-----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, TkcrcC0yhe5x091JB5onsYRun7gJUjKihO7NCZaMB07cL/WX868VtC/s4UaUmoeR yLNNXKA989zw1bB0i63xlA== 0000897069-03-000461.txt : 20030416 0000897069-03-000461.hdr.sgml : 20030416 20030416160057 ACCESSION NUMBER: 0000897069-03-000461 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030415 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030416 FILER: COMPANY DATA: COMPANY CONFORMED NAME: STATE FINANCIAL SERVICES CORP CENTRAL INDEX KEY: 0000745614 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 391489983 STATE OF INCORPORATION: WI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-18166 FILM NUMBER: 03652688 BUSINESS ADDRESS: STREET 1: 10708 W JANESVILLE RD CITY: HALES CORNERS STATE: WI ZIP: 53130 BUSINESS PHONE: 4144251600 MAIL ADDRESS: STREET 1: 10708 W. JANESVILLE ROAD CITY: HALES CORNERS STATE: WI ZIP: 53130 8-K 1 sdc388.txt 8-K CURRENT REPORT 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 15, 2003 State Financial Services Corporation ------------------------------------------------------ (Exact name of registrant as specified in its charter) Wisconsin 0-18166 39-1489983 - --------------- ---------------- ------------------- (State or other (Commission File (IRS Employer jurisdiction of Number) Identification No.) incorporation) 815 North Water Street, Milwaukee, Wisconsin 53202-3526 ------------------------------------------------------- (Address of principal executive offices, including Zip code) (414) 425-1600 ------------------------------- (Registrant's telephone number) Item 7. Financial Statements and Exhibits. (a) Not applicable. (b) Not applicable. (c) Exhibits. The following exhibit is being furnished herewith: (99) Press Release of State Financial Services Corporation, dated April 15, 2003. Item 9. Regulation FD Disclosure. (Information provided under Item 12 - Results of Operations and Financial Condition). The following information is being furnished under Item 12 "Results of Operations and Financial Condition" of Form 8-K. The information is being furnished under Item 9 of this Form 8-K in accordance with interim guidance issued by the Securities and Exchange Commission in Release No. 33-8216. Such information, including the Exhibit attached hereto, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934. On April 15, 2003, State Financial Services Corporation (the "Company") issued a press release announcing the Company's quarterly financial results for the reporting period ended March 30, 2003. A copy of the Company's press release is being furnished as Exhibit 99 to this Current Report. 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. STATE FINANCIAL SERVICES CORPORATION Date: April 15, 2003 By: /s/ Daniel L. Westrope ------------------------------------ Daniel L. Westrope Senior Vice President and Chief Financial Officer 3 STATE FINANCIAL SERVICES CORPORATION Exhibit Index to Current Report on Form 8-K Exhibit Number - ------- (99) Press Release of State Financial Services Corporation, dated April 15, 2003. 4 EX-99 3 sdc388a.txt PRESS RELEASE [STATE FINANCIAL SERVICES CORPORATION LOGO] Press Release For more information contact: Corporate Headquarters Michael J. Falbo or Daniel L. Westrope 10708 W. Janesville Road Telephone: (414) 425-1600 Hales Corners, WI 53130 Facsimile: (414) 425-8939 Nasdaq Symbol: SFSW State Financial Services Corporation Reports 20% Increase in Earnings Per Share Hales Corners, WI (April 15, 2003). State Financial Services Corporation ("State") today announced net income per share on a fully diluted basis increased 20% to $0.42 for the three months ended March 31, 2003, from $0.35 per share on a fully diluted basis for the same period in 2002. Net income for the 2003 first quarter was $2.9 million. Net interest income was $11.0 million for the first quarter of 2003, compared to $10.8 million and $11.1 million for the three months ended December 31, 2002 and March 31, 2002, respectively. Net interest margin was 4.00%, up from 3.82% in the fourth quarter of 2002, but down from 4.33% a year ago. Total loans, as of March 31, 2003, increased 26.2% and 2.9% from March 31, 2002 and December 31, 2002, respectively. Michael J. Falbo, President and CEO, commented, "We continued to generate significant loan growth in the first quarter, while our margin benefited from a declining cost of funds. Asset quality and cost control continue to be primary focus areas for 2003." State is a $1.3 billion financial services company operating through 26 full-service office locations in southeastern Wisconsin and northeastern Illinois and provides 24-hour banking convenience through a network of 31 ATMs. Through its banking network, State provides commercial and retail banking products, long-term fixed-rate secondary market mortgage origination and investment brokerage activities. State's shares are traded on the NASDAQ National Market System under the symbol "SFSW." Page 1 State Financial Services Corporation Press Release Financial Highlights March 31, 2003 -------------------------------------- At or for the Three Months ended Unaudited March 31, --------- -------------------------------------- 2003 2002 % chg -------------------------------------- For the Period: - -------------- Interest Income $16,161,503 $17,023,834 (5.07)% Interest Expense 5,122,732 5,965,447 (14.13) ----------- ----------- ------ Net Interest Income 11,038,771 11,058,387 (0.18) Provision for Loan Losses 600,000 450,000 33.33 Non-Interest Income 3,464,226 2,521,715 37.38 Security Gains 88,608 204,009 (56.57) Non-Interest Expense 10,031,813 9,567,002 4.86 ----------- ----------- ------ Net Before Tax 3,959,792 3,767,109 5.11 Income Tax 1,107,638 1,154,171 (4.03) ----------- ----------- ------ Net Income $2,852,154 $2,612,938 9.16 =========== =========== ====== Per Share: - --------- Net Income (basic) $0.43 $0.35 Net Income (diluted) $0.42 $0.35 Avg. Shares Outstanding (basic) 6,627,366 7,439,007 Avg. Shares Outstanding (diluted) 6,776,833 7,482,527 Dividends Declared $0.13 $0.12 End of Period: ($'s in 000's) - ----------------------------- Assets $1,291,290 $1,189,389 Investment securities 396,170 467,589 Loans (net) 756,595 613,724 Allowance for loan losses 9,306 8,165 Goodwill 27,465 27,465 Deposits 929,310 914,290 Borrowed Funds 246,718 160,523 Stockholders' Equity 105,515 106,670 Per Share: - --------- Total Shares Outstanding 6,953,976 7,789,965 Book Value $15.17 $13.69 Tangible Book Value $11.19 $10.00 Market Value $19.10 $13.95 Key Ratios: - ---------- Net Interest Margin 4.00% 4.33% Return on Average Assets 0.90% 0.90% Return on Average Common Equity 10.89% 9.77% Return on Average Common Tangible Equity 14.72% 13.18% Tier 1 Leverage Ratio 7.01% 6.70% Tangible Equity to Assets 6.95% 6.64% Loans/Deposits 81.41% 67.13% Allowance for Loan Loss/Total Loans 1.22% 1.31% Nonperforming Loans/ Total Loans 1.78% 1.69% Nonperforming Assets/Total Assets 1.08% 0.93% Net Charge-offs/Avg total loans (annualized) 0.05% 0.10% Page 2 -----END PRIVACY-ENHANCED MESSAGE-----