SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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)
April 20, 2000
YONKERS FINANCIAL CORPORATION
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(Exact name of Registrant as specified in its Charter)
Delaware 0-277716 13-3870836
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(State or other jurisdiction (Commission File No.) (IRS Employer
of incorporation) Identification No.)
6 Executive Plaza, Yonkers, New York 10701
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (914) 965-2500
N/A
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(Former name or former address, if changed since last report)
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Item 5. Other Events
On April 20, 2000, Yonkers Financial Corporation issued the press release
attached hereto as Exhibit 99, announcing earnings for the quarter ended March
31, 2000.
Item 7. Financial Statements and Exhibits
(a) Exhibits
99. Press release, dated April 20, 2000.
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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: May 2, 2000 By: /s/ Richard F. Komosinski
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Richard F. Komosinski
President and Chief Executive Officer
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EXHIBIT 99
DATE: April 20, 2000
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 A 44.4% INCREASE IN DILUTED
EARNINGS PER SHARE FOR THE QUARTER ENDED MARCH 31, 2000 AND
DECLARES QUARTERLY CASH DIVIDEND OF $0.09 PER SHARE
Yonkers, New York - April 20, 2000 Yonkers Financial Corporation (NASDAQ: YFCB)
(the "Company"), the holding company for The Yonkers Savings and Loan
Association, FA, reported earnings per common share of $0.39 diluted for the
quarter ended March 31, 2000, an increase of 44.4% compared to $0.27 reported
for the quarter ended March 31, 1999. Net income increased by 19.0%, or
$127,000, to $794,000. For the six-month period ended March 31, 2000 diluted
earnings per common share was $0.73, an increase of 35.2% compared to $0.54 in
the year ago period. Net income increased by 12.3% or $164,000, to $1.5 million.
The Company also announced that the Board of Directors, at its April 18, 2000
meeting, declared a cash dividend of $0.09 per share, payable May 15, 2000 to
holders of record as of May 2, 2000. The dividend represents the Company's
sixteenth consecutive quarterly cash dividend since converting to stock form.
Richard F. Komosinski, the Company's President and Chief Executive Officer,
said, "We are pleased with our financial results for the first half of fiscal
2000. The earnings momentum we experienced in the December 31, 1999 quarter has
continued into the current period. Growth in earnings per share and loans
receivable outstanding has been dramatic with total outstanding loans now equal
to $360.4 million, or 20.4% higher than at September 30, 1999. On-going efforts
to increase the proportion of higher-yielding multi-family and mixed use
commercial real estate loans represented in the portfolio have also shown great
progress with related balances having increased 39.2% to $59.9 million at March
31, 2000 compared to $43.0 million at September 30, 1999. Loan quality remains
high with non-performing loans totaling $400,000 or 0.11% of total loans
receivable compared to $755,000 or 0.25% at September 30, 1999. We feel the
substantial increases we have experienced in loan growth and earnings are
consistent with our business plans and look toward the second half of our fiscal
year with confidence."
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Stockholders' equity increased to $32.1 million at March 31, 2000 from $32.0
million at September 30, 1999, while the ratio of stockholders' equity to total
assets decreased to 6.2% from 7.0% at September 30, 1999. Book value per share
increased to $14.41 at March 31, 2000 from $14.30 at September 30, 1999.
Net interest income for the three months ended March 31, 2000 was $3.5 million,
an increase of $629,000, or 21.7 %, from $2.9 million for the same period in
1999. Net interest income for the six-months ended March 31, 2000 was $7.0
million, an increase of $1.2 million or 21.3% over the same period in the prior
year. These increases reflect the positive effect on net interest income of
higher average interest-earning assets, primarily attributable to the investment
of proceeds from borrowings and deposit growth. The increase for the three
months ended March 31, 2000 was partially offset by a decline in the average
interest rate spread to 2.56% from 2.61% at March 31, 1999. For the six month
period the average interest rate spread increased to 2.60% from 2.58% for the
same period a year earlier.
Non-interest income for the three months ended March 31, 2000 decreased $25,000
to $418,000 from $443,000 for the three months ended March 31, 1999. This
decrease reflects a $85,000 decrease in the net gain on sales of real estate
mortgage loans held for sale, a $73,000 decrease in the net gain on sales of
securities, a $31,000 decrease in other non-interest income offset by a $164,000
increase in service charges and fee income. The increase in service charges and
fee income primarily relates to our recently launched annuities and mutual funds
sales program. For the six months ended March 31, 2000 non-interest income
decreased slightly from $733,000 to $728,000 for the current period.
Non-interest expense increased $446,000 to $2.6 million for the three months
ended March 31, 2000 compared to $2.2 million for the three months ended March
31, 1999. Similarly, for the six months ended March 31, 2000 non-interest
expense had increased by $1.1 million to $5.2 million compared to $4.1 million
in the prior year. These increases primarily reflect increased costs associated
with (i) the establishment of three new in-store branches in May 1999,
September, 1999 and October 1999, (ii) expansion o the loan department, (iii)
costs associated with the proxy fight that was concluded in January of this
year, and (iv) the establishment of a real estate investment trust, Yonkers
REIT, Inc. in March 1999.
