|
þ QUARTERLY
REPORT PURSUANT TO SECTION 13 OR
15(d)
|
|
¨ TRANSITION REPORT PURSUANT TO
SECTION 13 OR 15 (d)
|
|
OF
THE SECURITIES EXCHANGE ACT OF 1934
|
|
Page
Number
|
Item
1. Financial Statements (Unaudited):
|
|
Consolidated Balance
Sheets at June 30, 2009 and September 30, 2008
|
3
|
Consolidated
Statements of Income for the three and nine months
ended
|
|
June
30, 2009 and June 30, 2008
|
4
|
Consolidated
Statement of Stockholders’ Equity for the nine months
ended
|
|
June
30, 2009
|
5
|
Consolidated Statements of
Cash Flows for the nine months ended
|
|
June
30, 2009 and June 30, 2008
|
6
|
8
|
|
Item
2. Management’s
Discussion and Analysis of Financial Condition
and
|
|
Results
of Operations
|
18
|
56
|
|
Item
4. Controls and Procedures
|
63
|
PART
II -- OTHER INFORMATION
|
|
Item
1. Legal Proceedings
|
63
|
Item
1A. Risk
Factors
|
63
|
Item
2. Unregistered Sales of Equity Securities
and Use of Proceeds
|
63
|
Item
3. Defaults Upon Senior
Securities
|
63
|
63
|
|
Item
5. Other Information
|
64
|
Item
6. Exhibits
|
64
|
65
|
|
INDEX
TO EXHIBITS
|
66
|
June
30,
|
September
30,
|
|||||||
2009
|
2008
|
|||||||
ASSETS:
|
(Unaudited)
|
|||||||
Cash
and cash equivalents
|
$ | 74,101 | $ | 87,138 | ||||
Investment
securities:
|
||||||||
Available-for-sale
(“AFS”) at estimated fair value (amortized cost of $260,886 and
$51,700)
|
259,309 | 49,586 | ||||||
Held-to-maturity
(“HTM”) at cost (estimated fair value of $63,757 and
$92,211)
|
62,857 | 92,773 | ||||||
Mortgage-backed
securities (“MBS”):
|
||||||||
AFS,
at estimated fair value (amortized cost of $1,433,171 and
$1,491,536)
|
1,472,547 | 1,484,055 | ||||||
HTM,
at cost (estimated fair value of $643,110 and $743,764)
|
628,451 | 750,284 | ||||||
Loans
receivable, net
|
5,541,731 | 5,320,780 | ||||||
Capital
stock of Federal Home Loan Bank (“FHLB”), at cost
|
132,071 | 124,406 | ||||||
Accrued
interest receivable
|
32,828 | 33,704 | ||||||
Premises
and equipment, net
|
35,008 | 29,874 | ||||||
Real
estate owned (“REO”), net
|
5,077 | 5,146 | ||||||
Other
assets
|
75,312 | 77,503 | ||||||
TOTAL
ASSETS
|
$ | 8,319,292 | $ | 8,055,249 | ||||
LIABILITIES:
|
||||||||
Deposits
|
$ | 4,175,251 | $ | 3,923,883 | ||||
Advances
from FHLB
|
2,410,949 | 2,447,129 | ||||||
Other
borrowings, net
|
713,609 | 713,581 | ||||||
Advance
payments by borrowers for taxes and insurance
|
30,412 | 53,213 | ||||||
Income
taxes payable
|
4,500 | 6,554 | ||||||
Deferred
income tax liabilities, net
|
24,477 | 3,223 | ||||||
Accounts
payable and accrued expenses
|
37,460 | 36,450 | ||||||
Total
liabilities
|
7,396,658 | 7,184,033 | ||||||
STOCKHOLDERS'
EQUITY:
|
||||||||
Preferred
stock ($0.01 par value) 50,000,000 shares authorized; none
issued
|
-- | -- | ||||||
Common
stock ($0.01 par value) 450,000,000 shares authorized,
91,512,287
|
||||||||
shares
issued; 74,098,155 and 74,079,868 shares outstanding
|
||||||||
as
of June 30, 2009 and September 30, 2008, respectively
|
915 | 915 | ||||||
Additional
paid-in capital
|
451,543 | 445,391 | ||||||
Unearned
compensation, Employee Stock Ownership Plan (“ESOP”)
|
(8,569 | ) | (10,082 | ) | ||||
Unearned
compensation, Recognition and Retention Plan (“RRP”)
|
(403 | ) | (553 | ) | ||||
Retained
earnings
|
775,214 | 759,375 | ||||||
Accumulated
other comprehensive gain (loss)
|
23,512 | (5,968 | ) | |||||
Less
shares held in treasury (17,414,132 and 17,432,419 shares as
of
|
||||||||
June
30, 2009 and September 30, 2008, respectively, at cost)
|
(319,578 | ) | (317,862 | ) | ||||
Total
stockholders' equity
|
922,634 | 871,216 | ||||||
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY
|
$ | 8,319,292 | $ | 8,055,249 |
For
the Three Months Ended
|
For
the Nine Months Ended
|
|||||||||||||||
June
30,
|
June
30,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
INTEREST
AND DIVIDEND INCOME:
|
||||||||||||||||
Loans
receivable
|
$ | 76,745 | $ | 74,651 | $ | 230,907 | $ | 226,190 | ||||||||
MBS
|
24,211 | 24,869 | 75,701 | 62,242 | ||||||||||||
Investment
securities
|
1,279 | 1,298 | 3,560 | 8,489 | ||||||||||||
Capital
stock of FHLB
|
793 | 1,502 | 2,351 | 5,446 | ||||||||||||
Cash
and cash equivalents
|
50 | 465 | 167 | 3,262 | ||||||||||||
Total
interest and dividend income
|
103,078 | 102,785 | 312,686 | 305,629 | ||||||||||||
INTEREST
EXPENSE:
|
||||||||||||||||
FHLB
advances
|
25,307 | 30,248 | 81,505 | 96,205 | ||||||||||||
Deposits
|
24,705 | 31,174 | 76,201 | 104,352 | ||||||||||||
Other
borrowings
|
7,144 | 4,682 | 21,978 | 10,762 | ||||||||||||
Total
interest expense
|
57,156 | 66,104 | 179,684 | 211,319 | ||||||||||||
NET
INTEREST AND DIVIDEND INCOME
|
45,922 | 36,681 | 133,002 | 94,310 | ||||||||||||
PROVISION
FOR LOAN LOSSES
|
3,112 | 1,602 | 5,768 | 1,721 | ||||||||||||
NET
INTEREST AND DIVIDEND INCOME
|
||||||||||||||||
AFTER
PROVISION FOR LOAN LOSSES
|
42,810 | 35,079 | 127,234 | 92,589 | ||||||||||||
OTHER
INCOME:
|
||||||||||||||||
Retail
fees and charges
|
4,671 | 4,566 | 13,271 | 13,150 | ||||||||||||
Gains
on sale of loans held-for-sale (“LHFS”), net
|
1,629 | 244 | 2,169 | 501 | ||||||||||||
Insurance
commissions
|
528 | 486 | 1,892 | 1,661 | ||||||||||||
Loan
fees
|
564 | 572 | 1,730 | 1,751 | ||||||||||||
Income
from bank-owned life insurance (“BOLI”)
|
262 | 577 | 887 | 1,810 | ||||||||||||
Other,
net
|
578 | 900 | 1,900 | 3,565 | ||||||||||||
Total
other income
|
8,232 | 7,345 | 21,849 | 22,438 | ||||||||||||
OTHER
EXPENSES:
|
||||||||||||||||
Salaries
and employee benefits
|
10,715 | 11,021 | 32,447 | 31,729 | ||||||||||||
Occupancy
of premises
|
3,936 | 3,750 | 11,428 | 10,384 | ||||||||||||
Federal
insurance premium
|
5,307 | 116 | 5,700 | 350 | ||||||||||||
Advertising
|
1,704 | 1,216 | 5,393 | 3,433 | ||||||||||||
Deposit
and loan transaction fees
|
1,276 | 1,364 | 3,998 | 3,935 | ||||||||||||
Regulatory
and other services
|
857 | 1,267 | 2,986 | 4,345 | ||||||||||||
Office
supplies and related expense
|
582 | 493 | 2,030 | 1,614 | ||||||||||||
Other,
net
|
2,034 | 609 | 6,650 | 4,404 | ||||||||||||
Total
other expenses
|
26,411 | 19,836 | 70,632 | 60,194 | ||||||||||||
INCOME
BEFORE INCOME TAX EXPENSE
|
24,631 | 22,588 | 78,451 | 54,833 | ||||||||||||
INCOME
TAX EXPENSE
|
9,155 | 8,233 | 28,991 | 19,638 | ||||||||||||
NET
INCOME
|
$ | 15,476 | $ | 14,355 | $ | 49,460 | $ | 35,195 | ||||||||
Basic
earnings per common share
|
$ | 0.21 | $ | 0.20 | $ | 0.68 | $ | 0.48 | ||||||||
Diluted
earnings per common share
|
$ | 0.21 | $ | 0.20 | $ | 0.68 | $ | 0.48 | ||||||||
Dividends
declared per public share
|
$ | 0.50 | $ | 0.50 | $ | 1.61 | $ | 1.50 | ||||||||
Basic
weighted average common shares
|
73,173 | 72,933 | 73,116 | 72,922 | ||||||||||||
Diluted
weighted average common shares
|
73,232 | 73,021 | 73,190 | 72,985 |
Accumulated
|
||||||||||||||||||||||||||||||||
Additional
|
Unearned
|
Unearned
|
Other
|
|||||||||||||||||||||||||||||
Common
|
Paid-In
|
Compensation
|
Compensation
|
Retained
|
Comprehensive
|
Treasury
|
||||||||||||||||||||||||||
Stock
|
Capital
|
ESOP
|
RRP
|
Earnings
|
Gain
(Loss)
|
Stock
|
Total
|
|||||||||||||||||||||||||
Balance
at October 1, 2008
|
$ | 915 | $ | 445,391 | $ | (10,082 | ) | $ | (553 | ) | $ | 759,375 | $ | (5,968 | ) | $ | (317,862 | ) | $ | 871,216 | ||||||||||||
Comprehensive
income:
|
||||||||||||||||||||||||||||||||
Net
income
|
49,460 | 49,460 | ||||||||||||||||||||||||||||||
Changes
in unrealized gains (losses) on
|
||||||||||||||||||||||||||||||||
securities
AFS, net of deferred income
|
||||||||||||||||||||||||||||||||
taxes
of $17,914
|
29,480 | 29,480 | ||||||||||||||||||||||||||||||
Total
comprehensive income
|
78,940 | |||||||||||||||||||||||||||||||
ESOP
activity, net
|
4,653 | 1,513 | 6,166 | |||||||||||||||||||||||||||||
RRP
activity, net
|
128 | (100 | ) | 24 | 52 | |||||||||||||||||||||||||||
Stock
based compensation - stock options and RRP
|
225 | 250 | 475 | |||||||||||||||||||||||||||||
Acquisition
of treasury stock
|
(2,426 | ) | (2,426 | ) | ||||||||||||||||||||||||||||
Stock
options exercised
|
1,146 | 686 | 1,832 | |||||||||||||||||||||||||||||
Dividends
on common stock to public
|
||||||||||||||||||||||||||||||||
stockholders
($1.61 per public share)
|
(33,621 | ) | (33,621 | ) | ||||||||||||||||||||||||||||
Balance
at June 30, 2009
|
$ | 915 | $ | 451,543 | $ | (8,569 | ) | $ | (403 | ) | $ | 775,214 | $ | 23,512 | $ | (319,578 | ) | $ | 922,634 |
For
the Nine Months Ended
|
||||||||
June
30,
|
||||||||
2009
|
2008
|
|||||||
CASH
FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net
income
|
$ | 49,460 | $ | 35,195 | ||||
Adjustments
to reconcile net income to net cash provided by
|
||||||||
operating
activities:
|
||||||||
FHLB
stock dividends
|
(2,351 | ) | (5,446 | ) | ||||
Provision for
loan losses
|
5,768 | 1,721 | ||||||
Originations
of LHFS
|
(858 | ) | (32,555 | ) | ||||
Proceeds
from sales of LHFS
|
97,838 | 31,220 | ||||||
Amortization
and accretion of premiums and discounts on
|
||||||||
MBS
and investment securities
|
1,377 | 496 | ||||||
Depreciation
and amortization of premises and equipment
|
3,751 | 3,934 | ||||||
Amortization
of deferred amounts related to FHLB advances, net
|
2,208 | 1,294 | ||||||
Common
stock committed to be released for allocation - ESOP
|
6,166 | 5,350 | ||||||
Stock
based compensation - stock options and RRP
|
475 | 575 | ||||||
Other,
net
|
(1,432 | ) | (442 | ) | ||||
Changes
in:
|
||||||||
