-----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, QUJDlNP7/0TGFieYynU6GvF83dF+RsMpC+BaF0oror/u3iMYR36yWbng+Zg45+f1 f2/zz0VtZKAYTWj5r4KTfg== 0000909654-09-000467.txt : 20090507 0000909654-09-000467.hdr.sgml : 20090507 20090507150715 ACCESSION NUMBER: 0000909654-09-000467 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20090505 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20090507 DATE AS OF CHANGE: 20090507 FILER: COMPANY DATA: COMPANY CONFORMED NAME: JEFFERSON BANCSHARES INC CENTRAL INDEX KEY: 0001222915 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 450508261 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: 09805096 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 jefferson8kmay6-09.txt 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): May 5, 2009 ----------- JEFFERSON BANCSHARES, INC. -------------------------- (Exact name of registrant as specified in its charter) Tennessee 0-50347 45-0508261 --------- --------- ---------- (State or other jurisdiction of (Commission (IRS Employer incorporation) File Number) Identification No.) 120 Evans Avenue, Morristown, Tennessee 37814 --------------------------------------- ----- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (423) 586-8421 -------------- 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: [ ] 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 May 5, 2009, Jefferson Bancshares, Inc. (the "Company"), the holding company for Jefferson Federal Bank, announced its financial results for the three and nine month periods ended March 31, 2009. The press release announcing financial results for the three and nine month periods ended March 31, 2009 is included as Exhibit 99.1 and is furnished herewith. ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS --------------------------------- (d) Exhibits Number Description ------ ----------- 99.1 Earnings Press Release Dated May 5, 2009 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. Dated: May 5, 2009 By: /s/ Jane P. Hutton -------------------------------------- Jane P. Hutton Chief Financial Officer and Treasurer EX-99.1 2 jefferson8kmay6-09ex99.txt JEFFERSON BANCSHARES, INC. ANNOUNCES EARNINGS FOR THE THREE AND NINE MONTHS ENDED MARCH 31, 2009 Morristown, Tennessee -- (May 5, 2009) - Jefferson Bancshares, Inc. (NasdaqGM: JFBI), the holding company for Jefferson Federal Bank, announced net earnings for the quarter ended March 31, 2009 of $515,000, or $0.09 per diluted share, compared to net earnings of $495,000, or $0.09 per diluted share, for the quarter ended March 31, 2008. For the nine months ended March 31, 2009, net earnings were $1.8 million, or $0.31 per diluted share, compared to $753,000, or $0.13 per diluted share, for the comparable period in 2008. The 2009 results reflect the Company's acquisition of State of Franklin Bancshares, Inc., the parent company of State of Franklin Bank, a Tennessee chartered savings bank headquartered in Johnson City, Tennessee, (collectively, "State of Franklin") on October 31, 2008. Costs associated with the acquisition were approximately $11.8 million, consisting of 736,000 shares of Company common stock issued to former State of Franklin shareholders and $4.9 million in cash. Financial results for the nine months ended March 31, 2008 include a $637,000 non-cash charge to deferred income tax expense to establish a valuation allowance against deferred tax assets related to the charitable contribution carryforward directly attributable to the company's contribution to the Jefferson Federal Charitable Foundation in July 2003. Excluding this tax charge, core net earnings were $1.4 million, or $0.24 per diluted share, for the nine month period ended March 31, 2008. For a reconciliation of core net earnings and net earnings on a GAAP basis, see the table below. Anderson L. Smith, President and Chief Executive Officer commented, "Financial institutions have more challenges ahead due to the struggling economy and historically low interest rates. We continue to thoroughly review the performance of our loan portfolio and have strengthened our allowance for loan losses as a