Carver Bancorp reports breakeven net income in Dec 2023 quarter, up $1.1M YoY; asset base grows to $775M

CARVER BANCORP INC

2024-Q3 EPS reported -$0.63 revenue$2,184,000

Breakeven net income improved $1.1M vs prior year quarter; recognized $1.4M in ERP grant income.
Interest income up 19.6% YoY for nine-month period; interest expense up 144% due to Fed rate hikes.
Asset base grew 4.4% to $775.3M; Net Interest Margin maintained at 3.0%.
Lending highlights: $8.9M commercial mortgage, $3.2M multi-family, $4.0M consumer/specialty, $2.0M leveraged loans.
Since early 2023, over $30M in institutional deposits from new partners including Key Bank, Micron, TIAA.

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