-----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, EGx9MPdM1MiCWj1Q3GfUEqnI6yMQiqCcr7KM1cQ4X3a8ElPwCjeyXIZEqiSxCGRg zuB0PLgz21ohp8SH8F6/WA== /in/edgar/work/20000823/0000914317-00-000595/0000914317-00-000595.txt : 20000922 0000914317-00-000595.hdr.sgml : 20000922 ACCESSION NUMBER: 0000914317-00-000595 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000823 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20000823 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EAST TEXAS FINANCIAL SERVICES INC CENTRAL INDEX KEY: 0000929646 STANDARD INDUSTRIAL CLASSIFICATION: [6035 ] IRS NUMBER: 752559089 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-24848 FILM NUMBER: 708561 BUSINESS ADDRESS: STREET 1: 1200 S BECKHAM AVE CITY: TYLER STATE: TX ZIP: 75701 BUSINESS PHONE: 9035931767 MAIL ADDRESS: STREET 1: 1200 SOUTH BECKHAM AVE CITY: TYLER STATE: TX ZIP: 75701 8-K 1 0001.txt FORM 8-K 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) August 23, 2000 EAST TEXAS FINANCIAL SERVICES, INC. ------------------------------------------------------ (Exact name of Registrant as specified in its Charter) Delaware 0-24848 75-2559089 - ------------------------------ --------------------- ---------------------- (State or other (Commission File No.) (IRS Employer jurisdiction of incorporation) Identification Number) 1200 South Beckham Avenue, Tyler, Texas 75701-3319 - ------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (903) 593-1767 - ------------------------------------------------------------------------------- N/A - ------------------------------------------------------------------------------- (Former name or former address, if changed since last report) Item 5. Other Events - --------------------- On August 23, 2000, the Registrant issued for publication the press release attached as Exhibit "99" announcing the declaration of cash dividend. Item 7. Financial Statements and Exhibits - ------------------------------------------ The Exhibit referred to in Item 5 of this Report and listed on the accompanying Exhibit Index is filed as part of this Report and is incorporated herein by reference. 2 Exhibit Sequential Number Description Page No. ------- ----------- ---------- 99 News release, published on August 23, 2000. 6 3 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. EAST TEXAS FINANCIAL SERVICES, INC. Date: August 23, 2000 By: /s/ GERALD W. FREE -------------------------------- Gerald W. Free Vice Chairman, President and CEO EX-99 2 0002.txt PRESS RELEASE EAST TEXAS FINANCIAL SERVICES, INC. - -------------------------------------------------------------------------------- 1200 South Beckham o P. O. Box 6910 o Tyler, TX 75711-6910 o 903-593-1767 o Fax 903-593-1094 NEWS RELEASE For verification, contact: Gerald W. Free, Vice Chairman/President/CEO Derrell W. Chapman, Vice President/COO/CFO Telephone: (903) 593-1767 Fax: (903) 593-1094 For immediate release: August 22, 2000 - -------------------------------------------------------------------------------- EAST TEXAS FINANCIAL SERVICES, INC. REPORTS EARNINGS Tyler, Texas, August 22, 2000, - - - East Texas Financial Services, Inc., (OTC Bulletin Board: ETFS.OB), the holding Company for First Federal Savings and Loan Association of Tyler, Texas, today reported that consolidated net income for the nine months ended June 30, 2000, was $234,022 or $0.21 per common share, compared to $256,260 or $0.19 per common share reported for the same period in 1999. For the three months ended June 30, 2000, the Company reported net income of $87,460 or $.08 per share, compared to $48,850 or $.04 per share for the three months ended June 30, 1999. Total assets were reported as $200.4 million at June 30, 2000, compared to $153.7 million at September 30, 1999. Loans receivable were reported as $96.8 million at June 30, 2000, compared to $67.3 million at September 30, 2000. "The increase in earnings per share is both a result of our continued efforts to redirect earning assets into higher yielding consumer