percentage of total loans. Although non-performing assets increased during the third quarter of fiscal 2009, the Company's asset quality continues to compare favorably with industry peers." At March 31, 2009, total assets were $663.1 million compared to $330.3 million at June 30, 2008. Net loans increased $225.9 million to $508.4 million at March 31, 2009, compared to $282.5 million at June 30, 2008, reflecting the State of Franklin acquisition. Deposits increased $258.6 million to $482.1 million at March 31, 2009, due to deposits assumed in connection with the State of Franklin acquisition. Total shareholders' equity was $78.9 million at March 31, 2009 compared to $72.8 million at June 30, 2008. The increase in stockholders' equity is primarily due to the issuance of 736,000 shares of common stock related to the State of Franklin acquisition. Nonperforming assets increased to 1.21% of total assets at March 31, 2009, compared to 0.25% of total assets at March 31, 2008, primarily due to an increase in nonaccrual real estate loans. Net charge-offs for the nine months ended March 31, 2009 were $178,000, or 0.06% of average loans on an annualized basis, compared to $521,000, or 0.25% of average loans on an annualized basis, for the same period in 2008. The allowance for loan losses was $4.8 million, or 0.94% of total gross loans, at March 31, 2009 compared to $1.8 million, or 0.64% of total gross loans, at March 31, 2008. The provision for loan losses totaled $610,000 for the nine months ended March 31, 2009, compared to $371,000 for the nine months ended March 31, 2008. The allowance for loan losses increased $3.0 million during the nine months ended March 31, 2009 due primarily to the addition of the State of Franklin allowance for loan losses. The increase in the provision for loan losses was primarily the result of the increase in nonaccrual real estate loans. Jefferson Bancshares, Inc. is the holding company for Jefferson Federal Bank, a Tennessee-chartered savings bank headquartered in Morristown, Tennessee. Jefferson Federal is a community oriented financial institution offering traditional financial services with offices in Hamblen, Knox, Washington and Sullivan Counties, Tennessee. The Company's stock is listed on the NASDAQ Global Market under the symbol "JFBI." More information about Jefferson Bancshares and Jefferson Federal Bank can be found at its website: www.jeffersonfederal.com. ------------------------ This press release, as well as other written communications made from time to time by the Company and its subsidiaries and oral communications made from time to time by authorized officers of the Company, may contain statements relating to the future results of the Company (including certain projections and business trends) that are considered "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 (the "PSLRA"). Such forward-looking statements may be identified by the use of such words as "believe," "expect," "anticipate," "should," "planned," "estimated," "intend" and "potential." For these statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the PSLRA. The Company cautions you that a number of important factors could cause actual results to differ materially from those currently anticipated in any forward-looking statement. Such factors include, but are not limited to: prevailing economic and geopolitical conditions; changes in interest rates, loan demand, real estate values and competition; changes in accounting principles, policies and guidelines; changes in any applicable law, rule, regulation or practice with respect to tax or legal issues; and other economic, competitive, governmental, regulatory and technological factors affecting the Company's operations, pricing, products and services and other factors that may be described in the Company's annual report on Form 10-K and quarterly reports on Form 10-Q as filed with the Securities and Exchange Commission. The forward-looking statements are made as of the date of this release, and, except as may be required by applicable law or regulation, the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements.
Nine Months Ended March 31, 2009 2008 ---- ---- (Dollars in thousands, except per share data) GAAP net earnings (loss) $ 1,838 $ 753 Plus: non-cash charge to deferred income tax expense $ 0 $ 637 ----------- ------------ Core net earnings $ 1,838 $ 1,390 =========== ============ GAAP earnings (loss) per diluted share $ 0.31 $ 0.13 Plus: non-cash charge to deferred income tax expense $ 0.00 $ 0.11 ----------- ------------ Core net earnings per diluted share $ 0.31 $ 0.24 =========== ============ JEFFERSON BANCSHARES, INC. AT AT MARCH 31, 2009 JUNE 30, 2008 ------------------------ -------------------- (Dollars in thousands) FINANCIAL CONDITION DATA: Total assets $ 663,113 $ 330,265 Loans receivable, net 508,371 282,483 Cash and cash equivalents, and interest-bearing deposits 33,264 17,616 Investment securities 36,375 3,478 Deposits 482,117 223,552 Borrowings 90,427 33,000 Stockholders' equity $ 78,932 $ 72,777 THREE MONTHS ENDED MARCH 31, NINE MONTHS ENDED MARCH 31, 2009 2008 2009 2008 ------------ ------------- ------------ ------------- (Dollars in thousands, except per share data) OPERATING DATA: Interest income $ 8,038 $ 5,198 $ 19,778 $ 16,100 Interest expense 3,476 2,293 8,238 7,338 Net interest income 4,562 2,905 11,540 8,762 Provision for loan losses 300 243 610 371 Net interest income after provision for loan losses 4,262 2,662 10,930 8,391 Noninterest income 645 378 1,668 1,137 Noninterest expense 4,038 2,290 9,912 7,397 Earnings before income taxes 869 750 2,686 2,131 Total income taxes 354 255 848 1,378 Net earnings $ 515 $ 495 $ 1,838 $ 753 SHARE DATA: Earnings per share, basic $ 0.09 $ 0.09 $ 0.31 $ 0.13 Earnings per share, diluted $ 0.09 $ 0.09 $ 0.31 $ 0.13 Dividends per share $ 0.06 $ 0.06 $ 0.18 $ 0.18 Book value per common share $ 11.71 $ 11.67 $ 11.71 $ 11.67 Weighted average shares: Basic 6,265,163 5,763,588 6,006,052 5,828,374 Diluted 6,265,163 5,763,588 6,006,052 5,828,374
THREE MONTHS ENDED MARCH 31, NINE MONTHS ENDED MARCH 31, 2009 2008 2009 2008 ------------ ------------- ------------ ------------- (Dollars in thousands) ALLOWANCE FOR LOAN LOSSES: Allowance at beginning of period $ 4,692 $ 1,827 $ 1,836 $ 1,955 Allowance of acquired bank 0 -- 2,577 -- Provision for loan losses 300 243 610 371 Recoveries 26 34 68 64 Charge-offs (173) (299) (246) (585) ------------ ------------- ------------- ------------ Net Charge-offs (147) (265) (178) (521) ------------ ------------- ------------- ------------ Allowance at end of period $ 4,845 $ 1,805 $ 4,845 $ 1,805 ============ ============= ============= ============ Net charge-offs to average outstanding loans during the period, annualized 0.12% 0.37% 0.06% 0.25% AT AT AT MARCH 31, 2009 JUNE 30, 2008 MARCH 31, 2008 ------------------------ -------------------- ---------------------- (Dollars in thousands) NONPERFORMING ASSETS: Nonaccrual loans: Real estate $ 6,246 $ 139 $ 386 Commercial business 161 162 -- Consumer 258 -- -- ----------- --------- -------- Total 6,665 301 386 ----------- --------- -------- Real estate owned 1,359 462 407 Other nonperforming assets -- 5 33 ----------- --------- -------- Total nonperforming assets $ 8,024 $ 768 $ 826 =========== ========= ======== NINE MONTHS ENDED YEAR ENDED MARCH 31, 2009 JUNE 30, 2008 ------------------------ -------------------- PERFORMANCE RATIOS: Return on average assets 0.48% 0.37% Return on average equity 3.20% 1.69% Interest rate spread 3.11% 3.00% Net interest margin 3.39% 3.73% Efficiency ratio 75.05% 75.38% Average interest-earning assets to average interest-bearing liabilities 111.64% 124.75% ASSET QUALITY RATIOS: Allowance for loan losses as a percent of total gross loans 0.94% 0.65% Allowance for loan losses as a percent of nonperforming loans 72.69% 609.97% Nonperforming loans as a percent of total loans 1.30% 0.11% Nonperforming assets as a percent of total assets 1.21% 0.23%
Contacts: Jefferson Bancshares, Inc. Anderson L. Smith, President and Chief Executive Officer 423-586-8421 Jane P. Hutton, Chief Financial Officer 423-586-8421 -----END PRIVACY-ENHANCED MESSAGE-----