EXHIBIT 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)
February 9, 1999
STATEFED FINANCIAL CORPORATION
(Exact name of Registrant as specified in its Charter)
Delaware 0-22790 42-1410788
(State or other (Commission File No. (IRS Identification No.)
jurisdiction of incorporation)
519 Sixth Avenue, Des Moines, Iowa 50309-2473
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (515) 282-0236
N/A
(Former name or former address, if changed since last report)
Item 5. Other Events
On February 9, 1999, the Registrant issued the attached press release.
Items 7. Financial Statements and Exhibits
(a) Exhibit
1. Press release, dated February 9, 1999
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.
STATEFED FINANCIAL CORPORATION
Date: February 9, 1999 By:_______________________________
John F. Golden
Chief Executive Officer
3.
EXHIBIT I
4.
For Further Information Contact: For Immediate Release
John F. Golden, President and CEO February 9, 1999
StateFed Financial Corporation
519 Sixth Avenue
Des Moines, Iowa 50309
Phone: (515) 282-0236
STATEFED FINANCIAL CORPORATION
INCREASES CASH DIVIDEND BY 50 PER CENT
AND ANNOUNCES 2ND QUARTER EARNINGS
Des Moines, Iowa (NASDAQ: "SFFC") ------ StateFed Financial Corporation,
the parent company for State Federal Savings and Loan Association of Des Moines,
announced today that the Corporation will pay a cash dividend of $.075 (7 1/2
Cents) per share for the 3rd quarter of fiscal 1999. The dividend will be
payable on April 9, 1999 to shareholders of record on March 31, 1999. This is an
increase of $.025 (2 1/2 Cents) per share from previous dividends paid.
The Corporation also announced the financial results for the quarter ended
December 31, 1998. For the three month period ended December 31, 1998, the
company reported net income of $252,873 as compared to $273,040 for the same
period in 1997, a decrease of $20,167. The decrease in net earnings was
primarily due to a decrease in interest income of $80,700 and an increase in
provision for loan losses of $3,000, partially offset by an increase in
non-interest income of $45,600, a decrease in non-interest expense of $11,600,
and a decrease in income tax expense of $6,300.
For the six month period ended December 31, 1998, the company reported net
income of $477,858 as compared to $497,481 for the same period in 1997, a
decrease of $19,623. The decrease in net earnings was primarily due to a
decrease in net interest income of $48,300, an increase in non-interest expense
of $64,500, and an increase in provision for loan losses of $6,000, partially
offset by an increase in non-interest income of $78,000 and a decrease in income
tax expense of $21,200.
Earnings per share for the second quarter ended December 31, 1998 were 17
cents per share. As of December 31, 1998 there were 1,545,392 shares
outstanding. The Corporation's stock is traded on the NASDAQ System under the
symbol "SFFC".
Continued
STATEFED FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
December 31, 1998 and June 30, 1998
ASSETS (Unaudited)
December 31, 1998 June 30, 1998
Cash and amounts due from depository institutions $ 10,489,817 $ 9,445,404
Investments in certificates of deposit $ 1,576,791 $ 1,478,514
Investment securities $ 2,025,208 $ 2,743,518
Loans receivable, net $ 70,349,522 $ 68,979,770
Real estate acquired for development $ 236,596 $ 231,870
Real estate held for investment, net $ 2,242,224 $ 2,262,060
Property acquired in settlement of loans $ 1,316,247 $ 1,286,452
Office property and equipment, net $ 1,552,348 $ 1,564,077
Federal Home Loan Bank stock, at cost $ 1,147,600 $ 949,000
Accrued interest receivable $ 516,737 $ 542,246
Other assets $ 344,206 $ 318,654
------------ ------------
TOTAL ASSETS $ 91,797,296 $ 89,801,565
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits $ 55,793,707 $ 53,671,860
Advances from Federal Home Loan Bank $ 18,921,611 $ 18,964,890
Advances from borrowers for taxes and insurance $ 309,656 $ 340,686
Accrued interest payable $ 3,089 $ 134,251
Dividends payable $ 77,270 $ 78,295
Income taxes:current and deferred $ 267,499 $ 232,019
Other liabilities $ 205,436 $ 295,278
------------ ------------
TOTAL LIABILITIES $ 75,578,268 $ 73,717,279
------------ ------------
Stockholders' equity:
Common stock $ 8,905 $ 8,905
Additional paid-in capital $ 8,525,250 $ 8,483,110
Unearned compensation - restricted stock awards $ (305,305) $ (341,270)
Unrealized gain on investments $ 112,877 $ 119,928
Treasury stock $ (1,903,128) $ (1,643,697)
Retained earnings - substantially restricted $ 9,780,429 $ 9,457,310
------------ ------------
TOTAL STOCKHOLDERS' EQUITY $ 16,219,028 $ 16,084,286
------------ ------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 91,797,296 $ 89,801,565
============ ============
Three Months Ended Six Months Ended
December 31 December 31
1998 1997 1998 1997
---------- ---------- ---------- ----------
OPERATIONS DATA
Total interest income .... $1,692,904 $1,772,620 $3,398,987 $3,405,884
Total interest expense ... $1,003,594 $1,002,623 $2,042,079 $2,000,670
---------- ---------- ---------- ----------
Net interest income ...... $ 689,310 $ 769,997 $1,356,908 $1,405,214
Provision for loan losses $ 9,000 $ 6,000 $ 18,000 $ 12,000
---------- ---------- ---------- ----------
Net interest income after
provision for loan losses $ 680,310 $ 763,997 $1,338,908 $1,393,214
Non-interest income:
Real estate operations ... $ 147,650 $ 105,949 $ 285,511 $ 200,254
Other non-interest income $ 29,070 $ 25,172 $ 53,001 $ 60,301
---------- ---------- ---------- ----------
Total non-interest income $ 176,720 $ 131,121 $ 338,512 $ 260,555
Total non-interest expense $ 473,917 $ 485,513 $ 967,082 $ 902,558
---------- ---------- ---------- ----------
Income before income taxes $ 383,113 $ 409,605 $ 710,338 $ 751,211
Income tax expense ....... $ 130,240 $ 136,565 $ 232,480 $ 253,730
---------- ---------- ---------- ----------
Net Income ............... $ 252,873 $ 273,040 $ 477,858 $ 497,481
========== ========== ========== ==========
Basic earnings per share . $ 0.17 $ 0.18 $ 0.32 $ 0.33
Diluted earnings per share $ 0.17 $ 0.18 $ 0.31 $ 0.32