Accrued
interest receivable
|
876 | 3,561 | ||||||
Other
assets
|
2,052 | (2,185 | ) | |||||
Income
taxes payable/receivable
|
1,840 | 15,583 | ||||||
Accounts
payable and accrued expenses
|
1,010 | (4,362 | ) | |||||
Net
cash provided by operating activities
|
168,180 | 53,939 | ||||||
CASH
FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Proceeds
from maturities or calls of investment securities AFS
|
45,032 | 99,791 | ||||||
Purchases
of investment securities AFS
|
(255,046 | ) | (49,248 | ) | ||||
Proceeds
from maturities or calls of investment securities HTM
|
39,600 | 514,108 | ||||||
Purchases
of investment securities HTM
|
(10,116 | ) | (185,138 | ) | ||||
Principal
collected on MBS AFS
|
227,574 | 171,534 | ||||||
Purchases
of MBS AFS
|
(169,452 | ) | (1,044,847 | ) | ||||
Principal
collected on MBS HTM
|
125,176 | 215,767 | ||||||
Purchases
of MBS HTM
|
(3,217 | ) | (5,483 | ) | ||||
Proceeds
from the redemption of capital stock of FHLB
|
3,688 | 28,861 | ||||||
Purchases
of capital stock of FHLB
|
(9,002 | ) | (12,926 | ) | ||||
Loan
originations, net of principal collected
|
(196,002 | ) | (85,692 | ) | ||||
Loan
purchases, net of principal collected
|
(133,849 | ) | 45,015 | |||||
Net
deferred fee activity
|
1,330 | 463 | ||||||
Purchases
of premises and equipment
|
(8,944 | ) | (5,113 | ) | ||||
Proceeds
from sales of REO
|
6,047 | 4,084 | ||||||
Net
cash used in investing activities
|
(337,181 | ) | (308,824 | ) |
For
the Nine Months Ended
|
||||||||
June
30,
|
||||||||
2009
|
2008
|
|||||||
CASH
FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Dividends
paid
|
$ | (33,621 | ) | $ | (31,091 | ) | ||
Deposits,
net of withdrawals
|
251,368 | 38,761 | ||||||
Proceeds
from advances/line of credit from FHLB
|
1,561,102 | 725,000 | ||||||
Repayments
on advances/line of credit from FHLB
|
(1,561,102 | ) | (925,000 | ) | ||||
Deferred
FHLB prepayment penalty
|
(38,388 | ) | -- | |||||
Proceeds
from repurchase agreements
|
-- | 400,000 | ||||||
Change
in advance payments by borrowers for taxes
and insurance
|
(22,801 | ) | (22,208 | ) | ||||
Acquisitions
of treasury stock
|
(2,426 | ) | (7,307 | ) | ||||
Stock
options exercised and excess tax benefits from stock
options
|
1,832 | 376 | ||||||
Net
cash provided by financing activities
|
155,964 | 178,531 | ||||||
NET
DECREASE IN CASH AND CASH EQUIVALENTS
|
(13,037 | ) | (76,354 | ) | ||||
CASH
AND CASH EQUIVALENTS:
|
||||||||
Beginning
of period
|
87,138 | 162,791 | ||||||
End
of period
|
$ | 74,101 | $ | 86,437 | ||||
SUPPLEMENTAL
DISCLOSURES OF CASH FLOW INFORMATION:
|
||||||||
Income
tax payments, net of refund
|
$ | 27,116 | $ | 4,003 | ||||
Interest
payments, net of interest credited to deposits
|
$ | 103,229 | $ | 106,659 | ||||
SUPPLEMENTAL
DISCLOSURE OF NON-CASH
|
||||||||
INVESTING
AND FINANCING ACTIVITIES:
|
||||||||
Loans
transferred to REO
|
$ | 7,320 | $ | 4,188 | ||||
Fair
value change related to fair value hedge:
|
||||||||
Interest
rate swaps hedging FHLB advances
|
$ | -- | $ | (13,817 | ) | |||
Transfer
of loans receivable to LHFS, net
|
$ | 94,672 | $ | -- |
For
the Three Months Ended
|
For
the Nine Months Ended
|
|||||||||||||||
June
30,
|
June
30,
|
|||||||||||||||
2009(1)
(2)
|
2008(3)
|
2009(1)(2)
|
2008(4)(5)
|
|||||||||||||
(Dollars
in thousands, except per share amounts)
|
||||||||||||||||
Net
income
|
$ | 15,476 | $ | 14,355 | $ | 49,460 | $ | 35,195 | ||||||||
Average
common shares outstanding
|
73,071,448 | 72,832,039 | 73,065,433 | 72,870,800 | ||||||||||||
Average
committed ESOP shares outstanding
|
101,374 | 101,374 | 50,779 | 50,778 | ||||||||||||
Total
basic average common shares outstanding
|
73,172,822 | 72,933,413 | 73,116,212 | 72,921,578 | ||||||||||||
Effect
of dilutive RRP shares
|
3,842 | 5,240 | 5,626 | 4,295 | ||||||||||||
Effect
of dilutive stock options
|
55,832 | 82,132 | 67,663 | 58,784 | ||||||||||||
Total
diluted average common shares outstanding
|
73,232,496 | 73,020,785 | 73,189,501 | 72,984,657 | ||||||||||||
Net
earnings per share:
|
||||||||||||||||
Basic
|
$ | 0.21 | $ | 0.20 | $ | 0.68 | $ | 0.48 | ||||||||
Diluted
|
$ | 0.21 | $ | 0.20 | $ | 0.68 | $ | 0.48 |
•
|
Level
1 — Valuation is based upon quoted prices for identical instruments traded
in active markets.
|
|
•
|
Level
2 — Valuation is based upon quoted prices for similar instruments in
active markets, quoted prices for identical or similar instruments in
markets that are not active, and model-based valuation techniques for
which all significant assumptions are observable in the
market.
|
|
•
|
Level
3 — Valuation is generated from model-based techniques that use
significant assumptions not observable in the market. These unobservable
assumptions reflect the Company’s own estimates of assumptions that market
participants would use in pricing the asset or liability. Valuation
techniques include the use of option pricing models, discounted cash flow
models, and similar techniques. The results cannot be determined with
precision and may not be realized in an actual sale or immediate
settlement of the asset or liability.
|
Quoted
Prices
|
Significant
|
Significant
|
||||||||||||||
in
Active Markets
|
Other
|
Unobservable
|
||||||||||||||
Carrying
|
for
Identical Assets
|
Observable
Inputs
|
Inputs
|
|||||||||||||
Value
|
(Level
1)
|
(Level
2)
|
(Level
3)(1)
|
|||||||||||||
(Dollars
in thousands)
|
||||||||||||||||
AFS
securities:
|
||||||||||||||||
U.S.
government-sponsored agencies
|
$ | 254,745 | $ | -- | $ | 254,745 | $ | -- | ||||||||
Municipal
bonds
|
2,738 | -- | 2,738 | -- | ||||||||||||
Trust
preferred securities
|
1,826 | -- | -- | 1,826 | ||||||||||||
MBS
|
1,472,547 | -- | 1,472,547 | -- | ||||||||||||
|
$ | 1,731,856 | $ | -- | $ | 1,730,030 | $ | 1,826 |
Quoted
Prices
|
Significant
|
Significant
|
||||||||||||||
in
Active Markets
|
Other
|
Unobservable
|
||||||||||||||
Carrying
|
for
Identical Assets
|
Observable
Inputs
|
Inputs
|
|||||||||||||
Value
|
(Level
1)
|
(Level
2)
|
(Level
3)
|
|||||||||||||
(Dollars
in thousands)
|
||||||||||||||||
Impaired
loans
|
$ | 29,399 | $ | -- | $ | -- | $ | 29,399 | ||||||||
REO,
net
|
5,077 | -- | -- | 5,077 | ||||||||||||
$ | 34,476 | $ | -- | $ | -- | $ | 34,476 |
At
|
At
|
|||||||||||||||
June
30, 2009
|
September
30, 2008
|
|||||||||||||||
Carrying
|
Fair
|
Carrying
|
Fair
|
|||||||||||||
Amount
|
Value
|
Amount
|
Value
|
|||||||||||||
(Dollars
in thousands)
|
||||||||||||||||
Assets:
|
||||||||||||||||
Cash
and cash equivalents
|
$ | 74,101 | $ | 74,101 | $ | 87,138 | $ | 87,138 | ||||||||
Investment
securities:
|
||||||||||||||||
AFS
|
259,309 | 259,309 | 49,586 | 49,586 | ||||||||||||
HTM
|
62,857 | 63,757 | 92,773 | 92,211 | ||||||||||||
MBS:
|
||||||||||||||||
AFS
|
1,472,547 | 1,472,547 | 1,484,055 | 1,484,055 | ||||||||||||
HTM
|
628,451 | 643,110 | 750,284 | 743,764 | ||||||||||||
Loans
receivable
|
5,541,731 | 5,693,858 | 5,320,780 | 5,301,179 | ||||||||||||
Capital
stock of FHLB
|
132,071 | 132,071 | 124,406 | 124,406 | ||||||||||||
Liabilities:
|
||||||||||||||||
Deposits
|
4,175,251 | 4,238,765 | 3,923,883 | 3,934,188 | ||||||||||||
Advances
from FHLB
|
2,410,949 | 2,543,948 | 2,447,129 | 2,485,545 | ||||||||||||
Other
borrowings
|
713,609 | 737,770 | 713,581 | 716,951 |
June
30, 2009
|
||||||||||||||||
Gross
|
Gross
|
Estimated
|
||||||||||||||
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
|||||||||||||
Cost
|
Gains
|
Losses
|
Value
|
|||||||||||||
(Dollars
in thousands)
|
||||||||||||||||
AFS:
|
||||||||||||||||
U.S.
government-sponsored agencies
|
$ | 254,424 | $ | 549 | $ | 228 | $ | 254,745 | ||||||||
Municipal
bonds
|
2,673 | 99 | 34 | 2,738 | ||||||||||||
Trust
preferred securities
|
3,789 | -- | 1,963 | 1,826 | ||||||||||||
MBS
|
1,433,171 | 40,819 | 1,443 | 1,472,547 | ||||||||||||
1,694,057 | 41,467 | 3,668 | 1,731,856 | |||||||||||||
HTM:
|
||||||||||||||||
Municipal
bonds
|
62,857 | 1,171 | 271 | 63,757 | ||||||||||||
MBS
|
628,451 | 15,100 | 441 | 643,110 | ||||||||||||
691,308 | 16,271 | 712 | 706,867 | |||||||||||||
$ | 2,385,365 | $ | 57,738 | $ | 4,380 | $ | 2,438,723 | |||||||||
September 30, 2008
|
||||||||||||||||
Gross
|
Gross
|
Estimated
|
||||||||||||||
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
|||||||||||||
Cost
|
Gains
|
Losses
|
Value
|
|||||||||||||
(Dollars in thousands)
|
||||||||||||||||
AFS:
|
||||||||||||||||
U.S.
government-sponsored agencies
|
$ | 45,155 | $ | -- | $ | 967 | $ | 44,188 | ||||||||
Municipal
bonds
|
2,686 | 61 | 4 | 2,743 | ||||||||||||
Trust
preferred securities
|
3,859 | -- | 1,204 | 2,655 | ||||||||||||
MBS
|
1,491,536 | 3,940 | 11,421 | 1,484,055 | ||||||||||||
1,543,236 | 4,001 | 13,596 | 1,533,641 | |||||||||||||
HTM:
|
||||||||||||||||
U.S.
government-sponsored agencies
|
37,397 | 19 | 647 | 36,769 | ||||||||||||
Municipal
bonds
|
55,376 | 408 | 342 | 55,442 | ||||||||||||
MBS
|
750,284 | 2,105 | 8,625 | 743,764 | ||||||||||||
843,057 | 2,532 | 9,614 | 835,975 | |||||||||||||
$ | 2,386,293 | $ | 6,533 | $ | 23,210 | $ | 2,369,616 |
June
30, 2009
|
||||||||||||||||||||||||
Less
Than
|
Equal
to or Greater
|
|||||||||||||||||||||||
12
Months
|
Than
12 Months
|
|||||||||||||||||||||||
Count
|
Estimated
Fair
Value
|
Unrealized
|
Count
|
Estimated
Fair
Value
|
Unrealized
|
|||||||||||||||||||
Losses
|
Losses
|
|||||||||||||||||||||||
AFS:
|
(Dollars
in thousands)
|
|||||||||||||||||||||||
U.S.
