UNITED STATES
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) April 26, 2000
SOUTH JERSEY FINANCIAL CORPORATION, INC.
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(Exact name of registrant as specified in its charter)
Delaware 0-24997 22-3615289
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(State or other Jurisdiction of (Commission (IRS Employer
incorporation or organization) File Number) Identification No.)
4651 Route 42 Turnersville, New Jersey 08012
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(Address of principal executive offices) (Zip Code)
(856) 629-6000
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(Registrant's telephone number, including area code)
Not Applicable
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(Former name or former address, if changed since last report.)
<PAGE>
Item 5. Other Events.
On April 26, 2000, South Jersey Financial Corporation, Inc. ("South
Jersey") issued a press release which announced that its Board of Directors
declared a dividend of $.09 per share. The dividend is to be paid to
shareholders of record as of May 10, 2000. It will be paid on or about May 25,
2000.
A press release announcing the dividend is attached as Exhibit 99.
Item 7. Financial Statements and Other Exhibits.
Exhibit 99 Press Release dated April 26, 2000.
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 hereunto duly authorized.
Dated: April 28, 2000 By: /s/Robert J. Colacicco
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Robert J. Colacicco
President and Chief Executive Officer
Dated: April 28, 2000 By: /s/Gregory M. DiPaolo
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Gregory M. DiPaolo
Executive Vice President, Treasurer
and Chief Operating Officer
Exhibit 99 Press Release
South Jersey Financial Corporation, Inc.
FOR IMMEDIATE RELEASE
Contact: Gregory M. DiPaolo
EVP, Treasurer and COO
(856) 629-6000
SOUTH JERSEY FINANCIAL CORPORATION, INC.
ANNOUNCES FIRST QUARTER 2000 RESULTS and DECLARES DIVIDEND
South Jersey Financial Corporation, Inc. (NASDAQ: SJFC) (the "Company") the
holding company for South Jersey Savings and Loan Association announces net
income of $727 thousand, or $.23 basic and $.22 diluted earnings per share, for
the quarter ended March 31, 2000 compared to core operating earnings (net income
excluding the foundation contribution and the related tax effect) of $552
thousand for the same period last year, representing an increase of $175
thousand, or 31.7%. Including a non-recurring charge resulting from the $2.8
million contribution to establish the South Jersey Savings Charitable Foundation
and the related tax benefit of $1.1 million, the Company experienced a net loss
of $1.1 million for the quarter ended March 31, 1999.
Robert J. Colacicco, President and Chief Executive Officer, stated, "The first
quarter results show strong earnings, and, today, the Board of Directors
announces the declaration of a cash dividend of $.09 per share to shareholders
of record on May 10, 2000, payable on or about May 25, 2000. As mentioned in our
press release of March 15, 2000, South Jersey Financial Corporation and Richmond
County Financial Corporation have entered into a definitive agreement pursuant
to which Richmond would acquire South Jersey in an all cash transaction valued
at $68.0 million. We are excited with the opportunity to assist Richmond in
their continued expansion into the New Jersey market place and look forward to
being a part of Richmond's New Jersey franchise, while affording us the ability
to maximize value for our shareholders."
For the quarter ended March 31, 2000, net interest income after provision for
loan losses totaled $2.7 million compared to $2.2 million for the quarter ended
March 31, 1999, an increase of $460 thousand, or 20.9%. This increase was
primarily due to an increase of $20.7 million in the average balance of interest
earning assets. The increase in interest earning assets was funded primarily by
increases in advances. Non-interest income was $142 thousand, which included a
net loss on the sale of loans and investments of $3 thousand, for the quarter
ended March 31, 2000 compared to $143 thousand, which included a net loss of $2
thousand on the sale of mortgage servicing, for the quarter ended March 31,
1999. Non-interest expense was $1.7 million, or 2.00% of average monthly assets
for the quarter ended March 31, 2000 compared to $1.5 million (excluding the
foundation contribution), or 1.92% of average monthly assets for the quarter
ended March 31, 1999, an increase of $180 thousand, or 12.1%. The increase in
non-interest expense was primarily attributed to an increase in expenses related
to the ESOP and establishment of the Company's Restricted Stock Plan, an
increase in fixed asset expense and an increase in costs associated with being a
publicly owned company.
Total assets at March 31, 2000 were $328.1 million compared to $334.5 million at
December 31, 1999, a decrease of $6.4 million, or 1.9%. Net loans decreased $3.2
million, or 2.2%, to $144.4 million at March 31, 2000 from $147.7 million at
December 31, 1999. Shareholders' equity decreased $4.0 million, or 7.1%, to
$53.2 million at March 31, 2000 compared to $57.2 million at December 31, 1999.
The decrease in shareholders' equity was primarily a result of a stock
repurchase in the amount of $2.8 million and stock acquired for the Company's
Restricted Stock Plan in the amount of $1.7 million.
<PAGE>
South Jersey Financial Corporation, Inc. is the holding company for South Jersey
Savings and Loan Association, a state-chartered stock savings and loan
association with three offices located in Gloucester and Camden counties in
southern New Jersey.
Statements contained in this news release, which are not historical facts,
contain forward-looking statements as that term is defined in the Private
Securities Litigation Reform Act of 1995. Such forward-looking statements are
subject to risk and uncertainties, which could cause actual results to differ
materially from those currently anticipated due to a number of factors, which
include, but are not limited to, factors discussed in documents filed by the
Company with the Securities and Exchange Commission from time to time.
<PAGE>
SOUTH JERSEY FINANCIAL CORPORATION
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<TABLE>
<CAPTION>
Selected Income Statement Data (Unaudited)
(Dollars in thousands except per share data) Three Months Ended
March 31,
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2000 1999
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<S> <C> <C>
Interest income $ 5,595 $ 5,037
Interest expense 2,914 2,756
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Net interest income 2,681 2,281
Provision for loan losses 15 75
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Net interest income after provision for loan losses 2,666 2,206
Non-interest income 142 143
Operating expense 1,663 1,483
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Income before taxes and contribution expense 1,145 866
Income tax expense 418 314
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Net income before foundation contribution expense 727 552
Foundation contribution expense net of tax benefit 0 (1,698)
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Net income (Loss) $ 727 $ (1,146)
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Weighted average shares outstanding (1) 3,180,839 3,490,061
Basic earnings per share 0.23 (0.40)(2)
Diluted earnings per share 0.22 (0.40)(2)
</TABLE>
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<TABLE>
<CAPTION>
Performance Ratios (Unaudited) Three Months Ended
(Excludes foundation contribution in 1999) March 31,
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2000 1999
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<S> <C> <C>
Return on average monthly equity 5.27% 4.41%
Return on average monthly assets 0.88% 0.72%
Operating expense as a % of average monthly assets 2.00% 1.92%
Net interest margin as a % of interest earning assets 3.34% 3.00%
</TABLE>
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<TABLE>
<CAPTION>
Selected Balance Sheet Data (Unaudited)
(Dollars in thousands except per share data) March 31, December 31,
2000 1999
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<S> <C> <C>
Total assets $ 328,090 $ 334,473
Net loans receivable 144,433 147,658
Mortgaged-backed securities (net) 82,987 82,991
Investment securities, FHLB stock and cash 92,999 96,290
Total deposits 240,545 237,852
Total advances 32,083 37,074
Total shareholders' equity 53,205 57,248
Ending shares outstanding (1) 3,039,240 3,320,517
Book value per share 17.51 17.24
Book value per share including total ESOP shares and stock awards 15.54 15.89
Shareholders' equity to total assets 16.22% 17.12%
</TABLE>
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<TABLE>
<CAPTION>
Asset Quality (Unaudited)
(Dollars in thousands) March 31, December 31,
2000 1999
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<S> <C> <C>
Nonperforming assets (3) $ 365 $ 131
Asset valuation allowance 1,030 1,044
Nonperforming assets as a % of assets 0.11% 0.04%
Asset valuation allowance as a % of nonperforming assets 282.19% 796.95%
Nonperforming loans as a % of net loans 0.25% 0.09%
</TABLE>
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(1) Does not include unreleased ESOP and stock award shares for purposes of the
weighted average shares outstanding and ending shares outstanding
calculations. Total shares outstanding including the unreleased ESOP and
stock award shares and excluding the treasury shares total 3,423,571 at
March 31, 2000 and 3,603,759 at December 31, 1999.
(2) Reflects earnings (loss) since becoming a stock company as of February 12,
1999.
(3) Nonperforming assets include non-accrual loans, real estate owned and
troubled debt restructurings.