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
Commission File Number: 0-19972
HF FINANCIAL CORP.
(Exact name of registrant as specified in its charter.)
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Delaware |
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46-0418532 |
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(State or other jurisdiction of |
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(I.R.S. Employer Identification Number) |
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225 South Main Avenue, |
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57104 |
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(Address of principal executive office) |
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(ZIP Code) |
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(605) 333-7556 |
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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 o No ý
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
As of November 8, 2004 there were 3,556,016 issued and outstanding shares of the Registrant’s Common Stock, with $.01 par value.
HF FINANCIAL CORP.
Form 10-Q
Table of Contents
HF FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Dollars in Thousands)
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September 30, 2004 |
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June 30, 2004 |
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(Unaudited) |
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(Audited) |
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ASSETS |
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Cash and cash equivalents |
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$ |
17,072 |
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$ |
20,474 |
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Securities available for sale |
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112,180 |
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122,715 |
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Federal Home Loan Bank stock |
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6,386 |
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5,469 |
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Loans held for sale |
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15,993 |
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10,351 |
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Loans and leases receivable |
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661,514 |
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644,551 |
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Allowance for loan and lease losses |
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(3,589 |
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(3,605 |
) |
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Net loans and leases receivable |
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657,925 |
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640,946 |
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Accrued interest receivable |
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4,941 |
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4,056 |
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Office properties and equipment, net of accumulated depreciation |
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12,488 |
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12,555 |
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Foreclosed real estate and other properties |
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1,530 |
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1,689 |
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Cash value of life insurance |
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12,175 |
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12,051 |
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Servicing rights |
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4,859 |
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4,620 |
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Goodwill, net |
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4,951 |
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4,951 |
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Other assets |
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6,707 |
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7,193 |
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Total assets |
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$ |
857,207 |
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$ |
847,070 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY LIABILITIES |
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Deposits |
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$ |
642,969 |
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$ |
658,719 |
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Advances from Federal Home Loan Bank and other borrowings |
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114,885 |
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93,750 |
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Subordinated debentures payable to trusts |
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27,837 |
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27,837 |
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Advances by borrowers for taxes and insurance |
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8,488 |
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6,391 |
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Accrued expenses and other liabilities |
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9,768 |
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8,724 |
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Total liabilities |
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803,947 |
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795,421 |
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STOCKHOLDERS’ EQUITY |
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Preferred stock, $.01 par value, 500,000 shares authorized, none outstanding |
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— |
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— |
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Series A Junior Participating Preferred Stock, $1.00 stated value, 50,000 shares authorized, none outstanding |
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— |
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— |
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Common stock, $.01 par value, 10,000,000 shares authorized, 5,402,432 and 5,347,686 shares issued at September 30, 2004 and June 30, 2004, respectively |
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54 |
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53 |
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Common stock subscribed for but not issued, 40,244 shares at June 30, 2004 |
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— |
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698 |
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Additional paid-in capital |
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18,529 |
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17,680 |
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Retained earnings, substantially restricted |
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62,732 |
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61,653 |
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Deferred compensation |
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(1,059 |
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(1,147 |
) |
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Accumulated other comprehensive (loss), net of related deferred tax effect |
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(362 |
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(1,327 |
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Less cost of treasury stock, 1,857,736 and 1,815,036 shares at September 30, 2004 and June 30, 2004, respectively |
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(26,634 |
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(25,961 |
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Total stockholders’ equity |
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53,260 |
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51,649 |
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Total liabilities and stockholders’ equity |
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$ |
857,207 |
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$ |
847,070 |
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See accompanying notes to unaudited consolidated financial statements.
1
HF FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in Thousands, Except Per Share Data)
(Unaudited)
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Three Months Ended |
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2004 |
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2003 |
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Interest, dividend and loan fee income: |
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Loans and leases receivable |
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$ |
9,734 |
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$ |
9,606 |
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Investment securities and interest-earning deposits |
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956 |
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678 |
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10,690 |
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10,284 |
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Interest expense: |
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Deposits |
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2,771 |
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2,596 |
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Advances from Federal Home Loan Bank and other borrowings |
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1,379 |
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1,319 |
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4,150 |
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3,915 |
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Net interest income |
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6,540 |
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6,369 |
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Provision for losses on loans and leases |
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179 |
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437 |
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Net interest income after provision for losses on loans and leases |
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6,361 |
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