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Carver Bancorp, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
Total assets decreased to $748.8 million from $756.8 million as of March 31, 2024, primarily due to decreases in cash and cash equivalents and the net loan portfolio.
Cash and cash equivalents declined by $4.5 million, while the net loan portfolio decreased by $4.0 million.
Total liabilities decreased to $708.9 million, driven by a reduction in advances from the FHLB-NY and other borrowed money.
Deposits increased by $3.8 million, with a notable rise in certificate of deposit accounts.
Net interest income rose by 11.1% to $6.0 million for the quarter, attributed to higher interest income on loans and money market investments.
Interest expense increased by 46.2% to $3.8 million, reflecting higher costs associated with certificate of deposits and other interest-bearing accounts.
The provision for credit losses was $461,000 for the quarter, with net charge-offs of $174,000.
Nonaccrual loans increased to $17.1 million, representing 2.3% of total assets.
Non-interest income decreased by 60.0% to $0.6 million, impacted by lower depository and loan fees and a loss on loan sales.
Non-interest expense slightly decreased to $8.2 million, with reductions in advertising and operating charge-offs.
Carver Bancorp reported a net loss of $2.1 million for the quarter, compared to a net loss of $1.6 million in the same period last year.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Carver Bancorp Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.