10-K: Carver Bancorp Reports Widened Annual Loss and Regulatory Agreement Amidst Rising Expenses and Deteriorating Asset Quality

Sentiment:

Annual Report 24 June 2025 4:34 PM

Carver Bancorp, Inc. reported a net loss of $13.7 million for fiscal year 2025, a substantial increase from the prior year's $3.0 million loss, driven by higher interest expenses, increased non-interest expenses, and a rise in credit loss provisions, alongside a formal agreement with the OCC.

Delay expectedThe Company deferred the interest payment due June 17, 2025, on its subordinated debt securities in order to manage liquidity.

Capital raiseOn November 25, 2024, the Company issued and sold 116,766 shares of its common stock at a price of $1.67 per share to certain Company directors in a private placement, resulting in gross proceeds of $0.2 million.The Company has a sales agreement with Piper Sandler & Co. to sell up to $20.0 million of common stock in an at-the-market (ATM) offering, though no sales have occurred under this program since fiscal year 2022.The Bank's subsidiary, Carver Asset Corporation (CAC), a real estate investment trust (REIT), 'may, among other things, be utilized by Carver Federal to raise capital in the future.'During the first quarter of fiscal year 2025, the Company entered into a $25.0 million revolving unsecured long-term, below-market-rate loan facility with a third party to support financing initiatives, though it had not drawn on the facility as of March 31, 2025.

Worse than expectedNet loss widened significantly to $13.7 million in fiscal year 2025 from $3.0 million in fiscal year 2024, indicating a substantial deterioration in profitability.Net interest income decreased by 15.0%, primarily due to a larger increase in interest expense (driven by higher deposit costs) compared to the modest increase in interest income.The provision for credit losses surged to $1.2 million from $83 thousand, reflecting increased concerns over loan collectability.Nonaccrual loans more than doubled to $24.6 million, and the ratio of Allowance for Credit Losses (ACL) to nonaccrual loans significantly declined to 25.8% from 49.9%, indicating reduced coverage for problem loans.The Bank failed to meet its Individual Minimum Capital Ratio (IMCR) requirements, with its Tier 1 leverage ratio at 8.70% (below 9%) and total risk-based capital ratio at 11.56% (below 12%), signaling regulatory capital deficiencies.The Company deferred an interest payment on its subordinated debt and suspended common stock dividends, indicating liquidity management challenges and a negative impact on shareholder returns.

Summary

Carver Bancorp, Inc. reported a net loss of $13.7 million for fiscal year 2025, significantly wider than the $3.0 million net loss for fiscal year 2024.
Net interest income decreased by $3.4 million, or 15.0%, to $19.2 million for fiscal year 2025, primarily due to a $3.6 million increase in interest expense, partially offset by a $0.3 million increase in interest income.
The provision for credit losses increased substantially to $1.2 million in fiscal year 2025, compared to $83 thousand in the prior year.
Non-interest income decreased by $3.6 million, or 53.7%, to $3.1 million, partly due to the absence of $2.4 million in grant income and $0.5 million from a discontinued loan program recognized in the prior year.
Non-interest expense increased by $2.6 million, or 8.1%, to $34.8 million, driven by higher employee compensation, net occupancy costs, upgraded cybersecurity systems, and increased legal costs associated with an activist shareholder.
Total assets decreased by $26.8 million, or 3.5%, to $730.0 million at March 31, 2025.
Total loans receivable decreased by $9.2 million, or 1.5%, to $613.7 million at March 31, 2025.
Nonaccrual loans more than doubled, increasing by $12.8 million to $24.6 million at March 31, 2025, representing 4.01% of total loans, up from 1.89% in the prior year.
The Allowance for Credit Losses (ACL) was $6.3 million at March 31, 2025, with the ratio of ACL to nonaccrual loans declining significantly to 25.8% from 49.9% in the prior year.
The Bank did not meet its Individual Minimum Capital Ratio (IMCR) requirements at March 31, 2025, with a Tier 1 leverage ratio of 8.70% (below the 9% IMCR) and a total risk-based capital ratio of 11.56% (below the 12% IMCR).
The Company deferred the interest payment due June 17, 2025, on its subordinated debt securities to manage liquidity and has suspended its regular quarterly cash dividend on common stock.

