Announcement • May 25
Carver Bancorp, Inc. Announces Board Appointments Carver Bancorp, Inc. announced that stockholders have elected both of the Company's director nominees – Keith Mestrich and Donald Felix – to the Board of Directors at the Annual Meeting of Stockholders held May 21, 2026. Each of Carver's nominees received more than 90% of the votes cast. Announcement • Apr 29
Carver Bancorp, Inc. Announces Pazel G. Jackson, Jr and Robin L. Nunn Will Not Stand for Reelection of Board of Directors Carver Bancorp, Inc. announced that current directors Dr. Pazel G. Jackson, Jr., and Robin L. Nunn will not stand for re-election at the Annual Meeting. Announcement • Mar 23
Carver Bancorp, Inc. Announces CFO Changes Carver Bancorp, Inc. announced the appointment of Lisa Robinson Smith as Chief Financial Officer. Ms. Robinson Smith, who has served as the Company's Deputy Chief Financial Officer since June 2025, replaces Christina Maier, who has retired from the Company. Ms. Robinson Smith brings more than 20 years of financial services experience, with deep expertise in financial planning and analysis, strategic execution, and operational leadership. Most recently, she served as Managing Director and Head of Financial Planning & Analysis at Guggenheim Investments, where she partnered with the CFO and leadership team to support over $200 billion in assets under management. In that role, she led budgeting, forecasting, and reporting processes, and supported major growth and transformation initiatives, including divestitures, product development, and strategic partnerships. Prior to joining Guggenheim Investments, Ms. Robinson Smith held positions at JPMorganChase and Bear Stearns, where she managed complex financial operations and led business transformations. At JPMorganChase, she directed a $100 million corporate initiative to internalize brokerage operations and developed pricing models that informed senior leadership decisions. At Bear Stearns, she supported product development and strategic initiatives for a $5 billion Managed Accounts platform. She began her career at Deloitte in New York, where she earned her Certified Public Accountant license and supported a range of clients, including private investment clients with assets exceeding $2 billion. Ms. Robinson Smith earned her MBA from the University of Chicago Booth School of Business, with concentrations in Finance and Entrepreneurship, and a BS in Accounting from Hampton University. Announcement • Jan 21
Carver Bancorp, Inc., Annual General Meeting, May 21, 2026 Carver Bancorp, Inc., Annual General Meeting, May 21, 2026. Announcement • Dec 09
Carver Bancorp, Inc. Files Form 15 Carver Bancorp, Inc. has announced that it has filed a Form 15 with the Securities and Exchange Commission to voluntarily deregister its Common Stock, par value $0.01 per share under the Securities Exchange Act of 1934, as amended. Announcement • Nov 26
Dream Chasers Calls for Special Meeting at Carver Bancorp On November 25, 2025, Dream Chasers Capital Group LLC urged Carver Bancorp Inc shareholders to email each board member demanding a vote on the proposed NASDAQ delisting, requested the Board to delay its planned November 28, 2025, delisting filing and call a special shareholder meeting, as delisting announcement has caused $10 million in stock value loss, and the move seen as an attempt to entrench management, reduce transparency, and avoid regulatory oversight. In addition, Dream Chasers argues shareholders should vote on such a critical issue and notes that 70% of retail shareholders voted against the Board in the last annual meeting. Dream Chasers stating that delisting described as the biggest material change in 75 years of the bank’s history, believes this move will inhibit turnaround efforts, not enhance flexibility as claimed by the Board. Announcement • Nov 19
Carver Bancorp, Inc. Announces Intention to List on OTCQX, Voluntarily Delist from Nasdaq and Deregister from SEC Carver Bancorp, Inc. announced its voluntary decision to deregister its common stock with the Securities and Exchange Commission (the “SEC”) and delist its common stock from The Nasdaq Stock Market LLC (“Nasdaq”) to the OTCQX Market. The Company has notified Nasdaq of its intent to voluntarily delist and withdraw the registration of its common stock with the SEC. The Company intends to file a Form 25 (Notification of Removal from Listing) with the SEC on or about November 28, 2025 and expects the last trading day on Nasdaq will be on or about December 5, 2025. Following delisting from Nasdaq, the Company expects its common stock will be quoted on the OTCQX Market beginning on or about December 8, 2025, under the symbol “CARV”. The Company also intends to file a Form 