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Investment Securities | 12 Months Ended
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Mar. 31, 2013
INVESTMENT SECURITIES [Abstract] |
Investment [Text Block] | INVESTMENT SECURITIES The Bank utilizes mortgage-backed and other investment securities in its asset/liability management strategy. In making investment decisions, the Bank considers, among other things, its yield and interest rate objectives, its interest rate and credit risk position, and its liquidity and cash flow. Generally, the investment policy of the Bank is to invest funds among categories of investments and maturities based upon the Bank’s asset/liability management policies, investment quality, loan and deposit volume and collateral requirements, liquidity needs and performance objectives. ASC subtopic 320-942 requires that securities be classified into three categories: trading, held-to-maturity, and available-for-sale. At March 31, 2013, $116.1 million, or 92.8%, of the Bank’s mortgage-backed and other investment securities were classified as available-for-sale, and the remaining $9.0 million, or 7.2%, were classified as held-to-maturity. The Bank had no securities classified as trading at March 31, 2013. The following table sets forth the amortized cost and estimated fair value of securities available-for-sale and held-to-maturity at March 31, 2013:
$ in thousands | Amortized |  | Gross Unrealized |  | Estimated
| Cost |  | Gains |  | Losses |  | Fair-Value
Available-for-Sale: |  |  |  |  |  |  |
Mortgage-backed securities: |  |  |  |  |  |  |
Government National Mortgage Association | $ | 23,164 |  |  | $ | 676 |  |  | $ | — |  |  | $ | 23,840 |
Federal Home Loan Mortgage Corporation | 16,059 |  |  | 104 |  |  | (104 | ) |  | 16,059 |
Federal National Mortgage Association | 4,186 |  |  | 117 |  |  | — |  |  | 4,303 |
Other | 50 |  |  | — |  |  | — |  |  | 50 |
Total mortgage-backed securities | 43,459 |  |  | 897 |  |  | (104 | ) |  | 44,252 |
U.S. Government Agency Securities | 44,363 |  |  | 139 |  |  | (177 | ) |  | 44,325 |
Asset Backed Securities | 15,268 |  |  | 251 |  |  | — |  |  | 15,519 |
Small Business Administration | 1,919 |  |  | 45 |  |  | — |  |  | 1,964 |
Other | 10,000 |  |  | — |  |  | (9 | ) |  | 9,991 |
Total available-for-sale | 115,009 |  |  | 1,332 |  |  | (290 | ) |  | 116,051 |
Held-to-Maturity: |  |  |  |  |  |  |
Mortgage-backed securities: |  |  |  |  |  |  |
Government National Mortgage Association | 5,335 |  |  | 404 |  |  | — |  |  | 5,739 |
Federal Home Loan Mortgage Corporation | 2,387 |  |  | 103 |  |  | — |  |  | 2,490 |
Federal National Mortgage Association | 1,321 |  |  | 79 |  |  | — |  |  | 1,400 |
Total mortgage-backed securities | 9,043 |  |  | 586 |  |  | — |  |  | 9,629 |
Total held-to-maturity | 9,043 |  |  | 586 |  |  | — |  |  | 9,629 |
Total securities | $ | 124,052 |  |  | $ | 1,918 |  |  | $ | (290 | ) |  | $ | 125,680 |
The following table sets forth the amortized cost and estimated fair value of securities available-for-sale and held-to-maturity at March 31, 2012:
$ in thousands | Amortized |  | Gross Unrealized |  | Estimated
| Cost |  | Gains |  | Losses |  | Fair-Value
Available-for-Sale: |  |  |  |  |  |  |
Mortgage-backed securities: |  |  |  |  |  |  |
Government National Mortgage Association | $ | 31,100 |  |  | $ | 269 |  |  | $ | (23 | ) |  | $ | 31,346 |
Federal Home Loan Mortgage Corporation | 7,468 |  |  | 8 |  |  | (1 | ) |  | 7,475 |
Federal National Mortgage Association | 7,214 |  |  | 50 |  |  | (1 | ) |  | 7,263 |
Other | 51 |  |  | — |  |  | — |  |  | 51 |
Total mortgage-backed securities | 45,833 |  |  | 327 |  |  | (25 | ) |  | 46,135 |
