-----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, Ji87XvUUSZIR8LpQoY3QZ3n3zAPI9tSAPKLL1Tpex+2vZRo0mYQAheDfiFTm4iwo 1V/WdDASLtL5t/o1YFagjw== 0000914317-02-000781.txt : 20020806 0000914317-02-000781.hdr.sgml : 20020806 20020806155014 ACCESSION NUMBER: 0000914317-02-000781 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20020802 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20020806 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: 02720703 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-46344_8502.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) August 2, 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 August 2, 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 August 2, 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: August 5, 2002 By: /s/ GERALD W. FREE ------------------ Gerald W. Free Vice Chairman, President and CEO CERTIFICATION Each of the undersigned hereby certifies in his capacity as an officer of East Texas Financial Services, Inc. (the "Company") that the Current Report of the Company on Form 8-K dated August 5, 2002 fully complies with the requirements of Section 13 (a) of the Securities Exchange Act of 1934 and that the information contained in such report fairly presents, in all material respects, the financial condition of the Company at the end of such period and the results of operations of the Company for such period. Date: August 5, 2002 /s/ Gerald W. Free --------------------------------------------- Vice Chairman, President and CEO (Principal Executive Officer) /s/ Derrell W. Chapman --------------------------------------------- Executive Vice President/COO/CFO (Principal Financial and Accounting Officer) 4 EX-99 3 exhibit99.txt 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: August 2, 2002 - ------------------------------------------------------------------------------ EAST TEXAS FINANCIAL SERVICES, INC. REPORTS EARNINGS AND CASH DIVIDEND Tyler, Texas, August 2, 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 nine months ended June 30, 2002 was $1.5 million or $1.36 per share and $1.34 per share assuming dilution, compared to $479,000 or $.43 per share and $.43 per share assuming dilution for the nine months ended June 30, 2001. For the three month period ended June 30, 2002, the Company reported net income of $502,000 or $.45 per share and $.44 per share assuming dilution, compared to $138,000 or $.12 per share and $.12 per share assuming dilution for the three months ended June 30, 2001. Net interest income after provision for loan losses increased to $4.7 million for the nine months ended June 30, 2002, compared to $3.0 million for the nine months ended June 30, 2001, a $1.7 million or a 54.9% increase. Non-interest income increased to $863,000 for the nine months ended June 30, 2002, compared to $639,000 for the nine months ended June 30, 2001, a 35.1% increase. Total noninterest expense was reported as $3.2 million for the nine months ended June 30, 2002, compared to $2.9 million for the nine months ended June 30, 2001, an 11.3% increase. Total assets were reported as $219.1 million at June 30, 2002, deposits totaled $106.7 million, and stockholders' equity was $19.0 million. The Company reported a book value per share of $16.31 at June 30, 2002, based on 1,162,320 outstanding shares. Shares of Company stock traded between $10.77 and $11.70 per share during the quarter ended June 30, 2002. At June 30, 2002, non-performing assets totaled $1.3 million or .60% of total assets, compared to $1.6 million or .74% of total assets at September 30, 2001. Non-performing loans equaled $984,000 or .70% 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 .98% of total assets at June 30, 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 June 30, 2002, as 7.47% 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 14.3 % at June 30, 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 August 28, 2002 to stockholders of record as of August 14, 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 ASSETS June 30, 2002 September 30, 2001 ------------- ------------- (Unaudited) Cash and due from banks $ 1,932,882 $ 2,013,647 Interest-bearing deposits with banks 194,222 2,824,364 Interest-earning time deposits with financial institutions 300,000 600,000 Federal funds sold 0 86,242 Investment securities available-for-sale 503,389 6,843,583 Mortgage-backed securities available-for-sale 22,913,329 27,352,449 Investment securities held-to-maturity (estimated market value of $10,016,762 at June 30, 2002, and $8,075,494 at September 30, 2001) 9,734,337 7,765,537 Mortgage-backed securities held-to-maturity (estimated market value of $32,012,353 at June 30, 2002 and $36,585,979 at September 30, 2001) 31,399,823 35,879,076 Loans receivable, net of allowance for credit losses of $727,943 at June 30, 2002 and $769,225 at September 30, 2001 139,900,384 115,847,396 Accrued interest receivable 1,393,932 1,285,582 Federal Home Loan Bank stock, at cost 4,518,700 4,323,900 Premises and equipment 2,616,935 2,656,988 Foreclosed assets, net 336,222 259,498 Goodwill, net 2,170,381 2,170,381 Mortgage servicing rights 108,339 174,128 Other assets 1,054,688 1,698,338 ------------- ------------- Total Assets $ 219,077,563 $ 211,781,109 ============= ============= LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Noninterest deposits $ 3,755,302 $ 3,319,015 Interest-bearing deposits 102,917,971 112,292,026 ------------- ------------- Total deposits 106,673,273 115,611,041 FHLB advances 89,714,994 74,468,248 Advances from borrowers for taxes and insurance 771,866 1,267,900 Federal income taxes Current 769,417 0 Deferred 515,083 670,706 Accrued expenses and other liabilities 1,670,343 1,849,333 ------------- ------------- Total liabilities 200,114,976 193,867,228 ------------- ------------- 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) 15,550,154 14,199,357 Accumulated other comprehensive income 43,165 345,256 Treasury stock, 722,172 shares at cost (8,867,282) (8,867,282) ------------- ------------- Total stockholder's equity 18,962,587 17,913,881 ------------- ------------- Total liabilities and stockholders' equity $ 219,077,563 $ 211,781,109 ============= =============
The accompanying notes are an integral part of the consolidated financial statements.
