This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Carver Bancorp, Inc. Reports First Quarter Fiscal Year 2011 Results

Reports First Quarter Net Loss of $2.5 Million

Board Declares Dividend of $0.025 Per Share

NEW YORK, Aug. 13, 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 the three month period ending June 30, 2010, the first quarter of its fiscal year ending March 31, 2011 ("fiscal 2011").

The Company reported a net loss of $2.5 million, or a loss per share of $(1.09) for the first quarter of fiscal 2011 compared to net income of $0.7 million, or net income per share of $0.18, for the prior year period. The loss for the first quarter is due primarily to higher provision for loan losses as loan delinquencies increased.

Deborah C. Wright, the Company's Chairman and CEO, stated: "Carver's loss in the first quarter of fiscal 2011 reflects continued uncertainty in the economy in general and in the specific real estate markets in which Carver operates, consistent with the prior quarter. These conditions led to a substantially increased provision for loan losses, following higher delinquencies and other impaired loans.  While delinquencies increased across all real estate classes, the largest component continues to be a portfolio of affordable housing loans originated and serviced by the Community Preservation Corporation ("CPC"). Our team, along with CPC, is highly focused on continually evaluating and executing the best exit strategy for each delinquent or otherwise impaired loan.  In some cases resolution will be near term and in others an investment in time is the best course of action. Our affordable housing loans are a case in point. Demand for this product remains significant, despite the challenging economic climate. However, our customers, mostly small developers with high quality projects, were stalled by dislocations in the secondary market, preventing homebuyers from obtaining the mortgages needed to buy homes. Getting these projects complete and fully sold or rented will, in some cases, take several quarters.  However, we believe patience will yield the best outcome for Carver's stockholders in realizing value on these loans.  In other cases, falling real estate valuations in some markets and severe delays in executing foreclosure proceedings in the New York City court system may render alternative resolutions, including loan sales, more effective. In sum, we are reviewing, real time, our options to improve non-performing loan levels as expeditiously as possible. Given the conditions noted above, however, delinquencies and other impaired loans may remain elevated for a number of quarters. These conditions are also likely to result in soft demand for new loans in the months ahead."

1 of 6

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs