UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2002
Securities and Exchange Commission File Number: 000-26335
TEAM FINANCIAL, INC. |
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(Exact name of registrant as specified in its charter) |
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KANSAS |
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48-1017164 |
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(State or other jurisdiction
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(I.R.S. Employer Identification No.) |
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8 West Peoria, Suite 200, Paola, Kansas 66071 |
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(Address of principal executive offices) (Zip Code) |
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Registrant’s telephone, including area code: (913) 294-9667 |
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ý No o
APPLICABLE ONLY TO CORPORATE ISSUES:
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
There were 4,176,129 shares of the Registrant’s common stock, no par value, outstanding as of August 9, 2002.
2
Team Financial, Inc. And Subsidiaries
Consolidated Statements of Financial Condition
(In Thousands)
(Unaudited)
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June 30, |
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December
31, |
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ASSETS |
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Cash and due from banks |
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$ |
16,091 |
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$ |
19,513 |
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Federal funds sold and interest bearing bank deposits |
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12,229 |
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19,382 |
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Cash and cash equivalents |
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28,320 |
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38,895 |
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Investment securities |
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Available for sale, at fair value (amortized cost of $206,012 and $203,528 at March 31, 2002 and December 31, 2001, respectively) |
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207,718 |
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204,651 |
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Total investment securities |
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207,718 |
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204,651 |
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Loans receivable, net of unearned fees |
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327,783 |
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357,080 |
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Allowance for loan losses |
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(4,416 |
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(4,392 |
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Net loans receivable |
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323,367 |
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352,688 |
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Accrued interest receivable |
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4,955 |
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5,332 |
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Premises and equipment, net |
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11,049 |
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11,319 |
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Assets acquired through foreclosure |
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1,139 |
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1,572 |
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Goodwill |
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10,700 |
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12,010 |
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Intangible assets, net of accumulated amortization |
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5,442 |
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5,535 |
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Bank owned life insurance policies |
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16,639 |
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16,187 |
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Other assets |
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2,546 |
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2,121 |
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Total assets |
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$ |
611,875 |
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$ |
650,310 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Deposits: |
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Checking deposits |
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$ |
157,894 |
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$ |
163,617 |
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Savings deposits |
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32,219 |
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36,336 |
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Money market deposits |
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51,510 |
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51,117 |
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Certificates of deposit |
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208,770 |
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236,681 |
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Total deposits |
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450,393 |
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487,751 |
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Federal funds purchased and securities sold under agreements to repurchase |
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6,090 |
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10,386 |
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Federal Home Loan Bank advances |
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73,386 |
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74,438 |
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Notes payable |
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9,387 |
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9,645 |
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Company obligated mandatorily redeemable preferred securities of subsidiary trust holding solely subordinated debentures |
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15,525 |
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15,525 |
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Accrued expenses and other liabilities |
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7,952 |
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7,195 |
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Total liabilities |
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562,733 |
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604,940 |
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Stockholders’ Equity: |
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Preferred stock, no par value, 10,000,000 shares authorized, no shares issued |
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— |
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— |
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Common stock, no par value, 50,000,000 shares authorized; 4,422,210 and 4,414,142 shares issued; 4,176,129 and 4,179,242 shares outstanding at June 30, 2002 and December 31, 2001, respectively |
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27,193 |
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27,144 |
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Capital surplus |
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162 |
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68 |
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Retained earnings |
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21,566 |
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19,493 |
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Treasury stock, 246,081 and 234,900 shares of common stock at cost at June 30, 2002, and December 31, 2001, respectively |
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(2,154 |
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(2,056 |
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Accumulated other comprehensive income |
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2,375 |
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721 |
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Total stockholders’ equity |
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49,142 |
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45,370 |
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Total liabilities and stockholders’ equity |
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$ |
611,875 |
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$ |
650,310 |
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See accompanying notes to the unaudited consolidated financial statements
3
Team Financial, Inc. And Subsidiaries
Consolidated Statements of Operations
(Dollars In Thousands, Except Per Share Data)
(Unaudited)
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Three
Months Ended |
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Six Months
Ended |
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2002 |
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2001 |
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2002 |
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2001 |
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Interest Income: |
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Interest and fees on loans |
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$ |
6,626 |
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$ |
7,617 |
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$ |
13,597 |
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$ |
15,207 |
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Taxable investment securities |
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2,482 |
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1,870 |
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4,866 |
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4,146 |
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Nontaxable investment securities |
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229 |
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297 |
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444 |
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571 |
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Other |
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88 |
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140 |
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197 |
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345 |
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Total interest income |
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9,425 |
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