Printer Friendly

FLORIDA FIRST FEDERAL ANNOUNCED THIRD QUARTER PROFIT

 FLORIDA FIRST FEDERAL ANNOUNCED THIRD QUARTER PROFIT
 PANAMA CITY, Fla., Oct. 15 /PRNewswire/ -- Florida First Federal


Savings Bank (NASDAQ-NMS: FFPC) announced that for the quarter ended Sept. 30, 1992, a profit of $251,000 or $.13 per share was recorded compared to a loss of $399,000 or $.21 per share for the same quarter in 1991. For the nine-month periods ended Sept. 30, 1992 and 1991, the savings bank earned a profit of $674,000 or $.36 per share compared to a loss of $1.0 million or $.55 per share, respectively. The primary reason for the significant improvement, when comparing the three and nine-month periods ended Sept. 30, 1992 and 1991, is the substantial increase in the net interest margin resulting from declining cost of funds as well as the reduction in the amount of non-performing assets.
 Andrew W. Stein, president and chief executive officer, stated that, "1992 is a pivotal year for the savings bank. We have posted three successive quarters of increased profits while still providing significant amounts for potential asset valuation adjustments in our portfolio. We have made substantial reductions in problem assets and are currently involved in recapitalizing the savings bank through a stock rights offering."
 Net non-performing assets, including non-accrual loans, real estate owned ("REO") and troubled debt restructurings ("TDRs"), totaled $18.5 million at Sept. 30, 1992, a substantial decrease of $7.6 million when compared to the total at Dec. 31, 1991 of $26.1 million. At Sept. 30, 1992, net non-earning assets (excluding TDRs which are performing loans) totaled $14.5 million compared to $21.3 million at Dec. 31, 1991. For the quarter ended Sept. 30, 1992, $168,000 was provided for possible losses on interest-earning assets while no provision was established during the quarter ended Sept. 30, 1991. For the nine months ended Sept. 30, 1992, $1.2 million was provided for possible losses on interest-earning assets compared to $368,000 for the nine months ended Sept. 30, 1991. Additionally, writedowns on REO amounted to $436,000 and $642,000 for the three and nine months ended Sept. 30, 1992, respectively, compared to $721,000 for both the three and nine months ended Sept. 30, 1991. Of the $1.9 million provided for loss allowances and REO writedowns for the nine months ended Sept. 30, 1992, $650,000 was unallocated and recorded to the general loss reserves for potential valuation adjustments, bringing the total general reserve levels at Sept. 30, 1992 to almost $2.9 million.
 The savings bank's net interest income during the first nine months of 1992 showed significant improvement due to both the reduced level of non-performing assets as well as decreases in the average cost of deposits due to the general decline in market rates of interest. For the three and nine months ended Sept. 30, 1992, net interest income before provision for losses amounted to $1.6 million and $4.7 million, respectively, compared to $1.2 million and $3.1 million for the same periods in 1991. The savings bank's results were also favorably affected by an increase of $774,000 in other operating income when comparing the first nine months of 1992 to the same period in 1991. The increase in other income primarily resulted from increased gains on sales of loans originated for sale, as well as increased loan correspondent fees.
 As a result of the recent decline in general market interest rates, the savings bank has intensified its scrutiny of interest rate risk and prepayment risks. As a consequence, the decision was made to sell certain investments held by the savings bank totaling $14.2 million when the Federal Reserve reduced the discount rate in July 1992 since management believed this reduction would cause an increase in prepayment risk. The sales resulted in an aggregate net loss of $36,000 which did not have a material effect on the third quarter results.
 Total assets at Sept. 30, 1992, totaled $266.8 million compared to $265.7 million at Dec. 31, 1991, while total deposits at Sept. 30, 1992 were $204.9 million compared to $203.0 million at Dec. 31, 1991. Stockholders' equity at Sept. 30, 1992 was $8.8 million or $4.72 per share compared to $8.2 million at Dec. 31, 1991, or $4.36 per share, reflecting the net profit recorded for the first nine months of 1992.
 The savings bank conducts business through eight full-service offices. Florida First Federal's common shares trade under the symbol "FFPC" on the NASDAQ National Market.
 FLORIDA FIRST FEDERAL SAVINGS BANK
 FINANCIAL HIGHLIGHTS
 (Dollars in Thousands - Except Per Share Amounts)
 Sept. 30, 1992 Dec. 31, 1991
 (Unaudited)
 Total assets $266,770 $265,705
 Loans receivable - net 170,829 177,551
 Investments - net 45,014 41,643
 Real estate owned - net 13,890 17,822
 Loans held for sale 4,324 2,914
 Deposits 204,894 203,022
 FHLB advances and other
 borrowings 49,600 52,600
 Stockholders' equity 8,828 8,154
 Stockholders' equity per
 share 4.72 4.36
 Three Months Ended
 Sept. 30, 1992 Sept. 30, 1991
 (Unaudited)
 Interest income $ 4,887 $ 5,660
 Interest expense 3,267 4,435
 Net interest income 1,620 1,225
 Provision for losses on
 interest-earning assets 168 --
 Net interest income after
 provision for losses 1,452 1,225
 Other income 685 588
 Operating expenses 1,403 1,412
 Real estate owned expenses - net 466 800
 Income (loss) before income
 taxes and extraordinary item 268 (399)
 Provision for income taxes 51 --
 Net income (loss) before
 extraordinary item 217 (399)
 Extraordinary income - net
 operating loss carryforward 34 --
 Net income (loss) $ 251 $ (399)
 Income (loss) per share $ .13 $ (.21)
 Nine Months Ended
 Sept. 30, 1992 Sept. 30, 1991
 (Unaudited)
 Interest income $ 15,102 $ 16,831
 Interest expense 10,364 13,717
 Net interest income 4,738 3,114
 Provision for losses on
 interest-earning assets 1,231 368
 Net interest income after
 provision for losses 3,507 2,746
 Other income 2,113 1,339
 Operating expenses 4,234 4,260
 Real estate owned expenses - net 677 850
 Income (loss) before income taxes
 and extraordinary item 709 (1,025)
 Provision for income taxes 256 ---
 Net income (loss) before
 extraordinary item 453 (1,025)
 Extraordinary income - net
 operating loss carryforward 221 ---
 Net income (loss) $ 674 $ (1,025)
 Income (loss) per share $ .36 $ (.55)
 For the Nine For the For the Nine
 Months Ended Year Ended Months Ended
 Sept. 30, 1992 Dec. 31, 1991 Sept. 30, 1991
 Return on avg. assets 0.35 pct. (0.82) pct. (0.52) pct.
 Return on avg. equity 10.68 pct. (21.72) pct. (13.60) pct.
 Equity as percentage of
 total assets at end
 of period 3.31 pct. 3.07 pct. 3.49 pct.
 Interest rate spread 2.90 pct. 2.34 pct. 2.24 pct.
 Net interest margin 2.66 pct. 1.89 pct. 1.77 pct.
 Yields and Rates At
 Sept. 30, 1992 Dec. 31, 1991 Sept. 30, 1991
 Yield on loans 8.92 pct. 9.73 pct. 9.95 pct.
 Yield on investments 6.35 8.42 8.77
 Yield on other earning
 assets 3.80 4.82 5.83
 Yield on total earning
 assets 8.00 9.20 9.51
 Cost of deposits 4.60 5.83 6.43
 Cost of FHLB advances
 and other borrowings 7.38 7.65 8.82
 Cost of deposits
 and borrowings 5.14 6.20 6.92
 Interest rate spread 2.86 3.00 2.59
 -0- 10/15/92
 /CONTACT: Barbara Larrabee Haag, senior vice president of Florida First Federal Savings Bank, 904-872-7047/
 (FFPC) CO: Florida First Federal Savings Bank ST: Florida IN: FIN SU: ERN


