Fflc Bancorp (NASDAQ:FFLC)
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FFLC Bancorp, Inc., Announces Increased Net Income for the 4th
Quarter and Fiscal Year-End; Increased Dividend; And Date of Annual Meeting
LEESBURG, Fla., Jan. 14 /PRNewswire-FirstCall/ -- FFLC Bancorp, Inc.
(NASDAQ:FFLC), the holding company for First Federal Savings Bank of Lake
County, reported a 24% increase in net income from $2.1 million earned for the
quarter ended December 31, 2003 to $2.7 million for the quarter ended December
31, 2004.
For the quarter ended December 31, 2004, basic income per share increased 23%
to $.49 per share, compared to $.40 per share for the quarter ended December
31, 2003. Net income per share on a diluted basis increased 26% to $.49 per
share for the quarter ended December 31, 2004 compared to $.39 for the quarter
ended December 31, 2003. Total assets grew 12% from $947.9 million at December
31, 2003 to $1.07 billion at December 31, 2004.
For the year ended December 31, 2004, net income increased 10% to $10.0
million, compared to $9.1 million for the year ended December 31, 2003. Basic
income per share increased 9% to $1.86 per share for the year ended December
31, 2004 compared to $1.70 per share for 2003. Net income per share on a
diluted basis also increased 10% to $1.83 for the year ended December 31, 2004,
compared to $1.67 for 2003.
Net interest income after provision for loan losses increased 14% to $30.4
million for the year ended December 31, 2004 compared to $26.7 million for year
2003, primarily as a result of a $2.6 million increase in interest income and a
$1.2 million decrease in interest expense. The increase in interest income was
primarily due to an 8% or $68.4 million increase in average interest earning
assets outstanding during 2004 as compared to 2003. That increase was partially
offset by a decline in the yield on interest earning assets from 6.02% for 2003
to 5.86% for 2004. The decrease in interest expense was due primarily to a 33
basis point decrease in the cost of interest-bearing liabilities from 2.99% for
2003 to 2.66% for 2004.
For the quarter ended December 31, 2004, net interest income after provision
for loan losses increased 18% to $8.1 million compared to $6.8 million for the
quarter ended December 31, 2003. That increase resulted primarily from a $1.7
million increase in interest income which, in turn, was primarily due to a 14%
or $121.0 million increase in average interest earning assets outstanding
during the 2004 quarter compared to the 2003 quarter. That increase was
partially offset by a decline in the yield on interest earning assets from
5.91% for the 2003 quarter to 5.89% for the 2004 quarter.
For the year ended December 31, 2004, noninterest expense increased $1.5
million or 8% compared to the year ended December 31, 2003. Those increases
were primarily the result of the growth of the Company and corresponding
increases in salaries and employee benefits and data processing expenses.
Stockholders' equity increased from $77.4 million at December 31, 2003 to $84.5
million at December 31, 2004. Book value per share increased from $14.33 at
December 31, 2003 to $15.62 at December 31, 2004.
DIVIDEND
On January 13, 2005, the Board of Directors declared a cash dividend of $.14
per share on the common stock. This dividend is payable February 7, 2005 to
shareholders of record at the close of business on January 24, 2005. The $.14
per share cash dividend represents an 8% increase over the $.13 per share paid
for the previous six quarters.
DATE OF ANNUAL MEETING
The Company also announced that the Annual Meeting of Shareholders would be
held on Thursday, May 12, 2005 at the Leesburg Community Building at 109 East
Dixie Avenue, Leesburg, Florida, at 2:00 p.m.
First Federal Savings Bank of Lake County conducts business in Lake, Sumter,
Citrus and Marion Counties, Florida, through a network of sixteen branch
offices. The stock of FFLC Bancorp, Inc. is quoted on the Nasdaq National
Market System under the symbol "FFLC". First Federal's web site is located at
http://www.1stfederal.com/ . FFLC Bancorp, Inc.'s SEC filings, press releases
and other supplemental information are available at the web site, in the "FFLC
Bancorp" section.
SELECTED FINANCIAL DATA
($ in thousands, except per share amounts)
SELECTED BALANCE SHEET DATA At December 31 At December 31
2004 2003
Total assets $1,065,287 $947,914
Deposits $795,160 $705,589
Total gross loans receivable $936,822 $797,351
Allowance for loan losses $6,492 $5,490
Total stockholders' equity $84,492 $77,356
Shares outstanding 5,408,287 5,397,154
Market price per share $35.10 $28.75
Book value per share $15.62 $14.33
Nonperforming loans $2,835 $5,287
Nonperforming assets $3,058 $6,168
Equity as a percentage of total assets 7.93% 8.16%
Interest-earning assets to
interest-bearing liabilities 1.08 1.07
ASSET QUALITY RATIOS At December 31 At December 31
2004 2003
Nonperforming assets to total assets 0.29% 0.65%
Nonperforming loans to total loans 0.30% 0.66%
Allowance for loan losses to
nonperforming loans 228.99% 103.84%
Allowance for loan losses to
nonperforming assets 212.30% 89.01%
Allowance for loan losses to total
gross loans receivable 0.69% 0.69%
SELECTED INCOME AND OTHER DATA For the twelve months
ended December 31,
2004 2003
Net interest income before provision
for loan losses $32,038 $28,233
Provision for loan losses $1,675 $1,514
Ratio of net charge-offs to average
loans 0.08% 0.16%
Net income $10,019 $9,148
Basic net income per share $1.86 $1.70
Diluted net income per share $1.83 $1.67
Total gross loans originated by department: *
Residential $184,885 $191,048
Commercial $139,653 $118,633
Consumer $131,290 $96,829
$455,828 $406,510
* - Includes undisbursed amounts of construction loans and lines of
credit.
