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Investment Securities | 12 Months Ended
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Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract] |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure | 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. Debt securities are classified into three categories: trading, held-to-maturity, and available-for-sale. At March 31, 2022, securities with fair value of $67.6 million, or 92.8%, of the Bank’s total securities were classified as available-for-sale, and the remaining securities with amortized cost of $5.3 million, or 7.2%, were classified as held-to-maturity. The Bank had no securities classified as trading at March 31, 2022 and March 31, 2021. Other investments as of March 31, 2022 primarily consists of the Bank's investment in a limited partnership Community Capital Fund. These securities are measured at fair value with changes in fair value reflected in net income. Other investments totaled $1.1 million at March 31, 2022 and are included in Other Assets on the Statements of Financial Condition. The following tables set forth the amortized cost and fair value of securities available-for-sale and held-to-maturity at March 31, 2022 and March 31, 2021:
| At March 31, 2022
| Amortized |  | Gross Unrealized |  |
$ in thousands | Cost |  | Gains |  | Losses |  | Fair Value
Available-for-Sale: |  |  |  |  |  |  |
Mortgage-backed securities: |  |  |  |  |  |  |
Government National Mortgage Association | $ | 439 |  |  | $ | 9 |  |  | $ | — |  |  | $ | 448 |
Federal Home Loan Mortgage Corporation | 23,744 |  |  | — |  |  | 2,197 |  |  | 21,547 |
Federal National Mortgage Association | 12,852 |  |  | — |  |  | 1,268 |  |  | 11,584 |
Total mortgage-backed securities | 37,035 |  |  | 9 |  |  | 3,465 |  |  | 33,579 |
U.S. Government Agency Securities | 13,864 |  |  | — |  |  | 79 |  |  | 13,785 |
Corporate Bonds | 5,271 |  |  | — |  |  | 1,150 |  |  | 4,121 |
Muni Securities | 17,741 |  |  | — |  |  | 1,973 |  |  | 15,768 |
Asset-backed Securities | 347 |  |  | — |  |  | 4 |  |  | 343 |
Total available-for-sale | $ | 74,258 |  |  | $ | 9 |  |  | $ | 6,671 |  |  | $ | 67,596 |
Held-to-Maturity: |  |  |  |  |  |  |
Mortgage-backed securities: |  |  |  |  |  |  |
Government National Mortgage Association | $ | 481 |  |  | $ | 27 |  |  | $ | — |  |  | $ | 508 |
Federal National Mortgage Association | 4,773 |  |  | 9 |  |  | 14 |  |  | 4,768 |
Total held-to-maturity | $ | 5,254 |  |  | $ | 36 |  |  | $ | 14 |  |  | $ | 5,276 |
| At March 31, 2021
| Amortized |  | Gross Unrealized |  |
$ in thousands | Cost |  | Gains |  | Losses |  | Fair Value
Available-for-Sale: |  |  |  |  |  |  |
Mortgage-backed securities: |  |  |  |  |  |  |
Government National Mortgage Association | $ | 987 |  |  | $ | 39 |  |  | $ | — |  |  | $ | 1,026 |
Federal Home Loan Mortgage Corporation | 28,458 |  |  | 88 |  |  | 761 |  |  | 27,785 |
Federal National Mortgage Association | 15,120 |  |  | — |  |  | 510 |  |  | 14,610 |
Total mortgage-backed securities | 44,565 |  |  | 127 |  |  | 1,271 |  |  | 43,421 |
U.S. Government Agency Securities | 18,744 |  |  | — |  |  | 113 |  |  | 18,631 |
Corporate Bonds | 5,274 |  |  | — |  |  | 793 |  |  | 4,481 |
Muni Securities | 17,763 |  |  | — |  |  | 1,153 |  |  | 16,610 |
Asset-backed Securities | 3,336 |  |  | 28 |  |  | — |  |  | 3,364 |
Total available-for-sale | $ | 89,682 |  |  | $ | 155 |  |  | $ | 3,330 |  |  | $ | 86,507 |
Held-to-Maturity: |  |  |  |  |  |  |
Mortgage-backed securities: |  |  |  |  |  |  |
Government National Mortgage Association | $ | 683 |  |  | $ | 69 |  |  | $ | — |  |  | $ | 752 |
Federal National Mortgage Association | 7,124 |  |  | 264 |  |  | — |  |  | 7,388 |
Total held-to-maturity | $ | 7,807 |  |  | $ | 333 |  |  | $ | — |  |  | $ | 8,140 |
There were no sales of available-for-sale securities and held-to-maturity securities for the year ended March 31, 2022. The following is a summary regarding proceeds and gross gains realized from the sale of securities from the available-for-sale portfolio for the year ended March 31, 2021.