Sentiment

Score: 3

Explanation: The company reported a substantially wider net loss, a significant increase in non-performing loans, and failed to meet its individual minimum capital requirements, leading to a formal agreement with the OCC. While management expresses commitment to improvement and has secured a new loan facility for strategic initiatives, the current financial performance and regulatory pressures indicate a challenging outlook.

Positives

The Bank received its sixth consecutive 'Outstanding' rating from the OCC following its most recent Community Reinvestment Act (CRA) examination in March 2022, with 90% of its loans made within its assessment area.
Management believes the Bank's short-term assets have sufficient liquidity to cover loan demand, potential fluctuations in deposit accounts, and other anticipated cash requirements.
The Bank secured a $1.8 million 12-month fixed-rate advance through the FHLB-NY 0% Development Advance (ZDA) Program in fiscal year 2025, providing subsidized funding for eligible loans.
The Company entered into a $25.0 million revolving unsecured long-term, below-market-rate loan facility to support green energy and Minority and Women-owned Business Enterprises (MWBE) financing initiatives, although it had not drawn on the facility as of March 31, 2025.
The Bank's capital level exceeded the federal regulatory requirements to be considered 'well capitalized' at March 31, 2025, despite not meeting its Individual Minimum Capital Ratio (IMCR) targets.
No significant changes were made to the inputs and assumptions for the Allowance for Credit Losses (ACL) during the twelve months ended March 31, 2025.
There were no sales of available-for-sale or held-to-maturity securities during fiscal years 2025 and 2024, avoiding realized losses from unrealized losses in the portfolio.
No interest income was recognized on nonaccrual loans during the twelve months ended March 31, 2025, indicating conservative accounting practices.
No loan modifications to borrowers experiencing financial difficulty were made during fiscal years 2025 and 2024.
No modified loans defaulted within 12 months of modification during fiscal years 2025 and 2024.
There were no loans 90 or more days past due and accruing interest at March 31, 2025.
There were no related party loans outstanding at March 31, 2025.
Management determined that the Company's internal control over financial reporting was effective as of March 31, 2025.

Negatives

The Company reported a net loss of $13.7 million for fiscal year 2025, a significant increase from the $3.0 million net loss in fiscal year 2024.
Net interest income decreased by 15.0% due to a larger increase in interest expense compared to interest income.
The provision for credit losses increased substantially to $1.2 million in fiscal year 2025 from $83 thousand in the prior year.
Non-interest income decreased by 53.7%, partly due to the non-recurrence of significant grant income and a discontinued loan program from the prior year.
Non-interest expense increased by 8.1%, including higher legal costs associated with activist shareholder activity.
Total assets decreased by 3.5% year-over-year.
Nonaccrual loans more than doubled, increasing by $12.8 million to $24.6 million, and the ratio of Allowance for Credit Losses (ACL) to nonaccrual loans significantly declined to 25.8% from 49.9%.
The Bank did not meet its Individual Minimum Capital Ratio (IMCR) requirements at March 31, 2025, with its Tier 1 leverage ratio at 8.70% (below 9% IMCR) and total risk-based capital ratio at 11.56% (below 12% IMCR).
The Company deferred the interest payment due June 17, 2025, on its subordinated debt securities to manage liquidity.
The Company has suspended its regular quarterly cash dividend on its common stock.
The Bank entered into a Formal Agreement with the OCC on May 14, 2025, requiring specific actions to improve earnings performance, capital, liquidity, and balance sheet mix.
The Company is a liability-sensitive institution, indicating that its liabilities generally reprice faster than assets, which is not preferable in a rising interest rate environment and can lead to compressed net interest margins.
The economic climate in New York City, the Bank's primary market, lags behind the rest of New York State and the nation in job growth and unemployment (5.1% unemployment rate in NYC exceeding the national average), and local inflation has exceeded the national rate due to housing costs.
The Bank faces significant competition for deposits and mortgage lending in its market areas from financial institutions with greater financial resources, name recognition, and market presence.
The Company's held-to-maturity securities portfolio has unrealized losses due to the high interest rate environment, and the Company would realize losses if forced to sell these securities to meet liquidity needs.

