Held-to-Maturity Securities - Gross Unrealized Gains	0
Held-to-Maturity Securities - Gross Unrealized Losses	(306,000)	(524,000)
Held-to-Maturity Securities - Fair Value	6,763,000	6,044,000
Federal Home Loan Mortgage Corporation Bonds [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-Maturity Securities - Amortized Cost	1,997,000	1,997,000
Held-to-Maturity Securities - Gross Unrealized Gains	0	0
Held-to-Maturity Securities - Gross Unrealized Losses	(90,000)	(167,000)
Held-to-Maturity Securities - Fair Value	1,907,000	1,830,000
Federal National Mortgage Association [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-Maturity Securities - Amortized Cost	9,499,000	10,498,000
Held-to-Maturity Securities - Gross Unrealized Gains	11,000	17,000
Held-to-Maturity Securities - Gross Unrealized Losses	(285,000)	(597,000)
Held-to-Maturity Securities - Fair Value	9,225,000	9,918,000
Municipal Bond [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-Maturity Securities - Amortized Cost	470,000	547,000
Held-to-Maturity Securities - Gross Unrealized Gains	5,000	1,000
Held-to-Maturity Securities - Gross Unrealized Losses	0	0
Held-to-Maturity Securities - Fair Value	475,000	548,000
Total Bonds [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-Maturity Securities - Amortized Cost	24,479,000	25,554,000
Held-to-Maturity Securities - Gross Unrealized Gains	16,000	18,000
Held-to-Maturity Securities - Gross Unrealized Losses	(920,000)	(1,675,000)
Held-to-Maturity Securities - Fair Value	23,575,000	23,897,000
Federal Home Loan Mortgage Corporation [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-Maturity Securities - Amortized Cost	501,000	610,000
Held-to-Maturity Securities - Gross Unrealized Gains	34,000	43,000
Held-to-Maturity Securities - Gross Unrealized Losses	0	(7,000)
Held-to-Maturity Securities - Fair Value	535,000	646,000
Federal National Mortgage Association Mortgage Backed Securities [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-Maturity Securities - Amortized Cost	528,000	583,000
Held-to-Maturity Securities - Gross Unrealized Gains	48,000	54,000
Held-to-Maturity Securities - Gross Unrealized Losses	0	(4,000)
Held-to-Maturity Securities - Fair Value	576,000	633,000
Government National Mortgage Corporation [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-Maturity Securities - Amortized Cost	212,000	229,000
Held-to-Maturity Securities - Gross Unrealized Gains	8,000	7,000
Held-to-Maturity Securities - Gross Unrealized Losses		(2,000)
Held-to-Maturity Securities - Fair Value	220,000	234,000
Total Mortgage-Backed Securities [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-Maturity Securities - Amortized Cost	1,241,000	1,422,000
Held-to-Maturity Securities - Gross Unrealized Gains	90,000	104,000
Held-to-Maturity Securities - Gross Unrealized Losses		(13,000)
Held-to-Maturity Securities - Fair Value	$ 1,331,000	$ 1,513,000

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Note 8 - Fair Value of Financial Instruments (Details) - Off-Balance Sheet Instruments (Commitments to Extend Credit [Member], USD $) In Thousands, unless otherwise specified	Sep. 30, 2014	Mar. 31, 2014
Commitments to Extend Credit [Member]
Off-balance sheet instruments
Commitments to extend credit	$ 5,734	$ 5,710
Commitments to extend credit

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Note 9 - Loans (Details) (USD $)	6 Months Ended	12 Months Ended	6 Months Ended		6 Months Ended			18 Months Ended	6 Months Ended					6 Months Ended								6 Months Ended		6 Months Ended		18 Months Ended	6 Months Ended		12 Months Ended
	Sep. 30, 2014	Mar. 31, 2014	Sep. 30, 2014 Nonaccrual Status [Member]	Sep. 30, 2014 Residential (One to Four Family) Real Estate [Member] Maximum [Member]	Sep. 30, 2014 Owner Occupied Property [Member] Maximum [Member]	Sep. 30, 2014 Non-Owner Occupied Property [Member] Maximum [Member]	Sep. 30, 2014 Commercial Real Estate Portfolio Segment [Member] Paid In Full [Member]	Sep. 30, 2014 Commercial Real Estate Portfolio Segment [Member] Transfer to Real Estate Owned [Member]	Sep. 30, 2014 Commercial Real Estate Portfolio Segment [Member] Maximum [Member]	Sep. 30, 2014 Commercial Real Estate Portfolio Segment [Member] Minimum [Member]	Sep. 30, 2014 Construction [Member] Maximum [Member]	Sep. 30, 2014 Consumer Portfolio Segment [Member] Downgraded Loans [Member]	Sep. 30, 2014 Consumer Portfolio Segment [Member] Maximum [Member]	Sep. 30, 2014 Entered Into Forbearance Agreements [Member]	Sep. 30, 2014 Residential Portfolio Segment [Member] Downgraded Loans [Member]	Sep. 30, 2014 Residential Portfolio Segment [Member] Paid In Full [Member]	Sep. 30, 2014 Residential Portfolio Segment [Member] Partial Charge-offs [Member]	Sep. 30, 2014 Residential Portfolio Segment [Member]	Sep. 30, 2014 Commercial Loans [Member] Downgraded Loans [Member]	Sep. 30, 2014 Commercial Loans [Member] Paid In Full [Member]	Sep. 30, 2014 Commercial Loans [Member] Transfer to Real Estate Owned [Member]	Sep. 30, 2014 Commercial Loans [Member] Paid Off in Short Sale [Member]	Sep. 30, 2014 Commercial Loans [Member] Partial Charge-offs [Member]	Sep. 30, 2014 Home Equity Loans [Member] Downgraded Loans [Member]	Sep. 30, 2014 Home Equity Loans [Member]	Sep. 30, 2014 Commercial Relationships [Member] Transfer to Real Estate Owned [Member]	Sep. 30, 2014 Downgraded Loans [Member]	Sep. 30, 2014 Partial Charge-offs [Member]	Mar. 31, 2014 Partial Charge-offs [Member]	Mar. 31, 2014 Total Charge-offs [Member]
Note 9 - Loans (Details) [Line Items]
Loan Origination, Percentage of Appraised Value or Selling Price				80.00%					80.00%				80.00%
Loan Term					30 years	30 years					1 year
Interest Rate Maturity Or Re-price									7 years	5 years
Loan Amortization Period									25 years
Maximum Loan to One Borrower Limitation, Percentage of Capital Funds	15.00%
Maximum Loan to One Borrower Limitation	$ 1,900,000
Additional Loan to One Borrower Limitation if Collateralized, Percentage of Adjusted Capital Funds	10.00%
Adjusted Capital Funds Value	1,300,000
Financing Receivable, Modifications, Number of Contracts	19	23					1	2				1		3	5	4	3	4	5	1		1		1		2	10,000	9	11	3
Financing Receivable, Modifications, Recorded Investment														683,000
Financing Receivable Recorded Investment Nonaccrual Status and TDR	2,400,000	4,100,000
Impaired Financing Receivable, Average Recorded Investment	4,970,000	5,964,000
Impaired Financing Receivable, Interest Income, Cash Basis Method	96,000	235,000
Increase (Decrease) in Finance Receivables			1,700,000
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest								1,200,000				4,000			909,000	831,000	33,000	735,000	549,000	56,000	128,000	108,000	230,000	47,000	46,000		1,500,000
Financing Receivable, Allowance for Credit Losses, Write-downs																												635,000	514,000	111,000
Allowance for Loan Loss to Loans Outstanding Ratio	1.50%
Increase (Decrease) in Non-performing Assets	$ (247,000)
Non-performing Assets As Percentage Of Total Assets	6.17%	6.34%

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Consolidated Statements of Cash Flows (Unaudited) (USD $)	6 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Cash flow from operating activities
Net loss	$ (175,288)	$ (9,228)
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income tax benefit	(177,257)	(37,400)
Depreciation	129,457	136,448
Discount accretion net of premium amortization	(1,459)	28,607
Provision for loan losses	375,000	206,500
Increase in cash surrender value from bank owned life insurance		(5,809)
(Gain) Loss on sale of real estate owned		85,681
Compensation expense for stock options	15,754
(Increase) decrease in:
Accrued interest receivable	14,669	(19,375)
Other assets	36,474	(250)
Increase (decrease) in:
Accrued interest payable	(783)	(1,774)
Other liabilities	(8,559)	(85,651)
Net cash provided by operating activities	208,008	297,749
Cash flows from investing activities
Proceeds of securities available for sale	13,559	15,729
Purchases of securities held-to-maturity	(500,000)	(10,022,500)
Proceeds from maturities and principal repayments of securities held-to-maturity	1,757,622	3,452,830
Redemption of investment required by law – stock in Federal Home Loan Bank	10,000	21,200
Proceeds from sale of real estate owned	219,020	545,634
Net decrease in loans	777,815	4,451,661
Purchases of premises and equipment	(50,691)	(5,561)
Net cash provided by(used in) investing activities	2,227,325	(1,541,007)
Cash flows from financing activities
(Decrease) increase in deposits	(1,571,487)	361,659
Increase in advance payments by borrowers for taxes and insurance	16,015	10,316
Increase in federal Home Loan bank Advances	1,000,000	3,626,739
Net cash provided by (used) in financing activities	(555,472)	3,998,714
Net increase in cash and cash equivalents	1,879,861	2,755,456
Cash and cash equivalents, beginning of the period	3,332,639	6,722,766
Cash and cash equivalents, end of period	5,212,500	9,478,222
Supplemental Disclosures:
Cash paid during the period for interest	296,445	397,191
Cash paid during the period for income taxes	5,500	1,000
Loans transferred to foreclosed real estate during the period	1,725,243	176,113
Net change in unrealized gain (loss) on securities available-for-sale net of tax	$ 48,237	$ (131,189)

