SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
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FORM 10-QSB
(Mark One)
[X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1997
OR
[ ] TRANSITION report pursuant to section 13 or 15 (d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
-------------------- -----------------------
SEC File Number 0-23194
First Savings Bancorp of Little Falls, Inc.
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(Exact name of registrant as specified in its charter)
New Jersey 22-3360945
- -------------------------------------------------------------------------------
(State or other jurisdiction) (I.R.S. Employer Identification No.)
Registrant's telephone number, including area code (201) 256-2100
---------------
Former name, former address and former fiscal year, if changed since last report
Indicate by check (X) 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
--- ---
APPLICABLE ONLY TO CORPORATE ISSUERS: Indicate the number of shares
outstanding of each of the issuer's classes of common stock,
as of the latest practicable date: 440,100, as of August 5,1997.
Transitional Small Business Disclosure
Yes No X
--- ---
<PAGE>
FIRST SAVINGS BANCORP OF LITTLE FALLS, INC.
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INDEX
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Page
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Number
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PART I - CONSOLIDATED FINANCIAL INFORMATION
Consolidated Statements of Financial
Condition at June 30, 1997
and December 31, 1996 (unaudited) 1
Consolidated Statements of Income
for the Three and six months Ended
June 30, 1997 and 1996(unaudited) 2
Consolidated Statements of Cash Flows
for the Six Months Ended
June 30, 1997 and 1996 (unaudited) 3-4
Notes to Consolidated Financial Statements 5
Management's Discussion and Analysis of
Financial Condition and Results of Operations 6-9
PART II - OTHER INFORMATION 10
SIGNATURES 11
<PAGE>
FIRST SAVINGS BANCORP OF LITTLE FALLS, INC
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AND SUBSIDIARY
--------------
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
----------------------------------------------
(UNAUDITED)
-----------
<TABLE>
<CAPTION>
Assets June 30, 1997 December 31, 1996
- ------ ------------- -----------------
<S> <C> <C>
Cash and amounts due from
depository institutions $1,745,564 $1,319,813
Interest-bearing demand
deposits in other banks 4,476,138 9,353,526
------------ ------------
Total cash and cash equivalents 6,221,702 10,673,339
Securities available for sale 33,969,954 37,506,700
Investment securities held to maturity, net:
estimated fair value of $8,999,000(1997) and $2,000,000(1996) 8,998,839 2,000,000
Mortgage-backed securities held to maturity, net:
estimated fair value of $10,878,000(1997) and $12,813,000(1996) 10,871,496 12,805,191
Loans receivable, net of allowance for loan
losses of $539,807(1997) $523,715 (1996) 104,153,559 94,732,642
Premises and equipment, net 2,887,616 2,956,315
Real estate owned, net 2,305,616 2,906,034
Federal Home Loan Bank of New York stock, at cost 1,106,600 925,600
Interest and dividends receivable, net 1,341,952 1,110,765
Other assets 1,404,121 1,117,511
------------ ------------
Total assets $173,261,455 $166,734,097
============ ============
Liabilities and stockholder's equity
- ------------------------------------
Liabilities
- -----------
Deposits $162,092,422 $156,596,114
Advances from Federal Home Loan Bank of NY $568,000 -----------
Advance payments by borrowers for
taxes and insurance 759,806 633,815
Other liabilities 299,136 171,920
----------- -----------
Total liabilities 163,719,364 157,401,849
----------- -----------
Stockholders' Equity
- --------------------
Common Stock (par value $1.00 per share)
authorized 5,000,000 shares: issued and
outstanding 440,100 shares 440,100 440,100
Additional paid-in capital 3,670,377 3,670,377
Retained earnings-substantially restricted 5,244,361 5,062,392
Unrealized gain on securities available for sale 187,253 159,379
------------ ------------
Total stockholders' equity 9,542,091 9,332,248
------------ ------------
Total liabilities and stockholders' equity $173,261,455 $166,734,097
============ ============
</TABLE>
SEE NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS PAGE 1
<PAGE>
FIRST SAVINGS BANCORP OF LITTLE FALLS, INC.
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AND SUBSIDIARY
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CONSOLIDATED STATEMENTS OF INCOME
---------------------------------
(UNAUDITED)
-----------
<TABLE>
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30 JUNE 30
1 9 9 7 1 9 9 6 1 9 9 7 1 9 9 6
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Interest income
Loans $2,107,027 $1,865,542 $4,084,674 $3,730,031
Mortgage-backed securities 769,253 878,997 1,535,636 1,545,264
Investments and other 283,135 77,595 519,932 365,626
---------- ---------- ---------- ----------
Total interest income 3,159,415 2,822,134 6,140,242 5,640,921
---------- ---------- ---------- ----------
Interest Expense
Deposits 2,005,801 1,588,486 3,963,085 3,183,088
Borrowed Money 1,586 168,778 1,586 350,103
---------- ---------- ---------- ----------
Total Interest expense 2,007,387 1,757,264 3,964,671 3,533,191
---------- ---------- ---------- ----------
Net interest income 1,152,028 1,064,870 2,175,571 2,107,730
Provision for loan losses 25,000 25,000 50,000 50,000
---------- ---------- ---------- ----------
Net interest income after
provision for loan losses 1,127,028 1,039,870 2,125,571 2,057,730
Non-interest income
Service charges 24,821 22,288 46,589 46,336
Miscellaneous 18,748 17,645 28,507 34,647
Gain on sale of assets 8,236 -- 8,236 --
---------- ---------- ---------- ----------
Total non-interest income 51,805 39,933 83,332 80,983
---------- ---------- ---------- ----------
Non-interest expense
Salaries and employee benefits 362,131 349,052 726,147 701,441
Net occupancy expense 63,548 66,302 124,992 133,830
Equipment 92,813 87,208 181,193 172,755
Loss on foreclosed real estate 55,182 35,344 72,987 58,108
Federal insurance premium 25,314 75,266 47,703 149,737
Advertising and promotion 23,879 32,033 52,178 38,102
Legal fees 50,512 39,945 95,180 89,545
Miscellaneous 180,100 182,797 349,519 331,183
---------- ---------- ---------- ----------
Total non-interest expenses 853,479 867,947 1,649,899 1,674,701
---------- ---------- ---------- ----------
Income before income taxes 325,354 211,856 559,004 464,012
Income taxes 114,563 72,810 199,485 160,770
---------- ---------- ---------- ----------
Net income 210,791 139,046 359,519 303,242
Preferred stock dividends -- 42,500 -- 85,000
---------- ---------- ---------- ----------
Net income applicable to common shares $ 210,791 $ 96,546 $ 359,519 $ 218,242
========== ========== ========== ==========
Net income per common share and common
stock equivalents $ 0.48 $ 0.32 $ 0.82 $ 0.69
Dividends per common share $ 0.40 $--------- $ 0.40 $---------
Weighted average number of common
shares and common stock
equivalents outstanding 440,100 440,100 440,100 440,100
</TABLE>
See notes to unaudited consolidated financial statements Page 2
<PAGE>
FIRST SAVINGS BANCORP OF LITTLE FALLS INC.
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AND SUBSIDIARY
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CONSOLIDATED STATEMENTS OF CASH FLOWS
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(unaudited)
<TABLE>
<CAPTION>
Six Months Ended June 30,
1997 1996
---------- ----------
<S> <C> <C>
Cash flows from operating activities:
- -------------------------------------
Net income $359,519 $303,242
-------- --------
Adjustments to reconcile net income to
--------------------------------------
net cash provided by operating activities:
-------------------------------------------
Depreciation 140,064 141,182
Amortization of premiums, discounts and fees, net 113,637 119,675
Provision for loan losses 50,000 50,000
Provision for Real Estate Owned losses --------- 45,500
Net loss(gains) on sales of real estate owned 6,133 (37,287)
Net gain on sales of securities available for sale (7,836) ---------
(Increase) decrease in interest and dividends receivable, net (231,187) 257,598
Increase in other assets (318,286) (228,964)
Increase(decrease) in accrued interest payable 92,454 (83,905)
Increase(decrease) in other liabilities 169,716 (3,548)
Amortization of branch premium 16,666 16,666
---------- ----------
Net cash provided by operating activities 390,880 580,159
---------- ----------
Cash flows from investing activities:
- -------------------------------------
Purchase of securities available for sale (1,920,484) (7,128,915)
Purchase of mortgage-backed securities held to maturity --------- (16,640,944)
Proceeds from Investment securities held to maturity matured or called 2,000,000 16,000,000
MProceeds from sale of securities available for sale 3,340,763 ---------
Purchase of investment securities held to maturity (8,998,371) ---------
Securities available for sale repayments 2,026,268 2,638,665
Mortgage-backed securities held to maturity repayments 1,933,064 626,277
Net increase in loans receivable (9,192,472) (2,380,314)
Additions to premises and equipment (71,365) (41,584)
Additions to real estate owned 0 (117,500)
Payments received on real estate owned 5,000 7,400
Proceeds from sales of real estate owned 338,285 630,370
Purchase of Federal Home Loan Bank of NY stock (181,000) (102,300)
---------- ----------
Net cash used in investment activities (10,720,312) (6,508,845)
---------- ----------
Cash flows from financing activities:
- -------------------------------------
Net increase in deposits 5,403,854 2,850,728
Increase in Federal Home Loan Bank Advances 568,000 3,600,000
Increase in advance payments by
borrowers for taxes and insurance 125,991 110,293
Preferred stock dividends paid (42,500) (170,000)
Common stock dividends paid (177,550) (50,050)
---------- ----------
Net cash provided by financing activities 5,877,795 6,340,971
---------- ----------
Net (decrease) increase in cash and cash equivalents (4,451,637) 412,285
Cash and cash equivalents -- beginning 10,673,339 1,127,575
---------- ----------
Cash and cash equivalents -- end $6,221,702 $1,539,860
========== ==========
</TABLE>
See notes to unaudited consolidated financial statements Page 3
<PAGE>
FIRST SAVINGS BANCORP OF LITTLE FALLS INC.
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AND SUBSIDIARY
--------------
CONSOLIDATED STATEMENTS OF CASH FLOWS
-------------------------------------
(unaudited)
<TABLE>
<CAPTION>
Six Months Ended June 30,
-------------------------
1997 1996
---- ----
<S> <C> <C>
Supplemental disclosures of cash flows information:
Cash paid during the period for:
- --------------------------------------------------
Interest $3,872,217 $3,617,096
========== ==========
Income taxes $31,669 $0
========== ==========
Supplemental disclosure of noncash activities:
- ---------------------------------------------
Increase in unrealized gain on securities,
net of deferred income taxes $27,874 $54,163
========== ==========
Loans transferred to real estate owned ------- $206,898
========== ==========
Loans originated to facilitate the sale of
real estate owned $251,000 $0
========== ==========
Payment of stock dividend declared in prior periods $42,500 $135,050
========== ==========
</TABLE>
See notes to unaudited consolidated financial statements Page 4
<PAGE>
First Savings Bancorp of Little Falls, Inc.
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Notes To Consolidated Financial Statements
------------------------------------------
The consolidated financial statements include the accounts of First
Savings Bancorp of Little Falls, Inc. (the "Company") and its wholly owned
subsidiary, First Savings Bank of Little Falls, FSB (the "Savings Bank") and the
Savings Bank's wholly owned subsidiaries, The First Service Corporation of
Little Falls and Redeem, Inc. All significant intercompany balances and
transactions have been eliminated in consolidation.
These consolidated financial statements were prepared in accordance
with instructions for Form 10-QSB and therefore, do not include all disclosures
necessary for a complete presentation of the statements of financial condition,
statements of income, and statements of cash flows in conformity with generally
accepted accounting principles. However, all adjustments which are, in the
opinion of management, necessary for the fair presentation of the interim
financial statements have been included and all such adjustments are of a normal
recurring nature. The results of operations for the three and six months ended
June 30, 1997 are not necessarily indicative of the results that may be expected
for the fiscal year ending December 31, 1997 or any other interim period.
These statements should be read in conjunction with the consolidated
financial statements and related notes which are incorporated by reference in
the Company's Annual Report on Form 10-K for the year ended December 31, 1996.
Page 5
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
-------------------------------------------------
CONDITION AND RESULTS OF OPERATIONS
-----------------------------------
FINANCIAL CONDITION AT JUNE 30, 1997
- ------------------------------------
Total assets of the Company increased $6.5 million or 3.9% from $166.7
million at December 31, 1996 to $173.3 million at June 30, 1997 primarily due to
a $9.4 million increase in loans receivable, and a $7.0 million increase in net
investment securities held to maturity , offset by a $4.9 million decrease in
interest bearing demand deposits in other banks, a $1.9 million decrease in net
mortgage-backed securities held to maturity, and a $3.5 million net decrease in
securities available for sale. Funding for the increase in asset growth in loans
receivable and net investments held to maturity was mainly provided by FHLB
borrowings of $568,000, the increase in deposits of $5.5 million, the decrease
in interest bearing demand deposits in other banks of $4.9 million, $1.9 million
in repayments in net mortgage-backed securities held to maturity and $3.5
million in proceeds and repayments of securities available for sale.
At June 30, 1997, non-performing assets were $3.8 million, or 2.18% of total
assets, compared to $ 4.3 million, or 2.49% of total assets at March 31, 1997.
At June 30, 1997, non-performing assets were comprised of $2.3 million mortgage
loans, $25,000 consumer loans, and $1.5 million of other real estate owned.
These credits are well collateralized and therefore, the Savings Bank does not
anticipate any material losses from their disposition. The decrease in
attributable to a $900,000 non-residential loan which was paid current, offset
by the a increase of two residential loans totaling $400,000 which became
non-accrual during the three month period ended June 30, 1997.
Deposits increased $5.5 million or 3.5% from $156.6 million at December
31, 1996 to $162.1 million at June 30, 1997. The increase resulted primarily
from the growth of certificates of deposit, Now accounts and the Company's
response to the general increase in rates offered by other bank's in the market
area. The Company did not offer promotional rates on deposits during this
quarter. The Bank increased its FHLB borrowings by $568,000 during the three
month period ended June 30, 1997. The new borrowings is a amortizing advance
over a ten year period that was used to fund a loan for a community reinvestment
project located in our local community.
Page 6
<PAGE>
RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED JUNE 30, 1997
- --------------------------------------------------------------
Net income for the three months ended June 30, 1997 increased $72,000
or 52% from $139,000 for the three month period ended June 30, 1996 to $211,000
for three month period ended June 30, 1997. This increase was primarily due to
an $87,000 increase in net interest income, a $12,000 increase in non-interest
income, and a $15,000 decrease in non-interest expense, offset by a $42,000
increase in income taxes.
For the three months ended June 30, 1997, net interest income increased
$87,000 from $1.06 million for the same period in 1996 to $1.15 million in 1997.
The main reason for the increase was that the average balances of the securities
and loan portfolios increased $15.5 million due to asset growth from the
origination of whole loans and the purchase of investment securities held to
maturity during the three month period ended June 30, 1997 compared to the same
period last year. Declining interest rates partially offset the increase in net
interest income. The interest rate spread and net interest margin declined to
2.85% and 2.84%, respectively during the three months ended June 30, 1997
compared to 2.93% and 2.91%, respectively, for the same period of 1996. The
lower spread and margin are primarily due to a lower yield on earning assets and
higher cost of funds in the second quarter of 1997.
Non-interest income increased $12,000 or 30% from $40,000 for the three
month period ended June 30, 1996 to $52,000 for the three month period ended
June 31, 1997. The increase was primarily the result of a gain on sale of
investment securities available for sale totaling $8,000 during the three month
period ended June 30, 1997 compared to no sales during the same period last
year.
Non-interest expense decreased $15,000 or 1.7% from $868,000 for the
three month period ended June 30, 1996 to $853,000 for the three month period
ended June 30, 1997. This decrease was primarily due to a $50,000 decrease in
federal deposit insurance premiums which was offset by an increase of $20,000 in
loss on foreclosed real estate. Federal deposit insurance decreased due to the
recapitalization of the Savings Association Insurance Fund of the FDIC. The
Company's insurance premium rate was lowered to 6.7 cents per $100 of deposits
from 23 cents per $100 of deposits. The increase in loss on foreclosed real
estate was due to higher holding costs and settlement expenses on disposition of
properties during the three month period ended June 30, 1997 compared to the
same period last year. Non-interest expenses other than federal deposit
insurance and loss on foreclosed real estate in aggregate, increased $15,000 or
2.0%.
Page 7
<PAGE>
Income taxes were $115,000 and $73,000 for the three months ended June 30, 1997
and 1996, respectively. The increase resulted from increased pre-tax earnings.
RESULTS OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 1997
- ------------------------------------------------------------
Net income for the six months ended June 30, 1997 increased $57,000 or
19% from $303,000 for the six month period ended June 30, 1996 to $360,000 for
six month period ended June 30, 1997. This increase was primarily due to a
$68,000 increase in net interest income, a $2,000 increase in non-interest
income, and a $25,000 decrease in non-interest expense which were offset by a
$39,000 increase in income taxes.
For the six months ended June 30, 1997, net interest income increased $68,000
from $2.11 million for the same period in 1996 to $2.18 million in 1997. The
main reason for the increase was that the average balances of the securities and
loan portfolio increased $14.6 million due to asset growth from the origination
of whole loans and the purchase of investment securities held to maturity during
the six month period ended June 30, 1997 compared to the same period last year.
Declining interest rates partially offset the increase in net interest income.
The interest rate spread and net interest margin declined to 2.73% and 2.72%,
respectively, during the six months ended June 30, 1997 compared to 2.93% and
2.90%,respectively, for the same period of 1996. The lower spread and margin are
primarily due to a lower yield on earning assets and higher cost of funds in the
first half of 1997.
Non-interest income increased $2,000 or 3% from $81,000 for the six
month period ended June 30, 1996 to $83,000 for the six month period ended June
30, 1997. The increase was primarily the result of securities sold during the
three month period ending June 30, 1997 partially offset by decreases in
mortgage late charges.
Page 8
<PAGE>
Non-interest expense decreased $25,000 or 1.5% from $1.67 million for
the six month period ended June 30, 1996 to $1.65 million for the six month
period ended June 30, 1997. This decrease was primarily due to a $102,000
decrease in federal deposit insurance premiums which was partially offset by an
increase of $14,000 in advertising and promotion. Federal deposit insurance
decreased due to the recapitalization of the Savings Association Insurance Fund
of the FDIC. The Company's insurance premium rate was lowered to 6.7 cents per
$100 of deposits from 23 cents per $100 of deposits. Advertising and promotion
expense primarily increased due to the Company's "Grand Reopening" promotion of
the Little Ferry branch which took place during the fourth quarter of 1996.
Non-interest expenses other than federal deposit insurance and advertising
increased in aggregate, $63,000 or 4.2%.
Income taxes were $199,000 and $161,000 for the six months ended June 30, 1997
and 1996, respectively. The increase resulted from increased pre-tax earnings.
LIQUIDITY AND CAPITAL RESOURCES
- -------------------------------
The Savings Bank is required to maintain minimum levels of liquid
assets, as defined by the Office Of Thrift Supervision regulations. This
requirement, which may be varied from time to time depending upon economic
conditions and deposit flows, is based upon a percentage of deposits and
short-term borrowings. The required minimum ratio is 5%. The Savings Bank's
liquidity ratio averaged 17.18% during the six month period ending June 1997.
The Savings Bank anticipates that it will have sufficient funds
available to meet its current loan commitments and normal savings withdrawals.
At June 30, 1997, the Savings Bank had outstanding loan commitments of $6.7
million. In addition, it had $90.9 million in certificates of deposits scheduled
to mature within one year of June 30, 1997. Based upon historical experience,
management believes that a substantial portion of such deposits will remain with
the Savings Bank.
As of June 30, 1997, the Company had regulatory capital that was in
excess of applicable limits. The Company is required under certain federal
regulations to maintain tangible capital equal to at least 1.5% of its tangible
assets, core capital equal to at least 3.00% of adjusted tangible assets and
risk-based capital equal to at least 8.00% of risk-weighted assets. At June 30,
1997, the Savings Bank had tangible capital equal to 5.19% of adjusted total
assets, core capital equal to 5.19% of adjusted total assets and total capital
equal to 12.83% of risk-weighted assets.
Page 9
<PAGE>
FIRST SAVINGS BANCORP OF LITTLE FALLS, INC.
-------------------------------------------
PART II
Item 1. Legal Proceedings
From time to time, the Savings Bank is a party to legal
proceedings wherein it enforces its security interest in loans. The
Company and the Savings Bank are not engaged in any legal
proceedings of a material nature at the present time.
Item 2. Changes in Securities
Not applicable
Item 3. Defaults upon Senior Securities
Not applicable
Item 4. Submission of Matters to a Vote of Security Holders
Not applicable
Item 5. Not Applicable
Item 6. Exhibits and Reports on Form 8-K
--------------------------------
(a)Exhibits
Exhibit 27 Financial Data Schedule(electronic filing only)
b)Reports on Form 8-K
Not Applicable
Page 10
<PAGE>
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.
FIRST SAVINGS BANCORP OF LITTLE FALLS INC.
------------------------------------------
(Registrant)
Date: August 7, 1997 /s/Haralambos S. Kostakopoulos
---------------------------------------------
Haralambos S. Kostakopoulos
President
Chief Executive Officer
Date: August 7, 1997 /s/Brian McCourt
---------------------------------------------
Brian McCourt
Vice President
Treasurer
- --------------------------------------------------------------------------------
Page 11
<TABLE> <S> <C>
<ARTICLE> 9
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<CASH> 1,746
<INT-BEARING-DEPOSITS> 4,476
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 33,970
<INVESTMENTS-CARRYING> 19,870
<INVESTMENTS-MARKET> 19,877
<LOANS> 104,154
<ALLOWANCE> 540
<TOTAL-ASSETS> 173,261
<DEPOSITS> 162,092
<SHORT-TERM> 568
<LIABILITIES-OTHER> 1,059
<LONG-TERM> 0
0
0
<COMMON> 440
<OTHER-SE> 3,670
<TOTAL-LIABILITIES-AND-EQUITY> 173,261
<INTEREST-LOAN> 4,085
<INTEREST-INVEST> 1,536
<INTEREST-OTHER> 520
<INTEREST-TOTAL> 6,140
<INTEREST-DEPOSIT> 3,963
<INTEREST-EXPENSE> 2
<INTEREST-INCOME-NET> 2,176
<LOAN-LOSSES> 50
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 1,650
<INCOME-PRETAX> 559
<INCOME-PRE-EXTRAORDINARY> 559
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 360
<EPS-PRIMARY> .82
<EPS-DILUTED> .82
<YIELD-ACTUAL> 2.80
<LOANS-NON> 1,470
<LOANS-PAST> 196
<LOANS-TROUBLED> 1,313
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 524
<CHARGE-OFFS> 34
<RECOVERIES> 0
<ALLOWANCE-CLOSE> 540
<ALLOWANCE-DOMESTIC> 540
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 540
</TABLE>