government-sponsored agencies
|
5 | $ | 102,600 | $ | 228 | -- | $ | -- | $ | -- | ||||||||||||||
Municipal
bonds
|
5 | 1,293 | 34 | -- | -- | -- | ||||||||||||||||||
Trust
preferred securities
|
1 | 1,826 | 1,963 | -- | -- | -- | ||||||||||||||||||
MBS
|
12 | 77,288 | 1,106 | 73 | 37,919 | 337 | ||||||||||||||||||
23 | $ | 183,007 | $ | 3,331 | 73 | $ | 37,919 | $ | 337 | |||||||||||||||
HTM:
|
||||||||||||||||||||||||
Municipal
bonds
|
22 | $ | 11,649 | $ | 234 | 1 | $ | 463 | $ | 37 | ||||||||||||||
MBS
|
6 | 16,374 | 83 | 10 | 44,352 | 358 | ||||||||||||||||||
28 | $ | 28,023 | $ | 317 | 11 | $ | 44,815 | $ | 395 | |||||||||||||||
September
30, 2008
|
||||||||||||||||||||||||
Less
Than
|
Equal
to or Greater
|
|||||||||||||||||||||||
12
Months
|
Than
12 Months
|
|||||||||||||||||||||||
Count
|
Estimated
Fair
Value
|
Unrealized
|
Count
|
Estimated
Fair
Value
|
Unrealized
|
|||||||||||||||||||
Losses
|
Losses
|
|||||||||||||||||||||||
AFS:
|
(Dollars
in thousands)
|
|||||||||||||||||||||||
U.S.
government-sponsored agencies
|
2 | $ | 44,189 | $ | 967 | -- | $ | -- | $ | -- | ||||||||||||||
Municipal
bonds
|
2 | 491 | 4 | -- | -- | -- | ||||||||||||||||||
Trust
preferred securities
|
1 | 2,655 | 1,204 | -- | -- | -- | ||||||||||||||||||
MBS
|
150 | 956,968 | 10,191 | 62 | 51,515 | 1,230 | ||||||||||||||||||
155 | $ | 1,004,303 | $ | 12,366 | 62 | $ | 51,515 | $ | 1,230 | |||||||||||||||
HTM:
|
||||||||||||||||||||||||
U.S.
government-sponsored agencies
|
1 | $ | 24,353 | $ | 647 | -- | $ | -- | $ | -- | ||||||||||||||
Municipal
bonds
|
47 | 24,522 | 342 | -- | -- | -- | ||||||||||||||||||
MBS
|
42 | 417,400 | 5,004 | 30 | 166,807 | 3,621 | ||||||||||||||||||
90 | $ | 466,275 | $ | 5,993 | 30 | $ | 166,807 | $ | 3,621 |
June
30, 2009
|
||||||||||||||||
Available-For-Sale
|
Held-To-Maturity
|
|||||||||||||||
Estimated
|
Estimated
|
|||||||||||||||
Amortized
|
Fair
|
Amortized
|
Fair
|
|||||||||||||
Cost
|
Value
|
Cost
|
Value
|
|||||||||||||
(Dollars
in thousands)
|
||||||||||||||||
One
year or less
|
$ | -- | $ | -- | $ | 194 | $ | 194 | ||||||||
One
year through five years
|
254,801 | 255,123 | 12,545 | 12,810 | ||||||||||||
Five
years through ten years
|
70,939 | 74,015 | 371,814 | 381,521 | ||||||||||||
Ten
years and thereafter
|
1,368,317 | 1,402,718 | 306,755 | 312,342 | ||||||||||||
$ | 1,694,057 | $ | 1,731,856 | $ | 691,308 | $ | 706,867 |
Weighted
|
Weighted
|
|||||||||||
FHLB
|
Average
|
Average
|
||||||||||
Advances
|
Contractual
|
Effective
|
||||||||||
Maturity
by fiscal year
|
Amount
|
Rate
|
Rate(1)
|
|||||||||
(Dollars in thousands)
|
||||||||||||
2009
|
$ | 20,000 | 5.09 | % | 5.09 | % | ||||||
2010
|
350,000 | 4.49 | 4.49 | |||||||||
2011
|
276,000 | 4.87 | 4.87 | |||||||||
2012
|
350,000 | 3.35 | 3.35 | |||||||||
2013
|
525,000 | 3.72 | 4.06 | |||||||||
2014
|
450,000 | 3.14 | 3.90 | |||||||||
Thereafter
|
475,000 | 3.67 | 4.28 | |||||||||
$ | 2,446,000 | 3.80 | % | 4.13 | % |
·
|
our
ability to continue to maintain overhead costs at reasonable
levels;
|
·
|
our
ability to continue to originate a significant volume of one- to
four-family mortgage loans in our market
area;
|
·
|
our
ability to acquire funds from or invest funds in wholesale or secondary
markets;
|
·
|
the
future earnings and capital levels of the Bank, which could affect the
ability of the Company to pay dividends in accordance with its dividend
policies;
|
·
|
fluctuations
in deposit flows, loan demand, and/or real estate values, which may
adversely affect our business;
|
·
|
the
credit risks of lending and investing activities, including changes in the
level and direction of loan delinquencies and write-offs and changes in
estimates of the adequacy of the allowance for loan
losses;
|
·
|
the
strength of the U.S. economy in general and the strength of the local
economies in which we conduct
operations;
|
·
|
the
effects of, and changes in, trade, monetary and fiscal policies and laws,
including interest rate policies of the Board of Governors of the Federal
Reserve System;
|
·
|
the
effects of, and changes in, foreign and military policies of the United
States Government;
|
·
|
inflation,
interest rate, market and monetary
fluctuations;
|
·
|
our
ability to access cost-effective
funding;
|
·
|
the
timely development of and acceptance of our new products and services and
the perceived overall value of these products and services by users,
including the features, pricing and quality compared to competitors’
products and services;
|
·
|
the
willingness of users to substitute competitors’ products and services for
our products and services;
|
·
|
our
success in gaining regulatory approval of our products and services and
branching locations, when required;
|
·
|
the
impact of changes in financial services laws and regulations, including
laws concerning taxes, banking securities and insurance and the impact of
other governmental initiatives affecting the financial services
industry;
|
·
|
implementing
business initiatives may be more difficult or expensive than
anticipated;
|
·
|
technological
changes;
|
·
|
acquisitions
and dispositions;
|
·
|
changes
in consumer spending and saving habits;
and
|
·
|
our
success at managing the risks involved in our
business
|
Balance
at
|
||||||||||||||||||||
June
30,
|
March
31,
|
December
31,
|
September
30,
|
June
30,
|
||||||||||||||||
2009
|
2009
|
2008
|
2008
|
2008
|
||||||||||||||||
(Dollars
in thousands, except per share amounts)
|
||||||||||||||||||||
Total
assets
|
$ | 8,319,292 | $ | 8,269,881 | $ | 8,157,324 | $ | 8,055,249 | $ | 7,892,137 | ||||||||||
Cash
and cash equivalents
|
74,101 | 52,025 | 143,134 | 87,138 | 86,437 | |||||||||||||||
Investment
securities
|
322,166 | 214,410 | 105,965 | 142,359 | 144,346 | |||||||||||||||
MBS
|
2,100,998 | 2,204,369 | 2,176,302 | 2,234,339 | 2,066,685 | |||||||||||||||
Loans
receivable, net
|
5,541,731 | 5,377,699 | 5,456,569 | 5,320,780 | 5,326,061 | |||||||||||||||
Capital
stock of FHLB
|
132,071 | 131,278 | 131,230 | 124,406 | 129,172 | |||||||||||||||
Deposits
|
4,175,251 | 4,116,514 | 3,867,304 | 3,923,883 | 3,961,543 | |||||||||||||||
Advances
from FHLB
|
2,410,949 | 2,411,560 | 2,596,964 | 2,447,129 | 2,547,294 | |||||||||||||||
Other
borrowings
|
713,609 | 713,609 | 713,595 | 713,581 | 453,566 | |||||||||||||||
Stockholders'
equity
|
922,634 | 916,391 | 897,435 | 871,216 | 863,906 | |||||||||||||||
Accumulated
other comprehensive gain (loss)
|
23,512 | 24,622 | 14,263 | (5,968 | ) | (5,202 | ) | |||||||||||||
Equity
to total assets at end of period
|
11.1 | % | 11.1 | % | 11.0 | % | 10.8 | % | 10.9 | % | ||||||||||
Bank
tangible equity ratio (1)
|
9.8 | % | 9.9 | % | 10.0 | % | 10.0 | % | 10.0 | % | ||||||||||
Book
value per share
|
$ | 12.60 | $ | 12.52 | $ | 12.27 | $ | 11.93 | $ | 11.84 |
For
the Three Months Ended
|
For
the Three Months Ended
|
|||||||||||||||||||||||
June
30, 2009
|
June
30, 2008
|
|||||||||||||||||||||||
Amount
|
Rate
|
%
of Total
|
Amount
|
Rate
|
%
of Total
|
|||||||||||||||||||
Fixed-Rate:
|
(Dollars
in thousands)
|
|||||||||||||||||||||||
One-
to four-family
|
||||||||||||||||||||||||
<=
15 years
|
$ | 108,316 | 4.67 | % | 26.69 | % | $ | 62,965 | 5.21 | % | 21.46 | % | ||||||||||||
>
15 years
|
249,645 | 5.06 | 61.53 | 163,671 | 5.83 | 55.77 | ||||||||||||||||||
Other
real estate
|
2,547 | 6.25 | 0.63 | 675 | 6.50 | 0.23 | ||||||||||||||||||
Consumer
|
3,044 | 7.73 | 0.75 | 3,996 | 8.03 | 1.36 | ||||||||||||||||||
Total
fixed-rate
|
363,552 | 4.98 | 89.60 | 231,307 | 5.70 | 78.82 | ||||||||||||||||||
Adjustable-Rate:
|
||||||||||||||||||||||||
One-
to four-family
|
||||||||||||||||||||||||
<=
36 months
|
434 | 4.63 | 0.11 | 4,220 | 5.21 | 1.44 | ||||||||||||||||||
>
36 months
|
17,020 | 4.88 | 4.19 | 30,897 | 5.52 | 10.53 | ||||||||||||||||||
Other
real estate
|
-- | -- | -- | 1,800 | 6.00 | 0.61 | ||||||||||||||||||
Consumer
|
24,742 | 4.82 | 6.10 | 25,234 | 5.84 | 8.60 | ||||||||||||||||||
Total
adjustable-rate
|
42,196 | 4.84 | 10.40 | 62,151 | 5.64 | 21.18 | ||||||||||||||||||
Total
originations, refinances and purchases
|
$ | 405,748 | 4.96 | % | 100.00 | % | $ | 293,458 | 5.69 | % | 100.00 | % | ||||||||||||
Purchased
loans included above:
|
||||||||||||||||||||||||
Fixed-Rate:
|
||||||||||||||||||||||||
Correspondent
|
$ | 37,912 | 5.11 | % | $ | 18,209 | 5.51 | % | ||||||||||||||||
Nationwide
|
-- | -- | -- | -- | ||||||||||||||||||||
Adjustable-Rate:
|
||||||||||||||||||||||||
Correspondent
|
9,544 | 5.04 | 14,509 | 5.51 | ||||||||||||||||||||
Nationwide
|
-- | -- | -- | -- | ||||||||||||||||||||
Total
purchased loans
|
$ | 47,456 | 5.09 | % | $ | 32,718 | 5.51 | % |
For
the Nine Months Ended
|
For
the Nine Months Ended
|
|||||||||||||||||||||||
June
30, 2009
|
June
30, 2008
|
|||||||||||||||||||||||
Amount
|
Rate
|
%
of Total
|
Amount
|
Rate
|
%
of Total
|
|||||||||||||||||||
Fixed-Rate:
|
(Dollars
in thousands)
|
|||||||||||||||||||||||
One-
to four-family
|
||||||||||||||||||||||||
<=
15 years
|
