Document and Entity Information
Document and Entity Information Document - USD ($) | 12 Months Ended | |
Mar. 31, 2019 | Sep. 30, 2018 | |
Entity Information [Line Items] | ||
Entity Registrant Name | CARVER BANCORP INC | |
Entity Central Index Key | 0001016178 | |
Current Fiscal Year End Date | --03-31 | |
Entity Filer Category | Non-accelerated Filer | |
Document Type | 10-K | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | FY | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 3,697,914 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Shell Company | false | |
Entity Smaller Reporting Company | true | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | Yes | |
Entity Public Float | $ 15,941,759 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Cash and cash equivalents: | ||
Cash and due from banks | $ 30,719 | $ 134,299 |
Money market investments | 509 | 259 |
Total cash and cash equivalents | 31,228 | 134,558 |
Investment securities: | ||
Available-for-sale Securities | 79,845 | 60,709 |
Held-to-maturity | 11,137 | 12,075 |
Equity securities | 454 | 0 |
Total investment securities | 91,436 | 72,784 |
Loans receivable: | ||
Real estate mortgage loans | 328,104 | 370,261 |
Commercial business loans | 96,661 | 102,203 |
Consumer loans | 4,063 | 5,289 |
Loans, net of deferred fees and costs | 428,828 | 477,753 |
Allowance for loan losses | (4,646) | (5,126) |
Total loans receivable, net | 424,182 | 472,627 |
Premises and equipment, net | 5,056 | 2,970 |
Federal Home Loan Bank of New York (“FHLB-NY”) stock, at cost | 926 | 1,768 |
Accrued interest receivable | 2,019 | 2,023 |
Other assets | 8,866 | 7,180 |
Total assets | 563,713 | 693,910 |
Deposits: | ||
Non-interest bearing checking | 60,201 | 62,905 |
Interest-bearing checking | 23,473 | 23,570 |
Savings | 99,310 | 102,550 |
Money market | 94,376 | 101,990 |
Certificates of deposit | 200,607 | 293,513 |
Escrow | 2,229 | 2,355 |
Total interest-bearing deposits | 419,995 | 523,978 |
Total deposits | 480,196 | 586,883 |
Advances from the FHLB-NY and other borrowed money | 21,403 | 38,403 |
Other liabilities | 14,978 | 16,653 |
Total liabilities | 516,577 | 641,939 |
EQUITY | ||
Preferred stock | 45,118 | 45,118 |
Common stock | 61 | 61 |
Additional paid-in capital | 55,514 | 55,479 |
Accumulated deficit | (52,201) | (45,544) |
Treasury Stock, at cost | (417) | (417) |
Accumulated other comprehensive loss | (939) | (2,726) |
Total equity | 47,136 | 51,971 |
Total liabilities and equity | $ 563,713 | $ 693,910 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition Parentheticals - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Investment securities: | ||
Debt Securities, Held-to-maturity, Fair Value | $ 11,107 | $ 11,909 |
EQUITY | ||
Series D Convertible Preferred Stock, Shares Issued | 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, Shares Outstanding (in shares) | 45,118 | 45,118 |
Common Stock, Par Value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Common Stock, Shares Issued (in shares) | 3,700,728 | 3,698,031 |
Common Stock, Shares Outstanding (in shares) | 3,698,784 | 3,697,914 |
Treasury Stock, Shares | 1,944 | 1,944 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Interest income: | ||
Loans | $ 19,470 | $ 21,917 |
Mortgage-backed securities | 1,265 | 970 |
Investment securities | 1,252 | 680 |
Money market investments | 1,243 | 792 |
Total interest income | 23,230 | 24,359 |
Interest expense: | ||
Deposits | 5,232 | 4,106 |
Advances and other borrowed money | 909 | 1,174 |
Total interest expense | 6,141 | 5,280 |
Net interest income | 17,089 | 19,079 |
(Recovery of) provision for loan losses | (270) | 135 |
Net interest income after (recovery of) provision for loan losses | 17,359 | 18,944 |
Non-interest income: | ||
Depository fees and charges | 3,337 | 3,372 |
Loan fees and service charges | 341 | 554 |
Loss on sale of securities, net | (16) | 0 |
Gain on sale of loans, net | 29 | 0 |
Gain on sale of building | 616 | 9,615 |
Other | 551 | 818 |
Total non-interest income | 4,858 | 14,359 |
Non-interest expense: | ||
Employee compensation and benefits | 12,248 | 12,615 |
Net occupancy expense | 4,255 | 3,543 |
Equipment, net | 1,215 | 862 |
Data processing | 1,774 | 1,669 |
Consulting fees | 416 | 801 |
Federal deposit insurance premiums | 638 | 832 |
Other | 7,474 | 7,660 |
Total non-interest expense | 28,020 | 27,982 |
(Loss) income before income tax expense (benefit) | (5,803) | 5,321 |
Income tax expense (benefit) | 133 | (33) |
Net (loss) income | $ (5,936) | $ 5,354 |
(Loss) earnings per common share: | ||
Earnings (Loss) Per Share, Basic (in dollars per share) | $ (1.60) | $ 0.58 |
Earnings (Loss) Per Share, Diluted (in dollars per share) | $ (1.60) | $ 0.58 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | ||
Net (loss) income | $ (5,936) | $ 5,354 |
Other comprehensive income (loss), net of tax: | ||
Change in unrealized loss of securities available-for-sale, net of tax | 1,050 | (786) |
Reclassification adjustments for sales of available-for-sale securities, net of tax | 16 | 0 |
Total other comprehensive income (loss), net of tax | 1,066 | (786) |
Total comprehensive (loss) income, net of tax | $ (4,870) | $ 4,568 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Loss Consolidated Statements of Comprehensive Loss Non-Printing - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | ||
Other Comprehensive Income (Loss), Change in unrealized loss of available-for-sale securities, Tax | $ 0 | $ 0 |
Other Comprehensive Income (Loss), Reclassification adjustment for sales of available-for-sale securities, Tax | $ 0 | $ 0 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - USD ($) | Total | Preferred Stock | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Treasury Stock | Accumulated Other Comprehensive Loss |
Stockholders' equity - Beginning Balance at Mar. 31, 2017 | $ 47,398,000 | $ 45,118,000 | $ 61,000 | $ 55,474,000 | $ (50,898,000) | $ (417,000) | $ (1,940,000) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net (loss) income | 5,354,000 | 0 | 0 | 0 | 5,354,000 | 0 | 0 |
Other comprehensive loss, net of tax | (786,000) | 0 | 0 | 0 | 0 | 0 | (786,000) |
Stock based compensation expense | 5,000 | 0 | 0 | 5,000 | 0 | 0 | 0 |
Stockholders' equity - Ending Balance at Mar. 31, 2018 | 51,971,000 | 45,118,000 | 61,000 | 55,479,000 | (45,544,000) | (417,000) | (2,726,000) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net (loss) income | (5,936,000) | 0 | 0 | 0 | (5,936,000) | 0 | 0 |
Other comprehensive loss, net of tax | 1,066,000 | 0 | 0 | 0 | 0 | 0 | 1,066,000 |
Stock based compensation expense | 35,000 | 0 | 0 | 35,000 | 0 | 0 | 0 |
Stockholders' equity - Ending Balance at Mar. 31, 2019 | 47,136,000 | 45,118,000 | 61,000 | 55,514,000 | (52,201,000) | (417,000) | (939,000) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 0 | $ 0 | $ 0 | $ 0 | $ (721,000) | $ 0 | $ 721,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net (loss) income | $ (5,936) | $ 5,354 |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
(Recovery of) provision for loan losses | (270) | 135 |
Stock based compensation expense | 35 | 5 |
Depreciation and amortization expense | 793 | 897 |
Gain on sale of real estate owned, net of market value adjustment | (209) | (237) |
Loss on securities sales and redemption of equity investment, net | 43 | 0 |
Gain on sale of loans, net | (29) | 0 |
Gain on sale of building | (616) | (9,615) |
Amortization and accretion of loan premiums and discounts and deferred charges | 532 | 616 |
Amortization and accretion of premiums and discounts - securities | 558 | 343 |
Decrease (increase) in accrued interest receivable | 4 | (440) |
(Increase) decrease in other assets | (1,995) | (1,173) |
Decrease in other liabilities | (1,675) | (870) |
Net cash used in operating activities | (8,765) | (4,985) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchases of investments: Available-for-sale | (58,129) | (7,790) |
Proceeds from sales of investments: Available-for-sale | 20,487 | 0 |
Proceeds from principal payments, maturities and calls of investments: Available-for-sale | 9,308 | 5,049 |
Proceeds from principal payments, maturities and calls of investments: Held-to-maturity | 898 | 1,304 |
Repayments and maturities, net of originations of loans held-for-investment | (46,079) | (65,062) |
Proceeds from redemption of equity investment | 9,179 | 0 |
Proceeds on sale of loans | 1,766 | 2,436 |
Decrease in restricted cash | 0 | 283 |
Redemption of FHLB-NY stock | 842 | 403 |
Purchase of premises and equipment | (2,880) | (1,602) |
Net proceeds from sale of building | 0 | 18,133 |
Proceeds from sale of real estate owned | 1,572 | 871 |
Net cash provided by investing activities | 29,122 | 84,149 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net (decrease) increase in deposits | (106,687) | 7,708 |
Net decrease in FHLB-NY advances and other borrowings | (17,000) | (11,000) |
Net cash used in by financing activities | (123,687) | (3,292) |
Net increase (decrease) in cash and cash equivalents | (103,330) | 75,872 |
Cash and cash equivalents - Beginning Balance | 134,558 | 58,686 |
Cash and cash equivalents - Ending Balance | 31,228 | 134,558 |
Noncash financing and investing activities | ||
Transfer of loans held-for-sale to loans held-for-investment | 0 | 944 |
Deferred gain on sale-leaseback of building | 0 | 5,417 |
Transfer to real estate owned from loans held-for-investment | 346 | 790 |
Cash paid for: | ||
Interest | 5,296 | 4,584 |
Income taxes | $ 123 | $ 225 |
Organization (Notes)
Organization (Notes) | 12 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | 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 real estate investment trust, Carver Asset Corporation ("CAC"), that was 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 eight 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, “Consolidation,” 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. During the second quarter of fiscal year 2017, the Company applied for and was granted regulatory approval to settle all outstanding debenture interest payments through September 2016. Such payments were made in September 2016. Interest on the debentures has been deferred beginning with the December 2016 payment, per the terms of the agreement, which permit such deferral for up to twenty consecutive quarters, as the Company is prohibited from making payments without prior regulatory approval. The interest rate was 5.66% and the total amount of deferred interest was $1.7 million at March 31, 2019 . 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. Regulation 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. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 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, realization of deferred tax assets, assessment of other-than-temporary impairment of securities, 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. Certain comparative amounts for the prior period have been reclassified to conform to current period presentations. Such reclassifications had no effect on net income or shareholders' equity. Cash and cash equivalents For the purpose of reporting cash flows, cash and cash equivalents include cash, amounts due from depository institutions and other short-term instruments with an original maturity of three months or less. The amounts due from depository institutions include an 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 adopted ASU 2016-01 on April 1, 2018; this standard required that all equity securities are measured at fair value with unrealized holding gains and losses reflected in net income. In the prior fiscal year, equity securities measured at fair value reported any change in unrealized gains and losses through other comprehensive income. 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 the fiscal year ended March 31, 2018, the Bank recognized an impairment of less than $500 on a mortgage-backed security. There were no other-than-temporary impairment charges recorded during the fiscal year ended March 31, 2019 . 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, 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 may be restored to accrual status when principal and interest payments have been brought current and the loan has performed in accordance with its contractual terms for a reasonable period (generally six months). If the Bank determines that a loan is impaired, the Bank next determines the amount of the impairment. The amount of impairment on collateral dependent loans is charged off within the given fiscal quarter. Generally the amount of the loan and negative escrow in excess of the appraised value less estimated selling costs, for the fair value of collateral valuation method, is charged off. For impairment amounts calculated utilizing the present value of expected future cash flows, such as TDRs, 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 main pools of loans (“Loan Type”) are: • One-to-four family • Multifamily • Commercial Real Estate • Construction • Business Loans • Consumer (including Overdraft Accounts) 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 pools. In some pools, such as Commercial Real Estate, Multifamily and Business, the Bank demonstrates a 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 ). The following discussion describes the general risks associated with the Bank’s lending activities: • One-to-four family - Carver Federal purchases first mortgage loans secured by one-to-four family properties that serve as the primary residence of the owner. The loans are underwritten in accordance with applicable secondary market underwriting guidelines and requirements for sale. These loans present a moderate level of risk due primarily to general economic conditions. • Multifamily - Carver Federal originates and purchases multifamily loans. These loans can be affected by economic conditions and the value of the underlying properties. The Bank primarily considers the property's ability to generate net operating income sufficient to support the debt service, the financial resources, income level and managerial expertise of the borrower, the marketability of the property and the Bank's lending experience with the borrower. • Commercial - Commercial real estate ("CRE") lending consists predominantly of originating loans for the purpose of purchasing or refinancing office, mixed-use (properties used for both commercial and residential purposes but predominantly commercial), retail and church buildings in the Bank's market area. Mixed-use loans are secured by properties that are intended for both residential and business use and are classified as CRE. In originating CRE loans, the Bank primarily considers the ability of the net operating income generated by the real estate to support the debt service, the financial resources, income level and managerial expertise of the borrower, the marketability of the property and the Bank's lending experience with the borrower. The Bank also requires the assignment of rents of all tenants' leases in the mortgaged property and personal guarantees may be obtained for additional security from these borrowers. CRE loans generally present a higher level of risk than other types of loans due primarily to the effect of general economic conditions and the complexities involved in valuing the underlying collateral. • Construction - The Bank has historically originated or participated in construction loans for new construction and renovation of multifamily buildings, residential developments, community service facilities, churches, and affordable housing programs. The loans provide for disbursement in stages as construction is completed. Borrowers must satisfy all credit requirements that apply to the Bank's permanent mortgage loan financing for the mortgaged property. Carver Federal has additional criteria for construction loans, including an engineer's plan and periodic cost reviews on all construction budgets for loans. Construction loans present an increased level of risk from the effect of general economic conditions and uncertainties surrounding total construction costs. The Bank is not actively engaged in the origination of construction loans and does not pursue the purchase of them. • Business - The Bank originates and purchases business and SBA loans primarily to businesses located in its primary market area and surrounding areas. Business loans are typically personally guaranteed by the owners and may also be secured by additional collateral, including real estate, equipment and inventory. Business loans are also subject to increased risk from the effect of general economic conditions. • Consumer - The majority of the Consumer portfolio are student loans to medical students enrolled in several Caribbean schools. 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”). All TDRs are classified as impaired. For non-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 not be 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. 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 a TDR 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 (less estimated costs of disposal) 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 one-to-four 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. At March 31, 2019 the Bank serviced $19.4 million of loans for others. 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 considers the Bank's concentration risk. Premises and Equipment Premises 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. We do not consider these shares to be other-than-temporarily impaired at March 31, 2019 . The Bank carries this investment at historical cost. Mortgage Servicing Rights All separately recognized servicing assets totaled $180 thousand and $181 thousand , respectively, at March 31, 2019 and 2018 , and are included in Other Assets in the consolidated statements of financial condition and measured at fair value. Servicing fee income of $51 thousand and $63 thousand , respectively, was recognized during the years ended March 31, 2019 and 2018 , and is included in Non-Interest Income in the consolidated statements of operations. Other 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. As of March 31, 2019, the Bank held $404 thousand in foreclosed residential real estate properties as a result of obtaining physical possession. In addition, as of March 31, 2019 and 2018, we had residential loans with a carrying value of $4.2 million and $3.3 million , respectively, collateralized by residential real estate property for which formal foreclosure proceedings were in process. 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 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. Dilution calculations are not applicable to net loss periods. 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. Stock Compensation Plans The Company currently has multiple stock plans in place for employees and directors of the Company. U.S. GAAP requires that the compensation cost related to share-based payment transactions be recognized in financial statements. The share-based compensation accounting guidance requires that compensation cost for all stock awards be calculated and recognized over a defined vesting period. For awards with graded-vesting, compensation cost is recognized on a straight-line basis over the requisite vesting period for the entire award. A Black-Scholes model is used to estimate the fair value of stock options, while the market price of the Company's common stock at the date of grant is used for restricted stock awards. Off-Balance Sheet Financial Instruments In the ordinary course of business, the Bank has entered into off-balance sheet financial instruments consisting of commitments to extend credit and letters of credit. Such financial instruments are recorded in the consolidated statements of condition when they are funded. NMTC fee income The fee income the Company receives related to the transfers of its New Market Tax Credits ("NMTC") 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. Advertising Costs The Company follows the policy of charging the costs of advertising to expense as incurred. Transfers of Financial Assets Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. Recent Accounting Standards In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (ASU 2014-09), which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. The standard, as modified and augmented by subsequently issued pronouncements (ASUs 2016-08, 2016-10, 2016-12, 2016-20, 2017-05, 2017-13 and 2017-14) became effective for annual periods beginning after December 15, 2017 ( April 1, 2018 for the Company), and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a modified retrospective approach with the cumulative effect of initially adoptin |
Investment Securities (Notes)
Investment Securities (Notes) | 12 Months Ended |
Mar. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | 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. GAAP requires that securities be classified into three categories: trading, held-to-maturity, and available-for-sale. At March 31, 2019 , securities with fair value of $79.8 million , or 87.3% , of the Bank’s total securities were classified as available-for-sale, and the remaining securities with amortized cost of $11.1 million , or 12.2% , were classified as held-to-maturity. The Bank had no securities classified as trading at March 31, 2019 and March 31, 2018 . Equity securities primarily consist of the Bank's investment in a Community Reinvestment Act ("CRA") mutual fund and other equity investments. As a result of the adoption of ASU 2016-01 in April 2018, the Company determined that these investments fall under the provisions of ASU 2016-01, and accordingly, were transferred from available-for-sale and reclassified into equity securities on the Statement of Financial Condition. These securities are measured at fair value with unrealized holding gains and losses reflected in net income. Effective April 1, 2018, the Company recorded a cumulative effect adjustment of $721 thousand as a reclassification from accumulated other comprehensive loss to retained earnings. Additionally, all future changes in fair value will be recognized in the Statements of Operations. The Bank redeemed its $9.2 million investment in the CRA mutual fund during the third quarter of fiscal year 2019 . The following tables set forth the amortized cost and fair value of securities available-for-sale and held-to-maturity at March 31, 2019 and March 31, 2018 : At March 31, 2019 Amortized Gross Unrealized $ in thousands Cost Gains Losses Fair Value Available-for-Sale: Mortgage-backed securities: Government National Mortgage Association $ 4,443 $ 25 $ 86 $ 4,382 Federal Home Loan Mortgage Corporation 11,104 69 148 11,025 Federal National Mortgage Association 27,094 131 617 26,608 Total mortgage-backed securities 42,641 225 851 42,015 U.S. Government Agency Securities 33,089 — 236 32,853 Corporate Bonds 5,054 — 77 4,977 Total available-for-sale $ 80,784 $ 225 $ 1,164 $ 79,845 Held-to-Maturity*: Mortgage-backed securities: Government National Mortgage Association 1,214 40 — 1,254 Federal National Mortgage Association 8,923 — 87 8,836 Total held-to-maturity mortgage-backed securities 10,137 40 87 10,090 Corporate Bonds 1,000 17 — 1,017 Total held-to-maturity $ 11,137 $ 57 $ 87 $ 11,107 At March 31, 2018 Amortized Gross Unrealized $ in thousands Cost Gains Losses Fair Value Available-for-Sale: Mortgage-backed securities: Government National Mortgage Association $ 2,163 $ — $ 97 $ 2,066 Federal Home Loan Mortgage Corporation 6,633 — 283 6,350 Federal National Mortgage Association 24,638 — 1,227 23,411 Total mortgage-backed securities 33,434 — 1,607 31,827 U.S. Government Agency Securities 14,490 — 258 14,232 Corporate Bonds 5,078 — 212 4,866 Other investments (1) 10,433 — 649 9,784 Total available-for-sale $ 63,435 $ — $ 2,726 $ 60,709 Held-to-Maturity*: Mortgage-backed securities: Government National Mortgage Association $ 1,434 $ 51 $ — $ 1,485 Federal National Mortgage Association and Other 9,641 — 247 9,394 Total held-to-maturity mortgage-backed securities 11,075 51 247 10,879 Corporate Bonds 1,000 30 — 1,030 Total held-to-maturity $ 12,075 $ 81 $ 247 $ 11,909 * The carrying amount and amortized cost are the same for all held-to-maturity securities, as no OTTI has been recorded. (1) Primarily comprised of an investment in a CRA fund with 95% of its underlying investments consisting of government and agency backed securities. There were no sales of available-for-sale securities for the year ended March 31, 2018 . The following is a summary regarding proceeds, gross gains and gross losses realized from the sale of securities from the available-for-sale portfolio for the year ended March 31, 2019 . $ in thousands 2019 Proceeds $ 20,487 Gross gains 12 Gross losses 28 There were no sales of held-to-maturity securities in fiscal years 2019 or 2018 . 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, 2019 , the Bank pledged securities of $24.6 million as collateral for advances from the FHLB-NY. The following tables set forth the unrealized losses and fair value of securities in an unrealized loss position at March 31, 2019 and March 31, 2018 for less than 12 months and 12 months or longer: At March 31, 2019 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 $ — $ — $ 851 $ 26,787 $ 851 $ 26,787 U.S. Government Agency Securities 23 20,851 213 12,002 236 32,853 Corporate bonds — — 77 4,977 77 4,977 Total available-for-sale securities $ 23 $ 20,851 $ 1,141 $ 43,766 $ 1,164 $ 64,617 Held-to-Maturity: Mortgage-backed securities $ — $ — $ 87 $ 8,752 $ 87 $ 8,752 Total held-to-maturity securities $ — $ — $ 87 $ 8,752 $ 87 $ 8,752 At March 31, 2018 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 $ 101 $ 3,702 $ 1,506 $ 28,124 $ 1,607 $ 31,826 U.S. Government Agency Securities 80 7,666 178 6,566 258 14,232 Corporate bonds — — 212 4,866 212 4,866 Other investments (1) — — 649 9,351 649 9,351 Total available-for-sale securities $ 181 $ 11,368 $ 2,545 $ 48,907 $ 2,726 $ 60,275 Held-to-Maturity: Mortgage-backed securities $ 188 $ 7,681 $ 59 $ 1,612 $ 247 $ 9,293 Total held-to-maturity securities $ 188 $ 7,681 $ 59 $ 1,612 $ 247 $ 9,293 (1) Primarily comprised of an investment in a CRA fund with 95% of its underlying investments consisting of government and agency backed securities. A total of 35 securities had an unrealized loss at March 31, 2019 and March 31, 2018 . U.S. government agency securities and mortgage-backed securities represented 50.8% and 41.5% ,respectively, of total available-for-sale securities in an unrealized loss position at March 31, 2019 . There were 18 mortgage-backed securities, three U.S. government agency securities, and five corporate bonds that had an unrealized loss position for more than 12 months at March 31, 2019 . 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, and the corporate securities which are all reputable institutions in good financial standing, the risk of credit loss is minimal. Management believes that these unrealized losses are a direct result of the current rate environment and 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 is accounted for as follows: (1) the portion of the total impairment that is attributable to the credit loss would be recognized in earnings, and (2) the remaining difference between the debt security's amortized cost basis and its fair value would be included in other comprehensive income (loss). During the fiscal year ended March 31, 2018, the Bank recognized an impairment of less than $500 on a mortgage-backed security. The Bank did not have any other securities that were classified as having other-than-temporary impairment in its investment portfolio at March 31, 2019 . The following is a summary of the amortized cost and fair value of debt securities at March 31, 2019 , by remaining period to contractual maturity (ignoring earlier call dates, if any). Actual maturities may differ from contractual maturities because certain security issuers have the right to call or prepay their obligations. The table below does not consider the effects of possible prepayments or unscheduled repayments. $ in thousands Amortized Cost Fair Value Weighted Average Yield Available-for-Sale: Less than one year $ 1,005 $ 998 1.65 % One through five years 8,279 8,116 1.72 % Five through ten years 17,775 17,590 2.84 % After ten years 53,725 53,141 2.76 % 80,784 79,845 2.65 % Held-to-maturity: One through five years $ 4,555 $ 4,530 2.40 % Five through ten years 4,381 4,377 3.31 % After ten years 2,201 2,200 2.87 % $ 11,137 $ 11,107 2.85 % |
