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, 2015

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 3, 2015 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, 2015 (Unaudited) and March 31, 2015	1
	Consolidated Statements of Operations for the Three and Six Months Ended September 30, 2015 and 2014 (Unaudited)	2
	Consolidated Statements of Comprehensive Income (Loss) for the Six Months Ended September 30, 2015 (Unaudited)	3
	Consolidated Statements of Changes in Stockholders’ Equity for the Six Months Ended September 30, 2015 (Unaudited)	4
	Consolidated Statements of Cash Flows for the Six Months Ended September 30, 2015 and 2014 (Unaudited)	5
	Notes to Unaudited Consolidated Financial Statements	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	25
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	29
Item 4.	Controls and Procedures	29
Part II. OTHER INFORMATION
Item 1.	Legal Proceedings	29
Item 1A.	Risk Factors	29
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	30
Item 3.	Defaults upon Senior Securities	30
Item 4.	Mine Safety Disclosures	30
Item 5.	Other Information	30
Item 6.	Exhibits	30
Signatures		31

Part I. Financial Information

Item 1. Financial Statements

DELANCO BANCORP, INC. AND SUBSIDIARY

Consolidated Statements of Financial Condition

	September 30, 2015			March 31, 2015
	(unaudited)
ASSETS
Cash and cash equivalents
Cash and amounts due from banks	$	510,794		$	687,488
Interest-bearing deposits		8,163,937			9,762,960
Total cash and cash equivalents		8,674,731			10,450,448
Investment securities:
Securities held-to-maturity (fair value $23,394,305 and $24,566,903 at September 30, 2015 and March 31, 2015, respectively)		23,453,911			24,617,338
Securities available-for-sale (amortized cost of $1,640,524 and $1,154,418 at September 30, 2015 and March 31, 2015, respectively)		1,607,076			1,127,515
Total investment securities		25,060,987			25,744,853
Loans, net of allowance for loan losses of $1,147,792 at September 30, 2015 (unaudited) and $1,185,178 at March 31, 2015		82,014,159			80,146,397
Accrued interest receivable		421,044			436,840
Premises and equipment, net		6,418,202			6,490,331
Federal Home Loan Bank, at cost		298,800			306,300
Deferred income taxes		2,084,701			2,060,233
Bank-owned life insurance		169,252			169,252
Real estate owned		2,157,766			2,433,483
Other assets		316,136			334,613
Total assets	$	127,615,778		$	128,572,750
LIABILITIES
Deposits
Non-interest bearing deposits	$	12,120,042		$	10,733,275
Interest bearing deposits		97,029,204			99,464,844
Total deposits		109,149,246			110,198,119
Advances from Federal Home Loan bank		4,000,000			4,000,000
Accrued interest payable		5,336			5,763
Advance payments by borrowers for taxes and insurance		423,119			320,356
Other liabilities		831,755			876,221
Total liabilities		114,409,456			115,400,459
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY
Preferred stock, $.01 par value, 5,000,000 shares authorized at September 30, 2015 and March 31, 2015, respectively; no shares issued
Common stock, $.01 par value, 20,000,000 shares authorized at September 30, 2015 and March 31, 2015, respectively; 945,425 shares issued and outstanding at September 30, 2015 and March 31, 2015	$	9,454		$	9,454
Additional paid-in capital		9,981,518			9,965,764
Retained earnings, substantially restricted		3,958,749			3,936,546
Unearned common stock held by employee stock ownership plan		(546,617	)		(546,617	)
Accumulated other comprehensive (loss)		(196,782	)		(192,856	)
Total stockholder’s equity		13,206,322			13,172,291
Total liabilities and stockholders’ equity	$	127,615,778		$	128,572,750

See Notes to the Unaudited Consolidated Financial Statements. 

1

 DELANCO BANCORP, INC. AND SUBSIDIARY

Consolidated Statements of Income

(Unaudited)

	Three Months Ended September 30,						Six Months Ended September 30,
	2015			2014			2015			2014
INTEREST INCOME
Loans	$	913,709		$	926,137		$	1,810,086		$	1,865,942
Investment securities		167,904			180,238			333,779			361,130
Total interest income		1,081,613			1,106,375			2,143,865			2,227,072
INTEREST EXPENSE
Interest-bearing checking accounts		9,301			10,205			18,313			20,046
Passbook and money market accounts		26,198			26,212			52,574			52,261
Certificates of deposits		98,769			110,591			199,264			223,355
Federal Home Loan Bank Advances		6,980			4,964			13,880			9,322
Total interest expense		141,248			151,972			284,031			304,984
Net interest income		940,365			954,403			1,859,834			1,922,088
Provision for loan losses		−			300,000			10,000			375,000
Net interest income after provision for loan losses		940,365			654,403			1,849,834			1,547,088
NON-INTEREST INCOME
Gain (Loss) on sale of real estate owned		6,171			−			(1,981	)		−
Service charges		37,653			39,715			70,661			74,916
Rental income		29,491			25,633			67,929			51,769
Other		3,949			5,838			7,581			8,833
Total non-interest income		77,264			71,186			144,190			135,518
NON-INTEREST EXPENSE
Salaries and employee benefits		423,318			420,245			832,078			841,894
Advertising		3,170			6,021			9,641			10,510
Office supplies, telephone and postage		27,106			35,727			52,479			59,225
Loan expenses		31,958			32,910			47,864			102,811
Occupancy expense		159,135			156,359			306,409			303,516
Federal insurance premiums		46,593			42,687			85,586			85,786
Real estate owned loss reserve		5,379			78,302			48,285			78,302
Data processing expenses		60,603			55,748			119,363			110,732
ATM expenses		7,806			10,258			13,924			17,282
Bank charges and fees		22,766			17,138			42,751			34,862
Insurance and surety bond premiums		24,843			27,854			49,088			47,111
Dues and subscriptions		13,955			7,474			24,271			13,695
Professional fees		79,414			80,049			152,050			159,006
Real Estate Owned expense, net		85,463			63,197			140,497			109,252
Other		32,968			29,219			67,885			58,168
Total non-interest expense		1,024,477			1,063,188			1992,171			2,032,152
INCOME (LOSS) BEFORE INCOME TAX EXPENSE		(6,848	)		(337,599	)		1,853			(349,546	)
Income tax (benefit)		(2,118	)		(159,995	)		(20,350	)		(174,258	)
NET INCOME (LOSS)		(4,730	)		(177,604	)		22,203			(175,288	)
INCOME (LOSS) PER COMMON SHARE	$	(0.01	)	$	(0.19	)	$	0.02		$	(0.19	)

See Notes to the Unaudited Consolidated Financial Statements.

2

DELANCO BANCORP, INC. AND SUBSIDIARY

Consolidated Statements of Comprehensive Income (Loss)

(Unaudited)

Six months Ended
	September 30, 2015			September 30, 2014
Net income (loss)	$	22,203		$	(175,288	)
Other comprehensive loss net of tax:
Unrealized gain (loss) on investment securities available for sale, net of deferred tax (benefit) of $(13,379) and $32,158 for the six months ended September 30, 2015 and 2014		(3,926	)		48,237
Other comprehensive income (loss)		(3,926	)		48,237
Total Comprehensive income (loss)	$	18,277		$	(127,051	)

See Notes to the Unaudited Consolidated Financial Statements

3

DELANCO BANCORP, INC. AND SUBSIDIARY

Consolidated Statements of Changes in Stockholders’ Equity

(Unaudited)

	Common Stock								Unearned
	Shares		Amount		Additional Paid-in Capital		Retained Earnings		Employee Stock Ownership Plan			Accumulated Other-Comprehensive Income (Loss)			Total Stockholders’ Equity
Balance at March 31, 2015		945,425	$	9,454	$	9,965,764	$	3,936,546	$	(546,617	)	$	(192,856	)		13,172,291
Comprehensive income								22,203								22,203
Net income
Other comprehensive income, net of tax:
Change in unrealized gain on securities available-for-sale, net of deferred income taxes of ($3,143)													(3,926	)		(3,926	)
Employee stock option expense						15,754										15,754
Balance at September 30, 2015		945,425	$	9,454	$	9,981,518	$	3,958,749	$	(546,617	)	$	(196,782	)	$	13,206,322

See Notes to the Unaudited Consolidated Financial Statements.

4

DELANCO BANCORP, INC. AND SUBSIDIARY

Consolidated Statements of Cash Flows

(Unaudited)

	Six Months Ended September 30,
	2015			2014
Cash flow from operating activities
Net loss	$	22,203		$	(175,288	)
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income tax benefit		(21,850	)		(177,257	)
Depreciation		131,622			129,457
Discount accretion net of premium amortization		6,686			(1,459	)
Provision for loan losses		10,000			375,000
(Gain) Loss on sale of real estate owned		1,981			−
Compensation expense for stock options		15,754			15,754
Changes in operating assets and liabilities
(Increase) decrease in:
Accrued interest receivable		15,796			14,669
Other assets		18,477			36,474
Increase (decrease) in:
Accrued interest payable		(427	)		(783	)
Other liabilities		(44,466	)		(8,559	)
Net cash provided by operating activities	$	155,776		$	208,008
Cash flows from investing activities
Proceeds of securities available for sale		13,894			13,559
Purchase of securities available for sale		(500,000	)		−
Purchases of securities held-to-maturity		(2,500,000	)		(500,000	)
Proceeds from maturities and principal repayments of securities held-to-maturity		3,656,741			1,757,622
Redemption of investment required by law – stock in Federal Home Loan Bank		7,500			10,000
Proceeds from sale of real estate owned		471,833			219,020
Net decrease (Increase) in loans		(2,075,857	)		777,815
Purchases of premises and equipment		(59,493	)		(50,691	)
Net cash provided by(used in) investing activities	$	(985,382	)	$	2,227,325
Cash flows from financing activities
(Decrease) increase in deposits		(1,048,874	)		(1,571,487	)
Increase in advance payments by borrowers for taxes and insurance		102,763			16,015
Increase in federal Home Loan bank Advances		−			1,000,000
Net cash provided by (used) in financing activities	$	(946,111	)	$	(555,472	)

Net increase (decrease) in cash and cash equivalents	$	(1,775,717	)	$	1,879,861
Cash and cash equivalents, beginning of the period		10,450,448			3,332,639
Cash and cash equivalents, end of period	$	8,674,731		$	5,212,500
Supplemental Disclosures:
Cash paid during the period for interest	$	270,578		$	296,445
Cash paid during the period for income taxes	$	2,500		$	5,500
Loans transferred to foreclosed real estate during the period	$	246,382			1,725,243
Net change in unrealized gain (loss) on securities available-for-sale net of tax	$	(3,926	)	$	48,237

See Notes to the Unaudited Consolidated Financial Statements. 

5

 DELANCO BANCORP, INC. AND SUBSIDIARY

Notes to the Unaudited Consolidated Financial Statements

September 30, 2015

(1) Basis of Presentation

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

The accompanying unaudited consolidated financial statements have been prepared in accordance with instructions for Form 10-Q and, therefore, do not include all disclosures necessary for a complete presentation of the financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP). However, all adjustments that are, in the opinion of management, necessary for the fair presentation of the interim financial statements have been included. Such adjustments were of a normal recurring nature. The results of operations for the three month period ended September 30, 2015 are not necessarily indicative of the results that may be expected for the entire year or any other interim period. For additional information, refer to the consolidated financial statements and footnotes thereto of the Company included in the Company’s annual report on Form 10-K for the year ended March 31, 2015.

(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.

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 119 basis points.

6

(4) Income Taxes

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

Tax years 2009 through 2014 remain subject to examination by Federal and New Jersey taxing authorities. In the event the Bank is assessed for interest and/or penalties by taxing authorities, such assessed amounts will be classified in the financial statements as income tax expense.

(5) Earnings Per Share

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

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

The calculated basic and dilutive EPS are as follows:

	Six Months Ended September 30,
	2015		2014
Numerator	$	22,203	$	(175,288	)
Denominators:
Basic shares outstanding		903,021		899,681
Effect of dilutive securities		2,083		−
Dilutive shares outstanding		905,104		899,681
Earnings per share:
Basic	$	0.02	$	(0.19	)
Dilutive	$	0.02	$	(0.19	)

7

(6) Regulatory Agreement      

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

The Agreement requires the Bank to take the following actions:

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

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

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

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

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

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

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

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

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

We have submitted strategic and capital plans to the OCC and have developed the other plans and policies required by the written agreement. The written agreement will remain in effect until terminated, modified, or suspended in writing by the OCC. 

The Agreement does not require the Bank to maintain any specific minimum regulatory capital ratios. Separately, the OCC established higher individual minimum capital ratios for the Bank. Specifically, the Bank must maintain a Tier 1 capital to adjusted total assets ratio of at least 8%, a Tier 1 capital to risk-weighted assets ratio of at least 12% and a total capital to risk-weighted assets ratio of at least 13%. The Bank's ratios of Tier 1 capital to adjusted total assets, Tier 1 capital to risk-weighted assets and total capital to risk-weighted assets at September 30, 2015 were 8.78%, 16.22% and 17.50%, respectively.

8

(7) Recent Accounting Pronouncements

There was one recent amendment to an accounting pronouncements since the March 31, 2015 audited financial statements.

In August 2015, the FASB issued ASU 2015-14: Revenue from Contracts with Customers – Deferral of the Effective Date. On May 28, 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers. For public business entities, the effective date was for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. In response to stakeholders’ requests to defer the effective date of the guidance in Update 2014-09 and in consideration of feedback received through extensive outreach with preparers, practitioners and users of financial statements, the Board issued proposed Accounting Standards Update, Revenue from Contracts with Customers: Deferral of the Effective Date. The amendments in this update defer the effective date of Update 2014-09 for all entities by one year. Public business entities should apply the guidance in Update 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The Company intends to comply with the effective date of this update.

(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.

9

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

	Fair Value Measurements at Reporting Date Using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
September 30, 2015
Available-for-sale securities	$	1,607	$	−	$	−
March 31, 2015
Available-for-sale securities	$	1,127	$	−	$	−

Assets and Liabilities on a Non-Recurring Basis

Assets and liabilities measured at fair value on a non-recurring basis at September 30, 2015 and March 31, 2015 are as follows (dollars in thousands):

	Fair Value Measurements at Reporting Date Using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
September 30, 2015
Impaired loans	$	−	$	−	$	4,759
Real estate owned		−		−		2,158
Total	$	−	$	−	$	6,917
March 31, 2015
Impaired loans	$	−	$	−	$	4,522
Real estate owned		−		−		2,433
Total	$	−	$	−	$	6,955

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

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

10

As required by ASC Topic 825-10-65, the estimated fair value of financial instruments at September 30, 2015 and March 31, 2015 was as follows:

	September 30, 2015
	Carrying Amount		Level 1		Level 2		Level 3
(Dollars in Thousands)
Financial Assets:
Cash and cash equivalents	$	8,675	$	8,675	$	−	$	−
Investment securities		25,094		−		25,001		−
Loans – net		82,014		−				81,371
FHLB stock		299		299				−
Accrued interest receivable		421		421				−
Bank–owned life insurance		169		169				−
Total financial assets	$	116,672	$	9,564	$	25,001	$	81,371
Financial Liabilities:
Deposits	$	109,149	$	12,120	$	97,299	$	−
Advance payments by borrowers for taxes and insurance		423		423		−		−
Advances Federal Home Loan Bank		4,000		4,000		−		−
Accrued interest payable		5		5		−		−
Total financial liabilities	$	113,577	$	16,548	$	97,299	$	−

	March 31, 2015
	Carrying Amount		Level 1		Level 2		Level 3
(Dollars in Thousands)
Financial Assets:
Cash and cash equivalents	$	10,450	$	10,450	$	−	$	−
Investment securities		25,772		−		25,694		−
Loans – net		80,146		−		−		79,675
FHLB stock		306		306		−		−
Accrued interest receivable		437		437		−		−
Bank-owned life insurance		169		169		−		−
Total financial assets	$	117,280	$	11,362	$	25,694	$	79,675
Financial Liabilities:
Deposits	$	110,198	$	10,733	$	99,411	$	−
Advances from Federal Home Loan Bank		4,000		4,000		−		−
Advance payments by borrowers for taxes and insurance		320		320		−		−
Accrued interest payable		6		6		−		−
Total financial liabilities	$	114,524	$	15,059	$	99,411	$	−

11

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, 2015				March 31, 2015
	Contract Value		Estimated Fair Value		Contract Value		Estimated Fair Value
Off-balance sheet instruments
Commitments to extend credit	$	8,636	$	−	$	8,840	$	−

(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.

