BROOKLYN, N.Y., Nov. 6 /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 $98,000 or
$0.04 for the quarter ended September 30, 2006 as compared to net
income of $101,000, or $0.04 per share for the same quarter in
2005. The Company's assets increased $12.0 million, or 8.3%, to
$156.0 million at September 30, 2006 from $144.0 million at
December 31, 2005. Cash and cash equivalents increased $822,000, or
16.7%, to $5.7 million at September 30, 2006 from $4.9 million at
December 31, 2005. Loans receivable increased $9.7 million, or
10.0%, to $106.3 million as of September 30, 2006 from $96.6
million as of December 31, 2005. Mortgage-backed securities
increased $1.3 million, or 5.1%, to $26.9 million as of September
30, 2006 from $25.6 million as of December 31, 2005. Investment
securities decreased $819,000, or 10.5%, to $7.0 million as of
September 30, 2006 from $7.8 million as of December 31, 2005. Total
deposits increased $268,000, or 0.2%, to $109.5 million at
September 30, 2006 from $109.2 million at December 31, 2005.
Advances from Federal Home Bank of NY increased $11.3 million, or
66.5%, to $28.3 million at September 30, 2006 from $17.0 million at
December 31, 2005. Total stockholders' equity increased $155,000 to
$16.2 million as of September 30, 2006 from $16.0 million as of
December 31, 2005. Advances from the Federal Home Loan Bank of NY
were invested in mortgage- backed securities and loans receivable
consisting of residential, commercial, construction and mixed-use
properties. This resulted in the increase of $9.7 million in loans
receivable and an increase of $1.3 million in mortgage-backed
securities. Repayments in investment securities resulted in the net
decrease of $819,000. Cash and cash equivalents increased $822,000
due to repayments of investment securities and an increase in
savings deposits. 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 is held as treasury
stock and will be available for general corporate purposes. As of
September 30, 2006, 31,340 shares have been repurchased at a
weighted average price of $8.14 per share. INCOME INFORMATION -
Three month periods ended September 30, 2006 and 2005 Net income
decreased $3,000, or 3.0%, to $98,000 for the quarter ended
September 30, 2006 from $101,000 for the quarter ended September
30, 2005. The decrease in earnings for the quarter was primarily
due to increases of $112,000 in interest expense on deposits,
$302,000 in interest expense on borrowings from FHLB, offset in
part by an increase of $348,000 in interest income, an increase of
$25,000 in non-interest income, an $11,000 decrease in non-interest
expense, a $20,000 decrease in income taxes and a $7,000 decrease
in provision for loan loss. INCOME INFORMATION - Nine-month periods
ended September 30, 2006 and 2005 Net income decreased $152,000, or
52.6%, to $137,000 for the nine months ended September 30, 2006
from $289,000 for the nine months ended September 30, 2005. The
decrease in earnings was primarily due to increases of $262,000 in
interest expense on deposits, $788,000 in interest expense on FHLB
borrowings, $113,000 in non-interest expense, and $29,000 in
provision for loan losses, offset in part by an increase of
$816,000 in interest income, an increase of $91,000 in non-interest
income, and a decrease of $133,000 in income taxes. 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 2006 2005 ------------ ------------ Total Assets
$156,037 $143,953 Loans Receivable 106,264 96,591 Investment
Securities 6,990 7,809 Mortgage-backed Securities 26,862 25,633
Cash and Cash Equivalents 5,733 4,911 Deposits 109,486 109,218
Other Borrowings 28,336 16,969 Stockholders Equity 16,188 16,033
SELECTED OPERATING DATA AT OR FOR THE THREE AT OR FOR THE NINE
MONTHS ENDED SEPTEMBER 30 MONTHS ENDED SEPTEMBER 30 (in thousands)
2006 2005 2006 2005 ---------- ---------- ---------- ----------
Total Interest Income $2,277 $1,928 $6,490 $5,674 Total Interest
Expense on Deposits 623 510 1,730 1,467 Total Interest Expense on
Other Borrowings 350 48 861 73 Net Interest Income 1,304 1,370
3,899 4,134 Provision for Loan Loss 1 8 48 19 Non-interest Income
76 51 247 156 Non-interest Expense 1,231 1,242 3,879 3,767 Income
Taxes 50 70 82 215 Net Income $ 98 $ 101 $ 137 $ 289 PERFORMANCE
RATIOS Return on Average Assets 0.25% 0.29% 0.12% 0.28% Return on
Average Equity 2.42% 2.52% 1.13% 2.42% Interest Rate Spread 3.38%
3.90% 3.47% 3.96% ASSET QUALITY RATIOS Allowance for Loan Losses to
Total Loans Receivable 0.19% 0.21% 0.19% 0.21% Non-performing Loans
to Total Assets 0.05% 0.23% 0.05% 0.23% CAPITAL RATIO Equity to
Total Assets 10.37% 11.30% DATASOURCE: Flatbush Federal Bancorp,
Inc. CONTACT: Jesus R. Adia, President and Chief Executive Officer,
+1-718-677-4425 Web site: http://www.flatbush.com/
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