Segment & Geographic Data
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's Business Segments
's reported revenue by business segment and by geographic region, quarterly and annual, normalized against the consolidated income statement. Free below: the top 3 rows per table, this quarter and this fiscal year. Subscriber access adds the full segment history and operating income by segment.
Segment Data As of FY
Reportable Segments
3
Largest Segment
Depository fees and charges
Total Revenue
$ 6
Regions Reported
-
Revenue Share by Reportable Segment - FY
- Depository fees and charges10.6%
- Other noninterest income4.7%
- Loan fees and service charges3.6%
Revenue by Reportable Segment - FY
| Segment | Revenue (Millions) | % of Total |
|---|---|---|
| Depository fees and charges | $ 1 | 10.6% |
| Other noninterest income | $ 0 | 4.7% |
| Loan fees and service charges | $ 0 | 3.6% |
Annual Results
Revenue Share by Reportable Segment - FY
- Depository fees and charges10.6%
- Other noninterest income4.7%
- Loan fees and service charges3.6%
Revenue by Reportable Segment - FY
| Segment | Revenue (Millions) | % of Total |
|---|---|---|
| Depository fees and charges | $ 1 | 10.6% |
| Other noninterest income | $ 0 | 4.7% |
| Loan fees and service charges | $ 0 | 3.6% |
Description of
Carver Bancorp, Inc., a Delaware corporation, is the holding company for Carver
Federal Savings Bank, a federally chartered savings bank. The Company is headquartered
in New York, New York. The Company conducts business as a unitary savings and
loan holding company, and the principal business of the Company consists of the
operation of its wholly-owned subsidiary, Carver Federal. Carver Federal was founded
in 1948 to serve African-American communities whose residents, businesses and
institutions had limited access to mainstream financial services. The Bank remains
headquartered in Harlem, and predominantly all of its ten branches and four stand-alone
24/7 ATM centers are located in low- to moderate-income neighborhoods. Many of
these historically underserved communities have experienced unprecedented growth
and diversification of incomes, ethnicity and economic opportunity, after decades
of public and private investment.
Carver Federal Savings Bank offers a diverse array of lending products and services tailored to meet the varying needs of individual and commercial borrowers. The bank primarily focuses on the following real estate lending segments: One-to-Four Family Residential Lending, Multifamily Real Estate Lending, Commercial Real Estate Lending, and Construction Lending, each featuring specific products, underwriting criteria, risk profiles, and borrower requirements.
One-to-Four Family Residential Lending
Carver Federal originates and purchases first mortgage loans secured by one-to-four family properties, which serve as the primary residence for the owner. The lending process is designed with careful adherence to secondary market underwriting guidelines to facilitate the sale of these loans to reputable entities like Fannie Mae and the State of New York Mortgage Agency (SONYMA).
Fixed-Rate Mortgages:
- Characteristics: Fixed-rate loans provide borrowers with stability, as monthly payments remain constant over the life of the loan, typically 15, 20, or 30 years.
- Underwriting Guidelines: Loans are underwritten based on strict criteria, ensuring they meet secondary market guidelines, enhancing the likelihood of successful sale and reducing market risk for the bank.
- Recourse and Servicing: Generally sold with limited recourse, these loans maintain servicing responsibilities, with SONYMA being an exception where servicing is released.
Adjustable-Rate Mortgages (ARMs):
- Structure: These loans allow for interest rates to adjust periodically, aligning with current market rates. While ARMs can enhance the banks sensitivity to interest rates, they introduce credit risks as upward repricing can elevate borrower payments.
- Interest Rate Sensitivity: The bank retains adjustable-rate loans in its portfolio to mitigate exposure to rising interest rates. Yet, fixed limitations on rate adjustments can limit the overall yield on these loans.
Multifamily Real Estate Lending
Carver Federal’s multifamily lending segment involves originating loans primarily secured by properties designed for multiple families, such as apartment complexes and multifamily dwellings. This category comes with unique risks due to market fluctuations and operational effectiveness.
Lending Criteria:
- Net Operating Income: The bank evaluates properties based on their ability to generate sufficient operating income to service debts, ensuring financial viability for borrowers.
- Loan-to-Value (LTV) Ratio: Loans typically adhere to a maximum LTV of 75%, determined by the appraised property value, ensuring a cushion against market volatility.
- Debt Service Coverage Ratio: A minimum ratio of 1.20 is requested, ensuring that properties yield enough income to cover debt obligations comfortably.
Loan Types:
- Predominantly Adjustable-Rate: Most loans are structured with adjustable rates and amortization terms ranging from 15, 20, or 25 years, typically concluding with a balloon payment after five years, providing flexibility for borrowers.
- Fixed-Rate Options: In specific circumstances, fixed-rate loans exceeding five-year terms can be structured, often requiring personal guarantees for additional security.
Commercial Real Estate Lending
This segment focuses on providing financing solutions to borrowers intending to purchase or refinance various commercial properties, such as office buildings, retail spaces, mixed-use establishments, and churches.
Key Features:
- Larger Loan Balances: Commercial real estate loans often entail more significant amounts, necessitating a thorough assessment of the borrower’s capacity to manage these amounts.
- Operational Dependance: The repayment capacity for these loans relies heavily on the success of the underlying business operations, introducing varying degrees of risk compared to residential or multifamily loans.
Construction Lending
Carver Federal engages in construction lending to facilitate the development of new properties and the renovation of existing structures, focusing on multifamily housing, residential developments, community services, churches, and affordable housing projects.
Loan Characteristics:
- Adjustable Interest Rates: Most construction loans have variable rates, reflective of market conditions during the construction period.
- Disbursement Structure: Funds are released in intervals as construction milestones are achieved, ensuring financial control and sanctioning expenditure as per project requirements.
- Term Specifications: Construction loans are typically structured for 12 to 24 months, after which borrowers must transition to permanent financing options, necessitating adherence to the banks underwriting standards for long-term mortgage solutions.
Summary
Carver Federal’s lending offerings are designed to address the unique needs of various borrower profiles while adhering to sound lending practices and risk management protocols. Each segment presents unique products and requires stringent underwriting criteria to ensure that the bank maintains a healthy portfolio while providing access to vital financing options in housing and commercial real estate markets. The multifaceted approach allows for flexibility and responsiveness to the evolving economic conditions that affect borrowers across different segments.
One-to-Four Family Residential Lending
Carver Federal originates and purchases first mortgage loans secured by one-to-four family properties, which serve as the primary residence for the owner. The lending process is designed with careful adherence to secondary market underwriting guidelines to facilitate the sale of these loans to reputable entities like Fannie Mae and the State of New York Mortgage Agency (SONYMA).
Fixed-Rate Mortgages:
- Characteristics: Fixed-rate loans provide borrowers with stability, as monthly payments remain constant over the life of the loan, typically 15, 20, or 30 years.
- Underwriting Guidelines: Loans are underwritten based on strict criteria, ensuring they meet secondary market guidelines, enhancing the likelihood of successful sale and reducing market risk for the bank.
- Recourse and Servicing: Generally sold with limited recourse, these loans maintain servicing responsibilities, with SONYMA being an exception where servicing is released.
Adjustable-Rate Mortgages (ARMs):
- Structure: These loans allow for interest rates to adjust periodically, aligning with current market rates. While ARMs can enhance the banks sensitivity to interest rates, they introduce credit risks as upward repricing can elevate borrower payments.
- Interest Rate Sensitivity: The bank retains adjustable-rate loans in its portfolio to mitigate exposure to rising interest rates. Yet, fixed limitations on rate adjustments can limit the overall yield on these loans.
Multifamily Real Estate Lending
Carver Federal’s multifamily lending segment involves originating loans primarily secured by properties designed for multiple families, such as apartment complexes and multifamily dwellings. This category comes with unique risks due to market fluctuations and operational effectiveness.
Lending Criteria:
- Net Operating Income: The bank evaluates properties based on their ability to generate sufficient operating income to service debts, ensuring financial viability for borrowers.
- Loan-to-Value (LTV) Ratio: Loans typically adhere to a maximum LTV of 75%, determined by the appraised property value, ensuring a cushion against market volatility.
- Debt Service Coverage Ratio: A minimum ratio of 1.20 is requested, ensuring that properties yield enough income to cover debt obligations comfortably.
Loan Types:
- Predominantly Adjustable-Rate: Most loans are structured with adjustable rates and amortization terms ranging from 15, 20, or 25 years, typically concluding with a balloon payment after five years, providing flexibility for borrowers.
- Fixed-Rate Options: In specific circumstances, fixed-rate loans exceeding five-year terms can be structured, often requiring personal guarantees for additional security.
Commercial Real Estate Lending
This segment focuses on providing financing solutions to borrowers intending to purchase or refinance various commercial properties, such as office buildings, retail spaces, mixed-use establishments, and churches.
Key Features:
- Larger Loan Balances: Commercial real estate loans often entail more significant amounts, necessitating a thorough assessment of the borrower’s capacity to manage these amounts.
- Operational Dependance: The repayment capacity for these loans relies heavily on the success of the underlying business operations, introducing varying degrees of risk compared to residential or multifamily loans.
Construction Lending
Carver Federal engages in construction lending to facilitate the development of new properties and the renovation of existing structures, focusing on multifamily housing, residential developments, community services, churches, and affordable housing projects.
Loan Characteristics:
- Adjustable Interest Rates: Most construction loans have variable rates, reflective of market conditions during the construction period.
- Disbursement Structure: Funds are released in intervals as construction milestones are achieved, ensuring financial control and sanctioning expenditure as per project requirements.
- Term Specifications: Construction loans are typically structured for 12 to 24 months, after which borrowers must transition to permanent financing options, necessitating adherence to the banks underwriting standards for long-term mortgage solutions.
Summary
Carver Federal’s lending offerings are designed to address the unique needs of various borrower profiles while adhering to sound lending practices and risk management protocols. Each segment presents unique products and requires stringent underwriting criteria to ensure that the bank maintains a healthy portfolio while providing access to vital financing options in housing and commercial real estate markets. The multifaceted approach allows for flexibility and responsiveness to the evolving economic conditions that affect borrowers across different segments.