We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Carver Bancorp Inc New | NASDAQ:CARV | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.02 | -1.27% | 1.56 | 1.54 | 1.62 | 1.62 | 1.50 | 1.57 | 50,585 | 21:30:00 |
þ
|
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
o
|
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
(State or Other Jurisdiction of
Incorporation or Organization)
|
|
13-3904174
(I.R.S. Employer Identification No.)
|
|
|
|
75 West 125th Street, New York, New York
(Address of Principal Executive Offices)
|
|
10027
(Zip Code)
|
o
Large Accelerated Filer
|
o
Accelerated Filer
|
o
Non-accelerated Filer
|
þ
Smaller Reporting Company
|
|
|
|
o
Emerging Growth Company
|
Class
|
|
Outstanding at February 13, 2019
|
Common Stock, par value $0.01
|
|
3,698,864
|
|
|
Page
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit 31.1
|
|
|
Exhibit 31.2
|
|
|
Exhibit 32.1
|
|
|
Exhibit 32.2
|
|
|
Exhibit 101
|
|
|
|
Three Months Ended December 31,
|
|
Nine Months Ended
December 31,
|
||||||||||||
$ in thousands, except per share data
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Interest income:
|
|
|
|
|
|
|
|
|
||||||||
Loans
|
|
$
|
4,640
|
|
|
$
|
5,471
|
|
|
$
|
14,757
|
|
|
$
|
16,920
|
|
Mortgage-backed securities
|
|
386
|
|
|
238
|
|
|
897
|
|
|
733
|
|
||||
Investment securities
|
|
326
|
|
|
163
|
|
|
915
|
|
|
477
|
|
||||
Money market investments
|
|
214
|
|
|
181
|
|
|
1,037
|
|
|
433
|
|
||||
Total interest income
|
|
5,566
|
|
|
6,053
|
|
|
17,606
|
|
|
18,563
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Interest expense:
|
|
|
|
|
|
|
|
|
||||||||
Deposits
|
|
1,263
|
|
|
1,073
|
|
|
4,013
|
|
|
2,961
|
|
||||
Advances and other borrowed money
|
|
207
|
|
|
291
|
|
|
683
|
|
|
873
|
|
||||
Total interest expense
|
|
1,470
|
|
|
1,364
|
|
|
4,696
|
|
|
3,834
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Net interest income
|
|
4,096
|
|
|
4,689
|
|
|
12,910
|
|
|
14,729
|
|
||||
(Recovery of) provision for loan losses
|
|
(332
|
)
|
|
6
|
|
|
(278
|
)
|
|
130
|
|
||||
Net interest income after (recovery of) provision for loan losses
|
|
4,428
|
|
|
4,683
|
|
|
13,188
|
|
|
14,599
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Non-interest income:
|
|
|
|
|
|
|
|
|
||||||||
Depository fees and charges
|
|
862
|
|
|
817
|
|
|
2,549
|
|
|
2,563
|
|
||||
Loan fees and service charges
|
|
114
|
|
|
172
|
|
|
256
|
|
|
414
|
|
||||
Gain (loss) on sale of loans, net
|
|
—
|
|
|
—
|
|
|
(23
|
)
|
|
—
|
|
||||
Gain on sale of building, net
|
|
154
|
|
|
18
|
|
|
462
|
|
|
52
|
|
||||
Other
|
|
197
|
|
|
339
|
|
|
466
|
|
|
665
|
|
||||
Total non-interest income
|
|
1,327
|
|
|
1,346
|
|
|
3,710
|
|
|
3,694
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Non-interest expense:
|
|
|
|
|
|
|
|
|
||||||||
Employee compensation and benefits
|
|
3,003
|
|
|
3,204
|
|
|
9,283
|
|
|
9,335
|
|
||||
Net occupancy expense
|
|
902
|
|
|
856
|
|
|
3,188
|
|
|
2,555
|
|
||||
Equipment, net
|
|
323
|
|
|
242
|
|
|
882
|
|
|
626
|
|
||||
Data processing
|
|
457
|
|
|
385
|
|
|
1,294
|
|
|
1,203
|
|
||||
Consulting fees
|
|
102
|
|
|
186
|
|
|
211
|
|
|
620
|
|
||||
Federal deposit insurance premiums
|
|
170
|
|
|
163
|
|
|
666
|
|
|
460
|
|
||||
Wire fraud loss
|
|
453
|
|
|
—
|
|
|
453
|
|
|
—
|
|
||||
Other
|
|
1,660
|
|
|
1,906
|
|
|
5,217
|
|
|
5,582
|
|
||||
Total non-interest expense
|
|
7,070
|
|
|
6,942
|
|
|
21,194
|
|
|
20,381
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Loss before income taxes
|
|
(1,315
|
)
|
|
(913
|
)
|
|
(4,296
|
)
|
|
(2,088
|
)
|
||||
Income tax expense
|
|
34
|
|
|
31
|
|
|
100
|
|
|
91
|
|
||||
Net loss
|
|
$
|
(1,349
|
)
|
|
$
|
(944
|
)
|
|
$
|
(4,396
|
)
|
|
$
|
(2,179
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
Net loss per common share:
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
$
|
(0.36
|
)
|
|
$
|
(0.26
|
)
|
|
$
|
(1.19
|
)
|
|
$
|
(0.59
|
)
|
Diluted
|
|
(0.36
|
)
|
|
(0.26
|
)
|
|
(1.19
|
)
|
|
(0.59
|
)
|
|
|
Three Months Ended December 31,
|
|
Nine Months Ended December 31,
|
||||||||||||
$ in thousands
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Net loss
|
|
$
|
(1,349
|
)
|
|
$
|
(944
|
)
|
|
$
|
(4,396
|
)
|
|
$
|
(2,179
|
)
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
|
||||||||
Unrealized gain (loss) of securities available-for-sale, net of income tax expense of $0
|
|
972
|
|
|
(305
|
)
|
|
286
|
|
|
203
|
|
||||
Total comprehensive loss, net of tax
|
|
$
|
(377
|
)
|
|
$
|
(1,249
|
)
|
|
$
|
(4,110
|
)
|
|
$
|
(1,976
|
)
|
$ in thousands
|
|
Preferred Stock
|
|
Common Stock
|
|
Additional Paid-In Capital
|
|
Accumulated Deficit
|
|
Treasury Stock
|
|
Accumulated Other Comprehensive Loss
|
|
Total Equity
|
||||||||||||||
Balance — March 31, 2018
|
|
$
|
45,118
|
|
|
$
|
61
|
|
|
$
|
55,479
|
|
|
$
|
(45,544
|
)
|
|
$
|
(417
|
)
|
|
$
|
(2,726
|
)
|
|
$
|
51,971
|
|
Net loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,396
|
)
|
|
—
|
|
|
—
|
|
|
(4,396
|
)
|
|||||||
Other comprehensive income, net of taxes
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
286
|
|
|
286
|
|
|||||||
AOCI reclassification (adoption of ASU 2016-01)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(721
|
)
|
|
—
|
|
|
721
|
|
|
—
|
|
|||||||
Stock based compensation expense
|
|
—
|
|
|
—
|
|
|
34
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
34
|
|
|||||||
Balance — December 31, 2018
|
|
$
|
45,118
|
|
|
$
|
61
|
|
|
$
|
55,513
|
|
|
$
|
(50,661
|
)
|
|
$
|
(417
|
)
|
|
$
|
(1,719
|
)
|
|
$
|
47,895
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Balance — March 31, 2017
|
|
$
|
45,118
|
|
|
$
|
61
|
|
|
$
|
55,474
|
|
|
$
|
(50,898
|
)
|
|
$
|
(417
|
)
|
|
$
|
(1,940
|
)
|
|
$
|
47,398
|
|
Net loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,179
|
)
|
|
—
|
|
|
—
|
|
|
(2,179
|
)
|
|||||||
Other comprehensive income, net of taxes
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
203
|
|
|
203
|
|
|||||||
Stock based compensation expense
|
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|||||||
Balance — December 31, 2017
|
|
$
|
45,118
|
|
|
$
|
61
|
|
|
$
|
55,477
|
|
|
$
|
(53,077
|
)
|
|
$
|
(417
|
)
|
|
$
|
(1,737
|
)
|
|
$
|
45,425
|
|
|
|
Nine Months Ended December 31,
|
||||||
$ in thousands
|
|
2018
|
|
2017
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
|
||||
Net loss
|
|
$
|
(4,396
|
)
|
|
$
|
(2,179
|
)
|
|
|
|
|
|
||||
Adjustments to reconcile net loss to net cash used in operating activities:
|
|
|
|
|
||||
(Recovery of) provision for loan losses
|
|
(278
|
)
|
|
130
|
|
||
Stock based compensation expense
|
|
34
|
|
|