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Note 9 - Loans (Details) - Loans (USD $)	Sep. 30, 2014	Mar. 31, 2014	Mar. 31, 2013
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans Receivable Gross	$ 82,023,000	$ 85,084,000
Net deferred loan origination fees	(90,000)	(97,000)
Allowance for loan losses	(1,228,399)	(1,448,298)	(1,033,000)
Loans, net	80,704,832	83,539,442
Residential (One to Four Family) Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans Receivable Gross	62,355,000	63,524,000
Multi-Family and Commercial Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans Receivable Gross	8,636,000	10,414,000
Commercial Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans Receivable Gross	1,794,000	1,307,000
Allowance for loan losses	(81,000)	(58,000)
Home Equity Line of Credit [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans Receivable Gross	7,681,000	8,144,000
Allowance for loan losses	(77,000)	(65,000)
Consumer Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans Receivable Gross	714,000	686,000
Allowance for loan losses	(27,000)	(30,000)
Construction [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans Receivable Gross	843,000	1,009,000
Allowance for loan losses	$ (3,000)	$ (4,000)

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Note 9 - Loans (Details) - Real Estate Owned (REO), Net of Valuation Allowance (USD $)	3 Months Ended	6 Months Ended		12 Months Ended
	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Mar. 31, 2014
Real Estate Owned (REO), Net of Valuation Allowance [Abstract]
Balance, beginning of period		$ 1,949,825	$ 2,470,000	$ 2,470,000
Balance, end of period		3,412,600		1,949,825
Balance, beginning of period		676,000	73,000	73,000
Balance, end of period		719,000		676,000
Additions from loan foreclosures		1,725,243	176,113	856,000
Additions from capitalized costs				3,000
Dispositions of REO		(184,000)		(690,000)
Gain (loss) on sale of REO	(51,585)		(85,681)	(86,000)
Valuation adjustments in the period		(78,000)		(603,000)
Valuation adjustments added in the period		78,000		675,000
Valuation adjustments on disposed properties during the period		$ (35,000)		$ (72,000)

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Consolidated Statements of Financial Condition (Current Period Unaudited) (USD $)	Sep. 30, 2014	Mar. 31, 2014
Cash and cash equivalents
Cash and amounts due from depository institutions	$ 615,824	$ 505,735
Interest-bearing deposits with depository institutions	4,596,676	2,826,904
Total cash and cash equivalents	5,212,500	3,332,639
Investment securities:
Securities available-for-sale (amortized cost of $2,172,400 and $2,185,959 at September 30, 2014 and March 31, 2014, respectively)	2,040,205	1,973,370
Securities held-to-maturity (fair value $24,906,258 and $25,410,461 at September 30, 2014 and March 31, 2014, respectively)	25,719,743	26,975,907
Total investment securities	27,759,948	28,949,277
Loans, net of allowance for loan losses of $1,228,399 at September 30, 2014 , $1,448,298 at March 31, 2014	80,704,832	83,539,442
Accrued interest receivable	447,615	462,284
Real estate owned	3,412,600	1,949,825
Federal Home Loan Bank, at cost	261,300	271,300
Premises and equipment, net	6,589,786	6,668,552
Deferred income tax, net	1,867,700	1,722,601
Bank-owned life insurance	164,666	165,197
Other assets	299,304	335,245
Total assets	126,720,251	127,396,362
Deposits
Non-interest bearing	8,144,524	7,852,030
Interest bearing	100,908,688	102,772,669
Total deposits	109,053,212	110,624,699
Advances from Federal Home Loan bank	3,000,000	2,000,000
Accrued interest payable	5,773	6,556
Advance payments by borrowers for taxes and insurance	344,830	328,815
Other liabilities	675,730	684,289
Total liabilities	113,079,545	113,644,359
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY
Preferred stock, $.01 par value, 5,000,000 shares authorized at September 30, 2014 and March 31, 2014, no shares issued
Common stock, $.01 par value, 20,000,000 shares authorized at September 30, 2014 and March 31, 2014, 945,425 shares issued and outstanding at September 30, 2014 and March 31, 2014,	9,454	9,454
Additional paid-in capital	9,972,504	9,956,750
Retained earnings, substantially restricted	4,394,090	4,569,378
Unearned common stock held by employee stock ownership plan	(592,168)	(592,168)
Accumulated other comprehensive (loss)	(143,174)	(191,411)
Total stockholder’s equity	13,640,706	13,752,003
Total liabilities and stockholders’ equity	$ 126,720,251	$ 127,396,362

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Note 10 - Investment Securities (Details) - Available for Sale Securities (USD $)	Sep. 30, 2014	Mar. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities amortized cost	$ 2,172,400	$ 2,185,959
Available for sale securities gross unrealized gains	0
Available for sale securities gross unrealized losses	(133,000)	(213,000)
Available for sale securities fair value	2,040,205	1,973,370
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
Available for sale securities gross unrealized losses	(95,000)	(148,000)
Available for sale securities fair value	1,405,000	1,352,000
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
Available for sale securities gross unrealized losses	(38,000)	(62,000)
Available for sale securities fair value	462,000	438,000
Mutual Fund Shares [Member]
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities amortized cost	173,000	186,000
Available for sale securities gross unrealized gains	0
Available for sale securities gross unrealized losses		(3,000)
Available for sale securities fair value	$ 173,000	$ 183,000

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Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (Parentheticals) (USD $)	6 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Postretirement benefit plan adjustment, deferred tax (benefit)		$ 3,240
Unrealized gain (loss) on investment securities, deferred tax (benefit)	$ 32,158	$ 87,460

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Note 9 - Loans (Details) - Impaired Loans (USD $) In Thousands, unless otherwise specified	6 Months Ended	12 Months Ended
	Sep. 30, 2014	Mar. 31, 2014
Impaired Loans [Abstract]
Impaired loans for which a valuation allowance has been provided		$ 846
Impaired loans for which no valuation allowance has been provided	4,406	5,175
Total loans determined to be impaired	4,406	6,021
Allowance for loans losses related to impaired loans		288
Average recorded investment in impaired loans	4,970	5,964
Cash basis interest income recognized on impaired loans	$ 96	$ 235

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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
Exchange of Common Stock Shares	420,002
Proceeds from Reorganization and Stock Offering	$ 3,280,000
Costs from Reorganization and Stock Offering	$ 923,000

