SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

x

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended December 31, 2014

OR

¨

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to             

Commission File Number 000-51093

 

KEARNY FINANCIAL CORP.

(Exact name of registrant as specified in its charter)

 

 

UNITED STATES

  

22-3803741

(State or other jurisdiction of
incorporation or organization)

  

(I.R.S. Employer
Identification Number)

 

 

 

120 Passaic Ave., Fairfield, New Jersey

  

07004-3510

(Address of principal executive offices)

  

(Zip Code)

Registrant’s telephone number, including area code

973-244-4500

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

¨

Accelerated filer

x

Non-accelerated filer

¨

Smaller reporting company

¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  o    No  x

The number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: January 23, 2015.

$0.10 par value common stock — 67,375,247 shares outstanding

 

 

 

 

 


 

KEARNY FINANCIAL CORP. AND SUBSIDIARIES

INDEX

 

 

Page

Number

PART I—FINANCIAL INFORMATION

 

 

 

 

Item 1:

Financial Statements

 

 

 

 

 

Consolidated Statements of Financial Condition at December 31, 2014 and June 30, 2014 (Unaudited)

1

 

 

 

 

Consolidated Statements of Income for the Three and Six Months Ended December 31, 2014 and December 31, 2013 (Unaudited)

2

 

 

 

 

Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended December 31, 2014 and December 31, 2013 (Unaudited)

4

 

 

 

 

Consolidated Statements of Changes in Stockholders’ Equity for the Six Months Ended December 31, 2014 and December 31, 2013 (Unaudited)

5

 

 

 

 

Consolidated Statements of Cash Flows for the Six Months Ended December 31, 2014 and December 31, 2013 (Unaudited)

7

 

 

 

 

Notes to Consolidated Financial Statements (Unaudited)

9

 

 

 

Item 2:

Management’s Discussion and Analysis of Financial Condition and Results of Operations

66

 

 

 

Item 3:

Quantitative and Qualitative Disclosure About Market Risk

86

 

 

 

Item 4:

Controls and Procedures

92

 

 

PART II—OTHER INFORMATION

 

 

 

 

Item 1:

Legal Proceedings

93

 

 

 

Item 1A:

Risk Factors

93

 

 

 

Item 2:

Unregistered Sales of Equity Securities and Use of Proceeds

93

 

 

 

Item 3:

Defaults Upon Senior Securities

93

 

 

 

Item 4:

Mine Safety Disclosures

93

 

 

 

Item 5:

Other Information

93

 

 

SIGNATURES

95

 

 

 

 


 

KEARNY FINANCIAL CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(In Thousands, Except Share and Per Share Data)

 

 

December 31,

2014

 

 

June 30,

2014

 

 

(Unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

Cash and amounts due from depository institutions

$

14,133

 

 

$

14,403

 

Interest-bearing deposits in other banks

 

82,303

 

 

 

120,631

 

Cash and Cash Equivalents

 

96,436

 

 

 

135,034

 

Debt securities available for sale (amortized cost $423,451 and $411,228)

 

420,458

 

 

 

407,898

 

Debt securities held to maturity (fair value $218,064 and $213,472)

 

219,906

 

 

 

216,414

 

Loans receivable, including unamortized yield adjustments of $(1,439) and $(1,397)

 

1,814,071

 

 

 

1,741,471

 

Less allowance for loan losses

 

(12,584

)

 

 

(12,387

)

Net Loans Receivable

 

1,801,487

 

 

 

1,729,084

 

Mortgage-backed securities available for sale (amortized cost $387,508 and $432,802)

 

391,548

 

 

 

437,223

 

Mortgage-backed securities held to maturity (fair value $325,709 and $293,781)

 

322,529

 

 

 

295,658

 

Premises and equipment

 

39,584

 

 

 

40,105

 

Federal Home Loan Bank of New York ("FHLB") stock

 

27,382

 

 

 

25,990

 

Accrued interest receivable

 

9,059

 

