UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
(Mark One)
[x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2000
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____________ to _____________
Commission File Number 0-27716
YONKERS FINANCIAL CORPORATION
--------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 13-3870836
--------------------------------------------------------------------------------
(State or other jurisdiction of (I.R.S. Employer Identification Number)
incorporation or organization)
6 EXECUTIVE PLAZA, YONKERS, NEW YORK 10701
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(Address of principal executive offices)
Registrant's telephone number, including area code: (914) 965-2500
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934
during the preceding 12 months (or for such shorter period that the registrant
was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes [x] No [ ]
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
Classes of Common Stock Number of Shares Outstanding, June 30, 2000
----------------------- --------------------------------------------
$0.01 Par Value 2,228,739
<PAGE>
YONKERS FINANCIAL CORPORATION
FORM 10-Q
QUARTERLY PERIOD ENDED JUNE 30, 2000
Page
Number
------
PART 1. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
Consolidated Balance Sheets at June 30, 2000 and
September 30, 1999 .............................................. 2
Consolidated Statements of Income for the Three and Nine Months
Ended June 30, 2000 and 1999..................................... 3
Consolidated Statement of Changes in Stockholders' Equity
for the Nine Months Ended June 30, 2000.......................... 4
Consolidated Statements of Cash Flows for the Nine Months
Ended June 30, 2000 and 1999..................................... 5
Notes to Consolidated Financial Statements........................ 6
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations ................... 8
Item 3. Quantitative and Qualitative Disclosures About
Market Risk...................................................... 20
PART II. OTHER INFORMATION
Item 1. Legal Proceedings ................................................ 20
Item 2. Changes in Securities ............................................ 21
Item 3. Defaults Upon Senior Securities .................................. 21
Item 4. Submission of Matters to a Vote of Security Holders .............. 21
Item 5. Other Information ................................................ 21
Item 6. Exhibits and Reports on Form 8-K ................................. 21
Signature Page ................................................... 22
1
<PAGE>
YONKERS FINANCIAL CORPORATION AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
<TABLE>
June 30, September 30,
2000 1999
<S> <C> <C>
ASSETS
Cash and cash equivalents: $ 6,308 $ 4,651
Short-term investments 4,500 0
------------ ------------
Total cash and cash equivalents 10,808 4,651
Securities:
Available-for-sale, at fair value (amortized cost of $116,695 in 2000
and $120,996 in 1999) 110,869 116,712
Held-to-maturity, at amortized cost (fair value of $17,100 in 2000
and $21,959 in 1999) 17,290 21,936
------------ ------------
Total securities 128,159 138,648
------------ ------------
Real estate mortgage loans held for sale, at lower of cost or market value 1,565 1,226
------------ ------------
Loans receivable, net:
Real estate mortgage loans 355,576 291,199
Consumer and commercial business loans 10,464 8,254
Allowance for loan losses (1,634) (1,503)
------------ ------------
Total loans receivable, net 364,406 297,950
------------ ------------
Federal Home Loan Bank ("FHLB") stock 9,298 7,397
Accrued interest receivable 3,343 2,750
Office properties and equipment, net 1,971 1,984
Other assets 3,505 3,089
Total assets $ 523,055 $ 457,695
============ ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits $ 319,713 $ 272,974
Securities repurchase agreements 91,012 99,987
FHLB advances 74,400 47,948
Other liabilities 4,631 4,769
------------ -----------
Total liabilities 489,756 425,678
------------ -----------
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 35,401 35,225
Unallocated common stock held by employee stock
ownership plan ("ESOP") (1,643) (1,857)
Unamortized awards of common stock under management --
recognition plan ("MRP") (402) (621)
Treasury stock, at cost ( 1,322,011 shares in 2000 and
1,332,011 shares in 1999) (22,037) (21,866)
Retained income, substantially restricted 25,440 23,652
Accumulated other comprehensive loss (note 2) (3,496) (2,552)
------------ -----------
Total stockholders' equity 33,299 32,017
------------ -----------
Total liabilities and stockholders' equity $ 523,055 $ 457,695
============ ===========
</TABLE>
2
<PAGE>
YONKERS FINANCIAL CORPORATION AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In thousands, except per share data)
<TABLE>
For the Three Months For the Nine Months
Ended June 30, Ended June 30,
-------------------------- ---------------------------
2000 1999 2000 1999
---- ---- ---- ----
<S> <C> <C> <C> <C>
Interest and dividend income:
Loans $ 6,708 $ 4,190 $ 19,213 $ 11,734
Securities 2,287 2,306 7,001 7,487
Other earning assets 234 153 575 520
------------ ------------ ------------ ------------
------------ ------------ ------------ ------------
Total interest and dividend income 9,229 6,649 26,789 19,741
------------ ------------ ------------ -------------
Interest expense:
Deposits 3,106 2,392 8,584 7,112
Securities repurchase agreements 1,381 1,048 4,560 3,363
FHLB advances 1,224 145 3,151 452
------------ ------------ ------------ -------------
Total interest expense 5,711 3,585 16,295 10,927
------------ ------------ ------------ -------------
Net interest income 3,518 3,064 10,494 8,814
Provision for loan losses 75 50 145 200
------------ ------------ ------------ -------------
Net interest income after provision for loan losses 3,443 3,014 10,349 8,614
------------ ------------ ------------ -------------
Non-interest income:
Service charges and fees 361 189 977 512
Net gain on sales of real estate mortgage
loans held for sale 33 (65) 81 181
Net gain (loss) on sales of securities 9 25 9 98
Other 10 16 75 106
------------ ------------ ------------ -------------
Total non-interest income 413 165 1,142 897
------------ ------------ ------------ -------------
Non-interest expense:
Compensation and benefits 1,406 1,194 4,269
Occupancy and equipment 373 324 1,068 874
Data processing service fees 190 154 578 473
Federal deposit insurance costs 14 36 67 104
Other 508 445 1,759
------------ ------------ ------------ -------------
