Carver Bancorp Inc 10-Q for FY2025 Q2

Carver Bancorp Inc (CARV)

10-Q 2024-11-14 For: 2024-09-30

Added on April 06, 2026

About this 10-Q

Carver Bancorp Inc filed this 10-Q on November 14, 2024, covering the quarter ended September 30, 2024 (FY2025 Q2).

Headline figures

Quarter ended September 30, 2024, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $711K; down 7.3% from $767K a year earlier
Net loss: $2.11M; compared with a net loss of $1.59M a year earlier
Diluted EPS: -$0.41; compared with -$0.33 a year earlier

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →


Class						Outstanding at November 13, 2024
Common Stock, par value $0.01						5,109,728


		Page
PART I.	FINANCIAL INFORMATION (UNAUDITED)

Item 1.	Financial Statements

	Consolidated Statements of Financial Condition	1

	Consolidated Statements of Operations	2

	Consolidated Statements of Comprehensive Income (Loss)	3

	Consolidated Statement of Changes in Equity	4

	Consolidated Statements of Cash Flows	5

	Notes to Consolidated Financial Statements	6

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	29

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	45

Item 4.	Controls and Procedures	45

PART II.	OTHER INFORMATION

Item 1.	Legal Proceedings	46

Item 1A.	Risk Factors	46

Item 2.	Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities	46

Item 3.	Defaults Upon Senior Securities	46

Item 4.	Mine Safety Disclosures	46

Item 5.	Other Information	46

Item 6.	Exhibits	47

SIGNATURES		48


$ in thousands except per share data	September 30, 2024		March 31, 2024
ASSETS
Cash and cash equivalents:
Cash and due from banks	$	54,037	$	58,522
Money market investments	508		503
Total cash and cash equivalents	54,545		59,025

Investment securities:
Available-for-sale, at fair value (amortized cost of $58,957 and $60,735, respectively)	48,111		48,030
Held-to-maturity, at amortized cost (fair value of $1,816 and $1,905, respectively)	1,863		2,008

Total investment securities	49,974		50,038



Loans receivable:
Real estate mortgage loans	434,081		437,577
Commercial business loans	169,138		169,602
Consumer loans	15,995		15,699
Loans, net of deferred fees and costs	619,214		622,878
Allowance for credit losses	(6,242)		(5,871)
Total loans receivable, net	612,972		617,007
Premises and equipment, net	2,318		2,567
Federal Home Loan Bank of New York (“FHLB-NY”) stock, at cost	1,665		2,004
Accrued interest receivable	4,854		3,662
Right-of-use assets	9,517		9,844
Other assets	12,915		12,649
Total assets	$	748,760	$	756,796

LIABILITIES AND EQUITY
LIABILITIES
Deposits:
Non-interest bearing checking	$	102,697	$	102,013
Interest-bearing deposits:
Interest-bearing checking	44,841		46,358
Savings	107,748		113,187
Money market	154,349		159,105
Certificates of deposit	239,407		223,719
Escrow	1,769		2,617
Total interest-bearing deposits	548,114		544,986
Total deposits	650,811		646,999
Advances from the FHLB-NY and other borrowed money	38,293		46,536
Operating lease liability	10,197		10,616
Other liabilities	9,589		10,336
Total liabilities	708,890		714,487
Commitments and contingencies (Note 8)	—		—

EQUITY
Preferred stock, (par value $0.01 per share: 9,557 Series D shares, with a liquidation preference of $1,000 per share, issued and outstanding, respectively)	9,557		9,557
Preferred stock (par value $0.01 per share: 3,177 Series E shares, with a liquidation preference of $1,000 per share, issued and outstanding, respectively)	3,177		3,177
Preferred stock (par value $0.01 per share: 9,000 Series F shares, with a liquidation preference of $1,000 per share, issued and outstanding, respectively)	9,000		9,000
Common stock (par value 0.01 per share: 10,000,000 shares authorized; 7,644,675 shares issued; 5,140,872 shares outstanding, respectively)	77		77
Additional paid-in capital	87,687		87,660
Accumulated deficit	(55,874)		(51,549)
Treasury stock, at cost (2,503,803 shares, respectively)	(2,908)		(2,908)
Accumulated other comprehensive loss	(10,846)		(12,705)
Total equity	39,870		42,309
Total liabilities and equity	$	748,760	$	756,796


