NEW YORK, Feb. 8, 2013 (GLOBE NEWSWIRE) -- Carver Bancorp, Inc. (the "Company") (Nasdaq:CARV), the holding company for Carver Federal Savings Bank ("Carver" or the "Bank"), today announced financial results for its third fiscal quarter of 2013 ended December 31, 2012 ("Fiscal 2013").
The Company reported net income of $0.5 million or an earnings per share of $0.13 for the third quarter of Fiscal 2013, compared to a net loss of $0.7 million or a loss per share of $0.26, for the prior year period. For the nine months ended December 31, 2012, the Company reported a net loss of $26 thousand or a loss per share of $0.01, compared to a net loss of $16.3 million or a loss per share of $16.81 for the prior year period.
Deborah C. Wright, Carver Bancorp Chairman and CEO said, "We are pleased to report our first quarterly profit since our real estate loan portfolio was severely impacted by the economic downturn. Our positive net income results for the quarter bring Carver's year-to-date results close to break-even. Our loan performance also continued to improve, with non-performing assets declining 5% from the prior quarter and 30% year-to-date. While we have made tremendous progress, additional work still needs to be done to strengthen our loan portfolio.
Ms. Wright added: "We are also encouraged by the ongoing growth and market opportunity for Carver Community Cash. This product line, which was designed to meet the needs of the "unbanked" in our communities, helped contribute to record depository fees and charges for the quarter, which reached nearly $1 million. As we continue to add more services, such as our CashAccess kiosk, a self-service option, we are optimistic that revenues from this product line will continue to grow. Last, our recently announced executive management team expansion and realignment, positions us to further strengthen our new business platform and sets the stage for fiscal 2014 and beyond."
Statement of Operations Highlights
Third Quarter Results
The Company reported net income for the three months ended December 31, 2012 of $0.5 million compared to a net loss of $0.7 million for the prior year period. The primary drivers of the net income versus the loss in the prior year period were gains on sales of loans held for sale ("HFS") and a negative loan loss provision in the current quarter versus a build in the prior year.
Net Interest Income
Interest income decreased $1.0 million, or 14.2%, to $5.9 million in the third quarter, compared to the prior year quarter, with the decrease primarily attributed to a $102.5 million, or 20.2%, decrease in average loans. Although the average yield on loans increased 20 basis points to 5.26% from 5.06%, the decrease in average loans reduced total interest income on loans. These conditions will likely continue until average loan balances increase, given lower yields available on alternative earning assets. The average yield on mortgage-backed securities fell 66 basis points to 1.86% from 2.52% during the quarter, as higher yielding securities experienced early payoffs and were replaced with lower yielding securities.
Interest expense decreased $0.7 million, or 34.7%, to $1.2 million for the third quarter, compared to $1.9 million for the prior year quarter, as lower cost deposits replaced borrowings. The average rate on interest bearing liabilities decreased 49 basis points to 0.99% for the quarter ended December 31, 2012.
Provision for Loan Losses
The Company recorded a $0.4 million release of loan loss reserves for the third quarter compared to a $0.1 million provision for the prior year quarter. Net charge-offs of $1.5 million were recognized compared to $1.1 million in the prior year period. Charge-offs to the provision, in both quarters, were primarily related to impaired loans and loans moved to HFS. The impact of the charge-offs to the provision was partially offset by a reduction in the allowance for loan losses following reductions in loss experience and, to a lesser extent, a decline in loan balances.
Non-interest Income
Non-interest income increased $1.9 million, or 359.5%, to $2.5 million for the third quarter, compared to $0.6 million for the prior year quarter. The increase was primarily due to $1.1 million gains on sale of HFS loans and $60 thousand in capital gains on the Company's investment portfolio. Non-interest income in the prior period was impacted by HFS valuation adjustments of $0.5 million.
Non-interest Expense
Non-interest expense decreased $0.5 million to $7.3 million during the third quarter, compared to $7.8 million in the prior year quarter. Non-interest expense was lower in all categories except data processing with the largest decreases comprised of $0.2 million in compensation expenses and $0.1 million in consulting fees.
Income Taxes
The income tax expense was $68 thousand for the third quarter compared to a benefit of $1.0 million in the prior year period.
Nine Month Results
The Company reported a net loss for the nine months ended December 31, 2012 of $26 thousand compared to a net loss of $16.3 million for the prior year period. This improvement was primarily driven by reductions in the provision for loan losses and certain non-interest expense categories and increases in non-interest income.
Net Interest Income
Interest income decreased $3.4 million, or 15.7%, to $18.2 million in the nine month period, compared to the prior year period, with the decrease primarily attributed to a $129.0 million, or 23.7%, decrease in average loans. The average yield on loans increased 34 basis points to 5.25% from 4.91%, which was directly related to a reduction in non-performing loans. The decline in average loan balances did, however, decrease total interest income on loans. The average yield on mortgage-backed securities fell 76 basis points to 2.03% from 2.79% during the prior year period, as higher yielding securities experienced early payoffs and were replaced with lower yielding securities.
Interest expense decreased $1.8 million, or 32.1%, to $3.8 million for the nine month period, compared to $5.6 million for the prior year period, as lower cost deposits replaced more expensive long-term borrowings. The average rate on interest bearing liabilities decreased 41 basis points to 1.02% for the nine months ended December 31, 2012.
Provision for Loan Losses
The Company recorded a $0.4 million provision for loan losses for the nine month period, compared to $12.3 million for the prior year period. For the nine months ended December 31, 2012 net charge-offs of $5.7 million were recognized compared to $15.0 million in the prior year period. Charge-offs in both periods were primarily related to impaired loans and loans that moved to HFS.
Non-interest Income
Non-interest income increased $3.4 million, or 139.2%, to $5.9 million for the nine month period, compared to $2.5 million for the prior year period. The majority of the increase was attributable to gains on sales of loans, fee income received from a New Market Tax Credit ("NMTC") transaction and an increase in depository fees. Non-interest income in the prior year period was impacted by HFS valuation adjustments of $0.9 million.
Non-interest Expense
Non-interest expense decreased $1.9 million to $20.8 million, or 8.4% compared to $22.7 million in the prior year period. Non-interest expense was lower in all categories except data processing, with the largest decreases comprised of $0.9 million in compensation expenses and a decline of $0.2 million in FDIC premiums.
Income Taxes
The income tax expense was $264 thousand for the nine month period compared to a benefit of $927 thousand for the prior year period.
Financial Condition Highlights
At December 31, 2012, total assets decreased $0.6 million, or 0.09%, to $640.6 million, compared to $641.2 million at March 31, 2012. The overall change was primarily due to decreases in the loan portfolio of $48.4 million, the allowance for loan losses of $5.3 million and HFS loans of $10.6 million. These decreases were offset by increases in cash and cash equivalents of $30.2 million and $23.3 million in the investment portfolio.
Total securities increased $23.3 million, or 24.2%, to $119.5 million at December 31, 2012, compared to $96.2 million at March 31, 2012. This change reflects an increase of $24.8 million in available-for-sale securities offset by a $1.5 million decrease in held-to-maturity securities, as the Company continues to diversify its investment portfolio to increase interest earning assets.
Total loans receivable decreased $48.4 million, or 11.72%, to $364.5 million at December 31, 2012, compared to $412.9 million at March 31, 2012. The decrease resulted from $50.0 million of principal repayments and loan payoffs across all loan classifications comprised the majority of the decrease, with the largest declines in multi-family, commercial and construction loans. An additional $9.1 million in loans were transferred from held for investment to HFS and $5.7 million in principal charge offs. Decreases were partially offset by loan originations and advances of $17.4 million. The decrease of $5.3 million in the allowance for loan losses is due to stabilization in valuations of the non performing loans and the decrease in loan balances.
HFS loans decreased $10.6 million or 35.9% to $19.0 million as the Company continued to take aggressive steps to resolve troubled loans. During the year, $9.1 million in loans, net of charge-offs, transferred into the held for sale portfolio from the held for investment portfolio. This increase was offset by $19.7 million of sales and paydowns.
Total liabilities increased $0.4 million, or 0.07%, to $585.0 million at December 31, 2012, compared to $584.6 million at March 31, 2012, due to an increase in borrowings of $30.0 million and an increase in other liabilities of $1.4 million partially offset by reductions in deposits of $30.9 million.
Deposits decreased $30.9 million, or 5.81%, to $501.6 million at December 31, 2012, compared to $532.6 million at March 31, 2012, due principally to $10 million of planned withdrawals from non-interest bearing control disbursements accounts and management's decision to release higher cost certificates of deposit.
Advances from the Federal Home Loan Bank of New York ("FHLB-NY") and other borrowed money increased $30.0 million, or 69.02%, to $73.4 million at December 31, 2012, compared to $43.4 million at March 31, 2012, as the Company added short-term borrowings during the nine month period to replace previously terminated long-term borrowings.
Total equity decreased $1.0 million, or 1.80%, to $55.6 million at December 31, 2012, compared to $56.6 million at March 31, 2012. The decline reflects a net loss before taxes of $0.9 million (excluding non-controlling interest).
Asset Quality
At December 31, 2012, non-performing assets totaled $57.6 million, or 8.98% of total assets, compared to $86.4 million or 13.47% of total assets at March 31, 2012, and $93.9 million or 14.01% of total assets at December 31, 2011. Non-performing assets at December 31, 2012 were comprised of $12.0 million of loans 90 days or more past due and non-accruing, $18.0 million of loans classified as a troubled debt restructuring, $5.6 million of loans that are either performing or less than 90 days past due that have been classified as impaired, $3.0 million of Real Estate Owned, and $19.0 million of loans classified as HFS.
The allowance for loan losses was $14.5 million at December 31, 2012, which represents a ratio of the allowance for loan losses to non-performing loans of 40.72% compared to 36.31% at March 31, 2012. The ratio of the allowance for loan losses to total loans was 3.97% at December 31, 2012, a decline from 4.80% at March 31, 2012.
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 | December 31, | March 31, |
| 2012 | 2012 | |
| ASSETS | ||
| Cash and cash equivalents: | ||
| Cash and due from banks | $ 114,292 | $ 89,872 |
| Money market investments | 7,558 | 1,825 |
| Total cash and cash equivalents | 121,850 | 91,697 |
| Restricted cash | 6,416 | 6,415 |
| Investment securities: | ||
| Available-for-sale, at fair value | 109,936 | 85,106 |
| Held-to-maturity, at amortized cost (fair value of $10,191 and $11,774 at December 31, 2012 and March 31, 2012, respectively) | 9,565 | 11,081 |
| Total investments | 119,501 | 96,187 |
| Loans held-for-sale ("HFS") | 18,991 | 29,626 |
| Loans receivable: | ||
| Real estate mortgage loans | 330,655 | 367,611 |
| Commercial business loans | 33,535 | 43,989 |
| Consumer loans | 264 | 1,258 |
| Loans, net | 364,454 | 412,858 |
| Allowance for loan losses | (14,483) | (19,821) |
| Total loans receivable, net | 349,971 | 393,037 |
| Premises and equipment, net | 8,885 | 9,573 |
| Federal Home Loan Bank of New York ("FHLB-NY") stock, at cost | 3,368 | 2,168 |
| Accrued interest receivable | 2,359 | 2,256 |
| Other assets | 9,297 | 10,271 |
| Total assets | $ 640,638 | $ 641,230 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| LIABILITIES: | ||
| Deposits: | ||
| Savings | 96,226 | 101,079 |
| Non-Interest Bearing Checking | 61,676 | 67,202 |
| NOW | 25,044 | 28,325 |
| Money Market | 113,417 | 109,404 |
| Certificates of Deposit | 205,286 | 226,587 |
| Total Deposits | 501,649 | 532,597 |
| Advances from the FHLB-New York and other borrowed money | 73,403 | 43,429 |
| Other liabilities | 9,986 | 8,585 |
| Total liabilities | 585,038 | 584,611 |
| 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 | 45,118 |
| Common stock (par value $0.01 per share: 10,000,000 shares authorized; 3,697,264 issued; 3,695,320 and 3,695,174 shares outstanding at December 31, 2012 and March 31, 2012, respectively) | 61 | 61 |
| Additional paid-in capital | 55,574 | 54,068 |
| Accumulated deficit | (45,125) | (45,091) |
| Non-controlling interest | 95 | 2,751 |
| Treasury stock, at cost (1,944 shares at December 31, 2012 and 2,090 and March 31, 2012, respectively). | (417) | (447) |
| Accumulated other comprehensive loss | 294 | 159 |
| Total stockholders' equity | 55,600 | 56,619 |
| Total liabilities and stockholders equity | $ 640,638 | $ 641,230 |
| CARVER BANCORP, INC. AND SUBSIDIARIES | ||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | ||||
| Three Months Ended | Nine Months Ended | |||
| $ in thousands except per share data | December 31, | December 31, | ||
| 2012 | 2011 | 2012 | 2011 | |
| Interest Income: | ||||
| Loans | $ 5,325 | $ 6,416 | $ 16,398 | $ 20,076 |
| Mortgage-backed securities | 215 | 279 | 783 | 1,018 |
| Investment securities | 349 | 114 | 857 | 340 |
| Money market investments | 38 | 102 | 156 | 151 |
| Total interest income | 5,927 | 6,911 | 18,194 | 21,585 |
| Interest expense: | ||||
| Deposits | 868 | 1,069 | 2,750 | 3,012 |
| Advances and other borrowed money | 342 | 785 | 1,033 | 2,560 |
| Total interest expense | 1,210 | 1,854 | 3,783 | 5,572 |
| Net interest income | 4,717 | 5,057 | 14,411 | 16,013 |
| Provision for loan losses | (398) | 113 | 386 | 12,290 |
| Net interest income after provision for loan losses | 5,115 | 4,944 | 14,025 | 3,723 |
| Non-interest income: | ||||
| Depository fees and charges | 964 | 740 | 2,652 | 2,212 |
| Loan fees and service charges | 170 | 203 | 565 | 689 |
| Gain on sale of securities, net | 60 | — | 60 | — |
| Gain on sales of loans, net | 1,109 | 19 | 1,714 | 154 |
| Loss on real estate owned | — | (91) | (288) | (216) |
| New Market Tax Credit ("NMTC") fees | — | — | 625 | — |
| Lower of Cost or market adjustment on loans held for sale | — | (530) | — | (905) |
| Other | 238 | 212 | 587 | 539 |
| Total non-interest income | 2,541 | 553 | 5,915 | 2,473 |
| Non-interest expense: | ||||
| Employee compensation and benefits | 2,819 | 3,006 | 8,243 | 9,188 |
| Net occupancy expense | 910 | 903 | 2,684 | 2,805 |
| Equipment, net | 314 | 329 | 889 | 1,029 |
| Data processing | 326 | 216 | 842 | 596 |
| Consulting fees | 63 | 165 | 243 | 370 |
| Federal deposit insurance premiums | 320 | 369 | 994 | 1,177 |
| Other | 2,552 | 2,788 | 6,933 | 7,531 |
| Total non-interest expense | 7,304 | 7,776 | 20,828 | 22,696 |
| Profit/(Loss) before income taxes | 352 | (2,279) | (888) | (16,500) |
| Income tax expense (benefit) | 68 | (1,004) | 264 | (927) |
| Net income/(loss) before attribution of noncontrolling interest | 284 | (1,275) | (1,152) | (15,573) |
| Non Controlling interest, net of taxes | (190) | (595) | (1,126) | 687 |
| Net income/(loss) | $ 474 | $ (680) | $ (26) | $ (16,260) |
| Earnings/(loss) per common share: | ||||
| Basic | $ 0.13 | $ (0.26) | $ (0.01) | $ (16.81) |
| Diluted | $ 0.13 | N/A | N/A | N/A |
| CARVER BANCORP, INC. AND SUBSIDIARIES | |||||
| Non Performing Asset Table | |||||
| $ in thousands | December 2012 | September 2012 | June 2012 | March 2012 | December 2011 |
| Loans accounted for on a non-accrual basis (1): | |||||
| Gross loans receivable: | |||||
| One- to-four family | $ 7,249 | $ 6,094 | $ 7,363 | $ 6,988 | $ 12,863 |
| Multi-family | 483 | 1,724 | 1,790 | 2,923 | 2,619 |
| Commercial real estate | 18,872 | 14,145 | 16,487 | 24,467 | 26,313 |
| Construction | 1,230 | 4,258 | 4,658 | 11,325 | 17,651 |
| Business | 7,718 | 8,717 | 9,337 | 8,862 | 9,825 |
| Consumer | 14 | 15 | — | 23 | 4 |
| Total non-performing loans | $ 35,566 | $ 34,953 | $ 39,635 | $ 54,588 | $ 69,275 |
| Other non-performing assets (2): | |||||
| Real estate owned | $ 2,996 | $ 2,119 | $ 1,961 | $ 2,183 | $ 2,183 |
| Loans held for sale | 18,991 | 26,830 | 30,163 | 29,626 | 22,490 |
| Total other non-performing assets | 21,987 | 28,949 | 32,124 | 31,809 | 24,673 |
| Total non-performing assets (3): | $ 57,553 | $ 63,902 | $ 71,759 | $ 86,397 | $ 93,948 |
| Non-performing loans to total loans | 9.76 % | 9.20 % | 10.17 % | 13.22 % | 15.12 % |
| Non-performing assets to total assets | 8.98 % | 10.01 % | 11.13 % | 13.47 % | 14.01 % |
| (1) Non-accrual 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 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. | |||||
| CARVER BANCORP, INC. AND SUBSIDIARIES | ||||||
| CONSOLIDATED AVERAGE BALANCES | ||||||
| For the Three Months Ended December 31, | ||||||
| 2012 | 2011 | |||||
| $ in thousands | Average | Average | Average | Average | ||
| Balance | Interest | Yield/Cost | Balance | Interest | Yield/Cost | |
| Interest Earning Assets: | ||||||
| Loans (1) | $ 404,613 | $ 5,325 | 5.26 % | $ 507,153 | $ 6,416 | 5.06 % |
| Mortgaged-backed securities | 46,251 | 215 | 1.86 % | 44,246 | 279 | 2.52 % |
| Investment securities | 73,392 | 267 | 1.46 % | 24,169 | 81 | 1.33 % |
| Restricted Cash Deposit | 6,415 | — | 0.03 % | 6,397 | — | 0.03 % |
| Equity securities (2) | 2,545 | 23 | 3.60 % | 2,655 | 30 | 4.42 % |
| Other investments and federal funds sold | 66,899 | 97 | 0.58 % | 63,309 | 105 | 0.66 % |
| Total interest-earning assets | 600,115 | 5,927 | 3.95 % | 647,929 | 6,911 | 4.27 % |
| Non-interest-earning assets | 9,273 | 6,921 | ||||
| Total assets | $ 609,388 | $ 654,850 | ||||
| Interest Bearing Liabilities: | ||||||
| Deposits: | ||||||
| Now demand | $ 25,054 | 10 | 0.16 % | $ 27,191 | 11 | 0.16 % |
| Savings and clubs | 97,391 | 64 | 0.26 % | 102,960 | 68 | 0.26 % |
| Money market | 112,044 | 201 | 0.71 % | 83,690 | 251 | 1.19 % |
| Certificates of deposit | 204,609 | 582 | 1.13 % | 193,358 | 728 | 1.49 % |
| Mortgagors deposits | 2,282 | 11 | 1.92 % | 2,309 | 11 | 1.89 % |
| Total deposits | 441,380 | 868 | 0.78 % | 409,508 | 1,069 | 1.04 % |
| Borrowed money | 43,737 | 342 | 3.11 % | 88,679 | 785 | 3.51 % |
| Total interest-bearing liabilities | 485,117 | 1,210 | 0.99 % | 498,187 | 1,854 | 1.48 % |
| Non-interest-bearing liabilities: | ||||||
| Demand | 60,117 | 84,585 | ||||
| Other liabilities | 9,329 | 8,449 | ||||
| Total liabilities | 554,563 | 591,221 | ||||
| Stockholders' equity | 54,825 | 63,629 | ||||
| Total liabilities & stockholders' equity | $ 609,388 | $ 654,850 | ||||
| Net interest income | $ 4,717 | $ 5,057 | ||||
| Average interest rate spread | 2.96 % | 2.79 % | ||||
| Net interest margin | 3.14 % | 3.12 % | ||||
| (1) Includes non-accrual loans | ||||||
| (2) Includes FHLB-NY stock | ||||||
| CARVER BANCORP, INC. AND SUBSIDIARIES | ||||||
| CONSOLIDATED AVERAGE BALANCES | ||||||
| For the Nine Months Ended December 31, | ||||||
| 2012 | 2011 | |||||
| $ in thousands | Average | Average | Average | Average | ||
| Balance | Interest | Yield/Cost | Balance | Interest | Yield/Cost | |
| Interest Earning Assets: | ||||||
