-----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, El6kLtcB8gU/0bSAY6+MBIoAmyKu9H6omweqNtmZNm3sGYA/TnVyhVS1TuqEW5DY VtEykHXoX4t8BJw2s3mTRw== 0000904280-99-000159.txt : 19990416 0000904280-99-000159.hdr.sgml : 19990416 ACCESSION NUMBER: 0000904280-99-000159 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990414 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19990415 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CFSB BANCORP INC CENTRAL INDEX KEY: 0000859083 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 382920051 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-18609 FILM NUMBER: 99593994 BUSINESS ADDRESS: STREET 1: 112 E ALLEGAN ST CITY: LANSING STATE: MI ZIP: 48933 BUSINESS PHONE: 5174834871 8-K 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: April 14, 1999 CFSB BANCORP, INC. (Exact name of registrant as specified in its charter) Delaware 0-18609 38-2920051 (State or other jurisdiction (Commission (I.R.S. Employer of incorporation) File Number) Identification No.) 112 East Allegan Street, Lansing, Michigan 48933 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (517) 371-2911 Item 5. Other Events - --------------------- The Registrant is hereby filing its Press Release, dated April 13, 1999, reporting its financial condition and results of operations at, and for the quarter ended March 31, 1999. Item 7. Financial Statement, Pro Forma Financial Information and Exhibits - ------------------------------------------------------------- (c) Exhibits: 99.1 CFSB Press Release dated April 13, 1999. 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. CFSB Bancorp, Inc. (Registrant) Date: April 14, 1999 By: /s/John W. Abbott ------------------------- John W. Abbott Executive Vice President and Chief Operating Officer EX-99.1 2 CONTACT: Robert H. Becker President & CEO 517-374-3588 OR: John W. Abbott Executive Vice President & COO 517-483-4871 FOR IMMEDIATE RELEASE -- APRIL 13, 1999 - --------------------------------------- CFSB BANCORP, INC. REPORTS FIRST QUARTER EARNINGS Lansing, Michigan CFSB Bancorp, Inc., (NASDAQ-NMS: CFSB) holding company for Community First Bank, announced today net income for the quarter ended March 31, 1999 of $2.5 million or $0.30 per share, compared to the first quarter of 1998 of $2.8 million, or $0.33 per share. Net income for 1999 was negatively impacted by costs of $259,000, or $.03 per share, related to the pending merger. "Earnings were favorably impacted by continued strong mortgage and consumer loan production and a larger deposit base," commented President and Chief Executive Officer, Robert H. Becker. "The Corporation's strong financial performance reflects an increase in net interest income and growth in fee income, offset by a decrease in gains on sales of the Bank's 30- year fixed-rate mortgage loan production and the impact of merger related costs." On February 24, 1999, the Corporation entered into a definitive agreement (the Agreement) providing for the merger of CFSB Bancorp, Inc. into Old Kent Financial Corporation. The Agreement calls for an exchange of 0.6222 shares of Old Kent Financial Corporation stock for each share of CFSB Bancorp, Inc. stock. The merger is subject to, among other things, stockholder approval and certain regulatory and governmental approvals and is expected to be completed in the third quarter of 1999. It is intended that the merger will be structured as a "pooling-of-interests" for accounting purposes. Total assets of CFSB Bancorp at March 31, 1999 were $889 million and stockholders' equity, all tangible, was $71 million compared to total assets of $846 million and stockholders' equity of $65 million at March 31, 1998. Total loans at quarter-end 1999 increased $56 million to $790 million compared to March 31, 1998, and quarter-end 1999 deposits were $580 million, a $4 million increase over a year earlier. Community First Bank specializes in residential mortgage lending and retail banking services. With headquarters in Lansing, Michigan, the Bank serves mid-Michigan from 16 Banking Centers and 2 Loan Production Offices. -MORE- CFSB BANCORP, INC., AND SUBSIDIARY SELECTED CONSOLIDATED FINANCIAL INFORMATION (Dollars in thousands, except per share data) (unaudited)
Three Months Ended March 31, --------------------- 1999 1998 ------- ------- SUMMARY OF OPERATIONS: Interest income $ 15,623 $ 15,548 Interest expense 8,907 9,142 ---------- ---------- Net interest income 6,716 6,406 Provision for loan losses 105 98 ---------- ---------- Net interest income after provision 6,611 6,308 Noninterest income 1,860 1,871 Merger expenses 344 -- Noninterest expense, excluding merger expense 4,322 3,990 ---------- ---------- Income before federal income tax expense 3,805 4,189 Federal income tax expense 1,266 1,359 ---------- ---------- Net income $ 2,539 $ 2,830 ========== ========== EARNINGS PER SHARE:* Basic $ 0.31 $ 0.34 ========== ========== Diluted $ 0.30 $ 0.33 ========== ========== OTHER INFORMATION:* Return on average assets 1.16% 1.35% Return on average equity 14.60% 17.15% Net interest margin 3.11% 3.06% Dividends declared per share $ 0.13 $ 0.12 Book value per share at end of period $ 8.46 $ 7.95 Common shares outstanding at end of period 8,437,346 8,220,049 At At March 31, December 31, 1999 1998 1998 ---- ---- ------ FINANCIAL CONDITION: Total assets $889,071 $846,142 $880,347 Loans receivable, net 785,033 723,274 779,828 Loans held for sale 4,891 10,641 6,583 Investment securities, net 22,063 16,073 22,019 Mortgage-backed securities, net 14,835 19,913 16,007 Deposits 580,094 576,481 586,707 FHLB advances and securities sold under agreements to repurchase 225,030 189,047 213,607 Stockholders' equity 71,416 65,360 69,277 _____________ * Common shares outstanding and per share amounts have been restated for the 1997 first quarter to reflect a 10% stock dividend declared on May 19, 1998.
-----END PRIVACY-ENHANCED MESSAGE-----