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Carver Bancorp, Inc. Reports Third Quarter Fiscal Year 2016 Results
Globe Newswire

NEW YORK, Feb. 10, 2016 (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 quarter ended December 31, 2015, the third quarter of its fiscal year 2016.

The Company reported net income of $437 thousand, or basic and diluted earnings per share of $0.12, for the quarter, compared to net income of $111 thousand, or basic and diluted earnings per share of $0.03, for the quarter ended December 31, 2014.  For the nine months ended December 31, 2015, the Company reported net income of $451 thousand, or basic and diluted earnings per share of $0.12, compared to net income of $491 thousand, or basic and diluted earnings per share of $0.13, for the comparative prior year period. 

Michael T. Pugh, the Company's President and Chief Executive Officer, said:  “During the quarter our lending results continued to show positive momentum, with our loan portfolio increasing by $39 million, or 7% over the prior quarter.  Our banking team's engagement with potential and existing customers is also yielding results in the growth of core deposits, which represent a low-cost source of funding for our loan portfolio.  During the quarter, our core deposits increased 5% to $361 million, outpacing our overall 2% increase in deposits.  At the close of the quarter, our capital ratios remained strong with a Tier 1 capital ratio of 10.15%.

"As an organization, Carver continues to invest the time and resources in our people to create an ecosystem of success that better equips our bankers and the local small business entrepreneurs that operate in our communities with the tools they need to succeed.   This past December, Carver co-facilitated a workshop on capital access for the local small business community.  Our lending team also continues to build relationships with the Minority and Women Business Enterprises ("MWBEs") that are quickly becoming a key engine of economic growth in our communities.  In the months ahead, we plan to formally rollout a new loan program for borrowers who need access to capital of up to $15,000.

Mr. Pugh concluded, "We are pleased with the direction of our banking franchise and the operational improvements that are underway.  As we look ahead, we believe Carver remains well-positioned for continued improvement and positive growth."

Statement of Operations Highlights

Third Quarter and Nine Months Results

The Company reported net income of $437 thousand for the three months ended December 31, 2015, compared to net income of $111 thousand for the prior year quarter.  For the nine months ended December 31, 2015, the Company reported net income of $451 thousand, compared to net income of $491 thousand for the prior year period.  In both periods, the change in our results was driven by higher net interest income and non-interest income, partially offset by provisions for loan losses in the current periods compared to recoveries of loan losses in the prior year periods.  Our provision for loan losses increased in both periods primarily as a result of the increase in our loan portfolio.

Net Interest Income

Net interest income increased $1.6 million, or 37.3%, to $5.8 million for the quarter, compared to $4.3 million for the prior year quarter.  Net interest income increased $3.0 million, or 22.1%, to $16.6 million for the nine months ended December 31, 2015, compared to $13.6 million for the prior year period.  Increases in each period were driven primarily by loan portfolio growth.

Interest income increased $1.7 million, or 33.1%, to $7.0 million for the quarter, compared to $5.3 million for the prior year quarter, driven by a $169.4 million, or 40.9%, increase in the Bank's average loan balances.  For the nine months ended December 31, 2015, interest income increased $3.3 million, or 20.1%, to $19.9 million compared to $16.6 million for the prior year period, driven by a $131.1 million, or 32.6%, increase in the Bank's average loan balances.

Interest expense increased $158 thousand, or 15.6%, to $1.2 million for the quarter, compared to $1.0 million for the prior year quarter.  For the nine months ended December 31, 2015, interest expense increased $326 thousand, or 10.9%, to $3.3 million, compared to $3.0 million for the prior year period.  The increase in each period was primarily due to the Bank's deposit growth.  The cost of deposits remained flat at 0.63% for the quarter and 0.62% year to date.

Provision for Loan Losses

To reflect the robust growth in the Bank's loan portfolio, the Company recorded a $728 thousand provision for loan losses for the third quarter, compared to a $1.2 million recovery of loan losses for the prior year quarter.  Net chargeoffs of $100 thousand were recognized for the third quarter, compared to net recoveries of $434 thousand for the prior year quarter. 

