-----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, Gb0nkT3fhQPumQgpmVipLMvu3CaecY3GOSuRfvmG05wrMamwSvd29U5oVnPdBGkt tSTy/8Hg2nAin5ES5yegyQ== 0000914317-04-000246.txt : 20040121 0000914317-04-000246.hdr.sgml : 20040121 20040121160629 ACCESSION NUMBER: 0000914317-04-000246 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040121 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040121 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIRST MIDWEST FINANCIAL INC CENTRAL INDEX KEY: 0000907471 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTIONS, NOT FEDERALLY CHARTERED [6036] IRS NUMBER: 421406262 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-22140 FILM NUMBER: 04535263 BUSINESS ADDRESS: STREET 1: FIFTH AT ERIE STREET 2: P O BOX 1307 CITY: STORM LAKE STATE: IA ZIP: 50588 BUSINESS PHONE: 7127324117 MAIL ADDRESS: STREET 1: FIFTH AT ERIE STREET 2: P O BOX 1307 CITY: STORM LAKE STATE: IA ZIP: 50588 8-K 1 form8k-1stmidwest_56795.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): January 21, 2004 ________________ First Midwest Financial, Inc. (Exact name of registrant as specified in its charter) _______________ Delaware 0-22140 42-1406262 (State or other jurisdiction of (Commission File) (IRS Employer incorporation or organization) Number Identification No.) Fifth at Erie, Storm Lake, IA 50588 (Address of principal executive offices)(Zip Code) Registrant's telephone number, including area code: (712) 732-4117 ___________________ - -------------------------------------------------------------------------------- TABLE OF CONTENTS Item 7. Financial Statements and Exhibits. Item 12. Results of Operations and Financial Condition. Signatures Exhibit Index Exhibit 99.1 i Item 7. Financial Statements and Exhibits. (c) Exhibits. --------- The following Exhibit is being furnished herewith: 99.1 Registrant's Press Release dated January 20, 2004. Item 12. Results of Operations and Financial Condition. On January 20, 2004, the Registrant announced the results of operations and financial position as of, and for the first quarter ended December 31, 2003. The press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. 1 SIGNATURE 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. FIRST MIDWEST FINANCIAL, INC. By: /s/ Ronald J. Walters --------------------- Ronald J. Walters Senior Vice President, Secretary, Treasurer and Chief Financial Officer Dated: January 21, 2004 Exhibit Index ------------- Exhibit Number Description of Exhibit - ------ ---------------------- 99.1 Registrant's Press Release dated January 20, 2004 EX-99.1 3 exhibit99-1.txt Exhibit 99.1 [First Midwest Financial, Inc. Letterhead] FOR IMMEDIATE RELEASE Contact: Investor Relations Telephone: 712.732.4117 FIRST MIDWEST FINANCIAL, INC. REPORTS FIRST QUARTER EARNINGS (Storm Lake, Iowa - January 20, 2004) First Midwest reports net income of $977,000, or $.39 per diluted share, for the first quarter ending December 31, 2003. This compares to earnings during the previous quarter of $745,000 or $.30 per diluted share. First quarter earnings in the 2003 fiscal year were $844,000, or $.34 per diluted share. Net interest income for the first quarter rose $543,000, or 13.8 percent, compared to the same period last year. This was due, in part, to the Company's first quarter transactional deposit balance (checking, money market, and savings accounts) growth of more than 14 percent, total deposit growth of more than 5 percent, and loan growth exceeding 5 percent. Wider interest rate spreads also contributed significantly to the increase in net interest income. First Midwest announced the construction of a second Sioux Falls bank location to be opened for business in Summer 2004. Start up costs associated with this expansion, the recently constructed Des Moines bank main office, and the development and centralization of mortgage loan operations contributed to an increase in noninterest expense for the 