Reports Fiscal Year 2010 Net Loss of $1.0 Million and Fourth Quarter Net Loss of $2.2 Million; Board Reduces Quarterly Dividend to $0.025 Per Common Share
Restates Results for Second Quarter 2010 to Reflect the Correct Estimated Fair Value of Certain Residential Mortgage Loans
NEW YORK, July 15, 2010 (GLOBE NEWSWIRE) -- Carver Bancorp, Inc. (the "Company") (Nasdaq:CARV), the holding company for Carver Federal Savings Bank ("Carver" or the "Bank"), today announced financial results for its fiscal year ended March 31, 2010 ("fiscal 2010") and its fourth quarter ended March 31, 2010.The Company reported a net loss of $2.2 million, or loss per diluted share of $0.97, for the fourth quarter of fiscal 2010 compared to a net loss of $1.1 million, or loss per diluted share of $0.48, for the prior year period. The Company reported a net loss of $1.0 million, or loss per diluted share of $0.79, for fiscal 2010 compared to a net loss of $7.0 million, or loss per diluted share of $2.87, for fiscal 2009. The net loss for fiscal 2010 reflects an increase in provision for loan losses which were partially offset by an improved net interest margin and higher fee revenue resulting primarily from Carver's New Markets Tax Credit (NMTC) transactions. In addition, fiscal 2009 included a $7.1 million non-cash goodwill impairment charge. Deborah C. Wright, the Company's Chairman and CEO, stated: "Our focus at Carver this fiscal year has been on managing credit, reducing risk in the total loan portfolio, and enhancing liquidity and capital in a deteriorating environment. Even with these achievements, our fiscal 2010 loss largely reflects ongoing challenges in the regional and national economy, with which the banking industry continues to grapple. Since New York City lagged the national recession, its recovery is also delayed. As a consequence, our business markets, particularly credit conditions, continue to face significant challenges."