12

Loans at September 30, 2015 and March 31, 2015 are summarized as follows (dollars in thousands):

	September 30,			March 31,
	2015			2015
Residential (one-to four-family) real estate	$	64,999		$	62,789
Multi-family and commercial real estate		8,510			7,979
Commercial		2,043			1,913
Home equity		6,841			8,006
Consumer		578			678
Construction		280			56
Total loans		83,251			81,421
Net deferred loan origination fees		(89	)		(90	)
Allowance for loan losses		(1,148	)		(1,185	)
Loans, net		82,014		$	80,146

The Bank is subject to a loans-to-one-borrower limitation of 15% of capital funds. At September 30, 2015, the loans-to-one-borrower limitation was $1.8 million; this excluded an additional 10% of adjusted capital funds or approximately $1.2 million, which may be loaned if collateralized by readily marketable securities. At September 30, 2015, there were no loans outstanding or committed to any one borrower, which individually or in the aggregate exceeded the Bank’s loans to-one-borrower limitations of 15% of capital funds.

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

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

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

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

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

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

13

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, 2015, the Bank has entered into formal forbearance agreements with four relationships totaling $589 thousand that require current payments while the borrowers restructure their finances.

The following table represents loans by credit quality indicator at September 30, 2015 (dollars in thousands):

	Pass		Special Mention Loans		Classified Loans		Non- Performing Loans		Total
Residential real estate	$	62,286		−		−	$	2,713	$	64,999
Multi-family and commercial real estate		5,614		1,078		493		1,325		8,510
Commercial		1,822		76		145		−		2,043
Home equity		6,714		−		−		127		6,841
Consumer		578		−		−		−		578
Construction		225		−		−		55		280
	$	77,239		1,154		638		4,220		83,251

14

The following table represents past-due loans as of September 30, 2015 (dollars in thousands):

	30-59 Days Past			60- 89 Days Past			Greater than 90 Days Past			Total Past						Total Loan
	Due			Due			Due			Due			Current			Balances
Residential real estate	$	1,533		$	221		$	1,757		$	3,511		$	61,488		$	64,999
Multi-family and commercial real estate		419			−			556			975			7,535			8,510
Commercial		121			−			−			121			1,922			2,043
Home Equity		5			160			127			292			6,549			6,841
Consumer		45			−			−			45			533			578
Construction		−			−			−			−			280			280
Total Loans		2,123			381			2,440			4,944			78,307			83,251
Percentage of Total Loans		2.55	%		0.46	%		2.93	%		5.94	%		94.06	%		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, 2015, the Bank had 16 loan relationships totaling $2.4 million in non-accrual loans as compared to 17 relationships totaling $2.3 million at March 31, 2015. The average balance of impaired loans totaled $5.0 million for the six months ended September 30, 2015 as compared to $4.7 million for the year ended March 31, 2015, and interest income recorded on impaired loans for the six months ended September 30, 2015 totaled $103 thousand as compared to $201 thousand for the year ended March 31, 2015.

The following table represents data on impaired loans at September 30, 2015 and March 31, 2015 (dollars in thousands):

	September 30, 2015		March 31, 2015
Impaired loans for which a valuation allowance has been provided	$	−	$	—
Impaired loans for which no valuation allowance has been provided	$	5,076	$	4,522
Total loans determined to be impaired	$	5,076	$	4,522
Allowance for loans losses related to impaired loans	$	−	$	—
Average recorded investment in impaired loans	$	4,946	$	4,707
Cash basis interest income recognized on impaired loans	$	103	$	201

15

The following table presents impaired loans by portfolio class at September 30, 2015 (dollars in thousands):

	Recorded Investment		Unpaid Principal Balance		Related Valuation Allowance		Average Recorded Investment		Interest Income Recognized While on Impaired Statues
Impaired loans with no valuation allowance:
Residential real estate		2,983	$	2,928	$	−	$	2,826	$	28
Multi-family and commercial real estate		1,838		1,833		−		1,921		64
Commercial		133		133		−		132		8
Home equity		127		127		−		41		2
Consumer		−		−		−		24		−
Construction		60		55		−		57		1
Total		5,141		5,076	$	−		5,001		103

The following table presents impaired loans by portfolio class at March 31, 2015 (dollars in thousands):

	Recorded Investment		Unpaid Principal Balance		Related Valuation Allowance		Average Recorded Investment		Interest Income Recognized While On Impaired Statues
Impaired loans with no valuation allowance:
Residential real estate	$	2,600	$	2,534	$	−	$	2,743	$	65
Multi-family and commercial real estate		1,860		1,813		−		1,727		130
Commercial		35		35		−		31		1
Home equity		11		11		−		130		−
Consumer		71		71		−		18		2
Construction		56		56		−		58		3
Subtotal	$	4,633	$	4,522	$	−	$	4,707	$	201

16

The following table represents nonaccrual loans as of September 30, 2015 and March 31, 2015 (dollars in thousands):

	September 30, 2015			March 31, 2015
Non-accrual loans:
Residential real estate	$	1,347		$	880
Multi-family and commercial real estate		556			662
Commercial		−			−
Consumer		−			71
Home Equity		127			11
Construction		−			−
Total non-accrual loans		2,030			1,624
Accruing loans past due 90 days or more:
Residential real estate	$	−		$	−
Multi-family and commercial real estate		−			−
Commercial		−			−
Consumer		−			−
Home Equity		−			−
Construction		−			−
Total accruing loans past due 90 days or more		−			−
Troubled Debt Restructurings:
In non-accrual status:
Residential real estate	$	410		$	485
Multi-family and commercial real estate					228
Commercial					−
Consumer					−
Home Equity					−
Construction					−
Total troubled debt restructurings in non-accrual status		410			713
Performing under modified terms:
Residential real estate		956			696
Multi-family and commercial real estate		769			773
Commercial		−			−
Consumer		−			−
Home Equity		−			−
Construction		55			56
Total troubled debt restructurings performing under modified terms:		1,780			1,525
Total troubled debt restructurings		2,190			2,238
Total non-performing loans		4,220			3,862
Real estate owned		2,158			2,433
Total non-performing assets		6,378			6,295
Non-performing loans as a percentage of loans		5.07	%		4.74	%
Non-performing assets as a percentage of loans and real estate owned		7.47	%		7.51	%
Non-performing assets as percentage of total assets		5.00	%		4.90	%

17

During the six months ended September 30, 2015, the Bank experienced a $103 thousand net increase in non-accrual loans. This change reflects the downgrading of four loan relationships to non-accrual status totaling $709 thousand during the six months ended September 30, 2015. The downgraded loans consisted of one residential mortgages totaling $468 thousand, one commercial loans totaling $114 thousand and two home equity loans totaling $127 thousand. These additions to the non-accruals were offset by one commercial real estate loan for $229 thousand that returned to accruing status, one commercial loan for $118 thousand that was paid in full, one home equity loan in the amount of $11 thousand and one consumer loan of $71 thousand that were charged off, one residential loan in the amount of $75 thousand and one commercial real estate loan of $100 thousand that were transferred to real estate owned and repayments on loans of $2 thousand.

The following table presents troubled debt restructurings that occurred during the periods ended September 30, 2015 and March 31, 2015 and loans modified as troubled debt restructurings within the previous 6 and 12 month periods and for which there was a payment default during the period.

September 30, 2015

March 31, 2015

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

$

96

$

111

	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, 2015 and March 31, 2015:

	September 30,			March 31,
	2015			2015
Balance, beginning of period	$	2,433		$	1,950
Additions from loan foreclosures		247			2,333
Additions from capitalized costs		−			−
Dispositions of REO		(995	)		(1,592	)
Gain (loss) on sale of REO		(2	)		(82	)
Valuation adjustments in the period		475			(176	)
Balance, end of period	$	2,158		$	2,433

18

The following table presents the changes in fair value adjustments to REO for the periods ended September 30, 2015 and March 31, 2015:

	September 30,			March 31,
	2015			2015
Balance, beginning of period	$	851		$	676
Valuation adjustments added in the period		48			642
Valuation adjustments on disposed properties during the period		(523	)		(467	)
Balance, end of period	$	376		$	851

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

	September 30,			March 31,
	2015			2015
Balance at beginning of period	$	1,185		$	1,448
Provision:
Commercial		2			45
Commercial real estate		(30	)		176
Residential real estate		(22	)		177
Home Equity		(3	)		21
Consumer		62			(25	)
Construction		1			(4	)
Total provision		10			390
Charge-offs:
Commercial		−			19
Commercial real estate		−			598
Residential real estate		40			142
Home equity		11			−
Consumer		71			4
Recoveries		(75	)		(110	)
Total Net Charge-Offs	$	47		$	653
Balance at end of period	$	1,148		$	1,185
Period-end loans outstanding	$	83,251		$	81,421
Average loans outstanding	$	83,598		$	83,253
Allowance as a percentage of period-end loans		1.38	%		1.46	%
Net charge-offs as a percentage of average loans		0.06	%		0.78	%

19

Additional details for changes in the allowance for loan by loan portfolio as of September 30, 2015 are as follows (dollars in thousands):

Allowance for Loan Losses

	Commercial		Commercial Real Estate			Residential Real Estate			Home Equity			Consumer			Construction		Total
Balance, beginning of year		86		289			702			87			21			−		1,185
Loan charge-offs		−		−			(40	)		(11	)		(71	)		−		(122	)
Recoveries		3		30			31			−			11			−		75
Provision for loan losses		2		(30	)		(22	)		(3	)		62			1		10
Balance, end of period		91		289			671			73			23			1		1,148
Ending balance for loans individually evaluated for impairment		133		1,643			2,928			−			−			55		4,759
Ending balance for loans collectively evaluated for impairment		1,910		6,867			62,071			6,841			578			225		78,492
Loans receivable:
Ending balance		2,043		8,510			64,999			6,841			578			280		83,251
Ending balance: loans individually evaluated for impairment		133		1,643			2,928			−			−			55		4,759
Ending balance: loans collectively evaluated for impairment		1,910		6,867			62,071			6,841			578			225		78,492

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.

20

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, 2015, the Bank experienced two charge-offs relating to two relationships totaling $82 thousand and two partial charge-offs related to two relationships totaling $40 thousand as compared to two charge-offs relating to two loan relationships totaling $23 thousand and partial charge-offs relating to 17 loan relationships totaling $603 thousand for the year ended March 31, 2015.

At September 30, 2015, the Bank maintained an allowance for loan loss ratio of 1.38% to loans outstanding. Non-performing assets have increased by $83 thousand over their stated levels at March 31, 2015, representing a non-performing asset to total asset ratio of 5.00% at September 30, 2015 as compared to a non-performing asset to total asset ratio of 4.90% at March 31, 2015. 

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

(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, 2015 and March 31, 2015 are as follows:

	Held-to-Maturity September 30, 2015
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
(Dollars in Thousands)
Federal Farm Credit Bank Bond	$	7,434	$	9	$	(55	)	$	7,388
Federal Home Loan Bank Bonds		7,065		18		(45	)		7,038
Federal Home Loan Mortgage Corporation Bonds		1,998		3		(22	)		1,979
Federal National Mortgage Association		5,999		7		(40	)		5,966
Municipal Bond		−		−		−			−
		22,496		37		(162	)		22,371
Mortgage-Backed Securities:
Federal Home Loan Mortgage Corporation		361		21		−			382
Federal National Mortgage Association		427		40		−			467
Government National Mortgage Corporation		170		4		−			174
		958		65		−			1,023
Total	$	23,454	$	102	$	(162	)	$	23,394

21

	Held-to-Maturity March 31, 2015
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
(Dollars in Thousands)
Federal Home Loan Bank Bonds	$	7,569	$	25	$	(62	)	$	7,532
Federal Farm Credit Bonds		6,437		−		(55	)		6,382
Federal Home Loan Mortgage Corporation Bonds		1,997		2		(20	)		1,979
Federal National Mortgage Association Bond		6,999		16		(46	)		6,969
Municipal Bond		470		2		−			472
		23,472		45		(183	)		23,334
Mortgage-backed securities:
Federal Home Loan Mortgage Corporation		454		33		−			487
Federal National Mortgage Association		495		49		−			544
Government National Mortgage Corporation		196		6		−			202
		1,145		88		−			1,233
Total	$	24,617	$	133	$	(183	)	$	24,567

	Available for Sale September 30, 2015
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Federal Home Loan Bank Bonds	$	500	$	−	$	(10	)	$	490
Federal National Mortgage Association Bond		500		−		(21	)		479
Capital One Bank Certificate of Deposit		250		−		−			250
Discover Bank Certificate of Deposit		250		−		−			250
Mutual Fund Shares		141		−		(3	)		138
Total	$	1,641	$	−	$	(34	)	$	1,607

	Available for Sale March 31, 2015
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Federal Home Loan Bank Bonds	$	500	$	−	$	(10	)	$	490
Federal National Mortgage Association Bond		500		−		(17	)		483
Mutual Fund Shares		154		1		−			155
Total	$	1,154	$	1	$	(27	)	$	1,128

22

The following is a summary of maturities of securities held-to-maturity and available-for-sale as of September 30, 2015 and March 31, 2015:

	September 30, 2015
	Held to Maturity				Available for Sale
(Dollars in Thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Amounts maturing in:
One year or less	$	501	$	505	$	−	$	−
After one year through five years		250		250		500		500
After five years through ten years		9,320		9,280		−		−
After ten years		13,383		13,359		1,000		969
Equity securities		−		−		141		138
	$	23,454	$	23,394	$	1,641	$	1,607

	March 31, 2015
	Held to Maturity				Available for Sale
(Dollars in Thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Amounts maturing in:
One year or less	$	971	$	980	$	−	$	−
After one year through five years		1,000		999		−		−
After five years through ten years		8,911		8,839		−		−
After ten years		13,735		13,749		1,000		973
Equity securities		−		−		154		155
	$	24,617	$	24,567	$	1,154	$	1,128

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

23

Information pertaining to securities with gross unrealized losses at September 30, 2015 and March 31, 2015, aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows:

	September 30, 2015
	Less Than 12 Months					12 Months or Greater					Total
	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
(Dollars in Thousands)
Federal Home Loan Bank Bonds	$	3,099	$	(10	)	$	2,455	$	(45	)	$	5,554		(55	)
Federal Farm Credit Bonds		991		(8	)		2,398		(47	)		3,389		(55	)
Federal Home Loan Mortgage Corporation Bonds		988		(12	)		490		(10	)		1,478		(22	)
Federal National Mortgage Association		2,496		(4	)		1,943		(57	)		4,439		(61	)
Mutual funds		138		(3	)		−		−			138		(3	)
Total	$	7,712	$	(37	)	$	7,286	$	(159	)	$	14,998	$	(196	)

	March 31, 2015
	Less Than 12 Months					12 Months or Greater					Total
	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
(Dollars in Thousands)
Federal Home Loan Bank Bonds	$	2,457	$	(20	)	$	2,451	$	(52	)	$	4,907	$	(72	)
Federal Farm Credit Bonds		2,478		(14	)		2,903		(42	)		5,382		(55	)
Federal Home Loan Mortgage Corporation Bonds		988		(12	)		492		(8	)		1,480		(20	)
Federal National Mortgage Association		1,493		(7	)		2,442		(57	)		3,936		(64	)
Mutual funds shares		−		−			−		−			−		−
		7,416		(53	)		8,288		(159	)		15,705		(211	)
Mortgage-Backed Securities:
Government National Mortgage Corporation		−		−			−		−			−		−
Total	$	7,416	$	(53	)	$	8,288	$	(159	)	$	15,705	$	(211	)

24

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, 2015, the 29 debt securities with unrealized losses have depreciated 0.7% from the Bank’s amortized cost basis. These unrealized losses relate principally to current interest rates for similar types of securities. In analyzing an issuer’s financial condition, management considers whether the securities are issued by the federal government, its agencies, or other governments, whether downgrades by bond rating agencies have occurred, and the results of reviews of the issuer’s financial condition. As management has the ability to hold debt securities until maturity, or for the foreseeable future if classified as available-for-sale, no declines are deemed to be other-than-temporary.

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

Management’s discussion and analysis of the financial condition and results of operations at and for the six months ended September 30, 2015 and 2014 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.

25

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, 2015 were $127.6 million, a decrease of $1.0 million from total assets of $128.6 million at March 31, 2015. Total liabilities decreased $1.0 million from $115.4 million at March 31, 2015 to $114.4 million at September 30, 2015. Total stockholders’ equity increased $34 thousand to $13.2 million at September 30, 2015, primarily due to net income offset by the decrease in other comprehensive income related to decreased values in the available for sale securities portfolio.

Loans. At September 30, 2015, total loans, net, were $82.0 million, or 64.3% of total assets. Overall loans increased by $1.8 million primarily due to increased production exceeding the payoff and amortization of loans. Commercial and multi-family real estate loans increased by $531 thousand, residential real estate loans increased by $2.2 million, home equity loans decreased by $1.2 million and commercial loans increased by $130 thousand.

