Florida Banks, Inc. Reports Second Consecutive Quarter of Profitability; Total Assets Increase to $398 Million.Business Editors JACKSONVILLE Jacksonville. 1 City (1990 pop. 29,101), Pulaski co., central Ark., inc. 1941. The city has varied industries, including printing and publishing and the manufacture of electronic equipment, ordnance, and plastic and metal products. , Fla.--(BUSINESS WIRE)--April 16, 2001 Florida Florida, state, United States Florida (flôr`ĭdə, flŏr`–), state in the extreme SE United States. A long, low peninsula between the Atlantic Ocean (E) and the Gulf of Mexico (W), Florida is bordered by Georgia and Banks, Inc. (the "Company") (Nasdaq:FLBK) today reported first quarter 2001 results. The Company will host a conference call on Tuesday Tuesday: see week. , April 17, 2001, at 11:00 a.m. Eastern time to discuss the subject matter of this release. The conference call number is 800/231-9012. The call will also be simulcast Simulcast is a portmanteau of "simultaneous broadcast", and refers to programs or events broadcast across more than one medium, or more than one service on the same medium, at the same time. on the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the at www.flbk.com under INVESTOR RELATIONS Investor relations The process by which the corporation communicates with its investors. , or it may be accessed through www.streetevents.com. The call will be available for replay on the Internet for approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 30 days. A telephonic replay will be available from 2:00 p.m. Eastern time April 17 through 6 p.m. April 19 by dialing 888/203-1112 and entering reservation A clause in a deed of real property whereby the grantor, one who transfers property, creates and retains for the grantor some right or interest in the estate granted, such as rent or an Easement ,a right of use over the land of another. No. 519943. Florida Banks had net income for the first quarter of $61,000, or $0.01 per share, compared with a net loss of $(417,000), or $(0.07) per share, for the first quarter in 2000. Net interest income increased 58% to $3.3 million for the first quarter of 2001 compared with $2.1 million for the first quarter of 2000. Commenting on the results, Charles E. Hughes Charles E. Hughes may refer to:
Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. strategy of achieving growth in assets, loans and deposits through effective use of technology and superior customer service continues to be well received by our customers. Loan quality remains good and the positive trends with respect to interest margins experienced in the fourth quarter of last year have continued into the current quarter. We are very optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about the prospects for the remainder of 2001," Hughes concluded. Non-interest income increased 112% to $319,000 for the first quarter of 2001 compared with $151,000 for the first quarter a year ago. Non-interest expense increased 29% to $3.3 million for the first quarter of 2001 from $2.6 million for the same quarter in 2000. The provision for loan losses for the first quarter of 2001 was $239,000 compared with $370,000 for the first quarter in 2000. Total assets at March 31, 2001, increased 7% to $397.9 million from $372.8 million at December December: see month. 31, 2000. Total outstanding loans were $300.6 million, a 5% increase from $285.6 million at December 31, 2000. Total deposits increased 3% to $314.9 million at March 31, 2001, from $305.2 million at December 31, 2000. Florida Banks, Inc. is a Jacksonville-based holding company for a statewide community banking system in Florida's largest and fastest-growing markets. The Company's community banking approach emphasizes responsive and personalized per·son·al·ize tr.v. per·son·al·ized, per·son·al·iz·ing, per·son·al·iz·es 1. To take (a general remark or characterization) in a personal manner. 2. To attribute human or personal qualities to; personify. service to its customers at a level normally reserved for only the very best customers of large banks. Local banking affiliates of Florida Banks, Inc. offer a range of traditional banking products and services to small and medium-sized Me´di`um-sized` a. 1. Having a medium size; as, a medium-sized man s>. Adj. 1. medium-sized - intermediate in size medium-size, moderate-size, moderate-sized businesses and professionals. Florida Banks, Inc. also provides personal banking services for the owners and executives of those businesses. The Company operates offices in Tampa Tampa (tăm`pə), city (1990 pop. 280,015), seat of Hillsborough co., W Fla., a port of entry with an impressive harbor on Tampa Bay; inc. 1855. , Jacksonville, Alachua County (Gainesville Gainesville. 1 City (1990 pop. 84,770), seat of Alachua co., N central Fla.; inc. 1869. The Univ. of Florida is a major source of employment in the city. Agriculture and the manufacture of electronic equipment add to the economy. ), Broward Broward could refer to:
Clearwater, residential and resort city (1990 pop. 98,784), seat of Pinellas co., W central Fla., on the Pinellas peninsula, between Clearwater Bay and the Gulf of Mexico; inc. 1891. , Largo Largo, town (1990 pop. 65,674), Pinellas co., W Fla., on the Pinellas peninsula and the Gulf Coast, across the bay from Tampa; settled 1853, inc. 1905. It is a packing, canning, and shipping center in a citrus fruit and fishing area. ) and Marion County Marion County is the name of seventeen counties in the United States of America, mostly named for General Francis Marion:
Financial information contained in this News Release is derived de·rive v. de·rived, de·riv·ing, de·rives v.tr. 1. To obtain or receive from a source. 2. from the unaudited Condensed con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. Balance Sheets and unaudited Condensed Statements of Operations for the indicated periods. Percentage changes are calculated on the actual amount of the change and dollar amounts are rounded for presentation purposes. Certain statements in this news release contain "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995, such as statements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc financial results and plans for future business development activities, and are thus prospective. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. by such forward-looking statements. Potential risks and uncertainties included, but not limited to, general economic conditions, competition, interest rate sensitivity, exposure to regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. and legislative changes and other uncertainties detailed from time to time in the Company's Securities and Exchange Commission filings.
