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

12 Months Ended

Mar. 31, 2018

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	2018			2017
Land	$	—		$	98
Building and improvements	—			9,806
Leasehold improvements	5,946			6,547
Furniture, equipment, and other	13,177			12,981
	19,123			29,432
Less accumulated depreciation and amortization	(16,153		)	(24,005		)
Office properties and equipment, net	$	2,970		$	5,427

Depreciation and amortization charged to operations for fiscal years 2018 and 2017 amounted to $897 thousand and $867 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 $537 thousand and $606 thousand as of March 31, 2018 and 2017, respectively.

During fiscal year 2018, Carver conducted a sale and leaseback transaction on its Harlem headquarters location with an unaffiliated third party. The Bank has leased a portion of the property to continue to maintain its Main Office branch at the same location, and the administrative offices will be relocated to a nearby facility. The Company recognized a $9.5 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 $5.4 million as of March 31, 2018.