Investments

3 Months Ended

Jun. 30, 2011

Investments [Abstract]

Investments

3. Investments

Available-for-sale securities were acquired during the first quarter of fiscal 2012 as a part of the Palm Harbor acquisition. In accordance with ASC 805, Business Combinations (“ASC 805”) the individual securities were valued at fair value as of the Acquisition Date and therefore, no individual security has been in a continuous unrealized loss position at June 30, 2011. The following table summarizes the Company’s available-for-sale investment securities, gross unrealized gains and losses and fair value, aggregated by investment category as of June 30, 2011 (in thousands):

	June 30, 2011
			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
U.S. Treasury and Government Agencies	$	1,148	$	—	$	(1	)	$	1,147
Mortgage-backed securities		5,063		24		(45	)		5,042
States and political subdivisions		1,205		1		—			1,206
Corporate debt securities		4,411		—		(26	)		4,385
Marketable equity securities		3,802		33		(82	)		3,753
Total	$	15,629	$	58	$	(154	)	$	15,533

Consistent with improvements seen in the overall stock market in recent quarters, and based on the Company’s ability and intent to hold the investments for a reasonable period of time sufficient for a forecasted recovery of fair value, the Company does not consider the investments to be other-than-temporarily impaired at June 30, 2011.

The Company’s investments in marketable equity securities consist of investments in common stock of bank trust, insurance, and public utility companies ($1.5 million of the total fair value and $11,000 of the total unrealized losses) and industrial companies ($2.3 million of the total fair value and $71,000 of the total unrealized losses).

The amortized cost and fair value of the Company’s investment securities at June 30, 2011, by contractual maturity, are shown in the table below (in thousands). Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

	June 30,
	2011
Due in less than one year	$	974
Due after one year through five years		6,716
Due after five years through ten years		262
Due after ten years		3,828
Marketable equity securities		3,753
Total investment securities available-for-sale	$	15,533

Realized gains and losses from the sale of securities are determined using the specific identification method. Gross gains realized on the sales of investment securities for the first quarter of fiscal 2012 were approximately $17,000. Gross losses were approximately $4,000 for the first quarter of fiscal 2012.