FLORIDA BANKS, INC.
CONDENSED BALANCE SHEETS (Unaudited)
March 31, December 31,
2001 2000
ASSETS
CASH AND DUE FROM BANKS $ 18,091,433 $ 12,730,964
FEDERAL FUNDS SOLD AND
REPURCHASE AGREEMENTS PURCHASED 31,546,000 30,957,000
------------ ------------
Total cash and cash equivalents 49,637,433 43,687,964
INVESTMENT SECURITIES:
Available for sale, at fair value
(cost $34,547,252 and $32,039,307
at March 31, 2001 and December 31,
2000) 34,897,033 32,061,545
Held to maturity, at cost (fair value
$4,327,279 and $3,486,595 at March
31, 2001 and December 31, 2000) 4,298,750 3,428,558
Other investments 1,402,700 1,266,000
LOANS:
Commercial real estate 155,006,224 158,653,667
Commercial 117,931,816 102,391,117
Residential mortgage 11,110,949 9,795,665
Consumer 15,283,472 13,036,447
Credit card and other loans 1,317,043 1,747,145
------------ ------------
Total loans 300,649,504 285,624,041
Allowance for loan losses (3,697,764) (3,510,677)
Net deferred loan fees (128,048) (98,421)
------------ ------------
Net loans 296,823,692 282,014,943
PREMISES AND EQUIPMENT, NET 3,295,778 3,300,170
ACCRUED INTEREST RECEIVABLE 1,979,778 1,897,303
DEFERRED INCOME TAXES, NET 4,446,388 4,605,153
DERIVATIVE INSTRUMENTS 459,122
OTHER ASSETS 678,805 535,408
------------ ------------
TOTAL ASSETS $ 397,919,479 $ 372,797,044
============= =============
LIABILITIES AND SHAREHOLDERS' EQUITY
DEPOSITS:
Noninterest-bearing demand $ 42,169,723 $ 41,965,131
Interest-bearing demand 15,266,963 12,259,897
Regular savings 48,450,958 46,121,007
Money market accounts 3,898,453 2,795,661
Time $100,000 and over 110,052,123 116,824,179
Other time 95,061,786 85,273,577
----------- -----------
Total deposits 314,900,006 305,239,452
REPURCHASE AGREEMENTS SOLD 34,331,763 18,812,378
OTHER BORROWED FUNDS 7,220,745 7,223,402
ACCRUED INTEREST PAYABLE 2,015,939 2,206,379
ACCOUNTS PAYABLE AND ACCRUED EXPENSES 537,784 758,994
------------ ------------
Total liabilities 359,006,237 334,240,605
------------ ------------
SHAREHOLDERS' EQUITY:
Common stock, $.01 par value;
30,000,000 shares authorized; 59,501 59,298
5,950,104 and 5,929,751 shares
issued, respectively
Additional paid-in capital 46,842,121 46,750,329
Accumulated deficit (deficit of
$8,434,037 eliminated upon
quasi-reorganization on December 31,
1995) (6,699,662) (6,760,222)
Treasury stock, 241,100 shares at cost (1,506,836) (1,506,836)
Accumulated other comprehensive income,
net of tax 218,118 13,870
----------- -----------
Total shareholders' equity 38,913,242 38,556,439
----------- -----------
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY $ 397,919,479 $ 372,797,044
============= =============
FLORIDA BANKS, INC.