and commercial banking products and our continued program of repurchasing stock when market conditions warrant" stated President and CEO, Gerald W. Free. The Statements of Financial Condition reflects the additional assets and liabilities acquired in the Company's acquisition of Gilmer Financial Services, Inc. at June 30, 2000. Earnings for the three month and nine month periods ended June 30, 2000 do not reflect income from the acquisition. Over the past three months, shares of the Company's stock have traded between $7.25 and $8.52 per share. At June 30, 2000, the Company had 1,162,320 shares of stock outstanding and a book value per share of approximately $13.68. Capital levels for the Company's wholly owned subsidiary, First Federal Savings and Loan Association of Tyler, were reported, at June 30, 2000, as approximately 6.77% for core capital. The minimum regulatory requirements for the core capital ratio is 4.00%. The Association's risk-based capital ratio was 11.41% at June 30, 2000, compared to the minimum 8.0% regulatory requirement. At June 30, 2000, non-performing assets totaled $1.1 million or 0.55% of total assets, compared to $768,000 or 0.50% of total assets at September 30, 1999. Non-performing loans equaled $1.0 million or 1.06% of loans receivable at June 30, 2000, compared to $768,000 or 1.14% at September 30, 1999. Classified assets were reported as $2.5 million or 1.23% of total assets at June 30, 2000, compared to $1.1 million or 0.71% of total assets at September 30, 1999. "The increase in non-performing and classified assets were a direct result of the Company's acquisition of Gilmer Savings Bank, F.S.B. at June 30, 2000," stated President Free. "We were aware of the additional problem assets acquired in the Gilmer transaction and established appropriate allowances for loan losses in negotiating the purchase price." At June 30, 2000, the Company's allowance for loan losses totaled $1.1 million or 1.14% of loans receivable, compared to $270,039 or 0.40% of loans receivable at September 30, 1999. East Texas Financial Services, Inc., is the holding company for First Federal Savings and Loan Association of Tyler, Texas, which presently operates two full service offices and one loan agency in Tyler, Texas, a full service office in Whitehouse, Texas, a full service office in Gilmer, Texas, and a loan agency in Lindale, Texas. The Company's stock is traded under the symbol "ETFS" on the OTC Electronic Bulletin Board. - selected financial data follows - EAST TEXAS FINANCIAL SERVICES, INC. CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
ASSETS June 30, 2000 September 30, 1999 ------------- ------------------ (Unaudited) Cash and due from banks $ 1,007,891 $ 1,019,937 Interest-bearing deposits with banks 2,805,202 974,627 Interest-earning time deposits with financial institutions 1,289,000 2,461,617 Federal funds sold 0 0 Investment securities available-for-sale 7,691,011 5,918,750 Mortgage-backed securities available-for-sale 45,286,010 32,893,809 Investment securities held-to-maturity (estimated market value of $26,986,744 at June 30, 2000, and $29,948,866 at September 30, 1999) 27,967,369 30,481,413 Mortgage-backed securities held-to-maturity (estimated market value of $4,801,441 at June 30, 2000 and $5,949,914 at September 30, 1999) 4,688,000 5,806,975 Loans receivable, net of allowance for credit losses of $1,099,200 at June 30, 2000 and $270,039 at September 30, 1999 96,841,766 67,250,334 Accrued interest receivable 1,582,211 1,167,245 Federal Home Loan Bank stock, at cost 4,048,700 2,283,000 Premises and equipment 2,786,262 2,607,213 Foreclosed real estate and repossessed property, net 77,160 0 Goodwill 2,435,579 0 Mortgage servicing rights 272,620 266,010 Other assets 1,604,817 593,991 ------------- ------------- Total Assets $ 200,383,598 $ 153,724,921 ============= ============= LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Noninterest deposits $ 3,600,439 $ 2,021,914 Interest-bearing deposits 101,980,220 