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Note 9 - Loans (Details) - Impaired Loans by Portfolio (USD $) In Thousands, unless otherwise specified	6 Months Ended	12 Months Ended
	Sep. 30, 2014	Mar. 31, 2014
Note 9 - Loans (Details) - Impaired Loans by Portfolio [Line Items]
No Valuation Allowance - Recorded Investment	$ 4,508	$ 5,217
No Valuation Allowance - Unpaid Principal Balance	4,406	5,175
No Valuation Allowance - Average Recorded Investment	5,072	5,134
No Valuation Allowance - Interest Income Recognized While On Impaired Statues	96	229
With Valuation Allowance - Recorded Investment		846
With Valuation Allowance - Unpaid Principal Balance		846
With Valuation Allowance - Related Valuation Allowance		288
With Valuation Allowance - Average Recorded Investment		830
With Valuation Allowance - Interest Income Recognized While On Impaired Statues		6
Recorded Investment		6,063
Unpaid Principal Balance	4,406	6,021
Related Valuation Allowance		288
Average Recorded Investment	4,970	5,964
Interest Income Recognized While On Impaired Statues		235
Residential (One to Four Family) Real Estate [Member]
Note 9 - Loans (Details) - Impaired Loans by Portfolio [Line Items]
No Valuation Allowance - Recorded Investment	2,875	2,387
No Valuation Allowance - Unpaid Principal Balance	2,830	2,345
No Valuation Allowance - Average Recorded Investment	2,965	2,185
No Valuation Allowance - Interest Income Recognized While On Impaired Statues	53	130
With Valuation Allowance - Recorded Investment		153
With Valuation Allowance - Unpaid Principal Balance		153
With Valuation Allowance - Related Valuation Allowance		28
With Valuation Allowance - Average Recorded Investment		153
With Valuation Allowance - Interest Income Recognized While On Impaired Statues		6
Recorded Investment		2,540
Unpaid Principal Balance		2,498
Related Valuation Allowance		28
Average Recorded Investment		2,338
Interest Income Recognized While On Impaired Statues		136
Multi-Family and Commercial Real Estate [Member]
Note 9 - Loans (Details) - Impaired Loans by Portfolio [Line Items]
No Valuation Allowance - Recorded Investment	1,503	2,443
No Valuation Allowance - Unpaid Principal Balance	1,446	2,443
No Valuation Allowance - Average Recorded Investment	1,801	2,556
No Valuation Allowance - Interest Income Recognized While On Impaired Statues	41	88
With Valuation Allowance - Recorded Investment		693
With Valuation Allowance - Unpaid Principal Balance		693
With Valuation Allowance - Related Valuation Allowance		260
With Valuation Allowance - Average Recorded Investment		677
Recorded Investment		3,136
Unpaid Principal Balance		3,136
Related Valuation Allowance		260
Average Recorded Investment		3,233
Interest Income Recognized While On Impaired Statues		88
Commercial Loan [Member]
Note 9 - Loans (Details) - Impaired Loans by Portfolio [Line Items]
No Valuation Allowance - Recorded Investment	24	108
No Valuation Allowance - Unpaid Principal Balance	24	108
No Valuation Allowance - Average Recorded Investment	62	183
No Valuation Allowance - Interest Income Recognized While On Impaired Statues	1
Recorded Investment		108
Unpaid Principal Balance		108
Average Recorded Investment		183
Home Equity Line of Credit [Member]
Note 9 - Loans (Details) - Impaired Loans by Portfolio [Line Items]
No Valuation Allowance - Recorded Investment	47	219
No Valuation Allowance - Unpaid Principal Balance	47	219
No Valuation Allowance - Average Recorded Investment	184	155
No Valuation Allowance - Interest Income Recognized While On Impaired Statues		8
Recorded Investment		219
Unpaid Principal Balance		219
Average Recorded Investment		155
Interest Income Recognized While On Impaired Statues		8
Consumer Loan [Member]
Note 9 - Loans (Details) - Impaired Loans by Portfolio [Line Items]
No Valuation Allowance - Recorded Investment		0
No Valuation Allowance - Unpaid Principal Balance		0
No Valuation Allowance - Average Recorded Investment	1	4
No Valuation Allowance - Interest Income Recognized While On Impaired Statues		0
Average Recorded Investment		4
Construction [Member]
Note 9 - Loans (Details) - Impaired Loans by Portfolio [Line Items]
No Valuation Allowance - Recorded Investment	59	60
No Valuation Allowance - Unpaid Principal Balance	59	60
No Valuation Allowance - Average Recorded Investment	59	51
No Valuation Allowance - Interest Income Recognized While On Impaired Statues	1	3
Recorded Investment		60
Unpaid Principal Balance		60
Average Recorded Investment		51
Interest Income Recognized While On Impaired Statues		$ 3

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Note 5 - Earnings Per Share (Details)	6 Months Ended
	Sep. 30, 2014
Note 5 - Earnings Per Share (Details) [Line Items]
Exchange Ratio	0.5711
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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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]	Total
Balance at March 31, 2014 at Mar. 31, 2014	$ 9,454	$ 9,956,750	$ 4,569,378	$ (592,168)	$ (191,411)	$ 13,752,003
Balance at March 31, 2014 (in Shares) at Mar. 31, 2014	945,425					945,425
Net loss			(175,288)			(175,288)
Other comprehensive income, net of tax:					48,237	48,237
Employee stock option expense		15,754				15,754
Balance at September 30, 2014 at Sep. 30, 2014	$ 9,454	$ 9,972,504	$ 4,394,090	$ (592,168)	$ (143,174)	$ 13,640,706
Balance at September 30, 2014 (in Shares) at Sep. 30, 2014	945,425					945,425

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Consolidated Statements of Financial Condition (Current Period Unaudited) (Parentheticals) (USD $)	Sep. 30, 2014	Mar. 31, 2014
Securities available-for-sale, amortized cost (in Dollars)	$ 2,172,400	$ 2,185,959
Securities held-to-maturity, fair value (in Dollars)	24,906,258	25,410,461
Allowance for loan losses (in Dollars)	$ 1,228,399	$ 1,448,298
Preferred stock, par value (in Dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Common stock par value (in Dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	20,000,000	20,000,000
Common stock, shares issued	945,425	945,425
Common stock, shares outstanding	945,425	945,425

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Note 10 - Investment Securities

6 Months Ended

Sep. 30, 2014

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 September 30, 2014 and March 31, 2014 are as follows:

	Held-to-Maturity September 30, 2014
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
(Dollars in Thousands)
Federal Farm Credit Bank Bond	$	5,444	$	−	$	(239	)	$	5,205
Federal Home Loan Bank Bonds		7,069		−		(306	)		6,763
Federal Home Loan Mortgage Corporation Bonds		1,997		−		(90	)		1,907
Federal National Mortgage Association		9,499		11		(285	)		9,225
Municipal Bond		470		5		−			475
		24,479		16		(920	)		23,575
Mortgage-Backed Securities:
Federal Home Loan Mortgage Corporation		501		34		−			535
Federal National Mortgage Association		528		48		−			576
Government National Mortgage Corporation		212		8		−			220
		1,241		90		−			1,331
Total	$	25,720	$	106	$	(920	)	$	24,906

	Held-to-Maturity March 31, 2014
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
(Dollars in Thousands)
Federal Home Loan Bank Bonds	$	6,568	$	−	$	(524	)	$	6,044
Federal Farm Credit Bonds		5,944		−		(387	)		5,557
Federal Home Loan Mortgage Corporation Bonds		1,997		−		(167	)		1,830
Federal National Mortgage Association Bond		10,498		17		(597	)		9,918
Municipal Bond		547		1		−			548
		25,554		18		(1,675	)		23,897
Mortgage-backed securities:
Federal Home Loan Mortgage Corporation		610		43		(7	)		646
Federal National Mortgage Association		583		54		(4	)		633
Government National Mortgage Corporation		229		7		(2	)		234
		1,422		104		(13	)		1,513
Total	$	26,976	$	122	$	(1,688	)	$	25,410

	Available for Sale
	September 30, 2014
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Federal Home Loan Bank Bonds	$	1,500	$	−	$	(95	)	$	1,405
Federal National Mortgage Association Bond		500		−		(38	)		462
Mutual Fund Shares		173		−					173
	$	2,173	$	−	$	(133	)	$	2,040

	Available for Sale
	March 31, 2014
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Federal Home Loan Bank Bonds	$	1,500	$	−	$	(148	)	$	1,352
Federal National Mortgage Association Bond		500		−		(62	)		438
Mutual Fund Shares		186		−		(3	)		183
	$	2,186	$	−	$	(213	)	$	1,973

The following is a summary of maturities of securities held-to-maturity and available-for-sale as of September 30, 2014 and March 31, 2014:

	September 30, 2014
	Held to Maturity				Available for Sale
(Dollars in Thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Amounts maturing in:
One year or less	$	470	$	475	$	−	$	−
After one year through five years		2,002		2,001		−		−
After five years through ten years		5,419		5,227		−		−
After ten years		17,829		17,203		2,000		1,867
Equity securities		−		−		173		173
	$	25,720	$	24,906	$	2,173	$	2,040

	March 31, 2014
	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	$	548	$	−	$	−
After one year through five years		1,502		1,500		−		−
After five years through ten years		8,418		7,928		−		−
After ten years		16,509		15,434		2,000		1,790
Equity securities		−		−		186		183
	$	26,976	$	25,410	$	2,186	$	1,973

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 September 30, 2014 and March 31, 2014, aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows:

	September 30, 2014
	Less Than 12 Months					12 Months or Greater					Total
	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
(Dollars in Thousands)
Federal Home Loan Bank Bonds	$	968	$	(10	)	$	7,199	$	(391	)	$	8,167	$	(401	)
Federal Farm Credit Bonds		−		−			5,205		(239	)		5,205		(239	)
Federal Home Loan Mortgage Corporation Bonds		−		−			1,906		(91	)		1,906		(91	)
Federal National Mortgage Association		499		(1	)		8,678		(321	)		9,177		(322	)
Total	$	1,467	$	(11	)	$	22,988	$	(1,042	)	$	24,455	$	(1,053	)

