Document and Entity Information
Document and Entity Information Document - USD ($) | 12 Months Ended | |
Mar. 31, 2016 | Sep. 30, 2015 | |
Entity Information [Line Items] | ||
Entity Registrant Name | CARVER BANCORP INC | |
Entity Central Index Key | 1,016,178 | |
Current Fiscal Year End Date | --03-31 | |
Entity Filer Category | Non-accelerated Filer | |
Document Type | 10-K | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | FY | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 3,696,087 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Public Float | $ 24,578,979 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | ||
Cash and cash equivalents: | |||||
Cash and due from banks | $ 63,156 | $ 44,864 | |||
Money market investments | 504 | 6,128 | |||
Total cash and cash equivalents | 63,660 | 50,992 | $ 122,554 | ||
Restricted cash | 225 | 6,354 | |||
Investment securities: | |||||
Available-for-sale Securities | 56,180 | 100,204 | [1],[2] | ||
Held-to-maturity | 15,311 | 11,922 | |||
Total investments | 71,491 | 112,126 | [1] | ||
Loans Receivable Held-for-sale, Amount | 2,495 | 2,724 | [2] | ||
Loans receivable: | |||||
Real estate mortgage loans | 517,785 | 412,688 | [1] | ||
Commercial business loans | 71,192 | 70,640 | [3] | ||
Consumer loans | 42 | 434 | |||
Loans, net | 589,019 | 483,762 | [4],[5] | ||
Allowance for loan losses | (5,232) | (4,428) | [2],[4],[5] | (7,366) | [5] |
Total loans receivable, net | 583,787 | 479,334 | [6],[7] | ||
Premises and equipment, net | 5,983 | 7,075 | |||
Federal Home Loan Bank of New York (“FHLB-NY”) stock | 2,883 | 3,519 | |||
Accrued interest receivable | 3,647 | 2,781 | |||
Other assets | 7,557 | 10,875 | [8] | ||
Total assets | 741,728 | 675,780 | [7] | ||
Deposits: | |||||
Savings | 95,230 | 95,009 | |||
Non-interest bearing checking | 56,634 | 50,731 | |||
Interest-bearing checking | 33,106 | 30,860 | |||
Money market | 163,380 | 148,702 | |||
Certificates of deposit | 255,854 | 200,123 | |||
Mortgagors deposits | 2,537 | 2,336 | |||
Deposits | 606,741 | 527,761 | |||
Advances from the FHLB-NY and other borrowed money | 68,403 | 83,403 | |||
Other liabilities | 12,369 | 10,971 | [9] | ||
Total liabilities | 687,513 | 622,135 | [4] | ||
EQUITY | |||||
Preferred stock | 45,118 | 45,118 | |||
Common stock | 61 | 61 | |||
Additional paid-in capital | 55,470 | 55,468 | |||
Accumulated deficit | (45,710) | (45,540) | [2] | ||
Treasury stock, at cost | 417 | 417 | |||
Accumulated Other Comprehensive (Loss) Income | (307) | (1,045) | |||
Total equity | 54,215 | 53,645 | [4],[8] | $ 50,471 | [1] |
Total liabilities and equity | $ 741,728 | $ 675,780 | [9] | ||
[1] | (1) March 31, 2015 and 2014 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | ||||
[2] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | ||||
[3] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | ||||
[4] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | ||||
[5] | (2) March 31, 2015 balances have been restated from previously reported results for the $701 thousand reclassification of negative escrow balances from Other Assets to Loans Receivable a | ||||
[6] | (1) March 31, 2015 has been restated to correct the classification of loans held-for-sale and other real estate owned from Level 2 to Level 3 assets and for the reclassification of negative escrow balances from Other Assets to Loans Held-for-Sale. | ||||
[7] | 1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | ||||
[8] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | ||||
[9] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. See acc |
Consolidated Statements of Fin3
Consolidated Statements of Financial Position Parentheticals - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
Held-to-maturity Securities, Fair Value | $ 15,653 | $ 12,231 |
Series D convertible preferred stock | 45,118 | 45,118 |
Series D convertible preferred stock Par Value | $ 0.01 | $ 0.01 |
Series D convertible preferred stock liquidation preference for Issued | $ 1,000 | $ 1,000 |
Series D convertible preferred stock liquidation preference for Outstanding | 1,000 | 1,000 |
Common Stock | $ 0.01 | $ 0.01 |
Common Stock shares authorized | 10,000,000 | 10,000,000 |
Common Stock shares Issued | 3,698,031 | 3,698,031 |
Common Stock shares Outstanding | 3,696,087 | 3,696,087 |
Treasury Stock | 1,944 | 1,944 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||
Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | ||||||||
Interest income: | |||||||||||||||||
Loans | $ 24,702 | $ 19,974 | |||||||||||||||
Mortgage-backed securities | 761 | 799 | |||||||||||||||
Investment securities | 1,295 | 1,339 | |||||||||||||||
Money market investments | 150 | 215 | |||||||||||||||
Total interest income | $ 6,961 | $ 7,009 | $ 6,730 | $ 6,208 | $ 5,714 | $ 5,265 | $ 5,590 | $ 5,758 | 26,908 | 22,327 | |||||||
Interest expense: | |||||||||||||||||
Deposits | 3,269 | 2,853 | |||||||||||||||
Advances and other borrowed money | 1,270 | 1,089 | |||||||||||||||
Total interest expense | 1,217 | 1,171 | 1,093 | 1,058 | 946 | 1,013 | 992 | 991 | 4,539 | 3,942 | |||||||
Net interest income | 5,744 | 5,838 | 5,637 | 5,150 | 4,768 | 4,252 | 4,598 | 4,767 | 22,369 | 18,385 | |||||||
Provision for (recovery of) loan losses | 89 | 728 | 643 | 34 | (64) | (1,151) | (713) | (913) | 1,495 | (2,842) | [1],[2] | ||||||
Net interest income after provision for loan losses | 20,874 | 21,227 | [3] | ||||||||||||||
Non-interest income: | |||||||||||||||||
Depository fees and charges | 3,112 | 3,595 | |||||||||||||||
Loan fees and service charges | 940 | 708 | |||||||||||||||
Gain on sale of securities, net | 1 | 8 | |||||||||||||||
Gain on sale of loans, net | 499 | (2) | |||||||||||||||
Gain (loss) on real estate owned | 35 | 5 | |||||||||||||||
Gain on sale of building, net | 1,221 | 0 | |||||||||||||||
Lower of cost or market adjustment on loans held-for-sale | 1 | (28) | |||||||||||||||
Other | 726 | 1,282 | |||||||||||||||
Total non-interest income | 1,469 | 2,741 | 1,131 | 1,193 | 1,394 | 1,408 | 1,562 | 1,202 | 6,535 | 5,568 | |||||||
Non-interest expense: | |||||||||||||||||
Employee compensation and benefits | 11,358 | 11,588 | |||||||||||||||
Net occupancy expense | 4,695 | 3,839 | |||||||||||||||
Equipment, net | 635 | 900 | |||||||||||||||
Data processing | 1,100 | 1,259 | [3] | ||||||||||||||
Consulting fees | 1,058 | 1,003 | [3] | ||||||||||||||
Federal deposit insurance premiums | 527 | 603 | |||||||||||||||
Other | 8,078 | 7,990 | [4] | ||||||||||||||
Total non-interest expense | 8,186 | 7,214 | 6,202 | 5,851 | 6,648 | 7,127 | 6,780 | 6,624 | 27,451 | 27,182 | [5] | ||||||
Income / (loss) before income taxes | (42) | (387) | [3] | ||||||||||||||
Income tax expense (benefit) | 32 | (67) | (79) | (13) | (31) | (62) | (57) | (16) | 128 | 166 | |||||||
Consolidated net (loss) / income | (170) | (553) | [3],[5] | ||||||||||||||
Net (loss) / income attributable to non-controlling interest | 0 | 151 | 147 | (17) | 0 | (281) | |||||||||||
Net (loss) / income attributable to Carver Bancorp, Inc. | $ (1,030) | $ 570 | $ (156) | $ 445 | $ (453) | $ (227) | $ 183 | $ 225 | $ (170) | $ (272) | [2],[4],[5] | ||||||
(Loss) / Earnings per common share: | |||||||||||||||||
Earnings Per Share, Basic | $ (0.28) | $ 0.06 | [6] | $ (0.04) | $ 0.05 | [6] | $ (0.12) | $ (0.06) | $ 0.02 | $ 0.02 | $ (0.05) | $ (0.07) | [2] | ||||
Earnings Per Share, Diluted | $ (0.28) | $ 0.06 | [6] | $ (0.04) | $ 0.05 | [6] | $ (0.12) | [6] | $ (0.06) | [6] | $ 0.02 | [6] | $ 0.02 | [6] | $ (0.05) | $ (0.07) | [2] |
Scenario, Previously Reported [Member] | |||||||||||||||||
Interest income: | |||||||||||||||||
Loans | $ 19,974 | ||||||||||||||||
Mortgage-backed securities | 799 | ||||||||||||||||
Investment securities | 1,339 | ||||||||||||||||
Money market investments | 215 | ||||||||||||||||
Total interest income | $ 7,009 | $ 6,730 | $ 6,208 | $ 5,714 | $ 5,265 | $ 5,590 | $ 5,758 | 22,327 | |||||||||
Interest expense: | |||||||||||||||||
Deposits | 2,853 | ||||||||||||||||
Advances and other borrowed money | 1,089 | ||||||||||||||||
Total interest expense | 1,171 | 1,093 | 1,058 | 946 | 1,013 | 992 | 991 | 3,942 | |||||||||
Net interest income | 5,838 | 5,637 | 5,150 | 4,768 | 4,252 | 4,598 | 4,767 | 18,385 | |||||||||
Provision for (recovery of) loan losses | 728 | 643 | 117 | (365) | (1,151) | (713) | (780) | (3,010) | |||||||||
Net interest income after provision for loan losses | 21,395 | ||||||||||||||||
Non-interest income: | |||||||||||||||||
Depository fees and charges | 3,595 | ||||||||||||||||
Loan fees and service charges | 708 | ||||||||||||||||
Gain on sale of securities, net | 8 | ||||||||||||||||
Gain on sale of loans, net | (2) | ||||||||||||||||
Gain (loss) on real estate owned | 5 | ||||||||||||||||
Lower of cost or market adjustment on loans held-for-sale | (28) | ||||||||||||||||
Other | 1,282 | ||||||||||||||||
Total non-interest income | 2,741 | 1,131 | 1,193 | 1,394 | 1,408 | 1,562 | 1,202 | 5,568 | |||||||||
Non-interest expense: | |||||||||||||||||
Employee compensation and benefits | 11,588 | ||||||||||||||||
Net occupancy expense | 3,839 | ||||||||||||||||
Equipment, net | 900 | ||||||||||||||||
Data processing | 733 | ||||||||||||||||
Consulting fees | 952 | ||||||||||||||||
Federal deposit insurance premiums | 603 | ||||||||||||||||
Other | 8,099 | ||||||||||||||||
Total non-interest expense | 7,347 | 6,211 | 6,035 | 6,622 | 6,789 | 6,753 | 6,547 | 26,714 | |||||||||
Income / (loss) before income taxes | 249 | ||||||||||||||||
Income tax expense (benefit) | (67) | (79) | (13) | (31) | (62) | (57) | (16) | 166 | |||||||||
Consolidated net (loss) / income | 83 | ||||||||||||||||
Net (loss) / income attributable to non-controlling interest | 0 | 151 | 147 | (17) | (281) | ||||||||||||
Net (loss) / income attributable to Carver Bancorp, Inc. | $ 437 | $ (165) | $ 178 | $ (126) | $ 111 | $ 210 | $ 169 | $ 364 | |||||||||
(Loss) / Earnings per common share: | |||||||||||||||||
Earnings Per Share, Basic | $ 0.12 | [6] | $ (0.04) | $ 0.05 | [6] | $ (0.03) | [7] | $ 0.03 | [7] | $ 0.06 | [7] | $ 0.05 | [7] | $ 0.10 | |||
Earnings Per Share, Diluted | $ 0.12 | [6] | $ (0.04) | $ 0.05 | [6] | $ (0.03) | [7] | $ 0.03 | [7] | $ 0.06 | [7] | $ 0.05 | [7] | $ 0.10 | |||
[1] | (2) March 31, 2015 balances have been restated from previously reported results for the $701 thousand reclassification of negative escrow balances from Other Assets to Loans Receivable a | ||||||||||||||||
[2] | 1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | ||||||||||||||||
[3] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | ||||||||||||||||
[4] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | ||||||||||||||||
[5] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. See acc | ||||||||||||||||
[6] | (1) Basic and Diluted EPS amounts restated for all periods in a net income position to include 45,118 shares of Series D Preferred Stock (participating securities) which, under certain circumstances, could convert to 5,518,006 shares of common stock. | ||||||||||||||||
[7] | Difference in total earnings per share to Consolidated Statement of Operations is due to rounding |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Net (loss) / income attributable to Carver Bancorp, Inc. | $ (170) | $ (272) | [1],[2],[3] |
Other comprehensive (loss) income, net of tax [Abstract] | |||
Change in unrealized gain (loss) of securities available-for-sale, net | 739 | 3,731 | |
Reclassification adjustments for sales of available-for-sale securities, net of tax | 1 | 8 | |
Other Comprehensive Income (Loss), Net of Tax | 738 | 3,723 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Carver Bancorp, Inc. | $ 568 | $ 3,451 | [4] |
[1] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | ||
[2] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. See acc | ||
[3] | 1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | ||
[4] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity - USD ($) | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated deficit [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interest [Member] | ||||
Stockholders' Equity at Mar. 31, 2014 | $ 50,471,000 | [1] | $ 45,118,000 | $ 61,000 | $ 56,114,000 | $ (45,268,000) | [1] | $ (417,000) | $ (4,768,000) | $ (369,000) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net (loss) / income attributable to Carver Bancorp, Inc. | (272,000) | [2],[3],[4] | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Other comprehensive income (loss), net of tax | 3,723,000 | 0 | 0 | 0 | 0 | 0 | 3,723,000 | 0 | ||||
Transfer between Non-controlling and Controlling Interest | 0 | 0 | 0 | (650,000) | [5] | 0 | 0 | 0 | 650,000 | [5] | ||
Net (loss) / income attributable to non-controlling interest | (281,000) | 0 | 0 | 0 | 0 | 0 | 0 | (281,000) | ||||
Stock based compensation expense | 4,000 | 0 | 0 | 4,000 | 0 | 0 | 0 | 0 | ||||
Stockholders' Equity at Mar. 31, 2015 | 53,645,000 | [2],[6] | 45,118,000 | 61,000 | 55,468,000 | (45,540,000) | [3] | (417,000) | (1,045,000) | 0 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net (loss) / income attributable to Carver Bancorp, Inc. | (170,000) | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Other comprehensive income (loss), net of tax | 738,000 | 0 | 0 | 0 | 0 | 0 | 738,000 | 0 | ||||
Net (loss) / income attributable to non-controlling interest | 0 | |||||||||||
Stock based compensation expense | 2,000 | 0 | 0 | 2,000 | 0 | 0 | 0 | 0 | ||||
Stockholders' Equity at Mar. 31, 2016 | $ 54,215,000 | $ 45,118,000 | $ 61,000 | $ 55,470,000 | $ (45,710,000) | $ (417,000) | $ (307,000) | $ 0 | ||||
[1] | (1) March 31, 2015 and 2014 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | |||||||||||
[2] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | |||||||||||
[3] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. See acc | |||||||||||
[4] | 1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | |||||||||||
[5] | (2) Carrying amount of non-controlling interest adjusted to reflect the transfer of ownership interest under ASC Topic 810. | |||||||||||
[6] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income / (loss) before attribution of non-controlling interest | $ (170,000) | $ (553,000) | [1],[2] |
Net (loss) / income attributable to non-controlling interest, net of taxes | 0 | (281,000) | |
Net Income (Loss) Attributable to Carver Bancorp, Inc. | (170,000) | (272,000) | [3] |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Provision for (recovery of) loan losses | 1,495,000 | (2,842,000) | [4],[5] |
Stock based compensation expense | 2,000 | 4,000 | |
Depreciation and amortization expense | 1,415,000 | 1,052,000 | |
Market adjustment on real estate owned | 0 | (216,000) | |
Gain (loss) on real estate owned | (35,000) | (5,000) | |
Gain on sale of securities, net | (1,000) | (8,000) | |
Gain on sale of loans, net | (499,000) | 2,000 | |
Gain on sale of building | (1,221,000) | 0 | |
Market adjustment on held-for-sale loans | (1,000) | 28,000 | |
Amortization and accretion of loan premiums and discounts and deferred charges | 188,000 | (223,000) | [1] |
Amortization and accretion of premiums and discounts - securities | 171,000 | 223,000 | |
Proceeds from sale of loans held-for-sale | 730,000 | 0 | |
Assets repurchased from third parties | 0 | (174,000) | |
(Increase) decrease in accrued interest receivable | (866,000) | (224,000) | |
(Increase) decrease in other assets | (2,075,000) | 3,477,000 | [3] |
(Decrease) increase in other liabilities | 2,087,000 | 2,796,000 | [2] |
Net Cash Provided by (Used in) Operating Activities | 490,000 | 3,618,000 | |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Purchase of securities: Available-for-sale | (148,000) | (28,200,000) | |
Purchases of securities: Held-to-maturity | (5,118,000) | 0 | |
Proceeds from principal payments, maturities, calls and sales of securities: Available-for-sale | 44,696,000 | 16,209,000 | |
Proceeds from principal payments, maturities and calls of securities: Held-to-maturity | 1,770,000 | 886,000 | |
Originations of loans held-for-investment | (100,100,000) | (66,783,000) | |
Change in loans | 183,000 | 215,000 | [6] |
Loans purchased from third parties | (105,445,000) | (87,292,000) | |
Principal collections on loans | 81,102,000 | 59,097,000 | |
Proceeds on sale of loans | 18,119,000 | 0 | |
Change in loans | 2,113,000 | 0 | |
Decrease (increase) in restricted cash | 6,129,000 | 0 | |
Redemption (purchase) of FHLB-NY stock | 636,000 | (418,000) | |
Purchase of premises and equipment | (574,000) | (289,000) | |
Proceeds from sale of real estate owned | 4,105,000 | 0 | |
Net cash (used in) provided by investing activities | (51,802,000) | (106,575,000) | |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Net increase (decrease) in deposits | 78,980,000 | 18,395,000 | |
Net (decrease) increase in FHLB-NY advances and other borrowings | (15,000,000) | 13,000,000 | |
Net cash provided by (used in) by financing activities | 63,980,000 | 31,395,000 | |
Cash and Cash Equivalents, Period Increase (Decrease) | 12,668,000 | (71,562,000) | |
Cash and cash equivalents at beginning of period | 50,992,000 | 122,554,000 | |
Cash and cash equivalents at end of period | 63,660,000 | 50,992,000 | |
Noncash financing and investing activities | |||
Transfer of loans held-for-investment to loans held-for-sale | 730,000 | 0 | |
Transfer into real estate owned | 738,000 | 2,775,000 | |
Cash paid for- | |||
Interest | 4,085,000 | 3,474,000 | |
Income Taxes | $ 217,000 | $ 161,000 | |
[1] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | ||
[2] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. See acc | ||
[3] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | ||
[4] | (2) March 31, 2015 balances have been restated from previously reported results for the $701 thousand reclassification of negative escrow balances from Other Assets to Loans Receivable a | ||
[5] | 1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | ||
[6] | (1) March 31, 2015 has been restated to correct the classification of loans held-for-sale and other real estate owned from Level 2 to Level 3 assets and for the reclassification of negative escrow balances from Other Assets to Loans Held-for-Sale. |
Organization
Organization | 12 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ORGANIZATION Nature of operations Carver Bancorp, Inc. (on a stand-alone basis, the “Company” or “Registrant”), was incorporated in May 1996 and its principal wholly owned subsidiaries are Carver Federal Savings Bank (the “Bank” or “Carver Federal”) and Alhambra Holding Corp., an inactive Delaware corporation. Carver Federal's wholly owned subsidiaries are CFSB Realty Corp., Carver Community Development Corporation (“CCDC”) and CFSB Credit Corp., which is currently inactive. The Bank has a majority-owned interest in Carver Asset Corporation, a real estate investment trust formed in February 2004. “Carver,” the “Company,” “we,” “us” or “our” refers to the Company along with its consolidated subsidiaries. The Bank was chartered in 1948 and began operations in 1949 as Carver Federal Savings and Loan Association, a federally-chartered mutual savings and loan association. The Bank converted to a federal savings bank in 1986. On October 24, 1994, the Bank converted from a mutual holding company structure to stock form and issued 2,314,375 shares of its common stock, par value $0.01 per share. On October 17, 1996, the Bank completed its reorganization into a holding company structure (the “Reorganization”) and became a wholly owned subsidiary of the Company. Carver Federal’s principal business consists of attracting deposit accounts through its branches and investing those funds in mortgage loans and other investments permitted by federal savings banks. The Bank has nine branches located throughout the City of New York that primarily serve the communities in which they operate. In September 2003, the Company formed Carver Statutory Trust I (the “Trust”) for the sole purpose of issuing trust preferred securities and investing the proceeds in an equivalent amount of floating rate junior subordinated debentures of the Company. In accordance with Accounting Standards Codification (“ASC”) 810, “Consolidations,” Carver Statutory Trust I is unconsolidated for financial reporting purposes. 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. Interest on the debentures has been deferred, per the terms of the agreement, as the Company is prohibited from making payments without prior approval. Carver relies primarily on dividends from Carver Federal to pay cash dividends to its stockholders, to engage in share repurchase programs and to pay principal and interest on its trust preferred debt obligation. The OCC regulates all capital distributions, including dividend payments, by Carver Federal to Carver, and the FRB regulates dividends paid by Carver. As the subsidiary of a savings and loan association holding company, Carver Federal must file a notice or an application (depending on the proposed dividend amount) with the OCC (and a notice with the FRB) prior to the declaration of each capital distribution. The OCC will disallow any proposed dividend, for among other reasons, that would result in Carver Federal’s failure to meet the OCC minimum capital requirements. In accordance with the Agreement, Carver Federal is currently prohibited from paying any dividends without prior OCC approval, and, as such, has suspended Carver’s regular quarterly cash dividend on its common stock. There are no assurances that dividend payments to Carver will resume. Going Concern The going concern assumption is a fundamental principle in the preparation of financial statements. It is the responsibility of management to assess the Company’s ability to continue as a going concern. In assessing this assumption, the Company has taken into account all available information about the future, which is at least, but is not limited to, twelve months from the balance sheet date of March 31, 2016. Debenture interest payments on the Carver Statutory Trust I capital securities remain on a deferral status, which is permissible under the terms of the Indenture for up to twenty consecutive quarterly periods. The quarter ended September 30, 2016 will represent the twentieth consecutive quarterly period for which interest payments have been deferred. The Company has expensed the deferred interest through the current period and currently has cash available to make the payment upon receipt of regulatory approval. We have applied for regulatory approval to make interest payments on our Trust Preferred Debt securities in September 2016 and are not aware of any information as to whether or not such approval will be granted. In connection with its application to the FRB to distribute the deferred interest payments, the Company anticipates that the FRB will review the Company’s internal assessment process for capital adequacy, the appropriate of the Company’s capital level given its overall risk profile, as well as the comprehensiveness and effectiveness of management’s capital planning. There can be no assurance that the FRB will not have a supervisory objection to the Company’s application, and, therefore, the Company has no control over whether or not the FRB will permit the deferred interest payments. In the event that the deferred interest payments on the debentures are not paid by September 19, 2016, an event of default will have occurred. If the Company fails to cure such default for a period within 30 days, either the debenture trustee or the holders of not less than 25% of the aggregate principal amount of the debentures then outstanding may, by written notice to the Company, declare the entire principal of the debentures and the interest accrued thereon to be due and payable immediately. If the Company is unable to pay the principal and interest of the debentures due to regulatory restrictions or otherwise, the holders may, thereafter, determine to sue the Company for nonpayment, which lawsuit could include a petition for involuntary bankruptcy. Based on the foregoing matters, there is substantial doubt about our ability to continue as a going concern. The Company has prepared the consolidated financial statements contained in this annual report assuming that the Company will be able to continue as a going concern, which contemplates the realization of assets and the discharge of liabilities in the normal course of business for the foreseeable future. The Company’s financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. The Company has expensed the deferred interest as necessary and currently has cash available to make the payment upon receipt of regulatory approval. Regulation On February 7, 2011, Carver Federal Savings Bank and Carver Bancorp, Inc. consented to enter into Cease and Desist Orders (the "Bank Order" and the “Company Order,” respectively, and together the "Orders") with the Office of Thrift Supervision ("OTS"). The OTS issued these Orders based upon its findings that the Company was operating with an inadequate level of capital for the volume, type and quality of assets held by the Company, that it was operating with an excessive level of adversely classified assets, and earnings inadequate to augment its capital. Effective July 21, 2011, supervisory authority for the Company Order passed to the Board of Governors of the Federal Reserve System and supervisory authority for the Bank Order passed to the Office of the Comptroller of the Currency ("OCC"). On November 3, 2014, the OCC notified the Bank that the OCC had determined that the Bank had satisfied all of the requirements of the Bank Order and directed that the Bank Order be terminated. In addition, the OCC notified the Bank that the OCC had determined that the Bank was no longer in "troubled condition" and was relieved of all prior conditions imposed on the Bank by the OTS as a result of its troubled condition designation. On September 24, 2015, the Federal Reserve notified the Company that the Company Order had been terminated and that the Company was no longer in "troubled condition." On October 23, 2015, the Board of Directors of the Company adopted resolutions requiring, among other things, written approval from the Federal Reserve Bank of Philadelphia prior to the declaration or payment of dividends, any increase in debt by the Company, or the redemption of Company common stock. On May 24, 2016, the Bank entered into a Formal Agreement with the OCC to undertake certain compliance-related and other actions as further described in the Company’s Current Report on Form 8-K as filed with the Securities and Exchange Commission (“SEC”) on May 27, 2016. As a result of the Formal Agreement, the Bank must obtain the approval of the OCC prior to effecting any change in its directors or senior executive officers. The Bank may not declare or pay dividends or make any other capital distributions, including to the Company, without first filing an application with the OCC and receiving the prior approval of the OCC. Furthermore, the Bank must seek the OCC's written approval and the FDIC's written concurrence before entering into any "golden parachute payments" as that term is defined under 12 U.S.C. § 1828(k) and 12 C.F.R. Part 359. On June 29, 2011, the Company raised $55 million of capital by issuing 55,000 shares of mandatorily convertible non-voting participating preferred stock, Series C (the "Series C preferred stock"). The issuance resulted in a $51.4 million increase in equity after considering the effect of various expenses associated with the capital raise. The capital raise enabled the Company to make a capital injection of $37 million in the Bank on June 30, 2011. In December 2011, another $7 million capital injection was made in the Bank. The remainder of the net capital raised is retained by the Company for future strategic purposes or to downstream into the Bank, if necessary. No assurances can be given that the amount of capital raised is sufficient to absorb the expected losses in the Bank's loan portfolio. Should the losses be greater than expected, additional capital may be necessary in the future. On October 25, 2011, Carver's stockholders voted to approve a 1-for-15 reverse stock split. A separate vote of approval was given to convert the Series C preferred stock to non-cumulative non-voting participating preferred stock, Series D ("the Series D preferred stock") and to common stock and to exchange the U.S. Treasury's ("Treasury") Community Development Capital Initiative ("CDCI") Series B preferred stock for common stock. On October 27, 2011, the 1-for-15 reverse stock split was effected, which reduced the number of outstanding shares of common stock from 2,492,415 to 166,161 . On October 28, 2011, the Treasury exchanged the CDCI Series B preferred stock for 2,321,286 shares of Carver common stock and the Series C preferred stock converted into 1,208,039 shares of Carver common stock and 45,118 shares of Series D preferred stock. Restatement On July 12, 2016, the Finance and Audit Committee of the Board of Directors of Carver Bancorp, Inc., after consultation with KPMG LLP, our independent registered public accounting firm, determined that our consolidated financial statements for the fiscal year ended March 31, 2015, and each of the quarters of 2015 and 2016 should no longer be relied upon. Within this report, we have included restated audited results as of and for the year ended March 31, 2015 as well as restated unaudited condensed consolidated financial information for the quarterly periods in 2016 and 2015, which we refer to as the Restatement. Our consolidated financial statements as of and for the year ended March 31, 2015 included in this Annual Report on Form 10-K has been restated from the consolidated financial statements included on our Annual Report on Form 10-K for the year ended March 31, 2015. The Restatement corrects a material error related to the accrual of data processing and other expenses related to invoices paid to the Bank's core system service provider. In fiscal 2016, Carver Bancorp recognized expenses on invoices paid to its core system provider, and during the course of preparation of the fiscal 2016 consolidated financial statements and audit, management determined that $613 thousand of expenses should have been recognized in fiscal 2015. The cumulative adjustments to correct the errors in the consolidated financial statements as of March 31, 2015 decreased previously reported Accumulated Deficit and increased previously reported Other Liabilities by $613 thousand . The impact of the correction also decreased previously reported Net Income by $613 thousand and previously reported earnings per share by $0.17. Management identified an accounting error related to the sale of a loan that impacted the issued financial statements for years prior to 2016. The 2015 financial statements were restated within the Company’s fiscal year 2016 Form 10-K to allow for the correction of this error in 2016. The adjustment to correct the error related to the financial statements is reflected as an increase of $598 thousand in the Accumulated Deficit balance at April 1, 2014 (FY 2015), as shown in the Statements of Changes in Equity, and a decrease in March 31, 2015 Other Assets and Accumulated Deficit balances, as shown in the Statement of Financial Condition, within Carver’s fiscal year 2016 Form 10-K. Management also identified an accounting error related to the reporting of earnings per share (EPS). Under the two class method of computing EPS, the Company has two classes of stock to which undistributed earnings are allocated. Previously, the impact of the undistributed earnings allocated to the shares of the Company’s Series D convertible preferred stock had not been considered in this computation. Basic and Diluted EPS amounts are updated for all periods in a net income position to include 45,118 shares of Series D Preferred Stock which, under certain circumstances, could convert to 5,518,006 shares of common stock. There was no impact for fiscal year 2015 due to the fact that the Company recorded a net loss. Refer to Note 18 for the quarterly impact for those periods where EPS was restated. In addition to the errors described above, adjustments have been made related to other individually immaterial errors including certain corrections that had been previously identified but not recorded because they were not material to our consolidated financial statements. These corrections included adjustments to accrued liabilities, provision for loan losses and certain reclassification entries. For the year ended March 31, 2015, the Restatement for the material error reported a $613 thousand decrease in net income offset to an increase in other liabilities. The correction of certain other errors resulted in a reclass between cash flow from operating activities to the cash flow from investing activities section of the Consolidated Statement of Cash Flow. All applicable amounts relating to this Restatement have been reflected in the consolidated financial statements and disclosed in the notes to the consolidated financial statements in this 2016 Form 10-K. For discussion of the Restatement adjustments, see Item 8. Financial Statements and Supplementary Data, Note 10 - Loss per Common Share and Note 18 – Quarterly Financial Data (Unaudited). The following analysis includes the financial statements as originally reported and as adjusted and takes into account the following adjustments. CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION March 31, 2015 $ in thousands except per share data As Previously Reported Adjustment As Restated ASSETS Cash and cash equivalents: Cash and due from banks $ 44,864 — $ 44,864 Money market investments 6,128 — 6,128 Total cash and cash equivalents 50,992 — 50,992 Restricted cash 6,354 — 6,354 Investment securities: Available-for-sale, at fair value 101,185 (981 ) 100,204 Held-to-maturity, at amortized cost (fair value of $15,653 and $12,231 at March 31, 2016 and March 31, 2015, respectively) 11,922 — 11,922 Total investments 113,107 (981 ) 112,126 Loans held-for-sale (“HFS”) 2,576 148 2,724 Loans receivable: Real estate mortgage loans 412,204 484 412,688 Commercial business loans 70,555 85 70,640 Consumer loans 434 — 434 Loans, net 483,193 569 483,762 Allowance for loan losses (4,477 ) 49 (4,428 ) Total loans receivable, net 478,716 618 479,334 Premises and equipment, net 7,075 — 7,075 Federal Home Loan Bank of New York (“FHLB-NY”) stock, at cost 3,519 — 3,519 Accrued interest receivable 2,781 — 2,781 Other assets (1) 11,266 (391 ) 10,875 Total assets $ 676,386 $ (606 ) $ 675,780 LIABILITIES AND EQUITY LIABILITIES Deposits: Savings $ 95,009 — 95,009 Non-interest bearing checking 50,731 — 50,731 Interest-bearing checking 30,860 — 30,860 Money market 148,702 — 148,702 Certificates of deposit 200,123 — 200,123 Mortgagors deposits 2,336 — 2,336 Total deposits 527,761 — 527,761 Advances from the FHLB-NY and other borrowed money 83,403 — 83,403 Other liabilities 10,243 728 10,971 Total liabilities 621,407 728 622,135 EQUITY Preferred stock (par value $0.01 per share: 45,118 Series D shares, with a liquidation preference of $1,000 per share, issued and outstanding) 45,118 — 45,118 Common stock (par value $0.01 per share: 10,000,000 shares authorized; 3,698,031 issued; 3,696,087 shares outstanding at March 31, 2016 and March 31, 2015) 61 — 61 Additional paid-in capital 55,468 — 55,468 Accumulated deficit (44,206 ) (1,334 ) (45,540 ) Treasury stock, at cost (1,944 shares at March 31, 2016 and March 31, 2015) (417 ) — (417 ) Accumulated other comprehensive loss (1,045 ) — (1,045 ) Total equity 54,979 (1,334 ) 53,645 Total liabilities and equity $ 676,386 $ (606 ) $ 675,780 CONSOLIDATED STATEMENTS OF OPERATIONS Year Ended March 31, 2015 $ in thousands except per share data As Previously Reported Adjustment As Restated Interest income: Loans $ 19,974 — $ 19,974 Mortgage-backed securities 799 — 799 Investment securities 1,339 — 1,339 Money market investments 215 — 215 Total interest income 22,327 — 22,327 Interest expense: Deposits 2,853 — 2,853 Advances and other borrowed money 1,089 — 1,089 Total interest expense 3,942 — 3,942 Net interest income 18,385 — 18,385 Provision for (recovery of) loan losses (3,010 ) 168 (2,842 ) Net interest income after provision for (recovery of) loan losses 21,395 (168 ) 21,227 Non-interest income: Depository fees and charges 3,595 — 3,595 Loan fees and service charges 708 — 708 Gain on sale of securities, net 8 — 8 Gain (loss) on sale of loans, net (2 ) — (2 ) Gain on real estate owned, net 5 — 5 Lower of cost or market adjustment on loans held-for-sale (28 ) — (28 ) Other 1,282 — 1,282 Total non-interest income 5,568 — 5,568 Non-interest expense: Employee compensation and benefits 11,588 — 11,588 Net occupancy expense 3,839 — 3,839 Equipment, net 900 — 900 Data processing 733 526 1,259 Consulting fees 952 51 1,003 Federal deposit insurance premiums 603 — 603 Other 8,099 (109 ) 7,990 Total non-interest expense 26,714 468 27,182 Income (loss) before income taxes 249 (636 ) (387 ) Income tax expense 166 — 166 Consolidated net income (loss) 83 (636 ) (553 ) Less: Net loss attributable to non-controlling interest (281 ) — (281 ) Net income (loss) attributable to Carver Bancorp, Inc. $ 364 $ (636 ) $ (272 ) Earnings (loss) per common share: Basic $ 0.10 (0.17 ) $ (0.07 ) Diluted $ 0.10 (0.17 ) $ (0.07 ) |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of consolidated financial statement presentation The consolidated financial statements include the accounts of the Company, the Bank and the Bank's wholly owned or majority-owned subsidiaries, Carver Asset Corporation, CFSB Realty Corp., CCDC, and CFSB Credit Corp. All significant intercompany accounts and transactions have been eliminated in consolidation. The consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (GAAP). In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated statement of financial condition and revenues and expenses for the period then ended. Amounts subject to significant estimates and assumptions are items such as the allowance for loan losses, valuation of real estate owned, realization of deferred tax assets, and the fair value of financial instruments. While management uses available information to recognize losses on loans, future additions to the allowance for loan losses or future writedowns of real estate owned may be necessary based on changes in economic conditions in the areas where Carver Federal has extended mortgages and other credit instruments. Actual results could differ significantly from those assumptions. Current market conditions increase the risk and complexity of the judgments in these estimates. In addition, the OCC, Carver Federal's regulator, as an integral part of its examination process, periodically reviews Carver Federal's allowance for loan losses and, if applicable, real estate owned valuations. The OCC may require Carver Federal to recognize additions to the allowance for loan losses or additional writedowns of real estate owned based on their judgments about information available to them at the time of their examination. Cash and cash equivalents For the purpose of reporting cash flows, cash and cash equivalents include cash, amounts due from depository institutions, federal funds sold and other short-term instruments with an original maturity of three months or less. Federal funds sold are generally sold for one-day periods. The amounts due from depository institutions include a non-interest bearing account held at the Federal Reserve Bank where any additional cash reserve required on demand deposits would be maintained. Currently, this reserve requirement is zero since the Bank's vault cash satisfies cash reserve requirements for deposits. Investment Securities When purchased, investment securities are designated as either investment securities held-to-maturity, available-for-sale or trading. Securities are classified as held-to-maturity and carried at amortized cost only if the Bank has a positive intent and ability to hold such securities to maturity. Securities held-to-maturity are carried at cost, adjusted for the amortization of premiums and the accretion of discounts using the level-yield method over the remaining period until maturity. If not classified as held-to-maturity or trading, securities are classified as available-for-sale based upon management's ability to sell in response to actual or anticipated changes in interest rates, resulting prepayment risk or any other factors. Available-for-sale securities are reported at fair value. Estimated fair values of securities are based on either published or security dealers' market value if available. If quoted or dealer prices are not available, fair value is estimated using quoted or dealer prices for similar securities. Securities that are bought and held principally for the purpose of selling them in the near term are classified as trading securities and are reported at fair value with unrealized gains and losses included in earnings. The Company conducts periodic reviews to identify and evaluate each investment that has an unrealized holding loss. Unrealized holding gains or losses for securities available-for-sale are excluded from earnings and reported net of deferred income taxes in accumulated other comprehensive loss, a component of Stockholders' Equity. Following Financial Accounting Standards Board ("FASB") guidance, 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). During fiscal years 2016 and 2015 , no other-than-temporary impairment charges were recorded. Gains or losses on sales of securities of all classifications are recognized based on the specific identification method. Loans Held-for-Sale Loans are only moved to held-for-sale classification upon the determination by Carver to sell a loan. Held-for-sale loans are carried at the lower of cost or market value. The initial charge-off, if any is required, will be taken upon the move to held-for-sale and absorbed through Carver's loan loss reserve. The need for further charge-offs is periodically evaluated if the loan remains classified as held-for-sale for an extended period of time using the valuation methodologies identified below. Any subsequently required charge-off is processed as a mark-to-market adjustment. The valuation methodology for loans held-for-sale varies based upon the circumstances. Held-for-sale values may be based upon accepted offer amounts, appraised value of underlying mortgaged premises, prior loan loss experience of Carver in connection with recent loan sales for the loan type in question, and/or other acceptable valuation methods. Loans Receivable Loans receivable are carried at unpaid principal balances plus unamortized premiums, purchase accounting mark-to-market adjustments, certain deferred