FFLC Bancorp, Inc., Announces Net Income for the 1st Quarter and
Declares Quarterly Dividend LEESBURG, Fla., April 9
/PRNewswire-FirstCall/ -- FFLC Bancorp, Inc. , the holding company
for First Federal Savings Bank of Lake County, reported net income
of $2.3 million for the quarter ended March 31, 2004, compared to
the $2.4 million earned for the quarter ended March 31, 2003 and
$2.1 million for the quarter ended December 31, 2003. Total assets
grew to $982.0 million at March 31, 2004 from $947.9 million at
December 31, 2003. On a per share basis, basic income was $.42 per
share for the quarter ended March 31, 2004, compared to $.44 per
share for the quarter ended March 31, 2003, and $.40 per share for
the quarter ended December 31, 2003. Net income per share on a
diluted basis was $.41 for the quarter ended March 31, 2004,
compared to $.43 for the 2003 quarter, and $.39 per share for the
quarter ended December 31, 2003. Net interest income after
provision for loan losses increased 9% to $7.2 million for the
quarter ended March 31, 2004 compared to $6.6 million for the 2003
quarter. That increase resulted primarily from an $872,000 decrease
in interest expense. The decrease in interest expense was due
primarily to a46 basis point decline in the annual cost of
liabilities from 3.16% for the 2003 quarter to 2.70% for the 2004
quarter. That decline was partially offset by a $12.9 million
increase in average interest-bearing liabilities outstanding during
the 2004 quarter when compared to the 2003 quarter. Noninterest
expense increased $445,000 or 11% for the quarter ended March 31,
2004, compared to the 2003 period. Those increases were primarily
the result of the growth of the Company and corresponding increases
in salaries, employee benefits and data processing expenses.
Stockholders' equity increased to $78.9 million at March 31, 2004,
from $77.4 million at December 31, 2003. Book value per share
increased to $14.62 at March 31, 2004, from $14.33 at December 31,
2003. DIVIDEND On April 8, 2004, the Board of Directors declared a
cash dividend of $.13 per share on the common stock, payable May 3,
2004 to shareholders of record at the close of business on April
19, 2004. The $.13 per share cash dividend represents a 30%
increase over the $.10 per share paid in May 2003. First Federal
Savings Bank of Lake County conducts business in Lake, Sumter,
Citrus and Marion Counties, Florida, through a network of fifteen
branch offices. The stock of FFLC Bancorp, Inc. is quoted on the
Nasdaq National Market System under the symbol "FFLC." First
Federal's web site is located at http://www.1stfederal.com/. FFLC
Bancorp, Inc.'s SEC filings, press releases and other supplemental
information are available at the web site, in the "FFLC Bancorp"
section. SELECTED FINANCIAL DATA ($ in thousands, except per share
amounts) SELECTED BALANCE SHEET DATA At March 31 At December 31
2004 2003 Total assets $982,038 $947,914 Deposits $736,534 $705,589
Total gross loans receivable $824,206 $797,351 Allowance for loan
losses $5,646 $5,490 Total stockholders' equity $78,934 $77,356
Shares outstanding 5,397,554 5,397,154 Market price per share
$26.70 $28.75 Book value per share $14.62 $14.33 Nonperforming
loans $4,553 $5,287 Nonperforming assets $5,601 $6,168 Equity as a
percentage of total assets 8.04% 8.16% Interest-earning assets to
interest- bearing liabilities 1.07 1.07 ASSET QUALITY RATIOSAt
March 31 At December 31 2004 2003 Nonperforming assets to total
assets 0.57% 0.65% Nonperforming loans to total loans 0.55% 0.66%
Allowance for loan losses to nonperforming loans 124.01% 103.84%
Allowance for loan losses to nonperforming assets 100.80% 89.01%
Allowance for loan losses to total gross loans receivable 0.69%
0.69% SELECTED INCOME AND OTHER DATA For the three months ended
March 31, 2004 2003 Net interest income before provision for loan