$ | 212,217 | 4.83 | % | 18.89 | % | $ | 120,162 | 5.36 | % | 16.46 | % | ||||||||||||
>
15 years
|
582,938 | 5.21 | 51.89 | 415,714 | 5.85 | 56.94 | ||||||||||||||||||
Other
real estate
|
14,483 | 5.99 | 1.29 | 975 | 6.58 | 0.13 | ||||||||||||||||||
Consumer
|
8,439 | 7.68 | 0.75 | 15,081 | 8.13 | 2.07 | ||||||||||||||||||
Total
fixed-rate
|
818,077 | 5.15 | 72.82 | 551,932 | 5.81 | 75.60 | ||||||||||||||||||
Adjustable-Rate:
|
||||||||||||||||||||||||
One-
to four-family
|
||||||||||||||||||||||||
<=
36 months
|
138,958 | 4.92 | 12.37 | 22,266 | 5.33 | 3.05 | ||||||||||||||||||
>
36 months
|
96,059 | 5.20 | 8.55 | 88,606 | 5.64 | 12.14 | ||||||||||||||||||
Other
real estate
|
-- | -- | -- | 1,800 | 6.00 | 0.25 | ||||||||||||||||||
Consumer
|
70,298 | 4.91 | 6.26 | 65,430 | 7.02 | 8.96 | ||||||||||||||||||
Total
adjustable-rate
|
305,315 | 5.01 | 27.18 | 178,102 | 6.11 | 24.40 | ||||||||||||||||||
Total
originations, refinances and purchases
|
$ | 1,123,392 | 5.11 | % | 100.00 | % | $ | 730,034 | 5.88 | % | 100.00 | % | ||||||||||||
Purchased
loans included above:
|
||||||||||||||||||||||||
Fixed-Rate:
|
||||||||||||||||||||||||
Correspondent
|
$ | 84,887 | 5.25 | % | $ | 40,486 | 5.77 | % | ||||||||||||||||
Nationwide
|
256 | 4.38 | -- | -- | ||||||||||||||||||||
Adjustable-Rate:
|
||||||||||||||||||||||||
Correspondent
|
20,643 | 5.28 | 54,456 | 5.64 | ||||||||||||||||||||
Nationwide
|
191,313 | 5.00 | 155 | 5.38 | ||||||||||||||||||||
Total
purchased loans
|
$ | 297,099 | 5.09 | % | $ | 95,097 | 5.69 | % |
For
the Three Months Ended
|
||||||||||||||||||||||||||||||||
June
30, 2009
|
March
31, 2009
|
December
31, 2008
|
September
30, 2008
|
|||||||||||||||||||||||||||||
Amount
|
Rate
|
Amount
|
Rate
|
Amount
|
Rate
|
Amount
|
Rate
|
|||||||||||||||||||||||||
(Dollars
in thousands)
|
||||||||||||||||||||||||||||||||
Beginning
balance
|
$ | 5,422,798 | 5.50 | % | $ | 5,506,352 | 5.63 | % | $ | 5,379,845 | 5.66 | % | $ | 5,389,901 | 5.63 | % | ||||||||||||||||
Originations
and refinances:
|
||||||||||||||||||||||||||||||||
Fixed
|
325,640 | 4.96 | 276,888 | 5.06 | 130,406 | 5.77 | 140,565 | 6.08 | ||||||||||||||||||||||||
Adjustable
|
32,652 | 4.78 | 25,269 | 4.83 | 35,437 | 5.23 | 45,333 | 5.69 | ||||||||||||||||||||||||
Purchases:
|
||||||||||||||||||||||||||||||||
Fixed
|
37,912 | 5.11 | 33,226 | 5.18 | 14,005 | 5.76 | 7,309 | 6.12 | ||||||||||||||||||||||||
Adjustable
|
9,544 | 5.04 | 70,349 | 4.90 | 132,064 | 5.09 | 17,225 | 5.76 | ||||||||||||||||||||||||
Repayments
|
(322,104 | ) | (311,733 | ) | (183,532 | ) | (216,090 | ) | ||||||||||||||||||||||||
Transfer
of modified loans from
(to) LHFS, net
|
81,190 | (175,862 | ) | -- | -- | |||||||||||||||||||||||||||
Other
(1)
|
(502 | ) | (1,691 | ) | (1,873 | ) | (4,398 | ) | ||||||||||||||||||||||||
Ending
balance
|
$ | 5,587,130 | 5.36 | % | $ | 5,422,798 | 5.50 | % | $ | 5,506,352 | 5.63 | % | $ | 5,379,845 | 5.66 | % | ||||||||||||||||
For
the Nine Months Ended
|
||||||||||||||||||||||||||||||||
June
30, 2009
|
June
30, 2008
|
|||||||||||||||||||||||||||||||
Amount
|
Rate
|
Amount
|
Rate
|
|||||||||||||||||||||||||||||
(Dollars
in thousands)
|
||||||||||||||||||||||||||||||||
Beginning
balance
|
$ | 5,379,845 | 5.66 | % | $ | 5,346,626 | 5.68 | % | ||||||||||||||||||||||||
Originations
and refinances:
|
||||||||||||||||||||||||||||||||
Fixed
|
732,934 | 5.14 | 511,446 | 5.81 | ||||||||||||||||||||||||||||
Adjustable
|
93,359 | 4.97 | 123,491 | 6.32 | ||||||||||||||||||||||||||||
Purchases:
|
||||||||||||||||||||||||||||||||
Fixed
|
85,143 | 5.24 | 40,486 | 5.77 | ||||||||||||||||||||||||||||
Adjustable
|
211,956 | 5.02 | 54,611 | 5.64 | ||||||||||||||||||||||||||||
Repayments
|
(817,369 | ) | (683,088 | ) | ||||||||||||||||||||||||||||
Transfer
of modified loans from
(to) LHFS, net
|
(94,672 | ) | -- | |||||||||||||||||||||||||||||
Other(1)
|
(4,066 | ) | (3,671 | ) | ||||||||||||||||||||||||||||
Ending
balance
|
$ | 5,587,130 | 5.36 | % | $ | 5,389,901 | 5.66 | % |
June
30, 2009
|
March
31, 2009
|
September
30, 2008
|
||||||||||||||||||||||||||||||||||
Amount
|
Average
Rate
|
%
of
Total
|
Amount
|
Average
Rate
|
%
of
Total
|
Amount
|
Average
Rate
|
%
of
Total
|
||||||||||||||||||||||||||||
(Dollars
in thousands)
|
||||||||||||||||||||||||||||||||||||
Real Estate Loans
|
||||||||||||||||||||||||||||||||||||
One-
to four-family
|
$ | 5,257,195 | 5.34 | % | 94.09 | % | $ | 5,085,227 | 5.49 | % | 93.77 | % | $ | 5,026,358 | 5.61 | % | 93.43 | % | ||||||||||||||||||
Multi-family
and commercial
|
84,358 | 6.01 | 1.51 | 67,278 | 6.30 | 1.24 | 56,081 | 6.44 | 1.04 | |||||||||||||||||||||||||||
Construction
and development
|
41,429 | 5.19 | 0.74 | 63,823 | 5.28 | 1.18 | 85,178 | 5.66 | 1.58 | |||||||||||||||||||||||||||
Total
real estate loans
|
5,382,982 | 5.35 | 96.34 | 5,216,328 | 5.50 | 96.19 | 5,167,617 | 5.62 | 96.05 | |||||||||||||||||||||||||||
Consumer Loans
|
||||||||||||||||||||||||||||||||||||
Savings
loans
|
4,832 | 5.52 | 0.09 | 4,524 | 5.65 | 0.08 | 4,634 | 5.95 | 0.09 | |||||||||||||||||||||||||||
Automobile
|
2,877 | 6.96 | 0.05 | 3,083 | 6.96 | 0.06 | 3,484 | 7.00 | 0.07 | |||||||||||||||||||||||||||
Home
equity
|
195,458 | 5.64 | 3.50 | 197,939 | 5.67 | 3.65 | 202,956 | 6.53 | 3.77 | |||||||||||||||||||||||||||
Other
|
981 | 7.97 | 0.02 | 924 | 8.27 | 0.02 | 1,154 | 7.13 | 0.02 | |||||||||||||||||||||||||||
Total
consumer loans
|
204,148 | 5.67 | 3.66 | 206,470 | 5.70 | 3.81 | 212,228 | 6.52 | 3.95 | |||||||||||||||||||||||||||
Total
loans receivable
|
5,587,130 | 5.36 | % | 100.00 | % | 5,422,798 | 5.50 | % | 100.00 | % | 5,379,845 | 5.66 | % | 100.00 | % | |||||||||||||||||||||
Less:
|
||||||||||||||||||||||||||||||||||||
Loans
in process
|
23,740 | 27,058 | 43,186 | |||||||||||||||||||||||||||||||||
Deferred
fees and discounts
|
11,417 | 10,577 | 10,088 | |||||||||||||||||||||||||||||||||
Allowance
for loan losses
|
10,242 | 7,464 | 5,791 | |||||||||||||||||||||||||||||||||
Total
loans receivable, net
|
$ | 5,541,731 | $ | 5,377,699 | $ | 5,320,780 |
Credit
Score
|
||||||||||||||||||||||||||||||||||||||||
Less
than 660
|
661
to 700
|
701
to 750
|
751
and above
|
Total
|
||||||||||||||||||||||||||||||||||||
%
of
|
%
of
|
%
of
|
%
of
|
%
of
|
||||||||||||||||||||||||||||||||||||
LTV ratio
|
Amount
|
total
|
Amount
|
total
|
Amount
|
total
|
Amount
|
total
|
Amount
|
total
|
||||||||||||||||||||||||||||||
(Dollars
in thousands)
|
||||||||||||||||||||||||||||||||||||||||
Less
than 70%
|
$ | 127,680 | 2.4 | % | $ | 152,523 | 2.9 | % | $ | 443,595 | 8.4 | % | $ | 1,922,397 | 36.6 | % | $ | 2,646,195 | 50.3 | % | ||||||||||||||||||||
70%
to 80%
|
111,095 | 2.1 | 133,726 | 2.6 | 393,592 | 7.5 | 1,189,697 | 22.6 | 1,828,110 | 34.8 | ||||||||||||||||||||||||||||||
More
than 80%
|
78,878 | 1.5 | 79,922 | 1.5 | 213,623 | 4.1 | 410,467 | 7.8 | 782,890 | 14.9 | ||||||||||||||||||||||||||||||
Total
|
$ | 317,653 | 6.0 | % | $ | 366,171 | 7.0 | % | $ | 1,050,810 | 20.0 | % | $ | 3,522,561 | 67.0 | % | $ | 5,257,195 | 100.0 | % |
June
30,
|
March
31,
|
December
31,
|
September
30,
|
June
30,
|
||||||||||||||||||||||||||||||||||||
2009
|
2009
|
2008
|
2008
|
2008
|
||||||||||||||||||||||||||||||||||||
Number
|
Amount
|
Number
|
Amount
|
Number
|
Amount
|
Number
|
Amount
|
Number
|
Amount
|
|||||||||||||||||||||||||||||||
(Dollars
in thousands)
|
||||||||||||||||||||||||||||||||||||||||
Loans
30-89 days delinquent
|
||||||||||||||||||||||||||||||||||||||||
Originated
|
193 | $ | 13,825 | 157 | $ | 14,120 | 199 | $ | 15,691 | 179 | $ | 14,026 | 160 | $ | 12,591 | |||||||||||||||||||||||||
Purchased
|
49 | 13,225 | 43 | 9,698 | 42 | 9,359 | 37 | 7,083 | 33 | 6,621 | ||||||||||||||||||||||||||||||
242 | 27,050 | 200 | 23,818 | 241 | 25,050 | 216 | 21,109 | 193 | 19,212 | |||||||||||||||||||||||||||||||
Non-performing
loans
|
||||||||||||||||||||||||||||||||||||||||
Originated
|
144 | 11,840 | 128 | 10,213 | 124 | 9,607 | 100 | 6,958 | 89 | 6,555 | ||||||||||||||||||||||||||||||
Purchased
|
59 | 17,270 | 45 | 12,158 | 32 | 9,625 | 25 | 6,708 | 26 | 6,699 | ||||||||||||||||||||||||||||||
203 | 29,110 | 173 | 22,371 | 156 | 19,232 | 125 | 13,666 | 115 | 13,254 | |||||||||||||||||||||||||||||||
REO
|
||||||||||||||||||||||||||||||||||||||||
Originated
|
36 | 3,950 | 48 | 4,119 | 38 | 2,833 | 36 | 2,228 | 31 | 1,274 | ||||||||||||||||||||||||||||||
Purchased
|
5 | 1,127 | 10 | 1,705 | 6 | 1,644 | 12 | 2,918 | 5 | 933 | ||||||||||||||||||||||||||||||
41 | 5,077 | 58 | 5,824 | 44 | 4,477 | 48 | 5,146 | 36 | 2,207 | |||||||||||||||||||||||||||||||
Non-performing
assets
|
||||||||||||||||||||||||||||||||||||||||
as
a percentage of total assets
|
0.41 | % | 0.34 | % | 0.29 | % | 0.23 | % | 0.20 | % | ||||||||||||||||||||||||||||||
Non-performing
loans
|
||||||||||||||||||||||||||||||||||||||||
as
a percentage of total loans
|
0.53 | % | 0.42 | % | 0.35 | % | 0.26 | % | 0.25 | % |
For
the Three Months Ended
|
For
the Nine Months Ended
|
|||||||||||||||||||
June
30,
|
March
31,
|
June
30,
|
June
30,
|
|||||||||||||||||
2009
|
2009
|
2008
|
2009
|
2008
|
||||||||||||||||
(Dollars
in thousands)
|
||||||||||||||||||||
Beginning
balance
|
$ | 7,464 | $ | 6,137 | $ | 4,250 | $ | 5,791 | $ | 4,181 | ||||||||||
Charge-offs:
|
||||||||||||||||||||
One-
to four-family loans-originated
|
35 | 12 | 9 | 57 | 39 | |||||||||||||||
One-
to four-family loans-purchased
|
293 | 766 | 124 | 1,241 | 124 | |||||||||||||||
Multi-family
loans
|
-- | -- | -- | -- | -- | |||||||||||||||
Commercial
and other loans
|
-- | -- | -- | -- | -- | |||||||||||||||
Consumer
loans
|
6 | 2 | 8 | 19 | 28 | |||||||||||||||
Total
charge-offs
|
334 | 780 | 141 | 1,317 | 191 | |||||||||||||||
Recoveries
|
-- | -- | -- | -- | -- | |||||||||||||||
Provision
charged to expense
|
3,112 | 2,107 | 1,602 | 5,768 | 1,721 | |||||||||||||||
Ending
balance
|
$ | 10,242 | $ | 7,464 | $ | 5,711 | $ | 10,242 | $ | 5,711 | ||||||||||
ALLL
to non-performing loans
|
||||||||||||||||||||
at
period end
|
35.18 | % | 33.36 | % | 43.09 | % | ||||||||||||||
ALLL
to loans receivable, net
|
||||||||||||||||||||
at
period end
|
0.18 | % | 0.14 | % | 0.11 | % |
At
|
At
|
|||||||||||||||||||||||||||||||
June
30, 2009
|
September
30, 2008
|
|||||||||||||||||||||||||||||||
Amount
of
|
%
of ALLL
|
Total
|
%
of Loans
|
Amount
of
|
%
of ALLL
|
Total
|
%
of Loans
|
|||||||||||||||||||||||||
ALLL
|
to
Total ALLL
|
Loans
|
to
Total Loans
|
ALLL
|
to
Total ALLL
|
Loans
|
to
Total Loans
|
|||||||||||||||||||||||||
(Dollars
in thousands)
|
||||||||||||||||||||||||||||||||
One-
to four-family:
|
||||||||||||||||||||||||||||||||
Originated
|
$ | 3,647 | 35.6 | % | $ | 4,504,219 | 80.6 | % | $ | 3,076 | 53.2 | % | $ | 4,302,870 | 80.0 | % | ||||||||||||||||
Purchased
|
6,183 | 60.4 | 752,976 | 13.5 | 2,307 | 39.8 | 723,488 | 13.5 | ||||||||||||||||||||||||
Multi-family
and commercial
|
73 | 0.7 | 84,358 | 1.5 | 53 | 0.9 | 56,081 | 1.0 | ||||||||||||||||||||||||
Construction
and development
|
25 | 0.2 | 41,429 | 0.7 | 41 | 0.7 | 85,178 | 1.6 | ||||||||||||||||||||||||
Consumer
|
314 | 3.1 | 204,148 | 3.7 | 314 | 5.4 | 212,228 | 3.9 | ||||||||||||||||||||||||
$ | 10,242 | 100.0 | % | $ | 5,587,130 | 100.0 | % | $ | 5,791 | 100.0 | % | $ | 5,379,845 | 100.0 | % |
For
the Three Months Ended
|
||||||||||||||||||||||||||||||||||||||||||||||||
June
30, 2009
|
March
31, 2009
|
December
31, 2008
|
September
30, 2008
|
|||||||||||||||||||||||||||||||||||||||||||||
Amount
|
Yield
|
WAL
|
Amount
|
Yield
|
WAL
|
Amount
|
Yield
|
WAL
|
Amount
|
Yield
|
WAL
|
|||||||||||||||||||||||||||||||||||||
(Dollars
in thousands)
|
||||||||||||||||||||||||||||||||||||||||||||||||
Beginning
balance
|
$ | 2,204,369 | 4.72 | % | 5.55 | $ | 2,176,302 | 4.82 | % | 5.81 | $ | 2,234,339 | 4.82 | % | 5.05 | $ | 2,066,685 | 4.76 | % | 4.32 | ||||||||||||||||||||||||||||
Maturities
and repayments
|
(155,168 | ) | (107,388 | ) | (90,194 | ) | (112,777 | ) | ||||||||||||||||||||||||||||||||||||||||
Net
amortization of premiums/discounts
|
(189 | ) | 46 | 27 | 23 | |||||||||||||||||||||||||||||||||||||||||||
Purchases:
|
||||||||||||||||||||||||||||||||||||||||||||||||
Fixed
|
3,217 | 4.34 | 8.49 | -- | -- | -- | -- | -- | -- | 60,137 | 5.03 | 4.48 | ||||||||||||||||||||||||||||||||||||
Adjustable
|
50,983 | 2.83 | 3.58 | 118,469 | 2.68 | 1.90 | -- | -- | -- | 219,888 | 4.99 | 5.07 | ||||||||||||||||||||||||||||||||||||
Change
in valuation on AFS securities
|
(2,214 | ) | 16,940 | 32,130 | 383 | |||||||||||||||||||||||||||||||||||||||||||
Ending
balance
|
$ | 2,100,998 | 4.59 | % | 4.55 | $ | 2,204,369 | 4.72 | % | 5.55 | $ | 2,176,302 | 4.82 | % | 5.81 | $ | 2,234,339 | 4.82 | % | 5.05 | ||||||||||||||||||||||||||||
For
the Nine Months Ended
|
||||||||||||||||||||||||||||||||||||||||||||||||
June
30, 2009
|
June
30, 2008
|
|||||||||||||||||||||||||||||||||||||||||||||||
Amount
|
Yield
|
WAL
|
Amount
|
Yield
|
WAL
|
|||||||||||||||||||||||||||||||||||||||||||
(Dollars
in thousands)
|
||||||||||||||||||||||||||||||||||||||||||||||||
Beginning
balance
|
$ | 2,234,339 | 4.82 | % | 5.05 | $ | 1,414,271 | 4.46 | % | 4.04 | ||||||||||||||||||||||||||||||||||||||
Maturities
and repayments
|
(352,750 | ) | (387,301 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Net
amortization of premiums/discounts
|
(116 | ) | (770 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Purchases:
|
||||||||||||||||||||||||||||||||||||||||||||||||
Fixed
|
3,217 | 4.34 | 8.49 | 725,044 | 4.93 | 4.63 | ||||||||||||||||||||||||||||||||||||||||||
Adjustable
|
169,452 | 2.73 | 2.41 | 325,286 | 4.68 | 4.80 | ||||||||||||||||||||||||||||||||||||||||||
Change
in valuation on AFS securities
|
46,856 | (9,845 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Ending
balance
|
$ | 2,100,998 | 4.59 | % | 4.55 | $ | 2,066,685 | 4.76 | % | 4.32 | ||||||||||||||||||||||||||||||||||||||
For
the Three Months Ended
|
||||||||||||||||||||||||||||||||||||||||||||||||
June
30, 2009
|
March
31, 2009
|
December
31, 2008
|
September
30, 2008
|
|||||||||||||||||||||||||||||||||||||||||||||
Amount
|
Yield
|
WAL
|
Amount
|
Yield
|
WAL
|
Amount
|
Yield
|
WAL
|
Amount
|
Yield
|
WAL
|
|||||||||||||||||||||||||||||||||||||
(Dollars
in thousands)
|
||||||||||||||||||||||||||||||||||||||||||||||||
Beginning
balance
|
$ | 214,410 | 2.16 | % | 2.32 | $ | 105,965 | 3.34 | % | 3.64 | $ | 142,359 | 3.94 | % | 6.06 | $ | 144,346 | 3.94 | % | 4.45 | ||||||||||||||||||||||||||||
Maturities
and calls
|
(25,036 | ) | (22,168 | ) | (37,428 | ) | (119 | ) | ||||||||||||||||||||||||||||||||||||||||
Net
amortization of premiums/discounts
|
(685 | ) | (329 | ) | (247 | ) | (244 | ) | ||||||||||||||||||||||||||||||||||||||||
Purchases:
|
||||||||||||||||||||||||||||||||||||||||||||||||
Fixed
|
133,047 | 1.41 | 1.10 | 131,229 | 1.62 | 1.04 | 886 | 4.52 | 2.75 | -- | ||||||||||||||||||||||||||||||||||||||
Change
in valuation of AFS securities
|
430 | (287 | ) | 395 | (1,624 | ) | ||||||||||||||||||||||||||||||||||||||||||
Ending
balance
|
$ | 322,166 | 1.84 | % | 2.02 | $ | 214,410 | 2.16 | % | 2.32 | $ | 105,965 | 3.34 | % | 3.64 | $ | 142,359 | 3.94 | % | 6.06 | ||||||||||||||||||||||||||||
For
the Nine Months Ended
|
||||||||||||||||||||||||||||||||||||||||||||||||
June
30, 2009
|
June
30, 2008
|
|||||||||||||||||||||||||||||||||||||||||||||||
Amount
|
Yield
|
WAL
|
Amount
|
Yield
|
WAL
|
|||||||||||||||||||||||||||||||||||||||||||
(Dollars
in thousands)
|
||||||||||||||||||||||||||||||||||||||||||||||||
Beginning
balance
|
$ | 142,359 | 3.94 | % | 6.06 | $ | 524,168 | 4.52 | % | 1.66 | ||||||||||||||||||||||||||||||||||||||
Maturities
and calls
|
(84,632 | ) | (613,899 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Net
amortization of premiums/discounts
|
(1,261 | ) | 274 | |||||||||||||||||||||||||||||||||||||||||||||
Purchases:
|
||||||||||||||||||||||||||||||||||||||||||||||||
Fixed
|
265,162 | 1.52 | 1.09 | 230,512 | 3.96 | 1.07 | ||||||||||||||||||||||||||||||||||||||||||
Adjustable
|
-- | -- | -- | 3,874 | 6.58 | 28.98 | ||||||||||||||||||||||||||||||||||||||||||
Change
in valuation of AFS securities
|
538 | (583 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Ending
balance
|
$ | 322,166 | 1.84 | % | 2.02 | $ | 144,346 | 3.94 | % | 4.45 |
At
|
At
|
At
|
At
|
|||||||||||||||||||||||||||||||||||||||||||||
June
30, 2009
|
March
31, 2009
|
December
31, 2008
|
September
30, 2008
|
|||||||||||||||||||||||||||||||||||||||||||||
Average
|
%
of
|
Average
|
%
of
|
Average
|
%
of
|
Average
|
%
of
|
|||||||||||||||||||||||||||||||||||||||||
Amount
|
Rate
|
Total
|
Amount
|
Rate
|
Total
|
Amount
|
Rate
|
Total
|
Amount
|
Rate
|
Total
|
|||||||||||||||||||||||||||||||||||||
(Dollars
in thousands)
|
||||||||||||||||||||||||||||||||||||||||||||||||
Checking
|
$ | 446,431 | 0.21 | % | 10.69 | % | $ | 448,086 | 0.21 | % | 10.89 | % | $ | 429,170 | 0.21 | % | 11.10 | % | $ | 400,461 | 0.21 | % | 10.21 | % | ||||||||||||||||||||||||
Savings
|
230,161 | 0.72 | 5.51 | 229,905 | 0.72 | 5.58 | 227,773 | 0.87 | 5.89 | 232,103 | 1.51 | 5.91 | ||||||||||||||||||||||||||||||||||||
Money
market
|
841,522 | 0.88 | 20.16 | 826,488 | 1.04 | 20.08 | 781,832 | 1.12 | 20.21 | 772,323 | 1.48 | 19.68 | ||||||||||||||||||||||||||||||||||||
Certificates
|
2,657,137 | 3.30 | 63.64 | 2,612,035 | 3.45 | 63.45 | 2,428,529 | 3.64 | 62.80 | 2,518,996 | 3.91 | 64.20 | ||||||||||||||||||||||||||||||||||||
Total
deposits
|
$ | 4,175,251 | 2.34 | % | 100.00 | % | $ | 4,116,514 | 2.46 | % | 100.00 | % | $ | 3,867,304 | 2.59 | % | 100.00 | % | $ | 3,923,883 | 2.91 | % | 100.00 | % |
Total
voting shares outstanding at September 30, 2008
|
74,079,868 | |||
Treasury
stock acquisitions
|
(56,063 | ) | ||
RRP
grants
|
2,500 | |||
Options
exercised
|
71,850 | |||
Total
voting shares outstanding at June 30, 2009
|
74,098,155 | |||
Unvested
shares in ESOP
|
(1,008,194 | ) | ||
Shares
held by MHC
|
(52,192,817 | ) | ||
Total
shares eligible to receive dividends at June 30, 2009 (public
shares)
|
20,897,144 |