direct loan origination costs and deferred loan origination fees and discounts, less the allowance for loan losses and charge-offs. The Bank defers loan origination fees and certain direct loan origination costs and amortizes or accretes such amounts as an adjustment of yield over the contractual lives of the related loans using methodologies which approximate the interest method. Premiums and discounts on loans purchased are amortized or accreted as an adjustment of yield over the contractual lives of the related loans, adjusted for prepayments when applicable, using methodologies which approximate the interest method. Loans are placed on nonaccrual status when they are past due 90 days or more as to contractual obligations or when other circumstances indicate that collection is not probable. When a loan is placed on nonaccrual status, any interest accrued but not received is reversed against interest income. Payments received on a nonaccrual loan are either applied to protective advances, the outstanding principal balance or recorded as interest income, depending on an assessment of the ability to collect the loan. A nonaccrual loan is restored to accrual status when principal and interest payments become less than 90 days past due and its future collectability is reasonably assured. If the Bank determines that there is an impairment dollar amount, the Bank next determines whether the amount of impairment is permanent. The amount of impairment determined to be permanent is charged off within the given fiscal quarter. All other amounts are recorded as a specific valuation allowance (“SVA”) reserve. Generally the amount of the loan and negative escrow in excess of the appraised value, for the fair value of collateral valuation method, is determined to be permanent and charged off. The amount attributable to the expected cost to sell, is recorded as a specific valuation allowance. In the event the Bank is using the collateral dependent determination for the dollar amount of impairment and the Bank does not have an accepted appraisal (for example, the Bank may utilize a broker’s price opinion), the Bank generally will treat all dollar amounts identified as impaired to be other than a permanent impairment and the full impaired amount will be recorded as a specific valuation allowance. For impairment amounts calculated utilizing the present value of expected future cash flows, the dollar amount of impairment is recorded as a specific valuation allowance. Allowance for Loan and Lease Losses ("ALLL") The adequacy of the Bank's ALLL is determined, in accordance with the Interagency Policy Statement on the Allowance for Loan and Lease Losses (the “Interagency Policy Statement”) released by the OCC on December 13, 2006 and in accordance with ASC Subtopics 450-20 "Loss Contingencies" and 310-10 "Accounting by Creditors for Impairment of a Loan." Compliance with the Interagency Policy Statement includes management's review of the Bank's loan portfolio, including the identification and review of individual problem situations that may affect a borrower's ability to repay. In addition, management reviews the overall portfolio quality through an analysis of delinquency and non-performing loan data, estimates of the value of underlying collateral, current charge-offs and other factors that may affect the portfolio, including a review of regulatory examinations, an assessment of current and expected economic conditions and changes in the size and composition of the loan portfolio. The ALLL reflects management's evaluation of the loans presenting identified loss potential, as well as the risk inherent in various components of the portfolio. There is significant judgment applied in estimating the ALLL. These assumptions and estimates are susceptible to significant changes based on the current environment. Further, any change in the size of the loan portfolio or any of its components could necessitate an increase in the ALLL even though there may not be a decline in credit quality or an increase in potential problem loans. As such, there can never be assurance that the ALLL accurately reflects the actual loss potential inherent in a loan portfolio. General Reserve Allowance Carver's maintenance of a general reserve allowance in accordance with ASC Subtopic 450-20 includes the Bank's evaluating the risk to loss potential of homogeneous pools of loans based upon historical loss factors and a review of nine different environmental factors that are then applied to each pool. The pools of loans (“Loan Type”) are: • 1-4 Family • Multifamily • Commercial Real Estate • Construction • Business Loans • SBA Loans • Other (Consumer and Overdraft Accounts) The pools are further segregated into the following risk rating classes: • Pass • Special Mention • Substandard • Doubtful The Bank next applies to each pool a risk factor that determines the level of general reserves for that specific pool. The Bank estimates its historical charge-offs via a lookback analysis. The actual historical loss experience by major loan category is expressed as a percentage of the outstanding balance of all loans within the category. As the loss experience for a particular loan category increases or decreases, the level of reserves required for that particular loan category also increases or decreases. The Bank’s historical charge-off rate reflects the period over which the charge-offs were confirmed and recognized, not the period over which the earlier losses occurred. That is, the charge-off rate measures the confirmation of losses over a period that occurs after the earlier actual losses. During the period between the loss-causing events and the eventual confirmations of losses, conditions may have changed. There is always a time lag between the period over which average charge-off rates are calculated and the date of the financial statements. During that period, conditions may have changed. Another factor influencing the General Reserve is the Bank’s Loss Emergence Period (LEP) assumptions which represent the Bank’s estimate of the average amount of time from the point at which a loss is incurred to the point at which the loss is confirmed, either through the identification of the loss or a charge-off. Based upon adequate management information systems and effective methodologies for estimating losses, management has established a LEP floor of one year on all segments. In some segments, such as Commercial Real Estate, Multifamily and Business, the Bank demonstrates an LEP in excess of 12 months. The Bank also recognizes losses in accordance with regulatory charge-off criteria. Because actual loss experience may not adequately predict the level of losses inherent in a portfolio, the Bank reviews nine qualitative factors to determine if reserves should be adjusted based upon any of those factors. As the risk ratings worsen, some of the qualitative factors tend to increase. The nine qualitative factors the Bank considers and may utilize are: 1. Changes in lending policies and procedures, including changes in underwriting standards and collection, charge-off, and recovery practices not considered elsewhere in estimating credit losses ( Policy & Procedures ). 2. Changes in relevant economic and business conditions and developments that affect the collectability of the portfolio, including the condition of various market segments ( Economy ). 3. Changes in the nature or volume of the loan portfolio and in the terms of loans ( Nature & Volume ). 4. Changes in the experience, ability, and depth of lending management and other relevant staff ( Management ). 5. Changes in the volume and severity of past due loans, the volume of nonaccrual loans, and the volume and severity of adversely classified loans ( Problem Assets ). 6. Changes in the quality of the loan review system ( Loan Review ). 7. Changes in the value of underlying collateral for collateral dependent loans ( Collateral Values ). 8. The existence and effect of any concentrations of credit and changes in the level of such concentrations ( Concentrations ). 9. The effect of other external forces such as competition and legal and regulatory requirements on the level of estimated credit losses in the existing portfolio ( External Forces ). Specific Reserve Allowance Carver also maintains a specific reserve allowance for criticized and classified loans individually reviewed for impairment in accordance with ASC Subtopic 310-10 guidelines. The amount assigned to the specific reserve allowance is individually determined based upon the loan. The ASC Subtopic 310-10 guidelines require the use of one of three approved methods to estimate the amount to be reserved and/or charged off for such credits. The three methods are as follows: 1. The present value of expected future cash flows discounted at the loan's effective interest rate, 2. The loan's observable market price; or 3. The fair value of the collateral if the loan is collateral dependent. The Bank may choose the appropriate ASC Subtopic 310-10 measurement on a loan-by-loan basis for an individually impaired loan, except for an impaired collateral dependent loan. Guidance requires impairment of a collateral dependent loan to be measured using the fair value of collateral method. A loan is considered "collateral dependent" when the repayment of the debt will be provided solely by the underlying collateral, and there are no other available and reliable sources of repayment. Criticized and classified loans with at risk balances of $500,000 or more and loans below $500,000 that the Chief Credit Officer deems appropriate for review, are identified and reviewed for individual evaluation for impairment in accordance with ASC Subtopic 310-10. Carver also performs impairment analysis for all troubled debt restructurings (“TDRs”). If it is determined that it is probable the Bank will be unable to collect all amounts due according with the contractual terms of the loan agreement, the loan is categorized as impaired. If the loan is determined to be not impaired, it is then placed in the appropriate pool of criticized and classified loans to be evaluated collectively for impairment. Loans determined to be impaired are evaluated to determine the amount of impairment based on one of the three measurement methods noted above. The Bank then determines whether the impairment amount is permanent, in which case the loan is written down by the amount of the impairment, or if it is other than permanent, in which case the Bank establishes a specific valuation reserve that is included in the total ALLL. In accordance with guidance, if there is no impairment amount, no reserve is established for the loan. Troubled Debt Restructured Loans TDRs are those loans whose terms have been modified because of deterioration in the financial condition of the borrower and a concession is made. Modifications could include extension of the terms of the loan, reduced interest rates, capitalization of interest and forgiveness of accrued interest and/or principal. Once an obligation has been restructured because of such credit problems, it continues to be considered restructured until paid in full. For cash flow dependent loans, the Bank records a specific valuation allowance reserve equal to the difference between the present value of estimated future cash flows under the restructured terms discounted at the loan's original effective interest rate, and the loan's original carrying value. For a collateral dependent loan, the Bank records an impairment charge when the current estimated fair value of the property that collateralizes the impaired loan, if any, is less than the recorded investment in the loan. TDR loans remain on nonaccrual status until they have performed in accordance with the restructured terms for a period of at least six months. Representation and Warranty Reserve During the period 2004 through 2009, the Bank originated 1-4 family residential mortgage loans and sold the loans to the Federal National Mortgage Association (“FNMA”). The loans were sold to FNMA with the standard representations and warranties for loans sold to the Government Sponsored Entities (GSEs). The Bank may be required to repurchase these loans in the event of breaches of these representations and warranties. In the event of a repurchase, the Bank is typically required to pay the unpaid principal balance as well as outstanding interest and fees. The Bank then recovers the loan or, if the loan has been foreclosed, the underlying collateral. The Bank is exposed to any losses on repurchased loans after giving effect to any recoveries on the collateral. Management has established a representation and warranty reserve for losses associated with the repurchase of mortgage loans sold by the Bank to FNMA that we consider to be both probable and reasonably estimable. These reserves are reported in the consolidated statement of financial condition as a component of other liabilities. The calculation of the reserve is based on estimates, which are uncertain, and require the application of judgment. In establishing the reserves, we consider a variety of factors, including those loans that are under review by FNMA that have not yet received a repurchase request. The Bank tracks the FNMA claims monthly and evaluates the reserve on a quarterly basis. Segment Reporting The Company has determined that all of its activities constitute one reportable operating segment. Concentration of Risk The Bank's principal lending activities are concentrated in loans secured by real estate, a substantial portion of which is located in New York City. Accordingly, the ultimate collectability of a substantial portion of the Company's loan portfolio is susceptible to changes in New York's real estate market conditions. Qualitative factors in the ALLL calculation incorporate the Bank's concentration risk. Office Properties and Equipment Office properties and equipment are comprised of land, at cost, and buildings, building improvements, furnishings and equipment and leasehold improvements, at cost less accumulated depreciation and amortization. Depreciation and amortization charges are computed using the straight-line method over the following estimated useful lives: Buildings and improvements 10 to 25 years Furnishings and equipment 3 to 5 years Leasehold improvements Lesser of useful life or remaining term of lease Maintenance, repairs and minor improvements are charged to non-interest expense in the period incurred. Federal Home Loan Bank Stock The FHLB-NY has assigned to the Bank a mandated membership stock purchase, based on the Bank's asset size. In addition, for all borrowing activity, the Bank is required to purchase shares of FHLB-NY non-marketable capital stock at par. Such shares are redeemed by FHLB-NY at par with reductions in the Bank's borrowing levels. On a quarterly basis, these shares are evaluated for other-than-temporary impairment. We do not consider these shares to be other-than-temporarily impaired at March 31, 2016 . The Bank carries this investment at historical cost. Mortgage Servicing Rights All separately recognized servicing assets are included in Other Assets and measured at fair value. Real Estate Owned Real estate acquired by foreclosure or deed in lieu of foreclosure is recorded at fair value at the date of acquisition less estimated selling costs. Any subsequent adjustments will be to the lower of cost or market. The fair value of such assets is determined based primarily upon independent appraisals and other relevant factors. The amounts ultimately recoverable from real estate owned could differ from the net carrying value of these properties because of economic conditions. Costs incurred to improve properties or prepare them for sale are capitalized. Revenues and expenses related to the holding and operating of properties are recognized in operations as earned or incurred. Gains or losses on sale of properties are recognized as incurred. Income Taxes The Company records income taxes in accordance with ASC 740 “Income Taxes,” as amended, using the asset and liability method. Income tax expense (benefit) consists of income taxes currently payable (receivable) and deferred income taxes. Temporary differences between the basis of assets and liabilities for financial reporting and tax purposes are measured as of the balance sheet date. Deferred tax liabilities or recognizable deferred tax assets are calculated on such differences, using current statutory rates, which result in future taxable or deductible amounts. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date. Where applicable, deferred tax assets are reduced by a valuation allowance for any portion determined not likely to be realized. This valuation allowance would subsequently be adjusted by a charge or credit to income tax expense as changes in facts and circumstances warrant. A tax position is recognized as a benefit only if it is "more likely than not" that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. Any interest expense or penalties would be recorded as interest expense. Earnings (Loss) per Common Share The Company has preferred stock series D shares which if exercised could convert to common stock and are therefore considered to be participating securities. Basic earnings (loss) per share (“EPS”) is computed using the two class method. This calculation divides net income (loss) available to common stockholders after the allocation of undistributed earnings to the participating securities by the weighted average number of shares of common stock outstanding during the period. Diluted earnings (loss) per share takes into account the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted into common stock. These potentially dilutive shares are then included in the weighted average number of shares outstanding for the period. Preferred and Common Dividends The Company is prohibited from paying any dividends without prior regulatory approval pursuant to the terms of the Formal Agreement and Resolution to which it is subject, and is generally subject to regulations governing the payment of dividends. See Item 1 - Business - Regulation and Supervision - Enforcement Actions. There are no assurances that the payments of common stock dividends will resume. Treasury Stock Treasury stock is recorded at cost and is presented as a reduction of stockholders' equity. NMTC fee income The fee income the Company receives related to the transfers of its New Market Tax Credits varies with each transaction but all are similar in nature. There are two basic types of fees associated with these transactions. The first is a “sub-allocation fee” that is paid to CCDC when the tax credits are allocated to a subsidiary entity at the time a qualified equity investment is made. This fee is recognized by the Company at the time of allocation. The second type of fee is paid to cover the administrative and servicing costs associated with CCDC's compliance with NMTC reporting requirements. This fee is recognized as the services are rendered. Impact of Recent Accounting Standards Not Yet Adopted In February 2015, the FASB issued ASU No. 2015-02, "Consolidation (Topic 810): Amendments to the Consolidation Analysis." The amendments are intended to clarify consolidation guidance for legal entities such as limited partnerships and limited liability companies and simplify consolidation accounting by reducing the number of consolidation models. ASU No. 2015-02 is effective for periods beginning after December 15, 2015. The adoption of the standard is not expected to have a material impact on the Company's consolidated statements of financial condition and results of operations. In January 2016, the FASB issued ASU No. 2016-01, "Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities." The amendments will (1) require equity investments, with certain exceptions, to be measured at fair value with changes in fair value recognized in net income, (2) simplify the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment, (3) eliminate the requirement to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet, (4) require public business entities to use an exit price notion when measuring the fair value of financial instruments for disclosure purposes, (5) require an entity to separately present in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments, (6) require separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements, and (7) clarify that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity's other deferred tax assets. ASU No. 2016-01 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The adoption of the standard is not expected to have a material impact on the Company's consolidated statements of financial condition and results of operations. In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)." From the lessee's perspective, the new standard establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement for a lessee. From the lessor's perspective, the new standard requires a lessor to classify leases as either sales-type, finance or operating. A lease will be treated as a sale if it transfers all of the risks and rewards, as well as control of the underlying asset, to the lessee. If risks and rewards are conveyed without the transfer of control, the lease is treated as a financing. If the lessor doesn't convey risks and rewards or control, an operating lease results. A modified retrospective transition approach is required for lessors for sales-type, direct financing, and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. ASU No. 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is currently evaluating the potential impact of the adoption of the new standard on its consolidated statements of financial condition and results of operations. In May 2016, the FASB issued ASU 2016-12, "Revenue from Contracts with Customers (Topic 606)," which amends the revenue recognition standard that was issued in 2014. The amendments clarify the guidance on asessing collectibility, presenting sales taxes, measuring noncash consideration, and certain transition matters. ASU 2016-12 is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that year. The Company is currently evaluating the potential impact of the adoption of the new standard on its consolidated statements of financial condition and results of operations. In June 2016, the FASB issued ASU No. 2016-13, "Financial Instruments - Credit Loss," which updates the guidance on recognition and measurement of credit losses for financial assets. The new requirements, known as the current expected credit loss model (CECL) will require entities to adopt an impairment model based on expected losses rather than incurred losses. ASU No. 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company is currently evaluating the potential impact of the adoption of the new standard on its consolidated statements of financial condition and results of operations. |
Investment Securities
Investment Securities | 12 Months Ended |
Mar. 31, 2016 | |
Investments, Debt and Equity 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, 2016 , $56.2 million , or 78.6% , of the Bank’s total securities were classified as available-for-sale, and the remaining $15.3 million , or 21.4% , were classified as held-to-maturity. The Bank had no securities classified as trading at March 31, 2016 . The following table sets forth the amortized cost and estimated fair value of securities available-for-sale and held-to-maturity at March 31, 2016 : Amortized Gross Unrealized $ in thousands Cost Gains Losses Fair Value Available-for-Sale: Mortgage-backed securities: Government National Mortgage Association $ 4,578 $ 45 $ — $ 4,623 Federal Home Loan Mortgage Corporation 7,778 — 100 7,678 Federal National Mortgage Association 7,860 — 36 7,824 Other 45 — — 45 Total mortgage-backed securities 20,261 45 136 20,170 U.S. Government Agency Securities 26,077 27 35 26,069 Other investments 10,148 — 207 9,941 Total available-for-sale 56,486 72 378 56,180 Held-to-Maturity: Mortgage-backed securities: Government National Mortgage Association 2,379 150 — 2,529 Federal National Mortgage Association 11,932 192 — 12,124 Total held-to-maturity mortgage-backed securities 14,311 342 — 14,653 Corporate Bonds 1,000 — — 1,000 Total held-to-maturity 15,311 342 — 15,653 Total securities $ 71,797 $ 414 $ 378 $ 71,833 The following table sets forth the amortized cost and estimated fair value of securities available-for-sale and held-to-maturity at March 31, 2015 : Amortized Gross Unrealized $ in thousands Cost Gains Losses Fair Value Available-for-Sale: Mortgage-backed securities: Government National Mortgage Association $ 5,575 $ 9 $ 57 $ 5,527 Federal Home Loan Mortgage Corporation 10,705 10 127 10,588 Federal National Mortgage Association 10,925 35 103 10,857 Other 47 — — 47 Total mortgage-backed securities 27,252 54 287 27,019 U.S. Government Agency Securities 58,464 48 662 57,850 Other investments (1) 15,533 — 198 15,335 Total available-for-sale 101,249 102 1,147 100,204 Held-to-Maturity: Mortgage-backed securities: Government National Mortgage Association 3,100 232 — 3,332 Federal National Mortgage Association 8,822 77 — 8,899 Total held-to-maturity mortgage-backed securities 11,922 309 — 12,231 Total held-to-maturity 11,922 309 — 12,231 Total securities $ 113,171 $ 411 $ 1,147 $ 112,435 (1) March 31, 2015 balance has been been restated from previously reported amounts to correct the classification of $981 thousand of interest-bearing deposits from available-for-sale securities to other assets. The following is a summary regarding proceeds from securities sales of the available-for-sale portfolio for the years ended March 31 : $ in thousands 2016 2015 Available-for-Sale: Proceeds $ 4,951 $ 994 Gross gains 2 8 Gross losses 1 — There were no sales of held-to-maturity securities in fiscal years 2016 or 2015 . The net unrealized loss on available-for-sale securities was $307 thousand at March 31, 2016 , compared to $1.0 million at March 31, 2015 . 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, 2016 the Bank pledged securities of $60.8 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, 2016 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 $ — $ — $ 136 $ 15,502 $ 136 $ 15,502 U.S. Government Agency Securities 3 2,996 32 11,242 35 14,238 Other investments (1) — — 207 9,793 207 9,793 Total available-for-sale securities $ 3 $ 2,996 $ 375 $ 36,537 $ 378 $ 39,533 (1) CRA fund comprised of over 95% agency securities The following table sets forth the unrealized losses and fair value of securities in an unrealized loss position at March 31, 2015 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 $ — $ — $ 287 $ 22,297 $ 287 $ 22,297 U.S. Government Agency Securities 57 12,943 605 26,400 662 39,343 Other investments (1) — — 198 9,802 198 9,802 Total available-for-sale securities $ 57 $ 12,943 $ 1,090 $ 58,499 $ 1,147 $ 71,442 (1) CRA fund comprised of over 95% agency securities A total of 13 securities had an unrealized loss at March 31, 2016 compared to 23 at March 31, 2015 . Mortgage-backed securities and U.S. Government securities represented 39.2% and 36.0% , respectively, of total available-for-sale securities in an unrealized loss position at March 31, 2016 . There were six mortgage-backed securities, six U.S. Government Agency securities, and one investment in a CRA fund that had an unrealized loss position for more than 12 months at March 31, 2016 . 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 securities which are backed by the U.S. government's guarantees, the risk of credit loss is minimal. 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 Company 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, 2016 and 2015 , 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, 2016 , 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 $ 4,999 $ 4,991 1.52 % Five through ten years 12,122 12,108 2.06 % After ten years 39,365 39,081 1.50 % 56,486 56,180 1.63 % Held-to-maturity: Five through ten years 6,921 7,089 3.02 % After ten years 8,390 8,564 2.53 % $ 15,311 $ 15,653 2.75 % |
Loans Receivable, Net (Note)
Loans Receivable, Net (Note) | 12 Months Ended |
Mar. 31, 2016 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | LOANS RECEIVABLE, NET The following is a summary of loans receivable, net of allowance for loan losses, and loans held-for-sale at March 31 : March 31, 2016 March 31, 2015 $ in thousands Amount % Amount % Gross loans receivable: One-to-four family $ 141,243 24 % $ 125,549 26 % Multifamily 94,202 16 % 93,692 19 % Commercial real estate 272,497 47 % 186,504 39 % Construction 5,033 1 % 5,107 1 % Business 71,277 12 % 70,765 15 % Consumer (1) 42 — % 434 — % Total loans receivable (2) 584,294 100 % 482,051 100 % Unamortized premiums, deferred costs and fees, net 4,725 1,711 Allowance for loan losses (5,232 ) (4,428 ) Total loans receivable, net $ 583,787 $ 479,334 Loans held-for-sale (2) $ 2,495 $ 2,724 (1) Includes personal loans (2) March 31, 2015 balances have been restated from previously reported results for the $701 thousand reclassification of negative escrow balances from Other Assets to Loans Receivable and Loans Held for Sale. Substantially all of the Bank's real estate loans receivable are principally secured by properties located in New York City. Accordingly, as with most financial institutions in the market area, the ultimate collectability of a substantial portion of the Company's loan portfolio is susceptible to changes in market conditions in this area. Mortgage loan portfolios serviced for Federal National Mortgage Association (“FNMA”) and other third parties are not included in the accompanying consolidated financial statements. The unpaid principal balances of these loans aggregated $28.1 million , $30.6 million and $33.6 million at March 31, 2016 , 2015 , and 2014 , respectively. At March 31, 2016 the Bank pledged $38.3 million in total mortgage loans as collateral for advances from the FHLB-NY. The following is an analysis of the allowance for loan losses based upon the method of evaluating loan impairment for the fiscal year ended March 31, 2016 : $ in thousands One-to-four family Multifamily Commercial Real Estate Construction Business Consumer Total Allowance for loan losses: Beginning Balance $ 1,970 $ 502 $ 1,029 $ 99 $ 813 $ 15 $ 4,428 Charge-offs 389 340 — — 176 517 1,422 Recoveries 113 — 9 — 578 31 731 Provision for (Recovery of) Loan Losses 3 460 770 (37 ) (193 ) 492 1,495 Ending Balance $ 1,697 $ 622 $ 1,808 $ 62 $ 1,022 $ 21 $ 5,232 Allowance for Loan Losses Ending Balance: collectively evaluated for impairment 1,602 622 1,787 62 548 21 4,642 Allowance for Loan Losses Ending Balance: individually evaluated for impairment 95 — 21 — 474 — 590 Loan Receivables Ending Balance $ 143,667 $ 95,648 $ 273,470 $ 5,000 $ 71,192 $ 42 $ 589,019 Ending Balance: collectively evaluated for impairment 139,031 93,879 267,176 5,000 64,326 42 569,454 Ending Balance: individually evaluated for impairment 4,636 1,769 6,294 — 6,866 — 19,565 The following is an analysis of the allowance for loan losses based upon the method of evaluating loan impairment for the fiscal year ended March 31, 2015 : $ in thousands One-to-four family Multifamily Commercial Real Estate Construction Business Consumer Total Allowance for loan losses: Beginning Balance $ 3,396 $ 422 $ 1,835 $ — $ 1,705 $ 8 $ 7,366 Charge-offs 687 132 — — 320 498 1,637 Recoveries 380 82 256 — 816 7 1,541 Provision for (Recovery of) Loan Losses (1,119 ) 130 (1,062 ) 99 (1,388 ) 498 (2,842 ) Ending Balance (1) $ 1,970 $ 502 $ 1,029 $ 99 $ 813 $ 15 $ 4,428 Allowance for Loan Losses Ending Balance: collectively evaluated for impairment 1,683 272 953 99 801 15 3,823 Allowance for Loan Losses Ending Balance: individually evaluated for impairment 287 230 76 — 12 — 605 Loan Receivables Ending Balance (2) $ 127,056 $ 94,590 $ 185,966 $ 5,076 $ 70,640 $ 434 $ 483,762 Ending Balance: collectively evaluated for impairment 120,009 93,234 183,345 5,076 65,284 434 467,382 Ending Balance: individually evaluated for impairment 7,047 1,356 2,621 — 5,356 — 16,380 (1) March 31, 2015 balances have been restated from previously reported results to correct for certain errors from prior periods. (2) March 31, 2015 balances have been restated from previously reported results for the $701 thousand reclassification of negative escrow balances from Other Assets to Loans Receivable. The following is an analysis of the allowance for loan losses for the years ended March 31 : $ in thousands 2016 2015 Restated (1) Balance at beginning of the year $ 4,428 $ 7,366 Charge-offs of loans 1,422 1,637 Recoveries of amounts previously charged off 731 1,541 Provision for (recovery of) loan losses 1,495 (2,842 ) Balance at end of the year $ 5,232 $ 4,428 (1) March 31, 2015 balances have been restated from previously reported results to correct for certain errors from prior periods. At March 31, 2016 and 2015 , the recorded investment in impaired loans was $19.6 million and $16.4 million , respectively. The related allowance for loan losses for these impaired loans was approximately $590 thousand and $605 thousand at March 31, 2016 and 2015 , respectively. Interest income of $476 thousand and $585 thousand for fiscal years 2016 and 2015 respectively, would have been recorded on impaired loans had they performed in accordance with their original terms. At March 31, 2016 and 2015 , there were no loans that were past due 90 days or more and still accruing. The following is a summary of nonaccrual loans at March 31, 2016 and 2015 . $ in thousands March 31, 2016 March 31, 2015 Loans accounted for on a nonaccrual basis: Gross loans receivable: One-to-four family $ 2,947 $ 3,664 Multifamily 1,769 1,053 Commercial real estate 5,338 2,817 Business 3,896 861 Total nonaccrual loans $ 13,950 $ 8,395 Nonaccrual loans generally consist of loans for which the accrual of interest has been discontinued as a result of such loans becoming 90 days or more delinquent as to principal and/or interest payments. Interest income on nonaccrual loans is recorded when received based upon the collectability of the loan. Nonaccrual loans increased $5.6 million , or 66.2% , to $14.0 million at March 31, 2016 from $8.4 million at March 31, 2015 , primarily due to an increase in impaired commercial real estate and business loans during the fiscal year. TDR loans consist of loans where borrowers have been granted concessions in regards to the terms of their loans due to financial or other difficulties, which rendered them unable to repay their loans under the original contractual terms. Total TDR loans at March 31, 2016 were $7.8 million , $2.2 million of which were non-performing as they were either not consistently performing in accordance with their modified terms or not performing in accordance with their modified terms for at least six months. At March 31, 2015 , total TDR loans were $8.2 million , of which $3.6 million were non-performing. At March 31, 2016 , other non-performing assets totaled $3.5 million which consisted of other real estate owned ("OREO") properties and held-for-sale loans. At March 31, 2016 , other real estate owned valued at $1.0 million comprised of seven foreclosed properties, compared to $4.3 million comprised of ten properties at March 31, 2015 . At March 31, 2016 , held-for-sale loans totaled $2.5 million , compared to $2.7 million at March 31, 2015 . The Bank utilizes an internal loan classification system as a means of reporting problem loans within its loan categories. Loans may be classified as "Pass," “Special Mention,” “Substandard,” “Doubtful,” and “Loss.” Loans rated Pass have demonstrated satisfactory asset quality, earning history, liquidity, and other adequate margins of creditor protection. They represent a moderate credit risk and some degree of financial stability. Loans are considered collectible in full, but perhaps require greater than average amount of loan officer attention. Borrowers are capable of absorbing normal setbacks without failure. Loans rated Special Mention have potential weaknesses that deserve management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the Bank's credit position at some future date. Loans rated Substandard are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Assets so classified must have a well-defined weakness, or weaknesses, that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. Loans rated Doubtful have all the weaknesses inherent in those classified Substandard with the added characteristic that the weaknesses present make collection or liquidation in full, based on currently existing facts, conditions and values, highly questionable and improbable. Loans classified as Loss are those considered uncollectible with insignificant value and are charged off immediately to the allowance for loan losses. One-to-four family residential loans and consumer and other loans are rated non-performing if they are delinquent in payments ninety or more days, a troubled debt restructuring with less than six months contractual performance or past maturity. All other one-to-four family residential loans and consumer and other loans are performing loans. As of March 31, 2016 , and based on the most recent analysis performed in the current quarter, the risk category by class of loans is as follows: $ in thousands Multifamily Commercial Real Estate Construction Business Credit Risk Profile by Internally Assigned Grade: Pass $ 93,879 $ 262,937 $ 5,000 $ 61,331 Special Mention — 4,239 — 2,039 Substandard 1,769 6,294 — 7,822 Doubtful — — — — Loss — — — — Total $ 95,648 $ 273,470 $ 5,000 $ 71,192 One-to-four family Consumer Credit Risk Profile Based on Payment Activity: Performing $ 140,720 $ 42 Non-Performing 2,947 — Total $ 143,667 $ 42 As of March 31, 2015 , and based on the most recent analysis performed, the risk category by class of loans is as follows: $ in thousands Multifamily Commercial Real Estate Construction Business Credit Risk Profile by Internally Assigned Grade: Pass $ 93,102 $ 181,455 $ 5,076 $ 62,460 Special Mention — 1,890 — 1,065 Substandard 1,488 2,621 — 7,115 Doubtful — — — — Loss — — — — Total (1) $ 94,590 $ 185,966 $ 5,076 $ 70,640 One-to-four family Consumer Credit Risk Profile Based on Payment Activity: Performing $ 123,218 $ 434 Non-Performing 3,838 — Total (1) $ 127,056 $ 434 (1) March 31, 2015 balances have been restated from previously reported results for the $701 thousand reclassification of negative escrow balances from Other Assets to Loans Receivable. The following table presents an aging analysis of the recorded investment of past due financing receivable as of March 31, 2016 . $ in thousands 30-59 Days Past Due 60-89 Days Past Due 90 or More Days Past Due Total Past Due Current Total Financing Receivables One-to-four family $ 986 $ — $ 2,628 $ 3,614 $ 140,053 $ 143,667 Multifamily — — 1,769 1,769 93,879 95,648 Commercial real estate 889 3,410 — 4,299 269,171 273,470 Construction — — — — 5,000 5,000 Business 2,495 307 1,972 4,774 66,418 71,192 Consumer 2 — — 2 40 42 Total $ 4,372 $ 3,717 $ 6,369 $ 14,458 $ 574,561 $ 589,019 The following table presents an aging analysis of the recorded investment of past due financing receivable as of March 31, 2015 . $ in thousands 30-59 Days Past Due 60-89 Days Past Due 90 or More Days Past Due Total Past Due Current Total Financing Receivables (1) One-to-four family $ 464 $ — $ 3,574 $ 4,038 $ 123,018 $ 127,056 Multifamily — 434 1,054 1,488 93,102 94,590 Commercial real estate 1,150 936 1,102 3,188 182,778 185,966 Construction — — — — 5,076 5,076 Business — — 123 123 70,517 70,640 Consumer — 1 — 1 433 434 Total $ 1,614 $ 1,371 $ 5,853 $ 8,838 $ 474,924 $ 483,762 (1) March 31, 2015 balances have been restated from previously reported results for the $701 thousand reclassification of negative escrow balances from Other Assets to Loans Receivable. The following tables present information on impaired loans with the associated allowance amount, if applicable, at March 31, 2016 and 2015 . Management determined the specific allowance based on the present value of expected future cash flows, discounted at the loan’s effective interest rate, except when the remaining source of repayment for the loan is the operation or liquidation of the collateral. In those cases, the current fair value of the collateral, less selling costs was used to determine the specific allowance recorded. When the ultimate collectability of the total principal of an impaired loan is in doubt and the loan is on nonaccrual status, all payments are applied to principal under the cost recovery method. When the ultimate collectability of the total principal of an impaired loan is not in doubt and the loan is on nonaccrual status, contractual interest is credited to interest income when received under the cash basis method. Impaired Loans by Class At March 31, 2016 2015 (1) $ in thousands Recorded Investment Unpaid Principal Balance Associated Allowance Recorded Investment Unpaid Principal Balance Associated Allowance With no specific allowance recorded: One-to-four family $ 2,909 $ 4,101 $ — $ 2,752 $ 3,007 $ — Multifamily 1,769 2,122 — 237 237 — Commercial real estate 5,405 5,572 — 1,880 1,880 — Business 4,223 4,403 — 4,568 4,652 — Consumer — — — — — — With an allowance recorded: One-to-four family 1,727 1,727 95 4,295 4,541 287 Multifamily — — — 1,119 1,349 230 Commercial real estate 889 889 21 741 741 76 Business 2,643 2,643 474 788 788 12 Total $ 19,565 $ 21,457 $ 590 $ 16,380 $ 17,195 $ 605 (1) March 31, 2015 balances have been restated from previously reported results for the $701 thousand reclassification of negative escrow balances from Other Assets to Loans Receivable. The following table presents information on average balances on impaired loans and the interest income recognized for the years ended March 31, 2016 and 2015 . For the years ended March 31, 2016 2015 $ in thousands Average Balance Interest Income recognized Average Balance Interest Income recognized With no specific allowance recorded: One-to-four family $ 2,835 $ 17 $ 1,669 $ 17 Multifamily 1,463 17 222 — Commercial real estate 2,935 — 1,670 83 Construction — — — — Business 3,662 93 3,903 215 With an allowance recorded: One-to-four family 1,725 25 5,158 104 Multifamily — — 1,255 24 Commercial real estate 895 43 — — Business 2,340 85 855 18 Total $ 15,855 $ 280 $ 14,732 $ 461 In certain circumstances, loan modifications involve a troubled borrower to whom the Bank may grant a modification. In cases where the Bank grants any significant concessions to a troubled borrower, the Bank accounts for the modification as a TDR under ASC Subtopic 310-40 and the related allowance under ASC Section 310-10-35. Situations around these modifications may include extension of maturity date, reduction in the stated interest rate, rescheduling of future cash flows, reduction in the face amount of the debt or reduction of past accrued interest. Loans modified in TDRs are placed on nonaccrual status until the Company determines that future collection of principal and interest is reasonably assured, which generally requires that the borrower demonstrate performance according to the restructured terms for a period of at least six months. The following table presents an analysis of those loan modifications that were classified as TDRs during the twelve month periods ended March 31, 2016 and March 31, 2015 : Modifications to loans during the years ended March 31, 2016 2015 $ in thousands Number of loans Pre-modification outstanding recorded investment Post-Modification Recorded investment Pre-Modification rate Post-Modification rate Number of loans Pre-modification outstanding recorded investment Post-Modification Recorded investment Pre-Modification rate Post-Modification rate One-to-four family 2 429 456 4.08 % 4.89 % 1 43 43 12 % 12 % Commercial real estate — — — — % — % 1 860 860 6.60 % 6.60 % Business — — — — % — % 2 788 788 8.25 % 8.25 % Total 2 $ 429 $ 456 4 $ 1,691 $ 1,691 In an effort to proactively manage delinquent loans, Carver has selectively extended to certain borrowers concessions such as extensions, rate reductions or forbearance agreements. For the fiscal year ended March 31, 2016 , two 1-4 family loans of $429 thousand were modified. For the fiscal year ended March 31, 2015 , one commercial real estate loan of $860 thousand , two business loans totaling $788 thousand were extended and one 1-4 family loan of of $43 thousand was modified with interest rate concessions. There were no loans at March 31, 2016 and March 31, 2015 that had been modified and subsequently defaulted. For the fiscal year ended March 31, 2016 , there were 11 loans in the TDR portfolio totaling $5.6 million that were on accrual status as the Company has determined that the future collection of the principal and interest is reasonably assured. This generally represents those borrowers who have performed according to the restructured terms for a period of at least six months. At March 31, 2015 , there were 12 loans in the performing TDR portfolio totaling $4.6 million . Transactions With Certain Related Persons Federal law requires that all loans or extensions of credit to executive officers and directors must be made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with the general public and must not involve more than the normal risk of repayment or present other unfavorable features. Loans to our current directors, principal officers, nominees for election as directors, security holders known by us to own more than 5% of the outstanding shares of common stock, or associates of such persons (together, “related persons”), are made in the ordinary course of business, on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable loans with persons not related to Carver Federal, and do not involve more than the normal risk of collectibility or present other unfavorable features. The aggregate amount of loans outstanding to related parties was $4.4 million at March 31, 2016 , and $4.2 million at March 31, 2015 . During fiscal year 2016 , advances totaled $1.3 million and principal repayments totaled $1.1 million . These loans were made in the ordinary course of business, on substantially the same terms, including collateral, as those prevailing at the time for comparable loans with persons not related to Carver Federal, and do not involve more than the normal risk of collectibility or present other unfavorable features. Furthermore, loans above the greater of $25,000, or 5% of Carver Federal’s capital and surplus (up to $500,000), to Carver Federal’s directors and executive officers must be approved in advance by a majority of the disinterested members of Carver Federal’s Board of Directors. |