U.S. Government Agency Securities | 23,176 |  |  | 91 |  |  | (63 | ) |  | 23,204 |
U.S. Government Securities | 3,356 |  |  | 6 |  |  | (1 | ) |  | 3,361 |
Corporate Bonds | 1,890 |  |  | 58 |  |  | — |  |  | 1,948 |
Other | 10,485 |  |  | — |  |  | (27 | ) |  | 10,458 |
Total available-for-sale | 84,740 |  |  | 482 |  |  | (116 | ) |  | 85,106 |
Held-to-Maturity: |  |  |  |  |  |  |
Mortgage-backed securities: |  |  |  |  |  |  |
Government National Mortgage Association | 6,659 |  |  | 473 |  |  | — |  |  | 7,132 |
Federal Home Loan Mortgage Corporation | 2,794 |  |  | 134 |  |  | — |  |  | 2,928 |
Federal National Mortgage Association | 1,628 |  |  | 86 |  |  | — |  |  | 1,714 |
Total mortgage-backed securities | 11,081 |  |  | 693 |  |  | — |  |  | 11,774 |
Total held-to-maturity | 11,081 |  |  | 693 |  |  | — |  |  | 11,774 |
Total securities | $ | 95,821 |  |  | $ | 1,175 |  |  | $ | (116 | ) |  | $ | 96,880 |
The following is a summary regarding proceeds from securities sales of the available-for-sale portfolio for the years ended March 31:
$ in thousands | 2013 |  | 2012 |  | 2011
Available-for-Sale: |  |  |  |  |
Proceeds | $ | 31,567 |  |  | $ | 16,847 |  |  | $ | 48,399 |
Gross gains | 174 |  |  | 8 |  |  | 871 |
Gross losses | — |  |  | — |  |  | 107 |
The Bank's investment portfolio is comprised primarily of fixed-rate mortgage-backed securities guaranteed by a Government Sponsored Enterprise (“GSE”) as issuer, commercial mortgage obligations ("CMOs") and Agency securities. Carver maintains a portfolio of mortgage-backed securities in the form of Government National Mortgage Association (“GNMA”) pass-through certificates, Federal National Mortgage Association (“FNMA”) and Federal Home Loan Mortgage Corporation (“FHLMC”) participation certificates. GNMA pass-through certificates are guaranteed as to the payment of principal and interest by the full faith and credit of the United States Government, while FNMA and FHLMC certificates are each guaranteed by their respective agencies as to principal and interest. Based on the high quality of the Bank's investment portfolio, current market conditions have not significantly impacted the pricing of the portfolio or the Bank's ability to obtain reliable prices. The net unrealized gain on available-for-sale securities was $1 million after taxes at March 31, 2013 compared to a net unrealized gain of $0.4 million after taxes at March 31, 2012. There were no sales of held-to-maturity securities in fiscal 2013, 2012 or 2011. At March 31, 2013 the Bank pledged securities of $23 million as collateral for advances from the FHLB-NY, and $0.1 million against certain large deposits. The following table sets forth the unrealized losses and fair value of securities in an unrealized loss position at March 31, 2013 for less than 12 months and 12 months or longer:
$ in thousands | Less than 12 months |  | 12 months or longer |  | Total
| Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value
Available-for-Sale: |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities | $ | (104 | ) |  | $ | 10,298 |  |  | $ | — |  |  | $ | — |  |  | $ | (104 | ) |  | $ | 10,298 |
U.S. Government Agency Securities | (177 | ) |  | 25,290 |  |  | — |  |  | — |  |  | (177 | ) |  | 25,290 |
Others | (9 | ) |  | 9,991 |  |  | — |  |  | — |  |  | (9 | ) |  | 9,991 |
Total available-for-sale securities | (290 | ) |  | 45,579 |  |  | — |  |  | — |  |  | (290 | ) |  | 45,579 |
The following table sets forth the unrealized losses and fair value of securities in an unrealized loss position at March 31, 2012 for less than 12 months and 12 months or longer:
