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FLORIDA FIRST FEDERAL ANNOUNCES PROFIT FOR FISCAL 1992

 PANAMA CITY, Fla., Feb. 25 /PRNewswire/ -- Florida First Federal Savings Bank (NASDAQ-NMS: FFPC) announced that for the year ended Dec. 31, 1992 a profit of $976,000 or $.48 per share was recorded compared to a loss of $2.2 million or $1.16 per share for the same period in 1991. For the quarters ended Dec. 31, 1992 and 1991, the savings bank earned a profit of $302,000 or $.12 per share compared to a loss of $1.1 million or $.62 per share, respectively. The primary reason for the significant improvement in 1992 resulted from increased net interest income due to lower interest expense and declining levels of non-performing assets, as well as increased loan correspondent fees and gains on sales of loans originated for sale.
 Andrew W. Stein, president and chief executive officer, stated that, "1992 was a very eventful year for Florida First Federal. We greatly reduced the level of non-performing assets, we returned to profitable operations, and we recapitalized the savings bank. We are well positioned to serve the retail banking and residential mortgage lending needs of our customers."
 Net non-performing assets, including non-accrual loans, real estate owned ("REO") and troubled debt restructurings ("TDRs"), totaled $16.2 million at Dec. 31, 1992, a substantial decrease of $9.9 million when compared to the total at Dec. 31, 1991 of $26.1 million. At Dec. 31, 1992, net non-earning assets (excluding TDRs which are performing loans) totaled $13.6 million compared to $21.6 million at Dec. 31, 1991. For the year ended Dec. 31, 1992 $1.6 million was provided for estimated losses on interest-earning assets compared to $921,000 for the year ended Dec. 31, 1991. Additionally, writedowns on REO amounted to $711,000 and $1.8 million for the years ended Dec. 31, 1992 and 1991 respectively. Of the $1.6 million provided for loss allowances during 1992, $1.4 million was added to the general loss reserves for estimated valuation adjustments, increasing the total general reserve level at Dec. 31, 1992 to $3.0 million after net charge-offs of $160,000 and transfers of $864,000 to specific loss reserves.
 Improvement was evident in many areas of the savings bank's operations when comparing fiscal 1992 to fiscal 1991. As a result of declines in the average cost of interest-bearing liabilities, net interest income before provisions for losses increased $2.0 million from $4.4 million for the year ended Dec. 31, 1991 to $6.4 million for the year ended Dec. 31, 1992. Other operating income increased by $483,000 from $2.0 million for fiscal 1991 to $2.5 million for fiscal 1992 primarily due to increases in gains on sales of loans originated for sale as well as increased loan correspondent fees. The savings bank's results were also favorably affected by a reduction in REO expenses which decreased $1.3 million from $2.0 million for the year ended Dec. 31, 1991 to $706,000 for the year ended Dec. 31, 1992 due to a $1.1 million decrease in the amount of REO writedowns. Also contributing to the improvement was increased rental income on REO properties as well as decreased expenses due to fewer properties owned.
 Total assets at Dec. 31, 1992 and 1991 totaled $268.8 million ?$265.7 million, respectively, while total deposits were $213.1 million and $203.0 million at Dec. 31, 1992 and 1991 respectively. Stockholders' equity at Dec. 31, 1992 was $11.5 million or $4.08 per share compared to $8.2 million or $4.36 per share at Dec. 31, 1991, reflecting net income of $976,000 as well as net proceeds of $2.4 million from the stock offering completed during the fourth quarter of 1992.
 At Dec. 31, 1992, the savings bank was in compliance with the tangible, core and risk-based capital standards established by the Financial Institutions Reform, Recovery and Enforcement Act of 1989. The savings bank's tangible and core capital to asset ratios were 4.2 percent while its risk-based capital to risk-weighted assets ratio was 9.1 percent. OTS regulations currently require tangible and core capital of 1.5 percent and 3.0 percent, respectively, of total adjusted assets and risk-based capital of 8.0 percent of risk-weighted assets.
