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Carver Bancorp Inc. Reports Operating Results (10-K)

June 29, 2012 | About:

Carver Bancorp Inc. (NASDAQ:CARV) filed Annual Report for the period ended 2012-03-31.

Carver Bancorp, Inc. has a market cap of $11.5 million; its shares were traded at around $2.65 with and P/S ratio of 0.3.

Highlight of Business Operations:

FHLB-NY is required to provide funds for the resolution of insolvent thrifts and to contribute funds for affordable housing programs. These requirements could reduce the amount of earnings that the FHLB-NY can pay as dividends to its members and could also result in the FHLB-NY imposing a higher rate of interest on advances to its members. If dividends were reduced, or interest on future FHLB-NY advances increased, the Bank's net interest income would be adversely affected. Dividends from FHLB-NY to the Bank amounted to $0.1 million, $0.2 million and $0.3 million for fiscal years 2012, 2011 and 2010, respectively. The dividend rate paid on FHLB-NY stock at March 31, 2012 was 4.50%.

Cash and cash equivalents, and restricted cash increased $54.0 million, or 122.6%, to $98.1 million at March 31, 2012, compared to $44.1 million at March 31, 2011.This increase was primarily driven by the capital raise inflow of $55.0 million, loan payoff and sales proceeds of $145.5 million, and an increase in money market deposits of $35.0 million. These inflows were offset by the repayment of institutional deposits of $95.5 million, early termination of borrowings of $40 million, net investment activity of $24.9 million and loan originations of $21.3 million.

Interest income decreased $8.3 million to $27.9 million or 22.9% compared to $36.2 million in the prior year period. The decrease is primarily due to the drop in yields on interest bearing assets and the decrease in the average balance of interest-earning assets. The average yield on mortgaged-backed securities fell 94 basis points to 2.70% from 3.64%. The average yield on loans fell 45 basis points to 4.93% from 5.38%. The current low interest rate environment, combined with the reduction in interest earning assets, continues to negatively impact interest income.

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