Fflc Bancorp (NASDAQ:FFLC)
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FFLC Bancorp, Inc. Announces Increased Net Income for the 1st
Quarter and Declares Quarterly Dividend
LEESBURG, Fla., April 15 /PRNewswire-FirstCall/ -- FFLC Bancorp, Inc.
(NASDAQ:FFLC), the holding company for First Federal Savings Bank of Lake
County, reported a 29% increase in net income from $2.3 million earned for the
quarter ended March 31, 2004 to $2.9 million for the quarter ended March 31,
2005.
For the quarter ended March 31, 2005, basic income per share also increased 29%
to $.54 per share, compared to $.42 per share for the quarter ended March 31,
2004. Net income per share on a diluted basis increased 29% to $.53 per share
for the quarter ended March 31, 2005 compared to $.41 for the quarter ended
March 31, 2004. Total assets grew 13% from $982.0 million at March 31, 2004 to
$1.1 billion at March 31, 2005.
For the quarter ended March 31, 2005, net interest income after provision for
loan losses increased 20% to $8.6 million compared to $7.2 million for the
quarter ended March 31, 2004. That increase resulted primarily from a $1.9
million increase in interest income, which, in turn, was primarily due to a 14%
or $121.1 million increase in average interest earning assets outstanding
during the 2005 quarter compared to the 2004 quarter. In addition, the yield
on interest earning assets increased from 5.89% for the 2004 quarter to 5.93%
for the quarter ended March 31, 2005.
Noninterest expense increased $424,000 or 9% for the quarter ended March 31,
2005, compared to the 2004 period. That increase was primarily the result of
the growth of the Company and corresponding increases in salaries and employee
benefits expenses.
Stockholders' equity increased to $86.5 million at March 31, 2005 from $84.5
million at December 31, 2004. Book value per share increased from $15.62 at
December 31, 2004 to $15.98 at March 31, 2005.
DIVIDEND
On April 14, 2005, the Board of Directors declared a cash dividend of $.14 per
share on the common stock, payable May 9, 2005 to shareholders of record at the
close of business on April 25, 2005. The $.14 per share cash dividend
represents an 8% increase over the $.13 per share paid in May 2004.
First Federal Savings Bank of Lake County conducts business in Lake, Sumter,
Citrus and Marion Counties, Florida, through a network of sixteen branch
offices. The stock of FFLC Bancorp, Inc. is quoted on the Nasdaq National
Market System under the symbol "FFLC." First Federal's web site is located at
http://www.1stfederal.com/ . FFLC Bancorp, Inc.'s SEC filings, press releases
and other supplemental information are available at the web site, in the "FFLC
Bancorp" section.
PENDING MERGER
On January 14, 2005, the Company entered into a definitive agreement for the
Company and First Federal Savings Bank of Lake County to be acquired by
Colonial BancGroup, Inc., a bank holding company incorporated in Delaware with
a subsidiary bank, Colonial Bank, N.A., operating in Alabama, Florida, Georgia,
Nevada and Texas. Under the terms of the agreement, shareholders of the Company
will elect to receive either 2.0 shares of Colonial stock or $42.00 in cash for
each share of the Company stock they own. The cash consideration will be capped
at 35% of the transaction and an over-election of cash will result in a pro
rata distribution of stock. Completion of the transaction is subject to
approval by the shareholders of the Company at the Annual Meeting of
Shareholders to be held on May 12, 2005, and various regulatory agencies.
SELECTED FINANCIAL DATA
($ in thousands, except per share amounts)
SELECTED BALANCE SHEET DATA At March 31 At December 31
2005 2004
Total assets $1,109,943 $1,065,287
Deposits $834,628 $795,160
Total gross loans receivable $962,123 $936,822
Allowance for loan losses $6,780 $6,492
Total stockholders' equity $86,494 $84,492
Shares outstanding 5,412,202 5,408,287
Market price per share $41.42 $35.10
Book value per share $15.98 $15.62
Nonperforming loans $2,762 $2,835
Nonperforming assets $3,032 $3,058
Equity as a percentage of total assets 7.79% 7.93%
Interest-earning assets to interest-
bearing liabilities 1.08 1.08
ASSET QUALITY RATIOS At March 31 At December 31
2005 2004
Nonperforming assets to total assets 0.27% 0.29%
Nonperforming loans to total loans 0.29% 0.30%
Allowance for loan losses to
nonperforming loans 245.47% 228.99%
Allowance for loan losses to
nonperforming assets 223.61% 212.30%
Allowance for loan losses to total
gross loans receivable 0.70% 0.69%
SELECTED INCOME AND OTHER DATA For the three months
ended March 31,
2005 2004
Net interest income before provision
for loan losses $8,977 $7,550
Provision for loan losses $349 $339
Ratio of net charge-offs to average
loans 0.03% 0.09%
Net income $2,926 $2,264
Basic net income per share $0.54 $0.42
Diluted net income per share $0.53 $0.41
Total gross loans originated by
department: *
Residential $35,223 $37,413
Commercial $36,648 $37,966
Consumer $37,208 $26,631
$109,079 $102,010
* Includes undisbursed amounts of
construction loans and lines
of credit.
