Carver Bancorp, Inc. reported consolidated earnings results for the third quarter ended December 31, 2012. For the quarter, the company’s total interest income was $5,927,000 against $6,911,000 a year ago. Net interest income was $4,717,000 against $5,057,000 a year ago. Profit before income taxes was $352,000 against loss before income taxes of $2,279,000 a year ago. Net income before attribution of non controlling interest was $284,000 against net loss before attribution of non controlling interest of $1,275,000 a year ago. Net income was $474,000 or $0.13 per basic and diluted share against net loss of $680,000 or $0.26 per basic share a year ago. Return on average assets was 0.31% against negative return on average assets of 0.42% a year ago. Return on average equity was 3.46% against negative return on equity of 4.27% a year ago. Average equity to average assets was 9.00% against 9.72% a year ago. For the nine months, the company’s total interest income was $18,194,000 against $21,585,000 a year ago. Net interest income was $14,411,000 against $16,013,000 a year ago. Loss before income taxes was $888,000 against $16,500,000 a year ago. Net loss before attribution of non controlling interest was $1,152,000 against $15,573,000 a year ago. Net loss was $26,000 or $0.01 per basic and diluted share against net loss of $16,260,000 or $16.81 per basic share a year ago. Negative return on average assets was 0.01% against 4.81% a year ago. Negative return on average equity was 0.14% against 58.71% a year ago. Average equity to average assets was 8.96% against 8.20% a year ago.

Carver Bancorp, Inc. announced several changes to its executive management team. Michael T. Pugh has been appointed to the newly created position of President and Chief Operating Officer, reporting to Deborah C. Wright, Chairman and Chief Executive Officer. In this role he will oversee company's new business and related operating functions, including lending, retail, operations and marketing. Mr. Pugh is a retail and business banking veteran of more than 20 years. For the past five months he has been company's Chief Revenue Officer, focusing on redesigning its new business strategy, management structure and related processes. Before joining the company, Mr. Pugh worked at Capital One, N.A., as Senior Vice President, Regional Executive and Market President of the Eastern Maryland. The company also announced that Mark A. Ricca, its current Chief Financial and Administrative Officer, his intention to resign, effective February 15, 2013, to accept a Chief Executive Officer's position at another institution. The company Board of Directors also appointed David Toner, CPA, Senior Vice President and Controller for the past four years, as acting Chief Financial Officer, effective February 15, 2013. Mr. Toner joined Carver in 2009 after more than 20 years with Citigroup in various financial control positions in the United States and Europe, including serving as Chief Financial Officer of Citigroup's Community Development business from 2004 through 2007. Prior to joining Citigroup in 1987, Mr. Toner held various audit positions with Deloitte & Touche (formerly Deloitte, Haskins & Sells). The company noted several additional executive management appointments: Alfredo Assad, most recently a consultant assisting Carver in rebuilding its Lending Department, has been appointed acting Chief Lending Officer. Mr. Assad brings over 24 years of experience in lending. Prior to joining Carver, he was a Director and the President of New York National Bank. James A. Raborn, most recently Senior Vice President, Loan Workout Officer, has been named General Counsel. Mr. Raborn joined Carver in April 2011 from Emigrant Bank where he served as First Vice President and Director of Foreclosure/Real Estate Owned for approximately four years. John Spencer, most recently Chief Retail Officer, has been appointed Chief of Operations, which includes oversight of Retail Operations and Branch Administration, Information Technology, and Facilities. Mr. Spencer will be leading the anticipated conversion of the Bank's core technology platform in 2013. Mr. Spencer joined Carver in 2009 as Senior Vice President and Chief Retail Officer, after 22 years at JPMorgan Chase & Co. where he held several management positions in retail sales/customer service, audit, and operations management.

Carver Bancorp, Inc. announced consolidated earnings results for the second quarter and six months ended September 30, 2012. For the quarter, the company reported total interest income was $6.12 million against $7.44 million a year ago. Net interest income was $4.86 million against $5.68 million a year ago. Loss before income taxes was $0.152 million against $8.13 million a year ago. Net loss before attribution of non-controlling interests was $0.188 million against $8.31 million a year ago. Net loss was $0.136 million or $0.04 loss per share against $9.45 million or $58.67 loss per share a year ago. The primary drivers of the reduction in loss versus the prior year period were lower loan provision charges, higher non-interest income including fee income earned on a new markets tax credit (NMTC) award transaction and gains on sale of loans held for sale (HFS), and lower non-interest expense partially offset by lower net interest income. Negative return on average assets was 0.09% against 5.60% a year ago. Negative return on average equity was 0.99% against 51.69% a year ago. For the six months, the company reported total interest income was $12.27 million against $14.67 million a year ago. Net interest income was $9.7 million against $10.96 million a year ago. Loss before income taxes was $1.24 million against $14.22 million a year ago. Net loss before attribution of non-controlling interests was $1.43 million against $14.3 million a year ago. Net loss was $0.499 million or $0.14 loss per share against $15.58 million or $95.68 loss per share a year ago. Primary drivers of the reduction in loss versus the prior year period were reductions in the provision for loan losses and certain non-interest expense categories and increases in non-interest income. Negative return on average assets was 0.16% against 4.54% a year ago. Negative return on average equity was 1.78% against 60.73% a year ago. As previously stated, the company expects this effort to continue through the balance of the fiscal year 2013, which may lead to uneven results over the next several quarters.