CONDENSED STATEMENTS OF OPERATIONS (Unaudited)
Three Month Period Ended
March 31,
------------------------------
2001 2000
-------------- --------------
INTEREST INCOME:
Loans, including fees $ 6,766,915 $ 3,708,671
Investment securities 697,829 555,507
Federal funds sold and repurchase
agreements 291,968 215,833
Total interest income 7,756,712 4,480,011
INTEREST EXPENSE:
Deposits 3,945,698 2,103,493
Repurchase agreements 391,659 171,559
Borrowed funds 96,157 99,475
Total interest expense 4,433,514 2,374,527
NET INTEREST INCOME 3,323,198 2,105,484
PROVISION FOR LOAN LOSSES 239,384 370,128
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES 3,083,814 1,735,356
NONINTEREST INCOME:
Service fees 224,247 124,114
Loss on sale of securities (6,225)
Other noninterest income 94,672 32,687
318,919 150,576
NONINTEREST EXPENSES:
Salaries and benefits 2,161,337 1,685,341
Occupancy and equipment 436,485 353,676
Data processing 163,269 75,965
Other 545,612 447,416
3,306,703 2,562,398
INCOME (LOSS) BEFORE PROVISION (BENEFIT)
FOR INCOME TAXES 96,030 (676,466)
PROVISION (BENEFIT) FOR INCOME TAXES 35,470 (259,688)
NET INCOME (LOSS) $ 60,560 $ (416,778)
EARNINGS (LOSS) PER SHARE:
Basic $ 0.01 $ (0.07)
Diluted $ 0.01 $ (0.07)
FLORIDA BANKS, INC.
AVERAGE BALANCES, INCOME AND EXPENSES AND RATES (Unaudited)
Three-Month Period Ended
March 31, 2001
----------------------------------
Average Income / Yield /
Balance Expense Cost
----------------------------------
ASSETS:
Total loans (1) $302,595,583 $6,766,915 8.95%
Investment securities (2) 38,943,697 697,829 7.17%
Federal funds sold & other
investments (4) 22,679,625 310,886 5.48%
------------ ----------
Total earning assets 364,218,905 7,775,630 8.54%
------------ ----------
Cash and due from banks 10,976,482
Premises and equipment, net 3,322,421
Other assets, net 7,469,025
Allowance for loan losses (3,693,163)
------------
Total Assets (3) $382,293,670
============
LIABILITIES:
Interest-bearing liabilities:
Interest-bearing transaction
accounts $15,043,491 82,845 2.20%
Savings deposits (4) 45,893,412 551,798 4.81%
Time deposits 206,348,373 3,329,974 6.46%
Repurchase agreements sold 29,274,728 391,659 5.35%
Other borrowed funds 6,825,087 96,156 5.64%
------------ ----------
Total interest bearing
liabilities 303,385,091 4,452,432 5.87%
------------ ----------
Demand Deposits 36,852,990
Accrued interest and other
liabilities 2,704,309
Shareholders' Equity 39,351,280
------------
Total liabilities and
shareholders' equity $382,293,670
============
Net interest spread 2.67%
=====
Net interest margin 3.65%
-----
Non-interest expense 3,306,703
Overhead ratio 3.46%
-----
Non-interest income 318,919
Non-interest income ratio 0.33%
-----
Three-Month Period Ended
March 31, 2000
----------------------------------
Average Income / Yield /
Balance Expense Cost
----------------------------------
ASSETS:
Total loans (1) $171,159,517 $3,708,671 8.67%
Investment securities (2) 34,685,341 555,507 6.41%
Federal funds sold & other
investments (4) 20,899,618 270,184 5.17%
------------ ----------
Total earning assets 226,744,476 4,534,362 8.00%
------------ ----------
Cash and due from banks 8,620,245
Premises and equipment, net 2,459,542
Other assets, net 4,302,548
Allowance for loan losses (1,966,328)
------------
Total Assets (3) $240,160,483
============
LIABILITIES:
Interest-bearing liabilities:
Interest-bearing transaction
accounts $ 9,551,770 37,630 1.58%
Savings deposits (4) 37,256,908 473,276 5.08%
Time deposits 110,286,833 1,646,936 5.97%
Repurchase agreements sold 12,496,032 171,559 5.49%
Other borrowed funds 6,688,232 99,478 5.95%
------------ ----------
Total interest bearing
liabilities 176,279,775 2,428,879 5.51%
------------ ----------
Demand Deposits 22,946,919
Accrued interest and other
liabilities 1,506,351
Shareholders' Equity 39,427,438
------------
Total liabilities and
shareholders' equity $240,160,483
============
Net interest spread 2.49%
======
Net interest margin 3.71%
------
Non-interest expense 2,562,398
Overhead ratio 4.27%
------
Non-interest income 150,576
Non-interest income ratio 0.25%
------
(1) - Average loans include nonaccrual loans. All loans and deposits
are domestic.
