8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): August 14, 2007

CARVER BANCORP, INC.

(Exact name of registrant as specified in its charter)

Delaware	1-13007	13-3904147
(State or Other Jurisdiction of Incorporation )	(Commission File Number)	(IRS Employer Identification No.)

75 West 125^th Street, New York, NY 10027-4512

(Address of Principal Executive Offices)

Registrant’s telephone number, including area code: (212) 876-4747

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

[   ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[   ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[   ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[   ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02     Results of Operation and Financial Condition.

On August 14, 2007, Carver Bancorp, Inc. (the “Company”) issued a press release reporting financial results for the first quarter of its fiscal year ending March 31, 2008. A copy of the press release is attached as Exhibit 99.1 to this report and incorporated herein by reference.  The Company does not intend for this Item 2.02 or Exhibit 99.1 to be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 or to be incorporated by reference into filings under the Securities Act of 1933.

Item 9.01.    Financial Statements and Exhibits.

(d) Exhibits

The following exhibit is filed as part of this report.

99.1 Press release entitled "Carver Bancorp, Inc. Announces First Quarter 2008 Results", dated August 14, 2007.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

CARVER BANCORP, INC.
By:	/s/ Deborah C. Wright
	Deborah C. Wright
	Chairman & Chief Executive Officer

Dated:  August 16, 2007

EXHIBIT INDEX
Exhibit Number	Description
99.1	Press release entitled "Carver Bancorp, Inc. Announces First Quarter 2008 Results", dated August 14, 2007.

EX-99.1

Exhibit 99.1

Contact:	David Lilly / Joseph Kuo	Roy Swan
	Kekst and Company	Carver Bancorp, Inc.
	(212) 521-4800	(212) 360-8820

CARVER BANCORP, INC. ANNOUNCES FIRST QUARTER 2008 RESULTS

First Quarter Diluted EPS up 42% over Prior Year Period

Reports EPS of $0.44 for the First Quarter

New York, New York, August 14, 2007– Carver Bancorp, Inc. (the “Company”) (NASDAQ: CARV), the holding company for Carver Federal Savings Bank, today announced its results of operations for the three-month period ended June 30, 2007, the first quarter of the fiscal year ended March 31, 2008 (“fiscal 2008”).

The Company reported net income of $1.1 million and diluted earnings per share of $0.44 for the first quarter of fiscal 2008, compared to net income of $0.8 million and diluted earnings per share of $0.31 for the first quarter of fiscal 2007.

Deborah C. Wright, the Company’s Chairman and CEO, stated:  “We are pleased with our strong first quarter results, driven by top line growth in net interest income, as total loans receivable grew from organic production and higher yielding loan portfolios acquired with Community Capital Bank (“CCB”) in September 2006. As a result, we were able to expand net interest margin substantially, year over year and on a linked quarter basis, despite the difficult competitive and yield curve environment, while asset quality remained stable.  Expenses grew year over year reflecting the larger employee base and infrastructure resulting from the CCB acquisition, but were flat sequentially. Our bottom line continues to benefit from the New Markets Tax Credit (“NMTC”) award previously disclosed.  Overall, we are pleased with the direction of our core earnings in this challenging climate as we seek to produce improved financial results.”

Ms. Wright also noted that earlier this month, the Board of Directors increased the Company’s quarterly dividend by one penny to $0.10 per share.  This is the fourth consecutive year that the Company’s quarterly dividend has been increased.

Income Statement Highlights

First Quarter Results

The Company reported consolidated net income for the three-months ended June 30, 2007 of $1.1 million compared to $0.8 million for the prior year period, an increase of $0.3 million.  These results primarily reflect an increase in net interest income of $1.7 million, an increase in non-interest income of $0.2 million and a decline in the provision for income taxes of $0.3 million, offset by an increase in non-interest expenses of $1.8 million.

Interest income increased by $2.9 million, or 31.9%, to $12.0 million for the three months ended June 30, 2007, compared to $9.1 million in the prior year period.  Interest income increased primarily as a result of an increase in average loan balances and yields this fiscal period compared to the prior year period.  The increase in interest income was partially offset by a decline in interest income on total securities.  While the average balance of the securities portfolio declined, the yield earned on the portfolio increased as a result of the current rate environment.  Overall, the increase in interest income resulted from an increase of 100 basis points in the annualized average yield on total interest-earning assets to 6.95% for the three months ended June 30, 2007 compared to 5.95% for the prior year period, reflecting increases in yields on loans and total securities of 72 basis points and 142 basis points, respectively, offset by a slight decline in the yield on federal funds sold of 7 basis points.  Additionally, the average balance of total interest earning assets increased $76.4 million.

