Tue, Jul 16, 8:11 PM (53 days ago)
Carver Bancorp, Inc. reported a net loss of $3.0 million for the fiscal year ending March 31, 2024, an improvement from the $4.4 million loss in the prior year. The results were influenced by increased interest and non-interest income, offset by higher interest and non-interest expenses. Total loans receivable rose by 4.2% to $622.9 million, with the loan portfolio primarily consisting of commercial real estate and multifamily loans. Non-performing assets decreased by 4.0% to $11.8 million. The Bank maintained capital ratios above regulatory requirements, with a Tier 1 leverage ratio of 9.56% and a total risk-based capital ratio of 12.98%. The Bank's liquidity position remains strong despite industry challenges, including rising interest rates and recent bank failures. Carver entered into a $25 million unsecured loan agreement to support green energy initiatives and secured a $1.8 million advance under the FHLB-NY 0% Development Advance Program.