Investments

3 Months Ended

Jun. 30, 2012

Investments [Abstract]

Investments

3. Investments

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):

	June 30, 2012
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. Treasury and government agencies	$	1,662	$	12	$	—		$	1,674
Mortgage-backed securities		4,674		19		(72	)		4,621
States and political subdivisions		1,179		27		—			1,206
Corporate debt securities		3,611		36		—			3,647
Marketable equity securities		3,847		245		(131	)		3,961
	$	14,973	$	339	$	(203	)	$	15,109
	March 31, 2012
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. Treasury and government agencies	$	1,371	$	11	$	(1	)	$	1,381
Mortgage-backed securities		3,946		17		(48	)		3,915
States and political subdivisions		1,186		26		—			1,212
Corporate debt securities		3,640		37		(1	)		3,676
Marketable equity securities		3,883		218		(83	)		4,018
	$	14,026	$	309	$	(133	)	$	14,202

The following tables show the gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position (in thousands):

	June 30, 2012
	Less than 12 Months					12 Months or Longer					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Mortgage-backed securities	$	2,373	$	(72	)	$	—	$	—		$	2,373	$	(72	)
Marketable equity securities		695		(54	)		471		(77	)		1,166		(131	)
	$	3,068	$	(126	)	$	471	$	(77	)	$	3,539	$	(203	)

	March 31, 2012
	Less than 12 Months					12 Months or Longer				Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasury and Government Agencies	$	249	$	(1	)	$	—	$	—	$	249	$	(1	)
Mortgage-backed securities		2,509		(48	)		—		—		2,509		(48	)
Corporate debt securities		384		(1	)		—		—		384		(1	)
Marketable equity securities		1,194		(83	)		—		—		1,194		(83	)
	$	4,336	$	(133	)	$	—	$	—	$	4,336	$	(133	)

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 June 30, 2012.

The Company’s investments in marketable equity securities consist of investments in common stock of industrial and other companies ($2.5 million of the total fair value and $121,000 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 investments in debt 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.

	June 30, 2012				March 31, 2012
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in less than one year	$	1,549	$	1,553	$	1,355	$	1,359
Due after one year through five years		5,751		5,823		5,498		5,573
Due after five years through ten years		259		272		260		270
Due after ten years		3,567		3,500		3,030		2,982
	$	11,126	$	11,148	$	10,143	$	10,184

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 months ended June 30, 2012 were approximately $31,000. Gross losses realized were approximately $1,000 for the three months ended June 30, 2012.