losses $7,550 $7,035 Provision for loan losses $339 $406 Ratio of
net charge-offs to average loans 0.10% 0.15% Net income $2,264
$2,354 Basic net income per share $0.42 $0.44 Diluted net income
per share $0.41 $0.43 Total gross loans originated by department: *
Residential $37,413 $45,013 Commercial $37,966 $25,898 Consumer
$26,631 $20,973 * - Includes undisbursed amounts of construction
loans and lines of credit. PERFORMANCE RATIOS (1) Forthe three
months ended March 31, 2004 2003 Return on average assets 0.94%
1.01% Return on average equity 11.53% 13.01% Average equity to
average assets 8.17% 7.77% Noninterest expense to average assets
1.90% 1.77% Net interest spread 3.19% 3.01% Net interest margin
3.36% 3.20% Operating efficiency ratio 53.55% 49.56% (1) Ratios are
annualized FFLC Bancorp, Inc. Consolidated Balance Sheets ($ in
thousands, except per share amounts) At March 31 At December 31
Assets 20042003 Cash and due from banks $42,676 $35,072
Interest-earning deposits 28,913 27,088 Cash and cash equivalents
71,589 62,160 Securities available for sale, at market 75,165
82,137 Loans, net of allowance for loan losses of $5,646 in 2004
and $5,490 in 2003 795,433 767,987 Accrued interest receivable
3,598 3,849 Foreclosed assets 1,048 881 Premises and equipment, net
21,933 21,448 Federal Home Loan Bank stock, at cost 6,650 6,900
Deferred income taxes 1,008 1,134 Other assets 5,614 1,418 Total
$982,038 $947,914 Liabilities and Stockholders' Equity Liabilities:
Non-interest bearing demand deposits $36,412 $31,481 NOW and
money-market accounts 178,164 161,527 Savings accounts 27,215
26,636 Certificates 494,743 485,945 Total deposits 736,534 705,589
Advances from Federal Home Loan Bank 133,000 133,000 Other borrowed
funds 17,978 17,786 Junior subordinated debentures 5,155 5,155
Accrued expenses and other liabilities 10,437 9,028 Total
liabilities 903,104 870,558 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,
6,397,702 in 2004 and 6,397,202 in 2003, shares issued 64 64
Additional paid-in-capital 31,841 31,837 Retained income 66,634
65,071 Accumulated other comprehensive income, net of taxes 311 297
Treasury stock, at cost (1,000,148 shares in 2004 and 1,000,048
shares in 2003) (19,916) (19,913) Total stockholders' equity 78,934
77,356 Total $982,038 $947,914 FFLC Bancorp, Inc. Consolidated
Statements of Income and Comprehensive Income ($ in thousands,
except per share amounts) For the three months ended Mar. 31, 2004
2003 Interest Income: Loans $12,492 $12,722 Securities 603 588
Other interest-earning assets 125 267 Total interest income 13,220
13,577 Interest Expense: Deposits 3,736 4,415 Borrowed funds 1,934
2,127 Total interest expense 5,670 6,542 Net interest income 7,550
7,035 Provision for loan losses 339 406 Net interest income after
provision for loan losses 7,211 6,629 Noninterest Income: Deposit
account fees 259 231 Other service charges and fees 450 584 Net
gain on sales of loans held for sale 150 271 Other 119 197 Total
noninterest income 978 1,283 Noninterest Expense: Salaries and
employee benefits 2,660 2,446 Occupancy expense 702 648 Data
processing expense 391 273 Professional services 132 103
Advertising and promotion 164 137 Other 518 515 Total noninterest
expense 4,567 4,122 Income before income taxes 3,622 3,790 Income
taxes 1,358 1,436 Net Income $2,264 $2,354 Basic income per share
$0.42 $0.44 Diluted income per share $0.41 $0.43 Dividends per
share $0.13 $0.10 Comprehensive income * $2,278 $2,258 Weighted
average number of shares outstanding for Basic 5,394,301 5,373,607
Weighted average number of shares outstandingfor Diluted 5,488,954
5,479,331 * 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, +1-352-787-3311, or fax, +1-352-787-7206
Web site: http://www.1stfederal.com/
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