-----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, ATLiCcz+1MNOypbIy8EYLr37UgjEw937aucQ6SyvA9d6tYGlLKH0IrEvfFwmK+tr chKQbGuLji8rYhEKt3EL2g== 0000927797-05-000017.txt : 20050202 0000927797-05-000017.hdr.sgml : 20050202 20050202164449 ACCESSION NUMBER: 0000927797-05-000017 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050202 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050202 DATE AS OF CHANGE: 20050202 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: 05569907 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 ncbform8k_020205.txt FORM 8-K FEBRUARY 2, 2005 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): February 2, 2005 NORTH CENTRAL BANCSHARES, INC. (Exact name of registrant as specified in its charter) Iowa 0-27672 42-1449849 (State or other jurisdiction (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) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 2.02 Results of Operations and Financial Condition On February 2, 2005, North Central Bancshares, Inc. (the "Company") announced its earnings for the 2004 fiscal year and the commencement of a stock repurchase program. A copy of the press release dated February 2, 2005, describing the 2004 fiscal year earnings and the stock repurchase program is attached as Exhibit 99.1. Item 8.01 Other Events. See Item 2.02 above. Item 9.01 Financial Statements and Exhibits (c) The following exhibit is furnished with this Report: Exhibit No. Description ----------- ----------- 99.1 Press release issued by the Company on February 2, 2005. 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: February 2, 2005 EXHIBIT INDEX Exhibit No. Description - ----------- ----------- 99.1 Press Release dated February 2, 2005. EX-99 2 ncbform8k-exh991_020205.txt EXHIBIT 99.1 PRESS RELEASE DTD. FEBRUARY 2, 2005 Exhibit 99.1 Press Release PRESS RELEASE February 2, 2005 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 ANNUAL RESULTS FOR YEAR END 2004 AND STOCK REPURCHASE PROGRAM 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 $3.34 diluted earnings per share for the year ended December 31, 2004, compared to diluted earnings per share of $3.48 for the year ended December 31, 2003. The Company's net income was $5.40 million for the year ended December 31, 2004, as compared to $5.85 million for the year ended December 31, 2003. The Company's net income was $1.31 million, or diluted earnings per share of $0.83, for the fourth quarter of 2004, compared to net income of $1.32 million, or diluted earnings per share of $0.79, for the fourth quarter of 2003. Net interest income for the year ended December 31, 2004 was $13.5 million, compared to net interest income of $13.1 million for the year ended December 31, 2003. The increase in net interest income was due primarily to an increase in interest-earning assets, offset in part by a decrease in the net interest margin. The net interest spread of 2.95% for the year ended December 31, 2004 represented a decrease from the net interest spread of 3.01% for the year ended December 31, 2003. The net interest margin of 3.19% for the year ended December 31, 2004 represented a decrease from the net interest margin of 3.26% for the year ended December 31, 2003. The Company's provision for loan losses was $240,000 and $255,000 for the years ended December 31, 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. The Company's noninterest income was $6.0 million and $6.6 million for the years ended December 31, 2004 and 2003, respectively. The decrease in noninterest income was due in part to decreases in mortgage banking income, loan prepayment fees, and abstract fees, offset in part by increases in fees associated with checking accounts, including overdraft fees, and other income. -MORE- The Company's noninterest expense was $11.4 million and $10.9 million for the years ended December 31, 2004 and 2003, respectively. The increase in noninterest expense was due in part to increases in employee salary and benefits costs, expenses associated with the Bank's new branch offices in Ankeny and Clive, Iowa, an increase in costs associated with checking accounts, and a general increase in other noninterest expenses. The Company's provision for income taxes was $2.5 million and $2.7 million for the years ended December 31, 2004 and 2003, respectively. The decrease in the provision for income taxes was due to the decrease in the income before income taxes, 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. Total assets at December 31, 2004 were $462.7 million as compared to $424.0 million at December 31, 2003. The increase in assets consisted of an increase in loans, offset by a decrease in securities available-for-sale and cash and cash equivalents. Net loans increased by $44.4 million, or 12.2%, to $407.3 million at December 31, 2004 from $363.0 million at December 31, 2003. At December 31, 2004, net loans consisted of $184.3 million of one-to-four family real estate loans, $89.8 million of commercial real estate loans, $78.0 million of multi-family real estate loans, and $55.2 million of consumer loans. The increase in net loans was due primarily to the origination of one-to-four family real estate loans, the purchase of one-to-four family, multi-family, and commercial real estate loans, and the origination of second mortgage loans. These originations and purchases were offset in part by payments, prepayments, and sales of loans. Securities available-for-sale decreased $3.8 million, or 14.3%, to $23.1 million at December 31, 2004 from $27.0 million at December 31, 2003. The decrease in securities available-for-sale consisted primarily of a decrease in investment in mortgage-backed securities and an increase in unrealized loss on securities. Cash and cash equivalents decreased $2.1 million, or 21.0%, to $7.9 million at December 31, 2004 from $10.0 million at December 31, 2003. Deposits increased $32.4 million, or 11.4%, to $316.3 million at December 31, 2004 from $284.0 million at December 31, 2003. Other borrowed funds increased $6.0 million, or 6.3%, to $101.0 million at December 31, 2004 from $95.0 million at December 31, 2003. The increase in the deposits and borrowed funds were used primarily to fund loan growth. Nonperforming assets were 0.37% of total assets as of December 31, 2004 compared to 0.49% of total assets as of December 31, 2003. The allowance for