UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION
13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2003
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 |
(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 Noo
Indicate by check mark whether the registrant is an accelerated filer (as defined by Rule 12b-2 of the Exchange Act).
Yes o Noý
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 4,094,305 shares of the Registrant’s common stock, no par value, outstanding as of July 31, 2003.
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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$ |
23,997 |
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$ |
18,298 |
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Federal funds sold and interest bearing bank deposits |
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1,415 |
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17,260 |
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Cash and cash equivalents |
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25,412 |
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35,558 |
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Investment securities |
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Available for sale, at fair value (amortized cost of $221,062 and $218,037 at June 30, 2003 and December 31, 2002, respectively) |
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226,631 |
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224,052 |
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Total investment securities |
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226,631 |
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224,052 |
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Loans receivable, net of unearned fees |
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342,750 |
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340,986 |
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Allowance for loan losses |
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(4,644 |
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(4,611 |
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Net loans receivable |
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338,106 |
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336,375 |
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Accrued interest receivable |
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3,830 |
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4,053 |
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Premises and equipment, net |
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12,910 |
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12,219 |
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Assets acquired through foreclosure |
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1,366 |
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1,770 |
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Goodwill |
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14,538 |
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14,407 |
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Intangible assets, net of accumulated amortization |
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6,049 |
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6,579 |
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Bank owned life insurance policies |
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17,371 |
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16,968 |
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Other assets |
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3,294 |
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3,888 |
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Total assets |
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$ |
649,507 |
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$ |
655,869 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Deposits: |
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Checking deposits |
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$ |
164,248 |
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$ |
172,886 |
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Savings deposits |
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32,616 |
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31,212 |
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Money market deposits |
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52,372 |
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54,485 |
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Certificates of deposit |
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201,504 |
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197,022 |
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Total deposits |
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450,740 |
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455,605 |
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Federal funds purchased and securities sold under agreements to repurchase |
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5,714 |
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4,401 |
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Federal Home Loan Bank advances |
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111,271 |
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112,331 |
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Notes payable |
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4,376 |
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6,455 |
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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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9,055 |
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9,724 |
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Total liabilities |
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596,681 |
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604,041 |
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Commitments and contingencies |
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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; 4,448,888 and 4,442,210 shares issued; 4,094,305 and 4,107,627 shares outstanding at June 30, 2003 and December 31, 2002, respectively |
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27,443 |
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27,393 |
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Capital surplus |
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182 |
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211 |
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Retained earnings |
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24,766 |
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23,290 |
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Treasury stock, 354,583 and 334,583 shares of common stock at cost at June 30, 2003, and December 31, 2002, respectively |
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(3,239 |
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(3,034 |
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Accumulated other comprehensive income |
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3,674 |
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3,968 |
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Total stockholders’ equity |
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52,826 |
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51,828 |
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Total liabilities and stockholders’ equity |
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$ |
649,507 |
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$ |
655,869 |
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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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2003 |
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2002 |
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2003 |
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2002 |
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Interest Income: |
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Interest and fees on loans |
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$ |
5,802 |
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$ |
6,626 |
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$ |
11,767 |
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$ |
13,597 |
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Taxable investment securities |
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1,715 |
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2,482 |
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3,669 |
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4,866 |
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Nontaxable investment securities |
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265 |
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229 |
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512 |
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444 |
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Other |
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34 |
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88 |
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82 |
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197 |
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Total interest income |
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7,816 |
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9,425 |
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16,030 |
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