NEW
YORK, Nov. 29, 2023 /PRNewswire/ --
Carver Bancorp, Inc. (Nasdaq: CARV), the holding company for
Carver Federal Savings Bank, today released a letter from its
Interim CEO Craig C. MacKay on the
Bank's recent performance:
November 29, 2023
Dear Carver Shareholders:
Carver Federal Savings Bank's ("Carver" or the "Bank")
performance for the six-month period ended September 30, 2023 highlights the continued
impact of our long-term investments in people, processes, and
technology. Carver's improving scale, efficiency, and
resilience define our pathway to sustainable profitability.
Fueled by organic loan growth and greater liquidity, Carver's asset
base increased by 2.9% for the six-month period ended September 30, 2023; for context, overall banking
industry assets declined by 0.5% for the six-month period ended
June 30, 20231.
Moreover, Carver's deposit base increased by 5.6% through the
September quarter, driven by healthy growth in retail and
institutional depositor relationships.
Carver's fiscal year began in the wake of the failures of two
regional US banks and a global banking giant, followed by a series
of monetary tightening actions, growing uncertainty over US
government funding and an increase in the federal funds target
range of 5.25% to 5.50%. Although the net impact on the
banking sector has been pervasive and highlighted by the highest
funding cost environment in 22 years, the Carver team has worked
hard to protect its Net Interest Margin, which at 3.06% as of the
September quarter, remains firmly within our peer group
range. September quarter net charge-offs of 0.0%
further illustrate the effectiveness of portfolio and risk
management disciplines essential to navigating the rate
environment.
Carver continues to grow, closing over $48 million of new loans through the September
quarter, including (i) consumer loans, (ii) business loans within
underserved communities, and (iii) traditional commercial
mortgages:
- Brown Coaching and Consulting, LLC – working
capital financing for this New
Jersey-based social services consulting company.
- Cornerstone Baptist
Church – refinancing this leading Brooklyn-based Baptist church and a
long-standing center for skills training and social services in the
Bedford-Stuyvesant community since 1920.
- Omega Care Solutions, LLC – working capital financing
for this Bronx-based consulting
and staffing services company that provides healthcare management
services to hospitals, nursing facilities and schools.
- Consumer Finance – Carver's fintech partnership, which
has helped to increase loan portfolio diversification, is
flourishing as consumer loan closings increased by 43% in the
September quarter.
With the holiday season upon us, Carver is thankful for the
continued support of its shareholders, the patronage of its new and
existing customers, its collaboration with strategic partners, and
most importantly, the peerless dedication of our
employees.
From the Carver family to yours, we wish you a happy and healthy
holiday season!
Sincerely,
Craig C. MacKay
Interim President & CEO
Carver Bancorp, Inc.
ABOUT CARVER FEDERAL SAVINGS BANK
Carver was
founded by a consortium of faith and business leaders in Harlem in
1948 to address the banking needs of the predominantly African
American and Caribbean communities
whose residents, businesses, and institutions had limited access to
mainstream financial services and business capital. Carver
remains headquartered in Harlem today, with a branch and 24/7 ATM
network that serves the traditionally low-to-moderate-income
neighborhoods of the five boroughs of New
York City and surrounding areas. As the neighborhoods
that we serve have evolved, so has Carver, which today proudly
serves as a vehicle of wealth accumulation, finance, and commerce
for communities with increasingly diverse income, ethnicity, and
socio-economic profiles.
Certain statements in this press release are "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act. These statements are based on management's current
expectations and are subject to uncertainty and changes in
circumstances. Actual results may differ materially from those
included in these statements due to a variety of factors, risks,
and uncertainties. More information about these factors, risks, and
uncertainties is contained in our filings with the Securities and
Exchange Commission.
1 BankRegData | November 7,
2023
Media:
Michael Herley for
Carver
203.308.1409
mediainquiries@carverbank.com
Investors:
ir@carverbank.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/carver-bancorp-inc-interim-ceo-craig-c-mackay-comments-on-the-banks-recent-performance-302000547.html
SOURCE Carver Bancorp, Inc.