-----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, Vjn4Zrr3Sx5Qg10iCGnWD+tlF+PMxb6ZJefIF5KYmPHU5ZqXVPWyLGaQDjs+TuBZ yBC+v10yBEVe9zXcUiOsYQ== 0000904280-03-000069.txt : 20030422 0000904280-03-000069.hdr.sgml : 20030422 20030422144245 ACCESSION NUMBER: 0000904280-03-000069 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030422 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030422 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HCB BANCSHARES INC CENTRAL INDEX KEY: 0001029740 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 621670792 STATE OF INCORPORATION: OK FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-22423 FILM NUMBER: 03658217 BUSINESS ADDRESS: STREET 1: HEARTLAND COMMUNITY BANK STREET 2: 237 JACKSON ST CITY: CAMDEN STATE: AR ZIP: 71701 BUSINESS PHONE: 8708366841 MAIL ADDRESS: STREET 1: HEARTLAND COMMUNITY BANK STREET 2: 237 JACKSON STREET CITY: CAMDEN STATE: AR ZIP: 71701 8-K 1 fm8k42103-1843.txt FORM 8-K 4-21-03 HCB BANCSHARES, INC. 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 22, 2003 -------------- HCB BANCSHARES, INC. ------------------------------------------------------------- (Exact Name of Registrant as Specified in its Charter) Oklahoma 0-22423 62-1670792 - -------------------------------- ------------ ------------------- (State or Other Jurisdiction of (Commission (I.R.S. Employer Incorporation or Organization File Number Identification No.) 237 Jackson Street, SW, Camden, Arkansas 71701 --------------------------------------------------- (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: (870) 836-6841 Not applicable ---------------------------------------------------------------------------- (Former Name or Former Address, if Changed Since Last Report) ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS - --------------------------------------------------------------------------- (a) Not applicable (b) Not applicable (c) The following exhibit is filed herewith: Exhibit 99 Press Release dated April 22, 2003 ITEM 9. REGULATION FD DISCLOSURE - --------------------------------- On April 22, 2003, HCB Bancshares, Inc. issued a press release announcing its unaudited financial results for the quarter and nine month periods ended March 31, 2003. A copy of the press release is attached to this Report as an exhibit and is incorporated herein by reference. The attached exhibit is furnished pursuant to Item 12 of Form 8-K. 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. HCB BANCSHARES, INC. Date: April 22, 2003 By: /s/ Vida H. Lampkin -------------------------------- Vida H. Lampkin Chairman of the Board and Interim President and Chief Executive Officer EX-99 3 ex99fm8k42103-1843.txt EXHIBIT 99 TO FORM 8-K 4-21-03 NEWS RELEASE HCB Bancshares, Inc. Contact: Scott A. Swain Telephone: 870.836.6841 Facsimile: 870.836.2122 FOR IMMEDIATE RELEASE --------------------- HCB BANCSHARES, INC. RELEASES 03-31-03 EARNINGS CAMDEN, ARKANSAS (April 22, 2003) HCB Bancshares, Inc. (the "Company") reported a net loss of approximately $17,000, or (1) cent per basic share and (1) cent per diluted share, for the quarter ended March 31, 2003, according to Vida H. Lampkin, Interim President and Chief Executive Officer. Net income for the same quarter last year was $481,000, or 28 cents per basic share and 27 cents per diluted share. For the nine months ended March 31, 2003 the Company reported net income of $894,000, or 66 cents per basic share and 62 cents per diluted share. Net income for the same period last year was $1,020,000, or 59 cents per basic share and 57 cents per diluted share. Lampkin said that a one time charge of $407,000 to write down land held for investment was one primary factor having adverse effects on earnings for the current year periods compared to the same periods the previous year. The expense for the write down of land held for investment is land in Camden, Arkansas, which previously was to be the site of a new home office facility. These two parcels were purchased in 1996 and 1999 and significant costs were necessary to make the land suitable to build upon. The Board of Directors recently decided that in the near future it would not be in the best interests of the Company to expend the resources necessary to build a new home office facility. Since the land will not be utilized in the near future, appraisals were obtained in March 2003, and the land was written down to fair market value. While the Company does not intend to build on this land in the near future, it currently does plan to utilize this land at some undetermined future date. In addition, primarily because of the decline in net interest margin, net interest income decreased from $1,899,000 for the quarter ended March 31, 2002 to $1,403,000 for the quarter ended March 31, 2003, a reduction of $496,000. Also, the general weakness in the economy was a factor in HCBB's increasing its provision for loan losses by $60,000 during that period. Non-interest expense for the quarter ended March 31, 2003 increased by $232,000 compared to the same quarter the prior year. However, if the one time $407,000 land write down expense is excluded, non-interest expense would have decreased by $176,000, reflecting HCBB's successful efforts to reduce overhead on an ongoing basis. "Reduced loan demand has contributed to our decline in earnings, but we are very pleased with our core expense controls. In our current economy, continuous attention to expenses is absolutely necessary," Lampkin added. HCB Bancshares, Inc. is the parent company of HEARTLAND Community Bank, headquartered in Camden, with HEARTLAND community banking offices in Bryant, Camden, Fordyce, and Sheridan, Arkansas. When used in this News Release, the words or phrases "will likely result," "are expected to," "will continue," "is anticipated," "estimate," "project" or similar expressions are intended to identify "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks and uncertainties including changes in economic conditions in the Company's market area, changes in policies by regulatory agencies, fluctuations in interest rates, demand for loans in the Company's market area, and competition that could cause actual results to differ materially from historical earnings and those presently anticipated or projected. The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company wishes to advise readers that the factors listed above could affect the Company's financial performance and could cause the Company's actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. The Company does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions which may be made to 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. HCB BANCSHARES, INC. Summary of Financial Highlights CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Dollars in thousands) March 31, June 30, 2003 2002 (Unaudited) ASSETS Cash and cash equivalents $ 9,998 $ 17,897 Investment securities 123,979 118,199 Loans and mortgage backed securities 104,546 124,177 Other assets 14,061 16,152 ---------- ---------- Total Assets $ 252,584 $ 276,425 ========== ========== LIABILITIES Deposits $ 153,285 $ 165,005 Borrowed money 69,870 82,264 Other liabilities 1,602 2,420 ---------- ---------- Total Liabilities 224,757 249,689 ---------- ---------- Total Stockholders' Equity 27,827 26,736 ---------- ---------- Total Liabilities and Stockholders' Equity $ 252,584 $ 276,425 ========== ==========
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
Three Months Ended Nine Months Ended (Dollars in thousands except March 31, March 31, per share data) 2003 2002 2003 2002 Interest income $ 3,348 $ 4,458 $ 11,033 $ 13,668 Interest expense 1,945 2,559 6,337 8,394 ------- ------ -------- -------- Net interest income 1,403 1,899 4,696 5,274 Provision for loan losses 120 60 413 219 ------- ------ -------- -------- Net interest income after provision for loan losses 1,283 1,839 4,283 5,055 Total noninterest income 386 402 1,917 1,206 Total noninterest expense 1,882 1,650 5,298 5,164 ------- ----- -------- -------- Income before federal income tax Provision (213) 591 902 1,097 Income tax provision (benefit) (196) 110 8 77 -------- ------ -------- -------- Net income (loss) $ (17) $ 481 $ 894 $ 1,020 Basic earnings (loss) per share $ (0.01) $ 0.28 $ 0.66 $ 0.59 Diluted earnings (loss) per share $ (0.01) $ 0.27 $ 0.62 $ 0.57
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