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 fourth quarter and fiscal
year ended March 31, 2012 ("fiscal 2012").
The Company reported a net loss of $7.1 million or a loss per
share of $1.93 for the fourth quarter of fiscal 2012, compared to a
net loss of $5.5 million or a loss per share of $33.15, for the
prior year period. The Company reported a net loss of $23.4
million, or loss per share of $14.26, for fiscal 2012 compared to a
net loss of $39.5 million, or loss per share of $242.25, for fiscal
2011.
"Carver continues to make progress on improving the performance
and quality of our loan portfolio. While there is more work to be
done, we are pleased to report that non-performing assets decreased
by 35% to $86.4 million since the June 2011 peak of $133.5 million
(including an 8% reduction in non-performing assets during the
quarter)," said Chairman and CEO Deborah C. Wright. "Notably,
delinquencies in the 30-89 day period declined 61% this quarter
compared to the prior year period, decreasing to $22.4 million from
$57.8 million."
Ms. Wright continued: "As a result of our previously reported
$55 million capital raise, Carver's capital level continues to
exceed regulatory requirements, with a Tier 1 leverage capital
ratio of 9.83% versus the required 9.00%, and a total risk-based
capital ratio of 16.94% versus the required 13.00%."
"While compression of the net interest margin continue this
quarter, we have reduced Carver's cost of fund by prepaying $40
million in higher-cost borrowings. Our higher level of cash and
cash equivalents position Carver to grow earning assets, which have
declined significantly during this cycle. We are focused on
rebuilding Carver's loan portfolio, though this process will take
time given the challenging lending and economic environment. We are
also working to increase fee income, principally through 'Carver
Community Cash,' our well received product line designed to serve
the unbanked," noted Ms. Wright.
Income Statement Highlights
Fourth Quarter Results
The Company reported a net loss for the three months ended March
31, 2012 of $7.1 million compared to a net loss of $5.5 million for
the prior year period. The primary drivers of the current quarter
loss are charge offs taken on loans transferred to held for sale
during the period and lower interest income on loans.
Net Interest Income
Interest income decreased $2.3 million, or 26.8%, to $6.4
million in the fourth quarter, compared to the prior year quarter,
the variance primarily attributed to a $130.2 million or 19.1%
decrease in the average balance of interest earning assets. The
average yield on mortgage-backed securities fell 60 basis points to
2.42% from 3.02% during the quarter, as higher yielding securities
experienced early payoffs and were replaced with lower yielding
securities. The average yield on loans fell 39 basis points to
5.01% from 5.40%. The decline in average loan balances was the
direct result of management's continuing efforts to reduce the
level of non-performing real estate loans through transfer to loans
held-for-sale ("HFS") and ultimately disposition through sales. The
reduction in real estate loans will continue over the next several
quarters until troubled debt restructures are complete and the
Company rebuilds its loan production capacity.
Interest expense increased $0.4 million, or 19.0%, to $2.5
million for the fourth quarter, compared to $2.1 million for the
prior year quarter. The increase is attributed to prepayment fees
incurred as the Company made the strategic decision to prepay $30
million of repurchase agreements and $10 million of fixed rate
borrowings. The average yield on interest earning liabilities fell
6 basis points to 1.35% at March 31, 2012, primarily due to
management's decision to lower rates on deposits.
Provision for Loan Losses
The Company recorded a $4.1 million provision for loan losses
for the fourth quarter compared to $6.8 million for the prior year
quarter. For the three months ended March 31, 2012, net charge-offs
of $4.6 million were recognized during the period compared to $5.0
million in the prior period. The charge-offs in the quarter were
primarily related to loans moved to HFS.
Non-interest Income
Non-interest income decreased $0.3 million, or 21.1%, to $1.2
million for the fourth quarter, compared to $1.5 million for the
prior year quarter, primarily due to $0.6 million of New Market Tax
Credit (NMTC) fees and a gain on loan sales of $0.1 million, offset
by $1.0 million of held for sale valuation adjustments incurred in
the current period.
Non-interest Expense
Non-interest expense increased $0.2 million to $8.2 million
compared to $8.0 million in the prior year quarter. The increase is
primarily due to charge offs of escrow and carrying costs on loans
HFS of $1 million, which were offset by $0.3 million in lower FDIC
insurance premiums, $0.2 million in lower expenses on fixed assets
and occupancy charges and a $0.2 million decrease in consulting
fees, in the current period.