Total non-interest expense 2,491 2,153 7,741
------------ ------------ ------------ -------------
Income before income tax expense 1,365 1,026 3,750
Income tax expense 500 369 1,386
------------ ------------ ------------ -------------
Net income $ 865 $ 657 $ 2,364 $ 1,991
============ ============ ============ =============
Earnings per common share:
Basic $ 0.43 $ 0.28 $ 1.18 $ 0.82
Diluted 0.42 0.27 1.15 0.81
============ ============ ============ =============
</TABLE>
See accompanying notes to financial statements
3
<PAGE>
YONKERS FINANCIAL CORPORATION AND SUBSIDIARY
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
(Unaudited)
(Dollars in thousands, except per share data)
<TABLE>
Unallocated Unamortized
Common Awards of Accumulated
Additional Stock Common Other Total
Common Paid-in Held Stock Treasury Retained Comprehensive Stockholders
Stock Capital by ESOP Under MRP Stock Income Loss Equity
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Balance at September 30, 1999 $36 $35,225 $(1,857) $(621) $(21,866) $23,652 $2,552) $32,017
Net income -- -- -- -- -- 2,363 -- 2,363
Dividends paid ($0.27 per share) -- -- -- -- -- (575) -- (575)
Common stock repurchased (10,000 shares) (171) (171)
Amortization of MRP awards -- -- -- 219 -- -- -- 219
Tax benefits from vested
MRP awards -- 43 -- -- -- -- -- 43
ESOP shares released for
allocation (21,426 shares) -- 133 214 -- -- -- -- 347
Increase in net unrealized loss on
available-for-sale securities, net of tax -- -- -- -- -- -- (944) (944)
---- ------ ------- ----- ------- ------- ------- -------
Balance at June 30, 2000 $36 $35,401 $(1,643) $(402) $(22,037) $25,440 $(3,496) $33,299
==== ====== ======= ===== ======== ======= ======= =======
</TABLE>
See accompanying notes to consolidated financial statements
4
<PAGE>
YONKERS FINANCIAL CORPORATION AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
<TABLE>
For the Nine Months
Ended June 30,
-------------------
2000 1999
---- ----
<S> <C> <C>
Cash flows from operating activities:
Net income $ 2,363 $ 1,991
Adjustments to reconcile net income to net cash provided
by operating activities:
Provision for loan losses 145 200
ESOP and MRP expense 566 540
Depreciation and amortization expense 355 262
Amortization of deferred fees, discounts and premiums, net 182 225
Net gain on sales of real estate mortgage loans held for sale (80) (181)
Net (gain) loss on sales of securities (10) (98)
Other adjustments, net (466) 1,887
-------- -------
Net cash provided by operating activities 3,055 4,826
-------- --------
Cash flows from investing activities:
Purchases of available-for-sale securities (1,684) (49,302)
Proceeds from principal payments, maturities and calls of securities:
Available-for-sale 5,745 36,379
Held-to-maturity 4,646 19,004
Proceeds from sales of securitie:
Available-for-sale 185 17,647
Held-to-maturity
Disbursements for loan originations (100,016) (100,005)
Principal collections on loans 23,879 28,731
Proceeds from sales of loans 9,120 34,201
Purchases of FHLB stock (1,901) --
Other investing cash flows (342) (708)
-------- -------
Net cash used in investing activities (60,368) (14,053)
-------- --------
Cash flows from financing activities:
Net increase in deposits 46,739 31,270
Net (decrease) increase in borrowings with
original terms of three months or less:
Securities repurchase agreements (22,949) (32,178)
FHLB advances 12,325 4,000
Proceeds from longer-term borrowings 28,101 10,400
Common stock repurchased (171) (2,385)
Dividends paid (575) (594)
-------- --------
Net cash provided by financing activities 63,470 10,513
-------- --------
Net increase in cash and cash equivalents 6,157 1,286
Cash and cash equivalents at beginning of period 4,651 4,195
-------- --------
Cash and cash equivalents at end of period $ 10,808 $ 5,481
======== ========
Supplemental information:
Interest paid $ 15,557 $ 10,701
Income taxes paid -- 741
======== ========
</TABLE>
See accompanying notes to consolidated financial statements.
5
<PAGE>
YONKERS FINANCIAL CORPORATION AND SUBSIDIARY
Notes to Consolidated Financial Statements
(Unaudited)
(1) Basis of Presentation
Yonkers Financial Corporation (the "Holding Company") was incorporated
under the laws of the State of Delaware and on April 18, 1996 became the savings
and loan holding company of The Yonkers Savings and Loan Association, FA (the
"Association") in connection with the Association's conversion from a federally
chartered mutual savings and loan association to a federally chartered stock
savings and loan association (the "Conversion"). Concurrent with the Conversion,
the Holding Company sold 3,570,750 shares of its common stock in a subscription
and community offering at a price of $10 per share, resulting in net proceeds of
$34.6 million. The assets of the Holding Company consist of the stock of the
Association, certain short-term and other investments, and a loan to its
Employee Stock Ownership Plan (the "ESOP"). Collectively, the Holding Company
and the Association are referred to herein as the "Company".
On March 31, 1999 the Association established a real estate investment
trust, Yonkers REIT, Inc. (the "REIT"), a wholly owned subsidiary. On such date,
$119.3 million in real estate loans was transferred from the Association to the
REIT. On June 30, 2000, $104.3 million in real estate loans were held by the
REIT. The assets transferred to the REIT are viewed by regulators as part of the
Association's assets in consolidation.
The unaudited consolidated financial statements included herein have been
prepared in conformity with generally accepted accounting principles. In the
opinion of management, the unaudited consolidated financial statements include
all adjustments, consisting of normal recurring accruals, necessary for a fair
presentation of the financial position and results of operations for the interim
periods presented. The results of operations for the nine months ended June 30,
2000 are not necessarily indicative of the results of operations that may be
expected for the fiscal year ending September 30, 2000.
Certain financial information and footnote disclosures normally included in
annual financial statements prepared in conformity with generally accepted
accounting principles have been omitted pursuant to the rules and regulations of
the Securities and Exchange Commission. The unaudited interim consolidated
financial statements presented herein should be read in conjunction with the
annual consolidated financial statements of the Company as of and for the fiscal
year ended September 30, 1999, included in the Form 10-K.