Total nonperforming loans at September 30, 2015 increased $358 thousand from March 31, 2015.

Securities. The investment securities portfolio was $25.1 million, or 19.6% of total assets, at September 30, 2015. At that date, 3.8% 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 $684 thousand compared to March 31, 2015. The decrease was primarily due to calls of debt securities.

Deposits. Total deposits were $109.1 million at September 30, 2015, a decrease of $1.1 million compared to March 31, 2015. Deposits decreased as the Bank made a conscious effort to reduce its reliance on high costing time deposits. Core deposits increased $1.5 million for the six months ended September 30, 2015 while time deposits decreased by $2.4 million.

Results of Operations for the Three and Six Months Ended September 30, 2015 and 2014

Financial Highlights.  The net loss for the three months ended September 30, 2015 was $5 thousand as compared to a net loss of $178 thousand for the same prior year period. Net income for the six months ended September 30, 2015 was $22 thousand as compared to a net loss of $175 thousand for the same prior year period. The decrease in net income for the three-month period was primarily the result of decreased net interest income, increased salaries and employee benefits, professional fees and real estate owned expense. The increase in net income for the six-month period was primarily the result of the lower loan loss provision.

Net Interest Income.   Net interest income decreased $83 thousand to $2.1 million for the six months ended September 30, 2015 as compared to the prior year period. The Bank saw a decrease in the interest rate spread (5 basis points) and a decrease in net interest margin (4 basis points) for the six month period.  The rates earned on assets declined, resulting in a 3.2% decrease in total net interest income for the six months ended September 30, 2015 compared to the six months ended September 20, 2014. Total interest expense decreased by 6.9% between the same periods.

26

Average loans in the six months ended September 30, 2015 increased $345 thousand, or 0.5%, compared with the same period in 2014, driven by increased production in the residential mortgage portfolio. Average investment securities in the six months ended September 30, 2015 decreased $2.8 million, or 9.8%, compared to the same period in 2014. The decrease in the investment portfolio was due to calls of debt securities. Declining interest rates decreased the average yield on earning assets to 3.71% for the six months ended September 30, 2015, compared with 3.89% for the same period in 2014.

Average interest-bearing deposits in the six months ended September 30, 2015 decreased $4.6 million or 4.5%, compared with the same period in 2014. Declining interest rates decreased the average cost of deposits to 0.56% compared with 0.54% for the same period in 2014.

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.  There was no provision for loan losses for the three months ended September 30, 2015 and a provision of $10 thousand in the six months ended September 30, 2015 compared to $300 thousand and $375 thousand, respectively, for the comparable 2014 periods.  We had $9 thousand and $47 thousand in net charge-offs in the three and six months ended September 30, 2015, respectively, compared to $350 thousand and $653 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 $9 thousand in the six-month period ending September 30, 2015 compared to the six-month period ended September 20, 2014 primarily due to increased rental income for both the three and six months ending September 30, 2015.

Non-Interest Expenses.  Non-interest expenses decreased $39 thousand and $40 thousand in the three and six months ending September 30, 2015, respectively, compared to the six months ended September 30, 2014 primarily due to decrease in loan expenses and real estate owned reserve offset by increase in real estate owned expenses. 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.

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, 2015, cash and cash equivalents totaled $8.7 million. At September 30, 2015, we had $4 million in outstanding borrowings and had arrangements to borrow up to $15.4 million from the Federal Home Loan Bank of New York and $1 million from Atlantic Central Bankers Bank.

27

At September 30, 2015, 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, 2015, we had $3.2 million in loan commitments outstanding. We also had $5.5 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, 2015 totaled $24.8 million, or 61.0% 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, 2016. 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, 2015 and March 31, 2015, the Company had $461 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.

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.

28

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, 2015, 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, 2015, 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.

29

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.

30

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 16, 2015	By:	/s/ James E. Igo
		James E. Igo
		Chairman, President and
		Chief Executive Officer

Dated: November 16, 2015	By:	/s/ Eva Modi
		Eva Modi
		Chief Financial Officer

31 

EX-31.1

Exhibit 31.1

Certification

I, James E. Igo, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of Delanco Bancorp, Inc.;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

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

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

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

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

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

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

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

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

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

Date: November 16, 2015	/s/ James E. Igo
	James E. Igo
	Chairman, President and Chief Executive
	Officer

EX-31.2

Exhibit 31.2

Certification

I, Eva Modi, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date: November 16, 2015	/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, 2015, as filed with the Securities and Exchange Commission (the “Report”), we hereby certify pursuant to 18 U.S.C. Section 1350, as added by Section 906 of the Sarbanes-Oxley Act of 2002, that:

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

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

By:	/s/  James E. Igo
	James E. Igo
	President and Chief Executive Officer
	November 16, 2015

By:	/s/ Eva Modi
	Eva Modi
	Chief Financial Officer
	November 16, 2015

XML

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, 2015	Sep. 30, 2014	Mar. 31, 2015
Note 9 - Loans (Details) - Allowance for Losses on Loans and Charge-Offs [Line Items]
Balance		$ 1,185,178	$ 1,448,000	$ 1,448,000
Period-end loans outstanding		83,251,000		81,421,000
Average loans outstanding		$ 83,598,000		$ 83,253,000
Allowance as a percentage of period-end loans		1.38%		1.46%
Net charge-offs as a percentage of average loans		0.06%		0.78%
Provision:
Allowance for loan losses, provision for loss	$ 300,000	$ 10,000	$ 375,000	$ 390,000
Charge-offs:
Allowance for loan losses, charge-offs		122,000
Recoveries		(75,000)		(110,000)
Total Net Charge-Offs		47,000		653,000
Balance		1,147,792		1,185,178
Commercial Portfolio Segment [Member]
Note 9 - Loans (Details) - Allowance for Losses on Loans and Charge-Offs [Line Items]
Balance		86,000
Period-end loans outstanding		2,043,000		1,913,000
Provision:
Allowance for loan losses, provision for loss		2,000		45,000
Charge-offs:
Allowance for loan losses, charge-offs		0		19,000
Recoveries		(3,000)
Balance		91,000		86,000
Commercial Real Estate Portfolio Segment [Member]
Note 9 - Loans (Details) - Allowance for Losses on Loans and Charge-Offs [Line Items]
Balance		289,000
Period-end loans outstanding		8,510,000		7,979,000
Provision:
Allowance for loan losses, provision for loss		(30,000)		176,000
Charge-offs:
Allowance for loan losses, charge-offs		0		598,000
Recoveries		(30,000)
Balance		289,000		289,000
Residential Portfolio Segment [Member]
Note 9 - Loans (Details) - Allowance for Losses on Loans and Charge-Offs [Line Items]
Balance		702,000
Period-end loans outstanding		64,999,000		62,789,000
Provision:
Allowance for loan losses, provision for loss		(22,000)		177,000
Charge-offs:
Allowance for loan losses, charge-offs		40,000		142,000
Recoveries		(31,000)
Balance		671,000		702,000
Home Equity Portfolio Segment [Member]
Note 9 - Loans (Details) - Allowance for Losses on Loans and Charge-Offs [Line Items]
Balance		87,000
Period-end loans outstanding		6,841,000		8,006,000
Provision:
Allowance for loan losses, provision for loss		(3,000)		21,000
Charge-offs:
Allowance for loan losses, charge-offs		11,000
Recoveries		0
Balance		73,000		87,000
Consumer Portfolio Segment [Member]
Note 9 - Loans (Details) - Allowance for Losses on Loans and Charge-Offs [Line Items]
Balance		21,000
Period-end loans outstanding		578,000		678,000
Provision:
Allowance for loan losses, provision for loss		62,000		(25,000)
Charge-offs:
Allowance for loan losses, charge-offs		71,000		4,000
Recoveries		(11,000)
Balance		23,000		21,000
Construction Portfolio Segment [Member]
Note 9 - Loans (Details) - Allowance for Losses on Loans and Charge-Offs [Line Items]
Balance		0
Period-end loans outstanding		280,000		56,000
Provision:
Allowance for loan losses, provision for loss		1,000		(4,000)
Charge-offs:
Allowance for loan losses, charge-offs		0
Recoveries		0
Balance		$ 1,000		$ 0

XML

Note 9 - Loans (Details) - Past-Due Loans - USD ($) $ in Thousands	Sep. 30, 2015	Mar. 31, 2015
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans past due	$ 4,944
Loans, current	78,307
Year-end loans outstanding	$ 83,251	$ 81,421
Percentage of Total Loans	5.94%
Percentage of Total Loans	94.06%
Percentage of Total Loans	100.00%
Financing Receivables, 30 to 59 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans past due	$ 2,123
Percentage of Total Loans	2.55%
Financing Receivables, 60 to 89 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans past due	$ 381
Percentage of Total Loans	0.46%
Financing Receivables, Equal to Greater than 90 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans past due	$ 2,440
Percentage of Total Loans	2.93%
Residential Portfolio Segment [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans past due	$ 3,511
Loans, current	61,488
Year-end loans outstanding	64,999	62,789
Residential Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans past due	1,533
Residential Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans past due	221
Residential Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans past due	1,757
Commercial Real Estate Portfolio Segment [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans past due	975
Loans, current	7,535
Year-end loans outstanding	8,510	7,979
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans past due	419
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans past due	556
Commercial Portfolio Segment [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans past due	121
Loans, current	1,922
Year-end loans outstanding	2,043	1,913
Commercial Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans past due	121
Home Equity Portfolio Segment [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans past due	292
Loans, current	6,549
Year-end loans outstanding	6,841	8,006
Home Equity Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans past due	5
Home Equity Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans past due	160
Home Equity Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans past due	127
Consumer Portfolio Segment [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans past due	45
Loans, current	533
Year-end loans outstanding	578	678
Consumer Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans past due	45
Construction Portfolio Segment [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, current	280
Year-end loans outstanding	$ 280	$ 56

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Note 6 - Regulatory Agreement (Details)	Sep. 30, 2015
Note 6 - Regulatory Agreement (Details) [Line Items]
Tier One Leverage Capital to Average Assets	8.78%
Tier One Risk Based Capital to Risk Weighted Assets	16.22%
Capital to Risk Weighted Assets	17.50%
In Accordance With the Written Agreement With the Office of the Comptroller of the Currency [Member]
Note 6 - Regulatory Agreement (Details) [Line Items]
Tier One Leverage Capital Required for Capital Adequacy to Average Assets	8.00%
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets	12.00%
Capital Required for Capital Adequacy to Risk Weighted Assets	13.00%

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Note 10 - Investment Securities (Details) - Held-to-Maturity Securities - USD ($)	Sep. 30, 2015	Mar. 31, 2015
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, amortized cost	$ 23,453,911	$ 24,617,338
Held-to-maturity securities, gross unrealized gains	102,000	133,000
Held-to-maturity securities, gross unrealized losses	(162,000)	(183,000)
Held-to-maturity securities, fair value	23,394,305	24,566,903
Bonds [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, amortized cost	22,496,000	23,472,000
Held-to-maturity securities, gross unrealized gains	37,000	45,000
Held-to-maturity securities, gross unrealized losses	(162,000)	(183,000)
Held-to-maturity securities, fair value	22,371,000	23,334,000
Bonds [Member] | Federal Farm Credit Bonds [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, amortized cost	7,434,000	6,437,000
Held-to-maturity securities, gross unrealized gains	9,000
Held-to-maturity securities, gross unrealized losses	(55,000)	(55,000)
Held-to-maturity securities, fair value	7,388,000	6,382,000
Bonds [Member] | Federal Home Loan Bank Certificates and Obligations (FHLB) [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, amortized cost	7,065,000	7,569,000
Held-to-maturity securities, gross unrealized gains	18,000	25,000
Held-to-maturity securities, gross unrealized losses	(45,000)	(62,000)
Held-to-maturity securities, fair value	7,038,000	7,532,000
Bonds [Member] | Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, amortized cost	1,998,000
Held-to-maturity securities, gross unrealized gains	3,000
Held-to-maturity securities, gross unrealized losses	(22,000)
Held-to-maturity securities, fair value	1,979,000
Bonds [Member] | Federal National Mortgage Association Certificates and Obligations (FNMA) [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, amortized cost	5,999,000	6,999,000
Held-to-maturity securities, gross unrealized gains	7,000	16,000
Held-to-maturity securities, gross unrealized losses	(40,000)	(46,000)
Held-to-maturity securities, fair value	5,966,000	6,969,000
Bonds [Member] | Municipal Bonds [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, amortized cost		470,000
Held-to-maturity securities, gross unrealized gains		2,000
Held-to-maturity securities, gross unrealized losses		0
Held-to-maturity securities, fair value		472,000
Bonds [Member] | Corporate Bond Securities [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, amortized cost		1,997,000
Held-to-maturity securities, gross unrealized gains		2,000
Held-to-maturity securities, gross unrealized losses		(20,000)
Held-to-maturity securities, fair value		1,979,000
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, amortized cost	958,000	1,145,000
Held-to-maturity securities, gross unrealized gains	65,000	88,000
Held-to-maturity securities, gross unrealized losses	0	0
Held-to-maturity securities, fair value	1,023,000	1,233,000
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, amortized cost	361,000	454,000
Held-to-maturity securities, gross unrealized gains	21,000	33,000
Held-to-maturity securities, gross unrealized losses	0	0
Held-to-maturity securities, fair value	382,000	487,000
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Federal National Mortgage Association Certificates and Obligations (FNMA) [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, amortized cost	427,000	495,000
Held-to-maturity securities, gross unrealized gains	40,000	49,000
Held-to-maturity securities, gross unrealized losses	0	0
Held-to-maturity securities, fair value	467,000	544,000
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Government National Mortgage Association Certificates and Obligations (GNMA) [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, amortized cost	170,000	196,000
Held-to-maturity securities, gross unrealized gains	4,000	6,000
Held-to-maturity securities, gross unrealized losses	0	0
Held-to-maturity securities, fair value	$ 174,000	$ 202,000

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Note 9 - Loans (Details) - Troubled Debt Restructurings - Residential Portfolio Segment [Member]	12 Months Ended
	Mar. 31, 2015 USD ($)
Troubled debt restructurings:
Residential real estate	1
Residential real estate	$ 96
Residential real estate	$ 111

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Note 1 - Basis of Presentation

6 Months Ended

Sep. 30, 2015

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 Delanco Federal Savings Bank (the “Bank”) upon completion of the “second-step” conversion of the Bank from a mutual holding company structure to a stock holding company structure (the “Conversion”). The Conversion involved the sale by the Company of 525,423 shares of common stock in a subscription and community offering, including shares purchased by the Bank’s employee stock ownership plan, the exchange of 420,002 shares of common stock of the Company for shares of common stock of the former Delanco Bancorp, Inc. (“old Delanco Bancorp”) held by persons other than Delanco MHC (the “MHC”), and the elimination of old Delanco Bancorp and the MHC. Net proceeds received from the reorganization and stock offering totaled $3,280,000, net of costs of $923,000.

The accompanying unaudited consolidated financial statements have been prepared in accordance with instructions for Form 10-Q and, therefore, do not include all disclosures necessary for a complete presentation of the financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP). However, all adjustments that are, in the opinion of management, necessary for the fair presentation of the interim financial statements have been included. Such adjustments were of a normal recurring nature. The results of operations for the three month period ended September 30, 2015 are not necessarily indicative of the results that may be expected for the entire year or any other interim period. For additional information, refer to the consolidated financial statements and footnotes thereto of the Company included in the Company’s annual report on Form 10-K for the year ended March 31, 2015.

