Company Quick10K Filing
Carver Bancorp
Price3.02 EPS-1
Shares4 P/E-2
MCap11 P/FCF-3
Net Debt-38 EBIT1
TEV-27 TEV/EBIT-34
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-12-31 Filed 2021-02-16
10-Q 2020-09-30 Filed 2020-11-16
10-Q 2020-06-30 Filed 2020-08-14
10-K 2020-03-31 Filed 2020-08-06
10-Q 2019-12-31 Filed 2020-02-12
10-Q 2019-09-30 Filed 2019-11-13
10-Q 2019-06-30 Filed 2019-08-14
10-K 2019-03-31 Filed 2019-06-28
10-Q 2018-12-31 Filed 2019-02-14
10-Q 2018-09-30 Filed 2018-11-13
10-Q 2018-06-30 Filed 2018-08-14
10-K 2018-03-31 Filed 2018-06-29
10-Q 2017-12-31 Filed 2018-02-13
10-Q 2017-09-30 Filed 2017-11-20
10-Q 2017-06-30 Filed 2017-11-14
10-K 2017-03-31 Filed 2017-11-09
10-Q 2016-12-31 Filed 2017-02-17
10-Q 2016-09-30 Filed 2016-11-14
10-Q 2016-06-30 Filed 2016-08-22
10-K 2016-03-31 Filed 2016-08-12
10-Q 2015-12-31 Filed 2016-02-10
10-Q 2015-09-30 Filed 2015-11-10
10-Q 2015-06-30 Filed 2015-08-11
10-K 2015-03-31 Filed 2015-06-29
10-Q 2014-12-31 Filed 2015-02-09
10-Q 2014-09-30 Filed 2014-11-10
10-Q 2014-06-30 Filed 2014-08-12
10-K 2014-03-31 Filed 2014-07-15
10-Q 2013-12-31 Filed 2014-02-13
10-Q 2013-09-30 Filed 2013-11-12
10-Q 2013-06-30 Filed 2013-08-13
10-K 2013-03-31 Filed 2013-06-28
10-Q 2012-12-31 Filed 2013-02-14
10-Q 2012-09-30 Filed 2012-11-14
10-Q 2012-06-30 Filed 2012-08-13
10-K 2012-03-31 Filed 2012-06-29
10-Q 2011-12-31 Filed 2012-02-14
10-Q 2011-09-30 Filed 2011-11-14
10-Q 2011-06-30 Filed 2011-08-15
10-K 2011-03-31 Filed 2011-06-30
10-Q 2010-12-31 Filed 2011-02-14
10-Q 2010-09-30 Filed 2010-11-15
10-Q 2010-06-30 Filed 2010-08-16
10-K 2010-03-31 Filed 2010-07-15
10-Q 2009-12-31 Filed 2010-02-16
8-K 2020-10-15
8-K 2020-09-17
8-K 2020-09-17
8-K 2020-08-06
8-K 2020-07-30
8-K 2020-07-30
8-K 2020-07-09
8-K 2020-06-26
8-K 2020-05-28
8-K 2020-02-27
8-K 2019-09-12
8-K 2019-08-28
8-K 2019-01-18
8-K 2019-01-07
8-K 2018-09-13
8-K 2018-08-31
8-K 2018-06-29
8-K 2018-03-29
8-K 2018-02-28
8-K 2018-02-14
8-K 2018-02-01

CARV 10Q Quarterly Report

Part I. Financial Information
Note 1. Organization
Note 2. Summary of Significant Accounting Policies
Note 3. Loss per Common Share
Note 4. Common Stock Dividends and Issuances
Note 5. Other Comprehensive Income (Loss)
Note 6. Investment Securities
Note 7. Loans Receivable and Allowance for Loan and Lease Losses
Note 8. Fair Value Measurements
Note 9. Fair Value of Financial Instruments
Note 10. Non - Interest Revenue and Expense
Note 11. Leases
Note 12. Impact of Recent Accounting Standards
Note 13. Subsequent Events
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3.Quantitative and Qualitative Disclosure About Market Risk
Item 4.Controls and Procedures
Part II. Other Information
Item 1.Legal Proceedings
Item 1A.Risk Factors
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
Item 3.Defaults Upon Senior Securities
Item 4.Mine Safety Disclosures
Item 5.Other Information
Item 6.Exhibits
EX-31.1 december31202010qex311.htm
EX-31.2 december31202010qex312.htm
EX-32.1 december31202010qex321.htm
EX-32.2 december31202010qex322.htm

