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): January 27, 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
January 27, 2009, K-Fed Bancorp issued a press release disclosing its December
31, 2008 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 January 27, 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:
January 27,
2009
By:
/s/Kay M. Hoveland
Kay M.
Hoveland
President and Chief
Executive Officer
FOR
IMMEDIATE RELEASE
For
more information contact:
Kay
Hoveland, President/CEO
Dustin
Luton, Chief Financial Officer
(626)
339-9663
K-FED
BANCORP ANNOUNCES SECOND QUARTER EARNINGS
Covina,
CA – January 27, 2009. K-FED Bancorp (NASDAQ: KFED) (the Company), the parent
company of Kaiser Federal Bank (the Bank), reported net income of $931,000 or
$0.07 per diluted share for the quarter ended December 31, 2008 and $2.3 million
or $0.18 per diluted share for the six months then ended. This compares to net
income of $406,000 or $0.03 per diluted share for the quarter ended December 31,
2007 and $1.4 million or $0.10 per diluted share for the six months then ended.
Net income for the three and six months ended December 31, 2007 includes $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 three and six months ended December 31,
2007.
Asset
quality continues to remain strong despite the current economic crisis and
continued deterioration in the housing market. Loans delinquent 60
days or more totaled $4.9 million or 0.65% of total loans and non-performing
assets totaled $5.8 million or 0.69% of total assets at December 31,
2008. Net charge-offs totaled $330,000 or 0.18% of average loans and
$645,000 or 0.17% of average loans for the three and six months ended December
31, 2008. While these amounts and related ratios have been
increasing, they continue to be well below industry averages. We have also taken
a very 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 $984,000 and $1.3 million for the three and six
months ended December 31, 2008 from $184,000 and $352,000 for the comparable
periods of the prior year.
We
attribute our strong asset quality to our conservative and disciplined lending
practices as well as our uncompromising emphasis on credit quality. In this
regard, the Bank has remained true to the traditional residential loan products
that require qualified borrowers with a minimum of 20% equity in the underlying
properties. Further, we have not originated or purchased construction and
development loans, teaser option-ARM loans, negative amortizing loans or high
loan to value loans.
Total
assets decreased to $834.8 million at December 31, 2008 from $849.0 million at
June 30, 2008. This decrease was primarily a result of a pay down of
$28.0 million of higher costing Federal Home Loan Bank advances with available
liquidity and additional deposits of $12.9 million. Net interest
margin increased to 2.56% for the quarter ended December 31, 2008 as compared to
2.45% for the same period last year. The 11 basis point increase was a result of
the declining interest rate environment that began in late 2007.
Total
equity increased to $91.7 million at December 31, 2008 from $90.7 million at
June 30, 2008, which is 10.99% 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.
After
careful consideration the Company has elected not to apply for funds available
through the Capital Purchase Program, which is part of the United States
Treasury’s Troubled Asset Relief Program. Given that we are a
well-capitalized, profitable bank with strong credit quality we believe that
participation would not be in the best interest of the Company and our
shareholders.
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)
December
31, 2008
(Dollars
in thousands, except per share data)
|
Selected Financial Condition Data and
Ratios:
|
|
December
31
2008
|
|
June
30
2008
|
|
|
Total
assets
|
|
$
|
834,846
|
|
$
|
849,016
|
|
|
Gross
loans receivable
|
|
|
745,988
|
|
|
745,435
|
|
|
Allowance
for loan losses
|
|
|
(3,932
|
)
|
|
(3,229
|
)
|
|
Cash
and cash equivalents
|
|
|
35,429
|
|
|
51,240
|
|
|
Total
deposits
|
|
|
507,977
|
|
|
495,058
|
|
|
Federal
Home Loan Bank advances
|
|
|
207,011
|
|
|
235,019
|
|
|
State
of California time deposits
|
|
|
25,000
|
|
|
25,000
|
|
|
Total
stockholders’ equity
|
|
|
91,713
|
|
|
90,728
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality Ratios:
|
|
|
|
|
|
|
|
|
Equity
to total assets
|
|
|
10.99
|
%
|
|
10.69
|
%
|
|
Delinquent
loans 60 days or more to total loans
|
|
|
0.65
|
|
|
0.26
|
|
|
Non-performing
loans to total loans
|
|
|
0.69
|
|
|
0.23
|
|
|
Non-performing
assets to total assets
|
|
|
0.69
|
|
|
0.35
|
|
|
Net
charge-offs to average loans outstanding (annualized)
|
|
|
0.17
|
|
|
0.07
|
|
|
Allowance
for loan losses to total loans
|
|
|
0.53
|
|
|
0.43
|
|
|
Allowance
for loan losses to non-performing loans
|
|
|
76.36
|
|
|
186.66
|
|
|
|
|
|
|
Three
Months Ended
December
31
|
|
Six
Months Ended
December
31
|
|
|
Selected Results of Operations Data and
Ratios:
|
|
2008
|
|
2007
|
|
2008
|
|
2007
|
|
|
Interest
income
|
|
$
|
11,112
|
|
$
|
11,251
|
|
$
|
22,618
|
|
$
|
22,238
|
|
|
Interest
expense
|
|
|
(5,945
|
)
|
|
(6,488
|
)
|
|
(12,175
|
)
|
|
(12,948
|
)
|
|
Net
interest income
|
|
|
5,167
|
|
|
4,763
|
|
|
10,443
|
|
|
9,290
|
|
|
Provision
for loan losses
|
|
|
(984
|
)
|
|
(184
|
)
|
|
(1,347
|
)
|
|
(352
|
)
|
|
Net
interest income after provision
for
loan losses
|
|
|
4,183
|
|
|
4,579
|
|
|
9,096
|
|
|
8,938
|
|
|
Noninterest
income
|
|
|
1,177
|
|
|
1,040
|
|
|
2,387
|
|
|
2,069
|
|
|
Noninterest
expense, excluding stock offering costs
|
|
|
(3,965
|
)
|
|
(3,811
|
)
|
|
(7,901
|
)
|
|
(7,651
|
)
|
|
Stock
offering costs
|
|
|
—
|
|
|
(1,270
|
)
|
|
—
|
|
|
(1,270
|
)
|
|
Income
before income tax expense
|
|
|
1,395
|
|
|
538
|
|
|
3,582
|
|
|
2,086
|
|
|
Income
tax expense
|
|
|
(464
|
)
|
|
(132
|
)
|
|
(1,242
|
)
|
|
(687
|
)
|
|
Net
income
|
|
$
|
931
|
|
$
|
406
|
|
$
|
2,340
|
|
$
|
1,399
|
|
|
Performance Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income per share – basic and diluted
|
|
$
|
0.07
|
|
$
|
0.03
|
|
$
|
0.18
|
|
$
|
0.10
|
|
|
Return
on average assets (annualized)
|
|
|
0.44
|
%
|
|
0.20
|
%
|
|
0.55
|
%
|
|
0.35
|
%
|
|
Return
on average equity (annualized)
|
|
|
4.08
|
|
|
1.74
|
|
|
5.14
|
|
|
3.00
|
|
|
Net
interest margin (annualized)
|
|
|
2.56
|
|
|
2.45
|
|
|
2.57
|
|
|
2.40
|
|
|
Efficiency
ratio (excluding stock offering costs)
|
|
|
62.51
|
|
|
65.68
|
|
|
61.59
|
|
|
67.36
|
|
|
|
K-FED
BANCORP
Selected
Financial Data and Ratios (Unaudited)
December
31, 2008
(Dollars
in thousands)
|
|
|
At
December 31,
|
|
At
June 30,
|
|
|
|
Non-accrual loans:
|
|
2008
|
|
2008
|
|
|
|
Real estate loans:
|
|
|
|
|
|
|
One-to-four
family
|
|
$
|
4,383
|
|
$
|
1,583
|
|
|
|
Commercial
|
|
|
—
|
|
|
—
|
|
|
|
Multi-family
|
|
|
—
|
|
|
—
|
|
|
|
Other loans:
|
|
|
|
|
|
|
|
|
|
Automobile
|
|
|
73
|
|
|
132
|
|
|
|
Home
equity
|
|
|
—
|
|
|
—
|
|
|
|
Other
|
|
|
11
|
|
|
15
|
|
|
|
Troubled debt
restructuring:
|
|
|
|
|
|
|
|
|
|
One-to-four
family
|
|
|
446
|
|
|
—
|
|
|
|
Commercial
|
|
|
—
|
|
|
—
|
|
|
|
Multi-family
|
|
|
236
|
|
|
—
|
|
|
|
Total
non-accrual loans
|
|
|
5,149
|
|
|
1,730
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other real estate owned and repossessed
assets:
|
|
|
|
|
|
|
|
|
|
Real estate loans:
|
|
|
|
|
|
|
|
|
|
One-to-four
family
|
|
|
609
|
|
|
1,045
|
|
|
|
Commercial
|
|
|
—
|
|
|
—
|
|
|
|
Multi-family
|
|
|
—
|
|
|
—
|
|
|
|
Other loans:
|
|
|
|
|
|
|
|
|
|
Automobile
|
|
|
44
|
|
|
161
|
|
|
|
Home
equity
|
|
|
—
|
|
|
—
|
|
|
|
Other
|
|
|
—
|
|
|
—
|
|
|
|
Total
other real estate owned and repossessed assets
|
|
|
653
|
|
|
1,206
|
|
|
|
Total
non-performing assets
|
|
$
|
5,802
|
|
$
|
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 December 31, 2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
One-to-four
family
|
|
|
1
|
|
$
|
343
|
|
|
10
|
|
$
|
4,383
|
|
|
11
|
|
$
|
4,726
|
|
|
Commercial
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Multi-family
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Other loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Automobile
|
|
|
3
|
|
|
42
|
|
|
5
|
|
|
73
|
|
|
8
|
|
|
115
|
|
|
Home
equity
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Other
|
|
|
11
|
|
|
6
|
|
|
16
|
|
|
11
|
|
|
27
|
|
|
17
|
|
|
Total
loans
|
|
|
15
|
|
$
|
391
|
|
|
31
|
|
$
|
4,467
|
|
|
46
|
|
$
|
4,858
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
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K-Fed Bancorp (MM) (NASDAQ:KFED)
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De Jan 2024 à Jan 2025
