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Fair Value Measurements | 6 Months Ended
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Sep. 30, 2013
FAIR VALUE MEASUREMENTS [Abstract] |
Fair Value Disclosures [Text Block] | FAIR VALUE MEASUREMENTS ASC 820 clarifies that fair value is an “exit” price, representing the amount that would be received when selling an asset, or paid when transferring a liability, in an orderly transaction between market participants. Fair value is thus a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:
• | Level 1— Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.
• | Level 2— Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
• | Level 3— Inputs to the valuation methodology are unobservable and significant to the fair value measurement.
A financial instrument’s categorization within this valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The following table presents, by valuation hierarchy, assets that are measured at fair value on a recurring basis as of September 30, 2013 and March 31, 2013, and that are included in the Company’s Consolidated Statements of Financial Condition at these dates:
|  | Fair Value Measurements at September 30, 2013, Using
$ in thousands |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total Fair Value
Assets: |  |  |  |  |  |  |  |
Mortgage servicing rights |  | $ | — |  |  | $ | — |  |  | $ | 276 |  |  | $ | 276 |
Investment securities: |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |
Mortgage-backed securities: |  |  |  |  |  |  |  |
Government National Mortgage Association |  | — |  |  | 5,938 |  |  | — |  |  | 5,938 |
Federal Home Loan Mortgage Corporation |  | — |  |  | 13,597 |  |  | — |  |  | 13,597 |
Federal National Mortgage Association |  | — |  |  | 10,958 |  |  | — |  |  | 10,958 |
Other |  | — |  |  | 56,680 |  |  | 49 |  |  | 56,729 |
Total available-for-sale securities |  | — |  |  | 87,173 |  |  | 49 |  |  | 87,222 |
Total assets |  | $ | — |  |  | $ | 87,173 |  |  | $ | 325 |  |  | $ | 87,498 |
|  | Fair Value Measurements at March 31, 2013, Using
$ in thousands |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total Fair Value
Assets: |  |  |  |  |  |  |  |
Mortgage servicing rights |  | $ | — |  |  | $ | — |  |  | $ | 275 |  |  | $ | 275 |
Investment securities: |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |
Mortgage-backed securities: |  |  |  |  |  |  |  |
Agency mortgage-backed securities |  | — |  |  | 23,840 |  |  | — |  |  | 23,840 |
Federal Home Loan Mortgage Corporation |  | — |  |  | 16,059 |  |  | — |  |  | 16,059 |
Federal National Mortgage Association |  | — |  |  | 4,303 |  |  | — |  |  | 4,303 |
Asset-backed Securities |  | — |  |  | 15,519 |  |  | — |  |  | 15,519 |
Other |  | — |  |  | 56,279 |  |  | 51 |  |  | 56,330 |
Total available-for-sale securities |  | — |  |  | 116,000 |  |  | 51 |  |  | 116,051 |
Total assets |  | $ | — |  |  | $ | 116,000 |  |  | $ | 326 |  |  | $ | 116,326 |
Instruments for which unobservable inputs are significant to their fair value measurement (i.e., Level 3) include mortgage servicing rights (“MSR”) and other available-for-sale securities. Level 3 assets accounted for 0.1% of the Company’s total assets at September 30, 2013 and March 31, 2013. The Company reviews and updates the fair value hierarchy classifications on a quarterly basis. Changes from one quarter to the next that are related to the observable inputs to a fair value measurement may result in a reclassification from one hierarchy level to another. Below is a description of the methods and significant assumptions utilized in estimating the fair value of available-for-sale securities and MSR: Where quoted prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. If quoted market prices are not available for the specific security, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics, or discounted cash flows. These pricing models primarily use market-based or independently sourced market parameters as inputs, including, but not limited to, yield curves, interest rates, equity or debt prices, and credit spreads. In addition to market information, models also incorporate transaction details, such as maturity and cash flow assumptions. Securities valued in this manner would generally be classified within Level 2 of the valuation hierarchy and primarily include such instruments as mortgage-related securities and corporate debt. In the six month period ended September 30, 2013, there were no transfers of investments between the Level 1 and Level 2 categories. In certain cases where there is limited activity or less transparency around inputs to the valuation, securities are classified within Level 3 of the valuation hierarchy. In valuing certain securities, the determination of fair value may require benchmarking to similar instruments or analyzing default and recovery rates. Quoted price information for the MSRs is not available. Therefore, MSRs are valued using market-standard models to model the specific cash flow structure. Key inputs to the model consist of principal balance of loans being serviced, servicing fees and prepayment rates. The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with those of other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. The following table includes a roll-forward of assets classified by the Company within Level 3 of the valuation hierarchy for the six months ended September 30, 2013 and 2012:
