0001016178-14-000040.txt : 20141112 0001016178-14-000040.hdr.sgml : 20141111 20141112094217 ACCESSION NUMBER: 0001016178-14-000040 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20141112 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20141112 DATE AS OF CHANGE: 20141112 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CARVER BANCORP INC CENTRAL INDEX KEY: 0001016178 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 133904174 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13007 FILM NUMBER: 141211749 BUSINESS ADDRESS: STREET 1: 75 W 125TH ST CITY: NEW YORK STATE: NY ZIP: 10027-4512 BUSINESS PHONE: 2128764747 MAIL ADDRESS: STREET 1: 75 W 125TH ST CITY: NEW YORK STATE: NY ZIP: 10027-4512 8-K 1 a8-kearningsrelease2qfy2015.htm 8-K 8-K Earnings release 2Q FY2015




    
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
__________
 
FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED):
 
November 12, 2014
__________
 
CARVER BANCORP, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
 
DELAWARE
(STATE OR OTHER JURISDICTION OF INCORPORATION)

1-13007
13-3904174
(COMMISSION FILE NUMBER)
(I.R.S. EMPLOYER IDENTIFICATION NO.)

75 West 125th Street
New York, NY  10027-4512
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)


(212) 360-8820
(REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)
 
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
¬
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
¬
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
¬
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
¬
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 

Item 2.02 Results of Operations and Financial Condition

On November 10, 2014, Carver Bancorp, Inc. (the “Company”) issued a press release reporting financial results for its second fiscal quarter of 2015 ended March 31, 2015. A copy of the press release is attached as Exhibit 99.1 to this report and incorporated herein by reference. The Company does not intend for this Item 2.02 or Exhibit 99.1 to be deemed "filed" for purposes




of Section 18 of the Securities and Exchange Act of 1934 or to be incorporated by reference into filings under the Securities Act of 1933.
 
Item 9.01 Financial Statements and Exhibits

(d)
Exhibits
 
The following exhibit is filed as part of this report:
 
99.1   Press release entitled “CARVER BANCORP, INC. REPORTS SECOND QUARTER FISCAL YEAR 2015 RESULTS”, dated November 10, 2014.


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned duly authorized.

DATE:  November 12, 2014


BY:
            /David L. Toner/
 
 
David L. Toner
 
 
First Senior Vice President and Chief Financial Officer
 
 
 
 



 EX-99.1 2 exhibit9912qfy2015.htm EXHIBIT 99.1 Exhibit 99.1 2Q FY2015


    

        

            
CARVER BANCORP, INC. REPORTS SECOND QUARTER FISCAL YEAR 2015 RESULTS

New York, New York, November 10, 2014 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 second fiscal quarter of 2015 ended September 30, 2014.

The Company reported net income of $210 thousand, or basic and diluted earnings per share of $0.06, for the second quarter of its fiscal year ending March 31, 2015, compared to net income of $342 thousand, or basic and diluted earnings per share of $0.09, for the quarter ended September 30, 2013. For the six months ended September 30, 2014, the Company reported net income of $381 thousand, or basic and diluted earnings per share of $0.10, compared to net income of $753 thousand, or basic and diluted earnings per share of $0.20 for the comparative prior year period.

Deborah C. Wright, the Company's Chairman and CEO said: “We are pleased to report the second consecutive quarter of profitability following our strategic decisions to sell certain non-performing loans, terminate our pension plan and upgrade our technology platform to better serve our customers and attract new business.  We are also extremely pleased with the Office of the Comptroller of the Currency's recent decision to lift its Cease & Desist Order on the Bank. This is significant positive news and affirms the effectiveness of our efforts to strengthen our capital position and improve credit quality. Today, Carver’s capital ratios remain strong, with a Tier 1 Capital Ratio over 10% and we continue to improve the overall quality of our loan portfolio. The level of problem loans decreased from a high of $178.1 million as of April 1, 2011 to $18.3 million as of September 30, 2014. As a result, our non-performing loans decreased substantially during this period and are now nearing industry norms.

Our expanded lending team contributed to a 5% growth in loans to $410 million in the most recent period and non-performing loans declined to less than 2% of total loans.  We remain disciplined in our lending process notwithstanding competitive pressures, which continue to constrain net interest margin.  We are pleased that our deposit base has grown for the fourth consecutive quarter to $520.4 million.  This growth is being driven by a strengthened sales team, introduction of our mobile banking platform, and Carver Community Cash product.”

