-----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, Vo49LLGmkc4IabvYqRbDqRM6pyEwnaUnk/tf3WoUT0B8P2Ymr2D8scVXMv9+TKBD yp5ehc4tmD54bPNfAn0Dtg== 0000946275-05-000087.txt : 20050127 0000946275-05-000087.hdr.sgml : 20050127 20050127155731 ACCESSION NUMBER: 0000946275-05-000087 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050127 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050127 DATE AS OF CHANGE: 20050127 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TF FINANCIAL CORP CENTRAL INDEX KEY: 0000921051 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 742705050 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-24168 FILM NUMBER: 05553882 BUSINESS ADDRESS: STREET 1: 3 PENNS TRAIL CITY: NEWTOWN STATE: PA ZIP: 18940 BUSINESS PHONE: 2155794000 MAIL ADDRESS: STREET 1: 3 PENNS TRAIL CITY: NEWTOWN STATE: PA ZIP: 18940 8-K 1 f8k_012705-0084.txt FORM SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20552 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 January 27, 2005 ------------------------------------------------------ Date of Report (Date of earliest event reported) TF Financial Corporation ------------------------------------------------------ (Exact name of Registrant as specified in its Charter) Delaware 0- 24168 74-2705050 - ---------------------------- ---------- ------------- (State or other jurisdiction (File No.) (IRS Employer of incorporation) Identification Number) 3 Penns Trail, Newtown, Pennsylvania 18940 - ------------------------------------ ----- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (215) 579-4000 -------------- 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 |_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act |_| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act |_| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act TF FINANCIAL CORPORATION INFORMATION TO BE INCLUDED IN REPORT ------------------------------------ Section 2 - Financial Information Item 2.02. Results of Operations and Financial Condition. On January 27, 2005, the Registrant issued a press release to report earnings for the quarter ended December 31, 2005. A copy of the press release is furnished with this Form 8-K as Exhibit 99. Section 9 - Financial Statements and Exhibits Item 9.01. Financial Statements and Exhibits. (c)Exhibits: Exhibit 99 - Press Release dated January 27, 2005 ---------- 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. TF FINANCIAL CORPORATION Date: January 27, 2005 By: /s/Dennis R. Stewart -------------------------------------------- Dennis R. Stewart Executive Vice President and Chief Financial Officer EX-99 2 ex-99.txt PRESS RELEASE News Release ------------ January 27, 2005 Contact: Dennis R. Stewart, EVP/CFO FOR IMMEDIATE RELEASE (215) 579-4000 TF Financial Corporation Announces Record Earnings for 2004 and 6% Increase in Quarterly Dividend Newtown, Pennsylvania: TF Financial Corporation (Nasdaq National Market - THRD) today reported record net income of $6,567,000 ($2.33 per diluted share) for 2004, compared with a net loss of $5,834,000 ($2.30 per diluted share) during 2003. Earnings for 2003 included the $9,334,000 ($3.35 per diluted share) after-tax net cost of the Corporation's debt refinancing transaction completed during the third quarter of 2003. Excluding this transaction, the Corporation's net income was $3,500,000 ($1.27 per diluted share) for 2003. During the fourth quarter of 2004 net income was $1,588,000 ($0.56 per diluted share) compared with $1,516,000 ($0.54 per diluted share) during the fourth quarter of 2003. The Corporation also announced that