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

 F.F.O. FINANCIAL GROUP REPORTS FIRST QUARTER PROFIT
 ST. CLOUD, Fla., April 13 /PRNewswire/ -- F.F.O. Financial Group,


Inc. (NASDAQ: FFFG), a Florida-based unitary savings and loan holding company, today announced net income of $100,461, or $0.05 per share, for the quarter ended March 31, 1992.
 The company reported a net loss before the cumulative effect of a change in accounting principle of $149,027, or $0.07 per share, for the same period in 1991.
 After the cumulative effect of a change in accounting for income taxes as a result of the company's adoption in December 1991 of Statement of Financial Accounting Standards Board No. 109, "Accounting for Income Taxes," ("FAS 109") for 1991 financial reporting purposes which was reported by the company as of Jan. 1, 1991, the company's reported net income increased by $1,290,000 and its earnings per share increased by $0.59 for the quarter ended March 31, 1991.
 Net interest income increased $278,000 or 10.9 percent for the first quarter of 1992 compared to the similar period in 1991. The net interest rate spread increased to 3.48 percent for the quarter ended March 31, 1992, compared to 2.90 percent for the quarter one year earlier. The provision for loan losses was $134,000 for the three months ended March 31, 1992, compared to $250,000 for the three months ended March 31, 1991. Net interest income after the provision for loan losses increased $394,000 or 17.1 percent during the first quarter of 1992, compared to the first quarter of 1991.
 Other income for the three month period ended March 31, 1992 decreased $426,000 or 32.3 percent, compared to the same period in 1991, primarily as result of the company's 1991 decision to wind down the operations of its lending subsidiaries, Gulf American Financial Corporation ("GAFC") and Gulf American SBL, Inc. ("Gulf American") and the related sales during 1991 of substantially all of the assets of Gulf American. As a result of the related decline in originating and servicing of SBA loans, loan servicing fees decreased by $223,000 and gains on sale of loans decreased by $207,000 during the quarter ended March 31, 1992, compared to the same period last year.
 Other expenses decreased by $404,000 or 10.5 percent for the three month period ended March 31, 1992, compared to the similar period in 1991. Employee compensation and benefits decreased by $405,000 or 23.9 percent, primarily due to the reduced number of employees in 1992 from 1991, while occupancy and equipment decreased $96,000 or 13.7 percent and marketing and advertising decreased $98,000 or 49.5 percent. Such reductions in expenses were primarily a result of winding down the operations of GAFC and Gulf American. Partially offsetting these decreases in 1992 were increases in legal expenses and other expenses.
 Net income before taxes was $149,000 for the first quarter of 1992 compared to a pre-tax loss of $223,000 in 1991. The provision for income taxes was $49,000 in 1992 compared to a credit of $74,000 for the first three months in 1991.
 First quarter results for 1992 continued to reflect the impact of the company's non-earning assets. Total nonperforming assets from lending activities, consisting of nonaccrual loans, troubled debt restructurings, real estate in judgment and real estate owned, were $46.2 million at March 31, 1992, compared to $34.4 million one year earlier, and represented 12.43 percent and 8.43 percent of total assets at such representative dates. The allowance for loan losses totaled $3.7 million at March 31, 1992, compared to $3.5 million at March 31, 1991. In addition, the allowance for losses on real estate owned was $1.9 million at March 31, 1992, compared to $1.2 million at March 31, 1991.
 Total stockholders' equity as of March 31, 1992 was $18.4 million or $8.42 per share. Shares outstanding at the end of the first quarter of 1992 totaled 2,180,000 and total assets were $356.7 million.
 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. At March 31, 1992, First Federal met and exceeded all applicable federal capital ratios. First Federal reported tangible and core capital ratios of 5.15 percent at March 31, 1992, compared to 4.89 percent at Dec. 31, 1991 and 4.08 percent at March 31, 1991. 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. In addition, First Federal reported risk-based capital of 8.12 percent at March 31, 1992, compared 7.99 percent at Dec. 31, 1991, and 6.80 percent at March 31, 1991. The minimum risk-based capital requirement was 7.20 percent at each of those dates, and is scheduled to increase to 8.00 percent at Dec. 31, 1992.
 F.F.O FINANCIAL GROUP, INC.
 CONSOLIDATED STATEMENTS OF INCOME
 (unaudited)
 THREE MONTHS ENDED
 MARCH 31,
 1992 1991
 INTEREST INCOME
 Interest and fees on loans $6,679,890 $8,082,520
 Mortgage-backed securities 3,869 439,666
 Investments 168,195 303,375
 Other 315,557 488,592
 Total 7,167,511 9,314,153
 INTEREST EXPENSE
 Deposits 3,972,957 5,893,265
 Borrowings 360,897 864,861
 Total 4,333,854 6,758,126
 Net Interest Income 2,833,657 2,556,027
 Provision for loan losses 134,197 250,136
 Net Interest Income After
 Provision for Loan Losses 2,699,460 2,305,891
 OTHER INCOME
 Loan origination and
 other loan fees 82,728 158,479
 Loan servicing fees 81,540 304,289
 Service charges on deposit
 accounts 354,803 343,675
 Gain (loss) on sale of
 investments 33,759 --
 Gain on sale of loans 268,745 475,657
 Other 72,425 37,548
 Total 894,000 1,319,648
 OTHER EXPENSES
 Employee compensation and
 benefits 1,290,032 1,695,217
 Occupancy and equipment 606,010 702,102
 FDIC insurance premiums 188,700 204,825
 Goodwill amortization -- 11,850
 Marketing and advertising 100,283 198,557
 Data processing 193,009 190,167
 Legal fees 94,120 44,436
 Real estate owned expense 173,267 169,223
 Loss on sale of office property -- 307
 Other 798,872 631,554
 Total 3,444,293 3,848,238
 INCOME (LOSS) BEFORE
 INCOME TAXES 149,167 (222,699)
 Provision (Credit) for Income
 Taxes 48,706 (73,672)
 Net Income (Loss) Before
 Cumulative Effect of a Change
 in Accounting Principle 100,461 (149,027)
 Cumulative effect on prior years
 of adopting FAS 109 -- 1,290,000
 Net Income $100,461 $1,140,973
 -0- 4/13/92
 /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


AW-JB -- FL013 -- 7778 04/13/92 12:44 EDT
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