UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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(Mark One) |
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. |
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For the quarterly period ended September 30, 2004 |
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OR |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. |
Commission File Number 0-18832
First Financial Service Corporation
(Exact Name of Registrant as specified in its charter)
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Kentucky |
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61-1168311 |
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(State or other
jurisdiction |
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(IRS Employer Identification No.) |
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2323 Ring
Road |
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(Address of principal
executive offices) |
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(270) 765-2131 |
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(Registrant’s telephone number, including area code) |
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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 12b-2 of the Exchange Act).
Yes ý Noo
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
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Class |
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Outstanding as of October 31, 2004 |
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Common Stock |
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3,645,438 shares |
TABLE OF CONTENTS
2
Item 1.
FIRST FINANCIAL SERVICE CORPORATION
Consolidated Statements of Financial Condition
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(Unaudited) |
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(Dollars In Thousands, Except Share Data) |
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September
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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$ |
17,226 |
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$ |
28,030 |
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Federal funds sold |
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— |
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20,000 |
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Cash and cash equivalents |
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17,226 |
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48,030 |
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Securities available-for-sale |
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8,674 |
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4,009 |
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Securities held-to-maturity, fair value of $35,113 Sep (2004) and $30,919 Dec (2003) |
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35,357 |
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30,929 |
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Total securities |
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44,031 |
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34,938 |
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Loans held for sale |
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1,418 |
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1,021 |
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Loans receivable, net of unearned fees |
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604,070 |
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554,700 |
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Allowance for loan losses |
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(6,391 |
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(5,568 |
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Net loans receivable |
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599,097 |
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550,153 |
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Federal Home Loan Bank stock |
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6,773 |
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6,570 |
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Cash surrender value of life insurance |
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7,284 |
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7,067 |
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Premises and equipment, net |
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17,036 |
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15,466 |
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Real estate owned: |
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Acquired through foreclosure |
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755 |
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387 |
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Held for development |
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389 |
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446 |
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Other repossessed assets |
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59 |
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62 |
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Goodwill |
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8,384 |
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8,384 |
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Accrued interest receivable |
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2,144 |
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1,931 |
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Other assets |
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1,357 |
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2,901 |
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TOTAL ASSETS |
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$ |
704,535 |
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$ |
676,335 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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LIABILITIES: |
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Deposits: |
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Non-interest bearing |
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$ |
36,065 |
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$ |
28,632 |
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Interest bearing |
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498,855 |
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500,530 |
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Total deposits |
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534,920 |
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529,162 |
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Federal funds purchased |
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20,000 |
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— |
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Advances from Federal Home Loan Bank |
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78,948 |
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78,283 |
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Subordinated debentures |
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10,000 |
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10,000 |
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Accrued interest payable |
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399 |
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416 |
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Accounts payable and other liabilities |
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814 |
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1,027 |
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Deferred income taxes |
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1,161 |
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1,126 |
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TOTAL LIABILITIES |
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646,242 |
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620,014 |
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STOCKHOLDERS’ EQUITY: |
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Serial preferred stock, 5,000,000 shares authorized and unissued |
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— |
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— |
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Common stock, $1 par value per share; authorized 10,000,000 shares; issued and outstanding, 3,645,438 shares Sep (2004), and 3,705,438 shares Dec (2003) |
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3,645 |
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3,705 |
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Additional paid-in capital |
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8,226 |
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9,726 |
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Retained earnings |
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45,555 |
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42,092 |
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Accumulated other comprehensive income, net of tax |
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867 |
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798 |
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TOTAL STOCKHOLDERS’ EQUITY |
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58,293 |
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56,321 |
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TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
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$ |
704,535 |
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$ |
676,335 |
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See notes to the unaudited consolidated financial statements.
3
FIRST FINANCIAL SERVICE CORPORATION
Consolidated Statements of Income
(Dollars In Thousands, Except Per Share Data)
(Unaudited)
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Three Months Ended |
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Nine 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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