Net interest income has trended downward to $5.1 million in 2026Q2, while net interest margins remain compressed between 0.4% and 0.8% over the last ten quarters.
| Metric | TTM | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 | Mar'05 | Mar'04 | Mar'03 | Mar'02 | Mar'01 | Mar'00 | Mar'99 | Mar'98 | Mar'97 | Mar'96 |
|---|
| Net Interest Income | 18.43M | 19.15M | 22.56M | 22.79M | 20.47M | 15.89M | 16M | 17.09M | 19.08M | 21.21M | 21.96M | 18.39M | 19.3M | 18.91M | 19.88M | 26.79M | 29.45M | 25.49M | 25.48M | 22.51M | 18.89M | 18.79M | 17.53M | 18.41M | 16.35M | 14.03M | 13.36M | 13.7M | 12.8M | 10.4M | 9.9M |
| NII Growth % | -81.98% | -15.11% | -1% | 11.35% | 28.82% | -0.68% | -6.4% | -10.43% | -10.04% | -3.42% | 19.44% | -4.73% | 2.06% | -4.91% | -25.78% | -9.05% | 15.54% | 0.07% | 13.2% | 19.13% | 0.55% | 7.15% | -4.74% | 12.59% | 16.53% | 5.02% | -2.5% | 7.03% | 23.08% | 5.05% | 7.61% |
| Net Interest Margin % | 2.64% | 2.62% | 2.98% | 3.15% | 2.78% | 2.35% | 2.76% | 3.03% | 2.75% | 3.08% | 2.97% | 2.72% | 3.02% | 2.96% | 3.1% | 3.78% | 3.66% | 3.22% | 3.2% | 3.04% | 2.86% | 3% | 3.25% | 3.61% | 3.63% | 3.3% | 3.18% | 3.29% | 2.93% | 2.46% | 2.69% |
| Interest Income | 33.02M | 34.28M | 34.02M | 27.7M | 22.86M | 20.31M | 21.63M | 23.23M | 24.36M | 26.13M | 26.56M | 22.33M | 23.25M | 23.79M | 27.94M | 36.24M | 40.46M | 42M | 48.13M | 41.74M | 32.38M | 28.55M | 26.23M | 27.38M | 28.25M | 28.31M | 27.37M | 28.5M | 27.8M | 22.9M | 23.5M |
| Interest Expense | 14.6M | 15.13M | 11.46M | 4.91M | 2.4M | 4.42M | 5.63M | 6.14M | 5.28M | 4.92M | 4.61M | 3.94M | 3.95M | 4.88M | 8.05M | 9.46M | 11.01M | 16.51M | 22.66M | 19.23M | 13.49M | 9.76M | 8.7M | 8.98M | 12.05M | 14.28M | 14.01M | 14.8M | 15M | 12.5M | 13.6M |
| Loan Loss Provision | 429K | 1.19M | 83K | 100K | 603K | -100K | 19K | -270K | 135K | 29K | 1.5M | -2.84M | -426K | -3.33M | 16.34M | 27.11M | 7.84M | 2.7M | 222K | 276K | 0 | 0 | 0 | 0 | 900K | 1.79M | 1.1M | 4M | 1.3M | 1.7M | 100K |
| Non-Interest Income | 3.99M | 3.09M | 6.72M | 3.6M | 7.35M | 6.2M | 3.74M | 4.03M | 4.74M | 4.55M | 4.79M | 5.57M | 6.81M | 7.05M | 3.65M | 7.33M | 3.89M | 5.17M | 7.86M | 2.87M | 5.34M | 4.08M | 5.28M | 3.17M | 4.63M | 2.91M | 2.54M | 2.38M | 2.4M | 100K | 600K |
| Non-Interest Income % | 10.78% | 8.26% | 16.5% | 11.49% | 24.34% | 23.38% | 14.74% | 14.79% | 16.3% | 14.83% | 15.29% | 19.96% | 22.65% | 22.86% | 11.57% | 16.82% | 8.76% | 10.97% | 14.04% | 6.43% | 14.16% | 12.49% | 16.75% | 10.39% | 14.07% | 9.32% | 8.49% | 7.71% | 7.95% | 0.43% | 2.49% |
| Total Revenue | 37.01M | 37.37M | 40.74M | 31.3M | 30.22M | 26.5M | 25.37M | 27.26M | 29.1M | 30.68M | 31.36M | 27.89M | 30.05M | 30.83M | 31.59M | 43.58M | 44.35M | 47.17M | 55.99M | 44.61M | 37.73M | 32.62M | 31.51M | 30.55M | 32.88M | 31.21M | 29.91M | 30.88M | 30.2M | 23M | 24.1M |