Risks

The loan portfolio exhibits a high degree of risk, particularly due to a significant concentration of commercial real estate (CRE) loans ($178.3 million, or 29.1% of the loan portfolio at March 31, 2025), which generally involve higher default and loss risk.
The Allowance for Credit Losses (ACL) could be insufficient to cover actual loan losses, potentially leading to material decreases in net income, and regulatory authorities may require increased provisions or charge-offs.
Failure to comply with the Formal Agreement entered into with the OCC on May 14, 2025, could result in additional supervisory and enforcement actions, including cease and desist orders or civil money penalties.
Increased regulatory scrutiny and new regulations arising from recent events in the banking industry may increase the Company's costs of doing business and reduce its profitability, with a particular focus on deposit composition and uninsured deposits.
The Company is subject to more stringent Individual Minimum Capital Ratio (IMCR) requirements (9% Tier 1 leverage, 12% total risk-based capital) which were not met at March 31, 2025, potentially leading to lower returns on equity, regulatory actions, or limitations on dividend payments.
There is no assurance that regulators will approve the payment of deferred interest on outstanding trust preferred securities or the resumption of common stock dividends, as such payments are subject to prior approval from the Federal Reserve Bank and OCC.
Operating in a highly regulated industry limits the manner and scope of business activities, with the regulatory structure primarily designed for the protection of deposit insurance funds and depositors, not stockholders.
The Company's results of operations are significantly affected by economic conditions in the New York metropolitan area, where a substantial majority of its lending portfolio is concentrated, making it vulnerable to decreases in real estate values and adverse economic changes.
The soundness of other financial institutions could negatively affect the Company's ability to engage in routine funding transactions due to interdependencies in the financial services industry, potentially leading to losses or defaults.
Changes in interest rates may adversely affect profitability and financial condition, particularly as a liability-sensitive institution in a rising rate environment, leading to reduced net interest margin and increased default risk on adjustable-rate loans.
Rising interest rates have decreased the value of the Company's held-to-maturity securities portfolio, and the Company would realize losses if required to sell such securities to meet liquidity needs, potentially impairing capital.
Failure to maintain effective systems of internal control over financial reporting and disclosure controls and procedures could have a material adverse effect on the Company's results of operations and financial condition, harming its reputation and operating results.
A lack of liquidity could adversely affect the Company's financial condition and results of operations, as an inability to raise funds through deposits, borrowings, or asset sales could impact its ability to fund operations and meet obligations.
The Company's ability to utilize its income tax benefits, including deferred tax assets from New Markets Tax Credit and net operating loss carryforwards, depends on generating sufficient taxable income in the future, and a valuation allowance is maintained for unrealizable portions.
Risks associated with cybersecurity, including cyber attacks aimed at gaining unauthorized access, misappropriating assets, corrupting data, or causing operational disruptions, could negatively affect earnings, reputation, and expose the Company to litigation and financial liability.
The Company is subject to risks and losses resulting from fraudulent activities (e.g., loan originations, ACH, wire, ATM, checking, debit cards, online banking) that could adversely impact financial performance and results of operations.
The Company's business could suffer if it fails to attract and retain skilled personnel, given intense competition and its size and limited resources.
Nasdaq and SEC rules may limit the Company's ability to access sufficient funding through public or private equity offerings or convertible debt offerings without stockholder approval or due to market value limitations.
A future issuance of stock could dilute the value of existing common stock, and sales of substantial amounts of common stock or the perception of such sales could adversely affect prevailing market prices.
Strong competition within the Bank's market areas from larger financial institutions with greater resources could adversely affect profits and slow growth, impacting loan and deposit pricing and market share.

Future Outlook

Carver Bancorp's future outlook is focused on addressing the requirements of a Formal Agreement with the OCC, which mandates the establishment of a Compliance Committee, the preparation of a three-year strategic plan to improve earnings performance, growth, capital, liquidity, and balance sheet mix, and an earnings program to sustain profitability. Management is committed to achieving sustainable earnings through a robust and viable strategic plan under the leadership of its new Chief Executive Officer. The Company may rely on dividends from Carver Federal to pay cash dividends to its stockholders and engage in share repurchase programs in the future, although these are currently suspended. The Federal Reserve has maintained stable interest rates since January 2025, after cuts in late 2024. Management intends to hold available-for-sale securities with unrealized losses until maturity or valuation recovery, believing these losses are due to the current rate environment. The Company also has access to a $25.0 million revolving unsecured loan facility for green energy and MWBE financing, which has not yet been drawn upon.

