-----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, HapsBtflT8yFhQLHf0QDckYRWO8ZuyLoYirBiHpYvEtqLlktHPoA8NQaqvOZTJsF hPAwkgVte68u3zmK0r0JCQ== 0000914317-97-000184.txt : 19970424 0000914317-97-000184.hdr.sgml : 19970424 ACCESSION NUMBER: 0000914317-97-000184 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970417 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19970423 SROS: NASD 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: 97585782 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 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 17, 1997 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 Number) incorporation 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 April 17, 1997, the Registrant issued for publication the press release attached as Exhibit "99" announcing earnings for the quarter ended March 31, 1997, declaration of cash dividends and stock repurchase program. 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- 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: April 17, 1997 By: /s/ GERALD W. FREE ------------------ Gerald W. Free President and Chief Executive Officer -3- Exhibit Sequential Number Description Page No. - ------ ----------- -------- 99 Press release, published on April 17, 1997. 6 -4- EX-99 2 EXHIBIT "99" -5- {GRAPHIC-LOGO] EAST TEXAS FINANCIAL SERVICES, INC. _________________________________________________________________ 1200 South Beckham - P.O.Box 6910 - Tyler, TX 75711-6910 - 903-593-1767 - Fax 903-593-1094 NEWS RELEASE For verification, contact: Gerald W. Free, President and CEO Derrell W. Chapman, Vice President/COO/CFO Telephone: (903) 593-1767 Fax: (903) 593-1094 For immediate release, April 17, 1997 - ------------------------------------------------------------------------------ EAST TEXAS FINANCIAL SERVICES, INC. REPORTS EARNINGS, DECLARES CASH DIVIDEND AND ANNOUNCES STOCK REPURCHASE PROGRAM Tyler, Texas, April 17, 1997, ---East Texas Financial Services, Inc. (NASDAQ:ETFS). the holding Company for First Federal Savings and Loan Association of Tyler, Texas, today reported that consolidated net income for the three months ended March 31, 1997, was $185,793 or $.19 per share, unchanged from the $.19 per share reported for the same period in 1996. For the six months ended March 31, 1997, the Company reported net income of $369,023 or $.37 per share, compared to $.40 per share for the six months ended March 31, 1996. In conjunction with the release of earnings, Gerald W. Free, Vice Chairman of the Board, President and CEO, announced that the Company had declared a cash dividend of $.05 per share to be paid on May 28, 1997, to stockholders of record as of May 14, 1997. In addition, Free stated that the Company intended to repurchase up to 53,964, approximately 5% of the its outstanding shares of stock. He stated that the shares will be repurchased in the open market over the next nine months at prevailing market prices from time to time depending upon market conditions. President Free state that, "the Board of Directors believes that the repurchase represents an attractive investment opportunity and that the repurchase will benefit the Company and its stockholders." The repurchased shares will become treasury shares and will be used for issuance of shares in connection with the exercise of stock options as well as general corporate purposes. Serving the Financial Needs of East Texas -6- Over the past three months, shares of the Company's stock have traded between $16.875 and $19.00 per share. At March 31, 1997, the Company had 1,079,285 shares of stock outstanding. Capital levels for the Company's wholly owned subsidiary, First Federal Savings and Loan Association of Tyler, were reported, at March 31, 1997, as 16.2% for both tangible and core ratios. The minimum regulatory requirements for tangible and core capital ratios were 1.50% and 3.00% respectively. The Association's risk based capital ratio was 45.2% at quarter end as compared to the minimum 8.0% regulatory requirement. At March 31, 1997, non-performing assets totaled $274,000 or .25% of total assets as compared to $450,000 or .39% of total assets at September 30, 1996. Non-performing loans equaled $198,000 or .38% of loans receivable at March 31, 1997, compared to $450,000 or .94% at September 30, 1996. Classified assets were reported as $906,000 or .81% of total assets at March 31, 1997, compared to $999,000 or .87% of total assets at September 30, 1996. 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 the Tyler area. The Company's stock is traded under the symbol "ETFS: on the NASDAQ National Market System and is listed in mostly daily newspapers as "EastTxFnl". -7-
EAST TEXAS FINANCIAL SERVICES, INC. CONSOLIDATED STATEMENTS OF FINANCIAL CONDIITON March 31, September 30, 1997 1996 ------------- ------------- (Unaudited) ASSETS Cash and due from banks ....................................... $ 497,869 $ 704,615 Interest-bearing deposits with banks .......................... 7,031,396 4,995,032 Interest earning time deposits with financial institutions .... 1,663,573 1,663,573 Federal funds sold ............................................ 309,230 480,285 Investment securities held-to-maturity (estimated market value of $25,992,393 at March 31, 1997, and $30,114,685 at September 30, 1996) ................................... 26,108,843 30,138,744 Mortgage-backed securities held-to-maturity (estimated market value of $21,283,941 at March 31, 1997, and $25,383,579 at September 30, 1996) .................. 20,857,307 24,948,793 Loans receivable, net of allowance for credit losses of $273,659 at March 31, 1997, and $289,120 at September 30, 1996 ........................... 