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Carver Bancorp, Inc. Reports Third Quarter Fiscal Year 2013 Results

Stocks in this article: CARV

NEW YORK, Feb. 8, 2013 (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 third fiscal quarter of 2013 ended December 31, 2012 ("Fiscal 2013").

The Company reported net income of $0.5 million or an earnings per share of $0.13 for the third quarter of Fiscal 2013, compared to a net loss of $0.7 million or a loss per share of $0.26, for the prior year period. For the nine months ended December 31, 2012, the Company reported a net loss of $26 thousand or a loss per share of $0.01, compared to a net loss of $16.3 million or a loss per share of $16.81 for the prior year period.

Deborah C. Wright, Carver Bancorp Chairman and CEO said, "We are pleased to report our first quarterly profit since our real estate loan portfolio was severely impacted by the economic downturn. Our positive net income results for the quarter bring Carver's year-to-date results close to break-even. Our loan performance also continued to improve, with non-performing assets declining 5% from the prior quarter and 30% year-to-date. While we have made tremendous progress, additional work still needs to be done to strengthen our loan portfolio.

Ms. Wright added: "We are also encouraged by the ongoing growth and market opportunity for Carver Community Cash. This product line, which was designed to meet the needs of the "unbanked" in our communities, helped contribute to record depository fees and charges for the quarter, which reached nearly $1 million. As we continue to add more services, such as our CashAccess kiosk, a self-service option, we are optimistic that revenues from this product line will continue to grow. Last, our recently announced executive management team expansion and realignment, positions us to further strengthen our new business platform and sets the stage for fiscal 2014 and beyond."

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