Income Taxes
The income tax benefit was $34 thousand for the fourth quarter
compared to a $1.3 million expense for the prior year period.
Fiscal Year 2012 Results
The Company reported a net loss for fiscal 2012 of $23.4 million
compared to a net loss of $39.5 million for the prior year period.
The lower net loss is primarily the result of $16.3 million in
provision for loan losses in the current period, which is $10.8
million less than the provision recorded in the prior year period,
and the full valuation allowance taken against the deferred tax
asset in the prior year period.
Net Interest Income
Interest income decreased $8.3 million to $27.9 million compared
to $36.2 million in the prior year period. The decrease is
primarily due to the drop in yields on interest bearing
assets and the decrease in the average balance of interest
earning assets, $5.7 million of the decrease in interest income was
due to lower average balances and $2.6 million was due to lower
yields. The average yield on mortgaged-backed securities fell 94
basis points to 2.70% from 3.64%. The average yield on loans fell
45 basis points to 4.93% from 5.38%. The current low interest rate
environment, combined with the reduction in interest earning
assets, continues to negatively impact interest income.
Interest expense decreased $1.4 million, or 14.8%, to $8.1
million compared to $9.5 million in the prior year period. The
decrease was primarily due to a decline in deposit interest expense
of $1.5 million. Borrowing expense increased during the fiscal year
as the Company incurred prepayment fees following the early
termination of $40 million in borrowings. The average yield on
interest bearing liabilities fell 4 basis points to 1.43% at March
31, 2012 primarily due to management's decision to lower rates on
certain deposits products. Termination of high coupon borrowings
and lower deposit rates are expected to result in funding costs
over the next several quarters.
Provision for Loan Losses
The Company recorded a $16.3 million provision for loan losses
for the fiscal year, compared to $27.1 million for the prior year
period. For the period ended March 31, 2012, net charge-offs were
$19.7 million compared to $16.0 million for the prior year period,
as the Company continues to execute our strategy to resolve
troubled loans.
Non-interest Income
Non-interest income decreased $3.7 million, or 50.2%, to $3.7
million compared to $7.3 million for the prior year period. The
decline is primarily due to $1.9 million of non-recurring fees that
were earned on New Market Tax Credit (NMTC) transactions and a $0.8
million gain on sale of securities in the prior period. In addition
the current period recognized a valuation adjustment on loans
held-for-sale ("HFS") of $1.0 million.
Non-interest Expense
Non-interest expense remained essentially flat to prior
fiscal year at $30.9 million. Increased charge offs of $ 1.4
million, the majority of which were related to escrow on loans HFS,
were primarily offset by a $0.4 million reduction in federal
deposit insurance premiums and an $0.8 million reduction
consulting expenses.
Income Taxes
The income tax benefit was $1.0 million for the fiscal year
compared to an expense of $15.7 million for the prior year period.
The income tax benefit is primarily due to net operating loss
carrybacks following management's reevaluating of its tax position.
Tax expense in the prior year period resulted from the full reserve
taken on the Company's deferred tax asset.
Financial Condition Highlights
At March 31, 2012, total assets decreased $68.0 million, or
9.6%, to $641.2 million, compared to $709.2 million at March 31,
2011. Total loans receivable decreased $167.4 million, investment
securities increased $24.9 million and premises and equipment
decreased by $1.5 million. These decreases were partially offset by
cash and cash equivalents and restricted cash, which increased
$54.0 million, loans held for sale increased by $20.4 million and
the allowance for loan losses decreased by $3.3 million.
Cash and cash equivalents and restricted cash increased $54.0
million, to $98.1 million at March 31, 2012, compared to $44.1
million at March 31, 2011. This increase was primarily driven by
the capital raise inflow of $55 million, loan payoff and sales
proceeds of $145.5 million, and an increase in money market
deposits of $35 million. These inflows were offset by the repayment
of institutional deposits of $95.5 million, early termination of
borrowings of $40 million, investment purchases of $30 million and
loan originations of $21.3 million.
