UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K/A
X ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
--- EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2004
Commission file number 000-23904
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SLADE'S FERRY BANCORP.
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(Exact name of registrant as specified in its charter)
MASSACHUSETTS 04-3061936
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
100 Slade's Ferry Avenue
Somerset, Massachusetts 02726
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (508) 675-2121
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act: Common Stock,
$.01 par value
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 and (2) has been subject to such
filing requirements for the past 90 days.
Yes [X] No [ ]
Indicate by check mark if disclosure of delinquent filers persuant to Item
405 of Regulation S-K is not contained herein, and will not be contained, to
the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this form 10-K. [ ]
Indicate by check mark whether the registrant is an accelerated filer (as
defined in Rule 12b-2 of the Act).
Yes [ ] No [X]
The aggregate market value of the voting stock of Slade's Ferry Bancorp,
held by nonaffiliates of the registrant as of June 30, 2004 was
approximately $63,100,223. On that date, there were 3,347,492 shares of
Slade's Ferry Bancorp Common Stock, $.01 par value, outstanding.
Explanatory Note
This Amendment No. 1 to the Company's Annual Report on Form 10-K for
the year ended December 31, 2004 that was originally filed with the
Securities and Exchange Commission on March 29, 2005 (the "10-K") is being
filed solely to correct certain typographical errors in (i) the "Selected
Consolidated Financial Data" table contained in Item 6 of the 10-K and (ii)
footnote 2 to the "Net Interest Income - Changes Due to Volume and Rate"
table contained in Item 7 of the 10-K.
ITEM 6
SELECTED CONSOLIDATED FINANCIAL DATA
The following table sets forth selected financial data for the last five
years from the consolidated financial statements of Slade's Ferry Bancorp.
The following information is only a summary and should be read in
conjunction with our consolidated financial statements and notes.
Year Ended December 31,
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(Dollars in Thousands Except per Share Data) 2004 2003 2002 2001 2000
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EARNINGS DATA
Interest and Dividend Income $ 24,106 $ 20,617 $ 22,037 $ 27,324 $ 28,186
Interest Expense 7,946 6,073 7,928 12,327 12,699
Net Interest Income 16,160 14,544 14,109 14,997 15,487
Provision (Benefit) for Loan Losses 376 (602) (310) 750 1,200
Noninterest Income 2,505 2,214 2,533 1,769 1,857
Noninterest Expense 12,725 12,662 12,852 11,408 10,206
Income Before Income Taxes 5,564 4,698 4,100 4,608 5,938
Applicable Income Taxes 1,912 2,010 1,134 1,398 1,864
Net Income 3,652 2,688 2,966 3,210 4,074
PER SHARE DATA (1)
Net Income-Basic $ 0.90 $ 0.68 $ 0.76 $ 0.84 $ 1.09
Net Income-Diluted $ 0.89 $ 0.67 $ 0.75 $ 0.84 $ 1.09
Cash Dividends $ 0.36 $ 0.36 $ 0.36 $ 0.44 $ 0.40
Book Value (at end of period) $ 11.56 $ 10.70 $ 10.45 $ 9.94 $ 9.41
Avg. Shs. Outstanding (Basic) 4,045,549 3,969,737 3,908,901 3,830,575 3,743,138
Shares Outstanding Year End 4,068,423 3,995,857 3,937,763 3,869,924 3,789,503
BALANCE SHEET DATA
Assets $ 549,832 $ 439,449 $ 398,375 $ 394,761 $ 388,619
Loans 366,805 336,094 265,012 253,884 256,153
Unearned Income 439 443 342 382 519
Allowance for Loan Losses 4,101 4,154 4,854 5,484 4,776
Loans, Net 362,265 331,497 259,816 248,018 250,849
Goodwill 2,173 2,173 2,173 2,173 2,400
Investments 126,305 61,487 80,618 96,401 88,109
Deposits 399,905 333,145 335,633 337,043 337,001
Shareholders' Equity 47,034 42,742 41,167 38,466 35,674
FINANCIAL RATIOS
Net Interest Margin(2) 3.43% 3.90% 3.89% 4.18% 4.58%
Net Interest Spread (2) 3.07 3.47 3.31 3.34 3.75
Net Income as a Percentage of
Average Assets 0.70 0.64 0.74 0.81 1.09
Average Equity 8.29 6.41 7.45 9.04 12.92
Dividend Payout Ratio 40.00% 53.22% 47.50% 52.63% 36.84%
Average Equity to Average Assets 8.55 10.05 9.93 9.00 8.45
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Earnings per share are computed based on the average number of shares of common stock
outstanding during the year. On January 10, 2000, the Company declared a 5% stock
dividend mailed to shareholders on February 9, 2000.
