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
September 30, 2011, the second quarter of its fiscal year ending
March 31, 2012 ("fiscal 2012").
The Company reported a net loss of $9.5 million or a loss per
share of $58.67 (after the 1 for 15 reverse stock split) for the
second quarter of fiscal 2012 compared to a net loss of $23.4
million or a loss per share of $141.72 (after the 1 for 15 reverse
stock split) for the prior year period.
"Carver continues to make headway with its aggressive posture
toward addressing problem assets, as evidenced by the move of an
additional $26.7 million into Loans Held for Sale (HFS) during the
quarter," said Deborah C. Wright, Carver Bancorp, Inc.'s Chairman
and CEO. "Sales of $11.4 million of the $39.4 million in HFS at the
end of the quarter have already closed with the proceeds of the
sales substantially equal to the carrying value. As we reported in
the first quarter, we also continue to see repayment levels from
home sales in our construction portfolio. At the same time, loan
resolution activities, coupled with continued economic weakness and
a drop in real estate valuations in some parts of our markets,
continue to impact our results."
Ms. Wright continued: "The key to Carver returning to
profitability is to build on our successful capital raise with
additional improvements in asset quality. As a result of our
previously reported capital raise of $55 million, Carver's capital
level exceeds regulatory requirements, with a Tier 1 leverage
capital ratio of 9.10% versus the required 9.00% and total
risk-based capital ratio of 14.38% versus the required 13.00%. We
are also making excellent strides in the second major step in the
process with the dispositions in the HFS portfolio and improvements
in delinquencies and non-performing loans, and that will continue
to be our priority goal."
"Carver is also looking to the future. 'Carver Community Cash',
our new product line designed to meet the daily transactional needs
of the unbanked, including check cashing, is a key part of our path
to revenue growth," noted Ms. Wright. This product line is also a
core element in building relationships with new and existing
institutional customers and in introducing Carver to a new segment
of retail customers.
Income Statement Highlights
Second Quarter Results
The Company reported a net loss for the three months ended
September 30, 2011 of $9.5 million compared to a net loss of $23.4
million for the prior year period. The primary driver of the
current quarter loss is the elevated levels of charge offs incurred
on those loans that were reclassified to held for sale at fair
market value. The prior period loss was due to a $20.7 million
valuation allowance that was taken on the Company's deferred tax
asset in the prior period.
Net Interest Income
Interest income decreased $1.9 million in the second quarter,
compared to the prior year quarter, due to the drop in yields on
interest bearing assets and the decrease in the average balance of
interest earning assets. $1.2 million of the decrease in interest
income was due to a decrease in average balances and $0.7 million
reflects lower yields. The average yield on mortgage-backed
securities fell 148 basis points to 2.82% from 4.30% during the
quarter as higher yielding held to maturity securities were
replaced with lower yielding agency investments. The average yield
on loans fell 35 basis points to 5.07% from 5.42%. The decline in
average loans was the direct result of management's continuing
efforts to reduce the level of non-performing real estate loans by
transferring them from the held for investment portfolio to the
held for sale portfolio (and subsequent disposition of the asset).
The reduction in real estate loans will continue over the next
several quarters until troubled debt restructures are complete and
the Company's concentration in real estate assets meets regulatory
guidelines.
Interest expense decreased $0.7 million, or 29.1%, to $1.8
million for the second quarter, compared to $2.5 million for the
prior year quarter. The decrease was primarily due to a decline in
deposit interest expense of $0.6 million. The decrease in interest
expense reflects a 7 basis point decrease in the average cost of
interest-bearing liabilities to 1.41% for the second quarter,
compared to an average cost of 1.48% for the prior year period. A
decrease of $0.5 million was due to continued downward re-pricing
of certificates of deposits and and money market savings
Provision for Loan Losses
The Company recorded a $7.0 million provision for loan losses
for the second quarter compared to $7.8 million for the prior year
quarter. For the three months ended September 30, 2011, net
charge-offs of $7.0 million were taken on those loans that were
reclassified to held for sale at fair market value compared to net
charge-offs of $6.0 million for the prior year period. The amount
of the provision reflects the Company's continued high levels of
delinquencies and non-performing loans, the overall inherent risk
in the portfolio and a drop in real estate valuations in some parts
of our markets.
