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 |
|
|
|
|
|
|
|
|
|
For the quarterly period ended March 31, 2005 |
|
|
|
|
|
|
OR |
|||
|
|
|
|
|
|
|
o |
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR
15(d) OF THE |
|
|
|
|
|
|
|
|
|
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 April 15, 2005, there were issued and outstanding 5,084,408 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 |
|
|
|
|
|
|
Item 1. |
Consolidated Financial Statements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Statements of Income for the three months ended March 31, 2005 and 2004 (unaudited) |
|
|
|
|
|
|
|
Consolidated Statement of Stockholders’ Equity for the three months ended March 31, 2005 (unaudited) |
|
|
|
|
|
|
|
Consolidated Statements of Cash Flows for the three months ended March 31, 2005 and 2004 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
|
|
|
|
Changes in Securities, Use of Proceeds, and Issuer Purchases of Equity Securities |
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibits |
|
|
|
|
|
|
|
31.1 |
Certification of Chief Executive Officer pursuant to Rule 13a-14(a) of Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
|
|
|
|
|
|
31.2 |
Certification of Chief Financial Officer pursuant to Rule 13a-14(a) of Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
|
|
|
|
|
|
32.1 |
Section 906 Certification of the CEO |
|
|
|
|
|
|
32.2 |
Section 906 Certification of the CFO |
|
FIRST FEDERAL BANCSHARES OF ARKANSAS, INC.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In thousands, except share data)
(Unaudited)
|
|
|
March 31, |
|
December 31, |
|
||
|
|
|
2005 |
|
2004 |
|
||
|
ASSETS |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
Cash and cash equivalents |
|
$ |
13,097 |
|
$ |
16,003 |
|
|
Investment securities held to maturity |
|
55,445 |
|
56,660 |
|
||
|
Federal Home Loan Bank stock |
|
5,958 |
|
4,876 |
|
||
|
Loans receivable, net |
|
666,140 |
|
634,217 |
|
||
|
Accrued interest receivable |
|
5,074 |
|
4,427 |
|
||
|
Real estate acquired in settlement of loans, net |
|
458 |
|
563 |
|
||
|
Office properties and equipment, net |
|
16,011 |
|
15,295 |
|
||
|
Cash surrender value of life insurance |
|
18,094 |
|
17,897 |
|
||
|
Prepaid expenses and other assets |
|
1,756 |
|
1,727 |
|
||
|
|
|
|
|
|
|
||
|
TOTAL ASSETS |
|
$ |
782,033 |
|
$ |
751,665 |
|
|
|
|
|
|
|
|
||
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
LIABILITIES: |
|
|
|
|
|
||
|
Deposits |
|
$ |
588,758 |
|
$ |
582,424 |
|
|
Federal Home Loan Bank advances |
|
113,889 |
|
89,756 |
|
||
|
Advance payments by borrowers for taxes and insurance |
|
938 |
|
757 |
|
||
|
Other liabilities |
|
2,880 |
|
3,427 |
|
||
|
Total liabilities |
|
706,465 |
|
676,364 |
|
||
|
|
|
|
|
|
|
||
|
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, 5,084,408 and 5,094,020 shares outstanding at March 31, 2005 and December 31, 2004, respectively |
|
103 |
|
103 |
|
||
|
Additional paid-in capital |
|
55,124 |
|
54,427 |
|
||
|
Employee stock benefit plans |
|
(472 |
) |
(582 |
) |
||
|
Retained earnings-substantially restricted |
|
79,615 |
|
78,261 |
|
||
|
|
|
134,370 |
|
132,209 |
|
||
|
Treasury stock, at cost, 5,223,094 and 5,213,482 shares at March 31, 2005 and December 31, 2004, respectively |
|
(58,802 |
) |
(56,908 |
) |
||
|
Total stockholders’ equity |
|
75,568 |
|
75,301 |
|
||
|
|
|
|
|
|
|
||
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
$ |
782,033 |
|
$ |
751,665 |
|
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 |
|
||||
|
|
|
March 31, |
|
March 31, |
|
||
|
|
|
2005 |
|
2004 |
|
||
|
|
|
|
|
|
|
||
|
INTEREST INCOME: |
|
|
|
|
|
||
|
Loans receivable |
|
$ |
9,884 |
|
$ |
8,329 |
|
|
Investment securities: |
|
|
|
|
|
||
|
Taxable |
|
518 |
|
794 |
|
||
|
Nontaxable |
|
180 |
|
166 |
|
||
|
Other |
|
13 |
|
91 |
|
||
|
Total interest income |
|
||||||