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 March 31, 2015

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: May 8, 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 March 31, 2015 and June 30, 2014 (Unaudited)

1

 

 

 

 

Consolidated Statements of Income for the Three and Nine Months Ended March 31, 2015 and March 31, 2014 (Unaudited)

2

 

 

 

 

Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended March 31, 2015 and March 31, 2014 (Unaudited)

4

 

 

 

 

Consolidated Statements of Changes in Stockholders’ Equity for the Nine Months Ended March 31, 2015 and March 31, 2014 (Unaudited)

5

 

 

 

 

Consolidated Statements of Cash Flows for the Nine Months Ended March 31, 2015 and March 31, 2014 (Unaudited)

7

 

 

 

 

Notes to Consolidated Financial Statements (Unaudited)

9

 

 

 

Item 2:

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

67

 

 

 

Item 3:

Quantitative and Qualitative Disclosure About Market Risk

88

 

 

 

Item 4:

Controls and Procedures

94

 

 

PART II—OTHER INFORMATION

 

 

 

 

Item 1:

Legal Proceedings

95

 

 

 

Item 1A:

Risk Factors

95

 

 

 

Item 2:

Unregistered Sales of Equity Securities and Use of Proceeds

95

 

 

 

Item 3:

Defaults Upon Senior Securities

95

 

 

 

Item 4:

Mine Safety Disclosures

95

 

 

 

Item 5:

Other Information

95

 

 

SIGNATURES

97

 

 

 

 


 

KEARNY FINANCIAL CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(In Thousands, Except Share and Per Share Data)

 

 

March 31,

2015

 

 

June 30,

2014

 

 

(Unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

Cash and amounts due from depository institutions

$

13,231

 

 

$

14,403

 

Interest-bearing deposits in other banks

 

107,725

 

 

 

120,631

 

Cash and Cash Equivalents

 

120,956

 

 

 

135,034

 

Debt securities available for sale (amortized cost $423,249 and $411,228)

 

421,543

 

 

 

407,898

 

Debt securities held to maturity (fair value $218,678 and $213,472)

 

218,925

 

 

 

216,414

 

Loans receivable, including unamortized yield adjustments of $(65) and $(1,397)

 

1,992,371

 

 

 

1,741,471

 

Less allowance for loan losses

 

(14,087

)

 

 

(12,387

)

Net Loans Receivable

 

1,978,284

 

 

 

1,729,084

 

Mortgage-backed securities available for sale (amortized cost $366,201 and $432,802)

 

372,617

 

 

 

437,223

 

Mortgage-backed securities held to maturity (fair value $306,868 and $293,781)

 

299,945

 

 

 

295,658

 

Premises and equipment

 

39,629

 

 

 

40,105

 

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

 

31,881

 

 

 

25,990

 

Accrued interest receivable

 

9,688

 

 

 

9,013

 

Goodwill

 

108,591

 

 

 

108,591

 

Bank owned life insurance

 

89,823

 

 

 

88,820

 

Deferred income tax assets, net

 

12,389

 

 

 

10,314

 

Other assets

 

9,458

 

 

 

5,865

 

Total Assets

$

3,713,729

 

 

$

3,510,009

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

Non-interest-bearing

$

217,894

 

 

$

224,054

 

Interest-bearing

 

2,287,172

 

 

 

2,255,887

 

Total Deposits

 

2,505,066

 

 

 

2,479,941

 

Borrowings

 

669,580

 

 

 

512,257

 

Advance payments by borrowers for taxes

 

8,806

 

 

 

9,001

 

Other liabilities

 

34,536

 

 

 

14,134

 

Total Liabilities

 

3,217,988

 

 

 

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

 

225,602

 

 

 

231,870

 

Retained earnings

 

345,325

 

 

 

336,355

 

Unearned Employee Stock Ownership Plan shares;

  278,827 shares and 387,924 shares, respectively

 

(2,788

)

 

 

(3,879

)

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

 

(73,535

)

 

 

(74,768

)

Accumulated other comprehensive loss

 

(6,241

)

 

 

(2,280

)

Total Stockholders' Equity

 

495,741

 

 

 

494,676

 