3
|
|
||
Depreciation and amortization expense
|
|
579
|
|
|
602
|
|
||
Gain on sale of real estate owned, net of market value adjustment
|
|
(208
|
)
|
|
(250
|
)
|
||
Loss on redemption of equity securities, net
|
|
27
|
|
|
—
|
|
||
Loss on sale of loans, net
|
|
23
|
|
|
—
|
|
||
Gain on sale of building
|
|
(462
|
)
|
|
(52
|
)
|
||
Amortization and accretion of loan premiums and discounts and deferred charges
|
|
375
|
|
|
171
|
|
||
Amortization and accretion of premiums and discounts — securities
|
|
355
|
|
|
255
|
|
||
Increase in accrued interest receivable
|
|
(45
|
)
|
|
(145
|
)
|
||
Decrease (increase) in other assets
|
|
1,049
|
|
|
(4,739
|
)
|
||
Decrease in other liabilities
|
|
(541
|
)
|
|
(473
|
)
|
||
Net cash used in operating activities
|
|
(3,488
|
)
|
|
(6,677
|
)
|
||
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
||||
Purchases of investments: Available-for-sale
|
|
(58,220
|
)
|
|
—
|
|
||
Proceeds from principal payments, maturities and calls of investments: Available-for-sale
|
|
6,847
|
|
|
3,916
|
|
||
Proceeds from principal payments, maturities and calls of investments: Held-to-maturity
|
|
704
|
|
|
998
|
|
||
Proceeds from redemption of equity securities
|
|
9,199
|
|
|
—
|
|
||
Originations of loans held-for-investment, net of repayments
|
|
49,545
|
|
|
46,768
|
|
||
Proceeds on sale of loans
|
|
232
|
|
|
1,986
|
|
||
Decrease in restricted cash
|
|
—
|
|
|
283
|
|
||
Redemption of FHLB-NY stock, net
|
|
1,202
|
|
|
403
|
|
||
Purchase of premises and equipment
|
|
(2,861
|
)
|
|
(1,145
|
)
|
||
Proceeds from sales of real estate owned
|
|
1,221
|
|
|
878
|
|
||
Net cash provided by investing activities
|
|
7,869
|
|
|
54,087
|
|
||
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
|
||||
Net decrease in deposits
|
|
(73,866
|
)
|
|
(18,455
|
)
|
||
Repayment of FHLB-NY advances and other borrowings
|
|
(25,000
|
)
|
|
(11,000
|
)
|
||
Net cash used in financing activities
|
|
(98,866
|
)
|
|
(29,455
|
)
|
||
Net (decrease) increase in cash and cash equivalents
|
|
(94,485
|
)
|
|
17,955
|
|
||
Cash and cash equivalents at beginning of period
|
|
134,558
|
|
|
58,686
|
|
||
Cash and cash equivalents at end of period
|
|
$
|
40,073
|
|
|
$
|
76,641
|
|
|
|
|
|
|
||||
Supplemental cash flow information:
|
|
|
|
|
||||
Noncash financing and investing activities
|
|
|
|
|
||||
Transfers (from) to held-for-sale loans (to) from portfolio loans
|
|
$
|
—
|
|
|
$
|
(944
|
)
|
Transfers to real estate owned
|
|
$
|
142
|
|
|
$
|
867
|
|
|
|
|
|
|
||||
Cash paid for:
|
|
|
|
|
||||
Interest
|
|
$
|
3,983
|
|
|
$
|
3,305
|
|
Income taxes
|
|
$
|
77
|
|
|
$
|
225
|
|
|
|
Three Months Ended December 31,
|
|
Nine Months Ended
December 31,
|
||||||||||||
$ in thousands except per share data
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Net loss
|
|
$
|
(1,349
|
)
|
|
$
|
(944
|
)
|
|
(4,396
|
)
|
|
(2,179
|
)
|
||
|
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares outstanding - basic
|
|
3,698,701
|
|
|
3,698,020
|
|
|
3,698,424
|
|
|
3,697,753
|
|
||||
Weighted average common shares outstanding – diluted
|
|
3,698,701
|
|
|
3,698,020
|
|
|
3,698,424
|
|
|
3,697,753
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Basic loss per common share
|
|
$
|
(0.36
|
)
|
|
$
|
(0.26
|
)
|
|
$
|
(1.19
|
)
|
|
$
|
(0.59
|
)
|
Diluted loss per common share
|
|
$
|
(0.36
|
)
|
|
$
|
(0.26
|
)
|
|
$
|
(1.19
|
)
|
|
$
|
(0.59
|
)
|
$ in thousands
|
|
At
March 31, 2018
|
|
ASU 2016-01 reclassification
|
|
Other
Comprehensive
Income, net of tax
|
|
At
December 31, 2018
|
||||||||
Net unrealized loss on securities available-for-sale
|
|
$
|
(2,726
|
)
|
|
$
|
721
|
|
|
$
|
286
|
|
|
$
|
(1,719
|
)
|
$ in thousands
|
|
At
March 31, 2017
|
|
Other
Comprehensive
Income, net of tax
|
|
At
December 31, 2017
|
||||||
Net unrealized loss on securities available-for-sale
|
|
$
|
(1,940
|
)
|
|
$
|
203
|
|
|
$
|
(1,737
|
)
|
|
|
At December 31, 2018
|
||||||||||||||
|
|
Amortized
|
|
Gross Unrealized
|
|
|
||||||||||
$ in thousands
|
|
Cost
|
|
Gains
|
|
Losses
|
|
Fair Value
|
||||||||
Available-for-Sale:
|
|
|
|
|
|
|
|
|
||||||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
||||||||
Government National Mortgage Association
|
|
$
|
4,583
|
|
|
$
|
8
|
|
|
$
|
130
|
|
|
$
|
4,461
|
|
Federal Home Loan Mortgage Corporation
|
|
15,527
|
|
|
82
|
|
|
231
|
|
|
15,378
|
|
||||
Federal National Mortgage Association
|
|
27,701
|
|
|
78
|
|
|
963
|
|
|
26,816
|
|
||||
Total mortgage-backed securities
|
|
47,811
|
|
|
168
|
|
|
1,324
|
|
|
46,655
|
|
||||
U.S. Government Agency Securities
|
|
34,801
|
|
|
—
|
|
|
322
|
|
|
34,479
|
|
||||
U.S. Treasury Securities
|
|
16,377
|
|
|
—
|
|
|
37
|
|
|
16,340
|
|
||||
Corporate Bonds
|
|
5,060
|
|
|
—
|
|
|
204
|
|
|
4,856
|
|
||||
Total available-for-sale
|
|
$
|
104,049
|
|
|
$
|
168
|
|
|
$
|
1,887
|
|
|
$
|
102,330
|
|
Held-to-Maturity
*
:
|
|
|
|
|
|
|
|
|
||||||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
||||||||
Government National Mortgage Association
|
|
$
|
1,250
|
|
|
$
|
33
|
|
|
$
|
—
|
|
|
$
|
1,283
|
|
Federal National Mortgage Association and Other
|
|
9,090
|
|
|
—
|
|
|
202
|
|
|
8,888
|
|
||||
Total held-to-maturity mortgage-backed securities
|
|
10,340
|
|
|
33
|
|
|
202
|
|
|
10,171
|
|
||||
Corporate Bonds
|
|
1,000
|
|
|
23
|
|
|
—
|
|
|
1,023
|
|
||||
Total held-to maturity
|
|
$
|
11,340
|
|
|
$
|
56
|
|
|
$
|
202
|
|
|
$
|
11,194
|
|
|
|
At March 31, 2018
|
||||||||||||||
|
|
Amortized
|
|
Gross Unrealized
|
|
|
||||||||||
$ in thousands
|
|
Cost
|
|
Gains
|
|
Losses
|
|
Fair Value
|
||||||||
Available-for-Sale:
|
|
|
|
|
|
|
|
|
||||||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
||||||||
Government National Mortgage Association
|
|
$
|
2,163
|
|
|
$
|
—
|
|
|
$
|
97
|
|
|
$
|
2,066
|
|
Federal Home Loan Mortgage Corporation
|
|
6,633
|
|
|
—
|
|
|
283
|
|
|
6,350
|
|
||||
Federal National Mortgage Association
|
|
24,638
|
|
|
—
|
|
|
1,227
|
|
|
23,411
|
|
||||
Total mortgage-backed securities
|
|
33,434
|
|
|
—
|
|
|
1,607
|
|
|
31,827
|
|
||||
U.S. Government Agency Securities
|
|
14,490
|
|
|
—
|
|
|
258
|
|
|
14,232
|
|
||||
Corporate Bonds
|
|
5,078
|
|
|
—
|
|
|
212
|
|
|
4,866
|
|
||||
Other investments
(1)
|
|
10,433
|
|
|
—
|
|
|
649
|
|
|
9,784
|
|
||||
Total available-for-sale
|
|
$
|
63,435
|
|
|
$
|
—
|
|
|
$
|
2,726
|
|
|
$
|
60,709
|
|
Held-to-Maturity
*
:
|
|
|
|
|
|
|
|
|
||||||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
||||||||
Government National Mortgage Association
|
|
$
|
1,434
|
|
|
$
|
51
|
|
|
$
|
—
|
|
|
$
|
1,485
|
|
Federal National Mortgage Association and Other
