Carver Bancorp Inc. of New York said Tuesday that it swung to a profit of $800,000 for its fiscal 2008 second quarter that ended Sept. 30, from a loss of $900,000 a year earlier.
Deborah C. Wright, Carvers's chairman and chief executive, credited a 20-basis-point rise in its net interest margin, to 3.66%, and a $1.8 million rise in noninterest income, to $1.5 million. (The $765 million-asset Carver had a $300,000 net loss in its noninterest income for the year-earlier period, mainly because of a $1.3 million charge from restructuring its balance sheet.) Noninterest expenses rose 15.3%, to $7.2 million, mostly because of salaries added with the acquisition of the $163 million-asset Community Capital Bank last year. Ms. Wright also said the company had to comply with the internal auditing requirements of Section 404 of the U.S. Sarbanes-Oxley Act, but did not say how much that cost.