Ms. Wright concluded, “As we celebrate our 65th year as a New York City community bank, our entire team remains focused on implementing our strategic plan to improve and expand Carver's financial performance and impact in the communities we serve. We are extremely thankful for the ongoing commitment of our loyal customers and stockholders.”








Statement of Operations Highlights

Second Quarter and Six Months Results
The Company reported net income of $210 thousand for the three months ended September 30, 2014, compared to net income of $342 thousand for the prior year period. The primary driver of the change was attributed to lower interest income, partially offset by a release in the loan loss provision.

The Company reported net income of $381 thousand for the six months ended September 30, 2014, compared to net income of $753 thousand for the prior year period. The change was primarily driven by lower non-interest income and higher non-interest expense, partially offset by a recovery in the loan loss provision.

Net Interest Income
Net interest income decreased $367 thousand, or 7.4%, to $4.6 million for the three months ended September 30, 2014, compared to $5.0 million for the comparative prior year period. Interest income decreased $352 thousand, or 5.9%, to $5.6 million, compared to $5.9 million for the prior year quarter. Although the average balance of loans increased $21.6 million, or 5.8%, compared to average loans for the prior year, the average yield on loans decreased 58 basis points from 5.67% to 5.09%. A change in loan mix, with higher one-to-four family loans and lower multifamily loans, led to a lower average yield on loans.

Net interest income decreased $160 thousand, or 1.7%, to $9.4 million for the six months ended September 30, 2014, compared to $9.5 million for the prior year period. Interest income decreased $163 thousand, or 1.4%, to $11.3 million, compared to $11.5 million for the prior year period. Interest income on mortgage-backed securities decreased $150 thousand following a $21.7 million, or 37.3%, decrease in the average balances of mortgage-backed securities from the prior year as the Bank repositioned its investment portfolio with higher yielding securities. The average yield on mortgage-backed securities increased 30 basis points from 1.89% to 2.19%. Interest expense for both periods was essentially flat at $992 thousand for the three months ended September 30, 2014, and $2.0 million for the six months ended September 30, 2014, as an increase in interest expense on deposits was offset by a decrease in interest expense on borrowed funds, as the Bank grew deposits and reduced borrowings.

Provision for Loan Losses
The Company recorded a $713 thousand recovery of loan losses, compared to $505 thousand for the prior year quarter. Net recoveries of $244 thousand were recognized, compared to net charge-offs of $413 thousand in the prior year quarter. For the six months ended September 30, 2014, the Company recorded a $1.5 million recovery of loan losses, compared to a $326 thousand provision for loan losses for the prior year period. Net recoveries of $858 thousand were recognized for the six month period, compared to net charge-offs of $1.9 million in the prior year period. Recoveries of previously charged-off loans in the current period and decreases in historic loan loss rates were the primary drivers of the improvement in both periods.

Non-interest Income
Non-interest income remained relatively unchanged at $1.6 million, decreasing $15 thousand, or 1.0%, from the prior year quarter. For the six months ended September 30, 2014, non-interest income decreased $941 thousand, or 25.4%, to $2.8 million, compared to $3.7 million in the prior year period. Non-interest income in the prior year period included gains on sales of loans and securities as the Bank disposed of non-performing loans and repositioned its investment portfolio. Other non-interest income for the current




quarter included a $323 thousand grant from the Community Development Financial Institutions Fund (the "CDFI Fund") of the U.S. Treasury Department.

Non-interest Expense
Non-interest expense increased $154 thousand, or 2.3%, to $6.8 million, compared to $6.6 million for the prior year quarter. For the six months ended September 30, 2014, non-interest expense increased $1.4 million, or 11.9%, to $13.3 million, compared to $11.9 million in the prior year period. The increase was attributed to higher employee compensation and benefit expense and an increase in the reserves for losses associated with repurchase of mortgage loans sold by the Bank to Fannie Mae, partially offset by lower data processing costs following the change in core technology platform, and lower federal deposit insurance premiums.

Income Taxes
Income tax expense was $57 thousand, compared to $16 thousand for the prior year quarter, primarily related to an adjustment in state income taxes. For the six months ended September 30, 2014, income tax expense was $73 thousand, compared to $88 thousand in the prior year period.

