-----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, RtBwKAw1VGWfmgerfjYksawmOYZOsFHt6e4KZYPsV1o5ihPU7UoHrr7ojVOyCb5K PxQL3LLwbNADoEp3IZqlDQ== 0000914317-02-000520.txt : 20020508 0000914317-02-000520.hdr.sgml : 20020508 ACCESSION NUMBER: 0000914317-02-000520 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20020507 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20020508 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EAST TEXAS FINANCIAL SERVICES INC CENTRAL INDEX KEY: 0000929646 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 752559089 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-24848 FILM NUMBER: 02638077 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 form8k-45074_5602.txt 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) May 7, 2002 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 Identification incorporation) 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 May 7, 2002, the Registrant issued for publication the press release attached as Exhibit "99" announcing earnings and 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 Press release published on May 7, 2002. 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: May 7, 2002 By: /s/ GERALD W. FREE ---------------------------------- Gerald W. Free Vice Chairman, President and CEO EX-99 3 exhibit99.txt Exhibit 99 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, Executive Vice President/COO/CFO Telephone: (903) 593-1767 Fax: (903) 593-1094 For immediate release: May 7, 2002 ________________________________________________________________________________ EAST TEXAS FINANCIAL SERVICES, INC. REPORTS QUARTERLY EARNINGS AND CASH DIVIDEND Tyler, Texas, May 7, 2002, - - - Today, East Texas Financial Services, Inc., the holding company for First Federal Savings and Loan Association of Tyler reported that consolidated net income for the six months ended March 31, 2002 was $1.0 million or $.91 per share, compared to $340,000 or $.31 per share for the six months ended March 31, 2001. For the three month period ended March 31, 2002, the Company reported net income of $370,000 or $.33 per share, compared to $291,000 or $.26 per share for the three months ended March 31, 2001. Net interest income after provision for loan losses increased to $3.0 million for the six months ended March 31, 2002, compared to $2.0 million for the six months ended March 31, 2001, a $1.0 million or 51.0% increase. Non-interest income increased to $674,000 for the six months ended March 31, 2002, compared to $455,000 for the six months ended March 31, 2001, a 48.3% increase. Total noninterest expense was reported as $2.1 million for the six months ended March 31, 2002, compared to $1.9 million for the six months ended March 31, 2001, a 10.2% increase. Total assets were reported as $211.7 million at March 31, 2002, deposits totaled $106.7 million, and stockholders' equity was $18.5 million. The Company reported a book value per share of $15.94 at March 31, 2002, based on 1,162,320 outstanding shares. Shares of Company stock traded between $9.06 and $12.02 per share during the quarter ended March 31, 2002. At March 31, 2002, non-performing assets totaled $1.1 million or .51% of total assets, compared to $1.6 million or .74% of total assets at September 30, 2001. Non-performing loans equaled $713,000 or .54% of loans receivable, compared to $1.3 million or 1.14% of loans receivable at September 30, 2001. Classified assets were reported as $2.2 million or 1.03% of total assets at March 31, 2002, compared to $2.7 million or 1.27% of total assets at September 30, 2001. Capital levels for the Company's wholly owned subsidiary, First Federal Savings and Loan Association of Tyler, were reported, at March 31, 2002, as 7.53% for both Tangible and Tier 1 capital ratios. The minimum regulatory requirements for Tangible and Tier 1 capital ratios were 1.50% and 4.00 respectively. The Association's Risk-based capital ratio was 14.9 % at March 31, 2002, compared to the minimum 8.0% regulatory requirement. In other matters, The Company announced that the Company would continue its quarterly cash dividend of $0.05 per share to be paid on May 22, 2002 to stockholders of record as of May 8, 2002. East Texas Financial Services, Inc. is the holding company for First Federal Savings and Loan Association of Tyler, Texas, which presently operates three full service offices and one loan agency in the Tyler area and one full service office in Gilmer, Texas. The Company's stock is traded under the symbol "ETFS" on the OTC Electronic Bulletin Board. - financial data follows - EAST TEXAS FINANCIAL SERVICES, INC. CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