15 (Certification and Notice of Termination From Registration) with the SEC on or about December 8, 2025. Upon filing, the Company’s obligation to file periodic reports with the SEC, including Forms 10-K, 10-Q and 8-K, will be suspended immediately and will terminate when deregistration becomes effective 90 days after the Form 15 is filed. “After careful consideration, the Board of Directors has determined that this course of action is in the best interests of the Company and its stockholders. Among other reasons, it will facilitate the Company’s ability to execute our strategic plan and also reduce our expenses. The Company’s financial and other metrics fit in well as an OTC traded company, and the OTC provides the Company with greater flexibility to pursue initiatives that support creating an enduring brand, long-term growth, and enhanced capital,” said Company President and Chief Executive Officer, Donald Felix. Reported Earnings • Nov 16
Second quarter 2026 earnings released: US$0.46 loss per share (vs US$0.41 loss in 2Q 2025) Second quarter 2026 results: US$0.46 loss per share (further deteriorated from US$0.41 loss in 2Q 2025). Revenue: US$6.40m (up 4.5% from 2Q 2025). Net loss: US$2.43m (loss widened 15% from 2Q 2025). Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Announcement • Sep 24
Dream Chasers Calls for Sale of Carver On September 23, 2025, Dream Chasers Capital Group LLC announced that it has expressed interest in working with other entities-family offices, hedge funds, private equity, Fintech, crypto-currency companies, or very high net worth individuals -to acquire a controlling interest in Carver Bancorp, pursue a merger or complete a full takeover of the Company, and it believes the Company can be a profitable bank and produce significant returns for shareholders but new capital and a team with experience running a bank must be put in charge. In addition, Dream Chasers Capital stated that the Office of the Comptroller of the Currency has required Company to enter into a formal agreement to address unsafe or unsound practices related to its strategic planning and earnings performance. Further, Dream Chasers Capital argues the current board has failed repeatedly and cannot be trusted to execute new plans, urges shareholders to support its alternative backed plans, and warns against anti-takeover or dilutive actions by the current board. New Risk • Sep 02
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of American stocks, typically moving 17% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Earnings have declined by 24% per year over the past 5 years. Market cap is less than US$10m (US$8.82m market cap). Reported Earnings • Aug 14
First quarter 2026 earnings released: US$0.22 loss per share (vs US$0.43 loss in 1Q 2025) First quarter 2026 results: US$0.22 loss per share (improved from US$0.43 loss in 1Q 2025). Revenue: US$6.94m (up 17% from 1Q 2025). Net loss: US$1.18m (loss narrowed 47% from 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 61% per year but the company’s share price has only fallen by 30% per year, which means it has not declined as severely as earnings. New Risk • Jul 19
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 14% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 15% per year over the past 5 years. Market cap is less than US$10m (US$9.79m market cap). Minor Risk Share price has been volatile over the past 3 months (14% average weekly change). Reported Earnings • Jun 25
Full year 2025 earnings released: US$2.65 loss per share (vs US$0.61 loss in FY 2024) Full year 2025 results: US$2.65 loss per share (further deteriorated from US$0.61 loss in FY 2024). Revenue: US$21.0m (down 28% from FY 2024). Net loss: US$13.7m (loss widened 362% from FY 2024). Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has only fallen by 33% per year, which means it has not declined as severely as earnings. New Risk • Feb 25
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: US$160k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 2.6% per year over the past 5 years. Market cap is less than US$10m (US$8.97m market cap). Minor Risk Significant insider selling over the past 3 months (US$160k sold). Reported Earnings • Feb 14
Third quarter 2025 earnings released: US$1.09 loss per share (vs US$0.004 profit in 3Q 2024) Third quarter 2025 results: US$1.09 loss per share (down from US$0.004 profit in 3Q 2024). Revenue: US$3.85m (down 53% from 3Q 2024). Net loss: US$5.65m (down US$5.67m from profit in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 41% per year, which means it has not declined as severely as earnings. Announcement • Dec 10
