-----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, O/kYeP58k7NZac0TIoOUrBihkxaj2RVU/NPSwu1+Box7jee/5vjo5LKFVnHLT4vg 5eYHg20J31KsxSwtt6BRdQ== 0000914317-97-000326.txt : 19970725 0000914317-97-000326.hdr.sgml : 19970725 ACCESSION NUMBER: 0000914317-97-000326 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970718 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19970724 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: 97644805 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) July 18, 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 July 18, 1997, the Registrant issued for publication the press release attached as Exhibit "99" announcing quarter end earnings and quarterly cash dividend payment. 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: July 18, 1997 By: /s/ GERALD W. FREE ------------- ------------------ Gerald W. Free Vice Chairman President and Chief Executive Officer -3- Exhibit Sequential Number Description Page - ------ ----------- ---- 99 Press release, published on July 18, 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, Vice Chairman/President/CEO Derrell W. Chapman, Vice President/COO/CFO Telephone: (903) 593-1767 Fax: (903) 593-1094 For immediate release, July 18, 1997 - ------------------------------------------------------------------------ EAST TEXAS FINANCIAL SERVICES, INC. ANNOUNCES QUARTER END EARNINGS AND QUARTERLY CASH DIVIDEND PAYMENT Tyler, Texas, July 18, 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 quarter ended June 30, 1997, was $191,000 or $.20 per share, compared to $212,000 or $.20 per share for the quarter ended June 30, 1996. For the nine months ended June 30, 1997, net income was reported as $560,000 or $.57 per share, compared to $668,000 or $.60 per share for the nine months ended June 30, 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 August 27, 1997, to stockholders of records as of August 13, 1997. -6- Total assets were reported as $112.7 million at June 30, 1997, compared to $114.4 million at September 30, 1996, the Company's last fiscal year end. Total stockholders' equity was reported as $20.5 million at June 30, 1997, compared to $20.9 million at September 30, 1996. "The decrease in total stockholders' equity was primarily due to the 53,964 shares of treasury stock acquired earlier this year," stated President Free. "The Company's Board of Directors believes that the repurchase of outstanding stock at current price levels is an attractive investment opportunity and one that will benefit the Company and its stockholders." Capital levels for the Company's wholly owned subsidiary, First Federal Savings and Loan Association of Tyler, were reported at June 30, 1997, as 16.3% for both tangible and core capital ratios, well in excess of the minimum required levels of 1.5% and 3.0% respectively. The Association's risk-based capital ratio was 41.1% of risk-weighted assets at June 30, 1997, compared to the minimum 8.0% regulatory requirement. At June 30, 1997, the Association was considered a "well capitalized" institution. Loans receivable totaled $54.6 million at June 30, 1997, a $6.7 million increase from the $47.9 million reported at September 30, 1996. "We continue to be pleased with the growth in our lending program," stated Free. "For the nine months ended June 30th, we originated approximately 200 mortgage loans totaling $18.0 million. In addition, we are looking for additional growth in our lending program with the opening of loan offices in Lindale and Whitehouse locations." At June 30, 1997, non-performing assets totaled $193,000 or .17% of total assets as compared to $450,000 or .39% of total assets at September 30, 1996. Non-performing loans equaled $162,000 or .30% of loans receivable at June 30, 1997, compared to $450,000 or .94% at September 30, 1996. Classified assets were reported as $715,000 or .63% of total assets at June 30, 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 two loan agency offices in the Tyler area. At June 30, 1997, the Company had outstanding 1,025,321 shares of stock and reported a "book value" per share of $19.97. The Company's stock is traded under the symbol "ETFS" on the NASDAQ National Market System and is listed in most daily newspapers as "EastTxFnl". - selected financial data follows - -7-
EAST TEXAS FINANCIAL SERVICES, INC. CONSOLIDATED STATEMENTS OF FINANCIAL CONDIITON ASSETS June 30, 1997 September 30, 1996 ------------- ------------------ (Unaudited) Cash and due from banks ....................................... $ 524,238 $ 704,615 Interest-bearing deposits with banks .......................... 3,661,117 4,995,032 Interest earning time deposits with financial institutions .... 1,565,573 1,663,573 Federal funds sold ............................................ 191 480,285 Mortgage-backed securities available-for-sale ................. 2,039,439 0 Investment securities held-to-maturity (estimated market value of $27,077,180 at June 30, 1997, and $30,114,685 at September 30, 1996 ..................................... 27,074,037 30,138,744 Mortgage-backed securities held-to-maturity (estimated market value of $20,314,274 at June 30, 1997, and $25,383,579 at September 30, 1996) ........................ 19,914,227 24,948,793 Loans receivable, net of allowance for credit losses of $273,659 at June 30, 1997, and $289,120 at September 30, 1996 .................................... 54,582,647 47,925,067 Accrued interest receivable ................................... 924,798 930,657 Federal Home Loan Bank stock, at cost ......................... 990,700 948,500 Premises and equipment ........................................ 