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Carver Bancorp Inc. (CARV+2.94%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing details a decrease in total assets to $727.5 million from $756.8 million as of March 31, 2024, primarily due to reductions in cash and cash equivalents, investment securities, and loans receivable.
Net interest income for the quarter decreased to $3.0 million from $5.5 million in the same quarter the previous year, attributed to lower interest income on loans and higher interest expenses.
Non-interest income decreased to $1.0 million from $2.5 million in the prior year quarter, mainly due to the absence of grant income recognized in the previous period.
Non-interest expense increased to $9.5 million from $8.1 million, driven by higher employee compensation, occupancy costs, and legal expenses.
The company reported a net loss of $5.6 million for the quarter, compared to net income of $19 thousand in the previous year, largely due to increased expenses and lower income.
Carver reported an allowance for credit losses of $6.1 million, up from $5.9 million at the end of the previous fiscal year, with nonaccrual loans increasing to $22.8 million.
The filing notes that Carver Bancorp continues to face challenges related to economic conditions, interest rate fluctuations, and competition in its market area.
Carver Bancorp's capital ratios remain above regulatory requirements, with a Tier 1 leverage ratio of 9.03% and a total risk-based capital ratio of 12.14%.
The company did not report any significant changes in risk factors and continues to monitor its liquidity and capital positions closely.
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 February 13, 2025. To report an error, please email earnings@qz.com.