Market Overview

Carver Bancorp, Inc. Reports Second Quarter Fiscal Year 2013 Results

NEW YORK, Nov. 13, 2012 (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 second fiscal quarter of 2013 ended September 30, 2012 ("Fiscal 2013").

The Company reported a net loss of $0.1 million or a loss per share of $0.04 for the second quarter of Fiscal 2013, compared to a net loss of $9.5 million or a loss per share of $58.67, for the prior year period. For the six months ended September 30, 2012 , reported net losses totaled $0.5 million or a loss per share of $0.14, compared to a net loss of $15.6 million or a loss per share of $95.68 for the prior year period.

Deborah C. Wright, Carver Bancorp Chairman and CEO said, "Returning our loan performance metrics to industry standards and substantially increasing our revenues remain our two core priorities. We are pleased to report that our financial performance continued to strengthen over the quarter, as we achieved our best results for any period over the prior three fiscal years. This quarter, our loan performance continued to improve with non-performing assets declining 10.9% from the prior quarter and 46.1% year-over-year. As we have previously stated, we expect this effort to continue through the balance of the fiscal year, which may lead to uneven results over the next several quarters."

Ms. Wright added: "As a community bank, our net interest margin continued to be impacted by larger industry headwinds. We have begun to see a slowdown in the net reduction in total loans as we have strategically rebuilt our lending team and revenues from Carver Community Cash continue to increase. We believe these trends will accelerate with the opening of our first branch in East Harlem later this month and the roll out of five self-service check cashing kiosks over the next month across our operating markets."

"Finally, our heartfelt concern remains with all those impacted by Hurricane Sandy. Our employees worked tirelessly to restore operations at Carver in the wake of the storm through much personal sacrifice. We were able to service our customers in all but one branch just one day after the hurricane hit the New York metropolitan area," Ms. Wright concluded.

Income Statement Highlights

Second Quarter Results

The Company reported a net loss for the three months ended September 30, 2012 of $0.1 million compared to a net loss of $9.5 million for the prior year period. The primary drivers of the reduction in loss versus the prior year period were lower loan provision charges, higher non-interest income including fee income earned on a new markets tax credit ("NMTC") award transaction and gains on sale of loans held for sale ("HFS"), and lower non-interest expense partially offset by lower net interest income.

Net Interest Income

Interest income decreased $1.3 million, or 17.8%, to $6.1 million in the second quarter, compared to the prior year quarter, primarily attributed to a $134.8 million, or 24.6%, decrease in average loans. The average yield on mortgage-backed securities fell 73 basis points to 2.09% from 2.82% during the quarter, as higher yielding securities experienced early payoffs and were replaced with lower yielding securities. Although the average yield on loans increased 23 basis points to 5.30% from 5.07%, the decrease in average loans reduced total interest income on loans. Interest income and net interest margin will continue to be under pressure as unit average loan balances increase due to the low yields available on alternative earning assets.

Interest expense decreased $0.5 million, or 29.0%, to $1.3 million for the second quarter, compared to $1.8 million for the prior year quarter, as lower cost deposits replaced borrowings. The average yield on interest bearing liabilities decreased 40 basis points to 1.01% for the quarter ended September 30, 2012.

Provision for Loan Losses

The Company recorded a $0.6 million provision for loan losses for the second quarter compared to $7.0 million for the prior year quarter. Net charge-offs of $2.8 million were recognized compared to $7.0 million in the prior year period. The charge-offs in both quarters to the provision were primarily related to impaired loans and loans that moved to HFS. The impact of the charge-offs to the provision was partially offset by a reduction in the allowance for loan losses, which was primarily due to reductions in loss experience and, to a lesser extent, a decline in loan balances.

Non-interest Income

Non-interest income increased $1.6 million, or 194.0%, to $2.4 million for the second quarter, compared to $0.8 million for the prior year quarter. The increase was primarily due to a $0.6 million gain on sale of a HFS loan and a $0.6 million fee earned on a NMTC transaction.

Non-interest Expense

Non-interest expense decreased $0.7 million to $6.9 million compared to $7.6 million in the prior year quarter. Non-interest expense was lower in all categories with the largest decreases comprised of $0.4 million in compensation expenses and $0.3 million in collection expenses and charge-offs related to non-performing assets.

Income Taxes

The income tax expense was $36 thousand for the second quarter compared to $185 thousand for the prior year period.