	Three Months Ended September 30,				Six Months Ended September 30,
$ in thousands, except per share data	2024		2023		2024		2023
Interest income:
Loans	$	8,711	$	7,056	$	16,778	$	13,867
Mortgage-backed securities	133		145		273		294
Investment securities	288		245		580		546
Money market investments	694		564		1,402		1,097
Total interest income	9,826		8,010		19,033		15,804

Interest expense:
Deposits	3,233		2,011		6,344		3,725
Advances and other borrowed money	598		600		1,190		1,178
Total interest expense	3,831		2,611		7,534		4,903

Net interest income	5,995		5,399		11,499		10,901
Provision for credit losses	461		168		721		174
Net interest income after provision for credit losses	5,534		5,231		10,778		10,727

Non-interest income:
Depository fees and charges	545		558		1,083		1,135
Loan fees and service charges	73		192		44		256

Loss on sale of loans, net	(191)		—		(191)		—

Grant income	—		582		80		602


Other	157		131		273		225
Total non-interest income	584		1,463		1,289		2,218

Non-interest expense:
Employee compensation and benefits	3,542		3,324		7,043		6,645
Net occupancy expense	1,279		1,176		2,476		2,281
Equipment, net	550		587		1,130		1,064
Data processing	793		757		1,525		1,508
Consulting fees	201		137		280		237
Federal deposit insurance premiums	159		155		329		283

Other	1,707		2,144		3,609		3,934
Total non-interest expense	8,231		8,280		16,392		15,952

Loss before income taxes	(2,113)		(1,586)		(4,325)		(3,007)
Income tax expense	—		—		—		—
Net loss	$	(2,113)	$	(1,586)	$	(4,325)	$	(3,007)

Loss per common share:
Basic	$	(0.41)	$	(0.33)	$	(0.84)	$	(0.65)
Diluted	(0.41)		(0.33)		(0.84)		(0.65)


	Three Months Ended September 30,				Six Months Ended September 30,
$ in thousands	2024		2023		2024		2023
Net loss	$	(2,113)	$	(1,586)	$	(4,325)	$	(3,007)
Other comprehensive income (loss), net of tax:
Change in unrealized gain (loss) of securities available-for-sale, net of income tax expense of $0 (due to full valuation allowance)	2,122		(2,306)		1,859		(3,099)



Total other comprehensive income (loss), net of tax	2,122		(2,306)		1,859		(3,099)
Total comprehensive income (loss), net of tax	$	9	$	(3,892)	$	(2,466)	$	(6,106)


☒						QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐						TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


$ in thousands	Preferred Stock		Common Stock		Additional Paid-In Capital		Accumulated Deficit		Treasury Stock		Accumulated Other Comprehensive Loss		Total Equity
Three Months Ended September 30, 2024
Balance — June 30, 2024	$	21,734	$	77	$	87,687	$	(53,761)	$	(2,908)	$	(12,968)	$	39,861
Net loss	—		—		—		(2,113)		—		—		(2,113)
Other comprehensive income, net of taxes	—		—		—		—		—		2,122		2,122








Balance — September 30, 2024	$	21,734	$	77	$	87,687	$	(55,874)	$	(2,908)	$	(10,846)	$	39,870

Six Months Ended September 30, 2024
Balance — March 31, 2024	$	21,734	$	77	$	87,660	$	(51,549)	$	(2,908)	$	(12,705)	$	42,309

Net loss	—		—		—		(4,325)		—		—		(4,325)
Other comprehensive income, net of taxes	—		—		—		—		—		1,859		1,859







Stock based compensation expense	—		—		27		—		—		—		27
Balance — September 30, 2024	$	21,734	$	77	$	87,687	$	(55,874)	$	(2,908)	$	(10,846)	$	39,870

Three Months Ended September 30, 2023
Balance — June 30, 2023	$	23,728	$	70	$	84,628	$	(49,993)	$	(2,908)	$	(13,008)	$	42,517

Net loss	—		—		—		(1,586)		—		—		(1,586)
Other comprehensive loss, net of taxes	—		—		—		—		—		(2,306)		(2,306)

Conversion of Series D preferred stock to common stock	(550)		1		549		—		—		—		—




Issuance of common stock	—		4		996				—				1,000


Stock based compensation expense	—		—		44		—		—		—		44
Balance — September 30, 2023	$	23,178	$	75	$	86,217	$	(51,579)	$	(2,908)	$	(15,314)	$	39,669

