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)
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May 6, 1999
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 Employer
jurisdiction of Identification
incorporation) Number)
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 May 6, 1999, the Registrant issued the attached press release.
Item 7. Financial Statements and Exhibits
(a) Exhibits
99 Press release, dated May 6, 1999
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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 14, 1999 By: /s/ JOHN F. GOLDEN
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John F. Golden, President and
Chief Executive Officer
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EXHIBIT 99
Further Information Contact: For Immediate Release
John F. Golden, President and CEO May 6, 1999
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 comapny for State Federal Savings and Loan Association of Des Moines,
today announced financial results for the quarter ended March 31, 1999. For the
three month perod ended March 31, 1999, the company reported net income of
$276,070 as compared to $267,975 for the same period in 1998, an increase of
$8,095. The increase in net earnings was primarily due to an increase in
non-interest income of $67,430, offset by an increase in non-interest expense of
$22,557, a decrease in net interest income of $23,903, an increase in income tax
expense of $9,875, and an increase in provision for loan losses of $3,000.
For the nine month period ended March 31, 1999, the company reported net
income of $753,928 as compared t o$765,456 for the same period in 1998, a
decrease of $11,528. The decrease in net earnings was primarily due to an
increase in non-interest expense of $105,079, a decrease in net interest income
of $72,211, and an increase in provision for loan losses of $9.000, offset by an
increase in total non-interest income of $163,387 and a decrease in income tax
expense of $11,375.
The book value of StateFed Financial Corporation increased to $10.55 per
share at March 31, 1999. Earnings per share for the third quarter ended March
31, 1999 were 18 cents per share, the earnings per share for the third quarter
ended march 31, 1998 were 17 cents per share. For the nine month period ending
March 31, 1999 the earnings per share were 49 cents per share as compared to 50
cents per share during the same nine month period in 1998.
Continued
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STATEFED FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
March 31, 1999 and June 30, 1998
ASSETS (Unaudited)
March 31, 1999 June 30, 1998
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Cash and amounts due from depository
institutions ............................ $10,827,280 $9,445,404
Investments in certificates of deposit ..... $982,474 $1,478,514
Investment securities ...................... $1,945,404 $2,743,518
Loans receivable, net ...................... $69,768,819 $68,979,770
Real estate acquired for development ....... $236,602 $231,870
Real estate held for investment, net ....... $2,223,501 $2,262,060
Property acquired in settlement of loans ... $1,175,784 $1,286,452
Office property and equipment, net ......... $1,532,726 $1,564,077
Federal Home Loan Bank stock, at cost ...... $1,147,600 $949,000
Accrued interest receivable ................ $543,249 $542,246
Other assets ............................... $331,177 $318,654
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TOTAL ASSETS ..................... $90,714,616 $89,801,565
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LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits ................................... $54,752,957 $53,671,860
Advances from Federal Home Loan Bank ....... $18,899,492 $18,964,890
Advances from borrowers for taxes
and insurance ........................... $5,224 $340,686
Accrued interest payable ................... $71,360 $134,251
Dividends payable .......................... $116,175 $78,295
Income taxes: current and deferred ......... $366,239 $232,019
Other liabilities .......................... $156,977 $295,278
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TOTAL LIABILITIES ................ $74,368,424 $73,717,279
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Stockholders' equity:
Common stock ............................... $8,905 $8,905
Additional paid-in capital ................. $8,515,705 $8,483,110
Unearned compensation - restricted
stock awards ............................ $ (288,211) $(341,270)
Unrealized gain on investments ............. $55,090 $119,928
Treasury stock ............................. $(1,885,621) $(1,643,697)
Retained earnings - substantially restricted $9,940,324 $9,457,310
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TOTAL STOCKHOLDERS' EQUITY $16,346,192 $16,084,286
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TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $90,714,616 $89,801,565
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SELECTED FINANCIAL DATA
StateFed Financial Corporation and Subsidiary
Unaudited
Three Months Ended Nine Months Ended
March 31 March 31
------------------------- ------------------------
1999 1998 1999 1998
------------ ------------ ------------ -----------
OPERATIONS DATA
Total interest income........ $1,664,085 $1,714,997 $5,063,071 $5,120,881
Total interest expense....... $985,204 $1,012,213 $3,027,283 $3,012,882
Net interest income.......... $678,881 $702,784 $2,035,788 $2,107,999
Provision for loan losses.... $9,000 $6,000 $27,000 $18,000
Net interest income after
provision for loan losses.... $669,881 $696,784 $2,008,788 $2,089,999
Non-interest income:
Real estate operations....... $140,837 $111,246 $426,348 $311,500
Profit on sale of investments $33,911 $ --- $40,202 $ ---
Profit on sale of real-estate
owned...................... $33,075 $ --- $34,347 $ ---
Other non-interest income.... $23,180 $52,327 $68,618 $94,628
Total non-interest income.... $231,003 $163,573 $569,515 $406,128
Total non-interest expense... $487,574 $465,017 $1,454,655 $1,349,576
Income before income taxes... $413,310 $395,340 $1,123,648 $1,146,551
Income tax expense........... $137,240 $127,365 $369,720 $381,095
Net Income................... $276,070 $267,975 $753,928 $765,456
Basic earnings per share..... $0.19 $0.18 $0.51 $0.52
Diluted earnings per share... $0.18 $0.17 $0.49 $0.50
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