Calendar
Year
|
||||||||||||
2009
|
2008
|
2007
|
||||||||||
(Dollars
in thousands, except per share amounts)
|
||||||||||||
Quarter
ended March 31
|
||||||||||||
Number
of dividend shares
|
20,874,269 | 20,660,510 | 20,520,793 | |||||||||
Dividend
per share
|
$ | 0.50 | $ | 0.50 | $ | 0.50 | ||||||
Total
dividends paid
|
$ | 10,437 | $ | 10,330 | $ | 10,261 | ||||||
Quarter
ended June 30
|
||||||||||||
Number
of dividend shares
|
20,892,544 | 20,661,660 | 20,673,933 | |||||||||
Dividend
per share
|
$ | 0.50 | $ | 0.50 | $ | 0.50 | ||||||
Total
dividends paid
|
$ | 10,446 | $ | 10,331 | $ | 10,337 | ||||||
Quarter
ended September 30
|
||||||||||||
Number
of dividend shares
|
20,897,644 | 20,668,519 | 20,694,333 | |||||||||
Dividend
per share
|
$ | 0.50 | $ | 0.50 | $ | 0.50 | ||||||
Total
dividends paid
|
$ | 10,449 | $ | 10,334 | $ | 10,347 | ||||||
Quarter
ended December 31
|
||||||||||||
Number
of dividend shares
|
20,881,157 | 20,860,278 | ||||||||||
Dividend
per share
|
$ | 0.50 | $ | 0.50 | ||||||||
Total
dividends paid
|
$ | 10,441 | $ | 10,430 | ||||||||
Special
year end dividend
|
||||||||||||
Number
of dividend shares
|
20,881,157 | -- | ||||||||||
Dividend
per share
|
$ | 0.11 | $ | -- | ||||||||
Total
dividends paid
|
$ | 2,297 | $ | -- | ||||||||
Calendar
year-to-date dividends per share
|
$ | 1.50 | $ | 2.11 | $ | 2.00 |
At
|
For
the Three Months Ended
|
|||||||||||||||||||||||||||||||||||||||||||
June
30, 2009
|
June
30, 2009
|
March
31, 2009
|
December
31, 2008
|
September
30, 2008
|
June
30, 2008
|
|||||||||||||||||||||||||||||||||||||||
Average
|
Average
|
Average
|
Average
|
Average
|
||||||||||||||||||||||||||||||||||||||||
Yield/
|
Outstanding
|
Yield/
|
Outstanding
|
Yield/
|
Outstanding
|
Yield/
|
Outstanding
|
Yield/
|
Outstanding
|
Yield/
|
||||||||||||||||||||||||||||||||||
Rate
|
Balance
|
Rate(4)
|
Balance
|
Rate(4)
|
Balance
|
Rate(4)
|
Balance
|
Rate(4)
|
Balance
|
Rate(4)
|
||||||||||||||||||||||||||||||||||
Assets:
|
(Dollars
in thousands)
|
|||||||||||||||||||||||||||||||||||||||||||
Interest-earning
assets:
|
||||||||||||||||||||||||||||||||||||||||||||
Loans
receivable (1)
|
5.42 | % | $ | 5,532,573 | 5.55 | % | $ | 5,485,551 | 5.65 | % | $ | 5,419,179 | 5.66 | % | $ | 5,328,776 | 5.69 | % | $ | 5,316,794 | 5.62 | % | ||||||||||||||||||||||
MBS(2)
|
4.59 | 2,115,159 | 4.58 | 2,120,481 | 4.73 | 2,201,531 | 4.80 | 2,192,268 | 4.77 | 2,107,757 | 4.72 | |||||||||||||||||||||||||||||||||
Investment
securities(2)
|
1.84 | 246,588 | 2.07 | 125,932 | 3.03 | 136,295 | 3.89 | 144,718 | 3.95 | 128,784 | 4.03 | |||||||||||||||||||||||||||||||||
Capital
stock of FHLB
|
2.49 | 131,287 | 2.42 | 130,574 | 2.42 | 124,958 | 2.48 | 124,365 | 4.72 | 128,379 | 4.71 | |||||||||||||||||||||||||||||||||
Cash
and cash equivalents
|
0.24 | 84,360 | 0.23 | 103,768 | 0.26 | 33,025 | 0.58 | 59,351 | 1.92 | 90,556 | 2.03 | |||||||||||||||||||||||||||||||||
Total
interest-earning assets (1)
(2)
|
4.95 | 8,109,967 | 5.08 | 7,966,306 | 5.24 | 7,914,988 | 5.32 | 7,849,478 | 5.36 | 7,772,270 | 5.29 | |||||||||||||||||||||||||||||||||
Other
noninterest-earning assets
|
219,154 | 201,462 | 161,092 | 151,695 | 187,701 | |||||||||||||||||||||||||||||||||||||||
Total
assets
|
$ | 8,329,121 | $ | 8,167,768 | $ | 8,076,080 | $ | 8,001,173 | $ | 7,959,971 | ||||||||||||||||||||||||||||||||||
Liabilities
and stockholders' equity:
|
||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing
liabilities:
|
||||||||||||||||||||||||||||||||||||||||||||
Savings
|
0.72 | $ | 230,869 | 0.73 | $ | 227,431 | 0.74 | $ | 229,540 | 1.07 | $ | 231,986 | 1.66 | $ | 230,164 | 1.42 | ||||||||||||||||||||||||||||
Checking
|
0.21 | 442,227 | 0.21 | 423,107 | 0.20 | 405,787 | 0.21 | 403,327 | 0.20 | 412,468 | 0.20 | |||||||||||||||||||||||||||||||||
Money
market
|
0.88 | 838,281 | 0.93 | 800,155 | 1.08 | 775,386 | 1.31 | 799,408 | 1.45 | 814,074 | 1.53 | |||||||||||||||||||||||||||||||||
Certificates
|
3.30 | 2,639,347 | 3.36 | 2,529,090 | 3.52 | 2,473,763 | 3.75 | 2,485,619 | 3.99 | 2,508,743 | 4.32 | |||||||||||||||||||||||||||||||||
Total
deposits
|
2.34 | 4,150,724 | 2.39 | 3,979,783 | 2.52 | 3,884,476 | 2.73 | 3,920,340 | 2.94 | 3,965,449 | 3.15 | |||||||||||||||||||||||||||||||||
FHLB
advances (3)
|
4.13 | 2,410,956 | 4.21 | 2,451,927 | 4.40 | 2,477,961 | 4.72 | 2,469,082 | 4.73 | 2,547,450 | 4.75 | |||||||||||||||||||||||||||||||||
Other
borrowings
|
3.96 | 713,609 | 3.97 | 713,600 | 3.99 | 713,585 | 4.24 | 638,463 | 4.10 | 452,458 | 4.09 | |||||||||||||||||||||||||||||||||
Total
borrowings
|
4.09 | 3,124,565 | 4.16 | 3,165,527 | 4.31 | 3,191,546 | 4.61 | 3,107,545 | 4.60 | 2,999,908 | 4.65 | |||||||||||||||||||||||||||||||||
Total
interest-bearing liabilities
|
3.09 | 7,275,289 | 3.15 | 7,145,310 | 3.31 | 7,076,022 | 3.58 | 7,027,885 | 3.67 | 6,965,357 | 3.80 | |||||||||||||||||||||||||||||||||
Other
noninterest-bearing
liabilities
|
127,389 | 114,699 | 121,970 | 103,332 | 122,747 | |||||||||||||||||||||||||||||||||||||||
Stockholders'
equity
|
926,443 | 907,759 | 878,088 | 869,956 | 871,867 | |||||||||||||||||||||||||||||||||||||||
Total
liabilities and
|
||||||||||||||||||||||||||||||||||||||||||||
stockholders'
equity
|
$ | 8,329,121 | $ | 8,167,768 | $ | 8,076,080 | $ | 8,001,173 | $ | 7,959,971 |
Net
interest rate spread
|
1.86
|
%
|
1.93
|
%
|
1.93
|
%
|
1.74
|
%
|
1.68
|
%
|
1.49
|
%
|
||||||||||
Net
interest-earning assets
|
$ 834,678
|
$ 820,996
|
$ 838,966
|
$ 821,593
|
$ 806,913
|
|||||||||||||||||
Net
interest margin
|
2.26
|
%
|
2.30
|
%
|
2.08
|
%
|
2.03
|
%
|
1.89
|
%
|
||||||||||||
Ratio
of interest-earning assets
|
||||||||||||||||||||||
to
interest-bearing liabilities
|
1.11
|
1.11
|
1.12
|
1.12
|
1.12
|
|||||||||||||||||
Selected
performance ratios:
|
||||||||||||||||||||||
Return
on average assets (annualized)
|
0.74
|
%
|
0.89
|
%
|
0.79
|
%
|
0.79
|
%
|
0.72
|
%
|
||||||||||||
Return
on average equity (annualized)
|
6.68
|
%
|
7.99
|
%
|
7.22
|
%
|
7.25
|
%
|
6.59
|
%
|
||||||||||||
Average
equity to average assets
|
11.12
|
%
|
11.11
|
%
|
10.87
|
%
|
10.87
|
%
|
10.95
|
%
|
For
the Three Months Ended
|
||||||||||||||||||||
June
30,
|
March
31,
|
December
31,
|
September
30,
|
June
30,
|
||||||||||||||||
2009
|
2009
|
2008
|
2008
|
2008
|
||||||||||||||||
Selected
income statement data:
|
(Dollars
in thousands, except per share amounts)
|
|||||||||||||||||||
Interest
and dividend income:
|
||||||||||||||||||||
Loans
receivable
|
$ | 76,745 | $ | 77,446 | $ | 76,716 | $ | 75,830 | $ | 74,651 | ||||||||||
MBS
|
24,211 | 25,088 | 26,402 | 26,153 | 24,869 | |||||||||||||||
Investment
securities
|
1,279 | 955 | 1,326 | 1,428 | 1,298 | |||||||||||||||
Other
interest and dividend income
|
843 | 846 | 829 | 1,766 | 1,967 | |||||||||||||||
Total
interest and dividend income
|
103,078 | 104,335 | 105,273 | 105,177 | 102,785 | |||||||||||||||
Interest
expense:
|
||||||||||||||||||||
FHLB
advances
|
25,307 | 26,653 | 29,545 | 29,543 | 30,248 | |||||||||||||||
Deposits
|
24,705 | 24,711 | 26,785 | 29,083 | 31,174 | |||||||||||||||
Other
borrowings
|
7,144 | 7,109 | 7,725 | 6,693 | 4,682 | |||||||||||||||
Total
interest expense
|
57,156 | 58,473 | 64,055 | 65,319 | 66,104 | |||||||||||||||
Provision
for loan losses
|
3,112 | 2,107 | 549 | 330 | 1,602 | |||||||||||||||
Net
interest and dividend income
|
||||||||||||||||||||
(after
provision for loan losses)
|
42,810 | 43,755 | 40,669 | 39,528 | 35,079 | |||||||||||||||
Other
income
|
8,232 | 6,936 | 6,642 | 7,589 | 7,345 | |||||||||||||||
Other
expenses
|
26,411 | 21,995 | 22,187 | 21,795 | 19,836 | |||||||||||||||
Income
tax expense
|
9,155 | 10,564 | 9,272 | 9,563 | 8,233 | |||||||||||||||
Net
income
|
$ | 15,476 | $ | 18,132 | $ | 15,852 | $ | 15,759 | $ | 14,355 | ||||||||||
Efficiency
ratio
|
48.77 | 41.66 | 46.36 | 45.94 | 45.05 | |||||||||||||||
Basic
earnings per share
|
$ | 0.21 | $ | 0.25 | $ | 0.22 | $ | 0.22 | $ | 0.20 | ||||||||||
Diluted
earnings per share
|
$ | 0.21 | $ | 0.25 | $ | 0.22 | $ | 0.22 | $ | 0.20 | ||||||||||
Dividends
declared per public share
|
$ | 0.50 | $ | 0.50 | $ | 0.61 | $ | 0.50 | $ | 0.50 |
Quarter
Ended June 30,
|
||||||||||||
2009
vs. 2008
|
||||||||||||
Increase
(Decrease) Due to
|
||||||||||||
Volume
|
Rate
|
Total
|
||||||||||
(Dollars
in thousands)
|
||||||||||||
Interest-earning
assets:
|
||||||||||||
Loans
receivable
|
$ | 2,991 | $ | (897 | ) | $ | 2,094 | |||||
MBS
|
87 | (745 | ) | (658 | ) | |||||||
Investment
securities
|
811 | (830 | ) | (19 | ) | |||||||
Capital
stock of FHLB
|
34 | (743 | ) | (709 | ) | |||||||
Cash
equivalents
|
(30 | ) | (385 | ) | (415 | ) | ||||||
Total
interest-earning assets
|
$ | 3,893 | $ | (3,600 | ) | $ | 293 | |||||
Interest-bearing
liabilities:
|
||||||||||||
Savings
|
$ | 3 | $ | (403 | ) | $ | (400 | ) | ||||
Checking
|
15 | 11 | 26 | |||||||||
Money
market
|
90 | (1,256 | ) | (1,166 | ) | |||||||
Certificates
|
1,350 | (6,279 | ) | (4,929 | ) | |||||||
FHLB
advances
|
(1,162 | ) | (3,779 | ) | (4,941 | ) | ||||||