|
|
9,641
|
|
|
—
|
|
|
247
|
|
|
9,394
|
|
||||
Total held-to-maturity mortgage-backed securities
|
|
11,075
|
|
|
51
|
|
|
247
|
|
|
10,879
|
|
||||
Corporate Bonds
|
|
1,000
|
|
|
30
|
|
|
—
|
|
|
1,030
|
|
||||
Total held-to-maturity
|
|
$
|
12,075
|
|
|
$
|
81
|
|
|
$
|
247
|
|
|
$
|
11,909
|
|
|
|
At December 31, 2018
|
||||||||||||||||||||||
|
|
Less than 12 months
|
|
12 months or longer
|
|
Total
|
||||||||||||||||||
$ in thousands
|
|
Unrealized
Losses
|
|
Fair
Value
|
|
Unrealized
Losses
|
|
Fair
Value
|
|
Unrealized
Losses
|
|
Fair
Value
|
||||||||||||
Available-for-Sale:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Mortgage-backed securities
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,324
|
|
|
$
|
27,011
|
|
|
$
|
1,324
|
|
|
$
|
27,011
|
|
U.S. Government Agency securities
|
|
160
|
|
|
28,368
|
|
|
162
|
|
|
6,111
|
|
|
322
|
|
|
34,479
|
|
||||||
U.S. Treasury securities
|
|
37
|
|
|
16,340
|
|
|
—
|
|
|
—
|
|
|
37
|
|
|
16,340
|
|
||||||
Corporate Bonds
|
|
—
|
|
|
—
|
|
|
204
|
|
|
4,856
|
|
|
204
|
|
|
4,856
|
|
||||||
Total available-for-sale securities
|
|
$
|
197
|
|
|
$
|
44,708
|
|
|
$
|
1,690
|
|
|
$
|
37,978
|
|
|
$
|
1,887
|
|
|
$
|
82,686
|
|
Held-to-Maturity:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Mortgage-backed securities
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
202
|
|
|
$
|
8,802
|
|
|
$
|
202
|
|
|
$
|
8,802
|
|
Total held-to-maturity securities
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
202
|
|
|
$
|
8,802
|
|
|
$
|
202
|
|
|
$
|
8,802
|
|
|
|
At March 31, 2018
|
||||||||||||||||||||||
|
|
Less than 12 months
|
|
12 months or longer
|
|
Total
|
||||||||||||||||||
$ in thousands
|
|
Unrealized
Losses
|
|
Fair
Value
|
|
Unrealized
Losses
|
|
Fair
Value
|
|
Unrealized
Losses
|
|
Fair
Value
|
||||||||||||
Available-for-Sale:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Mortgage-backed securities
|
|
$
|
101
|
|
|
$
|
3,702
|
|
|
$
|
1,506
|
|
|
$
|
28,124
|
|
|
$
|
1,607
|
|
|
$
|
31,826
|
|
U.S. Government Agency securities
|
|
80
|
|
|
7,666
|
|
|
178
|
|
|
6,566
|
|
|
258
|
|
|
14,232
|
|
||||||
Corporate bonds
|
|
—
|
|
|
—
|
|
|
212
|
|
|
4,866
|
|
|
212
|
|
|
4,866
|
|
||||||
Other investments
(1)
|
|
—
|
|
|
—
|
|
|
649
|
|
|
9,351
|
|
|
649
|
|
|
9,351
|
|
||||||
Total available-for-sale securities
|
|
$
|
181
|
|
|
$
|
11,368
|
|
|
$
|
2,545
|
|
|
$
|
48,907
|
|
|
$
|
2,726
|
|
|
$
|
60,275
|
|
Held-to-Maturity:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Mortgage-backed securities
|
|
$
|
188
|
|
|
$
|
7,681
|
|
|
$
|
59
|
|
|
$
|
1,612
|
|
|
$
|
247
|
|
|
$
|
9,293
|
|
Total held-to-maturity securities
|
|
$
|
188
|
|
|
$
|
7,681
|
|
|
$
|
59
|
|
|
$
|
1,612
|
|
|
$
|
247
|
|
|
$
|
9,293
|
|
$ in thousands
|
Amortized Cost
|
|
Fair Value
|
|
Weighted
Average Yield
|
|||||
Available-for-Sale:
|
|
|
|
|
|
|||||
Less than one year
|
$
|
8,495
|
|
|
$
|
8,472
|
|
|
2.05
|
%
|
One through five years
|
17,650
|
|
|
17,364
|
|
|
2.05
|
%
|
||
Five through ten years
|
18,466
|
|
|
18,077
|
|
|
2.73
|
%
|
||
After ten years
|
59,438
|
|
|
58,417
|
|
|
2.84
|
%
|
||
Total
|
$
|
104,049
|
|
|
$
|
102,330
|
|
|
2.63
|
%
|
|
|
|
|
|
|
|||||
Held-to-maturity:
|
|
|
|
|
|
|||||
One through five years
|
$
|
4,585
|
|
|
$
|
4,508
|
|
|
2.40
|
%
|
Five through ten years
|
$
|
4,025
|
|
|
$
|
3,992
|
|
|
3.46
|
%
|
After ten years
|
2,730
|
|
|
2,694
|
|
|
2.70
|
%
|
||
Total
|
$
|
11,340
|
|
|
$
|
11,194
|
|
|
2.85
|
%
|
|
|
December 31, 2018
|
|
March 31, 2018
|
||||||||||
$ in thousands
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
||||||
Gross loans receivable:
|
|
|
|
|
|
|
|
|
||||||
One-to-four family
|
|
$
|
110,105
|
|
|
26.0
|
%
|
|
$
|
121,233
|
|
|
25.6
|
%
|
Multifamily
|
|
86,962
|
|
|
20.5
|
%
|
|
103,887
|
|
|
21.9
|
%
|
||
Commercial real estate
|
|
123,860
|
|
|
29.2
|
%
|
|
141,835
|
|
|
29.9
|
%
|
||
Business
(1)
|
|
98,887
|
|
|
23.3
|
%
|
|
102,004
|
|
|
21.5
|
%
|
||
Consumer
(2)
|
|
4,412
|
|
|
1.0
|
%
|
|
5,238
|
|
|
1.1
|
%
|
||
Total loans receivable
|
|
$
|
424,226
|
|
|
100.0
|
%
|
|
$
|
474,197
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
||||||
Unamortized premiums, deferred costs and fees, net
|
|
3,181
|
|
|
|
|
3,556
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
||||||
Allowance for loan losses
|
|
(4,802
|
)
|
|
|
|
(5,126
|
)
|
|
|
||||
Total loans receivable, net
|
|
$
|
422,605
|
|
|
|
|
$
|
472,627
|
|
|
|
At March 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
$ in thousands
|
|
One-to-four family
|
|
Multifamily
|
|
Commercial Real Estate
|
|
Construction
|
|
Business
|
|
Consumer
|
|
Unallocated
|
|
Total
|
||||||||||||||||
Allowance for Loan Losses Ending Balance: collectively evaluated for impairment
|
|
$
|
1,065
|
|
|
$
|
1,744
|
|
|
$
|
1,052
|
|
|
$
|
—
|
|
|
$
|
908
|
|
|
$
|
18
|
|
|
$
|
24
|
|
|
$
|
4,811
|
|
Allowance for Loan Losses Ending Balance: individually evaluated for impairment
|
|
145
|
|
|
75
|
|
|
—
|
|
|
—
|
|
|
95
|
|
|
—
|
|
|
—
|
|
|
315
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Loan Receivables Ending Balance:
|
|
$
|
123,092
|
|
|
$
|
104,865
|
|
|
$
|
142,304
|
|
|
$
|
—
|
|
|
$
|
102,203
|
|
|
$
|
5,289
|
|
|
$
|
—
|
|
|
$
|
477,753
|
|
Ending Balance: collectively evaluated for impairment
|
|
116,588
|
|
|
103,160
|
|
|
140,765
|
|
|
—
|
|
|
98,914
|
|
|
5,289
|
|
|
—
|
|
|
464,716
|
|
||||||||
Ending Balance: individually evaluated for impairment
|
|
6,504
|
|
|
1,705
|
|
|
1,539
|
|
|
—
|
|
|
3,289
|
|
|
—
|
|
|
—
|
|
|
13,037
|
|
$ in thousands
|
December 31, 2018
|
|
March 31, 2018
|
||||
Gross loans receivable:
|
|
|
|
||||
One-to-four family
|
$
|
4,508
|
|
|
$
|
4,561
|
|
Multifamily
|
2,708
|
|
|
964
|
|
||
Commercial real estate
|
1,233
|
|
|
502
|
|
||
Business
|
1,467
|
|
|
635
|
|
||
Total nonaccrual loans
|
$
|
9,916
|
|
|
$
|
6,662
|
|
$ in thousands
|
|
Multifamily
|
|
Commercial
Real Estate
|
|
Construction
|
|
Business
|
||||||||
Credit Risk Profile by Internally Assigned Grade:
|
|
|
|
|
|
|
|
|
||||||||
Pass
|
|
$
|
84,997
|
|
|
$
|
123,234
|
|
|
$
|
—
|
|
|
$
|
89,139
|
|
Special Mention
|
|
—
|
|
|
636
|
|
|
—
|
|
|
5,751
|
|
||||
Substandard
|
|
2,708
|
|
|
482
|
|
|
—
|
|
|
4,228
|
|
||||
Doubtful
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total
|
|
$
|
87,705
|
|
|
$
|
124,352
|
|
|
$
|
—
|
|
|
$
|
99,118
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
One-to-four family
|
|
Consumer
|
||||||||
Credit Risk Profile Based on Payment Activity:
|
|
|
|
|
|
|
|
|
||||||||
Performing
|
|
|
|
|
|
$
|
108,015
|
|
|
$
|
4,411
|
|
||||
Non-Performing
|
|
|
|
|