$ in thousands | Less than 12 months |  | 12 months or longer |  | Total
| Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value
Available-for-Sale: |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities | $ | (25 | ) |  | $ | 13,699 |  |  | $ | — |  |  | $ | — |  |  | $ | (25 | ) |  | $ | 13,699 |
U.S. Government Agency Securities | (63 | ) |  | 9,917 |  |  | — |  |  | — |  |  | (63 | ) |  | 9,917 |
U.S. Government Securities | (1 | ) |  | 1,555 |  |  | — |  |  | — |  |  | (1 | ) |  | 1,555 |
Others | (27 | ) |  | 9,973 |  |  | — |  |  | — |  |  | (27 | ) |  | 9,973 |
Total available-for-sale | $ | (116 | ) |  | $ | 35,144 |  |  | $ | — |  |  | $ | — |  |  | $ | (116 | ) |  | $ | 35,144 |
A total of 13 securities had an unrealized loss at March 31, 2013 compared to 14 at March 31, 2012. The majority of the securities in an unrealized loss position were U.S. Government Agency securities, which represented 55.5% of total securities in an unrealized loss position that had an unrealized loss for less than 12 months at March 31, 2013. The cause of the temporary impairment is directly related to changes in interest rates. In general, as interest rates decline, the fair value of securities will rise, and conversely as interest rates rise, the fair value of securities will decline. Management considers fluctuations in fair value as a result of interest rate changes to be temporary, which is consistent with the Bank's experience. The impairments are deemed temporary based on the direct relationship of the rise in fair value to movements in interest rates, the life of the investments and their high credit quality. Following FASB guidance, the amount of an other-than-temporary impairment, when there are credit and non-credit losses on a debt security which management does not intend to sell, and for which it is more-likely-than-not that the entity will not be required to sell the security prior to the recovery of the non-credit impairment, that is attributable to the credit loss would be recognized in earnings, and the remaining difference between the debt security's amortized cost basis and its fair value would be included in other comprehensive income. At March 31, 2013 and 2012 the Bank does not have any securities that may be classified as having other-than-temporary impairment in its investment portfolio. The following is a summary of the carrying value (amortized cost) and fair value of securities at March 31, 2013, by remaining period to contractual maturity (ignoring earlier call dates, if any). Actual maturities may differ from contractual maturities because certain security issuers have the right to call or prepay their obligations. The table below does not consider the effects of possible prepayments or unscheduled repayments.
$ in thousands | Amortized Cost |  | Fair Value |  | Weighted Avg Rate
Available-for-Sale: |  |  |  |  |
One through five years | 999 |  |  | 1,045 |  |  | 2.00 | %
Five through ten years | 32,553 |  |  | 32,807 |  |  | 1.51 | %
After ten years | 81,457 |  |  | 82,199 |  |  | 2.64 | %
| $ | 115,009 |  |  | $ | 116,051 |  |  | 2.31 | %
Held-to-maturity: |  |  |  |  |
One through five years | $ | 9 |  |  | $ | 9 |  |  | 2.32 | %
Five through ten years | 171 |  |  | 179 |  |  | 4.43 | %
After ten years | 8,863 |  |  | 9,441 |  |  | 4.32 | %
| $ | 9,043 |  |  | $ | 9,629 |  |  | 4.32 | %

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- Definition The entire disclosure for investments, including all tables. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Article 6 -Section 10 -Paragraph (c) -Subparagraph (1) + Details
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