51,797,970 47,925,067 Accrued interest receivable ................................... 900,672 930,657 Federal Home Loan Bank stock, at cost ......................... 976,100 948,500 Premises and equipment ........................................ 943,086 970,184 Foreclosed real estate, net of allowances of $-0- ............. 76,224 0 Deferred income taxes ......................................... 117,223 130,825 Mortgage servicing rights ..................................... 130,327 119,845 Other assets .................................................. 279,570 416,816 ------------- ------------- Total Assets ......................................... $ 111,689,390 $ 114,372,936 ============= ============= LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Demand deposits .......................................... $ 1,686,177 $ 2,889,861 Savings and NOW deposits ................................. 10,399,745 11,099,604 Other time deposits ...................................... 77,704,798 77,671,666 ------------- ------------- Total deposits ....................................... 89,790,720 91,661,131 Advances from borrowers for taxes and insurance ................................................ 387,053 917,222 Federal income taxes Current ............................................ (3,854) 5,044 Deferred ........................................... 0 0 Accrued expenses and other liabilities ................... 265,572 858,926 ------------- ------------- Total Liabilities .................................... 90,439,491 93,442,323 -8- EAST TEXAS FINANCIAL SERVICES, INC. CONSOLIDATED STATEMENTS OF FINANCIAL CONDIITON March 31, September 30, 1997 1996 ------------- ------------- (Unaudited) Stockholders' equity: Preferred stock, $0.01 par value, 500,000 shares authorized, none outstanding Common stock, $.01 par value, 5,500,000 shares authorized, 1,256,387 shares issued .................................. 12,564 12,564 Additional paid-in capital ............................... 12,112,516 12,112,516 Deferred compensation - RRP shares ....................... (387,938) (446,129) Unearned employee stock ownership plan shares ............ (763,206) (763,206) Retained earnings (substantially restricted) ............. 13,072,976 12,811,881 Treasury stock, 177,102 shares at cost ................... (2,797,013) (2,797,013) ------------- ------------- Total stockholders' equity ........................... 21,249,899 20,930,613 ------------- ------------- Total liabilities and stockholders' equity ........... $ 111,689,390 $ 114,372,936 ============= =============
-9-
EAST TEXAS FINANCIAL SERVICES, INC. CONSOLIDATED STATEMENTS OF INCOME Three Months Six Months Ended March 31, Ended March 31, (Unaudited) (Unaudited) 1997 1996 1997 1996 ---------- ---------- ---------- ---------- INTEREST INCOME Loans receivable: First mortgage loans ..................... $1,005,529 $ 860,684 $1,973,167 $1,726,091 Consumer and other loans ................. 20,401 18,951 40,928 38,110 Investment securities ......................... 539,240 603,547 1,110,159 1,231,821 Mortgage-backed securities .................... 389,152 523,206 810,586 1,085,052 ---------- ---------- ---------- ---------- Total interest income .................. 1,954,322 2,006,388 3,934,840 4,081,074 ---------- ---------- ---------- ---------- INTEREST EXPENSE Deposits ...................................... 1,094,930 1,131,328 2,204,602 2,274,192 ---------- ---------- ---------- ---------- Total interest expense ................. 1,094,930 1,131,328 2,204,602 2,274,192 ---------- ---------- ---------- ---------- Net interest income before provision for loan losses ...................... 859,392 875,060 1,730,238 1,806,882 Provision for loan losses ..................... 0 0 5,000 0 ---------- ---------- ---------- ---------- Net interest income after provision for loan losses ...................... 859,392 875,060 1,725,238 1,806,882 ---------- ---------- ---------- ---------- NONINTEREST INCOME Gain (loss) on sales of interest-earning assets 18,243 30,210 31,322 57,960 Loan origination and commitment fees .......... 10,074 28,111 27,293 37,542 Loan servicing fees ........................... 15,251 29,377 46,937 59,988 Other ......................................... 16,985 8,836 32,415 30,550 ---------- ---------- ---------- ---------- Total noninterest income ............... 60,553 96,534 137,967 186,040 ---------- ---------- ---------- ---------- -10- EAST TEXAS FINANCIAL SERVICES, INC. CONSOLIDATED STATEMENTS OF INCOME (continued) Three Months Six Months Ended March 31, Ended March 31, (Unaudited) (Unaudited) 1997 1996 1997 1996 ---------- ---------- ---------- ---------- NONINTEREST EXPENSE Compensation and benefits ..................... 418,099 385,840 845,754 787,823 Occupancy and equipment ....................... 38,196 35,855 72,060 74,918 SAIF deposit insurance premium ................ 3,124 55,344 51,175 112,383 (Gain) loss on foreclosed real estate ......... 5,633 1,768 5,691 4,852 Other ......................................... 162,273 156,713 302,210 296,356 ---------- ---------- ---------- ---------- Total noninterest expense .............. 627,325 635,520 1,276,890 1,276,332 ---------- ---------- ---------- ---------- Income (loss) before provision for income taxes .. 292,620 336,074 586,315 716,590 Income tax expense (benefit) ..................... 106,827 122,612 217,292 260,801 ---------- ---------- ---------- ---------- NET INCOME (LOSS) ................................ $ 185,793 $ 213,462 $ 369,023 $ 455,789 ========== ========== ========== ========== Earnings per common share ........................ $ 0.19 $ 0.19 $ 0.37 $ 0.40
-9- -----END PRIVACY-ENHANCED MESSAGE-----