UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
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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 March 31, 2004
or
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File Number 1-13605
EFC BANCORP, INC.
(Exact name of registrant as specified in its charter)
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Delaware |
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36-4193304 |
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(State or other jurisdiction of incorporation or organization) |
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(I.R.S. Employer |
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1695 Larkin Avenue, Elgin, Illinois |
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60123 |
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(Address of principal executive offices) |
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(Zip Code) |
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(847) 741-3900 |
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(Registrant’s telephone number, including area code) |
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Not Applicable |
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(Former name, former address and former fiscal year, if changed since last report) |
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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
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12(b)-2 of the Exchange Act).
Yes o No ý
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: 4,617,110 shares of common stock, par value $0.01 per share, were outstanding as of May 10, 2004.
EFC Bancorp, Inc.
Form 10-Q
For the Quarter Ended March 31, 2004
INDEX
PART I. FINANCIAL INFORMATION
EFC BANCORP, INC.
Item 1. Financial Statements.
EFC BANCORP, INC.
AND SUBSIDIARIES
Consolidated Balance Sheets (unaudited)
March 31, 2004 and December 31, 2003
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March 31, |
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December 31, |
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Assets |
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Cash and cash equivalents: |
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On hand and in banks |
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$ |
4,645,290 |
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5,449,261 |
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Interest bearing deposits with financial institutions |
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52,532,902 |
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16,426,727 |
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Total cash and cash equivalents |
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57,178,192 |
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21,875,988 |
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Loans receivable, net |
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713,574,332 |
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716,883,910 |
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Mortgage-backed securities available-for-sale, at fair value |
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9,156,847 |
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10,164,501 |
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Investment securities available-for-sale, at fair value |
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80,711,279 |
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90,656,208 |
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Stock in Federal Home Loan Bank of Chicago, at cost |
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11,054,300 |
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10,877,600 |
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Accrued interest receivable |
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4,079,802 |
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4,009,280 |
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Office properties and equipment, net |
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17,835,433 |
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17,672,562 |
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Real estate held for development |
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4,303,771 |
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4,189,637 |
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Bank owned life insurance |
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18,178,631 |
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17,986,416 |
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Other assets |
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1,480,187 |
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2,776,482 |
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Total assets |
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$ |
917,552,774 |
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897,092,584 |
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Liabilities and Stockholders’ Equity |
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Liabilities: |
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Deposits |
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$ |
627,686,901 |
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596,763,807 |
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Borrowed money |
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196,210,871 |
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211,788,751 |
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Accrued expenses, income taxes payable and other liabilities |
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12,804,235 |
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10,294,740 |
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Total liabilities |
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836,702,007 |
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818,847,298 |
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Minority interest |
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(165,117 |
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(158,666 |
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Stockholders’ Equity: |
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Preferred stock, par value $.01 per share, authorized 2,000,000 shares; no shares issued |
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— |
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— |
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Common stock, par value $.01 per share, authorized 25,000,000 shares; issued 7,491,434 shares |
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74,914 |
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74,914 |
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Additional paid-in capital |
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72,489,721 |
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72,247,346 |
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Retained earnings, substantially restricted |
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48,014,287 |
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46,681,729 |
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Treasury stock, at cost, 2,886,074 and 2,898,763 shares at March 31, 2004 and December 31, 2003, respectively |
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(35,645,860 |
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(35,598,664 |
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Unearned employee stock ownership plan (ESOP), 349,601 and 359,590 shares at March 31, 2004 and December 31, 2003, respectively |
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(5,227,424 |
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(5,376,779 |
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Unearned stock award plan, 5,276 and 6,026 shares at March 31, 2004 and December 31, 2003, respectively |
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(58,695 |
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(67,039 |
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Accumulated other comprehensive income |
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1,368,941 |
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442,445 |
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Total stockholders’ equity |
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81,015,884 |
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78,403,952 |
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Commitments and contingencies |
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— |
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— |
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Total liabilities and stockholders’ equity |
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$ |
917,552,774 |
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897,092,584 |
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See accompanying notes to consolidated financial statements.
1
EFC BANCORP, INC.
AND SUBSIDIARIES
Consolidated Statements of Income (unaudited)
For the three months ended March 31, 2004 and 2003
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Three
months ended |
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2004 |
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2003 |
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Interest income: |
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Loans secured by real estate |
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8,031,179 |
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8,614,338 |
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Other loans |
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2,081,614 |
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1,397,517 |
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Mortgage-backed securities available-for-sale |
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89,814 |
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173,547 |
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Investment securities available-for-sale and interest bearing deposits with financial institutions |
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1,243,937 |
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1,239,672 |
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Total interest income |
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11,446,544 |
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11,425,074 |
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Interest expense: |
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Deposits |
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2,982,458 |
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3,167,903 |
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Borrowed money |
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2,405,721 |
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2,273,080 |
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Total interest expense |
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5,388,179 |
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5,440,983 |
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Net interest income before provision for loan losses |
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6,058,365 |
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5,984,091 |
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Provision for loan losses |
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150,000 |
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181,250 |
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