-----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, VdcIkX48on9p014aeXLozRxKqKSVVmAPsdhbbvril/NiZ0Dx3uJ5wx7IJx/EK6zS 2eLBjWisT7DvY/ludTXang== 0000899243-96-000957.txt : 19960805 0000899243-96-000957.hdr.sgml : 19960805 ACCESSION NUMBER: 0000899243-96-000957 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960730 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19960802 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: FORT BEND HOLDING CORP CENTRAL INDEX KEY: 0000896766 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 760391720 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-21328 FILM NUMBER: 96602906 BUSINESS ADDRESS: STREET 1: 3400 AVENUE H CITY: ROSENBERG STATE: TX ZIP: 77471 BUSINESS PHONE: 7133425571 8-K 1 FORM 8-K 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 30, 1996 FORT BEND HOLDING CORP. __________________________________________________________________________ (Exact name of Registrant as specified in its Charter) DELAWARE 0-21328 76-0391720 __________________________________________________________________________ (State or other (Commission File No.) (IRS Employer jurisdiction of Identification incorporation) Number) 3400 AVENUE H, ROSENBERG, TEXAS 77471-3808 __________________________________________________________________________ (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (713) 341-5571 __________________________________________________________________________ __________________________________________________________________________ (Former name or former address, if changed since last report) Item 5. Other Events - ------ ------------ On July 30, 1996, the Registrant issued the earnings release attached as Exhibit 99 announcing the declaration of a cash dividend and earnings for the quarter ended June 30, 1996. The foregoing information does not purport to be complete and is qualified in its entirety by reference to the Exhibit to this Report. Item 7. Financial Statements and Exhibits - ------- --------------------------------- (c) Exhibits The Exhibit referred to in Item 5 of this Report and listed on the accompanying Exhibit Index is filed as part of this Report and is incorporated herein by reference. 2 EXHIBIT NUMBER DESCRIPTION ------- ----------- 99 Earnings release, dated July 30, 1996 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 thereunto duly authorized. FORT BEND HOLDING CORP. Date: July 30, 1996 By: /s/ Lane Ward ___________________ Lane Ward President and Chief Executive Officer 4 EX-99 2 EARNINGS RELEASE, DATED JULY 30, 1996 For Immediate Release For more information, contact: - --------------------- Lane Ward, Vice Chairman, President and CEO Date: July 30, 1996 at (713) 342-5571 EXHIBIT 99 FORT BEND HOLDING CORP.'S FIRST QUARTER FISCAL 1997 EARNINGS RELEASE Fort Bend Holding Corp. ("FBHC"), parent corporation of Fort Bend Federal Savings and Loan Association of Rosenberg, today announced net earnings of $406,000 or $0.48 primary earnings per share, for the first fiscal quarter ended June 30, 1996. This compared to net earnings of $403,000, or $0.46 primary earnings per share, for the same quarter in fiscal 1996. Fully diluted earnings per common share for the quarter ended June 30, 1996 was $0.40. The Board of Directors has also announced that FBHC will pay a cash dividend of $0.07 per share for the quarter ended June 30, 1996. The dividend will be payable on September 4, 1996 to shareholders of record on August 14, 1996. This is FBHC's eleventh consecutive quarterly cash dividend. FBHC's net interest income after provision for loan losses was $1,620,000 for the quarter ended June 30, 1996 compared to $1,591,000 for the quarter ended June 30, 1995. Net interest income increased reflecting an increase in average interest-earning assets to $233 million from $221 million for the three months ended June 30, 1996 and 1995, respectively. Total noninterest income increased $155,000 for the quarter ended June 30, 1996 compared to the quarter ended June 30, 1995. This reflects an increase of $39,000 in service charges, $29,000 in loan servicing income and $96,000 in other income. Assets of FBHC were $254,739,000 as of June 30, 1996, compared to $244,169,000 at March 31, 1996. This is an increase of 4.3% which is primarily attributable to growth in the loan portfolio and short-term investments. The loan growth of $7.8 million was primarily funded by principal repayments of mortgage-backed securities and short-term borrowings. Stockholders' equity was $18,008,000 at June 30, 1996 compared to $17,572,000 at March 31, 1996. This represents an increase of 2.5%. Equity-to-assets and risk-based capital ratios were 7.1% and 18.5% respectively as of June 30, 1996. Non-performing assets as a percentage of total assets as of June 30, 1996, were 1.21% compared to 1.29% as of March 31, 1996. The previously announced acquisition of FirstBanc Savings Association of Missouri City, Texas ("FirstBanc") is in process. The FirstBanc Shareholders approved the acquisition in July 1996 and applications have been filed with the regulatory authorities. The acquisition is anticipated to close in September 1996. FBHC serves Fort Bend, Harris, Wharton and Waller Counties in Southeast Texas through its subsidiary, Fort Bend Federal Savings and Loan headquartered in Fort Bend County. The subsidiary operates a retail franchise of 5 full service offices in 5 cities. Fort Bend Federal's market area is located in the largest metropolitan area of Texas and the eighth largest in the United States. The Corporation's stock is traded on the Nasdaq National Market under the symbol "FBHC". # # # FORT BEND HOLDING CORP. CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL CONDITION (UNAUDITED)
