-----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, LuWHJ3i1ppKwzxz+xdREkWzqquMdTfThUheCjsqMb72Oj41eyoxU/mk3fdu7zidJ NYCyJGPGEo9uZZyWphSZ9w== 0000946275-05-001018.txt : 20051027 0000946275-05-001018.hdr.sgml : 20051027 20051027150736 ACCESSION NUMBER: 0000946275-05-001018 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20051027 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20051027 DATE AS OF CHANGE: 20051027 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: 051159886 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_102705-0084.txt FORM 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): October 27, 2005 TF FINANCIAL CORPORATION - -------------------------------------------------------------------------------- (Exact name of Registrant as specified in its Charter) Delaware 0-24168 74-2705050 - -------------------------------------------------------------------------------- (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 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 THE REPORT ---------------------------------------- Section 2 - Financial Information Item 2.02 Results of Operation and Financial Condition. On October 27, 2005, the Registrant issued a press release to report its results of operations for the three and nine months ended September 30, 2005. A copy of the press release is included with this Form 8-K as an exhibit. Item 9.01 Financial Statements and Exhibits. (c) Exhibits Exhibit 99 -- Press Release dated October 27, 2005. 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. TF FINANCIAL CORPORATION Date: October 27, 2005 By: /s/Dennis R. Stewart -------------------------------- Dennis R. Stewart Executive Vice President and Chief Financial Officer 3 EX-99 2 ex-99.txt PRESS RELEASE News Release ------------ October 27, 2005 Contact: Dennis R. Stewart, EVP/CFO FOR IMMEDIATE RELEASE (215) 579-4000 TF Financial Corporation Announces Third Quarter Results And Quarterly Dividend Newtown, Pennsylvania: TF Financial Corporation (Nasdaq National Market - THRD) today reported net income of $1,545,000 ($0.55 per diluted share) for the third quarter of 2005, compared with $1,714,000 ($0.61 per diluted share) during the third quarter of 2004. Net income for the nine month period ended September 30, 2005 was $4,626,000 ($1.64 per diluted share) compared with $4,979,000 ($1.77 per diluted share) during the first nine months of 2004. The Company also announced that its Board of Directors declared a quarterly dividend of $0.18 per share, payable November 15, 2005 to shareholders of record on November 7. Quarter and year to date highlights for 2005 include: o Net interest income during the third quarter was virtually unchanged from the second quarter, and on a year to date basis was down only 0.4% compared to the first nine months of 2004, despite eleven 25 basis point increases in interest rates by the Federal Reserve during the period June 30, 2004 through September 30, 2005. o The net interest margin remains healthy at 3.67% for the third quarter of 2005 and 3.76% for the first nine months of 2005. o Loan growth for the first nine months of 2005 was (annualized) 9.1%. The loan to deposit ratio was nearly 102% at September 30. o Asset quality remains high with non-performing loans at record low levels of 0.12% of total loans and 0.09% of total assets. o Return on assets and return on equity were a strong 0.95% and 10.21%, respectively, during the third quarter of 2005. Commenting on the Company's performance during the third quarter, President Kent C. Lufkin said that "we continued to make progress in quite a few areas that are important to the Company's long-term success. We opened our 15th branch office, in Philadelphia, and also opened a loan production office in New Hope, Pennsylvania. Our loan originations were strong and we expect that we will achieve record commercial real estate loan production by the end of the year. In addition, our brand recognition continues to grow. All of our efforts have combined to produce operating results that rival those of our top performing peers." TF Financial Corporation is a holding company whose principal subsidiary is Third Federal Bank, which operates 15 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 Company 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 Company. T F FINANCIAL CORPORATION FINANCIAL INFORMATION (dollars in thousands except per share data)