$ in thousands |  |  |  | March 31, 2021
Proceeds |  |  |  | $ | 37,802 |
Gross gains |  |  |  | 1,193 |
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”) mortgage-backed securities and Federal Home Loan Mortgage Corporation (“FHLMC”) mortgage-backed securities. 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 securities 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, 2022, the Bank pledged mortgage-backed and asset-backed securities of $5.9 million as collateral for advances from the FHLB-NY. The following tables set forth the unrealized losses and fair value of securities in an unrealized loss position at March 31, 2022 and March 31, 2021 for less than 12 months and 12 months or longer:
| At March 31, 2022
| 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 | $ | 519 |  |  | $ | 7,057 |  |  | $ | 2,946 |  |  | $ | 26,128 |  |  | $ | 3,465 |  |  | $ | 33,185 |
U.S. Government Agency Securities | — |  |  | — |  |  | 79 |  |  | 13,785 |  |  | 79 |  |  | 13,785 |
Corporate bonds | — |  |  | — |  |  | 1,150 |  |  | 4,121 |  |  | 1,150 |  |  | 4,121 |
Muni securities | 1,640 |  |  | 13,512 |  |  | 333 |  |  | 2,256 |  |  | 1,973 |  |  | 15,768 |
Asset-backed securities | 4 |  |  | 343 |  |  | — |  |  | — |  |  | 4 |  |  | 343 |
Total available-for-sale securities | $ | 2,163 |  |  | $ | 20,912 |  |  | $ | 4,508 |  |  | $ | 46,290 |  |  | $ | 6,671 |  |  | $ | 67,202 |
Held-to-Maturity: |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities | $ | 14 |  |  | $ | 2,204 |  |  | $ | — |  |  | $ | — |  |  | $ | 14 |  |  | $ | 2,204 |
Total held-to-maturity securities | $ | 14 |  |  | $ | 2,204 |  |  | $ | — |  |  | $ | — |  |  | $ | 14 |  |  | $ | 2,204 |
| At March 31, 2021
| 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 | $ | 1,271 |  |  | $ | 39,020 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,271 |  |  | $ | 39,020 |
U.S. Government Agency Securities | — |  |  | — |  |  | 113 |  |  | 18,631 |  |  | 113 |  |  | 18,631 |
Corporate bonds | 793 |  |  | 4,481 |  |  | — |  |  | — |  |  | 793 |  |  | 4,481 |
Muni securities | 1,153 |  |  | 16,609 |  |  | — |  |  | — |  |  | 1,153 |  |  | 16,609 |
Total available-for-sale securities | $ | 3,217 |  |  | $ | 60,110 |  |  | $ | 113 |  |  | $ | 18,631 |  |  | $ | 3,330 |  |  | $ | 78,741 |
A total of 23 securities had an unrealized loss at March 31, 2022, compared to 15 at March 31, 2021. Mortgage-backed securities, municipal securities, U.S. government agency securities and a corporate bond security represented 49.4%, 23.5%, 20.5% and 6.1%, respectively, of total available-for-sale securities in an unrealized loss position at March 31, 2022. There were four mortgage-backed securities, three U.S. government agency securities, one corporate bond and one municipal security that had an unrealized loss position for more than 12 months at March 31, 2022. 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 change in fair value to movements in interest rates, the life of the investments and their high credit quality. Given the high credit quality of the mortgage-backed securities which are backed by the U.S. government's guarantees, the high credit quality and strong financial performance of the U.S. Government Agency and municipal securities, and the corporate security that is a reputable institution in good financial standing, the risk of credit loss is minimal. Management believes that these unrealized losses are a direct result of the current rate environment and the Company has the ability and intent to hold the securities until maturity or the valuation recovers. The Bank did not have any securities that were classified as having other-than-temporary impairment in its investment portfolio at March 31, 2022. The following is a summary of the amortized cost and fair value of debt securities at March 31, 2022, 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: |  |  |  |  |
Less than one year | $ | 347 |  |  | $ | 343 |  |  | 1.06 | %
One through five years | — |  |  | — |  |  | — | %
Five through ten years | 6,929 |  |  | 6,823 |  |  | 1.92 | %
After ten years | 29,947 |  |  | 26,851 |  |  | 1.96 | %
Mortgage-backed securities | 37,035 |  |  | 33,579 |  |  | 1.36 | %
| $ | 74,258 |  |  | $ | 67,596 |  |  | 2.19 | %
Held-to-maturity: |  |  |  |  |
Mortgage-backed securities | $ | 5,254 |  |  | $ | 5,276 |  |  | 2.55 | %

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
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