Total interest expense increased by $1.2 million, or 29.3%, to $5.3 million for the three months ended June 30, 2007, compared to $4.1 million for the prior year period.  The rise resulted primarily from a higher annualized average cost of interest-bearing liabilities of 48 basis points to 3.40% for the first quarter of fiscal 2008 from 2.92% for the prior year period.  Additionally, the average balance of interest-bearing liabilities increased $67.2 million, or 12.0%, to $627.6 million from $560.4 million during the prior year period.

The Company considers the overall allowance for loan losses to be adequate and thus, the Company did not provide for additional loan reserves for the three-months ended June 30, 2007 or 2006.

Total non-interest income for the quarter ended June 30, 2007 increased $0.2 million, or 22.2%, to $1.1 million, compared to $0.9 million for the prior year period.  The increase in non-interest income resulted mainly from an increase in loan fees and service charges of $0.2 million, primarily resulting from an increase of $0.1 million in late fees collected and the servicing fees received on SBA loans acquired as part of the CCB acquisition.

Non-interest expense for the quarter ended June 30, 2007 increased $1.8 million, or 38.3%, to $6.5 million compared to $4.7 million for the same period last year.  The increase in non-interest expense was primarily due to the CCB acquisition and related increases in employee compensation and benefits expense of $0.9 million, net occupancy and equipment expenses of $0.4 million and other non-interest expenses of $0.5 million.

Income taxes decreased $0.3 million, or 75.0%, resulting in a tax expense of $0.1 million for the three-month period ended June 30, 2007, compared to $0.4 million for the prior year period.  The reduction in tax expense reflects the benefit of the NMTC award totaling $0.4 million.  As previously disclosed, the Company is expected to receive benefits from the NMTC award over approximately 7 years.

Financial Condition Highlights

At June 30, 2007, total assets increased $23.8 million, or 3.2%, to $763.8 million compared to $740.0 million at March 31, 2007.  The increase in total assets was primarily the result of increases in loans receivable and loans held-for-sale of $23.8 million and an increase in cash and cash equivalents of $3.3 million partially offset by a decrease in investment securities of $4.8 million.

At June 30, 2007, total liabilities increased by $23.2 million, or 3.4%, to $711.5 million compared to $688.3 million at March 31, 2007.  The increase in total liabilities was primarily the result of an increase in customer deposits of $16.2 million and an increase in borrowings of $10.2 million, offset by a reduction in other liabilities of $3.2 million.

At June 30, 2007, total stockholders’ equity increased $0.7 million, or 1.4%, to $52.3 million at June 30, 2007 compared to $51.6 million at March 31, 2007.  The increase in total stockholders’ equity was primarily attributable to net income for the quarter ended June 30, 2007 totaling $1.1 million, partially offset by dividends paid of $0.2 million and a decrease of $0.3 million in accumulated other comprehensive income related to the mark-to-market of the Company’s available-for-sale securities.

Stock Repurchase Program

During the quarter ended June 30, 2007, the Company purchased an additional 6,200 shares of its common stock under its stock repurchase program.  To date, the Company has purchased a total of 116,774 shares of the total 231,635 approved under the program, which leaves the number of shares yet to be repurchased at 114,861.

Asset Quality

At June 30, 2007, non-performing assets totaled $5.0 million, or 0.78% of total loans receivable, compared to $4.5 million, or 0.74% of total loans receivable, at March 31, 2007.  At June 30, 2006, non-performing assets totaled $2.9 million, or 0.59% of total loans receivable. The increase in non-performing assets over the prior year period was primarily due to $3.8 million in real estate loans to one borrower that management believes has adequate collateral coverage.

About Carver Bancorp, Inc.

Carver Bancorp, Inc. is the holding company for Carver Federal Savings Bank, a federally chartered stock savings bank.  Carver Federal Savings Bank, the largest African- and Caribbean-American run bank in the United States, operates ten full-service branches in the New York City boroughs of Brooklyn, Queens and Manhattan.  For further information, please visit the Company’s website at www.carverbank.com.

Certain statements in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from those included in these statements due to a variety of factors, risks and uncertainties.  More information about these factors, risks and uncertainties is contained in our filings with the Securities and Exchange Commission.

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