 

 

9,013

 

Goodwill

 

108,591

 

 

 

108,591

 

Bank owned life insurance

 

90,126

 

 

 

88,820

 

Deferred income tax assets, net

 

9,998

 

 

 

10,314

 

Other assets

 

10,765

 

 

 

5,865

 

Total Assets

$

3,547,869

 

 

$

3,510,009

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

Non-interest-bearing

$

208,457

 

 

$

224,054

 

Interest-bearing

 

2,256,388

 

 

 

2,255,887

 

Total Deposits

 

2,464,845

 

 

 

2,479,941

 

Borrowings

 

563,002

 

 

 

512,257

 

Advance payments by borrowers for taxes

 

8,636

 

 

 

9,001

 

Other liabilities

 

18,152

 

 

 

14,134

 

Total Liabilities

 

3,054,635

 

 

 

3,015,333

 

 

 

 

 

 

 

 

 

Stockholders' Equity

 

 

 

 

 

 

 

Preferred stock, $0.10 par value, 25,000,000 shares authorized; none issued and

  outstanding

 

-

 

 

 

-

 

Common stock, $0.10 par value, 75,000,000 shares authorized; 73,781,587 issued;

   67,375,247 and 67,267,865 outstanding, respectively

 

7,378

 

 

 

7,378

 

Paid-in capital

 

225,404

 

 

 

231,870

 

Retained earnings

 

341,447

 

 

 

336,355

 

Unearned Employee Stock Ownership Plan shares;

  315,195 shares and 387,924 shares, respectively

 

(3,152

)

 

 

(3,879

)

Treasury stock, at cost; 6,406,340 shares and 6,513,722 shares, respectively

 

(73,535

)

 

 

(74,768

)

Accumulated other comprehensive loss

 

(4,308

)

 

 

(2,280

)

Total Stockholders' Equity

 

493,234

 

 

 

494,676

 

Total Liabilities and Stockholders' Equity

$

3,547,869

 

 

$

3,510,009

 

 

See notes to unaudited consolidated financial statements

 

 

 

 

- 1 -


 

  KEARNY FINANCIAL CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(In Thousands, Except Per Share Data, Unaudited)

 

 

Three Months Ended

December 31,

 

 

Six Months Ended

December 31,

 

 

 

2014

 

 

 

2013

 

 

 

2014

 

 

 

2013

 

Interest Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans

$

18,648

 

 

$

16,509

 

 

$

37,053

 

 

$

32,325

 

Mortgage-backed securities

 

4,654

 

 

 

5,505

 

 

 

9,430

 

 

 

11,059

 

Debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

1,792

 

 

 

1,221

 

 

 

3,527

 

 

 

2,499

 

Tax-exempt

 

490

 

 

 

460

 

 

 

975

 

 

 

914

 

Other interest-earning assets

 

328

 

 

 

238

 

 

 

625

 

 

 

436

 

Total Interest Income

 

25,912

 

 

 

23,933

 

 

 

51,610

 

 

 

47,233

 

Interest Expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

3,972

 

 

 

3,594

 

 

 

7,818

 

 

 

7,226

 

Borrowings

 

2,367

 

 

 

1,864

 

 

 

4,694

 

 

 

3,336

 

Total Interest Expense

 

6,339

 

 

 

5,458

 

 

 

12,512

 

 

 

10,562

 

Net Interest Income

 

19,573

 

 

 

18,475

 

 

 

39,098

 

 

 

36,671

 

Provision for Loan Loses

 

1,732

 

 

 

559

 

 

 

2,590

 

 

 

1,727

 

Net Interest Income after Provision for

  Loan Losses

 

17,841

 

 

 

17,916

 

 

 

36,508

 

 

 

34,944

 

Non-Interest Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fees and service charges

 

731

 

 

 

630

 

 

 

1,430

 

 

 

1,321

 

Gain on sale of securities

 

7

 

 

 

226

 

 

 

7

 

 

 

226

 