For the nine months ended December 31, 2015, the Company recorded a $1.5 million provision for loan losses, compared to a $2.6 million recovery of loan losses for the prior year period, due primarily to the robust loan growth during the period.  Net chargeoffs of $793 thousand were recognized for the nine months ended December 31, 2015, compared to net recoveries of $1.3 million in the prior year period.

Non-interest Income

Non-interest income increased $1.3 million, or 94.7%, to $2.7 million for the three months ended December 31, 2015, compared to $1.4 million for the prior year quarter.  For the nine months ended December 31, 2015, non-interest income increased $893 thousand, or 21.4%, to $5.1 million compared to $4.2 million for the prior year period.  The increase was primarily attributed to a gain recognized on the sale and leaseback of one of the Bank's branch locations conducted as part of Carver's ongoing site rationalization efforts.  The increase was also attributable to gains on sales of loans and real estate owned during the quarter.  Non-interest income in the prior year included a $323 thousand grant from the Community Development Financial Institutions Fund of the U.S. Treasury Department.

Non-interest Expense

Non-interest expense increased $558 thousand, or 8.2%, to $7.3 million for the quarter, compared to $6.8 million for the prior year quarter due to higher other non-interest expense, including the acceleration of expenses due to the closing of a branch during the quarter.  For the nine months ended December 31, 2015, non-interest expense decreased $497 thousand or 2.5%, to $19.6 million, compared to $20.1 million for the prior year period.  The Bank had lower expenses associated with delinquent loans and loan workout, as well as a decrease in regulatory assessment charges compared to the prior year period.

Income Taxes

Income tax expense was $67 thousand for the three months ended December 31, 2015, compared to $62 thousand for the prior year quarter.  For the nine months ended December 31, 2015, income tax expense was $160 thousand, compared to $135 thousand in the prior year period. 

Financial Condition Highlights

At December 31, 2015, total assets were $754.1 million, reflecting an increase of $77.7 million, or 11.5%, from total assets of $676.4 million at March 31, 2015.  This change was primarily driven by an increase of $117.7 million in the loan portfolio net of the allowance for loan losses, partially offset by a decrease of $29.2 million in the investment portfolio.

Total investment securities decreased $29.2 million, or 25.8%, to $83.9 million at December 31, 2015, compared to $113.1 million at March 31, 2015, as cash generated from calls and sales of securities was redeployed into higher yielding loans.

Loans, net increased $118.4 million, or 24.5%, to $601.6 million at December 31, 2015, compared to $483.2 million at March 31, 2015, following growth in mortgage and business loans from loan purchases and originations.

Loans held-for-sale ("HFS") decreased $172 thousand, or 6.7%, to $2.4 million at December 31, 2015, following the transfer of one loan into Real Estate Owned.

Total liabilities increased $77.7 million, or 12.5%, to $699.1 million at December 31, 2015, compared to $621.4 million at March 31, 2015, following growth in deposits.

Deposits increased $69.9 million, or 13.2%, to $597.6 million at December 31, 2015, compared to $527.8 million at March 31, 2015, due primarily to increases in certificates of deposits, money market and non-interest bearing checking accounts.

Advances from the Federal Home Loan Bank of New York and other borrowed money increased $5.0 million, or 6.0%, to $88.4 million at December 31, 2015, compared to $83.4 million at March 31, 2015.  The Bank increased its borrowings to fund loan growth during the quarter.

Total equity increased $86 thousand, or 0.2%, to $55.1 million at December 31, 2015, compared to $55.0 million at March 31, 2015.  The increase was primarily driven by net income for the nine month period, offset by a $365 thousand increase in unrealized losses on investments.    

Asset Quality

At December 31, 2015, non-performing assets totaled $13.5 million, or 1.8% of total assets, compared to $15.3 million, or 2.3% of total assets, at March 31, 2015, and $15.1 million, or 2.3% of total assets, at December 31, 2014.  Non-performing assets at December 31, 2015, consisted of $5.1 million of loans classified as impaired, $3.4 million of loans 90 days or more past due and nonaccruing, $1.6 million of loans classified as troubled debt restructurings, $1.0 million of other real estate owned, and $2.4 million of loans classified as HFS.

