NEW YORK, Aug. 1, 2024 /PRNewswire/ -- Carver Bancorp, Inc. (Nasdaq: CARV), the holding company for Carver Federal Savings Bank, released a letter from its Interim CEO Craig C. MacKay on the Bank's 2024 fiscal year-end performance: Dear Carver Shareholders: We remain optimistic about the Bank's future - Craig C. MacKay Post this Carver Bancorp, Inc. Interim CEO Craig C. MacKay Comments on the Bank's 2024 Fiscal Year-End Performance Carver Bancorp, Inc. ("Carver") reduced its net loss by 32% to $3.0 million ...

Financial Performance - The net loss for the year ending March 31, 2024, was $2.98 million, compared to a net loss of $2.98 million for the previous year, indicating consistent performance despite losses[598] - For the fiscal year ended March 31, 2024, Carver Bancorp reported a net loss of $2.977 million, an improvement from a net loss of $4.401 million in the previous year, representing a 32.3% reduction in losses[599] - Non-interest income increased by $3.1 million, or 86.1%, to $6.7 million compared to $3.6 million in the prior year, driven by grant income from the CDFI Fund's Equitable Recovery Program[602] Asset and Liability Management - Total assets increased to $756.8 million as of March 31, 2024, compared to $723.2 million as of March 31, 2023, reflecting a growth of approximately 4.6%[594] - Total loans receivable, net, rose to $617.0 million, up from $592.7 million, indicating an increase of about 4.1% year-over-year[594] - Total deposits increased to $647.0 million, compared to $600.4 million, representing an increase of approximately 7.8%[594] - The allowance for credit losses was $5.9 million as of March 31, 2024, compared to $5.2 million a year earlier, reflecting a rise of about 12.3%[594] - The total equity decreased to $42.3 million from $45.2 million, reflecting a decrease of about 6.4%[594] - The bank's investment securities decreased to $50.0 million from $56.2 million, a decline of about 10.7%[594] - Non-interest bearing checking deposits decreased to $102.0 million from $109.4 million, a decline of approximately 6.5%[594] Cash and Liquidity - Cash and cash equivalents totaled $59.0 million, up from $42.6 million, marking an increase of approximately 38.5%[594] - Total cash and cash equivalents increased by $16.4 million to $59.0 million, reflecting cash provided by financing activities of $43.1 million, partially offset by cash used in investing activities of $20.1 million and cash used in operating activities of $6.6 million[605] - Net cash used in operating activities totaled $6.571 million, a decrease from $10.513 million in the previous year, indicating improved operational efficiency[599] - The Bank's liquidity position improved, with cash and cash equivalents qualifying for short-term liquidity totaling $59.0 million as of March 31, 2024, compared to $42.6 million in the prior year[604] Capital and Regulatory Compliance - The Company maintained a minimum regulatory capital level of 9% for its Tier 1 leverage ratio and 12% for its total risk-based capital ratio as required by the OCC[610] - The Company issued common stock in a private placement transaction during the second quarter, generating gross proceeds of $1.0 million[605] - The bank's common stock outstanding increased to 7,644,675 shares from 6,799,410 shares, indicating an increase of approximately 12.4%[598] Interest and Borrowing Costs - Interest paid by the Company for the fiscal year was $10.711 million, significantly higher than $4.621 million in the previous year, reflecting increased borrowing costs[605] - The total contractual obligations of the Company amounted to $282.748 million, with $224.684 million in certificates of deposit due within one year[609] Reserves and Warranties - The Bank's representation and warranty reserves for mortgage loans sold to FNMA totaled $86 thousand as of March 31, 2024[606]

NEW YORK, May 28, 2024 /PRNewswire/ -- Carver Bancorp, Inc. (Nasdaq: CARV) ("Carver"), the holding company for Carver Federal Savings Bank (the "Bank"), a certified Community Development Financial Institution and a designated Minority Depository Institution, is proud to announce the closing of a $25 million revolving senior unsecured term loan under the Community Decarbonization Fund with NY Green Bank. Carver Bancorp, Inc. Announces $25 Million Revolving Loan Facility with NY Green Bank to Support Building ...

Marc Winkler, Senior Vice President, and Chief Administrative Officer, said, "Tony's track record in the financial sector and his deep commitment to community development make him an invaluable addition to our senior team. We are confident in his leadership abilities to enrich our customer service focus and identify new growth opportunities." In his new capacity, Holmes will spearhead the development and execution of innovative retail branch business strategies, elevate sales and marketing initiatives, and ...

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------------------------|-------|-------------|-------|----------|-------|---------|-------|--------|----------|--------|-------|------------------|-----------------|-------|-----------| | $ in thousands \nCredit Risk Profile by Internally Assigned Grade: | | 2023 | | 2022 | 2021 | | 2020 | | | 2019 | | 2018 and earlier | Revolving Loans | | Total | | Multifamily | ...

NEW YORK, Jan. 31, 2024 /PRNewswire/ -- Carver Bancorp, Inc. (Nasdaq: CARV) ("Carver" or the "Company"), the holding company for Carver Federal Savings Bank (the "Bank"), a certified Community Development Financial Institution ("CDFI") and designated Minority Depository Institution ("MDI"), announced today that its Board of Directors (the "Board") reviewed and thoroughly rejected an offer by Dream Chasers Capital Group ("Dream Chasers") to acquire 35% interest in Carver's common equity.   The Board determin ...

For the quarterly period ended September 30, 2023 75 West 125th Street New York New York 10027 (Address of Principal Executive Offices) (Zip Code) ☐Large Accelerated Filer☐Accelerated Filer☒Non-accelerated Filer ☒ Smaller Reporting Company☐Emerging Growth Company FORM 10-Q Commission File Number: 001-13007 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such short ...

| --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|--------------------------------------------------------------------|-----------------------------------------------------|-------|-------------------------------------------------|-------|------------------------| | $ in thousands \nMortgage servicing rights | $ | Quoted Prices in Active Markets for Identical Assets (Level 1) \n— | Significant Other Observable Inputs (Level 2) \n — | $ | Significant Unob ...

An unallocated loan loss allowance is appropriate when it reflects an estimate of probable loss, determined in accordance with GAAP and is properly supported. Financial institutions were not required to comply with ASC 326, "Financial Instruments - Credit Loss," which updates the guidance on recognition and measurement of credit losses for financial assets until the earlier of the end of the President's declaration of a National Emergency or December 31, 2020. The new methodology requirements, known as the ...

2023). Early application of the guidance is permitted. The Company is evaluating the impacts of this ASU to determine whether it will have a material impact on the Company's consolidated statements of financial condition and results of operations. • Periodic assessments and evaluations, including a performance appraisal program, to ensure strict adherence to an implemented written program to provide for effective Board and management supervision of the Bank. • Limitation on the asset size of the Commercial ...