Loans Receivable, Net (Note)
Loans Receivable, Net (Note) | 12 Months Ended |
Mar. 31, 2019 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Loans Receivable, Net | LOANS RECEIVABLE, NET The following is a summary of loans receivable, net of allowance for loan losses at March 31 : March 31, 2019 March 31, 2018 $ in thousands Amount % Amount % Gross loans receivable: One-to-four family $ 108,363 25.5 % $ 121,233 25.6 % Multifamily 86,177 20.2 % 103,887 21.9 % Commercial real estate 130,812 30.7 % 141,835 29.9 % Construction — — % — — % Business (1) 96,430 22.7 % 102,004 21.5 % Consumer (2) 4,023 0.9 % 5,238 1.1 % Total loans receivable 425,805 100.0 % 474,197 100.0 % Unamortized premiums, deferred costs and fees, net 3,023 3,556 Allowance for loan losses (4,646 ) (5,126 ) Total loans receivable, net $ 424,182 $ 472,627 (1) Includes business overdrafts of $79 thousand and $35 thousand as of March 31, 2019 and 2018 , respectively (2) Includes consumer overdrafts of $15 thousand and $18 thousand as of March 31, 2019 and 2018 , respectively 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. Real estate mortgage loan portfolios (one-to-four family) 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 $19.4 million and $23.1 million at March 31, 2019 and 2018 , respectively. At March 31, 2019 the Bank pledged $38.8 million in total real estate 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, 2019 : $ in thousands One-to-four family Multifamily Commercial Real Estate Business Consumer Unallocated Total Allowance for loan losses: Beginning Balance $ 1,210 $ 1,819 $ 1,052 $ 1,003 $ 18 $ 24 $ 5,126 Charge-offs (151 ) (164 ) — (964 ) (19 ) — (1,298 ) Recoveries 190 158 — 705 35 — 1,088 Provision for (Recovery of) Loan Losses 25 (928 ) (286 ) 586 120 213 (270 ) Ending Balance $ 1,274 $ 885 $ 766 $ 1,330 $ 154 $ 237 $ 4,646 Allowance for Loan Losses Ending Balance: collectively evaluated for impairment $ 1,103 $ 885 $ 766 $ 1,312 $ 154 $ 237 $ 4,457 Allowance for Loan Losses Ending Balance: individually evaluated for impairment 171 — — 18 — — 189 Loan Receivables Ending Balance $ 109,925 $ 86,886 $ 131,292 $ 96,662 $ 4,063 $ — $ 428,828 Ending Balance: collectively evaluated for impairment 104,508 83,672 130,816 93,400 4,063 — 416,459 Ending Balance: individually evaluated for impairment 5,417 3,214 476 3,262 — — 12,369 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, 2018 : $ in thousands One-to-four family Multifamily Commercial Real Estate Construction Business Consumer Unallocated Total Allowance for loan losses: Beginning Balance $ 1,663 $ 1,213 $ 1,496 $ 106 $ 573 $ 9 $ — $ 5,060 Charge-offs (96 ) (104 ) — — (81 ) (33 ) — (314 ) Recoveries — 131 20 — 87 7 — 245 Provision for (Recovery of) Loan Losses (357 ) 579 (464 ) (106 ) 424 35 24 135 Ending Balance $ 1,210 $ 1,819 $ 1,052 $ — $ 1,003 $ 18 $ 24 $ 5,126 Allowance for Loan Losses Ending Balance: collectively evaluated for impairment $ 1,065 $ 1,744 $ 1,052 $ — $ 908 $ 18 $ 24 $ 4,811 Allowance for Loan Losses Ending Balance: individually evaluated for impairment 145 75 — — 95 — — 315 Loan Receivables Ending Balance $ 123,092 $ 104,865 $ 142,304 $ — $ 102,203 $ 5,289 $ — $ 477,753 Ending Balance: collectively evaluated for impairment 116,588 103,160 140,765 — 98,914 5,289 — 464,716 Ending Balance: individually evaluated for impairment 6,504 1,705 1,539 — 3,289 — — 13,037 At March 31, 2019 and 2018 , the recorded investment in impaired loans was $12.4 million and $13.0 million , respectively. The related allowance for loan losses for these impaired loans was approximately $189 thousand and $315 thousand at March 31, 2019 and 2018 , respectively. Interest income of $122 thousand and $324 thousand for fiscal years 2019 and 2018 respectively, would have been recorded on impaired loans had they performed in accordance with their original terms. The following is a summary of nonaccrual loans at March 31, 2019 and 2018 . $ in thousands March 31, 2019 March 31, 2018 Loans accounted for on a nonaccrual basis: Gross loans receivable: One-to-four family $ 4,488 $ 4,561 Multifamily 3,214 964 Commercial real estate 476 502 Business 2,051 635 Consumer 65 — Total nonaccrual loans $ 10,294 $ 6,662 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. TDR loans consist of modified 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, 2019 were $5.4 million , $3.2 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, 2018 , total TDR loans were $5.7 million , of which $1.9 million were non-performing. At March 31, 2019 , other non-performing assets totaled $404 thousand which consisted of other real estate owned ("OREO") properties. At March 31, 2019 , other real estate owned valued at $404 thousand comprised of four foreclosed properties, compared to $1.1 million comprised of eight properties at March 31, 2018 . Other real estate loans is included in other assets in the consolidated statements of financial condition. There were no held-for-sale loans at March 31, 2019 or March 31, 2018 . 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, 2019 , 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 Business Credit Risk Profile by Internally Assigned Grade: Pass $ 83,672 $ 128,319 $ 90,337 Special Mention — 2,497 2,425 Substandard 3,214 476 3,900 Doubtful — — — Loss — — — Total $ 86,886 $ 131,292 $ 96,662 One-to-four family Consumer Credit Risk Profile Based on Payment Activity: Performing $ 106,530 $ 4,063 Non-Performing 3,395 — Total $ 109,925 $ 4,063 As of March 31, 2018 , the risk category by class of loans was as follows: $ in thousands Multifamily Commercial Real Estate Business Credit Risk Profile by Internally Assigned Grade: Pass $ 103,160 $ 140,765 $ 93,886 Special Mention — — 5,028 Substandard 1,705 1,539 3,289 Doubtful — — — Loss — — — Total $ 104,865 $ 142,304 $ 102,203 One-to-four family Consumer Credit Risk Profile Based on Payment Activity: Performing $ 116,588 $ 5,289 Non-Performing 6,504 — Total $ 123,092 $ 5,289 The following table presents an aging analysis of the recorded investment of past due financing receivable as of March 31, 2019 . $ 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 $ 1,827 $ — $ 3,395 $ 5,222 $ 104,703 $ 109,925 Multifamily 2,580 — 2,118 4,698 82,188 86,886 Commercial real estate 121 — — 121 131,171 131,292 Business 780 — 599 1,379 95,283 96,662 Consumer 87 53 65 205 3,858 4,063 Total $ 5,395 $ 53 $ 6,177 $ 11,625 $ 417,203 $ 428,828 The following table presents an aging analysis of the recorded investment of past due financing receivable as of March 31, 2018 . $ 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 $ 1,819 $ — $ 4,056 $ 5,875 $ 117,217 $ 123,092 Multifamily — — 219 219 104,646 104,865 Commercial real estate 1,395 — — 1,395 140,909 142,304 Business 973 312 322 1,607 100,596 102,203 Consumer 7 5 — 12 5,277 5,289 Total $ 4,194 $ 317 $ 4,597 $ 9,108 $ 468,645 $ 477,753 At March 31, 2019 and 2018 , there were no loans 90 or more days past due and accruing interest. The following tables present information on impaired loans with the associated allowance amount, if applicable, at March 31, 2019 and 2018 . 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, 2019 2018 $ 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 $ 4,488 $ 5,643 $ — $ 5,439 $ 6,862 $ — Multifamily 3,214 3,214 — 964 1,122 — Commercial real estate 476 476 — 1,539 1,539 — Business 1,974 2,017 — 611 611 — With an allowance recorded: One-to-four family 929 929 171 1,065 1,065 145 Multifamily — — — 741 741 75 Commercial real estate — — — — — — Business 1,288 1,288 18 2,678 2,681 95 Consumer — — — — — — Total $ 12,369 $ 13,567 $ 189 $ 13,037 $ 14,621 $ 315 The following table presents information on average balances on impaired loans and the interest income recognized for the years ended March 31, 2019 and 2018 . For the years ended March 31, 2019 2018 $ in thousands Average Balance Interest Income recognized Average Balance Interest Income recognized With no specific allowance recorded: One-to-four family $ 4,964 $ 96 $ 5,375 $ 36 Multifamily 2,089 42 1,340 34 Commercial real estate 1,007 16 2,075 28 Business 1,293 18 827 — With an allowance recorded: One-to-four family 997 — 1,078 — Multifamily 371 — 248 — Commercial real estate — — 541 — Business 1,983 10 2,358 2 Consumer — — — — Total $ 12,704 $ 182 $ 13,842 $ 100 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. There were three loan modification made during the twelve month period ended March 31, 2019 . There was one loan modification during the twelve month period ended March 31, 2018 . The following table presents an analysis of those loan modifications that were classified as TDRs during the twelve month periods ended March 31, 2019 and 2018 , Modifications to loans during the years ended March 31, 2019 2018 $ 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 Business 3 $ 2,776 $ 2,776 6.51 % 6.04 % 1 $ 285 $ 285 7.25 % 7.00 % In an effort to proactively resolve delinquent loans, Carver has selectively extended to certain borrowers concessions such as extensions, rate reductions or forbearance agreements. For the fiscal years ended March 31, 2019 and 2018 , there were no modified loans that defaulted with the last 12 months of modification. 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. The aggregate amount of loans outstanding to related parties was $80 thousand at March 31, 2019 and $120 thousand at March 31, 2018 . During fiscal year 2019 , there were no advances and principal repayments totaled $40 thousand . 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 Office Properties and Equipment, Net (Notes) | 12 Months Ended |
Mar. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Office Properties and Equipment, Net | OFFICE PROPERTIES AND EQUIPMENT, NET The details of office properties and equipment as of March 31 are as follows: $ in thousands 2019 2018 Leasehold improvements $ 7,394 $ 5,946 Furniture, equipment, and other 13,169 13,177 20,563 19,123 Less accumulated depreciation and amortization (15,507 ) (16,153 ) Office properties and equipment, net $ 5,056 $ 2,970 Depreciation and amortization charged to operations for fiscal years 2019 and 2018 amounted to $793 thousand and $897 thousand , respectively. During fiscal year 2016, Carver conducted a sale and leaseback transaction on its Crown Heights branch location with an unaffiliated third party as part of the Bank's ongoing facilities rationalization efforts. Carver did not finance the purchase and the gain was calculated utilizing the profit on sale in excess of the present value of the minimum lease payments in accordance with ASC 840. The remaining amount of profit on the sale of the property was deferred from gain recognition and will be amortized into income over the term of the lease. The deferred gain on the sale of the property is included in Other Liabilities on the Consolidated Statements of Financial Condition and totaled $468 thousand and $537 thousand as of March 31, 2019 and 2018 , respectively. During fiscal year 2018, Carver conducted a sale and leaseback transaction on its Harlem headquarters location with an unaffiliated third party. The Bank leased a portion of the property to continue to maintain its Main Office branch at the same location, and the administrative offices were relocated to a nearby facility. The Company recognized a $9.6 million gain on the sale and leaseback in the fourth quarter of fiscal year 2018. Carver did not finance the purchase and the gain was calculated utilizing the profit on sale in excess of the present value of the minimum lease payments in accordance with ASC 840. The remaining amount of profit on the sale of the property was deferred from gain recognition and will be amortized into income over the term of the lease. The deferred gain on the sale of the property is included in Other Liabilities on the Consolidated Statements of Financial Condition and totaled $4.9 million and $5.4 million as of March 31, 2019 and 2018 , respectively. |
Accrued Interest Receivable Acc
Accrued Interest Receivable Accrued Interest Receivable (Notes) | 12 Months Ended |
Mar. 31, 2019 | |
Interest Receivable and Other Assets [Abstract] | |
Accrued Interest Receivable | ACCRUED INTEREST RECEIVABLE The details of accrued interest receivable as of March 31 are as follows: $ in thousands 2019 2018 Loans receivable $ 1,529 $ 1,716 Mortgage-backed securities 135 101 Investments and other interest-bearing assets 355 206 Total accrued interest receivable $ 2,019 $ 2,023 |
Deposits Deposits (Notes)
Deposits Deposits (Notes) | 12 Months Ended |
Mar. 31, 2019 | |
Deposits [Abstract] | |
Deposits | DEPOSITS Deposit balances and weighted average interest rates as of March 31 are as follows: 2019 2018 $ in thousands Amount Percent of Total Deposits Weighted Average Rate Amount Percent of Total Deposits Weighted Average Rate Non-interest-bearing demand $ 60,201 12.54 % — % $ 62,905 10.72 % — % Interest-bearing checking 23,473 4.89 0.12 23,570 4.02 0.07 Savings 99,310 20.68 0.26 102,550 17.47 0.25 Money market savings account 94,376 19.65 0.48 101,990 17.38 0.48 Certificates of deposit 200,607 41.78 1.78 293,513 50.01 1.25 Loan escrow deposits 2,229 0.46 2.09 2,355 0.40 1.76 Total $ 480,196 100.00 % 0.91 % $ 586,883 100.00 % 0.61 % Scheduled maturities of certificates of deposit for the year ended March 31, 2019 are as follows: $ in thousands Amount Maturing years ending March 31: 2020 $ 160,350 2021 13,428 2022 8,403 2023 12,729 2024 5,587 2025 and beyond 110 Total $ 200,607 The following table represents the amount of certificates of deposit of $100,000 or more at March 31, 2019 maturing during the periods indicated: $ in thousands Maturing: April 1, 2019 to June 30, 2019 $ 25,464 July 1, 2019 to September 30, 2019 17,615 October 1, 2019 to March 31, 2020 25,965 April 1, 2020 and beyond 26,250 Total $ 95,294 Interest expense on deposits is as follows for the years ended March 31 : $ in thousands 2019 2018 Interest-bearing checking $ 30 $ 19 Savings and clubs 265 249 Money market savings 466 540 Certificates of deposit 4,427 3,256 Loan escrow deposits 44 42 Total interest expense $ 5,232 $ 4,106 The following table presents additional information about our year-end deposits: $ in thousands 2019 2018 Deposits from the Certificate of Deposit Account Registry Service (CDARS) $ 48,274 $ 48,206 Deposits from brokers 36,744 78,215 Certificates of deposit individually greater than $250,000 25,076 59,164 Deposits from certain directors, executive officers and their affiliates 5,029 7,356 |
Borrowed Money Borrowerd Money
Borrowed Money Borrowerd Money (Notes) | 12 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Borrowed Money | BORROWED MONEY Federal Home Loan Bank Advances. FHLB-NY advances weighted average interest rates by remaining period to maturity at March 31 are as follows: $ in thousands 2019 2018 Maturing Year Ended March 31, Weighted Average Rate Amount Weighted Average Rate Amount 2019 (1) —% $ — 1.50% $ 25,000 2020 2.66% 8,000 —% — 2.66% $ 8,000 1.50% $ 25,000 (1) Effective rate is 2.13% which includes the net impact of the amortization of the termination fee on restructured borrowing. 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 $169.1 million at March 31, 2019 . 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, 2019 , advances were all fixed-rate and secured by pledges of the Bank's investment in the capital stock of the FHLB-NY totaling $926 thousand and a blanket assignment of the Bank's pledged qualifying mortgage loans of $38.8 million and mortgage-backed and investment securities with a market value of $24.6 million . The Bank has sufficient collateral at the FHLB-NY to be able to borrow an additional $42.5 million from the FHLB-NY at March 31, 2019 . The accrued interest payable on FHLB advances was $2 thousand and interest expense was $89 thousand for the year ended March 31, 2019 . At March 31, 2018 , the accrued interest payable on FHLB advances was $32 thousand and the interest expense was $542 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. The Bank repaid the $25 million upon maturity during the first quarter of fiscal year 2019. Repurchase agreements. Repurchase agreements ("REPO") are short-term contracts for the sale of securities owned or borrowed by the Bank with an agreement to repurchase those securities at an agreed-upon price and date. Securities sold under agreements to repurchase are stated at the amount of cash received in connection with the transaction. The Bank monitors collateral levels on a continuous basis and may be required to provide additional collateral based on the fair value of the underlying securities. Securities pledged as collateral under repurchase agreements are maintained with our safekeeping agents. The Bank repaid a REPO borrowing with an outstanding balance of $1.0 million during fiscal year 2018. The Bank had no outstanding REPO borrowings at March 31, 2019 or 2018 . Subordinated Debt Securities. On September 17, 2003, Carver Statutory Trust I issued 13,000 shares, liquidation amount $1,000 per share, of floating rate capital securities. Gross proceeds from the sale of these trust preferred debt securities of $13 million , and proceeds from the sale of the trust's common securities of $0.4 million , were used to purchase approximately $13.4 million aggregate principal amount of the Company's floating rate junior subordinated debt securities due 2033. The trust preferred debt securities are redeemable at par quarterly at the option of the Company beginning on or after September 17, 2008, and have a mandatory redemption date of September 17, 2033. Cash distributions on the trust preferred debt securities are cumulative and payable at a floating rate per annum resetting quarterly with a margin of 3.05% over the three-month LIBOR. During the second quarter of fiscal year 2017, the Company applied for and was granted regulatory approval to settle all outstanding debenture interest payments through September 2016. Such payments totaling $2.5 million were made in September 2016. Interest on the debentures has been deferred beginning with the December 2016 payment, per the terms of the agreement, which permit such deferral for up to twenty consecutive quarters, as the Company is prohibited from making payments without prior regulatory approval. On September 30, 2009, the Bank raised $5.0 million in a private placement of subordinated debt maturing December 30, 2018. The interest rate was set at 7% per annum for the first seven years as long as there is no default event, including Carver maintaining its certification as a Community Development Entity (“CDE”) and remaining in compliance with NMTC requirements, and 12% per annum after. During the second quarter of fiscal year 2012, the interest rate was reduced to 2% . This subordinated debt has been approved by the regulators to qualify as Tier II capital for the Bank's regulatory capital calculations. Qualifying term subordinated debt must have an original weighted average maturity of at least five years. Once the term to maturity is less than five years, the amount qualified as Tier II capital declines 20% per year. The ability to include any portion of the private placement subordinated debt in Tier II capital expired on January 1, 2017. The $5.0 million subordinated debt was paid in full during fiscal year 2018. The accrued interest payable on subordinated debt securities was $1.7 million and the interest expense was $819 thousand for the year ended March 31, 2019 . The accrued interest payable on subordinated debt securities was $914 thousand and the interest expense was $625 thousand for the year ended March 31, 2018 . The following table sets forth certain information regarding Carver Federal's borrowings as of and for the years ended March 31 : $ in thousands 2019 2018 Amounts outstanding at the end of year: FHLB advances $ 8,000 $ 25,000 Subordinated debt securities 13,403 13,403 Rate paid at year end: FHLB advances 2.66 % 1.50 % Subordinated debt securities 5.66 % 5.23 % Maximum amount of borrowing outstanding at any month end: FHLB advances $ 25,000 $ 30,000 Subordinated debt securities $ 13,403 $ 13,403 Repo $ — $ 1,000 Approximate average amounts outstanding for year: FHLB advances $ 4,118 $ 25,616 Subordinated debt securities $ 13,403 $ 13,773 Repo $ — $ 584 Approximate weighted average rate paid during year: FHLB advances 2.16 % 2.11 % Subordinated debt securities 6.11 % 4.54 % Repo — % 1.17 % |
Income Taxes (Notes)
Income Taxes (Notes) | 12 Months Ended |
Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The components of income tax (benefit) expense for the years ended March 31 are as follows: $ in thousands 2019 2018 Income tax expense Federal: Current expense $ — $ 174 Deferred benefit — (340 ) Total — (166 ) State: Current expense 133 133 Total income tax expense (benefit) $ 133 $ (33 ) The following is a reconciliation of the expected Federal income tax rate to the consolidated effective tax rate for the years ended March 31 : 2019 2018 $ in thousands Amount Percent Amount Percent Statutory Federal income tax expense (benefit) $ (1,218 ) (21.0 )% $ 1,638 30.8 % State and local income tax, net of Federal tax benefit 105 1.8 92 1.7 Impact of income tax rate changes — — 3,283 61.7 Credit and NOL adjustments — — (2,148 ) (40.4 ) Change in valuation allowance 1,332 23.0 (3,061 ) (57.5 ) Other (86 ) (1.6 ) 163 3.1 Total income tax expense (benefit) $ 133 2.2 % $ (33 ) (0.6 )% 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 2019 2018 Deferred Tax Assets: Allowance for loan losses $ 1,561 $ 1,727 Nonaccrual loan interest 41 109 Deferred gain - sale leaseback transactions 1,803 2,006 Net operating loss carryforward 16,248 12,419 New markets tax credit 3,452 3,452 AMT credits 170 340 Depreciation 821 1,864 Unrealized loss on available-for-sale securities 1,092 1,105 Total Deferred Tax Assets 25,188 23,022 Deferred Tax Liabilities: Other 1,073 676 Total Deferred Tax Liabilities 1,073 676 Deferred Tax Assets, net 24,115 22,346 Valuation Allowance (23,945 ) (21,952 ) Deferred Tax Assets, net of valuation allowance $ 170 $ 394 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 is currently subject to an annual limitation of approximately $900 thousand , but has accumulated availability of $6.7 million as of March 31, 2019 . The total cumulative availability over the carryover period (20 years) is $18.1 million . The Company has a net deferred tax asset (“DTA”) of approximately $24.1 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 valuation allowance for net deferred tax asset of $23.9 million has been recorded. The valuation allowance was initially recorded during fiscal year 2011, and has largely remained through March 31, 2019, as management concluded, and continues to conclude, that it is “more likely than not” that the Company will not be able to fully realize the benefit of its deferred tax assets. The Tax Cuts and Jobs Act, that was passed during the Company's fiscal year 2018, now permits a corporation to receive refunds for AMT credits even if there is no taxable income. The Company made a reasonable estimate and recorded a remeasurement of the Company’s net deferred income tax assets and liabilities based on the new reduced U.S. corporate income tax rate as of March 31, 2018. The impact on the net deferred tax asset before valuation allowances was a reduction of $3.1 million, which was offset by a corresponding decrease in the valuation allowance of the same amount. The Company recorded a benefit of $340 thousand for alternative minimum tax credits which, under the new tax law, are refundable. As of March 31, 2019, the valuation allowance was reduced by $170 thousand , the amount of the Company's AMT credits. At March 31, 2019 , the Company had net operating carryforwards for federal purposes of approximately $32.3 million , for state purposes of approximately $61.0 million and for city purposes of approximately $54.0 million which are available to offset future federal, state and city income and which expire over varying periods from March 2029 through March 2039. Federal net operating carryforwards of $8.6 million do not expire. 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, 2016. 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 (Notes) | 12 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Common Share | 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 the years ended March 31 : $ in thousands except per share data 2019 2018 Net (loss) income attributable to Carver Bancorp, Inc. $ (5,936 ) $ 5,354 Less: Participated securities share of undistributed earnings — (3,206 ) Net (loss) income available to common shareholders of Carver Bancorp, Inc. (5,936 ) 2,148 Weighted average common shares outstanding – basic 3,698,534 3,698,058 Effect of dilutive Equity Incentive Plan (Restricted Stock) shares — 3,400 Weighted average common shares outstanding – diluted 3,698,534 3,701,458 Basic (loss) earnings per common share $ (1.60 ) $ 0.58 Diluted (loss) earnings per common share $ (1.60 ) $ 0.58 For the year ended March 31, 2019 , all restricted shares and outstanding stock options were anti-dilutive. For details of restricted shares and stock options, please refer to Note 13. Employee Benefit and Stock Compensation Plans. |
Stockholders' Equity Stockholde
Stockholders' Equity Stockholders' Equity (Notes) | 12 Months Ended |
