-----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, P+72R737btlCLe7AvwEKM0f11dkciIO6rEqjywrgvBFi/Zsas5Bi+M56c8A1glN3 p2KGIXzk6uJVsS8vONfKsw== 0000927797-04-000200.txt : 20040728 0000927797-04-000200.hdr.sgml : 20040728 20040727103414 ACCESSION NUMBER: 0000927797-04-000200 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040726 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040727 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: 04932431 BUSINESS ADDRESS: STREET 1: 825 CENTRAL AVE STREET 2: C/O FIRST FED SAVINGS BANK OF FT DODGE CITY: FORT DODGE STATE: IA ZIP: 50501 BUSINESS PHONE: 5155767531 MAIL ADDRESS: STREET 1: 825 CENTRAL AVENUE CITY: FORT DODGE STATE: IA ZIP: 50501 8-K 1 ncb8k_july26-2004.txt FORM 8-K JULY 26, 2004 UNITED STATES 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 26, 2004 NORTH CENTRAL BANCSHARES, INC. (Exact name of registrant as specified in its charter) Iowa 0-27672 42-1449849 (State or other jurisdiction of (Commission (IRS Employer of incorporation) File Number) Identification No.) c/o First Federal Savings Bank of Iowa, 825 Central Avenue, Fort Dodge, Iowa 50501 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (515) 576-7531 Not Applicable (Former name or former address, if changed since last report) Item 1-6. Not applicable. Item 7. Financial Statements, Pro Forma Financial Information and Exhibits (c) The following exhibits are filed with this Report: Exhibit No. Description ----------- ----------- 99.1 Press release issued by North Central Bancshares, Inc. (the "Company") on July 26, 2004, furnished in accordance with Item 12 of this Current Report on Form 8-K. Item 8-11. Not applicable. Item 12. Results of Operations and Financial Condition On July 26, 2004, the Company announced its earnings for the second quarter of the 2004 fiscal year. A copy of the press release dated July 26, 2004, describing second quarter earnings is attached at Exhibit 99.1. This information and Exhibit 99.1 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. 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 hereunto duly authorized. NORTH CENTRAL BANCSHARES, INC. By: /s/ David M. Bradley -------------------- Name: David M. Bradley Title: Chairman, President and Chief Executive Officer Date: July 26, 2004 EXHIBIT INDEX Exhibit No. Description - ------- --- ----------- 99.1 Press Release dated July 26, 2004. EX-99 2 ncb8kexh_991july26-2004.txt EXHIBIT 99.1 PRESS RELEASE DTD 07-26-04 Exhibit 99.1 Press Release PRESS RELEASE July 26, 2004 For further information contact: David M. Bradley Chairman, President and Chief Executive Officer North Central Bancshares, Inc. 825 Central Avenue Fort Dodge, Iowa 50501 515-576-7531 NORTH CENTRAL BANCSHARES, INC. ANNOUNCES EARNINGS FOR SECOND QUARTER ENDED JUNE 30, 2004 Fort Dodge, Iowa -- North Central Bancshares, Inc. (the "Company") (Nasdaq: FFFD), the holding company for First Federal Savings Bank of Iowa (the "Bank"), announced today that the Company earned $0.91 diluted earnings per share for the quarter ended June 30, 2004, compared to diluted earnings per share of $0.92 for the quarter ended June 30, 2003. In dollars, the Company's net income was $1,481,000 for the quarter ended June 30, 2004, as compared to $1,528,000 for the quarter ended June 30, 2003. Net income decreased primarily due to an increase in operating expenses and a decrease in noninterest income, offset in part by a slight increase in net interest income and a decrease in income tax expense. (See below.) The Company earned $1.64 diluted earnings per share for the six months ended June 30, 2004, compared to diluted earnings per shares of $1.80 for the six months ended June 30, 2003. In dollars, the Company's net income was $2.7 million for the six months ended June 30, 2004, as compared to $3.0 million for the six months ended June, 30, 2003. Net income decreased primarily due to an increase in operating expenses, offset in part by a decrease in income tax expense. (See below.) Total assets at June 30, 2004 were $450.2 million as compared to $424.0 million at December 31, 2003. The increase in assets consisted primarily of an increase in loans. Loans increased by $29.6 million, or 8.1%, to $392.5 million at June 30, 2004 from $363.0 million at December 31, 2003. At June 30, 2004, net loans consisted of $173.8 million of one-to-four family loans, $79.2 million of multifamily real estate loans, $86.0 million of commercial real estate loans and $53.5 million of consumer loans. The increase in net loans consisted of an increase of $17.1 million in commercial real estate loans, an increase of $9.7 million in multifamily real estate loans, an increase of $2.4 million in one-to-four family loans and an increase of $436,000 in consumer loans. The increase in loans was due primarily to the origination of one-to-four family loans and multifamily loans, the purchase of multifamily and commercial real estate loans and the origination of second mortgage loans. These originations and purchases were offset in part by payments, loan prepayments and sales of loans. Deposits