Investments

9 Months Ended

Dec. 29, 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):

	December 29, 2012
			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
U.S. Treasury and government agencies	$	2,751	$	12	$	(4	)	$	2,759
Mortgage-backed securities		5,050		25		(107	)		4,968
States and political subdivisions		1,424		27		(1	)		1,450
Corporate debt securities		3,179		56		—			3,235
Marketable equity securities		3,945		245		(96	)		4,094
	$	16,349	$	365	$	(208	)	$	16,506

	March 31, 2012
			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			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):

	December 29, 2012
	Less than 12 Months					12 Months or Longer					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
	Value		Losses			Value		Losses			Value		Losses
U.S. Treasury and government agencies	$	796	$	(4	)	$	—	$	—		$	796	$	(4	)
Mortgage-backed securities		2,429		(107	)		—		—			2,429		(107	)
States and political subdivisions		256		(1	)		—		—			256		(1	)
Marketable equity securities		605		(30	)		424		(66	)		1,029		(96	)
	$	4,086	$	(142	)	$	424	$	(66	)	$	4,510	$	(208	)
	March 31, 2012
	Less than 12 Months					12 Months or Longer					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
	Value		Losses			Value		Losses			Value		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 December 29, 2012.

The Company’s investments in marketable equity securities consist of investments in common stock of industrial and other companies ($2.6 million of the total fair value and $80,000 of the total unrealized losses) and bank trust, insurance, and public utility companies ($1.5 million of the total fair value and $16,000 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.

	December 29, 2012				March 31, 2012
	Amortized		Fair		Amortized		Fair
	Cost		Value		Cost		Value
Due in less than one year	$	2,076	$	2,088	$	1,355	$	1,359
Due after one year through five years		4,807		4,907		5,498		5,573
Due after five years through ten years		744		715		260		270
Due after ten years		4,777		4,702		3,030		2,982
	$	12,404	$	12,412	$	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 and nine months ended December 29, 2012 were approximately $94,000 and $150,000, respectively. Gross losses realized were approximately $31,000 and $45,000 for the three and nine months ended December 29, 2012, respectively.