Carver Bancorp, Inc. reported a net loss of $2.1 million for the three months ended September 30, 2024, compared to a net loss of $1.6 million for the same period in 2023. For the six months ended September 30, 2024, the net loss was $4.3 million, an increase from a loss of $3.0 million in the prior year. The increase in net loss was attributed to higher interest expenses, increased provisions for credit losses, and a decline in non-interest income, which was partially offset by an increase in interest income.

Interest income for the three months ended September 30, 2024, rose to $9.8 million, a 22.5% increase from $8.0 million in the prior year quarter. For the six months, interest income increased by 20.3% to $19.0 million compared to $15.8 million in the previous year. Net interest income for the three months was $6.0 million, up 11.1% from $5.4 million, while for the six months, it reached $11.5 million, a 5.5% increase from $10.9 million.

Total non-interest income decreased significantly, falling to $584,000 for the three months ended September 30, 2024, down from $1.5 million in the same period last year. For the six months, non-interest income was $1.3 million, compared to $2.2 million in the prior year. Total non-interest expenses for the three months were $8.2 million, a slight decrease from $8.3 million, but increased by 2.5% to $16.4 million for the six-month period.

As of September 30, 2024, total assets were reported at $748.8 million, a decrease of $8.0 million (1.1%) from $756.8 million at March 31, 2024. Total loans receivable amounted to $619.2 million, down from $622.9 million, while total deposits increased to $650.8 million, up $3.8 million (0.6%). The allowance for credit losses stood at $6.2 million, with a ratio of 1.01% to total loans.

The company’s capital levels exceeded regulatory requirements, with a Tier 1 leverage capital ratio of 9.48% and a total risk-based capital ratio of 12.78%. Carver Federal Savings Bank, the principal subsidiary, continues to focus on serving underserved communities, maintaining a strong community involvement and personal service approach. The bank's loan portfolio includes various segments, with a notable emphasis on commercial and multifamily mortgages, which are subject to economic conditions and market risks.