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Note 10 - Investment Securities (Details) - Available-for-Sale Securities - USD ($)	Sep. 30, 2015	Mar. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities - amortized cost	$ 1,640,524	$ 1,154,418
Available-for-sale securities - gross unrealized gains		1,000
Available-for-sale securities - gross unrealized losses	(34,000)	(27,000)
Available-for-sale securities - fair value	1,607,076	1,127,515
Federal Home Loan Bank Certificates and Obligations (FHLB) [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 losses	(10,000)	(10,000)
Available-for-sale securities - fair value	490,000	490,000
Federal National Mortgage Association Certificates and Obligations (FNMA) [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 losses	(21,000)	(17,000)
Available-for-sale securities - fair value	479,000	483,000
Mutual Fund Shares [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities - amortized cost	141,000	154,000
Available-for-sale securities - gross unrealized gains		1,000
Available-for-sale securities - gross unrealized losses	(3,000)
Available-for-sale securities - fair value	138,000	$ 155,000
Capital One [Member] | Certificates of Deposit [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities - amortized cost	250,000
Available-for-sale securities - fair value	250,000
Discover Bank [Member] | Certificates of Deposit [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities - amortized cost	250,000
Available-for-sale securities - fair value	$ 250,000

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Note 8 - Fair Value of Financial Instruments (Details) - Off-balance Sheet Instruments - Commitments to Extend Credit [Member] - USD ($) $ in Thousands	Sep. 30, 2015	Mar. 31, 2015
Off-balance sheet instruments
Commitments to extend credit	$ 8,636	$ 8,840
Commitments to extend credit	$ 0	$ 0

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Note 8 - Fair Value of Financial Instruments (Details) - Estimated Fair Value of Assets and Liabilities - USD ($)	Sep. 30, 2015	Mar. 31, 2015	Sep. 30, 2014	Mar. 31, 2014
Financial Assets:
Cash and cash equivalents	$ 8,674,731	$ 10,450,448	$ 5,212,500	$ 3,332,639
Held-to-maturity securities	23,453,911	24,617,338
Held-to-maturity securities, fair value	23,394,305	24,566,903
Loans – net	82,014,159	80,146,397
FHLB stock	298,800	306,300
Accrued interest receivable	421,044	436,840
Accrued interest receivable, fair value	421,044	436,840
Bank–owned life insurance	169,252	169,252
Total financial assets	127,615,778	128,572,750
Bank–owned life insurance, fair value	169,252	169,252
Financial Liabilities:
Advance payments by borrowers for taxes and insurance	423,119	320,356
Advance payments by borrowers for taxes and insurance, fair value	423,119	320,356
Advances Federal Home Loan Bank	4,000,000	4,000,000
Advances Federal Home Loan Bank, fair value	4,000,000	4,000,000
Total financial liabilities	114,409,456	115,400,459
Reported Value Measurement [Member]
Financial Assets:
Cash and cash equivalents	8,675,000	10,450,000
Held-to-maturity securities	25,094,000	25,772,000
Loans – net	82,014,000	80,146,000
FHLB stock	299,000	306,000
Accrued interest receivable	421,000	437,000
Accrued interest receivable, fair value	421,000	437,000
Bank–owned life insurance	169,000	169,000
Total financial assets	116,672,000	117,280,000
Bank–owned life insurance, fair value	169,000	169,000
Financial Liabilities:
Deposits – interest bearing	109,149,000	110,198,000
Advance payments by borrowers for taxes and insurance	423,000	320,000
Advance payments by borrowers for taxes and insurance, fair value	423,000	320,000
Advances Federal Home Loan Bank	4,000,000	4,000,000
Advances Federal Home Loan Bank, fair value	4,000,000	4,000,000
Accrued interest payable	5,000	6,000
Total financial liabilities	113,577,000	114,524,000
Fair Value, Inputs, Level 1 [Member]
Financial Assets:
Cash and cash equivalents	8,675,000	10,450,000
FHLB stock, fair value	299,000	306,000
Accrued interest receivable	421,000	437,000
Accrued interest receivable, fair value	421,000	437,000
Bank–owned life insurance	169,000	169,000
Total financial assets	9,564,000	11,362,000
Bank–owned life insurance, fair value	169,000	169,000
Financial Liabilities:
Deposits – interest bearing, fair value	12,120,000	10,733,000
Advance payments by borrowers for taxes and insurance	423,000	320,000
Advance payments by borrowers for taxes and insurance, fair value	423,000	320,000
Advances Federal Home Loan Bank	4,000,000	4,000,000
Advances Federal Home Loan Bank, fair value	4,000,000	4,000,000
Accrued interest payable, fair value	5,000	6,000
Total financial liabilities	16,548,000	15,059,000
Fair Value, Inputs, Level 2 [Member]
Financial Assets:
Held-to-maturity securities, fair value	25,001,000	25,694,000
Total financial assets	25,001,000	25,694,000
Financial Liabilities:
Deposits – interest bearing, fair value	97,299,000	99,411,000
Total financial liabilities	97,299,000	99,411,000
Fair Value, Inputs, Level 3 [Member]
Financial Assets:
Loans – net, fair value	81,371,000	79,675,000
Total financial assets	$ 81,371,000	$ 79,675,000

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Note 10 - Investment Securities (Details) - Maturities of Securities - USD ($)	Sep. 30, 2015	Mar. 31, 2015
Amounts maturing in:
Held-to-maturity securities, amortized cost - one year or less	$ 501,000	$ 971,000
Held-to-maturity securities, fair value - one year or less	505,000	980,000
Available-for-sale securities, amortized cost - one year or less	0	0
Available-for-sale securities, fair value - one year or less	0	0
Held-to-maturity securities, amortized cost - after one year through five years	250,000	1,000,000
Held-to-maturity securities, fair value - after one year through five years	250,000	999,000
Available-for-sale securities, amortized cost - after one year through five years	500,000	0
Available-for-sale securities, fair value - after one year through five years	500,000	0
Held-to-maturity securities, amortized cost - after five years through ten years	9,320,000	8,911,000
Held-to-maturity securities, fair value - after five years through ten years	9,280,000	8,839,000
Available-for-sale securities, amortized cost - after five years through ten years	0	0
Available-for-sale securities, fair value - after five years through ten years	0	0
Held-to-maturity securities, amortized cost - after ten years	13,383,000	13,735,000
Held-to-maturity securities, fair value - after ten years	13,359,000	13,749,000
Available-for-sale securities, amortized cost - after ten years	1,000,000	1,000,000
Available-for-sale securities, fair value - after ten years	969,000	973,000
Mutual fund shares, held-to-maturity, amortized cost	0	0
Mutual fund shares, held-to-maturity, fair value	0	0
Mutual fund shares, available-for-sale, amortized cost	141,000	154,000
Mutual fund shares, available-for-sale, fair valuet	138,000	155,000
Held-to-maturity securities, amortized cost	23,453,911	24,617,338
Held-to-maturity securities, fair value	23,394,305	24,566,903
Available-for-sale securities, amortized cost	1,641,000	1,154,000
Available-for-sale securities, fair value	$ 1,607,076	$ 1,127,515

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Note 9 - Loans (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Sep. 30, 2015 USD ($)	Mar. 31, 2015 USD ($)
Note 9 - Loans (Details) [Line Items]
Maximum Loan to One Borrower Limitation, Percentage of Capital Funds	15.00%
Maximum Loan to One Borrower Limitation	$ 1,800
Additional Loan to One Borrower Limitation if Collateralized, Percentage of Adjusted Capital Funds	10.00%
Adjusted Capital Funds Value	$ 1,200
Financing Receivable, Modifications, Recorded Investment	2,190	$ 2,238
Financing Receivable, Recorded Investment, Nonaccrual Status	2,030	1,624
Impaired Financing Receivable, Average Recorded Investment	4,946	4,707
Impaired Financing Receivable, Interest Income, Cash Basis Method	103	$ 201
Allowance for Loan and Lease Losses, Write-offs	$ 122
Allowance for Loan Loss to Loans Outstanding Ratio	1.38%
Increase (Decrease) in Non-performing Assets	$ (83)
Non-performing Assets As Percentage of Total Assets	5.00%	4.90%
Downgraded Loans [Member]
Note 9 - Loans (Details) [Line Items]
Financing Receivable, Modifications, Number of Contracts	4
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest	$ 709
Total Charge-offs [Member]
Note 9 - Loans (Details) [Line Items]
Loans Receivables, Write Offs, Number of Relationships	2	2
Allowance for Loan and Lease Losses, Write-offs	$ 82	$ 23
Repayments on Loans [Member]
Note 9 - Loans (Details) [Line Items]
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest	$ 2
Partial Charge-offs [Member]
Note 9 - Loans (Details) [Line Items]
Loans Receivables, Write Offs, Number of Relationships	2	17
Allowance for Loan and Lease Losses, Write-offs	$ 40	$ 603
Nonperforming Financial Instruments [Member]
Note 9 - Loans (Details) [Line Items]
Financing Receivable, Modifications, Recorded Investment	$ 410	$ 713
In Non-accrual Status [Member]
Note 9 - Loans (Details) [Line Items]
Financing Receviable, Number of Contracts, Nonaccrual Status	16	17
Financing Receivable, Recorded Investment, Nonaccrual Status	$ 2,400	$ 2,300
Increase (Decrease) in Finance Receivables	103
Home Equity Portfolio Segment [Member] | Downgraded Loans [Member]
Note 9 - Loans (Details) [Line Items]
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest	127
Residential Portfolio Segment [Member]
Note 9 - Loans (Details) [Line Items]
Financing Receivable, Modifications, Number of Contracts		1
Financing Receivable, Recorded Investment, Nonaccrual Status	1,347	$ 880
Allowance for Loan and Lease Losses, Write-offs	$ 40	142
Residential Portfolio Segment [Member] | Downgraded Loans [Member]
Note 9 - Loans (Details) [Line Items]
Financing Receivable, Modifications, Number of Contracts	1
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest	$ (468)
Residential Portfolio Segment [Member] | Transfer to Real Estate Owned [Member]
Note 9 - Loans (Details) [Line Items]
Financing Receivable, Modifications, Number of Contracts	1
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest	$ 75
Residential Portfolio Segment [Member] | Nonperforming Financial Instruments [Member]
Note 9 - Loans (Details) [Line Items]
Financing Receivable, Modifications, Recorded Investment	410	485
Commercial Real Estate Portfolio Segment [Member]
Note 9 - Loans (Details) [Line Items]
Financing Receivable, Recorded Investment, Nonaccrual Status	556	662
Allowance for Loan and Lease Losses, Write-offs	$ 0	598
Commercial Real Estate Portfolio Segment [Member] | Non-Accruals Transfer to Accruing Status [Member]
Note 9 - Loans (Details) [Line Items]
Financing Receivable, Modifications, Number of Contracts	1
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest	$ 229
Commercial Real Estate Portfolio Segment [Member] | Transfer to Real Estate Owned [Member]
Note 9 - Loans (Details) [Line Items]
Financing Receivable, Modifications, Number of Contracts	1
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest	$ 100
Commercial Real Estate Portfolio Segment [Member] | Nonperforming Financial Instruments [Member]
Note 9 - Loans (Details) [Line Items]
Financing Receivable, Modifications, Recorded Investment	0	228
Construction Portfolio Segment [Member]
Note 9 - Loans (Details) [Line Items]
Financing Receivable, Recorded Investment, Nonaccrual Status	0	0
Allowance for Loan and Lease Losses, Write-offs	0
Construction Portfolio Segment [Member] | Nonperforming Financial Instruments [Member]
Note 9 - Loans (Details) [Line Items]
Financing Receivable, Modifications, Recorded Investment	$ 0	0
Consumer Portfolio Segment [Member]
Note 9 - Loans (Details) [Line Items]
Loan Origination, Percentage of Appraised Value or Selling Price	80.00%
Financing Receivable, Recorded Investment, Nonaccrual Status	$ 0	71
Allowance for Loan and Lease Losses, Write-offs	$ 71	4
Consumer Portfolio Segment [Member] | Total Charge-offs [Member]
Note 9 - Loans (Details) [Line Items]
Financing Receivable, Modifications, Number of Contracts	1
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest	$ 71
Consumer Portfolio Segment [Member] | Nonperforming Financial Instruments [Member]
Note 9 - Loans (Details) [Line Items]
Financing Receivable, Modifications, Recorded Investment	0	0
Commercial Portfolio Segment [Member]
Note 9 - Loans (Details) [Line Items]
Financing Receivable, Recorded Investment, Nonaccrual Status	0	0
Allowance for Loan and Lease Losses, Write-offs	$ 0	19
Commercial Portfolio Segment [Member] | Downgraded Loans [Member]
Note 9 - Loans (Details) [Line Items]
Financing Receivable, Modifications, Number of Contracts	1
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest	$ (114)
Commercial Portfolio Segment [Member] | Paid In Full [Member]
Note 9 - Loans (Details) [Line Items]
Financing Receivable, Modifications, Number of Contracts	1
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest	$ 118
Commercial Portfolio Segment [Member] | Nonperforming Financial Instruments [Member]
Note 9 - Loans (Details) [Line Items]
Financing Receivable, Modifications, Recorded Investment	0	0
Home Equity Portfolio Segment [Member]
Note 9 - Loans (Details) [Line Items]
Financing Receivable, Recorded Investment, Nonaccrual Status	127	11
Allowance for Loan and Lease Losses, Write-offs	$ 11
Home Equity Portfolio Segment [Member] | Downgraded Loans [Member]
Note 9 - Loans (Details) [Line Items]
Financing Receivable, Modifications, Number of Contracts	2
Home Equity Portfolio Segment [Member] | Total Charge-offs [Member]
Note 9 - Loans (Details) [Line Items]
Financing Receivable, Modifications, Number of Contracts	1
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest	$ 11
Home Equity Portfolio Segment [Member] | Nonperforming Financial Instruments [Member]
Note 9 - Loans (Details) [Line Items]
Financing Receivable, Modifications, Recorded Investment	$ 0	$ 0
Payment Deferral [Member] | Nonperforming Financial Instruments [Member]
Note 9 - Loans (Details) [Line Items]
Financing Receivable, Modifications, Number of Contracts	4
Financing Receivable, Modifications, Recorded Investment	$ 589
Maximum [Member] | Owner Occupied Property [Member]
Note 9 - Loans (Details) [Line Items]
Loan Term	30 years
Maximum [Member] | Non-owner Occupied Property [Member]
Note 9 - Loans (Details) [Line Items]
Loan Term	30 years
Maximum [Member] | Residential Portfolio Segment [Member]
Note 9 - Loans (Details) [Line Items]
Loan Origination, Percentage of Appraised Value or Selling Price	80.00%
Maximum [Member] | Commercial Real Estate Portfolio Segment [Member]
Note 9 - Loans (Details) [Line Items]
Loan Origination, Percentage of Appraised Value or Selling Price	80.00%
Interest Rate Maturity Or Re-price	7 years
Loan Amortization Period	25 years
Maximum [Member] | Construction Portfolio Segment [Member]
Note 9 - Loans (Details) [Line Items]
Loan Term	1 year
Minimum [Member] | Commercial Real Estate Portfolio Segment [Member]
Note 9 - Loans (Details) [Line Items]
Interest Rate Maturity Or Re-price	5 years

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Note 9 - Loans (Details) - Loans - USD ($)	Sep. 30, 2015	Mar. 31, 2015	Mar. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year-end loans outstanding	$ 83,251,000	$ 81,421,000
Net deferred loan origination fees	(89,000)	(90,000)
Allowance for loan losses	(1,147,792)	(1,185,178)	$ (1,448,000)
Loans, net	82,014,159	80,146,397
Residential Portfolio Segment [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year-end loans outstanding	64,999,000	62,789,000
Allowance for loan losses	(671,000)	(702,000)
Commercial Real Estate Portfolio Segment [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year-end loans outstanding	8,510,000	7,979,000
Allowance for loan losses	(289,000)	(289,000)
Commercial Portfolio Segment [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year-end loans outstanding	2,043,000	1,913,000
Allowance for loan losses	(91,000)	(86,000)
Home Equity Portfolio Segment [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year-end loans outstanding	6,841,000	8,006,000
Allowance for loan losses	(73,000)	(87,000)
Consumer Portfolio Segment [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year-end loans outstanding	578,000	678,000
Allowance for loan losses	(23,000)	(21,000)
Construction Portfolio Segment [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year-end loans outstanding	280,000	56,000
Allowance for loan losses	$ (1,000)	$ 0

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Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flow from operating activities
Net loss	$ 22,203	$ (175,288)
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income tax benefit	(21,850)	(177,257)
Depreciation	131,622	129,457
Discount accretion net of premium amortization	6,686	(1,459)
Provision for loan losses	10,000	375,000
(Gain) Loss on sale of real estate owned	1,981
Compensation expense for stock options	15,754	15,754
(Increase) decrease in:
Accrued interest receivable	15,796	14,669
Other assets	18,477	36,474
Increase (decrease) in:
Accrued interest payable	(427)	(783)
Other liabilities	(44,466)	(8,559)
Net cash provided by operating activities	155,776	208,008
Cash flows from investing activities
Proceeds of securities available for sale	13,894	13,559
Purchase of securities available for sale	(500,000)
Purchases of securities held-to-maturity	(2,500,000)	(500,000)
Proceeds from maturities and principal repayments of securities held-to-maturity	3,656,741	1,757,622
Redemption of investment required by law – stock in Federal Home Loan Bank	7,500	10,000
Proceeds from sale of real estate owned	471,833	219,020
Net decrease (Increase) in loans	(2,075,857)	777,815
Purchases of premises and equipment	(59,493)	(50,691)
Net cash provided by(used in) investing activities	(985,382)	2,227,325
Cash flows from financing activities
(Decrease) increase in deposits	(1,048,874)	(1,571,487)
Increase in advance payments by borrowers for taxes and insurance	102,763	16,015
Increase in federal Home Loan bank Advances		1,000,000
Net cash provided by (used) in financing activities	(946,111)	(555,472)
Net increase (decrease) in cash and cash equivalents	(1,775,717)	1,879,861
Cash and cash equivalents, beginning of the period	10,450,448	3,332,639
Cash and cash equivalents, end of period	8,674,731	5,212,500
Supplemental Disclosures:
Cash paid during the period for interest	270,578	296,445
Cash paid during the period for income taxes	2,500	5,500
Loans transferred to foreclosed real estate during the period	246,382	1,725,243
Net change in unrealized gain (loss) on securities available-for-sale net of tax	$ (3,926)	$ 48,237