Office Properties and Equipment
Office Properties and Equipment, Net (Notes) | 12 Months Ended |
Mar. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | OFFICE PROPERTIES AND EQUIPMENT, NET The details of office properties and equipment as of March 31 are as follows: $ in thousands 2016 2015 Land $ 98 $ 155 Building and improvements 9,783 10,469 Leasehold improvements 6,530 8,064 Furniture, equipment, and other 12,759 12,399 29,170 31,087 Less accumulated depreciation and amortization (23,187 ) (24,012 ) Office properties and equipment, net $ 5,983 $ 7,075 Depreciation and amortization charged to operations for fiscal years 2016 and 2015 amounted to $1.4 million and $1.1 million , respectively. |
Accrued Interest Receivable (No
Accrued Interest Receivable (Notes) | 12 Months Ended |
Mar. 31, 2016 | |
Accrued Interest Receivable [Abstract] | |
Accrued Interest Receivable [Text Block] | ACCRUED INTEREST RECEIVABLE The details of accrued interest receivable as of March 31 are as follows: $ in thousands 2016 2015 Loans receivable $ 3,287 $ 2,337 Mortgage-backed securities 88 99 Investments and other interest-bearing assets 272 345 Total accrued interest receivable $ 3,647 $ 2,781 |
Deposits (Notes)
Deposits (Notes) | 12 Months Ended |
Mar. 31, 2016 | |
Deposits [Abstract] | |
Deposit Liabilities Disclosures [Text Block] | DEPOSITS Deposit balances and weighted average stated interest rates as of March 31 are as follows: 2016 2015 $ in thousands Amount Percent of Total Deposits Weighted Average Rate Amount Percent of Total Deposits Weighted Average Rate Non-interest-bearing demand $ 56,634 9.32 % — % $ 50,731 9.61 % — % Interest-bearing checking 33,106 5.46 0.16 30,860 5.85 0.16 Savings 95,230 15.70 0.27 95,009 18.00 0.27 Money market savings account 163,380 26.93 0.52 148,702 28.18 0.49 Certificates of deposit 255,854 42.17 0.92 200,123 37.92 0.93 Mortgagors deposits 2,537 0.42 1.22 2,336 0.44 1.53 Total $ 606,741 100.00 % 0.59 % $ 527,761 100.00 % 0.55 % Scheduled maturities of certificates of deposit for the year ended March 31, 2016 are as follows: $ in thousands Period to Maturity Rate < 1 Yr. 1-2 Yrs. 2-3 Yrs. 3+ Yrs. Total 2016 Percent of Total 0% - 0.99% $ 105,286 $ 6,328 $ 4,950 $ 4,125 $ 120,689 47.17 % 1% - 1.99% 36,495 44,643 39,473 8,187 128,798 50.34 2% - 3.99% 5,299 9 822 233 6,363 2.49 4% and over — — — 4 4 — Total $ 147,080 $ 50,980 $ 45,245 $ 12,549 $ 255,854 100.00 % The following table represents the amount of certificates of deposit of $100,000 or more at March 31, 2016 maturing during the periods indicated: $ in thousands Maturing: April 1, 2016 to June 30, 2016 $ 64,469 July 1, 2016 to September 30, 2016 9,842 October 1, 2016 to March 31, 2017 50,512 April 1, 2017 and beyond 91,878 Total $ 216,701 Interest expense on deposits is as follows for the years ended March 31 : $ in thousands 2016 2015 Interest-bearing checking $ 52 $ 45 Savings and clubs 253 255 Money market savings 844 692 Certificates of deposit 2,099 1,836 Mortgagors deposits 28 30 3,276 2,858 Penalty for early withdrawal of certificates of deposit (7 ) (5 ) Total interest expense $ 3,269 $ 2,853 |
Borrowed Money (Notes)
Borrowed Money (Notes) | 12 Months Ended |
Mar. 31, 2016 | |
Borrowed Money [Abstract] | |
Debt Disclosure [Text Block] | 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 2016 2015 Maturing Year Ended March 31, Weighted Average Rate Amount Weighted Average Rate Amount 2016 —% $ — 0.34% $ 40,000 2017 0.49 25,000 — — 2018 —% — —% — 2019 (1) 1.50% $ 25,000 1.50% $ 25,000 1.00% $ 50,000 0.79% $ 65,000 (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 $222.5 million at March 31, 2016 . 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, 2016 , advances were secured by pledges of the Bank's investment in the capital stock of the FHLB-NY totaling $2.9 million and a blanket assignment of the Bank's pledged qualifying mortgage loans of $38.3 million and mortgage-backed and investment securities with a market value of $60.8 million . The Bank has sufficient collateral at the FHLB-NY to be able to borrow an additional $30.1 million from the FHLB-NY at March 31, 2016 . The accrued interest payable on FHLB advances was $32 thousand and the interest expense was $703 thousand for the year ended March 31, 2016 . At March 31, 2015 , the accrued interest payable on FHLB advances was $34 thousand and the interest expense was $541 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. 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. Interest on the debentures has been deferred, per the terms of the agreement, as the Company is prohibited from making payments without prior 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 accrued interest payable on subordinated debt securities was $2.1 million and the interest expense was $567 thousand for the year ended March 31, 2016 . The accrued interest payable on subordinated debt securities was $1.6 million and the interest expense was $549 thousand for the year ended March 31, 2015 . The following table sets forth certain information regarding Carver Federal's borrowings as of and for the years ended March 31 : $ in thousands 2016 2015 Amounts outstanding at the end of year: FHLB advances $ 50,000 $ 65,000 Subordinated debt securities $ 18,403 $ 18,403 Rate paid at year end: FHLB advances 1.00 % 0.79 % Subordinated debt securities 3.23 % 2.99 % Maximum amount of borrowing outstanding at any month end: FHLB advances $ 95,000 $ 65,000 Subordinated debt securities $ 18,403 $ 18,403 Approximate average amounts outstanding for year: FHLB advances $ 61,230 $ 28,299 Subordinated debt securities $ 18,403 $ 18,403 Approximate weighted average rate paid during year: FHLB advances 1.15 % 1.91 % Subordinated debt securities 3.08 % 2.98 % |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | INCOME TAXES The components of income tax expense for the years ended March 31 are as follow: $ in thousands 2016 2015 Income tax expense (benefit): Current - Federal $ 4 $ — Current - State 124 166 Total income tax expense (benefit) $ 128 $ 166 There was no income tax expense attributable to equity for the two years ended March 31, 2016 . The following is a reconciliation of the expected Federal income tax rate to the consolidated effective tax rate for the years ended March 31 : 2016 2015 Restated (1) $ in thousands Amount Percent Amount Percent Statutory Federal income tax expense (benefit) $ (14 ) 34.0 % $ (36 ) 34.0 % State and local income tax, net of Federal tax benefit 19 (44.6 ) (49 ) 46.2 General business credit (32 ) 76.7 (32 ) 30.2 Difference in rates (23 ) 54.2 (1,568 ) 1,479.2 Valuation Allowance 330 (782.9 ) 1,832 (1,728.3 ) Other (152 ) 360.1 19 (17.9 ) Total income tax expense $ 128 (302.5 )% $ 166 (156.6 )% (1) March 31, 2015 balances have been restated from previously reported results to correct for certain other errors from prior periods. Carver Federal's operating results includes a $128 thousand tax expense for the fiscal year ended March 31, 2016 , which included a $330 thousand change in the valuation allowance taken on the Bank's deferred tax assets. For the fiscal year ended March 31, 2015 , the total income tax expense of $166 thousand included a $1.8 million change in the valuation allowance. Tax effects of existing temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities are included in other assets at March 31 as follows: $ in thousands 2016 2015 Restated (1) Deferred Tax Assets: Allowance for loan losses $ 2,230 $ 1,682 Nonaccrual loan interest 67 68 Purchase accounting adjustment 3 23 Net operating loss carryforward 17,400 17,742 New markets tax credit 2,207 2,207 Depreciation 1,863 977 Market value adjustment on HFS loans 13 464 Unrealized loss on available-for-sale securities 139 448 Other 415 946 Total Deferred Tax Assets 24,337 24,557 Deferred Tax Liabilities: Income from affiliate — 671 Other 593 162 Total Deferred Tax Liabilities 593 833 Deferred Tax Assets, net 23,744 23,724 Valuation Allowance (23,744 ) (23,724 ) Deferred Tax Assets, net of valuation allowance $ — $ — (1) March 31, 2015 balances have been restated from previously reported results to correct for certain other errors from prior periods. On June 29, 2011, the Company raised $55.0 million of equity. The capital raise triggered a change in control under Section 382 of the Internal Revenue Code. Generally, Section 382 limits the utilization of an entity's net operating loss carryforwards, general business credits, and recognized built-in losses upon a change in ownership. The Company expects to be subject to an annual limitation of approximately $0.9 million . The Company has a net deferred tax asset (“DTA”) of approximately $23.7 million . Based on management's calculations, the Section 382 limitation has resulted in previous reductions of the deferred tax asset of $5.8 million . A full valuation allowance for the remaining net deferred tax asset of $23.7 million has been recorded. At March 31, 2016 , the Company had net operating carryforwards for federal purposes of approximately $31.0 million , for state purposes of approximately $49.3 million and for city purposes of approximately $43.0 million which are available to offset future federal, state and city income and which expire over varying periods from March 2028 through March 2035. The Company has no uncertain tax positions. The Company and its subsidiaries are subject to federal, New York State and New York City income taxation. The Company is no longer subject to examination by taxing authorities for years before March 31, 2008. A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination; with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. |
Earnings (Loss) Per Common Shar
Earnings (Loss) Per Common Share | 12 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share [Text Block] | LOSS PER COMMON SHARE The following table reconciles the earnings (loss) available to common shareholders (numerator) and the weighted average common stock outstanding (denominator) for both basic and diluted earnings (loss) per share for years ended March 31 : $ in thousands except per share data 2016 2015 Restated (1) Net loss available to common shareholders of Carver Bancorp, Inc. $ (170 ) $ (272 ) Weighted average common shares outstanding – basic 3,696,420 3,696,359 Effect of dilutive MRP shares 4,000 253 Weighted average common shares outstanding – diluted 3,700,420 3,696,612 Basic (loss) earnings per common share $ (0.05 ) $ (0.07 ) Diluted (loss) earnings per common share $ (0.05 ) $ (0.07 ) (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. |
Stockholders' Equity (Notes)
Stockholders' Equity (Notes) | 12 Months Ended |
Mar. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | STOCKHOLDERS' EQUITY Conversion and Stock Offering. On October 24, 1994, the Bank issued in an initial public offering 2,314,375 shares of common stock, par value $0.01 (the “Common Stock”), at a price of $10 per share resulting in net proceeds of $21.5 million . As part of the initial public offering, the Bank established a liquidation account at the time of conversion, in an amount equal to the surplus and reserves of the Bank at September 30, 1994. In the unlikely event of a complete liquidation of the Bank (and only in such event), eligible depositors who continue to maintain accounts shall be entitled to receive a distribution from the liquidation account. The total amount of the liquidation account may be decreased if the balances of eligible deposits decreased as measured on the annual determination dates. The Bank is not permitted to pay dividends to the Company on its capital stock if the effect thereof would cause its net worth to be reduced below either: (i) the amount required for the liquidation account, or (ii) the amount required for the Bank to comply with applicable minimum regulatory capital requirements. Regulatory Capital . The operations and profitability of the Bank are significantly affected by legislation and the policies of the various regulatory agencies. In July 2013, the FDIC and the other federal bank regulatory agencies issued a final rule that revised their leverage and risk-based capital requirements and the method for calculating risk-weighted assets to make them consistent with agreements that were reached by the Basel Committee on Banking Supervision and certain provisions of the Dodd-Frank Act. Among other things, the rule established a new common equity Tier 1 minimum capital requirement of 4.5% of risk-weighted assets, and increased the minimum Tier 1 capital to risk-based assets requirement from 4% to 6% of risk-weighted assets. The final rule became effective for the Bank on January 1, 2015. In assessing an institution's capital adequacy, the OCC takes into consideration not only these numeric factors but also qualitative factors, and has the authority to establish higher capital requirements for individual institutions where necessary. Carver Federal, as a matter of prudent management, targets as its goal the maintenance of capital ratios which exceed these minimum requirements and that are consistent with Carver Federal's risk profile. The previously described Formal Agreement that Carver Federal entered into with the OCC included a capital directive requiring the Bank to achieve and maintain minimum regulatory capital levels of a Tier 1 leverage ratio of 9% and a total risk-based capital ratio of 12% . At March 31, 2016 , the Bank's capital level exceeded the regulatory requirements with a Tier 1 leverage ratio of 9.22% , total risk-based capital ratio of 14.04% and a Tier 1 risk-based capital ratio of 12.66% . On June 29, 2011, the Company raised $55 million of capital. The $55 million resulted in a $51.4 million increase in liquidity net of the effect of various expenses associated with the capital raise. On June 30, 2011, the Company downstreamed $37 million to the Bank. During December 2011, the Company downstreamed another $7 million to the Bank. The remainder of the net capital raised is retained by the Company for future strategic purposes or to downstream into the Bank, if necessary. No assurances can be given that the amount of capital raised is sufficient to absorb the losses emanating from the Bank's loan portfolio. Should the losses be greater than expected, additional capital may be necessary in the future. The table below presents the Bank's regulatory capital ratios at March 31, 2016 and 2015 . March 31, 2016 March 31, 2015 Restated (1) ($ in thousands) Amount Ratio Amount Ratio Tier 1 leverage capital Regulatory capital $ 66,476 9.22 % $ 65,910 10.63 % Minimum capital requirement 28,838 4.00 % 24,793 4.00 % Excess 37,638 5.22 % 41,117 6.63 % Common equity Tier 1 Regulatory capital $ 66,476 12.66 % $ 65,910 14.80 % Minimum capital requirement 23,653 4.50 % 20,045 4.50 % Excess 42.823 8.16 % 45.865 10.30 % Tier 1 risk-based capital Regulatory capital $ 66,476 12.66 % $ 65,910 14.80 % Minimum capital requirement 31,538 6.00 % 26,726 6.00 % Excess 34,938 6.66 % 39,184 8.80 % Total risk-based capital Regulatory capital $ 73,797 14.04 % $ 73,404 16.48 % Minimum capital requirement 42,050 8.00 % 35,635 8.00 % Excess 31,747 6.04 % 37,769 8.48 % (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) (Notes) | 12 Months Ended |
Mar. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | OTHER COMPREHENSIVE (LOSS) INCOME The following tables set forth changes in each component of accumulated other comprehensive loss, net of tax for the years ended March 31, 2016 and 2015 : $ in thousands At March 31, 2015 Other Comprehensive Income At March 31, 2016 Net unrealized loss on securities available-for-sale $ (1,045 ) $ 738 $ (307 ) $ in thousands At March 31, 2014 Other Comprehensive Income At March 31, 2015 Net unrealized loss on securities available-for-sale $ (4,768 ) $ 3,723 $ (1,045 ) The following table sets forth information about amounts reclassified from accumulated other comprehensive loss to the consolidated statement of operations and the affected line item in the statement where net income is presented. For the Twelve Months Ended March 31, Affected Line Item in the Consolidated Statement of Operations $ in thousands 2016 2015 Reclassification adjustment for sales of available for-sale securities, net of tax $ 1 $ 8 Gain on sale of securities, net Comprehensive Income (Loss). Comprehensive income (loss) represents net income (loss) and certain amounts reported directly in stockholders' equity, such as net unrealized gain or loss on securities available-for-sale. The balance at March 31, 2016 included $738 thousand of unrealized gains for the year then ended March 31, 2016 . The balance at March 31, 2015 included $3.7 million of unrealized gains for the year then ended March 31, 2015 . |
Employee Benefit and Stock Comp
Employee Benefit and Stock Compensation Plans (Notes) | 12 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Compensation and Employee Benefit Plans [Text Block] | EMPLOYEE BENEFIT AND STOCK COMPENSATION PLANS Directors' Retirement Plan . Concurrent with the conversion to the stock form of ownership, Carver Federal adopted a retirement plan for non-employee directors. The plan was curtailed during the fiscal year ended March 31, 2001. The benefits are payable based on the term of service as a director through the date of curtailment. As of March 31, 2016 , there was no outstanding payable under this plan. Savings Incentive Plan. Carver has a savings incentive plan, pursuant to Section 401(k) of the Code, for all eligible employees of the Bank. The Bank matches contributions to the 401(k) Plan equal to 100% of pre-tax contributions made by each employee up to a maximum of 3% of their pay, subject to IRS limitations. All such matching contributions are fully vested and non-forfeitable at all times regardless of the years of service with the Bank. Under the profit-sharing feature, if the Bank achieves a minimum of 70% of its net income goal as mentioned previously, the Compensation Committee may authorize an annual non-elective contribution to the 401(k) Plan on behalf of each eligible employee up to 2% of the employee's annual pay, subject to IRS limitations. This non-elective contribution may be made regardless of whether the employee makes a contribution to the 401(k) Plan. Non-elective Bank contributions, if awarded, vest 20% each year for the first five years of employment and are fully vested thereafter. To be eligible for the matching contribution, the employee must be 21 years of age and have completed at least three months of service. To be eligible for the non-elective Carver contribution, the employee must also be employed as of the last day of the plan year. Management Recognition Plan (“MRP”) . The MRP provided for grants of restricted stock to certain employees at September 12, 1995 adoption of the MRP. On March 28, 2005 the plan was amended for all future awards. The MRP provides for additional discretionary grants of restricted stock to those employees selected by the committee established to administer the MRP. Awards granted prior to March 28, 2005, generally vest in three to five equal annual installments commencing on the first anniversary date of the award, provided the recipient is still an employee of the Company or the Bank on such date. Under the amended plan, awards granted after March 28, 2005 vest based on a five-year performance-accelerated vesting schedule. Ten percent of the awarded shares vest in each of the first four years and the remainder in the fifth year but the Compensation Committee may accelerate vesting at any time. Awards will become 100% vested upon termination of service due to death or disability. When shares become vested and are distributed, the recipients will receive an amount equal to any accrued dividends with respect thereto. There are no shares available to grant under the MRP. Pursuant to the MRP, the Bank recognized $9 thousand and $10 thousand as expense for fiscal years 2016 and 2015 , respectively. Stock Option Plans. During 1995, the Company adopted the 1995 Stock Option Plan (the “1995 Plan”) to advance the interests of the Bank through providing stock options to select key employees and directors of the Bank and its affiliates. The number of shares reserved for issuance under the plan was 22,591 . The 1995 plan expired by its term and no new options may be granted under it, however, stock options granted under the 1995 Plan continue in accordance with their terms. At March 31, 2016 , there were no options outstanding. Options are granted at the fair market value of Carver Federal common stock at the time of the grant for a period not to exceed ten years. Under the 1995 Plan option grants generally vest on an annual basis ratably over either three or five years, commencing after one year of service and, in some instances, portions of option grants vest at the time of the grant. On March 28, 2005, the plan was amended and vesting of future awards is based on a five-year performance-accelerated vesting schedule. Ten percent of the awarded options vest in each of the first four years and the remainder in the fifth year, but the Committee may accelerate vesting at any time. All options are exercisable immediately upon a participant's disability, death or a change in control, as defined in the Plan. In September 2006, Carver stockholders approved the 2006 Stock Incentive Plan (the "2006 Incentive Plan") which provides for the grant of stock options, stock appreciation rights and restricted stock to employees and directors who are selected to receive awards by the Committee. The 2006 Incentive Plan authorizes Carver to grant awards with respect to 20,000 shares, but no more than 10,000 shares of restricted stock may be granted. During Fiscal 16, there were 4,000 options and 4,000 restricted stock awards issued. Options are granted at a price not less than fair market value of Carver common stock at the time of the grant for a period not to exceed 10 years. Shares generally vest in 20% increments over 5 years, however, the Committee may specify a different vesting schedule. At March 31, 2016 , there were 5,925 options outstanding under the 2006 Incentive Plan and 1,924 were exercisable. All options are exercisable immediately upon a participant's disability, death or a change in control, as defined in the 2006 Incentive Plan, if the person is employed on that date. In September 2014, Carver stockholders approved the Carver Bancorp, Inc. 2014 Equity Incentive Plan (the "2014 Incentive Plan") which provides for the grant of stock options, stock appreciation rights and restricted stock to executive officers and directors who are selected to receive awards by the Committee. The 2014 Incentive Plan authorizes Carver to grant awards with respect to 250,000 shares. All of the shares may be issued pursuant to stock options (all of which may be incentive stock options) or all of which may be issued pursuant to restricted stock awards or restricted stock units. Unless the Committee determines otherwise, the award agreements will specify that no award will vest more rapidly than 25% per year over a four-year period, with the first installment vesting one year after the date of grant, subject to acceleration upon the occurrence of specific events. All options are exercisable immediately upon a participant's disability, death or change in control, as defined in the 2014 Incentive Plan, if the person is employed on that date. Information regarding nonvested shares of restricted stock awards outstanding for the years ended March 31 is as follows: 2016 2015 Shares Weighted Average Grant Price Shares Weighted Average Grant Price Outstanding, beginning of year — $ — 1,000 91.05 Granted 4,000 5.56 — — Vested — — (1,000 ) 91.05 Forfeited — — — — Outstanding, end of year 4,000 5.56 — — Information regarding stock options as of and for the years ended March 31 is as follows: 2016 2015 Options Weighted Average Exercise Price Options Weighted Average Exercise Price Outstanding, beginning of year 3,029 246.18 4,029 258.16 Granted 4,000 5.56 — — Exercised — — — — Expired/Forfeited 1,105 258.30 1,000 294.45 Outstanding, end of year 5,924 81.65 3,029 246.18 Exercisable, at year end 1,924 3,002 Information regarding stock options as of and for the year ended March 31, 2016 is as follows : Options Outstanding Options Exercisable Range of Exercise Prices Shares Weighted Average Remaining Life Weighted Average Exercise Price Shares Weighted Average Exercise Price $ 5.00 $ 5.99 4,000 9.23 $ 5.56 — $ — 90.00 104.85 133 4.36 97.50 133 97.50 240.00 254.85 1,791 0.86 250.61 1,791 16.71 Total 5,924 1,924 There were no stock options awarded to employees during the years ended March 31, 2016 and 2015 . The four new outside directors who joined in fiscal year 2014 each received a grant of 1,000 options in fiscal 2016 . These options vest over five years. The fair value of the option grants was estimated on the date of the grant using the Black-Scholes option pricing model applying the following weighted average assumptions for the years ended March 31 : 2016 2015 Risk-free interest rate 1.78 % N/A Volatility 10.00 % N/A Annual dividends — % N/A Expected life of option grants 9.24 N/A The Company recorded compensation expense of $2 thousand in fiscal 2016 and $2 thousand in fiscal 2015 . Performance Compensation Plan. In 2006, Carver adopted the Performance Compensation Plan of Carver Bancorp, Inc. (the "Performance Compensation Plan"). This Performance Compensation Plan provides for cash payments to officers or employees designated by the Compensation Committee, which also determines the amount awarded to such participants. Vesting is generally 20% a year over 5 years and awards are fully vested on a change in control (as defined), or termination of employment by death or disability, but the Committee may accelerate vesting at any time. Payments are made as soon as practicable after the end of the fiscal year in which amounts vest. In fiscal year 2008, the Company granted its first awards under the new Performance Compensation Plan. No compensation expense was recognized in fiscal year 2016 or 2015 . |
Commitments and Contingencies (
Commitments and Contingencies (Notes) | 12 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | COMMITMENTS AND CONTINGENCIES Credit Related Commitments. The Bank is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers and in connection with its overall investment strategy. These instruments involve, to varying degrees, elements of credit, interest rate and liquidity risk. In accordance with GAAP, these instruments are not recorded in the consolidated financial statements. Such instruments primarily include lending obligations, including commitments to originate mortgage and consumer loans and to fund unused lines of credit. The Bank's exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit is represented by the contractual amount of those instruments. The Bank uses the same credit policies in making commitments as it does for on-balance-sheet instruments. The following table reflects the Bank's outstanding lending commitments and contractual obligations as of March 31 : $ in thousands 2016 2015 Commitments to fund mortgage loans $ 15,568 $ 30,972 Commitments to fund commercial and consumer loans 3,000 8,963 Lines of credit 6,144 5,355 Letters of credit 234 234 Commitment to fund private equity investment 852 — $ 25,798 $ 45,524 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since some of these commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Bank evaluates each customer's creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Bank upon extension of credit, is based on management's credit evaluation of the counterparty. Mortgage Representation & Warranty Liabilities During the period 2004 through 2009, the Bank originated 1-4 family residential mortgage loans and sold the loans to the Federal National Mortgage Association (“FNMA”). The loans were sold to FNMA with the standard representations and warranties for loans sold to the Government Sponsored Entities (GSE's). The Bank may be required to repurchase these loans in the event of breaches of these representations and warranties. In the event of a repurchase, the Bank is typically required to pay the unpaid principal balance as well as outstanding interest and fees. The Bank then recovers the loan or, if the loan has been foreclosed, the underlying collateral. The Bank is exposed to any losses on repurchased loans after giving effect to any recoveries on the collateral. The Bank has not received a request to repurchase any of these loans since the second quarter of fiscal 2015. Further, there have not been any additional requests from FNMA for loans to be reviewed. Accordingly, management has reduced its level of repurchase reserves. The following table presents information on open requests from FNMA. The amounts presented are based on outstanding loan principal balances. $ in thousands Loans sold to FNMA Open claims as of March 31, 2015 (1) $ 2,045 Gross new demands received — Loans repurchased/made whole — Demands rescinded — Principal payments received on open claims 36 Open claims as of March 31, 2016 (1) $ 2,009 (1) The open claims include all open requests received by the Bank where either FNMA has requested loan files for review, where FNMA has not formally rescinded the repurchase request or where the Bank has not agreed to repurchase the loan. The amounts reflected in this table are the unpaid principal balance and do not incorporate any losses the Bank would incur upon the repurchase of these loans. The table below summarizes changes in our representation and warranty reserves during fiscal 2016 . $ in thousands March 31, 2016 Representation and warranty repurchase reserve, as of March 31, 2015 (1) $ 406 Net recovery of repurchase losses (2) (220 ) Net realized losses (2) — Representation and warranty repurchase reserve, as of March 31, 2016 (1) $ 186 (1) Reported in consolidated statements of financial condition as a component of other liabilities. (2) Component of other non-interest expense. Lease Commitments. Rentals under long-term operating leases for certain branches aggregated approximately $1.5 million , $1.6 million and $1.5 million for fiscal years 2016 , 2015 , and 2014 , respectively. As of March 31, 2016 , minimum rental commitments under all non-cancelable leases with initial or remaining terms of more than one year and expiring through 2030 follow: $ in thousands Year Ending March 31, Minimum Rental 2017 1,305 2018 1,253 2019 1,089 2020 569 Thereafter 825 $ 5,041 The Bank also has, in the normal course of business, commitments for services and supplies. Legal Proceedings. From time to time, the Company and the Bank or one of its wholly owned subsidiaries are parties to various legal proceedings incident to their business. Certain claims, suits, complaints and investigations (collectively “proceedings”) involving the Company and the Bank or a subsidiary, arising in the ordinary course of business, have been filed or are pending. The Company is unable at this time to determine the ultimate outcome of each proceeding, but believes, after discussions with legal counsel representing the Company and the Bank or the subsidiary in these proceedings, that it has meritorious defenses to each proceeding and appropriate measures have been taken to defend the interests of the Company, Bank or subsidiary. In the opinion of management, the resolution of these legal actions is not expected to have a material adverse effect on the financial condition or results of operations of the Company or the Bank. Further, there have been no material developments or changes associated with any litigation matters previously reported by the Company or the Bank. In accordance with ASC Topic 450, Carver has accrued $30,000 for these lawsuits. |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Measurements (Notes) | 12 Months Ended |
Mar. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS On April 1, 2008, the Company adopted ASC Topic 820 which, among other things, defines fair value, establishes a consistent framework for measuring fair value, and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. ASC 820 clarifies that fair value is an “exit” price, representing the amount that would be received when selling an asset, or paid when transferring a liability, in an orderly transaction between market participants. Fair value is thus a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: • Level 1— Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2— Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. • Level 3— Inputs to the valuation methodology are unobservable and significant to the fair value measurement. A financial instrument’s categorization within this valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The following table presents, by valuation hierarchy, assets that are measured at fair value on a recurring basis as of March 31, 2016 and 2015 , and that are included in the Company's Consolidated Statements of Financial Condition at these dates: Fair Value Measurements at March 31, 2016, Using $ in thousands Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value Mortgage servicing rights $ — $ — $ 201 $ 201 Investment securities Available-for-sale: Mortgage-backed securities: Government National Mortgage Association — 4,623 — 4,623 Federal Home Loan Mortgage Corporation — 7,678 — 7,678 Federal National Mortgage Association — 7,824 — 7,824 Other — — 45 45 U.S. Government Agency securities — 26,069 — 26,069 Other investments — 9,941 — 9,941 Total available-for-sale securities — 56,135 45 56,180 Total assets $ — $ 56,135 $ 246 $ 56,381 Fair Value Measurements at March 31, 2015, Using $ in thousands Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value Mortgage servicing rights $ — $ — 210 $ 210 Investment securities Available-for-sale: Mortgage-backed securities: Government National Mortgage Association — 5,527 — 5,527 Federal Home Loan Mortgage Corporation — 10,588 — 10,588 Federal National Mortgage Association — 10,857 — 10,857 Other — — 47 47 U.S. Government Agency securities — 57,850 — 57,850 Other investments (1) — 15,335 — 15,335 Total available-for-sale securities — 100,157 47 100,204 Total assets $ — $ 100,157 $ 257 $ 100,414 (1) March 31, 2015 balance has been been restated from previously reported amounts to correct the classification of $981 thousand of interest-bearing deposits from available-for-sale securities to other assets. Instruments for which unobservable inputs are significant to their fair value measurement (i.e., Level 3) include mortgage servicing rights ("MSR") and other available-for-sale securities. Level 3 assets accounted for 0.03% of the Company's total assets at March 31, 2016 and 0.04% at March 31, 2015 . The Company reviews and updates the fair value hierarchy classifications on a quarterly basis. Changes from one quarter to the next that are related to the observable inputs to a fair value measurement may result in a reclassification from one hierarchy level to another. Below is a description of the methods and significant assumptions utilized in estimating the fair value of available-for-sale securities and MSR: Where quoted prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. If quoted market prices are not available for the specific security, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics, or discounted cash flows. These pricing models primarily use market-based or independently sourced market parameters as inputs, including, but not limited to, yield curves, interest rates, equity or debt prices, and credit spreads. In addition to market information, models also incorporate transaction details, such as maturity and cash flow assumptions. Securities valued in this manner would generally be classified within Level 2 of the valuation hierarchy and primarily include such instruments as mortgage-related securities and corporate debt. In the period ended March 31, 2016 , there were no transfers of investments into or out of each level of the fair value hierarchy. In certain cases where there is limited activity or less transparency around inputs to the valuation, securities are classified within Level 3 of the valuation hierarchy. In valuing certain securities, the determination of fair value may require benchmarking to similar instruments or analyzing default and recovery rates. Quoted price information for the MSRs is not available. Therefore, MSRs are valued using market-standard models to model the specific cash flow structure. Key inputs to the model consist of principal balance of loans being serviced, servicing fees and prepayment rates. The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with those of other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. The following table includes a rollforward of assets classified by the Company within Level 3 of the valuation hierarchy for the years ended March 31, 2016 and 2015 : $ in thousands Beginning balance, April 1, 2015 Total Realized/Unrealized Gains/(Losses) Recorded in Income (1) Issuances / (Settlements) Transfers to/(from) Level 3 Ending balance, March 31, 2016 Change in Unrealized Gains/(Losses) Related to Instruments Held at March 31, 2016 Securities Available-for-Sale $ 47 $ — $ (2 ) $ — $ 45 $ — Mortgage Servicing Rights 210 (9 ) — — 201 (8 ) $ in thousands Beginning balance, April 1, 2014 Total Realized/Unrealized Gains/(Losses) Recorded in Income (1) Issuances / (Settlements) Transfers to/(from) Level 3 Ending balance, March 31, 2015 Change in Unrealized Gains/(Losses) Related to Instruments Held at March 31, 2015 Securities Available-for-Sale $ 49 $ — $ (2 ) $ — $ 47 — Mortgage Servicing Rights 265 (55 ) — — 210 (51 ) (1) Includes net servicing cash flows and the passage of time. Certain assets are measured at fair value on a non-recurring basis. Such instruments are subject to fair value adjustments under certain circumstances (e.g. when there is evidence of impairment). The following table presents assets and liabilities that were measured at fair value on a non-recurring basis as of March 31, 2016 and 2015 , and that are included in the Company's Consolidated Statements of Financial Condition at these dates: Fair Value Measurements at March 31, 2016, Using $ in thousands Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value Loans held-for-sale $ — $ — $ 2,495 $ 2,495 Impaired loans with a specific reserve allocated $ — $ — $ 4,669 $ 4,669 Other real estate owned $ — $ — $ 1,008 $ 1,008 Fair Value Measurements at March 31, 2015, Using $ in thousands Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value Loans held-for-sale (1) $ — $ — $ 2,724 $ 2,724 Impaired loans with a specific reserve allocated $ — $ — $ 6,338 $ 6,338 Other real estate owned (1) $ — $ — $ 4,341 $ 4,341 (1) March 31, 2015 has been restated to correct the classification of loans held-for-sale and other real estate owned from Level 2 to Level 3 assets and for the reclassification of negative escrow balances from Other Assets to Loans Held-for-Sale. Loans held-for-sale are carried at the lower of cost or market value. The valuation methodology for loans held-for sale for the period ended March 31, 2016 was based upon amounts offered, or other acceptable valuation methods and, in some instances, prior loan loss experience of the Bank in connection with recent note sales. The fair values of collateral dependent impaired loans are determined using various valuation techniques, including consideration of appraised values and other pertinent real estate market data. Other real estate owned represents property acquired by the Bank in settlement of loans less costs to sell (i.e., through foreclosure, repossession or as an in-substance foreclosure). These assets are recorded at the lower of their cost or fair value. At the time of acquisition of the real estate owned, the real property value is adjusted to its current fair value. Any subsequent adjustments will be to the lower of cost or market. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments Disclosure [Text Block] | FAIR VALUE OF FINANCIAL INSTRUMENTS Disclosures regarding the fair value of financial instruments are required to include, in addition to the carrying value, the fair value of certain financial instruments, both assets and liabilities recorded on and off-balance sheet, for which it is practicable to estimate fair value. Accounting guidance defines financial instruments as cash, evidence of ownership of an entity, or a contract that conveys or imposes on an entity the contractual right or obligation to either receive or deliver cash or another financial instrument. The fair value of a financial instrument is discussed below. In cases where quoted market prices are not available, estimated fair values have been determined by the Bank using the best available data and estimation methodology suitable for each such category of financial instruments. For those loans and deposits with floating interest rates, it is presumed that estimated fair values generally approximate their recorded carrying value. The Bank's primary component of market risk is interest rate volatility. Fluctuations in interest rates will ultimately impact the Bank's fair value of all interest-earning assets and interest-bearing liabilities, other than those which are short-term in maturity. The carrying amounts and estimated fair values of the Bank's financial instruments and estimation methodologies at March 31 are as follows: March 31, 2016 $ in thousands Carrying Amount Estimated Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets: Cash and cash equivalents $ 63,660 $ 63,660 $ 63,660 $ — $ — Restricted cash 225 225 — 225 — Securities available-for-sale 56,180 56,180 — 56,135 45 FHLB Stock 2,883 2,883 — 2,883 — Securities held-to-maturity 15,311 15,653 — 15,653 — Loans receivable 583,787 585,650 — — 585,650 Loans held-for-sale 2,495 2,495 — — 2,495 Accrued interest receivable 3,647 3,647 — 3,647 — Mortgage servicing rights 201 201 — — 201 Other assets - Interest-bearing deposits 983 983 — 983 — Financial Liabilities: Deposits $ 606,741 $ 585,394 $ 329,398 $ 255,996 $ — Advances from FHLB of New York 50,000 50,141 — 50,141 — Other borrowed money 18,403 18,734 — 18,734 — March 31, 2015 $ in thousands Carrying Amount Estimated Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets: Cash and cash equivalents $ 50,992 $ 50,992 $ 50,992 $ — $ — Restricted cash 6,354 6,354 — 6,354 — Securities available-for-sale (1) 100,204 100,204 — 100,157 47 FHLB Stock 3,519 3,519 — 3,519 — Securities held-to-maturity 11,922 12,231 — 12,231 — Loans receivable (1) 479,334 485,458 — — 485,458 Loans held-for-sale (1) 2,724 2,724 — — 2,724 Accrued interest receivable 2,781 2,781 — 2,781 — Mortgage servicing rights 210 210 — — 210 Other assets - Interest-bearing deposits (1) 981 981 — 981 — Financial Liabilities: Deposits $ 527,761 $ 511,160 $ 309,897 $ 201,263 $ — Advances from FHLB of New York 65,000 65,827 — 65,827 — Other borrowed money 18,403 18,931 — 18,931 — (1) March 31, 2015 balance has been been restated from previously reported amounts to correct for the classification of $981 thousand of interest-bearing deposits from available-for-sale securities to other assets, and the reclassification of negative escrow balances from Other Assets to Loans Receivable and Loans Held-for-Sale. Cash and Cash Equivalents The carrying amounts for cash and cash equivalents approximate fair value and are classified as Level 1 because they mature in three months or less. Restricted Cash The carrying amounts for restricted cash approximates fair value and are classified as Level 2 because they represent short-term interest-bearing deposits. Securities The fair values for securities available-for-sale and securities held-to-maturity are based on quoted market or dealer prices, if available. If quoted market or dealer prices are not available, fair value is estimated using quoted market or dealer prices for similar securities. Available-for-sale securities are classified across Levels 2 and 3. Held-to-maturity securities are classified as Level 2. FHLB Stock Ownership in equity securities of the FHLB is restricted and there is no established market for resale. The carrying amount is at cost, and is classified as Level 2. Loans Receivable The fair value of loans receivable is estimated by discounting future cash flows, using current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities of such loans. The method used to estimate the fair value of loans is extremely sensitive to the assumptions and estimates used. While management has attempted to use assumptions and estimates that best reflect the Company's loan portfolio and current market conditions, a greater degree of objectivity is inherent in these values than in those determined in active markets. The loan valuations thus determined do not necessarily represent an “exit” price that would be achieved in an active market. Loans receivable are classified as Level 3. Loans Held-for-Sale Loans held-for-sale are carried at the lower of cost or market value and are classified as Level 3. The valuation methodology for loans held-for-sale are based upon amounts offered or other acceptable valuation methods and, in some instances, prior loan loss experience of Carver in connection with recent note sales. Accrued Interest Receivable The carrying amounts of accrued interest approximate fair value resulting in a Level 2 classification. Mortgage Servicing Rights The fair value of mortgage servicing rights is determined by discounting the present value of estimated future servicing cash flows using current market assumptions for prepayments, servicing costs and other factors and are classified as Level 3. Deposits The fair value of demand, savings and club accounts is equal to the amount payable on demand at the reporting date. These deposits are classified as Level 1. The fair value of certificates of deposit is estimated using rates currently offered for deposits of similar remaining maturities resulting in a Level 2 classification. The fair value estimates do not include the benefit that results from the low-cost funding provided by deposit liabilities compared to the cost of borrowing funds in the market. Advances from FHLB-NY and Other Borrowed Money The fair values of advances from the FHLB-NY and other borrowed money are estimated using the rates currently available to the Bank for debt with similar terms and remaining maturities and are classified as Level 2. Commitments to Extend Credits, Commercial, and Standby Letters of Credit The fair value of the commitments to extend credit was estimated to be immaterial as of March 31, 2016 and March 31, 2015 . The fair value of commitments to extend credit and standby letters of credit was evaluated using fees currently charged to enter into similar agreements, taking into account the risk characteristics of the borrower, and estimated to be insignificant as of the reporting date. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Mar. 31, 2016 | |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure [Abstract] | |
Variable Interest Entity [Text Block] | 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. The variable interest entities (“VIEs”) such as the CDEs and Carver Statutory Trust I 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. The Bank's VIEs, consolidated and unconsolidated, in which the Company holds significant variable interests or has continuing involvement through servicing a majority of assets in a VIE are presented below: Involvement with SPE (000's) Funded Exposure Unfunded Exposure Total Recognized Gain (Loss) (000's) Total Rights transferred Consolidated assets Significant unconsolidated VIE assets Total Involvement with SPE asset Debt Investments Equity Investments (1) Funding Commitments Maximum exposure to loss Carver Statutory Trust 1 $ — $ — $ — $ 13,400 $ 13,400 $ 13,000 $ 400 $ — $ — $ 13,400 CDE 1-9, CDE 11-12 (3) — 40,000 2,362 — 2,362 — — — 7,800 7,800 CDE 10 (2) 1,700 19,000 — — — — — — 7,410 7,410 CDE 13 500 10,500 — 10,567 10,567 — 1 — 4,095 4,096 CDE 14 400 10,000 — 10,034 10,034 — 1 — 3,900 3,901 CDE 15, CDE 16, CDE 17 900 20,500 — 20,645 20,645 — 2 — 7,995 7,997 CDE 18 600 13,254 — 13,282 13,282 — 1 — 5,169 5,170 CDE 19 500 10,746 — 10,951 10,951 — 1 — 4,191 4,192 CDE 20 625 12,500 — 12,129 12,129 — 1 — 4,875 4,876 CDE 21 625 12,500 — 12,281 12,281 — 1 — 4,875 4,876 Total $ 5,850 $ 149,000 $ 2,362 $ 103,289 $ 105,651 $ 13,000 $ 408 $ — $ 50,310 $ 63,718 (1) Excludes any proceeds realized from exchange of equity interest in CDEs as detailed below. (2) Entity dissolved May 2015. (3) CDEs 2-9, 11-12 dissolved March 2016. In June 2006, CCDC received a NMTC award of $59 million . In fiscal 2008, CCDC transferred $19 million of rights to an investor in a NMTC project. The entity was called CDE 10. The NMTC compliance period was completed and the entity was dissolved in May 2015. With respect to the remaining $40 million of the original NMTC award, CCDC established various special purpose entities (CDEs 1-9,11-12) through which its investments in NMTC eligible activities are conducted. As the Bank is exposed to all of the expected losses and residual returns from these investments under ASC Topic 810, the Bank has determined it has a controlling financial interest and is the primary beneficiary of these entities. During December 2010, Carver transferred its equity ownership in the CDEs and the associated rights to an investor in exchange for $6.7 million in cash. As a result of Carver financing the purchase note, the CDEs continue to be consolidated and the investor's equity investment of $6.7 million was reflected as non-controlling interest in the Statement of Financial Condition. The sale of the equity interest in the CDEs provided the investor with rights to the new markets tax credits on a prospective basis. A portion of non-controlling interest was transferred to the controlling interest as the investor earned the tax credits. In March 2015, the investor exercised its option to sell the equity interest in the CDEs back to Carver. Under the current arrangement, the Bank has a contingent obligation to reimburse the investor for any loss or shortfall incurred as a result of the NMTC projects not being in compliance with certain regulations that would void the investor's ability to otherwise utilize tax credits stemming from the award. The NMTC compliance period was completed and CDEs 2-9, 11 and 12 were dissolved in March 2016. In May 2009, CCDC received a second NMTC award of $65 million . During the period from December 2009 to December 2010, CCDC transferred rights to investors in NMTC projects (entities CDE 13-19). CCDC has a contingent obligation to reimburse the investor for any losses or shortfalls incurred as a result of the NMTC projects not being in compliance with certain regulations that would void the investors' ability to otherwise utilize tax credits stemming from the award. In August 2011, CCDC received a third NMTC award of $25 million . In January 2012 and September 2012, CCDC transferred rights to investors in NMTC projects (CDEs 20 and 21). CCDC has a contingent obligation to reimburse the investors for any losses or shortfalls incurred as a result of the NMTC projects not being in compliance with certain regulations that would void the investors' ability to otherwise utilize tax credits stemming from the award. CCDC established various special purpose entities (CDEs 22-25) through which its investments in NMTC eligible activities will be conducted. As of March 31, 2016 , there have been no activities in these entities. |
Quarterly Financial Data (Notes
Quarterly Financial Data (Notes) | 12 Months Ended |
Mar. 31, 2016 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Information [Text Block] | NOTE 18. QUARTERLY FINANCIAL DATA (UNAUDITED) The following tables set forth certain unaudited financial data for our quarterly operations in fiscal 2016 and 2015 . The following information has been prepared on the same basis as the annual information presented elsewhere in this report and, in the opinion of management, includes all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the information for the quarterly periods presented. The operating results for any quarter are not necessarily indicative of results for any future period. Restatement The Company has restated its consolidated financial statements for fiscal year 2015 contained in the Annual Reports on Form 10-K for the years ended March 31, 2016 and 2015, and unaudited interim consolidated financial statements contained in the Company's Quarterly Reports on Form 10-Q for each of the quarters ended June 30, 2015 and 2014, September 30, 2015 and 2014 and December 31, 2015 and 2014. The Restatement corrects a material error related to the accrual of data processing and other expenses related to invoices paid to the Bank's core system provider. In fiscal 2016, Carver Bancorp recognized expenses on invoices paid to its core system provider, and during the course of preparation of the fiscal 2016 financial statements and audit, management determined that $613 thousand of the expenses should have been recognized in fiscal 2015. The cumulative adjustments of the Restatement increased non-interest expense by $613 thousand for the fiscal year ended March 31, 2015 and decreased non-interest expense by $326 thousand for the first three quarters of fiscal 2016. In fiscal 2016, Management identified an accounting error related to the reporting of earnings per share (EPS). Under the two class method of computing EPS, the Company has two classes of stock to which undistributed earnings are allocated. Previously, the impact of the undistributed earnings allocated to the shares of the Company’s Series D convertible preferred stock which are considered participating securities and had not been considered in this computation. Basic and Diluted EPS amounts are updated for all periods in a net income position to include 45,118 shares of Series D Preferred Stock which, under certain circumstances, could convert to 5,518,006 shares of common stock. There was no impact for fiscal year 2015 due to the fact that the Company recorded a net loss. In addition to the errors described above, adjustments have been made related to other individually immaterial errors including certain corrections that had been previously identified but not recorded because they were not material to our consolidated financial statements. These corrections included adjustments to accrued liabilities, provision for loan losses and certain reclassification entries. For the year ended March 31, 2015, the Restatement for the material error reported a $613 thousand decrease in net income offset to an increase in other liabilities. The correction of certain other errors resulted in reclassifications between cash flow from operating activities to the cash flow from investing activities section of the Consolidated Statement of Cash Flow. The tables below provide the individual line items as originally reported on the Company's Forms 10-Q and their restated amounts: June 30, 2015 September 30, 2015 December 31, 2015 March 31, 2016 $ in thousands, except per share data Previously Reported Adjustments Restated Previously Reported Adjustments Restated Previously Reported Adjustments Restated Fiscal 2016 Interest income $ 6,208 — $ 6,208 $ 6,730 $ — $ 6,730 $ 7,009 $ — $ 7,009 $ 6,961 Interest expense 1,058 — 1,058 1,093 — 1,093 1,171 — 1,171 1,217 Net interest income 5,150 — 5,150 5,637 — 5,637 5,838 — 5,838 5,744 Provision for loan losses 117 (83 ) 34 643 — 643 728 — 728 89 Non-interest income 1,193 — 1,193 1,131 — 1,131 2,741 — 2,741 1,469 Non-interest expense 6,035 (184 ) 5,851 6,211 (9 ) 6,202 7,347 (133 ) 7,214 8,186 Income tax (expense) benefit (13 ) — (13 ) (79 ) — (79 ) (67 ) — (67 ) 32 Net income (loss) attributable to Carver Bancorp, Inc. $ 178 $ 267 $ 445 $ (165 ) $ 9 $ (156 ) $ 437 $ 133 $ 570 $ (1,030 ) Earnings (loss) per common share Basic (1) $ 0.05 $ — $ 0.05 $ (0.04 ) $ — $ (0.04 ) $ 0.12 $ (0.06 ) $ 0.06 $ (0.28 ) Diluted (1) $ 0.05 $ — $ 0.05 $ (0.04 ) $ — $ (0.04 ) $ 0.12 $ (0.06 ) $ 0.06 $ (0.28 ) (1) Basic and Diluted EPS amounts restated for all periods in a net income position to include 45,118 shares of Series D Preferred Stock (participating securities) which, under certain circumstances, could convert to 5,518,006 shares of common stock. June 30, 2014 September 30, 2014 December 31, 2014 March 31, 2015 $ in thousands, except per share data Previously Reported Adjustments Restated Previously Reported Adjustments Restated Previously Reported Adjustments Restated Previously Reported Adjustments Restated Fiscal 2015 Interest income $ 5,758 — $ 5,758 $ 5,590 — $ 5,590 $ 5,265 — $ 5,265 $ 5,714 $ — $ 5,714 Interest expense 991 — 991 992 — 992 1,013 — 1,013 946 — 946 Net interest income 4,767 — 4,767 4,598 — 4,598 4,252 — 4,252 4,768 — 4,768 Recovery of loan losses (780 ) (133 ) (913 ) (713 ) — (713 ) (1,151 ) — (1,151 ) (365 ) 301 (64 ) Non-interest income 1,202 — 1,202 1,562 — 1,562 1,408 — 1,408 1,394 — 1,394 Non-interest expense 6,547 77 6,624 6,753 27 6,780 6,789 338 7,127 6,622 26 6,648 Income tax expense (16 ) — (16 ) (57 ) — (57 ) (62 ) — (62 ) (31 ) — (31 ) Net income (loss) attributable to noncontrolling interest (17 ) — (17 ) 147 — 147 151 — 151 — — — Net income (loss) attributable to Carver Bancorp, Inc. $ 169 $ 56 $ 225 $ 210 $ (27 ) $ 183 $ 111 $ (338 ) $ (227 ) $ (126 ) $ (327 ) $ (453 ) Earnings (loss) per common share* Basic (1) $ 0.05 $ (0.02 ) $ 0.02 $ 0.06 $ (0.04 ) $ 0.02 $ 0.03 $ (0.09 ) $ (0.06 ) $ (0.03 ) $ (0.09 ) $ (0.12 ) Diluted (1) $ 0.05 $ (0.02 ) $ 0.02 $ 0.06 $ (0.04 ) $ 0.02 $ 0.03 $ (0.09 ) $ (0.06 ) $ (0.03 ) $ (0.09 ) $ (0.12 ) * Difference in total earnings per share to Consolidated Statement of Operations is due to rounding (1) Basic and Diluted EPS amounts restated for all periods in a net income position to include 45,118 shares of Series D Preferred Stock (participating securities) which, under certain circumstances, could convert to 5,518,006 shares of common stock. |
Carver Bancorp Inc.-Parent Comp
Carver Bancorp Inc.-Parent Company Only Carver Bancorp Inc.-Parent Company Only (Notes) | 12 Months Ended |
Mar. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | CARVER BANCORP, INC. - PARENT COMPANY ONLY |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Consolidated Financial Statement Presentation | Basis of consolidated financial statement presentation The consolidated financial statements include the accounts of the Company, the Bank and the Bank's wholly owned or majority-owned subsidiaries, Carver Asset Corporation, CFSB Realty Corp., CCDC, and CFSB Credit Corp. All significant intercompany accounts and transactions have been eliminated in consolidation. The consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (GAAP). In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated statement of financial condition and revenues and expenses for the period then ended. Amounts subject to significant estimates and assumptions are items such as the allowance for loan losses, valuation of real estate owned, realization of deferred tax assets, and the fair value of financial instruments. While management uses available information to recognize losses on loans, future additions to the allowance for loan losses or future writedowns of real estate owned may be necessary based on changes in economic conditions in the areas where Carver Federal has extended mortgages and other credit instruments. Actual results could differ significantly from those assumptions. Current market conditions increase the risk and complexity of the judgments in these estimates. In addition, the OCC, Carver Federal's regulator, as an integral part of its examination process, periodically reviews Carver Federal's allowance for loan losses and, if applicable, real estate owned valuations. The OCC may require Carver Federal to recognize additions to the allowance for loan losses or additional writedowns of real estate owned based on their judgments about information available to them at the time of their examination. |
Cash and Cash Equivalents | Cash and cash equivalents For the purpose of reporting cash flows, cash and cash equivalents include cash, amounts due from depository institutions, federal funds sold and other short-term instruments with an original maturity of three months or less. Federal funds sold are generally sold for one-day periods. The amounts due from depository institutions include a non-interest bearing account held at the Federal Reserve Bank where any additional cash reserve required on demand deposits would be maintained. Currently, this reserve requirement is zero since the Bank's vault cash satisfies cash reserve requirements for deposits. |
Investment Securities | Investment Securities When purchased, investment securities are designated as either investment securities held-to-maturity, available-for-sale or trading. Securities are classified as held-to-maturity and carried at amortized cost only if the Bank has a positive intent and ability to hold such securities to maturity. Securities held-to-maturity are carried at cost, adjusted for the amortization of premiums and the accretion of discounts using the level-yield method over the remaining period until maturity. If not classified as held-to-maturity or trading, securities are classified as available-for-sale based upon management's ability to sell in response to actual or anticipated changes in interest rates, resulting prepayment risk or any other factors. Available-for-sale securities are reported at fair value. Estimated fair values of securities are based on either published or security dealers' market value if available. If quoted or dealer prices are not available, fair value is estimated using quoted or dealer prices for similar securities. Securities that are bought and held principally for the purpose of selling them in the near term are classified as trading securities and are reported at fair value with unrealized gains and losses included in earnings. The Company conducts periodic reviews to identify and evaluate each investment that has an unrealized holding loss. Unrealized holding gains or losses for securities available-for-sale are excluded from earnings and reported net of deferred income taxes in accumulated other comprehensive loss, a component of Stockholders' Equity. Following Financial Accounting Standards Board ("FASB") guidance, 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). During fiscal years 2016 and 2015 , no other-than-temporary impairment charges were recorded. Gains or losses on sales of securities of all classifications are recognized based on the specific identification method. |
Loans Held-for-Sale | Loans Held-for-Sale Loans are only moved to held-for-sale classification upon the determination by Carver to sell a loan. Held-for-sale loans are carried at the lower of cost or market value. The initial charge-off, if any is required, will be taken upon the move to held-for-sale and absorbed through Carver's loan loss reserve. The need for further charge-offs is periodically evaluated if the loan remains classified as held-for-sale for an extended period of time using the valuation methodologies identified below. Any subsequently required charge-off is processed as a mark-to-market adjustment. The valuation methodology for loans held-for-sale varies based upon the circumstances. Held-for-sale values may be based upon accepted offer amounts, appraised value of underlying mortgaged premises, prior loan loss experience of Carver in connection with recent loan sales for the loan type in question, and/or other acceptable valuation methods. |
Loans Receivable | Loans Receivable Loans receivable are carried at unpaid principal balances plus unamortized premiums, purchase accounting mark-to-market adjustments, certain deferred direct loan origination costs and deferred loan origination fees and discounts, less the allowance for loan losses and charge-offs. The Bank defers loan origination fees and certain direct loan origination costs and amortizes or accretes such amounts as an adjustment of yield over the contractual lives of the related loans using methodologies which approximate the interest method. Premiums and discounts on loans purchased are amortized or accreted as an adjustment of yield over the contractual lives of the related loans, adjusted for prepayments when applicable, using methodologies which approximate the interest method. Loans are placed on nonaccrual status when they are past due 90 days or more as to contractual obligations or when other circumstances indicate that collection is not probable. When a loan is placed on nonaccrual status, any interest accrued but not received is reversed against interest income. Payments received on a nonaccrual loan are either applied to protective advances, the outstanding principal balance or recorded as interest income, depending on an assessment of the ability to collect the loan. A nonaccrual loan is restored to accrual status when principal and interest payments become less than 90 days past due and its future collectability is reasonably assured. If the Bank determines that there is an impairment dollar amount, the Bank next determines whether the amount of impairment is permanent. The amount of impairment determined to be permanent is charged off within the given fiscal quarter. All other amounts are recorded as a specific valuation allowance (“SVA”) reserve. Generally the amount of the loan and negative escrow in excess of the appraised value, for the fair value of collateral valuation method, is determined to be permanent and charged off. The amount attributable to the expected cost to sell, is recorded as a specific valuation allowance. In the event the Bank is using the collateral dependent determination for the dollar amount of impairment and the Bank does not have an accepted appraisal (for example, the Bank may utilize a broker’s price opinion), the Bank generally will treat all dollar amounts identified as impaired to be other than a permanent impairment and the full impaired amount will be recorded as a specific valuation allowance. For impairment amounts calculated utilizing the present value of expected future cash flows, the dollar amount of impairment is recorded as a specific valuation allowance. |
Loans Receivable, Allowance for Loan Losses | Allowance for Loan and Lease Losses ("ALLL") The adequacy of the Bank's ALLL is determined, in accordance with the Interagency Policy Statement on the Allowance for Loan and Lease Losses (the “Interagency Policy Statement”) released by the OCC on December 13, 2006 and in accordance with ASC Subtopics 450-20 "Loss Contingencies" and 310-10 "Accounting by Creditors for Impairment of a Loan." Compliance with the Interagency Policy Statement includes management's review of the Bank's loan portfolio, including the identification and review of individual problem situations that may affect a borrower's ability to repay. In addition, management reviews the overall portfolio quality through an analysis of delinquency and non-performing loan data, estimates of the value of underlying collateral, current charge-offs and other factors that may affect the portfolio, including a review of regulatory examinations, an assessment of current and expected economic conditions and changes in the size and composition of the loan portfolio. The ALLL reflects management's evaluation of the loans presenting identified loss potential, as well as the risk inherent in various components of the portfolio. There is significant judgment applied in estimating the ALLL. These assumptions and estimates are susceptible to significant changes based on the current environment. Further, any change in the size of the loan portfolio or any of its components could necessitate an increase in the ALLL even though there may not be a decline in credit quality or an increase in potential problem loans. As such, there can never be assurance that the ALLL accurately reflects the actual loss potential inherent in a loan portfolio. General Reserve Allowance Carver's maintenance of a general reserve allowance in accordance with ASC Subtopic 450-20 includes the Bank's evaluating the risk to loss potential of homogeneous pools of loans based upon historical loss factors and a review of nine different environmental factors that are then applied to each pool. The pools of loans (“Loan Type”) are: • 1-4 Family • Multifamily • Commercial Real Estate • Construction • Business Loans • SBA Loans • Other (Consumer and Overdraft Accounts) The pools are further segregated into the following risk rating classes: • Pass • Special Mention • Substandard • Doubtful The Bank next applies to each pool a risk factor that determines the level of general reserves for that specific pool. The Bank estimates its historical charge-offs via a lookback analysis. The actual historical loss experience by major loan category is expressed as a percentage of the outstanding balance of all loans within the category. As the loss experience for a particular loan category increases or decreases, the level of reserves required for that particular loan category also increases or decreases. The Bank’s historical charge-off rate reflects the period over which the charge-offs were confirmed and recognized, not the period over which the earlier losses occurred. That is, the charge-off rate measures the confirmation of losses over a period that occurs after the earlier actual losses. During the period between the loss-causing events and the eventual confirmations of losses, conditions may have changed. There is always a time lag between the period over which average charge-off rates are calculated and the date of the financial statements. During that period, conditions may have changed. Another factor influencing the General Reserve is the Bank’s Loss Emergence Period (LEP) assumptions which represent the Bank’s estimate of the average amount of time from the point at which a loss is incurred to the point at which the loss is confirmed, either through the identification of the loss or a charge-off. Based upon adequate management information systems and effective methodologies for estimating losses, management has established a LEP floor of one year on all segments. In some segments, such as Commercial Real Estate, Multifamily and Business, the Bank demonstrates an LEP in excess of 12 months. The Bank also recognizes losses in accordance with regulatory charge-off criteria. Because actual loss experience may not adequately predict the level of losses inherent in a portfolio, the Bank reviews nine qualitative factors to determine if reserves should be adjusted based upon any of those factors. As the risk ratings worsen, some of the qualitative factors tend to increase. The nine qualitative factors the Bank considers and may utilize are: 1. Changes in lending policies and procedures, including changes in underwriting standards and collection, charge-off, and recovery practices not considered elsewhere in estimating credit losses ( Policy & Procedures ). 2. Changes in relevant economic and business conditions and developments that affect the collectability of the portfolio, including the condition of various market segments ( Economy ). 3. Changes in the nature or volume of the loan portfolio and in the terms of loans ( Nature & Volume ). 4. Changes in the experience, ability, and depth of lending management and other relevant staff ( Management ). 5. Changes in the volume and severity of past due loans, the volume of nonaccrual loans, and the volume and severity of adversely classified loans ( Problem Assets ). 6. Changes in the quality of the loan review system ( Loan Review ). 7. Changes in the value of underlying collateral for collateral dependent loans ( Collateral Values ). 8. The existence and effect of any concentrations of credit and changes in the level of such concentrations ( Concentrations ). 9. The effect of other external forces such as competition and legal and regulatory requirements on the level of estimated credit losses in the existing portfolio ( External Forces ). Specific Reserve Allowance Carver also maintains a specific reserve allowance for criticized and classified loans individually reviewed for impairment in accordance with ASC Subtopic 310-10 guidelines. The amount assigned to the specific reserve allowance is individually determined based upon the loan. The ASC Subtopic 310-10 guidelines require the use of one of three approved methods to estimate the amount to be reserved and/or charged off for such credits. The three methods are as follows: 1. The present value of expected future cash flows discounted at the loan's effective interest rate, 2. The loan's observable market price; or 3. The fair value of the collateral if the loan is collateral dependent. The Bank may choose the appropriate ASC Subtopic 310-10 measurement on a loan-by-loan basis for an individually impaired loan, except for an impaired collateral dependent loan. Guidance requires impairment of a collateral dependent loan to be measured using the fair value of collateral method. A loan is considered "collateral dependent" when the repayment of the debt will be provided solely by the underlying collateral, and there are no other available and reliable sources of repayment. Criticized and classified loans with at risk balances of $500,000 or more and loans below $500,000 that the Chief Credit Officer deems appropriate for review, are identified and reviewed for individual evaluation for impairment in accordance with ASC Subtopic 310-10. Carver also performs impairment analysis for all troubled debt restructurings (“TDRs”). If it is determined that it is probable the Bank will be unable to collect all amounts due according with the contractual terms of the loan agreement, the loan is categorized as impaired. If the loan is determined to be not impaired, it is then placed in the appropriate pool of criticized and classified loans to be evaluated collectively for impairment. Loans determined to be impaired are evaluated to determine the amount of impairment based on one of the three measurement methods noted above. The Bank then determines whether the impairment amount is permanent, in which case the loan is written down by the amount of the impairment, or if it is other than permanent, in which case the Bank establishes a specific valuation reserve that is included in the total ALLL. In accordance with guidance, if there is no impairment amount, no reserve is established for the loan. |
Loans Receivable, Troubled Debt Restructuring | Troubled Debt Restructured Loans TDRs are those loans whose terms have been modified because of deterioration in the financial condition of the borrower and a concession is made. Modifications could include extension of the terms of the loan, reduced interest rates, capitalization of interest and forgiveness of accrued interest and/or principal. Once an obligation has been restructured because of such credit problems, it continues to be considered restructured until paid in full. For cash flow dependent loans, the Bank records a specific valuation allowance reserve equal to the difference between the present value of estimated future cash flows under the restructured terms discounted at the loan's original effective interest rate, and the loan's original carrying value. For a collateral dependent loan, the Bank records an impairment charge when the current estimated fair value of the property that collateralizes the impaired loan, if any, is less than the recorded investment in the loan. TDR loans remain on nonaccrual status until they have performed in accordance with the restructured terms for a period of at least six months. |
Representation and Warranty Reserve | Representation and Warranty Reserve During the period 2004 through 2009, the Bank originated 1-4 family residential mortgage loans and sold the loans to the Federal National Mortgage Association (“FNMA”). The loans were sold to FNMA with the standard representations and warranties for loans sold to the Government Sponsored Entities (GSEs). The Bank may be required to repurchase these loans in the event of breaches of these representations and warranties. In the event of a repurchase, the Bank is typically required to pay the unpaid principal balance as well as outstanding interest and fees. The Bank then recovers the loan or, if the loan has been foreclosed, the underlying collateral. The Bank is exposed to any losses on repurchased loans after giving effect to any recoveries on the collateral. Management has established a representation and warranty reserve for losses associated with the repurchase of mortgage loans sold by the Bank to FNMA that we consider to be both probable and reasonably estimable. These reserves are reported in the consolidated statement of financial condition as a component of other liabilities. The calculation of the reserve is based on estimates, which are uncertain, and require the application of judgment. In establishing the reserves, we consider a variety of factors, including those loans that are under review by FNMA that have not yet received a repurchase request. The Bank tracks the FNMA claims monthly and evaluates the reserve on a quarterly basis. |
Segment Reporting | Segment Reporting The Company has determined that all of its activities constitute one reportable operating segment. |
Concentration Risk | Concentration of Risk The Bank's principal lending activities are concentrated in loans secured by real estate, a substantial portion of which is located in New York City. Accordingly, the ultimate collectability of a substantial portion of the Company's loan portfolio is susceptible to changes in New York's real estate market conditions. Qualitative factors in the ALLL calculation incorporate the Bank's concentration risk. |
Office Properties and Equipment | Office Properties and Equipment Office properties and equipment are comprised of land, at cost, and buildings, building improvements, furnishings and equipment and leasehold improvements, at cost less accumulated depreciation and amortization. Depreciation and amortization charges are computed using the straight-line method over the following estimated useful lives: Buildings and improvements 10 to 25 years Furnishings and equipment 3 to 5 years Leasehold improvements Lesser of useful life or remaining term of lease Maintenance, repairs and minor improvements are charged to non-interest expense in the period incurred. |
Federal Home Loan Bank Stock | Federal Home Loan Bank Stock The FHLB-NY has assigned to the Bank a mandated membership stock purchase, based on the Bank's asset size. In addition, for all borrowing activity, the Bank is required to purchase shares of FHLB-NY non-marketable capital stock at par. Such shares are redeemed by FHLB-NY at par with reductions in the Bank's borrowing levels. On a quarterly basis, these shares are evaluated for other-than-temporary impairment. We do not consider these shares to be other-than-temporarily impaired at March 31, 2016 . The Bank carries this investment at historical cost. |
Mortgage Servicing Rights | Mortgage Servicing Rights All separately recognized servicing assets are included in Other Assets and measured at fair value. |
Real Estate Owned | Real Estate Owned Real estate acquired by foreclosure or deed in lieu of foreclosure is recorded at fair value at the date of acquisition less estimated selling costs. Any subsequent adjustments will be to the lower of cost or market. The fair value of such assets is determined based primarily upon independent appraisals and other relevant factors. The amounts ultimately recoverable from real estate owned could differ from the net carrying value of these properties because of economic conditions. Costs incurred to improve properties or prepare them for sale are capitalized. Revenues and expenses related to the holding and operating of properties are recognized in operations as earned or incurred. Gains or losses on sale of properties are recognized as incurred. |
Income Taxes | Income Taxes The Company records income taxes in accordance with ASC 740 “Income Taxes,” as amended, using the asset and liability method. Income tax expense (benefit) consists of income taxes currently payable (receivable) and deferred income taxes. Temporary differences between the basis of assets and liabilities for financial reporting and tax purposes are measured as of the balance sheet date. Deferred tax liabilities or recognizable deferred tax assets are calculated on such differences, using current statutory rates, which result in future taxable or deductible amounts. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date. Where applicable, deferred tax assets are reduced by a valuation allowance for any portion determined not likely to be realized. This valuation allowance would subsequently be adjusted by a charge or credit to income tax expense as changes in facts and circumstances warrant. A tax position is recognized as a benefit only if it is "more likely than not" that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. Any interest expense or penalties would be recorded as interest expense. |
Earnings Per Share | Earnings (Loss) per Common Share The Company has preferred stock series D shares which if exercised could convert to common stock and are therefore considered to be participating securities. Basic earnings (loss) per share (“EPS”) is computed using the two class method. This calculation divides net income (loss) available to common stockholders after the allocation of undistributed earnings to the participating securities by the weighted average number of shares of common stock outstanding during the period. Diluted earnings (loss) per share takes into account the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted into common stock. These potentially dilutive shares are then included in the weighted average number of shares outstanding for the period. |