its Board of Directors had declared a quarterly cash dividend of $0.18 per share, payable February 15, 2005 to shareholders of record on February 7, 2005. This dividend is a 6% increase over the amount paid during the fourth quarter of 2004. Results for 2004 represent the highest level of core earnings since the Corporation became a public company in 1994, and fulfills our objective announced during the third quarter of 2003 to significantly improve earnings as a result of the debt refinancing that occurred in the third quarter of 2003. Other highlights for 2004 include a 9.3% increase in net loans outstanding, a 9.3% increase in loan loss reserves, and a 60% decrease in non-performing loans. Return on assets and return on equity were 1.01% and 10.78%, respectively, during the fourth quarter of 2004. When these ratios are combined with our net interest margin of 3.73% for the fourth quarter of 2004, our operating performance compares very favorably to other top performing community bank holding companies. Kent C. Lufkin, President and CEO stated that "we are extremely pleased with our strong earnings and other achievements during 2004. In addition, we are very excited about the many initiatives planned for 2005. These include a bold new look and slogan, innovative products and delivery methods, as well as a new branch later in the year. All of these efforts are designed to differentiate us from our competition, grow the Bank, and further ensure our long term success." TF Financial Corporation is a holding company whose principal subsidiary is Third Federal Bank, which operates 14 full service retail and commercial banking offices in Philadelphia and Bucks County, Pennsylvania and in Mercer County, New Jersey. In addition, the Bank's website can be found at www.thirdfedbank.com. Statements contained in this news release, which are not historical facts, are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, factors discussed in documents filed by TF Financial Corporation with the Securities and Exchange Commission from time to time. The Corporation does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Corporation. T F FINANCIAL CORPORATION FINANCIAL INFORMATION (dollars in thousands except per share data)
THREE MONTHS INC TWELVE MONTHS INC ------------ ------------- 12/31/04 12/31/03 (DEC) 12/31/04 12/31/03 (DEC) -------- -------- ----- -------- -------- ----- EARNINGS SUMMARY Interest Income $ 7,848 $ 7,729 1.5% $ 31,221 $ 32,377 -3.6% Interest expense 2,349 2,188 7.4% 8,866 15,252 -41.9% Net interest income 5,499 5,541 -0.8% 22,355 17,125 30.5% Loan loss provision 150 60 150.0% 600 330 81.8% Non-interest income 623 636 -2.0% 2,608 2,690 -3.0% Non-interest expense 3,800 3,887 -2.2% 15,329 28,703 -46.6% Income taxes (benefit) 584 714 -18.2% 2,467 (3,384) n. m. Net income (loss) $ 1,588 $ 1,516 4.7% $ 6,567 $ (5,834) n. m. Pro forma net income (b) $ 1,588 $ 1,516 4.7% $ 6,567 $ 3,500 87.6% PER SHARE INFORMATION Earnings (loss) per share, basic $ 0.58 $ 0.59 -1.7% $ 2.44 $ (2.30) n. m. Earnings (loss) per share, diluted $ 0.56 $ 0.54 3.7% $ 2.33 $ (2.30) n. m. Pro forma earnings per share, basic (b) $ 0.58 $ 0.59 -1.7% $ 2.44 $ 1.38 76.8% Pro forma earnings per share, diluted (b) $ 0.56 $ 0.54 3.7% $ 2.33 $ 1.27 83.5% Dividends paid $ 0.17 $ 0.15 13.3% $ 0.66 $ 0.60 10.0% FINANCIAL RATIOS Annualized return on average assets (b) 1.01% 0.45% 124.4% 1.06% 0.38% 178.9% Annualized return on average equity (b) 10.78% 4.82% 123.7% 11.58% 4.20% 175.7% Efficiency ratio (b) 63.63% 78.53% -19.0% 62.92% 80.40% -21.7% AVERAGE BALANCES Loans $ 437,530 $ 401,769 