Carver Bancorp Earnings 2020-12-31

Balance SheetIncome StatementCash Flow

carv-20201231
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 2020
OR
oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission File Number: 001-13007
CARVER BANCORP, INC.
(Exact name of registrant as specified in its charter)
Delaware 13-3904174
(State or Other Jurisdiction of
Incorporation or Organization)
(I.R.S. Employer Identification No.)
75 West 125th StreetNew YorkNew York10027
(Address of Principal Executive Offices)(Zip Code)
Registrant’s telephone number, including area code: (718) 230-2900

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareCARVThe NASDAQ Stock Market, LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. þ Yes   o No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). þ Yes   oNo
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
oLarge Accelerated FileroAccelerated FileroNon-accelerated FilerSmaller Reporting Company
o
Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). o Yes þ No
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Class Outstanding at February 12, 2021
Common Stock, par value $0.01 3,062,850




TABLE OF CONTENTS
 Page
 
 
 
 Exhibit 31.1
 Exhibit 31.2
 Exhibit 32.1
 Exhibit 32.2
 Exhibit 101




PART I. FINANCIAL INFORMATION

CARVER BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
December 31, 2020March 31, 2020
$ in thousands except per share data 
ASSETS  
Cash and cash equivalents:  
Cash and due from banks$79,297 $47,280 
Money market investments254 260 
Total cash and cash equivalents79,551 47,540 
Investment securities:
Available-for-sale, at fair value100,181 65,829 
Held-to-maturity, at amortized cost (fair value of $9,551 and $10,564 at December 31, 2020 and March 31, 2020, respectively)
9,164 10,151 
Total investment securities109,345 75,980 
Loans receivable:
Real estate mortgage loans338,290 339,825 
Commercial business loans127,548 85,659 
Consumer loans2,755 3,248 
Loans, gross468,593 428,732 
Allowance for loan losses(5,138)(4,946)
Total loans receivable, net463,455 423,786 
Premises and equipment, net4,783 5,377 
Federal Home Loan Bank of New York (“FHLB-NY”) stock, at cost552 568 
Accrued interest receivable2,910 2,052 
Right-of-use assets15,931 17,614 
Other assets9,872 5,853 
Total assets$686,399 $578,770 
LIABILITIES AND EQUITY  
LIABILITIES  
Deposits:  
Non-interest bearing checking$98,707 $57,489 
Interest-bearing deposits:
Interest-bearing checking32,449 24,016 
Savings113,076 97,812 
Money market135,980 112,634 
Certificates of deposit186,752 194,287 
Escrow2,778 2,577 
Total interest-bearing deposits471,035 431,326 
Total deposits569,742 488,815 
Advances from the FHLB-NY and other borrowed money41,764 13,573 
Operating lease liability16,565 18,153 
Other liabilities11,920 9,335 
Total liabilities639,991 529,876 
EQUITY
Preferred stock, (par value $0.01 per share: 18,076 and 45,118 Series D shares, with a liquidation preference of $1,000 per share, issued and outstanding at December 31, 2020 and March 31, 2020, respectively)
18,076 45,118 
Common stock (par value 0.01 per share: 10,000,000 shares authorized; 5,508,560 and 3,701,449 shares issued; 3,004,757 and 3,699,505 shares outstanding at December 31, 2020 and March 31, 2020, respectively)
55 61 
Additional paid-in capital72,509 55,476 
Accumulated deficit(41,691)(52,285)
Treasury stock, at cost (2,503,803 and 1,944 shares at December 31, 2020 and March 31, 2020, respectively)
(2,908)(408)
Accumulated other comprehensive income367 932 
Total equity46,408 48,894 
Total liabilities and equity$686,399 $578,770 

