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)
May 19, 1999
FIRST ROBINSON FINANCIAL CORPORATION
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Exact name of Registrant as specified in its Charter)
Delaware 0-29276 34-4145294
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(State or other (Commission File (IRS Employer
jurisdiction of Number) Identification
incorporation) No.)
501 East Main Street, Robinson, Illinois 62454
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (618) 544-8621
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ITEM 5. Other Events
On May 18, 1999, the Registrant issued the attached press release.
ITEM 7. Financial Statements and Exhibits
(c) Exhibits
99. Press release dated May 18, 1999.
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SIGNATURE
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.
FIRST ROBINSON FINANCIAL CORPORATION
Date: May 19, 1999 By: /s/ Rick L. Catt
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Rick L. Catt
President and Chief Executive Officer
NEWS RELEASE
FOR MORE INFORMATION CONTACT:
Rick L. Catt, President FOR IMMEDIATE RELEASE
And Chief Executive Officer May 18, 1999
First Robinson Financial Corporation
501 East Main Street
Robinson, IL 62454
Phone: (618) 544-8621
FIRST ROBINSON FINANCIAL CORPORATION
DECLARES INCREASE IN CASH DIVIDEND, ANNOUNCES STOCK
REPURCHASE PROGRAM AND
ANNOUNCES YEAR-END EARNINGS
First Robinson Financial Corporation (OTC Bulletin Board: "FRFC"), the holding
company for First Robinson Savings Bank, National Association, has announced
that the Company will pay an annual cash dividend of $0.31 per share. This
represents an increase of 3.33% over last year's $0.30 per share. The dividend
will be payable on June 16, 1999 to shareholders of record on June 2, 1999.
In the Company's ongoing efforts to further enhance return on equity, a stock
repurchase program for up to 5.0% of the Company's common stock was approved by
the Board of Directors and will conclude October 1, 1999. The Company may
repurchase up to 30,932 shares of the Company's common stock. Shares may be
purchased from time to time, in the open market, when deemed appropriate by
management. The Company has 799,323 shares outstanding as of May 17, 1999.
The Company also announced earnings for the twelve month fiscal year ended March
31, 1999, and Rick L. Catt, President and CEO, noted that "We are pleased that
our core earnings, net interest income after provision for loan losses, has
improved significantly over last year. Last year, net interest income after
provision was $2,455,000 and this year it was $2,850,000." Net earnings for this
fiscal year were $210,000 as compared to net earnings of $373,000 for the twelve
month period ending March 31, 1998, a decrease of $163,000. This decrease was
primarily due to an increase in non-interest expense.
Net interest income after provision for loan losses was $2,850,000 for the
fiscal year ended March 31, 1999, compared to $2,455,000 for the twelve month
period ending March 31, 1998, an increase of $395,000, or 16.09%. Net interest
income increased by $91,000, or 2.85% from $3,194,000 to $3,285,000 for the
twelve months ending March 31, 1999. Provision for loan losses was $435,000 for
the fiscal year ended March 31, 1999 as compared to $739,000 for the comparable
twelve month period ending March 31, 1998, a decrease of $304,000, or 41.14%.
The interest rate spread for the twelve months ended March 31, 1999 was 3.48%
compared to 3.75% for the twelve months ended March 31, 1998.
Non-interest income was $368,000 for the fiscal year ended March 31, 1999,
compared to $428,000 for the twelve months ended March 31, 1998, a decrease of
$60,000, or 14.02%. Non-interest expense was $2,888,000 for the fiscal year
ended March 31, 1999, compared to $2,262,000 for the twelve months ended March
31, 1998, an increase of $626,000, or 27.67%. The increase in non-interest
expense was primarily the result of an increase in compensation and occupancy
costs as well as the "Recognition and Retention Plan" approved by the
shareholders at their annual meeting July 29, 1998. "This is an area that we
expect to achieve some savings in the next year," added Mr. Catt.
Return on average assets for the fiscal year ended March 31, 1999 was 0.25% as
compared to 0.50% for the twelve months ended March 31, 1998. Return on average
stockholders' equity, was 1.76% for the fiscal year ended March 31, 1999 as
compared to 2.89% for the twelve months ended March 31, 1998.
As of March 31, 1999, the Company had assets of $83.8 million, liabilities of
$72.2 million and stockholders' equity of $11.6 million. Through its banking
subsidiary, the Company operates four offices in Robinson, Palestine and Oblong,
Illinois.
SELECTED CONSOLIDATED FINANCIAL DATA
FIRST ROBINSON FINANCIAL CORPORATION
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<CAPTION>
Operation Data: For the Year Ended
MARCH 31,
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1999 1998
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(In Thousands)
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Audited Unaudited
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Total Interest Income $6,545 $6,262
Total Interest Expense 3,260 3,068
Net Interest Income 3,285 3,194
Provision for Loan Losses 435 739
Net Interest Income After Provision 2,850 2,455
Total Non-Interest Income 368 428
Total Non-Interest Expense 2,888 2,262
Income Before Taxes 330 621
Provision for Income Taxes 120 248
Net Income 210 373
Basic Earnings per Share $0.27 $0.47
Diluted Earnings per Share $0.27 $0.47
SELECTED RATIOS
Return on Average Assets 0.25% 0.50%
Return on Average Stockholders' Equity 1.76% 2.89%
BALANCE SHEET DATA:
Total Assets $83,797 $79,968
Total Liabilities 72,235 67,073
Stockholders' Equity 11,562 12,895
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