-----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, Ou5J01XEDqVZsl6SUOvOy8BcGvfHR+s/xb6V46AABFwHL+iP/653/w1tWUINOCLO QpMA2MAFY8rXWizDOs3Z7A== 0000914317-98-000279.txt : 19980430 0000914317-98-000279.hdr.sgml : 19980430 ACCESSION NUMBER: 0000914317-98-000279 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980423 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19980429 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: 98603855 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 23, 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 April 23, 1998, the Registrant issued for publication the press release attached as Exhibit "99" announcing earnings and quarterly cash dividend payment for the quarter ended March 31, 1998. 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 April 23, 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: April 23, 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, April 23, 1998 - ------------------------------------------------------------------------------ EAST TEXAS FINANCIAL SERVICES, INC. ANNOUNCES QUARTER END EARNINGS AND QUARTERLY CASH DIVIDEND PAYMENT Tyler, Texas, April 23, 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 six months ended March 31, 1998 was $302,099 or $.21 per share, compared to $369,023 or $.25 per share for the six month period ended March 31, 1997. For the three month period ended March 31, 1998, the Company reported net income of $157,795 or $.11 per share, compared to $185,793 or $.12 per share for the three month period ended March 31, 1997. As a result of the Company's 3 for 2 stock split on March 25, 1998, there was a restatement of per share data for all periods. Gerald W. Free, Vice Chairman, President and CEO, announced that the Company would continue its quarterly cash dividend of $.05 per share, to be paid on May 27, 1998 to stockholders of record as of May 13, 1998. "Although the market price of the Company's stock decreased as a result of the recent 3 for 2 stock split, the Company's Board of Directors elected to continue paying a $.05 per share quarterly dividend," stated Mr. Free. "Based on recent trades of $16.125 per share, the $.05 per share cash dividend would equate to an annual dividend yield of approximately 1.25%." Loans receivable totaled $61.2 million at March 31, 1998, a $4.1 million increase from the $57.1 million reported at September 30, 1997. For the six months ended March 31, 1998, the Company originated approximately 187 mortgage loans totaling $16.0 million, compared to 100 loans totaling $9.7 million for the same period in 1997. Total assets were reported as $120.9 million at March 31, 1998, compared to $115.9 million at September 30, 1997. Total stockholders' equity was reported as $21.1 million at March 31, 1998, 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 March 31, 1998, as 14.9% for both tangible and core capital ratios, well in excess of the minimum required levels of 1.5% and 4.0% respectively. The Association's risk-based capital ratio was 39.0% of risk-weighted assets at March 31, 1998, compared to the minimum 8.0% regulatory requirement. At March 31, 1998, the Association was considered a "well capitalized" institution. At March 31, 1998, non-performing assets totaled $496,000 or .41% of total assets as compared to $310,000 or .27% of total assets at September 30, 1997. Non-performing loans equaled $326,000 or .53% of loans receivable at March 31, 1998, compared to $310,000 or .54% at September 30, 1997. Classified assets were reported as $954,000 or .79% of total assets at March 31, 1998, 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 March 31, 1998, the Company had outstanding 1,539,461 shares of stock and reported a "book value" per share of $13.69. 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 CONDITION March 31, 1998 September 30, 1997 -------------- ------------------ (Unaudited) ASSETS Cash and due from banks $ 910,924 $ 508,729 Interest-bearing deposits with banks 4,190,911 6,422,404 Interest earning time deposits with financial institutions 1,467,617 1,565,573 Federal funds sold 755,226 753,847 Mortgage-backed securities available for sale 8,979,785 4,356,271 Investment securities held-to-maturity (estimated market value of $25,145,293 at March 31, 1998, and $30,114,685 at September 30, 1997) 25,059,420 23,058,359 Mortgage-backed securities held-to-maturity (estimated market value of $14,607,615 at March 31, 1998, and $25,383,579 at September 30, 1997) 14,264,392 18,151,765 Loans receivable, net of allowance for credit losses of $236,107 at March 31, 1998, and $272,851 at September 30, 1997 61,193,852 57,110,029 Accrued interest receivable 927,132 885,383 Federal Home Loan Bank stock, at cost 1,036,000 1,005,700 Premises and equipment 1,070,893 1,123,311 Foreclosed real estate, net of allowances of $-0- 170,200 0 Mortgage servicing rights 178,777 149,094 Other assets 737,520 858,147 ------------- ------------- Total Assets $ 120,942,649 $ 115,948,612 ============= ============= EAST TEXAS FINANCIAL SERVICES, INC. CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION March 31, 1998 September 30, 1997 -------------- ------------------ (Unaudited) LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Demand deposits $ 1,554,898 $ 1,882,109 Savings and NOW deposits 9,778,621 9,771,266 Other time deposits 76,573,858 76,897,274 ------------- ------------- Total deposits 87,907,377 88,550,649 FHLB advances 11,025,888 4,195,000 Advances from borrowers for taxes and insurance 394,960 881,685 Federal income taxes Current (33,820) 0 Deferred 112,227 127,909 Accrued expenses and other liabilities 459,095 1,314,001 ------------- ------------- Total Liabilities 99,865,727 95,069,244 ------------- ------------- 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 12,564 12,564 Additional paid-in capital 12,203,160 12,196,879 Deferred compensation - RRP shares (271,557) (329,748) Unearned employee stock ownership plan shares (650,614) (650,614) Unrealized gain/(loss) investments - AFS (net) (42,687) 15,512 Retained earnings (substantially restricted) 13,557,073 13,365,792 Treasury stock, 345,031 shares at cost (3,731,017) (3,731,017) ------------- ------------- Stock stockholders' equity 21,076,922 20,879,368 ------------- ------------- Total liabilities and stockholders' equity $ 120,942,649 $ 115,948,612 ============= =============
EAST TEXAS FINANCIAL SERVICES, INC. CONSOLIDATED STATEMENTS OF INCOME Three Months Six Months Ended March 31, Ended March 31, (Unaudited) (Unaudited) 1998 1997 1998 1997 ---------- ---------- ---------- ---------- INTEREST INCOME Loans receivable: First Mortgage .................................... $1,152,062 $1,005,529 $2,286,895 $1,973,167 Consumer and other loans .......................... 40,783 20,401 70,088 40,928 Securities available for sale: Investment securities ............................. 15,104 13,716 30,313 27,702 Mortgage-backed securities ........................ 104,684 0 169,074 0 Securities held to maturity: Investment securities ............................. 406,515 460,336 800,424 938,469 Mortgage-backed securities ........................ 281,066 389,152 595,768 810,586 Deposits with banks ................................. 54,923 65,188 131,885 143,988 ---------- ---------- ---------- ---------- Total interest income ........................... 2,055,137 1,954,322 4,084,447 3,934,840 ---------- ---------- ---------- ---------- INTEREST EXPENSE Deposits ............................................ 1,105,465 1,094,930 2,229,135 2,204,602 FHLB advances ....................................... 121,675 0 183,848 0 ---------- ---------- ---------- ---------- Total interest expense .......................... 1,227,140 1,094,930 2,412,983 2,204,602 ---------- ---------- ---------- ---------- Net interest income before provision for loan losses .................... 827,998 859,392 1,671,464 1,730,238 Provision for loan losses ........................... 0 0 0 5,000 ---------- ---------- ---------- ---------- Net interest income after provision for loan losses ..................... 827,998 859,392 1,671,464 1,725,238 ---------- ---------- ---------- ---------- EAST TEXAS FINANCIAL SERVICES, INC. CONSOLIDATED STATEMENTS OF INCOME Three Months Six Months Ended March 31, Ended March 31, (Unaudited) (Unaudited) 1998 1997 1998 1997 ---------- ---------- ---------- ---------- NONINTEREST INCOME Gain(loss) on sale of interest-earning assets ........................... 42,008 18,243 63,445 31,322 Loan origination and commitment fees ................ 18,807 10,074 41,770 27,293 Loan servicing fees ................................. 26,621 15,251 48,924 46,937 Gain on foreclosed real estate ...................... 560 0 560 0 Other ............................................... 10,926 16,985 21,638 32,415 ---------- ---------- ---------- ---------- Total noninterest income ........................ 98,922 60,553 176,337 137,967 ---------- ---------- ---------- ---------- NONINTEREST EXPENSE Compensation and benefits ........................... 460,684 418,099 952,794 845,754 Occupancy and equipment ............................. 45,513 38,196 93,759 72,060 SAIF deposit insurance premium ...................... 14,299 3,124 28,446 51,175 Loss on foreclosed real estate ...................... 0 5,633 0 5,691 Other ............................................... 157,288 162,273 296,954 302,210 ---------- ---------- ---------- ---------- Total noninterest expense ....................... 677,784 627,325 1,371,953 1,276,890 ---------- ---------- ---------- ---------- Income (loss) before provision for income taxes .................................... 249,135 292,620 475,848 586,315 Income tax expense (benefit) ........................... 91,340 106,827 173,749 217,292 ---------- ---------- ---------- ---------- NET INCOME (LOSS) ...................................... $ 157,795 $ 185,793 $ 302,099 $ 369,023 ========== ========== ========== ========== Earnings per common share .............................. $ .11 $ .12 $ .21 $ .25 Earnings per common share - assuming dilution .................................... .11 .12 .20 .24
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