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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): June 6, 1997
JEFFERSON SAVINGS BANCORP, INC.
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(Exact name of registrant as specified in its charter)
Delaware 0-21466 43-1625841
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(State or other jurisdiction (Commission (I.R.S. employer
of incorporation) file number) identification no.)
14915 Manchester Road, Ballwin, Missouri 63011
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(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (314) 227-3000
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Not Applicable
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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 June 6, 1997, the Registrant announced that it was reallocating $2.6
million of its allowance for loan losses from its Jefferson Savings and Loan
Association, F.A. subsidiary to its First Federal Savings Bank of North Texas
subsidiary retroactive to December 31, 1996. The reallocation has no effect on
the Company's consolidated financial statements as of and for the periods ended
December 31, 1996 or March 31, 1997. For further information, reference is made
to the Registrant's press release dated June 6, 1997, which is attached hereto
as Exhibit 99.1, and incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
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The following is a list of exhibits filed with this Current Report on
Form 8-K.
Exhibit No. Description
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99.1 Press Release, dated June 6, 1997.
99.2 Subsidiary Capital Ratios
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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.
JEFFERSON SAVINGS BANCORP, INC.
Date: June 6, 1997 BY: /s/ Paul J. Milano
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Paul J. Milano
Senior Vice President
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EXHIBIT 99.1
[LOGO] JEFFERSON SAVINGS
BANCORP, INC.
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FOR IMMEDIATE RELEASE FOR MORE INFORMATION
Paul J. Milano
Chief Financial Officer
(314) 227-3000
NASDAQ Symbol: JSBA
In newspaper stock tables generally JeffSvg
JEFFERSON SAVINGS BANCORP
REALLOCATES LOAN LOSS RESERVES
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ST. LOUIS, June 6, 1997 ... Jefferson Savings Bancorp, Inc. (the Company) today
announced that it has reallocated $2.6 million of its allowance for loan losses
from Jefferson Savings and Loan Association, F.A. (Missouri Subsidiary) to First
Federal Savings Bank of North Texas (Texas subsidiary) retroactive to December
31, 1996. This reallocation reflects the results of the Company's discussions
with Office of Thrift Supervision (OTS) examiners as to appropriate reserve
levels at the Texas and Missouri Subsidiaries following a recently completed OTS
examination as of December 31, 1996. The reallocation was not the result of an
increase in non-performing loans or other assets but merely reflects the
Company's changing lending patterns whereby the majority of its new lending is
in the North Texas market.
This reallocation has no effect on the Company's consolidated financial
statements as of December 31, 1996, nor on the consolidated financial statements
as of March 31, 1997. There is also no effect on the Company's overall
allowance for loan losses. Management believes that reserve levels continue to
be adequate at both the Missouri and Texas Subsidiaries.
While the reallocation had no effect on the Company's consolidated capital
levels, it did change the capital levels at the separate thrifts. Accordingly
the company has filed amended Thrift Financial Reports for both the Missouri and
Texas Subsidiaries for December 31, 1996 and March 31, 1997. However, each
subsidiary continues to be in compliance with all of its regulatory capital
requirements.
14915 Manchester Road . Ballwin, Missouri 63011 . (314) 227-3000
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EXHIBIT 99.2
JEFFERSON SAVINGS BANCORP, INC.
Regulatory Capital Requirements
December 31, 1996
Following are the actual and required capital amounts and ratios as of
December 31, 1996 as previously reported:
<TABLE>
<CAPTION>
Requirements under
prompt corrective action provisions
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Actual Requirements Well capitalized Adequately capitalized
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Amount Ratio Amount Ratio Amount Ratio Amount Ratio
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<S> <C> <C> <C> <C> <C> <C> <C> <C>
Tangible capital: (1)
Jefferson Savings $44,044,359 6.43% $10,279,409 1.50% NA NA
First Federal 25,011,055 5.65% 6,639,071 1.50% NA NA
Core capital: (1)
Jefferson Savings 44,044,359 6.43% 20,558,818 3.00% $34,264,697 5.00% $27,411,758 4.00%
First Federal 25,011,055 5.65% 13,278,141 3.00% 22,130,235 5.00% 17,704,188 4.00%
Risk-based capital: (2)
Jefferson Savings 48,157,739 11.59% 33,229,271 8.00% 41,536,589 10.00% 33,229,271 8.00%
First Federal 27,248,349 9.30% 23,436,003 8.00% 29,295,004 10.00% 23,436,003 8.00%
Tier I capital: (2)
Jefferson Savings 44,044,359 10.60% NA 29,921,954 6.00% 16,614,636 4.00%
First Federal 25,011,055 8.54% NA 17,577,002 6.00% 11,718,002 4.00%
</TABLE>
Following are the actual and required amounts and ratios as of December 31, 1996
as restated:
<TABLE>
<CAPTION>
Requirements under
prompt corrective action provisions
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Actual Requirements Well capitalized Adequately capitalized
------------------------- --------------------- -------------------- ------------------------
Amount Ratio Amount Ratio Amount Ratio Amount Ratio
----------- ------ ----------- ------ ----------- ------ ----------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Tangible capital: (1)
Jefferson Savings $45,679,759 6.64% $10,318,409 1.50% NA NA
First Federal 23,375,655 5.31% 6,607,595 1.50% NA NA
Core capital: (1)
Jefferson Savings 45,679,759 6.64% 20,636,818 3.00% $34,394,697 5.00% $27,515,758 4.00%
First Federal 23,375,655 5.31% 13,215,189 3.00% 22,025,315 5.00% 17,620,252 4.00%
Risk-based capital: (2)
Jefferson Savings 47,193,139 11.36% 33,229,271 8.00% 41,536,589 10.00% 33,229,271 8.00%
First Federal 27,104,063 9.13% 23,760,823 8.00% 29,701,029 10.00% 23,760,823 8.00%
Tier I capital: (2)
Jefferson Savings 45,679,759 11.00% NA 24,921,954 6.00% 16,614,636 4.00%
First Federal 23,375,655 7.87% NA 17,820,617 6.00% 11,880,412 4.00%
</TABLE>
(1) To adjust total assets
(2) To risk-weighted assets
