Unassociated Document
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of
1934
Date
of
report (Date of earliest event reported): February 14, 2007
CARVER
BANCORP, INC.
(Exact
name of registrant as specified in its charter)
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Delaware
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0-21487
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13-3904147
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(State
or Other Jurisdiction of Incorporation )
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(Commission
File Number)
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(IRS
Employer Identification No.)
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75
West 125th
Street, New York, NY 10027-4512
(Address
of Principal Executive Offices)
Registrant’s
telephone number, including area code: (212)
876-4747
NOT
APPLICABLE
(Former
name or former address, if changed since last report)
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instructions A.2. below):
[
]
Written
communications pursuant to Rule425 under the Securities Act (17 CFR
230.425)
[
]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[
]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act
(17 CFR 240.14d-2(b))
[
]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act
(17 CFR 240.13e-4(c))
ITEM
4.02.
NON-RELIANCE
ON PREVIOUSLY ISSUED FINANCIAL STATEMENTS OR A RELATED AUDIT REPORT OR COMPLETED
INTERIM REVIEW.
On
February 14, 2007, the Audit Committee of Carver Bancorp, Inc. (the “Company”),
upon the recommendation of management after consultation with the Company’s
independent
registered public accounting firm KPMG
LLP
(“KPMG”), determined that the Company should amend the financial statements in
its annual report on Form 10-K (the “Form 10-K”) for the fiscal year ended March
31, 2006 and in its quarterly report on Form 10-Q for the quarter ended June
30,
2006 to restate the Consolidated Statements of Cash Flows. The restatements
will
not affect the Company’s Consolidated Statements of Financial Condition,
Consolidated Statement of Operations and Consolidated Statement of Changes
in
Stockholders Equity for the affected periods. Accordingly the Company’s
historical revenues, net income, earnings per share, total assets and regulatory
capital remain unchanged.
The
restatements result from misclassification of the cash flows related to certain
mortgage loans that the Company had originated with the intent to sell that
were
reflected in cash flows from investing activities, rather than in cash flows
from operating activities. Additionally, the Company misclassified and reported
in cash flows from operating activities rather than in cash flows from investing
activities cash flows from certain sales of loans that it originally intended
for its portfolio. Accordingly the restatement will solely affect the
classification of these activities and subtotals of cash flows from operating
and investing activities presented in the affected Consolidated Statement
of
Cash Flows, and will have no impact on the net increase in total cash and
cash
equivalents as set forth in the Consolidated Statement of Cash Flows for
any of
the previously reported periods.
The
Company expects to finalize the restatement and to file its report on Form
10-Q
for the quarter ended December 31, 2006 containing the restated Consolidated
Statement of Cash Flows for the quarter ended June 30, 2006 no later than
February 20, 2007 and to file its amended Form 10-K containing the restated
Consolidated Statement of Cash Flows for Fiscal Years 2006, 2005 and 2004
as
soon as practicable. Previously issued Consolidated financial statements
for
Fiscal Years 2006, 2005 and 2004 and the quarter ended June 30, 2006 should
no
longer be relied upon. The Company expects to release its earnings results
for
the quarter ended December 31, 2006 no later than February 20,
2007.
Authorized
officers of the Company have discussed the matters disclosed in this current
report on Form 8-K with KPMG.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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CARVER
BANCORP, INC.
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By:
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/s/
Deborah C. Wright
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Deborah
C. Wright
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Chairman
& Chief Executive Officer
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Dated:
February 15, 2007