Financial Condition Highlights
At September 30, 2014, total assets increased $4.3 million, or 0.7% to $644.1 million, compared to $639.8 million at March 31, 2014. The overall change was primarily due to increases of $21.1 million in the loan portfolio net of the allowance for loan losses and $4.9 million in the investment portfolio, offset by a decrease of $20.6 million in cash and due from banks.

Total investment securities increased $4.9 million, or 5.0%, to $103.4 million at September 30, 2014, compared to $98.5 million at March 31, 2014. The increase was primarily attributed to $5.5 million in short-term available-for-sale investments.

Net loans receivable increased $20.5 million, or 5.3%, to $410.4 million at September 30, 2014, compared to $390.0 million at March 31, 2014 following growth in business and residential loans.

Loans held-for-sale ("HFS") decreased $2.4 million, or 48.0%, to $2.6 million at September 30, 2014, following transfer of a loan into other real estate owned.

Total liabilities increased $2.3 million, or 0.4%, to $591.0 million at September 30, 2014, compared to $588.7 million at March 31, 2014 following growth in deposits, offset by lower borrowed funds.

Deposits increased $11.0 million, or 2.2%, to $520.4 million at September 30, 2014, compared to $509.4 million at March 31, 2014 following an increase in money market and checking accounts, partially offset by lower certificates of deposits.

Advances from the Federal Home Loan Bank of New York (“FHLB-NY”) and other borrowed money decreased $8.0 million, or 11.4%, to $62.4 million at September 30, 2014, compared to $70.4 million at March 31, 2014, as growth in deposits replaced maturing short-term borrowings.





Total equity increased $2.0 million, or 3.8%, to $53.1 million at September 30, 2014, compared to $51.2 million at March 31, 2014. The increase was primarily due to a $1.7 million reduction in unrealized losses on investments and net income earned for the six month period.

Asset Quality
At September 30, 2014, non-performing assets totaled $14.8 million, or 2.3% of total assets, compared to $18.9 million or 3.0% of total assets at March 31, 2014, and $27.0 million or 4.2% of total assets at September 30, 2013. Non-performing assets at September 30, 2014 were comprised of $3.5 million of loans 90 days or more past due and nonaccruing, $4.6 million of loans classified as a troubled debt restructuring, $4.1 million of other real estate owned, and $2.6 million of loans classified as HFS.

The allowance for loan losses was $6.6 million at September 30, 2014, which represents a ratio of the allowance for loan losses to non-performing loans of 81.6% compared to 57.6% at March 31, 2014. The ratio of the allowance for loan losses to total loans was 1.6% at September 30, 2014, compared to 1.9% at March 31, 2014 as non-performing assets decreased 21.8% during the period.

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. Carver has been designated by the U.S. Treasury Department as a Community Development Financial Institution (CDFI) because of its community-focused banking services and dedication to the economic viability and revitalization of underserved neighborhoods. Carver is the largest African- and Caribbean-American run bank in the United States, with ten 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.



Contacts:
Michael Herley/Ruth Pachman
Kekst and Company
(212) 521-4897/4891
michael-herley@kekst.com
ruth-packman@kekst.com

David L. Toner
Carver Bancorp, Inc.
First Senior Vice President and Chief Financial Officer
(718) 676-8936
david.toner@carverbank.com





CARVER BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
 
 
 
 
 
$ in thousands except per share data
September 30, 2014
 
March 31, 2014
ASSETS
 
 
 
Cash and cash equivalents:
 
 
 
Cash and due from banks
$
94,638

 
$
115,239

Money market investments
7,713

 
7,315

Total cash and cash equivalents
102,351

 
122,554

Restricted cash
6,354

 
6,354

Investment securities:
 
 
 
Available-for-sale, at fair value
94,714

 
89,461

Held-to-maturity, at amortized cost (fair value of $8,722 and $8,971 at September 30, 2014 and March 31, 2014, respectively)
8,654

 
9,029

Total investment securities
103,368

 
98,490

 
 
 
 
Loans held-for-sale
2,606

 
5,011

 
 
 
 
Loans receivable:
 
 
 
Real estate mortgage loans
368,888

 
362,888

Commercial business loans
41,194

 
26,930

Consumer loans
353

 
138

Loans, net
410,435

 
389,956

Allowance for loan losses
(6,597
)
 