	March 31, 2014
	Less Than 12 Months					12 Months or Greater					Total
	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
(Dollars in Thousands)
Federal Home Loan Bank Bonds	$	3,606	$	(371	)	$	3,790	$	(301	)	$	7,396	$	(672	)
Federal Farm Credit Bonds		3,282		(217	)		1,775		(171	)		5,057		(388	)
Federal Home Loan Mortgage Corporation Bonds		1,100		(77	)		902		(97	)		2,002		(174	)
Federal National Mortgage Association		7,687		(512	)		1,349		(151	)		9,036		(663	)
Mutual funds shares		183		(3	)		−		−			183		(3	)
		15,858		(1,180	)		7,816		(720	)		23,674		(1,900	)
Mortgage-Backed Securities:
Government National Mortgage Corporation		−		−			26		(1	)		26		(1	)
Total	$	15,858	$	(1,180	)	$	7,842	$	(721	)	$	23,700	$	(1,901	)

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 September 30, 2014, the 52 debt securities with unrealized losses have depreciated 3.69% 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	6 Months Ended
	Sep. 30, 2014	Nov. 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	Sep. 30, 2014
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q2

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Note 5 - Earnings Per Share (Tables)

6 Months Ended

Sep. 30, 2014

Earnings Per Share [Abstract]

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

	Six months Ended September 30,
	2014		2013
Numerator
Denominators:
Basic shares outstanding		945,425		945,425*
Effect of dilutive securities		945,425		945,425
Dilutive shares outstanding
Earnings per share:
Basic		$(0.19)		$(0.05)
Dilutive		$(0.19)		$(0.05)

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Consolidated Statements of Income (Unaudited) (USD $)	3 Months Ended		6 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
INTEREST INCOME
Loans	$ 926,137	$ 994,378	$ 1,865,942	$ 2,040,804
Investment securities	180,238	177,363	361,130	336,706
Total interest income	1,106,375	1,171,741	2,227,072	2,377,510
INTEREST EXPENSE
Interest-bearing checking accounts	10,205	10,394	20,046	20,484
Passbook and money market accounts	26,212	33,069	52,261	65,931
Certificates of deposits	110,591	147,425	223,355	309,002
Federal Home Loan Bank Advances	4,964		9,322
Total interest expense	151,972	190,888	304,984	395,417
Net interest income	954,403	980,853	1,922,088	1,982,093
Provision for loan losses	300,000	116,500	375,000	206,500
Net interest income after provision for loan losses	654,403	864,353	1,547,088	1,775,593
NON-INTEREST INCOME
Increase in cash surrender value of bank-owned life insurance				5,809
Loss on sale of real estate owned		(51,585)		(85,681)
Service charges	39,715	37,847	74,916	72,882
Rental income	25,633	36,271	51,769	74,549
Other	5,838	5,083	8,833	9,324
Total non-interest income	71,186	27,616	135,518	76,883
NON-INTEREST EXPENSE
Salaries and employee benefits	420,245	374,750	841,894	769,894
Advertising	6,021	5,800	10,510	11,712
Office supplies, telephone and postage	35,727	18,831	59,225	34,527
Loan expenses	32,910	41,076	102,811	103,624
Occupancy expense	156,359	159,489	303,516	310,596
Federal insurance premiums	42,687	53,349	85,786	106,796
Real estate owned loss reserve	78,302	77,500	78,302	77,500
Data processing expenses	55,748	57,217	110,732	113,339
ATM expenses	10,258	8,194	17,282	15,111
Bank charges and fees	17,138	16,580	34,862	33,614
Insurance and surety bond premiums	27,854	20,845	47,111	42,227
Dues and subscriptions	7,474	6,476	13,695	11,064
Professional fees	80,049	58,432	159,006	127,969
Real Estate Owned expense, net	63,197	28,400	109,252	68,527
Other	29,219	26,153	58,168	47,589
Total non-interest expense	1,063,188	953,092	2,032,152	1,874,089
LOSS BEFORE INCOME TAX EXPENSE	(337,599)	(61,123)	(349,546)	(21,613)
Income tax (benefit)	(159,995)	(18,185)	(174,258)	(12,385)
NET LOSS	$ (177,604)	$ (42,938)	$ (175,288)	$ (9,228)
LOSS PER COMMON SHARE (in Dollars per share)	$ (0.19)	$ (0.05)	$ (0.19)

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Note 5 - Earnings Per Share

6 Months Ended

Sep. 30, 2014

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:

	Six months Ended September 30,
	2014		2013
Numerator
Denominators:
Basic shares outstanding		945,425		945,425*
Effect of dilutive securities		945,425		945,425
Dilutive shares outstanding
Earnings per share:
Basic		$(0.19)		$(0.05)
Dilutive		$(0.19)		$(0.05)

*Adjusted to reflect the stock conversion that took place on October 16, 2013.

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Note 3 - Deferred Income Taxes

6 Months Ended

Sep. 30, 2014

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 2010 through 2013 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 115 basis points.

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Note 3 - Deferred Income Taxes (Details) (USD $)	6 Months Ended
	Sep. 30, 2014
Note 3 - Deferred Income Taxes (Details) [Line Items]
GAAP Capital Ratio Basis Points in Excess of Tier 1 Regulatory Capital Ratio	1.15%
Liability for Uncertain Tax Positions, Current	$ 0
Latest Tax Year [Member] | Federal and State Jurisdiction [Member]
Note 3 - Deferred Income Taxes (Details) [Line Items]
Open Tax Year	2010
Earliest Tax Year [Member] | Federal and State Jurisdiction [Member]
Note 3 - Deferred Income Taxes (Details) [Line Items]
Open Tax Year	2013

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Note 8 - Fair Value of Financial Instruments (Tables)

6 Months Ended

Sep. 30, 2014

Fair Value Disclosures [Abstract]

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

	Fair Value Measurements at Reporting Date Using
	Quoted Prices		Significant		Significant
	in Active		Other		Other
	Markets for		Observable		Unobservable
	Identical Assets		Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)
September 30, 2014
Available-for-sale securities	$	173	$	1,867	$	--
March 31, 2014
Available-for-sale securities	$	183	$	1,790	$	--

Fair Value Measurements, Nonrecurring [Table Text Block]

	Fair Value Measurements at Reporting Date Using
	Quoted Prices		Significant		Significant
	in Active		Other		Other
	Markets for		Observable		Unobservable
	Identical Assets		Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)
September 30, 2014
Impaired loans	$	--	$	--	$	4,760
Real estate owned		--		--		3,046
Total	$	--	$	--	$	7,806
March 31, 2014
Impaired loans	$	--	$	--	$	6,021
Real estate owned		--		--		1,950
Total	$	--	$	--	$	7,970

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

	September 30, 2014
	Carrying Amount		Level 1		Level 2		Level 3
(Dollars in Thousands)
Financial Assets:
Cash and cash equivalents	$	5,212	$	5,212	$	−	$	−
Investment securities		27,892		173		26,773		−
Loans – net		80,705		−		−		80,189
FHLB stock		261		261		−		−
Accrued interest receivable		448		448		−		−
Bank–owned life insurance		165		165		−		−
Real estate owned		3,413		−		−		3,413
Total financial assets	$	118,096	$	6,259	$	26,773	$	83,602
Financial Liabilities:
Deposits	$	109,053	$	8,145	$	101,014	$	−
Advance payments by borrowers for taxes and insurance		345		345		−		−
Advances Federal Home Loan Bank		3,000		3,000		−		−
Accrued interest payable		6		6		−		−
Total financial liabilities	$	112,404	$	11,496	$	101,014	$	−

	March 31, 2014
	Carrying Amount		Level 1		Level 2		Level 3
(Dollars in Thousands)
Financial Assets:
Cash and cash equivalents	$	3,333	$	3,333	$	−	$	−
Investment securities		29,162		−		27,384		−
Loans – net		83,539		−		−		83,059
FHLB stock		271		271		−		−
Accrued interest receivable		462		462		−		−
Bank–owned life insurance		165		165		−		−
Real estate owned		1,950		−		−		1,950
Total financial assets	$	118,882	$	4,231	$	27,384	$	85,009
Financial Liabilities:
Deposits	$	110,625	$	7,852	$	103,249	$	−
Advances from Federal Home Loan Bank		2,000		2,000		−		−
Advance payments by borrowers for taxes and insurance		684		684		−		−
Accrued interest payable		7		7		−		−
Total financial liabilities	$	113,316	$	10,543	$	103,249	$	−

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

	September 30, 2014				March 31, 2014
	Contract Value		Estimated Fair Value		Contract Value		Estimated Fair Value
Off-balance sheet instruments
Commitments to extend credit	$	5,734	$	−	$	5,710	$	−

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Note 8 - Fair Value of Financial Instruments

6 Months Ended

Sep. 30, 2014

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		Significant		Significant
	in Active		Other		Other
	Markets for		Observable		Unobservable
	Identical Assets		Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)
September 30, 2014
Available-for-sale securities	$	173	$	1,867	$	--
March 31, 2014
Available-for-sale securities	$	183	$	1,790	$	--

Assets and Liabilities on a Non-Recurring Basis

Assets and liabilities measured at fair value on a non-recurring basis at September 30, 2014 and March 31, 2014 are as follows (dollars in thousands):