 The savings bank received a Capital Directive dated Dec. 12, 1991 from the Office of Thrift Supervision ("OTS") which required the savings bank to raise additional capital by Dec. 31, 1992. Pursuant to the Capital Directive, the savings bank successfully completed a stock offering which resulted in additional capital of $2.4 million. As a result, the savings bank is now in compliance with current regulatory capital requirements and was released from the Capital Directive effective Feb. 19, 1993.
 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)
 Dec. 31, Dec. 31,
 1992 1991
 Total assets $268,792 $265,705
 Loans receivable-net 168,229 177,551
 Mortgage-backed securities 23,020 25,174
 Investment - net 29,429 16,469
 Real estate owned - net 12,088 17,822
 Loans held for sale 6,824 2,914
 Deposits 213,062 203,022
 FHLB advances and other
 borrowings 42,100 52,600
 Stockholders' equity 11,515 8,154
 Stockholders' equity
 per share 4.08 4.36
 Three Months Ended Dec. 31,
 1992 1991
 Interest income $ 4,845 $ 5,438
 Interest expense 3,170 4,110
 Net interest income 1,675 1,328
 Provision for losses on
 interest-earning assets 325 553
 Net interest income after
 provision for losses 1,350 775
 Other income 347 637
 Operating expenses 1,355 1,386
 Real estate owned
 expenses - net 30 1,160
 Income (loss) before income
 taxes and extraordinary item 312 (1,134)
 Provision for income taxes 191 --
 Income (loss) before
 extraordinary item 121 (1,134)
 Extraordinary income -
 utilization of net operating
 loss carryforward 181 ---
 Net income (loss) $ 302 $ (1,134)
 Income (loss) per share
 before extraordinary item $ .05 $ (.62)
 Extraordinary item .07 ---
 Income (loss) per share $ .12 $ (.62)
 Year Ended Dec. 31,
 1992 1991
 Interest income $ 19,946 $ 22,269
 Interest expense 13,534 17,827
 Net interest income 6,412 4,442
 Provision for losses on
 interest-earning assets 1,556 921
 Net interest income after
 provision for losses 4,856 3,521
 Other income 2,460 1,977
 Operating expenses 5,588 5,646
 Real Estate owned expenses -
 net 706 2,011
 Income (loss) before income
 taxes and extraordinary item 1,022 (2,159)
 Provision for income taxes 448 ---
 Income (loss) before
 extraordinary item 574 (2,159)
 Extraordinary income -
 utilization of net
 operating loss carryforward 402 ---
 Net income (loss) $ 976 $ (2,159)
 Income (loss) per share
 before extraordinary item $ .28 $ (1.16)
 Extraordinary item .20 ---
 Income (loss) per share $ .48 $ (1.16)
 For the Year Ended Dec. 31,
 1992 1991
 Return on average assets .37 pct. (.82) pct.
 Return on average equity 11.36 pct. (21.72) pct.
 Equity as percentage of
 total assets at end of
 period 4.28 pct. 3.07 pct.
 Interest rate spread 2.86 pct. 2.34 pct.
 Net interest margin 2.66 pct. 1.89 pct.
 Yields and Rates at Dec. 31,
 1992 1991
 Yield on loans 8.73 pct. 9.73 pct.
 Yield on investments 5.99 pct. 8.92 pct.
 Yield on mortgage-backed
 securities 5.87 pct. 8.09 pct.
 Yield on other earnings
 assets 3.78 pct. 4.82 pct.
 Yield on total earning
 assets 7.78 pct. 9.20 pct.
 Cost of deposits 4.25 pct. 5.83 pct.
 Cost of FHLB advances
 and other borrowings 7.88 pct. 7.65 pct.
 Cost of deposits
 and borrowings 4.85 pct. 6.20 pct.
 Interest rate spread 2.93 pct. 3.00 pct.
 -0- 2/25/93
 /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 -- FL002 -- 0246 02/25/93 08:56 EST
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Date:Feb 25, 1993
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