UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________ FORM 10-K FOR ANNUAL AND TRANSITION REPORTS PURSUANT TO SECTIONS 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended March 31, 2020 OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ | --- | --- | --- | --- | --- | ...

Financial Performance - The Bank reported a net loss of $1.4 million for the three months ended December 31, 2019, compared to a net loss of $1.3 million for the same period in the prior year[205]. - Net interest income decreased by $0.1 million, or 2.4%, to $4.0 million for the three months ended December 31, 2019, compared to $4.1 million for the same quarter last year[214]. - Net interest income decreased by $0.9 million, or 7.0%, to $12.0 million for the nine months ended December 31, 2019, compared to $12.9 million for the prior year period[214]. - Non-interest income decreased by $0.3 million, or 23.1%, to $1.0 million for the three months ended December 31, 2019, compared to $1.3 million for the same period last year[232]. - Non-interest expense decreased by $0.7 million, or 9.9%, to $6.4 million for the three months ended December 31, 2019, compared to $7.1 million for the prior year quarter[236]. - The Company achieved a decrease in non-interest expenses, which helped mitigate the losses reported for the nine months ended December 31, 2019[205]. Asset and Liability Management - Carver Bancorp, Inc. had approximately $569.1 million in assets as of December 31, 2019[141]. - As of December 31, 2019, the Bank's total assets were $569.1 million, reflecting a 1.0% increase from $563.7 million at March 31, 2019[191]. - Total liabilities increased by $2.7 million, or 0.5%, to $519.3 million at December 31, 2019, primarily due to the recognition of $20 million in operating lease liabilities[195]. - Deposits decreased by $15.9 million, or 3.3%, to $464.3 million at December 31, 2019, mainly due to reductions in brokered certificates of deposit accounts[196]. - The Bank's net borrowings increased by $4.2 million, or 19.6%, to $25.6 million at December 31, 2019, compared to $21.4 million at March 31, 2019[171]. Loan Portfolio and Credit Quality - The adequacy of the Bank's Allowance for Loan and Lease Losses (ALLL) is determined based on management's review of the loan portfolio and various economic factors[154]. - Carver Federal has a high concentration of loans secured by properties located in its market area, which poses risks related to economic conditions[137]. - The Bank maintains a specific reserve allowance for criticized and classified loans, with at-risk balances of $500,000 or more being individually reviewed for impairment[162]. - Nonaccrual loans totaled $7.2 million, or 1.3% of total assets, at December 31, 2019, down from $10.3 million, or 1.8% of total assets, at March 31, 2019[226]. - The allowance for loan losses (ALLL) was $4.6 million at December 31, 2019, representing a ratio of 1.09% to total loans[226]. - Loans classified as troubled debt restructuring (TDR) totaled $4.3 million at December 31, 2019, down from $5.4 million at March 31, 2019[229]. - As of December 31, 2019, non-performing assets totaled $7.3 million, representing 1.3% of total assets, a decrease from $10.7 million or 1.9% at March 31, 2019[230]. - The total non-performing loans to total loans ratio was 1.70% as of December 31, 2019, down from 1.78% in the previous quarter[230]. Capital and Regulatory Compliance - The Bank's capital adequacy is measured in accordance with the Basel III regulatory framework, requiring a minimum Common Equity Tier 1 (CET1) ratio of 7%[177]. - The Bank's Tier 1 leverage capital ratio was 11.25%, with a Common Equity Tier 1 capital ratio of 15.91% and a total risk-based capital ratio of 17.10% as of December 31, 2019[183]. - The Bank's liquidity is monitored using regulatory guidelines, and it was in compliance with its liquidity policy as of December 31, 2019[170]. - The Bank's commitment to improve its regulatory position contributed to lower regulatory assessment costs and operational efficiencies[236]. Market Position and Competition - The Bank's primary market area for deposits includes low- to moderate-income neighborhoods in Brooklyn, Manhattan, and Queens, facing significant competition from larger financial institutions[144]. - The Bank's competition for loans comes mainly from commercial banks, savings institutions, and mortgage banking companies, which have greater financial resources[144]. - The Bank's community involvement and targeted services help it compete effectively in its market despite challenges[145]. Interest Income and Expense - Total interest-earning assets were $547,755 thousand for the three months ended December 31, 2019, with an average yield of 4.01%[215]. - Total interest-bearing liabilities were $439,627 thousand for the three months ended December 31, 2019, with an average cost of 1.32%[215]. - Interest income decreased by $1.2 million, or 6.8%, to $16.4 million for the nine months ended December 31, 2019, compared to $17.6 million for the prior year period[219]. - Interest expense decreased by $0.4 million, or 8.5%, to $4.3 million for the nine months ended December 31, 2019, compared to $4.7 million for the prior year[220]. - The average interest rate spread improved to 2.67% for the nine months ended December 31, 2019, compared to 2.54% for the prior year[1]. Community Development and Initiatives - The Bank's community development initiatives are overseen by Carver Community Development Corporation, which coordinates financial literacy activities and applies for grants[146].

[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents Carver Bancorp, Inc.'s unaudited consolidated financial statements and detailed notes for the periods ended September 30, 2019 [Consolidated Statements of Financial Condition](index=3&type=section&id=Consolidated%20Statements%20of%20Financial%20Condition) Total assets increased to **$587.0 million**, driven by new right-of-use assets, while total equity rose to **$51.3 million** Consolidated Balance Sheet Highlights (in thousands) | Account | Sep 30, 2019 | Mar 31, 2019 | Change | | :--- | :--- | :--- | :--- | | **Total Assets** | **$586,992** | **$563,713** | **+4.1%** | | Total cash and cash equivalents | $38,229 | $31,228 | +22.4% | | Total loans receivable, net | $428,659 | $424,182 | +1.1% | | Right-of-use assets | $18,783 | $0 | N/A | | **Total Liabilities** | **$535,683** | **$516,577** | **+3.7%** | | Total deposits | $473,121 | $480,196 | -1.5% | | Operating lease liability | $19,254 | $0 | N/A | | **Total Equity** | **$51,309** | **$47,136** | **+8.8%** | [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) The company reported a reduced net loss of **$1.05 million** for the quarter and **$2.19 million** for the six-month period, primarily due to lower non-interest expenses Quarterly Performance (Three Months Ended Sep 30, in thousands) | Metric | 2019 | 2018 | | :--- | :--- | :--- | | Net Interest Income | $3,844 | $4,316 | | Total Non-interest Income | $1,198 | $1,079 | | Total Non-interest Expense | $6,085 | $7,297 | | **Net Loss** | **($1,050)** | **($2,017)** | | **Basic & Diluted EPS** | **($0.28)** | **($0.55)** | Six-Month Performance (Six Months Ended Sep 30, in thousands) | Metric | 2019 | 2018 | | :--- | :--- | :--- | | Net Interest Income | $8,016 | $8,814 | | Total Non-interest Income | $2,158 | $2,383 | | Total Non-interest Expense | $12,355 | $14,124 | | **Net Loss** | **($2,189)** | **($3,047)** | | **Basic & Diluted EPS** | **($0.59)** | **($0.82)** | [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Cash and cash equivalents increased by **$7.0 million** for the six months ended September 30, 2019, driven by financing and operating activities Cash Flow Summary (Six Months Ended Sep 30, in thousands) | Activity | 2019 | 2018 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $1,555 | ($2,615) | | Net cash provided by investing activities | $372 | $4,092 | | Net cash provided by (used in) financing activities | $5,074 | ($75,506) | | **Net increase (decrease) in cash** | **$7,001** | **($74,029)** | - The company recognized a non-cash right-of-use asset of **$19.95 million** and an operating lease liability of **$20.34 million** upon adopting a new lease accounting standard[23](index=23&type=chunk) [Notes to Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) These notes detail the company's organization, regulatory constraints, accounting policies, financial instruments, and the impact of new accounting standards - The Bank is subject to a Formal Agreement with the OCC, restricting dividend payments and requiring approval for changes in key personnel[32](index=32&type=chunk)[33](index=33&type=chunk) - The company adopted ASU 2016-02 (Leases) on April 1, 2019, recognizing a **$20 million** right-of-use asset and a corresponding lease liability, with a **$5.3 million** cumulative effect adjustment to retained earnings[121](index=121&type=chunk) - The effective date for implementing the new CECL model has been deferred for the company to fiscal years beginning after December 31, 2023[133](index=133&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=32&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial performance, balance sheet changes, asset quality, and capital adequacy, highlighting a reduced net loss and compliance with regulatory capital requirements - The company reported a net loss of **$1.1 million** for Q2 2019, an improvement from a **$2.0 million** loss in Q2 2018, primarily due to decreased non-interest expense[213](index=213&type=chunk) - Total assets increased by **$23.3 million (4.1%)** since March 31, 2019, primarily due to the adoption of ASU 2016-02, adding a **$20 million** Right-of-Use asset[199](index=199&type=chunk) - Non-interest expense decreased by **$1.2 million (16.4%)** for the quarter, driven by strategic reductions in force, lower FDIC premiums, and improved operating efficiencies[250](index=250&type=chunk) [Liquidity and Capital Resources](index=38&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity and exceeds all regulatory capital requirements, including higher IMCRs, with a Tier 1 leverage ratio of **11.45%** and total risk-based capital of **16.90%** Bank Capital Ratios vs. Requirements (Sep 30, 2019) | Capital Ratio | Actual Ratio | Individual Minimum Requirement | | :--- | :--- | :--- | | Tier 1 Leverage Capital | 11.45% | 9.00% | | Common Equity Tier 1 | 15.75% | 7.00% | | Tier 1 Risk-Based Capital | 15.75% | 8.50% | | Total Risk-Based Capital | 16.90% | 12.00% | - The Bank is eligible to opt into the 'Community Bank Leverage Ratio' framework starting March 31, 2020, potentially simplifying capital requirements[185](index=185&type=chunk) - The company maintains a representation and warranty reserve of **$234 thousand** for potential losses on mortgage loans sold to FNMA[196](index=196&type=chunk) [Comparison of Financial Condition](index=42&type=section&id=Comparison%20of%20Financial%20Condition) Total assets grew by **4.1%** to **$587.0 million** due to new lease accounting, while total equity rose **8.9%** to **$51.3 million**, despite a **1.5%** decrease in deposits - Total assets increased by **$23.3 million (4.1%)** to **$587.0 million**, primarily due to ASU 2016-02 adoption, which added a **$20 million** ROU asset[199](index=199&type=chunk) - Deposits decreased by **$7.1 million (1.5%)** due to a strategic decision not to retain certain higher-cost certificate of deposit accounts[204](index=204&type=chunk) - Total equity increased by **$4.2 million (8.9%)**, mainly due to a **$5.3 million** cumulative effect adjustment from recognizing a deferred gain on a sale/leaseback under ASU 2016-02[207](index=207&type=chunk)[206](index=206&type=chunk) [Comparison of Operating Results](index=43&type=section&id=Comparison%20of%20Operating%20Results) The company's net loss narrowed for both the three and six-month periods, driven by significant reductions in non-interest expenses despite a decline in net interest income Selected Operating Ratios | Ratio | Three Months Ended Sep 30, 2019 | Three Months Ended Sep 30, 2018 | | :--- | :--- | :--- | | Return on average assets | (0.73)% | (1.28)% | | Net interest margin | 2.81% | 2.78% | | Efficiency ratio | 120.69% | 135.25% | - Net interest income decreased by **11.6%** for the quarter and **9.1%** for the six-month period year-over-year, primarily due to a decline in average loan balances[225](index=225&type=chunk) - Non-performing assets decreased to **$7.8 million (1.3% of total assets)** at Sep 30, 2019, from **$10.7 million (1.9% of total assets)** at March 31, 2019[244](index=244&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=53&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section is not applicable as the company qualifies as a smaller reporting company - The company is a smaller reporting company and is therefore not required to provide this disclosure[251](index=251&type=chunk) [Item 4. Controls and Procedures](index=53&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of September 30, 2019, with no material changes to internal control over financial reporting - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of September 30, 2019[253](index=253&type=chunk) - No material changes occurred in the company's internal control over financial reporting during the fiscal quarter[254](index=254&type=chunk) [PART II. OTHER INFORMATION](index=54&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=54&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings, which management believes will not materially affect its financial condition or operations - As of September 30, 2019, management does not expect any pending legal proceedings to have a material adverse effect on the company's financial condition or operations[256](index=256&type=chunk) [Item 1A. Risk Factors](index=54&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the previously disclosed risk factors were reported for the quarter ended September 30, 2019 - No material changes in risk factors were reported for the company's second quarter ended September 30, 2019[257](index=257&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=54&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not sell any unregistered securities or repurchase any of its own securities during the quarter ended September 30, 2019 - No unregistered securities were sold by the company during the quarter ended September 30, 2019[258](index=258&type=chunk) - The company did not repurchase any of its securities during the quarter ended September 30, 2019[260](index=260&type=chunk) [Item 3. Defaults Upon Senior Securities](index=54&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) No defaults upon senior securities occurred during the reporting period - No defaults upon senior securities occurred during the reporting period[261](index=261&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q þ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2019 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-13007 CARVER BANCORP, INC. (Exact name of registrant as specified in its charter) Delaware (State or Other Jurisdiction of Incorporation or ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________ FORM 10-K FOR ANNUAL AND TRANSITION REPORTS PURSUANT TO SECTIONS 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 S ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended March 31, 2019 OR £ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Commission File Number: 001-13 ...

Financial Performance - The Company reported a net loss of $1.3 million for the three months ended December 31, 2018, compared to a net loss of $944 thousand for the same period in the prior year [205]. - Return on average assets for the three months ended December 31, 2018, was (0.91)%, compared to (0.58)% in 2017 [206]. - Net interest income decreased by $0.6 million, or 12.6%, to $4.1 million for the three months ended December 31, 2018, compared to $4.7 million for the same quarter last year [214]. - Efficiency ratio increased to 130.37% for the three months ended December 31, 2018, from 115.03% in 2017 [206]. - Return on average stockholders' equity was (11.13)% for the three months ended December 31, 2018, compared to (8.08)% in 2017 [213]. - Net interest income for the nine months ended December 31, 2018, decreased by $1.8 million, or 12.3%, to $12.9 million compared to $14.7 million for the prior year period [214]. - Non-interest income decreased by $19 thousand, or 1.4%, for the three months ended December 31, 2018, compared to the prior year [234]. - Non-interest expense increased by $0.1 million, or 1.8%, to $7.1 million for the three months ended December 31, 2018 [235]. Asset and Liability Management - Carver Bancorp, Inc. had approximately $590.4 million in assets as of December 31, 2018 [141]. - Total assets decreased by $103.5 million, or 14.9%, from $693.9 million at March 31, 2018, to $590.4 million at December 31, 2018 [192]. - Total liabilities decreased by $99.4 million, or 15.5%, to $542.5 million at December 31, 2018, compared to $641.9 million at March 31, 2018 [196]. - Total cash and cash equivalents decreased by $94.5 million to $40.1 million at December 31, 2018, from $134.6 million at March 31, 2018 [177]. - Gross portfolio loans decreased by $50.3 million, or 10.5%, to $427.4 million at December 31, 2018, primarily due to attrition and payoffs of non-owner occupied commercial real estate mortgage loans [195]. - Deposits decreased by $73.9 million, or 12.6%, to $513.0 million at December 31, 2018, due primarily to declines in brokered certificate of deposit accounts [197]. Capital and Reserves - The Company has fully reserved all but $212 thousand of its deferred tax asset, indicating minimal impact on financial statements [169]. - The capital raise on June 29, 2011, resulted in a $51.4 million increase in equity after expenses [170]. - As of December 31, 2018, the Bank's Tier 1 leverage capital ratio was 10.79%, exceeding the Individual Minimum Capital Requirement (IMCR) of 9% [184]. - The Bank's Common Equity Tier 1 capital ratio stood at 16.00%, significantly above the minimum capital requirement of 4.50% [181]. - The allowance for loan losses (ALLL) was $4.8 million at December 31, 2018, representing a ratio of the ALLL to nonaccrual loans of 48.4% [226]. - The ratio of allowance to total loans was 1.12% at December 31, 2018, compared to 1.07% at March 31, 2018 [226]. Loan Performance and Risk - Nonaccrual loans totaled $9.9 million, or 1.7% of total assets, at December 31, 2018, compared to $6.7 million, or 1.0% of total assets at March 31, 2018 [226]. - The total non-performing loans amounted to $9.9 million, representing 2.32% of total loans, an increase from 1.39% at March 31, 2018 [230]. - Subprime loans accounted for $5.4 million, or 1.3% of the total loan portfolio, with $1.6 million classified as non-performing [232]. - The provision for loan losses recorded a recovery of $332 thousand for the three months ended December 31, 2018, compared to a $6 thousand provision for loan loss for the prior year quarter [225]. - The allowance to non-performing loans ratio was 48.43% as of December 31, 2018, down from 76.94% at March 31, 2018 [230]. Community Engagement and Development - Approximately 75% of originated and purchased loans were within Carver's assessment area, demonstrating excellent responsiveness to community needs [141]. - The Bank's community development initiatives are overseen by Carver Community Development Corporation, which coordinates local economic development and financial literacy activities [146]. - Carver Federal offers a suite of products for unbanked and underbanked consumers, branded as Carver Community Cash [142]. - The Bank's community involvement and targeted services help it compete effectively in its market despite intense competition [145]. Economic and Regulatory Environment - The Bank's financial results may be impacted by changes in economic conditions, regulatory requirements, and interest rates [137]. - The Bank's competition for deposits comes from commercial banks, savings institutions, credit unions, and financial intermediaries, which have greater resources [144]. - The Bank's primary market area includes low- to moderate-income neighborhoods in Brooklyn, Manhattan, and Queens, facing significant competition from larger financial institutions [144].