0000912057-01-538077.txt : 20011128 0000912057-01-538077.hdr.sgml : 20011128 ACCESSION NUMBER: 0000912057-01-538077 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20011102 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20011107 FILER: COMPANY DATA: COMPANY CONFORMED NAME: YONKERS FINANCIAL CORP CENTRAL INDEX KEY: 0001005508 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 133870836 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-27716 FILM NUMBER: 1777491 BUSINESS ADDRESS: STREET 1: 6 EXECUTIVE PLAZA CITY: YONKERS STATE: NY ZIP: 10701-9858 BUSINESS PHONE: 9149652500 MAIL ADDRESS: STREET 1: 6 EXECUTIVE PLAZA CITY: YONKERS STATE: NY ZIP: 10701-9858 8-K 1 a2062560z8-k.txt FORM 8-K 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) November 2, 2001 YONKERS FINANCIAL CORPORATION -------------------------------------------------------------------------------- (Exact name of Registrant as specified in its Charter) DELAWARE 0-277716 13-3870836 -------------------------------------------------------------------------------- (State or other jurisdiction (Commission File No.) (IRS Employer of incorporation) Identification No.) 6 EXECUTIVE PLAZA, YONKERS, NEW YORK 10701 -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (914) 965-2500 N/A -------------------------------------------------------------------------------- (Former name or former address, if changed since last report) Item 5. Other Events On November 2, 2001, the Registrant issued the press release attached hereto as Exhibit 99 announcing its earnings for the fiscal year ended September 30, 2001. Item 7. Financial Statements and Exhibits (c) Exhibits 99 Press Release dated November 2, 2001. SIGNATURES 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 thereunto duly authorized. YONKERS FINANCIAL CORPORATION Date: November 2, 2001 By: /s/ Richard K. Komosinski ------------------------- -------------------------------------- Richard F. Komosinski President and Chief Executive Officer (Principal Executive Officer) By: /s/ Joseph D. Roberto -------------------------------------- Senior Vice President, Treasurer and Chief Financial Officer (Principal Financial Officer) EXHIBIT INDEX Exhibit No. Description ----------- ----------- 99 Press Release dated November 2, 2001 EX-99 3 a2062560zex-99.txt EXHIBIT 99 Exhibit 99 DATE: November 2, 2001 CONTACTS: Richard F. Komosinski, President and CEO Joseph D. Roberto, Senior Vice President, Treasurer and CFO PHONE: 914-965-2500 FOR IMMEDIATE RELEASE --------------------- YONKERS FINANCIAL CORPORATION REPORTS INCREASES OF 21.4% IN NET INCOME AND 17.0% IN DILUTED EARNINGS PER SHARE FOR THE YEAR ENDED SEPTEMBER 30, 2001 AND DECLARES QUARTERLY CASH DIVIDEND OF $0.10 PER SHARE ANNUAL MEETING ALSO ANNOUNCED Yonkers, New York - October 31, 2001 Yonkers Financial Corporation (NASDAQ: YFCB) (the "Company"), the holding company for The Yonkers Savings and Loan Association, FA, reported for the fiscal year ended September 30, 2001 diluted earnings per common share was $1.79, an increase of 17.0% compared to $1.53 in the prior year period. Net income for the fiscal year ended September 30, 2001 amounted to $3.8 million, an increase of 21.4% from last year. For the quarter ended September 30, 2001 diluted earnings per common share was $0.48, an increase of 26.3% compared to $0.38 reported for the quarter ended September 30, 2000. Net income for the three months ended September 30, 2001 increased by 34.4%, or $267,000 from the prior year's quarter, to $1.0 million. The Company also announced that the Board of Directors at its October 30, 2001 meeting declared a cash dividend of $0.10 per share, payable November 26, 2001 to holders of record as of November 13, 2001. The dividend represents the Company's twenty-second consecutive quarterly cash dividend since converting to stock form. Commenting on the Company's fiscal year-end results, Richard F. Komosinski, the Company's President and Chief Executive Officer said, "We are pleased to report strong operating results for our fiscal year 2001 especially during these difficult economic times. Our commitment to enhancing shareholder value is reflected in the substantial increase in our earnings per share and book value per share. Efforts to increase the proportion of multi-family and commercial real estate loans represented in the portfolio continued to show progress with related balances having increased 63.9% to $110.5 million at September 30, 2001 compared to $67.4 million at September 30, 2000. Progress also continues in the expansion of our retail franchise as deposits increased 19.8%. We feel the increases we have experienced in earnings, non-residential loans and deposits are consistent with our business plans." The Company also announced that its annual meeting date is scheduled for Thursday, January 24, 2002. Total assets at September 30, 2001 amounted to $571.1 million, an increase of $48.2 million, or 9.2%, from $522.9 million at September 30, 2000. Asset growth during the period was funded primarily through growth in the Company's deposit base relating to the expansion of its retail franchise. Deposits increased $64.4 million to $389.5 million at September 30, 2001 from $325.1 million at September 30, 2000. Net loans receivable, including those held for sale, increased $25.8 million to $392.8 million at September 30, 2001 from $367.0 million a year ago. Other assets increased $8.1 million primarily reflecting the Company's $9.4 million purchase of Bank-Owned Life Insurance ("BOLI"). In January 2001 the Company invested in BOLI policies to fund benefit costs. The cash surrender value of the BOLI policies is recorded on the Company's balance sheet as other assets and the change in the cash surrender value is recorded as other income. Total borrowings decreased by $27.8 million to $129.6 million at September 30, 2001 from $157.4 million at September 30, 2000. Total non-performing loans amounted to $552,000 or 0.14% of total loans receivable at September 30, 2001 compared to $123,000 or 0.03% at September 30, 2000. The Company undertook a comprehensive analysis of the loan portfolio that revealed no significant credit issues directly attributable to the World Trade Center attack. Stockholders' equity increased to $42.6 million at September 30, 2001 from $34.9 million at September 30, 2000, while the ratio of stockholders' equity to total assets increased to 7.5% from 6.7% at September 30, 2000. Book value per share increased to $19.11 at September 30, 2001 from $15.65 at September 30, 2000. Net interest income for the fiscal year ended September 30, 2001 was $14.2 million, an increase of $194,000 from $14.0 million for the same period in the prior year. Net interest income for the three months ended September 30, 2001 was $3.7 million, an increase of $241,000 from $3.5 million for the same period in 2000. These increases reflect the positive effect on net interest income of higher average interest-earning assets, primarily attributable to the investment of proceeds from deposit growth, partially offset by a decline in the average interest rate spread due to a lower interest rate environment. The average interest rate spread for the fiscal year and the three months ended September 30, 2001 was 2.30% and 2.40%, respectively, compared to 2.47% and 2.52% for the respective 2000 periods. The interest margin for the three months and fiscal year ended September 30, 2001 was 2.68% and 2.76%, respectively, compared to 2.80% and 2.72% for the respective 2000 periods. Non-interest income for the fiscal year ended September 30, 2001 was $3.1 million, an increase of $1.5 million over the same period in the prior year. Non-interest income for the three months ended September 30, 2001 was $1.1 million, an increase of $616,000 over the same period in the prior year. The net increases in both periods primarily reflect increases in gains on sales of real estate loans held for sale and securities, income from BOLI and service charges and fee income attributable to increases in transaction volume as well as fees generated from the annuities and mutual funds sales program. Non-interest expense for the fiscal year ended September 30, 2001 increased $798,000 to $11.1 million compared to $10.3 million in the prior year. For the three months ended September 30, 2001 non-interest expense increased $510,000 to $3.1 million compared to $2.6 million for the three