Management Comments

"The Bank's board of directors and management are fully committed to, as expeditiously as possible, achieving sustainable earnings through a more robust and viable strategic plan, which are part of the Bank's new ongoing operations and actions under the leadership of its new Chief Executive Officer."
"Management is actively working to minimize the current and future impact of the current business and industry environment, and is continuing to make adjustments to operations where appropriate or necessary to mitigate risk."
"Management believes that there may be losses associated with certain delinquent loans in the future, but also notes that the amount of losses may be reduced by the value of properties securing these delinquent loans and the Bank's reserves."
"Management believes that Carver Federal will remain a leading lender to churches in its market area, Carver Federal will continue to conduct disciplined underwriting and maintain focused portfolio management."
"Management believes that these unrealized losses are a direct result of the current rate environment and the Company has the ability and intent to hold the securities until maturity or the valuations recover."
"Management believes Carver Federal's short-term assets have sufficient liquidity to cover loan demand, potential fluctuations in deposit accounts and to meet other anticipated cash requirements, including interest payments on our subordinated debt securities."

Industry Context

The banking industry continues to face significant challenges, including heightened regulatory costs and intense competition for limited loan demand. While inflationary pressures appear to have decreased, interest rates remain high, impacting customer demand and the profitability of liability-sensitive institutions like Carver Bancorp. The Federal Reserve has recently eased monetary policy with rate cuts in late 2024, but rates have remained unchanged since January 2025. The New York City metropolitan area, Carver's primary market, lags national averages in job growth and unemployment, with local inflation exceeding the national rate due to housing costs. The financial services industry is also experiencing an increase in cybersecurity threats, necessitating robust security measures. Regulatory bodies, including the OCC, Federal Reserve, and FDIC, are actively reviewing and modernizing regulations, as evidenced by the recent announcement to rescind the 2023 CRA final rule, indicating ongoing shifts in the regulatory landscape.

Comparison to Industry Standards

Carver Federal is noted as being 'among the largest African-American operated banks in the United States', highlighting its unique market position and mission.
The Bank has successfully competed with 'large regional and global financial institutions' for government grants and other awards, demonstrating its ability to secure external funding despite its smaller size.
The document explicitly states that 'many of the Bank's competitors have substantially greater resources and offer a wider array of financial services and products', indicating that Carver operates at a disadvantage in terms of scale and product breadth compared to larger industry players in the New York market.
The Bank's Individual Minimum Capital Ratio (IMCR) requirements (9% Tier 1 leverage, 12% total risk-based capital) are more stringent than the general federal regulatory minimums (4% Tier 1 leverage, 8% total risk-based capital), suggesting it operates under higher capital expectations than many peers.
The Bank's efficiency ratio of 156.45% for fiscal year 2025 is significantly higher than typical healthy bank efficiency ratios (which are usually below 60-70%), indicating a less efficient operation compared to industry standards.

Management Changes

Role	Previous Person	New Person	Effective Date	Reason
Chief Executive Officer	NA	Donald Felix	2024-11-01	New leadership to address ongoing operations and actions under the Formal Agreement with the OCC.

