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UNITED STATES SEC File Number
SECURITIES AND EXCHANGE COMMISSION 0-21487
Washington, D.C. 20549
Cusip Number
FORM 12b-25 146875
NOTIFICATION OF LATE FILING
(Check One) __ Form 10-K __ Form 20-F __ Form 11-K X Form 10-Q __ Form N-SAR
For Period Ended: September 30, 1998
[ ] Transition Report on Form 10-K
[ ] Transition Report on Form 20-F
[ ] Transition Report on Form 11-K
[ ] Transition Report on Form 10-Q
[ ] Transition Report on Form N-SAR
For the Transition Period Ended:____________________________
READ ATTACHED INSTRUCTION SHEET BEFORE PREPARING FORM. PLEASE PRINT OR TYPE
Nothing in the form shall be construed to imply that the Commission has
verified any information contained herein.
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If the notification relates to a portion of the filing checked above,
identify the Item(s) to which the notification relates:
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PART I - REGISTRANT INFORMATION
CARVER BANCORP, INC.
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Full Name of Registrant
N/A
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Former Name if Applicable
75 west 125th Street
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Address of Principal Executive Office (STREET AND NUMBER)
New York, New York 10027
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City, State and Zip Code
PART II - RULES 12b-25(b) and (c)
If the subject report could not be filed without unreasonable effort or expense
and the registrant seeks relief pursuant to Rule 12b-25(b), the following
should be completed. (Check appropriate box)
X (a) The reasons described in reasonable detail in Part III of this
form could not be eliminated without unreasonable effort or
expense;
X (b) The subject annual report, semi-annual report, transition
report on Form 10-K, Form 20-F, 11-K, Form N-SAR, or portion
thereof, will be filed on or before the fifteenth calendar day
following the prescribed due date; or the subject quarterly
report of transition report on Form 10-Q, or portion thereof
will be filed on or before the fifth calendar day following
the prescribed due date; and
__ (c) The accountant's statement or other exhibit required by Rule
12b-25(c) has been attached if applicable.
PART III - NARRATIVE
State below in reasonable detail the reasons why the Form 10-K, 11-K, 10-Q,
N-SAR, or the transition report or portion thereof, could not be filed with the
prescribed time period. (Attach Extra Sheets if Needed)
During the reporting period, the Company experienced a shortage of
personnel in the finance and accounting department, and in particular, in the
position of controller. This shortage of personnel effecrted the Company's
ability to prepare the Form 10-Q filing in a timely fashion. The Company
recently filled the vacancy in the office of controller and is expanding its
accounting staff.
As a result of the foregoing circumstances and in the interest of full and
accurate disclosure to the Commission and to current stockholders and to avoid
incurring unreasonable effort or expanse, the Registrant requires additional
time to prepare its Form 10-Q filing. The Registrant anticipates that the
filing will be made as required under Rule 12b-25(b)(2)(ii).
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PART IV - OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
Raymond L. Bruce (212) 876-4747
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(Name) (Area Code) (Telephone Number)
(2) Have all other periodic reports required under Section 13 or 15(d) of
the Securities Exchange Act of 1934 or Section 30 of the Investment
Company Act of 1940 during the preceding 12 months or for such shorter
period that the registrant was required to file such reports been
filed? If answer is no identify report(s).
X Yes __ No
(3) Is it anticipated that any significant change in results of operations
from the corresponding period for the last fiscal year will be
reflected by the earnings statements to be included in the subject
report or portion thereof? X Yes __ No
If so, attach an explanation of the anticipated change, both
narratively and quantitatively, and, if appropriate, state the reasons
why a reasonable estimate of the results cannot be made.
Attached are the Company's results of operations for the three and six
month periods ended September 30, 1997 and September 30, 1998.
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CARVER BANCORP, INC.
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(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.
Date: November 16, 1998 By: /s/ RAYMOND L. BRUCE
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Name: Raymond L. Bruce
Title: Senior Vice President, Corporate
Counsel and Corporate Secretary
INSTRUCTION: The form may be signed by an executive officer of the registrant
or by any other duly authorized representative. The name and title of the
persons signing the form shall be typed or printed beneath the signature. If
the statement is signed on behalf of the registrant by an authorized
representative (other than an executive officer), evidence of the
representative's authority to sign on behalf of the registrant shall be filed
with the form.