Total securities increased $24.9 million, or 35.0%, to $96.2
million at March 31, 2012, compared to $71.2 million at March 31,
2011. This change reflects an increase of $31.6 million in
available-for-sale securities and a $6.6 million decrease in
held-to-maturity securities as the Company diversified its
investment portfolio.
Total loans receivable decreased $167.4 million, or 28.9%, to
$412.9 million at March 31, 2012, compared to $580.3 million at
March 31, 2011, $110.2 million of principal repayments and loan
payoffs across all loan classifications contributed to the majority
of the decrease, with the largest impact from Commercial Real
Estate, Construction and Business loans. Additionally $63.6 million
of loans were transferred from held for investment to HFS.
Principle charge offs for the fiscal year totaled $16.9 million.
Decreases were partially offset by loan originations and advances
of $23.1 million.
HFS loans increased $20.4 million. The Company has taken
aggressive steps to increase troubled loan resolution. During the
period the portfolio experienced a net increase of $52.8 million
(net of charge offs), which was offset by $32.4 million of
sales and paydowns.
Total liabilities decreased $96.9 million, or 14.2%, to $584.6
million at March 31, 2012, compared to $681.5 million at March 31,
2011.
Deposits decreased $28.1 million, or 5.0%, to $532.6 million at
March 31, 2012, compared to $560.7 million at March 31, 2011.
Reductions in institutional deposits impacted certificates of
deposit and non interest bearing checking account balances. These
declines were offset by growth in money market accounts following a
promotional campaign held in the last quarter.
Advances from the Federal Home Loan bank of New York (FHLB-NY)
and other borrowed money decreased $69.2 million, or 61.4%, to
$43.4 million at March 31, 2012, compared to $112.6 million at
March 31, 2011; $40 million of the decrease is a direct result of
management's decision to prepay borrowings and a repurchase
agreement before maturity. The remaining $30 million is attributed
to scheduled maturities during the year.
Total equity increased $28.9 million, or 104.3%, to $56.6
million at March 31, 2012, 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 a
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 fiscal year of $23.4
million.
Asset Quality
At March 31, 2012, non-performing assets totaled $86.4 million,
or 13.5% of total assets, compared to $93.9 million or 14.0% of
total assets at December 31, 2011. Non-performing assets at March
31, 2012 were comprised of $31.5 million of loans 90 days or more
past due and non-accruing, $21.0 million of loans classified as a
troubled debt restructuring, $2.1 million of loans that are either
performing or less than 90 days past due and have been deemed to be
impaired, $2.2 million of Real Estate Owned (REO), and $29.6
million of loans classified as HFS.
The allowance for loan losses was $19.8 million at March 31,
2012, which represents a ratio of the allowance for loan losses to
non-performing loans of 36.3% compared to 29.46% at December 31,
2011. The ratio of the allowance for loan losses to total loans was
4.8% at March 31, 2012 compared to 4.45% at December 31, 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) |
|
|
|
|
March
31, |
March
31, |
|
2012 |
2011 |
|
|
|
ASSETS |
|
|
Cash and cash equivalents: |
|
|
Cash and due from banks |
$ 89,872 |
$ 36,725 |
Money market investments |
1,825 |
7,352 |
Total cash and cash equivalents |
91,697 |
44,077 |
Restricted Cash |
6,415 |
-- |
Investment securities: |
|
|
Available-for-sale, at fair value |
85,106 |
53,551 |
Held-to-maturity, at amortized
cost (fair value of $11,774 and $18,124 at March 31, 2012
and March 31, 2011, respectively) |
11,081 |
17,697 |
Total investments |
96,187 |
71,248 |
|
|
|
Loans held-for-sale ("HFS") |
29,626 |
9,205 |
|
|
|
Loans receivable: |
|
|
Real estate mortgage loans |
367,611 |
525,894 |
Commercial business loans |
43,989 |
53,060 |
Consumer loans |
1,258 |
1,349 |
Loans, net |
412,858 |
580,303 |
Allowance for loan losses |
(19,821) |
(23,147) |
Total loans receivable, net |
393,037 |
