Carver Bancorp Inc. said Thursday that earnings for its fiscal first quarter, which ended June 30, fell 4.5% from a year earlier, to $802,000, and diluted earnings per share fell 6%, to 31 cents.
Earnings per share did beat an analyst's estimate by 5 cents, according to Thomson Financial.
The $655 million-asset New York company attributed the earnings decline to a 63% drop in mortgage prepayment penalties and loan origination fees, to $246,000. This drove Carver's noninterest income down 32%, to $954,000.
Net interest income rose 7%, to $5 million. The company said this was primarily because it replaced Federal Home Loan bank borrowings with deposits.
Carver also said it received $59 million of credits on June 1 under the Treasury Department's New Markets Tax Credit program for creating jobs in selected communities.
