SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 10-K/A
[X] AMENDED ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the fiscal year ended June 30, 1997 OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
Commission File Number: 0-22445
FIRSTSPARTAN FINANCIAL CORP.
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(Exact name of registrant as specified in its charter)
Delaware 56-2015272
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(State or other jurisdiction of incorporation (I.R.S. Employer
or organization) Identification No.)
380 E. Main Street, Spartanburg, South Carolina 29302
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (864) 582-2391
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Securities registered pursuant to Section 12(b) of the Act: None
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Securities registered pursuant to Section
per share 12(g) of the Act: Common Stock, par value $0.01
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(Title of Class)
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
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Indicate by check mark whether disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K is not contained herein, and will not be contained,
to the best of the Registrant's knowledge, in definitive proxy or other
information statements incorporated by reference in Part III of this Form 10-K
or any amendments to this Form 10-K. YES X NO
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As of September 22, 1997, there were issued and outstanding 4,430,375
shares of the registrant's Common Stock, which are listed on the Nasdaq
National Market System under the symbol "FSPT." Based on the average of the
bid and asked prices for the Common Stock on September 22, 1997, the aggregate
value of the Common Stock outstanding held by nonaffiliates of the registrant
was $153,908,617 (4,335,454 shares at $35.50 per share). For purposes of this
calculation, officers and directors of the registrant are considered
nonaffiliates.
DOCUMENTS INCORPORATED BY REFERENCE
None
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The Registrant hereby amends Part II, Item 7A of its Annual Report for the
fiscal year ended June 30, 1997 as follows:
Item 7A. Quantitative and Qualitative Disclosures About Market Risk
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Quantitative Aspects of Market Risk. The Association does not maintain a
trading account for any class of financial instrument nor does it engage in
hedging activities or purchase high-risk derivative instruments. Furthermore,
the Association is not subject to foreign currency exchange rate risk or
commodity price risk. For information regarding the sensitivity to interest
rate risk of the Association interest-earning assets and interest-bearing
liabilities, see the tables under "Item 1. -- Description of Business --
Lending Activities -- Maturity of Loan Portfolio," "-- Investment Activities,"
"-- Deposit Activities and Other Sources of Funds -- Time Deposits by
Maturities" and "Item 7. Management's Discussion and Analysis of Financial
Condition and Results of Operations -- Asset and Liability Management."
Qualitative Aspects of Market Risk. The Association's principal financial
objective is to achieve long-term profitability while reducing its exposure to
fluctuating market interest rates. The Association has sought to reduce the
exposure of its earnings to changes in market interest rates by attempting to
manage the mismatch between asset and liability maturities and interest rates.
The principal element in achieving this objective is to increase the interest-
rate sensitivity of the Association's interest-earning assets by retaining for
its portfolio loans with interest rates subject to periodic adjustment to
market conditions and periodically selling fixed-rate one- to- four family
mortgage loans. In addition, the Association maintains an investment
portfolio of U.S. Government and agency securities with contractual maturities
of between one and five years. The Association relies on retail deposits as
its primary source of funds. Management believes retail deposits, compared to
brokered deposits, reduce the effects of interest rate fluctuations because
they generally represent a more stable source of funds. As part of its
interest rate risk management strategy, the Association promotes transaction
accounts and certificates of deposit with terms up to four years. See "Item
7. Management's Discussion and Analysis of Financial Condition and Results of
Operations -- Asset and Liability Management" for further information.
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SIGNATURES
Pursuant to the requirements of section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this amended report to be
signed on its behalf by the undersigned, thereunto duly authorized.
FIRSTSPARTAN FINANCIAL CORP.
Date: February 6, 1998 By: /s/ Billy L. Painter
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Billy L. Painter
President and Chief Executive Officer
(Duly Authorized Representative)
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