EXHIBIT 99
STATEFED FINANCIAL CORPORATION
519 Sixth Avenue
Des Moines, Iowa 50309
For Further Information Contact: FOR IMMEDIATE RELEASE
John F. Golden, Chairman of the Board Date: August 21, 2000
StateFed Financial Corporation
519 Sixth Avenue
Des Moines, Iowa 50309
Phone: (515) 282-0236
STATEFED FINANCIAL CORPORATION
REPORTS YEAR-END EARNINGS
Des Moines, Iowa (NASDAQ: "SFFC") -- StateFed Financial Corporation, the
parent company for State Federal Savings and Loan Association of Des Moines,
today announced record earnings for the fiscal year ended June 30, 2000. The
company reported net income of $1,140,751 for the fiscal year ended June 30,
2000 as compared to $1,018,290 for the same period in 1999, an increase of
$122,461, or 12.03%. The increase in net earnings for the fiscal year was
primarily due to an increase in net interest income of $339,975, partially
offset by a decrease in non-interest income of $89,068, an increase of $80,486
in non-interest expense, and an increase in income tax expense of $47,960. The
company also reported net income of $332,280 for the three- month period ended
June 30, 2000 as compared to $264,362 for the same period in 1999, an increase
of $67,918, or 25.7%. At June 30, 2000 the company had total assets of $100.7
million and total liabilities of $84.1 million, compared to total assets of
$90.8 million and total liabilities of $74.7 million at June 30, 1999.
State Federal Savings and Loan Association's capital continues to exceed
all regulatory requirements.
Continued
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STATEFED FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
JUNE 30, 2000 AND JUNE 30, 1999
(Unaudited) (Audited)
June 30, 2000 June 30, 1999
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ASSETS
Cash and amounts due from depository institutions $ 2,477,494 $ 8,481,216
Investments in certificates of deposit 495,692 884,300
Investment securities 2,231,274 1,944,374
Loans receivable, net 86,572,586 72,330,884
Real estate acquired for development 156,614 236,602
Real estate held for investment, net 2,175,785 2,645,245
Property acquired in settlement of loans 1,337,847 1,133,517
Office property and equipment, net 2,965,659 1,188,247
Federal Home Loan Bank stock, at cost 1,464,600 1,147,600
Accrued interest receivable 573,293 536,028
Prepaid expenses and other assets 233,937 295,695
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TOTAL ASSETS $100,684,781 $ 90,823,708
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LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits $ 53,648,118 $ 54,713,072
Advances from Federal Home Loan Bank 29,283,906 18,877,047
Advances from borrowers for taxes and insurance 353,744 337,371
Accrued interest payable 140,243 133,773
Dividends payable 113,220 114,300
Income taxes: current and deferred 373,698 324,643
Other liabilities 198,689 200,122
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TOTAL LIABILITIES $ 84,111,618 $ 74,700,328
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Stockholders' equity:
Common stock $ 8,905 $ 8,905
Additional paid-in capital 8,555,406 8,526,563
Unearned compensation - restricted stock awards (205,761) (271,290)
Unrealized gain (loss) on investments (201,284) 3,803
Treasury stock (2,362,921) (2,234,986)
Retained earnings - substantially restricted 10,778,818 10,090,385
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TOTAL STOCKHOLDERS' EQUITY $ 16,573,163 $ 16,123,380
------------ ------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $100,684,781 $ 90,823,708
============ ============
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<CAPTION>
STATEFED FINANCIAL CORPORATION
SELECTED CONSOLIDATED FINANCIAL DATA
(unaudited)
Three Months Three Months Fiscal Fiscal
Ended Ended Year End Year End
June 30 June 30 June 30 June 30
2000 1999 2000 1999
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<S> <C> <C> <C> <C>
OPERATIONS DATA
Total interest income................ $1,876,886 $1,637,050 $7,021,578 $6,695,402
Total interest expense............... $1,092,484 $ 972,286 $3,985,770 $3,999,569
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Net interest income.................. $ 784,402 $ 664,764 $3,035,808 $2,695,833
Provision for loan losses............ $ 9,000 $ 9,000 $ 36,000 $ 36,000
---------- ---------- ---------- ----------
Net interest income after
provision for loan losses..... $ 775,402 $ 655,764 $2,999,808 $2,659,833
Non-interest income:
Real estate operations............... $ 132,685 $ 139,155 $ 524,514 $ 565,503
Gain (loss) on sale of investments... $ -- $ 12,400 $ 1,941 $ 52,602
Gain on sale of real estate.......... $ 9,118 $ 19,488 $ 50,094 $ 53,835
Other non-interest income............ $ 28,526 $ 27,874 $ 107,534 $ 101,211
---------- ---------- ---------- ----------
Total non-interest income............ $ 170,329 $ 198,917 $ 684,083 $ 773,151
Total non-interest expense........... $ 482,211 $ 471,139 $2,006,280 $1,925,794
---------- ---------- ---------- ----------
Income before income taxes........... $ 463,520 $ 383,542 $1,677,611 $1,507,190
Income tax expense................... $ 131,240 $ 119,180 $ 536,860 $ 488,900
---------- ---------- ---------- ----------
Net Income........................... $ 332,280 $ 264,362 $1,140,751 $1,018,290
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Basic earnings per share............. $ 0.23 $ 0.18 $ 0.78 $ 0.68
Diluted earnings per share........... $ 0.22 $ 0.17 $ 0.76 $ 0.67
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