UNAUDITED UNAUDITED THREE MONTHS NINE MONTHS ------------ INC ----------- INC 9/30/05 9/30/04 (DEC) 9/30/05 9/30/04 (DEC) ------- ------- ------- ------- EARNINGS SUMMARY Interest Income $ 8,570 $ 7,868 8.9% $ 25,038 $ 23,373 7.1% Interest expense 2,987 2,214 34.9% 8,251 6,517 26.6% Net interest income 5,583 5,654 -1.3% 16,787 16,856 -0.4% Loan loss provision 150 150 0.0% 450 450 0.0% Non-interest income 742 595 24.7% 2,081 1,985 4.8% Non-interest expense 4,084 3,743 9.1% 12,158 11,529 5.5% Income taxes 546 642 -15.0% 1,634 1,883 -13.2% Net income $ 1,545 $ 1,714 -9.9% $ 4,626 $ 4,979 -7.1% PER SHARE INFORMATION Earnings per share, basic $ 0.57 $ 0.64 -10.9% $ 1.69 $ 1.86 -9.1% Earnings per share, diluted $ 0.55 $ 0.61 -9.8% $ 1.64 $ 1.77 -7.3% Dividends paid $ 0.18 $ 0.17 5.9% $ 0.54 $ 0.49 10.2% FINANCIAL RATIOS Annualized return on average assets 0.95% 1.09% -12.8% 0.97% 1.08% -10.2% Annualized return on average equity 10.21% 11.89% -14.1% 10.29% 11.87% -13.3% Efficiency ratio 66.14% 61.37% 7.8% 66.01% 62.69% 5.3% AVERAGE BALANCES Loans $465,712 $426,686 9.1% $456,596 $418,765 9.0% Mortgage-backed securities 104,148 129,715 -19.7% 111,914 130,835 -14.5% Investment securities 39,553 31,117 27.1% 36,041 30,563 17.9% Other interest-earning assets 2,631 685 284.1% 2,050 1,299 57.8% Total earning assets 612,044 588,203 4.1% 606,601 581,462 4.3% Non-earning assets 33,179 36,358 -8.7% 34,313 34,841 -1.5% Total assets 645,223 624,561 3.3% 640,914 616,303 4.0% Deposits 473,801 465,782 1.7% 465,333 467,304 -0.4% FHLB advances 104,918 96,090 9.2% 109,487 87,494 25.1% Total interest bearing liabilities 578,719 561,872 3.0% 574,820 554,798 3.6% Non-interest bearing liabilities 6,469 5,327 21.4% 5,961 5,453 9.3% Stockholders' equity 60,035 57,362 4.7% 60,133 56,052 7.3% Total liabilities & stockholders' $645,223 $624,561 3.3% $640,914 $616,303 4.0% equity SPREAD AND MARGIN ANALYSIS Average yield on: Loans 5.99% 5.68% 5.92% 5.76% Mortgage-backed securities 4.32% 4.57% 4.46% 4.57% Investment securities 4.67% 4.35% 4.77% 4.37% Other interest-earning assets 3.02% 2.32% 2.74% 1.13% Average cost of: Deposits 1.72% 1.24% 1.56% 1.27% FHLB advances 3.54% 3.14% 3.46% 3.17% Interest rate spread 3.56% 3.80% 3.65% 3.84% Net interest margin 3.67% 3.87% 3.76% 3.91%
T F FINANCIAL CORPORATION FINANCIAL INFORMATION (dollars in thousands except per share data)
UNAUDITED UNAUDITED THREE MONTHS NINE MONTHS ------------ INC ----------- INC 9/30/05 9/30/04 (DEC) 9/30/05 9/30/04 (DEC) ------- ------- ------- ------- NON-INTEREST INCOME Retail banking fees $ 632 $ 595 6.2% $ 1,941 $ 1,985 -2.2% Gain on sale of loans $ 110 $ - 0.0% $ 140 $ - 0.0% Gain (loss) on sales of securities - - 0.0% - - 0.0% NON-INTEREST EXPENSE Salaries and benefits 2,322 2,160 7.5% 7,016 6,681 5.0% Occupancy 651 613 6.2% 1,952 1,852 5.4% Deposit insurance 15 17 -11.8% 48 53 -9.4% Professional fees 211 121 74.4% 648 459 41.2% Deposit intangible amortization 34 41 -17.1% 102 121 -15.7% Advertising 191 164 16.5% 553 490 12.9% Other 660 627 5.3% 1,839 1,873 -1.8%
INC 9/30/05 12/31/04 (DEC) ------- -------- ----- DEPOSIT INFORMATION Non-interest checking $ 35,071 $ 32,636 7.5% Interest checking 49,854 54,887 -9.2% Money market 79,700 42,496 87.5% Savings 161,976 182,945 -11.5% CD's 138,285 146,939 -5.9% OTHER PERIOD ENDING INFORMATION Per Share Book value (a) $ 22.83 $ 22.30 Tangible book value (a) $ 21.13 $ 20.57 Closing market price $ 28.10 $ 32.00 Balance sheet Loans,net $472,120 $442,195 6.8% Cash and cash equivalents 5,642 7,900 -28.6% Mortgage-backed securities 98,875 118,510 -16.6% Investment securities 41,559 32,150 29.3% Total assets 647,716 628,966 3.0% Deposits 464,886 459,903 1.1% FHLB advances and other 114,310 102,747 11.3% Stockholders' equity 62,412 61,155 2.1% ASSET QUALITY Non-performing loans 570 960 -40.6% Loan loss reserves 2,508 2,307 8.7% Reserves to gross loans 0.53% 0.52% 1.9% Non-performing loans to gross loans 0.12% 0.22% -45.5% Non-performing loans to total assets 0.09% 0.15% -40.0% Foreclosed property 700 700 0.0% Foreclosed property to total assets 0.11% 0.11% 0.0% Non-performing assets to total assets 0.20% 0.26% -23.1% OTHER STATISTICAL INFORMATION Shares outstanding (000's) (a) 2,734 2,742 Number of branch offices 15 14 Full time equivalent employees 174 175
(a) Excludes 189,000 and 202,000 employee stock ownership plan shares at September 30, 2005 and December 31, 2004, respectively. -----END PRIVACY-ENHANCED MESSAGE-----