UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
Form
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of
the
Securities Exchange Act of 1934
Date of
Report (Date of earliest event reported): April 28, 2009
K-FED
BANCORP
(Exact
name of registrant as specified in its charter)
Federal
000-50592
20-0411486
(State or other
jurisdiction of
incorporation) (Commission
File
No.) (I.R.S.
Employer Identification No.)
1359 N. Grand Avenue, Covina,
CA
91724
(Address of principal
executive
offices) (Zip
Code)
Registrant's
telephone number, including area
code: (626)
339-9663
Not
Applicable
(Former
name or former address, if changed since last report)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
[ ]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
[ ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
ITEM
2.02. Results of Operations and Financial Condition.
On April
28, 2009, K-Fed Bancorp issued a press release disclosing its March 31, 2009
financial results.
A copy of
the press release is included as Exhibit 99.1 to this report and is being
furnished to the SEC and shall not be deemed filed for any purpose.
ITEM
9.01. Financial Statements and Exhibits.
(d)
Exhibits.
99.1 –
K-Fed Bancorp press release dated April 28, 2009.
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, hereunto
duly authorized.
K-FED
BANCORP
Date:
April 28,
2009
By:
/s/ K. M.
Hoveland
K. M. Hoveland
President and Chief Executive Officer
FOR
IMMEDIATE RELEASE
For
more information contact:
K. M.
Hoveland, President/CEO
Dustin
Luton, Chief Financial Officer
(626)
339-9663
K-FED
BANCORP ANNOUNCES THIRD QUARTER EARNINGS
Covina,
CA – April 28, 2009. K-Fed Bancorp (NASDAQ: KFED) (the “Company”), the parent
company of Kaiser Federal Bank (the “Bank”), reported net income of $1.2 million
or $0.09 per diluted share for the quarter ended March 31, 2009 and $3.5 million
or $0.27 per diluted share for the nine months then ended. This compares to net
income of $1.3 million or $0.10 per diluted share for the quarter ended March
31, 2008 and $2.7 million or $0.20 per diluted share for the nine months then
ended. Net income for the nine months ended March 31, 2008 included $1.3 million
in stock offering costs resulting from the cancellation of the stock offering in
November 2007 due to unfavorable market conditions. The recognition
of these expenses resulted in a decline of $0.05 in basic and diluted earnings
per share for the nine months ended March 31, 2008.
While the
banking sector continues to experience challenges as evidenced by the continued
deterioration of the housing market, increasing delinquencies and foreclosures,
and a significant increase in unemployment both nationally and in California,
the Company continues to be profitable with assets, loans and deposits at record
levels. Total assets increased to $881.2 million at March 31,
2009 from $849.0 million at June 30, 2008. Total loans increased to
$756.4 million at March 31, 2009 from $745.4 million at June 30,
2008. The Bank continues to originate predominately multi-family
loans to replace its declining one-to-four family loan portfolio as we rebalance
our loan portfolio. While the loan portfolio continues to perform
well overall, as evidenced by non-accrual and delinquency ratios that are
significantly below industry averages, our multi-family and commercial real
estate loan portfolios in particular have experienced very low levels of
non-accrual and charge-offs. Total deposits increased to $554.3
million at March 31, 2009 as compared to $495.1 million at June 30, 2008 as
depositors look for the safety of banks with strong capital
positions. We were able to maintain our strong asset growth during
the year while paying down $28.0 million of higher costing Federal Home Loan
Bank (FHLB) advances with available liquidity produced by the increase in
deposits.
As
expected, based on the weakened economy and continued decline in the housing
market, our one-to-four family mortgage loan portfolio has shown increased
delinquency. Delinquent loans 60 days or more totaled $5.7 million or
0.75% of total loans and non-performing assets totaled $6.9 million or 0.78% of
total assets at March 31, 2009. Delinquent loans 60 days or more
totaled $1.9 million or 0.26% of total loans and non-performing assets totaled
$2.9 million or 0.35% of total assets at June 30, 2008. Consistent
with the increase in delinquent and non-performing assets, net charge-offs
increased to $289,000 or 0.15% and $933,000 or 0.17% of average loans for the
three and nine months ended March 31, 2009, respectively, from net charge-offs
of $24,000 or 0.01% and $300,000 or 0.06% of average loans for the three and
nine months ended March 31, 2008, respectively.
We take a
proactive approach in monitoring our loan portfolio in order to identify
potential problem loans and we evaluate our allowance for loan losses on an
ongoing basis to ensure its adequacy. Accordingly, our provision for
loan losses has increased to $660,000 and $2.0 million for the three and nine
months ended March 31, 2009 from $200,000 and $551,000 for the comparable
periods of the prior year. The provision reflects management’s
continuing assessment of the credit quality of the Company’s loan portfolio,
which is affected by various trends, including current economic
conditions.