Gain on sale of loans

 

9

 

 

 

-

 

 

 

9

 

 

 

53

 

Gain (loss) on sale and write down of real estate owned

 

5

 

 

 

-

 

 

 

(146

)

 

 

1

 

Income from bank owned life insurance

 

654

 

 

 

707

 

 

 

1,306

 

 

 

1,409

 

Electronic banking fees and charges

 

258

 

 

 

296

 

 

 

542

 

 

 

640

 

Miscellaneous

 

54

 

 

 

70

 

 

 

150

 

 

 

140

 

Total Non-Interest Income

 

1,718

 

 

 

1,929

 

 

 

3,298

 

 

 

3,790

 

Non-Interest Expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

9,588

 

 

 

8,723

 

 

 

19,664

 

 

 

17,676

 

Net occupancy expense of premises

 

1,795

 

 

 

1,607

 

 

 

3,437

 

 

 

3,269

 

Equipment and systems

 

2,034

 

 

 

2,055

 

 

 

3,964

 

 

 

3,929

 

Advertising and marketing

 

228

 

 

 

308

 

 

 

376

 

 

 

559

 

Federal deposit insurance premium

 

607

 

 

 

618

 

 

 

1,196

 

 

 

1,130

 

Directors' compensation

 

165

 

 

 

172

 

 

 

361

 

 

 

344

 

Miscellaneous

 

2,103

 

 

 

2,074

 

 

 

4,293

 

 

 

3,932

 

Total Non-Interest Expense

 

16,520

 

 

 

15,557

 

 

 

33,291

 

 

 

30,839

 

Income before Income Taxes

 

3,039

 

 

 

4,288

 

 

 

6,515

 

 

 

7,895

 

Income taxes

 

870

 

 

 

1,301

 

 

 

1,423

 

 

 

2,322

 

Net Income

$

2,169

 

 

$

2,987

 

 

$

5,092

 

 

$

5,573

 

See notes to unaudited consolidated financial statements.

 

 

 

 

- 2 -


 

KEARNY FINANCIAL CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (Continued)

(In Thousands, Except Per Share Data, Unaudited)

 

 

Three Months Ended

December 31,

 

 

Six Months Ended

December 31,

 

 

 

2014

 

 

 

2013

 

 

 

2014

 

 

 

2013

 

Net Income per Common Share (EPS)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

0.03

 

 

$

0.05

 

 

$

0.08

 

 

$

0.08

 

Diluted

$

0.03

 

 

$

0.05

 

 

$

0.08

 

 

$

0.08

 

Weighted Average Number of

  Common Shares Outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

67,042

 

 

 

65,767

 

 

 

67,009

 

 

 

65,851

 

Diluted

 

67,055

 

 

 

65,767

 

 

 

67,185

 

 

 

65,851

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends Declared Per Common Share

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

See notes to unaudited consolidated financial statements.

 

 

 

 

- 3 -


 

KEARNY FINANCIAL CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(In Thousands, Unaudited)

 

 

Three Months Ended

December 31,

 

 

Six Months Ended

December 31,

 

 

 

2014

 

 

 

2013

 

 

 

2014

 

 

 

2013

 

Net Income

$

2,169

 

 

$

2,987

 

 

$

5,092

 

 

$

5,573

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Comprehensive Loss:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net unrealized gain (loss) on securities available for

  sale, net of deferred income tax (benefit) expense of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2014 $866, $(175);

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013 $(4,336), $(3,802)

 

2,169

 

 

 

(6,993

)

 

 

139

 

 

 

(6,050

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net gain on securities transferred from available for

  sale to held to maturity, net of deferred income tax

  (benefit) expense of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2014 $0, $0;

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013 $0, $0

 

-

 

 

 

-

 

 

 

2

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gain on securities available for sale,

  net of income tax expense of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2014 $(3), $(3);

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013 $(93), $(93)

 

(4

)

 

 

(133

)

 

 

(4

)

 

 