Six Month Results

The Company reported a net loss for the six months ended March 31, 2012 of $0.5 million compared to a net loss of $15.6 million for the prior year period. Primary drivers of the reduction in loss versus the prior year period were 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 $2.4 million, or 16.40%, to $12.3 million in the six month period, compared to the prior year period, with the decrease primarily attributed to a $142.2 million, or 25%, decrease in average loans. The average yield on mortgage-backed securities fell 80 basis points to 2.11% from 2.91% during the prior year period, as higher yielding securities experienced early payoffs and were replaced with lower yielding investment securities. The average yield on loans increased 41 basis points to 5.25% from 4.84%, which was directly related to the lower levels of non-performing loans in the portfolio. However, the drop in average loans decreased total interest income on loans.

Interest expense decreased $1.1 million, or 30.81%, to $2.6 million for the six month period, compared to $3.7 million for the prior year period, as lower cost deposits replaced borrowings. The average yield on interest bearing liabilities decreased 41 basis points to 1.03% for the six months ended September 30, 2012.

Provision for Loan Losses

The Company recorded a $0.8 million provision for loan losses for the six month period, compared to $12.2 million for the prior year period. For the six months ended September 30, 2012, net charge-offs of $4.2 million were recognized compared to $11.4 million, in the prior year period. Charge-offs in both quarters were primarily related to loans moved to HFS.

Non-interest Income

Non-interest income increased $1.5 million, or 75.8%, to $3.4 million for the six month period, compared to $1.9 million for the prior year period. The majority of the increase was attributable to fee income received from a NMTC transaction, gains on sales of loans during the period and an increase in depository fees.

Non-interest Expense

Non-interest expense decreased $1.4 million to $13.5 million compared to $14.9 million in the prior year period. Non-interest expense was lower in all categories with the largest decreases comprised of $0.8 million in compensation expenses, $0.2 million in collection expenses and charge-offs related to non-performing assets and a decline of $0.1 million in FDIC premiums.

Income Taxes

The income tax expense was $196 thousand for the six month period compared to $76 thousand for the prior year period.

Financial Condition Highlights

At September 30, 2012, total assets decreased $3.0 million, or 0.46%, to $638.3 million, compared to $641.2 million at March 31, 2012. Investment securities increased $28.3 million. This increase was partially offset by decreases in the loan portfolio of $32.9 million, the allowance for loan losses of $3.4 million and loans HFS of $2.8 million.

Total securities increased $28.3 million, or 29.44%, to $124.5 million at September 30, 2012, compared to $96.2 million at March 31, 2012. This change reflects an increase of $29.4 million in available-for-sale securities offset by a $1.0 million decrease in held-to-maturity securities, as the Company diversified its investment portfolio to increase earning assets.

Total loans receivable decreased $32.9 million, or 7.97%, to $380.0 million at September 30, 2012, compared to $412.9 million at March 31, 2012; $32.2 million of principal repayments and loan payoffs across all loan classifications comprised the majority of the decrease, with the largest declines in multi-family and business loans. An additional $7.7 million in loans were transferred from held for investment to HFS. Principal charge-offs for the fiscal year totaled $3.8 million. Decreases were partially offset by loan originations and advances of $10.9 million. The decrease of $3.4 million in the allowance for loan losses is due to a reduction in the portfolio's total loss experience and the decrease in loan volume.

HFS loans decreased $2.8 million to $26.8 million. The Company continued to take aggressive steps to increase resolution of troubled loans. During the period, this portfolio increased $7.2 million, net of charge-offs, offset by $10.0 million of sales and paydowns.

Total liabilities decreased $1.5 million, or 0.26%, to $583.1 million at September 30, 2012, compared to $584.6 million at March 31, 2012, due to reductions in deposits of $26.2 million, partially offset by an increase in short-term borrowings of $22.0 million.

Deposits decreased $26.2 million, or 4.92%, to $506.4 million at September 30, 2012, compared to $532.6 million at March 31, 2012, due principally to $9 million of planned withdrawals from non-interest bearing control disbursements accounts and management's decision to allow higher cost certificates of deposit to roll off the balance sheet.

Advances from the Federal Home Loan Bank of New York (FHLB-NY) and other borrowed money increased $22.0 million, or 50.62%, to $65.4 million at September 30, 2012, compared to $43.4 million at March 31, 2012, as the Company increased short-term borrowings during the six month period.