Mar. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | 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. In 2011 the stockholders approved a 1-for-15 reverse stock split pursuant to which each 15 shares of the Company’s Common Stock would be converted into one share of Common Stock. The 1-for-15 reverse stock split was effective as of October 27, 2011, resulting in a reduction in the number of outstanding shares of the Company’s Common Stock from 2,492,415 to 166,161 , an increase of the conversion price of the Series C Preferred Stock and the Series D Preferred Stock and the exchange ratio of the Series B Preferred Stock from $0.5451 to $8.1765, and a corresponding decrease in the number of shares of Common Stock issued to the Investors and Treasury. During the year ended March 31, 2012, all outstanding shares of Series B Preferred Stock were converted to Common Stock and all outstanding shares of Series C preferred Stock were converted to Series D Preferred Stock. As of March 31, 2019 , there were 3,698,784 shares of Company common stock outstanding. Series D Preferred Stock ranks senior to the Common Stock. The holders of Series D Preferred Stock are entitled to receive dividends, on an as-converted basis, simultaneously to the payment of any dividends on the Company's common stock. Dividends on the Series D Preferred Stock are not cumulative. If the Company's board of directors does not declare a dividend with respect to any dividend period, the holders of the Series D Preferred Stock will have no right to receive any dividend for that period. The Company may not declare, pay or set apart for payment any dividend or make any distribution on common stock, unless at the time of such dividend or distribution the Company simultaneously pays a non-cumulative dividend or makes a distribution on each outstanding share of Series D Preferred Stock on an as-converted basis. The holders of Series D preferred Stock are generally not entitled to vote, except with respect to amendments to the Company's certificate of incorporation that would change the rights and preferences of the Series D Preferred Stock, the creation or increase of any class of securities senior to the Series D Preferred Stock, the consummation of certain mergers, consolidations or other transactions where the holders of the Series D Preferred Stock are not converted into or exchanged for preference securities of the surviving entity, and as otherwise required by applicable law. . The Series D Preferred Stock shall automatically convert into shares of Common Stock only upon the following transfers to third parties (“Eligible Transfers”): • a transfer in a widespread public distribution; • a transfer in which no transferee (together with its affiliates and other transferees acting in concert with it) acquires more than 2% of the Company’s common stock or any other class or series of the Company’s voting stock; or • a transfer to a transferee that (together with its affiliates and other transferees acting in concert with it) owns or controls more than 50% of the Company’s common stock, without regard to the transfer. The conversion price of the Series D Preferred Stock is $8.1765, and is subject to adjustment in the event of stock splits, subdivisions or combinations, dividends and distributions, issuance of certain rights, spin-offs, self-tenders and exchange offers as set forth under the agreement. The Series D Preferred Stock is not convertible at the option of the holders. As of March 31, 2019 , there were 45,118 shares of Series D Preferred Stock outstanding. On August 6, 2002, the Company announced a stock repurchase program to repurchase up to 15,442 shares of its outstanding common stock. As of March 31, 2019 , 11,744 shares of its common stock have been repurchased in open market transactions. No shares were repurchased during fiscal 2019 . The U.S. Treasury's prior approval is required to make further repurchases. 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. The final rule, which became effective for the Bank on January 1, 2015, established a minimum Common Equity Tier 1 (CET1) ratio, a minimum leverage ratio and increases in the Tier 1 and Total risk-based capital ratios. The rule also limits a banking organization's capital distributions and certain discretionary bonus payments if the banking organization does not hold a "capital conservation buffer" consisting of 2.5% of CET1 capital to risk-weighted assets in addition to the amount necessary to meet its minimum risk-based capital requirements. The capital conservation buffer requirement was phased in annually beginning January 1, 2016. On January 1, 2019, the full capital conservation buffer requirement of 2.5% became effective, making its minimum CET1 plus buffer 7%, its minimum Tier 1 capital plus buffer 8.5% and its minimum total capital plus buffer 10.5%. 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. 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. Regardless of Basel III's minimum requirements, Carver, as a result of the previously described Formal Agreement, was issued an Individual Minimum Capital Ratio ("IMCR") letter by the OCC, which requires the Bank to maintain minimum regulatory capital levels of 9% for its Tier 1 leverage ratio and 12% for its total risk-based capital ratio. At March 31, 2019 , the Bank's capital level exceeded the regulatory requirements and its IMCR requirements with a Tier 1 leverage ratio of 10.77% , Common Equity Tier 1 capital ratio of 15.39% , Tier 1 risk-based capital ratio of 15.39% , and a total risk-based capital ratio of 16.58% . The table below presents the Bank's regulatory capital ratios at March 31, 2019 and 2018 . March 31, 2019 March 31, 2018 ($ in thousands) Amount Ratio Amount Ratio Tier 1 leverage capital Regulatory capital $ 62,875 10.77 % $ 67,742 10.16 % Individual minimum capital requirement 52,525 9.00 % 60,022 9.00 % Minimum capital requirement 23,344 4.00 % 26,676 4.00 % Excess 39,531 6.77 % 41,066 6.16 % Common equity Tier 1 Regulatory capital $ 62,875 15.39 % $ 67,742 15.20 % Minimum capital requirement 18,388 4.50 % 20,050 4.50 % Excess 44,487 10.89 % 47,692 10.70 % Tier 1 risk-based capital Regulatory capital $ 62,875 15.39 % $ 67,742 15.20 % Minimum capital requirement 24,518 6.00 % 26,733 6.00 % Excess 38,357 9.39 % 41,009 9.20 % Total risk-based capital Regulatory capital $ 67,766 16.58 % $ 73,082 16.40 % Individual minimum capital requirement 49,036 12.00 % 53,465 12.00 % Minimum capital requirement 32,691 8.00 % 35,644 8.00 % Excess 35,075 8.58 % 37,438 8.40 % |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) Other Comprehensive Income (Loss) (Notes) | 12 Months Ended |
Mar. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |
Other Comprehensive Income (Loss) | OTHER COMPREHENSIVE INCOME (LOSS) The following tables set forth changes in each component of accumulated other comprehensive loss, net of tax for the years ended March 31, 2019 and 2018 : $ in thousands At March 31, 2018 ASU 2016-01 reclassification Other Comprehensive Loss At March 31, 2019 Net unrealized loss on securities available-for-sale $ (2,726 ) 721 $ 1,066 $ (939 ) $ in thousands At March 31, 2017 Other Comprehensive Income At March 31, 2018 Net unrealized loss on securities available-for-sale $ (1,940 ) $ (786 ) $ (2,726 ) 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 2019 2018 Reclassification adjustment for sales of available for-sale securities, net of tax $ 16 $ — Loss on sale of securities, net Comprehensive (Loss) Income. Comprehensive (loss) income represents net (loss) income 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, 2019 included $1.1 million of unrealized losses for the year ended March 31, 2019 . The balance at March 31, 2018 included $786 thousand of unrealized losses for the year ended March 31, 2018 . |
Employee Benefit and Stock Comp
Employee Benefit and Stock Compensation Plans Employee Benefit and Stock Compensation Plans (Notes) | 12 Months Ended |
Mar. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Employee Benefit and Stock Compensation Plans | EMPLOYEE BENEFIT AND STOCK COMPENSATION PLANS 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. Compensation expense recognized for the savings incentive plan was $257 thousand and $261 thousand , respectively, for fiscal 2019 and 2018 . Stock Option Plans. 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. 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, 2019 , there were 3,733 options outstanding under the 2006 Incentive Plan and 3,133 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. If the person is terminated (voluntary or involuntarily) from the Bank, all unvested shares are forfeited. Pursuant to the plan, the Bank recognized $4 thousand and $5 thousand as expense for fiscal years 2019 and 2018 , respectively. 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. During fiscal 2018, there were 1,000 options and 1,000 restricted stock awards issued. At March 31, 2019 , there were 1,000 options outstanding under the 2014 Incentive Plan and 250 were exercisable. 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. If the person is terminated (voluntary or involuntarily) from the Bank, all unvested shares are forfeited. Pursuant to the plan, the Bank recognized less than $1 thousand as expense for fiscal year 2019 . Information regarding nonvested shares of restricted stock awards outstanding for the years ended March 31 is as follows: 2019 2018 Shares Weighted Average Grant Price Shares Weighted Average Grant Price Outstanding, beginning of year 3,400 $ 4.52 3,200 $ 5.56 Granted — — 1,000 3.48 Vested (1,050 ) 5.06 (800 ) 5.56 Forfeited 400 5.56 — — Outstanding, end of year 1,950 $ 4.76 3,400 $ 4.52 Unrecognized compensation expense on unvested restricted shares as of March 31, 2019 totaled $7 thousand . This amount will be recognized over the remaining vesting period of 1.80 years (weighted average). Information regarding stock options as of and for the years ended March 31 is as follows: 2019 2018 Options Weighted Average Exercise Price Options Weighted Average Exercise Price Outstanding, beginning of year 5,133 $ 8.53 4,133 $ 8.53 Granted — — 1,000 3.48 Exercised — — — — Expired/Forfeited 400 5.56 — — Outstanding, end of year 4,733 $ 7.71 5,133 $ 8.53 Exercisable, at year end 3,383 1,733 Information regarding stock options as of March 31, 2019 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 $ 3.00 $ 5.00 1,000 8.71 $ 3.48 250 $ 3.48 $ 5.00 $ 5.99 3,600 6.23 $ 5.56 3,000 $ 5.56 90.00 $ 104.85 133 1.36 97.50 133 97.50 Total 4,733 3,383 As of March 31, 2019, unrecognized compensation expense on unvested stock options totaled $7 thousand . This amount will be recognized over the remaining vesting period of 1.80 years (weighted average). There were no stock options awarded to employees or directors during the year ended March 31, 2019 . At March 31, 2019 , all outstanding options had no intrinsic value. 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 : 2019 2018 Risk-free interest rate N/A 2.74 % Volatility N/A 10 % Expected life of option grants (years) N/A 7.5 The Company recorded compensation expense of $4 thousand in fiscal 2019 and $5 thousand in fiscal 2018 . |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies (Notes) | 12 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 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 2019 2018 Commitments to fund commercial and consumer loans $ 1,775 $ 2,457 Lines of credit 2,571 3,939 Letters of credit — 69 Commitment to fund private equity investment 640 640 $ 4,986 $ 7,105 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, and there have not been any additional requests from FNMA for loans to be reviewed. The reserves totaled $226 thousand as of March 31, 2019 . 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, 2018 (1) $ 2,013 Gross new demands received — Loans repurchased/made whole — Demands rescinded — Advances on open claims — Principal payments received on open claims (31 ) Open claims as of March 31, 2019 (1) $ 1,982 (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 2019 . $ in thousands March 31, 2019 Representation and warranty repurchase reserve, March 31, 2018 (1) $ 205 Net provision of repurchase losses (2) 21 Representation and warranty repurchase reserve, March 31, 2019 (1) $ 226 (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 $2.4 million and $1.4 million for fiscal years 2019 and 2018 , respectively. As of March 31, 2019 , minimum rental commitments under all non-cancelable leases with initial or remaining terms of more than one year and expiring through 2029 follow: $ in thousands Year Ending March 31, 2020 $ 2,761 2021 2,686 2022 2,428 2023 2,290 2024 2,289 Thereafter 8,572 $ 21,026 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. At March 31, 2019 , 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. There were no legal proceedings pending or known to be contemplated against us that in the opinion of management, would be expected to have a material adverse effect on the financial condition or results of operations of the Company or the Bank. |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Measurements (Notes) | 12 Months Ended |
Mar. 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | |
Fair Value Measurements | l 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, 2019 and 2018 , and that are included in the Company's Consolidated Statements of Financial Condition at these dates: Fair Value Measurements at March 31, 2019, 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 $ — $ — $ 180 $ 180 Investment securities Available-for-sale: Mortgage-backed securities: Government National Mortgage Association — 4,382 — 4,382 Federal Home Loan Mortgage Corporation — 11,025 — 11,025 Federal National Mortgage Association — 26,608 — 26,608 U.S. Government Agency securities — 32,853 — 32,853 Corporate bonds — 4,977 — 4,977 Total available-for-sale securities — 79,845 — 79,845 Equity securities — — 454 454 Total assets $ — $ 79,845 $ 634 $ 80,479 Fair Value Measurements at March 31, 2018, 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 $ — $ — $ 181 $ 181 Investment securities Available-for-sale: Mortgage-backed securities: Government National Mortgage Association — 2,066 — 2,066 Federal Home Loan Mortgage Corporation — 6,350 — 6,350 Federal National Mortgage Association — 23,411 — 23,411 U.S. Government Agency securities — 14,232 — 14,232 Corporate bonds — 4,866 — 4,866 Other investments — 9,351 433 9,784 Total available-for-sale securities — 60,276 433 60,709 Total assets $ — $ 60,276 $ 614 $ 60,890 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 0.11% and 0.09% of the Company's total assets at March 31, 2019 and 2018 , respectively. 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. During the fiscal year ended March 31, 2019 , 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 discount 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, 2019 and 2018 : $ in thousands Beginning balance, April 1, 2018 Total Realized/Unrealized Gains/(Losses) Recorded in Income (1) Issuances / (Settlements) Transfers to/(from) Level 3 Ending balance, March 31, 2019 Change in Unrealized Gains/(Losses) Related to Instruments Held at March 31, 2019 Equity Securities $ 433 $ 21 $ — $ — $ 454 $ — Mortgage Servicing Rights 181 (1 ) — — 180 (1 ) $ in thousands Beginning balance, April 1, 2017 Total Realized/Unrealized Gains/(Losses) Recorded in Income (1) Issuances / (Settlements) Transfers to/(from) Level 3 Ending balance, March 31, 2018 Change in Unrealized Gains/(Losses) Related to Instruments Held at March 31, 2018 Available-for-Sale: Other investments $ 403 $ 30 $ — $ — $ 433 $ — Mortgage Servicing Rights 192 (11 ) — — 181 (10 ) (1) Includes net servicing cash flows and the passage of time. For Level 3 assets measured at fair value on a recurring basis as of March 31, 2019 and 2018 , the significant unobservable inputs used in the fair value measurements were as follows: $ in thousands Fair Value at March 31, 2019 Valuation Technique Significant Unobservable Inputs Significant Unobservable Input Value Equity Securities 454 Cost n/a Mortgage Servicing Rights 180 Discounted Cash Flow Weighted Average Constant Prepayment Rate (1) 11.19 % Option Adjusted Spread ("OAS") applied to Treasury curve 1000 basis points $ in thousands Fair Value at March 31, 2018 Valuation Technique Significant Unobservable Inputs Significant Unobservable Input Value Available-for-Sale: Other investments 433 Cost n/a Mortgage Servicing Rights 181 Discounted Cash Flow Weighted Average Constant Prepayment Rate (1) 20.03 % Discount Rate 12.00 % (1) Represents annualized loan repayment rate assumptions 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, 2019 and 2018 , and that are included in the Company's Consolidated Statements of Financial Condition at these dates: Fair Value Measurements at March 31, 2019, 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 Impaired loans $ — $ — $ 2,027 $ 2,027 Other real estate owned $ — $ — $ 404 $ 404 Fair Value Measurements at March 31, 2018, 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 Impaired loans $ — $ — $ 4,476 $ 4,476 Other real estate owned $ — $ — $ 1,145 $ 1,145 For Level 3 assets measured at fair value on a non-recurring basis as of March 31, 2019 and 2018 , the significant unobservable inputs used in the fair value measurements were as follows: $ in thousands Fair Value at March 31, 2019 Valuation Technique Significant Unobservable Inputs Significant Unobservable Input Value Impaired loans $ 2,027 Appraisal of collateral Appraisal adjustments 7.5% cost to sell Other real estate owned 404 Appraisal of collateral Appraisal adjustments 7.5% cost to sell $ in thousands Fair Value at March 31, 2018 Valuation Technique Significant Unobservable Inputs Significant Unobservable Input Value Impaired loans $ 4,476 Appraisal of collateral Appraisal adjustments 7.5% cost to sell Other real estate owned 1,145 Appraisal of collateral Appraisal adjustments 7.5% cost to sell 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 (Notes) | 12 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 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, 2019 $ 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 $ 31,228 $ 31,228 $ 31,228 $ — $ — Securities available-for-sale 79,845 79,845 — 79,845 — Equity securities 454 454 — — 454 FHLB Stock 926 926 — 926 — Securities held-to-maturity 11,137 11,107 — 11,107 — Loans receivable 424,182 424,013 — — 424,013 Accrued interest receivable 2,019 2,019 — 2,019 — Mortgage servicing rights 180 180 — — 180 Other assets - Interest-bearing deposits 976 976 — 976 — Financial Liabilities: Deposits $ 480,196 $ 477,503 $ 277,360 $ 200,143 $ — Advances from FHLB of New York 8,000 8,001 — 8,001 — Other borrowed money 13,403 12,393 — 12,393 — Accrued interest payable 1,931 1,931 — 1,931 — March 31, 2018 $ 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 $ 134,558 $ 134,558 $ 134,558 $ — $ — Securities available-for-sale 60,709 60,709 — 60,276 433 FHLB Stock 1,768 1,768 — 1,768 — Securities held-to-maturity 12,075 11,909 — 11,909 — Loans receivable 472,627 469,382 — — 469,382 Accrued interest receivable 2,023 2,023 — 2,023 — Mortgage servicing rights 181 181 — — 181 Other assets - Interest-bearing deposits 971 971 — 971 — Financial Liabilities: Deposits $ 586,883 $ 535,808 $ 245,634 $ 290,174 $ — Advances from FHLB of New York 25,000 24,970 — 24,970 — Other borrowed money 13,403 14,565 — 14,565 — Accrued interest payable 1,086 1,086 — 1,086 — Securities The fair values for securities available-for-sale, securities held-to-maturity and equity securities 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 and equity securities are classified across Levels 2 and 3. Held-to-maturity securities are classified as Level 2. 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. |
Variable Interest Entities (Not
Variable Interest Entities (Notes) | 12 Months Ended |
Mar. 31, 2019 | |
Variable Interest Entity, Not Primary Beneficiary, Disclosures [Abstract] | |
Variable Interest Entities | VARIABLE INTEREST ENTITIES The Company's subsidiary, Carver Statutory Trust I, is not consolidated with Carver Bancorp, Inc. for financial reporting purposes. Carver Statutory Trust I was formed in 2003 for the purpose of issuing $13 million aggregate liquidation amount of floating rate Capital Securities due September 17, 2033 (“Capital Securities”) and $0.4 million of common securities (which are the only voting securities of Carver Statutory Trust I), which are 100% owned by Carver Bancorp, Inc., and using the proceeds to acquire Junior Subordinated Debentures issued by Carver Bancorp, Inc. Carver Bancorp, Inc. has fully and unconditionally guaranteed the Capital Securities along with all obligations of Carver Statutory Trust I under the trust agreement relating to the Capital Securities. The Bank's subsidiary, Carver Community Development Corporation (“CCDC”), was formed to facilitate its participation in local economic development and other community-based initiatives. Per the NMTC Award's Allocation Agreement between the CDFI Fund and CCDC, CCDC is permitted to form and sub-allocate credits to subsidiary Community Development Entities (“CDEs”) to facilitate investments in separate development projects. The variable interest entities (“VIEs”) are consolidated, as required, where Carver has controlling financial interest in these entities and is deemed to be the primary beneficiary. Carver is normally deemed to have a controlling financial interest and be the primary beneficiary if it has both of the following characteristics: (a) the power to direct activities of a VIE that most significantly impact the entities economic performance; and (b) the obligation to absorb losses of the entity that could benefit from the activities that could potentially be significant to the VIE. As none of the Bank's VIEs meet the above criteria, there are no consolidated VIEs at March 31, 2019 . The Bank's unconsolidated VIEs, in which the Company holds significant variable interests or has continuing involvement through servicing a majority of assets in a VIE at March 31, 2019 are presented below: Involvement with SPE (000's) Funded Exposure Unfunded Exposure Total Recognized Gain (Loss) (000's) Total Rights transferred Significant unconsolidated VIE assets Total Involvement with SPE asset Debt Investments Equity Investments Funding Commitments Maximum exposure to loss Carver Statutory Trust 1 (1) $ — $ — $ 13,400 $ 13,400 $ 14,733 $ 400 $ — $ — $ 15,133 CDE 18* 600 13,254 — — — — — 5,169 5,169 CDE 19 500 10,746 11,054 11,054 — 1 — 4,191 4,192 CDE 20* 625 12,500 — — — — — 4,875 4,875 CDE 21 625 12,500 12,014 12,014 — 1 — 4,875 4,876 Total $ 3,250 $ 69,500 $ 36,468 $ 36,468 $ 14,733 $ 402 $ — $ 27,105 $ 42,240 * Entities exited the NMTC projects during fiscal years 2018 and 2019 and remain on the above table pending final dissolution. 1 Carver Statutory Trust debt investment includes deferred interest of $1.7 million . In June 2006, CCDC received a NMTC award of $59 million . CCDC 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 2-12 have been dissolved. CCDC received a second NMTC award of $65 million in May 2009, and a third award of $25 million in August 2011. During the period from December 2009 to September 2012, CCDC transferred rights to investors in NMTC projects (entities CDEs 13-21). The NMTC compliance period was completed for CDEs 13-17, and these entities have been dissolved. The NMTC compliance period was completed for CDEs 18 and 20, and these entities will be dissolved. 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, 2019 , there have been no activities in these entities. |
Non-interest Revenue and Expens
Non-interest Revenue and Expense Non-interest Revenue and Expense (Notes) | 12 Months Ended |
Mar. 31, 2019 | |
Other Income and Expenses [Abstract] | |
Other Non-interest Income and Expense | NON-INTEREST REVENUE AND EXPENSE On April 1, 2018, the Company adopted ASU No, 2014-09, "Revenue from Contracts with Customers (Topic 606)" and all subsequent ASUs that modified Topic 606. As stated in Note 2. Summary of Significant Accounting Policies - Recent Accounting Standards, the implementation of the new standard did not have a material impact to the Company's consolidated financial statements and as such, management determined that a cumulative effect adjustment to opening retained earnings was not deemed necessary. Results for reporting periods beginning after April 1, 2018 are presented under Topic 606, while prior period amounts were not adjusted and continue to be reported in accordance with the previous accounting guidance under Topic 605. Topic 606 does not apply to revenue associated with financial instruments, including revenue from loans and securities. In addition, certain non-interest income streams such as gains on sales of residential mortgage and SBA loans, income associated with servicing assets, and loan fees, including residential mortgage originations to be sold and prepayment and late fees charged across all loan categories are also not in scope of the new guidance. Topic 606 is applicable to non-interest revenue streams, such as depository fees, service charges and commission revenues. However, the recognition of these revenue streams did not change significantly upon adoption of Topic 606. Non-interest revenue streams in-scope of Topic 606 are discussed below. Depository fees and charges Depository fees and charges primarily relate to service fees on deposit accounts and fees earned from debit cards and check cashing transactions. Service fees on deposit accounts consist of ATM fees, NSF fees, account maintenance charges and other deposit related fees. The revenue is recognized monthly when the Bank's performance obligations are complete, or as incurred for transaction-based fees in accordance with the fee schedules for the Bank's deposit products and services. Loan fees and service charges Loan fees and service charges primarily relate to program management fees and fees earned in accordance with the Bank's standard lending fees (such as inspection and late charges). These standard lending fees are earned on a monthly basis upon receipt. Other non-interest income Other non-interest income primarily relates to an advertising services agreement, covering marketing and use of the Bank's office space with a third party. The revenue is recognized on a monthly basis. Interchange income The Company earns interchange fees from debit card holder transactions conducted through various payment networks. Interchangee fees from cardholder transactions are recognized daily, concurrently with the transaction procesing services provided by an outsource technology solution and are presented on a net basis. The following table presents non-interest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, for the years ended March 31, 2019 and March 31, 2018 : Years Ended March 31, $ in thousands 2019 2018 Non-interest income In-scope of Topic 606 Depository fees and charges $ 3,337 $ 3,372 Loan fees and service charges 303 530 Other non-interest income 61 91 Non-interest income (in-scope of Topic 606) 3,701 3,993 Non-interest income (out-of-scope of Topic 606) 1,157 10,366 Total non-interest income $ 4,858 $ 14,359 The following table sets forth other non-interest income and expense totals exceeding 1% of the aggregate of total interest income and non-interest income for any of the years presented: Years Ended March 31, $ in thousands 2019 2018 Other non-interest expense: Advertising 316 311 Legal expense 413 475 Insurance and surety 660 605 Audit expense 672 1,230 Outsourced service 558 530 Data lines / internet 441 291 Retail expenses 781 829 Operating chargeoffs and other losses 714 48 Regulatory assessment 314 290 Director's fees 313 346 Other 2,292 2,705 Total non-interest expense $ 7,474 $ 7,660 |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) Quarterly Financial Data (Unaudited) (Notes) | 12 Months Ended |
Mar. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | QUARTERLY FINANCIAL DATA (UNAUDITED) The following tables set forth certain unaudited financial data for our quarterly operations in fiscal 2019 and 2018 . 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. $ in thousands, except per share data June 30, 2018 September 30, 2018 December 31, 2018 March 31, 2019 Fiscal 2019 Interest income $ 6,123 $ 5,917 $ 5,566 $ 5,624 Interest expense 1,625 1,601 1,470 1,445 Net interest income 4,498 4,316 4,096 4,179 Provision for (recovery of) loan losses 5 49 (332 ) 8 Non-interest income 1,304 1,079 1,327 1,148 Non-interest expense 6,827 7,297 7,070 6,826 Income tax expense — 66 34 33 Net loss $ (1,030 ) $ (2,017 ) $ (1,349 ) $ (1,540 ) Loss per common share Basic $ (0.28 ) $ (0.55 ) $ (0.36 ) $ (0.42 ) Diluted $ (0.28 ) $ (0.55 ) $ (0.36 ) $ (0.42 ) $ in thousands, except per share data June 30, 2017 September 30, 2017 December 31, 2017 March 31, 2018 Fiscal 2018 Interest income $ 6,171 $ 6,339 $ 6,053 $ 5,796 Interest expense 1,218 1,252 1,364 1,446 Net interest income 4,953 5,087 4,689 4,350 Provision for loan losses 120 4 6 5 Non-interest income 1,209 1,139 1,346 10,665 Non-interest expense 6,653 6,786 6,942 7,601 Income tax expense 30 30 31 (124 ) Net (loss) income $ (641 ) $ (594 ) $ (944 ) $ 7,533 (Loss) earnings per common share Basic $ (0.17 ) $ (0.16 ) $ (0.26 ) $ 0.82 Diluted $ (0.17 ) $ (0.16 ) $ (0.26 ) $ 0.82 |
Carver Bancorp Inc.-Parent Comp
Carver Bancorp Inc.-Parent Company Only Carver Bancorp Inc.-Parent Company Only (Notes) | 12 Months Ended |
Mar. 31, 2017 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Financial Information of Carver Bancorp, Inc.-Parent Company Only | CARVER BANCORP, INC. - PARENT COMPANY ONLY |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