85,517,925 ------------- ------------- Total deposits 105,580,659 87,539,839 FHLB advances 76,315,782 45,057,877 Advances from borrowers for taxes and insurance 1,131,268 823,755 Federal income taxes Current (73,703) 0 Deferred 0 108,184 Accrued expenses and other liabilities 1,523,691 1,775,938 ------------- ------------- Total liabilities 184,477,697 135,305,593 ------------- ------------- Stockholders' equity: Preferred stock, $0.01 par value, 500,000 shares authorized, none outstanding Common stock, $0.01 par value, 5,500,000 shares authorized, 1,884,492 shares issued and 1,162,320 outstanding 18,845 18,845 Additional paid-in-capital 12,397,167 12,397,167 Deferred compensation - RRP shares (9,698) (96,985) Unearned employee stock ownership plan shares (442,059) (442,059) Accumulated Other Comprehensive Income (loss) (919,532) (148,174) Retained earnings (substantially restricted) 13,728,460 13,675,391 Treasury stock, 722,172 shares at cost (8,867,282) (6,984,857) ------------- ------------- Total stockholder's equity 15,905,901 18,419,328 ------------- ------------- Total liabilities and stockholders' equity $ 200,383,598 $ 153,724,921 ============= =============
EAST TEXAS FINANCIAL SERVICES, INC. CONSOLIDATED STATEMENTS OF INCOME
Three Months Nine Months Ended June 30, Ended June 30, (Unaudited) (Unaudited) 2000 1999 2000 1999 --------------------------- ------------------------------ INTEREST INCOME Loans receivable: First Mortgage $1,241,608 $ 1,099,806 $ 3,556,737 $ 3,327,777 Consumer and other loans 173,537 101,023 507,028 260,141 Securities available for sale: Investment securities 206,167 4,030 489,014 56,220 Mortgage-backed securities 639,798 416,196 1,857,124 992,788 Securities held to maturity: Investment securities 447,488 564,969 1,384,029 1,450,009 Mortgage-backed securities 89,142 115,175 270,040 432,185 Deposits with banks 13,671 31,185 48,486 115,181 ---------- ----------- ----------- ----------- Total interest income 2,811,411 2,332,384 8,112,458 6,634,301 ---------- ----------- ----------- ----------- INTEREST EXPENSE Deposits 1,032,272 1,051,220 3,070,096 3,180,472 FHLB advances 941,269 475,237 2,504,825 1,032,074 Interest Expense to other banks 0 0 21,979 0 ---------- ----------- ----------- ----------- Total interest expense 1,973,541 1,526,457 5,596,900 4,212,546 ---------- ----------- ----------- ----------- Net interest income before provision for loan losses 837,870 805,927 2,515,558 2,421,755 Provision for loan losses 4,043 0 4,445 0 ---------- ----------- ----------- ----------- Net interest income after provision for loan losses 833,827 805,927 2,511,113 2,421,755 ---------- ----------- ----------- ----------- NONINTEREST INCOME Gain(loss) on sale of interest-earning assets 7,985 22,437 31,167 127,502 Loan origination and commitment fees 13,476 17,930 33,259 64,988 Loan servicing fees 16,485 23,667 47,817 53,400 Gain on foreclosed real estate 0 (352) (855) (50) Other 39,211 16,543 83,339 37,792 ---------- ----------- ----------- ----------- Total noninterest income 77,157 80,225 194,727 283,632 ---------- ----------- ----------- ----------- NONINTEREST EXPENSE Compensation and benefits 533,270 543,784 1,601,780 1,572,468 Occupancy and equipment 126,006 195,827 386,202 310,718 SAIF deposit insurance premium 4,433 (27,533) 22,135 (1,069) Loss on foreclosed real estate 0 0 0 2,069 Other 109,197 88,250 320,378 402,571 ---------- ----------- ----------- ----------- Total noninterest expense 772,906 800,328 2,330,495 2,286,757 ---------- ----------- ----------- ----------- Income (loss) before provision for income taxes 138,078 85,824 375,345 418,630 Income tax expense (benefit) 50,618 36,974 141,323 162,370 ---------- ----------- ----------- ----------- NET INCOME (LOSS) $ 87,460 $ 48,850 $ 234,022 $ 256,260 ========== =========== =========== =========== Earnings per common share $ .08 $ .04 $ .21 $ .19 Earnings per common share - assuming dilution .08 .04 .20 .19
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