PERFORMANCE RATIOS For the twelve months
ended December 31,
2004 2003
Return on average assets 0.99% 0.98%
Return on average equity 12.34% 12.23%
Average equity to average assets 8.03% 8.02%
Noninterest expense to average assets 1.86% 1.86%
Net interest spread 3.20% 3.03%
Net interest margin 3.39% 3.22%
Operating efficiency ratio 51.23% 51.66%
FFLC Bancorp, Inc.
Consolidated Balance Sheets
($ in thousands, except per share amounts)
At December 31, At December 31,
Assets 2004 2003
Cash and due from banks $26,348 $35,072
Interest-earning deposits 38,258 27,088
Cash and cash equivalents 64,606 62,160
Securities available for sale,
at market 74,513 82,137
Loans, net of allowance for loan
losses of $6,492 in 2004 and $5,490
in 2003 883,980 767,987
Accrued interest receivable 3,893 3,849
Premises and equipment, net 22,522 21,448
Foreclosed assets 223 881
Federal Home Loan Bank stock, at cost 8,782 6,900
Deferred income taxes 1,496 1,134
Other assets 5,272 1,418
Total $1,065,287 $947,914
Liabilities and Stockholders' Equity
Liabilities:
Non-interest bearing demand
deposits $41,796 $31,481
NOW and money-market accounts 187,487 161,527
Savings accounts 29,891 26,636
Certificates 535,986 485,945
Total deposits 795,160 705,589
Advances from Federal Home Loan
Bank 153,000 133,000
Other borrowed funds 17,031 17,786
Junior subordinated debentures 5,155 5,155
Accrued expenses and other
liabilities 10,449 9,028
Total liabilities 980,795 870,558
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,
6,411,660 in 2004 and 6,397,202
in 2003, shares issued 64 64
Additional paid-in-capital 32,353 31,837
Retained income 72,281 65,071
Accumulated other comprehensive
income (loss) (207) 297
Treasury stock, at cost
(1,003,373 shares in 2004 and
1,000,048 shares in 2003) (19,999) (19,913)
Total stockholders' equity 84,492 77,356
Total $1,065,287 $947,914
FFLC Bancorp, Inc.
Consolidated Statements of Income and Comprehensive Income
($ in thousands, except per share amounts)
For the For the
three months twelve months
ended Dec. 31, ended Dec. 31,
2004 2003 2004 2003
Interest Income:
Loans $13,884 $12,268 $52,381 $49,844
Securities 577 611 2,302 2,218
Other 308 149 722 778
Total interest income 14,769 13,028 55,405 52,840
Interest Expense:
Deposits 4,051 3,814 15,226 16,375
Borrowed funds 2,102 2,008 8,141 8,232
Total interest expense 6,153 5,822 23,367 24,607
Net interest income 8,616 7,206 32,038 28,233
Provision for loan losses 553 390 1,675 1,514
Net interest income after
provision for loan losses 8,063 6,816 30,363 26,719
Noninterest Income:
Deposit account fees 381 274 1,391 1,036
Other service charges and
fees 497 419 1,991 2,375
Net gain on sales of loans
held for sale 104 167 495 1,178
Other 198 324 800 775
Total noninterest income 1,180 1,184 4,677 5,364
Noninterest Expense:
Salaries and employee
benefits 2,947 2,626 10,978 10,196
Occupancy expense 731 733 2,898 2,787
Data processing expense 367 384 1,554 1,270
Professional services 167 134 576 480
Advertising and promotion 123 143 592 507
Other 526 515 2,211 2,115
Total noninterest expense 4,861 4,535 18,809 17,355
Income before income taxes 4,382 3,465 16,231 14,728
Income taxes 1,725 1,330 6,212 5,580
Net Income $2,657 $2,135 $10,019 $9,148
Basic income per share $0.49 $0.40 $1.86 $1.70
Weighted average number of
shares outstanding for
Basic 5,406,192 5,391,491 5,400,214 5,385,199
Diluted income per share $0.49 $0.39 $1.83 $1.67
Weighted average number of
shares outstanding for
Diluted 5,489,324 5,467,814 5,470,430 5,456,896
Dividends per share $0.13 $0.13 $0.52 $0.46
Comprehensive income * $2,531 $2,150 $9,515 $8,810
* 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 & CEO, FFLC Bancorp, Inc.,
+1-352-787-3311, or fax, +1-352-787-7206
Web site: http://www.1stfederal.com/