Carver Bancorp Files Q1 2025 10-Q

TL;DR

Carver Bancorp's Q1 2025 10-Q is in, showing loan portfolio details and preferred stock info.

AI Summary

Carver Bancorp Inc. filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and position, including its loan portfolio segments and preferred stock series. Specific financial figures and comparative data from previous periods are presented within the report.

Why It Matters

This filing provides investors and analysts with a quarterly update on Carver Bancorp's financial health, loan performance, and capital structure, crucial for assessing its stability and growth prospects.

Risk Assessment

Risk Level: medium — As a financial institution, Carver Bancorp is subject to market, credit, and regulatory risks inherent in the banking sector.

Key Numbers

• 2024-06-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial information is provided.)
• 2024-03-31 — Previous Period End Date (Provides a point of comparison for financial performance and position.)

Key Players & Entities

• CARVER BANCORP INC (company) — Filer of the 10-Q report
• 2024-06-30 (date) — End of the reporting period
• 2024-04-01 (date) — Beginning of the reporting period
• 0001016178 (company) — Central Index Key for Carver Bancorp Inc.

FAQ

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) ( 263
• $0.7 million — n of ASC 326 resulted in an increase of $0.7 million to the allowance for credit losses rela

Filing Documents

• carv-20240630.htm (10-Q) — 2242KB
• june30202410qex311.htm (EX-31.1) — 11KB
• june30202410qex312.htm (EX-31.2) — 11KB
• june30202410qex321.htm (EX-32.1) — 5KB
• june30202410qex322.htm (EX-32.2) — 5KB
• 0001016178-24-000020.txt ( ) — 11857KB
• carv-20240630.xsd (EX-101.SCH) — 31KB
• carv-20240630_cal.xml (EX-101.CAL) — 60KB
• carv-20240630_def.xml (EX-101.DEF) — 280KB
• carv-20240630_lab.xml (EX-101.LAB) — 558KB
• carv-20240630_pre.xml (EX-101.PRE) — 472KB
• carv-20240630_htm.xml (XML) — 2925KB

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 28 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 42 Item 4.

Controls and Procedures

Controls and Procedures 42 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 43 Item 1A.

Risk Factors

Risk Factors 43 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 43 Item 3. Defaults Upon Senior Securities 43 Item 4. Mine Safety Disclosures 43 Item 5. Other Information 43 Item 6. Exhibits 44

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION CARVER BANCORP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) $ in thousands except per share data June 30, 2024 March 31, 2024 ASSETS Cash and cash equivalents: Cash and due from banks $ 45,839 $ 58,522 Money market investments 505 503 Total cash and cash equivalents 46,344 59,025 Investment securities: Available-for-sale, at fair value (amortized cost of $ 59,913 and $ 60,735 , respectively) 46,945 48,030 Held-to-maturity, at amortized cost (fair value of $ 1,839 and $ 1,905 , respectively) 1,940 2,008 Total investment securities 48,885 50,038 Loans receivable: Real estate mortgage loans 438,441 437,577 Commercial business loans 172,503 169,602 Consumer loans 15,921 15,699 Loans, net of deferred fees and costs 626,865 622,878 Allowance for credit losses ( 5,955 ) ( 5,871 ) Total loans receivable, net 620,910 617,007 Premises and equipment, net 2,425 2,567 Federal Home Loan Bank of New York ("FHLB-NY") stock, at cost 2,115 2,004 Accrued interest receivable 3,669 3,662 Right-of-use assets 9,259 9,844 Other assets 12,903 12,649 Total assets $ 746,510 $ 756,796 LIABILITIES AND EQUITY LIABILITIES Deposits: Non-interest bearing checking $ 106,188 $ 102,013 Interest-bearing deposits: Interest-bearing checking 44,135 46,358 Savings 110,787 113,187 Money market 159,313 159,105 Certificates of deposit 217,083 223,719 Escrow 947 2,617 Total interest-bearing deposits 532,265 544,986 Total deposits 638,453 646,999 Advances from the FHLB-NY and other borrowed money 48,304 46,536 Operating lease liability 10,003 10,616 Other liabilities 9,889 10,336 Total liabilities 706,649 714,487 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

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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