SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
February 10, 2000
PS FINANCIAL, INC.
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(Exact name of Registrant as specified in its Charter)
Delaware 0-28864 36-4101473
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(State or other (Commission File No.) (IRS Employer
jurisdiction of Identification
incorporation) Number)
4800 South Pulaski Road, Chicago, Illinois 60632
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (773) 376-3800
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N/A
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(Former name or former address, if changed since last report)
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Item 5. Other Events
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On February 10, 2000, the Registrant issued the attached press release
announcing the fourth quarter results.
Item 7. Financial Statements and Exhibits
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(a) Exhibits
99 Press release, dated February 10, 2000.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Report to be signed on its behalf by the
undersigned thereunto duly authorized.
PS FINANCIAL, INC.
Date: March 17, 2000 By: /s/ Jeffrey Przybyl
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Jeffrey Przybyl
Chief Financial Officer
(Principal Financial and Accounting Officer)
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EXHIBIT 99
PS Financial, Inc.
4800 SOUTH PULASKI ROADCHICAGO, ILLINOIS 60632(773) 376-3800
PRESS RELEASE FOR IMMEDIATE RELEASE
Contact: K. P. Rooney
PRESIDENT and CEO
Telephone: 773-376-3800
PS Financial, Inc.
Announces Year End and Fourth Quarter Earnings
Chicago, Illinois (February 10, 2000: NASDAQ: "PSFI"), K. P. Rooney, President
and Chief Executive Officer of PS Financial, Inc., holding company for Preferred
Savings Bank, today announced the company's fourth quarter financial results.
The three months ended December 31, 1999 produced net income of $389,000
compared to $368,000 for the three months ended December 31, 1998.
Net interest income increased to $974,000 for the fourth quarter of 1999 from
$847,000 for the fourth quarter of 1998. Net interest income increased primarily
due to an increase in the balance of interest-earning assets. The increase in
net interest income was partially offset by an increase in other noninterest
expense of $48,000 and a loss on sale of securities of $29,000 compared to a
gain of $21,000 in 1998. However, due to the utilization of excess capital to
implement the Company's stock repurchase plans, the Company's return on equity
increased to 7.57% from 6.85% for the same period in the prior year.
Net income for the twelve months ended December 31, 1999 was $1.6 million
compared to $1.5 million for the twelve months ended December 31, 1998, an
increase of 6.67%. Net interest income increased to $3.8 million in the twelve
months ended December 31, 1999 compared to $3.7 million in the twelve months
ended December 31, 1998 primarily due to an increase in the average balance of
interest-earning assets. The increase in net interest income, as well as a
$118,000 decrease in income taxes, was partially offset by an increase in
noninterest expense of $113,000 and a loss on sales of securities of $86,000.
The increase in noninterest expense was primarily the result of expenses
incurred to convert data processing systems. The decrease in income taxes was
the result of purchasing tax exempt municipal securities.
The corporation had $122 million in assets and $19 million in stockholders'
equity as of December 31, 1999.
Preferred Savings Bank, a federally chartered, FDIC-insured savings bank founded
in 1891 serves customers in Cook County, Illinois by operating one full service
office located in Chicago, Illinois and exceeds all capital standards imposed by
the federal government.
PS Financial, Inc. shares are traded on The NASDAQ Stock Market under the symbol
"PSFI".
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PS Financial, Inc.4800 SOUTH PULASKI ROADCHICAGO, ILLINOIS 60632 (773) 376-3800
At At
December 31, December 31,
1999 1998
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(In Thousands)
Selected Financial Condition Data
Total assets $121,734 $102,784
Cash & cash equivalents 3,305 4,237
Loans Receivable, net 72,179 56,822
Securities available-for-sale 41,186 38,950
Deposits 63,983 55,429
FHLB Advances 37,405 23,764
Shareholders' Equity 18,872 21,026
Three Months Ended Twelve Months Ended
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December 31, December 31, December 31, December 31,
1999 1998 1999 1998
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(In Thousands)
Selected Operations Data:
Interest income $2,157 $1,793 $8,005 $6,757
Interest expense 1,183 906 4,181 3,101
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Net interest income before
provision for loan losses
974 887 3,824 3,656
Provision for loan losses 15 40 15 80
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Net interest income after
provision for loan losses
959 847 3,809 3,576
Gain (loss) on sale of securities (29) 21 (86) 43
Other noninterest income 29 23 89 94
Total other noninterest expense 419 371 1,602 1,489
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Income before income taxes 540 520 2,210 2,224
Income taxes 151 152 606 724
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Net income $ 389 $ 368 $1,604 $1,500
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Earnings Per Share $ 0.25 $ 0.23 $ 1.01 $ 0.83
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PS Financial, Inc.4800 SOUTH PULASKI ROADCHICAGO, ILLINOIS 60632(773) 376-3800
<TABLE>
<CAPTION>
At or For the Three Months Ended At or For the Twelve Months Ended
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December 31, December 31, December 31, December 31,
1999 1998 1999 1998
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<S> <C> <C> <C> <C>
Selected Financial Ratios and Other Data:
Performance Ratios:
Return on average assets(1) 1.20% 1.46% 1.44% 1.66%
Return on average equity(1) 7.57 6.85 8.10 6.69
Average equity to average assets 15.85 21.38 17.76 24.84
Shareholders' equity to total assets at end of 15.50 20.45 15.50 20.45
period
Interest rate spread at end of period 2.51 2.74 2.51 2.74
Net interest margin(1)(2) 3.26 3.60 3.52 4.14
Average interest-earning assets to average
interest-bearing liabilities 118.07 128.14 121.80 135.19
Efficiency ratio(3) 43.02 39.90 41.86 39.25
Noninterest expense to average assets(1) 1.40 1.48 1.44 1.65
Asset Quality Ratios
Non-performing assets to total assets at end of 1.04 1.11 1.04 1.11
period
Allowance for loan losses to total loans receivable 0.37 0.45 0.37 0.45
Allowance for loan losses as a percent of 21.06 26.71 21.06 26.71
non-performing loans
<FN>
(1) Ratios for the three month periods have been annualized
(2) Net interest income divided by average interest earning assets
(3) The efficiency ratio represents noninterest expense as a percent of net
interest income and noninterest income before provision for loan losses.
</FN>
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