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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)
January 28, 1997
STATEFED FINANCIAL CORPORATION
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(Exact name of Registrant as specified in its Charter)
Delaware 0-22790 42-1410788
--------------- -------------------- ------------------------
(State or other (Commission File No. (IRS Identification No.)
jurisdiction of
incorporation)
519 Sixth Avenue, Des Moines, Iowa 50309-2473
- ------------------------------------------------------------------------------
(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 January 28, 1997 and January 29, 1997, the Registrant issued the
attached press release.
Items 7. Financial Statements and Exhibits
(a) Exhibits
1. Press release, dated January 28, 1997
2. Press release, dated January 29, 1997
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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: February 6, 1997 By: /s/ John F. Golden
-------------------------------
John F. Golden
Chief Executive Officer
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EXHIBIT I
4
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For Further Information Contact: For Immediate Release
John F. Golden, President and CEO January 28, 1997
StateFed Financial Corporation
519 Sixth Avenue
Des Moines, Iowa 50309
Phone: (515) 282-0236
STATEFED FINANCIAL CORPORATION
ANNOUNCES 2ND 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 December
31, 1996. For the three month period ended December 31, 1996, the company
reported net income of $255,085 as compared to $207,854 for the same period in
1995, an increase of $47,231 or 22.7%. The increase in net earnings was
primarily due to an increase in net interest income of $63,481 and a decrease in
non-interest expense of $18,410, offset by a decrease in non-interest income of
$9,940 and an increase in income tax expense of $24,720.
For the six month period ended December 31, 1996, the company reported
net income of $322,264 as compared to $422,888 for the same period in 1995, a
decrease of $100,624. The decrease in net earnings was primarily due to an
increase in non-interest expense of $291,666 and a decrease in non-interest
income of $3,787, offset by an increase in net interest income of $139,769 and a
decrease in income tax expense of $55,060. The increase in non-interest expense
was primarily the result of a one-time special assessment of $291,300, required
by legislation, which is 65.7 cents per $100 of Savings Association Insurance
Fund (SAIF) deposits held by the Bank at March 31, 1995. Net income for the six
month period ended December 31,1996, would have been approximately $511,300 had
this special assessment not been required.
The book value of StateFed Financial Corporation increased to $18.78
per share at December 31, 1996. Earnings per share for the second quarter ended
December 31, 1996 were 34 cents per share. As of December 31,1996, there were
783,485 shares outstanding.
Continued
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SELECTED CONSOLDIATED FINANCIAL DATA
StateFed Financial Corporation and Subsidiary
Unaudited
Three Months Ended Six Months Ended
December 31 December 31
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1996 1995 1996 1995
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OPERATIONS DATA
Total interest income .... $1,597,897 $1,407,678 $3,147,070 $2,834,727
Total interest expense ... $ 905,253 $ 778,515 $1,743,422 $1,570,848
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Net interest income ...... $ 692,644 $ 629,163 $1,403,648 $1,263,879
Provision for loan losses $ 6,000 $ 6,000 $ 12,000 $ 12,000
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Net interest income
after provision for
loan losses ............. $ 686,644 $ 623,163 $1,391,648 $1,251,879
Non-interest income:
Real estate operations ... $ 112,995 $ 110,745 $ 211,701 $ 205,261
Other non-interest income $ 28,226 $ 40,416 $ 42,511 $ 52,738
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Total non-interest income $ 141,221 $ 151,161 $ 254,212 $ 257,999
Total non-interest expense $ 437,460 $ 455,870 $1,152,456 $ 860,790
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Income before income taxes $ 390,405 $ 318,454 $ 493,404 $ 649,088
Income tax expense ....... $ 135,320 $ 110,600 $ 171,140 $ 226,200
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Net Income ............... $ 255,085 $ 207,854 $ 322,264 $ 422,888
=================================================
Earnings per share ....... $ 0.34 $ 0.26
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STATEFED FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
DECEMBER 31, 1996 AND JUNE 30, 1996
<TABLE>
<CAPTION>
ASSETS Unaudited)
December 31, 1996 June 30, 1996
<S> <C> <C>
Cash and amounts due from depository
institutions $ 3,098,625 $ 2,564,267
Investments in certificates of deposit $ 4,436,766 $ 4,439,567
Investment securities $ 2,181,463 $ 2,347,048
Loans receivable, net $ 68,005,561 $ 62,708,487
Real estate acquired for development $ 718,734 $ 385,476
Real estate held for investment, net $ 1,078,199 $ 1,149,990
Office property and equipment, net $ 1,439,028 $ 1,464,796
Federal Home Loan Bank stock, at cost $ 950,000 $ 750,000
Accrued interest receivable $ 547,363 $ 533,706
Prepaid expenses and other assets $ 352,794 $ 361,287
------------ ------------
TOTAL ASSETS $ 82,808,533 $ 76,704,624
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits $ 48,216,280 $ 45,731,828
Advances from Federal Home Loan Bank $ 19,000,000 $ 15,000,000
Advances from borrowers for taxes and insurance $ 465,575 $ 505,749
Accrued interest payable $ 3,372 $ 129,833
Dividends payable $ 78,349 $ 81,349
Income taxes:current and deferred $ 148,849 $ 138,255
Other liabilities $ 178,204 $ 189,305
------------ ------------
TOTAL LIABILITIES $ 68,090,629 $ 61,776,319
============ ============
Stockholders' equity:
Common stock $ 8,905 $ 8,905
Additional paid-in capital $ 8,397,593 $ 8,376,924
Unearned compensation - restricted stock awards $ (470,799) $ (531,989)
Unrealized gain (loss) on investments $ 10,776 $ (22,251)
Treasury stock $ (1,539,113) $ (1,049,358)
Retained earnings - substantially restricted $ 8,310,542 $ 8,146,074
------------ ------------
TOTAL STOCKHOLDERS' EQUITY $ 14,717,904 $ 14,928,305
------------ ------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 82,808,533 $ 76,704,624
============ ============
</TABLE>
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EXHIBIT II
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For Immediate Release
Date: January 29, 1997
For Information Contact
John F. Golden, President
at (515)282-0236
STATEFED FINANCIAL CORPORATION
ANNOUNCES STOCK REPURCHASE PROGRAM
Des Moines, Iowa, January 17, 1997- StateFed Financial Corporation, announced
its intention today to repurchase approximately 5% of its outstanding shares in
the open market over the next twelve months. The shares will be purchased at
prevailing market prices from time to time over a twelve month period depending
upon market conditions.
John F. Golden, President of the Corporation, indicated that the Board of
Directors approved the repurchase program in view of the current price level of
the Corporation's common stock and the strong capital position of the
corporation's subsidiary, State Federal Savings and Loan Association of Des
Moines. Mr. Golden stated that "we believe that the repurchase of our shares
represents an attractive investment opportunity which will benefit the
corporation and our stockholders. The repurchased shares will become treasury
shares and will be used for general corporate purposes, including the issuance
of shares in connection with the exercise of stock options."
Over the past three months, the shares traded between $16.25 and $17.25. At
December 31, 1996, the Corporation had $82,808,533 million in assets and
stockholders' equity of $14,717,904. On such date, the Corporation had 783,485
shares outstanding.
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