	Fair Value Measurements at Reporting Date Using
	Quoted Prices		Significant		Significant
	in Active		Other		Other
	Markets for		Observable		Unobservable
	Identical Assets		Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)
September 30, 2014
Impaired loans	$	--	$	--	$	4,760
Real estate owned		--		--		3,046
Total	$	--	$	--	$	7,806
March 31, 2014
Impaired loans	$	--	$	--	$	6,021
Real estate owned		--		--		1,950
Total	$	--	$	--	$	7,970

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 September 30, 2014 and March 31, 2014 was as follows:

	September 30, 2014
	Carrying Amount		Level 1		Level 2		Level 3
(Dollars in Thousands)
Financial Assets:
Cash and cash equivalents	$	5,212	$	5,212	$	−	$	−
Investment securities		27,892		173		26,773		−
Loans – net		80,705		−		−		80,189
FHLB stock		261		261		−		−
Accrued interest receivable		448		448		−		−
Bank–owned life insurance		165		165		−		−
Real estate owned		3,413		−		−		3,413
Total financial assets	$	118,096	$	6,259	$	26,773	$	83,602
Financial Liabilities:
Deposits	$	109,053	$	8,145	$	101,014	$	−
Advance payments by borrowers for taxes and insurance		345		345		−		−
Advances Federal Home Loan Bank		3,000		3,000		−		−
Accrued interest payable		6		6		−		−
Total financial liabilities	$	112,404	$	11,496	$	101,014	$	−

	March 31, 2014
	Carrying Amount		Level 1		Level 2		Level 3
(Dollars in Thousands)
Financial Assets:
Cash and cash equivalents	$	3,333	$	3,333	$	−	$	−
Investment securities		29,162		−		27,384		−
Loans – net		83,539		−		−		83,059
FHLB stock		271		271		−		−
Accrued interest receivable		462		462		−		−
Bank–owned life insurance		165		165		−		−
Real estate owned		1,950		−		−		1,950
Total financial assets	$	118,882	$	4,231	$	27,384	$	85,009
Financial Liabilities:
Deposits	$	110,625	$	7,852	$	103,249	$	−
Advances from Federal Home Loan Bank		2,000		2,000		−		−
Advance payments by borrowers for taxes and insurance		684		684		−		−
Accrued interest payable		7		7		−		−
Total financial liabilities	$	113,316	$	10,543	$	103,249	$	−

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.

	September 30, 2014				March 31, 2014
	Contract Value		Estimated Fair Value		Contract Value		Estimated Fair Value
Off-balance sheet instruments
Commitments to extend credit	$	5,734	$	−	$	5,710	$	−

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Note 6 - Regulatory Agreement

6 Months Ended

Sep. 30, 2014

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, 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 September 30, 2014 were 9.04%, 15.92% and 17.17%, respectively.

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Note 7 - Recent Accounting Pronouncements

6 Months Ended

Sep. 30, 2014

New Accounting Pronouncements and Changes in Accounting Principles [Abstract]

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

(7) Recent Accounting Pronouncements

There were no recent accounting pronouncements since the March 31, 2014 audited financial statements.

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Note 9 - Loans

6 Months Ended

Sep. 30, 2014

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 September 30, 2014 and March 31, 2014 are summarized as follows (dollars in thousands):

	September 30,			March 31,
	2014			2014
Residential (one-to four-family) real estate	$	62,355		$	63,524
Multi-family and commercial real estate		8,636			10,414
Commercial		1,794			1,307
Home equity		7,681			8,144
Consumer		714			686
Construction		843			1,009
Total loans		82,023			85,084
Net deferred loan origination fees		(90	)		(97	)
Allowance for loan losses		(1,228	)		(1,448	)
Loans, net	$	80,705		$	83,539

The Bank is subject to a loans-to-one-borrower limitation of 15% of capital funds. At September 30, 2014, the loans-to-one-borrower limitation was $1.9 million; this excluded an additional 10% of adjusted capital funds or approximately $1.3 million, which may be loaned if collateralized by readily marketable securities. At September 30, 2014, there were no loans outstanding or committed to any one borrower, which individually or in the aggregate exceeded the Bank’s loans to-one-borrower limitations of 15% of capital funds.

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

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

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

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

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

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

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

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

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

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

Non-Performing Loans

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

The 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 September 30, 2014, the Bank has entered into formal forbearance agreements with three relationships totaling $683 thousand that require current payments while the borrowers restructure their finances.

The following table represents loans by credit quality indicator at September 30, 2014 (dollars in thousands):

	Pass		Special Mention Loans		Classified Loans		Non-Performing Loans		Total
Residential real estate	$	59,295	$	−	$	128	$	2,932	$	62,355
Multi-family and commercial real estate		6,224		716		530		1,166		8,636
Commercial		1,493		221		80		−		1,794
Home equity		7,681		−		−		−		7,681
Consumer		710		−		−		4		714
Construction		784		−		−		59		843
	$	76,187	$	937	$	738	$	4,161	$	82,023

The following table represents past-due loans as of September 30, 2014 (dollars in thousands):

							Greater
	30-59			60- 89			than 90
	Days Past			Days Past			Days Past			Total Past						Total Loan
	Due			Due			Due			Due			Current			Balances
Residential real estate	$	947		$	1,194		$	1,291		$	3,432		$	58,923		$	62,355
Multi-family and commercial real estate		374			413			1,021			1,808			6,828			8,636
Commercial		−			170			24			194			1,600			1,794
Home Equity		11			145			−			156			7,525			7,681
Consumer		19			71			4			94			620			714
Construction		−			59			−			59			784			843
Total Loans		1,351			2,052			2,340			5,743			76,280		$	82,023
Percentage of Total Loans		1.65	%		2.50	%		2.85	%		7.00	%		93.00	%		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 September 30, 2014, the Bank had 19 loan relationships totaling $2.4 million in non-accrual loans as compared to 23 relationships totaling $4.1 million at March 31, 2014. The average balance of impaired loans totaled $5.0 million for the six months ended September 30, 2014 as compared to $6.0 million for the year ended March 31, 2014, and interest income recorded on impaired loans for the six months ended September 30, 2014 totaled $96 thousand as compared to $235 thousand for the year ended March 31, 2014.

The following table represents data on impaired loans at September 30, 2014 and March 31, 2014 (dollars in thousands):

	September 30, 2014		March 31, 2014
Impaired loans for which a valuation allowance has been provided	$	−	$	846
Impaired loans for which no valuation allowance has been provided	$	4,406	$	5,175
Total loans determined to be impaired	$	4,406	$	6,021
Allowance for loans losses related to impaired loans	$	−	$	288
Average recorded investment in impaired loans	$	4,970	$	5,964
Cash basis interest income recognized on impaired loans	$	96	$	235

The following table presents impaired loans by portfolio class at September 30, 2014 (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	$	2,875	$	2,830	$	−	$	2,965	$	53
Multi-family and commercial real estate		1,503		1,446		−		1,801		41
Commercial		24		24		−		62		1
Home equity		47		47		−		184		−
Consumer		−		−		−		1		−
Construction		59		59		−		59		1
Total	$	4,508	$	4,406	$	−	$	5,072	$	96

The following table presents impaired loans by portfolio class with no valuation allowance at March 31, 2014 (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	$	2,387	$	2,345	$	−	$	2,185	$	130
Multi-family and commercial real estate		2,443		2,443		−		2,556		88
Commercial		108		108		−		183		−
Home equity		219		219		−		155		8
Consumer		−		−		−		4		−
Construction		60		60		−		51		3
Subtotal	$	5,217	$	5,175	$	−	$	5,134	$	229

The following table presents impaired loans by portfolio class with a valuation allowance at March 31, 2014 (dollars in thousands):

	Recorded Investment		Unpaid Principal Balance		Related Valuation Allowance		Average Recorded Investment		Interest Income Recognized While on Impaired Statues
Impaired loans with a valuation allowance:
Residential real estate	$	153	$	153	$	28	$	153	$	6
Multi-family and commercial real estate		693		693		260		677		−
Commercial		−		−		−		−		−
Home equity		−		−		−		−		−
Consumer		−		−		−		−		−
Construction		−		−		−		−		−
Subtotal	$	846	$	846	$	288	$	830	$	6

Total Impaired Loans by Portfolio Class at March 31, 2014

	Recorded Investment		Unpaid Principal Balance		Related Valuation Allowance		Average Recorded Investment		Interest Income Recognized While on Impaired Statues
Total impaired loans:
Residential real estate	$	2,540	$	2,498	$	28	$	2,338	$	136
Multi-family and commercial real estate		3,136		3,136		260		3,233		88
Commercial		108		108		−		183		−
Home equity		219		219		−		155		8
Consumer		−		−		−		4		−
Construction		60		60		−		51		3
Total	$	6,063	$	6,021	$	288	$	5,964	$	235

The following table represents nonaccrual loans as of September 30, 2014 and March 31, 2014 (dollars in thousands):

