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F.F.O. FINANCIAL GROUP, INC. REPORTS THIRD QUARTER AND YEAR TO DATE RESULTS AND TERMINATION OF CAPITAL DIRECTIVE AND WRITTEN AGREEMENT

 ST. CLOUD, Fla., Oct. 29 /PRNewswire/ -- F.F.O. Financial Group, Inc. (NASDAQ: FFFG), a Florida-based unitary savings and loan holding company, today reported a net loss of $1.1 million or $0.46 per share for the three months ended Sept. 30, 1993, compared to a net loss of $3.1 million or $1.41 per share for the three months ended Sept. 30, 1992.
 For the first nine months of 1993, the company reported a net loss of $366,000 or $0.16 per share, compared to a net loss of $4.6 million or $2.13 per share for the nine months ended Sept. 30, 1992.
 The company's net interest income decreased $150,000 or 6.4 percent for the third quarter of 1993 compared to the same period in 1992, and decreased $750,000 or 9.3 percent for the nine months ended Sept. 30, 1993 compared to the first nine months of 1992.
 The provision for loan losses decreased $1.7 million for the third quarter of 1993 compared to the same period in 1992, and decreased $3.5 million for the nine months ended Sept. 30, 1993 compared to the first nine months of 1992.
 Other income for the nine month period ended Sept. 30, 1993 decreased $141,000 or 17.3 percent compared to the same period in 1992, and decreased $352,000 or 12.6 percent during the nine months ended Sept. 30, 1993, compared to the same period in 1992.
 Other expenses decreased $739,000 or 23.2 percent for the three month period ended Sept. 30, 1993, compared to the same period in 1992. Other expenses decreased $2.0 million or 20.4 percent for the nine month period ended Sept. 30, 1993, compared to the first nine months of 1992.
 Third quarter results for 1993 continued to reflect the impact of the company's non-earning assets. Net non-performing assets from lending activities, consisting of non-accrual loans, troubled debt restructurings, real estate in judgment and real estate owned, totaled $35.1 million at Sept. 30, 1993, compared to $44.7 million at Dec. 31, 1992 and represented 13.9 percent and 14.5 percent of total assets at such respective dates. The allowance for loan and REO losses totaled $8.7 million at Sept. 30, 1993, compared to $10.2 million at Dec. 31, 1992.
 The company reported total assets of $251.5 million as of Sept. 30, 1993 compared to $308.9 million at Dec. 31, 1992. The company reported total stockholders' equity of $13.6 million or $1.89 per share at Sept. 30, 1993, compared to $8.7 million or $4.00 per share at Dec. 31, 1992. There were 7,180,000 and 2,180,000 shares outstanding at each such respective dates.
 As previously announced, in Sept. 1993 the company sold 5.0 million newly-issued shares of the company's common stock at a cash purchase price of $1.10 per share, or an aggregate of $5.5 million. The net proceeds of the sale were invested in the capital of the company's wholly owned subsidiary, First Federal Savings and Loan Association of Osceola County (First Federal), bringing First Federal into compliance with all three regulatory capital requirements.
 With the new capital infusion, First Federal reported tangible and core capital of $13.6 million or 5.39 percent of total assets at Sept. 30, 1993, compared to regulatory requirements of 1.5 percent and 3.0 percent, respectively. Risk-based capital was $15.6 million or 8.96 percent of total risk-weighted assets at Sept. 30, 1993, compared to the regulatory requirement of 8.0 percent.
 Based upon First Federal's return to full capital compliance, the Office of Thrift Supervision (OTS) has terminated the Capital Directive which was issued in January of this year, as well as the Written agreement under which First Federal has been operating since October 1990.
 James B. Davis, president and chief executive officer, said: "With our new capital position the company has the foundation to regain its leadership position in our market area. The new products we are introducing this month reflect our confidence in the future."
 F.F.O. FINANCIAL GROUP, INC.
 CONSOLIDATED STATEMENTS OF INCOME
 (unaudited)
 Three Months Ended Nine Months Ended
 Sept. 30, Sept. 30,
 1993 1992 1993 1992
 INTEREST INCOME
 Interest and
 fees on loans $ 4,240,819 $5,324,488 $13,762,704 $18,277,666
 Mortgage-backed
 securities --- --- --- 3,869
 Investments 44,711 162,906 216,156 498,404
 Other 109,334 229,978 354,685 841,289
 Total 4,394,864 5,717,372 14,333,545 19,621,228
 INTEREST EXPENSE
 Deposits 2,053,767 3,159,808 6,774,855 10,647,428
 Borrowings 124,833 190,969 247,245 912,763
 Total 2,178,600 3,350,777 7,022,100 11,560,191
 Net Interest
 Income 2,216,264 2,366,595 7,311,445 8,061,037
 Provision for
 loan losses 1,539,856 3,242,831 2,293,574 5,772,831
 Net Interest Income
 (loss) After Provision
 for Loan Losses 676,408 (876,236) 5,017,871 2,288,206
 OTHER INCOME
 Loan origination
 and other
 loan fees 41,222 81,170 176,607 230,372
 Loan servicing
 fees 85,199 90,955 250,931 282,025
 Service charges on
 deposit accounts 350,520 388,218 1,084,687 1,105,216
 Gain on sale
 of investments --- 1 55,855 33,760
 Gain on sale
 of loans 55,299 205,535 652,607 1,021,012
 Other 139,800 46,783 228,633 128,714
 Total 672,040 812,662 2,449,320 2,801,099
 OTHER EXPENSES
 Employee
 compensation
 and benefits 1,000,214 1,183,215 3,114,971 3,719,229
 Occupancy and
 equipment 469,317 585,068 1,470,977 1,770,239
 FDIC insurance
 premiums 192,975 183,300 601,275 560,700
 Marketing and
 advertising 46,935 75,485 176,264 257,311
 Data processing 142,869 159,465 467,532 525,007
 Legal fees 119,693 121,386 312,803 361,381
 Accounting and
 examination fees 43,300 90,730 94,703 306,813
 Printing and office
 operations 64,395 82,811 198,123 286,474
 Telephone expense 70,648 92,476 214,818 267,516
 Loss on real estate
 operations 96,776 476,035 379,330 896,466
 Other 200,611 136,305 802,025 888,573
 Total 2,447,733 3,186,276 7,832,821 9,839,709
 (LOSS) BEFORE
 INCOME TAXES (1,099,285) (3,249,850) (365,630) (4,750,404)
 Credit for
 Income Taxes --- (186,028) --- (105,011)
 Net (Loss) $(1,099,285)$(3,063,822) $(365,630) $(4,645,393)
 -0- 10/29/92
 /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

JB-RK -- FL011 -- 8726 10/29/93 17:34 EDT
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