See accompanying notes to consolidated financial statements
1



CARVER BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended December 31,
Nine Months Ended
December 31,
$ in thousands, except per share data2020201920202019
Interest income:  
Loans$4,749 $4,906 $13,804 $14,318 
Mortgage-backed securities192 276 509 885 
Investment securities277 190 716 702 
Money market investments21 120 70 460 
Total interest income5,239 5,492 15,099 16,365 
Interest expense:  
Deposits938 1,155 3,048 3,544 
Advances and other borrowed money162 308 492 776 
Total interest expense1,100 1,463 3,540 4,320 
Net interest income4,139 4,029 11,559 12,045 
Provision for (recovery of) loan losses4 8 (99)16 
Net interest income after provision for (recovery of) loan losses4,135 4,021 11,658 12,029 
Non-interest income:  
Depository fees and charges692 846 2,041 2,461 
Loan fees and service charges65 82 234 243 
Gain on sale of securities  862  
Gain on sale of loans, net   25 
Other142 37 1,418 186 
Total non-interest income899 965 4,555 2,915 
Non-interest expense:  
Employee compensation and benefits2,837 2,799 8,369 8,327 
Net occupancy expense1,066 1,097 3,296 3,361 
Equipment, net386 392 1,239 1,032 
Data processing451 445 1,564 1,271 
Consulting fees38 19 154 147 
Federal deposit insurance premiums107 57 265 56 
Other1,459 1,613 4,257 4,375 
Total non-interest expense6,344 6,422 19,144 18,569 
Loss before income taxes(1,310)(1,436)(2,931)(3,625)
   Income tax expense    
Net loss$(1,310)$(1,436)$(2,931)$(3,625)
Loss per common share:
Basic$(0.44)$(0.39)$(0.84)$(0.98)
Diluted(0.44)(0.39)(0.84)(0.98)

See accompanying notes to consolidated financial statements





2


CARVER BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(Unaudited)
Three Months Ended December 31,
Nine Months Ended December 31,
$ in thousands2020201920202019
Net loss$(1,310)$(1,436)$(2,931)$(3,625)
Other comprehensive income (loss), net of tax:
Unrealized gain (loss) of securities available-for-sale346 (98)297 923 
Less: Reclassification adjustment for gains on sale of available-for-sale securities, net of income tax expense of $0 (due to full valuation allowance)
  862  
Total other comprehensive income (loss), net of tax346 (98)(565)923 
Total comprehensive loss, net of tax$(964)$(1,534)$(3,496)$(2,702)

See accompanying notes to consolidated financial statements

3


CARVER BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the Three and Nine Months Ended December 31, 2020 and 2019
(Unaudited)
$ in thousandsPreferred StockCommon StockAdditional Paid-In CapitalAccumulated DeficitTreasury StockAccumulated Other Comprehensive Income (Loss)Total Equity
Three Months Ended December 31, 2020
Balance — September 30, 2020$18,076 $54 $71,534 $(40,381)$(2,908)$21 $46,396 
Net loss   (1,310)  (1,310)
Other comprehensive income, net of taxes     346 346 
Issuance of common stock— 1 973 — — — 974 
Stock based compensation expense  2    2 
Balance — December 31, 2020
$18,076 $55 $72,509 $(41,691)$(2,908)$367 $46,408 
Nine Months Ended December 31, 2020
Balance — March 31, 2020
$45,118 $61 $55,476 $(52,285)$(408)$932 $48,894 
Net loss   (2,931)  (2,931)
Other comprehensive loss, net of taxes     (565)(565)
Conversion of Series D preferred stock to common stock(13,519)17 13,502     
Stock relinquishment(13,523)(2)— 13,525 — — — 
Capital contribution— — 2,500 —  — 2,500 
Repurchase of common stock— —  — (2,500)(2,500)
Issuance of common stock— 1 973 — — — 974 
Stock based compensation expense (22)58    36 
Balance — December 31, 2020
$18,076 $55 $72,509 $(41,691)$(2,908)$367 $46,408 
Three Months Ended December 31, 2019
Balance — September 30, 2019$45,118 $61 $55,516 $(49,051)$(417)$82 $51,309 
Net loss   (1,436)  (1,436)
Other comprehensive loss, net of taxes     (98)(98)
Stock based compensation expense  4    4 
Balance — December 31, 2019
$45,118 $61 $55,520 $(50,487)$(417)$(16)$49,779 
Nine Months Ended December 31, 2019
Balance — March 31, 2019$45,118 $61 $55,514 $(52,201)$(417)$(939)$47,136 
Net loss   (3,625)  (3,625)
Other comprehensive income, net of taxes     923 923 
Cumulative effect adjustment for adoption of ASU 2016-02— — — 5,339 — — 5,339 
Stock based compensation expense  6    6 
Balance — December 31, 2019
$45,118 $61 $55,520 $(50,487)$(417)$(16)$49,779 
See accompanying notes to consolidated financial statements
4