increased $18.6 million, or 6.5%, to $302.5 million at June 30, 2004 from $284.0 million at December 31, 2003. The increase in deposits is due primarily to increases in deposits at the Clive, Iowa and Ankeny, Iowa offices, which opened at their permanent location in March, 2004 and February, 2003, respectively. Other borrowed funds increased $7.5 million, or 7.9%, to $102.5 million at June 30, 2004 from $95.0 million at December 31, 2003. The increase in the deposits and borrowed funds were used to fund loans. Nonperforming assets were 0.38% of total assets as of June 30, 2004 compared to 0.49% of total assets as of December 31, 2003. The allowance for loan losses was $3.2 million, or 0.81% of total loans, at June 30, 2004, compared to $3.2 million, or 0.86% of total loans, at December 31, 2003. -MORE- The net interest spread of 2.96% for the quarter ended June 30, 2004 represented a decrease from the net interest spread of 3.00% for the quarter ended June 30, 2003. The net interest margin of 3.20% for the quarter ended June 30, 2004 represented a decrease from the net interest margin of 3.26% for the quarter ended June 30, 2003. Net interest income for the quarter ended June 30, 2004 was $3,360,000, compared to net interest income of $3,304,000 for the quarter ended June 30, 2003. The net interest spread of 2.97% for the six months ended June 30, 2004 represented a decrease from the net interest spread of 3.06% for the six months ended June 30, 2003. The net interest margin of 3.22% for the six months ended June 30, 2004 represented a decrease from the net interest margin of 3.33% for the six months ended June 30, 2003. Net interest income for the six months ended June 30, 2004 was $6,643,000, compared to net interest income of $6,651,000 for the six months ended June 30, 2003. The Company's provision for loan losses was $50,000 and $60,000 for the quarters ended June 30, 2004 and 2003, respectively. The Company 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 collectibility of the Bank's loan portfolio. These factors include prior loss experience, industry standards, past due loans, economic conditions, the volume and type of loans in the Bank's portfolio, which includes a significant amount of multi-family and commercial real estate loans, substantially all of which are purchased and are collateralized by properties located outside of the Bank's market area, and other factors related to the collectibility of the Bank's loan portfolio. Stockholders' equity was $41.2 million at June 30, 2004, compared to $41.6 million at December 31, 2003. Stockholders' equity decreased by $372,000 primarily due to stock repurchases, declared dividends and increases in the accumulated other comprehensive losses, offset in part by earnings and the exercise of stock options. Book value, or stockholders' equity per share, at June 30, 2004 was $26.38 compared to $25.92 at December 31, 2003. The ratio of stockholders' equity to total assets was 9.2% at June 30, 2004, as compared to 9.8% at December 31, 2003. All stockholders of record on June 15, 2004, received a quarterly cash dividend of $0.25 per share on July 6, 2004. The Company has 1,562,780 shares of common stock currently outstanding. During the quarter ended June 30, 2004, the Company repurchased a total of 24,000 shares or approximately 1.5% of its outstanding shares of common stock at prevailing market prices averaging $38.23 per share. Since its formation in 1996, the Company has invested a total of $50.0 million in the repurchase of 2,677,272 shares of its outstanding stock. The Company's noninterest income was $1,632,000 and $1,699,000 for the three months ended June 30, 2004 and 2003, respectively. The decrease in noninterest income was due in part to decreases in mortgage banking income and abstract fees, offset in part by increases in fees associated with checking accounts, including overdraft fees, increases in loan prepayment fees, increases in foreclosed real estate income, offset in part by decreases in revenues from the sale of annuities and mutual funds and decreases from the sale of insurance. The Company's noninterest income was $3,064,000 and $3,092,000 for the six months ended June 30, 2004 and 2003, respectively. The decrease in noninterest income was due in part to decreases in mortgage banking income and abstract fees, offset in part by increases in fees associated with checking accounts, including overdraft fees, increases in loan prepayment fees, increases in foreclosed real estate income, an increase in rent income due to the opening of a second multifamily apartment building in March, 2003, increases in revenues from the sale of annuities and mutual funds and increases from the sale of insurance. -MORE- The Company's noninterest expense was $2,753,000 and $2,654,000 for the three months ended June 30, 2004 and 2003, respectively. The increase in noninterest expense was due in part to expenses in connection with the Bank's new branch office in Clive, Iowa, increases in employee benefits costs, normal salary increases and a general increase