-----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, Rs+zP2jUU87mFGNv4NmSSSkb2tEks3KreopPPEv02bqyzPtoxok54tvuz+n+h3kE 5D9ma479T18Abd9rnYpr1Q== 0000909654-09-000732.txt : 20090804 0000909654-09-000732.hdr.sgml : 20090804 20090804124144 ACCESSION NUMBER: 0000909654-09-000732 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20090731 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20090804 DATE AS OF CHANGE: 20090804 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: 09982681 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 jefferson8kjuly31-09.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): July 31, 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 July 31, 2009, Jefferson Bancshares, Inc. (the "Company"), the holding company for Jefferson Federal Bank, announced its financial results for the quarter and year ended June 30, 2009. The press release announcing financial results for the quarter and year ended June 30, 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 July 31, 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: August 3, 2009 By: /s/ Jane P. Hutton ------------------------------------- Jane P. Hutton Chief Financial Officer and Treasurer EX-99.1 2 jefferson8kjuly31-09ex99.txt JEFFERSON BANCSHARES, INC. ANNOUNCES EARNINGS FOR THE QUARTER AND YEAR ENDED JUNE 30, 2009 Morristown, Tennessee -- (July 31, 2009) - Jefferson Bancshares, Inc. (NASDAQ: JFBI), the holding company for Jefferson Federal Bank, announced net earnings for the quarter ended June 30, 2009 of $683,000, or $0.11 per diluted share, compared to net earnings of $494,000, or $0.09 per diluted share, for the quarter ended June 30, 2008. For the year ended June 30, 2009, net earnings were $2.6 million, or $0.43 per diluted share, compared to $1.2 million, or $0.22 per diluted share, for fiscal 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. Also included in 2009 results is the Company's share of the FDIC's industry-wide special assessment, which was approximately $309,000. Financial results for the year ended June 30, 2008 include a $667,000 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 $1.9 million, or $0.33 per diluted share, for the year ended June 30, 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, "Given the significant increase in FDIC premiums and the special assessment, we are pleased to report solid financial results for the quarter and fiscal year. We have strengthened our allowance for loan losses in response to economic conditions and we continue to monitor asset quality diligently. Although non-performing assets increased during fiscal 2009, the Company's asset quality continues to compare favorably with industry peers." At June 30, 2009, total assets were $662.7 million compared to $330.3 million at June 30, 2008. Net loans increased $215.6 million to $498.1 million at June 30, 2009, compared to $282.5 million at June 30, 2008, reflecting the State of Franklin acquisition. Deposits increased $258.6 million to $482.2 million at June 30, 2009, primarily due to deposits assumed in connection with the State of Franklin acquisition. Total stockholders' equity was $79.5 million at June 30, 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 1.43% of total assets at June 30, 2009, compared to 0.23% of total assets at June 30, 2008, primarily due to an increase in nonaccrual real estate loans and repossessed assets. The increase in nonperforming loans is due in part to the addition of nonperforming loans from the State of Franklin acquisition, as well as the current economic environment. Net charge-offs for the year ended June 30, 2009 were $601,000, or 0.14% of average loans, compared to $570,000, or 0.20% of average loans for fiscal 2008. The allowance for loan losses was $4.7 million, or 0.94% of total gross loans, at June 30, 2009 compared to $1.8 million, or 0.65% of total gross loans, at June 30, 2008. The provision for loan losses totaled $910,000 for the year ended June 30, 2009, compared to $451,000 for the year ended June 30, 2008. The allowance for loan losses increased $2.9 million during the year ended June 30, 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 Bank 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. JEFFERSON BANCSHARES, INC. RECONCILIATION OF GAAP AND CORE NET EARNINGS (Unaudited) (1) While core net earnings is not a measure of performance calculated in accordance with GAAP, the