CARVER BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Nine Months Ended December 31,
$ in thousands20202019
CASH FLOWS FROM OPERATING ACTIVITIES  
Net loss$(2,931)$(3,625)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
(Recovery of) provision for loan losses(99)16 
Stock based compensation expense36 6 
Depreciation and amortization expense769 698 
Gain on sale of real estate owned, net of market value adjustment(80)(208)
Gain on sale of securities(862) 
Gain on sale of loans, net (25)
Amortization and accretion of loan premiums and discounts and deferred charges557 354 
Amortization and accretion of premiums and discounts — securities430 700 
Increase in accrued interest receivable(858) 
(Increase) decrease in other assets(3,970)3,478 
Increase in other liabilities2,547 1,057 
Net cash (used in) provided by operating activities(4,461)2,451 
CASH FLOWS FROM INVESTING ACTIVITIES 
Purchases of investments: Available-for-sale(74,475) 
Proceeds from sales of investments: Available-for-sale30,190  
Proceeds from principal payments, maturities and calls of investments: Available-for-sale10,094 9,647 
Proceeds from principal payments, maturities and calls of investments: Held-to-maturity957 663 
Loans held-for investment activity, net of (originations) and repayments/payoffs(16,376)26,638 
Loans purchased from third parties(24,141)(20,902)
Proceeds on sale of loans 602 
Redemption (purchase) of FHLB-NY stock, net16 (182)
Purchase of premises and equipment(184)(1,212)
Proceeds from sales of real estate owned260 511 
Net cash (used in) provided by investing activities(73,659)15,765 
CASH FLOWS FROM FINANCING ACTIVITIES  
Net increase (decrease) in deposits80,927 (15,898)
Increase in FHLB-NY advances and other borrowings28,230 4,187 
Contribution of capital2,500  
Repurchase of common stock(2,500) 
Issuance of common stock974  
Net cash provided by (used in) financing activities110,131 (11,711)
Net increase in cash and cash equivalents32,011 6,505 
Cash and cash equivalents at beginning of period47,540 31,228 
Cash and cash equivalents at end of period$79,551 $37,733 
Supplemental cash flow information:  
Noncash financing and investing activities  
Recognition of right-of-use asset— 19,951 
Recognition of operating lease liability— 20,335 
Recognition of finance lease asset13 216 
Recognition of finance lease liability13 206 
Retirement of preferred stock13,523 — 
Retirement of common stock2 — 
Cash paid for:
Interest$3,186 $3,825 
Income taxes57 53 

See accompanying notes to consolidated financial statements
5


CARVER BANCORP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)
NOTE 1. ORGANIZATION

Nature of operations

    Carver Bancorp, Inc. (on a stand-alone basis, the “Company” or “Registrant”), was incorporated in May 1996 and its principal wholly-owned subsidiary is Carver Federal Savings Bank (the “Bank” or “Carver Federal”). Carver Federal's wholly-owned subsidiaries are CFSB Realty Corp., Carver Community Development Corporation (“CCDC”) and CFSB Credit Corp., which is currently inactive. The Bank has a real estate investment trust, Carver Asset Corporation ("CAC"), that was formed in February 2004.

    “Carver,” the “Company,” “we,” “us” or “our” refers to the Company along with its consolidated subsidiaries. The Bank was chartered in 1948 and began operations in 1949 as Carver Federal Savings and Loan Association, a federally-chartered mutual savings and loan association. The Bank converted to a federal savings bank in 1986. On October 24, 1994, the Bank converted from a mutual holding company structure to stock form and issued 2,314,375 shares of its common stock, par value 0.01 per share. On October 17, 1996, the Bank completed its reorganization into a holding company structure (the “Reorganization”) and became a wholly-owned subsidiary of the Company.