Total Liabilities and Stockholders' Equity

$

3,713,729

 

 

$

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

March 31,

 

 

Nine Months Ended

March 31,

 

 

 

2015

 

 

 

2014

 

 

 

2015

 

 

 

2014

 

Interest Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans

$

19,240

 

 

$

16,892

 

 

$

56,293

 

 

$

49,217

 

Mortgage-backed securities

 

4,934

 

 

 

4,987

 

 

 

14,364

 

 

 

16,046

 

Debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

1,838

 

 

 

1,308

 

 

 

5,365

 

 

 

3,807

 

Tax-exempt

 

501

 

 

 

460

 

 

 

1,476

 

 

 

1,374

 

Other interest-earning assets

 

356

 

 

 

309

 

 

 

981

 

 

 

745

 

Total Interest Income

 

26,869

 

 

 

23,956

 

 

 

78,479

 

 

 

71,189

 

Interest Expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

3,953

 

 

 

3,599

 

 

 

11,771

 

 

 

10,825

 

Borrowings

 

2,351

 

 

 

1,876

 

 

 

7,045

 

 

 

5,212

 

Total Interest Expense

 

6,304

 

 

 

5,475

 

 

 

18,816

 

 

 

16,037

 

Net Interest Income

 

20,565

 

 

 

18,481

 

 

 

59,663

 

 

 

55,152

 

Provision for Loan Loses

 

1,761

 

 

 

880

 

 

 

4,351

 

 

 

2,607

 

Net Interest Income after Provision for

  Loan Losses

 

18,804

 

 

 

17,601

 

 

 

55,312

 

 

 

52,545

 

Non-Interest Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fees and service charges

 

826

 

 

 

513

 

 

 

2,256

 

 

 

1,834

 

Gain on sale of securities

 

-

 

 

 

830

 

 

 

7

 

 

 

1,056

 

Gain on sale of loans

 

82

 

 

 

27

 

 

 

91

 

 

 

80

 

Loss on sale and write down of real estate owned

 

(510

)

 

 

(71

)

 

 

(656

)

 

 

(70

)

Income from bank owned life insurance

 

2,063

 

 

 

668

 

 

 

3,369

 

 

 

2,077

 

Electronic banking fees and charges

 

218

 

 

 

237

 

 

 

760

 

 

 

877

 

Miscellaneous

 

447

 

 

 

181

 

 

 

597

 

 

 

321

 

Total Non-Interest Income

 

3,126

 

 

 

2,385

 

 

 

6,424

 

 

 

6,175

 

Non-Interest Expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

9,817

 

 

 

9,098

 

 

 

29,481

 

 

 

26,774

 

Net occupancy expense of premises

 

2,229

 

 

 

2,106

 

 

 

5,666

 

 

 

5,375

 

Equipment and systems

 

1,954

 

 

 

3,168

 

 

 

5,918

 

 

 

7,097

 

Advertising and marketing

 

423

 

 

 

332

 

 

 

799

 

 

 

891

 

Federal deposit insurance premium

 

630

 

 

 

582

 

 

 

1,826

 

 

 

1,712

 

Directors' compensation

 

164

 

 

 

173

 

 

 

525

 

 

 

517

 

Merger-related expenses

 

-

 

 

 

190

 

 

 

-

 

 

 

190

 

Miscellaneous

 

2,175

 

 

 

1,866

 

 

 

6,468

 

 

 

5,798

 

Total Non-Interest Expense

 

17,392

 

 

 

17,515

 

 

 

50,683

 

 

 

48,354

 

Income before Income Taxes

 

4,538

 

 

 

2,471

 

 

 

11,053

 

 

 

10,366

 

Income taxes

 

660

 

 

 

685

 

 

 

2,083

 

 

 

3,007

 

Net Income

$

3,878

 

 

$

1,786

 

 

$

8,970

 

 

$

7,359

 

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

March 31,

 

 

Nine Months Ended

March 31,

 

 

 

2015

 

 

 

2014

 

 

 

2015

 

 

 

2014

 

Net Income per Common Share (EPS)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

0.06

 

 

$

0.03

 

 

$

0.13

 

 

$

0.11

 

Diluted

$

0.06

 

 

$

0.03

 

 

$

0.13

 

 

$

0.11

 

Weighted Average Number of

  Common Shares Outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

67,078

 

 

 

65,684

 

 

 

67,032

 

 

 

65,797

 

Diluted

 

67,092

 

 

 

65,782

 

 

 

67,146

 

 

 

65,829

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends Declared Per Common Share

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

See notes to unaudited consolidated financial statements.