Non-interest Income
Non-interest income decreased $1.4 million, or 63.1%, to $0.8
million for the second quarter, compared to $2.2 million for the
prior year quarter primarily due to non-recurring fees that were
earned on New Market Tax Credit (NMTC) transactions in the prior
period and a gain on sale of securities.
Non-interest Expense
Non-interest expense remained flat at $7.6 million compared to
the prior year quarter. Higher employee compensation and benefits
were offset by lower consulting fees.
Income Taxes
The income tax expense was $0.2 million for the second quarter
compared to $17.0 million for the prior year period. The decrease
in expense is primarily due to the establishment of a $20.7 million
valuation allowance against the deferred tax asset offset with a
$3.7 million tax benefit that was taken in the prior period.
Six Month Results
The Company reported a net loss for the six months ended
September 30, 2011 of $15.6 million compared to a net loss of $25.9
million for the prior year period. The net loss is primarily the
result of $12.2 million in provision for loan losses which is less
than the provision recorded in the prior year period.
Net Interest Income
Interest income decreased $4.3 million in the six month period,
compared to the prior year period, due to the drop in yields on
interest bearing assets and the decrease in the average balance of
interest earning assets. $2.3 million of the decrease in interest
income was due to lower average balances and $2.0 million was due
to lower yields. The average yield on mortgaged-backed securities
fell 133 basis points to 2.91% from 4.24%. The average yield on
loans fell 59 basis points to 4.84% from 5.43% primarily due to the
growth in non-accrual loans in the first quarter. The current low
interest rate environment, combined with first quarter's elevated
levels of non-performing assets and a reduction in interest earning
assets, continues to constrain net interest income.
Interest expense decreased $1.3 million, or 26.3%, to $3.7
million in the six month period, compared to $5.0 million for the
prior year period. The decrease was primarily due to a decline in
deposit interest expense of $1.1 million. The decrease in interest
expense reflects a 6 basis point decrease in the average cost of
interest-bearing liabilities to 1.44% for the second quarter,
compared to an average cost of 1.50% for the prior year period. A
decrease of $0.9 million was due to continued downward re-pricing
of certificates of deposits and deleveraging of the Certificate of
Deposit Account Registry Service "CDARS" portfolio.
Provision for Loan Losses
The Company recorded a $12.2 million provision for loan losses
for the six month period compared to $14.1 million for the prior
year period. For the six months ended September 30, 2011, net
charge-offs were $11.4 million compared to net charge-offs of $8.7
million for the prior year period. The amount of the provision
reflects the Company's continued high levels of delinquencies and
non-performing loans, the overall inherent risk in the portfolio
and a drop in real estate valuations in some parts of our
markets.
Non-interest Income
Non-interest income decreased $2.2 million, or 53.27%, to $1.9
million for the six month period, compared to $4.1 million for the
prior year period primarily due to non-recurring fees that were
earned on New Market Tax Credit (NMTC) transactions and gain on
sale of securities in the prior period.
Non-interest Expense
Non-interest expense decreased $0.2 million, or 1.2%, to $14.9
million compared to $15.1 million for the prior year period,
primarily due to lower consulting fees incurred in the current
period.
Income Taxes
The income tax expense was $0.1 million for the six month period
compared to an expense of $14.7 million expense for the prior year
period. The expense for the six month period ending September 30,
2011 is primarily related to state and local income tax expense
recorded in the quarter.
Financial Condition Highlights
At September 30, 2011, total assets decreased $31.2 million, or
4.4% , to $678.0 million compared to $709.2 million at March 31,
2011. Total loans receivable decreased $91.4 million and investment
securities decreased $1.8 million. These decreases were partially
offset by cash and cash equivalents and restricted cash which
increased $32.2 million, and loans held for sale which increased by
$30.2 million.