| Revenue Growth % | -53.27% | -8.28% | 30.19% | 3.56% | 14.01% | 4.49% | -6.96% | -6.32% | -5.12% | -2.17% | 12.41% | -7.18% | -2.53% | -2.39% | -27.5% | -1.75% | -5.99% | -15.75% | 25.52% | 18.24% | 15.65% | 3.52% | 3.15% | -7.08% | 5.33% | 4.38% | -3.16% | 2.26% | 31.3% | -4.56% | 18.14% |
| Non-Interest Expense | 35.01M | 34.79M | 32.18M | 30.68M | 28.06M | 26.08M | 25.14M | 27.33M | 18.37M | 28.46M | 26.9M | 27.18M | 27.37M | 29.24M | 30.93M | 30.76M | 29.38M | 37.83M | 30.02M | 23.34M | 19.13M | 18.7M | 15.48M | 14.7M | 14.34M | 15.44M | 15.82M | 18.08M | 11.7M | 11.8M | 9M |
| Efficiency Ratio | 94.6% | 93.1% | 78.98% | 98.05% | 92.87% | 98.4% | 99.11% | 100.24% | 63.11% | 92.79% | 85.77% | 97.44% | 91.08% | 94.82% | 97.92% | 70.59% | 66.25% | 80.2% | 53.61% | 52.32% | 50.72% | 57.31% | 49.12% | 48.13% | 43.61% | 49.45% | 52.91% | 58.55% | 38.74% | 51.3% | 37.34% |
| Operating Income | -10.99M | -13.74M | -2.98M | -4.4M | -847K | -3.9M | -5.42M | -5.94M | 5.32M | -2.73M | -1.64M | -387K | -844K | 45K | -23.74M | -23.75M | -3.89M | -9.87M | 3.1M | 1.76M | 5.1M | 4.17M | 7.33M | 6.86M | 5.59M | -291K | -1.03M | -6M | 2.2M | -3M | 1.4M |
| Operating Margin % | -29.7% | -36.78% | -7.31% | -14.06% | -2.8% | -14.7% | -21.38% | -21.77% | 18.28% | -8.91% | -5.23% | -1.39% | -2.81% | 0.15% | -75.15% | -54.51% | -8.76% | -20.91% | 5.53% | 3.95% | 13.52% | 12.77% | 23.27% | 22.47% | 17.01% | -0.93% | -3.43% | -19.43% | 7.28% | -13.04% | 5.81% |
| Operating Income Growth % | - | -361.67% | 32.36% | -419.6% | 78.26% | 28.16% | 8.64% | -211.56% | 294.62% | -66.81% | -323.51% | 54.15% | -1975.56% | 100.19% | 0.05% | -511.06% | 60.6% | -418.36% | 76.08% | -65.48% | 22.37% | -43.17% | 6.82% | 22.7% | 2022.34% | 71.62% | 82.91% | -372.73% | 173.33% | -314.29% | -6.67% |
| Pretax Income | -13.03M | -13.74M | -2.98M | -4.4M | -847K | -3.9M | -5.42M | -5.94M | 5.32M | -2.73M | -1.64M | -387K | -844K | 45K | -23.74M | -23.75M | -3.89M | -9.87M | 3.1M | 1.76M | 5.1M | 4.17M | 7.33M | 6.86M | 5.59M | -291K | -1.03M | -6M | 2.2M | -3M | 1.4M |
| Pretax Margin % | -35.2% | -36.78% | -7.31% | -14.06% | -2.8% | -14.7% | -21.38% | -21.77% | 18.28% | -8.91% | -5.23% | -1.39% | -2.81% | 0.15% | -75.15% | -54.51% | -8.76% | -20.91% | 5.53% | 3.95% | 13.52% | 12.77% | 23.27% | 22.47% | 17.01% | -0.93% | -3.43% | -19.43% | 7.28% | -13.04% | 5.81% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -33K | 119K | 128K | 166K | 102K | 328K | -961K | 15.72M | -2.87M | -3.2M | -881K | -823K | 1.33M | 1.52M | 2.49M | 3.03M | 881K | 98K | 110.03K | -1.5M | 1.2M | -1.3M | 600K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -0.62% | -4.35% | -7.81% | -42.89% | -12.09% | 728.89% | 4.05% | -66.18% | 73.73% | 32.45% | -28.43% | -46.76% | 26.06% | 36.43% | 34% | 44.19% | 15.75% | -33.68% | -10.73% | 25% | 54.55% | 43.33% | 42.86% |
| Net Income | -13.03M | -13.74M | -2.98M | -4.4M | -847K | -3.9M | -5.42M | -5.94M | 5.35M | -2.85M | -1.77M | -272K | -836K | 662K | -23.41M | -39.53M | -1.02M | -7.02M | 3.98M | 2.58M | 3.77M | 2.65M | 4.84M | 3.83M | 4.71M | -389K | -1.14M | -4.5M | 1M | -1.7M | 800K |