At December 31, 2015, the allowance for loan losses was $5.2 million, representing a ratio of the allowance for loan losses to non-performing loans of 51.0% compared to a ratio of 53.3% at March 31, 2015.  Non-performing loans have increased 20.9% during the nine month period, primarily due to one commercial real estate loan that is experiencing delays in securing approval to allow tenancy.  Nonetheless, the ratio of the allowance for loan losses to total loans was 0.86% at December 31, 2015, compared to 0.93% at March 31, 2015.

About Carver Bancorp, Inc.

Carver Bancorp, Inc. is the holding company for Carver Federal Savings Bank, a federally chartered stock savings bank.  Carver was founded in 1948 to serve African-American communities whose residents, businesses, and institutions had limited access to mainstream financial services.  In light of its mission to promote economic development and revitalize underserved communities, Carver has been designated by the U.S. Department of the Treasury as a community development financial institution.  Carver is among the largest African- and Caribbean-American managed banks in the United States, with 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 (UNAUDITED)
 
    
$ in thousands except per share dataDecember 31, 2015 March 31, 2015
ASSETS   
Cash and cash equivalents:   
Cash and due from banks$45,572  $44,864 
Money market investments504  6,128 
Total cash and cash equivalents46,076  50,992 
Restricted cash211  6,354 
Investment securities:   
Available-for-sale, at fair value68,192  101,185 
Held-to-maturity, at amortized cost (fair value of $15,721 and $12,231 at December 31, 2015 and March 31, 2015, respectively)15,731  11,922 
Total investment securities83,923  113,107 
    
Loans held-for-sale2,404  2,576 
    
Loans receivable:   
Real estate mortgage loans524,624  412,204 
Commercial business loans76,867  70,555 
Consumer loans85  434 
Loans, net601,576  483,193 
Allowance for loan losses(5,174) (4,477)
Total loans receivable, net596,402  478,716 
Premises and equipment, net6,455  7,075 
Federal Home Loan Bank of New York (“FHLB-NY”) stock, at cost3,783  3,519 
Accrued interest receivable3,677  2,781 
Other assets11,202  11,266 
Total assets$754,133  $676,386 
    
LIABILITIES AND EQUITY   
LIABILITIES   
Deposits:   
Savings$93,302  $95,009 
Non-interest bearing checking66,222  50,731 
Interest-bearing checking32,581  30,860 
Money market168,257  148,702 
Certificates of deposit235,594  200,123 
Mortgagors deposits1,656  2,336 
Total deposits597,612  527,761 
Advances from the FHLB-NY and other borrowed money88,403  83,403 
Other liabilities13,053  10,243 
Total liabilities699,068  621,407 
    
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  45,118 
Common stock (par value $0.01 per share: 10,000,000 shares authorized; 3,698,031 shares issued; 3,696,087 shares outstanding at December 31, 2015 and March 31, 2015, respectively)61  61 
Additional paid-in capital55,470  55,468 
Accumulated deficit(43,757) (44,206)
Treasury stock, at cost (1,944 shares at December 31, 2015 and March 31, 2015)(417) (417)
Accumulated other comprehensive loss(1,410) (1,045)
Total equity55,065  54,979 
Total liabilities and equity$754,133  $676,386 
        


CARVER BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
     
 Three Months Ended Nine Months Ended
 December 31, December 31,
$ in thousands except per share data2015 2014 2015 2014
Interest income:       
Loans$6,467  $4,677  $18,283  $14,838 
Mortgage-backed securities192  197  579  595 
Investment securities317  345  999  998 
Money market investments33  46  87  181 
Total interest income7,009  5,265  19,948  16,612 
        
Interest expense:       
Deposits841  741  2,399  2,182 
Advances and other borrowed money330  272  924  815 
Total interest expense1,171  1,013  3,323  2,997 
        
Net interest income5,838  4,252  16,625  13,615 
Provision for (recovery of) loan losses728  (1,151) 1,489  (2,645)
Net interest income after provision for loan losses5,110  5,403  15,136  16,260 
        