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, realization of deferred tax assets, assessment of other-than-temporary impairment of securities, 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. Certain comparative amounts for the prior period have been reclassified to conform to current period presentations. Such reclassifications had no effect on net income or shareholders' equity. | |
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 and other short-term instruments with an original maturity of three months or less. The amounts due from depository institutions include an 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 adopted ASU 2016-01 on April 1, 2018; this standard required that all equity securities are measured at fair value with unrealized holding gains and losses reflected in net income. In the prior fiscal year, equity securities measured at fair value reported any change in unrealized gains and losses through other comprehensive income. 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 the fiscal year ended March 31, 2018, the Bank recognized an impairment of less than $500 on a mortgage-backed security. There were no other-than-temporary impairment charges recorded during the fiscal year ended March 31, 2019 . 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, 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 may be restored to accrual status when principal and interest payments have been brought current and the loan has performed in accordance with its contractual terms for a reasonable period (generally six months). If the Bank determines that a loan is impaired, the Bank next determines the amount of the impairment. The amount of impairment on collateral dependent loans is charged off within the given fiscal quarter. Generally the amount of the loan and negative escrow in excess of the appraised value less estimated selling costs, for the fair value of collateral valuation method, is charged off. For impairment amounts calculated utilizing the present value of expected future cash flows, such as TDRs, the dollar amount of impairment is recorded as a specific valuation allowance. | |
Allowance for Loan and Lease Losses (ALLL) | 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 main pools of loans (“Loan Type”) are: • One-to-four family • Multifamily • Commercial Real Estate • Construction • Business Loans • Consumer (including Overdraft Accounts) 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 pools. In some pools, such as Commercial Real Estate, Multifamily and Business, the Bank demonstrates a 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 ). The following discussion describes the general risks associated with the Bank’s lending activities: • One-to-four family - Carver Federal purchases first mortgage loans secured by one-to-four family properties that serve as the primary residence of the owner. The loans are underwritten in accordance with applicable secondary market underwriting guidelines and requirements for sale. These loans present a moderate level of risk due primarily to general economic conditions. • Multifamily - Carver Federal originates and purchases multifamily loans. These loans can be affected by economic conditions and the value of the underlying properties. The Bank primarily considers the property's ability to generate net operating income sufficient to support the debt service, the financial resources, income level and managerial expertise of the borrower, the marketability of the property and the Bank's lending experience with the borrower. • Commercial - Commercial real estate ("CRE") lending consists predominantly of originating loans for the purpose of purchasing or refinancing office, mixed-use (properties used for both commercial and residential purposes but predominantly commercial), retail and church buildings in the Bank's market area. Mixed-use loans are secured by properties that are intended for both residential and business use and are classified as CRE. In originating CRE loans, the Bank primarily considers the ability of the net operating income generated by the real estate to support the debt service, the financial resources, income level and managerial expertise of the borrower, the marketability of the property and the Bank's lending experience with the borrower. The Bank also requires the assignment of rents of all tenants' leases in the mortgaged property and personal guarantees may be obtained for additional security from these borrowers. CRE loans generally present a higher level of risk than other types of loans due primarily to the effect of general economic conditions and the complexities involved in valuing the underlying collateral. • Construction - The Bank has historically originated or participated in construction loans for new construction and renovation of multifamily buildings, residential developments, community service facilities, churches, and affordable housing programs. The loans provide for disbursement in stages as construction is completed. Borrowers must satisfy all credit requirements that apply to the Bank's permanent mortgage loan financing for the mortgaged property. Carver Federal has additional criteria for construction loans, including an engineer's plan and periodic cost reviews on all construction budgets for loans. Construction loans present an increased level of risk from the effect of general economic conditions and uncertainties surrounding total construction costs. The Bank is not actively engaged in the origination of construction loans and does not pursue the purchase of them. • Business - The Bank originates and purchases business and SBA loans primarily to businesses located in its primary market area and surrounding areas. Business loans are typically personally guaranteed by the owners and may also be secured by additional collateral, including real estate, equipment and inventory. Business loans are also subject to increased risk from the effect of general economic conditions. • Consumer - The majority of the Consumer portfolio are student loans to medical students enrolled in several Caribbean schools. 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”). All TDRs are classified as impaired. For non-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 not be 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. In accordance with guidance, if there is no impairment amount, no reserve is established for the loan. | |
Troubled Debt Restructured Loans | 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 a TDR 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 (less estimated costs of disposal) 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 one-to-four 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. At March 31, 2019 the Bank serviced $19.4 million of loans for others. 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 considers the Bank's concentration risk. | |
Office Properties and Equipment | and Equipment Premises 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. We do not consider these shares to be other-than-temporarily impaired at March 31, 2019 . The Bank carries this investment at historical cost. | |
Mortgage Servicing Rights | Mortgage Servicing Rights All separately recognized servicing assets totaled $180 thousand and $181 thousand , respectively, at March 31, 2019 and 2018 , and are included in Other Assets in the consolidated statements of financial condition and measured at fair value. Servicing fee income of $51 thousand and $63 thousand , respectively, was recognized during the years ended March 31, 2019 and 2018 , and is included in Non-Interest Income in the consolidated statements of operations. | |
Other Real Estate Owned | Other 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 (Loss) per Common 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 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. Dilution calculations are not applicable to net loss periods. | |
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. | |
Stock Compensation Plans | Stock Compensation Plans The Company currently has multiple stock plans in place for employees and directors of the Company. U.S. GAAP requires that the compensation cost related to share-based payment transactions be recognized in financial statements. The share-based compensation accounting guidance requires that compensation cost for all stock awards be calculated and recognized over a defined vesting period. For awards with graded-vesting, compensation cost is recognized on a straight-line basis over the requisite vesting period for the entire award. A Black-Scholes model is used to estimate the fair value of stock options, while the market price of the Company's common stock at the date of grant is used for restricted stock awards. | |
Off-Balance-Sheet Financial Instruments | Off-Balance Sheet Financial Instruments In the ordinary course of business, the Bank has entered into off-balance sheet financial instruments consisting of commitments to extend credit and letters of credit. Such financial instruments are recorded in the consolidated statements of condition when they are funded | |
NMTC fee income | NMTC fee income The fee income the Company receives related to the transfers of its New Market Tax Credits ("NMTC") 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. | |
Advertising Costs | Advertising Costs The Company follows the policy of charging the costs of advertising to expense as incurred. | |
Transfers of Financial Assets | Transfers of Financial Assets Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. | |
Impact of Recent Accounting Standards Not Yet Adopted | Recent Accounting Standards In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (ASU 2014-09), which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. The standard, as modified and augmented by subsequently issued pronouncements (ASUs 2016-08, 2016-10, 2016-12, 2016-20, 2017-05, 2017-13 and 2017-14) became effective for annual periods beginning after December 15, 2017 ( April 1, 2018 for the Company), and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a modified retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). The Company completed its review of the impact of this guidance and concluded that (1) a substantial majority of the Company's revenue is comprised of interest income on financial assets, which is explicitly excluded from the scope of ASU 2014-09 and (2) based on our understanding of the standard and subsequent modification and the nature of our non-interest revenue, many elements of non-interest income are unaffected. The Company identified the non-interest income streams that are contractually based and adopted this ASU on a modified retrospective approach. Since the new guidance did not have a material impact to the Company's consolidated financial statements, a cumulative effect adjustment to opening retained earnings was not deemed necessary. 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 (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 (for the Company, the fiscal year ended March 31, 2019), including interim periods within those fiscal years. The adoption of this standard by public entities is permitted as of the beginning of the year of adoption for selected amendments, including the amendment related to unrealized gains and losses on equity securities, by a cumulative effect adjustment to the statement of financial condition. In February 2018, the FASB issued ASU No. 2018-03, "Technical Corrections and Improvements to Financial Instruments - Overall (Subtopic 825-10) to clarify certain aspects of the guidance issued in ASU 2016-01. The amendments in this update are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years years beginning after June 15, 2018. The Company completed its evaluation of the provisions of ASU 2016-01 and identified the equity investments that fall under ASU 2016-01. The Company adopted this ASU during the first quarter of fiscal year 2019 and the impact amounted to a cumulative effect adjustment of $721 thousand as a reclassification from accumulated other comprehensive loss to accumulated deficit. There was no tax impact on this reclassification because of the full deferred tax asset valuation allowance. Additionally, all future unrealized gains and losses will be recognized in the Statements of Operations. See Note 3 "Investment Securities" for further information. 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 does not 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, as augmented by ASU No. 2018-01, is effective for fiscal years beginning after December 15, 2018 (for the Company, the fiscal year ended March 31, 2020), including interim periods within those fiscal years. In July 2018, the FASB issued ASU No. 2018-10, "Codification Improvements to Topic 842, Leases," to clarify and correct unintended application of the guidance in ASU No. 2016-02. The amendments in this ASU affect aspects of the guidance and provide clarification to related topics such as 1) rate implicit in the lease; 2) reassessment of leases; 3) transition guidance; and 4) impairment of net investment in the lease. In July 2018, the FASB issued ASU 2018-11, "Leases (Topic 842) Target Improvements," which provides guidance related to comparative reporting requirements for initial adoption. This amendment provides entities with another transition method, in addition to the modified retrospective approach, by allowing entities to initially apply the new leases standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. In December 2018, the FASB issued ASU 2018-20, "Leases (Topic 842) Narrow-Scope Improvements for Lessors," which clarifies how to apply the leases standard when accounting for sales taxes and other similar taxes collected from lessees, certain lessor costs, and recognition of variable payments for contracts with lease and nonlease components. In March 2019, the FASB issued ASU 2019-01, "Leases (Topic 842) Codification Improvements," which clarifies certain issues related to 1) determining the fair value of the underlying asset by lessors that are not manufacturers or dealers; 2) presentation on the statement of cashflows for sales-type and direct financing leases; and 3) transition disclosures related to Topic 250, Accounting Changes and Error Corrections. The Company will adopt ASU No. 2016-02 effective April 1, 2019 and will elect to apply the guidance as of the beginning of the period of adoption (April 1, 2019) and not restate comparative periods. The Company will also elect certain optional practical expedients, which allow the Company to forego a reassessment of (1) whether any expired or existing contracts are or contain leases, (2) the lease classification for any expired or existing leases, and (3) the initial direct costs for any existing leases. The Company is also evaluating of the impact, if any, the standard will have on its sale and leaseback transaction. The adoption of ASU 2016-02 will result in increases to both the Company's assets and liabilities on the consolidated balance sheet. Based on the analysis performed, management estimates recognizing ROU assets and a corresponding lease liabilities of approximately $20.1 million . 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 (for the Company, the fiscal year ending March 31, 2021), including interim periods within those fiscal years. The Company is currently in the implementation stage of ASU 2016-13 and has engaged two vendors to assist management in evaluating the requirements of the new standard, modeling requirements and assessment of the impact that it will have on the consolidated statements of financial condition and results of operations. In August 2016, the FASB issued ASU No. 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments," a consensus of the FASB's Emerging Issues Task Force. The update is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows, and provides guidance on how the following cash receipts and payments should be presented and classified in the statement of cash flows: debt prepayment or debt extinguishment costs, settlement of zero-coupon bonds, contingent consideration payments made after a business combination, settlements of insurance claims, settlements of corporate-owned and bank-owned life insurance policies, distributions received from equity method investees, and beneficial interests in securitization transactions. The ASU also clarifies when an entity should separate cash receipts and payments and classify them into more than one class of cash flows. ASU No. 2016-15 is effective for fiscal years beginning after December 15, 2017 (for the Company, the fiscal year ending March 31, 2019), and interim periods within those fiscal years. The Company has evaluated the potential impact of the adoption of the new standard on its consolidated statement of cash flows and is generally unaffected by the update. The items defined in the ASU are not relevant to the Company's operations at this time. In November 2016, the FASB issued ASU No. 2016-18, "Statement of Cash Flows (Topic 230): Restricted Cash," to require that a statement of cash flows explain the change during the period in restricted cash or restricted cash equivalents, in addition to changes in cash and cash equivalents. The update provides guidance that restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. ASU No. 2016-18 is effective for fiscal years beginning after December 15, 2017 (for the Company, the fiscal year ending March 31, 2019), and interim periods within those fiscal years. The Company adopted ASU 2016-18 and was generally unaffected by the update. The Company does not have restricted cash at this time. In March 2017, the FASB issued ASU No. 2017-08, "Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities," which shortens the amortization period for the premium on certain purchased callable debt securities to the earliest call date. The amendments are effective for fiscal years beginning after December 15, 2018 (for the Company, the fiscal year ending March 31, 2020), and interim periods within those fiscal years. Based on management's review of the securities in the Company's portfolio at March 31, 2019, 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 May 2017, the FASB issued ASU No. 2017-09, "Compensation - Stock Compensation (Topic 718), Scope of Modification Accounting," which clarifies when changes to the terms or conditions of a share-based payment award must be accounted for as modifications. The new guidance became effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017 (for the Company, the fiscal year ending March 31, 2019). The adoption of the standard did not have a material impact on the Company's consolidated statements of financial condition and results of operations. |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Unrealized Gain (Loss) on Investments | The following tables set forth the amortized cost and fair value of securities available-for-sale and held-to-maturity at March 31, 2019 and March 31, 2018 : At March 31, 2019 Amortized Gross Unrealized $ in thousands Cost Gains Losses Fair Value Available-for-Sale: Mortgage-backed securities: Government National Mortgage Association $ 4,443 $ 25 $ 86 $ 4,382 Federal Home Loan Mortgage Corporation 11,104 69 148 11,025 Federal National Mortgage Association 27,094 131 617 26,608 Total mortgage-backed securities 42,641 225 851 42,015 U.S. Government Agency Securities 33,089 — 236 32,853 Corporate Bonds 5,054 — 77 4,977 Total available-for-sale $ 80,784 $ 225 $ 1,164 $ 79,845 Held-to-Maturity*: Mortgage-backed securities: Government National Mortgage Association 1,214 40 — 1,254 Federal National Mortgage Association 8,923 — 87 8,836 Total held-to-maturity mortgage-backed securities 10,137 40 87 10,090 Corporate Bonds 1,000 17 — 1,017 Total held-to-maturity $ 11,137 $ 57 $ 87 $ 11,107 At March 31, 2018 Amortized Gross Unrealized $ in thousands Cost Gains Losses Fair Value Available-for-Sale: Mortgage-backed securities: Government National Mortgage Association $ 2,163 $ — $ 97 $ 2,066 Federal Home Loan Mortgage Corporation 6,633 — 283 6,350 Federal National Mortgage Association 24,638 — 1,227 23,411 Total mortgage-backed securities 33,434 — 1,607 31,827 U.S. Government Agency Securities 14,490 — 258 14,232 Corporate Bonds 5,078 — 212 4,866 Other investments (1) 10,433 — 649 9,784 Total available-for-sale $ 63,435 $ — $ 2,726 $ 60,709 Held-to-Maturity*: Mortgage-backed securities: Government National Mortgage Association $ 1,434 $ 51 $ — $ 1,485 Federal National Mortgage Association and Other 9,641 — 247 9,394 Total held-to-maturity mortgage-backed securities 11,075 51 247 10,879 Corporate Bonds 1,000 30 — 1,030 Total held-to-maturity $ 12,075 $ 81 $ 247 $ 11,909 * The carrying amount and amortized cost are the same for all held-to-maturity securities, as no OTTI has been recorded. (1) Primarily comprised of an investment in a CRA fund with 95% of its underlying investments consisting of government and agency backed securities. |
Schedule of Realized Gain (Loss) | The following is a summary regarding proceeds, gross gains and gross losses realized from the sale of securities from the available-for-sale portfolio for the year ended March 31, 2019 . $ in thousands 2019 Proceeds $ 20,487 Gross gains 12 Gross losses 28 |
Schedule of Unrealized Loss on Investments | The following tables set forth the unrealized losses and fair value of securities in an unrealized loss position at March 31, 2019 and March 31, 2018 for less than 12 months and 12 months or longer: At March 31, 2019 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 $ — $ — $ 851 $ 26,787 $ 851 $ 26,787 U.S. Government Agency Securities 23 20,851 213 12,002 236 32,853 Corporate bonds — — 77 4,977 77 4,977 Total available-for-sale securities $ 23 $ 20,851 $ 1,141 $ 43,766 $ 1,164 $ 64,617 Held-to-Maturity: Mortgage-backed securities $ — $ — $ 87 $ 8,752 $ 87 $ 8,752 Total held-to-maturity securities $ — $ — $ 87 $ 8,752 $ 87 $ 8,752 At March 31, 2018 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 $ 101 $ 3,702 $ 1,506 $ 28,124 $ 1,607 $ 31,826 U.S. Government Agency Securities 80 7,666 178 6,566 258 14,232 Corporate bonds — — 212 4,866 212 4,866 Other investments (1) — — 649 9,351 649 9,351 Total available-for-sale securities $ 181 $ 11,368 $ 2,545 $ 48,907 $ 2,726 $ 60,275 Held-to-Maturity: Mortgage-backed securities $ 188 $ 7,681 $ 59 $ 1,612 $ 247 $ 9,293 Total held-to-maturity securities $ 188 $ 7,681 $ 59 $ 1,612 $ 247 $ 9,293 (1) Primarily comprised of an investment in a CRA fund with 95% of its underlying investments consisting of government and agency backed securities. |
Investments Classified by Contractual Maturity Date | The following is a summary of the amortized cost and fair value of debt securities at March 31, 2019 , by remaining period to contractual maturity (ignoring earlier call dates, if any). Actual maturities may differ from contractual maturities because certain security issuers have the right to call or prepay their obligations. The table below does not consider the effects of possible prepayments or unscheduled repayments. $ in thousands Amortized Cost Fair Value Weighted Average Yield Available-for-Sale: Less than one year $ 1,005 $ 998 1.65 % One through five years 8,279 8,116 1.72 % Five through ten years 17,775 17,590 2.84 % After ten years 53,725 53,141 2.76 % 80,784 79,845 2.65 % Held-to-maturity: One through five years $ 4,555 $ 4,530 2.40 % Five through ten years 4,381 4,377 3.31 % After ten years 2,201 2,200 2.87 % $ 11,137 $ 11,107 2.85 % |
Loans Receivable, Net (Tables)
Loans Receivable, Net (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | The following is a summary of loans receivable, net of allowance for loan losses at March 31 : March 31, 2019 March 31, 2018 $ in thousands Amount % Amount % Gross loans receivable: One-to-four family $ 108,363 25.5 % $ 121,233 25.6 % Multifamily 86,177 20.2 % 103,887 21.9 % Commercial real estate 130,812 30.7 % 141,835 29.9 % Construction — — % — — % Business (1) 96,430 22.7 % 102,004 21.5 % Consumer (2) 4,023 0.9 % 5,238 1.1 % Total loans receivable 425,805 100.0 % 474,197 100.0 % Unamortized premiums, deferred costs and fees, net 3,023 3,556 Allowance for loan losses (4,646 ) (5,126 ) Total loans receivable, net $ 424,182 $ 472,627 (1) Includes business overdrafts of $79 thousand and $35 thousand as of March 31, 2019 and 2018 , respectively (2) Includes consumer overdrafts of $15 thousand and $18 thousand as of March 31, 2019 and 2018 , respectively |
Allowance for Loan Losses | 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, 2019 : $ in thousands One-to-four family Multifamily Commercial Real Estate Business Consumer Unallocated Total Allowance for loan losses: Beginning Balance $ 1,210 $ 1,819 $ 1,052 $ 1,003 $ 18 $ 24 $ 5,126 Charge-offs (151 ) (164 ) — (964 ) (19 ) — (1,298 ) Recoveries 190 158 — 705 35 — 1,088 Provision for (Recovery of) Loan Losses 25 (928 ) (286 ) 586 120 213 (270 ) Ending Balance $ 1,274 $ 885 $ 766 $ 1,330 $ 154 $ 237 $ 4,646 Allowance for Loan Losses Ending Balance: collectively evaluated for impairment $ 1,103 $ 885 $ 766 $ 1,312 $ 154 $ 237 $ 4,457 Allowance for Loan Losses Ending Balance: individually evaluated for impairment 171 — — 18 — — 189 Loan Receivables Ending Balance $ 109,925 $ 86,886 $ 131,292 $ 96,662 $ 4,063 $ — $ 428,828 Ending Balance: collectively evaluated for impairment 104,508 83,672 130,816 93,400 4,063 — 416,459 Ending Balance: individually evaluated for impairment 5,417 3,214 476 3,262 — — 12,369 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, 2018 : $ in thousands One-to-four family Multifamily Commercial Real Estate Construction Business Consumer Unallocated Total Allowance for loan losses: Beginning Balance $ 1,663 $ 1,213 $ 1,496 $ 106 $ 573 $ 9 $ — $ 5,060 Charge-offs (96 ) (104 ) — — (81 ) (33 ) — (314 ) Recoveries — 131 20 — 87 7 — 245 Provision for (Recovery of) Loan Losses (357 ) 579 (464 ) (106 ) 424 35 24 135 Ending Balance $ 1,210 $ 1,819 $ 1,052 $ — $ 1,003 $ 18 $ 24 $ 5,126 Allowance for Loan Losses Ending Balance: collectively evaluated for impairment $ 1,065 $ 1,744 $ 1,052 $ — $ 908 $ 18 $ 24 $ 4,811 Allowance for Loan Losses Ending Balance: individually evaluated for impairment 145 75 — — 95 — — 315 Loan Receivables Ending Balance $ 123,092 $ 104,865 $ 142,304 $ — $ 102,203 $ 5,289 $ — $ 477,753 Ending Balance: collectively evaluated for impairment 116,588 103,160 140,765 — 98,914 5,289 — 464,716 Ending Balance: individually evaluated for impairment 6,504 1,705 1,539 — 3,289 — — 13,037 |
Schedule of Nonaccrual Loans | The following is a summary of nonaccrual loans at March 31, 2019 and 2018 . $ in thousands March 31, 2019 March 31, 2018 Loans accounted for on a nonaccrual basis: Gross loans receivable: One-to-four family $ 4,488 $ 4,561 Multifamily 3,214 964 Commercial real estate 476 502 Business 2,051 635 Consumer 65 — Total nonaccrual loans $ 10,294 $ 6,662 |
Loans Receivable Credit Quality Indicators | As of March 31, 2019 , 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 Business Credit Risk Profile by Internally Assigned Grade: Pass $ 83,672 $ 128,319 $ 90,337 Special Mention — 2,497 2,425 Substandard 3,214 476 3,900 Doubtful — — — Loss — — — Total $ 86,886 $ 131,292 $ 96,662 One-to-four family Consumer Credit Risk Profile Based on Payment Activity: Performing $ 106,530 $ 4,063 Non-Performing 3,395 — Total $ 109,925 $ 4,063 As of March 31, 2018 , the risk category by class of loans was as follows: $ in thousands Multifamily Commercial Real Estate Business Credit Risk Profile by Internally Assigned Grade: Pass $ 103,160 $ 140,765 $ 93,886 Special Mention — — 5,028 Substandard 1,705 1,539 3,289 Doubtful — — — Loss — — — Total $ 104,865 $ 142,304 $ 102,203 One-to-four family Consumer Credit Risk Profile Based on Payment Activity: Performing $ 116,588 $ 5,289 Non-Performing 6,504 — Total $ 123,092 $ 5,289 |