(2) Comprehensive Income
During the quarter ended December 31, 1998, the Company adopted Statement
of Financial Accounting Standards ("SFAS") No. 130, "Reporting Comprehensive
Income," which establishes standards for reporting and display of comprehensive
income (and its components) in financial statements. The standard does not,
however, specify when to recognize or how to measure items that make up
comprehensive income. Comprehensive income represents net income and certain
amounts reported directly in stockholders' equity, such as the net unrealized
gain or loss on securities available for sale. While SFAS No. 130 does not
require a specific reporting format, it does require that an enterprise report
an amount representing total comprehensive income for the period. Total
comprehensive income for the nine months ended June 30, 2000 was $1.4 million
consisting of $2.4 million in net income less a net increase of $944,000 in the
after-tax net unrealized loss on available-for-sale securities. For the nine
months ended June 30, 1999, total comprehensive loss of $1.2 million consisted
of net income of $2.0 million less a net decrease of $3.2 million in the
after-tax net unrealized gain on available-for-sale securities.
6
<PAGE>
(3) Earnings Per Share
The Company reports both basic and diluted earnings per share ("EPS") in
accordance with SFAS No. 128, "Earnings Per Share". Basic EPS excludes dilution
and is computed by dividing income available to common stockholders by the
weighted-average number of common shares outstanding for the period. Diluted EPS
reflects the potential dilution that could occur if securities or other
contracts to issue common stock (such as stock options) were exercised or
converted into common stock or resulted in the issuance of common stock that
then shared in the earnings of the entity. Diluted EPS is computed by dividing
net income by the weighted average number of common shares outstanding for the
period plus common-equivalent shares computed using the treasury stock method.
Unallocated ESOP shares that have not been committed to be released to
participants are excluded from outstanding shares in computing both basic and
diluted EPS.
The following is a summary of the number of shares utilized in the
Company's EPS calculations for the three and nine months ended June 30, 2000 and
1999. For purposes of computing basic EPS, net income applicable to common stock
equaled net income for both periods presented.
<TABLE>
For Three Months For the Nine Months
Ended June 30, Ended June 30,
2000 1999 2000 1999
---- ---- ---- ----
(In Thousands)
<S> <C> <C> <C> <C>
Weighted average common shares outstanding
for computation of basic EPS (1) 2,012 2,383 2,009 2,429
Common-equivalent shares due to the dilutive effect of
stock options and MRP awards (2) 29 53 47 35
----- ----- ----- -----
Weighted average common shares for
computation of diluted EPS 2,041 2,436 2,056 2,464
===== ===== ===== =====
</TABLE>
(1) Excludes unvested MRP awards and unallocated ESOP shares that have
not been committed to be released.
(2) Computed using the treasury stock method.
7
<PAGE>
Part I. Item 2.
Management's Discussion and Analysis of Financial Condition and Results of
Operations
Forward-Looking Statements
When used in this Form 10-Q or future filings by the Company with the
Securities and Exchange Commission, in the Company's press releases or other
public or shareholder communications, or in oral statements made with the
approval of an authorized executive officer, the words or phrases "will likely
result", "are expected to", "will continue", "is anticipated", "estimate",
"project", "believe" or similar expressions are intended to identify
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995. The Company wishes to caution readers not to
place undue reliance on any forward-looking statements, which speak only as of
the date made, and to advise readers that various factors, including regional
and national economic conditions, changes in levels of market interest rates,
credit risks of lending activities, and competitive and regulatory factors,
could affect the Company's financial performance and could cause actual results
for future periods to differ materially from those anticipated or projected.
The Company does not undertake, and specifically disclaims any obligation,
to publicly release the result of any revisions which may be made to any
forward-looking statements to reflect the occurrence of anticipated or
unanticipated events or circumstances after the date of such statements.
Comparison of Financial Condition at June 30, 2000 and September 30, 1999
Total assets at June 30, 2000 amounted to $523.1 million, an increase of
$65.4 million, or 14.3%, from $457.7 million at September 30, 1999. Asset growth
during the period related primarily to increased loan volume funded by deposits
and borrowings reflecting the continued growth of the Company's retail
franchise.
Overall, total loans (loans receivable and mortgage loans held for sale)
increased $66.8 million or 22.3%, to $366.0 million at June 30, 2000 from $299.2
million at September 30, 1999. The loan growth during the nine months ended June
30, 2000 primarily reflects loan originations net of repayments of $76.1 million
less loans sold of $9.1 million. The portfolio growth in the nine month period
primarily reflects increases of $42.1 million in one-to four-family mortgage
loans, $14.6 million in multi-family loans, $6.0 million in commercial real
estate loans, $2.2 million in construction loans, $2.2 million in consumer and
commercial loans, partially offset by a decrease of $256,000 in land loans.
Total securities at June 30, 2000 decreased $10.4 million to $128.2 million from
$138.6 million at September 30, 1999.
Deposit liabilities increased $46.7 million to $319.7 million at June 30,
2000 from $273.0 million at September 30, 1999. The increase in deposit
liabilities primarily reflects growth in the Company's in-store branch network
of $27.8 million as well as aggressive cross-selling programs. Total borrowings
increased by $17.5 million to $165.4 million at June 30, 2000 from $147.9
million at September 30, 1999. Funds from increased borrowings and deposit
growth were primarily used to fund new loans.
8
<PAGE>
Stockholders' equity increased by $1.3 million to $33.3 million at June 30,
2000 from $32.0 million at September 30, 1999. The increase is primarily
attributable to net income retained after dividends of $1.8 million and a
combined increase of $609,000 relating to the employee stock ownership plan and
the management recognition plan, partially offset by a $944,000 increase in the
after-tax net unrealized loss on available-for-sale securities and $171,000 in
treasury stock repurchases. The ratio of stockholders' equity to total assets
decreased to 6.4% at June 30, 2000 from 7.0% at September 30, 1999 reflecting
the substantial growth in assets. Book value per share (computed based on total
shares issued less treasury shares) increased to $14.94 at June 30, 2000, from
$14.30 at September 30, 1999. See "Liquidity and Capital Resources" for
information regarding the Association's regulatory capital amounts and ratios.
Analysis of Net Interest Income
The following table sets forth the Company's average balance sheets, average
yields and costs (on an annualized basis), and certain other information for the
three and nine months ended June 30, 2000 and 1999. The yields and costs were
derived by dividing interest income or interest expense by the average balance
of assets or liabilities, respectively, for the periods shown. Substantially all
average balances were computed based on daily balances. Interest income includes
the effect of deferred fees, discounts, and premiums which are considered yield
adjustments.
