UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
(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 March 31, 2005 |
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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 |
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For the transition period from to |
Commission File Number: 000-26335
TEAM FINANCIAL, INC.
(Exact name of registrant as specified in its charter)
KANSAS |
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48-1017164 |
(State or other jurisdiction |
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(I.R.S. Employer Identification No.) |
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of incorporation or organization) |
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(Address of principal executive offices) (Zip Code)
Registrant’s telephone, including area code: (913) 294-9667
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 ISSUERS:
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
There were 4,039,095 shares of the Registrant’s common stock, no par value, outstanding as of May 6, 2005.
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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 March 31, 2005 and December 31, 2004 |
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Unaudited Consolidated Statements of Operations for the Three Months Ended March 31, 2005 and 2004 |
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Unaudited Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2005 and 2004 |
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Item 2. |
Management’s Discussion and Analysis Of Financial Condition and Results Of Operations |
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Exhibit 10.1 |
Employment Agreement Between Team Financial, Inc. and Robert J. Weatherbie dated December 28, 2004 |
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Exhibit 10.2 |
Employment Agreement Between Team Financial, Inc. and Michael L. Gibson dated January 13, 2005 |
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Exhibit 10.29 |
Employment Agreement Between TeamBank N.A. and Carolyn S. Jacobs dated January 13, 2005 |
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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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3
Team Financial, Inc. And Subsidiaries
Unaudited Consolidated Statements of Financial Condition
(In thousands)
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March 31, |
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December 31, |
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Assets |
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Cash and due from banks |
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$ |
12,379 |
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$ |
13,718 |
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Interest bearing bank deposits |
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4,748 |
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21,023 |
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Cash and cash equivalents |
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17,127 |
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34,741 |
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Investment securities: |
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Available for sale, at fair value (amortized cost of $197,384 and $190,369 at March 31, 2005 and December 31, 2004, respectively) |
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196,204 |
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191,842 |
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Total investment securities |
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196,204 |
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191,842 |
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Loans receivable, net of unearned fees |
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388,711 |
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378,771 |
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Allowance for loan losses |
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(5,028 |
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(4,898 |
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Net loans receivable |
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383,683 |
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373,873 |
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Accrued interest receivable |
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4,031 |
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3,819 |
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Premises and equipment, net |
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15,072 |
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15,317 |
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Assets acquired through foreclosure |
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688 |
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408 |
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Goodwill |
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10,700 |
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10,700 |
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Intangible assets, net of accumulated amortization |
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3,659 |
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3,811 |
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Bank owned life insurance |
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18,638 |
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18,460 |
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Other assets |
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2,670 |
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2,830 |
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Assets of discontinued operations |
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— |
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8,282 |
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Total assets |
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$ |
652,472 |
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$ |
664,083 |
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Liabilities and Stockholders’ Equity |
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Deposits: |
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Checking deposits |
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$ |
165,826 |
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$ |
183,650 |
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Savings deposits |
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34,213 |
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32,749 |
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Money market deposits |
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50,635 |
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49,931 |
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Certificates of deposit |
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210,192 |
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201,620 |
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Total deposits |
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460,866 |
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467,950 |
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Federal Funds purchased and securities sold under agreements to repurchase |
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6,826 |
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5,669 |
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Federal Home Loan Bank advances |
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111,905 |
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111,915 |
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Notes payable and other borrowings |
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1,601 |
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3,544 |
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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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3,445 |
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4,864 |
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Liabilities of discontinued operations |
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— |
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1,282 |
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Total liabilities |
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600,648 |
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611,229 |
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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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— |
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Common stock, no par value, 50,000,000 shares authorized; 4,499,470 and 4,496,753 shares issued; 4,039,095 and 4,034,178 shares outstanding at March 31, 2005 and December 31, 2004, respectively |
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27,880 |
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27,849 |
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Additional paid-in-capital |
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296 |
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306 |
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Retained earnings |
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28,938 |
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28,264 |
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Treasury stock, 460,375 and 462,575 shares of common stock at cost at March 31, 2005, and December 31, 2004, respectively |
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(4,512 |
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(4,537 |
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Accumulated other comprehensive income (loss) |
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(778 |
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972 |
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Total stockholders’ equity |
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