-----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, P2hf6ViJ3kAKddk5g8BgrBGW+MFkao5+dzvi8ls9zibWmcvKrSSND4aO1F1Tyr2/ ZegIXX642jEoaIvn7WBJTQ== 0001104659-03-006991.txt : 20030422 0001104659-03-006991.hdr.sgml : 20030422 20030422171811 ACCESSION NUMBER: 0001104659-03-006991 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20030421 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030422 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MID-STATE BANCSHARES CENTRAL INDEX KEY: 0001027324 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 770442667 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-23925 FILM NUMBER: 03658784 BUSINESS ADDRESS: STREET 1: 1026 GRAND AVE CITY: ARROYO GRANDE STATE: CA ZIP: 93420 BUSINESS PHONE: 8054737700 MAIL ADDRESS: STREET 1: 1026 GRAND AVE CITY: ARROYO GRANDE STATE: CA ZIP: 93420 FORMER COMPANY: FORMER CONFORMED NAME: BSM BANCORP DATE OF NAME CHANGE: 19961121 FORMER COMPANY: FORMER CONFORMED NAME: MID STATE BANCSHARES DATE OF NAME CHANGE: 19980820 8-K 1 j9722_8k.htm 8-K

 

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):  April 21, 2003

 

 

MID-STATE BANCSHARES

(Name of Small Business Issuer in its Charter)

 

California

 

000-23925

 

77-0442667

(State or Other  Jurisdiction of
Incorporation or Organization)

 

(File Number)

 

(I.R.S. Employer Identification No.)

 

 

 

 

 

1026 Grand Ave. Arroyo Grande, CA

 

93420

 

 

(Address of Principal Executive Offices)

 

(Zip Code)

 

 

 

 

 

 

 

Registrant’s Telephone Number, including area code:   (805) 473-7700

 

 

 

Item 7.                                                           EXHIBITS

 

Exhibit No.

 

Description

 

 

 

99

 

Press Release of April 21, 2003

 

 

 

Item 9.                                                           REGULATION FD DISCLOSURE (Information being provided under Item 12 of Form 8-K)

 

On April 21, 2003, Mid-State Bancshares reported net income of $7.4 million for the three months ended March 31, 2003, a 7.9% increase over the comparable 2002 period’s earnings of $6.9 million. Diluted earnings per share were $0.30 for the first quarter of 2003 compared to $0.28 in the 2002 period.

 

Please refer to the Press Release dated April 21, 2003, attached hereto and made a part hereof.

 

2

 

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.

 

 

Date:

April 21, 2003

 

MID-STATE BANCSHARES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

By:

/s/ JAMES W. LOKEY

 

 

 

 

 

James W. Lokey

 

 

 

 

 

President

 

 

 

 

 

Chief Executive Officer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

By:

/s/ JAMES G. STATHOS

 

 

 

 

 

James G. Stathos

 

 

 

 

 

Executive Vice President

 

 

 

 

 

Chief Financial Officer

 

 

 

 

 

 

 

 

3

 

EXHIBIT INDEX

 

Exhibit No.

 

Description

 

 

 

 

 

 

 

99

 

Press Release announcing Mid-State Bancshares Operating Results for the First Quarter 2003

 

 

 

 

4

 EX-99 3 j9722_ex99.htm EX-99

Exhibit 99

 

 

News Release

Date:  April 21, 2003

 

Phone Number:  805/473-6803

Contact:  James G. Stathos

 

NASDAQ Symbol:  “MDST”

Title:  Chief Financial Officer

 

Website: www.midstatebank.com

 

 

MID-STATE REPORTS 7.9% EARNINGS INCREASE

 

Arroyo Grande, California - Mid-State Bancshares (the Company), the holding company for Mid-State Bank & Trust (the Bank), reported net income of $7.4 million for the three months ended March 31, 2003, a 7.9% increase over the comparable 2002 period’s earnings of $6.9 million.  Diluted earnings per share were $0.30 for the first quarter of 2003 compared to $0.28 in the 2002 period.

 

 “We are again pleased with the Company’s results achieved in these uncertain economic times,” noted Mr. James W. Lokey, President and Chief Executive Officer.  “We believe our solid performance helps explain the 33% rise in the value of Mid-State stock over the past three years at a time when the general market, as measured by the S&P 500, is down over 43%.  We continue to focus, as we have for 40 years, on what we do best – being a premier performing, super community bank.”

 

James G. Stathos, Executive Vice President and Chief Financial Officer added that “in facing flat net interest income in the current low interest rate environment, we have focused our attention on expanding the fees generated from our mortgage banking operation to take advantage of the current refinancing activity.  We are now seeing the success of this effort with a $921 thousand increase in the gain on sale of mortgage loans over the comparable quarter.”

