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, 1998
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 February 9, 1998, the Registrant issued the attached press
release.
Items 7. Financial Statements and Exhibits
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(a) Exhibit
1. Press release, dated February 9, 1998
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 13, 1998 By:
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John F. Golden
Chief Executive Officer
3.
EXHIBIT I
4.
For Further Information Contact:
John F. Golden, President and CEO For Immediate Release
StateFed Financial Corporation February 9, 1998
519 Sixth Avenue
Des Moines, Iowa 50309
Phone: (515) 282-0236
STATEFED FINANCIAL CORPORATION
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, today announced financial results for the quarter ended
December 31, 1997. For the three month period ended December 31, 1997, the
company reported net income of $273,040 as compared to $255,085 for the same
period in 1996 an increase of $17,955, or 7.03%. The increase in net earnings
was primarily due to an increase in net interest income of $77,353, offset by
an increase in non-interest expense of $48,053, a decrease in non-interest
income of $10,100, and an increase in income tax expense of $1,245.
For the six month period ended December 31, 1997, the company
reported net income of $497,481 as compared to $322,264 for the same period in
1996, an increase of $175,217. The increase in net earnings was primarily due
to a decrease in non-interest expense of $249,898, an increase in non-interest
income of $6,343, and an increase in net interest income of $1,566, offset by
an increase in income tax expense of $82,590. The decrease in non-interest
expense was primarily the result of a one-time special assessment of $291,300.
The book value of StateFed Financial Corporation increased to $10.04
per share at December 1997. Earnings per share for the second quarter ended
December 31, 1997 were 18 cents per share. As of December 31, 1997, there were
1,557,446 outstanding shares.
Continued
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STATEFED FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
December 31, 1997 and June 30, 1997
(Unaudited)
December 31, 1997 June 30, 1997
ASSETS
Cash and amounts due from depository institutions $8,845,252 $3,634,086
Investments in certificates of deposit 2,073,825 4,435,425
Investment securities 3,240,743 3,477,168
Loans receivable, net 68,377,526 68,177,746
Real estate acquired for development 210,542 435,484
Real estate held for investment, net 2,264,864 1,933,532
Property acquired in settlement of loans 246,077 333,939
Office property and equipment, net 1,497,143 1,418,982
Federal Home Loan Bank stock, at cost 950,000 950,000
Accrued interest receivable 544,624 567,478
Prepaid expenses and other assets 357,225 314,754
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TOTAL ASSETS $88,607,821 $85,678,594
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LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits $53,147,460 $50,345,972
Advances from Federal Home Loan Bank 19,000,000 19,000,000
Advances from borrowers for taxes and insurance 336,219 490,053
Accrued interest payable 1,431 128,881
Dividends payable 77,872 78,372
Income taxes: current and deferred 200,557 200,327
Other liabilities 199,873 201,982
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TOTAL LIABILITIES $72,963,412 $70,445,587
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Stockholders' equity:
Common stock $8,905 $8,905
Additional paid-in capital 8,452,831 8,398,857
Unearned compensation - restricted stock awards (377,066) (423,576)
Unrealized gain (loss) on investments 138,519 57,462
Treasury stock (1,672,734) (1,560,859)
Retained earnings - substantially restricted 9,093,954 8,752,218
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TOTAL STOCKHOLDERS' EQUITY $15,644,409 $15,233,007
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $88,607,821 $85,678,594
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STATEFED FINANCIAL CORPORATION
Selected Consolidated Financial Data
Unaudited
Three Months Ended Six Months Ended
December 31 December 31
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1997 1996 1997 1996
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OPERATIONS DATA
Total interest income........................ $1,772,620 $1,597,897 $3,405,884 $3,147,070
Total interest expense....................... $1,002,623 $ 905,253 $2,000,670 $1,743,422
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Net interest income.......................... $ 769,997 $ 692,644 $1,405,214 $1,403,648
Provision for loan losses.................... $ 6,000 $ 6,000 $ 12,000 $ 12,000
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Net interest income after
provision for loan losses.................... $ 763,997 $ 686,644 $1,393,214 $1,391,648
Non-interest income:
Real estate operations....................... $ 105,949 $ 112,995 $ 200,254 $ 211,701
Other non-interest income.................... $ 25,172 $ 28,226 $ 60,301 $ 42,511
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Total non-interest income.................... $ 131,121 $ 141,221 $ 260,555 $ 254,212
Total non-interest expense................... $ 485,513 $ 437,460 $ 902,558 $1,152,456
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Income before income taxes................... $ 409,605 $ 390,405 $ 751,211 $ 493,404
Income tax expense........................... $ 136,565 $ 135,320 $ 253,730 $ 171,140
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Net Income................................... $ 273,040 $ 255,085 $ 497,481 $ 322,264
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Earnings per share........................... $0.18 $0.17 $0.33 $0.22
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