Cash and cash equivalents and restricted cash increased $32.2
million, to $76.3 million at September 30, 2011, compared to $44.1
million at March 31, 2011. This increase was primarily driven by
$35.1 million in repayment of loans and loan sales.Total securities
decreased $1.8 million, or 2.5%, to $69.5 million at September 30,
2011, compared to $71.2 million at March 31, 2011. This change
reflects an increase of $4.0 million in available-for-sale
securities and $5.8 million decrease in held-to-maturity securities
as the Company reinvested cash flows from held to maturity
securities back into the available for sale portfolio.
Total loans receivable decreased $91.4 million, or 15.7%, to
$489.0 million at September 30, 2011, compared to $580.3 million at
March 31, 2011. $50.2 million of principal repayments across all
loan classifications contributed to the majority of the decrease,
with the largest impact from Commercial Real Estate, Construction
and Business loans. Additionally $34.1 million of loans were
transferred from held for investment to held for sale as the
Company works out its problem loans. Charge offs for the six month
period totaled $6.4 million. The decreases were offset by loan
originations of $8.8 million in the six month period.
Total liabilities decreased $67.3 million, or 9.9%, to $614.2
million at September 30, 2011, compared to $681.5 million at March
31, 2011.
Deposits decreased $60.9 million, or 10.9%, to $499.8 million at
September 30, 2011, compared to $560.7 million at March 31, 2011.
Certificates of deposit and NOW balances have declined due to
reductions in institutional deposits.
Advances from the FHLB-NY and other borrowed money decreased
$10.1 million, or 9.0%, to $102.5 million at September 30, 2011,
compared to $112.6 million at March 31, 2011. The decline was due
to two fixed-rate borrowings maturing during the period and one $5
million advance that was secured at the end of the second
quarter.
Total equity increased $36.0 million, or 129.9%, to $63.7
million at September 30, 2011, compared to $27.7 million at March
31, 2011. The key component of this increase was a $55 million
capital raise closed on June 29, 2011 as previously reported in
Form 8-K filed with the Securities and Exchange Commission on June
29, 2011. The increase in equity from the capital raise was
partially offset by expenses of approximately $3.6 million related
to the capital raise and the net loss for the six month period of
$15.6 million.
Asset Quality
At September 30, 2011, non-performing assets totaled $118.6
million, or 17.5% of total assets compared to $133.5 million or
19.7% of total assets at June 30, 2011. Non-performing assets at
September 30, 2011 were comprised of $59.4 million of loans 90 days
or more past due and non-accruing, $15.6 million of loans
classified as a troubled debt restructuring and either not
consistently performing in accordance with modified terms or not
performing in accordance with modified terms for at least six
months, $4.0 million of loans that are either performing or less
than 90 days past due and have been deemed to be impaired, $0.3
million of Real Estate Owned (REO) and $39.6 million of loans
classified as held for sale.
The allowance for loan losses was $21.4 million at September 30,
2011, which represents a ratio of the allowance for loan losses to
non-performing loans of 27.2% compared to 20.62% at June 30, 2011.
The ratio of the allowance for loan losses to total loans remained
constant at 4.4% at September 30, 2011 compared to June 30,
2011.
About Carver Bancorp, Inc.
Carver Bancorp, Inc. is the holding company for Carver Federal
Savings Bank, a federally chartered stock savings bank, founded in
1948 to serve African-American communities whose residents,
businesses and institutions had limited access to mainstream
financial services. Carver, the largest African- and
Caribbean-American run bank in the United States, operates nine
full-service branches in the New York City boroughs of Brooklyn,
Manhattan and Queens. 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.
|
CARVER BANCORP, INC.
