The following analysis includes the financial statements as originally reported and as adjusted and takes into account the following adjustments.



CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

	March 31, 2015
$ in thousands except per share data	As Previously Reported			Adjustment			As Restated
ASSETS
Cash and cash equivalents:
Cash and due from banks	$	44,864		—			$	44,864
Money market investments	6,128			—			6,128
Total cash and cash equivalents	50,992			—			50,992
Restricted cash	6,354			—			6,354
Investment securities:
Available-for-sale, at fair value	101,185			(981		)	100,204
Held-to-maturity, at amortized cost (fair value of $15,653 and $12,231 at March 31, 2016 and March 31, 2015, respectively)	11,922			—			11,922
Total investments	113,107			(981		)	112,126

Loans held-for-sale (“HFS”)	2,576			148			2,724

Loans receivable:
Real estate mortgage loans	412,204			484			412,688
Commercial business loans	70,555			85			70,640
Consumer loans	434			—			434
Loans, net	483,193			569			483,762
Allowance for loan losses	(4,477		)	49			(4,428		)
Total loans receivable, net	478,716			618			479,334
Premises and equipment, net	7,075			—			7,075
Federal Home Loan Bank of New York (“FHLB-NY”) stock, at cost	3,519			—			3,519
Accrued interest receivable	2,781			—			2,781
Other assets ⁽¹⁾	11,266			(391		)	10,875
Total assets	$	676,386		$	(606	)	$	675,780

LIABILITIES AND EQUITY
LIABILITIES
Deposits:
Savings	$	95,009		—			95,009
Non-interest bearing checking	50,731			—			50,731
Interest-bearing checking	30,860			—			30,860
Money market	148,702			—			148,702
Certificates of deposit	200,123			—			200,123
Mortgagors deposits	2,336			—			2,336
Total deposits	527,761			—			527,761
Advances from the FHLB-NY and other borrowed money	83,403			—			83,403
Other liabilities	10,243			728			10,971
Total liabilities	621,407			728			622,135
EQUITY
Preferred stock (par value $0.01 per share: 45,118 Series D shares, with a liquidation preference of $1,000 per share, issued and outstanding)	45,118			—			45,118
Common stock (par value $0.01 per share: 10,000,000 shares authorized; 3,698,031 issued; 3,696,087 shares outstanding at March 31, 2016 and March 31, 2015)	61			—			61
Additional paid-in capital	55,468			—			55,468
Accumulated deficit	(44,206		)	(1,334		)	(45,540		)
Treasury stock, at cost (1,944 shares at March 31, 2016 and March 31, 2015)	(417		)	—			(417		)
Accumulated other comprehensive loss	(1,045		)	—			(1,045		)
Total equity	54,979			(1,334		)	53,645
Total liabilities and equity	$	676,386		$	(606	)	$	675,780



CONSOLIDATED STATEMENTS OF OPERATIONS

	Year Ended March 31, 2015
$ in thousands except per share data	As Previously Reported			Adjustment			As Restated
Interest income:
Loans	$	19,974		—			$	19,974
Mortgage-backed securities	799			—			799
Investment securities	1,339			—			1,339
Money market investments	215			—			215
Total interest income	22,327			—			22,327

Interest expense:
Deposits	2,853			—			2,853
Advances and other borrowed money	1,089			—			1,089
Total interest expense	3,942			—			3,942
Net interest income	18,385			—			18,385
Provision for (recovery of) loan losses	(3,010		)	168			(2,842		)
Net interest income after provision for (recovery of) loan losses	21,395			(168		)	21,227

Non-interest income:
Depository fees and charges	3,595			—			3,595
Loan fees and service charges	708			—			708
Gain on sale of securities, net	8			—			8
Gain (loss) on sale of loans, net	(2		)	—			(2		)
Gain on real estate owned, net	5			—			5
Lower of cost or market adjustment on loans held-for-sale	(28		)	—			(28		)
Other	1,282			—			1,282
Total non-interest income	5,568			—			5,568

Non-interest expense:
Employee compensation and benefits	11,588			—			11,588
Net occupancy expense	3,839			—			3,839
Equipment, net	900			—			900
Data processing	733			526			1,259
Consulting fees	952			51			1,003
Federal deposit insurance premiums	603			—			603
Other	8,099			(109		)	7,990
Total non-interest expense	26,714			468			27,182

Income (loss) before income taxes	249			(636		)	(387		)
Income tax expense	166			—			166
Consolidated net income (loss)	83			(636		)	(553		)
Less: Net loss attributable to non-controlling interest	(281		)	—			(281		)
Net income (loss) attributable to Carver Bancorp, Inc.	$	364		$	(636	)	$	(272	)

Earnings (loss) per common share:
Basic	$	0.10		(0.17		)	$	(0.07	)
Diluted	$	0.10		(0.17		)	$	(0.07	)