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F.F.O. FINANCIAL GROUP, INC. REPORTS THIRD QUARTER AND YEAR TO DATE RESULTS

 F.F.O. FINANCIAL GROUP, INC.
 REPORTS THIRD QUARTER AND YEAR TO DATE RESULTS
 ST. CLOUD, Fla., Nov. 4 /PRNewswire/ -- F.F.O. Financial Group, Inc. (NASDAQ: FFFG), a Florida-based unitary savings and loan holding company, today reported a net loss of $3.1 million or $1.41 per share for the three months ended Sept. 30, 1992. The third quarter financial performance reflects the effect of a $3.2 million provision for loan losses.
 As previously disclosed, the company's primary subsidiary, First Federal Savings and Loan Association of Osceola County ("First Federal") was required during the third quarter to provide an additional $3.1 million for possible loan losses pursuant to a joint examination by the Office of Thrift Supervision ("OTS") and the Federal Deposit Insurance Corporation ("FDIC").
 James B. Davis, chairman and CEO, noted "Our third quarter performance closely paralleled our expectations. Year to date net interest income was strong, but was negated by the amount of the loan loss provision."
 For the first nine months of 1992, the company reported a net loss of $9.9 million or $4.55 per share, compared to a previously reported net loss of $294,000 or $0.13 per share for the nine months ended Sept. 30, 1991.
 The company's net interest income increased $111,000 or 4.9 percent for the third quarter of 1992 compared to the same period in 1991, and increased $749,000, or 10.2 percent for the nine months ended Sept. 30, 1992 compared to the first nine months of 1991.
 Other income for the three month period ended Sept. 30, 1992 decreased $855,000 or 51.1 percent compared to the same period in 1991, and decreased $1.6 million or 35.3 percent during the nine months ended Sept. 30, 1992, compared to the same period in 1991.
 As previously reported, these decreases were primarily a result of the company's decision in 1991 to wind down the operations of Gulf American Financial Corporation ("GAFC") and Gulf American SBL, Inc., ("Gulf American"), and the related sales during 1991 of substantially all the assets of Gulf American.
 Other expenses decreased by $567,000 or 15.1 percent for the three month period ended Sept. 30, 1992, compared to the same period in 1991. Other expenses decreased $1.5 million or 13.1 percent for the nine month period ended Sept. 30, 1992, compared to the first nine months of 1991.
 As of Sept. 30, 1992, the company reported total assets of $316.9 million and total stockholders' equity of $8.3 million or $3.83 per share, compared to $18.3 million or $8.38 per share at Dec. 31, 1991. Shares outstanding at the end of the third quarter of 1992 totaled 2,180,000.
 At Sept. 30, 1992, First Federal reported a tangible capital ratio of 2.63 percent, which meets the minimum federal requirement. First Federal also reported core and risk-based capital ratios of 2.63 percent and 4.68 percent, respectively. The minimum core capital requirement at such date was 3.0 percent, and the minimum risk-based capital requirement was 7.20 percent at Sept. 30, 1992, and is scheduled to increase to 8.00 percent at Dec. 31, 1992.
 As a result of First Federal's inability to meet its minimum capital requirements, it was required to prepare a capital restoration plan which was filed with the OTS on Nov. 3, 1992. First Federal will also be subject to various operational restrictions and limitations. The company is unable to predict the timing or extent of any limitations that may be imposed. If First Federal's tangible capital ratio were in the future to fall below 2.00 percent of total assets, the federal deposit insurance laws would generally require the appropriate regulatory agency to place the institution into conservatorship or receivership within 90 days unless it determined that some other lower resolution cost alternative exists.
 F.F.O. FINANCIAL GROUP, INC.
 CONSOLIDATED STATEMENTS OF INCOME
 (unaudited)
 Three Months Ended Nine Months Ended
 Sept. 30, Sept. 30,
 1992 1991 1992 1991
 INTEREST INCOME
 Interest and
 fees on loans $ 5,324,488 $7,642,523 $18,277,666 $23,645,779
 Mortgage-backed
 securities --- 112,315 3,869 864,046
 Investments 162,905 285,195 498,404 879,658
 Other 229,978 257,737 841,289 960,435
 Total 5,717,372 8,297,770 19,621,228 26,349,918
 INTEREST EXPENSE
 Deposits 3,159,808 5,386,692 10,647,428 16,867,214
 Borrowings 190,969 655,230 912,763 2,170,376
 Total 3,350,777 6,041,922 11,560,191 19,037,590
 Net Interest
 Income 2,366,595 2,255,848 8,061,037 7,312,328
 Provision for
 loan losses 3,242,831 171,652 11,048,831 905,479
 Net Interest Income
 After Provision
 for Loan Losses (876,236) 2,084,196 (2,987,794) 6,406,849
 OTHER INCOME
 Loan origination
 and other
 loan fees 81,170 76,578 230,372 295,466
 Loan servicing
 fees 90,955 301,958 282,025 919,292
 Service charges on
 deposit accounts 388,218 393,484 1,105,216 1,144,662
 Gain (loss) on sale
 of investments 1 (1,336) 33,760 52,178
 Gain on sale
 of loans 205,535 851,536 1,021,012 1,916,822
 Gain on sale
 of property --- 340 56 340
 Other 53,906 52,608 220,561 144,333
 Total 819,785 1,675,168 2,893,002 4,473,093
 OTHER EXPENSES
 Employee
 compensation
 and benefits 1,172,636 1,615,064 3,687,720 4,890,468
 Occupancy and
 equipment 592,915 753,822 1,804,375 2,202,696
 FDIC insurance
 premiums 183,300 198,850 560,700 608,500
 Goodwill
 amortization --- 11,850 --- 35,550
 Marketing and
 advertising 75,485 132,234 257,311 469,778
 Data processing 159,465 185,538 525,007 562,262
 Legal fees 96,565 63,818 309,940 175,009
 Real estate
 owned expense 483,158 115,843 985,407 416,514
 Loss on sale of
 office property --- --- --- 74,292
 Other 429,875 684,117 1,801,152 1,999,445
 Total 3,193,399 3,761,136 9,931,612 11,434,514
 INCOME (LOSS) BEFORE
 INCOME TAXES (3,249,850) (1,772) (10,026,404) (554,572)
 Provision (credit)
 for Income Taxes (186,028) (5,690) (105,011) (260,681)
 Net Income (Loss)
 Before Cumulative
 Effect of a Change
 in Accounting
 Principle (3,063,822) 3,918 (9,921,393) (293,891)
 Cumulative effect
 on prior years of
 adopting FAS 109 --- --- --- 1,290,000
 Net Income
 (Loss) $(3,063,822) $ 3,918 $(9,921,393) $ 996,109
 -0- 11/4/92
 /CONTACT: Phyllis A. Elam, chief financial officer of F.F.O. Financial Group, 407-957-7421/
 (FFFG) CO: F.F.O. Financial Group, Inc. ST: Florida IN: FIN SU: ERN


AW-JJ-JB -- FL016 -- 2662 11/04/92 16:25 EST
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