Past Due Financing Receivables | The following table presents an aging analysis of the recorded investment of past due financing receivable as of March 31, 2019 . $ 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 $ 1,827 $ — $ 3,395 $ 5,222 $ 104,703 $ 109,925 Multifamily 2,580 — 2,118 4,698 82,188 86,886 Commercial real estate 121 — — 121 131,171 131,292 Business 780 — 599 1,379 95,283 96,662 Consumer 87 53 65 205 3,858 4,063 Total $ 5,395 $ 53 $ 6,177 $ 11,625 $ 417,203 $ 428,828 The following table presents an aging analysis of the recorded investment of past due financing receivable as of March 31, 2018 . $ 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 $ 1,819 $ — $ 4,056 $ 5,875 $ 117,217 $ 123,092 Multifamily — — 219 219 104,646 104,865 Commercial real estate 1,395 — — 1,395 140,909 142,304 Business 973 312 322 1,607 100,596 102,203 Consumer 7 5 — 12 5,277 5,289 Total $ 4,194 $ 317 $ 4,597 $ 9,108 $ 468,645 $ 477,753 |
Impaired Loans | The following tables present information on impaired loans with the associated allowance amount, if applicable, at March 31, 2019 and 2018 . 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, 2019 2018 $ 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 $ 4,488 $ 5,643 $ — $ 5,439 $ 6,862 $ — Multifamily 3,214 3,214 — 964 1,122 — Commercial real estate 476 476 — 1,539 1,539 — Business 1,974 2,017 — 611 611 — With an allowance recorded: One-to-four family 929 929 171 1,065 1,065 145 Multifamily — — — 741 741 75 Commercial real estate — — — — — — Business 1,288 1,288 18 2,678 2,681 95 Consumer — — — — — — Total $ 12,369 $ 13,567 $ 189 $ 13,037 $ 14,621 $ 315 The following table presents information on average balances on impaired loans and the interest income recognized for the years ended March 31, 2019 and 2018 . For the years ended March 31, 2019 2018 $ in thousands Average Balance Interest Income recognized Average Balance Interest Income recognized With no specific allowance recorded: One-to-four family $ 4,964 $ 96 $ 5,375 $ 36 Multifamily 2,089 42 1,340 34 Commercial real estate 1,007 16 2,075 28 Business 1,293 18 827 — With an allowance recorded: One-to-four family 997 — 1,078 — Multifamily 371 — 248 — Commercial real estate — — 541 — Business 1,983 10 2,358 2 Consumer — — — — Total $ 12,704 $ 182 $ 13,842 $ 100 |
Troubled Debt Restructurings | The following table presents an analysis of those loan modifications that were classified as TDRs during the twelve month periods ended March 31, 2019 and 2018 , Modifications to loans during the years ended March 31, 2019 2018 $ 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 Business 3 $ 2,776 $ 2,776 6.51 % 6.04 % 1 $ 285 $ 285 7.25 % 7.00 % |
Office Properties and Equipme_2
Office Properties and Equipment, Net Office Properties and Equipment, Net (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Office Properties and Equipment, Net | The details of office properties and equipment as of March 31 are as follows: $ in thousands 2019 2018 Leasehold improvements $ 7,394 $ 5,946 Furniture, equipment, and other 13,169 13,177 20,563 19,123 Less accumulated depreciation and amortization (15,507 ) (16,153 ) Office properties and equipment, net $ 5,056 $ 2,970 |
Accrued Interest Receivable A_2
Accrued Interest Receivable Accrued Interest Receivable (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Interest Receivable and Other Assets [Abstract] | |
Accrued Interest Receivable | The details of accrued interest receivable as of March 31 are as follows: $ in thousands 2019 2018 Loans receivable $ 1,529 $ 1,716 Mortgage-backed securities 135 101 Investments and other interest-bearing assets 355 206 Total accrued interest receivable $ 2,019 $ 2,023 |
Deposits Deposits (Tables)
Deposits Deposits (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Deposits [Abstract] | |
Deposit Liabilities, Type | Deposit balances and weighted average interest rates as of March 31 are as follows: 2019 2018 $ in thousands Amount Percent of Total Deposits Weighted Average Rate Amount Percent of Total Deposits Weighted Average Rate Non-interest-bearing demand $ 60,201 12.54 % — % $ 62,905 10.72 % — % Interest-bearing checking 23,473 4.89 0.12 23,570 4.02 0.07 Savings 99,310 20.68 0.26 102,550 17.47 0.25 Money market savings account 94,376 19.65 0.48 101,990 17.38 0.48 Certificates of deposit 200,607 41.78 1.78 293,513 50.01 1.25 Loan escrow deposits 2,229 0.46 2.09 2,355 0.40 1.76 Total $ 480,196 100.00 % 0.91 % $ 586,883 100.00 % 0.61 % |
CD Maturities | Scheduled maturities of certificates of deposit for the year ended March 31, 2019 are as follows: $ in thousands Amount Maturing years ending March 31: 2020 $ 160,350 2021 13,428 2022 8,403 2023 12,729 2024 5,587 2025 and beyond 110 Total $ 200,607 The following table represents the amount of certificates of deposit of $100,000 or more at March 31, 2019 maturing during the periods indicated: $ in thousands Maturing: April 1, 2019 to June 30, 2019 $ 25,464 July 1, 2019 to September 30, 2019 17,615 October 1, 2019 to March 31, 2020 25,965 April 1, 2020 and beyond 26,250 Total $ 95,294 |
Interest expense on deposits | Interest expense on deposits is as follows for the years ended March 31 : $ in thousands 2019 2018 Interest-bearing checking $ 30 $ 19 Savings and clubs 265 249 Money market savings 466 540 Certificates of deposit 4,427 3,256 Loan escrow deposits 44 42 Total interest expense $ 5,232 $ 4,106 |
Other Deposits liabilities | The following table presents additional information about our year-end deposits: $ in thousands 2019 2018 Deposits from the Certificate of Deposit Account Registry Service (CDARS) $ 48,274 $ 48,206 Deposits from brokers 36,744 78,215 Certificates of deposit individually greater than $250,000 25,076 59,164 Deposits from certain directors, executive officers and their affiliates 5,029 7,356 |
Borrowed Money Borrowed Money (
Borrowed Money Borrowed Money (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Federal Home Loan Bank, Advances | FHLB-NY advances weighted average interest rates by remaining period to maturity at March 31 are as follows: $ in thousands 2019 2018 Maturing Year Ended March 31, Weighted Average Rate Amount Weighted Average Rate Amount 2019 (1) —% $ — 1.50% $ 25,000 2020 2.66% 8,000 —% — 2.66% $ 8,000 1.50% $ 25,000 (1) Effective rate is 2.13% which includes the net impact of the amortization of the termination fee on restructured borrowing. |
Schedule of Debt | The following table sets forth certain information regarding Carver Federal's borrowings as of and for the years ended March 31 : $ in thousands 2019 2018 Amounts outstanding at the end of year: FHLB advances $ 8,000 $ 25,000 Subordinated debt securities 13,403 13,403 Rate paid at year end: FHLB advances 2.66 % 1.50 % Subordinated debt securities 5.66 % 5.23 % Maximum amount of borrowing outstanding at any month end: FHLB advances $ 25,000 $ 30,000 Subordinated debt securities $ 13,403 $ 13,403 Repo $ — $ 1,000 Approximate average amounts outstanding for year: FHLB advances $ 4,118 $ 25,616 Subordinated debt securities $ 13,403 $ 13,773 Repo $ — $ 584 Approximate weighted average rate paid during year: FHLB advances 2.16 % 2.11 % Subordinated debt securities 6.11 % 4.54 % Repo — % 1.17 % |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense | The components of income tax (benefit) expense for the years ended March 31 are as follows: $ in thousands 2019 2018 Income tax expense Federal: Current expense $ — $ 174 Deferred benefit — (340 ) Total — (166 ) State: Current expense 133 133 Total income tax expense (benefit) $ 133 $ (33 ) |
Schedule of Effective Income Tax Rate Reconciliation | The following is a reconciliation of the expected Federal income tax rate to the consolidated effective tax rate for the years ended March 31 : 2019 2018 $ in thousands Amount Percent Amount Percent Statutory Federal income tax expense (benefit) $ (1,218 ) (21.0 )% $ 1,638 30.8 % State and local income tax, net of Federal tax benefit 105 1.8 92 1.7 Impact of income tax rate changes — — 3,283 61.7 Credit and NOL adjustments — — (2,148 ) (40.4 ) Change in valuation allowance 1,332 23.0 (3,061 ) (57.5 ) Other (86 ) (1.6 ) 163 3.1 Total income tax expense (benefit) $ 133 2.2 % $ (33 ) (0.6 )% |
Deferred Tax Assets and Liabilities | 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 2019 2018 Deferred Tax Assets: Allowance for loan losses $ 1,561 $ 1,727 Nonaccrual loan interest 41 109 Deferred gain - sale leaseback transactions 1,803 2,006 Net operating loss carryforward 16,248 12,419 New markets tax credit 3,452 3,452 AMT credits 170 340 Depreciation 821 1,864 Unrealized loss on available-for-sale securities 1,092 1,105 Total Deferred Tax Assets 25,188 23,022 Deferred Tax Liabilities: Other 1,073 676 Total Deferred Tax Liabilities 1,073 676 Deferred Tax Assets, net 24,115 22,346 Valuation Allowance (23,945 ) (21,952 ) Deferred Tax Assets, net of valuation allowance $ 170 $ 394 |
Earnings (Loss) Per Common Sh_2
Earnings (Loss) Per Common Share (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | 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 the years ended March 31 : $ in thousands except per share data 2019 2018 Net (loss) income attributable to Carver Bancorp, Inc. $ (5,936 ) $ 5,354 Less: Participated securities share of undistributed earnings — (3,206 ) Net (loss) income available to common shareholders of Carver Bancorp, Inc. (5,936 ) 2,148 Weighted average common shares outstanding – basic 3,698,534 3,698,058 Effect of dilutive Equity Incentive Plan (Restricted Stock) shares — 3,400 Weighted average common shares outstanding – diluted 3,698,534 3,701,458 Basic (loss) earnings per common share $ (1.60 ) $ 0.58 Diluted (loss) earnings per common share $ (1.60 ) $ 0.58 |
Stockholders' Equity Stockhol_2
Stockholders' Equity Stockholders' Equity (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | The table below presents the Bank's regulatory capital ratios at March 31, 2019 and 2018 . March 31, 2019 March 31, 2018 ($ in thousands) Amount Ratio Amount Ratio Tier 1 leverage capital Regulatory capital $ 62,875 10.77 % $ 67,742 10.16 % Individual minimum capital requirement 52,525 9.00 % 60,022 9.00 % Minimum capital requirement 23,344 4.00 % 26,676 4.00 % Excess 39,531 6.77 % 41,066 6.16 % Common equity Tier 1 Regulatory capital $ 62,875 15.39 % $ 67,742 15.20 % Minimum capital requirement 18,388 4.50 % 20,050 4.50 % Excess 44,487 10.89 % 47,692 10.70 % Tier 1 risk-based capital Regulatory capital $ 62,875 15.39 % $ 67,742 15.20 % Minimum capital requirement 24,518 6.00 % 26,733 6.00 % Excess 38,357 9.39 % 41,009 9.20 % Total risk-based capital Regulatory capital $ 67,766 16.58 % $ 73,082 16.40 % Individual minimum capital requirement 49,036 12.00 % 53,465 12.00 % Minimum capital requirement 32,691 8.00 % 35,644 8.00 % Excess 35,075 8.58 % 37,438 8.40 % |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following tables set forth changes in each component of accumulated other comprehensive loss, net of tax for the years ended March 31, 2019 and 2018 : $ in thousands At March 31, 2018 ASU 2016-01 reclassification Other Comprehensive Loss At March 31, 2019 Net unrealized loss on securities available-for-sale $ (2,726 ) 721 $ 1,066 $ (939 ) $ in thousands At March 31, 2017 Other Comprehensive Income At March 31, 2018 Net unrealized loss on securities available-for-sale $ (1,940 ) $ (786 ) $ (2,726 ) |
Reclassification out of Accumulated Other Comprehensive Income | 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 2019 2018 Reclassification adjustment for sales of available for-sale securities, net of tax $ 16 $ — Loss on sale of securities, net |
Employee Benefit and Stock Co_2
Employee Benefit and Stock Compensation Plans Employee Benefit and Stock Compensation Plans (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Restricted Stock Activity | Information regarding nonvested shares of restricted stock awards outstanding for the years ended March 31 is as follows: 2019 2018 Shares Weighted Average Grant Price Shares Weighted Average Grant Price Outstanding, beginning of year 3,400 $ 4.52 3,200 $ 5.56 Granted — — 1,000 3.48 Vested (1,050 ) 5.06 (800 ) 5.56 Forfeited 400 5.56 — — Outstanding, end of year 1,950 $ 4.76 3,400 $ 4.52 |
Stock Options, Activity | Information regarding stock options as of and for the years ended March 31 is as follows: 2019 2018 Options Weighted Average Exercise Price Options Weighted Average Exercise Price Outstanding, beginning of year 5,133 $ 8.53 4,133 $ 8.53 Granted — — 1,000 3.48 Exercised — — — — Expired/Forfeited 400 5.56 — — Outstanding, end of year 4,733 $ 7.71 5,133 $ 8.53 Exercisable, at year end 3,383 1,733 |
Shares Authorized under Stock Option Plans, by Exercise Price Range | Information regarding stock options as of March 31, 2019 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 $ 3.00 $ 5.00 1,000 8.71 $ 3.48 250 $ 3.48 $ 5.00 $ 5.99 3,600 6.23 $ 5.56 3,000 $ 5.56 90.00 $ 104.85 133 1.36 97.50 133 97.50 Total 4,733 3,383 |
Stock Options, Valuation Assumptions | 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 : 2019 2018 Risk-free interest rate N/A 2.74 % Volatility N/A 10 % Expected life of option grants (years) N/A 7.5 |
Commitments and Contingencies_2
Commitments and Contingencies Commitments and Contingencies (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | The following table reflects the Bank's outstanding lending commitments and contractual obligations as of March 31 : $ in thousands 2019 2018 Commitments to fund commercial and consumer loans $ 1,775 $ 2,457 Lines of credit 2,571 3,939 Letters of credit — 69 Commitment to fund private equity investment 640 640 $ 4,986 $ 7,105 |
Pending Repurchase Requests | 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, 2018 (1) $ 2,013 Gross new demands received — Loans repurchased/made whole — Demands rescinded — Advances on open claims — Principal payments received on open claims (31 ) Open claims as of March 31, 2019 (1) $ 1,982 (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. |
Representation and warranty reserves | The table below summarizes changes in our representation and warranty reserves during fiscal 2019 . $ in thousands March 31, 2019 Representation and warranty repurchase reserve, March 31, 2018 (1) $ 205 Net provision of repurchase losses (2) 21 Representation and warranty repurchase reserve, March 31, 2019 (1) $ 226 (1) Reported in consolidated statements of financial condition as a component of other liabilities. (2) Component of other non-interest expense. |
Lease Commitments | Lease Commitments. Rentals under long-term operating leases for certain branches aggregated approximately $2.4 million and $1.4 million for fiscal years 2019 and 2018 , respectively. As of March 31, 2019 , minimum rental commitments under all non-cancelable leases with initial or remaining terms of more than one year and expiring through 2029 follow: $ in thousands Year Ending March 31, 2020 $ 2,761 2021 2,686 2022 2,428 2023 2,290 2024 2,289 Thereafter 8,572 $ 21,026 |
Fair Value Measurements Fair _2
Fair Value Measurements Fair Value Measurements (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | |
Fair Value, Assets Measured on Recurring Basis | The following table presents, by valuation hierarchy, assets that are measured at fair value on a recurring basis as of March 31, 2019 and 2018 , and that are included in the Company's Consolidated Statements of Financial Condition at these dates: Fair Value Measurements at March 31, 2019, 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 $ — $ — $ 180 $ 180 Investment securities Available-for-sale: Mortgage-backed securities: Government National Mortgage Association — 4,382 — 4,382 Federal Home Loan Mortgage Corporation — 11,025 — 11,025 Federal National Mortgage Association — 26,608 — 26,608 U.S. Government Agency securities — 32,853 — 32,853 Corporate bonds — 4,977 — 4,977 Total available-for-sale securities — 79,845 — 79,845 Equity securities — — 454 454 Total assets $ — $ 79,845 $ 634 $ 80,479 Fair Value Measurements at March 31, 2018, 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 $ — $ — $ 181 $ 181 Investment securities Available-for-sale: Mortgage-backed securities: Government National Mortgage Association — 2,066 — 2,066 Federal Home Loan Mortgage Corporation — 6,350 — 6,350 Federal National Mortgage Association — 23,411 — 23,411 U.S. Government Agency securities — 14,232 — 14,232 Corporate bonds — 4,866 — 4,866 Other investments — 9,351 433 9,784 Total available-for-sale securities — 60,276 433 60,709 Total assets $ — $ 60,276 $ 614 $ 60,890 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | 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, 2019 and 2018 : $ in thousands Beginning balance, April 1, 2018 Total Realized/Unrealized Gains/(Losses) Recorded in Income (1) Issuances / (Settlements) Transfers to/(from) Level 3 Ending balance, March 31, 2019 Change in Unrealized Gains/(Losses) Related to Instruments Held at March 31, 2019 Equity Securities $ 433 $ 21 $ — $ — $ 454 $ — Mortgage Servicing Rights 181 (1 ) — — 180 (1 ) $ in thousands Beginning balance, April 1, 2017 Total Realized/Unrealized Gains/(Losses) Recorded in Income (1) Issuances / (Settlements) Transfers to/(from) Level 3 Ending balance, March 31, 2018 Change in Unrealized Gains/(Losses) Related to Instruments Held at March 31, 2018 Available-for-Sale: Other investments $ 403 $ 30 $ — $ — $ 433 $ — Mortgage Servicing Rights 192 (11 ) — — 181 (10 ) (1) Includes net servicing cash flows and the passage of time. |
Fair Value, Assets Measured on Recurring Basis, Valuation Techniques | For Level 3 assets measured at fair value on a recurring basis as of March 31, 2019 and 2018 , the significant unobservable inputs used in the fair value measurements were as follows: $ in thousands Fair Value at March 31, 2019 Valuation Technique Significant Unobservable Inputs Significant Unobservable Input Value Equity Securities 454 Cost n/a Mortgage Servicing Rights 180 Discounted Cash Flow Weighted Average Constant Prepayment Rate (1) 11.19 % Option Adjusted Spread ("OAS") applied to Treasury curve 1000 basis points $ in thousands Fair Value at March 31, 2018 Valuation Technique Significant Unobservable Inputs Significant Unobservable Input Value Available-for-Sale: Other investments 433 Cost n/a Mortgage Servicing Rights 181 Discounted Cash Flow Weighted Average Constant Prepayment Rate (1) 20.03 % Discount Rate 12.00 % (1) Represents annualized loan repayment rate assumptions |
Fair Value Measurements, Nonrecurring | The following table presents assets and liabilities that were measured at fair value on a non-recurring basis as of March 31, 2019 and 2018 , and that are included in the Company's Consolidated Statements of Financial Condition at these dates: Fair Value Measurements at March 31, 2019, 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 Impaired loans $ — $ — $ 2,027 $ 2,027 Other real estate owned $ — $ — $ 404 $ 404 Fair Value Measurements at March 31, 2018, 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 Impaired loans $ — $ — $ 4,476 $ 4,476 Other real estate owned $ — $ — $ 1,145 $ 1,145 |
Fair Value, Assets Measured on Nonrecurring Basis, Valuation Techniques | For Level 3 assets measured at fair value on a non-recurring basis as of March 31, 2019 and 2018 , the significant unobservable inputs used in the fair value measurements were as follows: $ in thousands Fair Value at March 31, 2019 Valuation Technique Significant Unobservable Inputs Significant Unobservable Input Value Impaired loans $ 2,027 Appraisal of collateral Appraisal adjustments 7.5% cost to sell Other real estate owned 404 Appraisal of collateral Appraisal adjustments 7.5% cost to sell $ in thousands Fair Value at March 31, 2018 Valuation Technique Significant Unobservable Inputs Significant Unobservable Input Value Impaired loans $ 4,476 Appraisal of collateral Appraisal adjustments 7.5% cost to sell Other real estate owned 1,145 Appraisal of collateral Appraisal adjustments 7.5% cost to sell |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value, by Balance Sheet Grouping | The carrying amounts and estimated fair values of the Bank's financial instruments and estimation methodologies at March 31 are as follows: March 31, 2019 $ 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 $ 31,228 $ 31,228 $ 31,228 $ — $ — Securities available-for-sale 79,845 79,845 — 79,845 — Equity securities 454 454 — — 454 FHLB Stock 926 926 — 926 — Securities held-to-maturity 11,137 11,107 — 11,107 — Loans receivable 424,182 424,013 — — 424,013 Accrued interest receivable 2,019 2,019 — 2,019 — Mortgage servicing rights 180 180 — — 180 Other assets - Interest-bearing deposits 976 976 — 976 — Financial Liabilities: Deposits $ 480,196 $ 477,503 $ 277,360 $ 200,143 $ — Advances from FHLB of New York 8,000 8,001 — 8,001 — Other borrowed money 13,403 12,393 — 12,393 — Accrued interest payable 1,931 1,931 — 1,931 — March 31, 2018 $ 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 $ 134,558 $ 134,558 $ 134,558 $ — $ — Securities available-for-sale 60,709 60,709 — 60,276 433 FHLB Stock 1,768 1,768 — 1,768 — Securities held-to-maturity 12,075 11,909 — 11,909 — Loans receivable 472,627 469,382 — — 469,382 Accrued interest receivable 2,023 2,023 — 2,023 — Mortgage servicing rights 181 181 — — 181 Other assets - Interest-bearing deposits 971 971 — 971 — Financial Liabilities: Deposits $ 586,883 $ 535,808 $ 245,634 $ 290,174 $ — Advances from FHLB of New York 25,000 24,970 — 24,970 — Other borrowed money 13,403 14,565 — 14,565 — Accrued interest payable 1,086 1,086 — 1,086 — |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Variable Interest Entity, Not Primary Beneficiary, Disclosures [Abstract] | |
Variable Interest Entities | The Bank's unconsolidated VIEs, in which the Company holds significant variable interests or has continuing involvement through servicing a majority of assets in a VIE at March 31, 2019 are presented below: Involvement with SPE (000's) Funded Exposure Unfunded Exposure Total Recognized Gain (Loss) (000's) Total Rights transferred Significant unconsolidated VIE assets Total Involvement with SPE asset Debt Investments Equity Investments Funding Commitments Maximum exposure to loss Carver Statutory Trust 1 (1) $ — $ — $ 13,400 $ 13,400 $ 14,733 $ 400 $ — $ — $ 15,133 CDE 18* 600 13,254 — — — — — 5,169 5,169 CDE 19 500 10,746 11,054 11,054 — 1 — 4,191 4,192 CDE 20* 625 12,500 — — — — — 4,875 4,875 CDE 21 625 12,500 12,014 12,014 — 1 — 4,875 4,876 Total $ 3,250 $ 69,500 $ 36,468 $ 36,468 $ 14,733 $ 402 $ — $ 27,105 $ 42,240 |
Non-interest Revenue and Expe_2
Non-interest Revenue and Expense Non-interest Revenue and Expense (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Other Income and Expenses [Abstract] | |
Disaggregation of Revenue | The following table presents non-interest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, for the years ended March 31, 2019 and March 31, 2018 : Years Ended March 31, $ in thousands 2019 2018 Non-interest income In-scope of Topic 606 Depository fees and charges $ 3,337 $ 3,372 Loan fees and service charges 303 530 Other non-interest income 61 91 Non-interest income (in-scope of Topic 606) 3,701 3,993 Non-interest income (out-of-scope of Topic 606) 1,157 10,366 Total non-interest income $ 4,858 $ 14,359 |
Other Non-interest Income and Expense | The following table sets forth other non-interest income and expense totals exceeding 1% of the aggregate of total interest income and non-interest income for any of the years presented: Years Ended March 31, $ in thousands 2019 2018 Other non-interest expense: Advertising 316 311 Legal expense 413 475 Insurance and surety 660 605 Audit expense 672 1,230 Outsourced service 558 530 Data lines / internet 441 291 Retail expenses 781 829 Operating chargeoffs and other losses 714 48 Regulatory assessment 314 290 Director's fees 313 346 Other 2,292 2,705 Total non-interest expense $ 7,474 $ 7,660 |
Quarterly Financial Data (Una_2
Quarterly Financial Data (Unaudited) Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | The following tables set forth certain unaudited financial data for our quarterly operations in fiscal 2019 and 2018 . 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. $ in thousands, except per share data June 30, 2018 September 30, 2018 December 31, 2018 March 31, 2019 Fiscal 2019 Interest income $ 6,123 $ 5,917 $ 5,566 $ 5,624 Interest expense 1,625 1,601 1,470 1,445 Net interest income 4,498 4,316 4,096 4,179 Provision for (recovery of) loan losses 5 49 (332 ) 8 Non-interest income 1,304 1,079 1,327 1,148 Non-interest expense 6,827 7,297 7,070 6,826 Income tax expense — 66 34 33 Net loss $ (1,030 ) $ (2,017 ) $ (1,349 ) $ (1,540 ) Loss per common share Basic $ (0.28 ) $ (0.55 ) $ (0.36 ) $ (0.42 ) Diluted $ (0.28 ) $ (0.55 ) $ (0.36 ) $ (0.42 ) $ in thousands, except per share data June 30, 2017 September 30, 2017 December 31, 2017 March 31, 2018 Fiscal 2018 Interest income $ 6,171 $ 6,339 $ 6,053 $ 5,796 Interest expense 1,218 1,252 1,364 1,446 Net interest income 4,953 5,087 4,689 4,350 Provision for loan losses 120 4 6 5 Non-interest income 1,209 1,139 1,346 10,665 Non-interest expense 6,653 6,786 6,942 7,601 Income tax expense 30 30 31 (124 ) Net (loss) income $ (641 ) $ (594 ) $ (944 ) $ 7,533 (Loss) earnings per common share Basic $ (0.17 ) $ (0.16 ) $ (0.26 ) $ 0.82 Diluted $ (0.17 ) $ (0.16 ) $ (0.26 ) $ 0.82 |
Carver Bancorp Inc.-Parent Co_2
Carver Bancorp Inc.-Parent Company Only Carver Bancorp Inc.-Parent Company Only (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Statements of Financial Condition | As of March 31, $ in thousands 2019 2018 Assets Cash on deposit with subsidiaries $ 495 $ 494 Investment in subsidiaries 62,340 66,235 Other assets 121 66 Total assets $ 62,956 $ 66,795 Liabilities and Stockholders' Equity Borrowings $ 13,403 $ 13,403 Accounts payable to subsidiaries 563 393 Other liabilities 1,854 1,028 Total liabilities $ 15,820 $ 14,824 Stockholders’ equity $ 47,136 $ 51,971 Total liabilities and stockholders’ equity $ 62,956 $ 66,795 |
Condensed Statements of Operations | Years Ended March 31, $ in thousands 2019 2018 Income Equity in net (loss) income from subsidiaries $ (4,968 ) $ 6,097 Other income 26 20 Total (loss) income (4,942 ) 6,117 Expenses Interest expense on borrowings 819 624 Shareholder expense 73 49 Other 102 90 Total expense 994 763 Net (loss) income $ (5,936 ) $ 5,354 Comprehensive (loss) income $ (4,870 ) $ 4,568 |
Condensed Statements of Cash Flow | Years Ended March 31, $ in thousands 2019 2018 Cash Flows From Operating Activities Net (loss) income $ (5,936 ) $ 5,354 Adjustments to reconcile net loss to net cash from operating activities: Equity in net loss (income) of subsidiaries 4,968 (6,097 ) Increase in account receivable from subsidiaries (30 ) — Increase in other assets (25 ) (51 ) Increase in accounts payable to subsidiaries 170 166 Increase in other liabilities 824 630 Net cash (used in) provided by operating activities (29 ) 2 Cash Flows From Financing Activities Restricted stock vesting 30 — Net cash provided by financing activities 30 — Net increase in cash 1 2 Cash and cash equivalents – beginning 494 492 Cash and cash equivalents – ending $ 495 $ 494 |
Organization Organization Text
Organization Organization Text Tag (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2019 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2003 | Sep. 17, 2003 | Oct. 24, 1994 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||
Common Stock, Shares Issued (in shares) | 3,700,728 | 3,700,728 | 3,698,031 | 2,314,375 | ||
Common Stock, Par Value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||
subordinated debt issued shares (in shares) | 13,000 | |||||
Liquidation amount subordinated debt (in dollars per share) | $ 1,000 | |||||