Corporate Governance

Change Type	Description	Effective Date	Impact Assessment
New Committee Establishment	The Bank is required by a Formal Agreement with the OCC to establish a Compliance Committee of its Board of Directors to monitor and oversee compliance with the Formal Agreement. This Committee has already been established and is actively underway.	2025-05-14	Enhances regulatory oversight and accountability for compliance with the Formal Agreement, aiming to improve the Bank's financial health and operations.
Regulatory Restrictions	The Formal Agreement requires OCC approval prior to effecting any change in the Bank's directors or senior executive officers, paying dividends, and entering into 'golden parachute payments'. The Company must also provide notice to the FRB for changes in its directors or senior executive officers.	2025-05-14	Increases regulatory control over key management and capital distributions, potentially limiting operational flexibility and shareholder returns.
Regulatory Restrictions	Written approval of the Federal Reserve Bank is required prior to: (1) the declaration or payment of dividends by the Company to its stockholders, (2) the declaration or payment of dividends by the Bank to the Company, (3) any distributions of interest or principal by the Company on subordinated debentures or trust preferred securities, (4) any purchases or redemptions of the Company's stock and (5) the Company incurring, increasing or guaranteeing certain long-term debt outside the ordinary course of business.	NA	Significantly restricts the Company's ability to manage capital, distribute earnings, and incur debt without prior regulatory consent, impacting financial flexibility.
Policy Adoption	The Company adopted a Clawback Policy, effective October 2, 2023, which provides for the recovery of certain incentive compensation from Executive Officers in the event of an accounting restatement due to material noncompliance with financial reporting requirements.	2023-10-02	Aligns executive compensation with financial accuracy and accountability, potentially deterring misconduct and enhancing investor confidence.
Policy Adoption	The Company maintains a comprehensive information technology and cybersecurity program, including frameworks, policies, and procedures, with oversight from the Board of Directors and Information Security Planning Committee (ISPC). The ISPC provides monthly reports and updates to the Board.	NA	Strengthens risk management and oversight of critical IT and cybersecurity functions, aiming to protect sensitive information and prevent operational disruptions.
Policy Adoption	The Board of Directors and/or ISPC Committee approves updates relating to substantial changes in technology-related policies and procedures and reviews the status of Business Continuity Programs, Testing plans and results on no less than an annual basis.	NA	Ensures ongoing relevance and effectiveness of technology and business continuity strategies in response to evolving risks.
Policy Adoption	The Board of Directors may choose to delegate to the Chief Executive Officer or his designee(s) the authority and discretion to authorize the Company to purchase Company common stock pursuant to a Board-approved and currently effective stock repurchase program, including during a restricted trading period under this policy, provided certain conditions are met.	NA	Provides flexibility for stock repurchases while maintaining oversight and ensuring compliance with insider trading rules.

Legal Proceedings

As of March 31, 2025, the Company and the Bank are not involved in any pending legal proceedings as a plaintiff or a defendant other than routine legal proceedings occurring in the ordinary course of business, and no legal proceeding is believed to be material to the financial condition or results of operations.

Related Party Transactions

The aggregate amount of related party deposits was $3.2 million at March 31, 2025.
There were no related party loans outstanding at March 31, 2025.
On November 25, 2024, the Company issued and sold 116,766 shares of its common stock at a price of $1.67 per share to certain Company directors in a private placement, generating gross proceeds of $0.2 million.

Stakeholder Impact

**Shareholders**: Experienced a significant net loss for the fiscal year, leading to a substantial decrease in total equity. The Company has suspended its regular quarterly cash dividend on common stock, impacting shareholder returns. Future stock issuances could dilute existing share value. The new Clawback Policy aims to enhance accountability for executive compensation.
**Employees**: The Company had 109 employees as of March 31, 2025, with a focus on diversity (47% female, 86% minorities). The Company offers a comprehensive benefits program and compensation designed to attract, retain, and motivate employees, and has implemented a hybrid working model. Stock option and restricted stock plans are in place.
**Customers**: The Bank remains dedicated to expanding wealth-enhancing opportunities in historically underserved communities, increasing access to capital and financial services for consumers, businesses, and non-profit organizations. It maintains a 'Outstanding' CRA rating. However, potential increases in interest costs on adjustable-rate loans could impact borrowers' ability to pay.
**Regulators (OCC, FRB, FDIC)**: The Bank is under a Formal Agreement with the OCC, requiring specific actions to improve financial performance and compliance. It did not meet its Individual Minimum Capital Ratio (IMCR) requirements, indicating increased regulatory scrutiny and potential restrictions on operations and capital distributions.
**Community**: The Bank has a strong history of community involvement, with its branches predominantly located in lowto moderate-income neighborhoods. Through Carver Community Development Corporation (CCDC), it facilitates financial literacy and local economic development initiatives. New loan facilities are aimed at supporting green energy projects and Minority and Women-owned Business Enterprises (MWBEs).