|
3,761
|
|
|
45
|
|
||||||
Total
|
|
|
|
|
|
$
|
111,776
|
|
|
$
|
4,456
|
|
$ in thousands
|
|
Multifamily
|
|
Commercial Real Estate
|
|
Construction
|
|
Business
|
||||||||
Credit Risk Profile by Internally Assigned Grade:
|
|
|
|
|
|
|
|
|
||||||||
Pass
|
|
$
|
103,160
|
|
|
$
|
140,765
|
|
|
$
|
—
|
|
|
$
|
93,886
|
|
Special Mention
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,028
|
|
||||
Substandard
|
|
1,705
|
|
|
1,539
|
|
|
—
|
|
|
3,289
|
|
||||
Doubtful
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total
|
|
$
|
104,865
|
|
|
$
|
142,304
|
|
|
$
|
—
|
|
|
$
|
102,203
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
One-to-four family
|
|
Consumer
|
||||||||
Credit Risk Profile Based on Payment Activity:
|
|
|
|
|
|
|
|
|
||||||||
Performing
|
|
|
|
|
|
$
|
116,588
|
|
|
$
|
5,289
|
|
||||
Non-Performing
|
|
|
|
|
|
6,504
|
|
|
—
|
|
||||||
Total
|
|
|
|
|
|
$
|
123,092
|
|
|
$
|
5,289
|
|
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
$ in thousands
|
|
30-59 Days
Past Due
|
|
60-89 Days
Past Due
|
|
90 or More Days Past Due
|
|
Total Past
Due
|
|
Current
|
|
Total Financing
Receivables
|
||||||||||||
One-to-four family
|
|
$
|
1,847
|
|
|
$
|
—
|
|
|
$
|
3,761
|
|
|
$
|
5,608
|
|
|
$
|
106,168
|
|
|
$
|
111,776
|
|
Multifamily
|
|
2,449
|
|
|
—
|
|
|
1,601
|
|
|
4,050
|
|
|
83,655
|
|
|
87,705
|
|
||||||
Commercial real estate
|
|
5,411
|
|
|
—
|
|
|
—
|
|
|
5,411
|
|
|
118,941
|
|
|
124,352
|
|
||||||
Business
|
|
5,448
|
|
|
98
|
|
|
688
|
|
|
6,234
|
|
|
92,884
|
|
|
99,118
|
|
||||||
Consumer
|
|
36
|
|
|
1
|
|
|
—
|
|
|
37
|
|
|
4,419
|
|
|
4,456
|
|
||||||
Total
|
|
$
|
15,191
|
|
|
$
|
99
|
|
|
$
|
6,050
|
|
|
$
|
21,340
|
|
|
$
|
406,067
|
|
|
$
|
427,407
|
|
March 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
$ in thousands
|
|
30-59 Days
Past Due
|
|
60-89 Days
Past Due
|
|
90 or More Days Past Due
|
|
Total Past
Due
|
|
Current
|
|
Total Financing Receivables
|
||||||||||||
One-to-four family
|
|
$
|
1,819
|
|
|
$
|
—
|
|
|
$
|
4,056
|
|
|
$
|
5,875
|
|
|
$
|
117,217
|
|
|
$
|
123,092
|
|
Multifamily
|
|
—
|
|
|
—
|
|
|
219
|
|
|
219
|
|
|
104,646
|
|
|
104,865
|
|
||||||
Commercial real estate
|
|
1,395
|
|
|
—
|
|
|
—
|
|
|
1,395
|
|
|
140,909
|
|
|
142,304
|
|
||||||
Business
|
|
973
|
|
|
312
|
|
|
322
|
|
|
1,607
|
|
|
100,596
|
|
|
102,203
|
|
||||||
Consumer
|
|
7
|
|
|
5
|
|
|
—
|
|
|
12
|
|
|
5,277
|
|
|
5,289
|
|
||||||
Total
|
|
$
|
4,194
|
|
|
$
|
317
|
|
|
$
|
4,597
|
|
|
$
|
9,108
|
|
|
$
|
468,645
|
|
|
$
|
477,753
|
|
|
|
At December 31, 2018
|
|
At March 31, 2018
|
||||||||||||||||||||
$ in thousands
|
|
Recorded
Investment |
|
Unpaid
Principal Balance |
|
Associated
Allowance |
|
Recorded
Investment |
|
Unpaid
Principal Balance |
|
Associated
Allowance |
||||||||||||
With no specific allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
One-to-four family
|
|
$
|
4,508
|
|
|
$
|
5,663
|
|
|
$
|
—
|
|
|
$
|
5,439
|
|
|
$
|
6,862
|
|
|
$
|
—
|
|
Multifamily
|
|
2,708
|
|
|
2,708
|
|
|
—
|
|
|
964
|
|
|
1,122
|
|
|
—
|
|
||||||
Commercial real estate
|
|
482
|
|
|
482
|
|
|
—
|
|
|
1,539
|
|
|
1,539
|
|
|
—
|
|
||||||
Business
|
|
1,774
|
|
|
1,795
|
|
|
—
|
|
|
611
|
|
|
611
|
|
|
—
|
|
||||||
With an allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
One-to-four family
|
|
935
|
|
|
930
|
|
|
175
|
|
|
1,065
|
|
|
1,065
|
|
|
145
|
|
||||||
Multifamily
|
|
—
|
|
|
—
|
|
|
—
|
|
|
741
|
|
|
741
|
|
|
75
|
|
||||||
Business
|
|
1,800
|
|
|
1,804
|
|
|
18
|
|
|
2,678
|
|
|
2,681
|
|
|
95
|
|
||||||
Total
|
|
$
|
12,207
|
|
|
$
|
13,382
|
|
|
$
|
193
|
|
|
$
|
13,037
|
|
|
$
|
14,621
|
|
|
$
|
315
|
|
|
|
For the Three Months Ended December 31,
|
|
For the Nine Months Ended December 31,
|
||||||||||||||||||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||||||||||||||||||
$ in thousands
|
|
Average Balance
|
|
Interest Income Recognized
|
|
Average Balance
|
|
Interest Income Recognized
|
|
Average Balance
|
|
Interest Income Recognized
|
|
Average Balance
|
|
Interest Income Recognized
|
||||||||||||||||
With no specific allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
One-to-four family
|
|
$
|
4,608
|
|
|
$
|
25
|
|
|
$
|
5,284
|
|
|
$
|
3
|
|
|
$
|
4,973
|
|
|
$
|
60
|
|
|
$
|
5,099
|
|
|
$
|
15
|
|
Multifamily
|
|
2,518
|
|
|
11
|
|
|
1,068
|
|
|
9
|
|
|
1,836
|
|
|
29
|
|
|
1,379
|
|
|
25
|
|
||||||||
Commercial real estate
|
|
486
|
|
|
8
|
|
|
799
|
|
|
9
|
|
|
1,011
|
|
|
16
|
|
|
1,912
|
|
|
28
|
|
||||||||
Business
|
|
1,204
|
|
|
—
|
|
|
1,632
|
|
|
—
|
|
|
1,192
|
|
|
6
|
|
|
2,020
|
|
|
—
|
|
||||||||
With an allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
One-to-four family
|
|
938
|
|
|
—
|
|
|
1,381
|
|
|
—
|
|
|
1,000
|
|
|
—
|
|
|
1,388
|
|
|
1
|
|
||||||||
Multifamily
|
|
—
|
|
|
|
|
|
—
|
|
|
—
|
|
|
371
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Business
|
|
2,428
|
|
|
—
|
|
|
2,623
|
|
|
1
|
|
|
2,239
|
|
|
4
|
|
|
2,603
|
|
|
—
|
|
||||||||
Total
|
|
$
|
12,182
|
|
|
$
|
44
|
|
|
$
|
12,787
|
|
|
$
|
22
|
|
|
$
|
12,622
|
|
|
$
|
115
|
|
|
$
|
14,401
|
|
|
$
|
69
|
|
|
|
Modifications to loans during the three month period ended
|
|
Modifications to loans during the nine month period ended
|
||||||||||||||||||||||||||
|
|
December 31, 2018
|
|
December 31, 2018
|
||||||||||||||||||||||||||
$ in thousands
|
|
Number of loans
|
|
Pre-modification outstanding recorded investment
|
|
Post-Modification Recorded investment
|
|
Pre-Modification rate
|
|
Post-Modification rate
|
|
Number of loans
|
|
Pre-modification outstanding recorded investment
|
|
Post-Modification Recorded investment
|
|
Pre-Modification rate
|
|
Post-Modification rate
|
||||||||||
Business
|
|
2
|
|
|
1,014
|
|
|
648
|
|
|
6.11
|
%
|
|
6.24
|
%
|
|
3
|
|
|
2,776
|
|
|
2,360
|
|
|
6.51
|
%
|
|
6.06
|
%
|
|
|
Modifications to loans during the three month period ended
|
|
Modifications to loans during the nine month period ended
|
||||||||||||||||||||||||||||||
|
|
December 31, 2017
|
|
December 31, 2017
|
||||||||||||||||||||||||||||||
$ in thousands
|
|
Number of loans
|
|
Pre-modification outstanding recorded investment
|
|
Post-Modification Recorded investment
|
|
Pre-Modification rate
|
|
Post-Modification rate
|
|
Number of loans
|
|
Pre-modification outstanding recorded investment
|
|
Post-Modification Recorded investment
|
|
Pre-Modification rate
|
|
Post-Modification rate
|
||||||||||||||
Business
|
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
—
|
%
|
|
—
|
%
|
|
1
|
|
|
$
|
285
|
|
|
$
|
285
|
|
|
7.25
|
%
|
|
7.00
|
%
|
•
|
Level 1— Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.