loan losses was $3.2 million, or 0.77% of total loans, at December 31, 2004, compared to $3.2 million, or 0.86% of total loans, at December 31, 2003. Stockholders' equity was $41.5 million at December 31, 2004, compared to $41.6 million at December 31, 2003. Stockholders' equity decreased by $0.1 million primarily due to stock repurchases, declared dividends, and an increase in unrealized loss on securities available-for-sale, offset in part by earnings and the exercise of stock options. Book value, or stockholders' equity per share, at December 31, 2004 was $27.14 compared to $25.92 at December 31, 2003. The ratio of stockholders' equity to total assets was 9.0% at December 31, 2004, as compared to 9.8% at December 31, 2003. All stockholders of record on December 15, 2004, received a quarterly cash dividend of $0.25 per share on January 6, 2005. As of December 31, 2004, the Company had 1,530,530 shares of common stock outstanding. During the year ended December 31, 2004, the Company repurchased a total of 143,055 shares of common stock, or approximately 8.9% of its outstanding shares of common stock at prevailing market prices averaging $37.46 per share. The Company also announced that it will commence a new stock repurchase program. The program authorizes the Company to repurchase up to 6.53% or 100,000 shares of its 1,530,530 outstanding shares of common stock during the next twelve months. The repurchases will be made from time to time, in open market transactions, at the discretion of management. North Central Bancshares, Inc. 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. Statements included in this press release and in future filings by North Central Bancshares, Inc. with the Securities and Exchange Commission, in North Central Bancshares, Inc. press releases, and in oral statements made with the approval of an authorized executive officer, which are not historical or current facts, are "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, and are subject to certain risks and uncertainties that could cause actual results to differ materially from historical earnings and those presently anticipated or projected. North Central Bancshares, Inc. wishes to caution readers not to place undue reliance on such forward-looking statements, which speak only as of the date made. The following important factors, among others, in some cases have affected and in the future could affect North Central Bancshares, Inc.'s actual results, and could cause North Central Bancshares, Inc.'s actual financial performance to differ materially from that expressed in any forward-looking statement: (1) competitive pressures among depository and other financial institutions may increase significantly; (2) revenues may be lower than expected; (3) changes in the interest rate environment may reduce interest margins; (4) general economic conditions, either nationally or regionally, may be less favorable than expected, resulting in, among other things, a deterioration in credit quality and/or a reduced demand for credit; (5) legislative or regulatory changes, including changes in accounting standards, may adversely affect the business in which the Company is engaged; (6) competitors may have greater financial resources and developed products that enable such competitors to compete more successfully than the Company; and (7) adverse changes may occur in the securities markets or with respect to inflation. The foregoing list should not be construed as exhaustive, and North Central Bancshares, Inc. disclaims any obligation to subsequently revise any forward-looking statements to reflect events or circumstances after the date of such statements, or to reflect the occurrence of anticipated or unanticipated events. 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) December 31, 2004 December 31, 2003 ----------------- ----------------- Assets Cash and cash equivalents $ 7,918 $ 10,019 Securities available-for-sale 23,106 26,952 Loans (net of allowance of loan loss of $3,235 and $3,165, respectively) 407,316 362,959 Goodwill 4,971 4,971 Other assets 19,424 19,108 ---------- ---------- Total Assets $ 462,735 $ 424,009 ========== ========== Liabilities Deposits $ 316,334 $ 283,964 Other borrowed funds 100,975 95,005 Other liabilities 3,892 3,448 ---------- ---------- Total Liabilities 421,201 382,417 Stockholders' Equity 41,534 41,592 ---------- ---------- Total Liabilities and Stockholders' Equity $ 462,735 $ 424,009 ========== ========== Stockholders' equity to total assets 8.98% 9.81% ========== ========== Book value per share $ 27.14 $ 25.92 ========== ========== Total shares outstanding 1,530,530 1,604,780 ========== ==========
Condensed Consolidated Statements of Income (Unaudited) (Dollars in Thousands, except per share data)
For the Three Months For the Years Ended December 31, Ended December 31, 2004 2003 2004 2003 ------------------------------------------------------------------------- Interest income $ 6,319 $ 6,146 $24,838 $25,456 Interest expense 2,888 2,969 11,367 12,342 ------- ------- ------- ------- Net interest income 3,431 3,177 13,471 13,114 Provision for loan loss 55 60 240 255 ------- ------- ------- ------- Net interest income after provision for loan loss 3,376 3,117 13,231 12,859 Noninterest income 1,464 1,714 6,033 6,570 Noninterest expense 2,958 2,888 11,369 10,860 ------- ------- ------- ------- Income before income taxes 1,882 1,943 7,895 8,569 Income taxes 573 619 2,496 2,721 ------- ------- ------- ------- Net income $ 1,309 $ 1,324 $ 5,399 $ 5,848 ======= ======= ======= ======= Basic earnings per share $ 0.85 $ 0.83 $ 3.47 $ 3.69 ======= ======= ======= ======= Diluted earnings per share $ 0.83 $ 0.79 $ 3.34 $ 3.48 ======= ======= ======= =======
For the Three Months For the Years Selected Financial Ratios Ended December 31, Ended December 31, 2004 2003 2004 2003 ---------------------------------------------------------------------- Performance ratios Net interest spread 2.94% 2.91% 2.95% 3.01% Net interest margin 3.16% 3.14% 3.19% 3.26% Return on average assets 1.14% 1.24% 1.21% 1.38% Return on average equity 12.57% 12.83% 12.97% 14.65% Efficiency ratio (noninterest expense divided by the sum of net interest income before provision for loan losses plus noninterest income) 60.43% 59.05% 58.29% 55.17%
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