JB-SS -- FL014 -- 0726 10/15/92 18:45 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 15, 1992
Words:1288
Previous Article:VALLEY RESOURCES, INC. ANNOUNCES EARNINGS FOR FISCAL YEAR
Next Article:PLATINUM technology, inc. REPORTS THIRD QUARTER EARNINGS
Topics:


Related Articles
FLORIDA FIRST FEDERAL ANNOUNCES PROFIT FOR SECOND QUARTER 1992
FLORIDA FIRST FEDERAL ANNOUNCES SUCCESSFUL COMPLETION OF STOCK RIGHTS OFFERING
FLORIDA FIRST FEDERAL ANNOUNCES PROFIT FOR FIRST QUARTER 1993
CALIFORNIA FEDERAL BANK SIGNS DEFINITIVE AGREEMENT ON SALE OF SOUTHEAST DIVISION
ESSEX FINANCIAL PARTNERS, L.P. ANNOUNCES APPROVAL OF CAPITAL RESTORATION PLAN AND FIRST QUARTER RESULTS
CSF HOLDINGS' BANK COMPLETES SALE OF ALL OHIO BRANCHES & DEPOSITS; RESULTS IN AFTER TAX EARNINGS INCREASE OF APPROXIMATELY $8.4 MILLION
FLORIDA FIRST FEDERAL ANNOUNCES RELEASE FROM SUPERVISORY AGREEMENT
FIRST FEDERAL REPORTS THIRD QUARTER EARNINGS
FLORIDA FIRST FEDERAL ANNOUNCES THIRD QUARTER PROFIT
FIDELITY FEDERAL DOUBLES QUARTERLY DIVIDEND

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters