Delaware
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001-13007
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13-3904174
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(State or Other Jurisdiction
of Incorporation)
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(Commission File No.)
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(I.R.S. Employer
Identification No.)
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75 West 125th Street, New York, NY
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10027-4512
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(Address of Principal Executive Offices)
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(Zip Code)
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading symbol(s)
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Name of each exchange on which registered
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Common stock, par value $0.01 per share
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CARV
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The NASDAQ Stock Market LLC
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Exhibit No.
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Description
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Letter to Shareholders, dated February 21, 2024
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104
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Cover Page Interactive Data File (embedded in the cover page formatted in Inline XBRL)
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CARVER BANCORP, INC.
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DATE: February 21, 2024
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By:
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/s/ Isaac Torres
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Isaac Torres
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Senior Vice President, General Counsel and Corporate Secretary
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Carver Bancorp (“Carver”) demonstrated resilience and continued progress in the fiscal quarter ended December 31, 2023, as our breakeven net
income outpaced the prior year quarter by $1.1 million. Integral to its mission and ongoing service to disadvantaged communities, Carver actively participates in the U.S. Treasury’s Economic Recovery Program (“ERP”) and recognized $1.4
million of ERP grant income in the December 2023 quarter, based on its qualified impact lending activities.
Growth in interest income for the nine-month year-to-date fiscal period of $4.0 million or 19.6% reflects a concurrent increase in new loan
commitments and average
new loan yields. Notwithstanding the deleterious effects of the 2023 Federal Reserve rate hikes on our funding costs, with year-to-date interest expense up $4.7 million or 144.0% over the prior year period, Carver still maintained a
Net Interest Margin of 3.0%.
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• $8.9 million commercial mortgage participation, refinancing a New Jersey-based charter school
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• $3.2 million refinancing of a six-unit multi-family apartment building in Queens, New York
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• $4.0 million of new consumer and specialty finance lending
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• $2.0 million of leveraged (cash flow) loan participations
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