Carver Bancorp Q2 2024 Update: Balance Sheet Details

TL;DR

Carver Bancorp's 10-Q shows Q2 2024 balance sheet details, including loan portfolios and preferred stock.

AI Summary

Carver Bancorp Inc. reported its financial results for the second quarter ended September 30, 2024. The company's filing details its balance sheet, including various loan portfolios and preferred stock issuances. Specific financial figures and comparative data from prior periods are presented within the report.

Why It Matters

This filing provides investors with a snapshot of Carver Bancorp's financial health and asset composition as of September 30, 2024, crucial for understanding its current market position.

Risk Assessment

Risk Level: low — This filing is a routine quarterly report and does not contain information indicating significant new risks.

Key Numbers

• 2024-09-30 — Report Date (End of the second fiscal quarter)
• 2024-11-14 — Filing Date (Date the 10-Q was submitted to the SEC)
• 2024-03-31 — Prior Period Balance Sheet Date (Comparison point for financial assets and liabilities)

Key Players & Entities

• CARVER BANCORP INC (company) — Filer
• 2024-09-30 (date) — Report Period End Date
• 2024-11-14 (date) — Filing Date
• 75 W 125TH ST (address) — Business Address
• NEW YORK (location) — Business City
• 10027-4512 (zip_code) — Business Zip Code

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) 2,122
• $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-20240930.htm (10-Q) — 2576KB
• september30202410qex311.htm (EX-31.1) — 11KB
• september30202410qex312.htm (EX-31.2) — 11KB
• september30202410qex321.htm (EX-32.1) — 5KB
• september30202410qex322.htm (EX-32.2) — 5KB
• 0001016178-24-000026.txt ( ) — 12797KB
• carv-20240930.xsd (EX-101.SCH) — 31KB
• carv-20240930_cal.xml (EX-101.CAL) — 61KB
• carv-20240930_def.xml (EX-101.DEF) — 280KB
• carv-20240930_lab.xml (EX-101.LAB) — 565KB
• carv-20240930_pre.xml (EX-101.PRE) — 477KB
• carv-20240930_htm.xml (XML) — 3198KB

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 29 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 45 Item 4.

Controls and Procedures

Controls and Procedures 45 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 46 Item 1A.

Risk Factors

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

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION CARVER BANCORP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) $ 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 Se

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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