Dream Chasers Capital Issues an Open letter to Shareholders of Carver Bancorp On December 9, 2024, Dream Chasers Capital Group LLC announced that it has sent a letter to shareholders of Carver Bancorp, Inc, stating that Company’s Board has presided over significant losses and shareholder value destruction for too long, shareholders need a Board focused on restoring the value of their investments and driving growth and profitability to maintain Company's important community role, and its nominees are extremely capable and aligned with shareholder interests. In addition, Dream Chasers Capital urged shareholders of the Company to vote for its board nominees Jeffrey "Jeff" Anderson and Jeffrey Bailey, withhold vote on Company director nominees, at the annual meeting of shareholders scheduled to be held on December 12, 2024. Announcement • Dec 03
Dream Chasers Capital Urges Carver Bancorp Shareholders to Elect New Directors for Board Change Ahead of December 2024 Meeting On December 2, 2024, Dream Chasers Capital Group LLC has called on large financial institutions and funds invested in Carver Bancorp, Inc. to support their nominees for the Carver Board of Directors ahead of the December 12, 2024, Annual Meeting of Shareholders. This comes amid Carver's decade-long poor performance, with nearly $25 million in losses and a 79% decline in total shareholder return. Institutional Shareholder Services (ISS) has criticized Carver's operational underperformance and governance issues. Dream Chasers is advocating for the election of Jeffrey “Jeff” Anderson, a former J.P. Morgan executive, and Jeffrey Bailey, Carver’s largest individual shareholder, to drive necessary changes for improved profitability and shareholder value. Significant stakeholders, including Greg Lewis, CEO of Dream Chasers, highlight the need for new leadership to overcome past failures and better serve New York’s lower- and middle-income communities. Despite past investments from major institutions like Goldman Sachs and Bank of America, Carver has struggled, with shares declining 36% since last summer’s investment by the National Community Investment Fund. Dream Chasers urges shareholders to vote for Anderson and Bailey to secure Carver’s future success and community role. Recent Insider Transactions • Nov 29
Director recently bought US$100k worth of stock On the 25th of November, Craig MacKay bought around 60k shares on-market at roughly US$1.67 per share. This transaction increased Craig's direct individual holding by 12x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$152k more in shares than they have sold in the last 12 months. Announcement • Nov 26
Dream Chasers Capital Group Calls for Immediate Changes at Carver Bancorp, Nominates New Board Members to Drive Growth and Profitability On November 26, 2024, Dream Chasers Capital Group LLC publicly urged the Board of Directors of Carver Bancorp, Inc. to take immediate action to enhance deposits, revenues, and profitability, criticizing the Board for relying on empty rhetoric and presentations. In an open letter to shareholders, Dream Chasers called for the election of Mr. Jeffrey "Jeff" Anderson and Mr. Jeffrey Bailey to the Board at the upcoming Annual Meeting of Shareholders on December 12, 2024, emphasizing their potential to drive growth and shareholder value. Greg Lewis, CEO of Dream Chasers, highlighted the need for Carver to provide essential wealth-building services, such as mortgage loans and retirement planning, to communities of color, leveraging its New York City location and access to capital markets. Lewis criticized the current Board for its failure to grow deposits over the past decade, resulting in significant financial underperformance and value destruction, with losses exceeding $25 million and a 79% decline in shareholder value. He pointed out the misleading statements by Carver’s Board, noting the lack of public company board experience among its own nominees, Kenneth Knuckles and Jillian Joseph, and their insufficient banking experience. In contrast, Mr. Anderson and Mr. Bailey bring extensive financial management expertise and entrepreneurial success, respectively, which Dream Chasers believes are crucial for Carver’s turnaround. Additionally, Dream Chasers urged the shareholders to vote for Anderson and Bailey using its proxy card and to withhold votes for Knuckles and Joseph, who have been associated with poor performance and misaligned compensation practices. Announcement • Nov 20
