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Carver Bancorp (CARV) in New York will recruit out-of-work public-housing residents to work in its branches through a program funded by Morgan Stanley (MS).
April 19 -
Carver Bancorp (CARV) in New York ended a drought by posted a profitable fiscal third quarter.
February 8 -
Carver Bancorp in New York has shuffled several managers while creating a new position of president and chief operating officer.
January 23
Carver Bancorp (CARV) in New York reported its third consecutive quarter of profitability, reflecting lower expenses and higher income from asset sales.
The $634 million-asset company earned $410,000 in the second quarter, after losing $361,000 a year earlier, it announced Friday.
Noninterest income more than doubled from a year earlier, to $2.1 million, including $278,000 in securities gains and $490,000 in gains from loan sales. Deposit fees rose 15% from the second quarter of 2012, to $912,000.
Carver's operating expenses fell 20% from a year earlier, to $5.3 million. Compensation costs fell by 13%, largely because of staff cuts. Carver also set aside less cash to repurchase mortgage loans from Fannie Mae.
Net interest income fell 6% from a year earlier, to $4.6 million, as the average loan balance fell 15%, to $365.7 million. The net interest margin expanded by 11 basis points from the second quarter of 2012, to 3.19%.
Nonperforming assets fell 58% from a year earlier, to $30.1 million, and net chargeoffs rose 7%, to $1.5 million. The loan-loss provision was $831,000, compared to $224,000 a year earlier.
