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Investment Securities
 12 Months Ended
Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]  
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure INVESTMENT SECURITIES
The Bank utilizes mortgage-backed and other investment securities in its asset/liability management strategy. In making investment decisions, the Bank considers, among other things, its yield and interest rate objectives, its interest rate and credit risk position, and its liquidity and cash flow.

    Generally, the investment policy of the Bank is to invest funds among categories of investments and maturities based upon the Bank’s asset/liability management policies, investment quality, loan and deposit volume and collateral requirements, liquidity needs and performance objectives. GAAP requires that debt securities be classified into three categories: trading, held-to-maturity, and available-for-sale. At March 31, 2021, securities with fair value of $86.5 million, or 91.7%, of the Bank’s total securities were classified as available-for-sale, and the remaining securities with amortized cost of $7.8 million, or 8.3%, were classified as held-to-maturity. The Bank had no securities classified as trading at March 31, 2021 and March 31, 2020.

Other investments as of March 31, 2021 primarily consists of the Bank's investment in a limited partnership Community Capital Fund. These securities are measured at fair value with unrealized holding gains and losses reflected in net income. Other investments totaled $948 thousand at March 31, 2021 and are included in Other Assets on the Statements of Financial Condition.

The following tables set forth the amortized cost and fair value of securities available-for-sale and held-to-maturity at March 31, 2021 and March 31, 2020:

At March 31, 2021
AmortizedGross Unrealized
$ in thousandsCostGainsLossesFair Value
Available-for-Sale:
Mortgage-backed securities:
Government National Mortgage Association$987 $39 $— $1,026 
Federal Home Loan Mortgage Corporation28,458 88 761 27,785 
Federal National Mortgage Association15,120 — 510 14,610 
Total mortgage-backed securities44,565 127 1,271 43,421 
U.S. Government Agency Securities18,744 — 113 18,631 
Corporate Bonds5,274 — 793 4,481 
Muni Securities17,763 — 1,153 16,610 
Asset-backed Securities3,336 28 — 3,364 
Total available-for-sale$89,682 $155 $3,330 $86,507 
Held-to-Maturity:
Mortgage-backed securities:
Government National Mortgage Association$683 $69 $— $752 
Federal National Mortgage Association7,124 264 — 7,388 
Total held-to-maturity$7,807 $333 $— $8,140 
At March 31, 2020
AmortizedGross Unrealized
$ in thousandsCostGainsLossesFair Value
Available-for-Sale:
Mortgage-backed securities:
  Government National Mortgage Association$3,510 $77 $— $3,587 
  Federal Home Loan Mortgage Corporation9,244 312 18 9,538 
  Federal National Mortgage Association21,495 673 — 22,168 
    Total mortgage-backed securities34,249 1,062 18 35,293 
U.S. Government Agency Securities26,616 20 155 26,481 
Corporate Bonds4,032 33 10 4,055 
    Total available-for-sale$64,897 $1,115 $183 $65,829 
Held-to-Maturity:
Mortgage-backed securities:
  Government National Mortgage Association$972 $76 $— $1,048 
  Federal National Mortgage Association and Other8,179 342 — 8,521 
    Total held-to-maturity mortgage-backed securities9,151 418 — 9,569 
Corporate Bonds1,000 — 5 995 
Total held-to-maturity$10,151 $418 $5 $10,564 

    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, 2021. There were no sales of available-for-sale securities and held-to-maturity securities for the year ended March 31, 2020.
$ in thousandsMarch 31, 2021
Proceeds$37,802 
Gross gains1,193 

Carver maintains a portfolio of mortgage-backed securities in the form of Government National Mortgage Association (“GNMA”) pass-through certificates, Federal National Mortgage Association (“FNMA”) mortgage-backed securities and Federal Home Loan Mortgage Corporation (“FHLMC”) 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 securities are each guaranteed by their respective agencies as to principal and interest. Based on the high quality of the Bank's investment portfolio, current market conditions have not significantly impacted the pricing of the portfolio or the Bank's ability to obtain reliable prices.

At March 31, 2021, the Bank pledged mortgage-backed and agency securities of $9.0 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, 2021 and March 31, 2020 for less than 12 months and 12 months or longer:
At March 31, 2021
Less than 12 months12 months or longerTotal
$ in thousandsUnrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value
Available-for-Sale:
Mortgage-backed securities$1,271 $39,020 $— $— $1,271 $39,020 
U.S. Government Agency Securities— — 113 18,631 113 18,631 
Corporate bonds793 4,481 — — 793 4,481 
Muni securities1,153 16,609 — — 1,153 16,609 
  Total available-for-sale securities$3,217 $60,110 $113 $18,631 $3,330 $78,741 
At March 31, 2020
Less than 12 months12 months or longerTotal
$ in thousandsUnrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value
Available-for-Sale:
Mortgage-backed securities$— $— $18 $619 $18 $619 
U.S. Government Agency Securities— — 155 21,494 155 21,494 
Corporate bonds10 1,999 — — 10 1,999 
  Total available-for-sale securities$10 $1,999 $173 $22,113 $183 $24,112 
Held-to-Maturity:
Corporate bonds$5 995 — — $5 $995 
Total held-to-maturity securities$5 $995 $— $— $5 $995 

A total of 15 securities had an unrealized loss at March 31, 2021, compared to 7 at March 31, 2020. Mortgage-backed securities, U.S. government agency securities and muni securities represented 49.6%, 23.7% and 21.1%, respectively, of total available-for-sale securities in an unrealized loss position at March 31, 2021. There were three U.S. government agency securities that had an unrealized loss position for more than 12 months at March 31, 2021. The cause of the temporary impairment is directly related to changes in interest rates. In general, as interest rates decline, the fair value of securities will rise, and conversely as interest rates rise, the fair value of securities will decline.  Management considers fluctuations in fair value as a result of interest rate changes to be temporary, which is consistent with the Bank's experience.  The impairments are deemed temporary based on the direct relationship of the change in fair value to movements in interest rates, the life of the investments and their high credit quality. Given the high credit quality of the securities which are backed by the U.S. government's guarantees, the high credit quality and strong financial performance of the municipal securities, 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 the Company has the ability and intent to hold the securities until maturity or the valuation recovers.

The Bank did not have any securities that were classified as having other-than-temporary impairment in its investment portfolio at March 31, 2021.

The following is a summary of the amortized cost and fair value of debt securities at March 31, 2021, 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 thousandsAmortized CostFair ValueWeighted
Average Yield
Available-for-Sale:
One through five years3,336 3,364 3.18 %
Five through ten years5,655 5,612 1.37 %
After ten years36,126 34,110 1.93 %
Mortgage-backed securities44,565 43,421 1.47 %
$89,682 $86,507 1.71 %
Held-to-maturity:
Mortgage-backed securities$7,807 $8,140 2.37 %