Dream Chasers Solicits Proxies from the Shareholders On November 20, 2024, Dream Chasers Capital Group LLC called for urgent action from CEO Donald Felix and the Board of Directors of Carver Bancorp, Inc. to drive growth and profitability at the Company. Carver reported a second quarter loss of $2.1 million in its 10-Q filed with the SEC on Thursday, November 14, 2024, up from $1.48 million in losses for the same quarter in 2023. "The Board of Directors of a public company sets the plan, and the CEO executes it," said Greg Lewis, CEO of Dream Chasers Capital Group. "At Carver, every 'plan' the Board has set for the last ten years has only led to massive shareholder value destruction. For any team – whether a professional sports team or a company – such a losing record means new talent is necessary. Electing Mr. Anderson and Mr. Bailey to the Board gives Carver shareholders the best chance of success." Dream Chasers highlighted Carver's poor performance and the urgent need for change in a presentation filed with the SEC and sent shareholders a letter urging them to vote FOR Mr. Jeffrey "Jeff" Anderson and Mr. Jeffrey Bailey for election to the Board of Directors and vote WITHOLD on the Carver non-performing directors, using the BLUE proxy card. Reported Earnings • Nov 17
Second quarter 2025 earnings released: US$0.41 loss per share (vs US$0.33 loss in 2Q 2024) Second quarter 2025 results: US$0.41 loss per share (further deteriorated from US$0.33 loss in 2Q 2024). Revenue: US$6.12m (down 8.6% from 2Q 2024). Net loss: US$2.11m (loss widened 33% from 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has fallen by 47% per year, which means it is performing significantly worse than earnings. Announcement • Nov 13
Dream Chasers Capital Group LLC Issues a Letter to the Shareholders of Carver Bancorp On November 11, 2024,?Dream Chasers Capital Group LLC announced that it has issued a letter to nominate 2 candidates Jeffrey “Jeff” Anderson and Jeffrey Bailey for election to the Board and encouraged shareholders to vote FOR on the enclosed BLUE proxy card at Carver Bancorp, Inc upcoming annual meeting to be held on December 12, 2024. Dream Chasers added that it has urged shareholders to WITHOLD vote for the Company Nominees and vote AGAINST Proposal 4, the nonbinding advisory vote on executive compensation. Announcement • Nov 01
Carver Bancorp, Inc., Annual General Meeting, Dec 12, 2024 Carver Bancorp, Inc., Annual General Meeting, Dec 12, 2024. Board Change • Oct 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 4 highly experienced directors. Independent Director Robin Nunn was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Sep 17
Carver Bancorp, Inc. and Carver Federal Savings Bank Announces CEO Changes Carver Bancorp, Inc. the holding company for Carver Federal Savings Bank (the "Bank"),
announced that its Board of Directors has named Donald Felix as CEO of the Company and Bank effective November 1, 2024. Mr. Felix is an accomplished banking executive with over 25 years of global banking and broad C-level experience. In his most recent role at Citizens Financial Group, Inc. as Executive Vice President and Head of National Banking & Expansion, Mr. Felix drove increased profitability and grew deposits by $3B. In this and previous roles at JPMorgan Chase and Citi, he has had extensive experience managing deposits and lending, delivering innovations in digital banking, and launching new products and solutions for consumer financial health. His roles have spanned consumer banking and wealth management, corporate banking, office of the Chairman/CEO, and investment banking, domestically and internationally. The Board undertook a comprehensive national search to find a permanent CEO to lead Carver in its ongoing mission to provide banking services and business capital to diverse urban communities throughout Greater New York City, and beyond. Mr. Felix will succeed Craig C. MacKay, an independent director since February 2017, who has served as the Interim President and CEO of the Company and Bank since October 2023. Mr. MacKay will continue to serve as a member of the Carver Board. Prior to his employment with Carver, Mr. Felix served as Executive Vice President of Citizens Financial Group, Head of National Banking & Expansion from 2021 to 2023. Before that, he served as Managing Director of JPMorgan Chase, in the Consumer Bank as Head of Consumer Financial Health from 2019 to 2021. He was also the Chief of Staff in the Office of the CEO, for Chase Consumer Bank & Wealth Management, from 2016 to 2019, and before joining Chase held various senior positions domestically and abroad at Citi from 1996 to 2016. He holds an MBA in Finance and Strategic Management from The Wharton School, University of Pennsylvania, and a BBA in Information Systems and Analysis from Howard University. He is a Director at the Urban League of Eastern Massachusetts. A first-generation Caribbean-American, Mr. Felix was born and raised in New York City and has a deep connection and long history of civic engagement with the communities that Carver serves. Announcement • Jul 23
