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)
May 1, 1997
STATEFED FINANCIAL CORPORATION
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(Exact name of Registrant as specified in its Charter)
Delaware 0-22790 42-1410788
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(State or other (Commission File No. (IRS Identification No.)
jurisdiction of incorporation)
519 Sixth Avenue, Des Moines, Iowa 50309-2473)
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (515) 282-0236
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N/A
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(Former name or former address, if changed since last report)
Item 5. Other Events
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On May 1, 1997, the Registrant issued the attached press release.
Items 7. Financial Statements and Exhibits
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(a) Exhibit
1. Press release, dated May 1, 1997
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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: May 13, 1997 By: ________________________________
John F. Golden
Chief Executive Officer
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EXHIBIT I
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For Further Information Contact: For Immediate Release
John F. Golden, President and CEO May 1, 1997
StateFed Financial Corporation
519 Sixth Avenue
Des Moines, Iowa, 50309
Phone: (515) 282-0236
STATEFED FINANCIAL CORPORATION
ANNOUNCES 3RD QUARTER EARNINGS
Des Moines,Iowa (NASDAQ: "SFFC") -- StateFed Financial Corporation, the
parent company for State Federal Savings and Loan Association of Des Moines,
today announced financial results for the quarter ended March 31, 1997. For the
three month period ended March 31, 1997, the company reported net income of
$267,100 as compared to $218,715 for the same period in 1996, an increase of
$48,385, or 22.1%. The increase in net earnings was primarily due to an increase
in net interest income of $46,108, an increase in non-interest income of $4,792,
and a decrease in non-interest expense of $26,605, offset by an increase in
income tax expense of $29,120. The increase in net interest income was primarily
the result of an increase of $174,400 in interest income due to the increase of
loans receivable and a slight increase in interest rates, offset by an increase
of $128,300 in interest expense due to the increased amount in borrowed funds
and deposits
For the nine month period ended March 31, 1997, the company reported net
income of $589,364 as compared to $641,604 for the same period in 1996, a
decrease of $52,240. The decrease in net earnings was primarily due to an
increase in non-interest expense of $265,061 offset by an increase in
non-interest income of $1,004, an increase in net interest income of $185,877,
and a decrease in income tax expense of $25,940. The increase in non-interest
expense was primarily the result of a one-time special assessment of $291,300,
required by legislation, which is 65.7 cents per $100 of Savings Association
Insurance Fund (SAIF) deposits held by the Bank at March 31, 1995. Net income
for the nine month period ended March 31, 1997, would have been approximately
$778,400 had this special assessment not been required.
The book value of StateFed Financial Corporation increased to $19.00 per
share at March 31, 1997. Earnings per share for the third quarter ended March
31, 1997 were 35 cents per share. As of March 31, 1997, there were 790,123
shares outstanding.
Continued
STATEFED FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
MARCH 31, 1997 AND JUNE 30,1996
ASSETS (Unaudited)
March 31, 1997 June 30, 1996
Cash and amounts due from depository institutions $ 5,452,737 $ 2,564,267
Investments in certificates of deposit $ 4,435,365 $ 4,439,567
Investment securities $ 2,331,342 $ 2,347,048
Loans receivable, net $ 67,621,258 $ 62,708,487
Real estate acquired for development $ 1,084,523 $ 385,476
Real estate held for investment, net $ 1,064,834 $ 1,149,990
Office property and equipment, net $ 1,424,347 $ 1,464,796
Federal Home Loan Bank stock, at cost $ 950,000 $ 750,000
Accrued interest receivable $ 556,928 $ 533,706
Prepaid expenses and other assets $ 360,237 $ 361,287
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TOTAL ASSETS $ 85,281,571 $ 76,704,624
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LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits $ 50,661,765 $ 45,731,828
Advances from Federal Home Loan Bank $ 19,000,000 $ 15,000,000
Advances from borrowers for taxes and insurance $ 113,510 $ 505,749
Accrued interest payable $ 68,947 $ 129,833
Dividends payable $ 79,012 $ 81,349
Income taxes-current and deferred $ 181,969 $ 138,255
Other liabilities $ 164,420 $ 189,305
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TOTAL LIABILITIES $ 70,269,623 $ 61,776,319
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Stockholders' equity:
Common stock $ 8,905 $ 8,905
Additional paid-in capital $ 8,382,836 $ 8,376,924
Unearned compensation - restricted stock awards $ (447,107) $ (531,989)
Unrealized gain (loss) on investments $ 12,344 $ (22,251)
Treasury stock $ (1,443,659) $ (1,049,358)
Retained earnings - substantially restricted $ 8,498,629 $ 8,146,074
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TOTAL STOCKHOLDERS' EQUITY $ 15,011,948 $ 14,928,305
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 85,281,571 $ 76,704,624
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SELECTED CONSOLIDATED FINANCIAL DATA
StateFed Financial Corporation and Subsidiary
Unaudited
Three Months Ended Nine Months Ended
March 31 March 31
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1997 1996 1997 1996
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OPERATIONS DATA
Total interest income ...... $1,633,025 $1,458,623 $4,780,095 $4,293,350
Total interest expense: .... $ 930,098 $ 801,804 $2,673,519 $2,372,651
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Net interest income ........ $ 702,927 $ 656,819 $2,106,576 $1,920,699
Provision for loan losses .. $ 6,000 $ 6,000 $ 18,000 $ 18,000
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Net interest income after
provision for loan losses .. $ 696,927 $ 650,819 $2,088,576 $1,902,699
Non-interest income:
Real estate operations ..... $ 99,637 $ 99,076 $ 311,337 $ 304,337
Other non-interest income .. $ 21,503 $ 17,272 $ 64,014 $ 70,010
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Total non-interest income .. $ 121,140 $ 116,348 $ 375,351 $ 374,347
Total non-interest expense . $ 404,247 $ 430,852 $1,556,703 $1,291,642
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Income before income taxes . $ 413,820 $ 336,315 $ 907,224 $ 985,404
Income tax expense ......... $ 146,720 $ 117,600 $ 317,860 $ 343,800
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Net Income ................. 267,100 $ 218,715 $ 589,364 $ 641,604
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Earnings per share ......... $ 0.35 $ 0.27 $ 0.77 $ 0.81