| Loans (1) | $ 416,306 | $ 16,398 | 5.25 % | $ 545,267 | $ 20,076 | 4.91 % |
| Mortgaged-backed securities | 51,418 | 783 | 2.03 % | 48,631 | 1,018 | 2.79 % |
| Investment securities | 57,776 | 599 | 1.38 % | 23,773 | 218 | 1.22 % |
| Restricted Cash Deposit | 6,415 | 1 | 0.03 % | 6,969 | 2 | 0.03 % |
| Equity securities (2) | 2,545 | 70 | 3.64 % | 2,867 | 111 | 5.14 % |
| Other investments and federal funds sold | 77,438 | 343 | 0.59 % | 44,877 | 160 | 0.47 % |
| Total interest-earning assets | 611,898 | 18,194 | 3.96 % | 672,384 | 21,585 | 4.28 % |
| Non-interest-earning assets | 8,139 | 3,015 | ||||
| Total assets | $ 620,037 | $ 675,399 | ||||
| Interest Bearing Liabilities: | ||||||
| Deposits: | ||||||
| Now demand | $ 26,016 | 31 | 0.16 % | $ 26,451 | 32 | 0.16 % |
| Savings and clubs | 99,495 | 197 | 0.26 % | 105,112 | 208 | 0.26 % |
| Money market | 110,241 | 598 | 0.72 % | 76,232 | 608 | 1.06 % |
| Certificates of deposit | 212,432 | 1,894 | 1.19 % | 198,780 | 2,135 | 1.43 % |
| Mortgagors deposits | 2,193 | 30 | 1.82 % | 2,392 | 30 | 1.66 % |
| Total deposits | 450,377 | 2,750 | 0.81 % | 408,967 | 3,013 | 0.98 % |
| Borrowed money | 43,857 | 1,033 | 3.13 % | 99,806 | 2,561 | 3.41 % |
| Total interest-bearing liabilities | 494,234 | 3,783 | 1.02 % | 508,773 | 5,574 | 1.45 % |
| Non-interest-bearing liabilities: | ||||||
| Demand | 62,057 | 103,069 | ||||
| Other liabilities | 8,160 | 8,162 | ||||
| Total liabilities | 564,451 | 620,004 | ||||
| Stockholders' equity | 55,586 | 55,395 | ||||
| Total liabilities & stockholders' equity | $ 620,037 | $ 675,399 | ||||
| Net interest income | $ 14,411 | $ 16,011 | ||||
| Average interest rate spread | 2.94 % | 2.83 % | ||||
| Net interest margin | 3.14 % | 3.18 % | ||||
| (1) Includes non-accrual 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: | 2012 | 2011 | 2012 | 2011 |
| Return on average assets (1) | 0.31 % | (0.42)% | (0.01)% | (4.81)% |
| Return on average equity (2) | 3.46 % | (4.27)% | (0.14)% | (58.71)% |
| Net interest margin (3) | 3.14 % | 3.12 % | 3.14 % | 3.19 % |
| Interest rate spread (4) | 2.96 % | 2.79 % | 2.94 % | 2.83 % |
| Efficiency ratio (5) | 100.63 % | 138.60 % | 102.47 % | 122.77 % |
| Operating expenses to average assets (6) | 4.79 % | 4.75 % | 10.08 % | 6.72 % |
| Average equity to average assets (7) | 9.00 % | 9.72 % | 8.96 % | 8.20 % |
| Average interest-earning assets to average interest-bearing liabilities | 1.24 | 1.17 | 1.24 | 1.23 |
| Net income (loss) per share (*) | $ 0.13 | $ (0.26) | $ (0.01) | $ (16.81) |
| Average shares outstanding (*) | 3,695,653 | 2,621,340 | 3,695,616 | 984,348 |
| December 31, | ||||
| 2012 | 2011 | |||
| Capital Ratios: | ||||
| Tier 1 leverage ratio (8) | 10.06 % | 10.30 % | ||
| Tier 1 risk-based capital ratio (8) | 16.56 % | 14.76 % | ||
| Total risk-based capital ratio (8) | 19.13 % | 17.11 % | ||
| Asset Quality Ratios: | ||||
| Non performing assets to total assets (9) | 8.98 % | 14.01 % | ||
| Non performing loans to total loans receivable (9) | 9.76 % | 15.12 % | ||
| Allowance for loan losses to total loans receivable | 3.97 % | 4.45 % | ||
| Allowance for loan losses to non-performing loans | 40.72 % | 29.46 % | ||
| (1) Net income (loss), annualized, divided by average total assets. | ||||
| (2) Net income (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 reflect 1 for 15 reverse stock split which was effective on October 27, 2011 | ||||