Flatbush Federal Bancorp, Inc. Reports Earnings for Quarter and Year Ended December 31, 2005
28 Fevereiro 2006 - 2:36PM
PR Newswire (US)
BROOKLYN, N.Y., Feb. 28 /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 $79,000, or
$0.03 per share, for the quarter ended December 31, 2005 as
compared to $98,000, or $0.04 per share, for the same quarter in
2004. Net income for the year ended December 31, 2005 was $368,000,
or $0.15 per share, compared to $278,000 or $0.11 per share for the
year ended December 31, 2004, an increase of $90,000 or 32.4%. The
Company's assets at December 31, 2005 were $144.0 million compared
to $134.2 million at December 31, 2004, an increase of $9.8
million, or 7.3%. Cash and cash equivalents decreased $1.3 million,
or 21.0%, to $4.9 million at December 31, 2005 from $6.2 million at
December 31, 2004. Investment securities decreased $1.4 million, or
15.2%, to $7.8 million at December 31, 2005 from $9.2 million at
December 31, 2004. As a partial offset, mortgage- backed securities
increased $3.3 million, or 14.9%, to $25.6 million at December 31,
2005 from $22.3 million as of December 31, 2004. In addition, loans
receivable increased $3.7 million, or 4.0%, to $96.6 million at
December 31, 2005 from $92.9 million as of December 31, 2004. Total
deposits decreased $7.7 million, or 6.6%, to $109.2 million at
December 31, 2005 from $116.9 million as of December 31, 2004.
Total stockholders' equity increased $222,500 to $16.0 million at
December 31, 2005 from $15.8 million at December 31, 2004. 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 December 31, 2005,
11,400 shares have been acquired at an average price of $9.20 per
share. INCOME INFORMATION - Three month periods ended December 31,
2005 and 2004 Net income decreased by $19,000, or 19.4%, to $79,000
for the quarter ended December 31, 2005 from $98,000 for the same
quarter in 2004. The decrease in earnings for the quarter was
primarily due to an increase of $227,000 in interest expense and an
increase of $11,000 in non-interest expenses, partially offset by
an increase of $213,000 in interest income, a decrease of $5,000 in
income taxes, and a $2,000 increase in non-interest income. INCOME
INFORMATION - Years ended December 31, 2005 and 2004 Net income
increased by $90,000, or 32.4%, to $368,000 for the year ended
December 31, 2005 from $278,000 for the year ended December 31,
2004. The increase was primarily due to an increase of $696,000 in
interest income, which was partially offset by an increase of
$403,000 in interest expense, a decrease of $35,000 in non-interest
income and increases of $73,000 in non- interest expense, $76,000
in income taxes, and $19,000 in provision for loan losses. 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) DECEMBER 31
DECEMBER 31 2005 2004 Total Assets $143,953 $134,248 Loans
Receivable 96,591 92,925 Investment Securities 7,809 9,187
Mortgage-backed Securities 25,633 22,300 Cash and Cash Equivalents
4,911 6,215 Deposits 109,218 116,857 Borrowings 16,969 -
Stockholders' Equity 16,033 15,810 SELECTED OPERATING DATA AT OR
FOR THE THREE AT OR FOR THE MONTHS ENDED YEARS ENDED DECEMBER 31
DECEMBER 31 (in thousands) 2005 2004 2005 2004 Total Interest
Income $2,033 $1,820 $7,708 $7,012 Total Interest Expense 678 451
2,219 1,816 Net Interest Income 1,355 1,369 5,489 5,196 Provision
for Loan Loss 1 0 20 1 Non-interest Income 55 53 212 247
Non-interest Expense 1,266 1,255 5,033 4,960 Income Taxes 64 69 280
204 Net Income $79 $98 $368 $278 PERFORMANCE RATIOS Return on
Average Assets 0.22% 0.29% 0.26% 0.20% Return on Average Equity
1.96% 2.46% 2.31% 1.76% Interest Rate Spread 3.79% 3.97% 3.91%
3.68% ASSET QUALITY RATIOS Allowance for Loan Losses to Total Loans
Receivable 0.20% 0.19% 0.20% 0.19% Non-performing Loans to Total
Assets 0.14% 0.09% 0.14% 0.09% CAPITAL RATIO Equity to Total Assets
10.55% 11.02% First Call Analyst: FCMN Contact:
jadia@flatbushfed.com DATASOURCE: Flatbush Federal Bancorp, Inc.
CONTACT: Jesus R. Adia, President and Chief Executive Officer,
+1-718-677-4425 Web site: http://www.flatbush.com/
Copyright