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FF BANCORP REPORTS INCREASED EARNINGS

 NEW SMYRNA BEACH, Fla., Oct. 14 /PRNewswire/ -- FF Bancorp, Inc. (NASDAQ-NMS: FFSB), the parent holding company for First Federal Savings Bank of New Smyrna, New Smyrna, Fla. and First Federal Savings Bank of Citrus County, Inverness, Fla. reported consolidated net earnings for the quarter ended Sept. 30, 1993 of $1,771,000 or $.42 per share compared to $1,492,000 or $.36 per share for the same quarter one year ago, representing an 18 percent increase. These earnings for the quarter ended Sept. 30, 1993 represent a return on average assets of 1.30 percent and a return on average equity of 18.2 percent. Consolidated net earnings for the nine months ended Sept. 30, 1993 were $6,204,000 or $1.47 per share. Earnings for the nine months ended Sept. 30, 1993, before the cumulative effect of a change in accounting principle relating to the method of accounting for income taxes, were $5,380,000, or $1.28 per share compared to $3,858,000 or $.95 per share for the comparable period in 1992, representing a 39.5 percent increase. As previously reported, on June 21, 1993, FF Bancorp's board of directors approved a three-for-one stock split to be effective July 26, 1993; accordingly, all per share amounts reflect the effect of the stock split.
 The increase in earnings before the cumulative effect of the change in accounting principle for the nine months ended Sept. 30, 1993 was mainly due to an increase in net interest income and a decrease in the provision for loan loss, both of which were partially offset by an increase in the income tax provision.
 At Sept. 30, 1993, FF Bancorp had stockholders' equity of $39,768,000 or 7.34 percent of assets and a book value per share of $9.96. FF Bancorp's subsidiaries, First Federal of New Smyrna and First Federal of Citrus both meet all regulatory capital requirements.
 FF Bancorp's ratio of nonperforming loans and real estate owned to total assets was 1.58 percent at Sept. 30, 1993. A significant portion of the FF Bancorp's nonperforming loans and real estate owned however, consist of single-family residences.
 FF Bancorp's goal is to provide hometown banking services, personalized to each of the communities served through its wholly owned financial institution subsidiaries. FF Bancorp's branch network currently includes three full service branches in Volusia County and four full services branches in Citrus County. On Aug. 17, 1993 FF Bancorp. entered into a Stock Purchase Agreement wiht Key Bancshares, Inc. whereby FF Bancorp has agreed to purchase all of the outstanding shares of Key Bancshares in a combination cash and stock transaction subject to the approval of the Key Banchsares' shareholders. Key Bancshares is the parent holding company for The Key Bank of Flroida, a state-chartered commercial bank located in Tampa, Fla.
 At Sept. 30, 1993 FF Bancorp had total assets of $542 million. The common stock of FF Bancorp is traded in the over-the-counter market and is quoted on the NASDAQ system under the symbol "FFSB". 1
 FF BANCORP, INC.
 FINANCIAL HIGHLIGHTS
 (Dollars in thousands, except per share figures)
 (Unaudited)
 At
 Sept. 30, Dec. 31,
 1993 1992
 Total assets $541,511 548,482
 Loans receivable, net 351,947 339,757
 Mortgage-backed securities 78,076 82,329
 Deposit accounts 486,984 501,096
 Borrowed funds 5,000 5,000
 Stockholders' equity 39,768 34,716
 Book value per share 9.96 8.86
 For the Quarter For the Nine Months
 Ended Ended
 Sept. 30, Sept. 30,
 1993 1992 1993 1992
 Interest income $ 9,821 10,725 30,104 33,404
 Interest expense 4,821 6,015 14,928 19,863
 Net interest income 5,000 4,710 15,176 13,541
 Provision for loan losses 22 228 177 781
 Noninterest income 297 314 890 859
 Noninterest expense 2,431 2,322 7,257 7,278
 Earnings before income
 taxes and cumulative
 effect of change in
 accounting principle 2,844 2,474 8,632 6,341
 Income taxes 1,073 982 3,252 2,483
 Earnings before cumulative
 effect of change in
 accounting principle 1,771 1,492 5,380 3,858
 Cumulative effect of change
 in accounting principle --- --- 824 ---
 Net earnings $ 1,771 1,492 6,204 3,858
 Earnings per share
 Earnings before cumulative
 effect of change in
 accounting principle .42 .36 1.28 .95
 Cumulative effect of
 change in
 accounting principle --- --- .19 ---
 Net earnings $.42 .36 1.47 .95
 For the Year-to-Date Period Ended or At
 Sept. 30, Dec. 31, Sept. 30,
 1993 1992 1992
 CERTAIN YIELDS, RATES
 AND RATIOS
 Yield on the loan portfolio
 at end of period 8.33 pct. 8.70 pct. 8.93 pct.
 Yield on mortgage-backed
 securities at end of period 7.29 pct. 8.20 pct. 8.20 pct.
 Yield on investment
 securities at end of period 7.58 pct. 6.78 pct. 6.88 pct.
 Other interest-earning assets
 at end of period 3.53 pct. 3.35 pct. 3.64 pct.
 Yield on total earning
 assets at end of period 7.41 pct. 7.70 pct. 7.98 pct.
 Cost of deposit accounts
 at end of period 3.79 pct. 4.19 pct. 4.47 pct.
 Cost of borrowed funds at
 end of period 5.54 pct. 5.54 pct. 5.54 pct.
 Cost of total interest-bearing
 liabilities at end of period 3.81 pct. 4.20 pct. 4.48 pct.
 Interest rate spread
 at end of period 3.60 pct. 3.50 pct. 3.50 pct.
 Return on average assets
 for the period 1.51 pct. 1.01 pct. .94 pct.
 Return on average equity
 for the period 22.10 pct. 17.74 pct. 16.87 pct.
 Equity to total assets
 at end of period 7.34 pct. 6.33 pct. 6.11 pct.
 Nonperforming loans and
 real estate owned to total
 assets at end of period 1.58 pct. 2.30 pct. 2.56 pct.
 Noninterest expense to
 average assets 1.77 pct. 1.77 pct. 1.77 pct.
 -0- 10/14/93
 /CONTACT: Tildon W. Smith, executive vice president, FF Bancorp, 904-726-1237/
 (FFSB)


CO: FF Bancorp, Inc. ST: Florida IN: FIN SU: ERN

SS-AW -- FL011 -- 2358 10/14/93 15:06 EDT
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Date:Oct 14, 1993
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