952,471 970,184 Foreclosed real estate, net of allowances of $-0- ............. 31,202 0 Deferred income taxes ......................................... 107,310 130,825 Mortgage servicing rights ..................................... 137,604 119,845 Other assets .................................................. 191,295 416,816 ------------- ------------- Total Assets ......................................... $ 112,696,849 $ 114,372,936 ============= ============= LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Demand deposits .......................................... $ 2,340,942 $ 2,889,861 Savings and NOW deposits ................................. 10,336,441 11,099,604 Other time deposits ...................................... 76,623,581 77,671,666 ------------- ------------- Total deposits ....................................... 89,300,964 91,661,131 FHLB advances ............................................ 1,963,420 0 Advances from borrowers for taxes and insurance .......... 632,275 917,222 Federal income taxes Current ............................................ 2,462 5,044 Deferred ........................................... 0 0 Accrued expenses and other liabilities ................... 326,582 858,926 ------------- ------------- Total Liabilities .................................... 92,225,703 93,442,323 ------------- -------------
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EAST TEXAS FINANCIAL SERVICES, INC. CONSOLIDATED STATEMENTS OF FINANCIAL CONDIITON (continued) June 30, 1997 September 30, 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 ....................... (358,843) (446,129) Unearned employee stock ownership plan shares ............ (763,206) (763,206) Net unrealized gain on securities available for sale ..... 3,623 0 Retained earnings (substantially restricted) ............. 13,212,621 12,811,881 Treasury stock, 231,066 and 177,102 shares at cost ....... (3,748,129) (2,797,013) ------------- ------------- Total stockholders' equity ........................... 20,471,146 20,930,613 ------------- ------------- Total liabilities and stockholders' equity .......... $ 112,696,849 $ 114,372,936 ============= =============
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EAST TEXAS FINANCIAL SERVICES, INC. CONSOLIDATED STATEMENTS OF INCOME Three Months Nine Months Ended June 30, Ended June 30, (Unaudited) (Unaudited) 1997 1996 1997 1996 ----------- ----------- ----------- ----------- INTEREST INCOME Loans receivable: First mortgage loans ..................... $ 1,050,080 $ 905,480 $ 3,023,247 $ 2,631,571 Consumer and other loans ................. 20,378 19,588 61,306 57,698 Securities available for sale: Mortgage-backed securities ............... 9,530 0 9,530 0 Securities held to maturity: Investment securities .................... 519,860 603,635 1,630,019 1,835,456 Mortgage-backed securities ............... 354,023 470,306 1,164,609 1,555,358 ----------- ----------- ----------- ----------- Total interest income .................. 1,953,871 1,999,009 5,888,711 6,080,083 ----------- ----------- ----------- ----------- INTEREST EXPENSE Deposits ...................................... 1,105,921 1,117,339 3,310,523 3,391,531 FHLB advances ................................. 4,728 0 4,728 0 ----------- ----------- ----------- ----------- Total interest expense ................. 1,110,649 1,117,339 3,315,251 3,391,531 ----------- ----------- ----------- ----------- Net interest income before provision for loan losses ...................... 843,222 881,670 2,573,460 2,688,552 Provision for loan losses ..................... 0 0 5,000 0 ----------- ----------- ----------- ----------- Net interest income after provision for loan losses ...................... 843,222 881,670 2,568,460 2,688,552 ----------- ----------- ----------- ----------- NONINTEREST INCOME Gain (loss) on sales of interest-earning assets 13,050 16,588 44,372 74,548 Loan origination and commitment fees .......... 18,809 22,474 46,102 60,016 Loan servicing fees ........................... 26,860 32,007 73,797 91,995 Other ......................................... 18,967 18,118 51,382 48,668 ----------- ----------- ----------- ----------- Total noninterest income ............... 77,686 89,187 215,653 275,227 ----------- ----------- ----------- -----------
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EAST TEXAS FINANCIAL SERVICES, INC. CONSOLIDATED STATEMENTS OF INCOME (continued) Three Months Nine Months Ended June 30, Ended June 30, (Unaudited) (Unaudited) 1997 1996 1997 1996 ----------- ----------- ----------- ----------- NONINTEREST EXPENSE Compensation and benefits ..................... 425,534 405,463 1,271,288 1,193,286 Occupancy and equipment ....................... 40,769 40,133 112,829 115,051 SAIF deposit insurance premium ................ 15,011 55,139 66,186 167,522 (Gain) loss on foreclosed real estate ......... (8) (26) 5,683 4,826 Other ......................................... 136,337 135,526 438,547 431,882 ----------- ----------- ----------- ----------- Total noninterest expense .............. 617,643 636,235 1,894,533 1,912,567 ----------- ----------- ----------- ----------- Income (loss) before provision for income taxes .. 303,265 334,622 889,580 1,051,212 Income tax expense (benefit) ..................... 112,354 122,262 329,646 383,063 ----------- ----------- ----------- ----------- NET INCOME (LOSS) ................................ $ 190,911 $ 212,360 $ 559,934 $ 668,149 =========== =========== =========== =========== Earnings per common share ........................ $ 0.20 $ 0.20 $ 0.57 $ 0.60
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