Next Steps

The Bank will establish a Compliance Committee of its Board of Directors to specifically monitor and oversee compliance with the Formal Agreement (already established and underway).
The Bank will prepare a three-year strategic plan for the OCC's review, establishing objectives focusing on earnings performance, growth, capital, liquidity, and balance sheet mix.
The Bank will prepare an earnings program for the OCC's review designed to improve and sustain the earnings of the Bank.
The Bank's board of directors and management are committed to addressing the provisions of the Formal Agreement as expeditiously as possible.
The Bank is working on taking appropriate actions with the goal of achieving its Individual Minimum Capital Ratio (IMCR) targets.
The Company may rely on dividends from Carver Federal to pay cash dividends to its stockholders and engage in share repurchase programs in the future (currently suspended).
Management will continue to conduct disciplined underwriting and maintain focused portfolio management for church loans.
Management will continue collection efforts on previously charged-off balances.
The Company will continue to implement security technology and operational procedures designed to prevent or limit the impact of cybersecurity threats and incidents.
The Company will file its Proxy Statement for the 2025 Annual Meeting of Stockholders, which will incorporate certain information by reference.

Key Dates

Date	Description
1948	Carver Federal Savings Bank (Carver Federal or the Bank) was founded.
1949	Carver Federal began operations as Carver Federal Savings and Loan Association.
1975	Crown Heights Branch opened.
1986	Carver Federal Savings and Loan Association converted to a federal savings bank and changed its name to Carver Federal Savings Bank.
1994-10-24	The Bank converted from a mutual holding company structure to stock form and issued 2,314,375 shares of common stock in an initial public offering.
1995-03-08	Carver Federal formed CFSB Realty Corp. as a wholly-owned subsidiary.
1996	Main Branch and St. Albans Branch opened.
1996-10-17	The Bank completed its reorganization into a holding company structure and became a wholly-owned subsidiary of Carver Bancorp, Inc.
1997-01-01	Carver's 401(k) Savings Plan was amended and restated.
2001	Malcolm X Blvd. Branch opened.
2002-08-06	The Company announced a stock repurchase program to repurchase up to 15,442 shares of its outstanding common stock.
2003	Carver Statutory Trust I was formed and Atlantic Terminal Branch opened.
2003-09-17	Carver Statutory Trust I issued $13.0 million aggregate liquidation amount of floating rate Capital Securities due September 17, 2033.
2004-02	Carver Asset Corporation (CAC), a real estate investment trust, was formed.
2005-08-18	Carver Federal formed Carver Community Development Corporation (CCDC).
2008-09-17	Earliest optional redemption date for Carver Statutory Trust I capital securities.
2009	Flatbush Branch and Restoration Plaza opened.
2011-10-27	A 1-for-15 reverse stock split became effective.
2014-09	Carver Bancorp, Inc. 2014 Equity Incentive Plan became effective.
2015-03-31	The Bank has not received a request to repurchase any loans sold to FNMA since the second quarter of fiscal 2015.
2016-06-29	The OCC issued an Individual Minimum Capital Ratio (IMCR) letter requiring the Bank to maintain minimum regulatory capital levels of 9% for its Tier 1 leverage ratio and 12% for its total risk-based capital ratio.
2016-10-20	The Company became subject to certain requirements pursuant to a Memorandum of Understanding with the FRB.
2017-12	The Tax Cuts and Jobs Act was signed into law.
2018	Administrative Office opened.
2020-01-01	Federal banking agencies adopted a rule to establish a 'community bank leverage ratio' of 9% for qualifying institutions.
2020-08-06	The Company repurchased 2,321,286 shares of common stock from the U.S. Treasury for $2.5 million, funded by a $2.5 million grant from Morgan Stanley.
2021-02-16	The Company sold common stock and 5,000 shares of Series F preferred stock to J.P. Morgan Chase Community Development Corporation for approximately $6.0 million.
2021-09-27	The Company sold an additional 4,000 shares of Series F Preferred Stock to J.P. Morgan for $4.0 million.
2021-11	Federal bank regulatory agencies issued a final rule requiring banking organizations to notify their primary federal regulator within 36 hours of a material computer-security incident.
