FFLC Fflc Bancorp - Common Stock (MM)

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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