Fflc Bancorp (NASDAQ:FFLC)
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FFLC Bancorp, Inc. Announces Record Net Income for the 3rd
Quarter and Declares Quarterly Dividend
LEESBURG, Fla., Oct. 13 /PRNewswire-FirstCall/ -- FFLC Bancorp, Inc.
(NASDAQ:FFLC), the holding company for First Federal Savings Bank of Lake
County, reported a 17% increase in net income to $2.7 million for the quarter
ended September 30, 2004, compared to the $2.3 million earned for the quarter
ended September 30, 2003, and a 11% increase when compared to the $2.4 million
earned for the quarter ended June 30, 2004. Total assets grew to $1.04 billion
at September 30, 2004 from $947.9 million at December 31, 2003 and $1.01
billion at June 30, 2004.
On a per share basis, basic income was $.50 per share for the quarter ended
September 30, 2004, compared to $.42 per share for the quarter ended September
30, 2003, and $.45 per share for the quarter ended June 30, 2004. Net income
per share on a diluted basis was $.49 for the quarter ended September 30, 2004,
compared to $.42 for the 2003 quarter, and $.44 per share for the quarter ended
June 30, 2004.
Net income for the nine months ended September 30, 2004 was $7.4 million,
compared to $7.0 million for the first nine months of 2003. On a per share
basis, basic income was $1.37 per share for the nine months ended September 30,
2004 compared to $1.30 per share in 2003. On a diluted basis, net income per
share was $1.34 for the nine months ended September 30, 2004, compared to $1.28
for the 2003 period.
Net interest income after provision for loan losses increased 17% to $7.8
million for the quarter ended September 30, 2004 compared to $6.7 million for
the 2003 quarter. That increase resulted primarily from a $1.1 million
increase in interest income, which was primarily due to an 11% increase in
average interest earning assets from $865.7 during the 2003 quarter to $957.3
million during the 2004 quarter. That increase was partially offset by a
decline in the yield on interest earning assets from 5.96% for the 2003 quarter
to 5.86% for the 2004 quarter.
Noninterest expense increased $272,000 or 6% for the quarter ended September
30, 2004, compared to the 2003 period and increased $33,000 when compared to
the quarter ended June 30, 2004. 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 to $82.6 million at September 30, 2004, from
$80.5 million at June 30, 2004. Book value per share increased to $15.28 at
September 30, 2004, from $14.92 at June 30, 2004.
DIVIDEND
On October 12, 2004, the Board of Directors declared a cash dividend of $.13
per share on the common stock, payable November 8, 2004 to shareholders of
record at the close of business on October 25, 2004.
First Federal Savings Bank of Lake County conducts business in Lake, Sumter,
Citrus and Marion Counties, Florida, through a network of sixteen branch
offices. The stock of FFLC Bancorp, Inc. is quoted on the Nasdaq National
Market System under the symbol "FFLC." First Federal's web site is located at
http://www.1stfederal.com/ . FFLC Bancorp, Inc.'s SEC filings, press releases
and other supplemental information are available on the web site in the "FFLC
Bancorp" section.
SELECTED FINANCIAL DATA
($ in thousands, except per share amounts)
SELECTED BALANCE SHEET DATA At September 30 At December 31
2004 2003
Total assets $1,039,693 $947,914
Deposits $770,207 $705,589
Total gross loans receivable $905,372 $797,351
Allowance for loan losses $6,118 $5,490
Total stockholders' equity $82,593 $77,356
Shares outstanding 5,405,429 5,397,154
Market price per share $27.00 $28.75
Book value per share $15.28 $14.33
Nonperforming loans $3,329 $5,287
Nonperforming assets $3,857 $6,168
Equity as a percentage of total assets 7.94% 8.16%
Interest-earning assets to interest-
bearing liabilities 1.07 1.07
ASSET QUALITY RATIOS At September 30 At December 31
2004 2003
Nonperforming assets to total assets 0.37% 0.65%
Nonperforming loans to total loans 0.37% 0.66%
Allowance for loan losses to
nonperforming loans 183.78% 103.84%
Allowance for loan losses to
nonperforming assets 158.62% 89.01%
Allowance for loan losses to total
gross loans receivable 0.68% 0.69%
SELECTED INCOME AND OTHER DATA For the nine months
ended September 30,
2004 2003
Net interest income before provision
for loan losses $23,422 $21,027
Provision for loan losses $1,122 $1,124
Ratio of net charge-offs to average
loans (1) 0.08% 0.16%
Net income $7,362 $7,013
Basic net income per share $1.37 $1.30
Diluted net income per share $1.34 $1.28
Total gross loans originated by
department: *
Residential $138,239 $154,174
Commercial $116,737 $75,174
Consumer $92,582 $71,628
$347,558 $300,976
* - Includes undisbursed amounts of
construction loans and lines of
credit.