ASSETS JUNE 30, 1996 MARCH 31, 1996 Cash and due from banks $ 4,346,835 $ 3,451,880 Short-term investments 7,050,826 13,541,782 Certificates of deposit 200,000 200,000 ----------- ------------- TOTAL CASH AND CASH EQUIVALENTS 11,597,661 17,193,662 Investment securities available for sale, at market value 2,704,557 2,684,607 Investment securities held to maturity (estimated market value of $20,014,093 and $9,064,153 at June 30, 1996 and March 31, 1996, respectively) 20,219,065 9,233,505 Mortgage-backed securities available for sale, at market value 745,448 873,502 Mortgage-backed securities held to maturity (estimated market value of $106,062,855 and $110,676,779 at June 30, 1996 and March 31, 1996, respectively) 107,130,125 110,489,617 Loans receivable, net 100,645,671 92,861,594 Loans held for sale 863,165 922,422 Accrued interest receivable 1,548,875 1,466,272 Real estate, net 148,092 155,372 Federal Home Loan Bank stock, at cost 1,481,400 1,460,200 Premises and equipment, net 3,850,387 3,635,046 Mortgage servicing rights, net 1,915,365 1,235,714 Prepaid expenses and other assets 1,501,523 1,538,171 Deferred income taxes 387,501 418,949 ----------- ------------- TOTAL ASSETS $ 254,738,835 $ 244,168,633 =========== ============= LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Deposits $ 204,874,581 $ 203,913,715 8% Convertible Subordinated Debentures 12,100,000 12,100,000 Other borrowings 10,307,782 4,363,688 Advances from borrowers for taxes and insurance 7,444,782 4,224,796 Accounts payable, accrued expenses and other liabilities 2,003,224 1,994,063 ----------- ------------- TOTAL LIABILITIES 236,730,369 226,596,262 ----------- ------------- Stockholders' Equity: Serial preferred stock, $.01 par value - 500,000 shares authorized, none outstanding Common Stock $.01 par value, 2,000,000 shares authorized 907,372 shares issued and 819,198 shares outstanding at June 30, 1996 and 905,572 shares issued and 817,398 shares outstanding at March 31, 1996 9,073 9,055 Additional paid-in capital 8,580,932 8,514,562 Unearned employee stock ownership plan shares (351,000) (394,875) Deferred compensation (119,219) (98,668) Net unrealized depreciation on available for sale securities, net of tax (23,778) (21,786) Retained earnings (substantially restricted) 11,368,959 11,020,584 Treasury stock, at cost - 88,174 shares at June 30, 1996 and March 31, 1996 (1,456,501) (1,456,501) ------------ ------------ TOTAL STOCKHOLDERS' EQUITY 18,008,466 17,572,371 ------------ ------------ TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 254,738,835 $ 244,168,633 ============ ============
FORT BEND HOLDING CORP. CONDENSED CONSOLIDATED STATEMENT OF INCOME (UNAUDITED)
THREE MONTHS ENDED JUNE 30, 1996 JUNE 30, 1995 INTEREST INCOME: Loans $ 2,130,689 $ 1,733,892 Short-term investments 187,395 77,895 Investments securities 147,996 250,298 Mortgage-backed securities 1,829,259 1,942,729 ---------------- --------------- TOTAL INTEREST INCOME 4,295,339 4,004,814 ---------------- --------------- INTEREST EXPENSE: Deposits 2,320,151 2,249,436 Borrowings 330,050 136,912 --------------- --------------- TOTAL INTEREST EXPENSE 2,650,201 2,386,348 --------------- --------------- NET INTEREST INCOME BEFORE PROVISION FOR LOAN LOSSES 1,645,138 1,618,466 PROVISIONS FOR LOAN LOSSES 25,000 27,053 --------------- -------------- NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 1,620,138 1,591,413 --------------- -------------- NONINTEREST INCOME: Gain on sale of loans 49,949 59,205 Service charges 113,418 74,632 Loan servicing income 169,631 140,799 Other income 279,138 182,656 --------------- ------------- TOTAL NONINTEREST INCOME 612,136 457,292 --------------- ------------- NONINTEREST EXPENSES: Compensation and benefits 831,871 764,772 Office occupancy and equipment 187,020 164,898 Federal insurance premiums 124,282 113,291 Amortization of mortgage servicing rights 64,250 60,000 Insurance and surety bond expense 33,616 26,069 Other 376,516 293,720 --------------- ------------ TOTAL NONINTEREST EXPENSES 1,617,555 1,422,750 --------------- ------------ INCOME BEFORE INCOME TAX 614,719 625,955 INCOME TAX PROVISION 209,000 222,900 --------------- ------------- NET INCOME $ 405,719 $ 403,055 =============== ============= PRIMARY EARNINGS PER COMMON SHARE $ 0.48 $ 0.46 ============== ============= FULLY DILUTED EARNINGS PER COMMON SHARE $ 0.40 $ 0.46 ============== ============= DIVIDENDS PER COMMON SHARE $ 0.07 $ 0.07 ============== =============
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