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Note 9 - Loans (Details) - Loans by Credit Quality Indicator - USD ($) $ in Thousands	Sep. 30, 2015	Mar. 31, 2015
Financing Receivable, Recorded Investment [Line Items]
Year-end loans outstanding	$ 83,251	$ 81,421
Pass [Member]
Financing Receivable, Recorded Investment [Line Items]
Year-end loans outstanding	77,239
Special Mention [Member]
Financing Receivable, Recorded Investment [Line Items]
Year-end loans outstanding	1,154
Classified Loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Year-end loans outstanding	638
Nonperforming Financial Instruments [Member]
Financing Receivable, Recorded Investment [Line Items]
Year-end loans outstanding	4,220
Residential Portfolio Segment [Member]
Financing Receivable, Recorded Investment [Line Items]
Year-end loans outstanding	64,999	62,789
Residential Portfolio Segment [Member] | Pass [Member]
Financing Receivable, Recorded Investment [Line Items]
Year-end loans outstanding	62,286
Residential Portfolio Segment [Member] | Nonperforming Financial Instruments [Member]
Financing Receivable, Recorded Investment [Line Items]
Year-end loans outstanding	2,713
Commercial Real Estate Portfolio Segment [Member]
Financing Receivable, Recorded Investment [Line Items]
Year-end loans outstanding	8,510	7,979
Commercial Real Estate Portfolio Segment [Member] | Pass [Member]
Financing Receivable, Recorded Investment [Line Items]
Year-end loans outstanding	5,614
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member]
Financing Receivable, Recorded Investment [Line Items]
Year-end loans outstanding	1,078
Commercial Real Estate Portfolio Segment [Member] | Classified Loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Year-end loans outstanding	493
Commercial Real Estate Portfolio Segment [Member] | Nonperforming Financial Instruments [Member]
Financing Receivable, Recorded Investment [Line Items]
Year-end loans outstanding	1,325
Commercial Portfolio Segment [Member]
Financing Receivable, Recorded Investment [Line Items]
Year-end loans outstanding	2,043	1,913
Commercial Portfolio Segment [Member] | Pass [Member]
Financing Receivable, Recorded Investment [Line Items]
Year-end loans outstanding	1,822
Commercial Portfolio Segment [Member] | Special Mention [Member]
Financing Receivable, Recorded Investment [Line Items]
Year-end loans outstanding	76
Commercial Portfolio Segment [Member] | Classified Loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Year-end loans outstanding	145
Home Equity Portfolio Segment [Member]
Financing Receivable, Recorded Investment [Line Items]
Year-end loans outstanding	6,841	8,006
Home Equity Portfolio Segment [Member] | Pass [Member]
Financing Receivable, Recorded Investment [Line Items]
Year-end loans outstanding	6,714
Home Equity Portfolio Segment [Member] | Nonperforming Financial Instruments [Member]
Financing Receivable, Recorded Investment [Line Items]
Year-end loans outstanding	127
Consumer Portfolio Segment [Member]
Financing Receivable, Recorded Investment [Line Items]
Year-end loans outstanding	578	678
Consumer Portfolio Segment [Member] | Pass [Member]
Financing Receivable, Recorded Investment [Line Items]
Year-end loans outstanding	578
Construction Portfolio Segment [Member]
Financing Receivable, Recorded Investment [Line Items]
Year-end loans outstanding	280	$ 56
Construction Portfolio Segment [Member] | Pass [Member]
Financing Receivable, Recorded Investment [Line Items]
Year-end loans outstanding	225
Construction Portfolio Segment [Member] | Nonperforming Financial Instruments [Member]
Financing Receivable, Recorded Investment [Line Items]
Year-end loans outstanding	$ 55

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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, 2015	Sep. 30, 2014	Mar. 31, 2015
Financing Receivable, Allowance for Credit Losses [Line Items]
Balance		$ 1,185,178	$ 1,448,000	$ 1,448,000
Ending balance for loans individually evaluated for impairment		4,759,000
Ending balance for loans collectively evaluated for impairment		78,492,000
Loans receivable:
Ending balance		83,251,000		81,421,000
Ending balance: loans individually evaluated for impairment		4,759,000
Ending balance: loans collectively evaluated for impairment		78,492,000
Loan charge-offs		(122,000)
Recoveries		75,000		110,000
Provision for loan losses	$ 300,000	10,000	$ 375,000	390,000
Balance		1,147,792		1,185,178
Commercial Portfolio Segment [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Balance		86,000
Ending balance for loans individually evaluated for impairment		133,000
Ending balance for loans collectively evaluated for impairment		1,910,000
Loans receivable:
Ending balance		2,043,000		1,913,000
Ending balance: loans individually evaluated for impairment		133,000
Ending balance: loans collectively evaluated for impairment		1,910,000
Loan charge-offs		0		(19,000)
Recoveries		3,000
Provision for loan losses		2,000		45,000
Balance		91,000		86,000
Commercial Real Estate Portfolio Segment [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Balance		289,000
Ending balance for loans individually evaluated for impairment		1,643,000
Ending balance for loans collectively evaluated for impairment		6,867,000
Loans receivable:
Ending balance		8,510,000		7,979,000
Ending balance: loans individually evaluated for impairment		1,643,000
Ending balance: loans collectively evaluated for impairment		6,867,000
Loan charge-offs		0		(598,000)
Recoveries		30,000
Provision for loan losses		(30,000)		176,000
Balance		289,000		289,000
Residential Portfolio Segment [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Balance		702,000
Ending balance for loans individually evaluated for impairment		2,928,000
Ending balance for loans collectively evaluated for impairment		62,071,000
Loans receivable:
Ending balance		64,999,000		62,789,000
Ending balance: loans individually evaluated for impairment		2,928,000
Ending balance: loans collectively evaluated for impairment		62,071,000
Loan charge-offs		(40,000)		(142,000)
Recoveries		31,000
Provision for loan losses		(22,000)		177,000
Balance		671,000		702,000
Home Equity Portfolio Segment [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Balance		87,000
Ending balance for loans individually evaluated for impairment		0
Ending balance for loans collectively evaluated for impairment		6,841,000
Loans receivable:
Ending balance		6,841,000		8,006,000
Ending balance: loans collectively evaluated for impairment		6,841,000
Loan charge-offs		(11,000)
Recoveries		0
Provision for loan losses		(3,000)		21,000
Balance		73,000		87,000
Consumer Portfolio Segment [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Balance		21,000
Ending balance for loans individually evaluated for impairment		0
Ending balance for loans collectively evaluated for impairment		578,000
Loans receivable:
Ending balance		578,000		678,000
Ending balance: loans individually evaluated for impairment		0
Ending balance: loans collectively evaluated for impairment		578,000
Loan charge-offs		(71,000)		(4,000)
Recoveries		11,000
Provision for loan losses		62,000		(25,000)
Balance		23,000		21,000
Construction Portfolio Segment [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Balance		0
Ending balance for loans individually evaluated for impairment		55,000
Ending balance for loans collectively evaluated for impairment		225,000
Loans receivable:
Ending balance		280,000		56,000
Ending balance: loans individually evaluated for impairment		55,000
Ending balance: loans collectively evaluated for impairment		225,000
Loan charge-offs		0
Recoveries		0
Provision for loan losses		1,000		(4,000)
Balance		$ 1,000		$ 0

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Consolidated Statements of Financial Condition (Current Period Unaudited) - USD ($)	Sep. 30, 2015	Mar. 31, 2015
Cash and cash equivalents
Cash and amounts due from banks	$ 510,794	$ 687,488
Interest-bearing deposits	8,163,937	9,762,960
Total cash and cash equivalents	8,674,731	10,450,448
Investment securities:
Securities held-to-maturity (fair value $23,394,305 and $24,566,903 at September 30, 2015 and March 31, 2015, respectively)	23,453,911	24,617,338
Securities available-for-sale (amortized cost of $1,640,524 and $1,154,418 at September 30, 2015 and March 31, 2015, respectively)	1,607,076	1,127,515
Total investment securities	25,060,987	25,744,853
Loans, net of allowance for loan losses of $1,147,792 at September 30, 2015 (unaudited) and $1,185,178 at March 31, 2015	82,014,159	80,146,397
Accrued interest receivable	421,044	436,840
Premises and equipment, net	6,418,202	6,490,331
Federal Home Loan Bank, at cost	298,800	306,300
Deferred income taxes	2,084,701	2,060,233
Bank-owned life insurance	169,252	169,252
Real estate owned	2,157,766	2,433,483
Other assets	316,136	334,613
Total assets	127,615,778	128,572,750
Deposits
Non-interest bearing deposits	12,120,042	10,733,275
Interest bearing deposits	97,029,204	99,464,844
Total deposits	109,149,246	110,198,119
Advances from Federal Home Loan bank	4,000,000	4,000,000
Accrued interest payable	5,336	5,763
Advance payments by borrowers for taxes and insurance	423,119	320,356
Other liabilities	831,755	876,221
Total liabilities	$ 114,409,456	$ 115,400,459
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY
Preferred stock, $.01 par value, 5,000,000 shares authorized at September 30, 2015 and March 31, 2015, respectively; no shares issued	$ 0	$ 0
Common stock, $.01 par value, 20,000,000 shares authorized at September 30, 2015 and March 31, 2015, respectively; 945,425 shares issued and outstanding at September 30, 2015 and March 31, 2015	9,454	9,454
Additional paid-in capital	9,981,518	9,965,764
Retained earnings, substantially restricted	3,958,749	3,936,546
Unearned common stock held by employee stock ownership plan	(546,617)	(546,617)
Accumulated other comprehensive (loss)	(196,782)	(192,856)
Total stockholder’s equity	13,206,322	13,172,291
Total liabilities and stockholders’ equity	$ 127,615,778	$ 128,572,750

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Note 10 - Investment Securities (Details) - Securities With Gross Unrealized Losses - USD ($) $ in Thousands	Sep. 30, 2015	Mar. 31, 2015
Bonds [Member]
Note 10 - Investment Securities (Details) - Securities With Gross Unrealized Losses [Line Items]
Securities with unrealized losses, less than 12 months, fair value	$ 7,712	$ 7,416
Securities with unrealized losses, less than 12 months, gross unrealized losses	(37)	(53)
Securities with unrealized losses, 12 months or greater, fair value	7,286	8,288
Securities with unrealized losses, 12 months or greater, gross unrealized losses	(159)	(159)
Securities with unrealized losses, fair value	14,998	15,705
Securities with unrealized losses, gross unrealized losses	(196)	(211)
Bonds [Member] | Federal Home Loan Bank Certificates and Obligations (FHLB) [Member]
Note 10 - Investment Securities (Details) - Securities With Gross Unrealized Losses [Line Items]
Securities with unrealized losses, less than 12 months, fair value	3,099	2,457
Securities with unrealized losses, less than 12 months, gross unrealized losses	(10)	(20)
Securities with unrealized losses, 12 months or greater, fair value	2,455	2,451
Securities with unrealized losses, 12 months or greater, gross unrealized losses	(45)	(52)
Securities with unrealized losses, fair value	5,554	4,907
Securities with unrealized losses, gross unrealized losses	(55)	(72)
Bonds [Member] | Federal Farm Credit Bonds [Member]
Note 10 - Investment Securities (Details) - Securities With Gross Unrealized Losses [Line Items]
Securities with unrealized losses, less than 12 months, fair value	991	2,478
Securities with unrealized losses, less than 12 months, gross unrealized losses	(8)	(14)
Securities with unrealized losses, 12 months or greater, fair value	2,398	2,903
Securities with unrealized losses, 12 months or greater, gross unrealized losses	(47)	(42)
Securities with unrealized losses, fair value	3,389	5,382
Securities with unrealized losses, gross unrealized losses	(55)	(55)
Bonds [Member] | Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) [Member]
Note 10 - Investment Securities (Details) - Securities With Gross Unrealized Losses [Line Items]
Securities with unrealized losses, less than 12 months, fair value	988	988
Securities with unrealized losses, less than 12 months, gross unrealized losses	(12)	(12)
Securities with unrealized losses, 12 months or greater, fair value	490	492
Securities with unrealized losses, 12 months or greater, gross unrealized losses	(10)	(8)
Securities with unrealized losses, fair value	1,478	1,480
Securities with unrealized losses, gross unrealized losses	(22)	(20)
Bonds [Member] | Federal National Mortgage Association Certificates and Obligations (FNMA) [Member]
Note 10 - Investment Securities (Details) - Securities With Gross Unrealized Losses [Line Items]
Securities with unrealized losses, less than 12 months, fair value	2,496	1,493
Securities with unrealized losses, less than 12 months, gross unrealized losses	(4)	(7)
Securities with unrealized losses, 12 months or greater, fair value	1,943	2,442
Securities with unrealized losses, 12 months or greater, gross unrealized losses	(57)	(57)
Securities with unrealized losses, fair value	4,439	3,936
Securities with unrealized losses, gross unrealized losses	(61)	(64)
Bonds [Member] | Mutual Fund Shares [Member]
Note 10 - Investment Securities (Details) - Securities With Gross Unrealized Losses [Line Items]
Securities with unrealized losses, less than 12 months, fair value	138
Securities with unrealized losses, less than 12 months, gross unrealized losses	(3)
Securities with unrealized losses, fair value	138
Securities with unrealized losses, gross unrealized losses	$ (3)
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]
Note 10 - Investment Securities (Details) - Securities With Gross Unrealized Losses [Line Items]
Securities with unrealized losses, less than 12 months, fair value		7,416
Securities with unrealized losses, less than 12 months, gross unrealized losses		(53)
Securities with unrealized losses, 12 months or greater, fair value		8,288
Securities with unrealized losses, 12 months or greater, gross unrealized losses		(159)
Securities with unrealized losses, fair value		15,705
Securities with unrealized losses, gross unrealized losses		$ (211)

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Consolidated Statements of Comprehensive (Loss) (Unaudited) (Parentheticals) - USD ($)	6 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Unrealized gain (loss) on investment securities, deferred tax (benefit)	$ (13,379)	$ 32,158

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Note 9 - Loans (Details) - Impaired Loans by Portfolio - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Sep. 30, 2015	Mar. 31, 2015
Impaired loans with no valuation allowance:
Recorded Investment	$ 5,141	$ 4,633
Unpaid Pricipal Balance	5,076	4,522
Average Recorded Investment	5,001	4,707
Interest Income Recognized while on Impaired Status	103	201
Residential Portfolio Segment [Member]
Impaired loans with no valuation allowance:
Recorded Investment	2,983	2,600
Unpaid Pricipal Balance	2,928	2,534
Average Recorded Investment	2,826	2,743
Interest Income Recognized while on Impaired Status	28	65
Commercial Real Estate Portfolio Segment [Member]
Impaired loans with no valuation allowance:
Recorded Investment	1,838	1,860
Unpaid Pricipal Balance	1,833	1,813
Average Recorded Investment	1,921	1,727
Interest Income Recognized while on Impaired Status	64	130
Commercial Portfolio Segment [Member]
Impaired loans with no valuation allowance:
Recorded Investment	133	35
Unpaid Pricipal Balance	133	35
Average Recorded Investment	132	31
Interest Income Recognized while on Impaired Status	8	1
Home Equity Portfolio Segment [Member]
Impaired loans with no valuation allowance:
Recorded Investment	127	11
Unpaid Pricipal Balance	127	11
Average Recorded Investment	41	130
Interest Income Recognized while on Impaired Status	2
Consumer Portfolio Segment [Member]
Impaired loans with no valuation allowance:
Recorded Investment		71
Unpaid Pricipal Balance		71
Average Recorded Investment	24	18
Interest Income Recognized while on Impaired Status		2
Construction Portfolio Segment [Member]
Impaired loans with no valuation allowance:
Recorded Investment	60	56
Unpaid Pricipal Balance	55	56
Average Recorded Investment	57	58
Interest Income Recognized while on Impaired Status	$ 1	$ 3

