Carver Bancorp (CARV) reported a wider loss for the quarter that ended on March 31, compared to a year earlier, largely because of higher chargeoffs and reduced loan income.
The $641 million-asset thrift company's loss for its fiscal fourth quarter widened to $7.1 million, compared to $5.5 million a year earlier. The New York company said that during the quarter, it recorded chargeoffs taken on loans transferred to held-for-sale. Net interest income fell 27% from a year earlier, to $6.4 million, because of a drop in yields on interest-bearing assets and a decrease in the average balance of interest-earning assets
Nonperforming assets fell 8% from a year earlier, to $86.4 million. Carver's loan-loss provision declined to $4 million, compared to $6.8 million a year earlier.