AND SUBSIDIARIES |
CONSOLIDATED STATEMENTS
OF FINANCIAL CONDITION |
(In thousands, except
per share data) |
|
|
September 30, |
March 31, |
ASSETS |
2011 |
2011 |
Cash and cash equivalents: |
|
|
Cash and due from banks |
$ 69,425 |
$ 36,725 |
Money market investments |
592 |
7,352 |
Total cash and cash equivalents |
70,017 |
44,077 |
Restricted cash |
6,275 |
-- |
Investment securities: |
|
|
Available-for-sale, at fair value |
57,575 |
53,551 |
Held-to-maturity, at amortized cost (fair
value of $12,552 and $18,124 at September 30, 2011 and March 31,
2011, respectively) |
11,901 |
17,697 |
Total investments |
69,476 |
71,248 |
|
|
|
Loans held-for-sale ("HFS") |
39,369 |
9,205 |
|
|
Loans receivable: |
|
|
Real estate mortgage loans |
435,603 |
525,894 |
Commercial business loans |
52,069 |
53,060 |
Consumer loans |
1,280 |
1,349 |
Loans, net |
488,952 |
580,303 |
Allowance for loan losses |
(21,429) |
(23,147) |
Total loans receivable, net |
467,523 |
557,156 |
Premises and equipment, net |
10,433 |
11,040 |
Federal Home Loan Bank of New York
("FHLB-NY") stock, at cost |
2,844 |
3,353 |
Accrued interest receivable |
2,483 |
$ 2,854 |
Other assets |
9,552 |
10,282 |
Total assets |
677,972 |
709,215 |
LIABILITIES, MEZZANINE EQUITY AND
STOCKHOLDERS' EQUITY |
|
|
LIABILITIES: |
|
|
Deposits: |
|
|
Savings |
104,086 |
106,906 |
Non-Interest Bearing Checking |
95,986 |
123,706 |
NOW |
25,319 |
27,297 |
Money Market |
83,060 |
74,329 |
Certificates of Deposit |
191,371 |
228,460 |
Total Deposits |
499,822 |
560,698 |
Advances from the FHLB-New York and other
borrowed money |
102,513 |
112,641 |
Other liabilities |
11,904 |
8,159 |
Total liabilities |
614,239 |
681,498 |
|
|
|
Mezzanine Equity: |
|
|
55,000 Series C mandatorily convertible
preferred stock,(par value $0.01, per share) with a liquidation
preference of $1,000, issued and outstanding |
51,432 |
-- |
Stockholders' equity: |
|
|
Preferred stock (par value $0.01 per share,
2,000,000 shares authorized; 18,980 Series B shares, with a
liquidation preference of $1,000 per share, issued and
outstanding. |
18,980 |
18,980 |
Common stock (par value $0.01 per share:
10,000,000 shares authorized; 168,312 shares issued; 166,013 and
165,618 shares outstanding at September 30, 2011 and March 31,
2011, respectively) (*) |
25 |
25 |
Additional paid-in capital |
28,406 |
27,026 |
Accumulated deficit |
(37,235) |
(21,464) |
Non-controlling interest |
2,837 |
4,038 |
Treasury stock, at cost (2,298 shares at
September, 2011 and 2,695 and March 31, 2011, respectively)
(*) |
(488) |
(569) |
Accumulated other comprehensive loss |
(224) |
(319) |
Total stockholders equity |
12,301 |
27,717 |
Total equity |
63,733 |
27,717 |
|
|
|
Total liabilities, mezzanine equity and
stockholders equity |
677,972 |
709,215 |
See accompanying notes to
consolidated financial statements |
|
|
|
|
|
(*)Common stock shares reflect 1 for 15
reverse stock split which was effective on October 27, 2011 |
|
|
|
|
|
CARVER BANCORP, INC.