|
•
|
Level 2— Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
|
•
|
Level 3— Inputs to the valuation methodology are unobservable and significant to the fair value measurement.
|
|
|
Fair Value Measurements at December 31, 2018, Using
|
||||||||||||||
$ in thousands
|
|
Quoted Prices in Active Markets for Identical Assets
(Level 1)
|
|
Significant Other
Observable Inputs
(Level 2)
|
|
Significant
Unobservable Inputs
(Level 3)
|
|
Total Fair
Value
|
||||||||
Mortgage servicing rights
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
209
|
|
|
$
|
209
|
|
Investment securities
|
|
|
|
|
|
|
|
|
||||||||
Available-for-sale:
|
|
|
|
|
|
|
|
|
||||||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
||||||||
Government National Mortgage Association
|
|
—
|
|
|
4,461
|
|
|
—
|
|
|
4,461
|
|
||||
Federal Home Loan Mortgage Corporation
|
|
—
|
|
|
15,378
|
|
|
—
|
|
|
15,378
|
|
||||
Federal National Mortgage Association
|
|
—
|
|
|
26,816
|
|
|
—
|
|
|
26,816
|
|
||||
U.S. Government Agency Securities
|
|
—
|
|
|
34,479
|
|
|
—
|
|
|
34,479
|
|
||||
U.S. Treasury Securities
|
|
16,340
|
|
|
—
|
|
|
—
|
|
|
16,340
|
|
||||
Corporate bonds
|
|
—
|
|
|
4,856
|
|
|
—
|
|
|
4,856
|
|
||||
Total available-for-sale securities
|
|
16,340
|
|
|
85,990
|
|
|
—
|
|
|
102,330
|
|
||||
Equity securities
|
|
—
|
|
|
—
|
|
|
416
|
|
|
416
|
|
||||
Total
|
|
$
|
16,340
|
|
|
$
|
85,990
|
|
|
$
|
625
|
|
|
$
|
102,955
|
|
|
|
Fair Value Measurements at March 31, 2018, Using
|
||||||||||||||
$ in thousands
|
|
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
|
|
Significant Other
Observable Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
Total Fair
Value
|
||||||||
Mortgage servicing rights
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
181
|
|
|
$
|
181
|
|
Investment securities
|
|
|
|
|
|
|
|
|
||||||||
Available-for-sale:
|
|
|
|
|
|
|
|
|
||||||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
||||||||
Government National Mortgage Association
|
|
—
|
|
|
2,066
|
|
|
—
|
|
|
2,066
|
|
||||
Federal Home Loan Mortgage Corporation
|
|
—
|
|
|
6,350
|
|
|
—
|
|
|
6,350
|
|
||||
Federal National Mortgage Association
|
|
—
|
|
|
23,411
|
|
|
—
|
|
|
23,411
|
|
||||
U.S. Government Agency securities
|
|
—
|
|
|
14,232
|
|
|
—
|
|
|
14,232
|
|
||||
Corporate bonds
|
|
—
|
|
|
4,866
|
|
|
—
|
|
|
4,866
|
|
||||
Other investments
|
|
—
|
|
|
9,351
|
|
|
433
|
|
|
9,784
|
|
||||
Total available-for-sale securities
|
|
—
|
|
|
60,276
|
|
|
433
|
|
|
60,709
|
|
||||
Total
|
|
$
|
—
|
|
|
$
|
60,276
|
|
|
$
|
614
|
|
|
$
|
60,890
|
|
$ in thousands
|
Beginning balance, April 1, 2018
|
|
Total Realized/Unrealized Gains/(Losses) Recorded in Income
(1)
|
|
Issuances / (Settlements)
|
|
Transfers to/(from) Level 3
|
|
Ending balance,
December 31, 2018
|
|
Change in Unrealized Gains and (Losses) Related to Instruments Held at December 31, 2018
|
||||||||||||
Equity securities
|
$
|
433
|
|
|
$
|
(17
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
416
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Mortgage servicing rights
|
181
|
|
|
28
|
|
|
—
|
|
|
—
|
|
|
209
|
|
|
26
|
|
$ in thousands
|
Beginning balance, April 1, 2017
|
|
Total Realized/Unrealized Gains/(Losses) Recorded in Income
(1)
|
|
Issuances / (Settlements)
|
|
Transfers to/(from) Level 3
|
|
Ending balance,
December 31, 2017
|
|
Change in Unrealized Gains and (Losses) Related to Instruments Held at December 31, 2017
|
||||||||||||
Available-for-Sale: Other investments
|
$
|
403
|
|
|
$
|
(12
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
391
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Mortgage servicing rights
|
192
|
|
|
(9
|
)
|
|
—
|
|
—
|
|
183
|
|
|
(8
|
)
|
$ in thousands
|
|
Fair Value
December 31, 2018
|
|
Valuation Technique
|
|
Significant Unobservable Inputs
|
|
Significant Unobservable Input Value
|
|||
Equity securities
|
|
$
|
416
|
|
|
Cost
|
|
n/a
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Mortgage Servicing Rights
|
|
209
|
|
|
Discounted Cash Flow
|
|
Weighted Average Constant Prepayment Rate
(1)
|
|
9.28
|
%
|
|
|
|
|
|
|
|
Option Adjusted Spread ("OAS") applied to Treasury curve
|
|
1000 basis points
|
$ in thousands
|
|
Fair Value
March 31, 2018
|
|
Valuation Technique
|
|
Significant Unobservable Inputs
|
|
Significant Unobservable Input Value
|
|||
Available-for-Sale:
|
|
|
|
|
|
|
|
|
|||
Other investments
|
|
$
|
433
|
|
|
Cost
|
|
n/a
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Mortgage Servicing Rights
|
|
181
|
|
|
Discounted Cash Flow
|
|
Weighted Average Constant Prepayment Rate
(1)
|
|
20.03
|
%
|
|
|
|
|
|
|
|
Discount Rate
|
|
12.00
|
%
|
|
|
Fair Value Measurements at December 31, 2018, Using
|
||||||||||||||
|
|
Quoted Prices in Active Markets for Identical Assets
|
|
Significant Other Observable Inputs
|
|
Significant Unobservable Inputs
|
|
Total Fair Value
|
||||||||
$ in thousands
|
|
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
|
|||||||||
Impaired loans
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,542
|
|
|
$
|
2,542
|
|
Other real estate owned
|
|
—
|
|
|
—
|
|
|
453
|
|
|
$
|
453
|
|
|
|
Fair Value Measurements at March 31, 2018, Using
|
||||||||||||||
|
|
Quoted Prices in Active Markets for Identical Assets
|
|
Significant Other Observable Inputs
|
|
Significant Unobservable Inputs
|
|
Total Fair Value
|
||||||||
$ in thousands
|
|
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
|
|||||||||
Impaired loans
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,476
|
|
|
$
|
4,476
|
|
Other real estate owned
|
|
—
|
|
|
—
|
|
|
1,145
|
|
|
$
|
1,145
|
|
$ in thousands
|
|
Fair Value
December 31, 2018
|
|
Valuation Technique
|
|
Significant Unobservable Inputs
|
|
Significant Unobservable Input Value
|
||
Impaired loans
|
|
$
|
2,542
|
|
|
Appraisal of collateral
|
|
Costs to sell
|
|
7.5% cost to sell
|
Other real estate owned
|
|
453
|
|
|
Appraisal of collateral
|
|
Costs to sell
|
|
7.5% cost to sell
|
$ in thousands
|
|
Fair Value March 31, 2018
|
|
Valuation Technique
|
|
Significant Unobservable Inputs
|
|
Significant Unobservable Input Value
|
||
Impaired loans
|
|
$
|
4,476
|
|
|
Appraisal of collateral
|
|
Costs to sell
|
|
7.5% cost to sell
|
Other real estate owned
|
|
1,145
|
|
|
Appraisal of collateral
|
|
Costs to sell
|
|
7.5% cost to sell
|
|
|
December 31, 2018
|
||||||||||||||||||
$ in thousands
|
|
Carrying
Amount
|
|
Estimated
Fair Value
|
|
Quoted Prices in Active Markets for Identical Assets (Level 1)
|
|
Significant Other Observable Inputs (Level 2)
|
|
Significant Unobservable Inputs (Level 3)
|
||||||||||
Financial Assets:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
|
$
|
40,073
|
|
|
$
|
40,073
|
|
|
$
|
40,073
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Securities available-for-sale
|
|
102,330
|
|
|
102,330
|
|
|
16,340
|
|
|
85,990
|
|
|
—
|
|
|||||
Equity securities
|
|
416
|
|
|
416
|
|
|
—
|
|
|
—
|
|
|
416
|
|
|||||
FHLB Stock
|
|
566
|
|
|
566
|
|
|
—
|
|
|
566
|
|
|
—
|
|
|||||
Securities held-to-maturity
|
|
11,340
|
|
|
11,194
|
|
|
—
|
|
|
11,194
|
|
|
—
|
|
|||||
Loans receivable
|
|
422,605
|
|
|
420,568
|
|
|
—
|
|
|
—
|
|
|
420,568
|
|
|||||
Accrued interest receivable
|
|
2,068
|
|
|
2,068
|
|
|
—
|
|
|
2,068
|
|
|
—
|
|
|||||
Mortgage servicing rights
|
|
209
|
|
|
209
|
|
|
—
|
|
|
—
|
|
|
209
|
|
|||||
Other assets - Interest-bearing deposits
|
|
975
|
|
|
975
|
|
|
—
|
|
|
975
|
|
|
—
|
|
|||||
Financial Liabilities:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits
|
|
$
|
513,017
|
|
|
$
|
510,522
|
|
|
$
|
282,634
|
|
|
$
|
227,888
|
|
|
$
|
—
|
|
Other borrowed money
|
|
13,403
|
|
|
13,403
|
|
|
—
|
|
|
13,403
|
|
|
—
|
|
|||||
Accrued interest payable
|
|
1,684
|
|
|
1,684
|
|
|
—
|
|
|
1,684
|
|
|
—
|
|
|
|
March 31, 2018
|
||||||||||||||||||
$ in thousands
|
|
Carrying
Amount
|
|
Estimated
Fair Value
|
|
Quoted Prices in Active Markets for Identical Assets (Level 1)
|
|