557,156 |
Premises and equipment, net |
9,573 |
11,040 |
Federal Home Loan Bank of New York
("FHLB-NY") stock, at cost |
2,168 |
3,353 |
Accrued interest receivable |
2,256 |
2,854 |
Other assets |
10,271 |
10,282 |
Total assets |
641,230 |
709,215 |
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
LIABILITIES: |
|
|
Deposits: |
|
|
Savings |
101,079 |
106,906 |
Non-Interest Bearing Checking |
67,202 |
123,706 |
NOW |
28,325 |
27,297 |
Money Market |
109,404 |
74,329 |
Certificates of Deposit |
226,586 |
228,460 |
Total Deposits |
532,597 |
560,698 |
Advances from the FHLB-New York and other
borrowed money |
43,429 |
112,641 |
Other liabilities |
8,585 |
8,159 |
Total liabilities |
584,611 |
681,498 |
|
|
|
Stockholders' equity: |
|
|
Preferred stock, (par value $0.01, per
share), 45,118 Series D shares, with a liquidation preference of
$1,000 per share, issued and outstanding |
45,118 |
-- |
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 |
* Common stock (par value $0.01 per share:
10,000,000 shares authorized; 3,697,264 and 168,312 shares issued;
3,695,174 and 165,618 shares outstanding at March 31, 2012 and
March 31, 2011, respectively) |
61 |
25 |
Additional paid-in capital |
54,068 |
27,026 |
Accumulated deficit |
(45,091) |
(21,464) |
Non-controlling interest |
2,751 |
4,038 |
Treasury stock, at cost (2,090 shares at
March 31, 2012 and 2,695 and March 31, 2011, respectively) |
(447) |
(569) |
Accumulated other comprehensive
income/(loss) |
159 |
(319) |
Total stockholders equity |
56,619 |
27,717 |
Total liabilities and stockholders
equity |
641,230 |
709,215 |
|
|
|
(*) 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 OPERATIONS |
(In thousands, except
per share data) |
|
|
|
|
|
|
Three Months
Ended |
Fiscal Year
Ended |
|
March
31, |
March
31, |
|
2012 |
2011 |
2012 |
2011 |
Interest Income: |
|
|
|
|
Loans |
$ 5,854 |
$ 8,136 |
$ 25,930 |
$ 33,792 |
Mortgage-backed securities |
284 |
421 |
1,302 |
1,993 |
Investment securities |
149 |
94 |
489 |
357 |
Money market investments |
64 |
26 |
215 |
103 |
Total interest income |
6,351 |
8,677 |
27,936 |
36,245 |
Interest expense: |
|
|
|
|
Deposits |
1,011 |
1,143 |
4,023 |
5,529 |
Advances and other borrowed money |
1,470 |
942 |
4,030 |
3,926 |
Total interest expense |
2,481 |
2,085 |
8,053 |
9,455 |
|
|
|
|
|
Net interest income |
3,870 |
6,592 |
19,883 |
26,790 |
Provision for loan losses |
4,052 |
6,802 |
16,342 |
27,114 |
Net interest income after provision for loan
losses |
(182) |
(210) |
3,541 |
(324) |
|
|
|
|
|
Non-interest income: |
|
|
|
|
Depository fees and charges |
778 |
712 |
2,990 |
2,936 |
Loan fees and service charges |
206 |
404 |
895 |
1,022 |
Gain on sale of securities, net |
-- |
-- |
-- |
764 |
Gain on sale of loans, net |
103 |
2 |
257 |
8 |
Loss on sale of real estate owned |
-- |
-- |
(216) |
(202) |
New Market Tax Credit ("NMTC") fees |
625 |
286 |
625 |
1,940 |
Lower of Cost or market adjustment on loans
held for sale |
(965) |
(200) |
(1,870) |
(200) |
Other |
434 |
292 |
973 |
1,062 |
Total non-interest income |
1,181 |
1,496 |
3,654 |
7,330 |
|
|
|
|
|
Non-interest expense: |
|
|
|
|
Employee compensation and benefits |
2,899 |
2,933 |
12,087 |
11,704 |
Net occupancy expense |
887 |
974 |
3,692 |
3,855 |
Equipment, net |
477 |
600 |
2,102 |
2,272 |
Consulting fees |
106 |
269 |
475 |
1,312 |
Federal deposit insurance premiums |
354 |
686 |
1,531 |
1,938 |
Other |
3,516 |
2,558 |
11,047 |
9,677 |
Total non-interest expense |
8,239 |
8,020 |
30,934 |
30,758 |
|
|
|
|
|
Loss before income taxes |
(7,240) |
(6,735) |
(23,739) |
(23,752) |
Income tax (benefit) expense |
(34) |
(1,301) |
(961) |
15,718 |
Net loss before attribution of
noncontrolling interests |
(7,206) |
(5,434) |
(22,778) |
(39,470) |
Non Controlling interest, net of taxes |
(58) |
57 |
629 |
57 |
Net loss |
(7,148) |
(5,491) |
(23,407) |
(39,527) |
|
|
|
|
|
Loss per common share: |
|
|
|
|
Basic (*) |
$ (1.93) |
$ (33.15) |
$ (14.26) |
$ (242.25) |
|
|
|
|
|
(*) Common stock
shares for all periods presented reflects a 1 for 15 reverse stock
split which was effective on October 27, 2011 |
|
|
CARVER BANCORP, INC.