March 31, 2002 September 30, 2001 -------------- ------------------ (Unaudited) ASSETS Cash and due from banks $ 1,972,145 $ 2,013,647 Interest-bearing deposits with banks 1,249,643 2,824,364 Interest-earning time deposits with financial institutions 300,000 600,000 Federal funds sold 426,595 86,242 Investment securities available-for-sale 527,508 6,843,583 Mortgage-backed securities available-for-sale 22,554,703 27,352,449 Investment securities held-to-maturity (estimated market value of $9,790,540 at March 31, 2002, and $8,075,494 at September 30, 2001) 9,744,850 7,765,537 Mortgage-backed securities held-to-maturity (estimated market value of $30,972,950 at March 31, 2002 and $36,585,979 at September 30, 2001) 30,691,165 35,879,076 Loans receivable, net of allowance for credit losses of $723,424 at March 31, 2002 and $769,225 at September 30, 2001 132,380,753 115,847,396 Accrued interest receivable 1,301,126 1,285,582 Federal Home Loan Bank stock, at cost 4,388,700 4,323,900 Premises and equipment 2,606,827 2,656,988 Foreclosed assets, net 361,085 259,498 Goodwill, net 2,170,381 2,170,381 Mortgage servicing rights 123,148 174,128 Other assets 867,086 1,698,338 ------------- ------------- Total Assets $ 211,665,715 $ 211,781,109 ============= ============= LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Noninterest deposits $ 3,460,751 $ 3,319,015 Interest-bearing deposits 103,288,767 112,292,026 ------------- ------------- Total deposits 106,749,518 115,611,041 FHLB advances 83,120,947 74,468,248 Advances from borrowers for taxes and insurance 404,211 1,267,900 Federal income taxes Current 510,580 0 Deferred 517,175 670,706 Accrued expenses and other liabilities 1,840,759 1,849,333 ------------- ------------- Total liabilities 193,143,190 193,867,228 ------------- ------------- 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 12,473,302 12,473,302 Unearned employee stock ownership plan shares (255,597) (255,597) Retained earnings (substantially restricted) 15,106,032 14,199,357 Accumulated other comprehensive income 47,225 345,256 Treasury stock, 722,172 shares at cost (8,867,282) (8,867,282) ------------- ------------- Total stockholder's equity 18,522,525 17,913,881 ------------- ------------- Total liabilities and stockholders' equity $ 211,665,715 $ 211,781,109 ============= =============
EAST TEXAS FINANCIAL SERVICES, INC. CONSOLIDATED STATEMENTS OF INCOME
Three Months Six Months Ended March 31, Ended March 31, 2002 2001 2002 2001 ----------- ----------- ----------- ----------- INTEREST INCOME Loans receivable: First Mortgage $ 1,597,670 $ 1,645,319 $ 3,157,844 $ 3,301,654 Consumer and other loans 867,946 498,543 1,650,886 937,061 Securities available-for-sale: Investment securities 42,346 165,417 126,173 363,769 Mortgage-backed securities 104,106 663,612 372,668 1,478,132 Securities held-to-maturity: Investment securities 154,181 347,660 309,260 742,450 Mortgage-backed securities 496,414 290,076 1,023,377 373,996 Deposits with banks 10,718 26,691 27,529 59,950 ----------- ----------- ----------- ----------- Total interest income 3,273,381 3,637,318 6,667,737 7,257,012 ----------- ----------- ----------- ----------- INTEREST EXPENSE Deposits 1,010,237 1,506,257 2,224,652 2,947,657 FHLB advances 649,423 1,030,196 1,332,433 2,299,038 ----------- ----------- ----------- ----------- Total interest expense 1,659,660 2,536,453 3,557,085 5,246,695 ----------- ----------- ----------- ----------- Net interest income before provision for loan losses 1,613,721 1,100,865 3,110,652 2,010,317 Provision for loan losses 101,438 7,405 111,197 23,639 ----------- ----------- ----------- ----------- Net interest income after provision for loan losses 1,512,283 1,093,460 2,999,455 1,986,678 ----------- ----------- ----------- ----------- NONINTEREST INCOME Gain (loss) on sale of 43,639 188,829 452,173 199,298 interest-earning assets Loan origination and commitment fees 33,506 22,756 82,995 42,655 Loan servicing fees (23,197) 20,723 (59,318) 30,917 Other 81,560 92,757 198,028 181,640 ----------- ----------- ----------- ----------- Total noninterest income 135,508 325,065 673,878 454,510 ----------- ----------- ----------- ----------- NONINTEREST EXPENSE Compensation and benefits 653,324 573,566 1,290,095 1,137,040 Occupancy and equipment 114,668 109,364 221,907 224,703 SAIF deposit insurance premium 5,279 5,052 10,473 10,376 Foreclosed assets, net 20,235 (28,640) 35,231 (25,654) Goodwill amortization 0 39,206 0 78,418 Other 274,267 252,507 531,374 470,228 ----------- ----------- ----------- ----------- Total noninterest expense 1,067,773 951,055 2,089,080 1,895,111 ----------- ----------- ----------- ----------- Income (loss) before provision for income 580,018 467,470 1,584,253 546,077 taxes Income tax expense (benefit) 210,277 176,271 561,346 205,826 ----------- ----------- ----------- ----------- NET INCOME (LOSS) $ 369,741 $ 291,199 $ 1,022,907 $ 340,251 =========== =========== =========== =========== Earnings per common share $ 0.33 $ 0.26 $ 0.91 $ 0.31 Earnings per common share - assuming 0.32 0.26 0.90 0.31 dilution
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