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Income Taxes | 12 Months Ended
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Mar. 31, 2012
INCOME TAXES [Abstract] |
Income Tax Disclosure [Text Block] | INCOME TAXES The components of income tax benefit for the years ended March 31 are as follow:
$ in thousands |  | 2012 |  | 2011 |  | 2010
Federal income tax expense (benefit): |  |  |  |  |  |
Current |  | $ | (1,067 | ) |  | $ | 751 |  |  | $ | 920 |
Deferred |  | (1,080 | ) |  | 14,106 |  |  | (4,147 | )
Valuation allowance |  | 1,080 |  |  | — |  |  | — |
|  | (1,067 | ) |  | 14,857 |  |  | (3,227 | )
State and local income tax expense (benefit): |  |  |  |  |  |
Current |  | 106 |  |  | 170 |  |  | 401 |
Deferred |  | (1,755 | ) |  | 691 |  |  | (40 | )
Valuation allowance |  | 1,755 |  |  | — |  |  | — |
|  | 106 |  |  | 861 |  |  | 361 |
Total income tax expense (benefit) |  | $ | (961 | ) |  | $ | 15,718 |  |  | $ | (2,866 | )
The following is a reconciliation of the expected Federal income tax rate to the consolidated effective tax rate for the years ended March 31:
$ in thousands | 2012 |  |  |  | 2011 |  |  |  | 2010 |  |
| Amount |  | Percent |  | Amount |  | Percent |  | Amount |  | Percent
Statutory Federal income tax expense (benefit) | $ | (8,285 | ) |  | 34 | % |  | $ | (8,095 | ) |  | 34 | % |  | $ | (1,322 | ) |  | 34 | %
State and local income taxes, net of Federal tax benefit | (1,541 | ) |  | 6.3 | % |  | (293 | ) |  | 1.2 | % |  | 240 |  |  | (6.2 | )%
New markets tax credit | — |  |  | — | % |  | — |  |  | — | % |  | (2,295 | ) |  | 59 | %
General business credit | (32 | ) |  | 0.1 | % |  | (32 | ) |  | 0.1 | % |  | (32 | ) |  | 0.9 | %
Tax Gain on Sale of NMTC | — |  |  | — | % |  | 4,905 |  |  | (20.6 | )% |  | — |  |  | — | %
Valuation Allowance | 2,835 |  |  | (11.6 | )% |  | 18,870 |  |  | (79.3 | )% |  | — |  |  | — | %
Write off DTA due to Section 382 limitation | 6,089 |  |  | (25.0 | )% |  | — |  |  | — | % |  | — |  |  | — | %
Other | (27 | ) |  | 0.1 | % |  | 363 |  |  | (1.5 | )% |  | 543 |  |  | (14 | )%
Total income tax expense (benefit) | (961 | ) |  | 3.9 | % |  | 15,718 |  |  | (66.0 | )% |  | (2,866 | ) |  | 73.7 | %
Carver Federal's operating results includes a $1.0 million tax benefit for the fiscal year ended March 31, 2012. For the fiscal year ended March 31, 2011, the total income tax expense of $15.7 million includes a $18.9 million valuation reserve taken on the Bank's deferred tax assets. For the year ended March 31, 2010, the total income tax benefit of $2.9 million included a $0.5 million tax receivable deemed no longer collectible. Tax effects of existing temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities are included in other assets at March 31 are as follows:
$ in thousands | 2012 |  | 2011
Deferred Tax Assets: |  |  |
Allowance for loan losses | $ | 7,215 |  |  | $ | 7,253 |
Deferred loan costs, net | 469 |  |  | 601 |
Non-accrual loan interest | 2,911 |  |  | 2,556 |
Purchase accounting adjustment | 170 |  |  | 186 |
Net operating loss carry forward | 6,572 |  |  | 121 |
New markets tax credit | 1,879 |  |  | 6,867 |
Depreciation | 561 |  |  | 511 |
Minimum pension liability | 110 |  |  | 110 |
Market value adjustment on HFS loans | 1,608 |  |  | 893 |
Unrealized loss on available-for-sale securities | — |  |  | 1 |
Other | 570 |  |  | 216 |
Total Deferred Tax Assets | 22,065 |  |  | 19,315 |
Deferred Tax Liabilities: |  |  |
Income from affiliate | 361 |  |  | 445 |
Unrealized gain on available-for-sale securities | 139 |  |  | — |
Total Deferred Tax Liabilities | 500 |  |  | 445 |
Valuation Allowance | $ | (21,565 | ) |  | $ | (18,870 | )
Net Deferred Tax Assets | $ | — |  |  | $ | — |
On June 29, 2011, the Company raised $55 million of equity. The capital raise triggered a change in control under Section 382 of the Internal Revenue Code. Generally, Section 382 limits the utilization of an entity's net operating loss carry forwards, general business credits, and recognized built-in losses upon a change in ownership. The Company expects to be subject to an annual limitation of approximately $0.9 million. Due to the Section 382 limitation, some portion of the DTA may not be recoverable and the company has not yet determined the potential tax attributes that may be subject to limitation under Section 382. The Company has a net deferred tax asset (“DTA”) of approximately $27.7 million. Based on management's calculations the Section 382 limitation has resulted in a reduction of the deferred tax asset of $6.1 million. A full valuation allowance for the remaining net deferred tax asset of $21.6 million has been recorded. At March 31, 2012, the Company had net operating carryforwards for federal purposes of approximately $16.0 million, for state purposes of approximately $28.9 million and for city purposes of approximately $23.8 million which are available to offset future federal, state and city income and which expire over varying periods from March 2028 through March 2032. The Company has no uncertain tax positions. The Company and its subsidiaries are subject to federal, New York State and New York City income taxation. The Company is no longer subject to examination by taxing authorities for years before March 31, 2006. A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination; with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 136, 172 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 43, 44, 45, 46, 47, 48, 49 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 + Details
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