 

 

 

 

- 3 -


 

KEARNY FINANCIAL CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In Thousands, Unaudited)

 

 

Three Months Ended

March 31,

 

 

Nine Months Ended

March 31,

 

 

 

2015

 

 

 

2014

 

 

 

2015

 

 

 

2014

 

Net Income

$

3,878

 

 

$

1,786

 

 

$

8,970

 

 

$

7,359

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Comprehensive (Loss) Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net unrealized gain on securities available for

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2015 $1,485, $1,310;

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2014 $3,231, $(571)

 

2,176

 

 

 

6,263

 

 

 

2,315

 

 

 

213

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss on securities transferred from available for

sale to held to maturity, net of deferred income tax

  benefit of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2015 $(9), $(9);

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2014 $0, $0

 

(13

)

 

 

-

 

 

 

(11

)

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gain on securities available for sale,

net of income tax expense of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2015 $0, $(3);

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2014 $(340), $(433)

 

-

 

 

 

(490

)

 

 

(4

)

 

 

(623

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value adjustments on derivatives, net of deferred

income tax benefit of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2015 $(2,836), $(4,198);

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2014 $(930), $(1,026)

 

(4,107

)

 

 

(1,347

)

 

 

(6,079

)

 

 

(1,487

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefit plan adjustments, net of  deferred income tax

expense (benefit) of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2015 $8, $(124);

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2014 $3, $340

 

11

 

 

 

7

 

 

 

(182

)

 

 

495

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Other Comprehensive (Loss) Income

 

(1,933

)

 

 

4,433

 

 

 

(3,961

)

 

 

(1,402

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Comprehensive Income

$

1,945

 

 

$

6,219

 

 

$

5,009

 

 

$

5,957

 

See notes to unaudited consolidated financial statements.

 

 

 

 

- 4 -


 

KEARNY FINANCIAL CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

Nine Months Ended March 31, 2014

(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

 

-

 

 

 

-

 

 

 

-

 

 

 

7,359

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

7,359

 

Other comprehensive loss, net of

  income tax benefit

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(1,402

)

 

 

(1,402

)

ESOP shares committed to be

  released (108 shares)

 

-

 

 

 

-

 

 

 

126

 

 

 

-

 

 

 

1,091

 

 

 

-

 

 

 

-

 

 

 

1,217

 

Stock option expense

 

-

 

 

 

-

 

 

 

30

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

30

 

Treasury stock purchases

 

(386

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(4,020

)

 

 

-

 

 

 

(4,020

)

Treasury stock reissued

 

36

 

 

 

-

 

 

 

45

 

 

 

-

 

 

 

-

 

 

 

415

 

 

 

-

 

 

 

460

 

Restricted stock plan shares

  earned (12 shares)

 

-

 

 

 

-

 

 

 

126

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

126

 

Balance - March 31, 2014

 

66,151

 

 

$

7,274

 

 

$

216,049

 

 

$

333,526

 

 

$

(4,243

)

 

$

(75,588

)

 

$

(5,541

)

 

$

471,477

 

See notes to unaudited consolidated financial statements.

 

 

 

 

- 5 -


 

KEARNY FINANCIAL CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

Nine Months Ended March 31, 2015

(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, 2014

 

67,268

 

 

$

7,378

 

 

$

231,870

 

 

$

336,355

 

 

$

(3,879

)

 

$

(74,768

)

 

$

(2,280

)

 

$

494,676

 

Net Income

 

-

 

 

 

-

 

 

 

-

 

 

 

8,970

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

8,970

 

Other comprehensive loss, net of

  income tax benefit

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(3,961

)

 

 

(3,961

)

ESOP shares committed to be

  released (108 shares)

 

-

 

 

 

-

 

 

 

455

 

 

 

-

 

 

 

1,091

 

 

 

-

 

 

 

-

 

 

 

1,546

 

Stock option expense

 

-

 

 

 

-

 

 

 

124

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

124

 

Treasury stock reissued

 

107

 

 

 

-

 

 

 

132

 

 

 

-

 

 

 

-

 

 

 

1,233

 

 

 

-

 

 

 

1,365

 

Restricted stock plan shares

  earned (18 shares)

 

-

 

 

 

-

 

 

 

209

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

209

 

Settlement of stock options with

  cash in lieu of shares

 

-

 

 

 

-

 

 

 

(7,188

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(7,188

)

Balance - March 31, 2015

 

67,375

 

 

$

7,378

 

 

$

225,602

 

 

$

345,325

 

 

$

(2,788

)

 

$

(73,535

)

 

$

(6,241

)

 

$

495,741

 

See notes to unaudited consolidated financial statements.

 

 

 

 

- 6 -


 

 

KEARNY FINANCIAL CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Thousands, Unaudited)

 

 

Nine Months Ended

March 31,

 

 

 

2015

 

 

 

2014

 

Cash Flows from Operating Activities:

 

 

 

 

 

 

 

Net income

$

8,970

 

 

$

7,359

 

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

 

 

 

 

 

 

 

Depreciation and amortization of premises and equipment

 

2,210

 

 

 

1,958

 

Net amortization of premiums, discounts and loan fees and costs

 

1,709

 

 

 

2,273

 

Deferred income taxes

 

1,272

 

 

 

146

 

Realized gain on bargain purchase

 

(370

)

 

 

-

 

Amortization of intangible assets

 

124

 

 

 

93

 

Amortization of benefit plans’ unrecognized net loss

 

57

 

 

 

32

 

Provision for loan losses

 

4,351

 

 

 

2,607

 

Loss on write-down and sales of real estate owned

 

656

 

 

 

70

 

Realized gain on sale of loans

 

(91

)

 

 

(80

)

Proceeds from sale of loans

 

1,089

 

 

 

817

 

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

)

 

 

(2,350

)

Realized gain on disposition of premises and equipment

 

(13

)

 

 

-

 

Increase in cash surrender value of bank owned life insurance

 

(1,936

)

 

 

(2,077

)

ESOP, stock option plan and restricted stock plan expenses

 

1,879

 

 

 

1,373

 

Increase in interest receivable

 

(675

)

 

 

(887

)

(Increase) decrease in other assets

 

(14,301

)

 

 

345

 

Increase in interest payable

 

20

 

 

 

71

 

Increase in other liabilities

 

20,079

 

 

 

1,760

 

Net Cash Provided by Operating Activities

 

25,023

 

 

 

14,804

 

 

 

 

 

 

 

 

 

Cash Flows from Investing Activities:

 

 

 

 

 

 

 

Purchase of debt securities available for sale

 

(52,528

)

 

 

(108,850

)

Proceeds from sale of debt securities available for sale

 

39,444

 

 

 

54,075

 

Proceeds from repayments of debt securities available for sale

 

516

 

 

 

497

 

Purchase of debt securities held to maturity

 

(7,696

)

 

 

(4,315

)

Proceeds from calls and maturities of debt securities held to maturity

 

4,857

 

 

 

1,468

 

Proceeds from repayments of debt securities held to maturity

 

167

 

 

 

341

 

Purchase of loans

 

(161,666

)

 

 

(107,969

)

Net increase in loans receivable

 

(94,174

)

 

 

(185,209

)

Proceeds from sale of real estate owned

 

1,047

 

 

 

1,219

 

Purchases of mortgage-backed securities available for sale

 

(10,384

)

 

 

(45,076

)

Principal repayments on mortgage-backed securities available for sale

 

58,520

 

 

 

93,195

 

Proceeds from sale of mortgage-backed securities available for sale

 

17,780

 

 

 

87,728

 

Purchases of mortgage-backed securities held to maturity

 

(35,296

)

 

 

-

 

Principal repayments on mortgage-backed securities held to maturity

 

30,383