9
<PAGE>
<TABLE>
For the Quarter Ended June 30,
----------------------------------- --------------------------------------------------
2000 1999
----------------------------------- ------------------------------------------
Average Average Average Average
Balance Interest Yield/Cost Balance Interest Yield/Cost
<S> <C> <C> <C> <C> <C> <C>
Assets (Dollars in thousands)
Interest-earning assets:
Loans (1) $364,641 $ 6,708 7.36% $226,268 $ 4,190 7.41%
Mortgage-backed securities (2) 87,635 1,516 6.92 105,577 1,675 6.35
Other securities (2) 41,278 771 7.47 36,183 631 6.98
Other earning assets 14,131 234 6.62 11,844 153 5.17
-------- -------- -------- ---------
Total interest-earning assets 507,685 $ 9,229 7.27 379,872 $ 6,649 7.00
======== =========
Allowance for loan losses (1,571) (1,467)
Non-interest-earning assets 11,320 13,061
-------- --------
Total assets $517,434 $391,466
======== ========
Liabilities and Stockholders' Equity
Interest-bearing liabilities:
NOW, club and money market accounts $ 64,102 $ 341 2.13% $ 57,772 $ 330 2.28%
Regular savings accounts (3) 57,054 242 1.70 49,369 230 1.86
Savings certificate accounts 188,993 2,523 5.34 148,168 1,832 4.95
-------- -------- -------- ---------
Total interest-bearing deposits 310,149 3,106 4.01 255,309 2,392 3.75
Borrowings 170,718 2,605 6.10 87,682 1,193 5.44
-------- -------- -------- ---------
Total interest-bearing liabilities 480,867 $ 5,711 4.75 342,991 $ 3,585 4.18
======== =========
Non-interest-bearing liabilities 4,516 8,422
-------- --------
Total liabilities 485,383 351,413
Stockholders' equity 32,051 40,053
-------- --------
Total liabilities and stockholders'equiy 517,434 $391,466
======== ========
Net interest income $ 3,518 $ 3,064
======== =========
Average interest rate spread (4) 2.52% 2.82%
Net interest margin (5) 2.77% 3.23%
Net interest-earning assets (6) $ 26,818 $ 36,881
======== ========
Ratio of average interest-earning assets to
average
interest-bearing liabilities 105.58% 110.75%
(1) Balances are net of deferred loan fees and construction loans in process,
and include loans receivable and loans held for sale. Non-accrual loans
are included in the balances.
(2) Average balances represent amortized cost.
(3) Includes mortgage escrow accounts.
(4) Average interest rate spread represents the difference between the yield on
average interest-earning assets and the cost of average interest-bearing
liabilities.
(5) Net interest margin represents net interest income divided by average
total interest-earning assets.
(6) Net interest-earning assets represents total interest-earning assets less
total interest-bearing liabilities.
</TABLE>
10
<PAGE>
<TABLE>
For the Nine Months Ended June 30,
---------------------------------------------------------------------------------
2000 1999
----------------------------------- ---------------------------------------
Average Average Average Average
Balance Interest Yield/Cost Balance Interest Yield/Cost
------- -------- ---------- ------- -------- ----------
Assets (Dollars in thousands)
<S> <C> <C> <C> <C> <C> <C>
Interest-earning assets:
Loans (1) $349,310 $ 19,213 7.33% $209,514 $ 11,734 7.47%
Mortgage-backed securities (2) 91,725 4,712 6.85 113,007 5,366 6.33
Other securities (2) 41,029 2,289 7.44 40,215 2,122 7.04
Other earning assets 13,546 574 5.65 13,713 520 5.06
------- -------- ------- --------
Total interest-earning assets 495,610 $ 26,788 7.21 376,449 $ 19,742 6.99
======== ========
Allowance for loan losses (1,548) (1,400)
Non-interest-earning assets 11,552 9,861
------- --------
Total assets $505,614 $384,910
======== ========
Liabilities and Stockholders' Equity
Interest-bearing liabilities:
NOW, club and money market accounts $ 62,294 $ 1,006 2.15% $ 55,334 $ 952 2.29%
Regular savings accounts (3) 54,958 715 1.73 47,907 709 1.97
Savings certificate accounts 176,782 6,863 5.18 140,343 5,452 5.18
-------- -------- -------- -------
Total interest-bearing deposits 294,034 8,584 3.89 243,584 7,113 3.89
Borrowings 175,077 7,712 5.87 91,931 3,816 5.53
-------- ------- ------- -------
Total interest-bearing liabilities 469,111 $ 16,296 4.63 335,515 $ 10,929 4.34
======== ========
Non-interest-bearing liabilities 4,546 8,716
Total liabilities 473,657 344,231
Stockholders' equity 31,957 40,679
-------- --------
Total liabilities and stockholders' eqity $505,614 $384,910
======== ========
Net interest income $ 10,492 $ 8,813
======== ========
Average interest rate spread (4) 2.58% 2.65%
Net interest margin (5) 2.82% 3.12%
Net interest-earning assets (6) $ 26,499 $ 40,934
======== ========
Ratio of average interest-earning assets to
average interest-bearing liabilities 105.65%
</TABLE>
112.20%
(1) Balances are net of deferred loan fees and construction loans in process,
and include loans receivable and loans held for sale. Non-accrual loans are
included in the balances.
(2) Average balances represent amortized cost
(3) Includes mortgage escrow accounts.
(4) Average interest rate spread represents the difference between the yield on
average interest-earning assets and the cost of average interest-bearing
liabilities.
(5) Net interest margin represents net interest income divided by average
total interest-earning assets.
(6) Net interest-earning assets represents total interest-earning assets less
total interest-bearing liabilities.
11
<PAGE>
The following table presents the extent to which changes in interest rates
and changes in the volume of interest-earning assets and interest-bearing
liabilities affected the Company's interest income and interest expense during
the three months and nine months ended June 30, 2000, compared to the same
period in the prior year. Information is provided in each category with respect
to (i) changes attributable to changes in volume (changes in volume multiplied
by prior rate), (ii) changes attributable to changes in rate (changes in rate
multiplied by prior volume), and (iii) the net change. The changes attributable
to the combined impact of volume and rate have been allocated proportionately to
the changes due to volume and the changes due to rate.
