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Fair Value Measurements Fair Value Measurements (Notes) | 12 Months Ended
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Mar. 31, 2014
FAIR VALUE MEASUREMENTS [Abstract] |
Fair Value Disclosures [Text Block] | FAIR VALUE MEASUREMENTS On April 1, 2008, the Company adopted ASC Topic 820 which, among other things, defines fair value, establishes a consistent framework for measuring fair value, and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. 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 March 31, 2014 and 2013, and that are included in the Company's Consolidated Statements of Financial Condition at these dates:
| Fair Value Measurements at March 31, 2014, 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
Mortgage servicing rights | $ | — |  |  | $ | — |  |  | $ | 265 |  |  | $ | 265 |
Investment securities |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |
Mortgage-backed securities: |  |  |  |  |  |  |
Government National Mortgage Association | — |  |  | 5,665 |  |  | — |  |  | 5,665 |
Federal Home Loan Mortgage Corporation | — |  |  | 11,596 |  |  | — |  |  | 11,596 |
Federal National Mortgage Association | — |  |  | 10,431 |  |  | — |  |  | 10,431 |
Other | — |  |  | — |  |  | 49 |  |  | 49 |
U.S. Government Agency securities | — |  |  | 52,189 |  |  | — |  |  | 52,189 |
CRA investment fund | — |  |  | 9,531 |  |  | — |  |  | 9,531 |
Total available-for-sale securities | — |  |  | 89,412 |  |  | 49 |  |  | 89,461 |
Total assets | $ | — |  |  | $ | 89,412 |  |  | $ | 314 |  |  | $ | 89,726 |
| 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
Mortgage servicing rights | $ | — |  |  | $ | — |  |  | 275 |  |  | $ | 275 |
Investment securities |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |
Mortgage-backed securities: |  |  |  |  |  |  |
Government National Mortgage Association | — |  |  | 23,840 |  |  | — |  |  | 23,840 |
Federal Home Loan Mortgage Corporation | — |  |  | 16,059 |  |  | — |  |  | 16,059 |
Federal National Mortgage Association | — |  |  | 4,303 |  |  | — |  |  | 4,303 |
Other | — |  |  | — |  |  | 50 |  |  | 50 |
Asset-backed securities | — |  |  | 15,519 |  |  | — |  |  | 15,519 |
U.S. Government Agency securities | — |  |  | 44,325 |  |  | — |  |  | 44,325 |
Small Business Administration | — |  |  | 1,964 |  |  | — |  |  | 1,964 |
CRA investment fund | — |  |  | 9,991 |  |  | — |  |  | 9,991 |
Total available-for-sale securities | — |  |  | 116,001 |  |  | 50 |  |  | 116,051 |
Total assets | $ | — |  |  | $ | 116,001 |  |  | $ | 325 |  |  | $ | 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 March 31, 2014 and 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 period ended March 31, 2014, 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 rollforward of assets classified by the Company within Level 3 of the valuation hierarchy for the years ended March 31, 2014 and 2013:
$ in thousands | Beginning balance, April 1, 2013 |  | Total Realized/Unrealized Gains/(Losses) Recorded in Income (1) |  | Issuances / (Settlements) |  | Transfers to/(from) Level 3 |  | Ending balance, March 31, 2014 |  | Change in Unrealized Gains/(Losses) Related to Instruments Held at March 31, 2014
Securities Available-for-Sale | $ | 50 |  |  | $ | — |  |  | $ | (1 | ) |  | $ | — |  |  | $ | 49 |  |  | $ | — |
Mortgage Servicing Rights | 275 |  |  | (10 | ) |  | — |  |  | — |  |  | 265 |  |  | (7 | )
(1)Includes net servicing cash flows and the passage of time.
$ in thousands | Beginning balance, April 1, 2012 |  | Total Realized/Unrealized Gains/(Losses) Recorded in Income (1) |  | Issuances / (Settlements) |  | Transfers to/(from) Level 3 |  | Ending balance, March 31, 2013 |  | Change in Unrealized Gains/(Losses) Related to Instruments Held at March 31, 2013
Securities Available-for-Sale | $ | 52 |  |  | $ | — |  |  | $ | (2 | ) |  | $ | — |  |  | $ | 50 |  |  | — |
Mortgage Servicing Rights | 491 |  |  | (216 | ) |  | — |  |  | — |  |  | 275 |  |  | (197 | )
(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 March 31, 2014 and 2013, and that are included in the Company's Consolidated Statements of Financial Condition at these dates:
| Fair Value Measurements at March 31, 2014, 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
Loans held-for-sale | $ | — |  |  | $ | 5,011 |  |  | $ | — |  |  | $ | 5,011 |
Impaired loans with a specific reserve allocated | $ | — |  |  | $ | — |  |  | $ | 8,115 |  |  | $ | 8,115 |
Other real estate owned | $ | — |  |  | $ | 1,369 |  |  | $ | — |  |  | $ | 1,369 |
| 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
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 March 31, 2014 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 represents 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 Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=28364263&loc=d3e13537-108611 Reference 2: 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=28364263&loc=d3e13433-108611 Reference 3: 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 4: 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=25499696&loc=d3e19207-110258 Reference 5: 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 6: 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=28364263&loc=d3e13504-108611 + Details
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