Proceeds from Issuance of Long-term Debt | $ 13,000 | |||||
Proceeds from (Payments for) Other Financing Activities | 400 | |||||
Payments for Repurchase of Trust Preferred Securities | $ 13,400 | |||||
Debt Instrument, Basis Spread on Variable Rate | 3.05% | |||||
Subordinated Borrowing, Interest Rate | 5.66% | 5.66% | 5.23% | |||
Accrued interest expense subordinated debt | $ 1,700 | $ 1,700 | $ 914 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies Summary of Significant Accounting Policies Text Tag (Details) | 12 Months Ended | ||
Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) | |
Available-for-sale Securities, Gross Unrealized Losses | $ 1,164,000 | $ 2,726,000 | |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | $ 0 | ||
FNMA & 3rd party loans excluded from financial statements | 19,400,000 | 23,100,000 | |
Number of Reportable Segments | 1 | ||
Mortgage servicing rights | 180,000 | 181,000 | |
Servicing fee income | 51,000 | 63,000 | |
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 404,000 | ||
Mortgage Loans in Process of Foreclosure, Amount | $ 4,200,000 | 3,300,000 | |
Other investments | |||
Available-for-sale Securities, Gross Unrealized Losses | $ 649,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies Summary of Significant Accounting Policies NonPrinting (Details) | 12 Months Ended |
Mar. 31, 2019 | |
Buildings and improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Buildings and improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 25 years |
Furnishings and equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Furnishings and equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Investment Securities Text Tag
Investment Securities Text Tag (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | $ 80,784,000 | $ 63,435,000 |
Cumulative Effect of New Accounting Principle in Period of Adoption | 0 | |
Redemption of equity investment | 9,207,000 | |
Available-for-sale Securities | $ 79,845,000 | 60,709,000 |
Percentage Available-for-sale Securities | 87.30% | |
Held-to-maturity | $ 11,137,000 | 12,075,000 |
Percentage Held-to-maturity Securities | 12.20% | |
Debt Securities, Trading, and Equity Securities, FV-NI | $ 0 | |
Proceeds from Sale and Maturity of Held-to-maturity Securities | 0 | |
Financial Instruments, Owned and Pledged as Collateral, at Fair Value | $ 24,600,000 | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 35 | |
Mortgage-Backed Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | $ 42,641,000 | 33,434,000 |
Percentage Available-for-Sale, Continuous Unrealized Loss Position | 41.50% | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 18 | |
Available-for-sale Securities | $ 42,015,000 | 31,827,000 |
Held-to-maturity | 10,137,000 | 11,075,000 |
US Government Agency Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | $ 33,089,000 | 14,490,000 |
Percentage Available-for-Sale, Continuous Unrealized Loss Position | 50.80% | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 3 | |
Available-for-sale Securities | $ 32,853,000 | 14,232,000 |
Other investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 10,433,000 | |
Available-for-sale Securities | 9,784,000 | |
Corporate Bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | $ 5,054,000 | 5,078,000 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 5 | |
Available-for-sale Securities | $ 4,977,000 | 4,866,000 |
Held-to-maturity | 1,000,000 | $ 1,000,000 |
Accumulated Other Comprehensive Loss | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 721,000 |
Investment Securities-Unrealize
Investment Securities-Unrealized Gain (Loss) on Investments (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-maturity | $ 11,137 | $ 12,075 |
Held-to-maturity Securities, Gross Unrealized Gains | 57 | 81 |
Held-to-maturity Securities, Gross Unrealized Losses | 87 | 247 |
Debt Securities, Held-to-maturity, Fair Value | 11,107 | 11,909 |
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 80,784 | 63,435 |
Available-for-sale Securities, Gross Unrealized Gains | 225 | 0 |
Available-for-sale Securities, Gross Unrealized Losses | 1,164 | 2,726 |
Available-for-sale Securities | 79,845 | 60,709 |
Government National Mortgage Association (GNMA) | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-maturity | 1,214 | 1,434 |
Held-to-maturity Securities, Gross Unrealized Gains | 40 | 51 |
Held-to-maturity Securities, Gross Unrealized Losses | 0 | 0 |
Debt Securities, Held-to-maturity, Fair Value | 1,254 | 1,485 |
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 4,443 | 2,163 |
Available-for-sale Securities, Gross Unrealized Gains | 25 | 0 |
Available-for-sale Securities, Gross Unrealized Losses | 86 | 97 |
Available-for-sale Securities | 4,382 | 2,066 |
Federal Home Loan Mortgage Corporation (FHLMC) | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 11,104 | 6,633 |
Available-for-sale Securities, Gross Unrealized Gains | 69 | 0 |
Available-for-sale Securities, Gross Unrealized Losses | 148 | 283 |
Available-for-sale Securities | 11,025 | 6,350 |
Federal National Mortgage Association (FNMA) | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-maturity | 8,923 | 9,641 |
Held-to-maturity Securities, Gross Unrealized Gains | 0 | 0 |
Held-to-maturity Securities, Gross Unrealized Losses | 87 | 247 |
Debt Securities, Held-to-maturity, Fair Value | 8,836 | 9,394 |
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 27,094 | 24,638 |
Available-for-sale Securities, Gross Unrealized Gains | 131 | 0 |
Available-for-sale Securities, Gross Unrealized Losses | 617 | 1,227 |
Available-for-sale Securities | 26,608 | 23,411 |
Mortgage-Backed Securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-maturity | 10,137 | 11,075 |
Held-to-maturity Securities, Gross Unrealized Gains | 40 | 51 |
Held-to-maturity Securities, Gross Unrealized Losses | 87 | 247 |
Debt Securities, Held-to-maturity, Fair Value | 10,090 | 10,879 |
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 42,641 | 33,434 |
Available-for-sale Securities, Gross Unrealized Gains | 225 | 0 |
Available-for-sale Securities, Gross Unrealized Losses | 851 | 1,607 |
Available-for-sale Securities | 42,015 | 31,827 |
US Government Agency Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 33,089 | 14,490 |
Available-for-sale Securities, Gross Unrealized Gains | 0 | 0 |
Available-for-sale Securities, Gross Unrealized Losses | 236 | 258 |
Available-for-sale Securities | 32,853 | 14,232 |
Corporate Bonds | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-maturity | 1,000 | 1,000 |
Held-to-maturity Securities, Gross Unrealized Gains | 17 | 30 |
Held-to-maturity Securities, Gross Unrealized Losses | 0 | 0 |
Debt Securities, Held-to-maturity, Fair Value | 1,017 | 1,030 |
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 5,054 | 5,078 |
Available-for-sale Securities, Gross Unrealized Gains | 0 | 0 |
Available-for-sale Securities, Gross Unrealized Losses | 77 | 212 |
Available-for-sale Securities | $ 4,977 | 4,866 |
Other investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 10,433 | |
Available-for-sale Securities, Gross Unrealized Gains | 0 | |
Available-for-sale Securities, Gross Unrealized Losses | 649 | |
Available-for-sale Securities | $ 9,784 |
Investment Securities Investmen
Investment Securities Investment Securities-Schedule of Realized Gain (Loss) (Details) $ in Thousands | 12 Months Ended |
Mar. 31, 2019USD ($) | |
Investments, Debt and Equity Securities [Abstract] | |
AFS Securities, Sale Proceeds | $ 20,487 |
AFS Securities, Gross Realized Gains | 12 |
AFS Securities, Gross Realized Losses | $ 28 |
Investment Securities-Schedule
Investment Securities-Schedule of Unrealized Loss on Investments (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 | |
Schedule of Held-to-maturity Securities [Line Items] | |||
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 0 | $ 188 | |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 0 | 7,681 | |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 87 | 59 | |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 8,752 | 1,612 | |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss | 87 | 247 | |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Fair Value | 8,752 | 9,293 | |
Debt Securities, Available-for-sale [Line Items] | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 23 | 181 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 20,851 | 11,368 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 1,141 | 2,545 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 43,766 | 48,907 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 1,164 | 2,726 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 64,617 | 60,275 | |
Mortgage-Backed Securities | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 188 | |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 0 | 7,681 | |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 87 | 59 | |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 8,752 | 1,612 | |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss | 87 | 247 | |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Fair Value | 8,752 | 9,293 | |
Debt Securities, Available-for-sale [Line Items] | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 101 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 0 | 3,702 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 851 | 1,506 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 26,787 | 28,124 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 851 | 1,607 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 26,787 | 31,826 | |
US Government Agency Securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 23 | 80 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 20,851 | 7,666 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 213 | 178 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 12,002 | 6,566 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 236 | 258 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 32,853 | 14,232 | |
Corporate Bonds | |||
Debt Securities, Available-for-sale [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 | 77 | 212 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 4,977 | 4,866 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 77 | 212 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | $ 4,977 | 4,866 | |
Other investments | |||
Debt Securities, Available-for-sale [Line Items] | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | [1] | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | [1] | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | [1] | 649 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | [1] | 9,351 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | [1] | 649 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | [1] | $ 9,351 | |
[1] | 1) Primarily comprised of an investment in a CRA fund with 95% of its underlying investments consisting of government and agency backed securities. |
Investment Securities-Classifie
Investment Securities-Classified by Contractual Maturity Date (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity | ||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, within One Year, Amortized Cost | $ 1,005 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after One Through Five Years, Amortized Cost | 8,279 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after Five Through Ten Years, Amortized Cost | 17,775 | |
Debt Securities, Available-for-sale, Allocated and Single Maturity Date, Maturity, after 10 Years, Amortized Cost | 53,725 | |
Debt Securities, Available-for-sale, Amortized Cost | 80,784 | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity | ||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, within One Year, Fair Value | 998 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after One Through Five Years, Fair Value | 8,116 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after Five Through Ten Years, Fair Value | 17,590 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after 10 Years, Fair Value | 53,141 | |
Debt Securities, Available-for-sale | $ 79,845 | |
Debt Securities, Available-for-sale, Maturity, Weighted Average Yield [Abstract] | ||
Available-for-sale, Securities, Debt Maturities, within One Year, Weighted Average Rate | 1.65% | |
Available-for-sale Securities, Debt Maturities, after One Through Five Years, Weighted Average Yield | 1.72% | |
Available-for-sale Securities, Debt Maturities, after Five Through Ten Years, Weighted Average Yield | 2.84% | |
Available-for-sale Securities, Debt Maturities, after Ten Years, Weighted Average Yield | 2.76% | |
Available-for-sale Securities, Debt Maturities, Weighted Average Yield | 2.65% | |
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount | ||
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, after One Through Five Years, Amortized Cost | $ 4,555 | |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, after Five Through Ten Years, Amortized Cost | 4,381 | |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, after 10 Years, Amortized Cost | 2,201 | |
Debt Securities, Held-to-maturity | 11,137 | $ 12,075 |
Held-to-maturity Securities, Debt Maturities, Fair Value, Fiscal Year Maturity | ||
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, after One Through Five Years, Fair Value | 4,530 | |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, after Five Through Ten Years, Fair Value | 4,377 | |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, after 10 Years, Fair Value | 2,200 | |
Debt Securities, Held-to-maturity, Fair Value | $ 11,107 | $ 11,909 |
Debt Securities, Held-to-maturity, Maturity, Weighted Average Yield [Abstract] | ||
Debt Securities, Held-to-maturity, Maturity, after One Through Five Years, Weighted Average Yield | 2.40% | |
Held-to-maturity Securities, Debt Maturities, after Five Through Ten Years, Weighted Average Yield | 3.31% | |
Held-to-maturity Securities, Debt Maturities, after Ten Years, Weighted Average Yield | 2.87% | |
Held-to-maturity Securities, Debt Maturities, Weighted Average Yield | 2.85% |
Loans Receivable, Net (Details)
Loans Receivable, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans Receivable before Fees, Gross | $ 425,805 | $ 474,197 | |||
Unamortized premiums, deferred costs and fees, net | 3,023 | 3,556 | |||
Allowance for loan losses | (4,646) | (5,126) | $ (5,060) | ||
Total loans receivable, net | 424,182 | $ 472,627 | |||
Loans held-for-sale (HFS) | $ 0 | ||||
Percentage of Loan Type | 100.00% | 100.00% | |||
One-to-four family | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans Receivable before Fees, Gross | $ 108,363 | $ 121,233 | |||
Allowance for loan losses | $ (1,274) | $ (1,210) | (1,663) | ||
Percentage of Loan Type | 25.50% | 25.60% | |||
Multifamily | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans Receivable before Fees, Gross | $ 86,177 | $ 103,887 | |||
Allowance for loan losses | $ (885) | $ (1,819) | (1,213) | ||
Percentage of Loan Type | 20.20% | 21.90% | |||
Commercial real estate | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans Receivable before Fees, Gross | $ 130,812 | $ 141,835 | |||
Allowance for loan losses | $ (766) | $ (1,052) | (1,496) | ||
Percentage of Loan Type | 30.70% | 29.90% | |||
Construction | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans Receivable before Fees, Gross | $ 0 | $ 0 | |||
Allowance for loan losses | $ 0 | (106) | |||
Percentage of Loan Type | 0.00% | 0.00% | |||
Business | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans Receivable before Fees, Gross | $ 96,430 | $ 102,004 | [1] | ||
Allowance for loan losses | $ (1,330) | $ (1,003) | (573) | ||
Percentage of Loan Type | [1] | 22.70% | 21.50% | ||
Consumer | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans Receivable before Fees, Gross | $ 4,023 | $ 5,238 | [2] | ||
Allowance for loan losses | $ (154) | $ (18) | $ (9) | ||
Percentage of Loan Type | [2] | 0.90% | 1.10% | ||
[1] | 1) Includes business overdrafts of $79 thousand and $35 thousand as of March 31, 2019 and 2018, respectively | ||||
[2] | (2) Includes consumer overdrafts of $15 thousand and $18 thousand as of March 31, 2019 and 2018, respectively |
Loans Receivable, Net - Allowan
Loans Receivable, Net - Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2019 | Mar. 31, 2018 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||
Allowance for loan losses - Beginning Balance | $ 5,126 | $ 5,060 | $ 5,126 | $ 5,060 | ||||||
Charge-offs | (1,298) | (314) | ||||||||
Recoveries | 1,088 | 245 | ||||||||
(Recovery of) provision for loan losses | $ 8 | $ (332) | $ 49 | 5 | $ 5 | $ 6 | $ 4 | 120 | (270) | 135 |
Allowance for loan losses - Ending Balance | 4,646 | 5,126 | 4,646 | 5,126 | ||||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 4,457 | 4,811 | 4,457 | 4,811 | ||||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 189 | 315 | 189 | 315 | ||||||
Loans, gross | 428,828 | 477,753 | 428,828 | 477,753 | ||||||
Loans Receivable, Collectively Evaluated for Impairment | 416,459 | 464,716 | 416,459 | 464,716 | ||||||
Loans Receivable, Individually Evaluated for Impairment | 12,369 | 13,037 | 12,369 | 13,037 | ||||||
One-to-four family | ||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||
Allowance for loan losses - Beginning Balance | 1,210 | 1,663 | 1,210 | 1,663 | ||||||
Charge-offs | (151) | (96) | ||||||||
Recoveries | 190 | 0 | ||||||||
(Recovery of) provision for loan losses | 25 | (357) | ||||||||
Allowance for loan losses - Ending Balance | 1,274 | 1,210 | 1,274 | 1,210 | ||||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 1,103 | 1,065 | 1,103 | 1,065 | ||||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 171 | 145 | 171 | 145 | ||||||
Loans, gross | 109,925 | 123,092 | 109,925 | 123,092 | ||||||
Loans Receivable, Collectively Evaluated for Impairment | 104,508 | 116,588 | 104,508 | 116,588 | ||||||
Loans Receivable, Individually Evaluated for Impairment | 5,417 | 6,504 | 5,417 | 6,504 | ||||||
Multifamily | ||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||
Allowance for loan losses - Beginning Balance | 1,819 | 1,213 | 1,819 | 1,213 | ||||||
Charge-offs | (164) | (104) | ||||||||
Recoveries | 158 | 131 | ||||||||
(Recovery of) provision for loan losses | (928) | 579 | ||||||||
Allowance for loan losses - Ending Balance | 885 | 1,819 | 885 | 1,819 | ||||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 885 | 1,744 | 885 | 1,744 | ||||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 75 | 0 | 75 | ||||||
Loans, gross | 86,886 | 104,865 | 86,886 | 104,865 | ||||||
Loans Receivable, Collectively Evaluated for Impairment | 83,672 | 103,160 | 83,672 | 103,160 | ||||||
Loans Receivable, Individually Evaluated for Impairment | 3,214 | 1,705 | 3,214 | 1,705 | ||||||
Commercial real estate | ||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||
Allowance for loan losses - Beginning Balance | 1,052 | 1,496 | 1,052 | 1,496 | ||||||
Charge-offs | 0 | 0 | ||||||||
Recoveries | 0 | 20 | ||||||||
(Recovery of) provision for loan losses | (286) | (464) | ||||||||
Allowance for loan losses - Ending Balance | 766 | 1,052 | 766 | 1,052 | ||||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 766 | 1,052 | 766 | 1,052 | ||||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 0 | 0 | 0 | ||||||
Loans, gross | 131,292 | 142,304 | 131,292 | 142,304 | ||||||
Loans Receivable, Collectively Evaluated for Impairment | 130,816 | 140,765 | 130,816 | 140,765 | ||||||
Loans Receivable, Individually Evaluated for Impairment | 476 | 1,539 | 476 | 1,539 | ||||||
Construction | ||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||
Allowance for loan losses - Beginning Balance | 0 | 106 | 0 | 106 | ||||||
Charge-offs | 0 | |||||||||
Recoveries | 0 | |||||||||
(Recovery of) provision for loan losses | (106) | |||||||||
Allowance for loan losses - Ending Balance | 0 | 0 | ||||||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 0 | 0 | ||||||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 0 | ||||||||
Loans, gross | 0 | 0 | ||||||||
Loans Receivable, Collectively Evaluated for Impairment | 0 | 0 | ||||||||
Loans Receivable, Individually Evaluated for Impairment | 0 | 0 | ||||||||
Business | ||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||
Allowance for loan losses - Beginning Balance | 1,003 | 573 | 1,003 | 573 | ||||||
Charge-offs | (964) | (81) | ||||||||
Recoveries | 705 | 87 | ||||||||
(Recovery of) provision for loan losses | 586 | 424 | ||||||||
Allowance for loan losses - Ending Balance | 1,330 | 1,003 | 1,330 | 1,003 | ||||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 1,312 | 908 | 1,312 | 908 | ||||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 18 | 95 | 18 | 95 | ||||||
Loans, gross | 96,662 | 102,203 | 96,662 | 102,203 | ||||||
Loans Receivable, Collectively Evaluated for Impairment | 93,400 | 98,914 | 93,400 | 98,914 | ||||||
Loans Receivable, Individually Evaluated for Impairment | 3,262 | 3,289 | 3,262 | 3,289 | ||||||
Consumer | ||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||
Allowance for loan losses - Beginning Balance | 18 | 9 | 18 | 9 | ||||||
Charge-offs | (19) | (33) | ||||||||
Recoveries | 35 | 7 | ||||||||
(Recovery of) provision for loan losses | 120 | 35 | ||||||||
Allowance for loan losses - Ending Balance | 154 | 18 | 154 | 18 | ||||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 154 | 18 | 154 | 18 | ||||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 0 | 0 | 0 | ||||||
Loans, gross | 4,063 | 5,289 | 4,063 | 5,289 | ||||||
Loans Receivable, Collectively Evaluated for Impairment | 4,063 | 5,289 | 4,063 | 5,289 | ||||||
Loans Receivable, Individually Evaluated for Impairment | 0 | 0 | 0 | 0 | ||||||
Unallocated | ||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||
Allowance for loan losses - Beginning Balance | $ 24 | $ 0 | 24 | 0 | ||||||
Charge-offs | 0 | 0 | ||||||||
Recoveries | 0 | 0 | ||||||||
(Recovery of) provision for loan losses | 213 | 24 | ||||||||
Allowance for loan losses - Ending Balance | 237 | 24 | 237 | 24 | ||||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 237 | 24 | 237 | 24 | ||||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 0 | 0 | 0 | ||||||
Loans, gross | 0 | 0 | 0 | 0 | ||||||
Loans Receivable, Collectively Evaluated for Impairment | 0 | 0 | 0 | 0 | ||||||
Loans Receivable, Individually Evaluated for Impairment | $ 0 | $ 0 | $ 0 | $ 0 |
Loans Receivable, Net - Nonaccr
Loans Receivable, Net - Nonaccrual loans (Details) - Non-performing - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 10,294 | $ 6,662 |
One-to-four family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 4,488 | 4,561 |
Multifamily | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 3,214 | 964 |
Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 476 | 502 |
Business | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 2,051 | 635 |
Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 65 | $ 0 |
Loans Receivable, Net - Credit
Loans Receivable, Net - Credit Quality Indicators (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | $ 428,828 | $ 477,753 |
Multifamily | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 86,886 | 104,865 |
Multifamily | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 83,672 | 103,160 |
Multifamily | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 0 | 0 |
Multifamily | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 3,214 | 1,705 |
Multifamily | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 0 | 0 |
Multifamily | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 0 | 0 |
Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 131,292 | 142,304 |
Commercial real estate | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 128,319 | 140,765 |
Commercial real estate | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 2,497 | 0 |
Commercial real estate | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 476 | 1,539 |
Commercial real estate | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 0 | 0 |
Commercial real estate | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 0 | 0 |
Business | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 96,662 | 102,203 |
Business | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 90,337 | 93,886 |
Business | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 2,425 | 5,028 |
Business | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 3,900 | 3,289 |
Business | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 0 | 0 |
Business | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 0 | 0 |
One-to-four family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 109,925 | 123,092 |
One-to-four family | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 106,530 | 116,588 |
One-to-four family | Non-performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 3,395 | 6,504 |
Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 4,063 | 5,289 |
Consumer | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 4,063 | 5,289 |
Consumer | Non-performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | $ 0 | $ 0 |
Loans Receivable, Net - Past Du
Loans Receivable, Net - Past Due Financing Receivables (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | $ 11,625 | $ 9,108 |
Financing Receivable, Recorded Investment, Current | 417,203 | 468,645 |
Loans, gross | 428,828 | 477,753 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 5,395 | 4,194 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 53 | 317 |
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 | 6,177 | 4,597 |
One-to-four family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 5,222 | 5,875 |
Financing Receivable, Recorded Investment, Current | 104,703 | 117,217 |
Loans, gross | 109,925 | 123,092 |
One-to-four family | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 1,827 | 1,819 |
One-to-four family | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
One-to-four family | 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 | 3,395 | 4,056 |
Multifamily | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 4,698 | 219 |
Financing Receivable, Recorded Investment, Current | 82,188 | 104,646 |
Loans, gross | 86,886 | 104,865 |
Multifamily | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 2,580 | 0 |
Multifamily | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Multifamily | 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 | 2,118 | 219 |
Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 121 | 1,395 |
Financing Receivable, Recorded Investment, Current | 131,171 | 140,909 |
Loans, gross | 131,292 | 142,304 |
Commercial real estate | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 121 | 1,395 |
Commercial real estate | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Commercial real estate | 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 | 0 | 0 |
Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, gross | 0 | |
Business | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 1,379 | 1,607 |
Financing Receivable, Recorded Investment, Current | 95,283 | 100,596 |
Loans, gross | 96,662 | 102,203 |
Business | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 780 | 973 |
Business | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 312 |
Business | 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 | 599 | 322 |
Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 205 | 12 |
Financing Receivable, Recorded Investment, Current | 3,858 | 5,277 |
Loans, gross | 4,063 | 5,289 |
Consumer | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 87 | 7 |
Consumer | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 53 | 5 |
Consumer | 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 | $ 65 | $ 0 |
Loans Receivable, Net - Impaire
Loans Receivable, Net - Impaired Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Impaired Financing Receivable, Recorded Investment | ||
Impaired Financing Receivable, Recorded Investment | $ 12,369 | $ 13,037 |