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Note 1 - Basis of Presentation (Details)	Oct. 16, 2013 USD ($) shares
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) - Nonaccrual Loans - USD ($)	Sep. 30, 2015	Mar. 31, 2015	Mar. 31, 2014
Non-accrual loans:
Non-accrual loans	$ 2,030,000	$ 1,624,000
Accruing loans past due 90 days or more:
90 days past due and still accruing	0	0
In non-accrual status:
Troubled debt restructurings	2,190,000	2,238,000
Performing under modified terms:
Real estate owned	2,157,766	2,433,483	$ 1,950,000
Total non-performing assets	$ 127,615,778	$ 128,572,750
Non-performing loans as a percentage of loans	5.07%	4.74%
Non-performing assets as a percentage of loans and real estate owned	7.47%	7.51%
Non-performing assets as percentage of total assets	5.00%	4.90%
Residential Portfolio Segment [Member]
Non-accrual loans:
Non-accrual loans	$ 1,347,000	$ 880,000
Accruing loans past due 90 days or more:
90 days past due and still accruing	0	0
Commercial Real Estate Portfolio Segment [Member]
Non-accrual loans:
Non-accrual loans	556,000	662,000
Accruing loans past due 90 days or more:
90 days past due and still accruing	0	0
Commercial Portfolio Segment [Member]
Non-accrual loans:
Non-accrual loans	0	0
Accruing loans past due 90 days or more:
90 days past due and still accruing	0	0
Consumer Portfolio Segment [Member]
Non-accrual loans:
Non-accrual loans	0	71,000
Accruing loans past due 90 days or more:
90 days past due and still accruing	0	0
Home Equity Portfolio Segment [Member]
Non-accrual loans:
Non-accrual loans	127,000	11,000
Accruing loans past due 90 days or more:
90 days past due and still accruing	0	0
Construction Portfolio Segment [Member]
Non-accrual loans:
Non-accrual loans	0	0
Accruing loans past due 90 days or more:
90 days past due and still accruing	0	0
Nonperforming Financial Instruments [Member]
In non-accrual status:
Troubled debt restructurings	410,000	713,000
Performing under modified terms:
Total non-performing loans	4,220,000	3,862,000
Real estate owned	2,158,000	2,433,000
Total non-performing assets	6,378,000	6,295,000
Nonperforming Financial Instruments [Member] | Residential Portfolio Segment [Member]
In non-accrual status:
Troubled debt restructurings	410,000	485,000
Nonperforming Financial Instruments [Member] | Commercial Real Estate Portfolio Segment [Member]
In non-accrual status:
Troubled debt restructurings	0	228,000
Nonperforming Financial Instruments [Member] | Commercial Portfolio Segment [Member]
In non-accrual status:
Troubled debt restructurings	0	0
Nonperforming Financial Instruments [Member] | Consumer Portfolio Segment [Member]
In non-accrual status:
Troubled debt restructurings	0	0
Nonperforming Financial Instruments [Member] | Home Equity Portfolio Segment [Member]
In non-accrual status:
Troubled debt restructurings	0	0
Nonperforming Financial Instruments [Member] | Construction Portfolio Segment [Member]
In non-accrual status:
Troubled debt restructurings	0	0
Performing Financial Instruments [Member]
In non-accrual status:
Troubled debt restructurings	1,780,000	1,525,000
Performing Financial Instruments [Member] | Residential Portfolio Segment [Member]
In non-accrual status:
Troubled debt restructurings	956,000	696,000
Performing Financial Instruments [Member] | Commercial Real Estate Portfolio Segment [Member]
In non-accrual status:
Troubled debt restructurings	769,000	773,000
Performing Financial Instruments [Member] | Commercial Portfolio Segment [Member]
In non-accrual status:
Troubled debt restructurings	0	0
Performing Financial Instruments [Member] | Consumer Portfolio Segment [Member]
In non-accrual status:
Troubled debt restructurings	0	0
Performing Financial Instruments [Member] | Home Equity Portfolio Segment [Member]
In non-accrual status:
Troubled debt restructurings	0	0
Performing Financial Instruments [Member] | Construction Portfolio Segment [Member]
In non-accrual status:
Troubled debt restructurings	$ 55,000	$ 56,000

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Note 5 - Earnings Per Share (Details) - Earnings Per Share Reconciliation - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Earnings Per Share Reconciliation [Abstract]
Numerator (in Dollars)	$ (4,730)	$ (177,604)	$ 22,203	$ (175,288)
Denominators:
Basic shares outstanding			903,021	899,681
Effect of dilutive securities			2,083	0
Dilutive shares outstanding			905,104	899,681
Earnings per share:
Basic (in Dollars per share)			$ 0.02	$ (0.19)
Dilutive (in Dollars per share)			$ 0.02	$ (0.19)

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Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - 6 months ended Sep. 30, 2015 - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Unearned Employee Stock Ownership Plan [Member]	AOCI Attributable to Parent [Member]	Total
Balance at March 31, 2015 at Mar. 31, 2015	$ 9,454	$ 9,965,764	$ 3,936,546	$ (546,617)	$ (192,856)	$ 13,172,291
Balance at March 31, 2015 (in Shares) at Mar. 31, 2015	945,425
Comprehensive income			22,203			22,203
Other comprehensive income, net of tax:
Change in unrealized gain on securities available-for-sale, net of deferred income taxes of ($3,143)					(3,926)	(3,926)
Employee stock option expense		15,754				15,754
Balance at September 30, 2015 at Sep. 30, 2015	$ 9,454	$ 9,981,518	$ 3,958,749	$ (546,617)	$ (196,782)	$ 13,206,322
Balance at September 30, 2015 (in Shares) at Sep. 30, 2015	945,425

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Consolidated Statements of Financial Condition (Current Period Unaudited) (Parentheticals) - USD ($)	Sep. 30, 2015	Mar. 31, 2015
Securities held-to-maturity, fair value (in Dollars)	$ 23,394,305	$ 24,566,903
Securities available-for-sale, amortized cost (in Dollars)	1,640,524	1,154,418
Allowance for loan losses (in Dollars)	$ 1,147,792	$ 1,185,178
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, 2015

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, 2015 and March 31, 2015 are as follows:

	Held-to-Maturity September 30, 2015
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
(Dollars in Thousands)
Federal Farm Credit Bank Bond	$	7,434	$	9	$	(55	)	$	7,388
Federal Home Loan Bank Bonds		7,065		18		(45	)		7,038
Federal Home Loan Mortgage Corporation Bonds		1,998		3		(22	)		1,979
Federal National Mortgage Association		5,999		7		(40	)		5,966
Municipal Bond		−		−		−			−
		22,496		37		(162	)		22,371
Mortgage-Backed Securities:
Federal Home Loan Mortgage Corporation		361		21		−			382
Federal National Mortgage Association		427		40		−			467
Government National Mortgage Corporation		170		4		−			174
		958		65		−			1,023
Total	$	23,454	$	102	$	(162	)	$	23,394

	Held-to-Maturity March 31, 2015
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
(Dollars in Thousands)
Federal Home Loan Bank Bonds	$	7,569	$	25	$	(62	)	$	7,532
Federal Farm Credit Bonds		6,437		−		(55	)		6,382
Federal Home Loan Mortgage Corporation Bonds		1,997		2		(20	)		1,979
Federal National Mortgage Association Bond		6,999		16		(46	)		6,969
Municipal Bond		470		2		−			472
		23,472		45		(183	)		23,334
Mortgage-backed securities:
Federal Home Loan Mortgage Corporation		454		33		−			487
Federal National Mortgage Association		495		49		−			544
Government National Mortgage Corporation		196		6		−			202
		1,145		88		−			1,233
Total	$	24,617	$	133	$	(183	)	$	24,567

	Available for Sale September 30, 2015
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Federal Home Loan Bank Bonds	$	500	$	−	$	(10	)	$	490
Federal National Mortgage Association Bond		500		−		(21	)		479
Capital One Bank Certificate of Deposit		250		−		−			250
Discover Bank Certificate of Deposit		250		−		−			250
Mutual Fund Shares		141		−		(3	)		138
Total	$	1,641	$	−	$	(34	)	$	1,607

	Available for Sale March 31, 2015
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Federal Home Loan Bank Bonds	$	500	$	−	$	(10	)	$	490
Federal National Mortgage Association Bond		500		−		(17	)		483
Mutual Fund Shares		154		1		−			155
Total	$	1,154	$	1	$	(27	)	$	1,128

The following is a summary of maturities of securities held-to-maturity and available-for-sale as of September 30, 2015 and March 31, 2015:

	September 30, 2015
	Held to Maturity				Available for Sale
(Dollars in Thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Amounts maturing in:
One year or less	$	501	$	505	$	−	$	−
After one year through five years		250		250		500		500
After five years through ten years		9,320		9,280		−		−
After ten years		13,383		13,359		1,000		969
Equity securities		−		−		141		138
	$	23,454	$	23,394	$	1,641	$	1,607

	March 31, 2015
	Held to Maturity				Available for Sale
(Dollars in Thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Amounts maturing in:
One year or less	$	971	$	980	$	−	$	−
After one year through five years		1,000		999		−		−
After five years through ten years		8,911		8,839		−		−
After ten years		13,735		13,749		1,000		973
Equity securities		−		−		154		155
	$	24,617	$	24,567	$	1,154	$	1,128

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

Information pertaining to securities with gross unrealized losses at September 30, 2015 and March 31, 2015, aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows:

	September 30, 2015
	Less Than 12 Months					12 Months or Greater					Total
	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
(Dollars in Thousands)
Federal Home Loan Bank Bonds	$	3,099	$	(10	)	$	2,455	$	(45	)	$	5,554		(55	)
Federal Farm Credit Bonds		991		(8	)		2,398		(47	)		3,389		(55	)
Federal Home Loan Mortgage Corporation Bonds		988		(12	)		490		(10	)		1,478		(22	)
Federal National Mortgage Association		2,496		(4	)		1,943		(57	)		4,439		(61	)
Mutual funds		138		(3	)		−		−			138		(3	)
Total	$	7,712	$	(37	)	$	7,286	$	(159	)	$	14,998	$	(196	)

	March 31, 2015
	Less Than 12 Months					12 Months or Greater					Total
	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
(Dollars in Thousands)
Federal Home Loan Bank Bonds	$	2,457	$	(20	)	$	2,451	$	(52	)	$	4,907	$	(72	)
Federal Farm Credit Bonds		2,478		(14	)		2,903		(42	)		5,382		(55	)
Federal Home Loan Mortgage Corporation Bonds		988		(12	)		492		(8	)		1,480		(20	)
Federal National Mortgage Association		1,493		(7	)		2,442		(57	)		3,936		(64	)
Mutual funds shares		−		−			−		−			−		−
		7,416		(53	)		8,288		(159	)		15,705		(211	)
Mortgage-Backed Securities:
Government National Mortgage Corporation		−		−			−		−			−		−
Total	$	7,416	$	(53	)	$	8,288	$	(159	)	$	15,705	$	(211	)

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

At September 30, 2015, the 29 debt securities with unrealized losses have depreciated 0.7% 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 - shares	6 Months Ended
	Sep. 30, 2015	Nov. 03, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	Delanco Bancorp, Inc.
Trading Symbol	dlno
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, 2015
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q2

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Note 5 - Earnings Per Share (Tables)

6 Months Ended

Sep. 30, 2015

Earnings Per Share [Abstract]

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

	Six Months Ended September 30,
	2015		2014
Numerator	$	22,203	$	(175,288	)
Denominators:
Basic shares outstanding		903,021		899,681
Effect of dilutive securities		2,083		−
Dilutive shares outstanding		905,104		899,681
Earnings per share:
Basic	$	0.02	$	(0.19	)
Dilutive	$	0.02	$	(0.19	)

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Consolidated Statements of Income (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
INTEREST INCOME
Loans	$ 913,709	$ 926,137	$ 1,810,086	$ 1,865,942
Investment securities	167,904	180,238	333,779	361,130
Total interest income	1,081,613	1,106,375	2,143,865	2,227,072
INTEREST EXPENSE
Interest-bearing checking accounts	9,301	10,205	18,313	20,046
Passbook and money market accounts	26,198	26,212	52,574	52,261
Certificates of deposits	98,769	110,591	199,264	223,355
Federal Home Loan Bank Advances	6,980	4,964	13,880	9,322
Total interest expense	141,248	151,972	284,031	304,984
Net interest income	940,365	954,403	1,859,834	1,922,088
Provision for loan losses		300,000	10,000	375,000
Net interest income after provision for loan losses	940,365	654,403	1,849,834	1,547,088
NON-INTEREST INCOME
Gain (Loss) on sale of real estate owned	6,171		(1,981)
Service charges	37,653	39,715	70,661	74,916
Rental income	29,491	25,633	67,929	51,769
Other	3,949	5,838	7,581	8,833
Total non-interest income	77,264	71,186	144,190	135,518
NON-INTEREST EXPENSE
Salaries and employee benefits	423,318	420,245	832,078	841,894
Advertising	3,170	6,021	9,641	10,510
Office supplies, telephone and postage	27,106	35,727	52,479	59,225
Loan expenses	31,958	32,910	47,864	102,811
Occupancy expense	159,135	156,359	306,409	303,516
Federal insurance premiums	46,593	42,687	85,586	85,786
Real estate owned loss reserve	5,379	78,302	48,285	78,302
Data processing expenses	60,603	55,748	119,363	110,732
ATM expenses	7,806	10,258	13,924	17,282
Bank charges and fees	22,766	17,138	42,751	34,862
Insurance and surety bond premiums	24,843	27,854	49,088	47,111
Dues and subscriptions	13,955	7,474	24,271	13,695
Professional fees	79,414	80,049	152,050	159,006
Real Estate Owned expense, net	85,463	63,197	140,497	109,252
Other	32,968	29,219	67,885	58,168
Total non-interest expense	1,024,477	1,063,188	1,992,171	2,032,152
INCOME (LOSS) BEFORE INCOME TAX EXPENSE	(6,848)	(337,599)	1,853	(349,546)
Income tax (benefit)	(2,118)	(159,995)	(20,350)	(174,258)
NET INCOME (LOSS)	$ (4,730)	$ (177,604)	$ 22,203	$ (175,288)
INCOME (LOSS) PER COMMON SHARE (in Dollars per share)	$ (0.01)	$ (0.19)	$ 0.02	$ (0.19)

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Note 5 - Earnings Per Share

6 Months Ended

Sep. 30, 2015

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.

The calculated basic and dilutive EPS are as follows:

	Six Months Ended September 30,
	2015		2014
Numerator	$	22,203	$	(175,288	)
Denominators:
Basic shares outstanding		903,021		899,681
Effect of dilutive securities		2,083		−
Dilutive shares outstanding		905,104		899,681
Earnings per share:
Basic	$	0.02	$	(0.19	)
Dilutive	$	0.02	$	(0.19	)

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Note 3 - Deferred Income Taxes

6 Months Ended

Sep. 30, 2015

Note 3 - Deferred Income Taxes [Line Items]

Income Tax Disclosure [Text Block]

(4) Income Taxes

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

Tax years 2009 through 2014 remain subject to examination by Federal and New Jersey taxing authorities. In the event the Bank is assessed for interest and/or penalties by taxing authorities, such assessed amounts will be classified in the financial statements as income tax expense.

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 119 basis points.

