Office Properties and Equipment, Net Office Properties and Equipment, Net (Notes)

12 Months Ended

Mar. 31, 2017

Property, Plant and Equipment [Abstract]

OFFICE PROPERTIES AND EQUIPMENT, NET

The details of office properties and equipment as of March 31 are as follows:



$ in thousands	2017			2016
Land	$	98		$	98
Building and improvements	9,806			9,783
Leasehold improvements	6,547			6,530
Furniture, equipment, and other	12,981			12,759
	29,432			29,170
Less accumulated depreciation and amortization	(24,005		)	(23,187		)
Office properties and equipment, net	$	5,427		$	5,983

Depreciation and amortization charged to operations for fiscal years 2017 and 2016 amounted to $867 thousand and $1.4 million, respectively.

During fiscal year 2016, Carver conducted a sale and leaseback transaction on its Crown Heights branch location with an unaffiliated third party as part of the Bank's ongoing facilities rationalization efforts. The Company recognized a $1.2 million gain on the sale and leaseback in the third quarter of fiscal year 2016. Carver did not finance the purchase and the gain was calculated utilizing the profit on sale in excess of the present value of the minimum lease payments in accordance with ASC 840. The remaining amount of profit on the sale of the property was deferred from gain recognition and will be amortized into income over the term of the lease. The deferred gain on the sale of the property is included in Other Liabilities on the Consolidated Statements of Financial Condition and totaled $606 thousand and $675 thousand as of March 31, 2017 and 2016, respectively.