Six Months Ended September 30, 2023
Balance — March 31, 2023	$	25,378	$	68	$	82,805	$	(47,904)	$	(2,908)	$	(12,215)	$	45,224
Cumulative effect adjustment for adoption of ASU 2016-13	—		—		—		(668)		—		—		(668)
Net loss	—		—		—		(3,007)		—		—		(3,007)
Other comprehensive loss, net of taxes	—		—		—		—		—		(3,099)		(3,099)

Conversion of Series D preferred stock to common stock	(2,200)		3		2,197		—		—		—		—




Issuance of common stock	—		4		996		—		—		—		1,000


Stock based compensation expense	—		—		219		—		—		—		219
Balance — September 30, 2023	$	23,178	$	75	$	86,217	$	(51,579)	$	(2,908)	$	(15,314)	$	39,669


$ in thousands	At March 31, 2024		Other Comprehensive Loss, net of tax		At September 30, 2024
Net unrealized loss on securities available-for-sale	$	(12,705)	$	1,859	$	(10,846)


$ in thousands	At March 31, 2023		Other Comprehensive Loss, net of tax		At September 30, 2023
Net unrealized loss on securities available-for-sale	$	(12,215)	$	(3,099)	$	(15,314)


	At September 30, 2024
	Amortized		Gross Unrealized
$ in thousands	Cost		Gains		Losses		Fair Value
Available-for-Sale:
Mortgage-backed Securities:
Government National Mortgage Association	$	213	$	4	$	—	$	217
Federal Home Loan Mortgage Corporation	19,451		—		(3,850)		15,601
Federal National Mortgage Association	10,586		—		(1,913)		8,673
Total mortgage-backed securities	30,250		4		(5,763)		24,491
U.S. Government Agency Securities	5,759		4		(9)		5,754

Corporate Bonds	5,264		—		(2,084)		3,180
Muni Securities	17,684		—		(2,998)		14,686

Total available-for-sale	$	58,957	$	8	$	(10,854)	$	48,111

Held-to-Maturity:
Mortgage-backed Securities:
Government National Mortgage Association	$	263	$	—	$	(2)	$	261
Federal National Mortgage Association and Other	1,600		—		(45)		1,555


Total held-to maturity	$	1,863	$	—	$	(47)	$	1,816


	At March 31, 2024
	Amortized		Gross Unrealized
$ in thousands	Cost		Gains		Losses		Fair Value
Available-for-Sale:
Mortgage-backed Securities:
Government National Mortgage Association	$	280	$	4	$	(1)	$	283
Federal Home Loan Mortgage Corporation	20,299		—		(4,501)		15,798
Federal National Mortgage Association	10,975		—		(2,339)		8,636

Total mortgage-backed securities	31,554		4		(6,841)		24,717
U.S. Government Agency Securities	6,219		—		(25)		6,194
Corporate Bonds	5,266		—		(2,203)		3,063
Muni Securities	17,696		—		(3,640)		14,056


Total available-for-sale	$	60,735	$	4	$	(12,709)	$	48,030

Held-to-Maturity:
Mortgage-backed Securities:
Government National Mortgage Association	$	292	$	—	$	(9)	$	283
Federal National Mortgage Association and Other	1,716		—		(94)		1,622


Total held-to-maturity	$	2,008	$	—	$	(103)	$	1,905


	At September 30, 2024
	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	$	—	$	—	$	(5,763)	$	24,274	$	(5,763)	$	24,274
U.S. Government Agency securities	—		—		(9)		1,478		(9)		1,478

Corporate bonds	—		—		(2,084)		3,180		(2,084)		3,180

Muni securities	—		—		(2,998)		14,686		(2,998)		14,686

Total available-for-sale securities	$	—	$	—	$	(10,854)	$	43,618	$	(10,854)	$	43,618
Held-to-Maturity:
Mortgage-backed securities	$	—	$	—	$	(47)	$	1,786	$	(47)	$	1,786

Total held-to-maturity securities	$	—	$	—	$	(47)	$	1,786	$	(47)	$	1,786


$ in thousands	Amortized Cost		Fair Value		Weighted Average Yield
Available-for-Sale:

One through five years	$	1,487	$	1,478	6.50	%
Five through ten years	4,676		4,170		2.44	%
After ten years	22,544		17,972		3.34	%
Mortgage-backed securities	30,250		24,491		1.60	%
Total	$	58,957	$	48,111	2.48	%
Held-to-maturity:



Mortgage-backed securities	$	1,863	$	1,816	2.81	%


Three months ended September 30, 2024
$ in thousands	One-to-four family		Multifamily		Commercial Real Estate		Construction		Business		Consumer		Unallocated		Total
Allowance for credit losses:
Beginning Balance	$	2,050	$	762	$	1,234	$	3	$	1,295	$	553	$	58	$	5,955
Charge-offs	—		—		—		—		(100)		(77)		—		(177)
Recoveries	—		—		—		—		2		1		—		3
Provision for (recovery of) Credit Losses	(37)		(3)		13		1		342		130		15		461
Ending Balance	$	2,013	$	759	$	1,247	$	4	$	1,539	$	607	$	73	$	6,242


	Six Months Ended September 30,
$ in thousands	2024		2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$	(4,325)	$	(3,007)

Adjustments to reconcile net loss to net cash used in operating activities:
Provision for credit losses	721		174

Stock based compensation expense	27		219
Depreciation and amortization expense	439		523


Loss on sale of loans, net	191		—


Amortization and accretion of loan premiums and discounts and deferred charges, net	209		126
Amortization and accretion of premiums and discounts — securities	97		186



Increase in accrued interest receivable	(1,192)		(167)
Increase in other assets	(739)		(5,892)
(Decrease) increase in other liabilities	(804)		823
Net cash used in operating activities	(5,376)		(7,015)
CASH FLOWS FROM INVESTING ACTIVITIES



Proceeds from principal payments, maturities and calls of investments: Available-for-sale	1,683		2,917
Proceeds from principal payments, maturities and calls of investments: Held-to-maturity	143		153


Loans held-for investment, net of (originations) and repayments/payoffs and maturities	5,690		13,890
Loans purchased from third parties	(2,468)		(26,956)

Proceeds from loans sold	143		—

Redemption of FHLB-NY stock, net	339		262
Purchase of premises and equipment	(260)		(165)


September 30, 2024
$ in thousands	30-59 Days Past Due		60-89 Days Past Due		90 or More Days Past Due		Total Past Due		Current		Total Loans Receivables
One-to-four family	$	319	$	37	$	1,313	$	1,669	$	76,178	$	77,847
Multifamily	—		—		1,712		1,712		171,654		173,366
Commercial real estate	1,600		—		4,522		6,122		172,986		179,108
Construction	—		—		—		—		3,760		3,760
Business	1,850		415		12,333		14,598		154,540		169,138
Consumer	194		47		123		364		15,631		15,995
Total	$	3,963	$	499	$	20,003	$	24,465	$	594,749	$	619,214


March 31, 2024
$ in thousands	30-59 Days Past Due		60-89 Days Past Due		90 or More Days Past Due		Total Past Due		Current		Total Loans Receivables
One-to-four family	$	164	$	—	$	2,859	$	3,023	$	79,764	$	82,787
Multifamily	—		—		2,205		2,205		174,998		177,203
Commercial real estate	—		—		4,660		4,660		170,724		175,384
Construction	—		—		—		—		2,203		2,203
Business	1,959		214		12,071		14,244		155,358		169,602
Consumer	151		54		—		205		15,494		15,699
Total	$	2,274	$	268	$	21,795	$	24,337	$	598,541	$	622,878


$ in thousands	September 30, 2024		March 31, 2024


Lines of credit	$	4,631	$	4,268
Letters of credit	412		—
Commitment to fund private equity investment	650		650
	$	5,693	$	4,918


	September 30, 2024
$ in thousands	Nonaccrual Loans with No Allowance		Nonaccrual Loans with an Allowance		Total Nonaccrual Loans
Gross loans receivable:
One-to-four family	$	2,244	$	—	$	2,244
Multifamily	1,708		—		1,708
Commercial real estate	4,522		—		4,522

Business	8,367		145		8,512
Consumer	2		137		139
Total nonaccrual loans	$	16,843	$	282	$	17,125


	At September 30, 2024						At March 31, 2024
	Collateral Type						Collateral Type
$ in thousands	Real Estate		Other		Allowance Allocated		Real Estate		Other		Allowance Allocated
One-to-four family	$	1,880	$	—	$	—	$	4,151	$	—	$	—
Multifamily	3,179		—		—		2,485		—		—
Commercial real estate	4,522		—		—		4,522		—		—

Business	12,300		363		270		12,196		1,066		7
Consumer	2		132		79		—		45		1
	$	21,883	$	495	$	349	$	23,354	$	1,111	$	8