Preferred and Common Dividends | Preferred and Common Dividends The Company is prohibited from paying any dividends without prior regulatory approval pursuant to the terms of the Formal Agreement and Resolution to which it is subject, and is generally subject to regulations governing the payment of dividends. See Item 1 - Business - Regulation and Supervision - Enforcement Actions. There are no assurances that the payments of common stock dividends will resume. |
Treasury Stock | Treasury Stock Treasury stock is recorded at cost and is presented as a reduction of stockholders' equity. |
NMTC fee income | NMTC fee income The fee income the Company receives related to the transfers of its New Market Tax Credits varies with each transaction but all are similar in nature. There are two basic types of fees associated with these transactions. The first is a “sub-allocation fee” that is paid to CCDC when the tax credits are allocated to a subsidiary entity at the time a qualified equity investment is made. This fee is recognized by the Company at the time of allocation. The second type of fee is paid to cover the administrative and servicing costs associated with CCDC's compliance with NMTC reporting requirements. This fee is recognized as the services are rendered. |
New Accounting Pronouncements | Impact of Recent Accounting Standards Not Yet Adopted In February 2015, the FASB issued ASU No. 2015-02, "Consolidation (Topic 810): Amendments to the Consolidation Analysis." The amendments are intended to clarify consolidation guidance for legal entities such as limited partnerships and limited liability companies and simplify consolidation accounting by reducing the number of consolidation models. ASU No. 2015-02 is effective for periods beginning after December 15, 2015. The adoption of the standard is not expected to have a material impact on the Company's consolidated statements of financial condition and results of operations. In January 2016, the FASB issued ASU No. 2016-01, "Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities." The amendments will (1) require equity investments, with certain exceptions, to be measured at fair value with changes in fair value recognized in net income, (2) simplify the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment, (3) eliminate the requirement to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet, (4) require public business entities to use an exit price notion when measuring the fair value of financial instruments for disclosure purposes, (5) require an entity to separately present in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments, (6) require separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements, and (7) clarify that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity's other deferred tax assets. ASU No. 2016-01 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The adoption of the standard is not expected to have a material impact on the Company's consolidated statements of financial condition and results of operations. In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)." From the lessee's perspective, the new standard establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement for a lessee. From the lessor's perspective, the new standard requires a lessor to classify leases as either sales-type, finance or operating. A lease will be treated as a sale if it transfers all of the risks and rewards, as well as control of the underlying asset, to the lessee. If risks and rewards are conveyed without the transfer of control, the lease is treated as a financing. If the lessor doesn't convey risks and rewards or control, an operating lease results. A modified retrospective transition approach is required for lessors for sales-type, direct financing, and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. ASU No. 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is currently evaluating the potential impact of the adoption of the new standard on its consolidated statements of financial condition and results of operations. In May 2016, the FASB issued ASU 2016-12, "Revenue from Contracts with Customers (Topic 606)," which amends the revenue recognition standard that was issued in 2014. The amendments clarify the guidance on asessing collectibility, presenting sales taxes, measuring noncash consideration, and certain transition matters. ASU 2016-12 is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that year. The Company is currently evaluating the potential impact of the adoption of the new standard on its consolidated statements of financial condition and results of operations. In June 2016, the FASB issued ASU No. 2016-13, "Financial Instruments - Credit Loss," which updates the guidance on recognition and measurement of credit losses for financial assets. The new requirements, known as the current expected credit loss model (CECL) will require entities to adopt an impairment model based on expected losses rather than incurred losses. ASU No. 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company is currently evaluating the potential impact of the adoption of the new standard on its consolidated statements of financial condition and results of operations. |
Organization (Tables)
Organization (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] | The following analysis includes the financial statements as originally reported and as adjusted and takes into account the following adjustments. CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION March 31, 2015 $ in thousands except per share data As Previously Reported Adjustment As Restated ASSETS Cash and cash equivalents: Cash and due from banks $ 44,864 — $ 44,864 Money market investments 6,128 — 6,128 Total cash and cash equivalents 50,992 — 50,992 Restricted cash 6,354 — 6,354 Investment securities: Available-for-sale, at fair value 101,185 (981 ) 100,204 Held-to-maturity, at amortized cost (fair value of $15,653 and $12,231 at March 31, 2016 and March 31, 2015, respectively) 11,922 — 11,922 Total investments 113,107 (981 ) 112,126 Loans held-for-sale (“HFS”) 2,576 148 2,724 Loans receivable: Real estate mortgage loans 412,204 484 412,688 Commercial business loans 70,555 85 70,640 Consumer loans 434 — 434 Loans, net 483,193 569 483,762 Allowance for loan losses (4,477 ) 49 (4,428 ) Total loans receivable, net 478,716 618 479,334 Premises and equipment, net 7,075 — 7,075 Federal Home Loan Bank of New York (“FHLB-NY”) stock, at cost 3,519 — 3,519 Accrued interest receivable 2,781 — 2,781 Other assets (1) 11,266 (391 ) 10,875 Total assets $ 676,386 $ (606 ) $ 675,780 LIABILITIES AND EQUITY LIABILITIES Deposits: Savings $ 95,009 — 95,009 Non-interest bearing checking 50,731 — 50,731 Interest-bearing checking 30,860 — 30,860 Money market 148,702 — 148,702 Certificates of deposit 200,123 — 200,123 Mortgagors deposits 2,336 — 2,336 Total deposits 527,761 — 527,761 Advances from the FHLB-NY and other borrowed money 83,403 — 83,403 Other liabilities 10,243 728 10,971 Total liabilities 621,407 728 622,135 EQUITY Preferred stock (par value $0.01 per share: 45,118 Series D shares, with a liquidation preference of $1,000 per share, issued and outstanding) 45,118 — 45,118 Common stock (par value $0.01 per share: 10,000,000 shares authorized; 3,698,031 issued; 3,696,087 shares outstanding at March 31, 2016 and March 31, 2015) 61 — 61 Additional paid-in capital 55,468 — 55,468 Accumulated deficit (44,206 ) (1,334 ) (45,540 ) Treasury stock, at cost (1,944 shares at March 31, 2016 and March 31, 2015) (417 ) — (417 ) Accumulated other comprehensive loss (1,045 ) — (1,045 ) Total equity 54,979 (1,334 ) 53,645 Total liabilities and equity $ 676,386 $ (606 ) $ 675,780 CONSOLIDATED STATEMENTS OF OPERATIONS Year Ended March 31, 2015 $ in thousands except per share data As Previously Reported Adjustment As Restated Interest income: Loans $ 19,974 — $ 19,974 Mortgage-backed securities 799 — 799 Investment securities 1,339 — 1,339 Money market investments 215 — 215 Total interest income 22,327 — 22,327 Interest expense: Deposits 2,853 — 2,853 Advances and other borrowed money 1,089 — 1,089 Total interest expense 3,942 — 3,942 Net interest income 18,385 — 18,385 Provision for (recovery of) loan losses (3,010 ) 168 (2,842 ) Net interest income after provision for (recovery of) loan losses 21,395 (168 ) 21,227 Non-interest income: Depository fees and charges 3,595 — 3,595 Loan fees and service charges 708 — 708 Gain on sale of securities, net 8 — 8 Gain (loss) on sale of loans, net (2 ) — (2 ) Gain on real estate owned, net 5 — 5 Lower of cost or market adjustment on loans held-for-sale (28 ) — (28 ) Other 1,282 — 1,282 Total non-interest income 5,568 — 5,568 Non-interest expense: Employee compensation and benefits 11,588 — 11,588 Net occupancy expense 3,839 — 3,839 Equipment, net 900 — 900 Data processing 733 526 1,259 Consulting fees 952 51 1,003 Federal deposit insurance premiums 603 — 603 Other 8,099 (109 ) 7,990 Total non-interest expense 26,714 468 27,182 Income (loss) before income taxes 249 (636 ) (387 ) Income tax expense 166 — 166 Consolidated net income (loss) 83 (636 ) (553 ) Less: Net loss attributable to non-controlling interest (281 ) — (281 ) Net income (loss) attributable to Carver Bancorp, Inc. $ 364 $ (636 ) $ (272 ) Earnings (loss) per common share: Basic $ 0.10 (0.17 ) $ (0.07 ) Diluted $ 0.10 (0.17 ) $ (0.07 ) |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities Amortized Cost and Estimated Fair Value [Table Text Block] | The following table sets forth the amortized cost and estimated fair value of securities available-for-sale and held-to-maturity at March 31, 2016 : Amortized Gross Unrealized $ in thousands Cost Gains Losses Fair Value Available-for-Sale: Mortgage-backed securities: Government National Mortgage Association $ 4,578 $ 45 $ — $ 4,623 Federal Home Loan Mortgage Corporation 7,778 — 100 7,678 Federal National Mortgage Association 7,860 — 36 7,824 Other 45 — — 45 Total mortgage-backed securities 20,261 45 136 20,170 U.S. Government Agency Securities 26,077 27 35 26,069 Other investments 10,148 — 207 9,941 Total available-for-sale 56,486 72 378 56,180 Held-to-Maturity: Mortgage-backed securities: Government National Mortgage Association 2,379 150 — 2,529 Federal National Mortgage Association 11,932 192 — 12,124 Total held-to-maturity mortgage-backed securities 14,311 342 — 14,653 Corporate Bonds 1,000 — — 1,000 Total held-to-maturity 15,311 342 — 15,653 Total securities $ 71,797 $ 414 $ 378 $ 71,833 The following table sets forth the amortized cost and estimated fair value of securities available-for-sale and held-to-maturity at March 31, 2015 : Amortized Gross Unrealized $ in thousands Cost Gains Losses Fair Value Available-for-Sale: Mortgage-backed securities: Government National Mortgage Association $ 5,575 $ 9 $ 57 $ 5,527 Federal Home Loan Mortgage Corporation 10,705 10 127 10,588 Federal National Mortgage Association 10,925 35 103 10,857 Other 47 — — 47 Total mortgage-backed securities 27,252 54 287 27,019 U.S. Government Agency Securities 58,464 48 662 57,850 Other investments (1) 15,533 — 198 15,335 Total available-for-sale 101,249 102 1,147 100,204 Held-to-Maturity: Mortgage-backed securities: Government National Mortgage Association 3,100 232 — 3,332 Federal National Mortgage Association 8,822 77 — 8,899 Total held-to-maturity mortgage-backed securities 11,922 309 — 12,231 Total held-to-maturity 11,922 309 — 12,231 Total securities $ 113,171 $ 411 $ 1,147 $ 112,435 (1) March 31, 2015 balance has been been restated from previously reported amounts to correct the classification of $981 thousand of interest-bearing deposits from available-for-sale securities to other assets. |
Schedule of Realized Gain (Loss) on AFS portfolio [Table Text Block] | The following is a summary regarding proceeds from securities sales of the available-for-sale portfolio for the years ended March 31 : $ in thousands 2016 2015 Available-for-Sale: Proceeds $ 4,951 $ 994 Gross gains 2 8 Gross losses 1 — |
Schedule of Unrealized Loss on Investments [Table Text Block] | The following table sets forth the unrealized losses and fair value of securities in an unrealized loss position at March 31, 2016 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 $ — $ — $ 136 $ 15,502 $ 136 $ 15,502 U.S. Government Agency Securities 3 2,996 32 11,242 35 14,238 Other investments (1) — — 207 9,793 207 9,793 Total available-for-sale securities $ 3 $ 2,996 $ 375 $ 36,537 $ 378 $ 39,533 (1) CRA fund comprised of over 95% agency securities The following table sets forth the unrealized losses and fair value of securities in an unrealized loss position at March 31, 2015 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 $ — $ — $ 287 $ 22,297 $ 287 $ 22,297 U.S. Government Agency Securities 57 12,943 605 26,400 662 39,343 Other investments (1) — — 198 9,802 198 9,802 Total available-for-sale securities $ 57 $ 12,943 $ 1,090 $ 58,499 $ 1,147 $ 71,442 |
Investments Classified by Contractual Maturity Date [Table Text Block] | The following is a summary of the carrying value (amortized cost) and fair value of securities at March 31, 2016 , 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 $ 4,999 $ 4,991 1.52 % Five through ten years 12,122 12,108 2.06 % After ten years 39,365 39,081 1.50 % 56,486 56,180 1.63 % Held-to-maturity: Five through ten years 6,921 7,089 3.02 % After ten years 8,390 8,564 2.53 % $ 15,311 $ 15,653 2.75 % |
Loans Receivable, Net (Tables)
Loans Receivable, Net (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | The following is a summary of loans receivable, net of allowance for loan losses, and loans held-for-sale at March 31 : March 31, 2016 March 31, 2015 $ in thousands Amount % Amount % Gross loans receivable: One-to-four family $ 141,243 24 % $ 125,549 26 % Multifamily 94,202 16 % 93,692 19 % Commercial real estate 272,497 47 % 186,504 39 % Construction 5,033 1 % 5,107 1 % Business 71,277 12 % 70,765 15 % Consumer (1) 42 — % 434 — % Total loans receivable (2) 584,294 100 % 482,051 100 % Unamortized premiums, deferred costs and fees, net 4,725 1,711 Allowance for loan losses (5,232 ) (4,428 ) Total loans receivable, net $ 583,787 $ 479,334 Loans held-for-sale (2) $ 2,495 $ 2,724 (1) Includes personal loans |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | The following is an analysis of the allowance for loan losses based upon the method of evaluating loan impairment for the fiscal year ended March 31, 2016 : $ in thousands One-to-four family Multifamily Commercial Real Estate Construction Business Consumer Total Allowance for loan losses: Beginning Balance $ 1,970 $ 502 $ 1,029 $ 99 $ 813 $ 15 $ 4,428 Charge-offs 389 340 — — 176 517 1,422 Recoveries 113 — 9 — 578 31 731 Provision for (Recovery of) Loan Losses 3 460 770 (37 ) (193 ) 492 1,495 Ending Balance $ 1,697 $ 622 $ 1,808 $ 62 $ 1,022 $ 21 $ 5,232 Allowance for Loan Losses Ending Balance: collectively evaluated for impairment 1,602 622 1,787 62 548 21 4,642 Allowance for Loan Losses Ending Balance: individually evaluated for impairment 95 — 21 — 474 — 590 Loan Receivables Ending Balance $ 143,667 $ 95,648 $ 273,470 $ 5,000 $ 71,192 $ 42 $ 589,019 Ending Balance: collectively evaluated for impairment 139,031 93,879 267,176 5,000 64,326 42 569,454 Ending Balance: individually evaluated for impairment 4,636 1,769 6,294 — 6,866 — 19,565 The following is an analysis of the allowance for loan losses based upon the method of evaluating loan impairment for the fiscal year ended March 31, 2015 : $ in thousands One-to-four family Multifamily Commercial Real Estate Construction Business Consumer Total Allowance for loan losses: Beginning Balance $ 3,396 $ 422 $ 1,835 $ — $ 1,705 $ 8 $ 7,366 Charge-offs 687 132 — — 320 498 1,637 Recoveries 380 82 256 — 816 7 1,541 Provision for (Recovery of) Loan Losses (1,119 ) 130 (1,062 ) 99 (1,388 ) 498 (2,842 ) Ending Balance (1) $ 1,970 $ 502 $ 1,029 $ 99 $ 813 $ 15 $ 4,428 Allowance for Loan Losses Ending Balance: collectively evaluated for impairment 1,683 272 953 99 801 15 3,823 Allowance for Loan Losses Ending Balance: individually evaluated for impairment 287 230 76 — 12 — 605 Loan Receivables Ending Balance (2) $ 127,056 $ 94,590 $ 185,966 $ 5,076 $ 70,640 $ 434 $ 483,762 Ending Balance: collectively evaluated for impairment 120,009 93,234 183,345 5,076 65,284 434 467,382 Ending Balance: individually evaluated for impairment 7,047 1,356 2,621 — 5,356 — 16,380 |
Schedule of Credit Losses Related to Financing Receivables, Current and Noncurrent [Table Text Block] | The following is an analysis of the allowance for loan losses for the years ended March 31 : $ in thousands 2016 2015 Restated (1) Balance at beginning of the year $ 4,428 $ 7,366 Charge-offs of loans 1,422 1,637 Recoveries of amounts previously charged off 731 1,541 Provision for (recovery of) loan losses 1,495 (2,842 ) Balance at end of the year $ 5,232 $ 4,428 |
Schedule of Financing Receivables, Non Accrual Status [Table Text Block] | The following is a summary of nonaccrual loans at March 31, 2016 and 2015 . $ in thousands March 31, 2016 March 31, 2015 Loans accounted for on a nonaccrual basis: Gross loans receivable: One-to-four family $ 2,947 $ 3,664 Multifamily 1,769 1,053 Commercial real estate 5,338 2,817 Business 3,896 861 Total nonaccrual loans $ 13,950 $ 8,395 |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | As of March 31, 2016 , and based on the most recent analysis performed in the current quarter, the risk category by class of loans is as follows: $ in thousands Multifamily Commercial Real Estate Construction Business Credit Risk Profile by Internally Assigned Grade: Pass $ 93,879 $ 262,937 $ 5,000 $ 61,331 Special Mention — 4,239 — 2,039 Substandard 1,769 6,294 — 7,822 Doubtful — — — — Loss — — — — Total $ 95,648 $ 273,470 $ 5,000 $ 71,192 One-to-four family Consumer Credit Risk Profile Based on Payment Activity: Performing $ 140,720 $ 42 Non-Performing 2,947 — Total $ 143,667 $ 42 As of March 31, 2015 , and based on the most recent analysis performed, the risk category by class of loans is as follows: $ in thousands Multifamily Commercial Real Estate Construction Business Credit Risk Profile by Internally Assigned Grade: Pass $ 93,102 $ 181,455 $ 5,076 $ 62,460 Special Mention — 1,890 — 1,065 Substandard 1,488 2,621 — 7,115 Doubtful — — — — Loss — — — — Total (1) $ 94,590 $ 185,966 $ 5,076 $ 70,640 One-to-four family Consumer Credit Risk Profile Based on Payment Activity: Performing $ 123,218 $ 434 Non-Performing 3,838 — Total (1) $ 127,056 $ 434 |
Past Due Financing Receivables [Table Text Block] | The following table presents an aging analysis of the recorded investment of past due financing receivable as of March 31, 2016 . $ in thousands 30-59 Days Past Due 60-89 Days Past Due 90 or More Days Past Due Total Past Due Current Total Financing Receivables One-to-four family $ 986 $ — $ 2,628 $ 3,614 $ 140,053 $ 143,667 Multifamily — — 1,769 1,769 93,879 95,648 Commercial real estate 889 3,410 — 4,299 269,171 273,470 Construction — — — — 5,000 5,000 Business 2,495 307 1,972 4,774 66,418 71,192 Consumer 2 — — 2 40 42 Total $ 4,372 $ 3,717 $ 6,369 $ 14,458 $ 574,561 $ 589,019 The following table presents an aging analysis of the recorded investment of past due financing receivable as of March 31, 2015 . $ in thousands 30-59 Days Past Due 60-89 Days Past Due 90 or More Days Past Due Total Past Due Current Total Financing Receivables (1) One-to-four family $ 464 $ — $ 3,574 $ 4,038 $ 123,018 $ 127,056 Multifamily — 434 1,054 1,488 93,102 94,590 Commercial real estate 1,150 936 1,102 3,188 182,778 185,966 Construction — — — — 5,076 5,076 Business — — 123 123 70,517 70,640 Consumer — 1 — 1 433 434 Total $ 1,614 $ 1,371 $ 5,853 $ 8,838 $ 474,924 $ 483,762 (1) March 31, 2015 balances have been restated from previously reported results for the $701 thousand reclassification of negative escrow balances from Other Assets to Loans Receivable. |
Impaired Financing Receivables [Table Text Block] | The following tables present information on impaired loans with the associated allowance amount, if applicable, at March 31, 2016 and 2015 . Management determined the specific allowance based on the present value of expected future cash flows, discounted at the loan’s effective interest rate, except when the remaining source of repayment for the loan is the operation or liquidation of the collateral. In those cases, the current fair value of the collateral, less selling costs was used to determine the specific allowance recorded. When the ultimate collectability of the total principal of an impaired loan is in doubt and the loan is on nonaccrual status, all payments are applied to principal under the cost recovery method. When the ultimate collectability of the total principal of an impaired loan is not in doubt and the loan is on nonaccrual status, contractual interest is credited to interest income when received under the cash basis method. Impaired Loans by Class At March 31, 2016 2015 (1) $ in thousands Recorded Investment Unpaid Principal Balance Associated Allowance Recorded Investment Unpaid Principal Balance Associated Allowance With no specific allowance recorded: One-to-four family $ 2,909 $ 4,101 $ — $ 2,752 $ 3,007 $ — Multifamily 1,769 2,122 — 237 237 — Commercial real estate 5,405 5,572 — 1,880 1,880 — Business 4,223 4,403 — 4,568 4,652 — Consumer — — — — — — With an allowance recorded: One-to-four family 1,727 1,727 95 4,295 4,541 287 Multifamily — — — 1,119 1,349 230 Commercial real estate 889 889 21 741 741 76 Business 2,643 2,643 474 788 788 12 Total $ 19,565 $ 21,457 $ 590 $ 16,380 $ 17,195 $ 605 (1) March 31, 2015 balances have been restated from previously reported results for the $701 thousand reclassification of negative escrow balances from Other Assets to Loans Receivable. The following table presents information on average balances on impaired loans and the interest income recognized for the years ended March 31, 2016 and 2015 . For the years ended March 31, 2016 2015 $ in thousands Average Balance Interest Income recognized Average Balance Interest Income recognized With no specific allowance recorded: One-to-four family $ 2,835 $ 17 $ 1,669 $ 17 Multifamily 1,463 17 222 — Commercial real estate 2,935 — 1,670 83 Construction — — — — Business 3,662 93 3,903 215 With an allowance recorded: One-to-four family 1,725 25 5,158 104 Multifamily — — 1,255 24 Commercial real estate 895 43 — — Business 2,340 85 855 18 Total $ 15,855 $ 280 $ 14,732 $ 461 |
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | The following table presents an analysis of those loan modifications that were classified as TDRs during the twelve month periods ended March 31, 2016 and March 31, 2015 : Modifications to loans during the years ended March 31, 2016 2015 $ in thousands Number of loans Pre-modification outstanding recorded investment Post-Modification Recorded investment Pre-Modification rate Post-Modification rate Number of loans Pre-modification outstanding recorded investment Post-Modification Recorded investment Pre-Modification rate Post-Modification rate One-to-four family 2 429 456 4.08 % 4.89 % 1 43 43 12 % 12 % Commercial real estate — — — — % — % 1 860 860 6.60 % 6.60 % Business — — — — % — % 2 788 788 8.25 % 8.25 % Total 2 $ 429 $ 456 4 $ 1,691 $ 1,691 |
Office Properties and Equipme31
Office Properties and Equipment, Net Office Properties and Equipment, Net (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | The details of office properties and equipment as of March 31 are as follows: $ in thousands 2016 2015 Land $ 98 $ 155 Building and improvements 9,783 10,469 Leasehold improvements 6,530 8,064 Furniture, equipment, and other 12,759 12,399 29,170 31,087 Less accumulated depreciation and amortization (23,187 ) (24,012 ) Office properties and equipment, net $ 5,983 $ 7,075 |
Accrued Interest Receivable Acc
Accrued Interest Receivable Accrued Interest Receivable (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Accrued Interest Receivable [Abstract] | |
Accrued Interest Receivable [Table Text Block] | The details of accrued interest receivable as of March 31 are as follows: $ in thousands 2016 2015 Loans receivable $ 3,287 $ 2,337 Mortgage-backed securities 88 99 Investments and other interest-bearing assets 272 345 Total accrued interest receivable $ 3,647 $ 2,781 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Deposits [Abstract] | |
Deposits liabilities [Table Text Block] | Deposit balances and weighted average stated interest rates as of March 31 are as follows: 2016 2015 $ in thousands Amount Percent of Total Deposits Weighted Average Rate Amount Percent of Total Deposits Weighted Average Rate Non-interest-bearing demand $ 56,634 9.32 % — % $ 50,731 9.61 % — % Interest-bearing checking 33,106 5.46 0.16 30,860 5.85 0.16 Savings 95,230 15.70 0.27 95,009 18.00 0.27 Money market savings account 163,380 26.93 0.52 148,702 28.18 0.49 Certificates of deposit 255,854 42.17 0.92 200,123 37.92 0.93 Mortgagors deposits 2,537 0.42 1.22 2,336 0.44 1.53 Total $ 606,741 100.00 % 0.59 % $ 527,761 100.00 % 0.55 % |
Maturities of Certificates of Deposits [Table Text Block] | Scheduled maturities of certificates of deposit for the year ended March 31, 2016 are as follows: $ in thousands Period to Maturity Rate < 1 Yr. 1-2 Yrs. 2-3 Yrs. 3+ Yrs. Total 2016 Percent of Total 0% - 0.99% $ 105,286 $ 6,328 $ 4,950 $ 4,125 $ 120,689 47.17 % 1% - 1.99% 36,495 44,643 39,473 8,187 128,798 50.34 2% - 3.99% 5,299 9 822 233 6,363 2.49 4% and over — — — 4 4 — Total $ 147,080 $ 50,980 $ 45,245 $ 12,549 $ 255,854 100.00 % |
Certificates of Deposit $100,000 or more [Table Text Block] | The following table represents the amount of certificates of deposit of $100,000 or more at March 31, 2016 maturing during the periods indicated: $ in thousands Maturing: April 1, 2016 to June 30, 2016 $ 64,469 July 1, 2016 to September 30, 2016 9,842 October 1, 2016 to March 31, 2017 50,512 April 1, 2017 and beyond 91,878 Total $ 216,701 |
Interest expense on deposits [Table Text Block] | Interest expense on deposits is as follows for the years ended March 31 : $ in thousands 2016 2015 Interest-bearing checking $ 52 $ 45 Savings and clubs 253 255 Money market savings 844 692 Certificates of deposit 2,099 1,836 Mortgagors deposits 28 30 3,276 2,858 Penalty for early withdrawal of certificates of deposit (7 ) (5 ) Total interest expense $ 3,269 $ 2,853 |
Borrowed Money (Tables)
Borrowed Money (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Borrowed Money [Abstract] | |
Schedule of Federal Home Loan Bank, Advances, by Branch of FHLB Bank [Table Text Block] | FHLB-NY advances weighted average interest rates by remaining period to maturity at March 31 are as follows: $ in thousands 2016 2015 Maturing Year Ended March 31, Weighted Average Rate Amount Weighted Average Rate Amount 2016 —% $ — 0.34% $ 40,000 2017 0.49 25,000 — — 2018 —% — —% — 2019 (1) 1.50% $ 25,000 1.50% $ 25,000 1.00% $ 50,000 0.79% $ 65,000 |
Schedule of Debt [Table Text Block] | The following table sets forth certain information regarding Carver Federal's borrowings as of and for the years ended March 31 : $ in thousands 2016 2015 Amounts outstanding at the end of year: FHLB advances $ 50,000 $ 65,000 Subordinated debt securities $ 18,403 $ 18,403 Rate paid at year end: FHLB advances 1.00 % 0.79 % Subordinated debt securities 3.23 % 2.99 % Maximum amount of borrowing outstanding at any month end: FHLB advances $ 95,000 $ 65,000 Subordinated debt securities $ 18,403 $ 18,403 Approximate average amounts outstanding for year: FHLB advances $ 61,230 $ 28,299 Subordinated debt securities $ 18,403 $ 18,403 Approximate weighted average rate paid during year: FHLB advances 1.15 % 1.91 % Subordinated debt securities 3.08 % 2.98 % |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The components of income tax expense for the years ended March 31 are as follow: $ in thousands 2016 2015 Income tax expense (benefit): Current - Federal $ 4 $ — Current - State 124 166 Total income tax expense (benefit) $ 128 $ 166 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The following is a reconciliation of the expected Federal income tax rate to the consolidated effective tax rate for the years ended March 31 : 2016 2015 Restated (1) $ in thousands Amount Percent Amount Percent Statutory Federal income tax expense (benefit) $ (14 ) 34.0 % $ (36 ) 34.0 % State and local income tax, net of Federal tax benefit 19 (44.6 ) (49 ) 46.2 General business credit (32 ) 76.7 (32 ) 30.2 Difference in rates (23 ) 54.2 (1,568 ) 1,479.2 Valuation Allowance 330 (782.9 ) 1,832 (1,728.3 ) Other (152 ) 360.1 19 (17.9 ) Total income tax expense $ 128 (302.5 )% $ 166 (156.6 )% |
Deferred Tax Assets and Liabilities [Table Text Block] | Tax effects of existing temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities are included in other assets at March 31 as follows: $ in thousands 2016 2015 Restated (1) Deferred Tax Assets: Allowance for loan losses $ 2,230 $ 1,682 Nonaccrual loan interest 67 68 Purchase accounting adjustment 3 23 Net operating loss carryforward 17,400 17,742 New markets tax credit 2,207 2,207 Depreciation 1,863 977 Market value adjustment on HFS loans 13 464 Unrealized loss on available-for-sale securities 139 448 Other 415 946 Total Deferred Tax Assets 24,337 24,557 Deferred Tax Liabilities: Income from affiliate — 671 Other 593 162 Total Deferred Tax Liabilities 593 833 Deferred Tax Assets, net 23,744 23,724 Valuation Allowance (23,744 ) (23,724 ) Deferred Tax Assets, net of valuation allowance $ — $ — |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table reconciles the earnings (loss) available to common shareholders (numerator) and the weighted average common stock outstanding (denominator) for both basic and diluted earnings (loss) per share for years ended March 31 : $ in thousands except per share data 2016 2015 Restated (1) Net loss available to common shareholders of Carver Bancorp, Inc. $ (170 ) $ (272 ) Weighted average common shares outstanding – basic 3,696,420 3,696,359 Effect of dilutive MRP shares 4,000 253 Weighted average common shares outstanding – diluted 3,700,420 3,696,612 Basic (loss) earnings per common share $ (0.05 ) $ (0.07 ) Diluted (loss) earnings per common share $ (0.05 ) $ (0.07 ) (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | The table below presents the Bank's regulatory capital ratios at March 31, 2016 and 2015 . March 31, 2016 March 31, 2015 Restated (1) ($ in thousands) Amount Ratio Amount Ratio Tier 1 leverage capital Regulatory capital $ 66,476 9.22 % $ 65,910 10.63 % Minimum capital requirement 28,838 4.00 % 24,793 4.00 % Excess 37,638 5.22 % 41,117 6.63 % Common equity Tier 1 Regulatory capital $ 66,476 12.66 % $ 65,910 14.80 % Minimum capital requirement 23,653 4.50 % 20,045 4.50 % Excess 42.823 8.16 % 45.865 10.30 % Tier 1 risk-based capital Regulatory capital $ 66,476 12.66 % $ 65,910 14.80 % Minimum capital requirement 31,538 6.00 % 26,726 6.00 % Excess 34,938 6.66 % 39,184 8.80 % Total risk-based capital Regulatory capital $ 73,797 14.04 % $ 73,404 16.48 % Minimum capital requirement 42,050 8.00 % 35,635 8.00 % Excess 31,747 6.04 % 37,769 8.48 % |
Other Comprehensive Income (L38
Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following tables set forth changes in each component of accumulated other comprehensive loss, net of tax for the years ended March 31, 2016 and 2015 : $ in thousands At March 31, 2015 Other Comprehensive Income At March 31, 2016 Net unrealized loss on securities available-for-sale $ (1,045 ) $ 738 $ (307 ) $ in thousands At March 31, 2014 Other Comprehensive Income At March 31, 2015 Net unrealized loss on securities available-for-sale $ (4,768 ) $ 3,723 $ (1,045 ) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | The following table sets forth information about amounts reclassified from accumulated other comprehensive loss to the consolidated statement of operations and the affected line item in the statement where net income is presented. For the Twelve Months Ended March 31, Affected Line Item in the Consolidated Statement of Operations $ in thousands 2016 2015 Reclassification adjustment for sales of available for-sale securities, net of tax $ 1 $ 8 Gain on sale of securities, net |
Employee Benefit and Stock Co39
Employee Benefit and Stock Compensation Plans (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Information regarding nonvested shares of restricted stock awards outstanding for the years ended March 31 is as follows: 2016 2015 Shares Weighted Average Grant Price Shares Weighted Average Grant Price Outstanding, beginning of year — $ — 1,000 91.05 Granted 4,000 5.56 — — Vested — — (1,000 ) 91.05 Forfeited — — — — Outstanding, end of year 4,000 5.56 — — |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Information regarding stock options as of and for the years ended March 31 is as follows: 2016 2015 Options Weighted Average Exercise Price Options Weighted Average Exercise Price Outstanding, beginning of year 3,029 246.18 4,029 258.16 Granted 4,000 5.56 — — Exercised — — — — Expired/Forfeited 1,105 258.30 1,000 294.45 Outstanding, end of year 5,924 81.65 3,029 246.18 Exercisable, at year end 1,924 3,002 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | Information regarding stock options as of and for the year ended March 31, 2016 is as follows : Options Outstanding Options Exercisable Range of Exercise Prices Shares Weighted Average Remaining Life Weighted Average Exercise Price Shares Weighted Average Exercise Price $ 5.00 $ 5.99 4,000 9.23 $ 5.56 — $ — 90.00 104.85 133 4.36 97.50 133 97.50 240.00 254.85 1,791 0.86 250.61 1,791 16.71 Total 5,924 1,924 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The fair value of the option grants was estimated on the date of the grant using the Black-Scholes option pricing model applying the following weighted average assumptions for the years ended March 31 : 2016 2015 Risk-free interest rate 1.78 % N/A Volatility 10.00 % N/A Annual dividends — % N/A Expected life of option grants 9.24 N/A |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments [Table Text Block] | The following table reflects the Bank's outstanding lending commitments and contractual obligations as of March 31 : $ in thousands 2016 2015 Commitments to fund mortgage loans $ 15,568 $ 30,972 Commitments to fund commercial and consumer loans 3,000 8,963 Lines of credit 6,144 5,355 Letters of credit 234 234 Commitment to fund private equity investment 852 — $ 25,798 $ 45,524 |
Pending Repurchase Request by counterparty [Table Text Block] | The following table presents information on open requests from FNMA. The amounts presented are based on outstanding loan principal balances. $ in thousands Loans sold to FNMA Open claims as of March 31, 2015 (1) $ 2,045 Gross new demands received — Loans repurchased/made whole — Demands rescinded — Principal payments received on open claims 36 Open claims as of March 31, 2016 (1) $ 2,009 |
Changes representation and warranty reserves [Table Text Block] | The table below summarizes changes in our representation and warranty reserves during fiscal 2016 . $ in thousands March 31, 2016 Representation and warranty repurchase reserve, as of March 31, 2015 (1) $ 406 Net recovery of repurchase losses (2) (220 ) Net realized losses (2) — Representation and warranty repurchase reserve, as of March 31, 2016 (1) $ 186 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Lease Commitments. Rentals under long-term operating leases for certain branches aggregated approximately $1.5 million , $1.6 million and $1.5 million for fiscal years 2016 , 2015 , and 2014 , respectively. As of March 31, 2016 , minimum rental commitments under all non-cancelable leases with initial or remaining terms of more than one year and expiring through 2030 follow: $ in thousands Year Ending March 31, Minimum Rental 2017 1,305 2018 1,253 2019 1,089 2020 569 Thereafter 825 $ 5,041 |
Fair Value Measurements Fair 41
Fair Value Measurements Fair Value Measurements (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The following table presents, by valuation hierarchy, assets that are measured at fair value on a recurring basis as of March 31, 2016 and 2015 , and that are included in the Company's Consolidated Statements of Financial Condition at these dates: Fair Value Measurements at March 31, 2016, Using $ in thousands Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value Mortgage servicing rights $ — $ — $ 201 $ 201 Investment securities Available-for-sale: Mortgage-backed securities: Government National Mortgage Association — 4,623 — 4,623 Federal Home Loan Mortgage Corporation — 7,678 — 7,678 Federal National Mortgage Association — 7,824 — 7,824 Other — — 45 45 U.S. Government Agency securities — 26,069 — 26,069 Other investments — 9,941 — 9,941 Total available-for-sale securities — 56,135 45 56,180 Total assets $ — $ 56,135 $ 246 $ 56,381 Fair Value Measurements at March 31, 2015, Using $ in thousands Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value Mortgage servicing rights $ — $ — 210 $ 210 Investment securities Available-for-sale: Mortgage-backed securities: Government National Mortgage Association — 5,527 — 5,527 Federal Home Loan Mortgage Corporation — 10,588 — 10,588 Federal National Mortgage Association — 10,857 — 10,857 Other — — 47 47 U.S. Government Agency securities — 57,850 — 57,850 Other investments (1) — 15,335 — 15,335 Total available-for-sale securities — 100,157 47 100,204 Total assets $ — $ 100,157 $ 257 $ 100,414 |
Schedule of Fair Value Level 3 Assets [Table Text Block] | The following table includes a rollforward of assets classified by the Company within Level 3 of the valuation hierarchy for the years ended March 31, 2016 and 2015 : $ in thousands Beginning balance, April 1, 2015 Total Realized/Unrealized Gains/(Losses) Recorded in Income (1) Issuances / (Settlements) Transfers to/(from) Level 3 Ending balance, March 31, 2016 Change in Unrealized Gains/(Losses) Related to Instruments Held at March 31, 2016 Securities Available-for-Sale $ 47 $ — $ (2 ) $ — $ 45 $ — Mortgage Servicing Rights 210 (9 ) — — 201 (8 ) $ in thousands Beginning balance, April 1, 2014 Total Realized/Unrealized Gains/(Losses) Recorded in Income (1) Issuances / (Settlements) Transfers to/(from) Level 3 Ending balance, March 31, 2015 Change in Unrealized Gains/(Losses) Related to Instruments Held at March 31, 2015 Securities Available-for-Sale $ 49 $ — $ (2 ) $ — $ 47 — Mortgage Servicing Rights 265 (55 ) — — 210 (51 ) (1) Includes net servicing cash flows and the passage of time. |
Fair Value Measurements, Nonrecurring [Table Text Block] | The following table presents assets and liabilities that were measured at fair value on a non-recurring basis as of March 31, 2016 and 2015 , and that are included in the Company's Consolidated Statements of Financial Condition at these dates: Fair Value Measurements at March 31, 2016, Using $ in thousands Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value Loans held-for-sale $ — $ — $ 2,495 $ 2,495 Impaired loans with a specific reserve allocated $ — $ — $ 4,669 $ 4,669 Other real estate owned $ — $ — $ 1,008 $ 1,008 Fair Value Measurements at March 31, 2015, Using $ in thousands Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value Loans held-for-sale (1) $ — $ — $ 2,724 $ 2,724 Impaired loans with a specific reserve allocated $ — $ — $ 6,338 $ 6,338 Other real estate owned (1) $ — $ — $ 4,341 $ 4,341 |
Fair Value of Financial Instr42
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | The carrying amounts and estimated fair values of the Bank's financial instruments and estimation methodologies at March 31 are as follows: March 31, 2016 $ in thousands Carrying Amount Estimated Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets: Cash and cash equivalents $ 63,660 $ 63,660 $ 63,660 $ — $ — Restricted cash 225 225 — 225 — Securities available-for-sale 56,180 56,180 — 56,135 45 FHLB Stock 2,883 2,883 — 2,883 — Securities held-to-maturity 15,311 15,653 — 15,653 — Loans receivable 583,787 585,650 — — 585,650 Loans held-for-sale 2,495 2,495 — — 2,495 Accrued interest receivable 3,647 3,647 — 3,647 — Mortgage servicing rights 201 201 — — 201 Other assets - Interest-bearing deposits 983 983 — 983 — Financial Liabilities: Deposits $ 606,741 $ 585,394 $ 329,398 $ 255,996 $ — Advances from FHLB of New York 50,000 50,141 — 50,141 — Other borrowed money 18,403 18,734 — 18,734 — March 31, 2015 $ in thousands Carrying Amount Estimated Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets: Cash and cash equivalents $ 50,992 $ 50,992 $ 50,992 $ — $ — Restricted cash 6,354 6,354 — 6,354 — Securities available-for-sale (1) 100,204 100,204 — 100,157 47 FHLB Stock 3,519 3,519 — 3,519 — Securities held-to-maturity 11,922 12,231 — 12,231 — Loans receivable (1) 479,334 485,458 — — 485,458 Loans held-for-sale (1) 2,724 2,724 — — 2,724 Accrued interest receivable 2,781 2,781 — 2,781 — Mortgage servicing rights 210 210 — — 210 Other assets - Interest-bearing deposits (1) 981 981 — 981 — Financial Liabilities: Deposits $ 527,761 $ 511,160 $ 309,897 $ 201,263 $ — Advances from FHLB of New York 65,000 65,827 — 65,827 — Other borrowed money 18,403 18,931 — 18,931 — |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure [Abstract] | |
Schedule of Variable Interest Entities [Table Text Block] | The Bank's VIEs, consolidated and unconsolidated, in which the Company holds significant variable interests or has continuing involvement through servicing a majority of assets in a VIE are presented below: Involvement with SPE (000's) Funded Exposure Unfunded Exposure Total Recognized Gain (Loss) (000's) Total Rights transferred Consolidated assets Significant unconsolidated VIE assets Total Involvement with SPE asset Debt Investments Equity Investments (1) Funding Commitments Maximum exposure to loss Carver Statutory Trust 1 $ — $ — $ — $ 13,400 $ 13,400 $ 13,000 $ 400 $ — $ — $ 13,400 CDE 1-9, CDE 11-12 (3) — 40,000 2,362 — 2,362 — — — 7,800 7,800 CDE 10 (2) 1,700 19,000 — — — — — — 7,410 7,410 CDE 13 500 10,500 — 10,567 10,567 — 1 — 4,095 4,096 CDE 14 400 10,000 — 10,034 10,034 — 1 — 3,900 3,901 CDE 15, CDE 16, CDE 17 900 20,500 — 20,645 20,645 — 2 — 7,995 7,997 CDE 18 600 13,254 — 13,282 13,282 — 1 — 5,169 5,170 CDE 19 500 10,746 — 10,951 10,951 — 1 — 4,191 4,192 CDE 20 625 12,500 — 12,129 12,129 — 1 — 4,875 4,876 CDE 21 625 12,500 — 12,281 12,281 — 1 — 4,875 4,876 Total $ 5,850 $ 149,000 $ 2,362 $ 103,289 $ 105,651 $ 13,000 $ 408 $ — $ 50,310 $ 63,718 |
Quarterly Financial Data Quarte
Quarterly Financial Data Quarterly Finanacial Data (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Quarterly Financial Data [Abstract] | |
