-----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, QBFuw4ZgfCuJkgEQE3ZnNOZ9IpzRlZkSf4ZhxDj/NO9a5HeHwuAu+vKtTe9b+AY3 8HiGsDcI7l4deZLqD8bSEg== 0000946275-06-000107.txt : 20060131 0000946275-06-000107.hdr.sgml : 20060131 20060131155515 ACCESSION NUMBER: 0000946275-06-000107 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060126 ITEM INFORMATION: Entry into a Material Definitive Agreement ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060131 DATE AS OF CHANGE: 20060131 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: 06565983 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_012606-0084.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): January 26, 2006 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 1 - Registrant's Business and Operations Item 1.01 Entry into a Material Definitive Agreement. The following payments for the fiscal year ended December 31, 2005 to directors and executive officers of the Registrant under the Registrant's Incentive Compensation Plan have been approved. Robert N. Dusek $54,009 Carl F. Gregory $18,215 George A. Olsen $39,743 Albert M. Tantala $17,897 Dennis L. McCartney $20,444 John R. Stranford $7,643 Kent C. Lufkin $113,534 Dennis R. Stewart $75,320 Floyd P. Haggar $52,336 Section 2 - Financial Information Item 2.02 Results of Operation and Financial Condition. On January 26, 2006, the Registrant issued a press release to report its results of operations for the three and twelve months ended December 31, 2005. A copy of the press release is included with this Form 8-K as an exhibit. Section 9 - Financial Statements and Exhibits Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit 99 -- Press Release dated January 26, 2006. 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: January 31, 2006 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 26, 2006 Contact: Dennis R. Stewart, EVP/CFO FOR IMMEDIATE RELEASE (215) 579-4000 TF Financial Corporation Announces 2005 Results And An Increased Quarterly Dividend Newtown, Pennsylvania: TF Financial Corporation (Nasdaq National Market - THRD) today reported net income of $6,153,000 ($2.19 per diluted share) for 2005, compared with $6,567,000 ($2.33 per diluted share) for 2004. Net income for the three month period ended December 31, 2005 was $1,527,000 ($0.55 per diluted share) compared with $1,588,000 ($0.56 per diluted share) during the comparable period of 2004. The Company also announced that its Board of Directors declared a quarterly dividend of $0.19 per share, payable February 15, 2006 to shareholders of record on February 8, 2006. This dividend is a 5.6% increase over the amount paid during the fourth quarter of 2005. Highlights for 2005 include: o Net interest income increased by 0.3% during 2005 despite thirteen 25 basis point increases in interest rates by the Federal Reserve during the period June 30, 2004 through December 31, 2005. o The net interest margin was 3.74% during 2005, only a 12 basis point drop from 2004. o Loans grew by 11.0% to $491 million, a record for the Company. The loans to deposits ratio was over 104% at December 31. o Return on assets and return on equity were a strong 0.96% and 10.16%, respectively, during the year. o The Company opened its 15th branch office, in Philadelphia. Commenting on the Company's performance for the year, President Kent C. Lufkin said that "an increasingly popular menu of banking products and services, an aggressive and extremely creative marketing program, and the significant efforts of our team members have helped to produce our second consecutive year of strong core earnings and growth. Furthermore, when compared with our peers, the Company and Third Federal Bank have again produced results that place us among the top performers in the regional community banking industry." 