(133

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value adjustments on derivatives, net of deferred

  income tax expense (benefit) of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2014 $(2,551), $(1,362);

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013 $1,059, $(96)

 

(3,694

)

 

 

1,532

 

 

 

(1,972

)

 

 

(140

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefit plan adjustments, net of  deferred income tax

  (benefit) expense of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2014 $8, $(132);

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013 $4, $337

 

11

 

 

 

7

 

 

 

(193

)

 

 

488

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Other Comprehensive Loss

 

(1,518

)

 

 

(5,587

)

 

 

(2,028

)

 

 

(5,835

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Comprehensive Income (Loss)

$

651

 

 

$

(2,600

)

 

$

3,064

 

 

$

(262

)

See notes to unaudited consolidated financial statements.

 

 

 

 

- 4 -


 

KEARNY FINANCIAL CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

Six Months Ended December 31, 2013

(In Thousands, Unaudited)

 

 

Common Stock

 

 

Paid-In

 

 

Retained

 

 

Unearned

ESOP

 

 

Treasury

 

 

Accumulated

Other

Comprehensive

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Earnings

 

 

Shares

 

 

Stock

 

 

Loss

 

 

Total

 

Balance - June 30, 2013

 

66,501

 

 

$

7,274

 

 

$

215,722

 

 

$

326,167

 

 

$

(5,334

)

 

$

(71,983

)

 

$

(4,139

)

 

$

467,707

 

Net Income

 

-

 

 

 

-

 

 

 

-

 

 

 

5,573

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

5,573

 

Other comprehensive loss, net of income

  tax benefit

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(5,835

)

 

 

(5,835

)

ESOP shares committed to be released

  (72 shares)

 

-

 

 

 

-

 

 

 

31

 

 

 

-

 

 

 

727

 

 

 

-

 

 

 

-

 

 

 

758

 

Stock option expense

 

-

 

 

 

-

 

 

 

20

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

20

 

Treasury stock purchases

 

(366

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(3,792

)

 

 

-

 

 

 

(3,792

)

Restricted stock plan shares earned

  (8 shares)

 

-

 

 

 

-

 

 

 

84

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

84

 

Balance - December 31, 2013

$

66,135

 

 

$

7,274

 

 

$

215,857

 

 

$

331,740

 

 

$

(4,607

)

 

$

(75,775

)

 

$

(9,974

)

 

$

464,515

 

See notes to unaudited consolidated financial statements.

 

 

 

 

- 5 -


 

KEARNY FINANCIAL CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

Six Months Ended December 31, 2014

(In Thousands, Unaudited)

 

 

Common Stock

 

 

Paid-In

 

 

Retained

 

 

Unearned

ESOP

 

 

Treasury

 

 

Accumulated

Other

Comprehensive

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Earnings

 

 

Shares

 

 

Stock

 

 

Income

 

 

Total

 

Balance - June 30, 2014

 

67,268

 

 

$

7,378

 

 

$

231,870

 

 

$

336,355

 

 

$

(3,879

)

 

$

(74,768

)

 

$

(2,280

)

 

$

494,676

 

Net Income

 

-

 

 

 

-

 

 

 

-

 

 

 

5,092

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

5,092

 

Other comprehensive loss, net of income

  tax benefit

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(2,028

)

 

 

(2,028

)

ESOP shares committed to be released

  (72 shares)

 

-

 

 

 

-

 

 

 

326

 

 

 

-

 

 

 

727

 

 

 

-

 

 

 

-

 

 

 

1,053

 

Stock option expense

 

-

 

 

 

-

 

 

 

100

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

100

 

Treasury stock reissued

 

107

 

 

 

-

 

 

 

132

 

 

 

-

 

 

 

-

 

 

 

1,233

 

 

 

-

 

 

 

1,365

 

Restricted stock plan shares earned

  (14 shares)

 

-

 

 

 

-

 

 

 

164

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

164

 

Settlement of stock options with cash

  in lieu of shares

 

-

 

 

 

-

 

 

 

(7,188

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(7,188

)

Balance - December 31, 2014

$

67,375

 

 

$

7,378

 

 

$

225,404

 

 

$

341,447

 

 

$

(3,152

)

 

$

(73,535

)

 

$

(4,308

)

 

$

493,234

 

See notes to unaudited consolidated financial statements.

