-----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, NWfHo/a1Kr5HjNi9xMPjzvLQLQLdJaRE3Gy7P02jN++d1NFviD42bfs0cbtrigcf vmME+yJ6Q9UbDXpwB/fWfw== 0000909654-03-001110.txt : 20070119 0000909654-03-001110.hdr.sgml : 20070119 20031027175853 ACCESSION NUMBER: 0000909654-03-001110 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20031024 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20031028 DATE AS OF CHANGE: 20070118 FILER: COMPANY DATA: COMPANY CONFORMED NAME: JEFFERSON BANCSHARES INC CENTRAL INDEX KEY: 0001222915 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] STATE OF INCORPORATION: TN FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-50347 FILM NUMBER: 03959308 BUSINESS ADDRESS: STREET 1: JEFFERSON FEDERAL SAVINGS & LOAN ASSOC STREET 2: 120 EVANS AVENUE CITY: MORRISTOWN STATE: TN ZIP: 37814 BUSINESS PHONE: 4235868421 MAIL ADDRESS: STREET 1: JEFFERSON FEDERAL SAVINGS & LOAN ASSOC STREET 2: 120 EVANS AVENUE CITY: MORRISTOWN STATE: TN ZIP: 37814 8-K 1 jeffersonbanc8k10-27.txt 1 ================================================================================ 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): October 24, 2003 JEFFERSON BANCSHARES, INC. (Exact name of registrant as specified in charter) Tennessee (45-0508261) --------- ------------ (State of incorporation or organization) (IRS Employer Identification No.) 120 Evans Avenue, Morristown, Tennessee 37814 - --------------------------------------- ----- (Address of principal executive offices) (Zip Code) NOT APPLICABLE (Former name or former address, if changed since last report) ================================================================================ 2 ITEMS 1, 2, 3, 4, 5, 6, 8, 9, 10 AND 11 NOT APPLICABLE. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS (a) Not applicable. (b) Not applicable. (c) Exhibits. Exhibit No. Description - ----------- ----------- 99.1 Press Release Dated October 24, 2003 ITEM 12. RESULTS OF OPERATION AND FINANCIAL CONDITION On October 24, 2003, Jefferson Bancshares, Inc., the holding company for Jefferson Federal Bank (formerly known as "Jefferson Federal Savings and Loan Association of Morristown"), announced its financial results for the quarter ended September 30, 2003. The press release announcing financial results for the quarter ended September 30, 2003 is filed as Exhibit 99.1 and incorporated herein by reference. 3 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. JEFFERSON BANCSHARES, INC. By:/s/ Anderson L. Smith ------------------------------------- Anderson L. Smith President and Chief Executive Officer Date: October 27, 2003 EX-99.1 3 jeffesonbancexb9910-27.txt 1 JEFFERSON BANCSHARES ANNOUNCES FIRST QUARTER RESULTS Morristown, Tennessee -- (October 23, 2003) - Jefferson Bancshares, Inc. (Nasdaq: JFBI), the holding company for Jefferson Federal Bank, today reported a net loss of $1.6 million, or ($0.19) per diluted share, for the quarter ended September 30, 2003 compared to net income of $926,000, or $0.12 per diluted share, for the quarter ended September 30, 2002. The net loss for the first quarter of 2003 was due to the nonrecurring expense associated with the $4.0 million contribution to the Jefferson Federal Charitable Foundation. On July 1, 2003, Jefferson Federal Bank completed its conversion from the mutual holding company structure to the stock holding company structure. As part of the conversion, Jefferson Bancshares also formed the Jefferson Federal Charitable Foundation, which was funded with $250,000 and 375,000 shares of Jefferson Bancshares common stock. This stock and cash contribution was recorded as an expense of $4.0 million, or approximately $2.5 million after income taxes. Net interest income increased $83,000, or 3.0%, to $2.8 million for the quarter ended September 30, 2003. The net interest margin decreased 55 basis points to 3.67% for the quarter ended September 30, 2003. The decline in net interest margin reflects growth in earning assets with lower yields due to current low market interest rates. Interest income decreased $435,000, or 9.5%, to $4.1 million for the current three month period. The average balance of interest earning assets increased $47.8 million to $306.4 million while the average yield on interest earning assets declined 167 basis points to 5.41%. The decline in the yield on interest earning assets was due to a combination of factors including the investment of conversion proceeds in short-term securities and a decrease in both the volume and average yield on loans. Interest expense decreased $518,000, or 28.1%, to $1.3 million for the quarter ended September 30, 2003 as the average balance of deposits declined 4.8% to $213.6 million, and the average rate paid declined 81 basis points to 2.44%. The interest rate spread was 2.94% and 3.82% for the quarters ended September 30, 2003 and 2002, respectively. The provision for loan losses decreased $307,000 for the quarter ended September 30, 2003, as there were no additions to the allowance for loan losses during the period. The allowance for loan losses was $2.7 million, or 1.48% of total loans, at September 30, 2003 compared to $2.6 million, or 1.34% of total loans, at September 30, 2002. Noninterest income decreased $50,000, or 17.6%, to $234,000 for the quarter ended September 30, 2003 primarily as a result of a decrease in the net gains on sale of investments which more than offset an increase in service charges on deposit accounts. Noninterest expense, excluding the contribution to the Foundation, totaled $1.5 million for the quarter ended September 30, 2003, compared to $1.2 million for the same period in 2002. Compensation and benefits increased $171,000, or 29.2%, due primarily to expenses related to the Employee Stock Ownership Plan, which was adopted in connection with the conversion. 