Other
borrowings
|
2,613 | (151 | ) | 2,462 | ||||||||
Total
interest-bearing liabilities
|
$ | 2,909 | $ | (11,857 | ) | $ | (8,948 | ) | ||||
Net
change in net interest and dividend income
|
$ | 984 | $ | 8,257 | $ | 9,241 |
For
the Nine Months Ended
|
||||||||||||||||
June
30, 2009
|
June
30, 2008
|
|||||||||||||||
Average
|
Average
|
|||||||||||||||
Outstanding
|
Yield/
|
Outstanding
|
Yield/
|
|||||||||||||
Balance
|
Rate(4)
|
Balance
|
Rate(4)
|
|||||||||||||
Assets:
|
(Dollars
in thousands)
|
|||||||||||||||
Interest-earning
assets:
|
||||||||||||||||
Loans
receivable (1)
|
$ | 5,478,858 | 5.62 | % | $ | 5,311,111 | 5.68 | % | ||||||||
MBS(2)
|
2,146,021 | 4.70 | 1,786,085 | 4.65 | ||||||||||||
Investment
securities(2)
|
169,643 | 2.80 | 275,234 | 4.11 | ||||||||||||
Capital
stock of FHLB
|
128,919 | 2.44 | 130,845 | 5.56 | ||||||||||||
Cash
and cash equivalents
|
84,116 | 0.26 | 130,375 | 3.29 | ||||||||||||
Total
interest-earning assets (1)
(2)
|
8,007,557 | 5.21 | 7,633,650 | 5.34 | ||||||||||||
Other
noninterest-earning assets
|
183,097 | 197,944 | ||||||||||||||
Total
assets
|
$ | 8,190,654 | $ | 7,831,594 | ||||||||||||
Liabilities
and stockholders' equity:
|
||||||||||||||||
Interest-bearing
liabilities:
|
||||||||||||||||
Savings
|
$ | 229,288 | 0.84 | $ | 230,426 | 1.81 | ||||||||||
Checking
|
423,643 | 0.21 | 396,785 | 0.21 | ||||||||||||
Money
market
|
804,517 | 1.10 | 806,359 | 2.29 | ||||||||||||
Certificates
|
2,547,198 | 3.54 | 2,514,228 | 4.60 | ||||||||||||
Total
deposits
|
4,004,646 | 2.54 | 3,947,798 | 3.52 | ||||||||||||
FHLB
advances (3)
|
2,447,044 | 4.44 | 2,581,022 | 4.94 | ||||||||||||
Other
borrowings
|
713,598 | 4.06 | 307,922 | 4.60 | ||||||||||||
Total
borrowings
|
3,160,642 | 4.35 | 2,888,944 | 4.90 | ||||||||||||
Total
interest-bearing liabilities
|
7,165,288 | 3.34 | 6,836,742 | 4.10 | ||||||||||||
Other
noninterest-bearing liabilities
|
121,378 | 124,741 | ||||||||||||||
Stockholders'
equity
|
903,988 | 870,111 | ||||||||||||||
Total
liabilities and stockholders' equity
|
$ | 8,190,654 | $ | 7,831,594 | ||||||||||||
Net
interest rate spread
|
1.87 | % | 1.24 | % | ||||||||||||
Net
interest-earning assets
|
$ | 842,269 | $ | 796,908 | ||||||||||||
Net
interest margin
|
2.21 | % | 1.65 | % | ||||||||||||
Ratio
of interest-earning assets
|
||||||||||||||||
to
interest-bearing liabilities
|
1.12 | 1.12 | ||||||||||||||
Selected
Performance Ratios:
|
||||||||||||||||
Return
on average assets (annualized)
|
0.81 | % | 0.60 | % | ||||||||||||
Return
on average equity (annualized)
|
7.30 | % | 5.39 | % | ||||||||||||
Average
equity to average assets
|
11.04 | % | 11.11 | % |
For
the Nine Months Ended
|
||||||||||||
June
30, 2009 vs. June 30, 2008
|
||||||||||||
Increase
(Decrease) Due to
|
||||||||||||
Volume
|
Rate
|
Total
|
||||||||||
(Dollars
in thousands)
|
||||||||||||
Interest-earning
assets:
|
||||||||||||
Loans
receivable
|
$ | 6,991 | $ | (2,274 | ) | $ | 4,717 | |||||
MBS
|
12,777 | 682 | 13,459 | |||||||||
Investment
securities
|
(2,689 | ) | (2,240 | ) | (4,929 | ) | ||||||
Capital
stock of FHLB
|
(79 | ) | (3,016 | ) | (3,095 | ) | ||||||
Cash
and cash equivalents
|
(861 | ) | (2,234 | ) | (3,095 | ) | ||||||
Total
interest-earning assets
|
$ | 16,139 | $ | (9,082 | ) | $ | 7,057 | |||||
Interest-bearing
liabilities:
|
||||||||||||
Savings
|
$ | (16 | ) | $ | (1,678 | ) | $ | (1,694 | ) | |||
Checking
|
42 | -- | 42 | |||||||||
Money
market
|
(32 | ) | (7,228 | ) | (7,260 | ) | ||||||
Certificates
|
1,117 | (20,356 | ) | (19,239 | ) | |||||||
FHLB
advances
|
(4,541 | ) | (10,159 | ) | (14,700 | ) | ||||||
Other
borrowings
|
12,176 | (960 | ) | 11,216 | ||||||||
Total
interest-bearing liabilities
|
$ | 8,746 | $ | (40,381 | ) | $ | (31,635 | ) | ||||
Net
change in net interest and dividend income
|
$ | 7,393 | $ | 31,299 | $ | 38,692 | ||||||
Quarter
Ended
|
||||||||||||
June
30, 2009 vs. March 31, 2009
|
||||||||||||
Increase
(Decrease) Due to
|
||||||||||||
Volume
|
Rate
|
Total
|
||||||||||
(Dollars
in thousands)
|
||||||||||||
Interest-earning
assets:
|
||||||||||||
Loans
receivable
|
$ | 670 | $ | (1,371 | ) | $ | (701 | ) | ||||
MBS
|
(63 | ) | (814 | ) | (877 | ) | ||||||
Investment
securities
|
698 | (374 | ) | 324 | ||||||||
Capital
stock of FHLB
|
10 | 6 | 16 | |||||||||
Cash
and cash equivalents
|
(12 | ) | (7 | ) | (19 | ) | ||||||
Total
interest-earning assets
|
$ | 1,303 | $ | (2,560 | ) | $ | (1,257 | ) | ||||
Interest-bearing
liabilities:
|
||||||||||||
Savings
|
$ | 6 | $ | (6 | ) | $ | -- | |||||
Checking
|
-- | -- | -- | |||||||||
Money
market
|
152 | (156 | ) | (4 | ) | |||||||
Certificates
|
990 | (992 | ) | (2 | ) | |||||||
FHLB
advances
|
(84 | ) | (1,262 | ) | (1,346 | ) | ||||||
Other
borrowings
|
78 | (43 | ) | 35 | ||||||||
Total
interest-bearing liabilities
|
$ | 1,142 | $ | (2,459 | ) | $ | (1,317 | ) | ||||
Net
change in net interest and dividend income
|
$ | 161 | $ | (101 | ) | $ | 60 |
·
|
the
origination, purchase, or sale of
loans,
|
·
|
the
purchase or sale of investment securities and
MBS,
|
·
|
extensions
of credit on home equity loans and construction
loans,
|
·
|
terms
and conditions of operating leases,
and
|
·
|
funding
withdrawals of deposit
accounts.
|
Maturity
Range
|
||||||||||||||||||||
Less
than
|
1 -
3
|
3 - 5 |
More
than
|
|||||||||||||||||
Total
|
1
year
|
years
|
years
|
5
years
|
||||||||||||||||
Certificates
of Deposit
|
$ | 2,657,137 | $ | 1,635,029 | $ | 924,348 | $ | 96,690 | $ | 1,070 | ||||||||||
Weighted
average rate
|
3.30 | % | 3.10 | % | 3.64 | % | 3.43 | % | 3.80 | % | ||||||||||
FHLB
Advances
|
2,446,000 | 120,000 | 776,000 | 1,075,000 | 475,000 | |||||||||||||||
Weighted
average rate
|
3.80 | % | 4.13 | % | 4.21 | % | 3.53 | % | 3.67 | % | ||||||||||
Repurchase
Agreements
|
660,000 | -- | 395,000 | 145,000 | 120,000 | |||||||||||||||
Weighted
average rate
|
3.97 | % | -- | % | 3.94 | % | 3.81 | % | 4.24 | % | ||||||||||
Commitments
to originate and
|
||||||||||||||||||||
purchase
mortgage loans
|
211,236 | 211,236 | -- | -- | -- | |||||||||||||||
Weighted
average rate
|
5.04 | % | 5.04 | % | -- | % | -- | % | -- | % | ||||||||||
Commitments
to fund unused home
|
||||||||||||||||||||
equity
lines of credit
|
270,374 | 270,374 | -- | -- | -- | |||||||||||||||
Weighted
average rate
|
4.44 | % | 4.44 | % | -- | % | -- | % | -- | % | ||||||||||
Unadvanced
portion of
|
||||||||||||||||||||
construction
loans
|
23,740 | 23,740 | -- | -- | -- |
Weighted
|
Weighted
|
|||||||||||||||
FHLB
|
Repurchase
|
Average
|
Average
|
|||||||||||||
Maturity
by
|
Advances
|
Agreements
|
Contractual
|
Effective
|
||||||||||||
Fiscal
year
|
Amount
|
Amount
|
Rate
|
Rate(1)
|
||||||||||||
(Dollars
in thousands)
|
||||||||||||||||
2009
|
$ | 20,000 | $ | -- | 5.09 | % | 5.09 | % | ||||||||
2010
|
350,000 | 45,000 | 4.33 | 4.33 | ||||||||||||
2011
|
276,000 | 200,000 | 4.42 | 4.42 | ||||||||||||
2012
|
350,000 | 150,000 | 3.67 | 3.67 | ||||||||||||
2013
|
525,000 | 145,000 | 3.74 | 4.00 | ||||||||||||
2014
|
450,000 | 100,000 | 3.33 | 3.96 | ||||||||||||
2015
|
200,000 | 20,000 | 3.50 | 4.16 | ||||||||||||
2016
|
275,000 | -- | 3.86 | 4.39 | ||||||||||||
|
$ | 2,446,000 | $ | 660,000 | 3.84 | % | 4.10 | % |
Weighted
|
||||||||
Average
|
||||||||
Maturity
by
|
Contractual
|
|||||||
Quarter
End
|
Amount
|
Rate
|
||||||
(Dollars in thousands) | ||||||||
September
30, 2009
|
$ | 20,000 | 5.09 | % | ||||
December
31, 2009
|
-- | -- | ||||||
March
31, 2010
|
-- | -- | ||||||
June
30, 2010
|
100,000 | 3.94 | ||||||
$ | 120,000 | 4.13 | % |
Regulatory
|
||||||||
Requirement
|
||||||||
Bank
|
For
“Well-
|
|||||||
|
Ratios
|
Capitalized”
Status
|
||||||
Tangible
equity
|
9.8 | % | N/A | |||||
Core
capital
|
9.8 | % | 5.0 | % | ||||
Tier
I risk-based capital
|
22.9 | % | 6.0 | % | ||||
Total
risk-based capital
|
23.0 | % | 10.0 | % |
Total
equity as reported under GAAP
|
$ | 839,929 | ||
Unrealized
gains on AFS securities
|
(23,511 | ) | ||
Other
|
(348 | ) | ||
Total
tangible and core capital
|
816,070 | |||
Allowance
for loan losses
|
5,848 | |||
Total
risk based capital
|
$ | 821,918 |
Percentage
Change in Net Interest Income
|
|||||||
At
|
|||||||
Change
(in Basis Points)
|
June
30,
|
March
31,
|
September
30,
|
||||
in
Interest Rates(1)
|
2009
|
2009
|
2008
|
||||
000
bp
|
--
|
--
|
--
|
||||
+100
bp
|
1.57%
|
3.52%
|
-2.20%
|
||||
+200
bp
|
2.19%
|
3.58%
|
-5.08%
|
||||
+300
bp
|
2.78%
|
3.26%
|
-8.62%
|
(1)
|
Assumes
an instantaneous, permanent and parallel change in interest rates at all
maturities.
|
Percentage
Change in MVPE
|
|||||||
At
|
|||||||
Change
(in Basis Points)
|
June
30,
|
March
31,
|
September
30,
|
||||
in
Interest Rates(1)
|
2009
|
2009
|
2008
|
||||
000
bp
|
--
|
--
|
--
|
||||
+100
bp
|
-5.95%
|
0.70%
|
-6.99%
|
||||
+200
bp
|
-16.17%
|
-6.51%
|
-19.37%
|
||||
+300
bp
|
-29.18%
|
-18.34%
|
-34.88%
|
(1)
|
Assumes
an instantaneous, permanent and parallel change in interest rates at all
maturities.