AND SUBSIDIARIES |
CONSOLIDATED STATEMENTS
OF INCOME |
|
|
Three Months
Ended |
Six Months
Ended |
|
September
30, |
September
30 |
|
2011 |
2010 |
2011 |
2010 |
Interest Income: |
|
|
|
|
Loans |
$ 6,958 |
$ 8,686 |
$ 13,660 |
17,634 |
Mortgage-backed securities |
342 |
525 |
739 |
1,111 |
Investment securities |
116 |
94 |
226 |
158 |
Money market investments |
25 |
38 |
49 |
59 |
Total interest income |
7,441 |
9,343 |
14,674 |
18,962 |
|
|
|
|
|
Interest expense: |
|
|
|
|
Deposits |
937 |
1,504 |
1,943 |
3,021 |
Advances and other borrowed money |
827 |
983 |
1,776 |
2,024 |
Total interest expense |
1,764 |
2,487 |
3,719 |
5,045 |
|
|
|
|
|
Net interest income |
5,677 |
6,856 |
10,955 |
13,917 |
Provision for loan losses |
7,007 |
7,829 |
12,177 |
14,077 |
Net interest income after provision for loan
losses |
(1,330) |
(973) |
(1,222) |
(160) |
|
|
|
|
|
Non-interest income: |
|
|
|
|
Depository fees and charges |
751 |
742 |
1,472 |
1,499 |
Loan fees and service charges |
208 |
214 |
486 |
435 |
Gain on sale of securities, net |
-- |
739 |
-- |
763 |
Gain on sales of loans, net |
134 |
4 |
134 |
7 |
New Market Tax Credit ("NMTC") fees |
-- |
370 |
-- |
1,182 |
Lower of Cost or market adjustment on loans
held for sale |
(275) |
-- |
(375) |
-- |
Other |
10 |
176 |
202 |
222 |
Total non-interest income |
828 |
2,245 |
1,919 |
4,108 |
|
|
|
|
|
Non-interest expense: |
|
|
|
|
Employee compensation and benefits |
3,137 |
2,901 |
6,182 |
6,107 |
Net occupancy expense |
970 |
975 |
1,902 |
1,952 |
Equipment, net |
537 |
548 |
1,080 |
1,086 |
Consulting fees |
116 |
326 |
206 |
545 |
Federal deposit insurance premiums |
355 |
394 |
809 |
750 |
Other |
2,512 |
2,492 |
4,740 |
4,660 |
Total non-interest expense |
7,627 |
7,636 |
14,919 |
15,100 |
|
|
|
|
|
Loss before income taxes |
(8,129) |
(6,364) |
(14,222) |
(11,152) |
Income tax expense |
185 |
16,998 |
76 |
14,702 |
Non Controlling interest, net of taxes |
1,136 |
-- |
1,282 |
-- |
Net loss |
(9,450) |
(23,362) |
(15,580) |
(25,854) |
|
|
|
|
|
(In thousands, except
per share data) |
|
|
|
|
Loss per common share: |
|
|
|
|
Basic (*) |
$ (58.67) |
$ (141.72) |
$ (95.68) |
$ (158.12) |
See accompanying notes to
consolidated financial statements |
|
(*) Common stock shares reflect 1
for 15 reverse stock split which was approved on October 27,
2011 |
|
|
|
|
|
|
|
|
|
|
|
|
CARVER BANCORP,
INC. AND SUBSIDIARIES |
|
|
|
|
|
Non Performing
Asset Table |
|
|
|
|
|
(In
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
September
2011 |
June 2011 |
March
2011 |
December
2010 |
September 2010 |
Loans accounted for on a non-accrual
basis(1): |
|
|
|
|
|
Gross loans receivable: |
|
|
|
|
|
One- to four-family |
$ 14,335 |
$ 16,421 |
$ 15,993 |
$ 16,290 |
$ 14,583 |
Multifamily |
9,106 |
9,307 |
6,786 |
14,076 |
14,103 |
Commercial real estate |
16,088 |
25,893 |
10,078 |
12,231 |
11,189 |
Construction |
31,526 |
54,425 |
37,218 |
40,060 |
36,145 |
Business |
7,831 |
9,159 |
7,289 |
7,471 |
3,699 |
Consumer |
36 |
22 |
42 |
20 |
37 |
Total non-performing loans |
$ 78,922 |
$ 115,227 |
$ 77,406 |
$ 90,148 |
$ 79,756 |
|
|
|
|
|
|
Other non-performing assets (2): |
|
|
|
|
|
Real estate owned |
$ 275 |
$ 237 |
$ 564 |
$ -- |
$ 19 |
Loans held for sale |
39,369 |
18,068 |
9,205 |
1,700 |
550 |
Total other non-performing assets |
39,644 |
18,305 |
9,769 |
1,700 |
569 |
Total non-performing assets (3): |
$ 118,566 |
$133,532 |
$ 87,175 |
$ 91,848 |
$ 80, 325 |
|
|
|
|
|
|
Accruing loans contractually past due > 90
days (4): |
$ -- |
$ -- |
$ -- |
$ -- |
$ 1,765 |
|
|
|
|
|
|
Non-performing loans to total loans |
16.14 % |
21.18 % |
13.34 % |
14.97 % |
12.88 % |
Non-performing assets to total assets |
