-----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, QeRFReisRXwvhG8lVHzPTZu4Y8Wy0vueYLGFLaxmUbx7k5NAGAixoM7a+IFZl2fs 31axQw6AuoLWFtD1eetNeg== 0000914317-98-000080.txt : 19980209 0000914317-98-000080.hdr.sgml : 19980209 ACCESSION NUMBER: 0000914317-98-000080 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980128 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19980206 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: SEC FILE NUMBER: 000-24848 FILM NUMBER: 98523175 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) January 28, 1998 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 January 28, 1998, the Registrant issued for publication the press release attached as Exhibit "99" announcing earnings and quarterly cash dividend payment for the quarter ended December 31, 1997. 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. Exhibit Number No. Description - ------- ----------- 99 Press release, published on January 28, 1998. 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: January 28, 1998 By: /s/ GERALD W. FREE ------------------ Gerald W. Free Vice Chairman, President And Chief Executive Officer EX-99 2 EXHIBIT "99" EAST TEXAS FINANCIAL SERVICES, INC. 1200 South Beckham o P. O. Box 6910 o Tyler, TX 75711-6910 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, January 28, 1998 - ------------------------------------------------------------------------------ EAST TEXAS FINANCIAL SERVICES, INC. ANNOUNCES QUARTER END EARNINGS AND QUARTERLY CASH DIVIDEND PAYMENT Tyler, Texas, January 28, 1998, - - - 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 December 31, 1997, was $144,304 or $.15 per share, compared to $183,320 or $.18 per share for the quarter ended December 31, 1996. Gerald W. Free, Vice Chairman, President and CEO, also announced that the Company would continue its quarterly cash dividend of $.05 per share, to be paid on February 25, 1998 to stockholders of record as of February 11, 1998. "The decline in net income, this quarter as compared to last year, was expected. It reflects additional expenses associated with the opening of our new loan office in Lindale and the addition of a new loan officer in our Whitehouse location," stated Free. "However, we are currently ahead of our projections for loan originations in the Lindale market and believe we will quickly begin to see tangible results from our efforts there." Loans receivable totaled $60.2 million at December 31, 1997, a $3.1 million increase from the $57.1 million reported at September 30, 1997. "For the three months ended December 31, 1997 we originated approximately 100 mortgage loans totaling $8.1 million, compared to 55 loans totaling $5.4 million for the same quarter in 1996," stated Free. "With a continued period of low interest rates, a strong East Texas economy and our ability to now offer home equity loans, we expect loan originations to continue to increase." Total assets were reported as $120.1 million at December 31, 1997, compared to $115.9 million at September 30, 1997, the Company's last fiscal year end. Total stockholders' equity was reported as $21.0 million at December 31, 1997, compared to $20.9 million at September 30, 1997. Capital levels for the Company's wholly owned subsidiary, First Federal Savings and Loan Association of Tyler, were reported at December 31, 1997, as 14.8% 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 38.8% of risk-weighted assets at December 31, 1997, compared to the minimum 8.0% regulatory requirement. At December 31, 1997, the Association was considered a "well capitalized" institution. At December 31, 1997, non-performing assets totaled $399,000 or .33% of total assets as compared to $310,000 or .27% of total assets at September 30, 1997. Non-performing loans equaled $399,000 or .66% of loans receivable at December 31, 1997, compared to $310,000 or .54% at September 30, 1997. Classified assets were reported as $819,000 or .68% of total assets at December 31, 1997, compared to $904,000 or .78% of total assets at September 30, 1997. 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 December 31, 1997, the Company had outstanding 1,026,366 shares of stock and reported a "book value" per share of $20.44. The Company's stock is traded under the symbol "ETFS" on the NASDAQ National Market System and is listed in most daily newspapers as "EasTxFnl". - selected financial data follows -