|
June
30, 2009
|
Within
Three Months
|
Three
Months To One Year
|
More
Than One Year to Three Years
|
More
Than Three Years to Five Years
|
Over
Five Years
|
Total
|
||||||||||||||||||
Interest-earning
assets:
|
(Dollars
in thousands)
|
|||||||||||||||||||||||
Loans
receivable(1):
|
||||||||||||||||||||||||
Mortgage
loans:
|
||||||||||||||||||||||||
Fixed
|
$ | 379,571 | $ | 515,468 | $ | 928,803 | $ | 608,368 | $ | 1,732,246 | $ | 4,164,456 | ||||||||||||
Adjustable
|
152,489 | 532,585 | 437,234 | 46,526 | 9,673 | 1,178,507 | ||||||||||||||||||
Other
loans
|
135,765 | 23,193 | 23,583 | 8,787 | 12,312 | 203,640 | ||||||||||||||||||
Securities:
|
||||||||||||||||||||||||
Non-mortgage
securities(2)
|
30,726 | 29,727 | 194,890 | 39,772 | 28,628 | 323,743 | ||||||||||||||||||
MBS(3)
|
380,617 | 579,306 | 454,749 | 246,449 | 400,501 | 2,061,622 | ||||||||||||||||||
Other
interest-earning assets
|
65,204 | -- | -- | -- | -- | 65,204 | ||||||||||||||||||
Total
interest-earning assets
|
1,144,372 | 1,680,279 | 2,039,259 | 949,902 | 2,183,360 | 7,997,172 | ||||||||||||||||||
Interest-bearing
liabilities:
|
||||||||||||||||||||||||
Deposits:
|
||||||||||||||||||||||||
Savings
(4)
|
104,187 | 8,395 | 19,356 | 15,013 | 83,210 | 230,161 | ||||||||||||||||||
Checking
(4)
|
10,474 | 31,745 | 107,525 | 61,871 | 234,816 | 446,431 | ||||||||||||||||||
Money
market (4)
|
36,972 | 102,233 | 193,969 | 164,375 | 343,973 | 841,522 | ||||||||||||||||||
Certificates
|
441,632 | 1,193,397 | 924,348 | 96,690 | 1,070 | 2,657,137 | ||||||||||||||||||
Borrowings
(5)
|
73,608 | 100,000 | 1,171,000 | 1,220,000 | 595,000 | 3,159,608 | ||||||||||||||||||
Total
interest-bearing liabilities
|
666,873 | 1,435,770 | 2,416,198 | 1,557,949 | 1,258,069 | 7,334,859 | ||||||||||||||||||
Excess
(deficiency) of interest-earning assets over interest bearing
liabilities
|
$ | 477,499 | $ | 244,509 | $ | (376,939 | ) | $ | (608,047 | ) | $ | 925,291 | $ | 662,313 | ||||||||||
Cumulative
excess (deficiency) of interest-earning assets over interest-bearing
liabilities
|
$ | 477,499 | $ | 722,008 | $ | 345,069 | $ | (262,978 | ) | $ | 662,313 | |||||||||||||
Cumulative
excess (deficiency) of interest-earning
|
||||||||||||||||||||||||
assets
over interest-bearing liabilities as a
|
||||||||||||||||||||||||
percent
of total assets at June 30, 2009
|
5.74 | % | 8.68 | % | 4.15 | % | (3.16 | )% | 7.96 | % | ||||||||||||||
Cumulative
excess (deficiency) at September 30, 2008
|
(0.10 | )% | 1.90 | % | (1.19 | )% | (4.16 | )% | 9.05 | % |
June
30, 2009
|
March
31, 2009
|
December
31, 2008
|
September
30, 2008
|
|||||||||||||||||||||||||||||||||||||||||||||
Balance
|
WAL
|
Yield
|
Balance
|
WAL
|
Yield
|
Balance
|
WAL
|
Yield
|
Balance
|
WAL
|
Yield
|
|||||||||||||||||||||||||||||||||||||
(Dollars
in thousands)
|
||||||||||||||||||||||||||||||||||||||||||||||||
Fixed-rate
investments:
|
||||||||||||||||||||||||||||||||||||||||||||||||
U.S.
government-sponsored agencies
|
$ | 254,424 | 1.01 | 1.49 | % | $ | 152,067 | 0.75 | 1.68 | % | $ | 45,036 | 0.24 | 3.22 | % | $ | 82,552 | 5.55 | 4.28 | % | ||||||||||||||||||||||||||||
MBS
|
1,025,056 | 3.07 | 4.84 | 1,105,095 | 4.03 | 4.84 | 1,164,744 | 5.08 | 4.88 | 1,207,086 | 4.92 | 4.88 | ||||||||||||||||||||||||||||||||||||
Municipal
bonds
|
65,530 | 4.02 | 3.23 | 60,537 | 4.27 | 3.31 | 58,806 | 4.17 | 3.41 | 58,062 | 4.81 | 3.39 | ||||||||||||||||||||||||||||||||||||
Total
fixed-rate investments
|
1,345,010 | 2.73 | 4.13 | 1,317,699 | 3.66 | 4.41 | 1,268,586 | 4.87 | 4.75 | 1,347,700 | 4.95 | 4.78 | ||||||||||||||||||||||||||||||||||||
Adjustable-rate
investments:
|
||||||||||||||||||||||||||||||||||||||||||||||||
MBS
|
1,036,566 | 6.03 | 4.34 | 1,057,683 | 7.15 | 4.60 | 986,908 | 6.68 | 4.75 | 1,034,734 | 5.21 | 4.76 | ||||||||||||||||||||||||||||||||||||
Trust
preferred securities
|
3,789 | 27.98 | 2.29 | 3,812 | 28.23 | 2.98 | 3,842 | 28.48 | 3.66 | 3,859 | 28.73 | 4.48 | ||||||||||||||||||||||||||||||||||||
Total
adjustable-rate investments
|
1,040,355 | 6.11 | 4.33 | 1,061,495 | 7.25 | 4.59 | 990,750 | 6.79 | 4.75 | 1,038,593 | 5.32 | 4.76 | ||||||||||||||||||||||||||||||||||||
Total
investment portfolio, at cost
|
$ | 2,385,365 | 4.20 | 4.22 | % | $ | 2,379,194 | 5.26 | 4.49 | % | $ | 2,259,336 | 5.71 | 4.75 | % | $ | 2,386,293 | 5.11 | 4.77 | % |
June
30, 2009
|
March
31, 2009
|
December
31, 2008
|
September
30, 2008
|
|||||||||||||||||||||||||||||
Amount
|
Rate
|
Amount
|
Rate
|
Amount
|
Rate
|
Amount
|
Rate
|
|||||||||||||||||||||||||
(Dollars
in thousands)
|
||||||||||||||||||||||||||||||||
Retail
certificates maturing within:
|
||||||||||||||||||||||||||||||||
0
to 3 months
|
$ | 395,427 | 3.24 | % | $ | 347,478 | 3.08 | % | $ | 333,638 | 3.14 | % | $ | 409,684 | 4.39 | % | ||||||||||||||||
3
to 6 months
|
407,767 | 3.02 | 386,295 | 3.29 | 339,065 | 3.14 | 327,479 | 3.26 | ||||||||||||||||||||||||
6
months to one year
|
683,179 | 3.08 | 623,949 | 3.11 | 670,432 | 3.37 | 634,102 | 3.36 | ||||||||||||||||||||||||
One
year to two years
|
504,788 | 3.64 | 579,138 | 3.98 | 496,201 | 4.15 | 559,607 | 4.15 | ||||||||||||||||||||||||
After
two years
|
514,320 | 3.61 | 484,315 | 3.69 | 493,310 | 3.90 | 407,549 | 3.93 | ||||||||||||||||||||||||
$ | 2,505,481 | 3.31 | % | $ | 2,421,175 | 3.46 | % | $ | 2,332,646 | 3.58 | % | $ | 2,338,421 | 3.81 | % | |||||||||||||||||
Average
maturity (in years)
|
1.12 | 1.16 | 1.16 | 1.13 | ||||||||||||||||||||||||||||
Public
unit and brokered deposits maturing within:
|
||||||||||||||||||||||||||||||||
0
to 3 months
|
$ | 46,206 | 1.11 | % | $ | 70,910 | 2.70 | % | $ | -- | 0.00 | % | $ | 84,686 | 5.21 | % | ||||||||||||||||
3
to 6 months
|
86,450 | 4.58 | 27,500 | 1.38 | 24,434 | 5.21 | -- | 0.00 | ||||||||||||||||||||||||
6
months to one year
|
16,000 | 1.09 | 89,450 | 4.48 | 71,449 | 5.20 | 24,435 | 5.21 | ||||||||||||||||||||||||
One
year to two years
|
3,000 | 1.76 | 3,000 | 1.76 | -- | 0.00 | 71,454 | 5.20 | ||||||||||||||||||||||||
$ | 151,656 | 3.10 | % | $ | 190,860 | 3.33 | % | $ | 95,883 | 5.20 | % | $ | 180,575 | 5.21 | % | |||||||||||||||||
Average
maturity (in years)
|
0.34 | 0.43 | 0.76 | 0.61 | ||||||||||||||||||||||||||||
Total
retail certificates, public unit,
and brokered deposits
|
$ | 2,657,137 | 3.30 | % | $ | 2,612,035 | 3.45 | % | $ | 2,428,529 | 3.64 | % | $ | 2,518,996 | 3.91 | % | ||||||||||||||||
Total
average maturity (in years)
|
1.08 | 1.11 | 1.15 | 1.09 |
Total
|
Total
Number of
|
Maximum
Number
|
||||||||||||||
Number
of
|
Average
|
Shares
Purchased as
|
of
Shares that May
|
|||||||||||||
Shares
|
Price
Paid
|
Part
of Publicly
|
Yet
Be Purchased
|
|||||||||||||
Period
|
Purchased
|
per
Share
|
Announced
Plans
|
Under
the Plan
|
||||||||||||
April
1, 2009 through
|
||||||||||||||||
April
30, 2009
|
-- | -- | -- | 130,368 | ||||||||||||
May
1, 2009 through
|
||||||||||||||||
May
31, 2009
|
-- | -- | -- | 130,368 | ||||||||||||
June
1, 2009 through
|
||||||||||||||||
June
30, 2009
|
-- | -- | -- | 130,368 | ||||||||||||
Total
|
-- | -- |
Exhibit
Number
|
Document
|
|
2.0
|
Plan
of Reorganization and Stock Issuance Plan*
|
|
3(i)
|
Federal
Stock Charter of Capitol Federal Financial*
|
|
3(ii)
|
Bylaws
of Capitol Federal Financial filed on November 29, 2007 as Exhibit 3(ii)
to
|
|
the
Annual Report on Form 10-K and incorporated herein by
reference
|
||
4(i)
|
Form
of Stock Certificate of Capitol Federal Financial*
|
|
4(ii)
|
The
Registrant agrees to furnish to the Securities and Exchange Commission,
upon request, the
|
|
instruments
defining the rights of the holders of the Registrant’s long-term
debt.
|
||
10.1(i)
|
Registrant’s
Thrift Plan filed on November 29, 2007 as Exhibit 10.1(i)
to
|
|
the
Annual Report on Form 10-K and incorporated herein by
reference
|
||
10.1(ii)
|
Registrant’s
Stock Ownership Plan filed on November 29, 2007 as Exhibit 10.1(ii)
to
|
|
the
Annual Report on Form 10-K and incorporated herein by
reference
|
||
10.2
|
Registrant’s
2000 Stock Option and Incentive Plan (the “Stock Option Plan”) filed on
April 13,
|
|
2000
as Appendix A to Registrant’s Revised Proxy Statement (File No. 000-25391)
and incorporated herein by reference
|
||
10.3
|
Registrant’s
2000 Recognition and Retention Plan (the “RRP”) filed on April 13, 2000
as
|
|
Appendix
B to Registrant’s Revised Proxy Statement (File No. 000-25391) and
incorporated herein by reference
|
||
10.4
|
Capitol
Federal Financial Deferred Incentive Bonus Plan, as amended, filed on May
5, 2009 as Exhibit 10.4 to the March 31, 2009 Form 10-Q and incorporated
herein by reference
|
|
10.5
|
Form
of Incentive Stock Option Agreement under the Stock Option Plan filed on
February 4, 2005
|
|
as
Exhibit 10.5 to the December 31, 2004 Form 10-Q and incorporated herein by
reference
|
||
10.6
|
Form
of Non-Qualified Stock Option Agreement under the Stock Option Plan filed
on February 4,
|
|
2005
as Exhibit 10.6 to the December 31, 2004 Form 10-Q and incorporated herein
by reference
|
||
10.7
|
Form
of Restricted Stock Agreement under the RRP filed on February 4, 2005 as
Exhibit 10.7 to the
|
|
December
31, 2004 Form 10-Q and incorporated herein by reference
|
||
10.8
|
Description
of Named Executive Officer Salary and Bonus Arrangements filed on December
1,
|
|
2008
as Exhibit 10.8 to the Annual Report on Form 10-K and incorporated herein
by reference
|
||
10.9
|
Description
of Director Fee Arrangements filed on February 4, 2009 as Exhibit 10.9 to
the December 31, 2008 Form 10-Q and incorporated herein by
reference
|
|
10.10
|
Short-term
Performance Plan filed on December 14, 2005 as Exhibit 10.10 to the
Annual
|
|
Report
on Form 10-K for the fiscal year ended September 30, 2005 and incorporated
herein by reference
|
||
11
|
Statement
re: computation of earnings per share**
|
|
31.1
|
Certification
pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 made by John B.
Dicus, Chairman, President and Chief Executive Officer
|
|
31.2
|
Certification
pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 made by Kent G.
Townsend, Executive Vice President and Chief Financial
Officer
|
|
32
|
Certification
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of
the Sarbanes-Oxley Act of 2002 made by John B. Dicus, Chairman, President
and Chief Executive Officer, and Kent G. Townsend, Executive Vice
President and Chief Financial
Officer
|