	Sept. 30, 2014			March 31, 2014
Non-accrual loans:
Residential real estate	$	1,217		$	1,277
Multi-family and commercial real estate		639			981
Commercial		24			108
Consumer		4			−
Home Equity		47			219
Construction		−			−
Total non-accrual loans		1,931			2,585
Accruing loans past due 90 days or more:
Residential real estate	$	−		$	−
Multi-family and commercial real estate		−			100
Commercial		−			−
Consumer		−			−
Home Equity		−			−
Construction		−			−
Total accruing loans past due 90 days or more		−			100
Troubled Debt Restructurings:
In non-accrual status:
Residential real estate	$	75		$	672
Multi-family and commercial real estate		382			847
Commercial		−			−
Consumer		−			−
Home Equity		−			−
Construction		−			−
Total troubled debt restructurings in non-accrual status		457			1,519
Performing under modified terms:
Residential real estate		1,194			548
Multi-family and commercial real estate		770			1,309
Commercial		−			−
Consumer		−			−
Home Equity		−			−
Construction		59			60
Total troubled debt restructurings performing under modified terms:		2,023			1,917
Total troubled debt restructurings		2,480			3,436
Total non-performing loans		4,411			6,121
Real estate owned		3,413			1,950
Total non-performing assets		7,824			8,071
Non-performing loans as a percentage of loans		5.38	%		7.19	%
Non-performing assets as a percentage of loans and real estate owned		9.16	%		9.27	%
Non-performing assets as percentage of total assets		6.17	%		6.34	%

During the six months ended September 30, 2014, the Bank experienced a $1.7 million net decrease in non-accrual loans. This change reflects the downgrading of ten loan relationships to non-accrual status totaling $1.5 million during the six months ended September 30, 2014. The downgraded loans consisted of five residential mortgages totaling $909 thousand, five commercial loans totaling $549 thousand, one home equity loan totaling $47 thousand and one consumer loan for $4 thousand. These additions to the non-accruals were offset by four residential mortgages for $831 thousand, one commercial real estate loan for $128 thousand and a home equity loan for $46 thousand that returned to accruing status, one commercial loan for $56 thousand that was paid in full, one commercial loan for $108 thousand that was paid off in a short sale, three residential loans that were partially charged off by $33 thousand due to updated valuations, four residential loans in the amount of $735 thousand and two commercial relationships consisting of two commercial real estate loans of $1.2 million that were transferred to real estate owned after a partial charge-off of $230 thousand due to valuation updates.

The following table presents troubled debt restructurings that occurred during the periods ended September 30, 2014 and March 31, 2014 and loans modified as troubled debt restructurings within the previous 3 and 12 month periods and for which there was a payment default during the period.

September 30, 2014

March 31, 2014

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

Number of Contracts

Recorded Investment

Number of Contracts

Recorded Investment

Troubled debt restructurings that subsequently defaulted:

Residential real estate

−

$

−

$

−

$

−

$

−

$

−

The following table presents the changes in real estate owned (REO), net of valuation allowance, for the periods ended September 30, 2014 and March 31, 2014:

	September 30,			March 31,
	2014			2014
Balance, beginning of period	$	1,950		$	2,470
Additions from loan foreclosures		1,725			856
Additions from capitalized costs		−			3
Dispositions of REO		(184	)		(690	)
Gain (loss) on sale of REO		−			(86	)
Valuation adjustments in the period		(78	)		(603	)
Balance, end of period	$	3,413		$	1,950

The following table presents the changes in fair value adjustments to REO for the periods ended September 30, 2014 and March 31, 2014:

	September 30,			March 31,
	2014			2014
Balance, beginning of period	$	676		$	73
Valuation adjustments added in the period		78			675
Valuation adjustments on disposed properties during the period		(35	)		(72	)
Balance, end of period	$	719		$	676

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

	September 30,			March 31,
	2014			2014
Balance at beginning of period	$	1,448		$	1,033
Provision:
Commercial		23			141
Commercial real estate		238			628
Residential real estate		116			266
Home Equity		12			21
Consumer		(13	)		(103	)
Construction		(1	)		4
Total provision		375			957
Charge-offs:
Commercial		−			127
Commercial real estate		557			378
Residential real estate		78			100
Home equity		−			4
Consumer		−			16
Recoveries		(40	)		(83	)
Total Net Charge-Offs	$	595		$	542
Balance at end of period	$	1,228		$	1,448
Period-end loans outstanding	$	82,023		$	85,084
Average loans outstanding	$	83,143		$	87,327
Allowance as a percentage of period-end loans		1.50	%		1.70	%
Net charge-offs as a percentage of average loans		0.72	%		0.62	%

Additional details for changes in the allowance for loan by loan portfolio as of September 30, 2014 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	$	58	$	635		$	656		$	65	$	30		$	4		$	1,448
Loan charge-offs		−		(557	)		(78	)		−		−			−			(635	)
Recoveries		−		25			5			−		10			−			40
Provision for loan losses		23		238			116			12		(13	)		(1	)		375
Balance, end of period	$	81	$	341		$	699		$	77	$	27		$	3		$	1,228
Ending balance for loans individually evaluated for impairment	$	−		−			−			−		−			−			−
Ending balance for loans collectively evaluated for impairment	$	81	$	341		$	699		$	77	$	27		$	3		$	1,228
Loans receivable:	$	1,794	$	8,636		$	62,355		$	7,681	$	714		$	843		$	82,023
Ending balance
Ending balance: loans individually evaluated for impairment	$	−	$	1,879		$	2,217		$	−	$	−		$	−		$	4,096
Ending balance: loans collectively evaluated for impairment	$	1,794	$	6,757		$	60,138		$	7,681	$	714		$	843		$	77,927

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 six months ending September 30, 2014, the Bank experienced 11 partial charge-offs related to 9 relationships totaling $635 thousand as compared to three charge-offs relating to three loan relationships totaling $111 thousand and eleven partial charge-offs relating to eleven loan relationships totaling $514 thousand for the year ended March 31, 2014.  

At September 30, 2014, the Bank maintained an allowance for loan loss ratio of 1.50% to loans outstanding. Non-performing assets have decreased by $247 thousand over their stated levels at March 31, 2014, representing a non-performing asset to total asset ratio of 6.17% at September 30, 2014 as compared to a non-performing asset to total asset ratio of 6.34% at March 31, 2014.

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

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Note 9 - Loans (Details) - Past-Due Loans (USD $) In Thousands, unless otherwise specified	Sep. 30, 2014	Mar. 31, 2014
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, 30-59 Days Past Due	$ 1,351
Loans, 60- 89 Days Past Due	2,052
Loans, Greater than 90 Days Past Due	2,340
Loans, Total Past Due	5,743
Loans, Current	76,280
Loans, Total Loan Balances	82,023	85,084
Percentage of Total Loans	1.65%
Percentage of Total Loans	2.50%
Percentage of Total Loans	2.85%
Percentage of Total Loans	7.00%
Percentage of Total Loans	93.00%
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	947
Loans, 60- 89 Days Past Due	1,194
Loans, Greater than 90 Days Past Due	1,291
Loans, Total Past Due	3,432
Loans, Current	58,923
Loans, Total Loan Balances	62,355	63,524
Multi-Family and Commercial Real Estate [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, 30-59 Days Past Due	374
Loans, 60- 89 Days Past Due	413
Loans, Greater than 90 Days Past Due	1,021
Loans, Total Past Due	1,808
Loans, Current	6,828
Loans, Total Loan Balances	8,636	10,414
Commercial Loan [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, 60- 89 Days Past Due	170
Loans, Greater than 90 Days Past Due	24
Loans, Total Past Due	194
Loans, Current	1,600
Loans, Total Loan Balances	1,794	1,307
Home Equity Line of Credit [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, 30-59 Days Past Due	11
Loans, 60- 89 Days Past Due	145
Loans, Total Past Due	156
Loans, Current	7,525
Loans, Total Loan Balances	7,681	8,144
Consumer Loan [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, 30-59 Days Past Due	19
Loans, 60- 89 Days Past Due	71
Loans, Greater than 90 Days Past Due	4
Loans, Total Past Due	94
Loans, Current	620
Loans, Total Loan Balances	714	686
Construction [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, 60- 89 Days Past Due	59
Loans, Total Past Due	59
Loans, Current	784
Loans, Total Loan Balances	$ 843	$ 1,009

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Note 10 - Investment Securities (Tables)

6 Months Ended

Sep. 30, 2014

Investments, Debt and Equity Securities [Abstract]

Held-to-maturity Securities [Table Text Block]

	Held-to-Maturity September 30, 2014
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
(Dollars in Thousands)
Federal Farm Credit Bank Bond	$	5,444	$	−	$	(239	)	$	5,205
Federal Home Loan Bank Bonds		7,069		−		(306	)		6,763
Federal Home Loan Mortgage Corporation Bonds		1,997		−		(90	)		1,907
Federal National Mortgage Association		9,499		11		(285	)		9,225
Municipal Bond		470		5		−			475
		24,479		16		(920	)		23,575
Mortgage-Backed Securities:
Federal Home Loan Mortgage Corporation		501		34		−			535
Federal National Mortgage Association		528		48		−			576
Government National Mortgage Corporation		212		8		−			220
		1,241		90		−			1,331
Total	$	25,720	$	106	$	(920	)	$	24,906