PERFORMANCE RATIOS (1) For the nine months
ended September 30,
2004 2003
Return on average assets 0.99% 1.01%
Return on average equity 12.24% 12.63%
Average equity to average assets 8.08% 7.96%
Noninterest expense to average assets 1.87% 1.84%
Net interest spread 3.19% 3.01%
Net interest margin 3.37% 3.20%
Operating efficiency ratio 51.81% 50.86%
(1) Ratios are annualized
FFLC Bancorp, Inc.
Consolidated Balance Sheets
($ in thousands, except per share amounts)
At September 30 At December 31
Assets 2004 2003
Cash and due from banks $41,500 $35,072
Interest-earning deposits 23,559 27,088
Cash and cash equivalents 65,059 62,160
Securities available for sale, at
market 71,563 82,137
Loans, net of allowance for loan
losses of $6,118 in 2004 and $5,490
in 2003 861,435 767,987
Accrued interest receivable 3,897 3,849
Premises and equipment, net 22,718 21,448
Foreclosed assets 528 881
Federal Home Loan Bank stock, at cost 7,650 6,900
Deferred income taxes 1,508 1,134
Other assets 5,335 1,418
Total $1,039,693 $947,914
Liabilities and Stockholders' Equity
Liabilities:
Non-interest bearing demand
deposits $40,567 $31,481
NOW and money-market accounts 182,616 161,527
Savings accounts 29,556 26,636
Certificates 517,468 485,945
Total deposits 770,207 705,589
Advances from Federal Home Loan
Bank 153,000 133,000
Other borrowed funds 15,099 17,786
Junior subordinated debentures 5,155 5,155
Accrued expenses and other
liabilities 13,639 9,028
Total liabilities 957,100 870,558
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,
6,408,802
in 2004 and 6,397,202 in 2003,
shares issued 64 64
Additional paid-in-capital 32,283 31,837
Retained income 70,327 65,071
Accumulated other comprehensive
income (loss) (81) 297
Treasury stock, at cost
(1,003,373 shares in 2004 and
1,000,048 shares in 2003) (20,000) (19,913)
Total stockholders' equity 82,593 77,356
Total $1,039,693 $947,914
FFLC Bancorp, Inc.
Consolidated Statements of Income and Comprehensive Income
($ in thousands, except per share amounts)
For the three months For the nine months
ended Sept. 30, ended Sept. 30,
2004 2003 2004 2003
Interest Income:
Loans $13,301 $12,264 $38,497 $37,576
Securities 556 482 1,725 1,607
Other 170 160 414 629
Total interest income 14,027 12,906 40,636 39,812
Interest Expense:
Deposits 3,742 3,916 11,175 12,561
Borrowed funds 2,132 2,010 6,039 6,224
Total interest expense 5,874 5,926 17,214 18,785
Net interest income 8,153 6,980 23,422 21,027
Provision for loan losses 389 330 1,122 1,124
Net interest income after
provision for loan losses 7,764 6,650 22,300 19,903
Noninterest Income:
Deposit account fees 395 276 1,010 762
Other service charges and
fees 479 670 1,494 1,956
Net gain on sales of loans
held for sale 111 381 391 1,011
Other 292 138 602 451
Total noninterest income 1,277 1,465 3,497 4,180
Noninterest Expense:
Salaries and employee
benefits 2,723 2,624 8,031 7,570
Occupancy expense 747 704 2,167 2,054
Data processing expense 407 333 1,187 886
Professional services 139 123 409 346
Advertising and promotion 116 111 469 364
Other 575 540 1,685 1,600
Total noninterest expense 4,707 4,435 13,948 12,820
Income before income taxes 4,334 3,680 11,849 11,263
Income taxes 1,650 1,387 4,487 4,250
Net Income $2,684 $2,293 $7,362 $7,013
Basic income per share $0.50 $0.42 $1.37 $1.30
Weighted average number of
shares outstanding for
Basic 5,403,300 5,389,768 5,398,349 5,383,140
Diluted income per share $0.49 $0.42 $1.34 $1.28
Weighted average number of
shares outstanding for
Diluted 5,486,033 5,482,560 5,484,992 5,481,431
Dividends per share $0.13 $0.13 $0.39 $0.33
Comprehensive income * $2,721 $2,092 $6,984 $6,660
* 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/