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Variable Interest Entities | 12 Months Ended
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Mar. 31, 2022
Variable Interest Entity, Not Primary Beneficiary, Disclosures [Abstract] |
Variable Interest Entities | VARIABLE INTEREST ENTITIES The Company's subsidiary, Carver Statutory Trust I, is not consolidated with Carver Bancorp, Inc. for financial reporting purposes. Carver Statutory Trust I was formed in 2003 for the purpose of issuing $13 million aggregate liquidation amount of floating rate Capital Securities due September 17, 2033 (“Capital Securities”) and $0.4 million of common securities (which are the only voting securities of Carver Statutory Trust I), which are 100% owned by Carver Bancorp, Inc., and using the proceeds to acquire Junior Subordinated Debentures issued by Carver Bancorp, Inc. Carver Bancorp, Inc. has fully and unconditionally guaranteed the Capital Securities along with all obligations of Carver Statutory Trust I under the trust agreement relating to the Capital Securities. The Bank's subsidiary, Carver Community Development Corporation (“CCDC”), was formed to facilitate its participation in local economic development and other community-based initiatives. Per the NMTC Award's Allocation Agreement between the CDFI Fund and CCDC, CCDC is permitted to form and sub-allocate credits to subsidiary Community Development Entities (“CDEs”) to facilitate investments in separate development projects. In June 2006, CCDC received a NMTC award of $59 million. CCDC received a second NMTC award of $65 million in May 2009, and a third award of $25 million in August 2011. The NMTC compliance period was completed for all these entities, and subsidiary CDEs 2-21 have been dissolved. CCDC established various special purpose entities (CDEs 22-25) through which its investments in NMTC eligible activities will be conducted. As of March 31, 2022, there have been no activities in these entities. The variable interest entities (“VIEs”) are consolidated, as required, where Carver has controlling financial interest in these entities and is deemed to be the primary beneficiary. Carver is normally deemed to have a controlling financial interest and be the primary beneficiary if it has both of the following characteristics: (a) the power to direct activities of a VIE that most significantly impact the entities economic performance; and (b) the obligation to absorb losses of the entity that could benefit from the activities that could potentially be significant to the VIE. As none of the Bank's VIEs meet the above criteria, there are no consolidated VIEs at March 31, 2022. The Bank's unconsolidated VIEs, in which the Company holds significant variable interests or has continuing involvement through servicing a majority of assets in a VIE at March 31, 2022 are presented below:
| Involvement with SPE (000's) | Funded Exposure | Unfunded Exposure | Total
| Recognized Gain (Loss) (000's) | Total Rights transferred |  | Significant unconsolidated VIE assets | Total Involvement with SPE asset | Debt Investments | Equity Investments | Funding Commitments | Maximum exposure to loss |
Carver Statutory Trust 1(1) | $ | — |  | $ | — |  |  | $ | 13,403 |  | $ | 13,403 |  | $ | 13,022 |  | $ | 403 |  | $ | — |  | $ | — |  | $ | 13,425 |
1 Carver Statutory Trust debt investment includes deferred interest of $22 thousand.

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- Definition The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -URI http://asc.fasb.org/topic&trid=2197479 + Details
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- References No definition available. + Details
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