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F.F.O. FINANCIAL GROUP, INC. REPORTS FIRST QUARTER PROFIT

 ST. CLOUD, Fla., April 20 /PRNewswire/ -- F.F.O. Financial Group, Inc. (NASDAQ: FFFG), a Florida-based unitary savings and loan holding company, today announced net income of $352,000, or $0.16 per share, for the quarter ended March 31, 1993. The company reported a net profit of $100,000, or $0.05 per share, for the same period in 1992.
 Net interest income decreased $508,000 or 17.9 percent for the first quarter of 1993 compared to the similar period in 1992. The provision for loan losses was $321,000 for the three months ended March 31, 1993, compared to $134,000 for the three months ended March 31, 1992. Net interest income after the provision for loan losses decreased $694,000 or 25.7 percent during the first quarter of 1993, compared to the first quarter of 1992.
 Other income for the three month period ended March 31, 1993 increased $112,000 or 12.5 percent, compared to the same period in 1992. Other expenses decreased by $785,000 or 22.8 percent for the three month period ended March 31, 1993, compared to the similar period in 1992.
 First quarter results for 1993 continued to reflect the impact of the company's non-earning assets. Net nonperforming assets from lending activities, consisting of nonaccrual loans, troubled debt restructurings, real estate in judgment and real estate owned, were $45.8 million at March 31, 1993, compared to $44.7 million at Dec. 31, 1992 and represented 16.7 percent and 14.5 percent of total assets at such respective dates. The allowance for loan and REO losses totaled $9.6 million at March 31, 1993, compared to $10.2 million at Dec. 31, 1992.
 Total stockholders' equity as of March 31, 1993 was $9.1 million or $4.16 per share, compared to $8.7 million or $4.00 per share at Dec. 31, 1992. Total assets were $275.0 million at March 31, 1993 compared to $308.9 million at Dec. 31, 1992. Shares outstanding at each of those dates totaled 2,180,000.
 The company's primary subsidiary, First Federal Savings and Loan Association of Osceola County ("First Federal"), is a federally chartered savings and loan association which operates 12 full-service branches in Central Florida. As previously reported, First Federal entered into an agreement on March 15, 1993 to sell the deposits of its two Orange County branches (located in Winter Garden and Ocoee) to SunBank, N.A. The sale is subject to regulatory approval.
 At March 31, 1993, First Federal met and exceeded the tangible and core capital ratios required by Federal Regulations. First Federal did not meet the required risk-based capital ratio. First Federal reported tangible and core capital ratios of 3.30 percent at March 31, 1993, compared to 2.82 percent at Dec. 31, 1992. The minimum tangible capital requirement at each of those dates was 1.5 percent, and the minimum core capital requirement at such dates was 3.0 percent. First Federal reported risk-based capital of 5.81 percent at March 31, 1993, compared to 5.43 percent at Dec. 31, 1992. The minimum risk-based capital requirement was 8.0 percent at each of those dates.
 Under terms of a Capital Directive issued by the Office of Thrift Supervision, First Federal was required to meet all of its applicable regulatory capital requirements by March 31, 1993. The failure to comply with such requirement permits the OTS to exercise a variety of extraordinary constraints and actions as outlined in the Capital Directive dated Jan. 14, 1993, the terms of which have been previously disclosed. The company cannot currently predict the effect that such failure may have.
 James B. Davis, chairman, president and CEO stated, "We are continuing our efforts to recapitalize the company and achieve full compliance with all three federal capital requirements."
 F.F.O FINANCIAL GROUP, INC.
 CONSOLIDATED STATEMENTS OF INCOME
 (unaudited)
 THREE MONTHS ENDED
 MARCH 31,
 1993 1992
 INTEREST INCOME
 Interest and fees on loans $4,639,972 $6,679,890
 Mortgage-backed securities --- 3,869
 Investments 120,946 168,195
 Other 117,981 315,557
 Total 4,878,899 7,167,511
 INTEREST EXPENSE
 Deposits 2,479,743 3,972,957
 Borrowings 73,531 360,897
 Total 2,553,274 4,333,854
 Net Interest Income 2,325,625 2,833,657
 Provision for loan losses 320,532 134,197
 Net Interest Income After
 Provision for Loan Losses 2,005,093 2,699,460
 OTHER INCOME
 Loan origination and
 other loan fees 69,059 82,728
 Loan servicing fees 83,814 81,540
 Service charges on deposit
 accounts 376,056 354,803
 Gain (loss) on sale of
 investments 55,855 33,759
 Gain on sale of loans 329,128 268,745
 Other 91,932 72,425
 Total 1,005,844 894,000
 OTHER EXPENSES
 Employee compensation and
 benefits 1,072,059 1,290,032
 Occupancy and equipment 506,357 606,010
 FDIC insurance premiums 204,150 188,700
 Marketing and advertising --- 100,283
 Data processing 74,709 193,009
 Legal fees 168,189 94,120
 Real estate owned expense 77,455 173,267
 Loss on sale of office property 166,470 ---
 Other 390,017 798,872
 Total 2,659,406 3,444,293
 INCOME (LOSS) BEFORE
 INCOME TAXES 351,531 149,167
 Provision (Credit) for Income
 Taxes --- 48,706
 Net Income (Loss) Before
 Cumulative Effect of a Change
 in Accounting Principle 351,531 100,461
 Cumulative effect on prior years
 of adopting FAS 109 --- ---
 Net Income $351,531 $ 100,461
 -0- 4/20/93
 /CONTACT: Phyllis A. Elam, chief financial officer of F.F.O. Financial Group, Inc., 407-957-7421/
 (FFFG)


CO: F.F.O. Financial Group, Inc. ST: Florida IN: FIN SU: ERN

JB-AW -- FL016 -- 8300 04/20/93 16:48 EDT
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Date:Apr 20, 1993
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