Carver Bancorp Inc. Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>Carver Bancorp Inc. filed its quarterly 10-Q report for the period ending December 31, 2023, detailing financial positions and portfolio segment data.</b>

AI Summary

CARVER BANCORP INC (CARV) filed a Quarterly Report (10-Q) with the SEC on February 14, 2024. Carver Bancorp Inc. filed its 10-Q report for the period ending December 31, 2023. The filing covers the fiscal quarter ending December 31, 2023, and the year-to-date period from April 1, 2023. The company's fiscal year ends on March 31. Key financial data points such as preferred stock, common stock, and retained earnings are detailed as of September 30, 2023, and December 31, 2023. The filing includes information on real estate loans and commercial and consumer portfolio segments as of December 31, 2023, and March 31, 2023.

Why It Matters

For investors and stakeholders tracking CARVER BANCORP INC, this filing contains several important signals. This filing provides investors with the latest financial snapshot of Carver Bancorp Inc., crucial for understanding its performance and stability in the banking sector. The detailed breakdown of loan portfolios and equity components allows for a deeper analysis of the company's asset quality and capital structure.

Risk Assessment

Risk Level: low — CARVER BANCORP INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags or significant negative developments, indicating a routine disclosure.

Analyst Insight

Monitor future filings for trends in loan growth, net income, and any changes in the company's capital structure.

Key Numbers

• 2023-12-31 — Period of Report (Fiscal quarter end date)
• 2024-02-14 — Filed As Of Date (Date the report was filed)
• 03/31 — Fiscal Year End (Company's fiscal year end)
• 2023-04-01 — Year-to-Date Start (Start date for year-to-date reporting)
• 2023-12-31 — Year-to-Date End (End date for year-to-date reporting)

Key Players & Entities

• CARVER BANCORP INC (company) — Filer name
• 2023-12-31 (date) — Period of report
• 2024-02-14 (date) — Filed as of date
• 75 W 125TH ST (address) — Business address
• NEW YORK (location) — Business address city
• DE (location) — State of incorporation
• 03/31 (date) — Fiscal year end
• USD (currency) — Currency used in filing

FAQ

Key Dates

• 2023-12-31: Quarterly Period End — End of the reporting fiscal quarter.
• 2024-02-14: Filing Date — Date the 10-Q report was officially filed with the SEC.
• 2023-03-31: Prior Year End — End of the previous fiscal year, used for comparative analysis.

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share CARV The NASDAQ Stock Market,
• $0 — -for-sale, net of income tax expense of $0 (due to full valuation allowance) 3,037

Filing Documents

• carv-20231231.htm (10-Q) — 2417KB
• december31202310qex311.htm (EX-31.1) — 11KB
• december31202310qex312.htm (EX-31.2) — 11KB
• december31202310qex321.htm (EX-32.1) — 5KB
• december31202310qex322.htm (EX-32.2) — 5KB
• 0001016178-24-000005.txt (&nbsp;) — 12212KB
• carv-20231231.xsd (EX-101.SCH) — 32KB
• carv-20231231_cal.xml (EX-101.CAL) — 63KB
• carv-20231231_def.xml (EX-101.DEF) — 296KB
• carv-20231231_lab.xml (EX-101.LAB) — 651KB
• carv-20231231_pre.xml (EX-101.PRE) — 502KB
• carv-20231231_htm.xml (XML) — 2824KB

Financial Statements

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

Notes to Consolidated Financial Statements 6 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 32 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 49 Item 4.

Controls and Procedures

Controls and Procedures 49 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 50 Item 1A.

Risk Factors

Risk Factors 50 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 50 Item 3. Defaults Upon Senior Securities 50 Item 4. Mine Safety Disclosures 50 Item 5. Other Information 50 Item 6. Exhibits 51

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION CARVER BANCORP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) $ in thousands except per share data December 31, 2023 March 31, 2023 ASSETS Cash and cash equivalents: Cash and due from banks $ 74,730 $ 42,298 Money market investments 500 254 Total cash and cash equivalents 75,230 42,552 Investment securities: Available-for-sale, at fair value 49,106 53,843 Held-to-maturity, at amortized cost (fair value of $ 1,984 and $ 2,221 , respectively) 2,078 2,318 Total investment securities 51,184 56,161 Loans receivable: Real estate mortgage loans 437,574 423,349 Commercial business loans 172,204 166,908 Consumer loans 14,873 7,639 Loans, gross 624,651 597,896 Allowance for credit losses ( 5,897 ) ( 5,229 ) Total loans receivable, net 618,754 592,667 Premises and equipment, net 2,660 3,174 Federal Home Loan Bank of New York ("FHLB-NY") stock, at cost 2,004 2,266 Accrued interest receivable 2,414 1,911 Right-of-use assets 10,468 12,311 Other assets 12,593 12,182 Total assets $ 775,307 $ 723,224 LIABILITIES AND EQUITY LIABILITIES Deposits: Non-interest bearing checking $ 106,408 $ 109,401 Interest-bearing deposits: Interest-bearing checking 47,290 49,473 Savings 109,614 109,210 Money market 165,953 150,348 Certificates of Deposit 231,676 178,694 Escrow 1,876 3,303 Total interest-bearing deposits 556,409 491,028 Total deposits 662,817 600,429 Advances from the FHLB-NY and other borrowed money 46,551 51,090 Operating lease liability 11,270 13,173 Other liabilities 11,943 13,308 Total liabilities 732,581 678,000 Commitments and contingencies (Note 8) — — EQUITY Preferred stock, (par value $ 0.01 per share: 10,451 and 13,201 Series D shares, with a liquidation preference of $ 1,000 per share, issued and outstanding, respectively) 10,451 13,201 Preferred stock (par value $ 0.01 per share: 3,177 Series E shares, with a liquidation preference of $ 1,000 per share, i

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) NOTE 1. 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 subsidiary is Carver Federal Savings Bank (the "Bank" or "Carver Federal"). 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 seven branches located throughout the City of New York that primarily serve the communities in which they operate. In September 2003, the Company formed Carver Statutory Trust I (the "Trust") for the sole purpose of issuing trust preferred securities and investing the proceeds in an equivalent amount of floating rate junior subordinated debentures of the Company. In accordance with Accounting Standards Codification ("ASC") 810, "Consolidations," Carver Statutory Trust I is unconsolidated for financial reportin

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