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, 2004
Securities and Exchange Commission File Number: 000-26335
TEAM FINANCIAL, INC.
(Exact name of registrant as specified in its charter)
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
Indicate by check mark whether the registrant is an accelerated filer (as defined by Rule 12b-2 of the Exchange Act).
Yes o No ý
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 4,061,470 shares of the Registrant’s common stock, no par value, outstanding as of August 2, 2004.
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Part I. Financial Information |
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Item 1. |
Financial Statements |
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Unaudited Consolidated Statements of Financial Condition as of June 30, 2004 and December 31, 2003 |
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Unaudited Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2004 and 2003 |
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Item 2. |
Management’s Discussion and Analysis Of Financial Condition and Results Of Operations |
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Changes in Securities, Use of Proceeds and Issuer Purchases of Equity Securities |
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Exhibit 31.1 |
Certification of Chief Executive Officer Pursuant to Section 302 of Sarbanes- Oxley Act of 2002 |
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Exhibit 31.2 |
Certification of Chief Financial Officer Pursuant to Section 302 of Sarbanes- Oxley Act of 2002 |
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Exhibit 32.1 |
Certification of Chief Executive Officer Pursuant to 18 U.S.C. 1350 |
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Exhibit 32.2 |
Certification of Chief Financial Officer Pursuant to 18 U.S.C. 1350 |
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2
Team Financial, Inc. And Subsidiaries
Unaudited 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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$ |
13,956 |
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$ |
14,135 |
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Interest bearing bank deposits |
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3,800 |
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4,667 |
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Cash and cash equivalents |
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17,756 |
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18,802 |
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Investment securities: |
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Available for sale, at fair value (amortized cost of $207,688 and $218,377 at June 30, 2004 and December 31, 2003, respectively) |
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206,181 |
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221,252 |
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Total investment securities |
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206,181 |
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221,252 |
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Loans receivable, net of unearned fees |
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364,453 |
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348,095 |
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Allowance for loan losses |
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(4,753 |
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(4,506 |
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Net loans receivable |
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359,700 |
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343,589 |
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Accrued interest receivable |
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3,746 |
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4,002 |
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Premises and equipment, net |
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16,028 |
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14,132 |
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Assets acquired through foreclosure |
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844 |
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1,117 |
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Goodwill |
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15,463 |
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14,538 |
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Intangible assets, net of accumulated amortization |
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5,389 |
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5,830 |
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Bank owned life insurance policies |
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18,121 |
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17,756 |
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Other assets |
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4,139 |
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8,778 |
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Total assets |
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$ |
647,367 |
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$ |
649,796 |
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Liabilities and Stockholders’ Equity |
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Deposits: |
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Checking deposits |
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$ |
165,342 |
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$ |
165,448 |
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Savings deposits |
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32,854 |
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32,715 |
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Money market deposits |
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52,534 |
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47,804 |
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Certificates of deposit |
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196,665 |
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200,192 |
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Total deposits |
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447,395 |
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446,159 |
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Federal funds purchased and securities sold under agreements to repurchase |
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11,742 |
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7,180 |
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Federal Home Loan Bank advances |
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111,972 |
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111,234 |
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Notes payable and other borrowings |
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3,446 |
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3,232 |
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Subordinated debentures |
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16,005 |
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16,005 |
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Accrued expenses and other liabilities |
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6,872 |
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13,582 |
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Total liabilities |
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597,432 |
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597,392 |
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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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Common stock, no par value, 50,000,000 shares authorized; 4,461,553 and 4,449,638 shares issued; 4,061,470 and 4,099,555 shares outstanding at June 30, 2004 and December 31, 2003, respectively |
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27,551 |
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27,448 |
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Capital surplus |
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292 |
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292 |
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Retained earnings |
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26,909 |
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25,979 |
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Treasury stock, 400,083 and 350,083 shares of common stock at cost at June 30, 2004 and December 31, 2003, respectively |
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(3,824 |
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(3,212 |
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Accumulated other comprehensive income (loss) |
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(993 |
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1,897 |
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Total stockholders’ equity |
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49,935 |
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52,404 |
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Total liabilities and stockholders’ equity |
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$ |
647,367 |
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$ |
649,796 |
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See accompanying notes to the unaudited consolidated financial statements
3
Team Financial, Inc. And Subsidiaries
Unaudited Consolidated Statements of Operations
(Dollars In Thousands, Except Per Share Data)
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Three Months Ended |
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Six Months Ended |
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2004 |
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2003 |
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2004 |
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2003 |
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Interest Income: |
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Interest and fees on loans |
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$ |
5,831 |
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$ |
5,802 |
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$ |
11,422 |
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