Carver Bancorp (CARV) in New York will revise its fiscal year 2014 and fiscal fourth quarter results to reflect higher expenses related to its pension plan and its accounting for leases.
The $635 million-asset parent of Carver Federal Savings Bank said in a press release Wednesday that a preliminary review of its pension plan and its lease accounting suggests that its noninterest expenses for its fiscal fourth quarter would be $1.1 million higher than first reported. Its fiscal year ended on March 31.
As a result, Carver expects to report a loss of $900,000 for the fiscal year and $1.5 million for the quarter. Carver had previously reported a profit of $231,000 for the year and loss of $418,000 in the quarter.
Carver Federal Savings Bank is a Community Development Financial Institution with 10 branches in New York City. The company said it plans to file its annual report by July 15, 2014.