Carver Bancorp, Inc.
Climate Impact & Sustainability Data (2022-04-01 to 2023-03-31)
Reporting Period: 2022-04-01 to 2023-03-31
Environmental Metrics
ESG Focus Areas
- Community Development
- Diversity and Inclusion
- Sustainability
- Financial Inclusion
Environmental Achievements
- Launched Minority Women-Owned Business Pitch Competition awarding $5,000 each to two winners for sustainable business initiatives resulting in reduced waste, energy savings, and emission reductions.
- Princess Jenkins' project to launch a digital catalog saving over 200 trees and 100,000 sheets of paper.
- Diane Da Costa's project to upgrade Simplee Beautiful with energy-efficient lighting, HVAC, and plumbing, and sustainable packaging.
Social Achievements
- Continued growth of loan portfolio with net loan growth of approximately $19 million.
- Total net loans receivable growth of 39.7% or $168.5 million for the past five years.
- Received sixth consecutive "Outstanding" Community Reinvestment Act (CRA) rating from the Office of the Comptroller of the Currency.
- Microloan program supporting black and brown entrepreneurs.
- 52% of staff are female and 88% are people of color.
Governance Achievements
- Maintained capital ratios exceeding minimum regulatory requirements.
- Common equity Tier 1 ratio of 12.47%, Tier 1 leverage ratio of 10.61%, total risk-based capital ratio of 13.37%, and Tier 1 risk-based capital ratio of 12.47% as of March 31, 2023.
Climate Goals & Targets
Short-term Goals:
- Expand annual Minority Women-Owned Business Pitch Competition.
Environmental Challenges
- Rising interest rates impacting loan originations and customer refinancing/selling of real estate assets.
Mitigation Strategies
- Focus on organic loan growth by financing local entrepreneurs and organizations.
- Diversification of the bank's loan portfolio, increasing Commercial and Industrial (C&I) lending.
- Disciplined underwriting standards and proactive approach to addressing problem loans and non-performing assets.