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Note 3 - Deferred Income Taxes (Details)	6 Months Ended
	Sep. 30, 2015 USD ($)
Note 3 - Deferred Income Taxes (Details) [Line Items]
GAAP Capital Ratio Basis Points in Excess of Tier 1 Regulatory Capital Ratio	1.19%
Liability for Uncertain Tax Positions, Current	$ 0
Earliest Tax Year [Member] | Federal and State Jurisdiction [Member]
Note 3 - Deferred Income Taxes (Details) [Line Items]
Open Tax Year	2009
Latest Tax Year [Member] | Federal and State Jurisdiction [Member]
Note 3 - Deferred Income Taxes (Details) [Line Items]
Open Tax Year	2014

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Note 8 - Fair Value of Financial Instruments (Tables)

6 Months Ended

Sep. 30, 2015

Disclosure Text Block [Abstract]

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

	Fair Value Measurements at Reporting Date Using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
September 30, 2015
Available-for-sale securities	$	1,607	$	−	$	−
March 31, 2015
Available-for-sale securities	$	1,127	$	−	$	−

Fair Value Measurements, Nonrecurring [Table Text Block]

	Fair Value Measurements at Reporting Date Using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
September 30, 2015
Impaired loans	$	−	$	−	$	4,759
Real estate owned		−		−		2,158
Total	$	−	$	−	$	6,917
March 31, 2015
Impaired loans	$	−	$	−	$	4,522
Real estate owned		−		−		2,433
Total	$	−	$	−	$	6,955

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

	September 30, 2015
	Carrying Amount		Level 1		Level 2		Level 3
(Dollars in Thousands)
Financial Assets:
Cash and cash equivalents	$	8,675	$	8,675	$	−	$	−
Investment securities		25,094		−		25,001		−
Loans – net		82,014		−				81,371
FHLB stock		299		299				−
Accrued interest receivable		421		421				−
Bank–owned life insurance		169		169				−
Total financial assets	$	116,672	$	9,564	$	25,001	$	81,371
Financial Liabilities:
Deposits	$	109,149	$	12,120	$	97,299	$	−
Advance payments by borrowers for taxes and insurance		423		423		−		−
Advances Federal Home Loan Bank		4,000		4,000		−		−
Accrued interest payable		5		5		−		−
Total financial liabilities	$	113,577	$	16,548	$	97,299	$	−

	March 31, 2015
	Carrying Amount		Level 1		Level 2		Level 3
(Dollars in Thousands)
Financial Assets:
Cash and cash equivalents	$	10,450	$	10,450	$	−	$	−
Investment securities		25,772		−		25,694		−
Loans – net		80,146		−		−		79,675
FHLB stock		306		306		−		−
Accrued interest receivable		437		437		−		−
Bank-owned life insurance		169		169		−		−
Total financial assets	$	117,280	$	11,362	$	25,694	$	79,675
Financial Liabilities:
Deposits	$	110,198	$	10,733	$	99,411	$	−
Advances from Federal Home Loan Bank		4,000		4,000		−		−
Advance payments by borrowers for taxes and insurance		320		320		−		−
Accrued interest payable		6		6		−		−
Total financial liabilities	$	114,524	$	15,059	$	99,411	$	−

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

	September 30, 2015				March 31, 2015
	Contract Value		Estimated Fair Value		Contract Value		Estimated Fair Value
Off-balance sheet instruments
Commitments to extend credit	$	8,636	$	−	$	8,840	$	−

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Note 8 - Fair Value of Financial Instruments

6 Months Ended

Sep. 30, 2015

Disclosure Text Block [Abstract]

Fair Value, Measurement Inputs, Disclosure [Text Block]

(8) Fair Value of Financial Instruments

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

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

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

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

	Fair Value Measurements at Reporting Date Using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
September 30, 2015
Available-for-sale securities	$	1,607	$	−	$	−
March 31, 2015
Available-for-sale securities	$	1,127	$	−	$	−

Assets and Liabilities on a Non-Recurring Basis

Assets and liabilities measured at fair value on a non-recurring basis at September 30, 2015 and March 31, 2015 are as follows (dollars in thousands):

	Fair Value Measurements at Reporting Date Using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
September 30, 2015
Impaired loans	$	−	$	−	$	4,759
Real estate owned		−		−		2,158
Total	$	−	$	−	$	6,917
March 31, 2015
Impaired loans	$	−	$	−	$	4,522
Real estate owned		−		−		2,433
Total	$	−	$	−	$	6,955

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

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

As required by ASC Topic 825-10-65, the estimated fair value of financial instruments at September 30, 2015 and March 31, 2015 was as follows:

	September 30, 2015
	Carrying Amount		Level 1		Level 2		Level 3
(Dollars in Thousands)
Financial Assets:
Cash and cash equivalents	$	8,675	$	8,675	$	−	$	−
Investment securities		25,094		−		25,001		−
Loans – net		82,014		−				81,371
FHLB stock		299		299				−
Accrued interest receivable		421		421				−
Bank–owned life insurance		169		169				−
Total financial assets	$	116,672	$	9,564	$	25,001	$	81,371
Financial Liabilities:
Deposits	$	109,149	$	12,120	$	97,299	$	−
Advance payments by borrowers for taxes and insurance		423		423		−		−
Advances Federal Home Loan Bank		4,000		4,000		−		−
Accrued interest payable		5		5		−		−
Total financial liabilities	$	113,577	$	16,548	$	97,299	$	−

	March 31, 2015
	Carrying Amount		Level 1		Level 2		Level 3
(Dollars in Thousands)
Financial Assets:
Cash and cash equivalents	$	10,450	$	10,450	$	−	$	−
Investment securities		25,772		−		25,694		−
Loans – net		80,146		−		−		79,675
FHLB stock		306		306		−		−
Accrued interest receivable		437		437		−		−
Bank-owned life insurance		169		169		−		−
Total financial assets	$	117,280	$	11,362	$	25,694	$	79,675
Financial Liabilities:
Deposits	$	110,198	$	10,733	$	99,411	$	−
Advances from Federal Home Loan Bank		4,000		4,000		−		−
Advance payments by borrowers for taxes and insurance		320		320		−		−
Accrued interest payable		6		6		−		−
Total financial liabilities	$	114,524	$	15,059	$	99,411	$	−

Off-balance sheet instruments

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

	September 30, 2015				March 31, 2015
	Contract Value		Estimated Fair Value		Contract Value		Estimated Fair Value
Off-balance sheet instruments
Commitments to extend credit	$	8,636	$	−	$	8,840	$	−

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Note 6 - Regulatory Agreement

6 Months Ended

Sep. 30, 2015

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.

We have submitted strategic and capital plans to the OCC and have developed the other plans and policies required by the written agreement. The written agreement will remain in effect until terminated, modified, or suspended in writing by the OCC. 

The Agreement does not require the Bank to maintain any specific minimum regulatory capital ratios. Separately, the OCC established higher individual minimum capital ratios for the Bank. Specifically, the Bank must maintain a Tier 1 capital to adjusted total assets ratio of at least 8%, a Tier 1 capital to risk-weighted assets ratio of at least 12% and a total capital to risk-weighted assets ratio of at least 13%. The Bank's ratios of Tier 1 capital to adjusted total assets, Tier 1 capital to risk-weighted assets and total capital to risk-weighted assets at September 30, 2015 were 8.78%, 16.22% and 17.50%, respectively.

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Note 7 - Recent Accounting Pronouncements

6 Months Ended

Sep. 30, 2015

New Accounting Pronouncements and Changes in Accounting Principles [Abstract]

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

(7) Recent Accounting Pronouncements

There was one recent amendment to an accounting pronouncements since the March 31, 2015 audited financial statements.

In August 2015, the FASB issued ASU 2015-14: Revenue from Contracts with Customers – Deferral of the Effective Date. On May 28, 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers. For public business entities, the effective date was for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. In response to stakeholders’ requests to defer the effective date of the guidance in Update 2014-09 and in consideration of feedback received through extensive outreach with preparers, practitioners and users of financial statements, the Board issued proposed Accounting Standards Update, Revenue from Contracts with Customers: Deferral of the Effective Date. The amendments in this update defer the effective date of Update 2014-09 for all entities by one year. Public business entities should apply the guidance in Update 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The Company intends to comply with the effective date of this update.

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Note 9 - Loans

6 Months Ended

Sep. 30, 2015

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, 2015 and March 31, 2015 are summarized as follows (dollars in thousands):

	September 30,			March 31,
	2015			2015
Residential (one-to four-family) real estate	$	64,999		$	62,789
Multi-family and commercial real estate		8,510			7,979
Commercial		2,043			1,913
Home equity		6,841			8,006
Consumer		578			678
Construction		280			56
Total loans		83,251			81,421
Net deferred loan origination fees		(89	)		(90	)
Allowance for loan losses		(1,148	)		(1,185	)
Loans, net		82,014		$	80,146

The Bank is subject to a loans-to-one-borrower limitation of 15% of capital funds. At September 30, 2015, the loans-to-one-borrower limitation was $1.8 million; this excluded an additional 10% of adjusted capital funds or approximately $1.2 million, which may be loaned if collateralized by readily marketable securities. At September 30, 2015, there were no loans outstanding or committed to any one borrower, which individually or in the aggregate exceeded the Bank’s loans to-one-borrower limitations of 15% of capital funds.

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

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

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

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

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

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

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

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

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

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

Non-Performing Loans

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

The Bank continues to work with its borrowers where possible and is pursuing legal action where the ability to work with the borrower does not exist.  As of September 30, 2015, the Bank has entered into formal forbearance agreements with four relationships totaling $589 thousand that require current payments while the borrowers restructure their finances.

The following table represents loans by credit quality indicator at September 30, 2015 (dollars in thousands):

	Pass		Special Mention Loans		Classified Loans		Non- Performing Loans		Total
Residential real estate	$	62,286		−		−	$	2,713	$	64,999
Multi-family and commercial real estate		5,614		1,078		493		1,325		8,510
Commercial		1,822		76		145		−		2,043
Home equity		6,714		−		−		127		6,841
Consumer		578		−		−		−		578
Construction		225		−		−		55		280
	$	77,239		1,154		638		4,220		83,251

The following table represents past-due loans as of September 30, 2015 (dollars in thousands):

	30-59 Days Past			60- 89 Days Past			Greater than 90 Days Past			Total Past						Total Loan
	Due			Due			Due			Due			Current			Balances
Residential real estate	$	1,533		$	221		$	1,757		$	3,511		$	61,488		$	64,999
Multi-family and commercial real estate		419			−			556			975			7,535			8,510
Commercial		121			−			−			121			1,922			2,043
Home Equity		5			160			127			292			6,549			6,841
Consumer		45			−			−			45			533			578
Construction		−			−			−			−			280			280
Total Loans		2,123			381			2,440			4,944			78,307			83,251
Percentage of Total Loans		2.55	%		0.46	%		2.93	%		5.94	%		94.06	%		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, 2015, the Bank had 16 loan relationships totaling $2.4 million in non-accrual loans as compared to 17 relationships totaling $2.3 million at March 31, 2015. The average balance of impaired loans totaled $5.0 million for the six months ended September 30, 2015 as compared to $4.7 million for the year ended March 31, 2015, and interest income recorded on impaired loans for the six months ended September 30, 2015 totaled $103 thousand as compared to $201 thousand for the year ended March 31, 2015.

The following table represents data on impaired loans at September 30, 2015 and March 31, 2015 (dollars in thousands):

	September 30, 2015		March 31, 2015
Impaired loans for which a valuation allowance has been provided	$	−	$	—
Impaired loans for which no valuation allowance has been provided	$	5,076	$	4,522
Total loans determined to be impaired	$	5,076	$	4,522
Allowance for loans losses related to impaired loans	$	−	$	—
Average recorded investment in impaired loans	$	4,946	$	4,707
Cash basis interest income recognized on impaired loans	$	103	$	201

The following table presents impaired loans by portfolio class at September 30, 2015 (dollars in thousands):

	Recorded Investment		Unpaid Principal Balance		Related Valuation Allowance		Average Recorded Investment		Interest Income Recognized While on Impaired Statues
Impaired loans with no valuation allowance:
Residential real estate		2,983	$	2,928	$	−	$	2,826	$	28
Multi-family and commercial real estate		1,838		1,833		−		1,921		64
Commercial		133		133		−		132		8
Home equity		127		127		−		41		2
Consumer		−		−		−		24		−
Construction		60		55		−		57		1
Total		5,141		5,076	$	−		5,001		103

The following table presents impaired loans by portfolio class at March 31, 2015 (dollars in thousands):

	Recorded Investment		Unpaid Principal Balance		Related Valuation Allowance		Average Recorded Investment		Interest Income Recognized While On Impaired Statues
Impaired loans with no valuation allowance:
Residential real estate	$	2,600	$	2,534	$	−	$	2,743	$	65
Multi-family and commercial real estate		1,860		1,813		−		1,727		130
Commercial		35		35		−		31		1
Home equity		11		11		−		130		−
Consumer		71		71		−		18		2
Construction		56		56		−		58		3
Subtotal	$	4,633	$	4,522	$	−	$	4,707	$	201

The following table represents nonaccrual loans as of September 30, 2015 and March 31, 2015 (dollars in thousands):

	September 30, 2015			March 31, 2015
Non-accrual loans:
Residential real estate	$	1,347		$	880
Multi-family and commercial real estate		556			662
Commercial		−			−
Consumer		−			71
Home Equity		127			11
Construction		−			−
Total non-accrual loans		2,030			1,624
Accruing loans past due 90 days or more:
Residential real estate	$	−		$	−
Multi-family and commercial real estate		−			−
Commercial		−			−
Consumer		−			−
Home Equity		−			−
Construction		−			−
Total accruing loans past due 90 days or more		−			−
Troubled Debt Restructurings:
In non-accrual status:
Residential real estate	$	410		$	485
Multi-family and commercial real estate					228
Commercial					−
Consumer					−
Home Equity					−
Construction					−
Total troubled debt restructurings in non-accrual status		410			713
Performing under modified terms:
Residential real estate		956			696
Multi-family and commercial real estate		769			773
Commercial		−			−
Consumer		−			−
Home Equity		−			−
Construction		55			56
Total troubled debt restructurings performing under modified terms:		1,780			1,525
Total troubled debt restructurings		2,190			2,238
Total non-performing loans		4,220			3,862
Real estate owned		2,158			2,433
Total non-performing assets		6,378			6,295
Non-performing loans as a percentage of loans		5.07	%		4.74	%
Non-performing assets as a percentage of loans and real estate owned		7.47	%		7.51	%
Non-performing assets as percentage of total assets		5.00	%		4.90	%

During the six months ended September 30, 2015, the Bank experienced a $103 thousand net increase in non-accrual loans. This change reflects the downgrading of four loan relationships to non-accrual status totaling $709 thousand during the six months ended September 30, 2015. The downgraded loans consisted of one residential mortgages totaling $468 thousand, one commercial loans totaling $114 thousand and two home equity loans totaling $127 thousand. These additions to the non-accruals were offset by one commercial real estate loan for $229 thousand that returned to accruing status, one commercial loan for $118 thousand that was paid in full, one home equity loan in the amount of $11 thousand and one consumer loan of $71 thousand that were charged off, one residential loan in the amount of $75 thousand and one commercial real estate loan of $100 thousand that were transferred to real estate owned and repayments on loans of $2 thousand.

The following table presents troubled debt restructurings that occurred during the periods ended September 30, 2015 and March 31, 2015 and loans modified as troubled debt restructurings within the previous 6 and 12 month periods and for which there was a payment default during the period.

September 30, 2015

March 31, 2015

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

$

96

$

111

	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, 2015 and March 31, 2015:

	September 30,			March 31,
	2015			2015
Balance, beginning of period	$	2,433		$	1,950
Additions from loan foreclosures		247			2,333
Additions from capitalized costs		−			−
Dispositions of REO		(995	)		(1,592	)
Gain (loss) on sale of REO		(2	)		(82	)
Valuation adjustments in the period		475			(176	)
Balance, end of period	$	2,158		$	2,433

The following table presents the changes in fair value adjustments to REO for the periods ended September 30, 2015 and March 31, 2015:

	September 30,			March 31,
	2015			2015
Balance, beginning of period	$	851		$	676
Valuation adjustments added in the period		48			642
Valuation adjustments on disposed properties during the period		(523	)		(467	)
Balance, end of period	$	376		$	851

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

	September 30,			March 31,
	2015			2015
Balance at beginning of period	$	1,185		$	1,448
Provision:
Commercial		2			45
Commercial real estate		(30	)		176
Residential real estate		(22	)		177
Home Equity		(3	)		21
Consumer		62			(25	)
Construction		1			(4	)
Total provision		10			390
Charge-offs:
Commercial		−			19
Commercial real estate		−			598
Residential real estate		40			142
Home equity		11			−
Consumer		71			4
Recoveries		(75	)		(110	)
Total Net Charge-Offs	$	47		$	653
Balance at end of period	$	1,148		$	1,185
Period-end loans outstanding	$	83,251		$	81,421
Average loans outstanding	$	83,598		$	83,253
Allowance as a percentage of period-end loans		1.38	%		1.46	%
Net charge-offs as a percentage of average loans		0.06	%		0.78	%

Additional details for changes in the allowance for loan by loan portfolio as of September 30, 2015 are as follows (dollars in thousands):

Allowance for Loan Losses

	Commercial		Commercial Real Estate			Residential Real Estate			Home Equity			Consumer			Construction		Total
Balance, beginning of year		86		289			702			87			21			−		1,185
Loan charge-offs		−		−			(40	)		(11	)		(71	)		−		(122	)
Recoveries		3		30			31			−			11			−		75
Provision for loan losses		2		(30	)		(22	)		(3	)		62			1		10
Balance, end of period		91		289			671			73			23			1		1,148
Ending balance for loans individually evaluated for impairment		133		1,643			2,928			−			−			55		4,759
Ending balance for loans collectively evaluated for impairment		1,910		6,867			62,071			6,841			578			225		78,492
Loans receivable:
Ending balance		2,043		8,510			64,999			6,841			578			280		83,251
Ending balance: loans individually evaluated for impairment		133		1,643			2,928			−			−			55		4,759
Ending balance: loans collectively evaluated for impairment		1,910		6,867			62,071			6,841			578			225		78,492

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, 2015, the Bank experienced two charge-offs relating to two relationships totaling $82 thousand and two partial charge-offs related to two relationships totaling $40 thousand as compared to two charge-offs relating to two loan relationships totaling $23 thousand and partial charge-offs relating to 17 loan relationships totaling $603 thousand for the year ended March 31, 2015.