PERFORMANCE RATIOS (1) For the three months
ended March 31,
2005 2004
Return on average assets 1.08% 0.94%
Return on average equity 13.53% 11.53%
Average equity to average assets 7.99% 8.17%
Noninterest expense to average assets 1.84% 1.90%
Net interest spread 3.32% 3.19%
Net interest margin 3.52% 3.36%
Operating efficiency ratio 49.72% 53.55%
(1) Ratios are annualized
FFLC Bancorp, Inc.
Consolidated Balance Sheets
($ in thousands, except per share amounts)
At March 31 At December 31
Assets 2005 2004
Cash and due from banks $42,758 $26,348
Interest-earning deposits 54,043 38,258
Cash and cash equivalents 96,801 64,606
Securities available for sale, at market 57,111 74,513
Loans, net of allowance for loan
losses of $6,780 in 2005 and $6,492
in 2004 912,604 883,980
Accrued interest receivable 4,118 3,893
Premises and equipment, net 22,247 22,522
Foreclosed assets 270 223
Federal Home Loan Bank stock, at cost 9,016 8,782
Deferred income taxes 1,671 1,496
Other assets 6,105 5,272
Total $1,109,943 $1,065,287
Liabilities and Stockholders' Equity
Liabilities:
Non-interest bearing demand
deposits $51,774 $41,796
NOW and money-market accounts 210,958 187,487
Savings accounts 30,182 29,891
Certificates 541,715 535,986
Total deposits 834,629 795,160
Advances from Federal Home Loan
Bank 153,000 153,000
Other borrowed funds 20,092 17,031
Junior subordinated debentures 5,155 5,155
Accrued expenses and other
liabilities 10,573 10,449
Total liabilities 1,023,449 980,795
Stockholders' Equity:
Preferred stock, $.01 par value,
1,000,000 shares authorized,
none outstanding 0 0
Common stock, $.01 par value,
15,000,000 shares authorized,
6,415,575 in 2005 and 6,411,660
in 2004, shares issued 64 64
Additional paid-in-capital 32,409 32,353
Retained income 74,449 72,281
Accumulated other comprehensive
income (loss) (429) (207)
Treasury stock, at cost (1,003,373
shares in 2005 and 1,003,373 shares
in 2004) (19,999) (19,999)
Total stockholders' equity 86,494 84,492
Total $1,109,943 $1,065,287
FFLC Bancorp, Inc.
Consolidated Statements of Income and Comprehensive Income
($ in thousands, except per share amounts)
For the three months ended Mar. 31,
2005 2004
Interest Income:
Loans $14,226 $12,492
Securities 534 603
Other 341 125
Total interest income 15,101 13,220
Interest Expense:
Deposits 4,210 3,736
Borrowed funds 1,914 1,934
Total interest expense 6,124 5,670
Net interest income 8,977 7,550
Provision for loan losses 349 339
Net interest income after
provision for loan losses 8,628 7,211
Noninterest Income:
Deposit account fees 348 259
Other service charges and fees 456 450
Net gain on sales of loans held for
sale 79 150
Net gain on sales of securities
available for sale 56 0
Other 123 119
Total noninterest income 1,062 978
Noninterest Expense:
Salaries and employee benefits 3,003 2,660
Occupancy expense 801 702
Data processing expense 371 391
Professional services 191 132
Advertising and promotion 142 164
Other 483 518
Total noninterest expense 4,991 4,567
Income before income taxes 4,699 3,622
Income taxes 1,773 1,358
Net Income $2,926 $2,264
Basic income per share $0.54 $0.42
Weighted average number of shares
outstanding for Basic 5,410,973 5,394,301
Diluted income per share $0.53 $0.41
Weighted average number of shares
outstanding for Diluted 5,525,928 5,488,954
Dividends per share $0.14 $0.13
Comprehensive income * $2,704 $2,278
* Includes net income and change in unrealized gain (loss) on securities
available for sale and derivative instruments.
DATASOURCE: FFLC Bancorp, Inc.
CONTACT: Stephen T. Kurtz, President and CEO, FFLC Bancorp, Inc.,
+1-352-787-3311, or fax, +1-352-787-7206
Web site: http://www.1stfederal.com/