Florida Banks, Inc. Reports Second Quarter Results.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)--July 13, 1999-- 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. (NASDAQ/NM: FLBK) today reported results for the second quarter and six months ended June June: see month. 30, 1999. The Company had a net loss for the quarter of $(360,000), or $(.06) per share, compared with a net loss of $(5,000) or $(.00) per share, for the same quarter a year ago. For the six months ended June 30, 1999 there was a net loss of $(585,000) or $(.10) per share, compared with net income of $47,000 or $.04 per share for the same period in 1998. Prior year results reflected the operating performance for First National Bank of 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. , which was merged into Florida Banks, Inc. concurrent At the same time. It implies that multiple processes are taking place simultaneously. See concurrent operation. with Florida Banks, initial public offering in August 1998. "The operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. for the quarter consisted primarily of expenses related to the Company's accelerated expansion within the target markets, on a schedule ahead of our original projections," said Charles E. Hughes Charles E. Hughes may refer to:
adj. 1. Almost exact or correct: the approximate time of the accident. 2. six months ahead of schedule. We're we're Contraction of we are. we're we are very pleased with the response to the high degree of 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. services, as demonstrated by the growth in loans and deposits this year." Total outstanding loans increased 43% to $96.1 million at June 30, 1999, from $67.3 million at December December: see month. 31, 1998, while total deposits increased 44% to $93.0 million at June 30, 1999, from $64.6 million at December 31, 1998. The provision for loan losses increased to $200,000 for the second quarter in 1999 compared with $15,000 for the same quarter in 1998. For the six months ended June 30, 1999, the provision for loan losses increased to $265,000 from $30,000 for the six-month period ended June 30, 1998. The increase for both periods is primarily based on the Company's increase in loans outstanding. In the fourth quarter of 1998, management determined that a specific reserve should be established for an impaired See assistive technology. loan in the amount of $575,000. This loan was charged against the Allowance for Loan Losses in the second quarter of 1999. Net interest income increased 195% to $1.5 million for the second quarter of 1999 from $520,000 for the same quarter in 1998. For the six months ended June 30, 1999, net interest income increased 185% to $2.8 million from $992,000 for the six months ended June 30, 1998. Non-interest income increased 33% to $154,000 for the second quarter from $116,000 for the same quarter in 1998. For the six months ended June 30, 1999, non-interest income was $270,000 compared with $268,000 for the comparable period in 1998. This increase is attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to increases in service charge fee income and gain on sale of securities. Non-interest expense increased 229% to $2.1 million for the second quarter in 1999, from $629,000 for the same quarter in 1998. Non-interest expense increased 227% to $3.8 million for the six-month period ended June 30, 1998, from $1.2 million for the six-month period ended June 30, 1998. The increase in non-interest expense is attributable primarily to nonrecurring Non`re`cur´ring a. 1. Nonrecurrent; as, the costs of a layoff are considered as a nonrecurring expense s>. expenses related to the relocation RELOCATION, Scotch law, contracts. To let again to renew a lease, is called a relocation. 2. When a tenant holds over after the expiration of his lease, with the consent of his landlord, this will amount to a relocation. of corporate offices and the Jacksonville banking office; the opening of the 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. office (Florida Bank of Alachua County), and the future opening of the Pinellas and Broward county offices. 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, through its banking subsidiary, Florida Bank, NA, emphasizes responsive and personalized 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. 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. -0-
FLORIDA BANKS, INC.
