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BANCFLORIDA REPORTS FOURTH QUARTER AND FISCAL YEAR END EARNINGS

 NAPLES, Fla., Oct. 21 /PRNewswire/ -- BancFlorida Financial Corporation (NYSE: BFL) (the "company"), whose primary subsidiary is BancFlorida, a Federal Savings Bank (the "bank"), today reported net income of $17.6 million or primary earnings per share of $4.44 ($3.16 fully diluted) for the fiscal year ended Sept. 30, 1993, compared to net income of $11.9 million or primary earnings per share of $2.99 ($2.02 fully diluted) for the same period a year ago. Net income for the fourth quarter of fiscal 1993 was $3.6 million or primary earnings per share of $0.88 ($0.68 fully diluted) compared to net income of $3.4 million or primary earnings per share of $0.85 ($0.55 fully diluted) for the fourth quarter of fiscal 1992.
 In fiscal 1993 the company adopted Statement of Financial Accounting Standards No. 109, which changed the method of accounting for income taxes. The cumulative impact of this change in accounting method was to increase fiscal 1993 net income by $7.3 million or primary earnings per share of $1.98 ($1.25 fully diluted).
 Provisions for losses relating to loans and investments in real estate totaled $9.5 million for fiscal 1993 compared to $13.1 million for fiscal 1992. For the quarter ended Sept. 30, 1993 these same provisions totaled $479,000 compared to $2.5 million for the same period a year ago. The decrease in provisions in fiscal 1993 is attributable to a reduction in the level of classified assets. At Sept. 30, 1993, classified assets totaled $129.2 million or 8.3 percent of total assets compared to $186.2 million or 12.5 percent of total assets at Sept. 30, 1992. This represents a net decrease of $57.0 million or 30.6 percent for the year. Total non-performing assets declined by $32.2 million or 23.9 percent during the fiscal year to $102.7 million. During the quarter ended Sept. 30, 1993, classified assets and non-performing assets declined by $29.1 million and $12.9 million, respectively.
 Earnings for the fiscal years ended Sept. 30, 1993 and 1992 included gains from the sale of loans, mortgage-backed securities and U.S. Treasuries of $6.0 million and $12.0 million, respectively, net of applicable income taxes. These gains were offset by writedowns of $496,000 and $1.2 million, respectively, net of applicable income taxes, due to accelerated prepayment expense on loans which were sold on a servicing retained basis in prior years. Also included in fiscal 1993 were unrealized gains of $414,000, net of applicable income taxes, relating to the fair value adjustment on the bank's trading security portfolio.
 The net cost of real estate operations decreased $7.7 million in fiscal 1993 compared to fiscal 1992 due primarily to increased gains from the sale of real estate owned properties together with increased operating income from additional properties held during the current fiscal year. The net cost of real estate operations decreased $1.7 million in the fourth quarter of fiscal 1993 compared to the fourth quarter of fiscal 1992 due primarily to a decrease in the provision for losses on investments in real estate.
 At Sept. 30, 1993, the bank's tangible, core and total risk-based capital ratios were 5.46 percent, 5.62 percent and 11.44 percent, respectively, which exceeded currently applicable minimum regulatory requirements by $61.1 million, $40.4 million and $29.9 million, respectively. Under the prompt corrective action regulation adopted by the Office of Thrift Supervision effective Dec. 19, 1992, an institution generally is considered "well-capitalized" if the institution has a total risk-based capital ratio of 10 percent or greater, a Tier 1 or core capital to risk-weighted assets ratio of 6 percent or greater, and a leverage ratio of 5 percent or greater. At Sept. 30, 1993, the bank's total risk-based capital, Tier-1 risk-based capital, and leverage ratios were 11.44 percent, 9.97 percent and 5.62 percent, respectively, which exceed the well-capitalized criteria.
 BancFlorida Financial Corporation had total assets of $1.55 billion and a book value per common share of $17.25 at Sept. 30, 1993. The company had outstanding 3,549,870 shares of common stock and 1,138,000 shares of cumulative convertible preferred stock.
 BANCFLORIDA FINANCIAL CORPORATION
 Financial Highlights
 (Dollars in thousands, except share data)
 Three Months Ended Year Ended
 Sept. 30, Sept. 30,
 1993 1992 1993 1992
 Total interest income $ 24,416 $ 26,576 $ 99,106 $112,992
 Total interest expense 16,091 17,766 65,849 77,248
 Net interest income 8,325 8,810 33,257 35,744
 Provision for loan losses 84 710 6,331 9,486
 Net interest income after
 provision for loan losses 8,241 8,100 26,926 26,258
 Other income:
 Gain on sale of loans,
 mortgage backed securities
 & investments 2,430 4,496 9,550 15,596
 Fees and other 3,399 3,266 12,168 11,544
 Total other income 5,829 7,762 21,718 27,140
 Real estate operations,
 net (A) (1,653) 9 (9,051) (1,311)
 General & administrative
 expenses 10,140 11,005 41,021 37,897
 Total other expenses 8,487 11,014 31,970 36,586
 Income before income
 tax expense, extraordinary
 item and cumulative effect
 of accounting change 5,583 4,848 16,674 16,812
 Income tax expense 2,001 1,442 6,388 5,138
 Income before extraordinary
 item and cumulative effect
 of accounting change 3,582 3,406 10,286 11,674
 Extraordinary item, net
 of taxes --- (14)(B) --- 180(C)
 Cumulative effect of
 accounting change (D) --- --- 7,327 ---
 Net income $ 3,582 $ 3,392 $17,613 $11,854
 Primary earnings per share:
 Income before extraordinary
 item and cumulative effect
 of accounting change $ 0.88 $ 0.85 $ 2.46 $ 2.94
 Extraordinary item,
 net of taxes --- --- --- 0.05
 Cumulative effect of
 accounting change --- --- 1.98 ---
 Net Income $ 0.88 $ 0.85 $ 4.44 $ 2.99
 Average common and common
 equivalent shares
 outstanding 3,770,937 3,605,515 3,691,790 3,566,479
 Fully diluted earnings
 per share:
 Income before extraordinary
 item and cumulative effect
 of accounting change $ 0.68 $ 0.55 $ 1.91 $ 1.99
 Extraordinary item, net
 of taxes --- --- --- 0.03
 Cumulative effect of
 accounting change --- --- 1.25 ---
 Net income $ 0.68 $ 0.55 $ 3.16 $ 2.02
 Average shares outstanding 5,633,065 5,882,190 5,867,527 6,323,046
 (A) -- Includes provisions for losses on investments in real estate of $395,000, $1.8 million, $3.1 million and $3.6 million, respectively. Also includes gains from the sales of real estate owned properties of $1.1 million, $252,000, $6.4 million and $252,000 respectively.
 (B) -- Represents prepayment penalty on early repayment of FHLB advances, net of applicable tax.
 (C) -- Represents gain on acquisition of convertible subordinated debentures, net of applicable income tax, less item in (B) above.
 (D) -- Due to adoption of FAS 109 as of Oct. 1, 1992.
 BANCFLORIDA FINANCIAL CORPORATION
 Financial Highlights
 (Dollars in thousands, except share data)
 Three Months Ended Year Ended
 Sept. 30, Sept. 30,
 1993 1992 1993 1992
 Return on average
 assets 0.93 pct. 0.92 pct. 1.16 pct. 0.81 pct.
 Return on average
 equity 19.13 pct. 22.06 pct. 24.58 pct. 20.44 pct.
 General and adminis-
 trative expenses to
 average assets 2.64 pct. 2.97 pct. 2.70 pct. 2.58 pct.
 Yield on earning
 assets 6.83 pct. 7.72 pct. 7.09 pct. 8.27 pct.
 Cost of funds 4.46 pct. 5.06 pct. 4.64 pct. 5.58 pct.
 Net interest spread 2.37 pct. 2.66 pct. 2.45 pct. 2.69 pct.
 Sept. 30, Sept. 30,
 AT THE PERIOD ENDED 1993 1992
 Trading securities $ 17,297 $ ---
 Assets available for sale 403,001 343,506
 Securities held to maturity 220,846 196,139
 Loans receivable, net 718,313 784,971
 Allowance for loan losses 26,701 29,001
 Non-performing assets, net 102,692 134,876
 Classified assets, net 129,158 186,155
 Total assets 1,550,633 1,492,597
 Deposit accounts 1,135,783 1,136,770
 Federal Home Loan Bank advances 273,000 231,000
 Other borrowings 23,334 22,718
 Total stockholders' equity 76,330 63,406
 Cumulative dividends in arrears --- 3,512
 Book value per common share 17.25 12.68
 Stockholders' equity to total assets 4.92 pct. 4.25 pct.
 Bank capital requirements:
 Tangible capital 5.46 pct. 4.50 pct.
 Core capital 5.62 pct. 4.70 pct.
 Risk-based capital 11.44 pct. 8.65 pct.
 -0- 10/21/93
 /CONTACT: J. Michael Holmes of BancFlorida Financial Corporation, 813-597-1611/
 (BFL)


CO: BancFlorida Financial Corporation ST: Florida IN: FIN SU: ERN

RK-SS -- FL004 -- 5075 10/21/93 10:28 EDT
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Date:Oct 21, 1993
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