Unaudited Quarterly Financial Information [Table Text Block] | The following tables set forth certain unaudited financial data for our quarterly operations in fiscal 2016 and 2015 . The following information has been prepared on the same basis as the annual information presented elsewhere in this report and, in the opinion of management, includes all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the information for the quarterly periods presented. The operating results for any quarter are not necessarily indicative of results for any future period. Restatement The Company has restated its consolidated financial statements for fiscal year 2015 contained in the Annual Reports on Form 10-K for the years ended March 31, 2016 and 2015, and unaudited interim consolidated financial statements contained in the Company's Quarterly Reports on Form 10-Q for each of the quarters ended June 30, 2015 and 2014, September 30, 2015 and 2014 and December 31, 2015 and 2014. The Restatement corrects a material error related to the accrual of data processing and other expenses related to invoices paid to the Bank's core system provider. In fiscal 2016, Carver Bancorp recognized expenses on invoices paid to its core system provider, and during the course of preparation of the fiscal 2016 financial statements and audit, management determined that $613 thousand of the expenses should have been recognized in fiscal 2015. The cumulative adjustments of the Restatement increased non-interest expense by $613 thousand for the fiscal year ended March 31, 2015 and decreased non-interest expense by $326 thousand for the first three quarters of fiscal 2016. In fiscal 2016, Management identified an accounting error related to the reporting of earnings per share (EPS). Under the two class method of computing EPS, the Company has two classes of stock to which undistributed earnings are allocated. Previously, the impact of the undistributed earnings allocated to the shares of the Company’s Series D convertible preferred stock which are considered participating securities and had not been considered in this computation. Basic and Diluted EPS amounts are updated for all periods in a net income position to include 45,118 shares of Series D Preferred Stock which, under certain circumstances, could convert to 5,518,006 shares of common stock. There was no impact for fiscal year 2015 due to the fact that the Company recorded a net loss. In addition to the errors described above, adjustments have been made related to other individually immaterial errors including certain corrections that had been previously identified but not recorded because they were not material to our consolidated financial statements. These corrections included adjustments to accrued liabilities, provision for loan losses and certain reclassification entries. For the year ended March 31, 2015, the Restatement for the material error reported a $613 thousand decrease in net income offset to an increase in other liabilities. The correction of certain other errors resulted in reclassifications between cash flow from operating activities to the cash flow from investing activities section of the Consolidated Statement of Cash Flow. The tables below provide the individual line items as originally reported on the Company's Forms 10-Q and their restated amounts: June 30, 2015 September 30, 2015 December 31, 2015 March 31, 2016 $ in thousands, except per share data Previously Reported Adjustments Restated Previously Reported Adjustments Restated Previously Reported Adjustments Restated Fiscal 2016 Interest income $ 6,208 — $ 6,208 $ 6,730 $ — $ 6,730 $ 7,009 $ — $ 7,009 $ 6,961 Interest expense 1,058 — 1,058 1,093 — 1,093 1,171 — 1,171 1,217 Net interest income 5,150 — 5,150 5,637 — 5,637 5,838 — 5,838 5,744 Provision for loan losses 117 (83 ) 34 643 — 643 728 — 728 89 Non-interest income 1,193 — 1,193 1,131 — 1,131 2,741 — 2,741 1,469 Non-interest expense 6,035 (184 ) 5,851 6,211 (9 ) 6,202 7,347 (133 ) 7,214 8,186 Income tax (expense) benefit (13 ) — (13 ) (79 ) — (79 ) (67 ) — (67 ) 32 Net income (loss) attributable to Carver Bancorp, Inc. $ 178 $ 267 $ 445 $ (165 ) $ 9 $ (156 ) $ 437 $ 133 $ 570 $ (1,030 ) Earnings (loss) per common share Basic (1) $ 0.05 $ — $ 0.05 $ (0.04 ) $ — $ (0.04 ) $ 0.12 $ (0.06 ) $ 0.06 $ (0.28 ) Diluted (1) $ 0.05 $ — $ 0.05 $ (0.04 ) $ — $ (0.04 ) $ 0.12 $ (0.06 ) $ 0.06 $ (0.28 ) (1) Basic and Diluted EPS amounts restated for all periods in a net income position to include 45,118 shares of Series D Preferred Stock (participating securities) which, under certain circumstances, could convert to 5,518,006 shares of common stock. June 30, 2014 September 30, 2014 December 31, 2014 March 31, 2015 $ in thousands, except per share data Previously Reported Adjustments Restated Previously Reported Adjustments Restated Previously Reported Adjustments Restated Previously Reported Adjustments Restated Fiscal 2015 Interest income $ 5,758 — $ 5,758 $ 5,590 — $ 5,590 $ 5,265 — $ 5,265 $ 5,714 $ — $ 5,714 Interest expense 991 — 991 992 — 992 1,013 — 1,013 946 — 946 Net interest income 4,767 — 4,767 4,598 — 4,598 4,252 — 4,252 4,768 — 4,768 Recovery of loan losses (780 ) (133 ) (913 ) (713 ) — (713 ) (1,151 ) — (1,151 ) (365 ) 301 (64 ) Non-interest income 1,202 — 1,202 1,562 — 1,562 1,408 — 1,408 1,394 — 1,394 Non-interest expense 6,547 77 6,624 6,753 27 6,780 6,789 338 7,127 6,622 26 6,648 Income tax expense (16 ) — (16 ) (57 ) — (57 ) (62 ) — (62 ) (31 ) — (31 ) Net income (loss) attributable to noncontrolling interest (17 ) — (17 ) 147 — 147 151 — 151 — — — Net income (loss) attributable to Carver Bancorp, Inc. $ 169 $ 56 $ 225 $ 210 $ (27 ) $ 183 $ 111 $ (338 ) $ (227 ) $ (126 ) $ (327 ) $ (453 ) Earnings (loss) per common share* Basic (1) $ 0.05 $ (0.02 ) $ 0.02 $ 0.06 $ (0.04 ) $ 0.02 $ 0.03 $ (0.09 ) $ (0.06 ) $ (0.03 ) $ (0.09 ) $ (0.12 ) Diluted (1) $ 0.05 $ (0.02 ) $ 0.02 $ 0.06 $ (0.04 ) $ 0.02 $ 0.03 $ (0.09 ) $ (0.06 ) $ (0.03 ) $ (0.09 ) $ (0.12 ) * Difference in total earnings per share to Consolidated Statement of Operations is due to rounding (1) Basic and Diluted EPS amounts restated for all periods in a net income position to include 45,118 shares of Series D Preferred Stock (participating securities) which, under certain circumstances, could convert to 5,518,006 shares of common stock. |
Carver Bancorp Inc.-Parent Co45
Carver Bancorp Inc.-Parent Company Only Carver Bancorp Inc.-Parent Company Only (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule of Condensed Balance Sheet [Table Text Block] | As of March 31, $ in thousands 2016 2015 Restated (1) Assets Cash on deposit with subsidiaries $ 2,995 $ 4,679 Investment in subsidi aries (1) 66,775 65,270 Other assets 69 54 Total assets $ 69,839 $ 70,003 Liabilities and Stockholders' Equity Borrowings $ 13,403 $ 13,403 Accounts payable to subsidiaries 51 1,249 Other liabilities 2,170 1,706 Total liabilities $ 15,624 $ 16,358 Stockholders’ equity (1) $ 54,215 $ 53,645 Total liabilities and stockholders’ equity $ 69,839 $ 70,003 |
Schedule of Condensed Income Statement [Table Text Block] | Years Ended March 31, $ in thousands 2016 2015 Restated (1) Income Equity in net (loss) income from subsidiaries (1) $ 764 $ 582 Other income 23 21 Total income 787 603 Expenses Interest expense on borrowings 465 446 Salaries and employee benefits 237 167 Shareholder expense 82 95 Other 173 167 Total expense 957 875 Net loss (1) $ (170 ) $ (272 ) |
Schedule of Condensed Cash Flow Statement [Table Text Block] | Years Ended March 31, $ in thousands 2016 2015 (Restated) Cash Flows From Operating Activities Net loss (1) $ (170 ) $ (272 ) Adjustments to reconcile net loss to net cash from operating activities: Equity in net income of subsidiaries (1) (764 ) (582 ) Increase in account receivable from subsidiaries (1 ) (2 ) Increase in other assets (14 ) 17 (Decrease) increase in accounts payable to subsidiaries (1,199 ) 371 Increase in other liabilities 464 476 Other, net — 2 Net cash (used in) provided by operating activities (1,684 ) 10 Net (decrease) increase in cash (1,684 ) 10 Cash and cash equivalents – beginning 4,679 4,669 Cash and cash equivalents – ending $ 2,995 $ 4,679 (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. |
Organization Restatement Statem
Organization Restatement Statement of Condition (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |||
Loans | $ 24,702 | $ 19,974 | |||
Mortgage-backed securities | 761 | 799 | |||
Cash and due from banks | 63,156 | 44,864 | |||
Money market investments | 504 | 6,128 | |||
Total cash and cash equivalents | 63,660 | 50,992 | $ 122,554 | ||
Restricted cash | 225 | 6,354 | |||
Investment securities: | |||||
Available-for-sale Securities | 56,180 | 100,204 | [1],[2] | ||
Held-to-maturity | 15,311 | 11,922 | |||
Total investments | 71,491 | 112,126 | [1] | ||
Loans Receivable Held-for-sale, Amount | 2,495 | 2,724 | [2] | ||
Loans receivable: | |||||
Real estate mortgage loans | 517,785 | 412,688 | [1] | ||
Commercial business loans | 71,192 | 70,640 | [3] | ||
Consumer loans | 42 | 434 | |||
Loans, net | 589,019 | 483,762 | [4],[5] | ||
Allowance for loan losses | (5,232) | (4,428) | [2],[4],[5] | (7,366) | [5] |
Total loans receivable, net | 583,787 | 479,334 | [6],[7] | ||
Premises and equipment, net | 5,983 | 7,075 | |||
Federal Home Loan Bank of New York (“FHLB-NY”) stock | 2,883 | 3,519 | |||
Accrued interest receivable | 3,647 | 2,781 | |||
Other assets | 7,557 | 10,875 | [8] | ||
Total assets | 741,728 | 675,780 | [7] | ||
Deposits: | |||||
Savings | 95,230 | 95,009 | |||
Non-interest bearing checking | 56,634 | 50,731 | |||
Interest-bearing checking | 33,106 | 30,860 | |||
Money market | 163,380 | 148,702 | |||
Certificates of deposit | 255,854 | 200,123 | |||
Mortgagors deposits | 2,537 | 2,336 | |||
Deposits | 606,741 | 527,761 | |||
Advances from the FHLB-NY and other borrowed money | 68,403 | 83,403 | |||
Other liabilities | 12,369 | 10,971 | [9] | ||
Total liabilities | 687,513 | 622,135 | [4] | ||
Preferred stock | 45,118 | 45,118 | |||
Common stock | 61 | 61 | |||
Additional paid-in capital | 55,470 | 55,468 | |||
Accumulated deficit | (45,710) | (45,540) | [2] | ||
Treasury stock, at cost | (417) | (417) | |||
Accumulated Other Comprehensive (Loss) Income | (307) | (1,045) | |||
Total equity | 54,215 | 53,645 | [4],[8] | $ 50,471 | [1] |
Total liabilities and equity | $ 741,728 | 675,780 | [9] | ||
Scenario, Previously Reported [Member] | |||||
Loans | 19,974 | ||||
Mortgage-backed securities | 799 | ||||
Cash and due from banks | 44,864 | ||||
Money market investments | 6,128 | ||||
Total cash and cash equivalents | 50,992 | ||||
Restricted cash | 6,354 | ||||
Investment securities: | |||||
Available-for-sale Securities | 101,185 | ||||
Held-to-maturity | 11,922 | ||||
Total investments | 113,107 | ||||
Loans Receivable Held-for-sale, Amount | 2,576 | ||||
Loans receivable: | |||||
Real estate mortgage loans | 412,204 | ||||
Commercial business loans | 70,555 | ||||
Consumer loans | 434 | ||||
Loans, net | 483,193 | ||||
Allowance for loan losses | (4,477) | ||||
Total loans receivable, net | 478,716 | ||||
Premises and equipment, net | 7,075 | ||||
Federal Home Loan Bank of New York (“FHLB-NY”) stock | 3,519 | ||||
Accrued interest receivable | 2,781 | ||||
Other assets | 11,266 | ||||
Total assets | 676,386 | ||||
Deposits: | |||||
Savings | 95,009 | ||||
Non-interest bearing checking | 50,731 | ||||
Interest-bearing checking | 30,860 | ||||
Money market | 148,702 | ||||
Certificates of deposit | 200,123 | ||||
Mortgagors deposits | 2,336 | ||||
Deposits | 527,761 | ||||
Advances from the FHLB-NY and other borrowed money | 83,403 | ||||
Other liabilities | 10,243 | ||||
Total liabilities | 621,407 | ||||
Preferred stock | 45,118 | ||||
Common stock | 61 | ||||
Additional paid-in capital | 55,468 | ||||
Accumulated deficit | (44,206) | ||||
Treasury stock, at cost | (417) | ||||
Accumulated Other Comprehensive (Loss) Income | (1,045) | ||||
Total equity | 54,979 | ||||
Total liabilities and equity | 676,386 | ||||
Restatement Adjustment [Member] | |||||
Loans | 0 | ||||
Mortgage-backed securities | 0 | ||||
Cash and due from banks | 0 | ||||
Money market investments | 0 | ||||
Total cash and cash equivalents | 0 | ||||
Restricted cash | 0 | ||||
Investment securities: | |||||
Available-for-sale Securities | (981) | ||||
Held-to-maturity | 0 | ||||
Total investments | (981) | ||||
Loans Receivable Held-for-sale, Amount | 148 | ||||
Loans receivable: | |||||
Real estate mortgage loans | 484 | ||||
Commercial business loans | 85 | ||||
Consumer loans | 0 | ||||
Loans, net | 569 | ||||
Allowance for loan losses | 49 | ||||
Total loans receivable, net | 618 | ||||
Premises and equipment, net | 0 | ||||
Federal Home Loan Bank of New York (“FHLB-NY”) stock | 0 | ||||
Accrued interest receivable | 0 | ||||
Other assets | (391) | ||||
Total assets | (606) | ||||
Deposits: | |||||
Savings | 0 | ||||
Non-interest bearing checking | 0 | ||||
Interest-bearing checking | 0 | ||||
Money market | 0 | ||||
Certificates of deposit | 0 | ||||
Mortgagors deposits | 0 | ||||
Deposits | 0 | ||||
Advances from the FHLB-NY and other borrowed money | 0 | ||||
Other liabilities | 728 | ||||
Total liabilities | 728 | ||||
Preferred stock | 0 | ||||
Common stock | 0 | ||||
Additional paid-in capital | 0 | ||||
Accumulated deficit | (1,334) | ||||
Treasury stock, at cost | 0 | ||||
Accumulated Other Comprehensive (Loss) Income | 0 | ||||
Total equity | (1,334) | ||||
Total liabilities and equity | $ (606) | ||||
[1] | (1) March 31, 2015 and 2014 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | ||||
[2] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | ||||
[3] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | ||||
[4] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | ||||
[5] | (2) March 31, 2015 balances have been restated from previously reported results for the $701 thousand reclassification of negative escrow balances from Other Assets to Loans Receivable a | ||||
[6] | (1) March 31, 2015 has been restated to correct the classification of loans held-for-sale and other real estate owned from Level 2 to Level 3 assets and for the reclassification of negative escrow balances from Other Assets to Loans Held-for-Sale. | ||||
[7] | 1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | ||||
[8] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | ||||
[9] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. See acc |
Organization Restatement Stat47
Organization Restatement Statement of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||
Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | ||||||||
Loans | $ 24,702 | $ 19,974 | |||||||||||||||
Mortgage-backed securities | 761 | 799 | |||||||||||||||
Investment securities | 1,295 | 1,339 | |||||||||||||||
Money market investments | 150 | 215 | |||||||||||||||
Interest income | $ 6,961 | $ 7,009 | $ 6,730 | $ 6,208 | $ 5,714 | $ 5,265 | $ 5,590 | $ 5,758 | 26,908 | 22,327 | |||||||
Interest expense: | |||||||||||||||||
Deposits | 3,269 | 2,853 | |||||||||||||||
Interest Expense, Borrowings | 1,270 | 1,089 | |||||||||||||||
Interest expense | 1,217 | 1,171 | 1,093 | 1,058 | 946 | 1,013 | 992 | 991 | 4,539 | 3,942 | |||||||
Net interest income | 5,744 | 5,838 | 5,637 | 5,150 | 4,768 | 4,252 | 4,598 | 4,767 | 22,369 | 18,385 | |||||||
Provision for (recovery of) loan losses | 89 | 728 | 643 | 34 | (64) | (1,151) | (713) | (913) | 1,495 | (2,842) | [1],[2] | ||||||
Interest Income (Expense), after Provision for Loan Loss | 20,874 | 21,227 | [3] | ||||||||||||||
Non-interest income: | |||||||||||||||||
Depository fees and charges | 3,112 | 3,595 | |||||||||||||||
Loan fees and service charges | 940 | 708 | |||||||||||||||
Gain on sale of securities, net | 1 | 8 | |||||||||||||||
Gain on sale of loans, net | 499 | (2) | |||||||||||||||
Gain (loss) on real estate owned | 35 | 5 | |||||||||||||||
Lower of cost or market adjustment on loans held-for-sale | 1 | (28) | |||||||||||||||
Other | 726 | 1,282 | |||||||||||||||
Total non-interest income | 1,469 | 2,741 | 1,131 | 1,193 | 1,394 | 1,408 | 1,562 | 1,202 | 6,535 | 5,568 | |||||||
Non-interest expense: | |||||||||||||||||
Employee compensation and benefits | 11,358 | 11,588 | |||||||||||||||
Net occupancy expense | 4,695 | 3,839 | |||||||||||||||
Equipment, net | 635 | 900 | |||||||||||||||
Data processing | 1,100 | 1,259 | [3] | ||||||||||||||
Consulting fees | 1,058 | 1,003 | [3] | ||||||||||||||
Federal deposit insurance premiums | 527 | 603 | |||||||||||||||
Other Expenses | 8,078 | 7,990 | [4] | ||||||||||||||
Non-interest expense | 8,186 | 7,214 | 6,202 | 5,851 | 6,648 | 7,127 | 6,780 | 6,624 | 27,451 | 27,182 | [5] | ||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (42) | (387) | [3] | ||||||||||||||
Income tax expense (benefit) | 32 | (67) | (79) | (13) | (31) | (62) | (57) | (16) | 128 | 166 | |||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (170) | (553) | [3],[5] | ||||||||||||||
Net (loss) / income attributable to non-controlling interest | 0 | 151 | 147 | (17) | 0 | (281) | |||||||||||
Net (loss) / income attributable to Carver Bancorp, Inc. | $ (1,030) | $ 570 | $ (156) | $ 445 | $ (453) | $ (227) | $ 183 | $ 225 | $ (170) | $ (272) | [2],[4],[5] | ||||||
(Loss) / Earnings per common share: | |||||||||||||||||
Earnings Per Share, Basic | $ (0.28) | $ 0.06 | [6] | $ (0.04) | $ 0.05 | [6] | $ (0.12) | $ (0.06) | $ 0.02 | $ 0.02 | $ (0.05) | $ (0.07) | [2] | ||||
Earnings Per Share, Diluted | $ (0.28) | $ 0.06 | [6] | $ (0.04) | $ 0.05 | [6] | $ (0.12) | [6] | $ (0.06) | [6] | $ 0.02 | [6] | $ 0.02 | [6] | $ (0.05) | $ (0.07) | [2] |
Scenario, Previously Reported [Member] | |||||||||||||||||
Loans | $ 19,974 | ||||||||||||||||
Mortgage-backed securities | 799 | ||||||||||||||||
Investment securities | 1,339 | ||||||||||||||||
Money market investments | 215 | ||||||||||||||||
Interest income | $ 7,009 | $ 6,730 | $ 6,208 | $ 5,714 | $ 5,265 | $ 5,590 | $ 5,758 | 22,327 | |||||||||
Interest expense: | |||||||||||||||||
Deposits | 2,853 | ||||||||||||||||
Interest Expense, Borrowings | 1,089 | ||||||||||||||||
Interest expense | 1,171 | 1,093 | 1,058 | 946 | 1,013 | 992 | 991 | 3,942 | |||||||||
Net interest income | 5,838 | 5,637 | 5,150 | 4,768 | 4,252 | 4,598 | 4,767 | 18,385 | |||||||||
Provision for (recovery of) loan losses | 728 | 643 | 117 | (365) | (1,151) | (713) | (780) | (3,010) | |||||||||
Interest Income (Expense), after Provision for Loan Loss | 21,395 | ||||||||||||||||
Non-interest income: | |||||||||||||||||
Depository fees and charges | 3,595 | ||||||||||||||||
Loan fees and service charges | 708 | ||||||||||||||||
Gain on sale of securities, net | 8 | ||||||||||||||||
Gain on sale of loans, net | (2) | ||||||||||||||||
Gain (loss) on real estate owned | 5 | ||||||||||||||||
Lower of cost or market adjustment on loans held-for-sale | (28) | ||||||||||||||||
Other | 1,282 | ||||||||||||||||
Total non-interest income | 2,741 | 1,131 | 1,193 | 1,394 | 1,408 | 1,562 | 1,202 | 5,568 | |||||||||
Non-interest expense: | |||||||||||||||||
Employee compensation and benefits | 11,588 | ||||||||||||||||
Net occupancy expense | 3,839 | ||||||||||||||||
Equipment, net | 900 | ||||||||||||||||
Data processing | 733 | ||||||||||||||||
Consulting fees | 952 | ||||||||||||||||
Federal deposit insurance premiums | 603 | ||||||||||||||||
Other Expenses | 8,099 | ||||||||||||||||
Non-interest expense | 7,347 | 6,211 | 6,035 | 6,622 | 6,789 | 6,753 | 6,547 | 26,714 | |||||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 249 | ||||||||||||||||
Income tax expense (benefit) | (67) | (79) | (13) | (31) | (62) | (57) | (16) | 166 | |||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 83 | ||||||||||||||||
Net (loss) / income attributable to non-controlling interest | 0 | 151 | 147 | (17) | (281) | ||||||||||||
Net (loss) / income attributable to Carver Bancorp, Inc. | $ 437 | $ (165) | $ 178 | $ (126) | $ 111 | $ 210 | $ 169 | $ 364 | |||||||||
(Loss) / Earnings per common share: | |||||||||||||||||
Earnings Per Share, Basic | $ 0.12 | [6] | $ (0.04) | $ 0.05 | [6] | $ (0.03) | [7] | $ 0.03 | [7] | $ 0.06 | [7] | $ 0.05 | [7] | $ 0.10 | |||
Earnings Per Share, Diluted | $ 0.12 | [6] | $ (0.04) | $ 0.05 | [6] | $ (0.03) | [7] | $ 0.03 | [7] | $ 0.06 | [7] | $ 0.05 | [7] | $ 0.10 | |||
Restatement Adjustment [Member] | |||||||||||||||||
Loans | $ 0 | ||||||||||||||||
Mortgage-backed securities | 0 | ||||||||||||||||
Investment securities | 0 | ||||||||||||||||
Money market investments | 0 | ||||||||||||||||
Interest income | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | 0 | |||||||||
Interest expense: | |||||||||||||||||
Deposits | 0 | ||||||||||||||||
Interest Expense, Borrowings | 0 | ||||||||||||||||
Interest expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
Net interest income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
Provision for (recovery of) loan losses | 0 | 0 | (83) | 301 | 0 | 0 | (133) | 168 | |||||||||
Interest Income (Expense), after Provision for Loan Loss | (168) | ||||||||||||||||
Non-interest income: | |||||||||||||||||
Depository fees and charges | 0 | ||||||||||||||||
Loan fees and service charges | 0 | ||||||||||||||||
Gain on sale of securities, net | 0 | ||||||||||||||||
Gain on sale of loans, net | 0 | ||||||||||||||||
Gain (loss) on real estate owned | 0 | ||||||||||||||||
Lower of cost or market adjustment on loans held-for-sale | 0 | ||||||||||||||||
Other | 0 | ||||||||||||||||
Total non-interest income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
Non-interest expense: | |||||||||||||||||
Employee compensation and benefits | 0 | ||||||||||||||||
Net occupancy expense | 0 | ||||||||||||||||
Equipment, net | 0 | ||||||||||||||||
Data processing | 526 | ||||||||||||||||
Consulting fees | 51 | ||||||||||||||||
Federal deposit insurance premiums | 0 | ||||||||||||||||
Other Expenses | (109) | ||||||||||||||||
Non-interest expense | (133) | (9) | (184) | 26 | 338 | 27 | 77 | 468 | |||||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (636) | ||||||||||||||||
Income tax expense (benefit) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (636) | ||||||||||||||||
Net (loss) / income attributable to non-controlling interest | 0 | 0 | 0 | 0 | 0 | ||||||||||||
Net (loss) / income attributable to Carver Bancorp, Inc. | $ 133 | $ 9 | $ 267 | $ (327) | $ (338) | $ (27) | $ 56 | $ (636) | |||||||||
(Loss) / Earnings per common share: | |||||||||||||||||
Earnings Per Share, Basic | $ (0.06) | $ 0 | $ 0 | $ (0.09) | $ (90) | $ (40) | $ (20) | $ (0.17) | |||||||||
Earnings Per Share, Diluted | $ (0.06) | $ 0 | $ 0 | $ (0.09) | $ (90) | $ (40) | $ (20) | $ (0.17) | |||||||||
[1] | (2) March 31, 2015 balances have been restated from previously reported results for the $701 thousand reclassification of negative escrow balances from Other Assets to Loans Receivable a | ||||||||||||||||
[2] | 1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | ||||||||||||||||
[3] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | ||||||||||||||||
[4] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | ||||||||||||||||
[5] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. See acc | ||||||||||||||||
[6] | (1) Basic and Diluted EPS amounts restated for all periods in a net income position to include 45,118 shares of Series D Preferred Stock (participating securities) which, under certain circumstances, could convert to 5,518,006 shares of common stock. | ||||||||||||||||
[7] | Difference in total earnings per share to Consolidated Statement of Operations is due to rounding |
Organization (Details)
Organization (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2011 | Jun. 30, 2011 | Dec. 31, 2015 | Dec. 31, 2011 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2003 | Oct. 28, 2011 | Oct. 27, 2011 | Jun. 29, 2011 | Sep. 17, 2003 | Oct. 24, 1994 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||
Common Stock, Shares, Issued | 3,698,031 | 3,698,031 | 2,314,375 | |||||||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||
Proceeds from Issuance of Convertible Preferred Stock | $ 55,000 | |||||||||||
Preferred Stock, Shares Issued | 55,000 | |||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | 51,400 | |||||||||||
Proceeds from Contributions from Parent | $ 37,000 | $ 7,000 | ||||||||||
Stockholders' Equity, Reverse Stock Split | 1-for-15 | |||||||||||
Common Stock, Shares, Outstanding | 3,696,087 | 3,696,087 | 2,492,415 | |||||||||
Stock Issued During Period, Shares, Reverse Stock Splits | 166,161 | |||||||||||
Stock Issued During Period, Shares, Other | 2,321,286 | |||||||||||
Conversion of Stock, Shares Converted | 1,208,039 | |||||||||||
Convertible Preferred Stock, Shares Issued upon Conversion | 45,118 | |||||||||||
subordinated debt issued shares | 13,000 | |||||||||||
Liquidation amount subordinated debt | $ 1,000 | |||||||||||
Proceeds from Issuance of Long-term Debt | $ 13,000 | |||||||||||
Net (decrease) increase in FHLB-NY advances and other borrowings | $ (15,000) | $ 13,000 | 400 | |||||||||
Payments for Repurchase of Trust Preferred Securities | $ 13,400 | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.05% | |||||||||||
Quantifying Misstatement in Current Year Financial Statements, Amount | $ 326 | $ 613 | $ 598 |
Investment Securities Amortized
Investment Securities Amortized Cost and Estimated Fair Value (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity Securities | $ 15,311 | $ 11,922 | |
Held-to-maturity Securities, Gross Unrealized Gains | 342 | 309 | |
Held-to-maturity Securities, Gross Unrealized Losses | 0 | 0 | |
Held-to-maturity Securities, Fair Value | 15,653 | 12,231 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost | 56,486 | 101,249 | |
Available-for-sale Securities, Gross Unrealized Gains | 72 | 102 | |
Available-for-sale Securities, Gross Unrealized Losses | 378 | 1,147 | |
Available-for-sale Securities | 56,180 | 100,204 | [1],[2] |
securities amortized cost | 71,797 | 113,171 | |
Unrealized Gain on Securities | 414 | 411 | |
Unrealized Loss on Securities | 378 | 1,147 | |
Investments, Fair Value Disclosure | 71,833 | 112,435 | |
Government National Mortgage Association Certificates and Obligations (GNMA) [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost | 4,578 | 5,575 | |
Available-for-sale Securities, Gross Unrealized Gains | 45 | 9 | |
Available-for-sale Securities, Gross Unrealized Losses | 0 | 57 | |
Available-for-sale Securities | 4,623 | 5,527 | |
Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost | 7,778 | 10,705 | |
Available-for-sale Securities, Gross Unrealized Gains | 0 | 10 | |
Available-for-sale Securities, Gross Unrealized Losses | 100 | 127 | |
Available-for-sale Securities | 7,678 | 10,588 | |
Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost | 7,860 | 10,925 | |
Available-for-sale Securities, Gross Unrealized Gains | 0 | 35 | |
Available-for-sale Securities, Gross Unrealized Losses | 36 | 103 | |
Available-for-sale Securities | 7,824 | 10,857 | |
Mortgage Backed Securities, Other [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost | 45 | 47 | |
Available-for-sale Securities, Gross Unrealized Gains | 0 | 0 | |
Available-for-sale Securities, Gross Unrealized Losses | 0 | 0 | |
Available-for-sale Securities | 45 | 47 | |
Mortgage Backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost | 20,261 | 27,252 | |
Available-for-sale Securities, Gross Unrealized Gains | 45 | 54 | |
Available-for-sale Securities, Gross Unrealized Losses | 136 | 287 | |
Available-for-sale Securities | 20,170 | 27,019 | |
US Government Agencies Debt Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost | 26,077 | 58,464 | |
Available-for-sale Securities, Gross Unrealized Gains | 27 | 48 | |
Available-for-sale Securities, Gross Unrealized Losses | 35 | 662 | |
Available-for-sale Securities | 26,069 | 57,850 | |
Other [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost | 10,148 | 15,533 | [1] |
Available-for-sale Securities, Gross Unrealized Gains | 0 | 0 | |
Available-for-sale Securities, Gross Unrealized Losses | 207 | 198 | |
Available-for-sale Securities | 9,941 | 15,335 | [1],[3] |
Government National Mortgage Association Certificates and Obligations (GNMA) [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity Securities | 2,379 | 3,100 | |
Held-to-maturity Securities, Gross Unrealized Gains | 150 | 232 | |
Held-to-maturity Securities, Gross Unrealized Losses | 0 | 0 | |
Held-to-maturity Securities, Fair Value | 2,529 | 3,332 | |
Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity Securities | 11,932 | 8,822 | |
Held-to-maturity Securities, Gross Unrealized Gains | 192 | 77 | |
Held-to-maturity Securities, Gross Unrealized Losses | 0 | 0 | |
Held-to-maturity Securities, Fair Value | 12,124 | 8,899 | |
Mortgage Backed Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity Securities | 14,311 | 11,922 | |
Held-to-maturity Securities, Gross Unrealized Gains | 342 | 309 | |
Held-to-maturity Securities, Gross Unrealized Losses | 0 | 0 | |
Held-to-maturity Securities, Fair Value | 14,653 | $ 12,231 | |
Corporate Bond Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity Securities | 1,000 | ||
Held-to-maturity Securities, Gross Unrealized Gains | 0 | ||
Held-to-maturity Securities, Gross Unrealized Losses | 0 | ||
Held-to-maturity Securities, Fair Value | $ 1,000 | ||
[1] | (1) March 31, 2015 and 2014 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | ||
[2] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | ||
[3] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. |
Investment Securities Schedule
Investment Securities Schedule of Realized Gain (Loss) on AFS portfolio (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | ||
Proceeds from Sale of Available-for-sale Securities | $ 4,951 | $ 994 |
Available-for-sale Securities, Gross Realized Gains | 2 | 8 |
Available-for-sale Securities, Gross Realized Losses | $ 1 | $ 0 |
Investment Securities Unrealize
Investment Securities Unrealized losses and fair value of securities (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 3 | $ 57 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 2,996 | 12,943 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 375 | 1,090 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 36,537 | 58,499 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 378 | 1,147 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 39,533 | 71,442 | |
Mortgage Backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 0 | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 136 | 287 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 15,502 | 22,297 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 136 | 287 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 15,502 | 22,297 | |
US Government Agencies Debt Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 3 | 57 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 2,996 | 12,943 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 32 | 605 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 11,242 | 26,400 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 35 | 662 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 14,238 | 39,343 | |
Other [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | [1] | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | [1] | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | [1] | 207 | 198 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | [1] | 9,793 | 9,802 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | [1] | 207 | 198 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | [1] | $ 9,793 | $ 9,802 |
[1] | (1) CRA fund comprised of over 95% agency securities |
Investment Securities Carrying
Investment Securities Carrying Value (Amortized Cost) and Fair Value by remaining period of contractual maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |||
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Amortized Cost Basis | $ 4,999 | ||
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Fair Value | $ 4,991 | ||
Available-for-sale Securities, Debt Maturities, after One Through Five Years, Weighted Average Rate | 1.52% | ||
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Amortized Cost Basis | $ 12,122 | ||
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Fair Value | $ 12,108 | ||
Available-for-sale Securities, Debt Maturities, after Five Through Ten Years, Weighted Average Rate | 2.06% | ||
Available-for-sale Securities, Debt Maturities, after Ten Years, Amortized Cost Basis | $ 39,365 | ||
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | $ 39,081 | ||
Available-for-sale Securities, Debt Maturities, after Ten Years, Weighted Average Rate | 1.50% | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis | $ 56,486 | ||
Available-for-sale Securities | $ 56,180 | $ 100,204 | [1],[2] |
Available-for-sale Securities, Debt Maturities, Weighted Average Rate | 1.63% | ||
Held-to-maturity Securities, Debt Maturities, after Five Through Ten Years, Net Carrying Amount | $ 6,921 | ||
Held-to-maturity Securities, Debt Maturities, Year Six Through Ten, Fair Value | $ 7,089 | ||
Held-to-maturity Securities, Debt Maturities, after Five Through Ten Years, Weighted Average Rate | 3.02% | ||
Held-to-maturity Securities, Debt Maturities, after Ten Years, Net Carrying Amount | $ 8,390 | ||
Held-to-maturity Securities, Debt Maturities, after Ten Years, Fair Value | $ 8,564 | ||
Held-to-maturity Securities, Debt Maturities, after Ten Years, Weighted Average Rate | 2.53% | ||
Held-to-maturity Securities | $ 15,311 | 11,922 | |
Held-to-maturity Securities, Fair Value | $ 15,653 | $ 12,231 | |
Held-to-maturity Securities, Debt Maturities, Weighted Average Rate | 2.75% | ||
[1] | (1) March 31, 2015 and 2014 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | ||
[2] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. |
Investment Securities Text Figu
Investment Securities Text Figures (Details) | 12 Months Ended | ||
Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | ||
Schedule of Available-for-sale Securities [Line Items] | |||
Investments, Fair Value Disclosure | $ 71,833,000 | $ 112,435,000 | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 13 | 23 | |
Available-for-sale Securities | $ 56,180,000 | $ 100,204,000 | [1],[2] |
Percentage Available-for-sale Securities | 78.60% | ||
Held-to-maturity Securities, Fair Value | $ 15,653,000 | 12,231,000 | |
Held-to-maturity | $ 15,311,000 | 11,922,000 | |
Percentage Held-to-maturity Securities | 21.40% | ||
Trading Securities | $ 0 | ||
Proceeds from Sale and Maturity of Held-to-maturity Securities | 0 | ||
Available-for-sale Securities, Change in Net Unrealized Holding Gain (Loss) before Taxes | 0 | 1,000,000 | |
Financial Instruments, Owned and Pledged as Collateral, at Fair Value | $ 60,800,000 | ||
Mortgage Backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Percentage Available-for-Sale, Continuos Unrealized Loss Position | 39.20% | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 6 | ||
Available-for-sale Securities | $ 20,170,000 | 27,019,000 | |
US Government Agencies Debt Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Percentage Available-for-Sale, Continuos Unrealized Loss Position | 36.00% | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 6 | ||
Available-for-sale Securities | $ 26,069,000 | 57,850,000 | |
Other [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 1 | ||
Available-for-sale Securities | $ 9,941,000 | 15,335,000 | [1],[3] |
Restatement Adjustment [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities | (981,000) | ||
Held-to-maturity | $ 0 | ||
[1] | (1) March 31, 2015 and 2014 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | ||
[2] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | ||
[3] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. |
Loans receivable, net of allowa
Loans receivable, net of allowance for loan losses (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and Leases Receivable, Gross | $ 584,294 | $ 482,051 | [1] | |||
Percentage of Loan Type | 100.00% | 100.00% | ||||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | $ 4,725 | $ 1,711 | ||||
Allowance for loan losses | (5,232) | (4,428) | [2],[3],[4] | $ (7,366) | [4] | |
Loans and Leases Receivable, Net Reported Amount | 583,787 | 479,334 | [5],[6] | |||
Loans Receivable Held-for-sale, Amount | 2,495 | 2,724 | [2] | |||
Loans Held-for-sale, Fair Value Disclosure | 2,495 | 2,724 | [7] | |||
One-to-four family [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and Leases Receivable, Gross | $ 141,243 | $ 125,549 | [1] | |||
Percentage of Loan Type | 24.00% | 26.00% | ||||
Allowance for loan losses | $ (1,697) | $ (1,970) | (3,396) | [8] | ||
Multifamily [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and Leases Receivable, Gross | $ 94,202 | $ 93,692 | [1] | |||
Percentage of Loan Type | 16.00% | 19.00% | ||||
Allowance for loan losses | $ (622) | $ (502) | (422) | |||
Commercial Real Estate [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and Leases Receivable, Gross | $ 272,497 | $ 186,504 | [1] | |||
Percentage of Loan Type | 47.00% | 39.00% | ||||
Allowance for loan losses | $ (1,808) | $ (1,029) | (1,835) | |||
Construction Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and Leases Receivable, Gross | $ 5,033 | $ 5,107 | ||||
Percentage of Loan Type | 1.00% | 1.00% | ||||
Allowance for loan losses | $ (62) | $ (99) | 0 | |||
Commercial Loan [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and Leases Receivable, Gross | $ 71,277 | $ 70,765 | [3] | |||
Percentage of Loan Type | 12.00% | 15.00% | ||||
Allowance for loan losses | $ (1,022) | $ (813) | (1,705) | |||
Consumer Loan [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and Leases Receivable, Gross | [9] | $ 42 | $ 434 | |||
Percentage of Loan Type | [9] | 0.00% | 0.00% | |||
Allowance for loan losses | $ (21) | $ (15) | [4] | $ (8) | ||
[1] | (1) March 31, 2015 and 2014 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | |||||
[2] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | |||||
[3] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | |||||
[4] | (2) March 31, 2015 balances have been restated from previously reported results for the $701 thousand reclassification of negative escrow balances from Other Assets to Loans Receivable a | |||||
[5] | (1) March 31, 2015 has been restated to correct the classification of loans held-for-sale and other real estate owned from Level 2 to Level 3 assets and for the reclassification of negative escrow balances from Other Assets to Loans Held-for-Sale. | |||||
[6] | 1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | |||||
[7] | (1) March 31, 2015 balance has been been restated from previously reported amounts to correct for the classification of $981 thousand of interest-bearing deposits from available-for-sale securities to other assets, and the reclassification of negative escrow balances from Other Assets to Loans Receivable and Loans Held-for-Sale. | |||||
[8] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | |||||
[9] | Includes personal loans |
Allowance for Loan Losses (Deta
Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||
Allowance for loan losses | $ 5,232 | $ 4,428 | [1],[2],[3] | $ 5,232 | $ 4,428 | [1],[2],[3] | ||||||
Allowance for Loan and Lease Losses, Write-offs | 1,422 | 1,637 | [3] | |||||||||
Financing Receivable, Allowance for Credit Losses, Recovery | 731 | 1,541 | [3] | |||||||||
Provision for (recovery of) loan losses | 89 | $ 728 | $ 643 | $ 34 | (64) | $ (1,151) | $ (713) | $ (913) | 1,495 | (2,842) | [3],[4] | |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 4,642 | 3,823 | [5] | 4,642 | 3,823 | [5] | ||||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 590 | 605 | [5] | 590 | 605 | [5] | ||||||
Loans and Leases Receivable, Net of Deferred Income | 589,019 | 483,762 | [2],[3] | 589,019 | 483,762 | [2],[3] | ||||||
Financing Receivable, Collectively Evaluated for Impairment | 569,454 | 467,382 | [3] | 569,454 | 467,382 | [3] | ||||||
Financing Receivable, Individually Evaluated for Impairment | 19,565 | 16,380 | [3] | 19,565 | 16,380 | [3] | ||||||
One-to-four family [Member] | ||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||
Allowance for loan losses | 1,697 | 1,970 | 1,697 | 1,970 | ||||||||
Allowance for Loan and Lease Losses, Write-offs | 389 | 687 | ||||||||||
Financing Receivable, Allowance for Credit Losses, Recovery | 113 | 380 | ||||||||||
Provision for (recovery of) loan losses | 3 | (1,119) | ||||||||||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 1,602 | 1,683 | [6] | 1,602 | 1,683 | [6] | ||||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 95 | 287 | 95 | 287 | ||||||||
Loans and Leases Receivable, Net of Deferred Income | 143,667 | 127,056 | [5] | 143,667 | 127,056 | [5] | ||||||
Financing Receivable, Collectively Evaluated for Impairment | 139,031 | 120,009 | [5] | 139,031 | 120,009 | [5] | ||||||
Financing Receivable, Individually Evaluated for Impairment | 4,636 | 7,047 | 4,636 | 7,047 | ||||||||
Multifamily [Member] | ||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||
Allowance for loan losses | 622 | 502 | 622 | 502 | ||||||||
Allowance for Loan and Lease Losses, Write-offs | 340 | 132 | ||||||||||
Financing Receivable, Allowance for Credit Losses, Recovery | 0 | 82 | ||||||||||
Provision for (recovery of) loan losses | 460 | 130 | ||||||||||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 622 | 272 | 622 | 272 | ||||||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 230 | [2] | 0 | 230 | [2] | ||||||
Loans and Leases Receivable, Net of Deferred Income | 95,648 | 94,590 | [2] | 95,648 | 94,590 | [2] | ||||||
Financing Receivable, Collectively Evaluated for Impairment | 93,879 | 93,234 | [2] | 93,879 | 93,234 | [2] | ||||||
Financing Receivable, Individually Evaluated for Impairment | 1,769 | 1,356 | [2] | 1,769 | 1,356 | [2] | ||||||
Commercial Real Estate [Member] | ||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||
Allowance for loan losses | 1,808 | 1,029 | 1,808 | 1,029 | ||||||||
Allowance for Loan and Lease Losses, Write-offs | 0 | 0 | ||||||||||
Financing Receivable, Allowance for Credit Losses, Recovery | 9 | 256 | ||||||||||
Provision for (recovery of) loan losses | 770 | (1,062) | ||||||||||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 1,787 | 953 | 1,787 | 953 | ||||||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 21 | 76 | 21 | 76 | ||||||||
Loans and Leases Receivable, Net of Deferred Income | 273,470 | 185,966 | [3] | 273,470 | 185,966 | [3] | ||||||
Financing Receivable, Collectively Evaluated for Impairment | 267,176 | 183,345 | [3] | 267,176 | 183,345 | [3] | ||||||
Financing Receivable, Individually Evaluated for Impairment | 6,294 | 2,621 | 6,294 | 2,621 | ||||||||