<TABLE>
For the Quarter Ended June 30, For the Nine Months Ended June 30,
2000 Compared to 1999 2000 Compared to 1999
----------------------------------- -------------------------------------
Increase (Decrease) Increase (Decrease)
Due to Net Due to Net
---------------------- -----------------------
Volume Rate Change Volume Rate Change
--------- ---------- --------- ---------- ---------- ----------
(In thousands)
<S> <C> <C> <C> <C> <C> <C>
Loans $2,546 $ (28) $ 2,518 $ 7,703 $ (224) $ 7,479
Mortgage-backed securities (301) 142 (159) (1,069) 415 (654)
Other securities 93 47 140 44 123 167
Other earning assets 33 48 81 (6) 60 54
--------- ---------- --------- ---------- ---------- ----------
Total 2,371 209 2,580 6,672 374 7,046
--------- ---------- --------- ---------- ---------- ----------
Interest-bearing liabilities:
NOW, club and money market accounts 34 (23) 11 115 (61) 54
Regular savings accounts 33 (21) 12 98 (92) 6
Savings certificate accounts 537 154 691 1,411 -- 1,411
Borrowings 1,252 160 1,412 3,648 248 3,896
--------- --------- --------- ---------- ---------- ----------
Total 1,856 270 2,126 5,272 95 5,367
--------- ---------- --------- ---------- ---------- ----------
Net change in net interest income $ 515 $ (61) $ 454 $ 1,400 $ 279 $ 1,679
========= ========== ========= ========== ========== ==========
</TABLE>
Comparison of Operating Results for the Three Months Ended June 30, 2000
and 1999
General. Net income for the three months ended June 30, 2000 was $865,000
or diluted EPS of $0.42 compared to net income of $657,000 or diluted EPS of
$0.27 for the quarter ended June 30, 1999. Basic earnings per common share were
$0.43 for the quarter ended June 30, 2000 compared to $0.28 for the same period
in 1999. The increase in net income of $208,000 reflects an increase of $454,000
in net interest income, a $248,000 increase in non-interest income, partially
offset by a $338,000 increase in non-interest expense, a $131,000 increase in
income tax expense and a $25,000 increase in the provision for loan losses.
Net Interest Income Net interest income for the quarter ended June 30, 2000
was $3.5 million, an increase of $454,000 from $3.1 million for the prior year's
period. The increase primarily reflects the positive effect on net interest
income of higher average interest-earning assets, primarily attributable to the
investment of proceeds from deposit and borrowing growth, partially offset by a
decline in the average interest rate spread. The decline in the average interest
rate spread primarily reflects an increase in the cost of savings certificate
accounts and borrowings in addition to a larger proportion of higher-rate
12
<PAGE>
borrowings to total interest-bearing funds. The increase in the cost of funds
was partially offset by an increase in the yield on mortgage-backed securities
and other investments. The Company's average interest rate spread decreased to
2.52% for the quarter ended June 30, 2000 from 2.82% for the same quarter last
year, while the net interest margin decreased to 2.77% from 3.23% a year
earlier.
Interest Income. Interest and dividend income totaled $9.2 million for the
three months ended June 30, 2000, an increase of $2.6 million compared to $6.6
million for the three months ended June 30, 1999. This increase reflects the
effect of a $127.8 million increase in total average interest-earning assets
coupled with a 27 basis point increase in the average yield on such assets to
7.27% for the three months ended June 30, 2000 from 7.00% for the same period in
the prior year.
Interest income on loans increased $2.5 million for the three months ended
June 30, 2000 compared to the same period in the prior year, reflecting the
effect of a $138.4 million increase in the average balance partially offset by a
5 basis point decrease in the average yield. The increase in the average balance
of loans was primarily attributable to an increase in one- to four-family
residential mortgage loans. The decline in the average yield was primarily
attributable to the origination of lower-yielding one- to four-family adjustable
rate mortgage loans with initial fixed-rate periods of five, seven, or ten
years, with annual adjustments thereafter.
On a combined basis, interest and dividend income on mortgage-backed and
other securities decreased $19,000 to $2.3 million for the three months ended
June 30, 2000. Interest on mortgage-backed securities decreased by $159,000
attributable to the effects of a $17.9 million decrease in the average balance
partially offset by a 57 basis point increase in the average yield. Interest on
other securities increased by $140,000, primarily attributable to a $5.1 million
increase in the average balance and a 49 basis point increase in the average
yield.
Interest and dividend income on other earning assets increased $81,000,
primarily attributable to a $2.3 million decrease in the average balance, as
well as a 145 basis point increase in the average yield.
Interest Expense. Interest expense totaled $5.7 million for the three
months ended June 30, 2000, an increase of $2.1 million from the prior year's
quarter. Interest expense on deposits increased $714,000 compared to the same
period in the prior year, reflecting the effect of an $54.8 million increase in
the average balance and a 26 basis point increase in the average rate on
interest-bearing deposits to 4.01% for the three months ended June 30, 2000 from
3.75% for the three months ended June 30, 1999. The increase in average
interest-bearing deposits consisted of a $40.8 million increase in average
savings certificate accounts (to $189.0 million from $148.2 million), a $6.3
million increase in average NOW, club and money market accounts (to $64.1
million from $57.8 million) and a $7.7 million increase in average regular
savings accounts (to $57.1 million from $49.4 million).
Interest expense on borrowings increased $1.4 million to $2.6 million for
the three months ended June 30, 2000 from $1.2 million for the three months
ended June 30, 1999, as the Company continued to increase borrowings, primarily
Federal Home Loan Bank (FHLB) advances, to leverage available capital and
13
<PAGE>
support further loan growth. Total borrowings averaged $170.7 million for the
three months ended June 30, 2000 at an average rate of 6.10% compared to $87.7
million and 5.44%, respectively, for the prior-year quarter. Liability costs are
expected to increase in the near term as borrowings and certificates of deposits
renew at higher rates. See "Liquidity and Capital Resources" for further
discussion of the Company's securities repurchase agreements.