2004 first quarter. These costs and lower mortgage loan fees were more than offset by the wider interest margins and growth. First Midwest is also pleased to report that it had no charge-offs reported during the 2004 first quarter. At December 31, 2003 the ratio of non-performing assets to total assets was 0.90 percent. The increase from September 30 relates to one $5 million loan which became non-performing during the quarter. Shareholders of record on December 15, 2003, received a quarterly cash dividend of 13 cents per share. This dividend was paid on January 2, 2004. The Company has paid regular quarterly cash dividends since the first dividend paid on January 5, 1995. At December 31, 2003, assets of First Midwest totaled $782.7 million. Shareholders' equity totaled $45.8 million, or $18.27 per common share outstanding. First Midwest is the holding company for First Federal Savings Bank of the Midwest and Security State Bank. All three companies had capital ratios well in excess of regulatory requirements at December 31, 2003. During this quarter, First Midwest shares traded between $21.50 and $23.75. The stock of First Midwest Financial, Inc. trades on the Nasdaq National Market under the symbol "CASH". Corporate Profile: First Midwest Financial, Inc. is the holding company for First Federal Savings Bank of the Midwest, headquartered in Storm Lake, Iowa, and for Security State Bank, headquartered in Stuart, Iowa. First Federal Savings Bank operates as a thrift with four divisions: First Federal Storm Lake, Brookings Federal Bank, Iowa Savings Bank, and First Federal Sioux Falls. Security State Bank operates as a state-chartered commercial bank. Fifteen offices support customers throughout northwest and central Iowa, and in Brookings and Sioux Falls, South Dakota.
Financial Highlights Consolidated Statements of Financial Condition (In Thousands) Assets Dec. 31, 2003 Sept. 30, 2003 Cash and Cash Equivalents $ 14,371 $ 9,757 Investments & Mortgage-backed Securities 356,545 366,075 Loans, net 366,938 349,692 Other Assets 44,818 46,761 -------------- -------------- Total Assets $ 782,672 $ 772,285 ============== ============== Liabilities Deposits $ 459,111 $ 435,553 Borrowed Money 275,252 291,486 Other Liabilities 2,475 2,215 -------------- -------------- Total Liabilities $ 736,838 $ 729,254 -------------- -------------- Shareholders' Equity $ 45,834 $ 43,031 -------------- -------------- Total Liabilities and Shareholders' Equity $ 782,672 $ 772,285 ============== ============== Consolidated Statements of Income For the 3 Months Ended Dec.31: (In Thousands except per share data) 2003 2002 Interest Income $ 9,054 $ 8,952 Interest Expense 4,586 5,027 -------------- -------------- Net Interest Income 4,468 3,925 Provision for Loan Losses 101 175 -------------- -------------- Net Interest Income After Provision for Loan Losses 4,367 3,750 Other Income 675 1,013 Other Expenses 3,560 3,515 -------------- -------------- Income Before Income Tax 1,482 1,248 Income Tax Expense 505 404 -------------- -------------- Net Income $ 977 $ 844 ============== ============== Earnings Per Common Share (Basic): $0.39 $0.34 ============== ============== Earnings Per Common Share (Diluted): $0.39 $0.34 ============== ============== Selected Financial Information For the 3 Months Ended December 31, 2003 2002 Return on Average Assets 0.50% 0.53% Return on Average Equity 8.88% 7.53% Average Shares Outstanding for Diluted Earnings per Share 2,534,360 2,491,606 At Period Ended: Dec. 31, 2003 Sept. 30, 2003 Equity to Total Assets 5.86% 5.57% Book Value per Common Share Outstanding $18.27 $17.25 Tangible Book Value per Common Share Outstanding $16.92 $15.89 Common Shares Outstanding 2,508,067 2,493,949 Non-Performing Assets to Total Assets 0.90% 0.28%
First Midwest Financial, Inc. \ First Federal Building \ Fifth at Erie \ P.O. Box 1307 \ Storm Lake, Iowa 50588 -----END PRIVACY-ENHANCED MESSAGE-----