United States Securities and Exchange Commission
Washington, DC 20549
FORM 10-Q
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 30, 2002
Commission File Number 0-22193
LIFE FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
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DELAWARE |
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33-0743196 |
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(State or other
jurisdiction of |
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(I.R.S. Employer |
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10540 MAGNOLIA AVENUE, RIVERSIDE, CALIFORNIA 92505 |
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(909) 637 - 4000 |
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(Registrant’s telephone number, including area code) |
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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.
ý Yes o No
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 1,333,572 shares of common stock, par value $0.01 per share, were outstanding as of August 1, 2002.
LIFE FINANCIAL CORPORATION AND SUBSIDIARIES
FORM 10-Q
INDEX
FOR THE QUARTER ENDED JUNE 30, 2002
ii
LIFE FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Dollars in thousands)
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June 30, |
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December
31, |
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ASSETS |
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Cash and due from banks |
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$ |
8,033 |
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$ |
7,206 |
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Federal funds sold |
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— |
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500 |
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Cash and cash equivalents |
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8,033 |
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7,706 |
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Investment securities available for sale |
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90,531 |
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34,659 |
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Loans held for sale |
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2,737 |
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4,737 |
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Loans held for investment, net |
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126,670 |
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182,439 |
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Accrued interest receivable |
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1,378 |
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1,600 |
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Foreclosed real estate |
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2,772 |
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4,172 |
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Premises and equipment |
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5,021 |
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1,184 |
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Deferred income taxes |
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350 |
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350 |
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Participation contract, held to maturity |
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5,884 |
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4,428 |
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Other assets |
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3,005 |
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2,392 |
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TOTAL ASSETS |
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$ |
246,381 |
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$ |
243,667 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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LIABILITIES |
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Deposit accounts |
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Non-interest bearing |
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$ |
7,660 |
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$ |
8,653 |
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Interest bearing |
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192,869 |
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223,507 |
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FHLB Advances |
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20,000 |
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— |
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Notes payable, net of discount |
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11,370 |
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— |
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Subordinated debentures |
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1,500 |
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1,500 |
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Accrued expenses and other liabilities |
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3,710 |
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2,359 |
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Total liabilities |
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237,109 |
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236,019 |
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STOCKHOLDERS’ EQUITY |
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Common stock, $.01 par value; 25,000,000 shares authorized; 1,333,572 shares issued and outstanding at June 30, 2002 and December 31, 2001. |
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13 |
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13 |
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Additional paid-in capital; common stock and warrants |
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43,328 |
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42,628 |
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Accumulated deficit |
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(34,323 |
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(34,964 |
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Accumulated other comprehensive income |
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254 |
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(29 |
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Total stockholders’ equity |
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9,272 |
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7,648 |
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TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
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$ |
246,381 |
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$ |
243,667 |
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Accompanying notes are an integral part of these consolidated financial statements.
3
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share data)
(UNAUDITED)
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For the Three Months Ended |
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For the Six Months Ended |
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June 30, |
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June 30, |
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June 30, |
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June 30, |
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INTEREST INCOME: |
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Loans |
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$ |
3,205 |
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$ |
5,760 |
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$ |
6,880 |
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$ |
12,604 |
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Other interest-earning assets |
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1,937 |
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710 |
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3,345 |
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1,379 |
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Total interest income |
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5,142 |
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6,470 |
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10,225 |
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13,983 |
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INTEREST EXPENSE: |
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Interest-bearing deposits |
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1,612 |
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4,178 |
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3,408 |
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9,069 |
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Other borrowings |
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164 |
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295 |
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202 |
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646 |
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Notes Payable |
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481 |
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— |
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881 |
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— |
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Subordinated debentures |
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53 |
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53 |
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104 |
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105 |
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Total interest expense |
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2,310 |
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4,526 |
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4,595 |
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9,820 |
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NET INTEREST INCOME |
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2,832 |
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1,944 |
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5,630 |
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4,163 |
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