Non-interest income:       
Depository fees and charges820  887  2,297  2,707 
Loan fees and service charges114  282  457  495 
Gain on sale of securities  3  1  8 
Gain (loss) on sale of loans, net305    499  (2)
Gain on sale of real estate owned146  41  164  44 
Gain on sale of building1,203    1,203   
Lower of cost or market adjustment on loans held-for-sale1  1  1  2 
Other152  194  444  919 
Total non-interest income2,741  1,408  5,066  4,173 
        
Non-interest expense:       
Employee compensation and benefits2,921  2,997  8,430  8,784 
Net occupancy expense1,199  919  3,320  2,763 
Equipment, net150  229  475  656 
Data processing455  77  1,036  398 
Consulting fees245  369  558  767 
Federal deposit insurance premiums135  189  390  542 
Other2,242  2,009  5,382  6,178 
Total non-interest expense7,347  6,789  19,591  20,088 
        
Income before income taxes504  22  611  345 
Income tax expense67  62  160  135 
Consolidated net income (loss)437  (40) 451  210 
Less: Net loss attributable to non-controlling interest  (151)   (281)
Net income attributable to Carver Bancorp, Inc.$437  $111  $451  $491 
        
Earnings per common share:       
Basic$0.12  $0.03  $0.12  $0.13 
Diluted0.12  0.03  0.12  0.13 
            


CARVER BANCORP, INC. AND SUBSIDIARIES
Non Performing Asset Table
 
$ in thousandsDecember
2015
 September
2015
 June
2015
 March
2015
 December
2014
Loans accounted for on a nonaccrual basis (1):         
Gross loans receivable:         
One-to-four family$2,997  $3,251  $3,654  $3,664  $3,089 
Multifamily1,229  1,241  1,247  1,053  1,053 
Commercial real estate3,427    1,784  2,817  2,850 
Business2,494  1,992  1,883  861  1,550 
Consumer        7 
Total non-performing loans$10,147  $6,484  $8,568  $8,395  $8,549 
          
Other non-performing assets (2):         
Real estate owned960  3,723  3,723  4,341  3,934 
Loans held-for-sale2,404  2,586  2,576  2,576  2,606 
Total other non-performing assets3,364  6,309  6,299  6,917  6,540 
Total non-performing assets (3):$13,511  $12,793  $14,867  $15,312  $15,089 
          
Non-performing loans to total loans1.69% 1.15% 1.74% 1.74% 1.96%
Non-performing assets to total assets1.79% 1.74% 2.22% 2.26% 2.34%
          
(1) Nonaccrual status denotes any loan where the delinquency exceeds 90 days past due and in the opinion of management the collection of contractual interest and/or principal is doubtful.  Payments received on a nonaccrual 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 less cost to sell, 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 nonaccrual and are included in the nonaccrual category in the table above.  At December 31, 2015, there were $5.7 million TDR loans that have 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
             
  For the Three Months Ended December 31,
  2015 2014
  Average   Average Average   Average
$ in thousands Balance Interest Yield/Cost Balance Interest Yield/Cost
Interest-Earning Assets:            
Loans (1) $583,963  $6,467  4.43% $414,547  $4,677  4.51%
Mortgage-backed securities 36,266  192  2.12% 35,354  197  2.23%
Investment securities 39,050  221  2.26% 54,471  263  1.93%
Restricted cash deposit 154    0.03% 6,354    0.03%
Equity securities (2) 4,017  41  4.05% 1,727  18  4.14%
Other investments and federal funds sold 55,526  88  0.63% 90,153  110  0.48%
Total interest-earning assets 718,976  7,009  3.90% 602,606  5,265  3.49%
Non-interest-earning assets 34,863      24,909     
Total assets $753,839      $627,515     
             