	Fair Value Measurements at September 30, 2024, 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	$	—	$	—	$	131	$	131
Investment securities
Available-for-sale:
Mortgage-backed securities:
Government National Mortgage Association	—		217		—		217
Federal Home Loan Mortgage Corporation	—		15,601		—		15,601
Federal National Mortgage Association	—		8,673		—		8,673

U.S. Government Agency securities	—		5,754		—		5,754

Corporate bonds	—		3,180		—		3,180
Muni securities	—		14,686		—		14,686

Total available-for-sale securities	—		48,111		—		48,111

Total assets	$	—	$	48,111	$	131	$	48,242


	Fair Value Measurements at March 31, 2024, 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	$	—	$	—	$	140	$	140
Investment securities
Available-for-sale:
Mortgage-backed securities:
Government National Mortgage Association	—		283		—		283
Federal Home Loan Mortgage Corporation	—		15,798		—		15,798
Federal National Mortgage Association	—		8,636		—		8,636

U.S. Government Agency securities	—		6,194		—		6,194
Corporate bonds	—		3,063		—		3,063
Muni securities	—		14,056		—		14,056

Total available-for-sale securities	—		48,030		—		48,030

Total assets	$	—	$	48,030	$	140	$	48,170


$ in thousands	Beginning balance, April 1, 2024		Total Realized/Unrealized Gains/(Losses) Recorded in Income (1)	Issuances / (Settlements)	Transfers to/(from) Level 3	Ending balance, September 30, 2024		Change in Unrealized Gains/(Losses) Related to Instruments Held at September 30, 2024




Mortgage servicing rights	$	140	(9)	—	—	$	131	$	(8)


$ in thousands	Beginning balance, April 1, 2023		Total Realized/Unrealized Gains/(Losses) Recorded in Income (1)	Issuances / (Settlements)	Transfers to/(from) Level 3	Ending balance, September 30, 2023		Change in Unrealized Gains/(Losses) Related to Instruments Held at September 30, 2023




Mortgage servicing rights	$	152	(1)	—	—	$	151	$	(2)


	September 30, 2024
$ 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	$	54,545	$	54,545	$	54,545	$	—	$	—

Securities available-for-sale	48,111		48,111		—		48,111		—


Securities held-to-maturity	1,863		1,816		—		1,816		—
Loans receivable	612,972		599,625		—		—		599,625

Accrued interest receivable	4,854		4,854		—		4,854		—
Mortgage servicing rights	131		131		—		—		131

Financial Liabilities:
Deposits	$	650,811	$	648,602	$	409,635	$	238,967	$	—
Advances from FHLB-NY	19,841		19,882		—		19,882		—

Other borrowed money	18,403		17,831		—		17,831		—
Accrued interest payable	1,160		1,160		—		1,160		—


	September 30, 2024
Weighted-average remaining lease term
Operating leases	3.9 years
Finance lease	1.8 years

Weighted-average discount rate
Operating leases	3.34	%
Finance lease	4.90	%


$ in thousands	Operating Leases		Finance Leases
Year ending March 31,
2025	$	1,488	$	24
2026	2,915		26
2027	2,583		—
2028	2,411		—
2029	1,326		—
Thereafter	214		—
Total lease payments	10,937		50
Interest	(740)		(1)
Lease liability	$	10,197	$	49


	September 30, 2024
($ in thousands)	Amount		Ratio
Tier 1 leverage capital
Regulatory capital	$	71,293	9.48	%
Individual minimum capital requirement	67,711		9.00	%
Minimum capital requirement	30,094		4.00	%
Excess over individual minimum capital requirement	3,582		0.48	%

Common equity Tier 1
Regulatory capital	$	71,293	11.74	%
Minimum capital requirement	42,520		7.00	%
Excess	28,773		4.74	%

Tier 1 risk-based capital
Regulatory capital	$	71,293	11.74	%
Minimum capital requirement	51,631		8.50	%
Excess	19,662		3.24	%

Total risk-based capital
Regulatory capital	$	77,629	12.78	%
Individual minimum capital requirement	72,891		12.00	%
Minimum capital requirement	63,780		10.50	%
Excess over individual minimum capital requirement	4,738		0.78	%


$ in thousands	Loans sold to FNMA
Open claims as of March 31, 2024 (1)	$	1,367
Gross new demands received	—
Loans repurchased/made whole	—
Demands rescinded	—
Advances on open claims	—
Principal payments received on open claims	(8)
Open claims as of September 30, 2024 (1)	$	1,359


$ in thousands	September 30, 2024
Representation and warranty repurchase reserve, March 31, 2024 (1)	$	86
Net adjustment to reserve for repurchase losses (2)	(4)

Representation and warranty repurchase reserve, September 30, 2024 (1)	$	82


	Three Months Ended September 30,						Six Months Ended September 30,
Selected Financial Data:	2024			2023			2024			2023
Return on average assets (1)	(1.13)	%		(0.87)	%		(1.15)	%		(0.83)	%
Return on average stockholders' equity (2)	(20.70)	%		(14.91)	%		(21.10)	%		(13.81)	%
Return on average stockholders' equity, excluding AOCI (2) (8)	(15.97)	%		(11.32)	%		(16.08)	%		(10.66)	%
Net interest margin (3)	3.27	%		3.06	%		3.14	%		3.10	%
Interest rate spread (4)	2.75	%		2.64	%		2.63	%		2.70	%
Efficiency ratio (5)	125.11	%		120.66	%		128.18	%		121.59	%
Operating expenses to average assets (6)	4.39	%		4.57	%		4.38	%		4.41	%
Average stockholders' equity to average assets (7)	5.45	%		5.86	%		5.47	%		6.02	%
Average stockholders' equity, excluding AOCI, to average assets (7) (8)	7.06	%		7.72	%		7.18	%		7.80	%
Average interest-earning assets to average interest-bearing liabilities	1.25		x	1.29		x	1.25		x	1.29		x

(1) Net income (loss), annualized, divided by average total assets.
(2) Net income (loss), annualized, divided by average total stockholders' equity.
(3) Net interest income, annualized, divided by average interest-earning assets.
(4) Combined weighted average interest rate earned less combined weighted average interest rate cost.
(5) Operating expense divided by sum of net interest income and non-interest income.
(6) Non-interest expense, annualized, divided by average total assets.
(7) Total average stockholders' equity divided by total average assets for the period.
(8) See Non-GAAP Financial Measures disclosure for comparable GAAP measures.


	For the Three Months Ended September 30,
	2024						2023
$ in thousands	Average Balance		Interest		Average Yield/Cost		Average Balance		Interest		Average Yield/Cost
Interest-Earning Assets:
Loans(1)	$	622,979	$	8,711	5.59	%	$	602,891	$	7,056	4.68	%
Mortgage-backed securities	26,542		133		2.00	%	27,586		145		2.10	%
Investment securities(2)	32,656		288		3.53	%	33,407		245		2.93	%
Restricted cash deposit	304		—		—	%	—		—		—	%

Money market investments	50,705		694		5.43	%	41,642		564		5.39	%
Total interest-earning assets	733,186		9,826		5.35	%	705,526		8,010		4.54	%
Non-interest-earning assets	16,277						19,807
Total assets	$	749,463					$	725,333

Interest-Bearing Liabilities:
Deposits
Interest-bearing checking	$	44,446	$	(186)	(1.66)	%	$	51,496	$	9	0.07	%
Savings and clubs	110,154		160		0.58	%	110,975		65		0.23	%
Money market	155,058		973		2.49	%	149,918		550		1.46	%
Certificates of deposit	225,541		2,279		4.01	%	186,477		1,385		2.95	%
Mortgagors deposits	1,641		7		1.69	%	2,429		2		0.33	%
Total deposits	536,840		3,233		2.39	%	501,295		2,011		1.60	%
Borrowed money	48,191		598		4.92	%	44,999		600		5.30	%
Total interest-bearing liabilities	585,031		3,831		2.60	%	546,294		2,611		1.90	%
Non-interest-bearing liabilities
Demand deposits	104,350						111,736
Other liabilities	19,258						24,767
Total liabilities	708,639						682,797
Stockholders' equity	40,824						42,536
Total liabilities and equity	$	749,463					$	725,333
Net interest income			$	5,995					$	5,399

Average interest rate spread					2.75	%					2.64	%

Net interest margin					3.27	%					3.06	%

(1) Includes nonaccrual loans
(2) Includes FHLB-NY stock


	For the Six Months Ended September 30,
	2024						2023
$ in thousands	Average Balance		Interest		Average Yield/Cost		Average Balance		Interest		Average Yield/Cost
Interest-Earning Assets:
Loans(1)	$	622,920	$	16,778	5.39	%	$	599,305	$	13,867	4.63	%
Mortgage-backed securities	26,319		273		2.07	%	28,438		294		2.07	%
Investment securities(2)	32,239		580		3.60	%	33,890		546		3.22	%
Restricted cash deposit	153		—		—	%	—		—		—	%