At September 30, 2015, the Bank maintained an allowance for loan loss ratio of 1.38% to loans outstanding. Non-performing assets have increased by $83 thousand over their stated levels at March 31, 2015, representing a non-performing asset to total asset ratio of 5.00% at September 30, 2015 as compared to a non-performing asset to total asset ratio of 4.90% at March 31, 2015. 

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

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Note 9 - Loans (Details) - Impaired Loans - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Sep. 30, 2015	Mar. 31, 2015
Impaired Loans [Abstract]
Impaired loans for which no valuation allowance has been provided	$ 5,076	$ 4,522
Total loans determined to be impaired	5,076	4,522
Average recorded investment in impaired loans	4,946	4,707
Cash basis interest income recognized on impaired loans	$ 103	$ 201

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Note 10 - Investment Securities (Tables)

6 Months Ended

Sep. 30, 2015

Investments, Debt and Equity Securities [Abstract]

Held-to-maturity Securities [Table Text Block]

	Held-to-Maturity September 30, 2015
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
(Dollars in Thousands)
Federal Farm Credit Bank Bond	$	7,434	$	9	$	(55	)	$	7,388
Federal Home Loan Bank Bonds		7,065		18		(45	)		7,038
Federal Home Loan Mortgage Corporation Bonds		1,998		3		(22	)		1,979
Federal National Mortgage Association		5,999		7		(40	)		5,966
Municipal Bond		−		−		−			−
		22,496		37		(162	)		22,371
Mortgage-Backed Securities:
Federal Home Loan Mortgage Corporation		361		21		−			382
Federal National Mortgage Association		427		40		−			467
Government National Mortgage Corporation		170		4		−			174
		958		65		−			1,023
Total	$	23,454	$	102	$	(162	)	$	23,394

	Held-to-Maturity March 31, 2015
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
(Dollars in Thousands)
Federal Home Loan Bank Bonds	$	7,569	$	25	$	(62	)	$	7,532
Federal Farm Credit Bonds		6,437		−		(55	)		6,382
Federal Home Loan Mortgage Corporation Bonds		1,997		2		(20	)		1,979
Federal National Mortgage Association Bond		6,999		16		(46	)		6,969
Municipal Bond		470		2		−			472
		23,472		45		(183	)		23,334
Mortgage-backed securities:
Federal Home Loan Mortgage Corporation		454		33		−			487
Federal National Mortgage Association		495		49		−			544
Government National Mortgage Corporation		196		6		−			202
		1,145		88		−			1,233
Total	$	24,617	$	133	$	(183	)	$	24,567

Available-for-sale Securities [Table Text Block]

	Available for Sale September 30, 2015
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Federal Home Loan Bank Bonds	$	500	$	−	$	(10	)	$	490
Federal National Mortgage Association Bond		500		−		(21	)		479
Capital One Bank Certificate of Deposit		250		−		−			250
Discover Bank Certificate of Deposit		250		−		−			250
Mutual Fund Shares		141		−		(3	)		138
Total	$	1,641	$	−	$	(34	)	$	1,607

	Available for Sale March 31, 2015
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Federal Home Loan Bank Bonds	$	500	$	−	$	(10	)	$	490
Federal National Mortgage Association Bond		500		−		(17	)		483
Mutual Fund Shares		154		1		−			155
Total	$	1,154	$	1	$	(27	)	$	1,128

Investments Classified by Contractual Maturity Date [Table Text Block]

	September 30, 2015
	Held to Maturity				Available for Sale
(Dollars in Thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Amounts maturing in:
One year or less	$	501	$	505	$	−	$	−
After one year through five years		250		250		500		500
After five years through ten years		9,320		9,280		−		−
After ten years		13,383		13,359		1,000		969
Equity securities		−		−		141		138
	$	23,454	$	23,394	$	1,641	$	1,607

	March 31, 2015
	Held to Maturity				Available for Sale
(Dollars in Thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Amounts maturing in:
One year or less	$	971	$	980	$	−	$	−
After one year through five years		1,000		999		−		−
After five years through ten years		8,911		8,839		−		−
After ten years		13,735		13,749		1,000		973
Equity securities		−		−		154		155
	$	24,617	$	24,567	$	1,154	$	1,128

Schedule of Unrealized Loss on Investments [Table Text Block]

	September 30, 2015
	Less Than 12 Months					12 Months or Greater					Total
	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
(Dollars in Thousands)
Federal Home Loan Bank Bonds	$	3,099	$	(10	)	$	2,455	$	(45	)	$	5,554		(55	)
Federal Farm Credit Bonds		991		(8	)		2,398		(47	)		3,389		(55	)
Federal Home Loan Mortgage Corporation Bonds		988		(12	)		490		(10	)		1,478		(22	)
Federal National Mortgage Association		2,496		(4	)		1,943		(57	)		4,439		(61	)
Mutual funds		138		(3	)		−		−			138		(3	)
Total	$	7,712	$	(37	)	$	7,286	$	(159	)	$	14,998	$	(196	)

	March 31, 2015
	Less Than 12 Months					12 Months or Greater					Total
	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
(Dollars in Thousands)
Federal Home Loan Bank Bonds	$	2,457	$	(20	)	$	2,451	$	(52	)	$	4,907	$	(72	)
Federal Farm Credit Bonds		2,478		(14	)		2,903		(42	)		5,382		(55	)
Federal Home Loan Mortgage Corporation Bonds		988		(12	)		492		(8	)		1,480		(20	)
Federal National Mortgage Association		1,493		(7	)		2,442		(57	)		3,936		(64	)
Mutual funds shares		−		−			−		−			−		−
		7,416		(53	)		8,288		(159	)		15,705		(211	)
Mortgage-Backed Securities:
Government National Mortgage Corporation		−		−			−		−			−		−
Total	$	7,416	$	(53	)	$	8,288	$	(159	)	$	15,705	$	(211	)

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Note 8 - Fair Value of Financial Instruments (Details) - Assets and Liabilities Measured at Fair Value on a Recurring Basis - USD ($)	Sep. 30, 2015	Mar. 31, 2015
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	$ 1,607,076	$ 1,127,515
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	1,607,000	1,127,000
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	0	0
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

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Note 10 - Investment Securities (Details) - Debt Securities [Member]	Sep. 30, 2015
Note 10 - Investment Securities (Details) [Line Items]
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions	29
Securities in Unrealized Loss Positions, Depreciated Percentage from Amortized Cost	0.70%

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Consolidated Statements of Comprehensive (Loss) (Unaudited) - USD ($)	6 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Net income (loss)	$ 22,203	$ (175,288)
Other comprehensive loss net of tax:
Unrealized gain (loss) on investment securities available for sale, net of deferred tax (benefit) of $(13,379) and $32,158 for the six months ended September 30, 2015 and 2014	(3,926)	48,237
Other comprehensive income (loss)	(3,926)	48,237
Total Comprehensive income (loss)	$ 18,277	$ (127,051)

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Note 2 - Use of Estimates

6 Months Ended

Sep. 30, 2015

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.

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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	Sep. 30, 2015	Mar. 31, 2015
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	$ 0
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member]
Note 8 - Fair Value of Financial Instruments (Details) - Assets and Liabilities Measured at Fair Value On a Non-recurring Basis [Line Items]
Impaired loans	0	0
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Real Estate Owned [Member]
Note 8 - Fair Value of Financial Instruments (Details) - Assets and Liabilities Measured at Fair Value On a Non-recurring Basis [Line Items]
Real estate owned	0	0
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	0
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member]
Note 8 - Fair Value of Financial Instruments (Details) - Assets and Liabilities Measured at Fair Value On a Non-recurring Basis [Line Items]
Impaired loans	0	0
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Real Estate Owned [Member]
Note 8 - Fair Value of Financial Instruments (Details) - Assets and Liabilities Measured at Fair Value On a Non-recurring Basis [Line Items]
Real estate owned	0	0
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	81,371	79,675
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	6,917	6,955
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [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	4,759	4,522
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Real Estate Owned [Member]
Note 8 - Fair Value of Financial Instruments (Details) - Assets and Liabilities Measured at Fair Value On a Non-recurring Basis [Line Items]
Real estate owned	$ 2,158	$ 2,433

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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, 2015	Sep. 30, 2015	Sep. 30, 2014	Mar. 31, 2015
Real Estate Owned (REO), Net of Valuation Allowance [Abstract]
Balance, beginning of period		$ 2,433,483	$ 1,950,000	$ 1,950,000
Additions from loan foreclosures		246,382	1,725,243	2,333,000
Dispositions of REO		(995,000)		(1,592,000)
Gain (loss) on sale of REO	$ 6,171	(1,981)		(82,000)
Valuation adjustments in the period		475,000		(176,000)
Balance, end of period	2,157,766	2,157,766		2,433,483
Balance, beginning of period		851,000	$ 676,000	676,000
Valuation adjustments added in the period		48,000		642,000
Valuation adjustments on disposed properties during the period		(523,000)		(467,000)
Balance, end of period	$ 376,000	$ 376,000		$ 851,000

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Note 9 - Loans (Tables)

6 Months Ended

Sep. 30, 2015

Receivables [Abstract]

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

	September 30,			March 31,
	2015			2015
Residential (one-to four-family) real estate	$	64,999		$	62,789
Multi-family and commercial real estate		8,510			7,979
Commercial		2,043			1,913
Home equity		6,841			8,006
Consumer		578			678
Construction		280			56
Total loans		83,251			81,421
Net deferred loan origination fees		(89	)		(90	)
Allowance for loan losses		(1,148	)		(1,185	)
Loans, net		82,014		$	80,146

Financing Receivable Credit Quality Indicators [Table Text Block]

	Pass		Special Mention Loans		Classified Loans		Non- Performing Loans		Total
Residential real estate	$	62,286		−		−	$	2,713	$	64,999
Multi-family and commercial real estate		5,614		1,078		493		1,325		8,510
Commercial		1,822		76		145		−		2,043
Home equity		6,714		−		−		127		6,841
Consumer		578		−		−		−		578
Construction		225		−		−		55		280
	$	77,239		1,154		638		4,220		83,251

Past Due Financing Receivables [Table Text Block]

	30-59 Days Past			60- 89 Days Past			Greater than 90 Days Past			Total Past						Total Loan
	Due			Due			Due			Due			Current			Balances
Residential real estate	$	1,533		$	221		$	1,757		$	3,511		$	61,488		$	64,999
Multi-family and commercial real estate		419			−			556			975			7,535			8,510
Commercial		121			−			−			121			1,922			2,043
Home Equity		5			160			127			292			6,549			6,841
Consumer		45			−			−			45			533			578
Construction		−			−			−			−			280			280
Total Loans		2,123			381			2,440			4,944			78,307			83,251
Percentage of Total Loans		2.55	%		0.46	%		2.93	%		5.94	%		94.06	%		100.0	%

Impaired Financing Receivables [Table Text Block]

	September 30, 2015		March 31, 2015
Impaired loans for which a valuation allowance has been provided	$	−	$	—
Impaired loans for which no valuation allowance has been provided	$	5,076	$	4,522
Total loans determined to be impaired	$	5,076	$	4,522
Allowance for loans losses related to impaired loans	$	−	$	—
Average recorded investment in impaired loans	$	4,946	$	4,707
Cash basis interest income recognized on impaired loans	$	103	$	201

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

	Recorded Investment		Unpaid Principal Balance		Related Valuation Allowance		Average Recorded Investment		Interest Income Recognized While on Impaired Statues
Impaired loans with no valuation allowance:
Residential real estate		2,983	$	2,928	$	−	$	2,826	$	28
Multi-family and commercial real estate		1,838		1,833		−		1,921		64
Commercial		133		133		−		132		8
Home equity		127		127		−		41		2
Consumer		−		−		−		24		−
Construction		60		55		−		57		1
Total		5,141		5,076	$	−		5,001		103

	Recorded Investment		Unpaid Principal Balance		Related Valuation Allowance		Average Recorded Investment		Interest Income Recognized While On Impaired Statues
Impaired loans with no valuation allowance:
Residential real estate	$	2,600	$	2,534	$	−	$	2,743	$	65
Multi-family and commercial real estate		1,860		1,813		−		1,727		130
Commercial		35		35		−		31		1
Home equity		11		11		−		130		−
Consumer		71		71		−		18		2
Construction		56		56		−		58		3
Subtotal	$	4,633	$	4,522	$	−	$	4,707	$	201

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

	September 30, 2015			March 31, 2015
Non-accrual loans:
Residential real estate	$	1,347		$	880
Multi-family and commercial real estate		556			662
Commercial		−			−
Consumer		−			71
Home Equity		127			11
Construction		−			−
Total non-accrual loans		2,030			1,624
Accruing loans past due 90 days or more:
Residential real estate	$	−		$	−
Multi-family and commercial real estate		−			−
Commercial		−			−
Consumer		−			−
Home Equity		−			−
Construction		−			−
Total accruing loans past due 90 days or more		−			−
Troubled Debt Restructurings:
In non-accrual status:
Residential real estate	$	410		$	485
Multi-family and commercial real estate					228
Commercial					−
Consumer					−
Home Equity					−
Construction					−
Total troubled debt restructurings in non-accrual status		410			713
Performing under modified terms:
Residential real estate		956			696
Multi-family and commercial real estate		769			773
Commercial		−			−
Consumer		−			−
Home Equity		−			−
Construction		55			56
Total troubled debt restructurings performing under modified terms:		1,780			1,525
Total troubled debt restructurings		2,190			2,238
Total non-performing loans		4,220			3,862
Real estate owned		2,158			2,433
Total non-performing assets		6,378			6,295
Non-performing loans as a percentage of loans		5.07	%		4.74	%
Non-performing assets as a percentage of loans and real estate owned		7.47	%		7.51	%
Non-performing assets as percentage of total assets		5.00	%		4.90	%

Troubled Debt Restructurings on Financing Receivables [Table Text Block]

September 30, 2015

March 31, 2015

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

$

96

$

111

Schedule of Debtor Troubled Debt Restructuring, Subsequent Periods [Table Text Block]

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

Real Estate Owned [Table Text Block]

	September 30,			March 31,
	2015			2015
Balance, beginning of period	$	2,433		$	1,950
Additions from loan foreclosures		247			2,333
Additions from capitalized costs		−			−
Dispositions of REO		(995	)		(1,592	)
Gain (loss) on sale of REO		(2	)		(82	)
Valuation adjustments in the period		475			(176	)
Balance, end of period	$	2,158		$	2,433

	September 30,			March 31,
	2015			2015
Balance, beginning of period	$	851		$	676
Valuation adjustments added in the period		48			642
Valuation adjustments on disposed properties during the period		(523	)		(467	)
Balance, end of period	$	376		$	851

Schedule of Charge-offs [Table Text Block]

	September 30,			March 31,
	2015			2015
Balance at beginning of period	$	1,185		$	1,448
Provision:
Commercial		2			45
Commercial real estate		(30	)		176
Residential real estate		(22	)		177
Home Equity		(3	)		21
Consumer		62			(25	)
Construction		1			(4	)
Total provision		10			390
Charge-offs:
Commercial		−			19
Commercial real estate		−			598
Residential real estate		40			142
Home equity		11			−
Consumer		71			4
Recoveries		(75	)		(110	)
Total Net Charge-Offs	$	47		$	653
Balance at end of period	$	1,148		$	1,185
Period-end loans outstanding	$	83,251		$	81,421
Average loans outstanding	$	83,598		$	83,253
Allowance as a percentage of period-end loans		1.38	%		1.46	%
Net charge-offs as a percentage of average loans		0.06	%		0.78	%

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

	Commercial		Commercial Real Estate			Residential Real Estate			Home Equity			Consumer			Construction		Total
Balance, beginning of year		86		289			702			87			21			−		1,185
Loan charge-offs		−		−			(40	)		(11	)		(71	)		−		(122	)
Recoveries		3		30			31			−			11			−		75
Provision for loan losses		2		(30	)		(22	)		(3	)		62			1		10
Balance, end of period		91		289			671			73			23			1		1,148
Ending balance for loans individually evaluated for impairment		133		1,643			2,928			−			−			55		4,759
Ending balance for loans collectively evaluated for impairment		1,910		6,867			62,071			6,841			578			225		78,492
Loans receivable:
Ending balance		2,043		8,510			64,999			6,841			578			280		83,251
Ending balance: loans individually evaluated for impairment		133		1,643			2,928			−			−			55		4,759
Ending balance: loans collectively evaluated for impairment		1,910		6,867			62,071			6,841			578			225		78,492