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)
May 5, 2000
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 May 5, 2000, the Registrant issued the attached press release.
Items 7. Financial Statements and Exhibits
(a) Exhibit
99 Press release, dated May 5, 2000.
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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 11, 2000 By: /s/ John F. Golden
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John F. Golden
Chief Executive Officer
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EXHIBIT 99
Further Information Contact: For Immediate Release
John F. Golden, President and CEO May 5, 2000
StateFed Financial Corporation
519 Sixth Avenue
Des Moines, Iowa 50309
Phone: (515) 282-0236
STATEFED FINANCIAL CORPORATION
ANNOUNCES 3RD QUARTER EARNINGS AND ANNUAL MEETING DATE
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,
2000. For the three month period ended March 31, 2000, the company reported net
income of $307,854 as compared to $276,070 for the same period in 1999, an
increase of $31,784. The increase in net earnings was primarily due to an
increase in net interest income of $97,788, offset by a decrease in non-interest
income of $41,241, an increase in non-interest expense of $7,763, and an
increase in income tax expense of $17,000.
For the nine month period ended March 31, 2000, the company reported
net income of $808,471 as compared to $753,928 for the same period in 1999, an
increase of $54,543. The increase in net earnings was primarily due to an
increase in net interest income of $215,618, offset by a decrease in
non-interest income of $55,761, and an increase in total non-interest expense of
$69,414, and an increase in income tax expense of $35,900.
The book value of StateFed Financial Corporation increased to $10.81
per share at March 31, 2000. Earnings per share for the third quarter ended
March 31, 2000 were 21 cents per share, while the earnings per share for the
third quarter ended March 3l, 1999 were 18 cents per share. For the nine month
period ending March 31, 2000 the earnings per share were 54 cents per share as
compared to 49 cents per share during the same nine month period in 1999.
The annual meeting of shareholders will be held at 2:00 p.m. on
Wednesday, October 25, 2000, at the corporate office at 13523 University Avenue,
Clive, Iowa.
Continued
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STATEFED FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
March 31, 2000 and June 30, 1999
ASSETS (Unaudited)
March 31, 2000 June 30, 1999
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Cash and amounts due from depository institutions $ 820,373 $ 8,481,216
Investments in certificates of deposit $ 685,000 $ 884,300
Investment securities $ 2,214,611 $ 1,944,374
Loans receivable, net $ 82,496,102 $ 72,330,884
Real estate acquired for development $ 195,292 $ 236,602
Real estate held for investment, net $ 3,406,130 $ 2,645,245
Property acquired in settlement of loans $ 1,223,792 $ 1,133,517
Office property and equipment, net $ 1,144,493 $ 1,188,247
Federal Home Loan Bank stock, at cost $ 1,147,600 $ 1,147,600
Accrued interest receivable $ 539,012 $ 536,028
Other assets $ 255,962 $ 295,695
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TOTAL ASSETS $ 94,128,367 $ 90,823,708
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LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits $ 54,206,305 $ 54,713,072
Advances from Federal Home Loan Bank $ 22,807,705 $ 18,877,047
Advances from borrowers for taxes and insurance $ 281 $ 337,371
Accrued interest payable $ 71,390 $ 133,773
Dividends payable $ 113,145 $ 114,300
Income taxes: current and deferred $ 361,848 $ 324,643
Other liabilities $ 262,799 $ 200,123
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TOTAL LIABILITIES $ 77,823,473 $ 74,700,329
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Stockholders' equity:
Common stock $ 8,905 $ 8,905
Additional paid-in capital $ 8,548,442 $ 8,526,563
Unearned compensation - restricted stock awards $ (221,786) $ (271,290)
Unrealized gain (loss) on investments $ (218,797) $ 3,803
Treasury stock $ (2,371,629) $ (2,234,986)
Retained earnings - substantially restricted $ 10,559,759 $ 10,090,384
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TOTAL STOCKHOLDERS' EQUITY $ 16,304,894 $ 16,123,379
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 94,128,367 $ 90,823,708
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Three Months Ended Nine Months Ended
March 31 March 31
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2000 1999 2000 1999
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OPERATIONS DATA
Total interest income $1,751,608 $1,664,085 $5,144,692 $5,063,071
Total interest expense $ 974,939 $ 985,204 $2,893,286 $3,027,283
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Net interest income $ 776,669 $ 678,881 $2,251,406 $2,035,788
Provision for loan losses $ 9,000 $ 9,000 $ 27,000 $ 27,000
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Net interest income after
provision for loan losses $ 767,669 $ 669,881 $2,224,406 $2,008,788
Non-interest income:
Real estate operations $ 127,418 $ 140,837 $ 391,829 $ 426,348
Other non-interest income $ 62,344 $ 90,166 $ 121,925 $ 143,167
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Total non-interest income $ 189,762 $ 231,003 $ 513,754 $ 569,515
Total non-interest expense $ 495,337 $ 487,574 $1,524,069 $1,454,655
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Income before income taxes $ 462,094 $ 413,310 $1,214,091 $1,123,648
Income tax expense $ 154,240 $ 137,240 $ 405,620 $ 369,720
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Net Income $ 307,854 $ 276,070 $ 808,471 $ 753,928
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Basic earnings per share $0.21 $0.19 $0.55 $0.51
Diluted earnings per share $0.21 $0.18 $0.54 $0.49
