Carver Bancorp (CARV) in New York ended a drought by posted a profitable fiscal third quarter.

The $640.6 million-asset company earned $474,000 in the quarter after losing $680,000 a year earlier.

Net interest income fell 5.9% from a year earlier, to $4.7 million. The net interest margin expanded 2 basis points from a year earlier, to 3.14%. Carver's loan book shrank by 20% from a year earlier, to $404.6 million, year over year. Net chargeoffs rose 36.3% from a year earlier, to $1.5 million.

Noninterest income rose roughly 100% from a year earlier, to $2.5 million, on gains from sales of loans and increased fee revenue.

Noninterest expense fell 5.1% from a year earlier, to $7.3 million.

"We are pleased to report our first quarterly profit since our real estate loan portfolio was severely impacted by the economic downturn," Deborah Wright, Carver's chief executive, said in a press release. "Our positive net income results for the quarter bring Carver's year-to-date results close to break-even. … Our loan performance also continued to improve, with nonperforming assets declining 5% from the prior quarter and 30% year-to-date."

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