Investment and Mortgage-Backed Securities, Held to Maturity

12 Months Ended

Mar. 31, 2012

Investment and Mortgage-Backed Securities, Available for Sale:

Investment and Mortgage-Backed Securities, Held to Maturity

(3) Investment and Mortgage-Backed Securities, Held to Maturity

The amortized cost, gross unrealized gains, gross unrealized losses, and fair values of investment and mortgage-backed securities held to maturity are as follows:

		March 31, 2012
		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
FHLB Securities	$	11,554,627	$	221,726	$	13,517	$	11,762,836
FFCB Securities		1,999,516		6,534		23,410		1,982,640
FNMA and FHLMC Bonds		6,983,004		19,863		49,147		6,953,720
SBA Bonds		3,251,151		305,430		-		3,556,581
Mortgage-Backed Securities		43,732,912		1,822,180		-		45,555,092
Equity Securities		155,000		-		-		155,000
	$	67,676,210	$	2,375,733	$	86,074	$	69,965,869

		March 31, 2011
		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
FHLB Securities	$	10,040,055	$	297,670	$	694	$	10,337,031
SBA Bonds		3,856,483		242,167		-		4,098,650
Mortgage-Backed Securities		19,113,587		418,657		-		19,532,244
Equity Securities		155,000		-		-		155,000
	$	33,165,125	$	958,494	$	694	$	34,122,925

FHLB securities, FFCB securities, and FNMA and FHLMC are issued by GSEs.  Included in the tables above and below in mortgage-backed securities are GNMA mortgage-backed securities, which are also backed by the full faith and credit of the United States government.  At March 31, 2012 and 2011, the Bank held an amortized cost and fair value of $42.2 million and $43.9 million, respectively, and $16.5 million and $16.8 million, respectively, in GNMA mortgage-backed securities included in mortgage-backed securities listed above. All mortgage-backed securities above are either GSEs or GNMA mortgage-backed securities. The balance does not include any private label mortgage-backed securities.

The amortized cost and fair value of investment and mortgage-backed securities held to maturity at March 31, 2012, by contractual maturity, are shown below.  Expected maturities will differ from contractual maturities resulting from call features on certain investments.

		Amortized Cost		Fair Value
Less Than One Year	$	-	$	-
One – Five Years		6,367,247		6,582,629
Over Five – Ten Years		8,996,597		9,000,770
More Than Ten Years		8,579,454		8,827,378
Mortgage-Backed Securities		43,732,912		45,555,092
	$	67,676,210	$	69,965,869

At March 31, 2012 and 2011, the amortized cost and fair value of investment and mortgage-backed securities held to maturity pledged as collateral for certain deposit accounts, FHLB advances and other borrowings were $11.6 million and $12.1 million, respectively, and $9.4 million and $9.9 million, respectively.

	March 31, 2012
		Less than 12 Months				12 Months or More				Total
		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
FHLB Securities	$	4,532,636	$	13,517	$	-	$	-	$	4,532,636	$	13,517
FFCB Securities		976,590		23,410		-		-		976,590		23,410
FNMA And FHLMC Bonds		4,939,150		49,147		-		-		4,939,150		49,147
	$	10,448,376	$	86,074	$	-	$	-	$	10,448,376	$	86,074

The Company had only one held to maturity security that was in an unrealized loss position at March 31, 2011.The fair value of this FHLB security was $1.0 million and the unrealized loss was $694. The security had been in an unrealized loss position for less than 12 months.  The Company’s held-to-maturity portfolio is recorded at amortized cost.  The Company has the ability and intends to hold these securities to maturity. There were no sales of securities held to maturity during the years ended March 31, 2012, 2011 and 2010.