EAST TEXAS FINANCIAL SERVICES, INC. CONSOLIDATED STATEMENTS OF INCOME (Unaudited) Three Months Nine Months Ended June 30, Ended June 30, 2002 2001 2002 2001 ------------ ------------ ------------ ------------ INTEREST INCOME Loans receivable: First Mortgage $ 1,605,417 $ 1,620,343 $ 4,763,261 $ 4,921,997 Consumer and other loans 981,884 542,392 2,632,770 1,479,453 Securities available-for-sale: Investment securities 40,479 157,581 166,652 521,350 Mortgage-backed securities 183,626 503,037 556,294 1,981,169 Securities held-to-maturity: Investment securities 154,628 176,105 463,888 918,555 Mortgage-backed securities 427,240 389,083 1,450,617 763,079 Deposits with banks: 7,662 43,848 35,191 103,798 ------------ ------------ ------------ ------------ Total interest income 3,400,936 3,432,389 10,068,673 10,689,401 ------------ ------------ ------------ ------------ INTEREST EXPENSE Deposits 933,262 1,512,345 3,157,913 4,460,002 FHLB advances 681,464 842,283 2,013,897 3,141,321 ------------ ------------ ------------ ------------ Total interest expense 1,614,726 2,354,628 5,171,810 7,601,323 ------------ ------------ ------------ ------------ Net interest income before provision for loan losses 1,786,210 1,077,761 4,896,863 3,088,078 Provision for loan losses 64,490 17,691 175,688 41,330 ------------ ------------ ------------ ------------ Net interest income after provision for loan losses 1,721,720 1,060,070 4,721,175 3,046,748 ------------ ------------ ------------ ------------ NONINTEREST INCOME Gain (loss) on sale of interest-earning assets 55,147 51,923 507,320 251,221 Loan origination and commitment fees 31,174 25,344 114,169 67,999 Loan servicing fees (15,696) 5,752 (75,014) 36,669 Other 118,706 101,358 316,734 282,998 ------------ ------------ ------------ ------------ Total noninterest income 189,331 184,377 863,209 638,887 ------------ ------------ ------------ ------------ NONINTEREST EXPENSE Compensation and benefits 712,168 600,780 2,002,263 1,737,820 Occupancy and equipment 105,969 103,819 327,876 328,522 SAIF deposit insurance premium 4,726 5,195 15,199 15,571 Foreclosed assets, net 36,766 (720) 71,997 (26,374) Goodwill amortization 0 39,367 0 117,785 Other 264,975 244,427 796,349 714,655 ------------ ------------ ------------ ------------ Total noninterest expense 1,124,604 992,868 3,213,684 2,887,979 ------------ ------------ ------------ ------------ Income (loss) before provision for income taxes 786,447 251,579 2,370,700 797,656 Income tax expense (benefit) 284,209 113,146 845,555 318,972 ------------ ------------ ------------ ------------ NET INCOME (LOSS) $ 502,238 $ 138,433 $ 1,525,145 $ 478,684 ============ ============ ============ ============ Earnings per common share $ 0.45 $ 0.12 $ 1.36 $ 0.43 Earnings per common share - assuming dilution 0.44 0.12 1.34 0.43
The accompanying notes are an integral part of the consolidated financial statements. -----END PRIVACY-ENHANCED MESSAGE-----