Wed, Aug 14, 7:07 PM (153 days ago)
For the quarter ended June 30, 2024, Carver Bancorp, Inc. reported a net loss of $2,212,000 compared to a loss of $1,421,000 in the same period last year. Total assets decreased by 1.4% to $746,510,000, primarily due to a $12.7 million decline in cash and cash equivalents. Gross loans increased slightly by $4 million, while total liabilities fell 1.1% to $706,649,000, driven by an $8.5 million drop in deposits. The allowance for credit losses rose to $5,955,000, reflecting concerns over asset quality amid a challenging economic environment, with nonaccrual loans totaling $10.3 million. Interest income surged 17.9% to $9.2 million, primarily from increased loan yields, while interest expense escalated 60.9% to $3.7 million due to rising deposit costs. The net interest margin decreased to 3.01% from 3.14%. Management remains cautious about future operations amid regulatory pressures and the competitive landscape, particularly in New York City's banking sector. The company's capital ratios remain above regulatory requirements, with a Tier 1 leverage ratio of 9.53%.