Carver Bancorp Inc., New York had net income of $662 million for fiscal year 2013 and $687 million in 4Q13 as the company has rebounded from the real estate issues which impacted it during the downturn.
For the same periods in fiscal year 2012, it lost $23.4 million and $7.1 million. Carver’s fiscal year ends on March 31.
This makes two consecutive profitable quarters for Carver.
Deborah C. Wright, chairman and CEO, said “Our loan performance continues to improve, with
However, she noted “it remains a challenging time for customers in a significant portion of Carver’s footprint, and in the community banking industry. However we remain guardedly optimistic for the fiscal year ahead.”
In 4Q13, Carver recovered $3.7 million from its loan loss reserves, compared with a $4.1 million provision in 2012. For the full year, it recorded a $3.3 million recovery, compared with a $16.3 million provision.
As of March 31, it had nonperforming assets of $46.1 million, down from $57.6 million on Dec. 31, 2012 and $86.4 million on March 31, 2012.
Its nonperforming assets consist of $9.1 million of loans 90 days or more late and non-accruing; $16.7 million of loans classified as troubled debt restructurings; $4.9 million of impaired loans which are either performing or less than 90 days late and are non-accruing; $2.4 million of real estate owned; and $13.1 million of loans classified as held for sale.
Carver also noted the average yield on its portfolio of mortgage-backed securities fell 91 basis points in 4Q13, to 1.51% from 2.42%, as higher yielding securities
