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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)
November 6, 1996
STATEFED FINANCIAL CORPORATION
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(Exact name of Registrant as specified in its Charter)
Delaware 0-22790 42-1410788
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(State or other (Commission File No. (IRS Identification No.)
jurisdiction of
incorporation)
519 Sixth Avenue, Des Moines, Iowa 50309-2473
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (515) 282-0236
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N/A
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(Former name or former address, if changed since last report)
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Item 5. Other Events
On November 6, 1996, the Registrant issued the attached press release
announcing stock repurchase program.
Items 7. Financial Statements and Exhibits
(a) Exhibits
1. Press release, dated November 6, 1996
2
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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.
STATEFED FINANCIAL CORPORATION
Date: November 11, 1996 By: /s/ John F. Golden
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John F. Golden
Chief Executive Officer
3
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EXHIBIT
4
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For Further Information Contact: For Immediate Release
John F. Golden, President and CEO November 6, 1996
StateFed Financial Corporation
519 Sixth Avenue
Des Moines, Iowa 50309
Phone: (515) 282-0236
STATEFED FINANCIAL CORPORATION
ANNOUNCES FIRST QUARTER EARNINGS
Des Moines, Iowa (NASDAQ: "SFFC") ------ StateFed Financial
Corporation, the parent company for State Federal Savings and Loan Association
of Des Moines, today announced financial results for the quarter ended September
30, 1996. For the three month period ended September 30, 1996, the company
reported net income of $67,179 as compared to $215,034 for the same period in
1995, a decrease of $147,855. The decrease in net earnings was primarily due to
an increase in non-interest expense of $309,000, partially offset by a decrease
in income tax expense of $80,000 and an increase in interest income of $76,000.
The increase in non-interest expense was primarily the result of a one-time
special assessment of $291,300 required by legislation, of 65.7 cents per $100
of SAIF "Savings Association Insurance Fund" deposits held by the Bank at March
31, 1995. Net Income for the quarter ended September 30, 1996, would have been
approximately $256,200 had this special assessment not been required.
At September 30, 1996, the company had total assets of $81.1 million
and total liabilities of $66.5 million, compared to total assets of $76.7
million and total liabilities of $61.8 million at June 30, 1996. The increase in
total assets for the three month period ending September 30, 1996 was due to an
increase in loans of $3.6 million, an increase in cash on hand of $300,000, an
increase in real estate acquired for development of $200,000, and an increase in
Federal Home Loan Bank Stock of $200,000.
The book value of StateFed Financial Corporation increased to $18.47
per share at September 30, 1996. Earnings per share for the first quarter ended
September 30, 1996 were 9 cents per share. As of September 30,1996, there was
789,485 shares outstanding.
Continued
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STATEFED FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
SEPTEMBER 30, 1996 AND JUNE 30, 1996
<TABLE>
<CAPTION>
ASSETS (Unaudited)
September 30, 1996 June 30, 1996
<S> <C> <C>
Cash and amounts due from depository institutions $ 2,899,151 $ 2,564,267
Investments in certificates of deposit $ 4,438,166 $ 4,439,567
Investment securities $ 2,365,317 $ 2,347,048
Loans receivable, net $66,304,498 $62,708,487
Real estate acquired for development $ 602,577 $ 385,476
Real estate held for investment, net $ 1,091,564 $ 1,149,990
Office property and equipment, net $ 1,452,584 $ 1,464,796
Federal Home Loan Bank stock, at cost $ 950,000 $ 750,000
Accrued interest receivable $ 555,556 $ 533,706
Prepaid expenses and other assets $ 400,059 $ 361,287
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TOTAL ASSETS $81,059,472 $76,704,624
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LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits $46,417,350 $45,731,828
Advances from Federal Home Loan Bank $19,000,000 $15,000,000
Advances from borrowers for taxes and insurance $ 111,541 $ 505,749
Accrued interest payable $ 181,866 $ 129,833
Dividends payable $ 79,449 $ 81,349
Income taxes: current and deferred $ 174,075 $ 138,255
Other liabilities $ 512,398 $ 189,305
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TOTAL LIABILITIES $66,476,679 $61,776,319
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Stockholders' equity:
Common stock $ 8,905 $ 8,905
Additional paid-in capital $ 8,384,591 $ 8,376,924
Unearned compensation - restricted stock awards $ (501,279) $ (531,989)
Unrealized loss on investments $ (4,616) $ (22,251)
Treasury stock $ (1,438,613) $ (1,049,358)
Retained earnings - substantially restricted $ 8,133,805 $ 8,146,074
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TOTAL STOCKHOLDERS' EQUITY $ 14,582,793 $ 14,928,305
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 81,059,472 $ 76,704,624
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</TABLE>
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STATEFED FINANCIAL CORPORATION
SELECTED CONSOLIDATED FINANCIAL DATA
<TABLE>
<CAPTION>
1st Quarter
September 30
1996 Unaudited 1995
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<S> <C> <C>
OPERATIONS DATA
Total interest income........................ $1,549,172 $ 1,427,049
Total interest expense....................... 838,168 792,333
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Net interest income.......................... 711,004 634,716
Provision for loan losses.................... 6,000 6,000
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Net interest income after
provision for loan losses............ 705,004 628,716
Non-interest income:
Real estate operations....................... 97,684 94,516
Other non-interest income.................... 14,219 12,321
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Total non-interest income.................... 111,903 106,837
Non-interest expense:
FDIC premium & OTS assessments .............. 323,532 31,268
Other non-interest expense. ................. 390,376 373,651
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Total non-interest expense .................. 713,908 404,919
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Income before income taxes .................. 102,999 330,634
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Income tax expense .......................... 35,820 115,600
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Net Income................................... $ 67,179 $ 215,034
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