Interest-Bearing Liabilities:            
Deposits:            
Interest-bearing checking $31,635  $12  0.15% $29,018  $12  0.16%
Savings and clubs 92,673  63  0.27% 94,338  63  0.26%
Money market 166,178  213  0.51% 148,778  185  0.49%
Certificates of deposit 240,631  546  0.90% 195,443  473  0.96%
Mortgagors deposits 2,488  7  1.12% 1,939  8  1.64%
Total deposits 533,605  841  0.63% 469,516  741  0.63%
Borrowed money 93,655  330  1.40% 43,577  272  2.48%
Total interest-bearing liabilities 627,260  1,171  0.74% 513,093  1,013  0.78%
Non-interest-bearing liabilities:            
Demand 56,867      53,350     
Other liabilities 14,809      7,178     
Total liabilities 698,936      573,621     
Non-controlling interest       (501)    
Stockholders' equity 54,903      54,395     
Total liabilities and equity $753,839      $627,515     
Net interest income   $5,838      $4,252   
             
Average interest rate spread     3.16%     2.71%
             
Net interest margin     3.25%     2.82%
             
(1) Includes nonaccrual loans            
(2) Includes FHLB-NY stock            
             


CARVER BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED AVERAGE BALANCES
             
  For the Nine Months Ended December 31,
  2015 2014
  Average   Average Average   Average
$ in thousands Balance Interest Yield/Cost Balance Interest Yield/Cost
Interest-Earning Assets:            
Loans (1) $532,914  $18,282  4.57% $401,856  $14,838  4.92%
Mortgage-backed securities 38,138  579  2.02% 36,070  595  2.20%
Investment securities 47,472  726  2.04% 53,468  762  1.90%
Restricted cash deposit 3,652  1  0.03% 6,354  1  0.03%
Equity securities (2) 3,410  102  3.97% 1,822  59  4.30%
Other investments and federal funds sold 55,912  258  0.61% 106,692  357  0.44%
Total interest-earning assets 681,498  19,948  3.90% 606,262  16,612  3.65%
Non-interest-earning assets 30,201      17,721     
Total assets $711,699      $623,983     
             
Interest-Bearing Liabilities:            
Deposits:            
Interest-bearing checking $31,829  $39  0.16% $26,744  $33  0.16%
Savings and clubs 93,834  190  0.27% 96,385  193  0.27%
Money market 158,822  602  0.50% 141,159  517  0.49%
Certificates of deposit 223,963  1,551  0.92% 199,803  1,416  0.94%
Mortgagors deposits 2,337  17  0.97% 1,977  23  1.54%
Total deposits 510,785  2,399  0.62% 466,068  2,182  0.62%
Borrowed money 78,557  924  1.56% 43,599  815  2.48%
Total interest-bearing liabilities 589,342  3,323  0.75% 509,667  2,997  0.78%
Non-interest-bearing liabilities:            
Demand 53,273      53,432     
Other liabilities 14,043      7,307     
Total liabilities 656,658      570,406     
Non-controlling interest       (408)    
Stockholders' equity 55,041      53,985     
Total liabilities and equity $711,699      $623,983     
Net interest income   $16,625      $13,615   
             
Average interest rate spread     3.15%     2.87%
             
Net interest margin     3.25%     2.99%
             
(1) Includes nonaccrual loans            
(2) Includes FHLB-NY stock            
             


CARVER BANCORP, INC. AND SUBSIDIARIES 
CONSOLIDATED SELECTED KEY RATIOS 
          
  Three Months Ended Nine Months Ended 
  December 31, December 31, 
Selected Statistical Data: 2015 2014 2015 2014 
Return on average assets (1) 0.23% 0.07% 0.08% 0.10% 
Return on average stockholders' equity (2) (10) 3.18% 0.82% 1.09% 1.21% 
Return on average stockholders' equity, excluding AOCI (2) (10) 3.10% 0.79% 1.07% 1.15% 
Net interest margin (3) 3.25% 2.82% 3.25% 2.99% 
Interest rate spread (4) 3.16% 2.71% 3.15% 2.87% 
Efficiency ratio (5) (10) 85.64% 119.95% 90.32% 112.93% 
Operating expenses to average assets (6) 3.90% 4.33% 3.67% 4.29% 
Average stockholders' equity to average assets (7) (10) 7.28% 8.67% 7.73% 8.65% 
Average stockholders' equity, excluding AOCI, to average assets (7) (10) 7.49% 8.99% 7.93% 9.10% 
Average interest-earning assets to average interest-bearing liabilities 1.15x1.17x1.16x1.19x
          