Dream Chasers Capital to Nominate Directors to Carver Board On July 23, 2024, Dream Chasers Capital (DCCG) announced that on July 12, 2024, DCCG sent Carver Bancorp, Inc’s board a slate of 2new nominees, Jeff Anderson and Jeffrey John Bailey for election to the board at the bank’s upcoming annual meeting. On July 18, 2024, Carver notified Dream Chasers of its receipt of Dream Chasers director nominees. Dream Chasers stated that it confident that the Company shareholders will view these 2 nominees as aligned with their interests and Dream Chasers see no reason why the bank should have any issues with these exceptional directors. Dream Chasers expressed that any attempt to deny these directors a vote – out of self-preservation or self-interest – may be a catalyst for an eventual sub $1 per share stock price, significantly handicap the bank's ability to raise future capital to carry out its mission and present going concern risk. Dream Chasers also believes it has the tacit support of a large percentage of the Company's shareholders and it remains open to negotiation for the benefit of all shareholders, and it encourages the Board to do the right thing as shareholder watch. Announcement • Jul 02
Carver Bancorp, Inc. announced delayed annual 10-K filing On 07/01/2024, Carver Bancorp, Inc. announced that they will be unable to file their next 10-K by the deadline required by the SEC. New Risk • Jun 11
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 10% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Shareholders have been diluted in the past year (16% increase in shares outstanding). Market cap is less than US$100m (US$10.4m market cap). Board Change • May 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 4 highly experienced directors. Independent Director Robin Nunn was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Feb 01
Dream Chasers Capital Group LLC cancelled the acquisition of an additional 35% stake in Carver Bancorp, Inc. (NasdaqCM:CARV). Dream Chasers Capital Group LLC made the offer in a letter to acquire an additional 35% stake in Carver Bancorp, Inc. (NasdaqCM:CARV) for $5 million on August 14, 2023. Dream Chasers Capital made a significant offer to buy 35% of the bank's shares for $3 a share, a premium above the current stock price. By making this offer, the Investment Fund hopes to take control of the bank and replace the current management and board with an already assembled world-class team of minority executives. Dream Chasers plans to recapitalize the bank and introduce a platform of value-added wealth building services to attract new depositors, thus leading to an increase in shareholder value. By going public with its $3 per share offer to take a controlling interest, Dream Chasers is seeking to rally support for Project Uplift–in whatever form that may come–from civil society builders, like-minded shareholders, activist of all stripes, financial executives, corporations, current Carver bank employees, social media influences, celebrities, professional athletes, entertainers, business titans and all constituents who have a vested interest in seeing communities of color build generational wealth. Shareholders should be keen to prevent current management/board, from taking any self-serving, dilutive, anti-takeover actions or enact poison pill bylaws -to the detriment of shareholders and the African American community.As of January 25, 2023, Dream Chasers made an offer to acquire 35% stake in Carver Bancorp for $3.25 a share. On January 24, 2024, Dream Chasers met with the Board of Directors of Carver Bancorp to discuss the offer.Dream Chasers Capital Group LLC cancelled the acquisition of an additional 35% stake in Carver Bancorp, Inc. (NasdaqCM:CARV) on January 31, 2024. The board of Carver Bancorp reviewed and thoroughly rejected an offer by Dream Chasers Capital Group to acquire 35% interest in Carver’s common equity. In particular, the Board noted the following contributing factors in its decision to reject Dream Chasers’ offer: The significant reputational risk resulting from the adverse regulatory history of Dream Chasers’ leadership; The anticipated inability of Dream Chasers to obtain regulatory approval for the purchase of a material interest in Carver; The anticipated inability of Dream Chasers to qualify as a bank holding company; The lack of direct experience of Dream Chasers’ leadership with a federally regulated and insured depository institution; The unsubstantiated financial resources of Dream Chasers; and The unrealistically low offer price based on Carver’s intrinsic value. New Risk • Nov 21
