UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
|
(mark one) |
|
|
ý |
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|
|
|
|
For the quarterly period ended June 30, 2003 |
|
|
|
|
|
OR |
|
|
|
|
|
o |
TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File Number 0-24024
Venture Financial Group, Inc.
(Exact name of registrant as specified in its charter)
|
Washington |
|
91-1277503 |
|
(State or other jurisdiction |
|
(IRS Employer Identification Number) |
|
of incorporation or organization) |
|
|
721 College Street. SE, P.O. Box 3800, Lacey,
WA 98509
(Address of principal executive offices)
Issuer’s telephone number: (360) 459-1100
First Community
Financial Group, Inc.
(Former name, former address and former fiscal year, if changed since last
report)
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 past 12 months (or for such shorter periods 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
Indicate by check mark whether the registrant is an accelerated filer (as defined by Rule 12b-2 of the Exchange Act) oYes ý No
Indicate the number of shares outstanding of each of the issuer’s classes of common stock as of the latest practicable date.
|
Title of Class |
|
Outstanding at July 22, 2003 |
|
Common Stock |
|
4,344,240 |
Venture Financial Group, Inc.
Table of Contents
|
PART I - FINANCIAL INFORMATION |
|
|
|
|
|
|
|
Item 1 |
Financial Statements |
|
|
|
|
|
|
|
Condensed Consolidated Statements of Income and Comprehensive Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
|
|
|
|
|
||
VENTURE FINANCIAL GROUP, INC. and SUBSIDIARIES
Condensed Consolidated Balance Sheets (Unaudited)
|
|
|
June 30 |
|
December 31 |
|
||
|
(Dollars in thousands) |
|
2003 |
|
2002 |
|
||
|
|
|
|
|
|
|
||
|
Assets |
|
|
|
|
|
||
|
Cash and due from banks |
|
$ |
31,281 |
|
$ |
30,965 |
|
|
Interest bearing deposits in banks |
|
593 |
|
76 |
|
||
|
Federal funds sold |
|
6,100 |
|
7,000 |
|
||
|
Securities available for sale |
|
32,554 |
|
33,622 |
|
||
|
Securities held to maturity |
|
505 |
|
505 |
|
||
|
FHLB Stock |
|
1,124 |
|
877 |
|
||
|
Loans held for sale |
|
11,825 |
|
7,432 |
|
||
|
|
|
|
|
|
|
||
|
Loans |
|
355,829 |
|
362,132 |
|
||
|
Allowance for credit losses |
|
8,178 |
|
7,947 |
|
||
|
Net loans |
|
347,651 |
|
354,185 |
|
||
|
|
|
|
|
|
|
||
|
Premises and equipment |
|
11,614 |
|
11,141 |
|
||
|
Foreclosed real estate |
|
8,520 |
|
4,899 |
|
||
|
Accrued interest receivable |
|
1,766 |
|
1,884 |
|
||
|
Cash surrender value of life insurance |
|
9,070 |
|
8,863 |
|
||
|
Intangible assets |
|
11,653 |
|
11,708 |
|
||
|
Other assets |
|
1,832 |
|
1,293 |
|
||
|
|
|
|
|
|
|
||
|
Total assets |
|
$ |
476,088 |
|
$ |
474,450 |
|
|
|
|
|
|
|
|
||
|
Liabilities |
|
|
|
|
|
||
|
Deposits: |
|
|
|
|
|
||
|
Demand |
|
$ |
80,824 |
|
$ |
82,267 |
|
|
Savings and interest bearing demand |
|
166,881 |
|
156,031 |
|
||
|
Time deposits |
|
128,365 |
|
145,909 |
|
||
|
Total deposits |
|
376,070 |
|
384,207 |
|
||
|
|
|
|
|
|
|
||
|
Short term borrowing |
|
19,135 |
|
16,547 |
|
||
|
Long term debt |
|
29,000 |
|
24,000 |
|
||
|
Accrued interest payable |
|
472 |
|
315 |
|
||
|
Other liabilities |
|
5,848 |
|
5,172 |
|
||
|
Total liabilities |
|
430,525 |
|
430,241 |
|
||
|
|
|
|
|
|
|
||
|
Stockholders’ Equity |
|
|
|
|
|
||
|
Common stock, (no par value); 10,000,000 shares authorized, shares issued: 2003 - 4,342,002; 2002 - 4,389,236 |
|
26,342 |
|
28,430 |
|
||
|
Retained earnings |
|
18,542 |
|
15,246 |
|
||
|
Accumulated other comprehensive income, net of tax |
|
679 |
|
533 |
|
||
|
Total stockholders’ equity |
|
45,563 |
|
44,209 |
|
||
|
|
|
|
|
|
|
||
|
Total liabilities and stockholders’ equity |
|
$ |
476,088 |
|
$ |
474,450 |
|
See notes to condensed consolidated financial statements
3
VENTURE FINANCIAL GROUP, INC. and SUBSIDIARIES
Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited)
|
|
|
Three months ended |
|
Six months ended |
|
||||||||
|
|
|
June 30 |
|
June 30 |
|
||||||||
|
(Dollars in thousands, except per share amounts) |
|
2003 |
|
2002 |
|
2003 |
|
2002 |
|
||||
|
Interest income |
|
|
|
|
|
|
|
|
|
||||
|
Loans |
|
$ |
7,788 |
|
$ |
6,689 |
|
$ |
15,671 |
|
$ |
13,318 |
|
|
Federal funds sold and deposits in banks |
|
28 |
|
2 |
|
30 |
|
4 |
|
||||
|
Investments |
|
348 |
|
304 |
|
699 |
|
609 |
|
||||
|
Total interest income |
|
8,164 |
|
6,995 |
|
16,400 |
|
13,931 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
Interest Expense |
|
||||||||||||