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/
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