Significant Other Observable Inputs (Level 2)
|
|
Significant Unobservable Inputs (Level 3)
|
||||||||||
Financial Assets:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
|
$
|
134,558
|
|
|
$
|
134,558
|
|
|
$
|
134,558
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Securities available-for-sale
|
|
60,709
|
|
|
60,709
|
|
|
—
|
|
|
60,276
|
|
|
433
|
|
|||||
FHLB Stock
|
|
1,768
|
|
|
1,768
|
|
|
—
|
|
|
1,768
|
|
|
—
|
|
|||||
Securities held-to-maturity
|
|
12,075
|
|
|
11,909
|
|
|
—
|
|
|
11,909
|
|
|
—
|
|
|||||
Loans receivable
|
|
472,627
|
|
|
469,382
|
|
|
—
|
|
|
—
|
|
|
469,382
|
|
|||||
Accrued interest receivable
|
|
2,023
|
|
|
2,023
|
|
|
—
|
|
|
2,023
|
|
|
—
|
|
|||||
Mortgage servicing rights
|
|
181
|
|
|
181
|
|
|
—
|
|
|
—
|
|
|
181
|
|
|||||
Other assets - Interest-bearing deposits
|
|
971
|
|
|
971
|
|
|
—
|
|
|
971
|
|
|
—
|
|
|||||
Financial Liabilities:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits
|
|
$
|
586,883
|
|
|
$
|
535,808
|
|
|
$
|
245,634
|
|
|
$
|
290,174
|
|
|
$
|
—
|
|
Advances from FHLB of New York
|
|
25,000
|
|
|
24,970
|
|
|
—
|
|
|
24,970
|
|
|
—
|
|
|||||
Other borrowed money
|
|
13,403
|
|
|
14,565
|
|
|
—
|
|
|
14,565
|
|
|
—
|
|
|||||
Accrued interest payable
|
|
1,086
|
|
|
1,086
|
|
|
—
|
|
|
1,086
|
|
|
—
|
|
|
|
Three Months Ended December 31,
|
|
Nine Months Ended December 31,
|
||||||||||||
$ in thousands
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Non-interest income
|
|
|
|
|
|
|
|
|
||||||||
In-scope of Topic 606
|
|
|
|
|
|
|
|
|
||||||||
Depository fees and charges
|
|
$
|
862
|
|
|
$
|
817
|
|
|
$
|
2,549
|
|
|
$
|
2,563
|
|
Loan fees and service charges
|
|
102
|
|
|
171
|
|
|
223
|
|
|
396
|
|
||||
Other non-interest income
|
|
15
|
|
|
36
|
|
|
48
|
|
|
73
|
|
||||
Non-interest income (in-scope of Topic 606)
|
|
979
|
|
|
1,024
|
|
|
2,820
|
|
|
3,032
|
|
||||
Non-interest income (out-of-scope of Topic 606)
|
|
348
|
|
|
322
|
|
|
890
|
|
|
662
|
|
||||
Total non-interest income
|
|
$
|
1,327
|
|
|
$
|
1,346
|
|
|
$
|
3,710
|
|
|
$
|
3,694
|
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
•
|
the ability of the Bank to comply with the Formal Agreement between the Bank and the Office of the Comptroller of the Currency, and the effect of the restrictions and requirements of the Formal Agreement on the Bank's non-interest expenses and net income;
|
•
|
the ability of the Company to obtain approval from the Federal Reserve Bank of Philadelphia (the "Federal Reserve Bank") to distribute all future interest payments owed to the holders of the Company's subordinated debt securities;
|
•
|
the limitations imposed on the Company by board resolutions which require, among other things, written approval of the Federal Reserve Bank prior to the declaration or payment of dividends, any increase in debt by the Company, or the redemption of Company common stock, and the effect on operations resulting from such limitations;
|
•
|
the results of examinations by our regulators, including the possibility that our regulators may, among other things, require us to increase our reserve for loan losses, write down assets, change our regulatory capital position, limit our ability to borrow funds or maintain or increase deposits, or prohibit us from paying dividends, which could adversely affect our dividends and earnings;
|
•
|
restrictions set forth in the terms of the Series D preferred stock and in the exchange agreement with the United States Department of the Treasury (the "Treasury") that may limit our ability to raise additional capital;
|
•
|
national and/or local changes in economic conditions, which could occur from numerous causes, including political changes, domestic and international policy changes, unrest, war and weather, or conditions in the real estate, securities markets or the banking industry, which could affect liquidity in the capital markets, the volume of loan originations, deposit flows, real estate values, the levels of non-interest income and the amount of loan losses;
|
•
|
adverse changes in the financial industry and the securities, credit, national and local real estate markets (including real estate values);
|
•
|
changes in our existing loan portfolio composition (including reduction in commercial real estate loan concentration) and credit quality or changes in loan loss requirements;
|
•
|
changes in the level of trends of delinquencies and write-offs and in our allowance and provision for loan losses;
|
•
|
legislative or regulatory changes that may adversely affect the Company’s business, including but not limited to the impact of the Dodd-Frank Wall Street Reform, the JOBS Act, the Consumer Protection Act and new capital regulations, which could result in, among other things, increased deposit insurance premiums and assessments, capital requirements, regulatory fees and compliance costs, and the resources we have available to address such changes;
|
•
|
changes in the level of government support of housing finance;
|
•
|
our ability to control costs and expenses;
|
•
|
risks related to a high concentration of loans to borrowers secured by property located in our market area;
|
•
|
changes in interest rates, which may reduce net interest margin and net interest income;
|
•
|
increases in competitive pressure among financial institutions or non-financial institutions;
|
•
|
changes in consumer spending, borrowing and savings habits;
|
•
|
technological changes that may be more difficult to implement or more costly than anticipated;
|
•
|
changes in deposit flows, loan demand, real estate values, borrowing facilities, capital markets and investment opportunities, which may adversely affect our business;
|
•
|
changes in accounting standards, policies and practices, as may be adopted or established by the regulatory agencies or the Financial Accounting Standards Board could negatively impact the Company's financial results;
|
•
|
litigation or regulatory actions, whether currently existing or commencing in the future, which may restrict our operations or strategic business plan;
|
•
|
the ability to originate and purchase loans with attractive terms and acceptable credit quality; and
|
•
|
the ability to attract and retain key members of management, and to address staffing needs in response to product demand or to implement business initiatives.
|
Involvement with SPE (000's)
|
Funded Exposure
|
Unfunded Exposure
|
Total
|
||||||||||||||||||||||||
$ in thousands
|
Recognized Gain (Loss) (000's)
|
Total Rights transferred
|
Significant unconsolidated VIE assets
|
Total Involvement with SPE asset
|
Debt Investments
|
Equity Investments
|
Funding Commitments
|
Maximum exposure to loss
|
|
||||||||||||||||||
Carver Statutory Trust 1
|
$
|
—
|
|
$
|
—
|
|
$
|
13,400
|
|
$
|
13,400
|
|
$
|
13,000
|
|
$
|
400
|
|
$
|
—
|
|
$
|
—
|
|
$
|
13,400
|
|
CDE 16, CDE 17
|
900
|
|
20,500
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
7,995
|
|
7,995
|
|
|||||||||
CDE 18
|
600
|
|
13,254
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
5,169
|
|
5,169
|
|
|||||||||
CDE 19
|
500
|
|
10,746
|
|
11,034
|
|
11,034
|
|
—
|
|
1
|
|
—
|
|
4,191
|
|
4,192
|
|
|||||||||
CDE 20
|
625
|
|
12,500
|
|
11,884
|
|
11,884
|
|
—
|
|
1
|
|
—
|
|
4,875
|
|
4,876
|
|
|||||||||
CDE 21
|
625
|
|
12,500
|
|
11,936
|
|
11,936
|
|
—
|
|
1
|
|
—
|
|
4,875
|
|
4,876
|
|
|||||||||
Total
|
$
|
3,250
|
|
$
|
69,500
|
|
$
|
48,254
|
|
$
|
48,254
|
|
$
|
13,000
|
|
$
|
403
|
|
$
|
—
|
|
$
|
27,105
|
|
$
|
40,508
|
|
•
|
1-4 Family
|
•
|
Multifamily
|
•
|
Commercial Real Estate
|
•
|
Construction
|
•
|
Business Loans
|
•
|
Consumer (including Overdraft Accounts)
|
•
|
Pass
|
•
|
Special Mention
|
•
|
Substandard
|
•
|
Doubtful
|
1.
|
Changes in lending policies and procedures, including changes in underwriting standards and collection, charge-off, and recovery practices not considered elsewhere in estimating credit losses (
Policy & Procedures
).