Construction Loans [Member] | ||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||
Allowance for loan losses | 62 | 99 | 62 | 99 | ||||||||
Allowance for Loan and Lease Losses, Write-offs | 0 | 0 | ||||||||||
Financing Receivable, Allowance for Credit Losses, Recovery | 0 | 0 | ||||||||||
Provision for (recovery of) loan losses | (37) | 99 | ||||||||||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 62 | 99 | 62 | 99 | ||||||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 | 0 | 0 | ||||||||
Loans and Leases Receivable, Net of Deferred Income | 5,000 | 5,076 | 5,000 | 5,076 | ||||||||
Financing Receivable, Collectively Evaluated for Impairment | 5,000 | 5,076 | 5,000 | 5,076 | ||||||||
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 | 0 | 0 | ||||||||
Commercial Loan [Member] | ||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||
Allowance for loan losses | 1,022 | 813 | 1,022 | 813 | ||||||||
Allowance for Loan and Lease Losses, Write-offs | 176 | 320 | ||||||||||
Financing Receivable, Allowance for Credit Losses, Recovery | 578 | 816 | ||||||||||
Provision for (recovery of) loan losses | (193) | (1,388) | ||||||||||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 548 | 801 | 548 | 801 | ||||||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 474 | 12 | 474 | 12 | ||||||||
Loans and Leases Receivable, Net of Deferred Income | 71,192 | 70,640 | [3] | 71,192 | 70,640 | [3] | ||||||
Financing Receivable, Collectively Evaluated for Impairment | 64,326 | 65,284 | [3] | 64,326 | 65,284 | [3] | ||||||
Financing Receivable, Individually Evaluated for Impairment | 6,866 | 5,356 | 6,866 | 5,356 | ||||||||
Consumer Loan [Member] | ||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||
Allowance for loan losses | 21 | 15 | [3] | 21 | 15 | [3] | ||||||
Allowance for Loan and Lease Losses, Write-offs | 517 | 498 | [3] | |||||||||
Financing Receivable, Allowance for Credit Losses, Recovery | 31 | 7 | [3] | |||||||||
Provision for (recovery of) loan losses | 492 | 498 | [3] | |||||||||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 21 | 15 | [3] | 21 | 15 | [3] | ||||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 | 0 | 0 | ||||||||
Loans and Leases Receivable, Net of Deferred Income | 42 | 434 | 42 | 434 | ||||||||
Financing Receivable, Collectively Evaluated for Impairment | 42 | 434 | 42 | 434 | ||||||||
Financing Receivable, Individually Evaluated for Impairment | $ 0 | $ 0 | $ 0 | $ 0 | ||||||||
[1] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | |||||||||||
[2] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | |||||||||||
[3] | (2) March 31, 2015 balances have been restated from previously reported results for the $701 thousand reclassification of negative escrow balances from Other Assets to Loans Receivable a | |||||||||||
[4] | 1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | |||||||||||
[5] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | |||||||||||
[6] | 1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. |
Loans Receivable, Net Allowance
Loans Receivable, Net Allowance for Loan Losses Summary (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | ||||||
Loans and Leases Receivable Disclosure [Abstract] | |||||||||||||||
Allowance for loan losses | [3] | $ 4,428 | [1],[2] | $ 7,366 | $ 4,428 | [1],[2] | $ 7,366 | ||||||||
Allowance for Loan and Lease Losses, Write-offs | 1,422 | 1,637 | [3] | ||||||||||||
Financing Receivable, Allowance for Credit Losses, Recovery | 731 | 1,541 | [3] | ||||||||||||
Provision for (recovery of) loan losses | $ 89 | $ 728 | $ 643 | $ 34 | $ (64) | $ (1,151) | $ (713) | $ (913) | 1,495 | (2,842) | [3],[4] | ||||
Allowance for loan losses | $ 5,232 | $ 4,428 | [1],[2],[3] | $ 5,232 | $ 4,428 | [1],[2],[3] | |||||||||
[1] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | ||||||||||||||
[2] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | ||||||||||||||
[3] | (2) March 31, 2015 balances have been restated from previously reported results for the $701 thousand reclassification of negative escrow balances from Other Assets to Loans Receivable a | ||||||||||||||
[4] | 1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. |
Nonaccrual loans (Details)
Nonaccrual loans (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 13,950 | $ 8,395 |
One-to-four family [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 2,947 | 3,664 |
Multifamily [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,769 | 1,053 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 5,338 | 2,817 |
Commercial Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 3,896 | $ 861 |
Credit Risk Profile Internal Gr
Credit Risk Profile Internal Grade (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 | |
Financing Receivable, Recorded Investment [Line Items] | |||
Loans Receivable, Net | $ 589,019 | $ 483,762 | [1] |
Multifamily [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans Receivable, Net | 95,648 | 94,590 | [2] |
Multifamily [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans Receivable, Net | 93,879 | 93,102 | [2] |
Multifamily [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans Receivable, Net | 0 | 0 | |
Multifamily [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans Receivable, Net | 1,769 | 1,488 | |
Multifamily [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans Receivable, Net | 0 | 0 | |
Multifamily [Member] | Unlikely to be Collected Financing Receivable [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans Receivable, Net | 0 | 0 | |
Commercial Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans Receivable, Net | 273,470 | 185,966 | [2] |
Commercial Real Estate [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans Receivable, Net | 262,937 | 181,455 | [3] |
Commercial Real Estate [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans Receivable, Net | 4,239 | 1,890 | |
Commercial Real Estate [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans Receivable, Net | 6,294 | 2,621 | |
Commercial Real Estate [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans Receivable, Net | 0 | 0 | |
Commercial Real Estate [Member] | Unlikely to be Collected Financing Receivable [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans Receivable, Net | 0 | 0 | |
Construction Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans Receivable, Net | 5,000 | 5,076 | |
Construction Loans [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans Receivable, Net | 5,000 | 5,076 | |
Construction Loans [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans Receivable, Net | 0 | 0 | |
Construction Loans [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans Receivable, Net | 0 | 0 | |
Construction Loans [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans Receivable, Net | 0 | 0 | |
Construction Loans [Member] | Unlikely to be Collected Financing Receivable [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans Receivable, Net | 0 | 0 | |
Commercial Loan [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans Receivable, Net | 71,192 | 70,640 | [1] |
Commercial Loan [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans Receivable, Net | 61,331 | 62,460 | [2] |
Commercial Loan [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans Receivable, Net | 2,039 | 1,065 | |
Commercial Loan [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans Receivable, Net | 7,822 | 7,115 | |
Commercial Loan [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans Receivable, Net | 0 | 0 | |
Commercial Loan [Member] | Unlikely to be Collected Financing Receivable [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans Receivable, Net | 0 | 0 | |
One-to-four family [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans Receivable, Net | 143,667 | 127,056 | [2] |
One-to-four family [Member] | Performing Financing Receivable [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans Receivable, Net | 140,720 | 123,218 | [2] |
One-to-four family [Member] | Nonperforming Financing Receivable [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans Receivable, Net | 2,947 | 3,838 | |
Consumer Loan [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans Receivable, Net | 42 | 434 | |
Consumer Loan [Member] | Performing Financing Receivable [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans Receivable, Net | 42 | 434 | |
Consumer Loan [Member] | Nonperforming Financing Receivable [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans Receivable, Net | $ 0 | $ 0 | |
[1] | (1) March 31, 2015 balance has been been restated from previously reported amounts to correct the classification of $981 thousand of interest-bearing deposits from available-for-sale securities to other assets. | ||
[2] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | ||
[3] | (2) March 31, 2015 balances have been restated from previously reported results for the $701 thousand reclassification of negative escrow balances from Other Assets to Loans Receivable a |
Past due financing receivable (
Past due financing receivable (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | $ 14,458 | $ 8,838 | |
Financing Receivable, Recorded Investment, Current | 574,561 | 474,924 | [1] |
Loans Receivable, Net | 589,019 | 483,762 | [2] |
One-to-four family [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 3,614 | 4,038 | |
Financing Receivable, Recorded Investment, Current | 140,053 | 123,018 | [3] |
Loans Receivable, Net | 143,667 | 127,056 | [4] |
Multifamily [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 1,769 | 1,488 | |
Financing Receivable, Recorded Investment, Current | 93,879 | 93,102 | [3] |
Loans Receivable, Net | 95,648 | 94,590 | [4] |
Commercial Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 4,299 | 3,188 | |
Financing Receivable, Recorded Investment, Current | 269,171 | 182,778 | [3] |
Loans Receivable, Net | 273,470 | 185,966 | [4] |
Construction Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Financing Receivable, Recorded Investment, Current | 5,000 | 5,076 | |
Loans Receivable, Net | 5,000 | 5,076 | |
Commercial Loan [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 4,774 | 123 | |
Financing Receivable, Recorded Investment, Current | 66,418 | 70,517 | [2] |
Loans Receivable, Net | 71,192 | 70,640 | [2] |
Consumer Loan [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 2 | 1 | |
Financing Receivable, Recorded Investment, Current | 40 | 433 | |
Loans Receivable, Net | 42 | 434 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 4,372 | 1,614 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | One-to-four family [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 986 | 464 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Multifamily [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 889 | 1,150 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Construction Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial Loan [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 2,495 | 0 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Consumer Loan [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 2 | 0 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 3,717 | 1,371 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | One-to-four family [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Multifamily [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 434 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 3,410 | 936 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Construction Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial Loan [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 307 | 0 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Consumer Loan [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 1 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 6,369 | 5,853 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | One-to-four family [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 2,628 | 3,574 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Multifamily [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 1,769 | 1,054 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 1,102 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Construction Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial Loan [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 1,972 | 123 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Consumer Loan [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | $ 0 | $ 0 | |
[1] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | ||
[2] | (1) March 31, 2015 balance has been been restated from previously reported amounts to correct the classification of $981 thousand of interest-bearing deposits from available-for-sale securities to other assets. | ||
[3] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | ||
[4] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. |
Impaired Loans (Details)
Impaired Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | ||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | $ 4,669 | $ 6,338 | ||
Impaired Financing Receivable, Related Allowance | 590 | $ 605 | [1] | |
Impaired Financing Receivable, Recorded Investment | 19,565 | 16,380 | [2] | |
Impaired Financing Receivable, Unpaid Principal Balance | 21,457 | 17,195 | ||
Impaired Financing Receivable, Average Recorded Investment | 15,855 | 14,732 | ||
Impaired Financing Receivable, Interest Income, Cash Basis Method | 280 | 461 | ||
One-to-four family [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 2,909 | 2,752 | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 4,101 | 3,007 | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 1,727 | 4,295 | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 1,727 | 4,541 | ||
Impaired Financing Receivable, Related Allowance | 95 | 287 | [2] | |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 2,835 | 1,669 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 17 | 17 | ||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 1,725 | 5,158 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 25 | 104 | ||
Multifamily [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 1,769 | 237 | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 2,122 | 237 | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 1,119 | [1] | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 1,349 | ||
Impaired Financing Receivable, Related Allowance | 0 | 230 | [2] | |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 1,463 | 222 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 17 | 0 | ||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 0 | 1,255 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 0 | 24 | ||
Commercial Real Estate [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 5,405 | 1,880 | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 5,572 | 1,880 | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 889 | 741 | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 889 | 741 | ||
Impaired Financing Receivable, Related Allowance | 21 | 76 | ||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 2,935 | 1,670 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 0 | 83 | ||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 895 | 0 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 43 | 0 | ||
Construction Loans [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 0 | 0 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 0 | 0 | ||
Commercial Loan [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 4,223 | 4,568 | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 4,403 | 4,652 | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 2,643 | 788 | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 2,643 | 788 | ||
Impaired Financing Receivable, Related Allowance | 474 | 12 | [1] | |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 3,662 | 3,903 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 93 | 215 | ||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 2,340 | 855 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 85 | 18 | ||
Consumer Loan [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 0 | 0 | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | $ 0 | $ 0 | ||
[1] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | |||
[2] | (1) March 31, 2015 balance has been been restated from previously reported amounts to correct the classification of $981 thousand of interest-bearing deposits from available-for-sale securities to other assets. |
Loans Receivable, Net Troubled
Loans Receivable, Net Troubled Debt Restructurings (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | 2 | 4 |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 429 | $ 1,691 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 456 | $ 1,691 |
One-to-four family [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | 2 | 1 |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 43 | |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 456 | $ 43 |
weighted average rate pre modification | 4.08% | 12.00% |
Weighted average rate post modification | 4.89% | 12.00% |
Commercial Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | 0 | 1 |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 0 | $ 860 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 0 | $ 860 |
weighted average rate pre modification | 0.00% | 6.60% |
Weighted average rate post modification | 0.00% | 6.60% |
Commercial Loan [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | 0 | 2 |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 0 | $ 788 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 0 | $ 788 |
weighted average rate pre modification | 0.00% | 8.25% |
Weighted average rate post modification | 0.00% | 8.25% |
Loan and Lease Losses Text Figu
Loan and Lease Losses Text Figures (Details) | 12 Months Ended | |||
Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | Mar. 31, 2014USD ($) | ||
Financing Receivable, Modifications [Line Items] | ||||
Modified Loan Subsequently Defaulted | $ 0 | |||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 429,000 | $ 1,691,000 | ||
Financing Receivable, Modifications, Number of Contracts | 2 | 4 | ||
FNMA & 3rd party loans excluded from financial statements | $ 28,100,000 | $ 30,600,000 | $ 33,600,000 | |
Loans Pledged as Collateral | 38,300,000 | |||
Financing Receivable, Individually Evaluated for Impairment | 19,565,000 | 16,380,000 | [1] | |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 590,000 | 605,000 | [2] | |
Loans and Leases Receivable, Gross | 584,294,000 | 482,051,000 | [3] | |
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | $ 500,000 | 600,000 | ||
Number of loans past due 90 days or more still accruing | 0 | |||
Decrease in non-accrual loans | $ 5,600,000 | |||
Percentage decrease in non-accrual loans | 66.20% | |||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 13,950,000 | 8,395,000 | ||
Financing Receivable, Modifications, Recorded Investment | 7,800,000 | 8,200,000 | ||
Impaired and non performing TDR loans | 2,000,000 | $ 4,000,000 | ||
Prior Period Reclassification Adjustment | 701,000 | |||
Other non-performing asset | 3,500,000 | |||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | $ 1,008,000 | $ 4,341,000 | ||
Number of Real Estate Properties | 7 | 10 | ||
Loans Receivable Held-for-sale, Amount | $ 2,495,000 | $ 2,724,000 | [4] | |
Number of TDR loans on accrual status | 11 | 12 | ||
TDR Loans on Accrual Status | $ 5,600,000 | $ 4,600,000 | ||
Loans and Leases Receivable, Related Parties | 4,400,000 | 4,200,000 | ||
Loans and Leases Receivable, Related Parties, Additions | 1,300,000 | |||
Loans and Leases Receivable, Related Parties, Proceeds | 1,100,000 | |||
Commercial Real Estate [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 0 | $ 860,000 | ||
Financing Receivable, Modifications, Number of Contracts | 0 | 1 | ||
Financing Receivable, Individually Evaluated for Impairment | $ 6,294,000 | $ 2,621,000 | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 21,000 | 76,000 | ||
Loans and Leases Receivable, Gross | 272,497,000 | 186,504,000 | [3] | |
Financing Receivable, Recorded Investment, Nonaccrual Status | 5,338,000 | $ 2,817,000 | ||
One- to four family loans [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | 1 | |||
Commercial Loan [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 0 | $ 788,000 | ||
Financing Receivable, Modifications, Number of Contracts | 0 | 2 | ||
Financing Receivable, Individually Evaluated for Impairment | $ 6,866,000 | $ 5,356,000 | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 474,000 | 12,000 | ||
Loans and Leases Receivable, Gross | 71,277,000 | 70,765,000 | [5] | |
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 3,896,000 | $ 861,000 | ||
[1] | (2) March 31, 2015 balances have been restated from previously reported results for the $701 thousand reclassification of negative escrow balances from Other Assets to Loans Receivable a | |||
[2] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | |||
[3] | (1) March 31, 2015 and 2014 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | |||
[4] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | |||
[5] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. |
Office Properties and Equipme63
Office Properties and Equipment, Net Office properties and Equipment, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
Property, Plant and Equipment [Abstract] | ||
Land | $ 98 | $ 155 |
Buildings and Improvements, Gross | 9,783 | 10,469 |
Leasehold Improvements, Gross | 6,530 | 8,064 |
Furniture and Fixtures, Gross | 12,759 | 12,399 |
Property, Plant and Equipment, Gross | 29,170 | 31,087 |
Less accumulated depreciation and amortization | (23,187) | (24,012) |
Property, Plant and Equipment, Net | $ 5,983 | $ 7,075 |
Office Properties and Equipme64
Office Properties and Equipment, Net Office Properties and Equipment, Net Text (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation | $ 1,415 | $ 1,052 | $ 1,079 |
Accrued Interest Receivable A65
Accrued Interest Receivable Accrued Interest Receivable (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
Accrued Interest Receivable [Abstract] | ||
Loan receivable | $ 3,287 | $ 2,337 |
Mortgage-backed securities | 88 | 99 |
Investments and other interest-bearing assets | 272 | 345 |
Accrued interest receivable | $ 3,647 | $ 2,781 |
Deposits Deposits liabilities (
Deposits Deposits liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
Deposits [Abstract] | ||
Percentage of Noninterest bearing demand deposits to deposits | 9.32% | 9.61% |
Percentage of Interest-bearing Domestic Deposits to Deposits | 5.46% | 5.85% |
Percentage of Interest-bearing Domestic Deposits to Deposits, Savings | 15.70% | 18.00% |
Percentage of Interest-bearing Domestic Deposits to Deposits, Money Market | 26.93% | 28.18% |
Percentage of Interest-bearing Domestic Deposits to Deposits, Certificates of Deposit | 42.17% | 37.92% |
Percentage of other deposits to deposits | 0.42% | 0.44% |
Percent Total Deposits | 100.00% | 100.00% |
Deposits, by Type [Abstract] | ||
Noninterest-bearing demand | $ 56,634 | $ 50,731 |
Interest-bearing checking | 33,106 | 30,860 |
Savings | 95,230 | 95,009 |
Money market | 163,380 | 148,702 |
Certificates of deposit | 255,854 | 200,123 |
Mortgagors deposits | 2,537 | 2,336 |
Deposits | $ 606,741 | $ 527,761 |
Weighted Average Rate Domestic Deposit Liabilities [Abstract] | ||
Weighted Average Rate Domestic Deposit, Demand | 0.00% | 0.00% |
Weighted Average Rate Domestic Deposit, Checking | 0.16% | 0.16% |
Weighted Average Rate Domestic Deposit, Savings | 0.27% | 0.27% |
Weighted Average Rate Domestic Deposit, Money Market | 0.52% | 0.49% |
Weighted Average Rate Domestic Deposit, Certificates of Deposit | 0.92% | 0.93% |
Weighted Average Rate-Other Deposit | 1.22% | 1.53% |
Weighted Average Rate Domestic Deposit | 0.59% | 0.55% |
Deposits Maturities of Certific
Deposits Maturities of Certificate of Deposits (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
certificate of deposits [Line Items] | ||
Time Deposit Maturities, Next Twelve Months | $ 147,080 | |
Time Deposit Maturities, Year Two | 50,980 | |
Time Deposit Maturities, Year Three | 45,245 | |
Time Deposit Maturities, after Three Years | 12,549 | |
Time Deposits | $ 255,854 | $ 200,123 |
Percent of Total Time Deposit | 100.00% | |
0%-0.99% Interest Rate [Member] | ||
certificate of deposits [Line Items] | ||
Time Deposit Maturities, Next Twelve Months | $ 105,286 | |
Time Deposit Maturities, Year Two | 6,328 | |
Time Deposit Maturities, Year Three | 4,950 | |
Time Deposit Maturities, after Three Years | 4,125 | |
Time Deposits | $ 120,689 | |
Percent of Total Time Deposit | 47.17% | |
1% - 1.99% Interest Rate [Member] | ||
certificate of deposits [Line Items] | ||
Time Deposit Maturities, Next Twelve Months | $ 36,495 | |
Time Deposit Maturities, Year Two | 44,643 | |
Time Deposit Maturities, Year Three | 39,473 | |
Time Deposit Maturities, after Three Years | 8,187 | |
Time Deposits | $ 128,798 | |
Percent of Total Time Deposit | 50.34% | |
2%-3.99% Interest Rate [Member] | ||
certificate of deposits [Line Items] | ||
Time Deposit Maturities, Next Twelve Months | $ 5,299 | |
Time Deposit Maturities, Year Two | 9 | |
Time Deposit Maturities, Year Three | 822 | |
Time Deposit Maturities, after Three Years | 233 | |
Time Deposits | $ 6,363 | |
Percent of Total Time Deposit | 2.49% | |
4% and over Interest Rate [Member] | ||
certificate of deposits [Line Items] | ||
Time Deposit Maturities, Next Twelve Months | $ 0 | |
Time Deposit Maturities, Year Two | 0 | |
Time Deposit Maturities, Year Three | 0 | |
Time Deposit Maturities, after Three Years | 4 | |
Time Deposits | $ 4 | |
Percent of Total Time Deposit | 0.00% |
Deposits Certificates of Deposi
Deposits Certificates of Deposits $100,000 or more (Details) $ in Thousands | Mar. 31, 2016USD ($) |
Deposits [Abstract] | |
April 1, 2016 to June 30, 2016 | $ 64,469 |
July 1, 2016 to September 30, 2016 | 9,842 |
October 1, 2016 to March 31, 2017 | 50,512 |
April 1, 2017 and beyond | 91,878 |
Certificates of Deposits, $100,000 or More | $ 216,701 |
Deposits Interest Expense on De
Deposits Interest Expense on Deposits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Deposits [Abstract] | ||
Interest-bearing checking | $ 52 | $ 45 |
Savings and clubs | 253 | 255 |
Money market savings | 844 | 692 |
Certificates of deposit | 2,099 | 1,836 |
Mortgagors deposits | 28 | 30 |
Interest Expense, NOW Accounts, Money Market Accounts, and Savings Deposits | 3,276 | 2,858 |
Penalty for early withdrawal of certificates of deposit | (7) | (5) |
Total interest expense | $ 3,269 | $ 2,853 |
Borrowed Money FHLB-NY Advances
Borrowed Money FHLB-NY Advances (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 | ||
Borrowed Money [Abstract] | ||||
Federal Home Loan Bank, Advances, Maturities Summary, Due in Next Twelve Months | $ 25,000 | $ 40,000 | ||
Federal Home Loan Bank, Advances, Maturities Summary, Due in Year Two | 0 | 0 | ||
Federal Home Loan Bank, Advances, Maturities Summary, Due in Year Three | 25,000 | [1] | 0 | |
Federal Home Loan Bank, Advances, Maturities Summary, Due in Year Four | [1] | 25,000 | ||
Federal Home Loan Bank, Advances, Maturities Summary, One to Five Years | $ 50,000 | $ 65,000 | ||
Federal Home Loan Bank, Advances, Maturities Summary, Average Interest Rate of Amounts Due [Abstract] | ||||
Federal Home Loan Bank, Advances, Maturities Summary, Average Interest Rate of Amounts Due within One Year of Balance Sheet Date | 0.49% | 0.34% | ||
Federal Home Loan Bank, Advances, Maturities Summary, Average Interest Rate, One to Two Years from Balance Sheet Date | 0.00% | 0.00% | ||
Federal Home Loan Bank, Advances, Maturities Summary, Average Interest Rate, Two to Three Years from Balance Sheet Date | 1.50% | [1] | 0.00% | |
Federal Home Loan Bank, Advances, Maturities Summary, Average Interest Rate, Three to Four Years from Balance Sheet Date | [1] | 1.50% | ||
Federal Home Loan Bank, Advances, Weighted Average Interest Rate | 1.00% | 0.79% | ||
[1] | (1) Effective rate is 2.13% which includes the net impact of the amortization of the termination fee on restructured borrowing. |
Borrowed Money Borrowings (Deta
Borrowed Money Borrowings (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Borrowed Money [Abstract] | ||
Advances from Federal Home Loan Banks | $ 50,000 | $ 65,000 |
Subordinated Debt | $ 18,403 | $ 18,403 |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate | 1.00% | 0.79% |
Subordinated Borrowing, Interest Rate | 3.23% | 2.99% |
Federal Home Loan Bank, Advances, Activity for Year, Maximum Outstanding at any Month End | $ 95,000 | $ 65,000 |
Subordinated Debt Maximum Outstanding at any month end | 18,403 | 18,403 |
Federal Home Loan Bank, Advances, Activity for Year, Average Balance of Agreements Outstanding | 61,230 | 28,299 |
Subordinated Debt Average Outstanding for year | $ 18,403 | $ 18,403 |
Federal Home Loan Bank, Advances, Activity for Year, Average Interest Rate for Year | 1.15% | 1.91% |
Subordinated Debt weighted average rate paid | 3.08% | 2.98% |
Borrowed Money Borrowed Money T
Borrowed Money Borrowed Money Text tag (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Sep. 30, 2009 | Sep. 30, 2011 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2003 | Sep. 17, 2003 | ||
Borrowed Money [Abstract] | |||||||
Borrowing limit from FHLB % of assets | 30.00% | ||||||
Federal Home Loan Bank, Advances, Activity for Year, Maximum Outstanding at any Month End | $ 222,500 | ||||||
Federal Home Loan Bank of New York (“FHLB-NY”) stock | 2,883 | $ 3,519 | |||||
Loans Pledged as Collateral | 38,300 | ||||||
Financial Instruments, Owned and Pledged as Collateral, at Fair Value | 60,800 | ||||||
Federal Home Loan Bank, Advances, General Debt Obligations, Amount of Available, Unused Funds | 30,100 | ||||||
Accrued interest FHLB | 0 | 0 | |||||
Interest Expense, Federal Home Loan Bank and Federal Reserve Bank Advances, Long-term | 700 | 500 | |||||
Federal Home Loan Bank, Advances, Maturities Summary, Due in Year Three | 25,000 | [1] | 0 | ||||
subordinated debt issued shares | 13,000 | ||||||
Liquidation amount subordinated debt | $ 1,000 | ||||||
Proceeds from Issuance of Long-term Debt | $ 13,000 | ||||||
Proceeds from (Payments for) Other Financing Activities | $ (15,000) | 13,000 | 400 | ||||
Payments for Repurchase of Trust Preferred Securities | $ 13,400 | ||||||
Debt Instrument, Basis Spread on Variable Rate | 3.05% | ||||||
Proceeds from Issuance of Subordinated Long-term Debt | $ 5,000 | ||||||
Private placement subordinated debt interest rate last 2 years | 12.00% | ||||||
Private placement subordinated debt reduced interest rate | 2.00% | ||||||
Private placement subordinated debt interest rate 1st 7 years | 7.00% | ||||||
Accrued interest expense subordinated debt | $ 2,100 | 1,600 | |||||
Interest Expense, Subordinated Notes and Debentures | $ 600 | $ 500 | |||||
[1] | (1) Effective rate is 2.13% which includes the net impact of the amortization of the termination fee on restructured borrowing. |
Income Taxes Components of Inco
Income Taxes Components of Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | ||
Current Federal Tax Expense (Benefit) | $ 4 | $ 0 |
Current State and Local Tax Expense (Benefit) | 124 | 166 |
Current Federal, State and Local, Tax Expense (Benefit) | $ 128 | $ 166 |
Income Taxes Reconciliation Exp
Income Taxes Reconciliation Expected Federal Income tax rate to Effective Tax Rate (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | ||
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||||||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% | 34.00% | [1] | ||||||||
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | (44.60%) | 46.20% | [1] | ||||||||
Effective Income Tax Rate Reconciliation, Tax Credit, Other, Percent | 76.70% | 30.20% | [1] | ||||||||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | 54.20% | 1479.20% | [1] | ||||||||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance | (782.90%) | (1728.30%) | [1] | ||||||||
Effective Income Tax Rate Reconciliation, Other Adjustments | 0.00% | 0.00% | |||||||||
Effective Income Tax Rate Reconciliation,Other Reconciling Items, Percent | 360.10% | (17.90%) | [1] | ||||||||
Effective Income Tax Rate Reconciliation, Percent | (302.50%) | (156.60%) | |||||||||
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||||||||||
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | $ (14,000) | $ (36,000) | [1] | ||||||||
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | 19,000 | (49,000) | [1] | ||||||||
Effective Income Tax Rate Reconciliation, Tax Credit, Other, Amount | (32,000) | (32,000) | [1] | ||||||||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | (23,000) | (1,568,000) | [1] | ||||||||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | 330,000 | 1,832,000 | [1] | ||||||||
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | 0 | 0 | |||||||||
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount | (152,000) | 19,000 | [1] | ||||||||
Income tax expense (benefit) | $ 32,000 | $ (67,000) | $ (79,000) | $ (13,000) | $ (31,000) | $ (62,000) | $ (57,000) | $ (16,000) | $ 128,000 | $ 166,000 | |
[1] | (1) March 31, 2015 balance has been been restated from previously reported amounts to correct the classification of $981 thousand of interest-bearing deposits from available-for-sale securities to other assets. |
Income Taxes Deferred Tax Asset
Income Taxes Deferred Tax Assets and Liabilities (Details) - USD ($) | Mar. 31, 2016 | Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Deferred Tax Assets, Deferred Gain on Sale Leaseback Transaction | $ 0 | $ 0 | |
Components of Deferred Tax Assets [Abstract] | |||
Deferred Tax Assets, Allowance for loan losses | 2,230,000 | 1,682,000 | [1] |
Deferred Tax Assets, Nonaccrual loan interest | 67,000 | 68,000 | |
Deferred Tax Assets, Purchase accounting adjustment | 3,000 | 23,000 | |
Deferred Tax Assets, Operating Loss Carryforwards | 17,400,000 | 17,742,000 | [2] |
Deferred Tax Assets, Tax Credit Carryforwards, Other | 2,207,000 | 2,207,000 | |
Deferred Tax Assets, Depreciation | 1,863,000 | 977,000 | |
Deferred Tax Assets, Unrealized Losses on Available-for-Sale Securities, Gross | 139,000 | 448,000 | |
Deferred Tax Assets, Market value adjustment on HFS loans | 13,000 | 464,000 | |
Deferred Tax Assets, Other | 415,000 | 946,000 | [2] |
Deferred Tax Assets, Gross | 24,337,000 | 24,557,000 | [2] |
Components of Deferred Tax Liabilities [Abstract] | |||
Deferred Tax Liabilities, income from affiliate | 0 | 671,000 | [3] |
Deferred Tax Liabilities, Deferred Expense | 593,000 | 162,000 | [2] |
Deferred Tax Liabilities, Gross | 593,000 | 833,000 | [2] |
Net Deferred Tax Asset, before valuation allowance | 23,744,000 | 23,724,000 | [2] |
Deferred Tax Assets, Valuation Allowance | (23,744,000) | (23,724,000) | [4] |
Deferred Tax Assets, Net | $ 0 | $ 0 | |
[1] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | ||
[2] | (1) March 31, 2015 has been restated to correct the classification of loans held-for-sale and other real estate owned from Level 2 to Level 3 assets and for the reclassification of negative escrow balances from Other Assets to Loans Held-for-Sale. | ||
[3] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | ||
[4] | (1) March 31, 2015 balance has been been restated from previously reported amounts to correct the classification of $981 thousand of interest-bearing deposits from available-for-sale securities to other assets. |
Income Taxes Income Taxes Text
Income Taxes Income Taxes Text tags (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||
Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2011 | Mar. 31, 2016 | Mar. 31, 2015 | ||
Income Tax Disclosure [Abstract] | ||||||||||||
Income Tax Effects Allocated Directly to Equity | $ 0 | |||||||||||
Income tax expense (benefit) | $ 32,000 | $ (67,000) | $ (79,000) | $ (13,000) | $ (31,000) | $ (62,000) | $ (57,000) | $ (16,000) | 128,000 | $ 166,000 | ||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | 330,000 | $ 1,832,000 | [1] | |||||||||
Stock Issued During Period, Value, Issued for Cash | $ 55,000,000 | |||||||||||
Operating Loss Carryforwards | 900,000 | 900,000 | ||||||||||
Deferred Tax Assets, Net of Valuation Allowance | 23,700,000 | 23,700,000 | ||||||||||
Deferred Tax Asset Reduction | 5,800,000 | 5,800,000 | ||||||||||
Deferred Tax Assets, Net of Valuation Allowance, Current | 23,700,000 | 23,700,000 | ||||||||||
Deferred Tax Assets, Operating Loss Carryforwards, Federal | 31,000,000 | 31,000,000 | ||||||||||
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 49,300,000 | 49,300,000 | ||||||||||
Deferred Tax Assets, Operating Loss Carryforwards, City | $ 43,000,000 | $ 43,000,000 | ||||||||||
[1] | (1) March 31, 2015 balance has been been restated from previously reported amounts to correct the classification of $981 thousand of interest-bearing deposits from available-for-sale securities to other assets. |
Earnings (Loss) Per Share (Deta
Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||
Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | |||||||||||||||||
Net (loss) / income attributable to Carver Bancorp, Inc. | $ (1,030) | $ 570 | $ (156) | $ 445 | $ (453) | $ (227) | $ 183 | $ 225 | $ (170) | $ (272) | [1],[2],[3] | ||||||
Net Income (Loss) Available to Common Stockholders | $ (170) | $ (272) | [3] | ||||||||||||||
Weighted Average Number of Shares Outstanding, Basic | 3,696,420 | 3,696,359 | |||||||||||||||
Weighted Average Number Diluted Shares Outstanding Adjustment | 4,000 | 253 | |||||||||||||||
Weighted Average Number of Common Shares Outstanding, Diluted | 3,700,420 | 3,696,612 | |||||||||||||||
Earnings Per Share, Basic | $ (0.28) | $ 0.06 | [4] | $ (0.04) | $ 0.05 | [4] | $ (0.12) | $ (0.06) | $ 0.02 | $ 0.02 | $ (0.05) | $ (0.07) | [3] | ||||
Earnings Per Share, Diluted | $ (0.28) | $ 0.06 | [4] | $ (0.04) | $ 0.05 | [4] | $ (0.12) | [4] | $ (0.06) | [4] | $ 0.02 | [4] | $ 0.02 | [4] | $ (0.05) | $ (0.07) | [3] |
[1] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | ||||||||||||||||
[2] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. See acc | ||||||||||||||||
[3] | 1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | ||||||||||||||||
[4] | (1) Basic and Diluted EPS amounts restated for all periods in a net income position to include 45,118 shares of Series D Preferred Stock (participating securities) which, under certain circumstances, could convert to 5,518,006 shares of common stock. |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |||
Tier One Leverage Capital | $ 66,476 | $ 65,910 | [1] |
Tier One Leverage Capital to Average Assets | 9.22% | 10.63% | [2] |
Tier One Leverage Capital Required for Capital Adequacy | $ 28,838 | $ 24,793 | [3] |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | 4.00% | |
Excess Tier One Leverage Capital | $ 37,638 | $ 41,117 | [3] |
Excess Tier One Leverage Capital to Average Assets | 5.22% | 6.63% | [4] |
Common Equity Tier One Risk Based Capital | $ 66,476 | $ 65,910 | [1] |
Common Equity Tier One Risk Based Capital to Risk Weighted Assets | 12.66% | 14.80% | [4] |
Common Equity Tier 1 Risk Based Capital required for Capital Adequacy | $ 23,653 | $ 20,045 | [5] |
Common Equity Tier 1 Risk Based Capital minimum capital requirement | 4.50% | 4.50% | |
Excess Common Equity Tier 1 Risk Based Capital | $ 42,823 | $ 45,865 | [5] |
Excess Common Equity Tier 1 Risk Based Capital percentage | 8.16% | 10.30% | [4] |
Tier One Risk Based Capital | $ 66,476 | $ 65,910 | [1] |
Tier One Risk Based Capital to Risk Weighted Assets | 12.66% | 14.80% | [2] |
Tier One Risk Based Capital Required for Capital Adequacy | $ 31,538 | $ 26,726 | [5] |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 6.00% | 6.00% | |
Excess Tier One Risk Based Capital | $ 34,938 | $ 39,184 | [5] |
Excess Tier One Risk Based Capital to Risk Weighted Assets | 6.66% | 8.80% | [6] |
Capital | $ 73,797 | $ 73,404 | [1] |
Capital to Risk Weighted Assets | 14.04% | 16.48% | [3] |
Capital Required for Capital Adequacy | $ 42,050 | $ 35,635 | [5] |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% | |
Excess Capital | $ 31,747 | $ 37,769 | [5] |
Excess Capital to Risk Weighted Assets | 6.04% | 8.48% | [7] |
[1] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | ||
[2] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | ||
[3] | (1) March 31, 2015 balance has been been restated from previously reported amounts to correct for the classification of $981 thousand of interest-bearing deposits from available-for-sale securities to other assets, and the reclassification of negative escrow balances from Other Assets to Loans Receivable and Loans Held-for-Sale. | ||
[4] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | ||
[5] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. See acc | ||
[6] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | ||
[7] | (1) March 31, 2015 and 2014 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. |
Stockholders' Equity Stockholde
Stockholders' Equity Stockholders' Equity Text tags (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Jun. 30, 2011 | Dec. 31, 1994 | Dec. 31, 2011 | Mar. 31, 2016 | Mar. 31, 2015 | Oct. 24, 1994 | ||
Stockholders' Equity Note [Abstract] | |||||||
Common Stock, Shares, Issued | 3,698,031 | 3,698,031 | 2,314,375 | ||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 | ||||
Share Price | $ 10 | ||||||
Proceeds from Issuance of Common Stock | $ 21.5 | ||||||
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | 4.00% | |||||
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% | |||||
OCC directive Tier 1 Leverage capital ratio | 9.00% | ||||||
OCC directive Total risk-based capital ratio | 12.00% | ||||||
Tier One Leverage Capital to Average Assets | 9.22% | 10.63% | [1] | ||||
Capital to Risk Weighted Assets | 14.04% | 16.48% | [2] | ||||
Tier One Risk Based Capital to Risk Weighted Assets | 12.66% | 14.80% | [1] | ||||
Proceeds from Issuance of Convertible Preferred Stock | $ 55 | ||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | 51.4 | ||||||
Proceeds from Contributions from Parent | $ 37 | $ 7 | |||||
[1] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | ||||||
[2] | (1) March 31, 2015 balance has been been restated from previously reported amounts to correct for the classification of $981 thousand of interest-bearing deposits from available-for-sale securities to other assets, and the reclassification of negative escrow balances from Other Assets to Loans Receivable and Loans Held-for-Sale. |
Other Comprehensive Income (L80
Other Comprehensive Income (Loss) Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | $ (307) | $ (1,045) | $ (4,768) |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net | $ 700 | $ 3,700 |
Other Comprehensive Income (L81