Total equity decreased $1.4 million, or 2.54%, to $55.2 million at September 30, 2012, compared to $56.6 million at March 31, 2012. The decline reflects a net loss before taxes of $1.2 million (excluding non-controlling interest) and a change in accumulated other comprehensive loss of $0.2 million.

Asset Quality

At September 30, 2012, non-performing assets totaled $63.9 million, or 10.01% of total assets, compared to $86.4 million or 13.5% of total assets at March 31, 2012, and $118.6 million or 17.49% of total assets at September 30, 2011. Non-performing assets at September 30, 2012 were comprised of $9.5 million of loans 90 days or more past due and non-accruing, $16.9 million of loans classified as a troubled debt restructuring, $8.6 million of loans that are either performing or less than 90 days past due that have been classified as impaired, $2.1 million of REO ("Real Estate Owned"), and $26.8 million of loans classified as HFS.

The allowance for loan losses was $16.4 million at September 30, 2012, which represents a ratio of the allowance for loan losses to non-performing loans of 46.9% compared to 36.3% at March 31, 2012. The ratio of the allowance for loan losses to total loans was 4.3% at September 30, 2012, a decline from 4.8% 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
     
  September 30, March
31,
$ In thousands, except per share data 2012 2012
ASSETS    
Cash and cash equivalents:    
Cash and due from banks  $ 82,179  $ 89,872
Money market investments  9,898  1,825
Total cash and cash equivalents  92,077  91,697
Restricted cash  6,415  6,415
Investment securities:    
Available-for-sale, at fair value  114,462  85,106
Held-to-maturity, at amortized cost (fair value of $10,737 and $11,774 at September 30, 2012 and March 31, 2012, respectively)  10,038  11,081
Total investments  124,500  96,187
     
Loans held-for-sale ("HFS")  26,830  29,626
     
Loans receivable:    
Real estate mortgage loans  343,402  367,611
Commercial business loans  36,132  43,989
Consumer loans  416  1,258
Loans, net  379,950  412,858
Allowance for loan losses  (16,408)  (19,821)
Total loans receivable, net  363,542  393,037
Premises and equipment, net  9,084  9,573
Federal Home Loan Bank of New York ("FHLB-NY") stock, at cost  3,008  2,168
Accrued interest receivable  2,438  2,256
Other assets  10,380  10,271
Total assets  $ 638,274  $ 641,230
     
LIABILITIES AND STOCKHOLDERS' EQUITY    
LIABILITIES:    
Deposits:    
Savings  98,615  101,079
Non-Interest Bearing Checking  59,344  67,202
NOW  24,977  28,325
Money Market  110,206  109,404
Certificates of Deposit  213,234  226,587
Total Deposits  506,376  532,597
Advances from the FHLB-New York and other borrowed money  65,414  43,429
Other liabilities  11,304  8,585
Total liabilities  583,094  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 September 30, 2012 and March 31, 2012, respectively)  61  61
Additional paid-in capital  55,063  54,068
Accumulated deficit  (45,599)  (45,091)
Non-controlling interest  795  2,751
Treasury stock, at cost (1,944 shares at September 30, 2012 and 2,090 and March 31, 2012, respectively).  (417)  (447)
Accumulated other comprehensive loss  159  159
Total stockholders' equity  55,180  56,619
Total liabilities and stockholders' equity  $ 638,274  $ 641,230
 
(*) 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
         
  Three Months Ended Six Months Ended
  September 30, September 30,
$ In thousands except per share data 2012 2011 2012 2011
Interest Income:        
Loans  $ 5,486  $ 6,958  $ 11,074  $ 13,660
Mortgage-backed securities  275  342  569  739
Investment securities  307  116  507  226
Money market investments  49  25  118  49
Total interest income  6,117  7,441  12,268  14,674
         
Interest expense:        
Deposits  906  937  1,882  1,943
Advances and other borrowed money  347  827  691  1,776
Total interest expense  1,253  1,764  2,573  3,719
         
Net interest income  4,864  5,677  9,695  10,955
Provision for loan losses  560  7,007  784  12,177
Net interest income after provision for loan losses  4,304  (1,330)  8,911  (1,222)
         