	Held-to-Maturity March 31, 2014
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
(Dollars in Thousands)
Federal Home Loan Bank Bonds	$	6,568	$	−	$	(524	)	$	6,044
Federal Farm Credit Bonds		5,944		−		(387	)		5,557
Federal Home Loan Mortgage Corporation Bonds		1,997		−		(167	)		1,830
Federal National Mortgage Association Bond		10,498		17		(597	)		9,918
Municipal Bond		547		1		−			548
		25,554		18		(1,675	)		23,897
Mortgage-backed securities:
Federal Home Loan Mortgage Corporation		610		43		(7	)		646
Federal National Mortgage Association		583		54		(4	)		633
Government National Mortgage Corporation		229		7		(2	)		234
		1,422		104		(13	)		1,513
Total	$	26,976	$	122	$	(1,688	)	$	25,410

Available-for-sale Securities [Table Text Block]

	Available for Sale
	September 30, 2014
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Federal Home Loan Bank Bonds	$	1,500	$	−	$	(95	)	$	1,405
Federal National Mortgage Association Bond		500		−		(38	)		462
Mutual Fund Shares		173		−					173
	$	2,173	$	−	$	(133	)	$	2,040

	Available for Sale
	March 31, 2014
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Federal Home Loan Bank Bonds	$	1,500	$	−	$	(148	)	$	1,352
Federal National Mortgage Association Bond		500		−		(62	)		438
Mutual Fund Shares		186		−		(3	)		183
	$	2,186	$	−	$	(213	)	$	1,973

Investments Classified by Contractual Maturity Date [Table Text Block]

	September 30, 2014
	Held to Maturity				Available for Sale
(Dollars in Thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Amounts maturing in:
One year or less	$	470	$	475	$	−	$	−
After one year through five years		2,002		2,001		−		−
After five years through ten years		5,419		5,227		−		−
After ten years		17,829		17,203		2,000		1,867
Equity securities		−		−		173		173
	$	25,720	$	24,906	$	2,173	$	2,040

	March 31, 2014
	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	$	548	$	−	$	−
After one year through five years		1,502		1,500		−		−
After five years through ten years		8,418		7,928		−		−
After ten years		16,509		15,434		2,000		1,790
Equity securities		−		−		186		183
	$	26,976	$	25,410	$	2,186	$	1,973

Schedule of Unrealized Loss on Investments [Table Text Block]

	September 30, 2014
	Less Than 12 Months					12 Months or Greater					Total
	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
(Dollars in Thousands)
Federal Home Loan Bank Bonds	$	968	$	(10	)	$	7,199	$	(391	)	$	8,167	$	(401	)
Federal Farm Credit Bonds		−		−			5,205		(239	)		5,205		(239	)
Federal Home Loan Mortgage Corporation Bonds		−		−			1,906		(91	)		1,906		(91	)
Federal National Mortgage Association		499		(1	)		8,678		(321	)		9,177		(322	)
Total	$	1,467	$	(11	)	$	22,988	$	(1,042	)	$	24,455	$	(1,053	)

	March 31, 2014
	Less Than 12 Months					12 Months or Greater					Total
	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
(Dollars in Thousands)
Federal Home Loan Bank Bonds	$	3,606	$	(371	)	$	3,790	$	(301	)	$	7,396	$	(672	)
Federal Farm Credit Bonds		3,282		(217	)		1,775		(171	)		5,057		(388	)
Federal Home Loan Mortgage Corporation Bonds		1,100		(77	)		902		(97	)		2,002		(174	)
Federal National Mortgage Association		7,687		(512	)		1,349		(151	)		9,036		(663	)
Mutual funds shares		183		(3	)		−		−			183		(3	)
		15,858		(1,180	)		7,816		(720	)		23,674		(1,900	)
Mortgage-Backed Securities:
Government National Mortgage Corporation		−		−			26		(1	)		26		(1	)
Total	$	15,858	$	(1,180	)	$	7,842	$	(721	)	$	23,700	$	(1,901	)

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Note 6 - Regulatory Agreement (Details)	Sep. 30, 2014
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	9.04%
Tier One Risk Based Capital to Risk Weighted Assets	15.92%
Capital to Risk Weighted Assets	17.17%

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Note 9 - Loans (Details) - Allowance for Losses on Loans and Charge-Offs (USD $)	3 Months Ended		6 Months Ended		12 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Mar. 31, 2014
Note 9 - Loans (Details) - Allowance for Losses on Loans and Charge-Offs [Line Items]
Balance			$ 1,448,298	$ 1,033,000	$ 1,033,000
Period-end loans outstanding	82,023,000		82,023,000		85,084,000
Average loans outstanding			83,143,000		87,327,000
Allowance as a percentage of period-end loans	1.50%		1.50%		1.70%
Net charge-offs as a percentage of average loans	0.72%		0.72%		0.62%
Allowance for loan losses, provision for loss	300,000	116,500	375,000	206,500	957,000
Allowance for loan losses, charge-offs			635,000
Recoveries			(40,000)		(83,000)
Total Net Charge-Offs			595,000		542,000
Balance	1,228,399		1,228,399		1,448,298
Commercial Loan [Member]
Note 9 - Loans (Details) - Allowance for Losses on Loans and Charge-Offs [Line Items]
Balance			58,000
Period-end loans outstanding	1,794,000		1,794,000		1,307,000
Allowance for loan losses, provision for loss			23,000		141,000
Allowance for loan losses, charge-offs					127,000
Balance	81,000		81,000		58,000
Commercial Real Estate [Member]
Note 9 - Loans (Details) - Allowance for Losses on Loans and Charge-Offs [Line Items]
Balance			635,000
Period-end loans outstanding	8,636,000		8,636,000
Allowance for loan losses, provision for loss			238,000		628,000
Allowance for loan losses, charge-offs			557,000		378,000
Recoveries			(25,000)
Balance	341,000		341,000		635,000
Residential Portfolio Segment [Member]
Note 9 - Loans (Details) - Allowance for Losses on Loans and Charge-Offs [Line Items]
Balance			656,000
Period-end loans outstanding	62,355,000		62,355,000
Allowance for loan losses, provision for loss			116,000		266,000
Allowance for loan losses, charge-offs			78,000		100,000
Recoveries			(5,000)
Balance	699,000		699,000		656,000
Home Equity Line of Credit [Member]
Note 9 - Loans (Details) - Allowance for Losses on Loans and Charge-Offs [Line Items]
Balance			65,000
Period-end loans outstanding	7,681,000		7,681,000		8,144,000
Allowance for loan losses, provision for loss			12,000		21,000
Allowance for loan losses, charge-offs					4,000
Balance	77,000		77,000		65,000
Consumer Loan [Member]
Note 9 - Loans (Details) - Allowance for Losses on Loans and Charge-Offs [Line Items]
Balance			30,000
Period-end loans outstanding	714,000		714,000		686,000
Allowance for loan losses, provision for loss			(13,000)		(103,000)
Allowance for loan losses, charge-offs					16,000
Recoveries			(10,000)
Balance	27,000		27,000		30,000
Construction [Member]
Note 9 - Loans (Details) - Allowance for Losses on Loans and Charge-Offs [Line Items]
Balance			4,000
Period-end loans outstanding	843,000		843,000		1,009,000
Allowance for loan losses, provision for loss			(1,000)		4,000
Balance	$ 3,000		$ 3,000		$ 4,000

XML

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (USD $)	6 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Net loss	$ (175,288)	$ (9,228)
Postretirement benefit plan adjustment, net of deferred tax expense (benefit) of $(3,240) for six months ended		(4,860)
Unrealized gain (loss) on investment securities available for sale, net of deferred tax (benefit) of $32,158 and $(87,460) for the six months ended	48,237	(131,189)
Other comprehensive income (loss)	48,237	(136,049)
Total Comprehensive (loss)	$ (127,051)	$ (145,277)

XML

Note 2 - Use of Estimates

6 Months Ended

Sep. 30, 2014

Use Of Estimates [Abstract]

Use Of Estimates [Text Block]

(2) Use of Estimates

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

XML

Note 8 - Fair Value of Financial Instruments (Details) - Assets and Liabilities Measured at Fair Value on a Recurring Basis (USD $)	Sep. 30, 2014	Mar. 31, 2014
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	$ 2,040,205	$ 1,973,370
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [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	173,000	183,000
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [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	1,867,000	1,790,000
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [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 9 - Loans (Details) - Troubled Debt Restructurings (USD $) In Thousands, unless otherwise specified	6 Months Ended	12 Months Ended
	Sep. 30, 2014	Mar. 31, 2014
Troubled debt restructurings:
Residential real estate	19	23
Residential real estate	$ 2,480	$ 3,436
Residential Portfolio Segment [Member]
Troubled debt restructurings:
Residential real estate		1
Residential real estate		120
Residential real estate		$ 123

