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

Stocks in this article: CARV

NEW YORK, Feb. 14, 2011 (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 ended December 31, 2010, the third quarter of its fiscal year ending March 31, 2011 ("fiscal 2011").

The Company reported a net loss of $8.2 million for the third quarter of fiscal 2011 compared to net income of $0.8 million for the third quarter of fiscal 2010 and a loss of $23.4 million for the second quarter of fiscal 2011. On a per share basis, the net loss per share for the quarter was $3.30 compared to net income per share of $0.22 for the third quarter of fiscal 2010 and a net loss per share of $9.44 for the second quarter of fiscal 2011. The loss for the current quarter is due primarily to a higher provision for loan losses and a lower net interest margin.

"We remain focused on two core priorities, rebalancing our loan portfolio and preserving capital, as we weather the recession's impact on our balance sheet," said Deborah C. Wright, Carver Bancorp, Inc.'s Chairman and CEO. "Over the past nine months, we have reduced our construction loan balances by approximately 27% through a combination of strategies including problem loan resolutions, charge offs, pay downs and early payoffs. As we apply these approaches to all categories of our real estate loan portfolio over the coming quarters, delinquency performance indicators may fluctuate.  We are cautiously optimistic, however, that total delinquencies will begin to subside during the first half of fiscal 2011.

"On the capital front, despite our quarterly net loss, our capital ratios remained largely flat over the prior quarter due to execution of an innovative transaction to sell certain of the Company's New Markets Tax Credit (NMTC) investments, which increased equity by $6.7 million. Importantly, we maintained capital ratios at December 31, 2010, that met the regulatory statutory definition of 'well capitalized,' while we continue to actively engage in discussions aimed at raising significant new capital, which may include a combination of equity and debt instruments. This goal remains our highest priority and we are encouraged by our progress to date."

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