Money market investments	50,808		1,402		5.50	%	41,841		1,097		5.23	%
Total interest-earning assets	732,439		19,033		5.20	%	703,474		15,804		4.49	%
Non-interest-earning assets	16,760						19,788
Total assets	$	749,199					$	723,262

Interest-Bearing Liabilities:
Deposits
Interest-bearing checking	$	44,930	$	22	0.10	%	$	51,187	$	18	0.07	%
Savings and clubs	111,492		307		0.55	%	111,313		110		0.20	%
Money market	156,266		1,556		1.99	%	151,739		1,038		1.36	%
Certificates of deposit	222,105		4,450		4.00	%	184,347		2,555		2.76	%
Mortgagors deposits	2,355		9		0.76	%	3,006		4		0.27	%
Total deposits	537,148		6,344		2.36	%	501,592		3,725		1.48	%
Borrowed money	47,702		1,190		4.98	%	44,075		1,178		5.33	%
Total interest-bearing liabilities	584,850		7,534		2.57	%	545,667		4,903		1.79	%
Non-interest-bearing liabilities
Demand deposits	103,639						108,801
Other liabilities	19,710						25,240
Total liabilities	708,199						679,708
Stockholders' equity	41,000						43,554
Total liabilities and equity	$	749,199					$	723,262
Net interest income			$	11,499					$	10,901

Average interest rate spread					2.63	%					2.70	%

Net interest margin					3.14	%					3.10	%

(1) Includes nonaccrual loans
(2) Includes FHLB-NY stock


$ in thousands	Six Months Ended September 30, 2024			Fiscal Year Ended March 31, 2024			Six Months Ended September 30, 2023
Beginning Balance	$	5,871		$	5,229		$	5,229
Impact of CECL adoption	—			668			668
Less: Charge-offs




Business	(228)			(10)			—
Consumer	(127)			(160)			(117)

Total charge-offs	(355)			(170)			(117)
Add: Recoveries




Business	4			55			50
Consumer	1			6			3

Total recoveries	5			61			53
Net charge-offs	(350)			(109)			(64)
Provision for (recovery of) credit losses
One-to-four family	8			69			328
Multifamily	39			3			4
Commercial real estate	25			(95)			(105)
Construction	3			1			—
Business	348			(274)			(301)
Consumer	283			321			248
Unallocated	15			58			—
Provision for credit losses	721			83			174
Ending Balance	$	6,242		$	5,871		$	6,007

Ratios:
Net (charge-offs) recoveries to average loans outstanding (annualized)




Business	(0.26)		%	0.03		%	0.06		%
Consumer	(1.58)		%	(1.25)		%	(2.26)		%
Total loans	(0.11)		%	(0.02)		%	(0.02)		%

Allowance to total loans	1.01		%	0.94		%	0.98		%
Allowance to nonaccrual loans	36.45		%	49.86		%	37.96		%


	Non Performing Assets

$ in thousands	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Loans accounted for on a nonaccrual basis (1):
Gross loans receivable:
One-to-four family	$	2,244		$	2,650		$	3,554		$	4,295		$	3,942
Multifamily	1,708			2,206			2,238			2,627			1,131
Commercial real estate	4,522			4,522			4,522			5,937			4,522

Business	8,512			876			1,417			14,009			6,198
Consumer	139			50			44			45			30
Total nonaccrual loans	17,125			10,304			11,775			26,913			15,823
Other non-performing assets (2):
Real estate owned	52			52			52			60			60


Total non-performing assets (3)	$	17,177		$	10,356		$	11,827		$	26,973		$	15,883



Nonaccrual loans to total loans	2.77		%	1.64		%	1.89		%	4.31		%	2.59		%
Non-performing loans to total loans	2.77		%	1.64		%	1.89		%	4.31		%	2.59		%
Non-performing assets to total assets	2.29		%	1.39		%	1.56		%	3.48		%	2.14		%
Allowance to total loans	1.01		%	0.95		%	0.94		%	0.94		%	0.98		%
Allowance to nonaccrual loans	36.45		%	57.79		%	49.86		%	21.91		%	37.96		%