 

 

 

 

- 6 -


 

 

KEARNY FINANCIAL CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Thousands, Unaudited)

 

 

Six Months Ended

December 31,

 

 

 

2014

 

 

 

2013

 

Cash Flows from Operating Activities:

 

 

 

 

 

 

 

Net income

$

5,092

 

 

$

5,573

 

Adjustment to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

Depreciation and amortization of premises and equipment

 

1,503

 

 

 

1,262

 

Net amortization of premiums, discounts and loan fees and costs

 

1,185

 

 

 

1,663

 

Deferred income taxes

 

1,988

 

 

 

186

 

Amortization of intangible assets

 

78

 

 

 

64

 

Amortization of benefit plans’ unrecognized net loss

 

39

 

 

 

22

 

Provision for loan losses

 

2,590

 

 

 

1,727

 

Loss (gain) on write-down and sales of real estate owned

 

146

 

 

 

(1

)

Realized gain on sale of loans

 

(9

)

 

 

(53

)

Proceeds from sale of loans

 

133

 

 

 

496

 

Realized loss on sale of debt securities available for sale

 

594

 

 

 

1,294

 

Realized gain on sale of mortgage-backed securities available for sale

 

(601

)

 

 

(1,520

)

Realized gain on disposition of premises and equipment

 

(25

)

 

 

-

 

Increase in cash surrender value of bank owned life insurance

 

(1,306

)

 

 

(1,409

)

ESOP, stock option plan and restricted stock plan expenses

 

1,317

 

 

 

862

 

(Increase) decrease in interest receivable

 

(46

)

 

 

103

 

Increase in other assets

 

(8,077

)

 

 

(1,361

)

Increase in interest payable

 

37

 

 

 

113

 

Increase in other liabilities

 

3,654

 

 

 

991

 

Net Cash Provided by Operating Activities

 

8,292

 

 

 

10,012

 

 

 

 

 

 

 

 

 

Cash Flows from Investing Activities:

 

 

 

 

 

 

 

Purchase of debt securities available for sale

 

(52,528

)

 

 

(55,217

)

Proceeds from sale of debt securities available for sale

 

39,444

 

 

 

54,075

 

Proceeds from repayments of debt securities available for sale

 

288

 

 

 

455

 

Purchase of debt securities held to maturity

 

(6,243

)

 

 

(2,530

)

Proceeds from calls and maturities of debt securities held to maturity

 

2,530

 

 

 

270

 

Proceeds from repayments of debt securities held to maturity

 

116

 

 

 

847

 

Purchase of loans

 

(32,050

)

 

 

(58,319

)

Net increase in loans receivable

 

(44,562

)

 

 

(137,695

)

Proceeds from sale of real estate owned

 

1,047

 

 

 

403

 

Purchases of mortgage-backed securities available for sale

 

(10,384

)

 

 

(17,061

)

Principal repayments on mortgage-backed securities available for sale

 

37,613

 

 

 

70,719

 

Proceeds from sale of mortgage-backed securities available for sale

 

17,780

 

 

 

53,613

 

Purchases of mortgage-backed securities held to maturity

 

(33,210

)

 

 

-

 

Principal repayments on mortgage-backed securities held to maturity

 

6,045

 

 

 

827

 

Purchase of FHLB stock

 

(6,930

)

 

 

(14,445

)

Redemption of FHLB stock

 

5,538

 

 

 

9,047

 

Proceeds from cash settlement of premises and equipment

 

49

 

 

 

-

 

Additions to premises and equipment

 

(1,005

)

 

 

(1,580

)

Net Cash Provided by I