Non-interest income:        
Depository fees and charges  892  751  1,688  1,472
Loan fees and service charges  195  208  395  486
Gain on sales of loans, net  569  135  604  134
Loss on real estate owned  --  (122)  (288)  (124)
New Market Tax Credit ("NMTC") fees  625  --  625  --
Lower of Cost or market adjustment on loans held for sale  --  (275)  --  (375)
Other  153  131  350  326
Total non-interest income  2,434  828  3,374  1,919
         
Non-interest expense:        
Employee compensation and benefits  2,704  3,137  5,424  6,182
Net occupancy expense  916  970  1,774  1,902
Equipment, net  609  537  1,091  1,079
Consulting fees  113  116  180  205
Federal deposit insurance premiums  331  355  674  809
Other  2,217  2,512  4,381  4,742
Total non-interest expense  6,890  7,627  13,524  14,919
         
Loss before income taxes  (152)  (8,129)  (1,239)  (14,222)
Income tax (benefit)/expense  36  185  196  76
Net loss before attribution of noncontrolling interests  (188)  (8,314)  (1,435)  (14,298)
Non Controlling interest, net of taxes  (52)  1,136  (936)  1,282
Net loss  $ (136)  $ (9,450)  $ (499)  $ (15,580)
         
Loss per common share:        
Basic (*)  $ (0.04)  $ (58.67) $ (0.14)  $ (95.68)
 
(*) Common stock shares for all periods presented reflects a 1 for 15 reverse stock split which was approved on October 27, 2011
           
           
CARVER BANCORP, INC. AND SUBSIDIARIES
Non Performing Asset Table
(In thousands)
           
$ In thousands September 
2012
June 
2012
March 
2012
December 
2011
September 
2011
Loans accounted for on a non-accrual basis (1):          
Gross loans receivable:          
One- to four-family  $ 6,094  $ 7,363  $ 6,988  $ 12,863  $ 14,335
Multi-family  1,724  1,790  2,923  2,619  9,106
Commercial real estate  14,145  16,487  24,467  26,313  16,088
Construction  4,258  4,658  11,325  17,651  31,526
Business  8,717  9,337  8,862  9,825  7,831
Consumer  15  --  23  4  36
Total non-performing loans  $ 34,953  $ 39,635  $ 54,588  $ 69,275  $ 78,922
           
           
Other non-performing assets (2):          
Real estate owned  $ 2,119  $ 1,961  $ 2,183  $ 2,183  $ 275
Loans held for sale  26,830  30,163  29,626  22,490  39,369
Total other non-performing assets  28,949  32,124  31,809  24,673  39,644
Total non-performing assets (3):  $ 63,902  $ 71,759  $ 86,397  $ 93,948  $ 118,566
           
Non-performing loans to total loans 9.20% 10.17% 13.22% 15.12% 16.14%
Non-performing assets to total assets 10.01% 11.13% 13.47% 14.01% 17.49%
           
(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 September 30, 2012 there were $5.2 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,
  2012 2011
$ in thousands Average   Average Average   Average
  Balance Interest Yield/Cost Balance Interest Yield/Cost
             
Interest Earning Assets:            
Loans (1)  $ 414,092  $ 5,486 5.30%  $ 548,887  $ 6,958 5.07%
Mortgage-backed securities  52,685  275 2.09%  48,532  342 2.82%
Investment securities  61,805  221 1.43%  24,081  79 1.31%
Restricted Cash Deposit  6,415  1 0.03%  6,215  -- 0.03%
Equity securities (2)  2,525  23 3.68%  2,657  33 4.93%
Other investments and federal funds sold  71,831  111 0.61%  41,247  29 0.28%
Total interest-earning assets  609,353  6,117 4.01%  671,619  7,441 4.43%
Non-interest-earning assets  8,825      3,236    
Total assets  $ 618,178      $ 674,855    
             
Interest Bearing Liabilities:            
Deposits:            
Now demand  $ 26,393  11 0.17%  $ 25,088  10 0.16%
Savings and clubs  99,807  66 0.26%  105,011  69 0.26%
Money market  109,341  194 0.70%  77,264  188 0.97%
Certificates of deposit  212,516  627 1.17%  188,642  663 1.39%
Mortgagors deposits  1,839  8 1.73%  2,008  7 1.38%
Total deposits  449,896  906 0.80%  398,013  937 0.93%
Borrowed money  43,906  347 3.14%  98,364  827 3.34%
Total interest-bearing liabilities  493,802  1,253 1.01%  496,377  1,764 1.41%
Non-interest-bearing liabilities:            
Demand  60,890      96,605    
Other liabilities  8,266      8,751    
Total liabilities  562,958      601,733    
Stockholders' equity  55,220      73,122    
Total liabilities & stockholders' equity  $ 618,178      $ 674,855    
Net interest income    $ 4,864      $ 5,677  
             
