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Borrowed Money Borrowerd Money (Notes) | 12 Months Ended
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Mar. 31, 2017
Debt Disclosure [Abstract] |
Borrowed Money | BORROWED MONEY Federal Home Loan Bank Advances, Repurchase agreements and Guaranteed Debt Securities. FHLB-NY advances weighted average interest rates by remaining period to maturity at March 31 are as follows:
$ in thousands |  | 2017 |  | 2016
Maturing Year Ended March 31, |  | Weighted Average Rate |  | Amount |  | Weighted Average Rate |  | Amount
2017 |  | —% |  | $ | — |  |  | 0.49% |  | $ | 25,000 |
2018 |  | 1.04% |  | 5,000 |  |  | —% |  | — |
2019 (1) |  | 1.50% |  | 25,000 |  |  | 1.50% |  | 25,000 |
|  | 1.42% |  | $ | 30,000 |  |  | 1.00% |  | $ | 50,000 |
(1) Effective rate is 2.13% which includes the net impact of the amortization of the termination fee on restructured borrowing. Federal Home Loan Bank Advances. As a member of the FHLB-NY, the Bank may have outstanding FHLB-NY borrowings in a combination of term advances and overnight funds of up to 30% of its total assets, or approximately $206.4 million at March 31, 2017. Borrowings are secured by the Bank's investment in FHLB-NY stock and by a blanket security agreement. This agreement requires the Bank to maintain as collateral certain qualifying assets (principally mortgage loans and securities) not otherwise pledged. At March 31, 2017, advances were all fixed-rate and secured by pledges of the Bank's investment in the capital stock of the FHLB-NY totaling $2.2 million and a blanket assignment of the Bank's pledged qualifying mortgage loans of $25.6 million and mortgage-backed and investment securities with a market value of $34.3 million. The Bank has sufficient collateral at the FHLB-NY to be able to borrow an additional $14.5 million from the FHLB-NY at March 31, 2017. The accrued interest payable on FHLB advances was $32 thousand and the interest expense was $584 thousand for the year ended March 31, 2017. At March 31, 2016, the accrued interest payable on FHLB advances was $32 thousand and the interest expense was $703 thousand. The Bank completed a debt restructuring during the first quarter of fiscal year 2014 that allowed it to prepay a $25 million long-term borrowing and secure a new borrowing at a significantly lower rate. The termination fees and penalties associated with the borrowing were prepaid to the FHLB and amortized over five years. Repurchase agreements. Repurchase agreements ("REPO") are short-term contracts for the sale of securities owned or borrowed by the Bank with an agreement to repurchase those securities at an agreed-upon price and date. Securities sold under agreements to repurchase are stated at the amount of cash received in connection with the transaction. The Bank monitors collateral levels on a continuous basis and may be required to provide additional collateral based on the fair value of the underlying securities. Securities pledged as collateral under repurchase agreements are maintained with our safekeeping agents. At March 31, 2017, the outstanding balance of the REPO, which matures in December 2017, was $1.0 million, and the accrued interest payable thereon was $3 thousand. The recognized interest expense was $3 thousand for the year ended March 31, 2017. The collateral pledged on this REPO was a mortgage-backed security with a fair value of $1.5 million at March 31, 2017. There were no REPOs at March 31, 2016 or during the year then ended. Subordinated Debt Securities. On September 17, 2003, Carver Statutory Trust I issued 13,000 shares, liquidation amount $1,000 per share, of floating rate capital securities. Gross proceeds from the sale of these trust preferred debt securities of $13 million, and proceeds from the sale of the trust's common securities of $0.4 million, were used to purchase approximately $13.4 million aggregate principal amount of the Company's floating rate junior subordinated debt securities due 2033. The trust preferred debt securities are redeemable at par quarterly at the option of the Company beginning on or after September 17, 2008, and have a mandatory redemption date of September 17, 2033. Cash distributions on the trust preferred debt securities are cumulative and payable at a floating rate per annum resetting quarterly with a margin of 3.05% over the three-month LIBOR. During the second quarter of fiscal year 2017, the Company applied for and was granted regulatory approval to settle all outstanding debenture interest payments through September 2016. Such payments totaling $2.5 million were made in September 2016. Interest on the debentures has been deferred since September 2016, per the terms of the agreement, as the Company is prohibited from making payments without prior regulatory approval. On September 30, 2009, the Bank raised $5.0 million in a private placement of subordinated debt maturing December 30, 2018. The interest rate was set at 7% per annum for the first seven years as long as there is no default event, including Carver maintaining its certification as a Community Development Entity (“CDE”) and remaining in compliance with NMTC requirements, and 12% per annum after. During the second quarter of fiscal year 2012, the interest rate was reduced to 2%. This subordinated debt has been approved by the regulators to qualify as Tier II capital for the Bank's regulatory capital calculations. Qualifying term subordinated debt must have an original weighted average maturity of at least five years. Once the term to maturity is less than five years, the amount qualified as Tier II capital declines 20% per year. The ability to include any portion of the private placement subordinated debt in Tier II capital expired on January 1, 2017. Subsequent to this report date, the subordinated debt was paid in full. The accrued interest payable on subordinated debt securities was $315 thousand and the interest expense was $670 thousand for the year ended March 31, 2017. The accrued interest payable on subordinated debt securities was $2.3 million and the interest expense was $633 thousand for the year ended March 31, 2016. The following table sets forth certain information regarding Carver Federal's borrowings as of and for the years ended March 31:
$ in thousands | 2017 |  | 2016
Amounts outstanding at the end of year: |  |  |
FHLB advances | $ | 30,000 |  |  | $ | 50,000 |
Subordinated debt securities | 18,403 |  |  | 18,403 |
Repo | $ | 1,000 |  |  | $ | — |
Rate paid at year end: |  |  |
FHLB advances | 1.42 | % |  | 1.00 | %
Subordinated debt securities | 3.60 | % |  | 3.23 | %
Repo | 1.15 | % |  | — | %
Maximum amount of borrowing outstanding at any month end: |  |  |
FHLB advances | $ | 40,000 |  |  | $ | 95,000 |
Subordinated debt securities | $ | 18,403 |  |  | $ | 18,403 |
Repo | $ | 1,000 |  |  | $ | — |
Approximate average amounts outstanding for year: |  |  |
FHLB advances | $ | 32,849 |  |  | $ | 61,230 |
Subordinated debt securities | $ | 18,403 |  |  | $ | 18,403 |
Repo | $ | 271 |  |  | $ | — |
Approximate weighted average rate paid during year: |  |  |
FHLB advances | 1.78 | % |  | 1.15 | %
Subordinated debt securities | 4.50 | % |  | 3.08 | %
Repo | 1.15 | % |  | — | %

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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