Impaired Financing Receivable, Unpaid Principal Balance | ||
Impaired Financing Receivable, Unpaid Principal Balance | 13,567 | 14,621 |
Impaired Financing Receivable, Related Allowance | 189 | 315 |
Impaired Financing Receivable, Average Recorded Investment | ||
Impaired Financing Receivable, Average Recorded Investment | 12,704 | 13,842 |
Impaired Financing Receivable, Interest Income, Cash Basis Method | ||
Impaired Financing Receivable, Interest Income, Cash Basis Method | 182 | 100 |
One-to-four family | ||
Impaired Financing Receivable, Recorded Investment | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 4,488 | 5,439 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 929 | 1,065 |
Impaired Financing Receivable, Unpaid Principal Balance | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 5,643 | 6,862 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 929 | 1,065 |
Impaired Financing Receivable, Related Allowance | 171 | 145 |
Impaired Financing Receivable, Average Recorded Investment | ||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 4,964 | 5,375 |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 997 | 1,078 |
Impaired Financing Receivable, Interest Income, Cash Basis Method | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 96 | 36 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 0 | 0 |
Multifamily | ||
Impaired Financing Receivable, Recorded Investment | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 3,214 | 964 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 741 |
Impaired Financing Receivable, Unpaid Principal Balance | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 3,214 | 1,122 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 741 |
Impaired Financing Receivable, Related Allowance | 0 | 75 |
Impaired Financing Receivable, Average Recorded Investment | ||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 2,089 | 1,340 |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 371 | 248 |
Impaired Financing Receivable, Interest Income, Cash Basis Method | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 42 | 34 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 0 | 0 |
Commercial real estate | ||
Impaired Financing Receivable, Recorded Investment | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 476 | 1,539 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 |
Impaired Financing Receivable, Unpaid Principal Balance | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 476 | 1,539 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 0 |
Impaired Financing Receivable, Related Allowance | 0 | 0 |
Impaired Financing Receivable, Average Recorded Investment | ||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 1,007 | 2,075 |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 0 | 541 |
Impaired Financing Receivable, Interest Income, Cash Basis Method | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 16 | 28 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 0 | 0 |
Business | ||
Impaired Financing Receivable, Recorded Investment | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 1,974 | 611 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 1,288 | 2,678 |
Impaired Financing Receivable, Unpaid Principal Balance | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 2,017 | 611 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 1,288 | 2,681 |
Impaired Financing Receivable, Related Allowance | 18 | 95 |
Impaired Financing Receivable, Average Recorded Investment | ||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 1,293 | 827 |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 1,983 | 2,358 |
Impaired Financing Receivable, Interest Income, Cash Basis Method | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 18 | 0 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 10 | 2 |
Consumer | ||
Impaired Financing Receivable, Recorded Investment | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 |
Impaired Financing Receivable, Unpaid Principal Balance | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 0 |
Impaired Financing Receivable, Related Allowance | 0 | 0 |
Impaired Financing Receivable, Average Recorded Investment | ||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 0 | 0 |
Impaired Financing Receivable, Interest Income, Cash Basis Method | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | $ 0 | $ 0 |
Loans Receivable, Net Loans Rec
Loans Receivable, Net Loans Receivable, Net - TDRs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | 1 | |
Business | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | 3 | 1 |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 2,776 | $ 285 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 2,776 | $ 285 |
weighted average rate pre modification | 6.51% | 7.25% |
Weighted average rate post modification | 6.04% | 7.00% |
Loans Receivable, Net - Text Ta
Loans Receivable, Net - Text Tag (Details) | 12 Months Ended | |
Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | |
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Recorded Investment | $ 5,400,000 | $ 5,700,000 |
Financing Receivable, Modifications, Number of Contracts | 1 | |
FNMA & 3rd party loans excluded from financial statements | 19,400,000 | $ 23,100,000 |
Loans Pledged as Collateral | 38,800,000 | |
Loans Receivable, Individually Evaluated for Impairment | 12,369,000 | 13,037,000 |
Allowance for Loan Losses, Individually Evaluated for Impairment | 189,000 | 315,000 |
Loans Receivable, Impaired, Interest Lost on Nonaccrual Loans | 122,000 | 324,000 |
Loans 90 Days Past Due and Still Accruing | 0 | $ 0 |
Other non-performing asset | 404,000 | |
Other Real Estate, Foreclosed Assets, and Repossessed Assets | $ 404,000 | |
Number of Real Estate Properties | 4 | 8 |
Loans held-for-sale (HFS) | $ 0 | |
Modified Loan Subsequently Defaulted | 0 | 0 |
Loans and Leases Receivable, Related Parties | $ 80,000 | $ 120,000 |
Loans and Leases Receivable, Related Parties, Additions | 0 | |
Loans and Leases Receivable, Related Parties, Proceeds | 0 | |
Business | ||
Financing Receivable, Modifications [Line Items] | ||
Overdrafts | $ 79,000 | $ 35,000 |
Financing Receivable, Modifications, Number of Contracts | 3 | 1 |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 2,776,000 | $ 285,000 |
Loans Receivable, Individually Evaluated for Impairment | 3,262,000 | 3,289,000 |
Allowance for Loan Losses, Individually Evaluated for Impairment | 18,000 | 95,000 |
Consumer | ||
Financing Receivable, Modifications [Line Items] | ||
Overdrafts | 15,000 | 18,000 |
Loans Receivable, Individually Evaluated for Impairment | 0 | 0 |
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 0 |
One-to-four family | ||
Financing Receivable, Modifications [Line Items] | ||
Loans Receivable, Individually Evaluated for Impairment | 5,417,000 | 6,504,000 |
Allowance for Loan Losses, Individually Evaluated for Impairment | 171,000 | 145,000 |
Non-performing | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Recorded Investment | $ 3,200,000 | $ 1,900,000 |
Office Properties and Equipme_3
Office Properties and Equipment, Net Office properties and Equipment, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Property, Plant and Equipment [Abstract] | ||
Leasehold improvements | $ 7,394 | $ 5,946 |
Furniture, equipment, and other | 13,169 | 13,177 |
Office Properties and Equipment, Gross | 20,563 | 19,123 |
Accumulated Depreciation and Amortization | (15,507) | (16,153) |
Office Properties and Equipment, Net | $ 5,056 | $ 2,970 |
Office Properties and Equipme_4
Office Properties and Equipment, Net Office Properties and Equipment, Net Text Tag (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation | $ 793 | $ 897 | |
Gain on sale of building | $ 9,600 | 616 | 9,615 |
Crown Heights [Domain] | |||
Property, Plant and Equipment [Line Items] | |||
Deferred Gain on Sale of Property | 537 | 468 | 537 |
Main Office [Domain] | |||
Property, Plant and Equipment [Line Items] | |||
Deferred Gain on Sale of Property | $ 5,400 | $ 4,900 | $ 5,400 |
Accrued Interest Receivable A_3
Accrued Interest Receivable Accrued Interest Receivable (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Interest Receivable and Other Assets [Abstract] | ||
Loan receivable | $ 1,529 | $ 1,716 |
Mortgage-backed securities | 135 | 101 |
Investments and other interest-bearing assets | 355 | 206 |
Accrued interest receivable | $ 2,019 | $ 2,023 |
Deposits Deposits-Liabilities b
Deposits Deposits-Liabilities by Type (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Deposits, by Type | ||
Non-interest-bearing demand | $ 60,201 | $ 62,905 |
Interest-bearing checking | 23,473 | 23,570 |
Non-interest bearing checking | 99,310 | 102,550 |
Money market | 94,376 | 101,990 |
Certificates of deposit | 200,607 | 293,513 |
Mortgagors deposits | 2,229 | 2,355 |
Total deposits | $ 480,196 | $ 586,883 |
Percentage of Interest-bearing Domestic Deposit Liabilities to Deposit Liabilities | ||
Percentage of Noninterest bearing demand deposits to deposits | 12.54% | 10.72% |
Percentage of Interest-bearing Domestic Deposits to Deposits, Checking | 4.89% | 4.02% |
Percentage of Interest-bearing Domestic Deposits to Deposits, Savings | 20.68% | 17.47% |
Percentage of Interest-bearing Domestic Deposits to Deposits, Money Market | 19.65% | 17.38% |
Percentage of Interest-bearing Domestic Deposits to Deposits, Certiificates of Deposits | 41.78% | 50.01% |
Percentage of Interest-bearing Domestic Deposits to Deposits, Mortgagors deposits | 0.46% | 0.40% |
Percent Total Deposits | 100.00% | 100.00% |
Weighted Average Rate Domestic Deposit Liabilities | ||
Weighted Average Rate Domestic Deposit, Demand | 0.00% | 0.00% |
Weighted Average Rate Domestic Deposit, Checking | 0.12% | 0.07% |
Weighted Average Rate Domestic Deposit, Savings | 0.26% | 0.25% |
Weighted Average Rate Domestic Deposit, Money Market | 0.48% | 0.48% |
Weighted Average Rate Domestic Deposit, Certificates of Deposits | 1.78% | 1.25% |
Weighted Average Rate Domestic Deposit, Mortgagors Deposits | 2.09% | 1.76% |
Weighted Average Rate, Interest-bearing Domestic Deposits, Point in Time | 0.91% | 0.61% |
Deposits Deposits-CD Maturities
Deposits Deposits-CD Maturities (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Certificates of Deposits, Fiscal Year Maturity | ||
CD Maturities, Next Twelve Months | $ 160,350 | |
CD Maturities, Year Two | 13,428 | |
CD Maturities, Year Three | 8,403 | |
CD Maturities, Year Four | 12,729 | |
CD Maturities, Year Five | 5,587 | |
CD Maturities, after Year Five | 110 | |
Time Deposits | 200,607 | $ 293,513 |
Contractual Maturities, Certificates of Deposits, $100,000 or More | ||
Contractual Maturities, CDs, $100,000 or More, Three Months or Less | 25,464 | |
Contractual Maturities, CDs, $100,000 or More, Three Months Through Six Months | 17,615 | |
Contractual Maturities, CDs, $100,000 or More, Six Months Through 12 Months | 25,965 | |
Contractual Maturities, CDs, $100,000 or More, after 12 Months | 26,250 | |
CDs, $100,000 or More | $ 95,294 |
Deposits Deposits-Interest Expe
Deposits Deposits-Interest Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Interest Expense, Domestic Deposits | ||
Interest-bearing checking | $ 30 | $ 19 |
Savings and clubs | 265 | 249 |
Money market savings | 466 | 540 |
Certificates of deposit | 4,427 | 3,256 |
Mortgagors deposits | 44 | 42 |
Interest Expense, Checking, Savings, Money Market Accounts, and CDs | 5,232 | 4,106 |
Total interest expense | $ 5,232 | $ 4,106 |
Deposits Deposits-Other Deposit
Deposits Deposits-Other Deposit Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Deposits [Abstract] | ||
Deposits from the Certificate of Deposit Account Registry Service (CDARS) | $ 48,274 | $ 48,206 |
Deposits from brokers | 36,744 | 78,215 |
Deposits not covered by deposit insurance | 25,076 | 59,164 |
Deposits from certain directors, executive officers and their affiliates | $ 5,029 | $ 7,356 |
Borrowed Money Borrowed Money -
Borrowed Money Borrowed Money - FHLB Advances (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |||
Federal Home Loan Bank, Advances, Maturities Summary, Average Interest Rate of Amounts Due within One Year of Balance Sheet Date | 2.66% | 1.50% | [1] |
Federal Home Loan Bank, Advances, Maturities Summary, Fixed Rate, under One Year | $ 8,000 | $ 25,000 | [1] |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate | 2.66% | 1.50% | |
Advances from Federal Home Loan Banks | $ 8,000 | $ 25,000 | |
[1] | (1) Effective rate is 2.13% which includes the net impact of the amortization of the termination fee on restructured borrowing. |
Borrowed Money Borrowed Money T
Borrowed Money Borrowed Money Text Tag (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2013 | Sep. 30, 2011 | Sep. 30, 2009 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2003 | Mar. 31, 2017 | Sep. 17, 2003 | |
Debt Disclosure [Abstract] | ||||||||
Effective Interest Rate, FHLB advance | 2.13% | |||||||
Borrowing limit from FHLB % of assets | 30.00% | |||||||
Federal Home Loan Bank, Advances, General Debt Obligations, Maximum Amount Available | $ 169,100 | |||||||
Federal Home Loan Bank of New York (“FHLB-NY”) stock, at cost | 926 | $ 1,768 | ||||||
Loans Pledged as Collateral | 38,800 | |||||||
Private placement subordinated debt reduced interest rate | 2.00% | |||||||
Financial Instruments, Owned and Pledged as Collateral, at Fair Value | 24,600 | |||||||
Federal Home Loan Bank, Advances, General Debt Obligations, Amount of Available, Unused Funds | 42,500 | |||||||
Accrued interest FHLB | 2 | 32 | ||||||
Interest Expense, Federal Home Loan Bank and Federal Reserve Bank Advances, Long-term | 89 | 542 | ||||||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Repayment and Penalties | $ 25,000 | |||||||
Secured Debt, Repurchase Agreements | $ 0 | $ 1,000 | ||||||
subordinated debt issued shares (in shares) | 13,000 | |||||||
Liquidation amount subordinated debt (in dollars per share) | $ 1,000 | |||||||
Proceeds from Issuance of Long-term Debt | $ 13,000 | |||||||
Proceeds from (Payments for) Other Financing Activities | 400 | |||||||
Payments for Repurchase of Trust Preferred Securities | $ 13,400 | |||||||
Debt Instrument, Basis Spread on Variable Rate | 3.05% | |||||||
Decrease in Subordinated Debt Interest Payable | 2,500 | |||||||
Private placement subordinated debt | $ 5,000 | |||||||
Private placement subordinated debt interest rate 1st 7 years | 7.00% | |||||||
Private placement subordinated debt interest rate last 2 years | 12.00% | |||||||
Accrued interest expense subordinated debt | $ 1,700 | 914 | ||||||
Interest Expense, Subordinated Notes and Debentures | $ 819 | $ 625 |
Borrowed Money Borrowed Money_2
Borrowed Money Borrowed Money (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2019 | Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |||
Advances from Federal Home Loan Banks | $ 8,000 | $ 8,000 | $ 25,000 |
Subordinated Debt | $ 13,403 | $ 13,403 | $ 13,403 |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate | 2.66% | 2.66% | 1.50% |
Subordinated Borrowing, Interest Rate | 5.66% | 5.66% | 5.23% |
Federal Home Loan Bank, Advances, Activity for Year, Maximum Outstanding at any Month End | $ 25,000 | $ 25,000 | $ 30,000 |
Subordinated Debt Maximum Outstanding at any month end | $ 13,403 | 13,403 | 13,403 |
Repurchase Agreement, Maximum Month-end Outstanding Amount | 0 | 1,000 | |
Federal Home Loan Bank, Advances, Activity for Year, Average Balance of Agreements Outstanding | 4,118 | 25,616 | |
Subordinated Debt Average Outstanding for year | 13,403 | 13,773 | |
Repurchase Agreement, Average Outstanding Amount | $ 0 | $ 584 | |
Federal Home Loan Bank, Advances, Activity for Year, Average Interest Rate for Year | 2.16% | 2.11% | |
Subordinated Debt weighted average rate paid | 6.11% | 4.54% | |
Repurchase Agreement, Weighted Average Interest Rate | 0.00% | 0.00% | 1.17% |
Income Taxes-Components of Inco
Income Taxes-Components of Income Tax Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2019 | Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||||||||||
Current Federal Tax Expense (Benefit) | $ 0 | $ 174 | ||||||||
Deferred Federal Income Tax Expense (Benefit) | 0 | (340) | ||||||||
Total Federal Income Tax Expense (Benefit) | 0 | (166) | ||||||||
Current State and Local Tax Expense | 133 | 133 | ||||||||
Income tax (benefit) expense | $ 33 | $ 34 | $ 66 | $ 0 | $ (124) | $ 31 | $ 30 | $ 30 | $ 133 | $ (33) |
Income Taxes-Effective Income T
Income Taxes-Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2019 | Mar. 31, 2018 | |
Effective Income Tax Rate Reconciliation, Amount | ||||||||||
Statutory Federal income tax expense (benefit), Amount | $ (1,218) | $ 1,638 | ||||||||
State and local income tax, net of Federal tax benefit, Amount | 105 | 92 | ||||||||
Impact of income tax rate changes, Amount | 0 | 3,283 | ||||||||
Credit and NOL adjustments, Amount | 0 | (2,148) | ||||||||
Change in Valuation Allowance, Amount | 1,332 | (3,061) | ||||||||
Other, Amount | (86) | 163 | ||||||||
Income tax expense (benefit) | $ 33 | $ 34 | $ 66 | $ 0 | $ (124) | $ 31 | $ 30 | $ 30 | $ 133 | $ (33) |
Effective Income Tax Rate Reconciliation, Percent | ||||||||||
Statutory Federal income tax expense (benefit), Percent | (21.00%) | (30.80%) | ||||||||
State and local income tax, net of Federal tax benefit, Percent | 1.80% | 1.70% | ||||||||
Impact of income tax rate changes, Percent | 0.00% | 61.70% | ||||||||
Credit and NOL adjustments, Percent | 0.00% | (40.40%) | ||||||||
Change in Valuation Allowance, Percent | 23.00% | (57.50%) | ||||||||
Other, Percent | (1.60%) | 3.10% | ||||||||
Income tax expense (benefit), Percent | 2.20% | (0.60%) |
Income Taxes Income Taxes-Defer
Income Taxes Income Taxes-Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Components of Deferred Tax Assets | ||
Allowance for loan losses | $ 1,561 | $ 1,727 |
Nonaccrual loan interest | 41 | 109 |
Deferred gain on sale leaseback transactions | 1,803 | 2,006 |
Net Operating Loss Carryforward | 16,248 | 12,419 |
New Markets Tax Credit | 3,452 | 3,452 |
AMT credits | 170 | 340 |
Depreciation | 821 | 1,864 |
Unrealized Loss on Available-for-Sale Securities | 1,092 | 1,105 |
Deferred Tax Assets, Gross | 25,188 | 23,022 |
Components of Deferred Tax Liabilities | ||
Other | 1,073 | 676 |
Deferred Tax Liabilities, Gross | 1,073 | 676 |
Deferred Tax Assets, Net | 24,115 | 22,346 |
Deferred Tax Assets, Valuation Allowance | (23,945) | (21,952) |
Deferred Tax Assets, net of valuation allowance | $ 170 | $ 394 |
Income Taxes Income Taxes Text
Income Taxes Income Taxes Text Tag (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2011 | Mar. 31, 2019 | Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Stock Issued During Period, Value, Issued for Cash | $ 55,000 | ||
Section 382 annual limitation | .9 | ||
Operating Loss Carryforwards | $ 7,000 | ||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 18,100 | ||
Deferred Tax Assets, Net | 24,115 | $ 22,346 | |
Deferred Tax Asset Reduction | 5,800 | ||
Deferred Tax Assets, Valuation Allowance, Current | 23,900 | ||
AMT credits | 170 | 340 | |
Deferred Tax Assets, Operating Loss Carryforwards, Federal | 32,300 | ||
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 61,000 | ||
Deferred Tax Assets, Operating Loss Carryforwards, City | $ 54,000 | ||
Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration | $ 8,600 |
Earnings (Loss) Per Common Sh_3
Earnings (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2019 | Mar. 31, 2018 | |
Earnings Per Share [Abstract] | ||||||||||
Net (loss) income | $ (1,540) | $ (1,349) | $ (2,017) | $ (1,030) | $ 7,533 | $ (944) | $ (594) | $ (641) | $ (5,936) | $ 5,354 |
Less: Participated securities share of undistributed earnings | 0 | (3,206) | ||||||||
Net Loss Available to Common Stockholders | $ (5,936) | $ 2,148 | ||||||||
Weighted average common shares outstanding – basic | 3,698,534 | 3,698,058 | ||||||||
Effect of dilutive Management Recognition Plan (MRP) shares | 0 | 3,400 | ||||||||
Weighted average common shares outstanding – diluted | 3,698,534 | 3,701,458 | ||||||||
Earnings (Loss) Per Share, Basic (in dollars per share) | $ (0.42) | $ (0.36) | $ (0.55) | $ (0.28) | $ 0.82 | $ (0.26) | $ (0.16) | $ (0.17) | $ (1.60) | $ 0.58 |
Earnings (Loss) Per Share, Diluted (in dollars per share) | $ (0.42) | $ (0.36) | $ (0.55) | $ (0.28) | $ 0.82 | $ (0.26) | $ (0.16) | $ (0.17) | $ (1.60) | $ 0.58 |
Stockholders' Equity Stockhol_3
Stockholders' Equity Stockholders' Equity Text Tag (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Dec. 31, 1994 | Dec. 31, 2011 | Mar. 31, 2017 | Mar. 31, 2019 | Mar. 31, 2018 | Oct. 27, 2011 | Aug. 06, 2002 | Oct. 24, 1994 | |
Stockholders' Equity Note [Abstract] | ||||||||
Common Stock, Shares Issued (in shares) | 3,700,728 | 3,698,031 | 2,314,375 | |||||
Common Stock, Par Value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | |||||
Share Price (in dollars per share) | $ 10 | |||||||
Proceeds from Issuance of Common Stock | $ 21.5 | |||||||
Stockholders' Equity, Reverse Stock Split | 1-for-15 | |||||||
Common Stock, Shares Outstanding (in shares) | 3,698,784 | 3,697,914 | 2,492,415 | |||||
Stock Issued During Period, Shares, Reverse Stock Splits (in shares) | 166,161 | |||||||
Series D Convertible Preferred Stock, Shares Outstanding (in shares) | 45,118 | 45,118 | ||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | 15,442 | |||||||
Stock Repurchased During Period, Shares (in shares) | 0 | |||||||
Tier One Leverage Capital IMCR to Average Assets | 9.00% | 9.00% | ||||||
Total Risk Based Capital IMCR to Risk Weighted Assets | 12.00% | 12.00% | ||||||
Tier One Leverage Capital to Average Assets | 10.77% | 10.16% | ||||||
Common Equity Tier One Capital to Risk Weighted Assets | 15.39% | 15.20% | ||||||
Total Risk Based Capital to Risk Weighted Assets | 16.58% | 16.40% | ||||||
Tier One Risk Based Capital to Risk Weighted Assets | 15.39% | 15.20% |
Stockholders' Equity Stockhol_4
Stockholders' Equity Stockholders' Equity-Schedule of Compliance with Regulatory Capital Requirements (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Tier One Leverage Capital | ||
Tier One Leverage Capital | $ 62,875 | $ 67,742 |
Tier One Leverage Capital Individual Minimum Capital Requirement | 52,525 | 60,022 |
Tier One Leverage Capital Required for Capital Adequacy | 23,344 | 26,676 |
Excess Tier One Leverage Capital | $ 39,531 | $ 41,066 |
Leverage Ratios | ||
Tier One Leverage Capital to Average Assets | 10.77% | 10.16% |
Tier One Leverage Capital IMCR to Average Assets | 9.00% | 9.00% |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | 4.00% |
Excess Tier One Leverage Capital to Average Assets | 6.77% | 6.16% |
Common Equity Tier One Capital | ||
Common Equity Tier One Capital | $ 62,875 | $ 67,742 |
Common Equity Tier One Capital Required for Capital Adequacy | 18,388 | 20,050 |
Excess Common Equity Tier 1 Capital | $ 44,487 | $ 47,692 |
Common Equity Tier One Capital to Risk Weighted Assets | 15.39% | 15.20% |
Common Equity Tier 1 Risk Based Capital minimum capital requirement | 4.50% | 4.50% |
Excess Common Equity Tier 1 Capital percentage | 10.89% | 10.70% |
Tier One Risk Based Capital | ||
Tier One Risk Based Capital | $ 62,875 | $ 67,742 |
Tier One Risk Based Capital Required for Capital Adequacy | 24,518 | 26,733 |
Excess Tier One Risk Based Capital | 38,357 | 41,009 |
Total Risk Based Capital | ||
Total Risk Based Capital | 67,766 | 73,082 |
Total Risk Based Capital IMCR | 49,036 | 53,465 |
Total Risk Based Capital Required for Capital Adequacy | 32,691 | 35,644 |
Excess Total Risk Based Capital | $ 35,075 | $ 37,438 |
Risk Based Ratios | ||
Tier One Risk Based Capital to Risk Weighted Assets | 15.39% | 15.20% |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 6.00% | 6.00% |
Excess Tier One Risk Based Capital to Risk Weighted Assets | 9.39% | 9.20% |
Total Risk Based Capital to Risk Weighted Assets | 16.58% | 16.40% |
Total Risk Based Capital IMCR to Risk Weighted Assets | 12.00% | 12.00% |
Total Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% |
Excess Total Risk Based Capital to Risk Weighted Assets | 8.58% | 8.40% |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) Other Comprehensive Income (Loss) - Components of AOCI (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Net unrealized loss on securities available-for-sale | $ (2,726) | $ (1,940) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Investment Transferred from Available-for-sale to Equity Method, after Tax | 721 | |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net | 1,066 | (786) |
Net unrealized loss on securities available-for-sale | $ (939) | $ (2,726) |
Other Comprehensive Income (L_4
Other Comprehensive Income (Loss) Other Comprehensive Income (Loss) - Reclassifications from AOCI (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | ||
Reclassification adjustment for sales of available for-sale securities, net of tax | $ 16 | $ 0 |
Other Comprehensive Income (L_5
Other Comprehensive Income (Loss) Other Comprehensive Income (Loss) Text Tag (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | ||
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net | $ 1,066 | $ (786) |
Employee Benefit and Stock Co_3
Employee Benefit and Stock Compensation Plans Employee Benefit and Stock Compensation Plans Text Tag (Details) - USD ($) | 4 Months Ended | 12 Months Ended | ||
Sep. 30, 2006 | Mar. 31, 2019 | Mar. 31, 2018 | Sep. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 7,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | 7,000 | |||
Allocated Share-based Compensation Expense | $ 0 | $ 5,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 1,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 3,383 | 1,733 | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 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% | |||
Compensation Expense | $ 257,000 | $ 261,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | 0 | |||
Share-based Compensation | 0 | |||
1995 Stock Option Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated Share-based Compensation Expense | $ 5,000 | |||
2006 Stock Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated Share-based Compensation Expense | $ 4,000 | |||
Maximum restricted stock to be granted 2006 Incentive Plan | 10,000 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 3,733 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 3,133 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 20,000 | |||
2014 Stock Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated Share-based Compensation Expense | $ 1,000 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 1,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 250 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 250,000 |
Employee Benefit and Stock Co_4
Employee Benefit and Stock Compensation Plans Employee Benefit and Stock Compensation Plans-Restricted Stock, Activity (Details) - $ / shares | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares | 3,400 | 3,200 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 1,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | (1,050) | (800) |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Options Forfeited, Number of Shares | 400 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares | 1,950 | 3,400 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value | ||
Share-based Compensation Arrangement by Share-based Payment Award, Option, Nonvested, Weighted Average Exercise Price | $ 4.52 | $ 5.56 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | 0 | 3.48 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value | 5.06 | 5.56 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Options Forfeited, Weighted Average Grant Date Fair Value | 5.56 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Option, Nonvested, Weighted Average Exercise Price | $ 4.76 | $ 4.52 |
Employee Benefit and Stock Co_5