    Carver Federal’s principal business consists of attracting deposit accounts through its branches and investing those funds in mortgage loans and other investments permitted by federal savings banks. The Bank has seven branches located throughout the City of New York that primarily serve the communities in which they operate.

    In September 2003, the Company formed Carver Statutory Trust I (the “Trust”) for the sole purpose of issuing trust preferred securities and investing the proceeds in an equivalent amount of floating rate junior subordinated debentures of the Company. In accordance with Accounting Standards Codification (“ASC”) 810, “Consolidations,” Carver Statutory Trust I is unconsolidated for financial reporting purposes. On September 17, 2003, Carver Statutory Trust I issued 13,000 shares, liquidation amount $1,000 per share, of floating rate capital securities.  Gross proceeds from the sale of these trust preferred debt securities of $13 million, and proceeds from the sale of the trust's common securities of $0.4 million, were used to purchase approximately $13.4 million aggregate principal amount of the Company's floating rate junior subordinated debt securities due 2033.  The trust preferred debt securities are redeemable at par quarterly at the option of the Company beginning on or after September 17, 2008, and have a mandatory redemption date of September 17, 2033. Cash distributions on the trust preferred debt securities are cumulative and payable at a floating rate per annum resetting quarterly with a margin of 3.05% over the three-month LIBOR. During the second quarter of fiscal year 2017, the Company applied for and was granted regulatory approval to settle all outstanding debenture interest payments through September 2016. Such payments were made in September 2016. Interest on the debentures has been deferred beginning with the December 2016 payment, per the terms of the agreement, which permit such deferral for up to twenty consecutive quarters, as the Company is prohibited from making payments without prior regulatory approval. The interest rate was 3.28% and the total amount of deferred interest was $3.0 million at December 31, 2020.

    Carver relies primarily on dividends from Carver Federal to pay cash dividends to its stockholders, to engage in share repurchase programs and to pay principal and interest on its trust preferred debt obligation. The OCC regulates all capital distributions, including dividend payments, by Carver Federal to Carver, and the FRB regulates dividends paid by Carver. As the subsidiary of a savings and loan association holding company, Carver Federal must file a notice or an application (depending on the proposed dividend amount) with the OCC (and a notice with the FRB) prior to the declaration of each capital distribution. The OCC will disallow any proposed dividend, for among other reasons, that would result in Carver Federal’s failure to meet the OCC minimum capital requirements. In accordance with the Agreement defined directly below, Carver Federal is currently prohibited from paying any dividends without prior OCC approval, and, as such, has suspended Carver’s regular quarterly cash dividend on its common stock. There are no assurances that dividend payments to Carver will resume.

Regulation

    On October 23, 2015, the Board of Directors of the Company adopted resolutions requiring, among other things, written approval from the Federal Reserve Bank of Philadelphia prior to the declaration or payment of dividends, any increase in debt by the Company, or the redemption of Company common stock.

    On May 24, 2016, the Bank entered into a Formal Agreement ("the Agreement") with the OCC to undertake certain compliance-related and other actions as further described in the Company’s Current Report on Form 8-K as filed with the
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Securities and Exchange Commission (“SEC”) on May 27, 2016. As a result of the Agreement, the Bank must obtain the approval of the OCC prior to effecting any change in its directors or senior executive officers. The Bank may not declare or pay dividends or make any other capital distributions, including to the Company, without first filing an application with the OCC and receiving the prior approval of the OCC. Furthermore, the Bank must seek the OCC's written approval and the FDIC's written concurrence before entering into any "golden parachute payments" as that term is defined under 12 U.S.C. § 1828(k) and 12 C.F.R. Part 359. As a result of the Formal Agreement, Carver was issued an Individual Minimum Capital Ratio (“IMCR”) letter by the OCC, which requires the Bank to maintain minimum regulatory capital levels of 9% for its Tier1 leverage ratio and 12% for its total risk-based capital ratio.

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of consolidated financial statement presentation

    The consolidated financial statements include the accounts of the Company, the Bank and the Bank’s wholly-owned or majority-owned subsidiaries, Carver Asset Corporation, CFSB Realty Corp., CCDC, and CFSB Credit Corp., which is currently inactive. All significant intercompany accounts and transactions have been eliminated in consolidation.