(7,233
)
Total loans receivable, net
403,838

 
382,723

Premises and equipment, net
7,520

 
7,830

Federal Home Loan Bank of New York (“FHLB-NY”) stock, at cost
2,574

 
3,101

Accrued interest receivable
3,180

 
2,557

Other assets
12,324

 
11,218

Total assets
$
644,115

 
$
639,838

 
 
 
 
LIABILITIES AND EQUITY
 
 
 
LIABILITIES
 
 
 
Deposits:
 
 
 
Savings
$
95,716

 
$
98,051

Non-interest bearing checking
54,054

 
53,232

Interest-bearing checking
28,786

 
24,271

Money market
145,443

 
127,655

Certificates of deposit
196,411

 
206,157

Total deposits
520,410

 
509,366

Advances from the FHLB-New York and other borrowed money
62,403

 
70,403

Other liabilities
8,171

 
8,900

Total liabilities
590,984

 
588,669

 
 
 
 
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 and 3,697,836 shares issued; 3,696,087 and 3,695,892 shares outstanding at September 30, 2014 and March 31, 2014, respectively)
61

 
61

Additional paid-in capital
56,116

 
56,114

Accumulated deficit
(44,189
)
 
(44,570
)
Treasury stock, at cost (1,944 shares at September 30, 2014 and March 31, 2014)
(417
)
 
(417
)
Accumulated other comprehensive loss
(3,059
)
 
(4,768
)
Total equity attributable to Carver Bancorp, Inc.
53,630

 
51,538

Non-controlling interest
(499
)
 
(369
)
Total equity
53,131

 
51,169

Total liabilities and equity
$
644,115

 
$
639,838







CARVER BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
 
 
 
 
 
 
Three Months Ended
 
Six Months Ended
 
September 30,
 
September 30,
$ in thousands except per share data
2014
 
2013
 
2014
 
2013
Interest income:
 
 
 
 
 
 
 
   Loans
$
5,000

 
$
5,263

 
$
10,162

 
$
10,178

   Mortgage-backed securities
192

 
285

 
398

 
548

   Investment securities
329

 
348

 
653

 
696

   Money market investments
69

 
46

 
135

 
89

     Total interest income
5,590

 
5,942

 
11,348

 
11,511

 
 
 
 
 
 
 
 
Interest expense:
 
 
 
 
 
 
 
   Deposits
719

 
687

 
1,441

 
1,384

   Advances and other borrowed money
273

 
290

 
543

 
603

     Total interest expense
992

 
977

 
1,984

 
1,987

 
 
 
 
 
 
 
 
Net interest income
4,598

 
4,965

 
9,364

 
9,524

   Provision for (recovery of) loan losses
(713
)
 
(505
)
 
(1,494
)
 
326

Net interest income after provision for loan losses
5,311

 
5,470

 
10,858

 
9,198

 
 
 
 
 
 
 
 
Non-interest income:
 
 
 
 
 
 
 
Depository fees and charges
924

 
878

 
1,820

 
1,790

Loan fees and service charges
118

 
305

 
213

 
603

Gain on sale of securities
—

 
208

 
4

 
486

Gain (loss) on sale of loans, net
(2
)
 
180

 
(2
)
 
670

Gain (loss) on sale of real estate owned
—

 
(84
)
 
4

 
(131
)
Lower of cost or market adjustment on loans held-for-sale
1

 
(163
)
 
1

 
(232
)
Other
521

 
253

 
725

 
520

Total non-interest income
1,562

 
1,577

 
2,765

 
3,706

 
 
 
 
 
 
 
 
Non-interest expense:
 
 
 
 
 
 
 
   Employee compensation and benefits
2,999

 
2,646

 
5,787

 
5,014

   Net occupancy expense
959

 
876

 
1,844

 
1,747

   Equipment, net
252

 
209

 
427

 
384

   Data processing
43

 
226

 
320

 
582

   Consulting fees
309

 
92

 
398

 
212

   Federal deposit insurance premiums
115

 
307

 
353

 
616

   Other
2,076

 
2,243

 
4,170

 
3,325

      Total non-interest expense
6,753

 
6,599

 
13,299

 
11,880

 
 
 
 
 
 
 
 
Income before income taxes
120

 
448

 
324

 
1,024

   Income tax expense
57

 
16

 
73

 
88

Consolidated net income
63

 
432

 
251

 
936

Less: Net income (loss) attributable to non-controlling interest
(147
)
 
90

 
(130
)
 
183

Net income attributable to Carver Bancorp, Inc.
$
210

 
$
342

 
$
381

 
$
753

 
 
 
 
 
 
 
 
Earnings per common share:
 
 
 
 
 
 
 
       Basic
$
0.06

 
$
0.09

 
$
0.10

 
$
0.20

       Diluted
0.06

 
0.09

 
0.10

 
0.20






CARVER BANCORP, INC. AND SUBSIDIARIES
Non Performing Asset Table
 
$ in thousands
September 2014
 
June 2014
 
March 2014
 
December 2013
 
September 2013
Loans accounted for on a nonaccrual basis (1):
 
 
 
 
 
 
 
 
 
Gross loans receivable:
 
 
 
 
 
 
 
 
 
One-to-four family
$
2,636

 
$
2,651

 
$
2,301

 
$
3,736

 
$
4,343

Multifamily
1,054

 
671

 
2,240

 
1,363

 
758

Commercial real estate
2,991

 
3,979

 
7,024

 
8,702

 
10,503

Construction
—

 
—

 
—

 
—

 
75

Business
1,395

 
818

 
993

 
1,120

 
2,457

Consumer
10

 
5

 
1

 
1

 
4

Total non-performing loans
$
8,086

 
$
8,124

 
$
12,559

 
$
14,922

 
$
18,140

 
 
 
 
 
 
 
 
 
 
Other non-performing assets (2):
 
 
 
 
 
 
 
 
 
Real estate owned
4,122

 
4,124

 
1,369

 
1,423

 
970

Loans held-for-sale
2,606

 
2,611

 
5,011

 
7,678

 
7,854

Total other non-performing assets
6,728

 
6,735

 
6,380

 
9,101

 
8,824

Total non-performing assets (3):
$
14,814

 
$
14,859

 
$
18,939

 
$
24,023

 
$
26,964

 
 
 
 
 
 
 
 
 
 
Non-performing loans to total loans
1.97
%
 
2.08
%
 
3.22
%
 
3.80
%
 
4.55
%
Non-performing assets to total assets
2.30
%
 
2.31
%
 
2.96
%
 
3.76
%
 
4.25
%
 
 
 
 
 
 
 
 
 
 
(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 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 September 30, 2014, there were $4.7 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 September 30,
 
 
2014
 
2013
 
 
Average
 
 
 
Average
 
Average
 
 
 
Average
$ in thousands
 
Balance
 
Interest
 
Yield/Cost
 
Balance
 
Interest
 
Yield/Cost
Interest-Earning Assets:
 
 
 
 
 
 
 
 
 
 
 
 
Loans (1)
 
$
393,167

 
$
5,000

 
5.09
%
 
$
371,577

 
$
5,263

 
5.67
%
Mortgage-backed securities
 
36,006

 
192

 
2.13
%
 
58,226

 
285

 
1.96
%
Investment securities
 
52,976

 
252

 
1.90
%
 
60,966

 
266

 
1.75
%
Restricted cash deposit
 
6,354

 
1

 
0.03
%
 
6,556

 
—

 
0.03
%
Equity securities (2)
 
1,823

 
18

 
3.92
%
 
2,717

 
27

 
3.94
%
Other investments and federal funds sold
 
113,752

 
127

 
0.44
%
 
78,550

 
101

 
0.51
%
Total interest-earning assets
 
604,078

 
5,590

 
3.70
%
 
578,592

 
5,942

 
4.11
%
Non-interest-earning assets
 
17,546

 
 
 
 
 
31,753

 
 
 
 
Total assets
 
$
621,624

 
 
 
 
 
$
610,345

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest-Bearing Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
Deposits:
 
 
 
 
 
 
 
 
 
 
 