|
2.
|
Changes in relevant economic and business conditions and developments that affect the collectability of the portfolio, including the condition of various market segments (
Economy
).
|
3.
|
Changes in the nature or volume of the loan portfolio and in the terms of loans (
Nature & Volume
).
|
4.
|
Changes in the experience, ability, and depth of lending management and other relevant staff (
Management
).
|
5.
|
Changes in the volume and severity of past due loans, the volume of nonaccrual loans, and the volume and severity of adversely classified loans (
Problem Assets
).
|
6.
|
Changes in the quality of the loan review system (
Loan Review
).
|
7.
|
Changes in the value of underlying collateral for collateral dependent loans (
Collateral Values
).
|
8.
|
The existence and effect of any concentrations of credit and changes in the level of such concentrations (
Concentrations
).
|
9.
|
The effect of other external forces such as competition and legal and regulatory requirements on the level of estimated credit losses in the existing portfolio (
External Forces
).
|
|
|
December 31, 2018
|
|||||
($ in thousands)
|
|
Amount
|
|
Ratio
|
|||
Tier 1 leverage capital
|
|
|
|
|
|||
Regulatory capital
|
|
$
|
64,144
|
|
|
10.79
|
%
|
Individual minimum capital requirement
|
|
53,525
|
|
|
9.00
|
%
|
|
Minimum capital requirement
|
|
23,789
|
|
|
4.00
|
%
|
|
Excess over individual minimum capital requirement
|
|
10,619
|
|
|
1.79
|
%
|
|
|
|
|
|
|
|||
Common equity Tier 1
|
|
|
|
|
|||
Regulatory capital
|
|
$
|
64,144
|
|
|
16.00
|
%
|
Minimum capital requirement
|
|
18,042
|
|
|
4.50
|
%
|
|
Excess
|
|
46,102
|
|
|
11.50
|
%
|
|
|
|
|
|
|
|||
Tier 1 risk-based capital
|
|
|
|
|
|||
Regulatory capital
|
|
$
|
64,144
|
|
|
16.00
|
%
|
Minimum capital requirement
|
|
24,056
|
|
|
6.00
|
%
|
|
Excess
|
|
40,088
|
|
|
10.00
|
%
|
|
|
|
|
|
|
|||
Total risk-based capital
|
|
|
|
|
|||
Regulatory capital
|
|
$
|
69,155
|
|
|
17.25
|
%
|
Individual minimum capital requirement
|
|
48,111
|
|
|
12.00
|
%
|
|
Minimum capital requirement
|
|
32,074
|
|
|
8.00
|
%
|
|
Excess over individual minimum capital requirement
|
|
21,044
|
|
|
5.25
|
%
|
$ in thousands
|
|
Loans sold to FNMA
|
||
Open claims as of March 31, 2018
(1)
|
|
$
|
2,013
|
|
Gross new demands received
|
|
—
|
|
|
Loans repurchased/made whole
|
|
—
|
|
|
Demands rescinded
|
|
—
|
|
|
Advances on open claims
|
|
—
|
|
|
Principal payments received on open claims
|
|
(23
|
)
|
|
Open claims as of December 31, 2018
(1)
|
|
$
|
1,990
|
|
$ in thousands
|
|
December 31, 2018
|
||
Representation and warranty repurchase reserve, March 31, 2018
(1)
|
|
$
|
205
|
|
Net provision for repurchase losses
(2)
|
|
9
|
|
|
Representation and warranty repurchase reserve, December 31, 2018
(1)
|
|
$
|
214
|
|
$ in thousands
|
|
||
Commitments to fund mortgage loans
|
$
|
2,085
|
|
Commitments to fund commercial and consumer loans
|
30
|
|
|
Lines of credit
|
3,884
|
|
|
Commitment to fund private equity investment
|
640
|
|
|
Total
|
$
|
6,639
|
|
|
|
Three Months Ended December 31,
|
|
Nine Months Ended
December 31,
|
||||||||||||
$ in thousands
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Average Stockholders' Equity
|
|
|
|
|
|
|
|
|
||||||||
Average Stockholders' Equity
|
|
$
|
48,486
|
|
|
$
|
46,711
|
|
|
$
|
50,233
|
|
|
$
|
45,687
|
|
Average AOCI
|
|
(2,465
|
)
|
|
(1,686
|
)
|
|
(2,647
|
)
|
|
(1,474
|
)
|
||||
Average Stockholders' Equity, excluding AOCI
|
|
$
|
50,951
|
|
|
$
|
48,397
|
|
|
$
|
52,880
|
|
|
$
|
47,161
|
|
|
|
|
|
|
|
|
|
|
||||||||
Return on Average Stockholders' Equity
|
|
(11.13
|
)%
|
|
(8.08
|
)%
|
|
(11.67
|
)%
|
|
(6.36
|
)%
|
||||
Return on Average Stockholders' Equity, excluding AOCI
|
|
(10.59
|
)%
|
|
(7.80
|
)%
|
|
(11.08
|
)%
|
|
(6.16
|
)%
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Average Stockholders' Equity to Average Assets
|
|
8.18
|
%
|
|
7.13
|
%
|
|
7.95
|
%
|
|
6.91
|
%
|
||||
Average Stockholders' Equity, excluding AOCI, to Average Assets
|
|
8.59
|
%
|
|
7.39
|
%
|
|
8.37
|
%
|
|
7.13
|
%
|
|
|
For the Three Months Ended December 31,
|
||||||||||||||||||||
|
|
2018
|
|
2017
|
||||||||||||||||||
$ in thousands
|
|
Average
Balance
|
|
Interest
|
|
Average
Yield/Cost
|
|
Average
Balance
|
|
Interest
|
|
Average
Yield/Cost
|
||||||||||
Interest-Earning Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans
(1)
|
|
$
|
429,763
|
|
|
$
|
4,640
|
|
|
4.32
|
%
|
|
$
|
508,977
|
|
|
$
|
5,471
|
|
|
4.30
|
%
|
Mortgage-backed securities
|
|
57,168
|
|
|
386
|
|
|
2.70
|
%
|
|
45,717
|
|
|
238
|
|
|
2.08
|
%
|
||||
Investment securities
|
|
50,055
|
|
|
310
|
|
|
2.48
|
%
|
|
12,841
|
|
|
77
|
|
|
2.40
|
%
|
||||
Equity securities
(2)
|
|
3,501
|
|
|
10
|
|
|
1.13
|
%
|
|
2,114
|
|
|
29
|
|
|
5.44
|
%
|
||||
Other investments and federal funds sold
|
|
41,714
|
|
|
220
|
|
|
2.09
|
%
|
|
74,285
|
|
|
238
|
|
|
1.27
|
%
|
||||
Total interest-earning assets
|
|
582,201
|
|
|
5,566
|
|
|
3.82
|
%
|
|
643,934
|
|
|
6,053
|
|
|
3.76
|
%
|
||||
Non-interest-earning assets
|
|
10,807
|
|
|
|
|
|
|
11,053
|
|
|
|
|
|
||||||||
Total assets
|
|
$
|
593,008
|
|
|
|
|
|
|
$
|
654,987
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-Bearing Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing checking
|
|
$
|
24,953
|
|
|
$
|
7
|
|
|
0.11
|
%
|
|
$
|
24,166
|
|
|
$
|
4
|
|
|
0.07
|
%
|
Savings and clubs
|
|
99,612
|
|
|
66
|
|
|
0.26
|
%
|
|
100,465
|
|
|
61
|
|
|
0.24
|
%
|
||||
Money market
|
|
96,301
|
|
|
112
|
|
|
0.46
|
%
|
|
105,606
|
|
|
122
|
|
|
0.46
|
%
|
||||
Certificates of deposit
|
|
232,613
|
|
|
1,070
|
|
|
1.82
|
%
|
|
269,052
|
|
|
886
|
|
|
1.31
|
%
|
||||
Mortgagors deposits
|
|
2,235
|
|
|
8
|
|
|
1.42
|
%
|
|
2,374
|
|
|
—
|
|
|
—
|
%
|
||||
Total deposits
|
|
455,714
|
|
|
1,263
|
|
|
1.10
|
%
|
|
501,663
|
|
|
1,073
|
|
|
0.85
|
%
|
||||
Borrowed money
|
|
13,403
|
|
|
207
|
|
|
6.13
|
%
|
|
38,729
|
|
|
291
|
|
|
2.98
|
%
|
||||
Total interest-bearing liabilities
|
|
469,117
|
|
|
1,470
|
|
|
1.24
|
%
|
|
540,392
|
|
|
1,364
|
|
|
1.00
|
%
|
||||
Non-interest-bearing liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Demand
|
|
59,143
|
|
|
|
|
|
|
56,832
|
|
|
|
|
|
||||||||
Other liabilities
|
|
16,262
|
|
|
|
|
|
|
11,052
|
|
|
|
|
|
||||||||
Total liabilities
|
|
544,522
|
|
|
|
|
|
|
608,276
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Stockholders' equity
|
|
48,486
|
|
|
|
|
|
|
46,711
|
|
|
|
|
|
||||||||
Total liabilities and equity
|
|
$
|
593,008
|
|
|
|
|
|
|
$
|
654,987
|
|
|
|
|
|
||||||
Net interest income
|
|
|
|
$
|
4,096
|
|
|
|
|
|
|
$
|
4,689
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Average interest rate spread
|
|
|
|
|
|
2.58
|
%
|
|
|
|
|
|
2.76
|
%
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest margin
|
|
|
|
|
|
2.81
|
%
|
|
|
|
|
|
2.91
|
%
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(1)
Includes nonaccrual loans
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(2)