months ended September 30, 2000. These increases primarily reflect increased compensation and benefits expense and other non-interest expense. Compensation and benefits expense amounted to $6.4 million and $1.8 million for the fiscal year and three months ended September 30, 2001, respectively, representing increases of $674,000 and $319,000 from the respective prior year periods. The increase in compensation and benefits expense primarily reflects an increase in the number of employees and merit and performance-based increases for management and staff members. Other non-interest expense increased amounted to $2.4 million and $752,000 for the fiscal year and three months ended September 30, 2001 respectively, representing increases of $58,000 and $210,000 from the respective prior year periods. The increase in other non-interest expense primarily reflects expansion of the Companies business activities and a reserve established for other operational costs incurred during the quarter. The Company was organized in 1995, as the holding company for the Association. The Association currently serves the financial needs of communities in its market area through four traditional retail offices and one lending center located in Yonkers, New York and five in-store branches, located in Wappingers Falls, Yorktown Heights, Mt. Vernon, Cortlandt Manor and Poughkeepsie, New York. The Company's stock trades on The Nasdaq Stock Market under the symbol "YFCB". This news release contains various forward-looking statements consisting of estimates with respect to the financial condition, results of operations and business of the company and the bank. These estimates are subject to various factors that could cause actual results to differ materially from these estimates. These factors include, but are not limited to, (i) the effect that an adverse movement in interest rates could have on net interest income, (ii) changes in customer preferences for our products and services, (iii) changes in national and local economic and market conditions, (iv) higher than anticipated operating expenses, (v) a lower level of or higher cost for deposits or a higher cost for borrowings than anticipated, (vi) changes in accounting principles, policies or guidelines, and (vii) legislation or regulations adversely affecting the bank or the company. YONKERS FINANCIAL CORPORATION AND SUBSIDIARY CONSOLIDATED BALANCE SHEETS (UNAUDITED) (IN THOUSANDS, EXCEPT SHARE DATA)
SEPTEMBER 30, SEPTEMBER 30, 2001 2000 ---- ---- ASSETS Cash and cash equivalents: Cash and due from banks $ 31,801 $ 4,178 Federal Funds sold -- 6,000 ------------------ ----------------- Total cash and cash equivalents 31,801 10,178 ------------------ ----------------- Securities: Available for sale, at fair value (amortized cost of $111,260 at September 30, 2001 and $116,858 at September 30, 2000) 108,025 112,373 Held to maturity, at amortized cost (fair value of $13,965 at September 30, 2001 and $16,081 at September 30, 2000) 16,365 16,192 ------------------ ----------------- Total securities 124,390 128,565 ------------------ ----------------- Real estate mortgage loans held for sale, at lower of cost or market value 5,567 2,743 ------------------ ----------------- Loans receivable, net: Real estate mortgage loans 375,337 354,583 Consumer and commercial business loans 13,925 11,358 Allowance for loan losses (2,002) (1,703) ------------------ ----------------- Total loans receivable, net 387,260 364,238 ------------------ ----------------- Accrued interest receivable 3,141 3,223 Federal Home Loan Bank ("FHLB") stock 6,557 9,298 Office properties and equipment, net 1,475 1,859 Other assets 10,902 2,770 ------------------ ----------------- Total assets $ 571,093 $ 522,874 ================== ================= LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Deposits $ 389,523 $ 325,106 Securities repurchase agreements 66,512 85,012 FHLB advances 63,061 72,400 Other liabilities 9,416 5,474 ------------------ ----------------- Total liabilities 528,512 487,992 ------------------ ----------------- Commitments and contingencies Stockholders' equity Preferred stock (par value $0.01 per share; 100,000 shares authorized; none