UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
|
ý |
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|
|
|
|
|
|
|
For the quarterly period ended September 30, 2004 |
|
|
|
|
|
|
|
OR |
|
|
|
|
|
o |
|
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 0-28312 |
FIRST FEDERAL BANCSHARES OF ARKANSAS, INC.
(Exact name of registrant as specified in its charter)
|
Texas |
|
71-0785261 |
|
(State or other jurisdiction of incorporation |
|
(I.R.S. Employer |
|
|
|
|
|
1401 Highway 62-65 North |
|
72601 |
|
(Address of principal executive office) |
|
(Zip Code) |
(870) 741-7641
(Registrant’s telephone number, including area code)
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 12b-2 of the Exchange Act).
|
Yes ý |
No o |
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: As of October 25, 2004, there were issued and outstanding 5,135,804 shares of the Registrant’s Common Stock, par value $.01 per share.
FIRST FEDERAL BANCSHARES OF ARKANSAS, INC.
TABLE OF CONTENTS
Part I. |
Financial Information |
Page |
|
|
|
|
|
Item 1. |
Consolidated Financial Statements |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
|
|
|
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
||
|
|
|
|
|
|
|
|
|
|
|
|
Part II. |
Other Information |
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
Exhibits |
|
|
|
|
||
|
|
||
|
|
||
|
|
FIRST FEDERAL BANCSHARES OF ARKANSAS, INC.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In thousands, except share data)
(Unaudited)
|
|
|
September 30, |
|
December 31, |
|
||
|
ASSETS |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
Cash and cash equivalents |
|
$ |
13,015 |
|
$ |
56,201 |
|
|
Investment securities held to maturity |
|
68,347 |
|
80,379 |
|
||
|
Federal Home Loan Bank stock |
|
3,825 |
|
3,749 |
|
||
|
Loans receivable, net |
|
603,613 |
|
512,756 |
|
||
|
Accrued interest receivable |
|
4,376 |
|
4,089 |
|
||
|
Real estate acquired in settlement of loans, net |
|
340 |
|
822 |
|
||
|
Office properties and equipment, net |
|
14,511 |
|
14,238 |
|
||
|
Cash surrender value of life insurance |
|
17,699 |
|
17,102 |
|
||
|
Prepaid expenses and other assets |
|
612 |
|
1,317 |
|
||
|
|
|
|
|
|
|
||
|
TOTAL ASSETS |
|
$ |
726,338 |
|
$ |
690,653 |
|
|
|
|
|
|
|
|
||
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
LIABILITIES: |
|
|
|
|
|
||
|
Deposits |
|
$ |
582,394 |
|
$ |
573,580 |
|
|
Federal Home Loan Bank advances |
|
65,219 |
|
39,562 |
|
||
|
Advance payments by borrowers for taxes and insurance |
|
634 |
|
725 |
|
||
|
Other liabilities |
|
3,248 |
|
1,708 |
|
||
|
Total liabilities |
|
651,495 |
|
615,575 |
|
||
|
|
|
|
|
|
|
||
|
STOCKHOLDERS’ EQUITY: |
|
|
|
|
|
||
|
Preferred stock, no par value, 5,000,000 shares authorized, none issued |
|
|
|
|
|
||
|
Common stock, $.01 par value, 20,000,000 shares authorized, 10,307,502 shares issued, 5,133,804 and 5,340,086 shares outstanding at September 30, 2004 and December 31, 2003, respectively |
|
103 |
|
103 |
|
||
|
Additional paid-in capital |
|
54,011 |
|
52,950 |
|
||
|
Employee stock benefit plans |
|
(693 |
) |
(1,025 |
) |
||
|
Retained earnings-substantially restricted |
|
76,804 |
|
72,634 |
|
||
|
|
|
130,225 |
|
124,662 |
|
||
|
Treasury stock, at cost, 5,173,698 and 4,967,416 shares at September 30, 2004 and December 31, 2003, respectively |
|
(55,382 |
) |
(49,584 |
) |
||
|
Total stockholders’ equity |
|
74,843 |
|
75,078 |
|
||
|
|
|
|
|
|
|
||
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
$ |
726,338 |
|
$ |
690,653 |
|
See notes to unaudited consolidated financial statements.
1
FIRST FEDERAL BANCSHARES OF ARKANSAS, INC.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except share data)
(Unaudited)
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
||||||||
|
|
|
September 30, |
|
September 30, |
|
September 30, |
|
September 30, |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
INTEREST INCOME: |
|
|
|
|
|
|
|
|
|
||||
|
Loans receivable |
|
$ |
9,160 |
|
$ |
8,450 |
|
$ |
26,234 |
|
$ |
25,842 |
|
|
Investment securities: |
|
|
|
|
|
|
|
|
|
||||
|
Taxable |
|
727 |
|
702 |
|
2,299 |
|
2,579 |
|
||||
|
Nontaxable |
|
178 |
|
143 |
|
515 |
|
362 | |||||