 
Interest-bearing checking
 
$
27,346

 
$
11

 
0.16
%
 
$
25,556

 
$
10

 
0.16
%
Savings and clubs
 
96,844

 
65

 
0.27
%
 
96,566

 
64

 
0.26
%
Money market
 
141,376

 
175

 
0.49
%
 
115,777

 
134

 
0.46
%
Certificates of deposit
 
198,891

 
461

 
0.92
%
 
189,380

 
471

 
0.99
%
Mortgagors deposits
 
1,719

 
7

 
1.62
%
 
1,853

 
8

 
1.71
%
Total deposits
 
466,176

 
719

 
0.61
%
 
429,132

 
687

 
0.64
%
Borrowed money
 
43,610

 
273

 
2.48
%
 
61,870

 
290

 
1.86
%
Total interest-bearing liabilities
 
509,786

 
992

 
0.77
%
 
491,002

 
977

 
0.79
%
Non-interest-bearing liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
Demand
 
51,667

 
 
 
 
 
55,248

 
 
 
 
Other liabilities
 
6,996

 
 
 
 
 
7,779

 
 
 
 
Total liabilities
 
568,449

 
 
 
 
 
554,029

 
 
 
 
Non-controlling interest
 
(354
)
 
 
 
 
 
(165
)
 
 
 
 
Stockholders' equity
 
53,529

 
 
 
 
 
56,481

 
 
 
 
Total liabilities and equity
 
$
621,624

 
 
 
 
 
$
610,345

 
 
 
 
Net interest income
 
 
 
$
4,598

 
 
 
 
 
$
4,965

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average interest rate spread
 
 
 
 
 
2.93
%
 
 
 
 
 
3.32
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Net interest margin
 
 
 
 
 
3.04
%
 
 
 
 
 
3.43
%
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Includes nonaccrual loans
 
 
 
 
 
 
 
 
 
 
 
 
(2) Includes FHLB-NY stock
 
 
 
 
 
 
 
 
 
 
 
 








CARVER BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED AVERAGE BALANCES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Six Months Ended September 30,
 
 
2014
 
2013
 
 
Average
 
 
 
Average
 
Average
 
 
 
Average
$ in thousands
 
Balance
 
Interest
 
Yield/Cost
 
Balance
 
Interest
 
Yield/Cost
Interest-Earning Assets:
 
 
 
 
 
 
 
 
 
 
 
 
Loans (1)
 
$
395,476

 
$
10,162

 
5.14
%
 
$
368,657

 
$
10,178

 
5.52
%
Mortgage-backed securities
 
36,429

 
398

 
2.19
%
 
58,098

 
548

 
1.89
%
Investment securities
 
52,965

 
498

 
1.88
%
 
61,894

 
540

 
1.74
%
Restricted cash deposit
 
6,354

 
1

 
0.03
%
 
7,903

 
1

 
0.03
%
Equity securities (2)
 
1,870

 
42

 
4.48
%
 
2,339

 
46

 
3.92
%
Other investments and federal funds sold
 
115,007

 
247

 
0.43
%
 
76,328

 
198

 
0.52
%
Total interest-earning assets
 
608,101

 
11,348

 
3.73
%
 
575,219

 
11,511

 
4.00
%
Non-interest-earning assets
 
14,108

 
 
 
 
 
30,829

 
 
 
 
Total assets
 
$
622,209

 
 
 
 
 
$
606,048

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest-Bearing Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
Deposits:
 
 
 
 
 
 
 
 
 
 
 
 
Interest-bearing checking
 
$
25,601

 
$
21

 
0.16
%
 
$
25,987

 
$
21

 
0.16
%
Savings and clubs
 
97,415

 
130

 
0.27
%
 
97,278

 
129

 
0.26
%
Money market
 
137,328

 
332

 
0.48
%
 
115,112

 
265

 
0.46
%
Certificates of deposit
 
201,995

 
942

 
0.93
%
 
191,309

 
951

 
0.99
%
Mortgagors deposits
 
1,997

 
16

 
1.60
%
 
2,049

 
18

 
1.75
%
Total deposits
 
464,336

 
1,441

 
0.62
%
 
431,735

 
1,384

 
0.64
%
Borrowed money
 
43,611

 
543

 
2.48
%
 
53,482

 
603

 
2.25
%
Total interest-bearing liabilities
 
507,947

 
1,984

 
0.78
%
 
485,217

 
1,987

 
0.82
%
Non-interest-bearing liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
Demand
 
53,473

 
 
 
 
 
55,856

 
 
 
 
Other liabilities
 
7,672

 
 
 
 
 
8,237

 
 
 
 
Total liabilities
 
569,092

 
 
 
 
 
549,310

 
 
 
 
Non-controlling interest
 
(361
)
 