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.
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YONKERS FINANCIAL CORPORATION AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
<TABLE>
<CAPTION>
March 31, September 30,
2000 1999
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<S> <C> <C>
ASSETS
Cash and cash equivalents:
Cash and due from banks $ 8,511 $ 4,651
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Total cash and cash equivalents 8,511 4,651
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Securities:
Available for sale, at fair value (amortized cost of $ 117,575 at
March 31, 2000 and $120,996 at September 30, 1999) 111,180 116,712
Held to maturity, at amortized cost (fair value of $ 18,724 at
March 31, 2000 and $21,959 at September 30, 1999) 18,890 21,936
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Total securities 130,070 138,648
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Real estate mortgage loans held for sale, at lower of cost or market value 1,451 1,226
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Loans receivable, net:
Real estate mortgage loans 351,550 291,199
Consumer and commercial business loans 8,895 8,254
Allowance for loan losses (1,566) (1,503)
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Total loans receivable, net 358,879 297,950
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Accrued interest receivable 2,944 2,750
Federal Home Loan Bank stock 9,298 7,397
Office properties and equipment, net 2,072 1,984
Other assets 4,111 3,089
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Total assets $ 517,336 $ 457,695
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LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits $ 304,081 $ 272,974
Securities repurchase agreements 98,193 99,987
FHLB advances 78,500 47,948
Other liabilities 4,452 4,769
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Total liabilities 485,226 425,678
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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 35,366 35,225
Unallocated common stock held by employee stock
ownership plan (1,714) (1,857)
Unamortized awards of common stock under management
recognition plan (475) (621)
Treasury stock, at cost ( 1,332,011) shares (22,037) (21,866)
Retained income, substantially restricted 24,771 23,652
Accumulated other comprehensive(loss (3,837) (2,552)
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Total stockholders' equity 32,110 32,017
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Total liabilities and stock holders' equity $ 517,336 $ 457,695
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<CAPTION>
YONKERS FINANCIAL CORPORATION AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In thousands, except per share data)
For the Three Months For the Six Months
Ended March 31, Ended March 31,
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2000 1999 2000 1999
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<S> <C> <C> <C> <C>
Interest and dividend income:
Loans $ 6,463 $ 3,785 $ 12,505 $ 7,544
Securities 2,327 2,503 4,714 5,182
Other earning assets 181 184 340 367
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Total interest and dividend income 8,971 6,472 17,559 13,093
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Interest expense:
Deposits 2,803 2,340 5,478 4,721
Securities repurchase agreements 1,565 1,068 3,179 2,315
FHLB advances 1,081 171 1,928 307
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Total interest expense 5,449 3,579 10,585 7,343
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Net interest income 3,522 2,893 6,974 5,750
Provision for loan losses 35 75 70 150
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Net interest income after provision for loan losses 3,487 2,818 6,904 5,600
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Non-interest income:
Service charges and fees 346 182 615 323
Net gain on sales of real estate mortgage
loans held for sale 24 109 47 246
Net gain (loss) on sales of securities (3) 70 1 73
Other 51 82 65 91
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Total non-interest income 418 443 728 733
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Non-interest expense:
Compensation and benefits 1,396 1,115 2,863 2,271
Occupancy and equipment 356 323 694 551
Data processing service fees 209 169 388 319
Federal deposit insurance costs 14 35 52 68
Other 671 558 1,252 933
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Total non-interest expense 2,646 2,200 5,249 4,142
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Income before income tax expense 1,259 1,061 2,383 2,191
Income tax expense 465 394 885 857
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Net income $ 794 $ 667 $1,498 $1,334
========= ======= ======== ========
Earnings per common share:
Basic $ 0.40 $ 0.27 $ 0.75 $ 0.54
Diluted 0.39 0.27 0.73 0.54
========= ======= ======== ========
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YONKERS FINANCIAL CORPORATION AND SUBSIDIARY
SELECTED FINANCIAL RATIONS AND OTHER DATA
(Unaudited)
(Dollars in Thousands)
<TABLE>
<CAPTION>
2000 1999
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<S> <C> <C>
Performance Ratios:
Return on average assets 0.60% 0.69%
Return on average equity 9.39 6.50
Average interest rate spread 2.60 2.58
Net interest margin 2.85 3.07
Efficiency Ratio 68.15 64.61
Net interest income to non-interest expense 132.86 138.82
Non-interest expense to average assets 2.10 2.17
Average interest-earning assets to average 105.72 112.53
interest-bearing liabilities
Capital Ratios:
Average equity to average assets 6.38% 10.74%
Equity to total assets at end of period 6.20 10.92
Total risk-based capital 14.89 25.71
Asset Quality and Other Data:
Non-performing loans 400 777
Real estate owned, net -- 183
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Total non-performing assets 400 960
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Asset quality ratios:
Non-performing loans to total loans 0.11% 0.37%
Non-performing assets to total assets 0.08 0.25
Allowance for loan losses to:
Non-performing loans to total loans 391.50 187.00
Total loans 0.43 0.69
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