 

Total assets of the Company were up 5.5% from $1.873 billion one year earlier to $1.977 billion at March 31, 2003.  This growth was fueled by an increase in deposits of 5.9% to $1.702 billion, up from $1.607 billion one year earlier.  The growth in deposits was centered in core deposits.  While Time Deposits decreased from $432.2 million one year earlier to $400.6 million at period end, all other categories of Demand, NOW, Money Market and Savings increased to $1.302 billion from $1.175 billion one year earlier.  In an ongoing effort to improve earnings, the Company continues to focus its attention on attracting lower cost core deposits and has consciously chosen not to pay higher rates on certain more expensive Time Deposits.  Loan activity over the last year has been slow with loans declining by $50 million from $1.145 billion to $1.095 billion at period-end.

 

During the first quarter of 2003, the Company has continued its stock repurchase program, repurchasing a total of 232,590 shares during the quarter.  In the comparable 2002 period, the Company repurchased 24,481 shares.  Additionally, the dividend declared during the first quarter was $0.11 per share compared to $0.10 per share one year earlier.

 

 

Non-performing asset levels totaled $16.8 million off a low base of $3.7 million one year earlier.  The level of non-performing assets as a percent of total assets was 0.8% compared to the 0.2% level of one year ago.  The level of non-performing assets is centered primarily in two lending relationships secured by real estate (total $14.4 million).  Management has established specific reserves that would offset potential losses, if any, arising from less than full recovery of the loans from the supporting collateral.  The ratio of the Company’s allowances for losses to non-performing loans was 115% compared to 560% one year earlier.  On a quarterly basis, management performs an analysis of the adequacy of the allowance for loan losses.  The results of this analysis for the quarter ended March 31, 2003 determined that the allowance was adequate to cover losses inherent in the portfolio.

 

For over 40 years, Mid-State Bank has provided its customers with a friendly, home-based, community oriented bank.  With assets of nearly $2.0 billion and 39 office locations, Mid-State Bank & Trust serves over 100,000 Central Coast households and employs some 800 San Luis Obispo, Santa Barbara, and Ventura County residents.  Mid-State Bank & Trust . . . Partners in Your Community Since 1961.

 

This Press Release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act.  All of the statements contained in the Press Release, other than statements of historical fact, should be considered forward-looking statements, including, but not limited to, those concerning (i) the Company’s strategies, objectives and plans for expansion of its operations, products and services, and growth of its portfolio of loans, investments and deposits, (ii) the Company’s beliefs and expectations regarding actions that may be taken by regulatory authorities having oversight of the operation, (iii) the Company’s beliefs as to the adequacy of its existing and anticipated allowances for loan and real estate losses and (iv) the Company’s beliefs and expectations concerning future operating results.  Although the Company believes the expectations reflected in those forward-looking statements are reasonable, it can give no assurance that those expectations will prove to have been correct.  All subsequent written and oral forward-looking statements by or attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by this qualification.  Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof and are not intended to give any assurance as to future results.  The Company undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

 

Please See Pertinent Financial Data Attached.

 

#     #     #

 

2

 

Consolidated Financial Data - Mid-State Bancshares

(Unaudited)

 

 

 

Quarter Ended

 

(In thousands)

 

Mar. 31, 2003

 

Dec. 31, 2002

 

Sept. 30, 2002

 

June 30, 2002

 

Mar. 31, 2002

 

Interest Income (not taxable equivalent)

 

$

25,865

 

$

27,107

 

$

27,164

 

$

27,205

 

$

27,856

 

Interest Expense

 

2,834

 

3,404

 

4,020

 

4,167

 

4,790

 

Net Interest Income

 

23,031

 

23,703

 

23,144

 

23,038

 

23,066

 

Provision for Loan Losses

 

150

 

—

 

—

 

300

 

300

 

Net Interest Income after provision for loan losses

 

22,881

 

23,703

 

23,144

 

22,738

 

22,766

 

Non-interest income

 

6,914

 

6,419

 

6,175

 

5,744

 

5,983

 

Non-interest expense

 

18,335

 

17,441

 

18,267

 

17,330

 

17,887

 

Income before income taxes

 

11,460

 

12,681

 

11,052

 

11,152

 

10,862

 

Provision for income taxes

 

4,017

 

3,966

 

3,966

 

3,998

 

3,962

 

Net Income

 

$

7,443

 

$

8,715

 

$

7,086

 

$

7,154

 

$

6,900

 

 

 

 

Quarter Ended

 

(In thousands, except per share data)

 

Mar. 31, 2003

 

Dec. 31, 2002

 

Sept. 30, 2002

 

June 30, 2002

 

Mar. 31, 2002

 

Per share:

 

 

 

 

 

 

 

 

 

 

 

Net Income - basic

 

$

0.32

 

$

0.37

 

$

0.30

 

$

0.30

 

$

0.29

 

Net Income - diluted

 

$

0.30

 

$

0.35

 

$

0.29

 

$

0.29

 

$

0.28

 

Weighted average shares used in Basic E.P.S. calculation

 

23,598

 

23,773

 

23,924

 

24,067

 

24,089

 

Weighted average shares used in Diluted E.P.S. calculation

 

24,638

 

24,769

 

24,815

 

24,877

 

24,928

 

Cash dividends

 

$

0.11

 

$

0.11

 

$

0.10

 

