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FF BANCORP, INC. REPORTS 190 PERCENT INCREASE IN EARNINGS FOR 1992

 NEW SMYRNA BEACH, Fla., Jan. 29 /PRNewswire/ -- FF Bancorp, Inc., (NASDAQ: FFSB) the parent holding company for First Federal Savings Bank of New Smyrna, New Smyrna, Fla. and First Federal Savings Bank of Citrus County, Inverness, Fla. reported today that net earnings for the year ended Dec. 31, 1992 were $5,528,000 million compared to net earnings for year ended Dec. 31, 1991 of $1,906,000, an increase of 190 percent. Earnings per share for 1992 were $4.10 per share which represents a 17.74 percent return on average equity during the year. Consolidated net earnings for the quarter ended Dec. 31, 1992 were $1,670,000 compared to $501,000 for the comparable period in 1991, an increase of 233 percent. Earnings per share for the 1992 period were $1.22 compared to $.43 for the 1991 period. Earnings per share for 1991 include only the earnings of First Federal of New Smyrna from July 1, 1991, the date of its conversion from a mutual to capital stock institution.
 The increase in net earnings for the quarter and the year ended Dec. 31, 1992 was mainly due to an increase in net interest income.
 At Dec. 31, 1992, FF Bancorp had stockholders' equity of $34,716,000 or 6.3 percent of consolidated assets and a book value per share of $26.59. FF Bancorp's subsidiaries, First Federal of New Smyrna and First Federal of Citrus both meet all the fully phased-in capital requirements as mandated by the Financial Institutions Reform, Recovery and Enforcement Act of 1989.
 FF Bancorp's ratio of non-performing loans and real estate owned to total assets was 2.3 percent at Dec. 31, 1992. Seventy-nine percent, of FF Bancorp's non-performing loans and real estate owned consist of single-family residences in FF Bancorp's primary market areas.
 FF Bancorp's goal is to provide hometown banking services, personalized to each of the communities served through its wholly owned and independent thrift subsidiaries. FF Bancorp's branch network includes three full service branches in Volusia County and four full service branches in Citrus County. At Dec. 31, 1992 FF Bancorp had total assets of $548.5 million. The common stock of FF Bancorp is traded in the over-the-counter market and is quoted on the NASDAQ system under the symbol "FFSB."
 FF BANCORP, INC.
 New Smyrna Beach, Fla.
 FINANCIAL HIGHLIGHTS
 (Dollars in thousands, except per share figures)
 (Unaudited)
 At
 Dec. 31, Dec. 31,
 1992 1991
 Total assets $ 548,482 552,573
 Loans receivable, net 339,757 354,259
 Allowance for loan losses 2,583 1,709
 Mortgage-backed securities 82,329 107,643
 Deposit accounts 501,096 517,985
 Borrowed funds 5,000 --
 Stockholders' equity 34,716 28,073
 For the Quarter For the Year
 Ended Ended
 Dec. 31, Dec. 31,
 1992 1991 1992 1991
 Interest income $ 10,470 12,005 43,874 48,063
 Interest expense 5,535 8,511 25,398 36,599
 Net interest income 4,935 3,494 18,476 11,464
 Provision for loan losses 230 270 1,011 859
 Non-interest income 200 309 1,059 1,382
 Non-interest expense 2,398 2,589 9,676 8,908
 Earnings before income taxes 2,507 944 8,848 3,079
 Income taxes 837 443 3,320 1,173
 Net earnings $ 1,670 501 5,528 1,906
 Earnings per share (A) $ 1.22 .43 4.10 .93
 (A) -- Earnings per share during 1991 only include the earnings of First Federal Savings Bank of New Smyrna from July 1, 1991, the date of its conversion from a mutual to stock institution.
 For the Year Ended or At
 Dec. 31, Dec. 31,
 1992 1991
 CERTAIN YIELDS,
 RATES AND RATIOS
 Yield on the loan portfolio (B) 8.70 pct. 9.51 pct.
 Yield on mortgage-backed
 securities (B) 8.20 pct. 8.32 pct.
 Yield on
 investment securities (B) 6.78 pct. 7.51 pct.
 Other interest-earning assets (B) 3.35 pct. 4.89 pct.
 Yield on total earning assets (B) 7.70 pct. 8.74 pct.
 Cost of deposit accounts (B) 4.19 pct. 6.05 pct.
 Cost of borrowed funds (B) 5.54 pct. ---
 Cost of total
 interest-bearing liabilities (B) 4.20 pct. 6.05 pct.
 Interest rate spread (B) 3.50 pct. 2.69 pct.
 Return on average assets
 for the year 1.01 pct. .34 pct.
 Return on average equity
 for the year 17.74 pct. 8.52 pct.
 Equity to total assets,
 end of the year 6.33 pct. 5.08 pct.
 Non-interest expenses to average assets 1.77 pct. 1.62 pct.
 Non-performing loans and real
 estate owned to total assets (B) 2.30 pct. 2.92 pct.
 (B) -- At end of year.
 -0- 1/29/93
 /CONTACT: Tildon W. Smith, executive vice president of FF Bancorp, 904-726-1237/
 (FFSB)


CO: FF Bancorp, Inc.; First Federal Savings Bank of New Smyrna; First
 Federal Savings Bank of Citrus County ST: Florida IN: FIN SU: ERN


JB-JJ -- FL005 -- 0822 01/29/93 14:09 EST
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Date:Jan 29, 1993
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