issued or outstanding) -- -- Common stock (par value $0.01 per share: 4,500,000 shares authorized; 3,570,750 shares issued) 36 36 Additional paid-in capital 35,713 35,443 Unallocated common stock held by employee stock ownership plan ("ESOP") (1,287) (1,572) Unamortized awards of common stock under management recognition plan ("MRP") (37) (329) Treasury stock, at cost (1,342,011 shares ) (22,037) (22,037) Retained income, substantially restricted 29,074 26,032 Accumulated other comprehensive loss 1,119 (2,691) ------------------ ----------------- Total stockholders' equity 42,581 34,882 ------------------ ----------------- $ 571,093 $ 522,874 ================== =================
YONKERS FINANCIAL CORPORATION AND SUBSIDIARY CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (IN THOUSANDS, EXCEPT PER SHARE DATA)
FOR THE THREE MONTHS FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, ENDED SEPTEMBER 30, ---------------------------- ---------------------------- 2001 2000 2001 2000 ---- ---- ---- ---- Interest and dividend income: Loans $ 7,274 $ 6,792 $ 28,304 $ 26,005 Securities 2,005 2,264 8,772 9,265 Other earning assets 220 248 988 822 ------------- ------------- ------------- ------------- Total interest and dividend income 9,499 9,304 38,064 36,092 ------------- ------------- ------------- ------------- Interest expense: Deposits 3,723 3,340 14,733 11,923 Securities repurchase agreements 996 1,348 4,437 5,908 FHLB advances 1,071 1,148 4,738 4,299 ------------- ------------- ------------- ------------- Total interest expense 5,790 5,836 23,908 22,130 ------------- ------------- ------------- ------------- Net interest income 3,709 3,468 14,156 13,962 Provision for loan losses 75 75 300 220 ------------- ------------- ------------- ------------- Net interest income after provision for loan losses 3,634 3,393 13,856 13,742 ------------- ------------- ------------- ------------- Non-interest income: Service charges and fees 504 340 1,625 1,317 Net gain on sales of real estate mortgage loans held for sale 273 94 679 175 Net gain on sales of securities 96 9 365 19 Other 193 7 473 82 ------------- ------------- ------------- ------------- Total non-interest income 1,066 450 3,142 1,593 ------------- ------------- ------------- ------------- Non-interest expense: Compensation and benefits 1,750 1,431 6,374 5,700 Occupancy and equipment 359 393 1,462 1,461 Data processing service fees 231 217 879 795 Federal deposit insurance costs 16 15 64 83 Other 752 542 2,359 2,301 ------------- ------------- ------------- ------------- Total non-interest expense 3,108 2,598 11,138 10,340 ------------- ------------- ------------- ------------- Income before income tax expense 1,592 1,245 5,860 4,995 Income tax expense 548 468 2,046 1,854 ------------- ------------- ------------- ------------- Net income $ 1,044 $ 777 $ 3,814 $ 3,141 ============= ============= ============= ============= Earnings per common share: Basic $ 0.50 $ 0.38 $ 1.85 $ 1.56 Diluted 0.48 0.38 1.79 1.53 ============= ============= ============= =============
YONKERS FINANCIAL CORPORATION AND SUBSIDIARY SELECTED FINANCIAL RATIOS AND OTHER DATA (UNAUDITED) (DOLLARS IN THOUSANDS)
AT OR FOR THE FISCAL YEAR ENDED SEPTEMBER 30, -------------------------------- 2001 2000 ------------- ------------ PERFORMANCE RATIOS: Return on average assets 0.70% 0.62% Return on average equity 10.12 9.69 Average interest rate spread 2.30 2.47 Net interest margin 2.68 2.80 Efficiency ratio 65.63 66.56 Net interest income to non-interest expense 127.78 135.02 Non-interest expense to average assets 2.06 2.03 Average interest-earning assets to average interest-bearing liabilities 108.58 107.48 CAPITAL RATIOS: Average equity to average assets 6.96% 6.37% Equity to total assets at end of period 7.46 6.67 Total risk-based capital 14.22 15.24 ASSET QUALITY AND OTHER DATA: Non-performing loans $552 $123 Real estate owned, net -- -- ------------- ------------ Total non-performing assets 552 123 ============= ============ Asset quality ratios: Non-performing loans to total loans 0.14% 0.03% Non-performing assets to total assets 0.10 0.02 Allowance for loan losses to: Non-performing loans 362.68 1384.55 Total loans 0.51 0.46