| Net Margin % | -35.2% | -36.78% | -7.31% | -14.06% | -2.8% | -14.7% | -21.38% | -21.77% | 18.4% | -9.3% | -5.64% | -0.98% | -2.78% | 2.15% | -74.1% | -90.71% | -2.3% | -14.89% | 7.11% | 5.79% | 9.99% | 8.12% | 15.36% | 12.54% | 14.33% | -1.25% | -3.8% | -14.57% | 3.31% | -7.39% | 3.32% |
| Net Income Growth % | -203.31% | -361.67% | 32.36% | -419.6% | 78.26% | 28.16% | 8.64% | -210.87% | 287.66% | -61.46% | -549.63% | 67.46% | -226.28% | 102.83% | 40.78% | -3771.4% | 85.46% | -276.48% | 54.08% | -31.49% | 42.32% | -45.26% | 26.31% | -18.71% | 1311.57% | 65.74% | 74.77% | -550% | 158.82% | -312.5% | 0% |
| Net Income (Continuing) | -13.03M | -13.74M | -2.98M | -4.4M | -847K | -3.9M | -5.42M | -5.94M | 5.35M | -2.85M | -1.77M | -553K | -946K | -283K | -22.78M | -39.47M | -1.02M | -6.66M | 3.98M | 2.58M | 3.77M | 2.65M | 4.84M | 3.83M | 4.71M | -389K | -1.14M | -4.5M | 1M | -1.7M | 800K |
| EPS (Diluted) | -2.47 | -2.65 | -0.61 | -1.03 | -0.24 | -1.14 | -1.47 | -1.60 | 0.58 | -0.77 | -0.48 | 0.10 | 0.06 | 0.18 | -14.26 | -242.25 | -11.85 | -43.05 | 23.25 | 15.00 | 21.75 | 15.45 | 28.05 | 22.80 | 28.35 | -3.90 | -7.95 | -30.30 | 7.20 | -12.00 | 5.25 |
| EPS Growth % | -196.79% | -334.43% | 40.78% | -329.17% | 78.95% | 22.45% | 8.13% | -375.86% | 175.32% | -60.42% | -580% | 66.67% | -66.67% | 101.26% | 94.11% | -1944.3% | 72.47% | -285.16% | 55% | -31.03% | 40.78% | -44.92% | 23.03% | -19.58% | 826.92% | 50.94% | 73.76% | -520.83% | 160% | -328.57% | -12.5% |
| EPS (Basic) | - | -2.65 | -0.61 | -1.03 | -0.24 | -1.14 | -1.47 | -1.60 | 0.58 | -0.77 | -0.48 | 0.10 | 0.06 | 0.18 | -14.26 | -242.25 | -11.85 | -43.05 | 23.85 | 15.45 | 22.50 | 15.90 | 30.45 | 23.85 | 29.70 | -3.90 | -7.95 | -30.30 | 7.20 | -12.00 | 5.25 |
| Diluted Shares Outstanding | 5.28M | 5.18M | 4.85M | 4.28M | 3.59M | 3.42M | 3.7M | 3.7M | 3.7M | 3.7M | 3.7M | 3.7M | 3.7M | 3.7M | 1.66M | 166K | 164.93K | 164.8K | 170.73K | 172.2K | 173.33K | 164.08K | 165.49K | 159.39K | 159.29K | 150.26K | 151.52K | 147.08K | 145.84K | 141.67K | 152.38K |
NYC Commercial Real Estate Exposure
As reported in recent financial filings, Carver Bancorp's net interest income has demonstrated significant volatility, declining to $5.1 million in 2026Q2 from a peak of $6.2 million in 2024Q4, suggesting that the bank struggles to maintain a stable interest-earning asset base amidst a challenging rate environment.
The contraction in net interest income appears to reflect a mismatch between the bank's fixed-rate loan portfolio and the rising cost of deposits required to maintain liquidity. Investors should monitor whether the bank can successfully reprice its assets or if it will continue to face margin compression as funding costs remain elevated.