17.49 % |
19.68 % |
12.29 % |
12.35 % |
10.64 % |
|
(1) Non-accrual status
denotes any loan where the delinquency exceeds 90 days past due and
in the opinion of management the collection of additional interest
and/or principal is doubtful. Payments received on a
non-accrual loan are either applied to the outstanding principal
balance or recorded as interest income, depending on assessment of
the ability to collect on the loan. |
(2) Other non-performing
assets generally represent loans that the Bank is in the process of
selling and has designated held for sale or property acquired by
the Bank in settlement of loans less costs to sell (i.e., through
foreclosure, repossession or as an in-substance
foreclosure). These assets are recorded at the lower of their
cost or fair value. |
(3) Troubled debt
restructured loans performing in accordance with their modified
terms for less than six months and those not performing in
accordance with their modified terms are considered non-accrual and
are included in the non-accrual category in the table above. TDR
loans that have performed in accordance with their modified terms
for a period of at least six months are generally considered
performing loans and are not presented in the table above. |
(4) Loans 90 days or more
past due and still accruing, which were not included in the
non-performing category, are presented in the above table. |
|
|
CARVER BANCORP, INC.
AND SUBSIDIARIES |
CONSOLIDATED AVERAGE
BALANCES |
(In
thousands) |
(Unaudited) |
|
|
|
|
|
|
|
|
For the
Three Months Ended September 30, |
|
2011 |
2010 |
|
Average |
|
Average |
Average |
|
Average |
|
Balance |
Interest |
Yield/Cost |
Balance |
Interest |
Yield/Cost |
|
|
|
|
|
|
|
Interest Earning
Assets: |
|
|
|
|
|
|
Loans (1) |
$ 548,886 |
$ 6,958 |
5.07 % |
$ 641,156 |
$ 8,686 |
5.42 % |
Mortgaged-backed securities |
48,532 |
342 |
2.82 % |
48,872 |
525 |
4.30 % |
Investment securities |
23,436 |
79 |
1.35 % |
12,966 |
47 |
1.45 % |
Restricted Cash Deposit |
6,215 |
-- |
-- % |
-- |
|
|
Equity securities (2) |
2,705 |
57 |
8.36 % |
3,469 |
80 |
9.15 % |
Other investments and federal funds sold |
649 |
5 |
3.06 % |
3,980 |
5 |
0.50 % |
Total interest-earning assets |
630,423 |
7,441 |
4.72 % |
710,443 |
9,343 |
5.26 % |
Non-interest-earning assets |
44,432 |
|
|
94,681 |
|
|
Total assets |
$ 674,855 |
|
|
$ 805,124 |
|
|
|
|
|
|
|
|
|
Interest Bearing Liabilities: |
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
Now demand |
$ 25,088 |
10 |
0.16 % |
$ 61,917 |
32 |
0.21 % |
Savings and clubs |
105,011 |
69 |
0.26 % |
109,254 |
74 |
0.27 % |
Money market |
77,264 |
188 |
0.97 % |
69,967 |
192 |
1.10 % |
Certificates of deposit |
188,642 |
663 |
1.39 % |
312,460 |
1,197 |
1.53 % |
Mortgagors deposits |
2,008 |
7 |
1.38 % |
2,257 |
9 |
1.60 % |
Total deposits |
398,013 |
937 |
0.93 % |
555,855 |
1,504 |
1.08 % |
Borrowed money |
98,364 |
827 |
3.34 % |
114,110 |
983 |
3.45 % |
Total interest-bearing liabilities |
496,377 |
1,764 |
1.41 % |
669,965 |
2,487 |
1.48 % |
Non-interest-bearing liabilities: |
|
|
|
|
|
|
Demand |
96,605 |
|
|
68,257 |
|
|
Other liabilities |
8,751 |
|
|
7,695 |
|
|
Total liabilities |
601,733 |
|
|
745,917 |
|
|
Minority Interest |
-- |
|
|
-- |
|
|
Stockholders' equity |
73,122 |
|
|
59,207 |
|
|
Total liabilities & stockholders'
equity |
$ 674,855 |
|
|
$ 805,124 |
|
|
Net interest income |
|
$ 5,677 |
|
|
$ 6,856 |
|
|
|
|
|
|
|
|
Average interest rate spread |
|
|
3.31 % |
|
|
3.78 % |
|
|
|
|
|
|
|
Net interest margin |
|
|
3.60 % |
|
|
3.86 % |
|
|
|
|
|
|
|
(1) Includes non-accrual loans |
|
|
|
|
|
|
(2) Includes FHLB-NY stock |
|
|
|
|
|
|
|
|
CARVER BANCORP, INC.
