BROOKLYN, N.Y., Nov. 8 /PRNewswire-FirstCall/ -- Flatbush Federal
Bancorp, Inc. (OTC:FLTB) (BULLETIN BOARD: FLTB) , the holding
company of Flatbush Federal Savings and Loan Association ("the
Association"), announced consolidated net income of $101,000 or
$0.04 per share for the quarter ended September 30, 2005 as
compared to $110,000, or $0.05 per share for the quarter ended
September 30, 2004. The Company's assets increased $6.9 million, or
5.1%, to $141.1 million as of September 30, 2005 from $134.2
million at December 31, 2004. Cash and cash equivalents increased
$3.1 million, or 50.0%, to $9.3 million at September 30, 2005 from
$6.2 million at December 31, 2004. Mortgage-backed securities
increased $3.1 million, or 13.8%, to $25.4 million as of September
30, 2005 from $22.3 million as of December 31, 2004. Loans
receivable increased $1.3 million, or 1.5%, to $94.3 million as of
September 30, 2005 from $92.9 million as of December 31, 2004.
Investment securities decreased $1.1 million, or 12%, to $8.1
million as of September 30, 2005 from $9.2 million as of December
31, 2004. Total deposits decreased $4.6 million, or 3.9%, to $112.3
million as of September 30, 2005 from $116.9 million as of December
31, 2004. Total stockholders' equity increased $139,000, or 0.88%.
to $15.9 million as of September 30, 2005 from $15.8 million as of
December 31, 2004. As of September 30, 2005, the Association
borrowed $10.6 million from the Federal Home Loan Bank of New York
and invested the borrowings in loans receivable consisting of
residential, commercial, mixed-use properties and mortgage-backed
securities. After prepayments and amortizations, mortgage- backed
securities resulted in a net increase of $3.1 million. Similarly,
due to prepayments and amortizations in loans receivable, the
Association recorded a net increase of $1.3 million. Calls and
repayments in investment securities resulted in the net decrease of
$1.1 million. The inflow of cash from prepayments and amortizations
from loans receivable and mortgage-backed securities and calls and
repayments in investment securities caused cash and cash
equivalents to increase by $3.1 million. On June 30, 2005, the
Company approved a stock repurchase program and authorized the
repurchase of up to 50,000 shares of the Company's outstanding
shares of common stock. Stock repurchases will be made from time to
time and may be effected through open market purchases, block
trades and in privately negotiated transactions. Repurchased stock
will be held as treasury stock and will be available for general
corporate purposes. As of September 30, 2005, 2,700 shares were
acquired. INCOME INFORMATION - Three month periods ended September
30, 2005 and 2004 Net income decreased $9,000, or 8.2%, to $101,000
for the quarter ended September 30, 2005 from $110,000 for the
quarter ended September 30, 2004. The decrease in earnings for the
quarter was due to increases of $108,000 in total interest expense,
$8,000 in provision for loan losses and $2,000 in non-interest
expense and a decrease of $10,000 in non-interest income offset in
part by an increase of $118,000 in interest income and a decrease
$1,000 in income taxes. INCOME INFORMATION - Nine month periods
ended September 30, 2005 and 2004 Net income increased $109,000, or
61%, to $289,000 for nine months ended September 30, 2005 from
$180,000 for nine months ended September 30, 2004. The increase was
primarily due to an increase of $481,000 in interest income offset
by increases of $175,000 in total interest expense, $19,000 in
provision for loan losses, $73,000 in non-interest expense and
$80,000 in income taxes and a decrease of $25,000 in non-interest
income. Other financial information is included in the table that
follows. All information is unaudited. This press release may
contain certain "forward-looking statements" which may be
identified by the use of such words as "believe," "expect,"
"intend," "anticipate," "should," "planned," "estimated," and
"potential". Examples of forward-looking statements include, but
are not limited to, estimates with respect to our financial
condition, results of operations and business that are subject to
various factors which could cause actual results to differ
materially from these estimates and most other statements that are
not historical in nature. These factors include, but are not
limited to, general and local economic condition, changes in
interest rates, deposit flows, demand for mortgage and other loans,
real estate values, and competition; changes in accounting
principles, policies or guidelines; changes in legislation or
regulation; and other economic, competitive, governmental,
regulatory, and technological factors affecting our operations,
pricing, products and services. SELECTED FINANCIAL CONDITION DATA
(in thousands) SEPTEMBER 30 DECEMBER 31 2005 2004 Total Assets
$141,093 $134,248 Loans Receivable 94,272 92,924 Investment
Securities 8,052 9,187 Mortgage-backed Securities 25,367 22,300
Cash and Cash Equivalents 9,299 6,215 Deposits 112,298 116,857
Other Borrowings 10,639 0 Stockholders Equity 15,949 15,810
SELECTED OPERATING DATA AT OR FOR THE THREE AT OR FOR THE NINE
MONTHS ENDED SEPTEMBER 30 MONTHS ENDED SEPTEMBER 30 (in thousands)
2005 2004 2005 2004 Total Interest Income $1,928 $1,810 $5,674
$5,193 Total Interest Expense on Deposits 510 450 1,467 1,366 Total
Interest Expense on Other Borrowings 48 0 73 0 Net Interest Income
1,370 1,360 4,134 3,827 Provision for Loan Loss 8 0 19 0
Non-interest Income 51 61 156 181 Non-interest Expense 1,242 1,240
3,766 3,692 Income Taxes 70 71 215 135 Net Income $101 $110 $289
$180 PERFORMANCE RATIOS Return on Average Assets 0.29% 0.32% 0.28%
0.17% Return on Average Equity 2.52% 2.78% 2.42% 1.53% Interest
Rate Spread 3.90% 3.89% 3.96% 3.59% ASSET QUALITY RATIOS Allowance
for Loan Losses to Total Loans Receivable 0.21% 0.19% 0.21% 0.19%
Non-performing Loans to Total Assets 0.23% 0.23% 0.23% 0.23%
CAPITAL RATIO Equity to Total Assets 11.30% 11.66% DATASOURCE:
Flatbush Federal Bancorp, Inc. CONTACT: Anthony J. Monteverdi,
President and Chief Executive Officer of Flatbush Federal Bancorp,
Inc., +1-718-677-4414 Web site: http://www.flatbush.com/
Copyright