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:



	December 31, 2012
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
FHLB Securities	$	7,996,378	$	123,702	$	21,160	$	8,098,920
Federal Farm Credit Bank ("FFCB") Securities	6,796,255		2,070		23,727		6,774,598
FNMA and FHLMC Bonds	4,019,931		29,029		4,560		4,044,400
SBA Bonds	5,865,767		315,841		6,139		6,175,469
Mortgage-Backed Securities	51,238,931		3,280,100		95,532		54,423,499
Equity Securities	155,000		—		—		155,000
	$	76,072,262	$	3,750,742	$	151,118	$	79,671,886

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



	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

FHLB securities, FFCB securities, and FNMA and FHLMC bonds and FNMA and FHLMC mortgage-backed securities 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 December 31, 2012 and March 31, 2012, the Bank held an amortized cost and fair value of $47.2 million and $50.4 million, respectively, and $42.2 million and $43.9 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 Company has not invested in any private label mortgage-backed securities.

The amortized cost and fair value of investment and mortgage-backed securities held to maturity at December 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	$	3,000,000	$	3,080,130
One – Five Years	395,997		407,914
Over Five – Ten Years	10,080,844		10,074,313
More Than Ten Years	11,356,490		11,686,030
Mortgage-Backed Securities	51,238,931		54,423,499
	$	76,072,262	$	79,671,886

At December 31, 2012 and March 31, 2012, 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 $12.2 million and $12.8 million, respectively, and $11.6 million and $12.1 million, respectively.

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

The following tables show gross unrealized losses and fair value, aggregated by investment category, and length of time that individual available for sale securities have been in a continuous unrealized loss position for the periods indicated.



	December 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	$	1,978,840	$	21,160	$	—	$	—	$	1,978,840	$	21,160
FFCB Securities	5,772,528		23,727		—		—		5,772,528		23,727
FNMA And FHLMC Bonds	1,021,910		4,560		—		—		1,021,910		4,560
SBA Bonds	3,249,478		6,139		—		—		3,249,478		6,139
Mortgage-Backed Securities	7,659,461		95,532		—		—		7,659,461		95,532
	$	19,682,217	$	151,118	$	—	$	—	$	19,682,217	$	151,118



	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’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 nine months ended December 31, 2012 or the years ended March 31, 2012 and 2011.