Provision for Loan Losses. The Company records provisions for loan losses,
which are charged to earnings, in order to maintain the allowance for loan
losses at a level that is considered appropriate to absorb probable losses
inherent in the existing loan portfolio. The provision in each period reflects
management's evaluation of the adequacy of the allowance for loan losses.
Factors considered include the volume and type of lending conducted, the
Company's previous loan loss experience, the known and inherent risks in the
loan portfolio, adverse situations that may affect the borrowers' ability to
repay, the estimated value of any underlying collateral, and current economic
conditions.
The provision for loan losses was $75,000 and $50,000 for the three months
ended June 30, 2000 and 1999, respectively. Non-performing loans totaled
$285,000 at June 30, 2000, compared to $755,000 at September 30, 1999 and
$706,000 at June 30, 1999. Although non-performing loans has decreased since the
prior year, the increase in the provision for loan losses was warranted due to
the significant increase in the loan portfolio. See "Asset Quality" for a
further discussion of the Company's non-performing assets and allowance for loan
losses.
Non-Interest Income. Non-interest income for the three months ended June
30, 2000 increased $248,000 to $413,000, from $165,000 for the comparable period
in 1999. The increase is primarily attributable to a $172,000 increase in
service charges and fee income, a $98,000 increase in the net gain on sales of
real estate mortgage loans held for sale, partially offset by a $16,000 decrease
in the net gain on sales of securities, and a $6,000 decrease in other
non-interest income. The increase in service charges and fee income results from
$82,000 in income from Yonkers Financial Services, Inc, a wholly-owned
subsidiary of the Association that began its operations to sell annuities and
mutual funds in the quarter ended December 31, 1999, as well as increases in
transaction volume. The increase in net gain on sales of real estate mortgage
loans held for sale relates to a $97,000 provision for losses on loans held for
sale charged in the quarter ended June 30, 1999. No such provisions were made in
the recent quarter.
Non-interest Expense. Non-interest expense increased $338,000 to $2.5
million for the three months ended June 30, 2000 compared to $2.2 million for
the three months ended June 30, 1999. Compensation and benefits expense
increased $212,000 from the prior-year primarily due to increased costs relating
to additional staffing in three new in-store branches and the loan department
coupled with performance-based increases for certain staff members. The
increases of $63,000 in other non-interest expense, $49,000 in occupancy and
equipment expense and $36,000 in data processing service fees primarily reflects
increased costs associated with the establishment of in-store branches in May
1999, September 1999, and October 1999. These increases were partially offset by
a $22,000 decrease in Federal deposit insurance costs due to a decrease in
insurance rates.
14
<PAGE>
Income Tax Expense. Income tax expense was $500,000 for the three months
ended June 30, 2000 and $369,000 for the comparable 1999 period, reflecting
higher pre-tax income and effective tax rates of 36.6% and 36.0%, respectively.
Comparison of Operating Results for the Nine months Ended June 30, 2000 and 1999
General. Net income for the nine months ended June 30, 2000 was $2.4
million or diluted earnings per common share of $1.15, compared to net income of
$2.0 million or diluted earnings per common share of $0.81 for the nine months
ended June 30, 1999. Basic earnings per common share were $1.18 for the nine
months ended June 30, 2000 compared to $0.82 for the same period in 1999. The
$372,000 increase in net income was attributable to a $1.7 million increase in
net interest income, a $243,000 increase in non-interest income and a $55,000
decrease in the provision for loan losses, partially offset by a $1.4 million
increase in non-interest expense and a $159,000 increase in income tax expense.
Net Interest Income. Net interest income for the nine months ended June 30,
2000 was $10.5 million, as compared to $8.8 million for the same period in the
prior year. The increase primarily reflects the positive effect on net interest
income of higher average interest earning assets, primarily attributable to the
investment of proceeds from deposits and borrowing growth and an increase in the
average interest rate spread. The Company's average interest rate spread
decreased to 2.58% for the nine months ended June 30, 2000 from 2.65% for the
same period in the prior year, while the net interest margin decreased to 2.82%
for the 2000 nine month period from 3.12% a year earlier.
Interest Income. Interest and dividend income totaled $26.8 million for the
nine months ended June 30, 2000, an increase of $7.1 million compared to $19.7
million for the nine months ended June 30, 1999. This increase reflects the
effect of a $119.2 million increase in total average interest-earning assets and
a 22 basis point increase in the average yield on such assets to 7.21% for the
nine months ended June 30, 2000 from 6.99% for the same period in the prior
year.
Interest income on loans increased $7.5 million for the nine months ended
June 30, 2000 compared to the same period in the prior year, reflecting the
effect of a $139.8 million increase in the average balance partially offset by
an 14 basis point decrease in the average yield. The increase in the average
balance of loans was primarily attributable to an increase in one- to four-
family residential mortgage loans. The lower average yield reflects the
origination of lower-yielding one- to four-family adjustable rate mortgage loans
with initial fixed-rate periods of five, seven, or ten years, with annual
adjustments thereafter.
On a combined basis, interest and dividend income on mortgage-backed and
other securities decreased $487,000 to $7.0 million for the nine months ended
June 30, 2000 from $7.5 million for the nine months ended June 30, 1999.
Interest on mortgage-backed securities decreased by $654,000, attributable to
the effects of a $21.3 million decrease in the average balance, partially offset
by a 52 basis point increase in the average yield. Interest on other securities
increased by $167,000, primarily attributable to 40 basis point increase in the
average yield as well as a $814,000 increase in the average balance.
15
<PAGE>
Interest and dividend income on other earning assets increased $54,000,
primarily attributable to a 59 basis point increase in the average yield
partially offset by a $167,000 decrease in the average balance.
Interest Expense. Interest expense totaled $16.3 million for the nine
months ended June 30, 2000, an increase of $5.4 million from the prior year's
nine months. Interest expense on deposits increased $1.5 million compared to the
same period in the prior year, reflecting the effect of an $50.5 million
increase in the average balance. The average rate paid on interest-bearing
deposits remained unchanged at 3.89% for the nine months ended June 30, 2000 and
1999. The increase in average interest-bearing deposits consisted of a $36.5
million increase in average savings certificate accounts (to $176.8 million from
$140.3 million), a $7.0 million increase in average NOW, club and money market
accounts (to $62.3 million from $55.3 million) and a $7.1 million increase in
average regular savings accounts (to $55.0 million from $47.9 million).