$

0.10

 

$

0.10

 

Book value at period-end

 

$

10.89

 

$

10.72

 

$

10.57

 

$

10.20

 

$

9.82

 

Tangible book value at period end

 

$

9.09

 

$

8.94

 

$

8.79

 

$

8.44

 

$

8.05

 

Ending Shares

 

23,488

 

23,697

 

23,839

 

24,050

 

24,094

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial Ratios

 

 

 

 

 

 

 

 

 

 

 

Return on assets

 

1.55

%

1.79

%

1.47

%

1.54

%

1.51

%

Return on tangible assets

 

1.58

%

1.83

%

1.50

%

1.57

%

1.55

%

Return on equity

 

11.84

%

13.72

%

11.31

%

11.91

%

11.88

%

Return on tangible equity

 

14.18

%

16.48

%

13.63

%

14.46

%

14.51

%

Net interest margin (not taxable equivalent)

 

5.29

%

5.36

%

5.28

%

5.45

%

5.57

%

Net interest margin (taxable equivalent yield)

 

5.69

%

5.73

%

5.61

%

5.77

%

5.85

%

Net loan (recoveries) losses to avg. loans

 

(0.03%

)

0.61

%

0.62

%

0.05

%

0.10

%

Efficiency ratio

 

61.2

%

57.9

%

62.3

%

60.2

%

61.6

%

 

 

 

 

 

 

 

 

 

 

 

 

Period Averages

 

 

 

 

 

 

 

 

 

 

 

Total Assets

 

$

1,947,332

 

$

1,935,767

 

$

1,914,466

 

$

1,867,782

 

$

1,849,338

 

Total Tangible Assets

 

1,905,206

 

1,893,659

 

1,872,173

 

1,825,298

 

1,806,736

 

Total Loans (includes loans held for sale)

 

1,115,920

 

1,098,947

 

1,081,936

 

1,126,375

 

1,130,367

 

Total Earning Assets

 

1,764,490

 

1,755,655

 

1,739,554

 

1,696,190

 

1,680,663

 

Total Deposits

 

1,672,208

 

1,661,588

 

1,641,953

 

1,608,633

 

1,584,075

 

Common Equity

 

254,950

 

251,922

 

248,608

 

240,900

 

235,523

 

Common Tangible Equity

 

212,824

 

209,814

 

206,315

 

198,416

 

192,921

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance Sheet - At Period-End

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

113,257

 

$

128,036

 

$

110,454

 

$

115,891

 

$

93,403

 

Investments and Fed Funds Sold

 

669,990

 

625,483

 

637,124

 

585,313

 

554,754

 

Loans held for sale

 

26,794

 

22,560

 

3,760

 

4,801

 

3,871

 

Loans, net of deferred fees, before allowance for loan losses

 

1,095,355

 

1,087,551

 

1,106,184

 

1,101,695

 

1,144,911

 

Allowance for Loan Losses

 

(17,576

)

(17,370

)

(17,465

)

(19,160

)

(19,000

)

Goodwill and other intangibles

 

42,289

 

42,264

 

42,254

 

42,441

 

42,633

 

Other assets

 

47,772

 

46,216

 

45,711

 

47,610

 

52,684

 

Total Assets

 

$

1,977,881

 

$

1,934,740

 

$

1,928,022

 

$

1,878,591

 

$

1,873,256

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest bearing deposits

 

$

397,622

 

$

390,212

 

$

391,350

 

$

374,744

 

$

364,923

 

Interest bearing deposits

 

1,304,525

 

1,262,735

 

1,247,987

 

1,224,270

 

1,241,760

 

Other borrowings

 

2,382

 

10,973

 

11,574

 

12,696

 

4,790

 

Allowance for losses - unfunded commitments

 

1,811

 

1,771

 

1,687

 

1,687

 

1,687

 

Other liabilities

 

15,777

 

14,914

 

23,514

 

19,888

 

23,601

 

Shareholders’ equity

 

255,764

 

254,135

 

251,910

 

245,306

 

236,495

 

Total Liabilities and Shareholders’ equity

 

$

1,977,881

 

$

1,934,740

 

$

1,928,022

 

$

1,878,591

 

$

1,873,256

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset Quality & Capital - At Period-End

 

 

 

 

 

 

 

 

 

 

 

Non-accrual loans

 

$

16,799

 

$

16,748

 

$

10,729

 

$

12,449

 

$

3,586

 

Loans past due 90 days or more

 

—

 

—

 

4

 

68

 

110

 

Other real estate owned

 

—

 

—

 

—

 

—

 

—

 

Total non performing assets

 

$

16,799

 

$

16,748

 

$

10,733

 

$

12,517

 

$

3,696

 

Allowance for losses to loans, gross (1)

 

1.8

%

1.8

%

1.7

%

1.9

%

1.8

%

Non-accrual loans to total loans, gross

 

1.5

%

1.5

%

1.0

%

1.1

%

0.3

%

Non performing assets to total assets

 

0.8

%

0.9

%

0.6

%

0.7

%

0.2

%

 

3

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