Average interest rate spread     3.00%     3.02%
             
Net interest margin     3.19%     3.38%
             
(1) Includes non-accrual loans            
(2) Includes FHLB-NY stock            
 
CARVER BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED AVERAGE BALANCES
             
  For the Six Months Ended September 30,
  2012 2011
$ in thousands Average   Average Average   Average
  Balance Interest Yield/Cost Balance Interest Yield/Cost
             
Interest Earning Assets:            
Loans (1)  $ 422,185  $ 11,074 5.25%  $ 564,430  $ 13,660 4.84%
Mortgaged-backed securities  54,015  569 2.11%  50,835  739 2.91%
Investment securities  49,925  332 1.33%  23,573  137 1.16%
Restricted Cash Deposit  6,415  1 0.03%  6,215  1 0.03%
Equity securities (2)  2,546  46 3.60%  2,973  81 5.44%
Other investments and federal funds sold  82,736  246 0.59%  35,611  56 0.31%
Total interest-earning assets  617,822  12,268 3.97%  683,637  14,674 4.29%
Non-interest-earning assets  7,558      2,093    
Total assets  $ 625,380      $ 685,730    
             
Interest Bearing Liabilities:            
Deposits:            
Now demand  $ 26,500  21 0.16%  $ 26,079  21 0.16%
Savings and clubs  100,552  133 0.26%  106,194  140 0.26%
Money market  109,335  397 0.72%  72,482  357 0.98%
Certificates of deposit  216,364  1,312 1.21%  201,506  1,406 1.39%
Mortgagors deposits  2,147  19 1.75%  2,433  19 1.56%
Total deposits  454,898  1,882 0.83%  408,694  1,943 0.95%
Borrowed money  43,918  691 3.14%  105,400  1,776 3.36%
Total interest-bearing liabilities  498,816  2,573 1.03%  514,094  3,719 1.44%
Non-interest-bearing liabilities:            
Demand  63,033      112,362    
Other liabilities  7,563      8,018    
Total liabilities  569,412      634,474    
Stockholders' equity  55,968      51,256    
Total liabilities & stockholders' equity  $ 625,380      $ 685,730    
Net interest income    $ 9,695      $ 10,955  
             
Average interest rate spread     2.94%     2.85%
             
Net interest margin     3.14%     3.21%
             
(1) Includes non-accrual 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: 2012 2011 2012 2011
         
Return on average assets (1) (0.09)% (5.60)% (0.16)% (4.54)%
Return on average equity (2) (0.99)% (51.69)% (1.78)% (60.73)%
Net interest margin (3) 3.19% 3.60% 3.14% 3.39%
Interest rate spread (4) 3.00% 3.31% 2.94% 3.10%
Efficiency ratio (5) 94.41% 117.25% 103.49% 115.88%
Operating expenses to average assets (6) 4.46% 4.52% 4.33% 4.35%
Average equity to average assets (7) 8.93% 10.84% 8.95% 7.48%
         
Average interest-earning assets to average interest-bearing liabilities   1.23 x  1.27 x  1.24 x  1.26 x
         
Net loss per share (*)  $ (0.04)  $ (58.67)  $ (0.14)  $ (95.68)
Average shares outstanding (*)  3,695,653  165,983  3,695,597  165,852
         
  September 30,    
  2012 2011    
Capital Ratios:        
Tier 1 leverage ratio (8) 9.91% 10.34%    
Tier I risk-based capital ratio (8) 15.57% 13.98%    
Total risk-based capital ratio (8) 18.09% 16.26%    
         
         
Asset Quality Ratios:        
Non performing assets to total assets (9) 10.01% 17.49%    
Non performing loans to total loans receivable (9) 9.20% 16.14%    
Allowance for loan losses to total loans receivable 4.32% 4.38%    
Allowance for loan losses to non-performing loans 46.94% 27.15%    
         
(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 reflect 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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