Interest expense on borrowings increased $3.9 million to $7.7 million for
the nine months ended June 30, 2000 from $3.8 million for the nine months ended
June 30, 1999. Total borrowings for the period averaged $175.1 million with an
average rate of 5.87% compared to $91.9 million and 5.53%, respectively, for the
prior-year's period. See "Liquidity and Capital Resources" for a further
discussion of the Company's securities repurchase agreements.
Provision for Loan Losses. The provision in each period reflects
management's evaluation of the adequacy of the allowance for loan losses.
Factors considered include the volume and type of lending conducted, the
Company's previous loan loss experience, the known and inherent risks in the
loan portfolio, adverse situations that may affect the borrowers' ability to
repay, the estimated value of any underlying collateral, and current economic
conditions. The provision for loan losses was $145,000 and $200,000 for the nine
months ended June 30, 2000 and 1999, respectively. Net loan charge-offs were
$14,000 for the nine months ended June 30, 2000 compared to $13,000 for the nine
months ended June 30, 1999. See "Asset Quality" for a further discussion of the
Company's non-performing assets and allowance for loan losses.
Non-Interest Income. Non-interest income for the nine months ended June 30,
2000 increased $243,000, to $1.1 million from $898,000 for the comparable period
in 1999. The increase is primarily attributable to an increase in service
charges and fee income, partially offset by decreases in the net gain on sales
of loans held for sale, the net gain on sales of securities, and other
non-interest income. The increase in service charges and fee income primarily
results from $175,000 in income from Yonkers Financial Services Inc., a
wholly-owned subsidiary of the Association that began its operations to sell
annuities and mutual funds in the quarter ended December 31, 1999 as well as
increases in transaction volume. Mortgage loans sold during the nine months
ended June 30, 2000 amounted to $9.1 million resulting in net gains of $80,000,
as compared to loan sales of $34.2 million during the nine months ended June 30,
1999, which resulted in net gains of $278,000. The 1999 gain was partially
offset by a $97,000 provision for losses on loans held for sale charged in the
quarter ended June 30, 1999. Net gain on sales of securities amounted to $10,000
for the nine months ended June 30, 2000 reflecting sales of $185,000 in
available-for-sale securities during the period, while gains of $98,000 were
incurred on sales of $17.6 million in the prior year's period.
16
<PAGE>
Non-interest Expense. Non-interest expense increased $1.4 million to $7.7
million for the nine months ended June 30, 2000, compared to $6.3 million for
the nine months ended June 30, 1999. Compensation and benefits expense increased
$804,000 from the prior-year nine months primarily due to increased costs
relating to additional staffing in three new in-store branches and the loan
department coupled with performance-based increases for certain staff members.
The $382,000 increase in other non-interest expense is primarily attributable to
costs associated with the proxy fight that was successfully concluded in January
of this year and the three new in-store branches. The increases of $193,000 in
occupancy and equipment and $105,000 in data processing service fees primarily
reflects increased costs associated with the establishment of in-store branches
in May 1999, September 1999, and October 1999. These increases were partially
offset by a $38,000 decrease in Federal deposit insurance costs due to a
reduction in insurance rates.
Income Tax Expense. Income tax expense for the nine months ended June 30,
2000 was $1.4 million as compared to $1.2 million for the 1999 period,
reflecting higher pre-tax income and effective tax rates of 37.0% and 38.1%,
respectively. The decrease in the effective tax rate reflects the ancillary
benefits from the aforementioned REIT.
Asset Quality
Non-performing loans totaled $285,000 at June 30, 2000, compared to
$755,000 at September 30, 1999 and $706,000 June 30, 1999. The ratio of
non-performing loans to total loans receivable was 0.08% at June 30, 2000,
compared to 0.25% at September 30, 1999 and 0.32% at June 30, 1999. The
allowance for loan losses was $1.6 million or 0.45% of total loans receivable at
June 30, 2000, compared to $1.5 million or 0.50% of total loans receivable at
September 30, 1999 and $1.5 million or 0.67% at June 30, 1999. The ratio of the
allowance for loan losses to non-performing loans was 573.33% at June 30, 2000,
compared to 199.07% at September 30, 1999 and 210.91% at June 30, 1999.
17
<PAGE>
The following table sets forth, certain asset quality ratios and other data
at the dates indicated:
<TABLE>
June 30, September 30, June 30,
2000 1999 1999
------- ----------- --------
(Dollars in thousands)
<S> <C> <C> <C>
Non-accrual loans past due ninety days or more:
Real estate mortgage Loans:
One- to four-family $ 230 $ 347 $ 406
Commercial -- 305 198
Consumer loans 55 103 102
Total 285 755 706
Real estate owned, net -- -- 183
Total non-performing assets $ 285 $ 755 $ 889
========== ========== ==========
Allowance for loan losses $ 1,634 $ 1,503 $ 1,489
========== ========== ==========
Ratios:
Non-performing loans to total loans receivable 0.08% 0.25% 0.32%
Non-performing assets to total assets 0.05 0.16 0.23
Allowance for loan losses to:
Non-performing loans 573.33 199.07 210.91
Total loans receivable 0.45 0.50 0.67
</TABLE>
Liquidity and Capital Resources
The Company's primary sources of funds are deposits and borrowings;
principal and interest payments on loans and securities; and proceeds from sales
of loans and securities. While maturities and scheduled payments on loans and
securities provide an indication of the timing of the receipt of funds, other
sources of funds such as loan prepayments and deposit inflows are less
predictable due to the effects of changes in interest rates, economic conditions
and competition.
The main sources of liquidity for the Holding Company are net proceeds from
the sale of stock and dividends received from the Association, if any. The main
cash flows are payments of dividends to shareholders and repurchases of the
Holding Company's common stock.
The Association is required to maintain an average daily balance of total
liquid assets as a percentage of net withdrawable deposit accounts plus
short-term borrowings, as defined by the regulations of the Office of Thrift
Supervision. The minimum required liquidity ratio at June 30, 2000 was 4.0%, and
the Company's actual liquidity ratio was 7.76%.
