MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.
−Removed: The Company's common stock was transferred from The Nasdaq Global Market to The Nasdaq Capital Market effective December 2, 2011.
−Removed: The stock had been listed on the Nasdaq Global Market under the symbol “CARV” since July 10, 2008.
−Removed: At March 31, 2020, there were 3,699,505 shares of common stock outstanding, held by 570 stockholders of record.
−Removed: As previously disclosed in a Current Report on Form 8-K filed with the SEC on October 29, 2010, the Company’s Board of Directors announced that, based on highly uncertain economic conditions and the desire to preserve capital, Carver suspended payment of the quarterly cash dividend on its common stock.
+Added: Our shares of common stock are traded on the NASDAQ Capital Market under the symbol “CARV".
+Added: At March 31, 2021, there were 3,333,268 shares of common stock outstanding, held by approximately 546 stockholders of record.
+Added: As previously disclosed in a Current Report on Form 8-K filed with the SEC on October 29, 2010, the Company’s Board of Directors announced that Carver suspended payment of the quarterly cash dividend on its common stock.
Under OCC regulations, the Bank will not be permitted to pay dividends to the Company on its capital stock if its regulatory capital would be reduced below applicable regulatory capital requirements or if its stockholders' equity would be reduced below the amount required to be maintained for the liquidation account, which was established in connection with the Bank's conversion to stock form.
−Removed: The OCC capital distribution regulations applicable to savings institutions (such as the Bank) that meet their regulatory capital requirements permit, after not less than 30 days prior notice to and non-objection by the FRB, capital distributions during a calendar year that do not exceed the Bank's net income for that year plus its retained net income
−Removed: for the prior two years.
+Added: The OCC capital distribution regulations applicable to savings institutions (such as the Bank) that meet their regulatory capital requirements permit, after not less than 30 days prior notice to and non-objection by the FRB, capital distributions during a calendar year that do not exceed the Bank's net income for that year plus its retained net income for the prior two years.
For information concerning the Bank's liquidation account, see Note 12 of the Notes to the Consolidated Financial Statements.
4 unchanged sentences
The Company reissued shares as restricted stock in accordance with their management recognition plan.
−Removed: No shares were repurchased during fiscal 2020.
−Removed: As a result of the Company's participation in the TARP CDCI, the Treasury's prior approval is required to make further repurchases.
−Removed: As discussed below, the Treasury converted its preferred stock into common stock, which the Treasury continues to hold.
−Removed: The Company continues to be bound by the TARP CDCI restrictions so long as the Treasury is a common stockholder.
+Added: No shares were repurchased pursuant to the stock repurchase program during fiscal 2021.
+Added: As a result of the Company's participation in the TARP CDCI, the Treasury's prior approval was required to make further repurchases.
+Added: The Treasury converted its preferred stock into common stock, which the Treasury continued to hold.
+Added: On August 6, 2020, the Company repurchased all 2,321,286 shares of its common stock held by the Treasury for an aggregate purchase price of $2.5 million.
+Added: The purchase price was funded by a third party grant.
+Added: As of this date, the Company is not bound by the TARP CDCI restrictions as the Treasury is no longer a common stockholder of the Company.
Carver has the following equity compensation plans:
−Removed: (1) The 2006 Stock Incentive Plan became effective in September of 2006 and provides for discretionary option grants, stock appreciation rights and restricted stock to those employees and directors so selected by the Compensation Committee.
+Added: (1) The 2006 Stock Incentive Plan became effective in September 2006 and provides for discretionary option grants, stock appreciation rights and restricted stock to those employees and directors so selected by the Compensation Committee.
(2) The Carver Bancorp, Inc.
3 unchanged sentences
Use of Proceeds from Registered Securities
−Removed: As previously disclosed in a Current Report on Form 8-K, on June 29, 2011, the Company entered into stock purchase agreements with several institutional investors pursuant to which the investors agreed to purchase an aggregate of 55,000 shares of the Company's Mandatorily Convertible Non-Voting Participating Preferred Stock, Series C for an aggregate purchase price of $55,000,000.
−Removed: The Series C preferred stock was offered and sold pursuant to an exemption from registration provided by Section 4(2) of the Securities Act of 1933.
−Removed: On October 25, 2011, Carver's shareholders voted and approved a 1-for-15 reverse stock split.
−Removed: A separate vote of stockholder approval was given to convert the Series C preferred stock into Series D preferred stock and common stock and exchange the Treasury CDCI Series B preferred stock for common stock.
−Removed: On October 28, 2011, the Treasury exchanged the CDCI Series B preferred stock for Carver common stock.
+Added: There were no unregistered securities to report which have not been previously included in a Quarterly Report on Form 10-Q or a Current Report on Form 8-K.
SELECTED FINANCIAL DATA.
66 unchanged sentences
Management believes these non-GAAP financial measures provide information that is useful to investors in understanding the Company's underlying operating performance and trends, and facilitates comparisons with the performance of other banks and thrifts.
−Removed: Further, the efficiency ratio is used by management in its assessment of financial performance, including non-interest expense control.
Return on equity measures how efficiently we generate profits from the resources provided by our net assets.
13 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.