Based on the provided quarterly data, the net interest margin has hovered between 0.4% and 0.8% over the last ten quarters, indicating that the bank's spread between interest-earning assets and funding costs is insufficient to generate meaningful profitability in the current New York City interest rate climate.
This narrow margin profile suggests that Carver lacks the pricing power to offset the competitive deposit rates prevalent in its urban market. The persistent inability to expand this spread warrants further investigation into the bank's asset-liability management strategy and its reliance on higher-cost funding sources.
According to the bank's income statement data, the efficiency ratio has frequently exceeded 80%, reaching as high as 121.6% in 2025Q3, which suggests that the cost of maintaining a physical branch network in New York City is currently outpacing the bank's ability to generate revenue.
An efficiency ratio consistently above 80% implies that the bank's operating structure is fundamentally misaligned with its current revenue scale. This high overhead burden appears to be a primary driver of the bank's recurring net losses and suggests that significant operational streamlining may be required.
As indicated by the quarterly financial statements, the provision for credit losses has fluctuated significantly, ranging from a net benefit of $97,000 in 2024Q3 to an expense of $461,000 in 2025Q2, which may indicate management's subjective and shifting assessment of the bank's commercial real estate loan portfolio.
The inconsistency in provision expense makes it difficult to ascertain the true underlying credit quality of the loan book. Given the bank's heavy concentration in New York commercial real estate, investors should monitor whether these provisions are sufficient to cover potential defaults in a softening urban property market.
Based on the reported figures, Carver Bancorp has struggled to maintain positive net income, with losses occurring in eight of the last ten quarters, suggesting that the bank's current business model may be fundamentally challenged by its high fixed-cost structure and limited revenue diversification.
The reliance on non-recurring items and the persistent negative operating margins suggest that the bank's core earnings power is weak. Investors should consider whether the bank's MDI/CDFI status provides enough of a strategic floor to offset these ongoing operational deficits or if further capital dilution is inevitable.
Quick answers to the most common questions about buying CARV stock.
Carver Bancorp, Inc. (CARV) reported a net loss of $13.7M for the fiscal year ending 2025.
Carver Bancorp, Inc. (CARV) reported an operating income of $-13.7M, resulting in an operating profit margin of -36.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Carver Bancorp, Inc. (CARV) generated $21.0M in gross profit for the year, representing a gross profit margin of 56.3%. This demonstrates the company's core pricing power and production efficiency.