The primary investing activities of the Company are the origination of real
estate mortgage and other loans, and the purchase of mortgage-backed and other
securities. At June 30, 2000, the Company had outstanding loan origination
commitments of $19.4 million, unadvanced home equity lines of credit of $3.4
million and undisbursed construction loans in process of $3.6 million. The
Company anticipates that it will have sufficient funds available to meet its
current loan origination and other commitments. At June 30, 2000, the Company
18
<PAGE>
had the ability to obtain additional FHLB advances of approximately $55.8
million. Certificates of deposit scheduled to mature in one year or less from
June 30, 2000 totaled $126.5 million. Based on the Company's most recent
experience and pricing strategy, management believes that a significant portion
of such deposits will remain with the Company.
The Company's borrowings at June 30, 2000 consisted of $91.0 million in
borrowings under securities repurchase agreements and FHLB advances of $74.4
million. FHLB advances at June 30, 2000 had a weighted average interest rate of
6.38% and a weighted average term to maturity of 3.9 years with a call date in
2.0 years. In the securities repurchase agreements, the Company borrows funds
through the transfer of debt securities to the FHLB of New York, as
counterparty, and concurrently agrees to repurchase the identical securities at
a fixed price on a specified date. The Company accounts for these agreements as
secured financing transactions since it maintains effective control over the
transferred securities. Accordingly, the transaction proceeds are recorded as
borrowings and the underlying securities continue to be carried in the Company's
debt securities portfolio. Repurchase agreements are collateralized by the
securities sold and, in certain cases, by additional margin securities. During
the nine months ended June 30, 2000, the average borrowings under these
agreements amounted to $103.9 million and the maximum month-end balance
outstanding was $114.6 million.
Additional information concerning outstanding repurchase agreements with
the FHLB of New York as of June 30, 2000 is summarized as follows:
<TABLE>
Repurchase Borrowings
--------------------------------------------------------------------------------
Accrued Weighted Fair Value
Interest Average of Collateral
Remaining Term to Final Maturity (1) Amount Payable (2) Rate Securities (3)
------------------------------------ ------ ----------- ---- --------------
(Dollars in thousands)
<S> <C> <C> <C> <C>
After 30 days but within one year $ 20,000 $ 275 6.70% $ 21,305
After one but within three years 22,500 163 5.99 25,944
After three but within five years 8,100 -- 5.97 8,242
After five years 40,412 339 5.67 46,780
----------- --------- --------
Total $ 91,012 $ 777 6.00% $102,271
=========== ========= ========
</TABLE>
(1) The weighted average remaining term to final maturity was approximately 5.0
years at June 30, 2000. Certain securities repurchase agreements are callable by
the FHLB of New York, prior to the maturity date. The weighted average remaining
term to maturity, giving effect to earlier call dates, was approximately 1.6
years at June 30, 2000. (2) Included in other liabilities in the consolidated
balance sheet. (3) Represents the fair value of the mortgage-backed securities
($72.9 million) and other debt securities ($29.4 million) which were transferred
to the counterparty, including accrued interest receivable of $1.0 million.
These securities consist of available-for-sale securities and held-to-maturity
securities with fair values of $91.1 million and $11.2 million, respectively.
19
<PAGE>
At June 30, 2000, the Company's "amount at risk" under securities
repurchase agreements was approximately $10.5 million. This amount represents
the excess of (i) the carrying amount, or market value if higher, of the
securities transferred to the FHLB of New York plus accrued interest receivable
over (ii) the amount of the repurchase liability plus accrued interest payable.
At June 30, 2000 the Association exceeded all of its regulatory capital
requirements with a tangible capital level of 6.46% of total adjusted assets,
which is above the required level of 1.5%; core capital of 6.46% of total
adjusted assets, which is above the required level of 4.0%; and total risk-based
capital of 14.94%, which is above the required level of 8.0%. These regulatory
capital requirements, which are applicable to the Association only, do not
consider additional capital held at the Holding Company level, and require
certain adjustments to stockholder's equity to arrive at the various capital
amounts.
Year 2000 Considerations
As of the time of this filing, the Company's core systems are functioning well
with no known interruptions associated with the Y2K issues. The Company is also
not aware of any significant events that have happened with any of its vendors
in connection with the Y2K issue, however there may have been negative effects
that we are not aware of. We plan to continue to monitor our systems as well as
those of our vendors. Costs incurred through June 30, 2000 were approximately
$150,000. This includes Y2K remediation efforts and planned system upgrades
related to business expansion. Approximately $115,000 of this cost was
recognized in fiscal 1999. Management estimates that remaining costs will be
nominal.
Part I. Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Market risk is the potential loss from adverse changes in market prices and
rates. The Company's market risk arises primarily from interest rate risk
inherent in its lending, investing and deposit taking activities. The Company's
real estate loan portfolio, concentrated primarily in Westchester County, New
York, and portions of Putnam, Rockland and Dutchess Counties, New York, is
subject to risks associated with the local economy.
The Company's interest rate risk may have increased during the quarter as
the Company utilized short-term borrowings to fund its lending operations. Other
types of market risk, such as foreign exchange rate risk and commodity price
risk, do not arise in the normal course of the Company's business activities.
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
The Company is involved as plaintiff or defendant in various legal
proceedings arising in the normal course of its business. While the ultimate
outcome of these various legal proceedings cannot be predicted with certainty,
it is the opinion of management that the resolution of these legal actions
should not have a material effect on the Company's financial position, results
of operations or liquidity.
20
<PAGE>
Item 2. Changes in Securities
None
Item 3. Defaults Upon Senior Securities
None
Item 4. Submission of Matters to a Vote of Security Holders
None
Item 5. Other Information
None
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
Exhibit No. Name
----------- ----
27 Financial Data Schedule
(b) Reports on Form 8-K
During the quarter ended June 30, 2000, the Company filed a report on form
8-K for the press release issued in connection with the second quarter
earnings.
21
<PAGE>
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
(Registrant)
Date: August 14, 2000 /s/ Richard F. Komosinski
--------------------------
Richard F. Komosinski,
President and Chief Executive Officer
(Principal Executive Officer)
Date: August 14, 2000 /s/ Joseph D. Roberto
----------------------
Joseph D. Roberto
Senior Vice President, Treasurer and
Chief Financial Officer
(Principal Financial Officer)
22
