Carver Bancorp Files Q3 2025 10-Q

TL;DR

Carver Bancorp's Q3 2025 10-Q is in. Check financials.

AI Summary

Carver Bancorp Inc. filed its 10-Q for the period ending December 31, 2024. The filing details financial performance and operational updates for the third quarter of fiscal year 2025. Key financial data and business segments are presented, reflecting the company's ongoing activities in the banking sector.

Why It Matters

This filing provides investors and analysts with the latest financial snapshot of Carver Bancorp, crucial for understanding its performance and strategic direction in the current economic climate.

Risk Assessment

Risk Level: medium — 10-Q filings are standard disclosures, but the specific financial details within can reveal underlying risks or strengths.

Key Numbers

• 2024-12-31 — Period End Date (Indicates the end of the reporting period for the 10-Q.)
• 2025-02-13 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
• 2024-04-01 — Fiscal Year Start Date (Marks the beginning of the fiscal year for which this report is filed.)
• 2024-12-31 — Fiscal Year-to-Date End (The end date for the year-to-date financial reporting within the 10-Q.)
• 2024-03-31 — Previous Fiscal Year End (Provides a comparative point from the prior fiscal year's end.)

Key Players & Entities

• CARVER BANCORP INC (company) — Filer
• 2024-12-31 (date) — Period of Report
• 2025-02-13 (date) — Filing Date
• 75 W 125TH ST (address) — Business Address
• NEW YORK (location) — Business City

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) ( 2,1
• $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-20241231.htm (10-Q) — 2609KB
• december31202410qex311.htm (EX-31.1) — 11KB
• december31202410qex312.htm (EX-31.2) — 11KB
• december31202410qex321.htm (EX-32.1) — 5KB
• december31202410qex322.htm (EX-32.2) — 5KB
• 0001016178-25-000005.txt ( ) — 12936KB
• carv-20241231.xsd (EX-101.SCH) — 32KB
• carv-20241231_cal.xml (EX-101.CAL) — 62KB
• carv-20241231_def.xml (EX-101.DEF) — 280KB
• carv-20241231_lab.xml (EX-101.LAB) — 573KB
• carv-20241231_pre.xml (EX-101.PRE) — 483KB
• carv-20241231_htm.xml (XML) — 3245KB

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 46

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, 2024 March 31, 2024 ASSETS Cash and cash equivalents: Cash and due from banks $ 49,449 $ 58,522 Money market investments 510 503 Total cash and cash equivalents 49,959 59,025 Investment securities: Available-for-sale, at fair value (amortized cost of $ 57,118 and $ 60,735 , respectively) 44,121 48,030 Held-to-maturity, at amortized cost (fair value of $ 1,735 and $ 1,905 , respectively) 1,807 2,008 Total investment securities 45,928 50,038 Loans receivable: Real estate mortgage loans 431,576 437,577 Commercial business loans 163,579 169,602 Consumer loans 15,722 15,699 Loans, net of deferred fees and costs 610,877 622,878 Allowance for credit losses ( 6,057 ) ( 5,871 ) Total loans receivable, net 604,820 617,007 Premises and equipment, net 2,166 2,567 Federal Home Loan Bank of New York ("FHLB-NY") stock, at cost 1,665 2,004 Accrued interest receivable 2,466 3,662 Right-of-use assets 8,884 9,844 Other assets 11,642 12,649 Total assets $ 727,530 $ 756,796 LIABILITIES AND EQUITY LIABILITIES Deposits: Non-interest bearing checking $ 97,297 $ 102,013 Interest-bearing deposits: Interest-bearing checking 43,600 46,358 Savings 107,095 113,187 Money market 151,796 159,105 Certificates of deposit 236,230 223,719 Escrow 921 2,617 Total interest-bearing deposits 539,642 544,986 Total deposits 636,939 646,999 Advances from the FHLB-NY and other borrowed money 38,281 46,536 Operating lease liability 9,539 10,616 Other liabilities 10,505 10,336 Total liabilities 695,264 714,487 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

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

View Full Filing

View this 10-Q filing on SEC EDGAR