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Item 5. Market for Registrant’s Common Equity

2022-07-14 compared with 2021-06-29 · 0 added, 82 removed, 26 unchanged (76% of the section changed)

25 unchanged sentences

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.

The following selected consolidated financial and other data is as of and for the years ended March 31 and is derived in part from, and should be read in conjunction with the Company's Consolidated Financial Statements and related notes:

$ in thousands 2021

Selected Financial Condition Data:

Assets $ 676,748 $ 578,770 $ 563,713 $ 693,910 $ 687,861

Loans held-for-sale — — — — 944

Total loans receivable, net 478,409 423,786 424,182 472,627 540,492

Investment securities 94,314 75,980 90,982 72,784 72,446

Cash and cash equivalents 75,591 47,540 31,228 134,558 58,686

Deposits 556,559 488,815 480,196 586,883 579,176

Advances from the FHLB-NY and other borrowed money 37,222 13,573 21,403 38,403 49,403

Equity 52,301 48,894 47,136 51,971 47,398

Number of deposit accounts 33,400 30,496 31,447 31,972 34,582

Number of branches 7 7 8 9 9

Operating Data:

Interest income 20,307 21,627 23,230 24,359 26,126

Interest expense 4,420 5,631 6,141 5,280 4,918

Net interest income before provision for (recovery of) loan losses 15,887 15,996 17,089 19,079 21,208

Provision for (recovery of) for loan losses (100) 19 (270) 135 29

Net interest income after provision for (recovery of) loan losses 15,987 15,977 17,359 18,944 21,179

Non-interest income 6,198 3,739 4,649 14,359 4,618

Non-interest expense 26,081 25,139 27,944 27,982 28,531

(Loss) income before income tax (benefit) expense (3,896) (5,423) (5,936) 5,321 (2,734)

Income tax (benefit) expense — — — (33) 119

Net (loss) income attributable to Carver Bancorp, Inc.

(3,896) (5,423) (5,936) 5,354 (2,853)

Basic (loss) earnings per common share (1.14) (1.47) (1.60) 0.58 (0.77)

Diluted (loss) earnings per common share (1.14) (1.47) (1.60) 0.58 (0.77)

Selected Statistical Data:

Return on average assets (1)

(0.58) % (0.95) % (0.96) % 0.81 % (0.41) %

Return on average stockholders' equity (2) (10)

(8.24) % (10.51) % (12.93) % 11.17 % (5.88) %

Return on average stockholders' equity, excluding AOCI (2) (10)

(8.25) % (10.52) % (12.31) % 10.77 % (5.78) %

Net interest margin (3)

2.49 % 2.95 % 2.80 % 2.94 % 3.11 %

Average interest rate spread (4)

2.30 % 2.69 % 2.57 % 2.78 % 2.97 %

Efficiency ratio (5)

118.09 % 127.38 % 128.55 % 83.68 % 110.47 %

Operating expense to average assets (6)

3.91 % 4.39 % 4.51 % 4.23 % 4.09 %

Average stockholders' equity to average assets (7) (10)

7.09 % 9.00 % 7.41 % 7.24 % 6.96 %

Average stockholders' equity, excluding AOCI, to average assets (7) (10)

7.08 % 9.00 % 7.79 % 7.51 % 7.07 %

Dividend payout ratio (8)

Asset Quality Ratios:

Non-performing assets to total assets (9)

1.07 % 1.19 % 1.90 % 1.13 % 1.50 %

Non-performing loans to total loans receivable (9)

1.49 % 1.58 % 2.40 % 1.39 % 1.54 %

Allowance for loan losses to total loans receivable 1.06 % 1.15 % 1.08 % 1.07 % 0.93 %

(1) Net income (loss) divided by average total assets.

(2) Net income (loss) divided by average total stockholders' equity.

(3) Net interest income divided by average interest-earning assets.

(4) Combined weighted average interest rate earned less combined weighted average interest rate cost.

(5) Operating expense divided by sum of net interest income and non-interest income.

(6) Non-interest expense divided by average total assets.

(7) Average stockholders' equity divided by average assets for the period ended.

(8) Dividends paid to common stockholders as a percentage of net income available to common stockholders.

(9) Non-performing assets consist of nonaccrual loans, loans held-for-sale and real estate owned.

(10) See Non-GAAP Financial Measures disclosure below for comparable GAAP measures.

Non-GAAP Financial Measures

In addition to evaluating the Company's results of operations in accordance with U.S.

generally accepted accounting principles (“GAAP”), management routinely supplements their evaluation with an analysis of certain non-GAAP financial measures, such as the return on average stockholders' equity excluding average accumulated other comprehensive income (loss) ("AOCI"), and average stockholders' equity excluding AOCI to average assets.

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.

Return on equity measures how efficiently we generate profits from the resources provided by our net assets.

Return on average stockholders' equity is calculated by dividing annualized net income (loss) attributable to Carver by average stockholders' equity, excluding AOCI.

Management believes that this performance measure explains the results of the Company's ongoing businesses in a manner that allows for a better understanding of the underlying trends in the Company's current businesses.

For purposes of the Company's presentation, AOCI includes the changes in the market or fair value of its investment portfolio.

These fluctuations have been excluded due to the unpredictable nature of this item and is not necessarily indicative of current operating or future performance.

$ in thousands 2021

Average Stockholders' Equity

Average Stockholders' Equity $ 47,306 $ 51,609 $ 45,920 $ 47,943 $ 48,533

Average AOCI 57 43 (2,315) (1,779) (802)

Average Stockholders' Equity, excluding AOCI $ 47,249 $ 51,566 $ 48,235 $ 49,722 $ 49,335

Return on Average Stockholders' Equity (8.24) % (10.51) % (12.93) % 11.17 % (5.88) %

Return on Average Stockholders' Equity, excluding AOCI (8.25) % (10.52) % (12.31) % 10.77 % (5.78) %

Average Stockholders' Equity to Average Assets 7.09 % 9.00 % 7.41 % 7.24 % 6.96 %

Average Stockholders' Equity, excluding AOCI, to Average Assets 7.08 % 9.00 % 7.79 % 7.51 % 7.07 %

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.

What changed 10-K

Item 5. Market for Registrant’s Common Equity