Carver Bancorp reports breakeven quarter; assets up 4.4% to $775M; $1.4M ERP grant income

CARVER BANCORP INC

Net income improved $1.1M YoY to near breakeven; recognized $1.4M ERP grant income in Dec 2023 quarter.
Year-to-date interest income +$4.0M (+19.6%) vs interest expense +$4.7M (+144%); NIM 3.0%.
Assets grew 4.4% to $775.3M; over $30M in new institutional deposits from Key Bank, Micron, TIAA.
Lending activity: $8.9M commercial mortgage, $3.2M multifamily, $4M consumer/specialty, $2M leveraged loans.
CEO Craig MacKay cites continued organic growth, diversification, and well-capitalized status.

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