 
 
 
 
(210
)
 
 
 
 
Stockholders' equity
 
53,478

 
 
 
 
 
56,948

 
 
 
 
Total liabilities and equity
 
$
622,209

 
 
 
 
 
$
606,048

 
 
 
 
Net interest income
 
 
 
$
9,364

 
 
 
 
 
$
9,524

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average interest rate spread
 
 
 
 
 
2.95
%
 
 
 
 
 
3.18
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Net interest margin
 
 
 
 
 
3.08
%
 
 
 
 
 
3.31
%
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Includes nonaccrual loans
 
 
 
 
 
 
 
 
 
 
 
 
(2) Includes FHLB-NY stock
 
 
 
 
 
 
 
 
 
 
 
 





CARVER BANCORP, INC. AND SUBSIDIARIES
 
CONSOLIDATED SELECTED KEY RATIOS
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
Six Months Ended
 
 
 
September 30,
 
September 30,
 
Selected Statistical Data:
 
2014
 
2013
 
2014
 
2013
 
Return on average assets (1)
 
0.14
%
 
0.22
%
 
0.12
%
 
0.25
%
 
Return on average stockholders' equity (2) (10)
 
1.49
%
 
2.39
%
 
1.34
%
 
2.62
%
 
Net interest margin (3)
 
3.04
%
 
3.43
%
 
3.08
%
 
3.31
%
 
Interest rate spread (4)
 
2.93
%
 
3.32
%
 
2.95
%
 
3.18
%
 
Efficiency ratio (5)(10)
 
109.63
%
 
100.87
%
 
109.65
%
 
89.80
%
 
Operating expenses to average assets (6)
 
4.35
%
 
4.32
%
 
4.27
%
 
3.92
%
 
Average stockholders' equity to average assets (7)
 
9.09
%
 
9.37
%
 
9.11
%
 
9.50
%
 
Average interest-earning assets to average interest-bearing liabilities
 
1.18
x
1.18
x
1.20
x
1.19
x
 
 
 
 
 
 
 
 
 
 
Basic earnings per share
 
$
0.06

 
$
0.09

 
$
0.10

 
$
0.20

 
Average shares outstanding
 
3,696,370

 
3,696,179

 
3,696,297

 
3,696,072

 
 
 
 
 
 
 
 
 
 
 
 
 
September 30,
 
 
 
 
 
 
 
2014
 
2013
 
 
 
 
 
Capital Ratios:
 
 
 
 
 
 
 
 
 
Tier 1 leverage ratio (8)
 
10.42
%
 
10.53
%
 
 
 
 
 
Tier 1 risk-based capital ratio (8)
 
16.98
%
 
17.42
%
 
 
 
 
 
Total risk-based capital ratio (8)
 
19.23
%
 
19.98
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Asset Quality Ratios:
 
 
 
 
 
 
 
 
 
Non-performing assets to total assets (9)
 
2.30
%
 
4.25
%
 
 
 
 
 
Non-performing loans to total loans receivable (9)
 
1.97
%
 
4.55
%
 
 
 
 
 
Allowance for loan losses to total loans receivable
 
1.61
%
 
2.36
%
 
 
 
 
 
Allowance for loan losses to non-performing loans
 
81.59
%
 
51.81
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) 
Net income (loss), annualized, divided by average total assets.
 
(2) 
Net income (loss), annualized, divided by average total stockholders' equity (excludes accumulated other comprehensive loss).
 
(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 expense divided by sum of net interest income and non-interest income.
 
(6) 
Non-interest expense, annualized, divided by average total assets.
 
(7) 
Average stockholders' equity divided by average assets for the period ended.
 
(8) 
These ratios reflect the consolidated bank only.
 
(9) 
Non-performing assets consist of nonaccrual loans and real estate owned.
 
(10) 
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 and the return on average stockholders' equity. Management believes these non-GAAP financial measures provide information useful to investors in understanding the Company's underlying operating performance and trends, and facilitates comparisons with the performance of other banks and thrifts. The comparable GAAP return on average stockholders' equity is 1.57% and 2.42% for the three months ended September 30, 2014 and 2013, respectively, and 1.42% and 2.64% for the six months ended September 30, 2014 and 2013, respectively. Further, the efficiency ratio is used by management in its assessment of financial performance, including non-interest expense control.
 





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