2 Total assets at September 30, 2003 were $318.4 million compared to $363.6 million at June 30, 2003. At June 30, 2003, orders received in the subscription and community offering totaled in excess of $105.0 million. Approximately $39.1 million of unfilled orders was returned to subscribers during the quarter ended September 30, 2003. Net loans decreased $2.6 million, or 1.4%, to $177.4 million at September 30, 2003, as new loan originations were offset by loan repayments. Loan originations for the current quarter were $13.1 million compared to $10.2 million for the same period in 2002. Investment securities increased $36.3 million, or 47.5%, to $112.7 million at September 30, 2003, compared to $76.4 million at June 30, 2003. The increase in investment securities is due primarily to the investment of conversion proceeds and the reinvestment of proceeds from called securities. Total equity increased by $59.1 million to $95.7 million at September 30, 2003 due primarily to $64.5 million in net proceeds from the conversion. As a result of a net loss for the three month period combined with dividends paid to shareholders, retained earnings decreased $1.9 million to $30.8 million at September 30, 2003. Unrealized gains and losses, net of taxes, in the available-for-sale investment portfolio are reflected as an adjustment to stockholders' equity. At September 30, 2003, the adjustment to stockholders' equity was a net unrealized gain of $143,000 compared to a net unrealized gain of $898,000 at June 30, 2003. Jefferson Federal Bank is a federally chartered stock thrift institution headquartered in Morristown, Tennessee. Jefferson Federal is a community oriented financial institution offering traditional financial services within its local communities through its main office and two drive through facilities in Morristown. This news release may contain forward-looking statements, which can be identified by the use of words such as "believes", "expects", "anticipates", "estimates", or similar expressions. Such forward-looking statements and all other statements that are not historic facts, are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors. These factors include, but are not limited to, general economic conditions, changes in the interest rate environment, legislative or regulatory changes that may adversely affect our business, changes in accounting policies and practices, changes in competition and demand for financial services, adverse changes in the securities markets, and changes in the quality or composition of the Company's loan or investment portfolios. Should one or more of these risks materialize, actual results may vary from those anticipated, estimated, or projected. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Specific factors that could cause future results to vary from current management expectations may be detailed, from time to time in the Company's filings with the 3 Securities and Exchange Commission, which are available through the SEC's website at www.sec.gov. ----------- Contacts: Jefferson Bancshares, Inc. Anderson L. Smith 423-586-8421 Jane P. Hutton 423-586-8421 4
JEFFERSON BANCSHARES, INC. At At Sept. 30, 2003 June 30, 2003 -------------- ------------- FINANCIAL CONDITION DATA: Total assets $ 318,380 $ 363,602 Loans receivable, net 177,413 180,010 Cash and cash equivalents, and interest-bearing deposits 15,716 96,543 Investment securities 112,669 76,400 Borrowings 2,000 2,000 Deposits 219,618 324,247 Stockholders' equity $ 95,722 $ 36,625 Three Months Ended September 30, 2003 2002 -------------- ------------- OPERATING DATA: Interest Income $ 4,142 $ 4,577 Interest expense 1,329 1,847 Net interest income 2,813 2,730 Provision for loan losses - 307 Net interest income after provision for loan losses 2,813 2,423 Noninterest income 234 284 Noninterest expense 5,548 1,230 Earnings before income taxes (2,501) 1,477 Total income taxes (910) 551 Net Earnings $ (1,591) $ 926 PER SHARE DATA: Earnings per share, basic $ (0.19) $ 0.12 * Earnings per share, diluted $ (0.19) $ 0.12 * Dividends per share $ 0.04 $ 0.029* * Per share amounts have been adjusted to reflect the exchange of shares in the conversion
Three Months Ended September 30, 2003 2002 -------------- ------------- ALLOWANCE FOR LOAN LOSSES: Allowance at beginning of period $ 2,841 $ 2,696 Provision for loan losses - 307 Recoveries 73 89 Charge-offs (223) (477) -------------- ------------- Net Charge-offs (150) (388) -------------- ------------- Allowance at end of period $ 2,691 $ 2,615 ============== ============= Net charge-offs to average outstanding loans during the period 0.08% 0.20%
5
AT AT AT SEPT. 30, 2003 JUNE 30, 2003 SEPT. 30, 2002 -------------- ------------- -------------- NONPERFORMING ASSETS: Nonaccrual loans: Real Estate $ 1,373 $ 1,739 $ 2,414 Commercial business 30 - 2 Consumer 55 17 30 -------------- ------------- -------------- Total 1,458 1,756 2,446 -------------- ------------- -------------- Real Estate Owned 1,581 1,227 1,591 Other nonperforming assets 13 16 47 -------------- ------------- -------------- Total nonperforming assets $ 3,052 $ 2,999 $ 4,084 ============== ============= ==============
THREE MONTHS ENDED YEAR ENDED SEPT. 30, 2003 JUNE 30, 2003 -------------- -------------- PERFORMANCE RATIOS: Return on average assets NM 1.32% Return on average equity NM 10.25% Interest rate spread 2.94% 3.66% Net interest margin 3.67% 4.10% Efficiency ratio (excludes $4.0 million 51.17% 45.30% contribution to the Charitable Foundation) Average interest-earning assets to average interest-bearing liabilities 142.10% 117.67% CAPITAL RATIOS: Tangible capital 21.05% 9.75% Core capital 21.05% 9.75% Risk-based capital 38.83% 21.06% Average equity to average assets 29.98% 12.90% ASSET QUALITY RATIOS: Allowance for loan losses as a percent of total gross loans 1.48% 1.54% Allowance for loan losses as a percent of nonperforming loans 184.57% 161.79% Nonperforming loans as a percent of total loans 0.80% 0.95% Nonperforming assets as as percent of total assets 0.96% 0.82%
-----END PRIVACY-ENHANCED MESSAGE-----