8.9% $ 423,482 $ 378,414 11.9% Mortgage-backed securities 122,574 128,090 -4.3% 128,759 154,721 -16.8% Investment securities 32,177 31,935 0.8% 30,969 62,747 -50.6% Other interest-earning assets 617 3,181 -80.6% 1,127 45,590 -24.0% Total earning assets 592,898 564,975 4.9% 584,337 641,472 -8.9% Non-earning assets 34,062 36,416 -6.5% 34,645 33,839 2.4% Total assets 626,960 601,391 4.3% 618,982 675,311 -8.3% Deposits 458,522 458,458 0.0% 465,097 449,925 3.4% FHLB advances 104,066 83,020 25.4% 91,660 160,325 -42.8% Total interest bearing liabilities 562,588 541,478 3.9% 556,757 610,250 -8.8% Non-interest bearing liabilities 5,786 5,903 -2.0% 5,536 4,195 32.0% Stockholders' equity 58,586 54,010 8.5% 56,689 60,866 -6.9% Total liabilities & stockholders' $ 626,960 $ 601,391 4.3% $ 618,982 $ 675,311 -8.3% equity SPREAD AND MARGIN ANALYSIS Average yield on: Loans 5.74% 5.96% 5.75% 6.18% Mortgage-backed securities 3.95% 4.36% 4.42% 4.35% Investment securities 4.65% 3.68% 4.45% 3.13% Other interest-earning assets 1.93% 1.37% 1.24% 1.04% Average cost of: Deposits 1.29% 1.33% 1.27% 1.57% FHLB advances 3.30% 3.11% 3.21% 5.12% Interest rate spread 3.65% 3.84% 3.79% 2.57% Net interest margin 3.73% 3.91% 3.86% 2.69%
T F FINANCIAL CORPORATION FINANCIAL INFORMATION (dollars in thousands except per share data)
THREE MONTHS INC TWELVE MONTHS INC ------------ ------------- 12/31/04 12/31/03 (DEC) 12/31/04 12/31/03 (DEC) -------- -------- ----- -------- -------- ----- NON-INTEREST INCOME Retail banking fees $ 615 $ 636 -3.3% $ 2,600 $ 2,372 9.6% Gain on sale of loans 8 - 0.0% 8 - 0.0% Gain (loss) on sales of securities - - 0.0% - 208 -100.0% Gain on sale of real estate - - 0.0% - 110 -100.0% NON-INTEREST EXPENSE Salaries and benefits 2,088 2,130 -2.0% 8,769 8,186 7.1% Occupancy 666 583 14.2% 2,518 2,488 1.2% Deposit insurance 17 17 0.0% 70 72 -2.8% Professional fees 156 181 -13.8% 615 609 1.0% Deposit intangible amortization 34 40 -15.0% 155 185 -16.2% Advertising 165 138 19.6% 655 551 18.9% Other 674 798 -15.5% 2,547 2,847 -10.5% Debt prepayment fee - - 0.0% - 13,765 -100.0%
INC 12/31/04 12/31/03 (DEC) -------- -------- ----- DEPOSIT INFORMATION Non-interest checking $ 32,636 $ 26,375 23.7% Interest checking 54,887 52,647 4.3% Money market 42,496 44,688 -4.9% Savings 182,945 188,673 -3.0% CD's 146,939 146,960 0.0% OTHER PERIOD ENDING INFORMATION PER SHARE Book value (a) $ 20.80 $ 21.37 Tangible book value (a) $ 19.26 $ 19.56 Closing market price $ 32.00 $ 34.20 BALANCE SHEET Loans,net $ 442,195 $ 404,649 9.3% Cash and cash equivalents 7,900 8,241 -4.1% Mortgage-backed securities 118,510 130,404 -9.1% Investment securities 32,150 31,802 1.1% Total assets 628,976 606,752 3.7% FHLB advances and other 102,747 86,853 18.3% Stockholders' equity 61,225 55,480 10.4% ASSET QUALITY Non-performing loans 960 2,282 -57.9% Loan loss reserves 2,307 2,111 9.3% Reserves to gross loans 0.52% 0.52% 0.0% Non-performing loans to gross loans 0.22% 0.56% -60.7% Non-performing loans to total assets 0.15% 0.38% -60.5% Foreclosed property 700 868 -19.4% Foreclosed property to total assets 0.11% 0.14% -21.4% Non-performing assets to total assets 0.26% 0.52% -50.0% OTHER STATISTICAL INFORMATION Shares outstanding (000's) (a) 2,742 2,596 Number of branch offices 14 14 Full time equivalent employees 175 171
(a) excludes 202,000 and 220,000 employee stock ownership plan shares at December 31, 2004 and 2003, respectively. (b) excludes $14,142,000 pre-tax and $9,334,000 after tax cost attributable to the debt refinancing transaction of 2003. n.m not meaningful -----END PRIVACY-ENHANCED MESSAGE-----