Investments

9 Months Ended

Dec. 31, 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 for longer than 12 months as of December 31, 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 (in thousands):

		September 30,		September 30,		September 30,			September 30,
	December 31, 2011
			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
U.S. Treasury and Government Agencies	$	1,279	$	10	$	—		$	1,289
Mortgage-backed securities		4,583		16		(38	)		4,561
States and political subdivisions		1,192		33		—			1,225
Corporate debt securities		3,938		6		(24	)		3,920
Marketable equity securities		3,814		117		(179	)		3,752
	$	14,806	$	182	$	(241	)	$	14,747

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 any investments to be other-than-temporarily impaired at December 31, 2011.

The Company’s investments in marketable equity securities consist of investments in common stock of industrial and other companies ($2.3 million of the total fair value and $169,000 of the total unrealized losses) and bank trust, insurance, and public utility companies ($1.5 million of the total fair value and $10,000 of the total unrealized losses).

The amortized cost and fair value of the Company’s investment securities, 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.

		September 30,		September 30,
	December 31, 2011
	Amortized		Fair
	Cost		Value
Due in less than one year	$	1,373	$	1,369
Due after one year through five years		5,802		5,831
Due after five years through ten years		510		523
Due after ten years		3,307		3,272
Marketable equity securities		3,814		3,752
	$	14,806	$	14,747

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 three and nine months ended December 31, 2011 were approximately $31,000 and $51,000, respectively. Gross losses realized were approximately $45,000 and $65,000 for the three and nine months ended December 31, 2011, respectively.