(1) Nonaccrual status denotes any loan where the delinquency exceeds 90 days past due, or in the opinion of management, the collection of contractual interest and/or principal is doubtful. Payments received on a nonaccrual loan are either applied to the outstanding principal balance or recorded as interest income, depending on assessment of the ability to collect on the loan.
(2) Other non-performing assets generally represent loans that the Bank is in the process of selling and has designated held-for-sale or 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.
(3) Modified loans to borrowers experiencing financial difficulty that are performing in accordance with their modified terms for less than six months and those not performing in accordance with their modified terms are considered nonaccrual and are included in the nonaccrual category in the table above. At September 30, 2024, there were $5.7 million of these modified loans that have performed in accordance with their modified terms for a period of at least six months. These loans are generally considered performing loans and are not presented in the table above.


3.1			Certificate of Incorporation of Carver Bancorp, Inc. (1)
3.2			Certificate of Amendment to the Certificate of Incorporation of Carver Bancorp, Inc. (2)
3.3			Second Amended and Restated Bylaws of Carver Bancorp, Inc. (3)
4.1			Stock Certificate of Carver Bancorp, Inc. (1)
4.2			Certificate of Designation for Mandatorily Convertible Non-Voting Participating Preferred Stock Series C and Convertible Non-Cumulative Non-Voting Participating Preferred Stock, Series D of Carver Bancorp, Inc. (4)
4.3			Certificate of Amendment to the Certificate of Incorporation of Carver Bancorp, Inc.(5)
4.4			Certificate of Designations of Non-Cumulative Non-Voting Participating Preferred Stock, Series E, par value $0.01 per share (6)
4.5			Certificate of Amendment of Certificate of Designations of Non-Cumulative Non-Voting Participating Preferred Stock, Series E, par value $0.01 per share (7)
4.6			Amended and Restated Certificate of Designations of Non-Cumulative Non-Voting Participating Preferred Stock, Series F, par value $0.01 per share (8)
31.1			Certification of Chief Executive Officer pursuant to Rule 13a-14(a)/15d-14(a)
31.2			Certification of Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14(a)
32.1			Certification of Chief Executive Officer furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. 1350
32.2			Certification of Chief Financial Officer furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. 1350
101			The following materials from the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, formatted in XBRL (Extensive Business Reporting Language): (i) Consolidated Statements of Financial Condition as of September 30, 2024 (unaudited) and March 31, 2024; (ii) Consolidated Statements of Operations for the three and six months ended September 30, 2024 and 2023 (unaudited); (iii) Consolidated Statements of Comprehensive Income/(Loss) for the three and six months ended September 30, 2024 and 2023 (unaudited); (iv) Consolidated Statements of Changes in Equity for the three and six months ended September 30, 2024 and 2023 (unaudited); (v) Consolidated Statements of Cash Flows for the six months ended September 30, 2024 and 2023 (unaudited); and (vi) Notes to Consolidated Financial Statements.
104			The cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, formatted in Inline XBRL.

(1)			Incorporated herein by reference from the Exhibits to the Form S-4, Registration Statement and amendments thereto, initially filed on June 7, 1996, Registration No. 333-5559.
(2)			Incorporated herein by reference from the Exhibits to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on November 1, 2011.
(3)			Incorporated herein by reference from the Exhibits to the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2006.
(4)			Incorporated herein by reference to Exhibit 3.1 to the Registrant's Report on Form 8-K filed with the Securities and Exchange Commission filed on July 6, 2011.
(5)			Incorporated herein by reference to Exhibit 3.1 to the Registrant's Report on Form 8-K filed with the Securities and Exchange Commission filed on November 1, 2011.
(6)			Incorporated herein by reference to Exhibit 3.1 to the Registrant's Report on Form 8-K filed with the Securities and Exchange Commission filed on February 1, 2021.
(7)			Incorporated herein by reference to Exhibit 3.2 to the Registrant's Report on Form 8-K filed with the Securities and Exchange Commission filed on February 1, 2021.
(8)			Incorporated herein by reference to Exhibit 3.1 to the Registrant's Report on Form 8-K filed with the Securities and Exchange Commission filed on September 30, 2021.


		CARVER BANCORP, INC.
Date:	November 14, 2024	/s/ Donald Felix
		Donald Felix
		President and Chief Executive Officer
		(Principal Executive Officer)


Date:	November 14, 2024	/s/ Christina L. Maier
		Christina L. Maier
		First Senior Vice President and Chief Financial Officer
		(Principal Accounting Officer and Principal Financial Officer)