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (US$7.08m market cap). Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Shareholders have been diluted in the past year (16% increase in shares outstanding). Reported Earnings • Nov 17
Second quarter 2024 earnings released: US$0.33 loss per share (vs US$0.22 loss in 2Q 2023) Second quarter 2024 results: US$0.33 loss per share (further deteriorated from US$0.22 loss in 2Q 2023). Revenue: US$6.69m (down 1.4% from 2Q 2023). Net loss: US$1.59m (loss widened 66% from 2Q 2023). Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 39% per year, which means it is significantly lagging earnings. New Risk • Oct 05
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: US$9.84m This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 2.4% per year over the past 5 years. Market cap is less than US$10m (US$9.84m market cap). Minor Risk Shareholders have been diluted in the past year (14% increase in shares outstanding). Reported Earnings • Aug 15
First quarter 2024 earnings released: US$0.32 loss per share (vs US$0.20 loss in 1Q 2023) First quarter 2024 results: US$0.32 loss per share (further deteriorated from US$0.20 loss in 1Q 2023). Revenue: US$6.25m (down 4.6% from 1Q 2023). Net loss: US$1.42m (loss widened 66% from 1Q 2023). Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has fallen by 28% per year, which means it is significantly lagging earnings. Announcement • Jul 29
Carver Bancorp, Inc., Annual General Meeting, Sep 14, 2023 Carver Bancorp, Inc., Annual General Meeting, Sep 14, 2023, at 10:00 US Eastern Standard Time. Agenda: To elect three directors, to each serve for a three-year term and until their respective successor(s) has been elected and qualified; to ratify the appointment of BDO USA, LLP as independent auditors for Carver for the fiscal year ending March 31, 2024; and to consider advisory (non-binding) resolution to approve the compensation of Named Executive Officers. Reported Earnings • Jul 01
Full year 2023 earnings released: US$1.03 loss per share (vs US$0.24 loss in FY 2022) Full year 2023 results: US$1.03 loss per share (further deteriorated from US$0.24 loss in FY 2022). Revenue: US$26.3m (down 3.4% from FY 2022). Net loss: US$4.40m (loss widened 420% from FY 2022). Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has fallen by 28% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 16
Third quarter 2023 earnings released: US$0.25 loss per share (vs US$0.13 profit in 3Q 2022) Third quarter 2023 results: US$0.25 loss per share (down from US$0.13 profit in 3Q 2022). Revenue: US$6.43m (down 4.2% from 3Q 2022). Net loss: US$1.09m (down 339% from profit in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 4 highly experienced directors. Independent Director Robin Nunn was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Oct 27
Investor sentiment improved over the past week After last week's 18% share price gain to US$4.54, the stock trades at a trailing P/E ratio of 18.2x. Average trailing P/E is 11x in the Mortgage industry in the US. Total returns to shareholders of 51% over the past three years. Board Change • Sep 29
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 4 highly experienced directors. Independent Director Robin Nunn was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Jul 30
Carver Bancorp, Inc., Annual General Meeting, Sep 15, 2022 Carver Bancorp, Inc., Annual General Meeting, Sep 15, 2022, at 10:00 US Eastern Standard Time. Agenda: To consider and approve the elect two directors, to each serve for a three-year term and until their respective successor(s) has been elected and qualified; to consider ratify the appointment of BDO USA, LLP as independent auditors for Carver for the fiscal year ending March 31, 2023; and to consider any other business maters. Announcement • Jun 30
Carver Bancorp, Inc. announced delayed annual 10-K filing On 06/29/2022, Carver Bancorp, Inc. announced that they will be unable to file their next 10-K by the deadline required by the SEC. Board Change • Jun 08
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 4 highly experienced directors. Independent Director Jillian Joseph was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Jun 01
Carver Bancorp, Inc. and Carver Federal Savings Bank Announces Board Changes On May 26, 2022, Steven C. Bussey, a member of the Boards of Directors of Carver Bancorp, Inc. (“Company”) and Carver Federal Savings Bank (“Bank”), announced his resignation from his positions with the Company and the Bank, effective as of the close of business on May 31, 2022. The Boards of Directors of the Company and the Bank each appointed Kenneth J. Knuckles as a member of the Finance and Audit Committee, effective June 1, 2022. Reported Earnings • Feb 15