AND SUBSIDIARIES |
CONSOLIDATED AVERAGE
BALANCES |
(In
thousands) |
(Unaudited) |
|
|
|
|
|
|
|
|
For the Six
Months Ended September 30, |
|
2011 |
2010 |
|
Average |
|
Average |
Average |
|
Average |
|
Balance |
Interest |
Yield/Cost |
Balance |
Interest |
Yield/Cost |
|
|
|
|
|
|
|
Interest Earning
Assets: |
|
|
|
|
|
|
Loans (1) |
$ 564,430 |
$ 13,660 |
4.84 % |
$ 649,255 |
$ 17,635 |
5.43 % |
Mortgaged-backed securities |
50,835 |
739 |
2.91 % |
52,464 |
1,112 |
4.24 % |
Investment securities |
20,833 |
138 |
1.32 % |
9,915 |
81 |
1.63 % |
Restricted Cash Deposit |
6,215 |
1 |
0.03 % |
-- |
|
|
Equity securities (2) |
3,020 |
128 |
8.45 % |
3,737 |
125 |
6.67 % |
Other investments and federal funds sold |
770 |
9 |
2.33 % |
2,681 |
10 |
0.74 % |
Total interest-earning assets |
646,103 |
14,675 |
4.54 % |
718,052 |
18,963 |
5.28 % |
Non-interest-earning assets |
39,630 |
|
|
91,628 |
|
|
Total assets |
$ 685,733 |
|
|
$ 809,680 |
|
|
|
|
|
|
|
|
|
Interest Bearing Liabilities: |
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
Now demand |
26,079 |
21 |
0.16 % |
52,061 |
63 |
0.24 % |
Savings and clubs |
106,194 |
140 |
0.26 % |
112,679 |
147 |
0.26 % |
Money market |
72,482 |
357 |
0.98 % |
70,388 |
415 |
1.18 % |
Certificates of deposit |
201,506 |
1,406 |
1.39 % |
314,705 |
2,374 |
1.50 % |
Mortgagors deposits |
2,433 |
19 |
1.56 % |
2,712 |
22 |
1.62 % |
Total deposits |
408,694 |
1,943 |
0.95 % |
552,545 |
3,021 |
1.09 % |
Borrowed money |
105,400 |
1,777 |
3.36 % |
119,298 |
2,024 |
3.38 % |
Total interest-bearing liabilities |
514,094 |
3,720 |
1.44 % |
671,843 |
5,045 |
1.50 % |
Non-interest-bearing liabilities: |
|
|
|
|
|
|
Demand |
112,362 |
|
|
64,311 |
|
|
Other liabilities |
7,971 |
|
|
8,171 |
|
|
Total liabilities |
634,427 |
|
|
744,325 |
|
|
Minority Interest |
-- |
|
|
-- |
|
|
Stockholders' equity |
51,306 |
|
|
65,355 |
|
|
Total liabilities & stockholders'
equity |
$ 685,733 |
|
|
$ 809,680 |
|
|
Net interest income |
|
10,955 |
|
|
13,918 |
|
|
|
|
|
|
|
|
Average interest rate spread |
|
|
3.10 % |
|
|
3.78 % |
|
|
|
|
|
|
|
Net interest margin |
|
|
3.39 % |
|
|
3.88 % |
|
|
|
|
|
|
|
(1) Includes non-accrual loans |
|
|
|
|
|
|
(2) Includes FHLB-NY stock |
|
|
|
|
|
|
|
|
CARVER BANCORP, INC.