Calculated on a fully taxable equivalent basis.
ITEM 7
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATION
NET INTEREST INCOME - CHANGES DUE TO VOLUME AND RATE(1)
2004 vs. 2003 2003 vs. 2002
Increase Increase
(Decrease) (Decrease)
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Total Due to Due to Total Due to Due to
(Dollars in Thousands) Change(2) Volume Rate Change(2) Volume Rate
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Commercial loans $ (22) $ (28) $ 6 $ (598) $ (453) $ (145)
Commercial real estate 1,544 2,204 (660) 8 957 (949)
Residential real estate 1,263 1,530 (267) 1,158 2,357 (1,199)
Consumer loans (124) (105) (19) (242) (213) (29)
Federal funds sold 122 123 (1) (200) (99) (101)
Taxable debt securities 738 729 9 (1,493) (772) (721)
Tax-exempt securities (336) (192) (144) 96 (88) 184
Marketable equity
securities 16 19 (3) (14) (32) 18
FHLB stock 53 56 (3) 16 15 1
Other Investments 17 39 (22) 11 2 9
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Total Interest Income 3,271 4,375 (1,104) (1,258) 1,674 (2,932)
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Savings accounts 533 156 377 (221) 39 (260)
NOW accounts 92 (2) 94 (126) 4 (130)
Money market accounts 262 216 46 211 76 135
Time deposits (410) 238 (648) (2,062) (516) (1,546)
FHLB advances 1,026 1,647 (621) 343 618 (275)
Subordinated debt 370 370 0 0 0 0
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Total Interest Expense (1,873) 2,625 (752) (1,855) 221 (2,076)
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Net Interest Income $ 1,398 $1,750 $ (352) $ 597 $1,453 $ (856)
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Changes in interest income and interest expense attributable to changes in both volume and rate have been
allocated equally to changes due to volume and changes due to rate.
(2) The change in interest income on investments and net interest income includes interest on a fully taxable
equivalent basis based on a tax rate of 34.40% for 2004, 42.80% for 2003 and 27.70% for 2002.
ITEM 15
EXHIBITS, FINANCIAL STATEMENT SCHEDULES
(3) Exhibits:
31.1 Rule 13a-14(a)/15d-14(a) Certification of the CEO
31.2 Rule 13a-14(a)/15d-14(a) Certification of the CFO
32.1 Section 1350 Certification of the CEO
32.2 Section 1350 Certification of the CFO
SIGNATURES
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In accordance with Section 13 or 15(d) of the Exchange Act, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized on May 11, 2005.
Slade's Ferry Bancorp.
By: /s/ Mary Lynn D. Lenz
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Mary Lynn D. Lenz, President/
Chief Executive Officer and Director
In accordance with the requirements of the Exchange Act, this report has
been signed by the following persons on behalf of the registrant and in the
capacities and on the dates indicated.
/s/ Anthony F. Cordeiro 05/11/05 /s/ Peter G. Collias 05/11/05
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Anthony F. Cordeiro Peter G. Collias
Director Director
/s/ Paul C. Downey 05/11/05 /s/ Melvyn A. Holland 05/11/05
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Paul C. Downey Melvyn A. Holland
Director Director
/s/ Mary Lynn D. Lenz 05/11/05 /s/ Francis A. Macomber 05/11/05
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Mary Lynn D. Lenz Francis A. Macomber
President/CEO and Director Director
/s/ Majed Mouded, MD 05/11/05 /s/ Shaun O'Hearn Sr. 05/11/05
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Majed Mouded, MD Shaun O'Hearn Sr.
Director Director
/s/ Lawrence J. Oliveira, DDS 05/11/05 /s/ William J. Sullivan 05/11/05
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Lawrence J. Oliveira, DDS William J. Sullivan
Director Director
/s/ Kenneth R. Rezendes 05/11/05 /s/ David F. Westgate 05/11/05
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Kenneth R. Rezendes David F. Westgate
Chairman of the Board and Director Director
/s/ Deborah A. McLaughlin 05/11/05
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Deborah A. McLaughlin
Chief Financial Officer/Chief Operations Officer