(2) - Stated at amortized cost. All securities are taxable. The
Company has no trading account securities.
(3) - All yields are considered taxable equivalent because the
Company has no tax exempt assets.
(4) - Includes interest bearing deposits held at the Bank subsidiary.
FLORIDA BANKS, INC.
UNAUDITED FINANCIAL HIGHLIGHTS
Three Month Period Ended
March 31,
------------------------------------
Percentage
2001 2000 Change
------------------------------------
Net interest income $ 3,323,198 $ 2,105,484 57.8%
Noninterest income 318,919 150,576 111.8%
Revenue $ 3,642,117 $ 2,256,060 61.4%
Provision for loan losses 239,384 370,128 -35.3%
Noninterest expenses 3,306,703 2,562,398 29.0%
Income taxes (benefit) 35,470 (259,688) N/A
Net income (loss) 60,560 (416,778) N/A
Average assets $382,293,670 $240,160,483 59.2%
Average equity $ 39,351,280 $ 39,427,438 -0.2%
Weighted average common shares
outstanding
Basic 5,691,365 5,692,689 0.0%
Diluted 5,694,182 5,692,689 0.0%
Net income (loss) per common share
Basic $ 0.01 $ (0.07) N/A
Diluted $ 0.01 $ (0.07) N/A
Cash earnings (loss) per
common share
Basic $ 0.01 $ (0.07) N/A
Diluted $ 0.01 $ (0.07) N/A
Cash dividends declared on
common stock $ 0.00 $ 0.00
Return on average assets 0.06% -0.69% N/A
Return on average equity 0.62% -4.23% N/A
Period ending book value per share
Basic $ 6.84 $ 6.78 0.9%
Diluted $ 6.83 $ 6.78 0.7%
FLORIDA BANKS, INC.
UNAUDITED FINANCIAL HIGHLIGHTS
ASSET QUALITY
----------------------------------------------------------------------
As of/for the Three Months Ended
March 31, 2001
---------------------------------
Percentage
2001 2000 Change
---------------------------------
NON-PERFORMING LOANS
Nonaccrual loans $3,704,981 $1,174,714 215.4%
Loans past due 90 days or more
and still accruing 140,662 1,106,014 -87.3%
Total nonperforming loans $3,845,643 $2,280,728 68.6%
Other real estate owned - -
Total nonperforming assets $3,845,643 $2,280,728 68.6%
Period end total loans $300,649,504 $192,319,066 56.3%
Year to date average loans $298,902,616 $171,159,517 74.6%
Total nonperforming assets as a
percentage of period-end loans
and other real estate 1.28% 1.19% 7.9%
ALLOWANCE FOR LOAN LOSSES
Allowance for loan losses $3,697,764 $2,259,787 63.6%
Provision for loan losses 239,384 370,128 -35.3%
Loans charged off 146,582 - N/A
Loan recoveries 94,285 31,619 198.2%
Net loan losses (recoveries) 52,297 (31,619) N/A
Allowance for loan losses as a
percentage of period-end loans 1.23% 1.18% 4.7%
Allowance for loan losses as a
percentage of period-end
nonperforming loans 96.15% 99.08% -3.0%
Net loan losses (recoveries) to
average loans 0.02% (0.02%) N/A
PORTFOLIO MIX (as of March 31, 2001)
Current Balance
Commercial real estate owner occupied 26.89% $80,835,479
Commercial real estate investment
properties 24.67% 74,170,745
Government Guaranteed 3.89% 11,706,953
Commercial loans 35.33% 106,224,863
Residential mortgage loans 3.70% 11,110,949
Installment loans 1.97% 5,931,325
Consumer credit lines 3.11% 9,352,146
Credit card outstandings 0.36% 1,095,112
All other loans 0.07% 221,932
------ -----------
Total Loans 100.00% $300,649,504
Non-Performing Non-Performing %
Commercial real estate owner
occupied $666,285 0.82%
Commercial real estate investment
properties -- 0.00%
Government Guaranteed -- 0.00%
Commercial loans 3,140,826 2.96%
Residential mortgage loans -- 0.00%
Installment loans 3,082 0.05%
Consumer credit lines -- 0.00%
Credit card outstandings 35,450 3.24%
All other loans -- 0.00%
---------- ----
Total Loans $3,845,643 1.28%
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