AND SUBSIDIARIES |
CONSOLIDATED SELECTED
KEY RATIOS |
(Unaudited) |
|
|
|
|
|
|
Three Months
Ended |
Six Months
Ended |
|
September
30, |
September
30, |
Selected Statistical
Data: |
2011 |
2010 |
2011 |
2010 |
|
|
|
|
|
Return on average assets (1) |
(5.60)% |
(11.61)% |
(4.54)% |
(6.39)% |
Return on average equity (2) |
(51.69)% |
(157.82)% |
(60.73)% |
(79.08)% |
Net interest margin (3) |
3.60 % |
3.86 % |
3.39 % |
3.88 % |
Interest rate spread (4) |
3.31 % |
3.78 % |
3.10 % |
3.78 % |
Efficiency ratio (5) |
117.25 % |
83.90 % |
115.88 % |
83.78 % |
Operating expenses to average assets (6) |
4.52 % |
3.79 % |
4.35 % |
3.73 % |
Average equity to average assets (7) |
10.84 % |
7.35 % |
7.48 % |
8.08 % |
|
|
|
|
|
Average interest-earning assets to average
interest-bearing liabilities |
1.27x |
1.06x |
1.26 |
1.06 |
|
|
|
|
|
Net loss per share (1) |
$ (58.67) |
$ (141.72) |
$ (95.68) |
$ (158.12) |
Average shares outstanding (1) |
165,983 |
165,535 |
$ 165,829 |
$ 165,526 |
Cash dividends |
$ -- |
$ -- |
$ -- |
$ 0.025 |
|
|
|
|
|
|
September
30, |
|
|
|
2011 |
2010 |
|
|
Capital Ratios: |
|
|
|
|
Tier I leverage capital ratio (8) |
9.10 % |
6.44 % |
|
|
Tier I risk-based capital ratio
(8) |
12.11 % |
8.62 % |
|
|
Total risk-based capital ratio (8) |
14.38 % |
10.77 % |
|
|
|
|
|
|
|
Asset Quality
Ratios: |
|
|
|
|
Non performing assets to total assets
(9) |
17.49 % |
10.57 % |
|
|
Non performing loans to total loans
receivable (9) |
16.14 % |
12.88 % |
|
|
Allowance for loan losses to total loans
receivable |
4.38 % |
2.81 % |
|
|
Allowance for loan losses to non-performing
loans |
27.15 % |
21.85 % |
|
|
|
|
|
|
|
(1) Net income, annualized,
divided by average total assets. |
|
|
(2) Net income, annualized,
divided by average total equity. |
|
|
(3) Net interest income,
annualized, divided by average interest-earning assets. |
|
|
(4) Combined weighted
average interest rate earned less combined weighted average
interest rate cost. |
|
|
(5) Operating expenses
divided by sum of net interest income plus non-interest
income. |
|
|
(6) Non-interest expenses,
annualized, divided by average total assets. |
|
|
(7) Average equity divided
by average assets for the period ended. |
|
|
(8) Dividends paid on common
stock during the period divided by net income for the period. |
|
|
(9) Dividend payout ratios
are adjusted for the payment of preferred dividends. |
|
|
(8) These ratios reflect
consolidated bank only. |
|
|
(9) Non performing assets consist
of non-accrual loans, impaired loans and real estate owned. |
|
|
|
|
|
(*) Common stock shares reflect 1
for 15 reverse stock split which was effective on October 27,
2011 |
|
|
CONTACT: Ruth Pachman/Michael Herley
Kekst and Company
212) 521-4800
Mark A. Ricca
Carver Bancorp, Inc.
(212) 360-8820
Carver Bancorp (NASDAQ:CARV)
Historical Stock Chart
From Sep 2024 to Oct 2024
Carver Bancorp (NASDAQ:CARV)
Historical Stock Chart
From Oct 2023 to Oct 2024