YONKERS FINANCIAL CORP
8-K, 2000-05-02
SAVINGS INSTITUTION, FEDERALLY CHARTERED
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                       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
- --------------------------------------------------------------------------------
             (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)


<PAGE>



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.


                                        2

<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




Date: May 2, 2000                   By: /s/ Richard F. Komosinski
      --------------                    --------------------------------------
                                        Richard F. Komosinski
                                        President and Chief Executive Officer



                                        3

<PAGE>


                                                                      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."

                                       1
<PAGE>

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.

                                       2

                                     -END-

<PAGE>

                  YONKERS FINANCIAL CORPORATION AND SUBSIDIARY
                           CONSOLIDATED BALANCE SHEETS
                        (In thousands, except share data)

<TABLE>
<CAPTION>

                                                                                                 March 31,      September 30,
                                                                                                    2000            1999
                                                                                                ----------     --------------
<S>                                                                                            <C>              <C>
ASSETS

Cash and cash equivalents:
    Cash and due from banks                                                                     $     8,511      $     4,651
                                                                                                -----------      -----------
         Total cash and cash equivalents                                                              8,511            4,651
                                                                                                -----------      -----------
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
                                                                                                -----------      -----------
          Total securities                                                                          130,070          138,648
                                                                                                -----------      -----------
Real estate mortgage loans held for sale, at lower of cost or market value                            1,451            1,226
                                                                                                -----------      -----------
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)
                                                                                                -----------      -----------
          Total loans receivable, net                                                               358,879          297,950
                                                                                                -----------      -----------
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
                                                                                                -----------      -----------
          Total assets                                                                            $ 517,336        $ 457,695
                                                                                                ===========      ===========
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
                                                                                                -----------      -----------
          Total liabilities                                                                         485,226          425,678
                                                                                                -----------      -----------
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)
                                                                                                -----------      -----------
          Total stockholders' equity                                                                 32,110           32,017
                                                                                                -----------      -----------
          Total liabilities and stock holders' equity                                             $ 517,336        $ 457,695
                                                                                                ===========      ===========

</TABLE>

                                      -END-



                                        3


<PAGE>

<TABLE>
<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,
                                                          -------------------------          ------------------------
                                                             2000            1999              2000            1999
                                                             ----            ----              ----            ----
<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
                                                           ---------         -------         --------        --------
     Total interest and dividend income                        8,971           6,472           17,559          13,093
                                                           ---------         -------         --------        --------

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
                                                           ---------         -------         --------        --------
     Total interest expense                                    5,449           3,579           10,585           7,343
                                                           ---------         -------         --------        --------

       Net interest income                                     3,522           2,893            6,974           5,750

Provision for loan losses                                         35              75               70             150
                                                           ---------         -------         --------        --------
       Net interest income after provision for loan losses     3,487           2,818            6,904           5,600
                                                           ---------         -------         --------        --------

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
                                                           ---------         -------         --------        --------
      Total non-interest income                                  418             443              728             733
                                                           ---------         -------         --------        --------

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
                                                           ---------         -------         --------        --------
      Total non-interest expense                               2,646           2,200            5,249           4,142
                                                           ---------         -------         --------        --------

        Income before income tax expense                       1,259           1,061            2,383           2,191

Income tax  expense                                              465             394              885             857
                                                           ---------         -------         --------        --------
       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
                                                           =========         =======         ========        ========

</TABLE>
                                        4


<PAGE>



               YONKERS FINANCIAL CORPORATION AND SUBSIDIARY
                SELECTED FINANCIAL RATIONS AND OTHER DATA

                         (Unaudited)
                   (Dollars in Thousands)


<TABLE>
<CAPTION>



                                                     2000            1999
                                                   ---------        -------
<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
                                                     ------           -----
Total non-performing assets                             400             960
                                                     ======           =====
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


                                       5


</TABLE>



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