-----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, A1RFffvpfkWsvcDRfhP6mDB7uG5wqSsOFe3TQX+pyZcaGUc/Eg67rtMl4I6z/OEJ OjOqQ6X+PrI5bx+Lx6S71Q== 0000946275-06-000371.txt : 20060428 0000946275-06-000371.hdr.sgml : 20060428 20060428115421 ACCESSION NUMBER: 0000946275-06-000371 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060428 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060428 DATE AS OF CHANGE: 20060428 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: 06788046 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_042806-0084.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): April 28, 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 2 - Financial Information Item 2.02 Results of Operation and Financial Condition. On April 28, 2006, the Registrant issued a press release to report its results of operations for the three months ended March 31, 2006 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 April 28, 2006. 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: April 28, 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 April 28, 2006 Contact: Dennis R. Stewart, EVP/CFO FOR IMMEDIATE RELEASE (215) 579-4000 TF Financial Corporation Reports First Quarter 2006 Results and Quarterly Dividend Newtown, Pennsylvania: TF Financial Corporation (Nasdaq National Market - THRD) today reported net income of $1,255,000 ($0.46 per diluted share) for the first quarter of 2006, compared with $1,476,000 ($0.52 per diluted share) for the first quarter of 2005. The Company also announced that its Board of Directors had declared a quarterly dividend of $0.19 per share, payable May 15, 2006 to shareholders of record on May 8, 2006. Highlights for the current quarter included: o Interest income increased by over 12% compared to the first quarter of 2005, and is up 2% compared with the fourth quarter of 2005, reflecting continued strong loan growth since the year-ago and year-end periods. o The deposit environment was extremely competitive. Total deposits decreased from $470.5 million at December 31, 2005 to $464.3 million at March 31, 2006. In addition, the Company increased the interest rates paid on its deposits and offered attractively priced new deposit products as part of its efforts to stem deposit attrition and attract new deposit relationships. o The interest rate environment continued to be challenging. The Company's net interest margin, while still very respectable, was 3.60% during the quarter ended March 31, 2006 compared with 3.68% during the fourth quarter of 2005, and 3.85% during the first quarter of 2005. As a result, net interest income was down $139,000 and $123,000 during the first quarter of 2006 compared with the fourth quarter and first quarter of 2005, respectively. o Operating results for the first quarter of 2006 contained $200,000 of stock compensation expense, reflecting both a stock and stock option grant during the fourth quarter of 2005 and the adoption during the first quarter of 2006 of a new accounting principle requiring the expensing of the value of stock options. o Operating results during the first quarter of 2006 contained approximately $84,000 of direct expense related to a new branch office opened during the third quarter of 2005. o Dividends paid in the quarter were $0.19 per share, up 5.6% from the $0.18 per share paid during the first quarter of 2005. Commenting on the performance of the Company, President Kent C. Lufkin noted that "in the face of a sustained flat yield curve and the fever-pitch competition for new deposits, I believe that the Company has performed well by carefully managing the pricing of both its loan and deposit products, controlling expenses, developing creative new products and continuing to effectively market our "green" theme. We will continue to carefully manage all areas of our operations throughout this challenging period." 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. Interested parties can find a wealth of financial information on the website by selecting "About Us" on the home page, then selecting the "Investor Relations" option. 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)
THREE MONTHS ------------ INC 3/31/2006 3/31/2005 (DEC) --------- --------- ----- EARNINGS SUMMARY Interest Income $ 9,103 $ 8,097 12.4% Interest expense 3,596 2,467 45.8% Net interest income 5,507 5,630 -2.2% Loan loss provision 90 150 -40.0% Non-interest income 681 662 2.9% Non-interest expense 4,370 4,131 5.8% Income taxes 473 535 -11.6% Net income $ 1,255 $ 1,476 -15.0% PER SHARE INFORMATION Earnings per share, basic $ 0.47 $ 0.54 -13.0% Earnings per share, diluted $ 0.46 $ 0.52 -11.5% Dividends paid $ 0.19 $ 0.18 5.6% FINANCIAL RATIOS Annualized return on average assets 0.76% 0.95% -20.0% Annualized return on average equity 8.15% 9.93% -17.9% Efficiency ratio 71.66% 67.26% 6.5% AVERAGE BALANCES Loans $ 498,329 $ 446,618 11.6% Mortgage-backed securities 91,476 118,816 -23.0% Investment securities 41,638 32,861 26.7% Other interest-earning assets 781 1,135 -31.2% Total earning assets 632,224 599,430 5.5% Non-earning assets 33,424 33,211 0.6% Total assets 665,648 632,641 5.2% Deposits 460,705 455,316 1.2% FHLB advances 135,916 111,888 21.5% Total interest bearing liabilities 596,621 567,204 5.2% Non-interest bearing liabilities 6,542 5,155 26.9% Stockholders' equity 62,485 60,282 3.7% Total liabilities & stockholders' $ 665,648 $ 632,641 5.2% equity SPREAD AND MARGIN ANALYSIS Average yield on: Loans 6.24% 5.88% Mortgage-backed securities 4.49% 4.45% Investment securities 5.02% 4.68% Other interest-earning assets 4.15% 3.57% Average cost of: Deposits 1.98% 1.37% FHLB advances 4.02% 3.37% Interest rate spread 3.46% 3.76% Net interest margin 3.60% 3.85%
T F FINANCIAL CORPORATION FINANCIAL INFORMATION (dollars in thousands except per share data)
THREE MONTHS ------------ INC 3/31/2006 3/31/2005 (DEC) --------- --------- ----- NON-INTEREST INCOME Retail banking fees $ 672 $ 640 5.0% Gain on sale of loans 9 22 -59.1% NON-INTEREST EXPENSE Salaries and benefits 2,439 2,391 2.0% Stock-based compensation 200 - 0.0% Occupancy 704 661 6.5% Deposit insurance 15 17 -11.8% Professional fees 212 226 -6.2% Deposit intangible amortization 28 34 -17.6% Advertising 177 176 0.6% Other 595 626 -5.0% 3/31/2006 12/31/2005 --------- ---------- DEPOSIT INFORMATION Non-interest checking $ 39,649 $ 37,138 Interest checking 51,691 52,319 Money market 68,031 79,666 Savings 147,079 151,725 CD's 157,808 149,673 OTHER PERIOD ENDING INFORMATION Per Share Book value (a) $ 23.07 $ 23.08 Tangible book value (a) $ 21.44 $ 21.46 Closing market price $ 30.00 $ 28.45 Balance sheet Loans,net $ 508,526 $ 490,959 Cash and cash equivalents 4,415 3,821 Mortgage-backed securities 88,176 93,688 Investment securities 41,365 42,563 Total assets 672,980 660,839 FHLB advances and other 139,620 121,260 Stockholders' equity 62,047 62,648 ASSET QUALITY Non-performing loans 1,569 1,588 Loan loss reserves 2,718 2,641 Reserves to gross loans 0.53% 0.54% Non-performing loans to gross loans 0.31% 0.32% Non-performing loans to total assets 0.23% 0.24% Foreclosed property 700 700 Foreclosed property to total assets 0.10% 0.11% Non-performing assets to total assets 0.34% 0.35% OTHER STATISTICAL INFORMATION Shares outstanding (000's) (a) 2,690 2,714 Number of branch offices 15 15 Full time equivalent employees 178 172
(a) Excludes 180,000 and 185,000 employee stock ownership plan shares at March 31, 2006 and December 31, 2005, respectively. -----END PRIVACY-ENHANCED MESSAGE-----