Other Comprehensive Income (Loss) Reclassifications from Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | $ (1) | $ (8) |
Other Comprehensive Income (L82
Other Comprehensive Income (Loss) Other Comprehensive Income (Loss) text tags (Details) - USD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net | $ 0.7 | $ 3.7 |
Employee Benefit and Stock Co83
Employee Benefit and Stock Compensation Plans Restricted Stock, Activity (Details) - $ / shares | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares | 4,000 | 0 | 1,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value | $ 5.56 | $ 0 | $ 91.05 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 4,000 | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 5.56 | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 0 | (1,000) | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value | $ 0 | $ 91.05 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Options Forfeited, Number of Shares | 0 | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Options Forfeited, Weighted Average Grant Date Fair Value | $ 0 | $ 0 |
Employee Benefit and Stock Co84
Employee Benefit and Stock Compensation Plans Stock Options, Activity (Details) - $ / shares | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 5,924 | 3,029 | 4,029 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 4,000 | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 1,105 | 1,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 1,924 | 3,002 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 81.65 | $ 246.18 | $ 258.16 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | 5.56 | 0 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | 0 | 0 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | $ 258.30 | $ 294.45 | |
2006 Stock Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 4,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 1,924 |
Employee Benefit and Stock Co85
Employee Benefit and Stock Compensation Plans Stock Options, by Exercise Range (Details) - $ / shares | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 81.65 | $ 246.18 | $ 258.16 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 1,924 | 3,002 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 5,924 | 3,029 | 4,029 |
$5.00 - $5.99 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $ 5,000 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $ 5,990 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 9 years 2 months 22 days | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 5.56 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 4,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 0 | ||
$90.00 - $104.85 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | 90,000 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $ 104,850 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 4 years 4 months 9 days | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 97.50 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 133 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 133 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 97.50 | ||
$240.00 - $254.85 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | 240,000 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $ 254,850 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 10 months 8 days | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 250.61 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 1,791 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,791 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 16.71 |
Employee Benefit and Stock Co86
Employee Benefit and Stock Compensation Plans Stock Options, Fair Value Assumptions (Details) | 12 Months Ended |
Mar. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.78% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 10.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 9 years 2 months 25 days |
Employee Benefit and Stock Co87
Employee Benefit and Stock Compensation Plans Benefit and Stock Compensation Text tags (Details) - USD ($) | 4 Months Ended | 12 Months Ended | |||||
Sep. 30, 2006 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2006 | Sep. 30, 2014 | Mar. 31, 2014 | Mar. 31, 1995 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation | $ 0 | ||||||
Defined Contribution Plan, Employer Matching Contribution, Percent | 100.00% | ||||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 3.00% | ||||||
Percent Net Income Goal to set off profit sharing | 70.00% | ||||||
Defined Contribution Plan, Maximum Annual Contribution Per Employee, Percent | 2.00% | ||||||
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 20.00% | 20.00% | |||||
Allocated Share-based Compensation Expense | $ 0 | $ 2,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 5,924 | 3,029 | 4,029 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 1,924 | 3,002 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 4,000 | 0 | |||||
Payments to Employees | $ 0 | ||||||
Management Recognition Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Allocated Share-based Compensation Expense | $ 9,000 | $ 10,000 | |||||
1995 Stock Option Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 22,591 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 0 | ||||||
2006 Stock Incentive Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 5,925 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 1,924 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 20,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 4,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 4,000 | ||||||
Maximum restricted stock to be granted 2006 Incentive Plan | 10,000 | ||||||
2014 Stock Incentive Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 250,000 |
Commitments and Contingencies88
Commitments and Contingencies Commitments (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
Other Commitments [Line Items] | ||
Line of Credit, Current | $ 6,144 | $ 5,355 |
Letters of Credit Outstanding, Amount | 234 | 234 |
Other Commitment | 852 | 0 |
Commitments and Contingencies | 25,798 | 45,524 |
Commercial Real Estate [Member] | ||
Other Commitments [Line Items] | ||
Unused Commitments to Extend Credit | 15,568 | 30,972 |
Commercial Portfolio Segment [Member] | ||
Other Commitments [Line Items] | ||
Unused Commitments to Extend Credit | $ 3,000 | $ 8,963 |
Commitments and Contingencies R
Commitments and Contingencies Repurchase request (Details) $ in Thousands | 12 Months Ended | |
Mar. 31, 2016USD ($) | ||
Repurchase request [Abstract] | ||
Principal payments received on open claims | $ 36 | |
Open claims, beginning balance | 2,045 | [1] |
Gross new demands received | 0 | |
Loan repurchased/made whole | 0 | |
Demands rescinded | 0 | |
Open claims, ending balance | $ 2,009 | [1] |
[1] | (1) The open claims include all open requests received by the Bank where either FNMA has requested loan files for review, where FNMA has not formally rescinded the repurchase request or where the Bank has not agreed to repurchase the loan. The amounts reflected in this table are the unpaid principal balance and do not incorporate any losses the Bank would incur upon the repurchase of these loans. |
Commitments and Contingencies90
Commitments and Contingencies Representation and warranty reserve (Details) $ in Thousands | 12 Months Ended | |
Mar. 31, 2016USD ($) | ||
Representation and warranty reserve [Abstract] | ||
Representation and warranty repurchase reserve, beginning of period | $ 406 | [1] |
Provision for mortgage representation and warranty losses | (220) | [2] |
Net realized losses | 0 | [2] |
Representation and warranty repurchase reserve, end of period | $ 186 | [1] |
[1] | (1) Reported in consolidated statements of financial condition as a component of other liabilities. | |
[2] | (2) Component of other non-interest expense. |
Commitments and Contingencies L
Commitments and Contingencies Lease Commitments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Operating Leases, Rent Expense | $ 1,536 | $ 1,600 | $ 1,500 |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 1,305 | ||
Operating Leases, Future Minimum Payments, Due in Two Years | 1,253 | ||
Operating Leases, Future Minimum Payments, Due in Three Years | 1,089 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 569 | ||
Operating Leases, Future Minimum Payments, Due Thereafter | 825 | ||
Operating Leases, Future Minimum Payments Due | $ 5,041 |
Commitments and Contingencies T
Commitments and Contingencies Text figures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 1,305 | ||
Operating Leases, Rent Expense | $ 1,536 | $ 1,600 | $ 1,500 |
Accrued loss contingency, damages for lawsuits | 30,000 |
Fair Value on a Recurring basis
Fair Value on a Recurring basis (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Servicing Asset at Fair Value, Amount | $ 201 | $ 210 | |
Available-for-sale Securities | 56,180 | 100,204 | [1],[2] |
Assets, Fair Value Disclosure | 56,381 | 100,414 | [3] |
Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Servicing Asset at Fair Value, Amount | 0 | 0 | |
Available-for-sale Securities | 0 | 0 | |
Cash and Cash Equivalents, Fair Value Disclosure | 63,660 | 50,992 | |
Assets, Fair Value Disclosure | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Servicing Asset at Fair Value, Amount | 0 | 0 | |
Available-for-sale Securities | 56,135 | 100,157 | [3] |
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 | |
Assets, Fair Value Disclosure | 56,135 | 100,157 | [1] |
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Servicing Asset at Fair Value, Amount | 201 | 210 | |
Available-for-sale Securities | 45 | 47 | |
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 | |
Assets, Fair Value Disclosure | 246 | 257 | |
Government National Mortgage Association Certificates and Obligations (GNMA) [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Available-for-sale Securities | 4,623 | 5,527 | |
Government National Mortgage Association Certificates and Obligations (GNMA) [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Available-for-sale Securities | 0 | 0 | |
Government National Mortgage Association Certificates and Obligations (GNMA) [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Available-for-sale Securities | 4,623 | 5,527 | |
Government National Mortgage Association Certificates and Obligations (GNMA) [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Available-for-sale Securities | 0 | 0 | |
Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Available-for-sale Securities | 7,678 | 10,588 | |
Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Available-for-sale Securities | 0 | 0 | |
Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Available-for-sale Securities | 7,678 | 10,588 | |
Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Available-for-sale Securities | 0 | 0 | |
Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Available-for-sale Securities | 7,824 | 10,857 | |
Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Available-for-sale Securities | 0 | 0 | |
Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Available-for-sale Securities | 7,824 | 10,857 | |
Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Available-for-sale Securities | 0 | 0 | |
Mortgage Backed Securities, Other [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Available-for-sale Securities | 45 | 47 | |
Mortgage Backed Securities, Other [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Available-for-sale Securities | 0 | 0 | |
Mortgage Backed Securities, Other [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Available-for-sale Securities | 0 | 0 | |
Mortgage Backed Securities, Other [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Available-for-sale Securities | 45 | 47 | |
US Government Agencies Debt Securities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Available-for-sale Securities | 26,069 | 57,850 | |
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Available-for-sale Securities | 0 | 0 | |
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Available-for-sale Securities | 26,069 | 57,850 | |
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Available-for-sale Securities | 0 | 0 | |
Other [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Available-for-sale Securities | 9,941 | 15,335 | [1],[3] |
Other [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Available-for-sale Securities | 0 | 0 | |
Other [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Available-for-sale Securities | 9,941 | 15,335 | [4] |
Other [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Available-for-sale Securities | $ 0 | $ 0 | |
[1] | (1) March 31, 2015 and 2014 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | ||
[2] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | ||
[3] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | ||
[4] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. |
Fair Value Measurements Schedul
Fair Value Measurements Schedule of Fair Value Level 3 Assets (Details) - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | ||
Mortgage Backed Securities, Other [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 45 | $ 47 | $ 49 | |
Fair Value, Measurement with Unobservable Inputs, Recurring Basis, Asset, Gain (Loss) Included in Earnings | [1] | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs, Recurring Basis, Asset, Issuances, (Settlements) | (2) | (2) | ||
Fair Value, Measurement with Unobservable Inputs, Recurring Basis, Asset, Transfers, Net | 0 | 0 | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | ||
Other Assets [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 201 | 210 | $ 265 | |
Fair Value, Measurement with Unobservable Inputs, Recurring Basis, Asset, Gain (Loss) Included in Earnings | [1] | (9) | (55) | |
Fair Value, Measurement with Unobservable Inputs, Recurring Basis, Asset, Issuances, (Settlements) | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs, Recurring Basis, Asset, Transfers, Net | 0 | 0 | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | $ (8) | $ (51) | ||
[1] | (1) Includes net servicing cash flows and the passage of time. |
Fair Value Measurements Fair 95
Fair Value Measurements Fair Value on a Non-recurring basis (Details) - USD ($) | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Loans Held-for-sale, Fair Value Disclosure | $ 2,495,000 | $ 2,724,000 | [1] | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 4,669,000 | 6,338,000 | |||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 1,008,000 | $ 4,341,000 | |||
Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Loans Held-for-sale, Fair Value Disclosure | 0 | $ 0 | |||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 | |||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 0 | 0 | |||
Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Loans Held-for-sale, Fair Value Disclosure | 0 | 0 | |||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 | |||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 0 | 0 | |||
Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Loans Held-for-sale, Fair Value Disclosure | 2,495,000 | 2,724,000 | [2] | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 4,669,000 | 6,338,000 | |||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | $ 1,008,000 | $ 4,341,000 | [3] | ||
[1] | (1) March 31, 2015 balance has been been restated from previously reported amounts to correct for the classification of $981 thousand of interest-bearing deposits from available-for-sale securities to other assets, and the reclassification of negative escrow balances from Other Assets to Loans Receivable and Loans Held-for-Sale. | ||||
[2] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | ||||
[3] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. See acc |
Fair Value Measurements Text Ta
Fair Value Measurements Text Tag (Details) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2015USD ($) | Mar. 31, 2016USD ($) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | $ (100,204) | [1],[2] | $ (56,180) |
Percent of Total Assets Level 3 | 0.00% | 0.00% | |
Transfers between level 1 and level 2 | 0 | ||
Restatement Adjustment [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | $ 981 | ||
[1] | (1) March 31, 2015 and 2014 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | ||
[2] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. |
Fair Value of Financial Instr97
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | [1] | |
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
Investments, Fair Value Disclosure | $ 71,833 | $ 112,435 | |||
Held-to-maturity Securities, Fair Value | 15,653 | 12,231 | |||
Loans Held-for-sale, Fair Value Disclosure | 2,495 | $ 2,724 | |||
Servicing Asset at Fair Value, Amount | 201 | 210 | |||
Reported Value Measurement [Member] | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
Cash and Cash Equivalents, Fair Value Disclosure | 63,660 | 50,992 | |||
Restricted Cash, at Fair Value | 225 | 6,354 | |||
Investments, Fair Value Disclosure | 56,180 | 100,204 | |||
Investment in Federal Home Loan Bank Stock, Fair Value Disclosure | 2,883 | 3,519 | |||
Held-to-maturity Securities, Fair Value | 15,311 | 11,922 | |||
Loans Receivable, Fair Value Disclosure | 583,787 | 479,334 | [2] | ||
Loans Held-for-sale, Fair Value Disclosure | 2,495 | 2,724 | [3] | ||
Accrued interest receivable | 3,647 | 2,781 | |||
Servicing Asset at Fair Value, Amount | 201 | 210 | |||
Other assets - Interest-bearing deposits | 983 | 981 | |||
Financial Liabilities Fair Value Disclosure [Abstract] | |||||
Deposits, Fair Value Disclosure | 606,741 | 527,761 | |||
Advances from FHLB of New York, Fair Value Disclosure | 50,000 | 65,000 | |||
Other Borrowed Money, Fair Value Disclosure | 18,403 | 18,403 | |||
Estimate of Fair Value Measurement [Member] | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
Cash and Cash Equivalents, Fair Value Disclosure | 63,660 | 50,992 | |||
Restricted Cash, at Fair Value | 225 | 6,354 | |||
Investments, Fair Value Disclosure | 56,180 | 100,204 | [4] | ||
Investment in Federal Home Loan Bank Stock, Fair Value Disclosure | 2,883 | 3,519 | |||
Held-to-maturity Securities, Fair Value | 15,653 | 12,231 | |||
Loans Receivable, Fair Value Disclosure | 585,650 | 485,458 | [4] | ||
Loans Held-for-sale, Fair Value Disclosure | 2,495 | 2,724 | [4] | ||
Accrued interest receivable | 3,647 | 2,781 | |||
Servicing Asset at Fair Value, Amount | 201 | 210 | |||
Other assets - Interest-bearing deposits | 983 | 981 | |||
Financial Liabilities Fair Value Disclosure [Abstract] | |||||
Deposits, Fair Value Disclosure | 585,394 | 511,160 | |||
Advances from FHLB of New York, Fair Value Disclosure | 50,141 | 65,827 | |||
Other Borrowed Money, Fair Value Disclosure | 18,734 | 18,931 | |||
Fair Value, Inputs, Level 1 [Member] | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
Cash and Cash Equivalents, Fair Value Disclosure | 63,660 | 50,992 | |||
Restricted Cash, at Fair Value | 0 | 0 | |||
Investments, Fair Value Disclosure | 0 | 0 | |||
Investment in Federal Home Loan Bank Stock, Fair Value Disclosure | 0 | 0 | |||
Held-to-maturity Securities, Fair Value | 0 | 0 | |||
Loans Receivable, Fair Value Disclosure | 0 | 0 | |||
Loans Held-for-sale, Fair Value Disclosure | 0 | 0 | |||
Accrued interest receivable | 0 | 0 | |||
Servicing Asset at Fair Value, Amount | 0 | 0 | |||
Other assets - Interest-bearing deposits | 0 | 0 | |||
Financial Liabilities Fair Value Disclosure [Abstract] | |||||
Deposits, Fair Value Disclosure | 329,398 | 309,897 | |||
Advances from FHLB of New York, Fair Value Disclosure | 0 | 0 | |||
Other Borrowed Money, Fair Value Disclosure | 0 | 0 | |||
Fair Value, Inputs, Level 2 [Member] | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 | |||
Restricted Cash, at Fair Value | 225 | 6,354 | |||
Investments, Fair Value Disclosure | 56,135 | 100,157 | [1] | ||
Investment in Federal Home Loan Bank Stock, Fair Value Disclosure | 2,883 | 3,519 | |||
Held-to-maturity Securities, Fair Value | 15,653 | 12,231 | |||
Loans Receivable, Fair Value Disclosure | 0 | 0 | |||
Loans Held-for-sale, Fair Value Disclosure | 0 | 0 | |||
Accrued interest receivable | 3,647 | 2,781 | |||
Servicing Asset at Fair Value, Amount | 0 | 0 | |||
Other assets - Interest-bearing deposits | 983 | 981 | |||
Financial Liabilities Fair Value Disclosure [Abstract] | |||||
Deposits, Fair Value Disclosure | 255,996 | 201,263 | |||
Advances from FHLB of New York, Fair Value Disclosure | 50,141 | 65,827 | |||
Other Borrowed Money, Fair Value Disclosure | 18,734 | 18,931 | |||
Fair Value, Inputs, Level 3 [Member] | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 | |||
Restricted Cash, at Fair Value | 0 | 0 | |||
Investments, Fair Value Disclosure | 45 | 47 | |||
Investment in Federal Home Loan Bank Stock, Fair Value Disclosure | 0 | 0 | |||
Held-to-maturity Securities, Fair Value | 0 | 0 | |||
Loans Receivable, Fair Value Disclosure | 585,650 | 485,458 | [4] | ||
Loans Held-for-sale, Fair Value Disclosure | 2,495 | 2,724 | [4] | ||
Accrued interest receivable | 0 | 0 | |||
Servicing Asset at Fair Value, Amount | 201 | 210 | |||
Other assets - Interest-bearing deposits | 0 | 0 | |||
Financial Liabilities Fair Value Disclosure [Abstract] | |||||
Deposits, Fair Value Disclosure | 0 | 0 | |||
Advances from FHLB of New York, Fair Value Disclosure | 0 | 0 | |||
Other Borrowed Money, Fair Value Disclosure | $ 0 | $ 0 | |||
[1] | (1) March 31, 2015 balance has been been restated from previously reported amounts to correct for the classification of $981 thousand of interest-bearing deposits from available-for-sale securities to other assets, and the reclassification of negative escrow balances from Other Assets to Loans Receivable and Loans Held-for-Sale. | ||||
[2] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | ||||
[3] | (1) March 31, 2015 has been restated to correct the classification of loans held-for-sale and other real estate owned from Level 2 to Level 3 assets and for the reclassification of negative escrow balances from Other Assets to Loans Held-for-Sale. | ||||
[4] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. |
Fair Value of Financial Instr98
Fair Value of Financial Instruments Fair Value of Financial Instruments Text Tags (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available-for-sale Securities | $ 56,180 | $ 100,204 | [1],[2] |
Restatement Adjustment [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available-for-sale Securities | $ (981) | ||
[1] | (1) March 31, 2015 and 2014 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | ||
[2] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. |
Variable Interest Entities VIE
Variable Interest Entities VIE (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Mar. 31, 2016 | Mar. 31, 2013 | May 15, 2009 | Mar. 31, 2008 | |||
Entity Information [Line Items] | ||||||
Variable Interest Entity, Initial Consolidation, Gain (Loss) | $ 5,850 | |||||
Variable Interest Entity, Rights Transferred | 149,000 | $ 40,000 | ||||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 2,362 | |||||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets | 103,289 | |||||
Variable Interest Entity, Total Involvment with SPE Asset | 105,651 | |||||
Variable Interest Entity, Funded Exposure, Debt Investment | 13,000 | |||||
Variable Interest Entity, Funded Exposure, Equity Invesment | 0 | |||||
Variable Ineterest Entity, Unfunded Exposure, Funding Commitments | 0 | |||||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 50,310 | |||||
Variable Interest Entity, Total Exposure | 63,718 | |||||
Carver Statutory Trust 1 [Member] | ||||||
Entity Information [Line Items] | ||||||
Variable Interest Entity, Initial Consolidation, Gain (Loss) | 0 | |||||
Variable Interest Entity, Rights Transferred | 0 | |||||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 0 | |||||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets | 13,400 | |||||
Variable Interest Entity, Total Involvment with SPE Asset | 13,400 | |||||
Variable Interest Entity, Funded Exposure, Debt Investment | 13,000 | $ 13,000 | ||||
Variable Interest Entity, Funded Exposure, Equity Invesment | 400 | $ 400 | ||||
Variable Ineterest Entity, Unfunded Exposure, Funding Commitments | 0 | |||||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 0 | |||||
Variable Interest Entity, Total Exposure | 13,400 | |||||
CDE 1-9, CDE 11-12 [Member] | ||||||
Entity Information [Line Items] | ||||||
Variable Interest Entity, Initial Consolidation, Gain (Loss) | [1] | 0 | ||||
Variable Interest Entity, Rights Transferred | [1] | 40,000 | ||||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | [1] | 2,362 | ||||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets | [1] | 0 | ||||
Variable Interest Entity, Total Involvment with SPE Asset | [1] | 2,362 | ||||
Variable Interest Entity, Funded Exposure, Debt Investment | [1] | 0 | ||||
Variable Interest Entity, Funded Exposure, Equity Invesment | [1],[2] | 0 | ||||
Variable Ineterest Entity, Unfunded Exposure, Funding Commitments | [1] | 0 | ||||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | [1] | 7,800 | ||||
Variable Interest Entity, Total Exposure | [1] | 7,800 | ||||
CDE 10 [Member] | ||||||
Entity Information [Line Items] | ||||||
Variable Interest Entity, Initial Consolidation, Gain (Loss) | [3] | 1,700 | ||||
Variable Interest Entity, Rights Transferred | 19,000 | [3] | $ 19,000 | |||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | [3] | 0 | ||||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets | [3] | 0 | ||||
Variable Interest Entity, Total Involvment with SPE Asset | [3] | 0 | ||||
Variable Interest Entity, Funded Exposure, Debt Investment | [3] | 0 | ||||
Variable Interest Entity, Funded Exposure, Equity Invesment | [3] | 0 | ||||
Variable Ineterest Entity, Unfunded Exposure, Funding Commitments | [3] | 0 | ||||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | [3] | 7,410 | ||||
Variable Interest Entity, Total Exposure | [3] | 7,410 | ||||
CDE 13 [Member] | ||||||
Entity Information [Line Items] | ||||||
Variable Interest Entity, Initial Consolidation, Gain (Loss) | 500 | |||||
Variable Interest Entity, Rights Transferred | 10,500 | |||||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 0 | |||||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets | 10,567 | |||||
Variable Interest Entity, Total Involvment with SPE Asset | 10,567 | |||||
Variable Interest Entity, Funded Exposure, Debt Investment | 0 | |||||
Variable Interest Entity, Funded Exposure, Equity Invesment | 1 | |||||
Variable Ineterest Entity, Unfunded Exposure, Funding Commitments | 0 | |||||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 4,095 | |||||
Variable Interest Entity, Total Exposure | 4,096 | |||||
CDE 14 [Member] | ||||||
Entity Information [Line Items] | ||||||
Variable Interest Entity, Initial Consolidation, Gain (Loss) | 400 | |||||
Variable Interest Entity, Rights Transferred | 10,000 | |||||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 0 | |||||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets | 10,034 | |||||
Variable Interest Entity, Total Involvment with SPE Asset | 10,034 | |||||
Variable Interest Entity, Funded Exposure, Debt Investment | 0 | |||||
Variable Interest Entity, Funded Exposure, Equity Invesment | 1 | |||||
Variable Ineterest Entity, Unfunded Exposure, Funding Commitments | 0 | |||||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 3,900 | |||||
Variable Interest Entity, Total Exposure | 3,901 | |||||
CDE 15, 16, 17 [Member] | ||||||
Entity Information [Line Items] | ||||||
Variable Interest Entity, Initial Consolidation, Gain (Loss) | 900 | |||||
Variable Interest Entity, Rights Transferred | 20,500 | |||||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 0 | |||||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets | 20,645 | |||||
Variable Interest Entity, Total Involvment with SPE Asset | 20,645 | |||||
Variable Interest Entity, Funded Exposure, Debt Investment | 0 | |||||
Variable Interest Entity, Funded Exposure, Equity Invesment | 2 | |||||
Variable Ineterest Entity, Unfunded Exposure, Funding Commitments | 0 | |||||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 7,995 | |||||
Variable Interest Entity, Total Exposure | 7,997 | |||||
CDE 18 [Member] | ||||||
Entity Information [Line Items] | ||||||
Variable Interest Entity, Initial Consolidation, Gain (Loss) | 600 | |||||
Variable Interest Entity, Rights Transferred | 13,254 | |||||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 0 | |||||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets | 13,282 | |||||
Variable Interest Entity, Total Involvment with SPE Asset | 13,282 | |||||
Variable Interest Entity, Funded Exposure, Debt Investment | 0 | |||||
Variable Interest Entity, Funded Exposure, Equity Invesment | 1 | |||||
Variable Ineterest Entity, Unfunded Exposure, Funding Commitments | 0 | |||||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 5,169 | |||||
Variable Interest Entity, Total Exposure | 5,170 | |||||
CDE 19 [Member] | ||||||
Entity Information [Line Items] | ||||||
Variable Interest Entity, Initial Consolidation, Gain (Loss) | 500 | |||||
Variable Interest Entity, Rights Transferred | 10,746 | |||||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 0 | |||||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets | 10,951 | |||||
Variable Interest Entity, Total Involvment with SPE Asset | 10,951 | |||||
Variable Interest Entity, Funded Exposure, Debt Investment | 0 | |||||
Variable Interest Entity, Funded Exposure, Equity Invesment | 1 | |||||
Variable Ineterest Entity, Unfunded Exposure, Funding Commitments | 0 | |||||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 4,191 | |||||
Variable Interest Entity, Total Exposure | 4,192 | |||||
CDE 20 [Member] | ||||||
Entity Information [Line Items] | ||||||
Variable Interest Entity, Initial Consolidation, Gain (Loss) | 625 | |||||
Variable Interest Entity, Rights Transferred | 12,500 | |||||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 0 | |||||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets | 12,129 | |||||
Variable Interest Entity, Total Involvment with SPE Asset | 12,129 | |||||
Variable Interest Entity, Funded Exposure, Debt Investment | 0 | |||||
Variable Interest Entity, Funded Exposure, Equity Invesment | 1 | |||||
Variable Ineterest Entity, Unfunded Exposure, Funding Commitments | 0 | |||||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 4,875 | |||||
Variable Interest Entity, Total Exposure | 4,876 | |||||
CDE 21 [Member] | ||||||
Entity Information [Line Items] | ||||||
Variable Interest Entity, Initial Consolidation, Gain (Loss) | 625 | |||||
Variable Interest Entity, Rights Transferred | 12,500 | |||||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 0 | |||||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets | 12,281 | |||||
Variable Interest Entity, Total Involvment with SPE Asset | 12,281 | |||||
Variable Interest Entity, Funded Exposure, Debt Investment | 0 | |||||
Variable Interest Entity, Funded Exposure, Equity Invesment | 1 | |||||
Variable Ineterest Entity, Unfunded Exposure, Funding Commitments | 0 | |||||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 4,875 | |||||
Variable Interest Entity, Total Exposure | $ 4,876 | |||||
[1] | (3) CDEs 2-9, 11-12 dissolved March 2016. | |||||
[2] | (1) Excludes any proceeds realized from exchange of equity interest in CDEs as detailed below. | |||||
[3] | (2) Entity dissolved May 2015. |
Variable Interest Entities Text
Variable Interest Entities Text Tag (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||||||
Mar. 31, 2013 | Mar. 31, 2016 | Sep. 30, 2011 | Dec. 31, 2010 | Dec. 30, 2010 | May 15, 2009 | Mar. 31, 2008 | Apr. 28, 2006 | |||
Entity Information [Line Items] | ||||||||||
Variable Interest Entity, Funded Exposure, Debt Investment | $ 13,000 | |||||||||
Variable Interest Entity, Funded Exposure, Equity Invesment | 0 | |||||||||
% of Carver Statutory Trust I owned | 100.00% | |||||||||
Cash | $ 6,700 | |||||||||
New Markets Tax Credit Award | $ 25,000 | $ 65,000 | $ 59,000 | |||||||
Variable Interest Entity, Rights Transferred | 149,000 | $ 40,000 | ||||||||
Carver Statutory Trust 1 [Member] | ||||||||||
Entity Information [Line Items] | ||||||||||
Variable Interest Entity, Funded Exposure, Debt Investment | $ 13,000 | 13,000 | ||||||||
Variable Interest Entity, Funded Exposure, Equity Invesment | $ 400 | 400 | ||||||||
Variable Interest Entity, Rights Transferred | 0 | |||||||||
CDE 10 [Member] | ||||||||||
Entity Information [Line Items] | ||||||||||
Variable Interest Entity, Funded Exposure, Debt Investment | [1] | 0 | ||||||||
Variable Interest Entity, Funded Exposure, Equity Invesment | [1] | 0 | ||||||||
Variable Interest Entity, Rights Transferred | 19,000 | [1] | $ 19,000 | |||||||
CDE 1-9, CDE 11-12 [Member] | ||||||||||
Entity Information [Line Items] | ||||||||||
Variable Interest Entity, Funded Exposure, Debt Investment | [2] | 0 | ||||||||
Variable Interest Entity, Funded Exposure, Equity Invesment | [2],[3] | 0 | ||||||||
Variable Interest Entity, Rights Transferred | [2] | $ 40,000 | ||||||||
Stockholders' Equity Attributable to Noncontrolling Interest | $ 6,700 | |||||||||
[1] | (2) Entity dissolved May 2015. | |||||||||
[2] | (3) CDEs 2-9, 11-12 dissolved March 2016. | |||||||||
[3] | (1) Excludes any proceeds realized from exchange of equity interest in CDEs as detailed below. |
Quarterly Financial Data Qua101
Quarterly Financial Data Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||
Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | ||||||||
Interest income | $ 6,961 | $ 7,009 | $ 6,730 | $ 6,208 | $ 5,714 | $ 5,265 | $ 5,590 | $ 5,758 | $ 26,908 | $ 22,327 | |||||||
Interest expense | 1,217 | 1,171 | 1,093 | 1,058 | 946 | 1,013 | 992 | 991 | 4,539 | 3,942 | |||||||
Net interest income | 5,744 | 5,838 | 5,637 | 5,150 | 4,768 | 4,252 | 4,598 | 4,767 | 22,369 | 18,385 | |||||||
Provision for (recovery of) loan losses | 89 | 728 | 643 | 34 | (64) | (1,151) | (713) | (913) | 1,495 | (2,842) | [1],[2] | ||||||
Total non-interest income | 1,469 | 2,741 | 1,131 | 1,193 | 1,394 | 1,408 | 1,562 | 1,202 | 6,535 | 5,568 | |||||||
Non-interest expense | 8,186 | 7,214 | 6,202 | 5,851 | 6,648 | 7,127 | 6,780 | 6,624 | 27,451 | 27,182 | [3] | ||||||
Income tax expense (benefit) | 32 | (67) | (79) | (13) | (31) | (62) | (57) | (16) | 128 | 166 | |||||||
Net (loss) / income attributable to non-controlling interest | 0 | 151 | 147 | (17) | 0 | (281) | |||||||||||
Net (loss) / income attributable to Carver Bancorp, Inc. | $ (1,030) | $ 570 | $ (156) | $ 445 | $ (453) | $ (227) | $ 183 | $ 225 | $ (170) | $ (272) | [2],[3],[4] | ||||||
Earnings Per Share, Basic | $ (0.28) | $ 0.06 | [5] | $ (0.04) | $ 0.05 | [5] | $ (0.12) | $ (0.06) | $ 0.02 | $ 0.02 | $ (0.05) | $ (0.07) | [2] | ||||
Earnings Per Share, Diluted | $ (0.28) | $ 0.06 | [5] | $ (0.04) | $ 0.05 | [5] | $ (0.12) | [5] | $ (0.06) | [5] | $ 0.02 | [5] | $ 0.02 | [5] | $ (0.05) | $ (0.07) | [2] |
Scenario, Previously Reported [Member] | |||||||||||||||||
Interest income | $ 7,009 | $ 6,730 | $ 6,208 | $ 5,714 | $ 5,265 | $ 5,590 | $ 5,758 | $ 22,327 | |||||||||
Interest expense | 1,171 | 1,093 | 1,058 | 946 | 1,013 | 992 | 991 | 3,942 | |||||||||
Net interest income | 5,838 | 5,637 | 5,150 | 4,768 | 4,252 | 4,598 | 4,767 | 18,385 | |||||||||
Provision for (recovery of) loan losses | 728 | 643 | 117 | (365) | (1,151) | (713) | (780) | (3,010) | |||||||||
Total non-interest income | 2,741 | 1,131 | 1,193 | 1,394 | 1,408 | 1,562 | 1,202 | 5,568 | |||||||||
Non-interest expense | 7,347 | 6,211 | 6,035 | 6,622 | 6,789 | 6,753 | 6,547 | 26,714 | |||||||||
Income tax expense (benefit) | (67) | (79) | (13) | (31) | (62) | (57) | (16) | 166 | |||||||||
Net (loss) / income attributable to non-controlling interest | 0 | 151 | 147 | (17) | (281) | ||||||||||||
Net (loss) / income attributable to Carver Bancorp, Inc. | $ 437 | $ (165) | $ 178 | $ (126) | $ 111 | $ 210 | $ 169 | $ 364 | |||||||||
Earnings Per Share, Basic | $ 0.12 | [5] | $ (0.04) | $ 0.05 | [5] | $ (0.03) | [6] | $ 0.03 | [6] | $ 0.06 | [6] | $ 0.05 | [6] | $ 0.10 | |||
Earnings Per Share, Diluted | $ 0.12 | [5] | $ (0.04) | $ 0.05 | [5] | $ (0.03) | [6] | $ 0.03 | [6] | $ 0.06 | [6] | $ 0.05 | [6] | $ 0.10 | |||
Restatement Adjustment [Member] | |||||||||||||||||
Interest income | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||||||||
Interest expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
Net interest income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
Provision for (recovery of) loan losses | 0 | 0 | (83) | 301 | 0 | 0 | (133) | 168 | |||||||||
Total non-interest income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
Non-interest expense | (133) | (9) | (184) | 26 | 338 | 27 | 77 | 468 | |||||||||
Income tax expense (benefit) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
Net (loss) / income attributable to non-controlling interest | 0 | 0 | 0 | 0 | 0 | ||||||||||||
Net (loss) / income attributable to Carver Bancorp, Inc. | $ 133 | $ 9 | $ 267 | $ (327) | $ (338) | $ (27) | $ 56 | $ (636) | |||||||||
Earnings Per Share, Basic | $ (0.06) | $ 0 | $ 0 | $ (0.09) | $ (90) | $ (40) | $ (20) | $ (0.17) | |||||||||
Earnings Per Share, Diluted | $ (0.06) | $ 0 | $ 0 | $ (0.09) | $ (90) | $ (40) | $ (20) | $ (0.17) | |||||||||
[1] | (2) March 31, 2015 balances have been restated from previously reported results for the $701 thousand reclassification of negative escrow balances from Other Assets to Loans Receivable a | ||||||||||||||||
[2] | 1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | ||||||||||||||||
[3] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. See acc | ||||||||||||||||
[4] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | ||||||||||||||||
[5] | (1) Basic and Diluted EPS amounts restated for all periods in a net income position to include 45,118 shares of Series D Preferred Stock (participating securities) which, under certain circumstances, could convert to 5,518,006 shares of common stock. | ||||||||||||||||
[6] | Difference in total earnings per share to Consolidated Statement of Operations is due to rounding |
Quarterly Financial Data Qua102
Quarterly Financial Data Quarterly Financial Data Text Tags (Details) | Oct. 28, 2011shares |
Quarterly Financial Information Disclosure [Abstract] | |
Convertible Preferred Stock, Shares Issued upon Conversion | 45,118 |
Carver Bancorp Inc.-Parent C103
Carver Bancorp Inc.-Parent Company Only Parent Company Statements of Financial Condition (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 30, 2010 | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||||
Cash | $ 6,700 | |||||
Other assets | $ 7,557 | $ 10,875 | [1] | |||
Total assets | 741,728 | 675,780 | [2] | |||
Borrowed Funds | 68,403 | 83,403 | ||||
Other liabilities | 12,369 | 10,971 | [3] | |||
Total liabilities | 687,513 | 622,135 | [4] | |||
Stockholders' Equity | 54,215 | 53,645 | [1],[4] | $ 50,471 | [5] | |
Total liabilities and equity | 741,728 | 675,780 | [3] | |||
Parent Company [Member] | ||||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||||
Cash | 2,995 | 4,679 | $ 4,669 | |||
Investment in subsidiaries | 66,775 | 65,270 | [6] | |||
Other assets | 69 | 54 | ||||
Total assets | 69,839 | 70,003 | ||||
Borrowed Funds | 13,403 | 13,403 | ||||
Accounts payable to subsidiaries | 51 | 1,249 | ||||
Other liabilities | 2,170 | 1,706 | [7] | |||
Total liabilities | 15,624 | 16,358 | ||||
Stockholders' Equity | 54,215 | 53,645 | [6] | |||
Total liabilities and equity | $ 69,839 | $ 70,003 | [8] | |||
[1] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | |||||
[2] | 1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | |||||
[3] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. See acc | |||||
[4] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | |||||
[5] | (1) March 31, 2015 and 2014 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | |||||
[6] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | |||||
[7] | 1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | |||||
[8] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. |
Carver Bancorp Inc.-Parent C104
Carver Bancorp Inc.-Parent Company Only Parent Company Statements of Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Condensed Income Statements, Captions [Line Items] | |||
Interest Expense, Borrowings | $ 1,270 | $ 1,089 | |
Other Expenses | 8,078 | 7,990 | [1] |
Net Income (Loss) Attributable to Carver Bancorp, Inc. | (170) | (272) | [2] |
Parent Company [Member] | |||
Condensed Income Statements, Captions [Line Items] | |||
Equity in net income from subsidiaries | 764 | 582 | [3],[4] |
Other Income | 23 | 21 | |
Total income (loss) | 787 | 603 | [1] |
Interest Expense, Borrowings | 465 | 446 | |
Salaries and employee benefits | 237 | 167 | |
Other Noninterest Expense | 82 | 95 | |
Other Expenses | 173 | 167 | |
Total expense | 957 | 875 | |
Net Income (Loss) Attributable to Carver Bancorp, Inc. | $ (170) | $ (272) | [1] |
[1] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | ||
[2] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | ||
[3] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | ||
[4] | 1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. |
Carver Bancorp Inc.-Parent C105
Carver Bancorp Inc.-Parent Company Only Parent Company Statements of Cash Flow (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net Income (Loss) Attributable to Carver Bancorp, Inc. | $ (170) | $ (272) | [1] |
Increase (decrease) in other assets | 2,075 | (3,477) | [1] |
Increase (decrease) in other liabilities | 2,087 | 2,796 | [2] |
Net Cash Provided by (Used in) Operating Activities | 490 | 3,618 | |
Cash and Cash Equivalents, Period Increase (Decrease) | 12,668 | (71,562) | |
Parent Company [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net Income (Loss) Attributable to Carver Bancorp, Inc. | (170) | (272) | [3] |
Equity in net income from subsidiaries | (764) | (582) | [4],[5] |
Increase (Decrease) Due from Affiliates | (1) | (2) | |
Increase (decrease) in other assets | (14) | 17 | |
Increase (decrease) in accounts payable to subsidiaries | (1,199) | 371 | |
Increase (decrease) in other liabilities | 464 | 476 | |
Other, net | 0 | 2 | |
Net Cash Provided by (Used in) Operating Activities | (1,684) | 10 | |
Cash and Cash Equivalents, Period Increase (Decrease) | (1,684) | 10 | |
Cash - beginning | 4,679 | 4,669 | |
Cash - end | $ 2,995 | $ 4,679 | |
[1] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | ||
[2] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. See acc | ||
[3] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | ||
[4] | (1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. | ||
[5] | 1) March 31, 2015 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Notes 1 and 18 for further detail. |