Company believes that this measure is important for the year ended June 30, 2008 to convey to investors the Company's earnings for this period absent the $667,000 non-cash charge to deferred income tax expense to establish a valuation allowance against deferred tax assets during the year ended June 30, 2008. The valuation allowance was related to the charitable contribution carryforward directly attributable to the Company's contribution to the Jefferson Federal Charitable Foundation in July 2003. The Company calculated its core net earnings for the year ended June 30, 2008 by subtracting this $667,000 non-cash charge from net income for the period. Core net earnings should not be considered in isolation or as a substitute for net income, cash flows from operating activities or other income or cash flow statement data calculated in accordance with GAAP. Moreover, the manner in which the Company calculates core net earnings may differ from that of other companies reporting measures with similar names. Reconciliation of the Company's GAAP and core net earnings for the year ended June 30, 2008 follows. Year Ended June 30, 2009 2008 ---- ---- (Dollars in thousands, except per share data) GAAP net earnings (loss) $2,630 $1,247 Plus: non-cash charge to deferred income tax expense $ 0 $ 667 ------ ------ Core net earnings $2,630 $1,914 ====== ====== GAAP earnings (loss) per diluted share $ 0.43 $ 0.22 Plus: non-cash charge to deferred income tax expense $ 0.00 $ 0.11 ------ ------ Core net earnings per diluted share $ 0.43 $ 0.33 ====== ======
JEFFERSON BANCSHARES, INC. At At June 30, 2009 June 30, 2008 ------------------- ------------------ (Dollars in thousands) Financial Condition Data: Total assets $662,655 $330,265 Loans receivable, net 498,107 282,483 Cash and cash equivalents, and interest-bearing deposits 44,108 17,616 Investment securities 36,544 3,478 Deposits 482,167 223,552 Borrowings 90,309 33,000 Stockholders' equity $79,505 $72,777
Three Months Ended Year Ended June 30, June 30, 2009 2008 2009 2008 ------------- ------------- ------------- ------------- (Dollars in thousands, except per share data) Operating Data: Interest income $ 8,207 $ 4,746 $ 28,161 $ 20,846 Interest expense 3,381 1,910 11,619 9,248 Net interest income 4,826 2,836 16,542 11,598 Provision for loan losses 300 80 910 451 Net interest income after provision for loan losses 4,526 2,756 15,632 11,147 Noninterest income 1,530 383 3,198 1,520 Noninterest expense 4,771 2,492 14,683 9,889 Earnings before income taxes 1,285 647 4,147 2,778 Total income taxes 602 153 1,517 1,531 Net earnings $ 683 $ 494 $ 2,630 $ 1,247 Share Data: Earnings per share, basic $ 0.11 $ 0.09 $ 0.43 $ 0.22 Earnings per share, diluted $ 0.11 $ 0.09 $ 0.43 $ 0.22 Dividends per share $ 0.06 $ 0.06 $ 0.24 $ 0.24 Book value per common share $ 11.85 $ 11.72 $ 11.85 $ 11.72 Weighted average shares: Basic 6,216,744 5,645,304 6,058,580 5,717,375 Diluted 6,216,744 5,645,304 6,058,580 5,717,375
Year Ended June 30, 2009 2008 -------------- ------------- (Dollars in thousands) Allowance for Loan Losses: Allowance at beginning of period $1,836 $1,955 Allowance of acquired bank $2,577 - Provision for loan losses 910 451 Recoveries 114 114 Charge-offs (715) (684) ----------- ------------ Net Charge-offs (601) (570) ----------- ------------ Allowance at end of period $4,722 $ 1,836 =========== ============ Net charge-offs to average outstanding loans during the period, annualized 0.14% 0.20% At At June 30, 2009 June 30, 2008 ------------------------ -------------------- (Dollars in thousands) Nonperforming Assets: Nonaccrual loans: Real estate $ 2,565 $ 139 Commercial 3,411 162 Consumer 55 - ----------- ------------ Total 6,031 301 ----------- ------------ Real estate owned 3,328 462 Other nonperforming assets 106 5 ----------- ------------ Total nonperforming assets $ 9,465 $ 768 ============ ============= Year Ended Year Ended June 30, 2009 June 30, 2008 ------------------------ -------------------- Performance Ratios: Return on average assets 0.48% 0.37% Return on average equity 3.40% 1.69% Interest rate spread 3.35% 3.00% Net interest margin 3.65% 3.73% Efficiency ratio 76.57% 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 78.30% 609.97% Nonperforming loans as a percent of total loans 1.20% 0.11% Nonperforming assets as a percent of total assets 1.43% 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-----