    The consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine month periods ended December 31, 2020 are not necessarily indicative of the results that may be expected for the year ended March 31, 2021. The consolidated balance sheet at December 31, 2020 has been derived from the unaudited consolidated financial statements at that date, but does not include all of the information and footnotes required by GAAP for complete financial statements. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated statement of financial condition and revenues and expenses for the period then ended. These unaudited consolidated financial statements should be read in conjunction with the Annual Report on Form 10-K for the year ended March 31, 2020. Amounts subject to significant estimates and assumptions are items such as the allowance for loan losses, realization of deferred tax assets, assessment of other-than-temporary impairment of securities, and the fair value of financial instruments. While management uses available information to recognize losses on loans, future additions to the allowance for loan losses or future writedowns of real estate owned may be necessary based on changes in economic conditions in the areas where Carver Federal has extended mortgages and other credit instruments. Actual results could differ significantly from those assumptions. Current market conditions increase the risk and complexity of the judgments in these estimates.

    Certain comparative amounts for the prior period have been reclassified to conform to current period presentations. Such reclassifications had no effect on net income or shareholders' equity.

Recent Events

On March 11, 2020, the World Health Organization declared a pandemic related to the global spread of COVID-19, the disease caused by a novel strain of coronavirus. The COVID-19 pandemic has adversely affected, and continues to adversely affect global, national and local economies, resulting in significant volatility and disruption in banking and other financial activity in the areas in which we operate. In response to the pandemic, Governor Andrew Cuomo issued the "New York State on PAUSE" executive order to shelter in place, maintain social distancing and close all non-essential businesses statewide effective March 22, 2020. As banking was designated an essential business by New York State, the Company remained open during this time. While New York State went through a phased reopening upon expiration of the executive order, there remains a significant amount of uncertainty as certain geographic areas continue to experience surges in COVID-19 cases and governments at all levels continue to react to changes in circumstances. There is significant uncertainty around the breadth and duration of business disruptions related to COVID-19 and the extent of the impact of COVID-19 on the Company's operational and financial performance will depend on certain developments, including the duration and spread of the outbreak, and the impact on customers, employees and vendors, all of which are uncertain and cannot be determined at this time.

Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus

On March 22, 2020, the federal banking agencies issued an interagency statement to provide additional guidance to financial institutions who are working with borrowers affected by COVID-19. The statement provided that agencies will not
7


criticize institutions for working with borrowers and will not direct supervised institutions to automatically categorize all COVID-19 related loan modifications as troubled debt restructurings (“TDRs”). The agencies have confirmed with staff of the Financial Accounting Standards Board that short-term modifications made on a good faith basis in response to COVID-19 to borrowers who were current prior to any relief, are not TDRs. This includes short-term (e.g., six months) modifications such as payment deferrals, fee waivers, extensions of repayment terms, or other delays in payment that are insignificant. Borrowers considered current are those that are less than 30 days past due on their contractual payments at the time a modification program is implemented.

The statement further provided that working with borrowers that are current on existing loans, either individually or as part of a program for creditworthy borrowers who are experiencing short-term financial or operational problems as a result of COVID-19, generally would not be considered TDRs. For modification programs designed to provide temporary relief for current borrowers affected by COVID-19, financial institutions may presume that borrowers that are current on payments are not experiencing financial difficulties at the time of the modification for purposes of determining TDR status, and thus no further TDR analysis is required for each loan modification in the program.

The statement indicated that the agencies’ examiners will exercise judgment in reviewing loan modifications, including TDRs, and will not automatically adversely risk rate credits that are affected by COVID-19, including those considered TDRs.

In addition, the statement noted that efforts to work with borrowers of one-to-four family residential mortgages, where the loans are prudently underwritten, and not past due or carried on nonaccrual status, will not result in the loans being considered restructured or modified for the purposes of their risk-based capital rules. With regard to loans not otherwise reportable as past due, financial institutions are not expected to designate loans with deferrals granted due to COVID-19 as past due because of the deferral.

The Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”)

On March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act ("CARES Act") was signed to provide emergency economic relief to individuals and businesses impacted by the COVID-19 pandemic. The law had several provisions relevant to financial institutions, including:

Allowing institutions not to characterize loan modifications relating to the COVID-19 pandemic as a troubled debt restructuring and also allowing them to suspend the corresponding impairment determination for accounting purposes.

