NEW YORK - Carver Bancorp, reporting another lackluster quarter, said it is selling branches in an ongoing effort to improve profitability.
"We have been engaged in a strategic evaluation of our branch network and have been marketing branches that do not meet our profitability goals," president and chief executive officer Deborah C. Wright said in a statement.
The thrift, which has six branches in the New York metropolitan area, reported net income of $149,000, or 4 cents a share, in its first fiscal quarter, which ended June 31. In the year-earlier period it had net income of $787,000, or 35 cents a share.
The company said it would have recorded a net loss of about $105,000 if it had not sold its branch in Roosevelt, and that it has an agreement to sell another branch.
The $419 million-asset company reported a net loss of $1.1 million in the year that ended March 31, versus a net loss of $4.5 million in the previous fiscal year.