AND SUBSIDIARIES |
Non Performing Asset
Table |
(In
thousands) |
|
|
|
|
|
|
|
March 2012 |
December
2011 |
September
2011 |
June 2011 |
March
2011 |
Loans accounted for on a non-accrual basis
(1): |
|
|
|
|
|
Gross loans receivable: |
|
|
|
|
|
One-to-four family |
$ 6,988 |
$ 12,863 |
$ 14,335 |
$ 16,421 |
$ 15,993 |
Multi-family |
2,923 |
2,619 |
9,106 |
9,307 |
6,786 |
Commercial real estate |
24,467 |
26,313 |
16,088 |
25,893 |
10,078 |
Construction |
11,325 |
17,651 |
31,526 |
54,425 |
37,218 |
Business |
8,862 |
9,825 |
7,831 |
9,159 |
7,289 |
Consumer |
23 |
4 |
36 |
22 |
42 |
Total non-performing loans |
$ 54,588 |
$ 69,275 |
$ 78,922 |
$ 115,227 |
$ 77,406 |
|
|
|
|
|
|
|
|
|
|
|
|
Other non-performing assets (2): |
|
|
|
|
|
Real estate owned |
$ 2,183 |
$ 2,183 |
$ 275 |
$ 237 |
$ 564 |
Loans held for sale |
29,626 |
22,490 |
39,369 |
18,068 |
9,205 |
Total other non-performing assets |
31,809 |
24,673 |
39,644 |
18,305 |
9,769 |
Total non-performing assets (3): |
$ 86,397 |
$ 93,948 |
$ 118,566 |
$ 133,532 |
$ 87,175 |
|
|
|
|
|
|
Non-performing loans to total loans |
13.22 % |
15.12 % |
16.14 % |
21.18 % |
13.34 % |
Non-performing assets to total assets |
13.47 % |
14.01 % |
17.49 % |
19.68 % |
12.29 % |
|
|
|
|
|
|
|
|
|
|
|
|
(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. At
March 31, 2012 there were $3.5 million TDR loans that had performed
in accordance with their modified terms for a period of at least
six months. These loans are generally considered performing loans
and are not presented in the table above. |
|
|
CARVER BANCORP, INC.