XML

Note 9 - Loans (Tables)

6 Months Ended

Sep. 30, 2014

Note 9 - Loans (Tables) [Line Items]

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

	September 30,			March 31,
	2014			2014
Residential (one-to four-family) real estate	$	62,355		$	63,524
Multi-family and commercial real estate		8,636			10,414
Commercial		1,794			1,307
Home equity		7,681			8,144
Consumer		714			686
Construction		843			1,009
Total loans		82,023			85,084
Net deferred loan origination fees		(90	)		(97	)
Allowance for loan losses		(1,228	)		(1,448	)
Loans, net	$	80,705		$	83,539

Financing Receivable Credit Quality Indicators [Table Text Block]

	Pass		Special Mention Loans		Classified Loans		Non-Performing Loans		Total
Residential real estate	$	59,295	$	−	$	128	$	2,932	$	62,355
Multi-family and commercial real estate		6,224		716		530		1,166		8,636
Commercial		1,493		221		80		−		1,794
Home equity		7,681		−		−		−		7,681
Consumer		710		−		−		4		714
Construction		784		−		−		59		843
	$	76,187	$	937	$	738	$	4,161	$	82,023

Past Due Financing Receivables [Table Text Block]

							Greater
	30-59			60- 89			than 90
	Days Past			Days Past			Days Past			Total Past						Total Loan
	Due			Due			Due			Due			Current			Balances
Residential real estate	$	947		$	1,194		$	1,291		$	3,432		$	58,923		$	62,355
Multi-family and commercial real estate		374			413			1,021			1,808			6,828			8,636
Commercial		−			170			24			194			1,600			1,794
Home Equity		11			145			−			156			7,525			7,681
Consumer		19			71			4			94			620			714
Construction		−			59			−			59			784			843
Total Loans		1,351			2,052			2,340			5,743			76,280		$	82,023
Percentage of Total Loans		1.65	%		2.50	%		2.85	%		7.00	%		93.00	%		100.0	%

Impaired Financing Receivables [Table Text Block]

	September 30, 2014		March 31, 2014
Impaired loans for which a valuation allowance has been provided	$	−	$	846
Impaired loans for which no valuation allowance has been provided	$	4,406	$	5,175
Total loans determined to be impaired	$	4,406	$	6,021
Allowance for loans losses related to impaired loans	$	−	$	288
Average recorded investment in impaired loans	$	4,970	$	5,964
Cash basis interest income recognized on impaired loans	$	96	$	235

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	$	2,875	$	2,830	$	−	$	2,965	$	53
Multi-family and commercial real estate		1,503		1,446		−		1,801		41
Commercial		24		24		−		62		1
Home equity		47		47		−		184		−
Consumer		−		−		−		1		−
Construction		59		59		−		59		1
Total	$	4,508	$	4,406	$	−	$	5,072	$	96

	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	$	2,387	$	2,345	$	−	$	2,185	$	130
Multi-family and commercial real estate		2,443		2,443		−		2,556		88
Commercial		108		108		−		183		−
Home equity		219		219		−		155		8
Consumer		−		−		−		4		−
Construction		60		60		−		51		3
Subtotal	$	5,217	$	5,175	$	−	$	5,134	$	229

	Recorded Investment		Unpaid Principal Balance		Related Valuation Allowance		Average Recorded Investment		Interest Income Recognized While on Impaired Statues
Impaired loans with a valuation allowance:
Residential real estate	$	153	$	153	$	28	$	153	$	6
Multi-family and commercial real estate		693		693		260		677		−
Commercial		−		−		−		−		−
Home equity		−		−		−		−		−
Consumer		−		−		−		−		−
Construction		−		−		−		−		−
Subtotal	$	846	$	846	$	288	$	830	$	6

	Recorded Investment		Unpaid Principal Balance		Related Valuation Allowance		Average Recorded Investment		Interest Income Recognized While on Impaired Statues
Total impaired loans:
Residential real estate	$	2,540	$	2,498	$	28	$	2,338	$	136
Multi-family and commercial real estate		3,136		3,136		260		3,233		88
Commercial		108		108		−		183		−
Home equity		219		219		−		155		8
Consumer		−		−		−		4		−
Construction		60		60		−		51		3
Total	$	6,063	$	6,021	$	288	$	5,964	$	235

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

	Sept. 30, 2014			March 31, 2014
Non-accrual loans:
Residential real estate	$	1,217		$	1,277
Multi-family and commercial real estate		639			981
Commercial		24			108
Consumer		4			−
Home Equity		47			219
Construction		−			−
Total non-accrual loans		1,931			2,585
Accruing loans past due 90 days or more:
Residential real estate	$	−		$	−
Multi-family and commercial real estate		−			100
Commercial		−			−
Consumer		−			−
Home Equity		−			−
Construction		−			−
Total accruing loans past due 90 days or more		−			100
Troubled Debt Restructurings:
In non-accrual status:
Residential real estate	$	75		$	672
Multi-family and commercial real estate		382			847
Commercial		−			−
Consumer		−			−
Home Equity		−			−
Construction		−			−
Total troubled debt restructurings in non-accrual status		457			1,519
Performing under modified terms:
Residential real estate		1,194			548
Multi-family and commercial real estate		770			1,309
Commercial		−			−
Consumer		−			−
Home Equity		−			−
Construction		59			60
Total troubled debt restructurings performing under modified terms:		2,023			1,917
Total troubled debt restructurings		2,480			3,436
Total non-performing loans		4,411			6,121
Real estate owned		3,413			1,950
Total non-performing assets		7,824			8,071
Non-performing loans as a percentage of loans		5.38	%		7.19	%
Non-performing assets as a percentage of loans and real estate owned		9.16	%		9.27	%
Non-performing assets as percentage of total assets		6.17	%		6.34	%

Troubled Debt Restructurings on Financing Receivables [Table Text Block]

September 30, 2014

March 31, 2014

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

Real Estate Owned [Table Text Block]

	September 30,			March 31,
	2014			2014
Balance, beginning of period	$	1,950		$	2,470
Additions from loan foreclosures		1,725			856
Additions from capitalized costs		−			3
Dispositions of REO		(184	)		(690	)
Gain (loss) on sale of REO		−			(86	)
Valuation adjustments in the period		(78	)		(603	)
Balance, end of period	$	3,413		$	1,950

	September 30,			March 31,
	2014			2014
Balance, beginning of period	$	676		$	73
Valuation adjustments added in the period		78			675
Valuation adjustments on disposed properties during the period		(35	)		(72	)
Balance, end of period	$	719		$	676

Schedule of Charge-Offs [Table Text Block]

	September 30,			March 31,
	2014			2014
Balance at beginning of period	$	1,448		$	1,033
Provision:
Commercial		23			141
Commercial real estate		238			628
Residential real estate		116			266
Home Equity		12			21
Consumer		(13	)		(103	)
Construction		(1	)		4
Total provision		375			957
Charge-offs:
Commercial		−			127
Commercial real estate		557			378
Residential real estate		78			100
Home equity		−			4
Consumer		−			16
Recoveries		(40	)		(83	)
Total Net Charge-Offs	$	595		$	542
Balance at end of period	$	1,228		$	1,448
Period-end loans outstanding	$	82,023		$	85,084
Average loans outstanding	$	83,143		$	87,327
Allowance as a percentage of period-end loans		1.50	%		1.70	%
Net charge-offs as a percentage of average loans		0.72	%		0.62	%

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	$	58	$	635		$	656		$	65	$	30		$	4		$	1,448
Loan charge-offs		−		(557	)		(78	)		−		−			−			(635	)
Recoveries		−		25			5			−		10			−			40
Provision for loan losses		23		238			116			12		(13	)		(1	)		375
Balance, end of period	$	81	$	341		$	699		$	77	$	27		$	3		$	1,228
Ending balance for loans individually evaluated for impairment	$	−		−			−			−		−			−			−
Ending balance for loans collectively evaluated for impairment	$	81	$	341		$	699		$	77	$	27		$	3		$	1,228
Loans receivable:	$	1,794	$	8,636		$	62,355		$	7,681	$	714		$	843		$	82,023
Ending balance
Ending balance: loans individually evaluated for impairment	$	−	$	1,879		$	2,217		$	−	$	−		$	−		$	4,096
Ending balance: loans collectively evaluated for impairment	$	1,794	$	6,757		$	60,138		$	7,681	$	714		$	843		$	77,927

Subsequent Default [Member]

Note 9 - Loans (Tables) [Line Items]

Troubled Debt Restructurings on Financing Receivables [Table Text Block]

Number of Contracts

Recorded Investment

Number of Contracts

Recorded Investment

Troubled debt restructurings that subsequently defaulted:

Residential real estate

−

$

−

$

−

$

−

$

−

$

−