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 TWELVE MONTHS ------------ INC ------------- INC 12/31/2005 12/31/2004 (DEC) 12/31/2005 12/31/2004 (DEC) ---------- ---------- ----- ---------- ---------- ----- EARNINGS SUMMARY Interest Income $ 8,927 $ 7,848 13.7% $ 33,965 $ 31,221 8.8% Interest expense 3,281 2,349 39.7% 11,532 8,866 30.1% Net interest income 5,646 5,499 2.7% 22,433 22,355 0.3% Loan loss provision 90 150 -40.0% 540 600 -10.0% Non-interest income 647 623 3.9% 2,728 2,608 4.6% Non-interest expense 4,010 3,800 5.5% 16,168 15,329 5.5% Income taxes 666 584 14.0% 2,300 2,467 -6.8% Net income $ 1,527 $ 1,588 -3.8% $ 6,153 $ 6,567 -6.3% PER SHARE INFORMATION Earnings per share, basic $ 0.56 $ 0.58 -3.4% $ 2.25 $ 2.44 -7.8% Earnings per share, diluted $ 0.55 $ 0.56 -1.8% $ 2.19 $ 2.33 -6.0% Dividends paid $ 0.18 $ 0.17 5.9% $ 0.72 $ 0.66 9.1% FINANCIAL RATIOS Annualized return on average assets 0.93% 1.01% -7.9% 0.96% 1.06% -9.4% Annualized return on average equity 9.80% 10.78% -9.1% 10.16% 11.58% -12.3% Efficiency ratio 64.65% 63.63% 1.6% 65.67% 62.92% 4.4% AVERAGE BALANCES Loans $479,580 $437,530 9.6% $462,389 $423,482 9.2% Mortgage-backed securities 96,502 122,574 -21.3% 108,029 128,759 -16.1% Investment securities 41,261 32,177 28.2% 37,357 30,969 20.6% Other interest-earning assets 1,493 617 142.0% 1,910 1,127 69.5% Total earning assets 618,836 592,898 4.4% 609,685 584,337 4.3% Non-earning assets 33,923 34,062 -0.4% 34,215 34,645 -1.2% Total assets 652,759 626,960 4.1% 643,900 618,982 4.0% Deposits 466,081 458,522 1.6% 465,521 465,097 0.1% FHLB advances 117,980 104,066 13.4% 111,628 91,660 21.8% Total interest bearing liabilities 584,061 562,588 3.8% 577,149 556,757 3.7% Non-interest bearing liabilities 6,904 5,786 19.3% 6,199 5,536 12.0% Stockholders' equity 61,794 58,586 5.5% 60,552 56,689 6.8% Total liabilities & stockholders' $652,759 $626,960 4.1% $643,900 $618,982 4.0% equity SPREAD AND MARGIN ANALYSIS Average yield on: Loans 6.09% 5.74% 5.96% 5.75% Mortgage-backed securities 4.71% 3.95% 4.51% 4.42% Investment securities 4.69% 4.65% 4.75% 4.45% Other interest-earning assets 4.52% 1.93% 3.09% 1.24% Average cost of: Deposits 1.86% 1.29% 1.63% 1.27% FHLB advances 3.70% 3.30% 3.52% 3.21% Interest rate spread 3.55% 3.65% 3.62% 3.79% Net interest margin 3.68% 3.73% 3.74% 3.86%
T F FINANCIAL CORPORATION FINANCIAL INFORMATION (dollars in thousands except per share data)
UNAUDITED UNAUDITED THREE MONTHS TWELVE MONTHS ------------ INC ------------- INC 12/31/2005 12/31/2004 (DEC) 12/31/2005 12/31/2004 (DEC) ---------- ---------- ----- ---------- ---------- ----- NON-INTEREST INCOME Retail banking fees $ 629 $ 615 2.3% $ 2,570 $ 2,600 -1.2% Gain on sale of loans $ 18 $ 8 -100.0% $ 158 $ 8 -112.5% Gain (loss) on sales of securities - - 0.0% - - 0.0% NON-INTEREST EXPENSE Salaries and benefits 2,233 2,088 6.9% 9,249 8,769 5.5% Occupancy 693 666 4.1% 2,645 2,518 5.0% Deposit insurance 16 17 -5.9% 64 70 -8.6% Professional fees 166 156 6.4% 814 615 32.4% Deposit intangible amortization 28 34 -17.6% 130 155 -16.1% Advertising 220 165 33.3% 773 655 18.0% Other 654 674 -3.0% 2,493 2,547 -2.1%
INC 12/31/2005 12/31/2004 (DEC) ---------- ---------- ----- DEPOSIT INFORMATION Non-interest checking $ 37,138 $ 32,636 13.8% Interest checking 52,319 54,887 -4.7% Money market 79,666 42,496 87.5% Savings 151,725 182,945 -17.1% CD's 149,673 146,939 1.9% OTHER PERIOD ENDING INFORMATION Per Share Book value (a) $ 23.07 $ 22.30 Tangible book value (a) $ 21.36 $ 20.57 Closing market price $ 28.45 $ 34.20 Balance sheet Loans,net $490,959 $442,195 11.0% Cash and cash equivalents 3,821 7,900 -51.6% Mortgage-backed securities 93,688 118,510 -20.9% Investment securities 42,563 32,150 32.4% Total assets 661,233 628,966 5.1% Deposits 470,521 459,903 2.3% FHLB advances and other 121,260 102,747 18.0% Stockholders' equity 62,609 61,155 2.4% ASSET QUALITY Non-performing loans 1,588 960 65.4% Loan loss reserves 2,641 2,307 14.5% Reserves to gross loans 0.54% 0.52% 3.8% Non-performing loans to gross loans 0.32% 0.22% 45.5% Non-performing loans to total assets 0.24% 0.15% 60.0% Foreclosed property 700 700 0.0% Foreclosed property to total assets 0.11% 0.11% 0.0% Non-performing assets to total assets 0.35% 0.26% 34.6% OTHER STATISTICAL INFORMATION Shares outstanding (000's) (a) 2,714 2,742 Number of branch offices 15 14 Full time equivalent employees 172 175 (a) Excludes 185,000 and 202,000 employee stock ownership plan shares at December 31, 2005 and 2004, respectively.
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