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)
April 30, 1998
STATEFED FINANCIAL CORPORATION
(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
N/A
(Former name or former address, if changed since last report)
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Item 5. Other Events
On April 30, 1998, the Registrant issued the attached press release.
Items 7. Financial Statements and Exhibits
(a) Exhibit
1. Press release, dated April 30, 1998
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: May 6, 1998 By:
-----------------------------
John F. Golden
Chief Executive Officer
3.
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EXHIBIT I
4.
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For Further Information Contact: For Immediate Release
John F. Golden, President and CEO April 30, 1998
StateFed Financial Corporation
519 Sixth Avenue
Des Moines, Iowa 50309
Phone: (515) 282-0236
STATEFED FINANCIAL CORPORATION
ANNOUNCES 3RD 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 March 31, 1998. For the
three month period ended March 31, 1998, the company reported net income of
$267,975 as compared to $267,100 for the same period in 1997, an increase of
$875. The increase in net earnings was primarily due to an increase in
non-interest income of $42,433, and a decrease in income tax expense of $19,355,
partially offset by an increase in non-interest expense of $60,770.
For the nine month period ended March 31, 1998, the company reported net
income of $765,456 as compared to $589,364 for the same period in 1997, an
increase of $176.092. The increase in net earnings was primarily due to a
decrease in non-interest expense of $207,127, an increase in non-interest income
of $30,777, and an increase in net interest income of $1,423, offset by an
increase in income tax expense of $63,235. The decrease in non-interest expense
was primarily the result of a one-time SAIF special assessment of $291,300, paid
during the nine month period in 1997.
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The book value of StateFed Financial Corporation increased to $10.16 per
share at March 31, 1998. Earnings per share for the third quarter ended March
31, 1998 were 18 cents per share, the earnings per share for the third quarter
ended March 3l, 1997 were also 18 cents per share. For the nine month period
ending March 31, 1998 the diluted earnings per share were 50 cents per share as
compared to 38 cents per share during the same nine month period in 1997.
Continued
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SELECTED CONSOLIDATED FINANCIAL DATA
StateFed Financial Corporation and Subsidiary
Unaudited
Three Months Ended Nine Months Ended
March 31 March 31
----------------------- -----------------------
1998 1997 1998 1997
---------- ---------- ---------- ----------
OPERATIONS DATA
Total interest income .... $1,714,997 $1,633,025 $5,120,881 $4,780,095
Total interest expense ... $1,012,213 $ 930,098 $3,012,882 $2,673,519
---------- ---------- ---------- ----------
Net interest income ...... $ 702,784 $ 702,927 $2,107,999 $2,106,576
Provision for loan losses $ 6,000 $ 6,000 $ 18,000 $ 18,000
---------- ---------- ---------- ----------
Net interest income after
provision for loan losses $ 696,784 $ 696,927 $2,089,999 $2,088,576
Non-interest income:
Real estate operations ... $ 111,246 $ 99,637 $ 311,500 $ 311,337
Other non-interest income $ 52,327 $ 21,503 $ 94,628 $ 64,014
---------- ---------- ---------- ----------
Total non-interest income $ 163,573 $ 121,140 $ 406,128 $ 375,351
Total non-interest expense $ 465,017 $ 404,247 $1,349,576 $1,556,703
---------- ---------- ---------- ----------
Income before income taxes $ 395,340 $ 413,820 $1,146,551 $ 907,224
Income tax expense ....... $ 127,365 $ 146,720 $ 381,095 $ 317,860
---------- ---------- ---------- ----------
Net Income ............... $ 267,975 $ 267,100 $ 765,456 $ 589,364
========== ========== ========== ==========
Earnings per share ....... $ 0.18 $ 0.18 $ 0.52 $ 0.40
Diluted earnings per share $ 0.17 $ 0.17 $ 0.50 $ 0.38
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STATEFED FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
March 31, 1998 and June 30, 1997
ASSETS (Unaudited)
March 31, 1998 June 30, 1997
Cash and amounts due from depository institutions $ 9,253,887 $ 3,634,086
Investments in certificates of deposit $ 1,481,421 $ 4,435,425
Investment securities $ 3,176,832 $ 3,477,168
Loans receivable, net $ 69,535,001 $ 68,177,746
Real estate acquired for development $ 225,935 $ 435,484
Real estate held for investment, net $ 2,263,352 $ 1,933,532
Property acquired in settlement of loans $ 197,397 $ 333,939
Office property and equipment, net $ 1,605,842 $ 1,418,982
Federal Home Loan Bank stock, at cost $ 950,000 $ 950,000
Accrued interest receivable $ 544,990 $ 567,478
Prepaid expenses and other assets $ 338,500 $ 314,754
------------ ------------
TOTAL ASSETS $ 89,573,157 $ 85,678,594
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LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits $ 54,042,725 $ 50,345,972
Advances from Federal Home Loan Bank $ 18,986,059 $ 19,000,000
Advances from borrowers for taxes and insurance $ 24,927 $ 490,053
Accrued interest payable $ 69,577 $ 128,881
Dividends payable $ 78,145 $ 78,372
Income taxes:current and deferred $ 203,054 $ 200,327
Other liabilities $ 281,809 $ 201,982
------------ ------------
TOTAL LIABILITIES $ 73,686,296 $ 70,445,587
------------ ------------
Stockholders' equity:
Common stock $ 8,905 $ 8,905
Additional paid-in capital $ 8,457,806 $ 8,398,857
Unearned compensation - restricted stock awards $ (359,086) $ (423,576)
Unrealized gain (loss) on investments $ 162,069 $ 57,462
Treasury stock $ (1,666,618) $ (1,560,859)
Retained earnings - substantially restricted $ 9,283,785 $ 8,752,218
TOTAL STOCKHOLDERS' EQUITY $ 15,886,861 $ 15,233,007
------------ ------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 89,573,157 $ 85,678,594
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