|  | Total Realized/Unrealized Gains/(Losses) Recorded in Income (1) |  |  |  |  |  |  |  | Change in Unrealized Gains and (Losses) Related to Instruments Held at September 30, 2013
$ in thousands | Beginning balance, April 1, 2013 |  |  | Issuances / (Settlements) |  | Transfers to/(from) Level 3 |  | Ending balance, September 30, 2013 |
Securities Available-for-Sale | $ | 51 |  |  | $ | — |  |  | $ | (2 | ) |  | $ | — |  |  | $ | 49 |  |  | $ | — |
Mortgage servicing rights | 275 |  |  | 1 |  |  | — |  |  | — |  |  | 276 |  |  | — |
|  | Total Realized/Unrealized Gains/(Losses) Recorded in Income (1) |  |  |  |  |  |  |  | Change in Unrealized Gains and (Losses) Related to Instruments Held at September 30, 2012
$ in thousands | Beginning balance, April 1, 2012 |  |  | Issuances / (Settlements) |  | Transfers to/(from) Level 3 |  | Ending balance, September 30, 2012 |
Securities Available-for-Sale | $ | 52 |  |  | $ | (1 | ) |  | $ | — |  |  | $ | — |  |  | $ | 51 |  |  | $ | — |
Mortgage servicing rights | 491 |  |  | (26 | ) |  | — |  |  | — |  |  | 465 |  |  | — |
(1) Includes net servicing cash flows and the passage of time. Certain assets are measured at fair value on a non-recurring basis. Such instruments are subject to fair value adjustments under certain circumstances (e.g. when there is evidence of impairment). The following table presents assets and liabilities that were measured at fair value on a non-recurring basis as of September 30, 2013 and March 31, 2013 and that are included in the Company’s Consolidated Statements of Financial Condition at these dates:
|  | Fair Value Measurements at September 30, 2013, Using
|  | Quoted Prices in Active Markets for Identical Assets |  | Significant Other Observable Inputs |  | Significant Unobservable |  | Total Fair
$ in thousands |  | (Level 1) |  | (Level 2) |  | Inputs (Level 3) |  | Value
Loans held-for-sale |  | $ | — |  |  | $ | 7,854 |  |  | $ | — |  |  | $ | 7,854 |
Impaired loans with a specific reserve allocated |  | $ | — |  |  | $ | — |  |  | $ | 9,717 |  |  | $ | 9,717 |
Other real estate owned |  | $ | — |  |  | $ | 970 |  |  | $ | — |  |  | $ | 970 |
|  | Fair Value Measurements at March 31, 2013, Using
|  | Quoted Prices in Active Markets for Identical Assets |  | Significant Other Observable Inputs |  | Significant Unobservable |  | Total Fair
$ in thousands |  | (Level 1) |  | (Level 2) |  | Inputs (Level 3) |  | Value
Loans held-for-sale |  | $ | — |  |  | $ | 13,107 |  |  | $ | — |  |  | $ | 13,107 |
Impaired loans with a specific reserve allocated |  | $ | — |  |  | $ | — |  |  | $ | 13,397 |  |  | $ | 13,397 |
Other real estate owned |  | $ | — |  |  | $ | 2,386 |  |  | $ | — |  |  | $ | 2,386 |
Loans held-for-sale are carried at the lower of cost or market value. The valuation methodology for loans held-for-sale for the period ended September 30, 2013 was based upon amounts offered, or other acceptable valuation methods and, in some instances, prior loan loss experience of Carver in connection with recent note sales. The fair values of collateral dependent impaired loans are determined using various valuation techniques, including consideration of appraised values and other pertinent real estate market data. Other real estate owned represent property acquired by the Bank in settlement of loans less costs to sell (i.e., through foreclosure, repossession or as an in-substance foreclosure). These assets are recorded at the lower of their cost or fair value.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 15A -Subparagraph a-d -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 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 15C, 15D -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 107 -Paragraph 3, 10, 14, 15 -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 FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 32, 33, 34 -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 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13537-108611 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 44A, 44B -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 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13433-108611 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13504-108611 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 15B -Subparagraph a, b -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 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 159 -Paragraph 17-22, 27, 28 -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. + Details
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