New York-based CarverBancorp Inc. disclosed that a material error was made in 2015 relatedto accrued data processing costs and other expenses paid to Carver Federal Savings Bank's core system service provider,according to a Form 8-K.

The error was discovered during the company's audit. As a result,the company will restate its consolidated financial statements for the fiscal yearended March 31, 2015, and each of the quarters of 2015 and 2016. The restatementwill result in a net loss for fiscal year 2015.