AND SUBSIDIARIES |
CONSOLIDATED AVERAGE
BALANCES |
(In
thousands) |
|
|
|
|
|
|
|
|
For the Three
Months Ended March 31, |
|
2012 |
2011 |
|
Average |
|
Average |
Average |
|
Average |
|
Balance |
Interest |
Yield/Cost |
Balance |
Interest |
Yield/Cost |
|
|
|
|
|
|
|
Interest Earning Assets: |
|
|
|
|
|
|
Loans (1) |
$ 467,382 |
$ 5,854 |
5.01 % |
$ 602,234 |
$ 8,136 |
5.40 % |
Mortgage-backed securities |
46,953 |
284 |
2.42 % |
55,777 |
421 |
3.02 % |
Investment securities |
27,583 |
94 |
1.36 % |
14,897 |
43 |
1.15 % |
Restricted Cash Deposit |
6,415 |
-- |
0.03 % |
-- |
-- |
-- % |
Equity Securities (2) |
2,968 |
113 |
15.31 % |
3,398 |
72 |
8.59 % |
Other investments and federal funds sold |
1,822 |
5 |
1.15 % |
7,066 |
5 |
0.29 % |
Total interest-earning assets |
553,123 |
6,351 |
4.59 % |
683,372 |
8,677 |
5.08 % |
Non-interest-earning assets |
99,834 |
|
|
57,230 |
|
|
Total assets |
$ 652,957 |
|
|
$ 740,602 |
|
|
|
|
|
|
|
|
|
Interest Bearing Liabilities: |
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
Now demand |
$ 26,776 |
10 |
0.15 % |
$ 35,026 |
17 |
0.19 % |
Savings and clubs |
101,003 |
66 |
0.26 % |
105,985 |
69 |
0.26 % |
Money market |
99,914 |
230 |
0.93 % |
74,271 |
193 |
1.04 % |
Certificates of deposit |
209,992 |
697 |
1.33 % |
261,616 |
856 |
1.31 % |
Mortgagors deposits |
1,853 |
8 |
1.74 % |
2,061 |
9 |
1.75 % |
Total deposits |
439,538 |
1,011 |
0.93 % |
478,959 |
1,144 |
0.96 % |
Borrowed money (3) |
83,542 |
748 |
3.60 % |
112,584 |
942 |
3.35 % |
Total interest-bearing liabilities |
523,080 |
1,759 |
1.35 % |
591,543 |
2,086 |
1.41 % |
Non-interest-bearing liabilities: |
|
|
|
|
|
|
Demand |
60,421 |
|
|
97,644 |
|
|
Other liabilities |
6,657 |
|
|
17,528 |
|
|
Total liabilities |
590,158 |
|
|
706,715 |
|
|
Stockholders' equity |
62,799 |
|
|
33,887 |
|
|
Total liabilities & stockholders'
equity |
$ 652,957 |
|
|
$ 740,602 |
|
|
Net interest income |
|
4,592 |
|
|
6,591 |
|
|
|
|
|
|
|
|
Average interest rate spread |
|
|
3.24 % |
|
|
3.67 % |
|
|
|
|
|
|
|
Net interest margin |
|
|
3.32 % |
|
|
3.86 % |
|
|
|
|
|
|
|
(1) Includes non-accrual
loans |
|
|
|
|
|
(2) Includes FHLB-NY stock |
|
|
|
|
|
|
(3) Prepayment fees of $722k from
a FHLB Advance and other borrowed money were excluded from the
calculations |
|
|
|
|
CARVER BANCORP, INC.
AND SUBSIDIARIES |
CONSOLIDATED AVERAGE
BALANCES |
(In
thousands) |
|
|
|
|
|
|
|
|
For the Fiscal
year ended March 31, |
|
2012 |
2011 |
|
Average |
|
Average |
Average |
|
Average |
|
Balance |
Interest |
Yield/Cost |
Balance |
Interest |
Yield/Cost |
|
|
|
|
|
|
|
Interest Earning
Assets: |
|
|
|
|
|
|
Loans (1) |
$ 525,902 |
$ 25,931 |
4.93 % |
$ 628,314 |
$ 33,792 |
5.38 % |
Mortgage-backed securities |
48,214 |
1,302 |
2.70 % |
54,725 |
1,993 |
3.64 % |
Investment securities |
23,195 |
313 |
1.35 % |
12,315 |
153 |
1.24 % |
Restricted Cash Deposit |
5,275 |
2 |
0.04 % |
-- |
-- |
-- |
Equity Securities (2) |
2,928 |
372 |
12.72 % |
3,566 |
286 |
8.02 % |
Other investments and federal funds sold |
2,030 |
17 |
0.84 % |
4,904 |
21 |
0.43 % |
Total interest-earning assets |
607,544 |
27,937 |
4.60 % |
703,824 |
36,245 |
5.15 % |
Non-interest-earning assets |
62,290 |
|
|
73,551 |
|
|
Total assets |
$ 669,834 |
|
|
$ 777,375 |
|
|
|
|
|
|
|
|
|
Interest Bearing
Liabilities: |