Net
interest margin increased to 2.83% and 2.65% for the quarter and nine months
ended March 31, 2009, respectively from 2.51% and 2.44% for the same periods
last year. The increasing margin reflects a significant reduction in
our cost of funds as a result of the declining interest rate environment and pay
down of FHLB advances as well as modest growth in our loan
portfolio.
Total
equity increased to $92.0 million at March 31, 2009 from $90.7 million at June
30, 2008, which is 10.44% of total assets. Currently, the Bank meets all
regulatory capital requirements established by the Office of Thrift Supervision
in order to be classified as a “well-capitalized” bank.
This
release contains certain forward-looking statements. Forward-looking statements
can be identified by the fact that they do not relate strictly to historical or
current facts. They often include words like “believe,” “expect,” “anticipate,”
“estimate” and “intend” or future or conditional verbs such as “will,” “would,”
“should,” “could” or “may.” Certain factors that could cause actual
results to differ materially from expected results include, changes in the
interest rate environment, changes in general economic conditions, legislative
and regulatory changes that adversely affect the business of K-Fed Bancorp and
Kaiser Federal Bank, and changes in the securities markets. We
caution readers not to place undue reliance on forward-looking
statements. The Company disclaims any obligation to revise or update
any forward-looking statements contained in this release to reflect future
events or developments.
K-FED
BANCORP
Selected
Financial Data and Ratios (Unaudited)
March
31, 2009
(Dollars
in thousands, except per share data)
|
Selected Financial Condition Data and
Ratios:
|
|
March
31
2009
|
|
June
30
2008
|
|
|
Total
assets
|
|
$
|
881,196
|
|
$
|
849,016
|
|
|
Gross
loans receivable
|
|
|
756,359
|
|
|
745,435
|
|
|
Allowance
for loan losses
|
|
|
(4,303
|
)
|
|
(3,229
|
)
|
|
Cash
and cash equivalents
|
|
|
69,688
|
|
|
51,240
|
|
|
Total
deposits
|
|
|
554,250
|
|
|
495,058
|
|
|
Federal
Home Loan Bank advances
|
|
|
207,008
|
|
|
235,019
|
|
|
State
of California time deposits
|
|
|
25,000
|
|
|
25,000
|
|
|
Total
stockholders’ equity
|
|
|
91,995
|
|
|
90,728
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality Ratios:
|
|
|
|
|
|
|
|
|
Equity
to total assets
|
|
|
10.44
|
%
|
|
10.69
|
%
|
|
Delinquent
loans 60 days or more to total loans
|
|
|
0.75
|
|
|
0.26
|
|
|
Non-performing
loans to total loans
|
|
|
0.80
|
|
|
0.23
|
|
|
Non-performing
assets to total assets
|
|
|
0.78
|
|
|
0.35
|
|
|
Net
charge-offs to average loans outstanding (annualized)
|
|
|
0.17
|
|
|
0.07
|
|
|
Allowance
for loan losses to total loans
|
|
|
0.57
|
|
|
0.43
|
|
|
Allowance
for loan losses to non-performing loans
|
|
|
70.98
|
|
|
186.66
|
|
|
|
|
|
|
Three
Months Ended
March
31
|
|
Nine
Months Ended
March
31
|
|
|
Selected Results of Operations Data and
Ratios:
|
|
2009
|
|
2008
|
|
2009
|
|
2008
|
|
|
Interest
income
|
|
$
|
11,284
|
|
$
|
11,586
|
|
$
|
33,902
|
|
$
|
33,825
|
|
|
Interest
expense
|
|
|
(5,478
|
)
|
|
(6,499
|
)
|
|
(17,654
|
)
|
|
(19,448
|
)
|
|
Net
interest income
|
|
|
5,806
|
|
|
5,087
|
|
|
16,248
|
|
|
14,377
|
|
|
Provision
for loan losses
|
|
|
(660
|
)
|
|
(200
|
)
|
|
(2,007
|
)
|
|
(551
|
)
|
|
Net
interest income after provision
for
loan losses
|
|
|
5,146
|
|
|
4,887
|
|
|
14,241
|
|
|
13,826
|
|
|
Noninterest
income
|
|
|
1,038
|
|
|
1,132
|
|
|
3,426
|
|
|
3,212
|
|
|
Noninterest
expense, excluding stock offering costs
|
|
|
(4,218
|
)
|
|
(3,918
|
)
|
|
(12,120
|
)
|
|
(11,581
|
)
|
|
Stock
offering costs
|
|
|
—
|
|
|
(10
|
)
|
|
—
|
|
|
(1,279
|
)
|
|
Income
before income tax expense
|
|
|