ATTENTION
Intentional misstatements or omissions of fact constitute Federal Criminal
Violations (See 18 U.S.C. 1001).
GENERAL INSTRUCTION
1. This form is required by Rule 12b-25 (17 CFR 240.12b-25) of the
General Rules and Regulations under the Securities Exchange Act of
1934.
2. One signed original and four conformed copies of this form and
amendments thereto must be completed and filed with the Securities and
Exchange Commission, Washington, D.C. 20549 in accordance with Rule
0-3 of the General Rules and Regulations under the Act. The
information contained in or filed with the form will be made a matter
of public record in the Commission files.
3. A manually signed copy of the form and amendments thereto shall be
filed with each national securities exchange on which any class of
securities of the registrant is registered.
4. Amendments to the notifications must also be filed on form 12b-25 but
need not restate information that has been correctly furnished. The
form shall be clearly identified as an amendment notification.
5. ELECTRONIC FILERS. This form shall not be used by electronic filers
unable to timely file a report solely due to electronic difficulties.
Filers unable to submit a report within the time period prescribed due
to difficulties in electronic filing should comply with either Rule
201 or Rule 202 of Regulation S-T (Section 232.201 or Section 232.202
of this chapter) or apply for an adjustment in filing date pursuant to
Rule 13(b) of Regulation S-T (Section 232.12(c) of this chapter).
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CARVER BANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
<TABLE>
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
1998 1997 1998 1997
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<S> <C> <C> <C> <C>
Interest Income
Loan receivable...................................... $5,205,367 $4,532,374 $10,559,623 $ 8,902,151
Mortgage-backed securities........................... 1,338,548 2,190,048 3,185,114 4,415,676
Debt and equity securities........................... 0 401,073 0 535,666
Other interest earning assets........................ 457,149 22,877 841,210 89,753
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Total interest income........................... 7,001,064 7,146,372 14,585,947 13,943,246
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Interest expense
Deposits............................................. 2,070,885 2,171,630 4,212,653 4,294,289
Advances and other borrowed money.................... 1,562,363 1,655,906 3,307,768 3,353,483
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Total interest expense.......................... 3,633,248 3,827,536 7,520,421 7,647,772
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Net interest income....................................... 3,367,816 3,318,836 7,065,526 6,295,474
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Provisions for loan losses................................ 299,985 170,837 750,000 338,193
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Net int. income after provision for loan loss............. 3,067,831 3,147,999 6,315,526 5,957,281
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Non-interest income
Loan fees and service charges........................ 60,916 28,970 109,111 66,186
Gain or (loss) on sale of securities................. 4,941 0 4,941 0
Other income......................................... 506,509 323,781 1,032,982 602,927
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Total non-interest income....................... 572,366 352,751 1,147,034 669,113
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Non-interest expense
Salaries and benefits................................ 1,363,524 1,169,043 2,603,768 2,277,038
Net Occupancy........................................ 305,986 289,986 593,962 542,425
Equipment............................................ 322,415 303,200 596,247 542,350
Loss on foreclosure RE............................... 6,584 0 10,748
Advertising.......................................... 40,911 59,375 77,149 118,750
FDIC................................................. 42,133 41,503 107,441 41,503
Amortization of intangibles.......................... 51,357 53,268 99,570 106,536
Legal expense........................................ 40,825 60,000 100,875 115,000
Bank charges......................................... 95,705 68,747 184,532 195,339
Security service..................................... 127,142 87,543 191,338 142,118
Other................................................ 946,777 762,983 2,050,739 1,371,783
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Total non-interest expense...................... 3,336,775 2,902,232 6,605,621 5,463,590
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Income (Loss) before taxes................................ 303,422 598,518 856,939 1,162,804
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Income taxes (Benefit).................................... 110,211 269,100 345,676 523,261
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Net income (Loss)......................................... $ 193,211 $ 329,418 $ 511,263 $ 639,543
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Net income (Loss) per common share........................ $ 0.09 $ 0.15 $ 0.23 $ 0.29
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Weighted average number of common share outstanding....... $2,203,562 $2,185,348 $ 2,201,306 $ 2,183,092
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