Carver Federal's Profits Drop in Quarter

Carver Federal Savings, the largest black-run thrift in the nation, reported a drop in earnings for its fiscal 1995 third quarter, but core earnings rose sharply.

Net income for the quarter, ended Dec. 31, 1994, dropped to $166,416, compared with $257,777 for the previous third quarter. For the nine months, it earned $606,594, compared with $993,064 in the comparable 1994 period.

There were no earnings per share for the fiscal 1995 periods, since Carver converted to a publicly held company last October.

Net income for the three months ended Dec. 31, 1993, included nonrecurring income of $971,243 resulting from a gain on the sale of investments. Net income for the nine months ended Dec. 31, 1993, included nonrecurring income of $989,745 from a gain on the sale of investments and income attributable to the cumulative effect of a change in accounting principle related to the adoption of a new accounting rule.