1,966
|
|
|
2,091
|
|
|
5,547
|
|
|
4,178
|
|
|
Income
tax expense
|
|
|
(772
|
)
|
|
(766
|
)
|
|
(2,013
|
)
|
|
(1,453
|
)
|
|
Net
income
|
|
$
|
1,194
|
|
$
|
1,325
|
|
$
|
3,534
|
|
$
|
2,725
|
|
|
Performance Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income per share – basic and diluted
|
|
$
|
0.09
|
|
$
|
0.10
|
|
$
|
0.27
|
|
$
|
0.20
|
|
|
Return
on average assets (annualized)
|
|
|
0.56
|
%
|
|
0.63
|
%
|
|
0.55
|
%
|
|
0.44
|
%
|
|
Return
on average equity (annualized)
|
|
|
5.20
|
|
|
5.66
|
|
|
5.16
|
|
|
3.89
|
|
|
Net
interest margin (annualized)
|
|
|
2.83
|
|
|
2.51
|
|
|
2.65
|
|
|
2.44
|
|
|
Efficiency
ratio (excluding stock offering costs)
|
|
|
61.63
|
|
|
63.00
|
|
|
61.60
|
|
|
65.84
|
|
|
|
K-FED
BANCORP
Selected
Financial Data and Ratios (Unaudited)
March
31, 2009
(Dollars
in thousands)
|
|
|
At
March 31,
|
|
At
June 30,
|
|
|
|
Non-accrual loans:
|
|
2009
|
|
2008
|
|
|
|
Real estate loans:
|
|
|
|
|
|
|
One-to-four
family
|
|
$
|
4,284
|
|
$
|
1,583
|
|
|
|
Commercial
|
|
|
—
|
|
|
—
|
|
|
|
Multi-family
|
|
|
—
|
|
|
—
|
|
|
|
Other loans:
|
|
|
|
|
|
|
|
|
|
Automobile
|
|
|
57
|
|
|
132
|
|
|
|
Home
equity
|
|
|
—
|
|
|
—
|
|
|
|
Other
|
|
|
6
|
|
|
15
|
|
|
|
Troubled debt
restructuring:
|
|
|
|
|
|
|
|
|
|
One-to-four
family
|
|
|
1,480
|
|
|
—
|
|
|
|
Commercial
|
|
|
—
|
|
|
—
|
|
|
|
Multi-family
|
|
|
236
|
|
|
—
|
|
|
|
Total
non-accrual loans
|
|
|
6,063
|
|
|
1,730
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other real estate owned and repossessed
assets:
|
|
|
|
|
|
|
|
|
|
Real estate loans:
|
|
|
|
|
|
|
|
|
|
One-to-four
family
|
|
|
781
|
|
|
1,045
|
|
|
|
Commercial
|
|
|
|
|
|
—
|
|
|
|
Multi-family
|
|
|
—
|
|
|
—
|
|
|
|
Other loans:
|
|
|
|
|
|
|
|
|
|
Automobile
|
|
|
55
|
|
|
161
|
|
|
|
Home
equity
|
|
|
|
|
|
—
|
|
|
|
Other
|
|
|
—
|
|
|
—
|
|
|
|
Total
other real estate owned and repossessed assets
|
|
|
836
|
|
|
1,206
|
|
|
|
Total
non-performing assets
|
|
$
|
6,899
|
|
$
|
2,936
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
Delinquent :
|
|
|
|
|
|
|
|
|
60-89
Days
|
|
90
Days or More
|
|
Total
Delinquent Loans
|
|
|
|
|
Number
of Loans
|
|
Amount
|
|
Number
of Loans
|
|
Amount
|
|
Number
of Loans
|
|
Amount
|
|
|
Delinquent Loans:
|
|
|
|
|
At March 31, 2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
One-to-four
family
|
|
|
4
|
|
$
|
1,705
|
|
|
9
|
|
$
|
3,884
|
|
|
13
|
|
$
|
5,589
|
|
|
Commercial
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Multi-family
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Other loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Automobile
|
|
|
4
|
|
|
38
|
|
|
5
|
|
|
57
|
|
|
9
|
|
|
95
|
|
|
Home
equity
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Other
|
|
|
3
|
|
|
5
|
|
|
5
|
|
|
6
|
|
|
8
|
|
|
11
|
|
|
Total
loans
|
|
|
11
|
|
$
|
1,748
|
|
|
19
|
|
$
|
3,947
|
|
|
30
|
|
$
|
5,695
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At June 30, 2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
One-to-four
family
|
|
|
—
|
|
$
|
—
|
|
|
4
|
|
$
|
1,583
|
|
|
4
|
|
$
|
1,583
|
|
|
Commercial
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Multi-family
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Other loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Automobile
|
|
|
10
|
|
|
159
|
|
|
8
|
|
|
132
|
|
|
18
|
|
|
291
|
|
|
Home
equity
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Other
|
|
|
22
|
|
|
34
|
|
|
9
|
|
|
15
|
|
|
31
|
|
|
49
|
|
|
Total
loans
|
|
|
32
|
|
$
|
193
|
|
|
21
|
|
$
|
1,730
|
|
|
53
|
|
$
|
1,923
|
|
K-Fed Bancorp (MM) (NASDAQ:KFED)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
K-Fed Bancorp (MM) (NASDAQ:KFED)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024
