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FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 25, 1994
EAGLE FINANCIAL CORP.
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(Exact name of registrant as specified in its charter)
Delaware 0-15311 06-1194047
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
222 Main Street, P.O. Box 1157, Bristol, Connecticut 06010
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(Address of principal executive office) (Zip Code)
Registrant's telephone number, including area code: (203) 589-4600
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Not Applicable
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(Former name or former address, if changed since last report)
Page 1 of 8 Pages.
The Exhibit Index is at page 4.
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Item 5. Other Material Events
On October 25, 1994, Eagle Financial Corp. ("Eagle") announced
earnings for the quarter and fiscal year ended September 30, 1994, set a record
date for its 1995 annual meeting, and declared a dividend for the quarter ended
September 30, 1994. A copy of the press release is attached at Exhibit 99, and
is incorporated by reference herein.
Item 7. Financial Statements and Exhibits.
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c. Exhibits
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No. 99 Press Release dated October 25, 1994
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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 hereunto duly authorized.
Eagle Financial Corp.
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(Registrant)
/s/ Robert J. Britton
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Robert J. Britton
President and Chief Executive
Officer
Attest:
/s/ Mark J. Blum
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Mark J. Blum
Vice President and
Chief Financial Officer
Date: November 2, 1994
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EXHIBIT INDEX
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EXHIBIT PAGE
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No. 99 Press Release dated October 25, 1994 5
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EAGLE FINANCIAL CORP.
CONTACT: Robert J. Britton
President & Chief Executive Officer
(203) 489-0441
Mark J. Blum
Vice President
Chief Financial Officer
(203) 589-4600
EAGLE FINANCIAL CORP 1994 EARNINGS HIT NEW HIGH
___________________________________________________________
Dividend Increases by 11%
___________________________________________________________
BRISTOL, CT/October 25, 1994 -- Eagle Financial Corp. (NASDAQ: EGFC), the
holding company for Eagle Federal Savings Bank, today reported record net income
of $7,566,000, or $2.34 per share, for the fiscal year ended September 30, 1994.
This represents an increase of $1.4 million, or 23%, over the $6,152,000, or
$1.97 per share, earned in fiscal 1993. The earnings increase was primarily
attributable to continued growth in net interest income, which was higher by
$3.8 million, or 14%, in 1994 versus 1993. Fiscal 1994 earnings also benefited
from lower loan loss provisions and higher fee income on deposit accounts.
Earnings for the forth quarter of fiscal 1994 were 37% higher than in the last
quarter of fiscal 1993. Net income for the three months ended September 30, 1994
was $1,954,000, or $0.60 per share, compared to $1,428,000, or $0.46 per share,
for the same period in 1993.
The strong earnings increase in both the fiscal 1994 year and fourth quarter was
achieved despite several non-recurring expenses totaling approximately $550,000
(after taxes), or $0.17 per share, relating to the retirements of two senior
officers. These one-time charges were partly offset by the positive impact on
Eagle's fourth quarter of the acquisition of the Bank of Hartford from the
Federal Deposit Insurance Corporation on June 10, 1994.
Robert J. Britton, President and Chief Executive officer of Eagle Financial,
commented, "We are extremely pleased with our 1994 results, which represent the
Company's sixth consecutive year of higher earnings. Over the last six fiscal
years, Eagle's core earnings have grown on average by 23%. We look forward to
fiscal 1995, which will receive a full twelve month contribution from our Bank
of Hartford acquisition this year."
In response to the strong annual earnings, Eagle's Board of Directors increased
the Company's quarterly cash dividend by 11% to $0.21 per share. The dividend is
payable on December 1, 1994 to shareholders of record on November 15, 1994. The
Board also announced that Eagle Financial's annual meeting will be held on
Tuesday, 1/24/95, in Torrington, Connecticut.
Britton added, "Our steady rise in earnings each year has been accompanied by
growth in or cash dividend, which at the current market price represents a yield
of approximately 4%."
In October, 1994, Eagle completed a stock offering which added 800,000 shares
of common stock to the Company's shareholders' equity. Net proceeds from the
offering after deducting the underwriting discount and estimated expenses were
$15.5 million. In addition, the underwriter was granted a 30-day option to
purchase up to an additional 120,000 shares of common stock to cover over-
allotments, if any. As of October 25, 1994, the underwriter has not exercised
this option.
Eagle's total assets at September 30, 1994 were $1.07 billion. Loans receivable
and deposits at year end were $811 million and $949 million, respectively, while
total shareholder's equity was $66.3 million. Book value per share grew by 7% in
1994 from $19.78 to $21.16.
Eagle's subsidiary, Eagle Federal Savings Bank, now operates 23 banking offices
in Hartford, Litchfield and northern Fairfield counties including six offices of
the former Bank of Hartford.
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ANNUAL EARNINGS
EAGLE FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(DOLLARS IN THOUSANDS, EXCEPT FOR SHARE DATA)
<TABLE>
<CAPTION>
9/30/94(a) 6/30/94(a) 9/30/93
Unaudited Unaudited
----------- ----------- ----------
<S> <C> <C> <C>
ASSETS
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Cash and amounts due from depository institutions $ 21,549 $ 18,285 $ 12,462
Investment securities (b) 192,529 262,081 103,877
Loans receivables, net 810,704 775,135 656,344
Real estate acquired in settlement of loans and
in-substance repossessed real estate, net 4,310 3,932 5,471
Premises and equipment, net 7,255 6,132 6,029
Other assets 31,770 34,161 8,285
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Total Assets $1,068,117 $1,099,726 $ 792,468
=========== =========== ==========
LIABILITIES AND SHAREHOLDERS' EQUITY
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Deposits $ 948,829 $ 982,673 $ 706,214
Borrowed money 39,592 31,642 16,252
Other liabilities 13,420 20,766 9,595
Shareholders' equity 66,276 64,645 60,407
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Total Liabilities and Shareholders' Equity $1,068,117 $1,099,726 $ 792,468
=========== =========== ==========
Book value per share $ 21.16 $ 20.73 $ 19.78
Total shares outstanding (net of treasury) 3,131,911 3,118,785 3,054,481
Equity to assets at end of period 6.20% 5.88% 7.62%
<FN>
(a) Balance sheet amounts at 9/30/94 and 6/30/94 Include Bank of Hartford assets purchased and
liablities assumed.
(b) Investment securities - Includes interest-bearing deposits, Federal funds sold, investments
securities, mortgage-backed securities and Federal Home Loan Bank stock.
</TABLE>
<TABLE>
<CAPTION>
9/30/94 6/30/94 9/30/93
Unaudited Unaudited
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<S> <C> <C> <C>
ASSETS QUALITY DATA
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Non-performing loans $ 8,009 $ 8,027 $ 6,492
Non-performing assets $ 12,319 $ 11,959 $ 11,963
Non-performing assets to total assets 1.15% 1.09% 1.51%
Allowance for loan losses $ 8,311 $ 8,370 $ 5,005
Allowance for loan losses to non-performing loans 104% 104% 77%
</TABLE>
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ANNUAL EARNINGS
EAGLE FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
---------------------------------------------
(DOLLARS IN THOUSANDS, EXCEPT FOR SHARE DATA)
(UNAUDITED)
<TABLE>
<CAPTION>
3 MONTHS ENDED 12 MONTHS ENDED
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9/30/94 9/30/93 9/30/94 9/30/93
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<S> <C> <C> <C> <C>
Interest income $ 18,012 $ 13,814 $ 60,087 $ 55,754
Interest expense 8,807 6,902 29,016 28,469
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Net interest income 9,205 6,912 31,071 27,285
Provision for loan losses 300 529 1,200 1,708
Other income 917 696 3,166 2,504
Real estate owned provisions and
operating expenses 328 246 1,360 977
Non-recurring operating expenses 943 0 943 0
Other operating expenses 5,322 4,003 17,785 15,315
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Income before income taxes and cumulative
effect of accounting changes 3,229 2,830 12,949 11,789
Income taxes 1,275 1,402 5,353 5,637
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Income before cumulative effect
of accounting changes ' 1,954 1,428 7,596 6,152
Cumulative effect of accounting changes 0 0 (30) 0
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Net income $ 1,954 $ 1,428 $ 7,566 $ 6,152
========== ========== ========== =========
Income per share before cumulative effect
of accounting changes $ 0.60 $ 0.46 $ 2.35 $ 1.97
Per share cumulative effect of accounting
changes 0.00 0.00 (0.01) 0.00
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Net income per share $ 0.60 $ 0.46 $ 2.34 $ 1.97
========== ========== ========== =========
Weighted average shares outstanding 3,265,827 3,171,265 3,228,625 3,128,220
Dividends per share $ 0.19 $ 0.17 $ 0.76 $ 0.63
Average interest rate spread 3.43% 3.34% 3.41% 3.40%
Net interest margin 3.57% 3.60% 3.60% 3.64%
Return on average assets 0.73% 0.72% 0.85% 0.79%
Return on average equity 12.00% 9.58% 11.99% 10.69%
</TABLE>
MARKET MAKERS - Advest, Inc.; Keefe, Bruyette & Woods, Inc.; Sandler O'Neill &
Partners; First Albany Corp.; Neuberger & Berman; Herzog, Heine, Geduid; Ryan,
Beck & Co.; Sherwood Securities Corp.; Troster Singer Corp.
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