Basic earnings per share $0.12  $0.03  $0.12  $0.13  
Average shares outstanding 3,696,420  3,696,420  3,696,420  3,696,338  
          
  December 31,     
  2015 2014     
Capital Ratios:         
Tier 1 leverage ratio (8) 10.15% 10.49%     
Common Equity Tier 1 capital ratio (8) 12.72% n/a     
Tier 1 risk-based capital ratio (8) 12.72% 16.16%     
Total risk-based capital ratio (8) 14.06% 18.37%     
          
Asset Quality Ratios:         
Non-performing assets to total assets (9) 1.79% 2.34%     
Non-performing loans to total loans receivable (9) 1.69% 1.96%     
Allowance for loan losses to total loans receivable 0.86% 1.35%     
Allowance for loan losses to non-performing loans 50.99% 68.78%     
           
(1Net income, annualized, divided by average total assets.
(2Net income, annualized, divided by average total stockholders' equity.
(3Net interest income, annualized, divided by average interest-earning assets.
(4Combined weighted average interest rate earned less combined weighted average interest rate cost.
(5Operating expense divided by sum of net interest income and non-interest income.
(6Non-interest expense, annualized, divided by average total assets.
(7Average stockholders' equity divided by average assets for the period ended.
(8These ratios reflect the consolidated bank only.  December 31, 2015 ratios were calculated under the new capital requirements that became effective January 1, 2015.
(9Non-performing assets consist of nonaccrual loans and real estate owned.
(10See Non-GAAP Financial Measures disclosure for comparable GAAP measures.
 

Non-GAAP Financial Measures

In addition to evaluating Carver Bancorp's results of operations in accordance with U.S. generally accepted accounting principles (“GAAP”), management routinely supplements their evaluation with an analysis of certain non-GAAP financial measures, such as the efficiency ratio, return on average stockholders' equity excluding average accumulated other comprehensive income (loss) ("AOCI"), and average stockholders' equity excluding AOCI to average assets.  Management believes these non-GAAP financial measures provide information that is useful to investors in understanding the Company's underlying operating performance and trends, and facilitates comparisons with the performance of other banks and thrifts.  Further, the efficiency ratio is used by management in its assessment of financial performance, including non-interest expense control.

Return on equity measures how efficiently we generate profits from the resources provided by our net assets.  Return on average stockholders' equity is calculated by dividing annualized net income (loss) by average stockholders' equity, excluding AOCI.  Management believes that this performance measure explains the results of the Company's ongoing businesses in a manner that allows for a better understanding of the underlying trends in the Company's current businesses.  For purposes of the Company's presentation, AOCI includes the changes in the market or fair value of its investment portfolio and former pension plan.  These fluctuations have been excluded due to the unpredictable nature of this item and are not necessarily indicative of current operating or future performance.

     
  Three Months Ended
December 31,
 Nine Months Ended
December 31,
$ in thousands 2015 2014 2015 2014
Average Stockholders' Equity        
Average Stockholders' Equity 54,903  54,395  55,041  53,985 
Average AOCI (1,568) (2,023) (1,415) (2,813)
Average Stockholders' Equity, excluding AOCI $56,471  $56,418  $56,456  $56,798 
         
Return on Average Stockholders' Equity 3.18% 0.82% 1.09% 1.21%
Return on Average Stockholders' Equity, excluding AOCI 3.10% 0.79% 1.07% 1.15%
         
Average Stockholders' Equity to Average Assets 7.28% 8.67% 7.73% 8.65%
Average Stockholders' Equity, excluding AOCI, to Average Assets 7.49% 8.99% 7.93% 9.10%
         

 

Contacts:
Michael Herley/Ruth Pachman
Kekst
(212) 521-4897/4891
michael.herley@kekst.com
ruth.pachman@kekst.com
David L. Toner
Carver Bancorp, Inc.
First Senior Vice President and Chief Financial Officer
(718) 676-8936
david.toner@carverbank.com

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