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: US$0.13 (up from US$0.44 loss in 3Q 2021). Revenue: US$6.71m (up 33% from 3Q 2021). Net income: US$696.0k (up US$2.01m from 3Q 2021). Profit margin: 10% (up from net loss in 3Q 2021). The move to profitability was primarily driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 30% per year, which means it is well ahead of earnings. Reported Earnings • Nov 18
Second quarter 2022 earnings released: EPS US$0.20 (vs US$0.21 loss in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: US$8.12m (up 39% from 2Q 2021). Net income: US$1.08m (up US$1.89m from 2Q 2021). Profit margin: 13% (up from net loss in 2Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 45% per year, which means it is well ahead of earnings. Announcement • Aug 17
Carver Bancorp, Inc. announced delayed 10-Q filing On 08/16/2021, Carver Bancorp, Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Reported Earnings • Jul 03
Full year 2021 earnings released: US$1.14 loss per share (vs US$1.47 loss in FY 2020) The company reported a solid full year result with reduced losses, improved revenues and improved control over expenses. Full year 2021 results: Revenue: US$22.2m (up 13% from FY 2020). Net loss: US$3.90m (loss narrowed 28% from FY 2020). Net interest margin (NIM): 2.49% (down from 2.95% in FY 2020). Cost-to-income ratio: 118.1% (down from 127.4% in FY 2020). Non-performing loans: 1.50% (down from 1.59% in FY 2020). Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has increased by 33% per year, which means it is well ahead of earnings. Executive Departure • Apr 08
Independent Director has left the company On the 1st of April, Susan Tohbe's tenure as Independent Director ended after 10.7 years in the role. As of December 2020, Susan personally held only 67.00 shares (US$434 worth at the time). Susan is the only executive to leave the company over the last 12 months. Is New 90 Day High Low • Feb 20
New 90-day high: US$10.41 The company is up 56% from its price of US$6.68 on 20 November 2020. The American market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Mortgage industry, which is up 8.0% over the same period. Reported Earnings • Feb 19
Third quarter 2021 earnings released: US$0.44 loss per share (vs US$0.39 loss in 3Q 2020) The company reported a solid third quarter result with reduced losses, improved revenues and improved control over expenses. Third quarter 2021 results: Revenue: US$5.03m (up 1.0% from 3Q 2020). Net loss: US$1.31m (loss narrowed 8.8% from 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has increased by 50% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Feb 04
New 90-day high: US$8.92 The company is up 33% from its price of US$6.72 on 05 November 2020. The American market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Mortgage industry, which is up 9.0% over the same period. Announcement • Feb 02
Carver Bancorp, Inc. announced that it has received $4.399997 million in funding from Wells Fargo Central Pacific Holdings, Inc. Carver Bancorp, Inc. (NasdaqCM:CARV) announced that it has entered into a stock purchase agreement with Wells Fargo Central Pacific Holdings, Inc. for a private placement of 157,806 shares of the company’s common stock, par value $0.01 per share, at a purchase price of $7.75 per share for $1,222,996.5 and 3,177 shares of series of convertible preferred stock, Series E non-cumulative non-voting participating preferred stock, par value $0.01 per share, at a purchase price of $1,000 per share for $3,177,000 for total gross proceeds of approximately $4,400,000 on January 28, 2021. The round will be raised at a pre-money valuation of $46,400,000. The shares are issued pursuant to regulation D. The company may, at its option, redeem the shares of series E preferred stock, in whole or in part, from time to time, on any date on or after February 1, 2026. Is New 90 Day High Low • Jan 13
New 90-day high: US$7.49 The company is up 15% from its price of US$6.53 on 14 October 2020. The American market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Mortgage industry, which is up 3.0% over the same period. Reported Earnings • Nov 17
Second quarter 2021 earnings released: US$0.21 loss per share The company reported a solid second quarter result with reduced losses and improved revenues and control over expenses. Second quarter 2021 results: Revenue: US$5.85m (up 16% from 2Q 2020). Net loss: US$809.0k (loss narrowed 23% from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has increased by 19% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Oct 09
New 90-day high: US$7.53 The company is up 19% from its price of US$6.35 on 10 July 2020. The American market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Mortgage industry, which is down 11% over the same period.