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Investment Securities | 12 Months Ended
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Mar. 31, 2014
INVESTMENT SECURITIES [Abstract] |
Investment Securities [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 320-10-25 requires that securities be classified into three categories: trading, held-to-maturity, and available-for-sale. At March 31, 2014, $89.5 million, or 90.8%, of the Bank’s mortgage-backed and other investment securities were classified as available-for-sale, and the remaining $9.0 million, or 9.2%, were classified as held-to-maturity. The Bank had no securities classified as trading at March 31, 2014. The following table sets forth the amortized cost and estimated fair value of securities available-for-sale and held-to-maturity at March 31, 2014:
| Amortized |  | Gross Unrealized |  | Estimated
$ in thousands | Cost |  | Gains |  | Losses |  | Fair-Value
Available-for-Sale: |  |  |  |  |  |  |
Mortgage-backed securities: |  |  |  |  |  |  |
Government National Mortgage Association | $ | 5,972 |  |  | $ | — |  |  | $ | (307 | ) |  | $ | 5,665 |
Federal Home Loan Mortgage Corporation | 12,160 |  |  | — |  |  | (564 | ) |  | 11,596 |
Federal National Mortgage Association | 10,897 |  |  | — |  |  | (466 | ) |  | 10,431 |
Other | 49 |  |  | — |  |  | — |  |  | 49 |
Total mortgage-backed securities | 29,078 |  |  | — |  |  | (1,337 | ) |  | 27,741 |
U.S. Government Agency Securities | 55,155 |  |  | — |  |  | (2,966 | ) |  | 52,189 |
CRA investment fund | 10,000 |  |  | — |  |  | (469 | ) |  | 9,531 |
Total available-for-sale | 94,233 |  |  | — |  |  | (4,772 | ) |  | 89,461 |
Held-to-Maturity: |  |  |  |  |  |  |
Mortgage-backed securities: |  |  |  |  |  |  |
Government National Mortgage Association | 3,743 |  |  | 225 |  |  | — |  |  | 3,968 |
Federal National Mortgage Association | 5,079 |  |  | — |  |  | (283 | ) |  | 4,796 |
Total held-to-maturity mortgage-backed securities | 8,822 |  |  | 225 |  |  | (283 | ) |  | 8,764 |
Other | 207 |  |  | — |  |  | — |  |  | 207 |
Total held-to-maturity | 9,029 |  |  | 225 |  |  | (283 | ) |  | 8,971 |
Total securities | $ | 103,262 |  |  | $ | 225 |  |  | $ | (5,055 | ) |  | $ | 98,432 |
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:
| Amortized |  | Gross Unrealized |  | Estimated
$ in thousands | 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 |
CRA investment fund | 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 | 2,129 |  |  | 103 |  |  | — |  |  | 2,232 |
Federal National Mortgage Association | 1,321 |  |  | 79 |  |  | — |  |  | 1,400 |
Total held-to-maturity mortgage-backed securities | 8,785 |  |  | 586 |  |  | — |  |  | 9,371 |
Other | 258 |  |  | — |  |  | — |  |  | 258 |
Total held-to-maturity | 9,043 |  |  | 586 |  |  | — |  |  | 9,629 |
Total securities | $ | 124,052 |  |  | $ | 1,918 |  |  | $ | (290 | ) |  | $ | 125,680 |
The following is a summary regarding proceeds from securities sales of the available-for-sale and held-to-maturity portfolios for the years ended March 31:
$ in thousands | 2014 |  | 2013 |  | 2012
Available-for-Sale: |  |  |  |  |
Proceeds | $ | 38,991 |  |  | $ | 31,567 |  |  | $ | 16,847 |
Gross gains | 513 |  |  | 174 |  |  | 8 |
Gross losses | 2 |  |  | — |  |  | — |
Held-to-Maturity: |  |  |  |  |
Proceeds | 2,814 |  |  | — |  |  | — |
Gross gains | 43 |  |  | — |  |  | — |
Gross losses | 2 |  |  | — |  |  | — |
There were 15 securities that were classified as matured under ASC Topic 320, as the principal repayments exceeded 85% of the initial principal. These securities were sold from the held-to-maturity portfolio during fiscal 2014. These sales generated proceeds of $2.8 million with net gains of $41 thousand. There were no sales of held-to-maturity securities in fiscal years 2013 or 2012. The net unrealized loss on available-for-sale securities was $4.8 million at March 31, 2014 compared to a net unrealized gain of $1 million at March 31, 2013. The Bank's investment portfolio is comprised primarily of fixed-rate mortgage-backed securities guaranteed by a Government Sponsored Enterprise (“GSE”) as issuer 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. At March 31, 2014 the Bank pledged securities of $29.7 million as collateral for advances from the FHLB-NY. The following table sets forth the unrealized losses and fair value of securities in an unrealized loss position at March 31, 2014 for less than 12 months and 12 months or longer:
| Less than 12 months |  | 12 months or longer |  | Total
$ in thousands | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value
Available-for-Sale: |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities | $ | (322 | ) |  | $ | 7,569 |  |  | $ | (1,015 | ) |  | $ | 20,123 |  |  | $ | (1,337 | ) |  | $ | 27,692 |
U.S. Government Agency Securities | (1,646 | ) |  | 34,074 |  |  | (1,320 | ) |  | 18,115 |  |  | (2,966 | ) |  | 52,189 |
CRA investment fund | (469 | ) |  | 9,531 |  |  | — |  |  | — |  |  | (469 | ) |  | 9,531 |
Total available-for-sale securities | (2,437 | ) |  | 51,174 |  |  | (2,335 | ) |  | 38,238 |  |  | (4,772 | ) |  | 89,412 |
Held-to-Maturity: |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities | (283 | ) |  | 4,796 |  |  | — |  |  | — |  |  | (283 | ) |  | 4,796 |
Total held-to-maturity securities | (283 | ) |  | 4,796 |  |  | — |  |  | — |  |  | (283 | ) |  | 4,796 |
Total securities | $ | (2,720 | ) |  | $ | 55,970 |  |  | $ | (2,335 | ) |  | $ | 38,238 |  |  | $ | (5,055 | ) |  | $ | 94,208 |
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:
| Less than 12 months |  | 12 months or longer |  | Total
$ in thousands | 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 |
CRA investment fund | (9 | ) |  | 9,991 |  |  | — |  |  | — |  |  | (9 | ) |  | 9,991 |
Total available-for-sale securities | $ | (290 | ) |  | $ | 45,579 |  |  | $ | — |  |  | $ | — |  |  | $ | (290 | ) |  | $ | 45,579 |
A total of 34 securities had an unrealized loss at March 31, 2014 compared to 13 at March 31, 2013. The majority of the securities in an unrealized loss position were U.S. Government Agency securities and mortgage-backed securities, which represented 58.4% and 31.0% of total securities in an unrealized loss position at March 31, 2014. Six mortgage-backed securities and eight U.S. Government Agency securities representing 22.5% and 20.3% of total securities in an unrealized loss position had an unrealized loss for more than 12 months at March 31, 2014. 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. Given the U.S. government's guarantees of the mortgage-backed and agency securities, there is no reason to believe that these securities will experience credit related losses. Management believes that these unrealized losses are a direct result of the current rate environment and has the ability and intent to hold the securities until maturity or the valuation recovers. 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 Bank will not be required to sell the security prior to the recovery of the non-credit impairment, the portion of the total impairment that is attributable to the credit loss would be recognized in earnings. The remaining difference between the debt security's amortized cost basis and its fair value would be included in other comprehensive income (loss). At March 31, 2014 and 2013, the Bank does not have any securities that are 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, 2014, 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 Average Yield
Available-for-Sale: |  |  |  |  |
One through five years | $ | 7,000 |  |  | $ | 6,981 |  |  | 0.79 | %
Five through ten years | 25,176 |  |  | 23,835 |  |  | 1.66 | %
After ten years | 62,057 |  |  | 58,645 |  |  | 1.75 | %
| $ | 94,233 |  |  | $ | 89,461 |  |  | 1.65 | %
Held-to-maturity: |  |  |  |  |
Five through ten years | 5,079 |  |  | 4,796 |  |  | 2.37 | %
After ten years | 3,950 |  |  | 4,175 |  |  | 3.97 | %
| $ | 9,029 |  |  | $ | 8,971 |  |  | 3.07 | %

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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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