EAST TEXAS FINANCIAL SERVICES, INC. CONSOLIDATED STATEMENTS OF FINANCIAL CONDIITON ASSETS December 31, 1997 September 30, 1997 ----------------- ------------------ (Unaudited) Cash and due from banks $ 586,802 $ 508,729 Interest-bearing deposits with banks 2,545,055 6,422,404 Interest earning time deposits with financial institutions 1,467,573 1,565,573 Federal funds sold 2,671,416 753,847 Mortgage-backed securities available-for-sale 6,029,082 4,356,271 Investment securities held-to-maturity (estimated market value of $26,146,470 at December 31, 1997 and $23,128,073 at September 30, 1997) 26,077,423 23,058,359 Mortgage-backed securities held-to-maturity (estimated market value of $16,793,561 at December 31, 1997 and $18,611,834 at September 30, 1997) 16,303,540 18,151,765 Loans receivable, net of allowance for credit losses of $272,851 at December 31, 1997 and September 30, 1997 60,249,463 57,110,029 Accrued interest receivable 922,498 885,383 Federal Home Loan Bank stock, at cost 1,020,900 1,005,700 Premises and equipment 1,094,361 1,123,311 Foreclosed real estate, net of allowances of $-0- 0 0 Deferred income taxes 0 0 Mortgage servicing rights 157,375 149,094 Other assets 967,565 858,147 ------------- ------------- Total Assets $ 120,093,053 $ 115,948,612 ============= ============= EAST TEXAS FINANCIAL SERVICES, INC. CONSOLIDATED STATEMENTS OF FINANCIAL CONDIITON (Continued) LIABILITIES AND STOCKHOLDERS' EQUITY December 31, 1997 September 30, 1997 ----------------- ------------------ (Unaudited) Liabilities: Demand deposits $ 3,895,981 $ 1,882,109 Savings and NOW deposits 10,063,904 9,771,266 Other time deposits 77,096,211 76,897,274 ------------- ------------- Total deposits 91,056,096 88,550,649 FHLB advances 7,522,000 4,195,000 Advances from borrowers for taxes and insurance 171,878 881,685 Federal income taxes Current (14,696) 0 Deferred 121,318 127,909 Accrued expenses and other liabilities 255,481 1,314,001 ------------- ------------- Total Liabilities 99,112,077 95,069,244 ------------- ------------- 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 12,196,879 12,196,879 Deferred compensation - RRP shares (300,652) (329,748) Unearned employee stock ownership plan shares (650,614) (650,614) Net unrealized gain on securities available-for-sale (4,961) 15,512 Retained earnings (substantially restricted) 13,458,777 13,365,792 Treasury stock, 230,021 shares at cost (3,731,017) (3,731,017) ------------- ------------- Total stockholders' equity 20,980,976 20,879,368 ------------- ------------- Total liabilities and stockholders' equity $ 120,093,053 $ 115,948,612 ============= =============
EAST TEXAS FINANCIAL SERVICES, INC. CONSOLIDATED STATEMENTS OF INCOME Three Months Ended December 31, (Unaudited) 1997 1996 ---------- ---------- INTEREST INCOME Loans receivable: First mortgage loans $1,134,833 $ 967,638 Consumer and other loans 29,305 20,527 Securities available-for-sale: Mortgage-backed securities 64,390 0 Securities held-to-maturity: Investment securities 486,080 570,919 Mortgage-backed securities 314,702 421,434 ---------- ---------- Total interest income 2,029,310 1,980,518 ---------- ---------- INTEREST EXPENSE Deposits 1,123,670 1,109,672 FHLB advances 62,173 0 ---------- ---------- Total interest expense 1,185,843 1,109,672 ---------- ---------- Net interest income before provision for loan losses 843,467 870,846 Provision for loan losses 0 5,000 ---------- ---------- Net interest income after provision for loan losses 843,467 865,846 ---------- ---------- NONINTEREST INCOME Gain (loss) on sales of interest-earning assets 21,437 13,079 Loan origination and commitment fees 22,963 17,219 Loan servicing fees 22,303 31,686 Other 10,712 15,430 ---------- ---------- Total noninterest income 77,415 77,414 ---------- ---------- EAST TEXAS FINANCIAL SERVICES, INC. CONSOLIDATED STATEMENTS OF INCOME Three Months Ended December 31, (Unaudited) 1997 1996 ---------- ---------- NONINTEREST EXPENSE Compensation and benefits 492,110 427,655 Occupancy and equipment 48,246 33,864 SAIF deposit insurance premium 14,147 48,051 (Gain) loss on foreclosed real estate 0 58 Other 139,666 139,937 ---------- ---------- Total noninterest expense 694,169 649,565 ---------- ---------- Income (loss) before provision for income taxes 226,713 293,695 Income tax expense (benefit) 82,409 110,465 ---------- ---------- NET INCOME (LOSS) $ 144,304 $ 183,230 ========== ========== Earnings per common share and earnings per common share - assuming dilution $ 0.15 $ 0.18
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