UNITED STATES
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): June 17, 2009
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JEFFERSON BANCSHARES, INC.
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(Exact name of registrant as specified in its charter)
Tennessee 0-50347 45-0508261
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(State or other jurisdiction of (Commission (IRS Employer
incorporation) File Number) Identification No.)
120 Evans Avenue, Morristown, Tennessee 37814
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (423) 586-8421
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Not Applicable
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(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
ITEM 8.01 OTHER EVENTS
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Jefferson Bancshares, Inc. (the "Company"), the holding company for
Jefferson Federal Bank (the "Bank"), recently received final appraisals for
seven branch offices acquired in connection with the Company's acquisition of
State of Franklin Bancshares, Inc. and State of Franklin Savings Bank on October
31, 2008. The appraisals have resulted in an increase of $5.5 million to the
provisional carrying values of these assets as previously recorded as of the
date of the acquisition. This increase in carrying value was offset by a
reduction of $3.5 million in the carrying amount of goodwill and the
establishment of a $2.0 million deferred tax liability. These adjustments,
applied retrospectively for the periods ended March 31, 2009 and December 31,
2008, increased the Bank's capital ratios at March 31, 2009 and December 31,
2008 as follows:
Previously
Reported Amended
Ratio Ratio
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MARCH 2009
Tier 1 leverage ratio 6.74% 7.56%
Tier 1 risk-based capital ratio 8.19% 9.13%
Total risk-based capital ratio 9.14% 10.07%
Previously
Reported Amended
Ratio Ratio
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DECEMBER 2008
Tier 1 leverage ratio 6.48% 7.31%
Tier 1 risk-based capital ratio 8.16% 9.18%
Total risk-based capital ratio 9.00% 10.01%
Because of the increases in the Bank's total risk-based capital ratio,
the Bank was considered "well capitalized" under the regulatory framework for
prompt corrective action at March 31, 2009 and December 31, 2008. Accordingly,
the Bank may, without applying for a waiver from the Federal Deposit Insurance
Corporation (the "FDIC"), obtain additional brokered deposits, roll over
existing brokered deposits or offer rates of interest which are more than 75
basis points higher than the prevailing rates of interest offered on deposits by
other insured depository institutions in its normal market area or a national
rate specified in the FDIC's regulations. The Bank has filed amended Call
Reports with the FDIC for the periods ended March 31, 2009 and December 31, 2008
reflecting these adjustments.
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 hereunto duly authorized.
JEFFERSON BANCSHARES, INC.
Dated: June 17, 2009 By: /s/ Anderson L. Smith
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Anderson L. Smith
President and
Chief Executive Officer