The ability of a borrower of a federally backed mortgage loan (VA, FHA, USDA, Freddie Mac and Fannie Mae) experiencing financial hardship due, directly or indirectly, to the COVID-19 pandemic to request forbearance from paying their mortgage by submitting a request to the borrower’s servicer affirming their financial hardship during the COVID-19 emergency. Such a forbearance will be granted for up to 180 days, which can be extended for an additional 180-day period upon the request of the borrower. During that time, no fees, penalties or interest beyond the amounts scheduled or calculated as if the borrower made all contractual payments on time and in full under the mortgage contract will accrue on the borrower’s account. Except for vacant or abandoned property, the servicer of a federally backed mortgage is prohibited from taking any foreclosure action, including any eviction or sale action, for not less than the 60-day period beginning March 18, 2020.

The ability of a borrower of a multifamily federally backed mortgage loan that was current as of February 1, 2020, to submit a request for forbearance to the borrower’s servicer affirming that the borrower is experiencing financial hardship during the COVID-19 emergency. A forbearance will be granted for up to 30 days, which can be extended for up to two additional 30-day periods upon the request of the borrower. During the time of the forbearance, the multifamily borrower cannot evict or initiate the eviction of a tenant or charge any late fees, penalties or other charges to a tenant for late payment of rent. Additionally, a multifamily borrower that receives a forbearance may not require a tenant to vacate a dwelling unit before a date that is 30 days after the date on which the borrower provides the tenant notice to vacate and may not issue a notice to vacate until after the expiration of the forbearance.

Consistent with regulatory guidance and the provisions of the CARES Act, loans less than 30 days past due at December 31, 2019 that were granted COVID-19 related payment deferrals will continue to be considered current and not be reported as TDRs. The Bank has accommodated borrowers with short-term deferments for up to 3 or 4 months as requests or needed. For the nine months ended December 31, 2020, the Bank has received 85 applications for payment deferrals on approximately $92.8 million of loans. The Bank has been working with the borrowers to determine if there is a risk of any losses associated with repayment and if any additional reserves would have to be allocated to this portfolio. As of
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December 31, 2020, we have 12 loans remaining that are on deferment with outstanding principal balances totaling $4.8 million.

The Company is closely monitoring its asset quality, liquidity, and capital positions. Management is actively working to minimize the current and future impact of this unprecedented situation, and is making adjustments to operations where appropriate or necessary to help slow the spread of the virus. In addition, as a result of further actions that may be taken to contain or reduce the impact of the COVID-19 pandemic, the Company may experience changes in the value of collateral securing outstanding loans, reductions in the credit quality of borrowers and the inability of borrowers to repay loans in accordance with their terms. The Company is actively managing the credit risk in its loan portfolio, including reviewing the industries that the Company believes are most likely to be impacted by emerging COVID-19 events. These and similar factors and events may have substantial negative effects on the business, financial condition, and results of operations of the Company and its customers.

As part of the CARES Act, the Small Business Administration ("SBA") is authorized to temporarily guarantee loans under a new 7(a) loan program called the Paycheck Protection Program ("PPP"). Under the PPP, small businesses and other entities and individuals can apply for loans from existing SBA lenders and other approved regulated lenders that enroll in the program, subject to numerous limitations and eligibility criteria. The Bank is participating as a lender in the PPP, which opened on April 3, 2020. As of December 31, 2020, the Bank has approved 203 applications for approximately $34.7 million of loans under the PPP. Since the PPP loans are fully guaranteed by the SBA, there are no additional ALLL reserves required. The net origination fees on these loans totaled approximately $743 thousand and are being recognized into interest income on loans over the 2-year stated maturity term of the PPP loans using the straight-line deferral method. The Federal Reserve established the Paycheck Protection Program Liquidity Facility (PPPLF) to support the PPP program by extending credit to eligible financial institutions that originate PPP loans, taking the loans as collateral at face value. As of December 31, 2020, the Bank's outstanding advances under the PPPLF totaled $28.2 million.

Coronavirus Response and Relief Supplemental Appropriations Act of 2021 (the “CRRSA Act”)