CONDENSED STATEMENTS OF OPERATIONS (Unaudited)
------------------------------------------------------------------------
-------------
Three Month Period Ended Six Month Period Ended
June 30, June 30,
---------------------- ----------------------
1999 1998 1999 1998
---------- ---------- ---------- ----------
INTEREST INCOME:
Loans, including fees $1,983,178 $ 868,882 $3,593,639 $1,676,700
Investment securities 288,968 157,580 720,494 320,296
Federal funds sold and
Repurchase Agreements 369,205 81,150 453,979 177,439
---------- ---------- ---------- ----------
Total interest income 2,641,351 1,107,612 4,768,112 2,174,435
---------- ---------- ---------- ----------
INTEREST EXPENSE:
Deposits 909,069 506,112 1,609,433 1,015,598
Repurchase agreements 189,749 59,030 302,479 119,732
Borrowed funds 12,060 22,853 31,169 47,568
---------- ---------- ---------- ----------
Total interest expense 1,110,878 587,995 1,943,081 1,182,898
---------- ---------- ---------- ----------
NET INTEREST INCOME 1,530,473 519,617 2,825,031 991,537
PROVISION FOR LOAN LOSSES 200,000 15,000 265,000 30,000
---------- ---------- ---------- ----------
NET INTEREST INCOME
AFTER PROVISION FOR
LOAN LOSSES 1,330,473 504,617 2,560,031 961,537
---------- ---------- ---------- ----------
NONINTEREST INCOME:
Service fees 102,376 91,276 199,411 186,239
Gain on sale of loans 19,709
Gain on sale of securities 31,729 31,729 8,197
Other noninterest income 19,893 24,314 38,562 53,677
---------- ---------- ---------- ----------
153,998 115,590 269,702 267,822
---------- ---------- ---------- ----------
NONINTEREST EXPENSES:
Salaries and benefits 1,341,879 335,017 2,483,561 634,887
Occupancy and equipment 199,758 87,735 346,695 163,445
Data processing 51,451 23,774 91,448 49,239
Other 472,746 182,066 851,529 306,649
---------- ---------- ---------- ----------
2,065,834 628,592 3,773,233 1,154,220
---------- ---------- ---------- ----------
(LOSS) INCOME BEFORE
(BENEFIT) PROVISION
FOR INCOME TAXES (581,363) (8,385) (943,500) 75,139
(BENEFIT) PROVISION FOR
INCOME TAX EXPENSES (221,176) (3,180) (358,558) 28,550
---------- ---------- ---------- ----------
NET(LOSS) INCOME $ (360,187) $ (5,205) $ (584,942) $ 46,589
========== ========== ========== ==========
(LOSS) EARNINGS PER SHARE:
Basic $ (0.06) $ 0.00 $ (0.10) $ 0.04
========== ========== ========== ==========
Diluted N/A $ 0.00 N/A $ 0.03
========== ==========
FLORIDA BANKS, INC.
CONDENSED BALANCE SHEETS (Unaudited)
------------------------------------------------------------------------
June 30, December 31,
1999 1998
ASSETS
CASH AND DUE FROM BANKS $ 5,724,853 $ 4,295,139
FEDERAL FUNDS SOLD AND REPURCHASE
AGREEMENTS PURCHASED 16,316,248 16,650,000
------------ ------------
Total cash and cash equivalents 22,041,101 20,945,139
INVESTMENT SECURITIES:
Available for sale, at fair value
(cost $27,432,671 and $21,968,826
at June 30, 1999 and December 31,
1998, respectively) 26,781,149 21,949,929
Other investments 738,650 291,850
LOANS:
Commercial real estate 42,173,230 25,325,557
Commercial 40,348,923 33,103,488
Residential mortgage 7,487,224 6,046,666
Consumer 4,962,889 2,020,954
Credit card and other loans 1,158,776 796,120
------------ ------------
Total loans 96,131,042 67,292,785
Allowance for loan losses (762,547) (1,073,346)
Net deferred loan fees (193,787) (162,334)
------------ ------------
Net loans 95,174,708 66,057,105
PREMISES AND EQUIPMENT, NET 1,481,680 822,283
ACCRUED INTEREST RECEIVABLE 662,460 478,700
DEFERRED INCOME TAXES, NET 3,500,094 2,893,078
OTHER ASSETS 200,895 128,086
------------ ------------
TOTAL ASSETS $150,580,737 $113,566,170
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
DEPOSITS:
Noninterest-bearing demand $ 18,710,502 $ 11,840,430
Interest-bearing demand 4,909,805 3,913,509
Regular savings 22,281,786 17,910,355
Money market accounts 1,670,336 1,340,779
Time $100,000 and over 16,434,500 9,549,263
Other time 28,963,285 20,066,271
------------ ------------
Total deposits 92,970,214 64,620,607
REPURCHASE AGREEMENTS SOLD 12,843,750 5,668,664
OTHER BORROWED FUNDS 2,397,753 49,813
ACCRUED INTEREST PAYABLE 306,958 218,897
ACCOUNTS PAYABLE AND ACCRUED EXPENSES 443,988 420,340
------------ ------------
Total liabilities 108,962,663 70,978,321
------------ ------------
SHAREHOLDERS' EQUITY:
Common stock, $.01 par value;
30,000,000 shares authorized;
5,853,756 and 5,852,756 shares
outstanding 58,538 58,528
Additional paid-in capital 46,219,104 46,209,114
Warrants 164,832 164,832
Retained earnings
(accumulated deficit)
(deficit of $8,434,037
eliminated upon
quasi-reorganization on
December 31, 1995) (4,417,850) (3,832,909)
Accumulated other comprehensive
loss, net of tax (406,550) (11,716)
------------ ------------
Total shareholders' equity 41,618,074 42,587,849
------------ ------------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $150,580,737 $113,566,170
============ ============
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