in other noninterest expenses, offset in part by a decrease in the Company's employee stock ownership plan costs. The Company's noninterest expense was $5.6 million and $5.2 million for the six months ended June 30, 2004 and 2003, respectively. The increase in noninterest expense was due in part to expenses in connection with the Bank's branch offices in Ankeny and Clive, Iowa, increases in employee benefits costs, normal salary increases, an increase in apartment operating costs due to the opening of a second multifamily apartment building in March, 2003 and a general increase in other noninterest expenses. The Company's provision for income taxes was $708,000 and $762,000 for the three months ended June 30, 2004 and 2003, respectively. The decrease in the provision for income taxes was due to the decrease in the income before income taxes and an increase in recurring low income federal tax credit. The Company's provision for income taxes was $1.3 million and $1.4 million for the six months ended June 30, 2004 and 2003, respectively. The decrease in the provision for income taxes was due to the decrease in the income before income taxes and an increase in recurring low income federal tax credit, offset in part by a one time low-income housing Iowa income tax credit with an effect on net income of approximately $110,000 that was recorded in 2003. The Company serves north central and southeastern Iowa at ten full service locations in Fort Dodge, Nevada, Ames, Perry, Ankeny, Clive, Burlington and Mount Pleasant, Iowa through its wholly-owned subsidiary, First Federal Savings Bank of Iowa, headquartered in Fort Dodge, Iowa. The Bank's deposits are insured by the Federal Deposit Insurance Corporation up to the full extent permitted by law. The Company's stock is traded on The Nasdaq National Market under the symbol "FFFD". Statements contained in this news release, which are not historical facts, contain forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risk and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, factors discussed in documents filed by the Company with the Securities and Exchange Commission from time to time. The Company or the Bank does not undertake to update any forward looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company or the Bank. For more information contact: David M. Bradley, President and Chief Executive Officer, 515-576-7531 FINANCIAL HIGHLIGHTS OF NORTH CENTRAL BANCSHARES, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Financial Condition
(Unaudited) (Dollars in Thousands, except per share and share data) June 30, 2004 December 31, 2003 ------------- ----------------- Assets Cash and cash equivalents $ 8,502 $ 10,019 Securities available-for-sale 24,693 26,952 Loans (net of allowance of loan loss of $3,231 and $3,165, respectively) 392,536 362,959 Goodwill 4,971 4,971 Other assets 19,527 19,108 ---------- ---------- Total Assets $ 450,229 $ 424,009 ========== ========== Liabilities Deposits $ 302,532 $ 283,964 Other borrowed funds 102,488 95,005 Other liabilities 3,989 3,448 ---------- ---------- Total Liabilities 409,009 382,417 Stockholders' Equity 41,220 41,592 ---------- ---------- Total Liabilities and Stockholders' Equity $ 450,229 $ 424,009 ========== ========== Stockholders' equity to total assets 9.16% 9.81% ========== ========== Book value per share $ 26.38 $ 25.92 ========== ========== Total shares outstanding 1,562,780 1,604,780 ========== ==========
Condensed Consolidated Statements of Income (Unaudited) (Dollars in Thousands, except per share data)
For the Three Months For the Six Months Ended June 30, Ended June 30, 2004 2003 2004 2003 ------------------------------------------------- Interest income $ 6,163 $ 6,441 $12,263 $12,967 Interest expense 2,803 3,137 5,620 6,316 ------- ------- ------- ------- Net interest income 3,360 3,304 6,643 6,651 Provision for loan loss 50 60 110 120 ------- ------- ------- ------- Net interest income after provision for loan loss 3,310 3,244 6,533 6,531 Noninterest income 1,632 1,699 3,064 3,092 Noninterest expense 2,753 2,654 5,616 5,212 ------- ------- ------- ------- Income before income taxes 2,189 2,289 3,981 4,411 Income taxes 708 761 1,283 1,381 ------- ------- ------- ------- Net income $ 1,481 $ 1,528 $ 2,698 $ 3,030 ======= ======= ======= ======= Basic earnings per share $ 0.95 $ 0.97 $ 1.72 $ 1.91 ======= ======= ======= ======= Diluted earnings per share $ 0.91 $ 0.92 $ 1.64 $ 1.80 ======= ======= ======= =======
Selected Financial Ratios For the Three Months For the Six Months Ended June 30, Ended June 30, 2004 2003 2004 2003 ---------------------------------------------------- Performance ratios Net interest spread 2.96% 3.00% 2.97% 3.06% Net interest margin 3.20% 3.26% 3.22% 3.33% Return on average assets 1.34% 1.43% 1.24% 1.44% Return on average equity 14.30% 15.62% 12.96% 15.53% Efficiency ratio (noninterest expense divided by the sum of net interest income before provision for loan losses plus noninterest income) 55.14% 53.05% 57.85% 53.49%
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