2021-12-14	The Company entered into a Sales Agreement with Piper Sandler & Co. to sell up to $20.0 million of common stock in an at-the-market offering.
2022-03	The Bank received its sixth consecutive 'Outstanding' CRA rating from the OCC.
2022-03-31	Fiscal year ended.
2022-05-01	Compliance required for the final rule on computer-security incident notifications.
2023-07-19	The Company sold 378,788 shares of common stock to National Community Investment Fund for approximately $1.0 million in a private placement.
2023-07	Federal Reserve target interest rate range held steady at its highest point between 5.25% to 5.5% since this month.
2023-07-26	The SEC issued a final rule requiring registrants to report material cybersecurity incidents and disclose related policies and governance.
2023-10-24	The OCC and other federal banking agencies issued a final rule to strengthen and modernize the CRA regulations.
2023-12	The FASB issued ASU No. 2023-09 'Income Taxes (Topic 740): Improvements to Income Tax Disclosures'.
2024-03-31	Fiscal year ended.
2024-09	The Federal Reserve lowered interest rates by 50 basis points, easing monetary policy for the first time since March 2022.
2024-09-16	Employment Agreement by and among Carver Bancorp, Inc., Carver Federal Savings Bank and Donald Felix dated.
2024-09-30	Aggregate market value of the Registrant's common stock held by non-affiliates was approximately $9,810,678.
2024-10-31	Carver Bancorp, Inc. 2024 Equity Incentive Plan was incorporated by reference to the Definitive Proxy Statement filed on this date.
2024-11	The Federal Reserve approved an additional rate cut.
2024-11-25	The Company issued and sold 116,766 shares of common stock to certain Company directors in a private placement.
2024-12	The Federal Reserve approved an additional rate cut, lowering the overnight borrowing rate to a range between 4.25% to 4.5%.
2024-12	Carver Bancorp, Inc. 2024 Equity Incentive Plan became effective.
2024-11	The FASB issued ASU No. 2024-03 'Income Statement Reporting Comprehensive Income Expense Disaggregation Disclosures (Subtopic 220-40)'.
2025-01	The Federal Reserve has left interest rates unchanged since its January 2025 meeting.
2025-01	The FASB issued ASU No. 2025-01 to clarify the effective date of ASU No. 2024-03.
2025-03-28	The OCC, Federal Reserve, and FDIC announced their intent to issue a proposal to rescind the 2023 CRA final rule.
2025-03-31	Fiscal year ended. All quarterly interest payments on subordinated debt up to and including this payment were made.
2025-05-14	The Bank entered into a formal written agreement with the OCC.
2025-05-16	Formal Agreement by and between Carver Federal Savings Bank and the Office of the Comptroller of the Currency was incorporated by reference to the Registrant's Report on Form 8-K filed on this date.
2025-06-17	The Company deferred the interest payment due on its subordinated debt securities to manage liquidity.
2025-06-23	There were 5,074,283 shares of common stock of the Registrant outstanding.
2025-06-24	Date of the Annual Report on Form 10-K filing.
2026-02-01	Earliest date the Company may redeem shares of Series E Preferred Stock.
2026-02-16	Earliest date the Company may redeem shares of Series F Preferred Stock.
2026-12-15	ASU No. 2024-03 is effective for fiscal years beginning after this date.
2027-08-01	Lease expiration date for Flatbush Branch.
2027-12-15	ASU No. 2024-03 is effective for interim periods beginning after this date.
2028-02-01	Lease expiration date for Main Branch.
2028-12-01	Lease expiration date for Administrative Office.
2029-04-01	Lease expiration date for Atlantic Terminal Branch.
2030-03-31	Federal, state, and city net operating loss carryforwards begin to expire from this date.
2033-09-17	Mandatory redemption date for floating rate Capital Securities issued by Carver Statutory Trust I.
2040-03-31	Federal, state, and city net operating loss carryforwards expire by this date.

Recommendation

sell

Keywords

Banking, Financial Services, Community Bank, Savings Bank, Commercial Real Estate, Multifamily Lending, Loan Portfolio, Credit Losses, Nonaccrual Loans, Capital Ratios, Regulatory Compliance, OCC, Federal Reserve, Liquidity, Interest Rate Risk, Cybersecurity, New York City, Harlem, Underserved Communities, SEC Filing, 10-K, Financial Performance, Corporate Governance, Risk Management, Deposits, Subordinated Debt, Capital Raise

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