Includes FHLB-NY stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Nine Months Ended December 31,
|
||||||||||||||||||||
|
|
2018
|
|
2017
|
||||||||||||||||||
$ in thousands
|
|
Average
Balance
|
|
Interest
|
|
Average
Yield/Cost
|
|
Average
Balance
|
|
Interest
|
|
Average
Yield/Cost
|
||||||||||
Interest-Earning Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans
(1)
|
|
$
|
447,111
|
|
|
$
|
14,757
|
|
|
4.40
|
%
|
|
$
|
524,133
|
|
|
$
|
16,920
|
|
|
4.30
|
%
|
Mortgage-backed securities
|
|
50,750
|
|
|
897
|
|
|
2.36
|
%
|
|
47,315
|
|
|
733
|
|
|
2.07
|
%
|
||||
Investment securities
|
|
42,695
|
|
|
759
|
|
|
2.37
|
%
|
|
13,241
|
|
|
228
|
|
|
2.30
|
%
|
||||
Restricted cash deposit
|
|
—
|
|
|
—
|
|
|
0.03
|
%
|
|
93
|
|
|
—
|
|
|
0.03
|
%
|
||||
Equity securities
(2)
|
|
5,198
|
|
|
32
|
|
|
0.82
|
%
|
|
2,219
|
|
|
79
|
|
|
4.73
|
%
|
||||
Other investments and federal funds sold
|
|
76,299
|
|
|
1,161
|
|
|
2.02
|
%
|
|
62,477
|
|
|
603
|
|
|
1.28
|
%
|
||||
Total interest-earning assets
|
|
622,053
|
|
|
17,606
|
|
|
3.77
|
%
|
|
649,478
|
|
|
18,563
|
|
|
3.81
|
%
|
||||
Non-interest-earning assets
|
|
9,659
|
|
|
|
|
|
|
11,993
|
|
|
|
|
|
||||||||
Total assets
|
|
$
|
631,712
|
|
|
|
|
|
|
$
|
661,471
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-Bearing Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing checking
|
|
$
|
24,746
|
|
|
$
|
23
|
|
|
0.12
|
%
|
|
$
|
26,298
|
|
|
$
|
12
|
|
|
0.06
|
%
|
Savings and clubs
|
|
101,360
|
|
|
200
|
|
|
0.26
|
%
|
|
101,559
|
|
|
184
|
|
|
0.24
|
%
|
||||
Money market
|
|
99,175
|
|
|
345
|
|
|
0.46
|
%
|
|
113,699
|
|
|
421
|
|
|
0.49
|
%
|
||||
Certificates of deposit
|
|
259,470
|
|
|
3,417
|
|
|
1.75
|
%
|
|
261,854
|
|
|
2,314
|
|
|
1.17
|
%
|
||||
Mortgagors deposits
|
|
2,273
|
|
|
28
|
|
|
1.64
|
%
|
|
2,418
|
|
|
30
|
|
|
1.65
|
%
|
||||
Total deposits
|
|
487,024
|
|
|
4,013
|
|
|
1.09
|
%
|
|
505,828
|
|
|
2,961
|
|
|
0.78
|
%
|
||||
Borrowed money
|
|
18,767
|
|
|
683
|
|
|
4.83
|
%
|
|
40,487
|
|
|
873
|
|
|
2.86
|
%
|
||||
Total interest-bearing liabilities
|
|
505,791
|
|
|
4,696
|
|
|
1.23
|
%
|
|
546,315
|
|
|
3,834
|
|
|
0.93
|
%
|
||||
Non-interest-bearing liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Demand
|
|
59,415
|
|
|
|
|
|
|
56,999
|
|
|
|
|
|
||||||||
Other liabilities
|
|
16,273
|
|
|
|
|
|
|
12,470
|
|
|
|
|
|
||||||||
Total liabilities
|
|
581,479
|
|
|
|
|
|
|
615,784
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Stockholders' equity
|
|
50,233
|
|
|
|
|
|
|
45,687
|
|
|
|
|
|
||||||||
Total liabilities and equity
|
|
$
|
631,712
|
|
|
|
|
|
|
$
|
661,471
|
|
|
|
|
|
||||||
Net interest income
|
|
|
|
$
|
12,910
|
|
|
|
|
|
|
$
|
14,729
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Average interest rate spread
|
|
|
|
|
|
2.54
|
%
|
|
|
|
|
|
2.88
|
%
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest margin
|
|
|
|
|
|
2.77
|
%
|
|
|
|
|
|
3.02
|
%
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(1)
Includes nonaccrual loans
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(2)
Includes FHLB-NY stock
|
|
|
|
|
|
|
|
|
|
|
|
|
$ in thousands
|
|
Nine Months Ended December 31, 2018
|
|
Fiscal Year Ended March 31, 2018
|
|
Nine Months Ended December 31, 2017
|
||||||
Beginning Balance
|
|
5,126
|
|
|
$
|
5,060
|
|
|
$
|
5,060
|
|
|
Less: Charge-offs
|
|
(1,093
|
)
|
|
(314
|
)
|
|
(211
|
)
|
|||
Add: Recoveries
|
|
1,047
|
|
|
245
|
|
|
91
|
|
|||
(Recovery of) provision for Loan Losses
|
|
(278
|
)
|
|
135
|
|
|
130
|
|
|||
Ending Balance
|
|
$
|
4,802
|
|
|
$
|
5,126
|
|
|
$
|
5,070
|
|
|
|
|
|
|
|
|
||||||
Ratios:
|
|
|
|
|
|
|
||||||
Net (charge-offs) recoveries to average loans outstanding (annualized)
|
|
(0.01
|
)%
|
|
(0.01
|
)%
|
|
(0.03
|
)%
|
|||
Allowance to total loans
|
|
1.12
|
%
|
|
1.07
|
%
|
|
1.02
|
%
|
|||
Allowance to non-performing loans
|
|
48.43
|
%
|
|
76.94
|
%
|
|
80.41
|
%
|
Item 3.
|
Quantitative and Qualitative Disclosure about Market Risk
|
Item 4.
|
Controls and Procedures
|
Item 1.
|
Legal Proceedings
|
Item 1A.
|
Risk Factors
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
Item 3.
|
Defaults Upon Senior Securities
|
Item 4.
|
Mine Safety Disclosures
|
Item 5.
|
Other Information
|
Item 6.
|
Exhibits
|
|
3.1
|
Certificate of Incorporation of Carver Bancorp, Inc.
(1)
|
|
|
3.2
|
Certificate of Amendment to the Certificate of Incorporation of Carver Bancorp, Inc.
(2)
|
|
|
3.3
|
Second Amended and Restated Bylaws of Carver Bancorp, Inc.
(3)
|
|
|
4.1
|
Stock Certificate of Carver Bancorp, Inc.
(1)
|
|
|
4.2
|
Certificate of Designations of Mandatorily Convertible Non-Voting Participating Preferred Stock, Series C, and Convertible Non-Cumulative Non-Voting Participating Preferred Stock, Series D
(4)
|
|
|
4.3
|
Form of Stockholder Rights Agreement, dated June 29, 2011, by and between the Company and certain purchasers
(4)
|
|
|
4.4
|
Exchange Agreement, dated June 29, 2011, by and between the Company and the United States Department of the Treasury
(4)
|
|
|
31.1
|
||
|
31.2
|
||
|
32.1
|
||
|
32.2
|
||
|
101
|
The following materials from the Company’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2018, formatted in XBRL (Extensive Business Reporting Language): (i) Consolidated Statements of Financial Condition as of December 31, 2018 (unaudited) and March 31, 2018; (ii) Consolidated Statements of Operations for the three and nine months ended December 31, 2018 and 2017 (unaudited); (iii) Consolidated Statements of Comprehensive Loss for the three and nine months ended December 31, 2018 and 2017 (unaudited); (iv) Consolidated Statements of Changes in Equity for the nine months ended December 31, 2018 and 2017 (unaudited); (v) Consolidated Statements of Cash Flows for the nine months ended December 31, 2018 and 2017 (unaudited); and (vi) Notes to Consolidated Financial Statements.
|
|
|
|
|
|
|
(1)
|
Incorporated herein by reference from the Exhibits to the Form S-4, Registration Statement and amendments thereto, initially filed on June 7, 1996, Registration No. 333-5559.
|
|
|
(2)
|
Incorporated herein by reference from the Exhibits to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on November 1, 2011.
|
|
|
(3)
|
Incorporated herein by reference from the Exhibits to the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2006.
|
|
|
(4)
|
Incorporated by reference to the Exhibits to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on July 6, 2011.
|
|
|
CARVER BANCORP, INC.
|
Date:
|
February 14, 2019
|
/s/ Michael T. Pugh
|
|
|
Michael T. Pugh
|
|
|
President and Chief Executive Officer
|
|
|
(Principal Executive Officer)
|
Date:
|
February 14, 2019
|
/s/ Christina L. Maier
|
|
|
Christina L. Maier
|
|
|
First Senior Vice President and Chief Financial Officer
|
|
|
(Principal Accounting Officer and Principal Financial Officer)
|
1 Year Carver Bancorp Chart |
1 Month Carver Bancorp Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions