-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, O5D75Y0YuTVrU79s5Em14VP7wTGxVwLM2x5uKZ0d9d0dXJzgefSH7bIV3yimIYwv WbCRDzSOTJDiG1gB5lVfZg== 0000882377-96-000101.txt : 19960731 0000882377-96-000101.hdr.sgml : 19960731 ACCESSION NUMBER: 0000882377-96-000101 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960723 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19960730 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: NORTH CENTRAL BANCSHARES INC CENTRAL INDEX KEY: 0001005188 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 421449849 STATE OF INCORPORATION: IA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-27672 FILM NUMBER: 96601317 BUSINESS ADDRESS: STREET 1: 825 CENTRAL AVE STREET 2: C/O FIRST FED SAVINGS BANK OF FT DODGE CITY: FORT DODGE STATE: I0 ZIP: 50501 BUSINESS PHONE: 5155767531 MAIL ADDRESS: STREET 1: 825 CENTRAL AVENUE CITY: FORT DODGE STATE: IA ZIP: 50501 8-K 1 NORTH CENTRAL BANCSHARES, INC. 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): July 23, 1996 NORTH CENTRAL BANCSHARES, INC. 825 CENTRAL AVENUE FORT DODGE, IOWA 50501 (Exact name of registrant as specified in its charter) (Address of principal executive offices) IOWA 0-27672 42-1449849 ---- ------- ---------- (State or other jurisdiction (Commission file (I.R.S. Employer of incorporation) Number) Identification No.) Registrant's telephone number, including area code: 515-576-7531 NOT APPLICABLE (Former name or former address, if changes since last report) 1 Item 5. Other Events On July 23, 1996, North Central Bancshares, Inc. (the "Company") issued limited financial information for the three and six months ended June 30, 1996. A press release, issued on July 23, 1996, detailing the foregoing is attached hereto as Exhibit 99 and is incorporated herein by reference. Item 7. Financial Statements and Exhibits The following Exhibit is filed as part of this report: Exhibit 99: Press Release 2 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized. NORTH CENTRAL BANCSHARES, INC. Date: July 23, 1996 By: /S/ JOHN L. PIERSCHBACHER ----------------------------- John L. Pierschbacher, CPA Principal Financial Officer 3 EX-99 2 PRESS RELEASE EXHIBIT 99 4 FOR IMMEDIATE RELEASE July 23, 1996 Contact: David M. Bradley, President & Chief Executive Officer North Central Bancshares, Inc. Phone: (515) 576-7531 NORTH CENTRAL BANCSHARES, INC. ANNOUNCES EARNINGS (NASDAQ: FFFD) FORT DODGE, IOWA -- David M. Bradley, President of North Central Bancshares, Inc., (the "Company") the holding company for First Federal Savings Bank of Fort Dodge (the "Bank"), announced today that the Company earned $1,006,000 or $0.26 per share during the second quarter of 1996, compared to $620,000 or $0.16 per share during the second quarter of 1995, an increase of $386,000 or 62.3%. For the six months ended June 30, 1996 the net earnings were $1,662,000 or $0.43 per share, as compared to $1,168,000 or $0.30 per share for the corresponding period a year ago, an increase of $494,000 or 42.3%. "We are pleased with our second quarter earnings and year-to-date performance. Noninterest income continues to be a strong component of our earnings stream. The second quarter was our first full quarter as a stock holding company," said Bradley. On March 20, 1996, First Federal Savings Bank completed a reorganization from a mutual holding company form of organization to a stock holding company form of organization. Pursuant to this transaction, the Bank became a wholly-owned subsidiary of North Central Bancshares, Inc. and the Company replaced the Bank as the issuer listed by The Nasdaq Stock Market. In addition to the exchange of the Bank's common stock for 1,385,590 shares of the Company's stock, the Company sold an additional 2,625,467 shares of stock in a subscription offering. This stock offering resulted in net proceeds for the Company of $25.4 million. Total assets at June 30, 1996 amount to $194.3 million compared to $179.9 at December 31, 1995. The primary reason for the $14.4 million or 8.0% increase in total assets was the $25.4 million in net proceeds received from the stock offering, net of the decrease in borrowed funds. MORE.... 5 Cash and cash equivalents increased $2.7 million or 88.1%, securities increased $3.6 million, or 15.2%, and net loans increased $8.0 million, or 5.4% from December 31, 1995. Deposits increased $2.3 million, or 1.9%. and other borrowed funds decreased by $14.1 million, or 64.1% from December 31, 1995. Nonperforming assets were 0.21% of total assets as of June 30, 1996 compared to 0.13% as of March 31, 1996 and .17% as of December 31, 1995. The allowance for loan losses increased to $1.9 million or 1.16% of total loans at June 30, 1996, compared to $1.7 million or 1.15% of total loans at December 31, 1995. The net interest margin for the quarter ended June 30, 1996 was 4.57% compared to 3.59% for the same quarter in 1995. Net interest income for the quarter ending June 30, 1996 was $2.1 million, an increase of 48.1% from $1.4 million for the corresponding period a year ago. Interest income for the quarter ended June 30, 1996 increased $540,000, or 16.9%, compared with the corresponding period in 1995, due primarily to increased average balances of interest-earning assets. Interest expense decreased $151,000 or 8.5%, when comparing the second quarter of 1996 with the corresponding period of 1995. The decrease in interest expense was due primarily to decreased average balances of borrowed funds. The Bank's provision for loan losses decreased $55,000, to $60,000, for the three months ended June 30, 1996 from $115,000 for the corresponding period of the prior year. The Bank establishes provisions for loan losses, which are charged to operations, in order to maintain the allowance for loan losses at a level which is deemed to be appropriate based upon an assessment of prior conditions, the volume and type of loans in the Bank's portfolio, and other factors related to the collectiblity of the Bank's loan portfolio. Noninterest income, excluding the gain on sale of securities available for sale, increased $92,000 or 23.5% and noninterest expense increased $47,000 or 5.2%, in the second quarter of 1996 compared to the corresponding period of 1995. Noninterest income, excluding the gain on sale of securities available for sale, increased $164,000 or 22.5%, and noninterest expense increased $244,000 or 13.6%, for the six months ended June 30, 1996 as compared to the corresponding period of 1995. Book value, or stockholders' equity, per share at June 30, 1996 was $13.90 and stockholders' equity to total assets was 28.7%. Stockholders' equity was $55.7 million at June 30, 1996 compared to $29.9 million at December 31, 1995. The ratio of stockholders' equity to total assets was 16.6% as of December 31, 1995. North Central Bancshares, Inc. serves north central Iowa at 4 full service locations in Fort Dodge, Nevada and Ames, Iowa through its wholly-owned subsidiary, First Federal Savings Bank of Fort Dodge, headquartered in Fort Dodge, Iowa. The Bank's deposits are insured by the Federal Deposit Insurance Corporation. The Company's stock is traded on The Nasdaq National Market under the symbol "FFFD". 6 FINANCIAL HIGHLIGHTS OF NORTH CENTER BANCSHARES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Financial Condition (DOLLARS IN THOUSANDS, EXCEPT PER SHARE AND SHARE DATA) JUNE 30, 1996 December 31, 1995 --------------- ----------------- Assets Cash and cash equivalents $5,778 $3,071 Securities available for sale 16,923 7,799 Securities held to maturity (Market value $10.6 million and 10,499 15,995 $16.2 million, respectively) Loans (net of allowance of loan loss of $1.9 million and $1.7 155,857 147,872 million, respectively) Other assets 5,226 5,193 ----------------- ----------------- Total Assets $194,283 $179,930 ================= ================= Liabilities $129,021 $126,672 Other borrowed funds 7,872 21,940 Other liabilities 1,654 1,418 ----------------- ----------------- Total Liabilities 138,547 150,030 Stockholders' Equity 55,736 29,900 ----------------- ----------------- Total Liabilities and Stockholders' Equity $194,283 $179,930 ================= ================= Stockholders' equity to total assets 28.69% 16.62% ================= ================= Book value per share $13.90 $7.45 ================= ================= Total shares outstanding 4,011,057 4,011,057 ================= =================
Condensed Consolidated Statements of Income (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA For the Three Months For the Six Months Ended June 30, Ended June 30, 1996 1995 1996 1995 ------ ------ ------ ----- Interest income $3,734 $3,194 $7,312 $6,248 Interest expense 1,607 1,758 3,444 3,374 --------------- --------------- ---------------- ----------------- Net interest income 2,127 1,436 3,868 2,874 Provision for loan loss 60 115 120 130 --------------- --------------- ---------------- ----------------- Net interest income after provision for loan 2,067 1,321 3,748 2,744 loss Noninterest income 482 390 890 727 Gain on the sale of securities available for sale -- 182 14 182 Noninterest expense 965 917 2,041 1,797 --------------- --------------- ---------------- ----------------- Income before income taxes 1,584 976 2,611 1,856 Income taxes 578 356 949 688 --------------- --------------- ---------------- ----------------- Net income $1,006 $620 $1,662 $1,168 =============== =============== ================ ================= Earnings per share $0.26 $0.16 $0.43 $0.30 =============== =============== ================ =================
Selected Financial Ratios For the Three Months For the Six Months For the Year Ended June 30, Ended June 30, Ended 1996 1995 1996 1995 DECEMBER 31, 1995 ------ ------ ------ ------ ----------------- Performance ratios: Net interest spread 3.06% 2.59% 3.00% 2.64% 2.75% Net interest margin 4.57% 3.52% 4.24% 3.56% 3.66% Return on Average assets 2.11% 1.49% 1.78% 1.41% 1.48% Return on average equity 7.26% 8.72% 7.51% 8.25% 8.78% Efficiency ratio (noninterest expense divided by the sum of net interest income before provision for loan losses plus noninterest income) 36.98% 45.68% 42.76% 47.49% 46.48%
JUNE 30, 1996 MARCH 31, 1996 DECEMBER 31, 1995 ------------- -------------- ----------------- Asset Quality Ratios: Nonaccrual loans to total net loans 0.14% 0.13% 0.12% Nonperforming assets to total assets 0.21% 0.13% 0.17% Allowance for loan losses as a percent of total loans 1.16% 1.17% 1.15% receivable
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