Carver Bancorp, Inc. Reports Second Quarter Fiscal Year 2017 Results

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PughCarver 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 quarter ended September 30, 2016 of fiscal year 2017.

The Company reported a net loss of $252 thousand, or basic and diluted loss per share of $0.07, for the quarter ended September 30, 2016, compared to a net loss of $156 thousand, or basic and diluted loss per share of $0.04, for the quarter ended September 30, 2015. For the six months ended September 30, 2016, the Company reported net income of $156 thousand, or basic and diluted earnings per share of $0.02, compared to net income of $289 thousand, or basic and diluted earnings per share of $0.03, for the comparative prior year period.

?Strengthening our asset quality by reducing non-performing loans and other assets is a key element of our plan to improve profitability at Carver,” said Michael T. Pugh, the Company’s President and Chief Executive Officer. ?During the second quarter of fiscal year 2017, we demonstrated progress by reducing non-performing loans held for investment and other non-performing assets. The decision to make these reductions helped to improve our asset quality ratios as follows: 1) non-performing loans to total loans declined to 1.62% at September 30, 2016 from 1.69% at June 30, 2016, and 2) non-performing assets to total assets declined to 1.55% at September 30, 2016 from 2.36% at June 30, 2016.?

?Carver’s Board of Directors and management continue to emphasize compliance with regulatory standards and guidelines. In connection with certain regulatory loan guidelines, we have sought to diversify our loan portfolio and to reduce our concentrations in commercial real estate. Our non-owner occupied CRE loan concentration declined from 494% at March 31, 2016 to 449% at September 30, 2016. Although we have made reductions in CRE loan concentration, our Tier 1 capital remains strong. Additional efforts are underway for further diversification in our portfolio as we move ahead.?

?As a community development financial institution, which first opened its doors in Harlem in 1948, we are committed to providing our customers with the means to access and better manage their money. During the second quarter, Carver hosted an IDNYC Outreach and Awareness Event and an IDNYC Pop-Up Site in our Harlem 125th Street branch. IDNYC is a free form of identification for New York City residents, including immigrants, who might otherwise not have access to an acceptable form of identification. We are pleased to report that approximately 100 bank accounts have been opened at Carver branches using

IDNYC. Our efforts remain committed to serving the Greater New York City area and providing vital banking services to the community.?

(CLICK HERE to read an article about Carver Federal Savings Bank.)