Employee Benefit and Stock Compensation Plans Employee Benefit and Stock Compensation Plans-Stock Options, Activity (Details) - $ / shares | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 5,133 | 4,133 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 1,000 |
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 | 400 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 4,733 | 5,133 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 3,383 | 1,733 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 8.53 | $ 8.53 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | 0 | 3.48 |
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 | 5.56 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 7.71 | $ 8.53 |
Employee Benefit and Stock Co_6
Employee Benefit and Stock Compensation Plans Employee Benefit and Stock Compensation Plans-Stock Options, by Exercise Price Range (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 4,733 | 5,133 | 4,133 |
Allocated Share-based Compensation Expense | $ 0 | $ 5 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 3,383 | 1,733 | |
$3.00 - $5.00 [Member] [Domain] | |||
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 | $ 3 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $ 5 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,000 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 8 years 7 months 48 days | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 3.48 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 250 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 3.48 | ||
$5.00 - $5.99 | |||
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 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $ 5.99 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 3,600 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 6 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 | 3,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 5.56 | ||
$90.00 - $104.85 | |||
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 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $ 104.85 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 133 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 1 year 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, Exercisable, Weighted Average Exercise Price | $ 97.50 | ||
2006 Stock Incentive Plan | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Allocated Share-based Compensation Expense | $ 4 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 3,133 |
Employee Benefit and Stock Co_7
Employee Benefit and Stock Compensation Plans Employee Benefit and Stock Compensation Plans-Stock Options, Valuation Assumptions (Details) | 12 Months Ended |
Mar. 31, 2018 | |
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 | 2.74% |
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 Term | 7 years 6 months 1 day |
Commitments and Contingencies_3
Commitments and Contingencies Commitments and Contingencies (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Other Commitments [Line Items] | ||
Lines of credit | $ 2,571 | $ 3,939 |
Letters of credit | 0 | 69 |
Commitment to fund private equity investment | 640 | 640 |
Commitments and Contingencies | 4,986 | 7,105 |
Business | ||
Other Commitments [Line Items] | ||
Unused Commitments to Extend Credit | $ 1,775 | $ 2,457 |
Commitments and Contingencies_4
Commitments and Contingencies Commitments and Contingencies-Repurchase Request (Details) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019USD ($) | ||
Repurchase request [Abstract] | ||
Open claims, beginning balance | $ 2,013 | [1] |
Gross new demands received | 0 | |
Loan repurchased/made whole | 0 | |
Demands rescinded | 0 | |
Advances on open claims | 0 | |
Principal payments received on open claims | (31) | |
Open claims, ending balance | $ 1,982 | [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 Contingencies_5
Commitments and Contingencies Commitments and Contingencies-Representation and Warranty Reserves (Details) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019USD ($) | ||
Representation and warranty reserve [Abstract] | ||
Representation and warranty repurchase reserve, beginning of period | $ 205 | [1] |
Provision for mortgage representation and warranty losses | 21 | [2] |
Representation and warranty repurchase reserve, end of period | $ 226 | [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_6
Commitments and Contingencies Commitments and Contingencies-Lease Commitments (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 2,761 |
Operating Leases, Future Minimum Payments, Due in Two Years | 2,686 |
Operating Leases, Future Minimum Payments, Due in Three Years | 2,428 |
Operating Leases, Future Minimum Payments, Due in Four Years | 2,290 |
Operating Leases, Future Minimum Payments, Due in Five Years | 2,289 |
Operating Leases, Future Minimum Payments, Due Thereafter | 8,572 |
Operating Leases, Future Minimum Payments Due | $ 21,026 |
Commitments and Contingencies_7
Commitments and Contingencies Comitments and Contingencies Text Tag (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Commitments and Contingencies Disclosure [Abstract] | |||
Loss Contingency Accrual | [1] | $ 226 | $ 205 |
Operating Leases, Rent Expense | $ 2,400 | $ 1,400 | |
[1] | (1) Reported in consolidated statements of financial condition as a component of other liabilities |
Fair Value Measurements-Assets
Fair Value Measurements-Assets Measured on Recurring basis (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage servicing rights | $ 180 | $ 181 |
Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage servicing rights | 0 | 0 |
Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage servicing rights | 0 | 0 |
Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage servicing rights | 180 | 181 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage servicing rights | 180 | 181 |
Investments, Fair Value Disclosure | 79,845 | 60,709 |
Assets, Fair Value Disclosure | 80,479 | 60,890 |
Fair Value, Measurements, Recurring [Member] | Government National Mortgage Association (GNMA) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 4,382 | 2,066 |
Fair Value, Measurements, Recurring [Member] | Federal Home Loan Mortgage Corporation (FHLMC) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 11,025 | 6,350 |
Fair Value, Measurements, Recurring [Member] | Federal National Mortgage Association (FNMA) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 26,608 | 23,411 |
Fair Value, Measurements, Recurring [Member] | US Government Agency Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 32,853 | 14,232 |
Fair Value, Measurements, Recurring [Member] | Corporate Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 4,977 | 4,866 |
Fair Value, Measurements, Recurring [Member] | Other investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 9,784 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage servicing rights | 0 | 0 |
Investments, Fair Value Disclosure | 0 | 0 |
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 | Government National Mortgage Association (GNMA) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 | Federal Home Loan Mortgage Corporation (FHLMC) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 | Federal National Mortgage Association (FNMA) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 | US Government Agency Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 | Corporate Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 | Other investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage servicing rights | 0 | 0 |
Investments, Fair Value Disclosure | 79,845 | 60,276 |
Assets, Fair Value Disclosure | 79,845 | 60,276 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 | Government National Mortgage Association (GNMA) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 4,382 | 2,066 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 | Federal Home Loan Mortgage Corporation (FHLMC) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 11,025 | 6,350 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 | Federal National Mortgage Association (FNMA) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 26,608 | 23,411 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 | US Government Agency Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 32,853 | 14,232 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 | Corporate Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 4,977 | 4,866 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 | Other investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 9,351 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 433 |
Assets, Fair Value Disclosure | 634 | 614 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 | Government National Mortgage Association (GNMA) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 | Federal Home Loan Mortgage Corporation (FHLMC) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 | Federal National Mortgage Association (FNMA) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 | US Government Agency Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 | Corporate Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | $ 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 | Other investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | $ 433 |
Fair Value Measurements Fair _3
Fair Value Measurements Fair Value Measurements-Assets Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs, Recurring Basis, Asset, Transfers, Net | $ 0 | ||
Fair Value, Measurements, Recurring [Member] | Other investments | Fair Value, Inputs, Level 3 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 433,000 | $ 403,000 | |
Fair Value, Measurement with Unobservable Inputs, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 21,000 | 30,000 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs, Recurring Basis, Asset, Transfers, Net | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 454,000 | 433,000 | |
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Other Assets | Fair Value, Inputs, Level 3 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 181,000 | 192,000 | |
Fair Value, Measurement with Unobservable Inputs, Recurring Basis, Asset, Gain (Loss) Included in Earnings | [1] | (1,000) | (11,000) |
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, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 180,000 | 181,000 | |
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | $ (1,000) | $ (10,000) | |
[1] | (1) Includes net servicing cash flows and the passage of time. |
Fair Value Measurements Fair _4
Fair Value Measurements Fair Value, Assets Measured on Recurring Basis, Valuation Techniques (Details) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Mortgage servicing rights | $ 180 | $ 181 | ||
Fair Value, Inputs, Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Mortgage servicing rights | 180 | 181 | ||
Fair Value, Measurements, Recurring [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Mortgage servicing rights | 180 | 181 | ||
Fair Value, Measurements, Recurring [Member] | Other investments | Fair Value, Inputs, Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 454 | $ 433 | $ 403 | |
Fair Value Measurements, Valuation Processes, Description | Cost | Cost | ||
Fair Value, Measurements, Recurring [Member] | Other Assets | Fair Value, Inputs, Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 180 | $ 181 | $ 192 | |
Fair Value Measurements, Valuation Processes, Description | Discounted Cash Flow | Discounted Cash Flow | ||
Servicing Asset, Measurement Input [Extensible List] | [1] | Weighted Average Constant Prepayment Rate (1) | Weighted Average Constant Prepayment Rate (1) | |
Fair Value Inputs, Prepayment Rate (Deprecated 2018-01-31) | [1] | 0.1119 | 0.2003 | |
[1] | (1) Represents annualized loan repayment rate assumptions |
Fair Value Measurements Fair _5
Fair Value Measurements Fair Value on a Non-recurring basis (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | $ 404 | |
Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 2,027 | $ 4,476 |
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 404 | 1,145 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 |
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 0 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 |
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 0 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | $ 2,027 | 4,476 |
Other Real Estate, Foreclosed Assets, and Repossessed Assets | $ 1,145 |
Fair Value Measurements Fair _6
Fair Value Measurements Fair Value Measurements-Assets Measured on a Non-recurring basis, Valuation Techniques (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | $ 404 | |
Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 2,027 | $ 4,476 |
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 404 | 1,145 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | $ 2,027 | $ 4,476 |
Fair Value Measurements, Valuation Processes, Description | Appraisal of collateral | Appraisal of collateral |
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings, Description | Appraisal adjustments | Appraisal adjustments |
Other Real Estate, Foreclosed Assets, and Repossessed Assets | $ 1,145 |
Fair Value Measurements Text Ta
Fair Value Measurements Text Tag (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | ||
Percent of Total Assets Level 3 | 0.11% | 0.09% |
Fair Value, Measurement with Unobservable Inputs, Recurring Basis, Asset, Transfers, Net | $ 0 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Financial Assets | ||
Available-for-sale Securities | $ 79,845 | $ 60,709 |
Equity securities | 454 | 0 |
Debt Securities, Held-to-maturity, Fair Value | 11,107 | 11,909 |
Mortgage servicing rights | 180 | 181 |
Fair Value, Inputs, Level 1 | ||
Financial Assets | ||
Cash and cash equivalents | 31,228 | 134,558 |
Available-for-sale Securities | 0 | 0 |
Equity securities | 0 | |
FHLB Stock | 0 | 0 |
Debt Securities, Held-to-maturity, Fair Value | 0 | 0 |
Loans receivable | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Mortgage servicing rights | 0 | 0 |
Other assets - Interest-bearing deposits | 0 | 0 |
Financial Liabilities | ||
Deposits | 277,360 | 245,634 |
Advances from FHLB of New York | 0 | 0 |
Other borrowed money | 0 | 0 |
Accrued interest payable | 0 | 0 |
Fair Value, Inputs, Level 2 | ||
Financial Assets | ||
Cash and cash equivalents | 0 | 0 |
Available-for-sale Securities | 79,845 | 60,276 |
Equity securities | 0 | |
FHLB Stock | 926 | 1,768 |
Debt Securities, Held-to-maturity, Fair Value | 11,107 | 11,909 |
Loans receivable | 0 | 0 |
Accrued interest receivable | 2,019 | 2,023 |
Mortgage servicing rights | 0 | 0 |
Other assets - Interest-bearing deposits | 976 | 971 |
Financial Liabilities | ||
Deposits | 200,143 | 290,174 |
Advances from FHLB of New York | 8,001 | 24,970 |
Other borrowed money | 12,393 | 14,565 |
Accrued interest payable | 1,931 | 1,086 |
Fair Value, Inputs, Level 3 | ||
Financial Assets | ||
Cash and cash equivalents | 0 | 0 |
Available-for-sale Securities | 0 | 433 |
Equity securities | 454 | |
FHLB Stock | 0 | 0 |
Debt Securities, Held-to-maturity, Fair Value | 0 | 0 |
Loans receivable | 424,013 | 469,382 |
Accrued interest receivable | 0 | 0 |
Mortgage servicing rights | 180 | 181 |
Other assets - Interest-bearing deposits | 0 | 0 |
Financial Liabilities | ||
Deposits | 0 | 0 |
Advances from FHLB of New York | 0 | 0 |
Other borrowed money | 0 | 0 |
Accrued interest payable | 0 | 0 |
Reported Value Measurement | ||
Financial Assets | ||
Cash and cash equivalents | 31,228 | 134,558 |
Available-for-sale Securities | 79,845 | 60,709 |
FHLB Stock | 926 | 1,768 |
Debt Securities, Held-to-maturity, Fair Value | 11,137 | 12,075 |
Loans receivable | 424,182 | 472,627 |
Accrued interest receivable | 2,019 | 2,023 |
Mortgage servicing rights | 180 | 181 |
Other assets - Interest-bearing deposits | 976 | 971 |
Financial Liabilities | ||
Deposits | 480,196 | 586,883 |
Advances from FHLB of New York | 8,000 | 25,000 |
Other borrowed money | 13,403 | 13,403 |
Accrued interest payable | 1,931 | 1,086 |
Estimate of Fair Value Measurement | ||
Financial Assets | ||
Cash and cash equivalents | 31,228 | 134,558 |
Available-for-sale Securities | 79,845 | 60,709 |
Equity securities | 454 | |
FHLB Stock | 926 | 1,768 |
Debt Securities, Held-to-maturity, Fair Value | 11,107 | 11,909 |
Loans receivable | 424,013 | 469,382 |
Accrued interest receivable | 2,019 | 2,023 |
Mortgage servicing rights | 180 | 181 |
Other assets - Interest-bearing deposits | 976 | 971 |
Financial Liabilities | ||
Deposits | 477,503 | 535,808 |
Advances from FHLB of New York | 8,001 | 24,970 |
Other borrowed money | 12,393 | 14,565 |
Accrued interest payable | $ 1,931 | $ 1,086 |
Variable Interest Entities Text
Variable Interest Entities Text Tag (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2010 | Mar. 31, 2007 | Mar. 31, 2019 | Mar. 31, 2018 | |
Entity Information [Line Items] | ||||||
Variable Interest Entity, Funded Exposure, Debt Investment | $ 14,733 | |||||
Variable Interest Entity, Funded Exposure, Equity Invesment | 402 | |||||
% of Carver Statutory Trust I owned | 100.00% | |||||
Variable Interest Entity, Rights Transferred | 69,500 | |||||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 27,105 | |||||
Accrued interest expense subordinated debt | 1,700 | $ 914 | ||||
New Markets Tax Credit Award | $ 25,000 | $ 65,000 | $ 59,000 | |||
Carver Statutory Trust 1 | ||||||
Entity Information [Line Items] | ||||||
Variable Interest Entity, Funded Exposure, Debt Investment | $ 13,000 | 14,733 | ||||
Variable Interest Entity, Funded Exposure, Equity Invesment | $ 400 | 400 | ||||
Variable Interest Entity, Rights Transferred | 0 | |||||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | $ 0 |
Variable Interest Entities (Det
Variable Interest Entities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2013 | ||
Entity Information [Line Items] | |||
Variable Interest Entity, Initial Consolidation, Gain (Loss) | $ 3,250 | ||
Variable Interest Entity, Rights Transferred | 69,500 | ||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets | 36,468 | ||
Variable Interest Entity, Total Involvment with SPE Asset | 36,468 | ||
Variable Interest Entity, Funded Exposure, Debt Investment | 14,733 | ||
Variable Interest Entity, Funded Exposure, Equity Invesment | 402 | ||
Variable Ineterest Entity, Unfunded Exposure, Funding Commitments | 0 | ||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 27,105 | ||
Variable Interest Entity, Total Exposure | 42,240 | ||
Carver Statutory Trust 1 | |||
Entity Information [Line Items] | |||
Variable Interest Entity, Initial Consolidation, Gain (Loss) | 0 | ||
Variable Interest Entity, Rights Transferred | 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 | 14,733 | $ 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 | 15,133 | ||
CDE 18 | |||
Entity Information [Line Items] | |||
Variable Interest Entity, Initial Consolidation, Gain (Loss) | [1] | 600 | |
Variable Interest Entity, Rights Transferred | [1] | 13,254 | |
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets | [1] | 0 | |
Variable Interest Entity, Total Involvment with SPE Asset | [1] | 0 | |
Variable Interest Entity, Funded Exposure, Debt Investment | [1] | 0 | |
Variable Interest Entity, Funded Exposure, Equity Invesment | [1] | 0 | |
Variable Ineterest Entity, Unfunded Exposure, Funding Commitments | [1] | 0 | |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | [1] | 5,169 | |
Variable Interest Entity, Total Exposure | [1] | 5,169 | |
CDE 19 | |||
Entity Information [Line Items] | |||
Variable Interest Entity, Initial Consolidation, Gain (Loss) | 500 | ||
Variable Interest Entity, Rights Transferred | 10,746 | ||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets | 11,054 | ||
Variable Interest Entity, Total Involvment with SPE Asset | 11,054 | ||
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 | |||
Entity Information [Line Items] | |||
Variable Interest Entity, Initial Consolidation, Gain (Loss) | [1] | 625 | |
Variable Interest Entity, Rights Transferred | [1] | 12,500 | |
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets | [1] | 0 | |
Variable Interest Entity, Total Involvment with SPE Asset | [1] | 0 | |
Variable Interest Entity, Funded Exposure, Debt Investment | [1] | 0 | |
Variable Interest Entity, Funded Exposure, Equity Invesment | [1] | 0 | |
Variable Ineterest Entity, Unfunded Exposure, Funding Commitments | [1] | 0 | |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | [1] | 4,875 | |
Variable Interest Entity, Total Exposure | [1] | 4,875 | |
CDE 21 | |||
Entity Information [Line Items] | |||
Variable Interest Entity, Initial Consolidation, Gain (Loss) | 625 | ||
Variable Interest Entity, Rights Transferred | 12,500 | ||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets | 12,014 | ||
Variable Interest Entity, Total Involvment with SPE Asset | 12,014 | ||
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] | * Entities exited the NMTC projects during fiscal years 2018 and 2019 and remain on the above table pending final dissolution. |
Non-interest Revenue and Expe_3
Non-interest Revenue and Expense Non-interest Revenue and Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2019 | Mar. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||||||||||
Total non-interest income | $ 1,148 | $ 1,327 | $ 1,079 | $ 1,304 | $ 10,665 | $ 1,346 | $ 1,139 | $ 1,209 | $ 4,858 | $ 14,359 |
Noninterest income out of scope of Topic 606 | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Total non-interest income | 1,157 | 10,366 | ||||||||
Noninterest income in scope of Topic 606 | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Total non-interest income | 3,701 | 3,993 | ||||||||
Deposit Account [Member] | Noninterest income in scope of Topic 606 | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Revenue from Contract with Customer | 3,337 | 3,372 | ||||||||
Mortgage Banking [Member] | Noninterest income in scope of Topic 606 | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Revenue from Contract with Customer | 303 | 530 | ||||||||
Advertising [Member] | Noninterest income in scope of Topic 606 | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Revenue from Contract with Customer | $ 61 | $ 91 |
Non-interest Revenue and Expe_4
Non-interest Revenue and Expense Non-interest Income and Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Other Income and Expenses [Abstract] | ||
Advertising | $ 316 | $ 311 |
Legal expense | 413 | 475 |
Insurance and surety | 660 | 605 |
Audit expense | 672 | 1,230 |
Outsourced service | 558 | 530 |
Data lines / internet | 441 | 291 |
Retail expenses | 781 | 829 |
Operating chargeoffs and other losses | 714 | 48 |
Regulatory assessment | 314 | 290 |
Director's fees | 313 | 346 |
Other | 2,292 | 2,705 |
Other | $ 7,474 | $ 7,660 |
Quarterly Financial Data (Una_3
Quarterly Financial Data (Unaudited) Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2019 | Mar. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | ||||||||||
Total interest income | $ 5,624 | $ 5,566 | $ 5,917 | $ 6,123 | $ 5,796 | $ 6,053 | $ 6,339 | $ 6,171 | $ 23,230 | $ 24,359 |
Total interest expense | 1,445 | 1,470 | 1,601 | 1,625 | 1,446 | 1,364 | 1,252 | 1,218 | 6,141 | 5,280 |
Net interest income | 4,179 | 4,096 | 4,316 | 4,498 | 4,350 | 4,689 | 5,087 | 4,953 | 17,089 | 19,079 |
(Recovery of) provision for loan losses | 8 | (332) | 49 | 5 | 5 | 6 | 4 | 120 | (270) | 135 |
Total non-interest income | 1,148 | 1,327 | 1,079 | 1,304 | 10,665 | 1,346 | 1,139 | 1,209 | 4,858 | 14,359 |
Total non-interest expense | 6,826 | 7,070 | 7,297 | 6,827 | 7,601 | 6,942 | 6,786 | 6,653 | 28,020 | 27,982 |
Income tax expense (benefit) | 33 | 34 | 66 | 0 | (124) | 31 | 30 | 30 | 133 | (33) |
Net (loss) income | $ (1,540) | $ (1,349) | $ (2,017) | $ (1,030) | $ 7,533 | $ (944) | $ (594) | $ (641) | $ (5,936) | $ 5,354 |
Earnings (Loss) Per Share, Basic (in dollars per share) | $ (0.42) | $ (0.36) | $ (0.55) | $ (0.28) | $ 0.82 | $ (0.26) | $ (0.16) | $ (0.17) | $ (1.60) | $ 0.58 |
Earnings (Loss) Per Share, Diluted (in dollars per share) | $ (0.42) | $ (0.36) | $ (0.55) | $ (0.28) | $ 0.82 | $ (0.26) | $ (0.16) | $ (0.17) | $ (1.60) | $ 0.58 |
Carver Bancorp Inc.-Parent Co_3
Carver Bancorp Inc.-Parent Company Only Parent Company Only-Condensed Statements of Financial Condition (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 |
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Other assets | $ 8,866 | $ 7,180 | |
Total assets | 563,713 | 693,910 | |
Other liabilities | 14,978 | 16,653 | |
Total liabilities | 516,577 | 641,939 | |
Stockholders’ equity | 47,136 | 51,971 | $ 47,398 |
Total liabilities and equity | 563,713 | 693,910 | |
Parent Company | |||
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Cash on deposit with subsidiaries | 495 | 494 | $ 492 |
Investment in subsidiaries | 62,340 | 66,235 | |
Other assets | 121 | 66 | |
Total assets | 62,956 | 66,795 | |
Borrowings | 13,403 | 13,403 | |
Accounts payable to subsidiaries | 563 | 393 | |
Other liabilities | 1,854 | 1,028 | |
Total liabilities | 15,820 | 14,824 | |
Stockholders’ equity | 47,136 | 51,971 | |
Total liabilities and equity | $ 62,956 | $ 66,795 |
Carver Bancorp Inc.-Parent Co_4
Carver Bancorp Inc.-Parent Company Only Parent Company Only-Condensed Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2019 | Mar. 31, 2018 | |
Condensed Income Statements, Captions [Line Items] | ||||||||||
Interest expense on borrowings | $ 909 | $ 1,174 | ||||||||
Salaries and employee benefits | 12,248 | 12,615 | ||||||||
Shareholder expense | 313 | 346 | ||||||||
Other | 7,474 | 7,660 | ||||||||
Net (loss) income | $ (1,540) | $ (1,349) | $ (2,017) | $ (1,030) | $ 7,533 | $ (944) | $ (594) | $ (641) | (5,936) | 5,354 |
Comprehensive loss | (4,870) | 4,568 | ||||||||
Parent Company | ||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||
Equity in net loss from subsidiaries | (4,968) | 6,097 | ||||||||
Other income | 26 | 20 | ||||||||
Total income | (4,942) | 6,117 | ||||||||
Interest expense on borrowings | 819 | 624 | ||||||||
Shareholder expense | 73 | 49 | ||||||||
Other | 102 | 90 | ||||||||
Total expense | 994 | 763 | ||||||||
Net (loss) income | $ (5,936) | $ 5,354 |
Carver Bancorp Inc.-Parent Co_5
Carver Bancorp Inc.-Parent Company Only Parent Company Only-Condensed Statements of Cash Flow (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2003 | |
Condensed Cash Flow Statements, Captions [Line Items] | |||||||||||
Net (loss) income | $ (1,540) | $ (1,349) | $ (2,017) | $ (1,030) | $ 7,533 | $ (944) | $ (594) | $ (641) | $ (5,936) | $ 5,354 | |
(Increase) decrease in other assets | (1,995) | (1,173) | |||||||||
Decrease in other liabilities | (1,675) | (870) | |||||||||
Net cash (used in) provided by operating activities | (8,765) | (4,985) | |||||||||
Proceeds from (Payments for) Other Financing Activities | $ 400 | ||||||||||
Net cash provided by financing activities | (123,687) | (3,292) | |||||||||
Net decrease in cash | (103,330) | 75,872 | |||||||||
Parent Company | |||||||||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||||||||
Net (loss) income | (5,936) | 5,354 | |||||||||
Equity in net loss from subsidiaries | (4,968) | 6,097 | |||||||||
Increase in account receivable from subsidiaries | 30 | 0 | |||||||||
(Increase) decrease in other assets | (25) | (51) | |||||||||
Increase (decrease) in accounts payable to subsidiaries | 170 | 166 | |||||||||
Decrease in other liabilities | 824 | 630 | |||||||||
Net cash (used in) provided by operating activities | (29) | 2 | |||||||||
Proceeds from (Payments for) Other Financing Activities | 30 | 0 | |||||||||
Net cash provided by financing activities | 30 | 0 | |||||||||
Net decrease in cash | 1 | 2 | |||||||||
Cash and cash equivalents - beginning | $ 494 | $ 492 | 494 | 492 | |||||||
Cash and cash equivalents - end | $ 495 | $ 494 | $ 495 | $ 494 |