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
Now demand |
26,532 |
42 |
0.16 % |
45,187 |
101 |
0.22 % |
Savings and clubs |
104,090 |
274 |
0.26 % |
109,503 |
286 |
0.26 % |
Money market |
82,120 |
838 |
1.02 % |
71,053 |
795 |
1.12 % |
Certificates of deposit |
201,568 |
2,831 |
1.40 % |
298,355 |
4,306 |
1.44 % |
Mortgagors deposits |
2,258 |
38 |
1.68 % |
2,549 |
41 |
1.61 % |
Total deposits |
416,568 |
4,023 |
0.97 % |
526,647 |
5,529 |
1.05 % |
Borrowed money (3) |
95,762 |
3,308 |
3.45 % |
115,938 |
3,925 |
3.39 % |
Total interest-bearing liabilities |
512,330 |
7,331 |
1.43 % |
642,585 |
9,454 |
1.47 % |
Non-interest-bearing liabilities: |
|
|
|
|
|
|
Demand |
92,465 |
|
|
73,459 |
|
|
Other liabilities |
7,803 |
|
|
11,301 |
|
|
Total liabilities |
612,598 |
|
|
727,345 |
|
|
Stockholders' equity |
57,236 |
|
|
50,030 |
|
|
Total liabilities & stockholders'
equity |
$ 669,834 |
|
|
$ 777,375 |
|
|
Net interest income |
|
20,606 |
|
|
26,791 |
|
|
|
|
|
|
|
|
Average interest rate spread |
|
|
3.17 % |
|
|
3.68 % |
|
|
|
|
|
|
|
Net interest margin |
|
|
3.39 % |
|
|
3.81 % |
|
|
|
|
|
|
|
(1) Includes non-accrual
loans |
|
|
|
|
|
(2) Includes FHLB-NY stock |
|
|
|
|
|
|
(3) Prepayment fees of $722k from
a FHLB Advance and other borrowed money were excluded from the
calculations |
|
|
|
CARVER BANCORP, INC.
AND SUBSIDIARIES |
CONSOLIDATED SELECTED
KEY RATIOS |
|
|
|
|
|
|
Three Months
Ended March 31, |
Twelve Months
Ended March 31, |
Selected Statistical
Data: |
2012 |
2011 |
2012 |
2011 |
|
|
|
|
|
Return on average assets (1) |
(4.38)% |
(2.97)% |
(3.49)% |
(5.08)% |
Return on average equity (2) |
(45.53)% |
(64.82)% |
(40.90)% |
(79.0)% |
Net interest margin (3) |
3.32 % |
3.86 % |
3.39 % |
3.81 % |
Interest rate spread (4) |
3.24 % |
3.68 % |
3.17 % |
3.68 % |
Efficiency ratio (5) |
163.12 % |
99.18 % |
131.43 % |
90.15 % |
Operating expenses to average assets (6) |
5.05 % |
4.33 % |
4.62 % |
3.96 % |
Average equity to average assets (7) |
9.62 % |
4.58 % |
8.54 % |
6.44 % |
|
|
|
|
|
Average interest-earning assets to average
interest-bearing liabilities |
1.06 x |
1.16 x |
1.19 x |
1.10 x |
|
|
|
|
|
Net loss per share (*) |
$ (1.93) |
$ (33.15) |
$ (14.26) |
$ (242.25) |
Average shares outstanding (*) |
3,695,507 |
165,618 |
1,662,138 |
165,572 |
|
|
|
|
|
|
March
31, |
|
|
|
2012 |
2011 |
|
|
Capital Ratios: |
|
|
|
|
Tier I leverage capital ratio (8) |
9.83 % |
5.38 % |
|
|
Tier I risk-based capital ratio (8) |
14.50 % |
7.36 % |
|
|
Total risk-based capital ratio (8) |
16.94 % |
9.60 % |
|
|
|
|
|
|
|
Asset Quality Ratios: |
|
|
|
|
Non performing assets to total assets
(9) |
13.47 % |
10.99 % |
|
|
Non performing loans to total loans
receivable (9) |
13.22 % |
13.34 % |
|
|
Allowance for loan losses to total loans
receivable |
4.80 % |
3.99 % |
|
|
Allowance for loan losses to non-performing
loans |
36.31 % |
29.90% |
|
|
|
|
|
|
|
(1) Net loss, annualized,
divided by average total assets. |
|
(2) Net loss, 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) These ratios reflect
consolidated bank only. |
|
|
(9) Non performing assets consist
of non-accrual loans, and real estate owned |
|
|
|
(*) Common stock shares for all
periods presented reflects a 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
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