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FLORIDA FIRST FEDERAL ANNOUNCES THIRD QUARTER PROFIT

 PANAMA CITY, Fla., Oct. 20 /PRNewswire/ -- Florida First Federal Savings Bank (NASDAQ-NMS: FFPC) announced net income of $420,000 or $.14 per share for the quarter ended Sept. 30, 1993, compared to net income of $251,000 or $.13 per share for the same quarter in 1992. For the nine-month periods ended Sept. 30, 1993 and 1992, the savings bank earned net income of $1.2 million or $.40 per share compared to net income of $674,000 or $.36 per share, respectively.
 The primary reasons for the improvement, when comparing the three and nine-month periods ended Sept. 30, 1993 and 1992, were increased net interest income resulting from reduced interest expense combined with declines in the level of non-performing assets, as well as increased gains on sales of loans originated for sale. These positive results were partially offset by increased operating expenses primarily related to non-recurring charges incurred in the 1993 periods, as well as increased loan production and advertising costs.
 Net non-performing assets, including non-accrual loans, real estate owned ("REO") and troubled debt restructurings ("TDRs"), totaled $10.2 million at Sept. 30, 1993, a decrease of $6.0 million when compared to the total at Dec. 31, 1992 of $16.2 million. At Sept. 30, 1993, net non-earning assets (excluding TDRs and certain REO loans that are performing as agreed) totaled $9.3 million compared to $13.6 million at Dec. 31, 1992. For the quarter and nine months ended Sept. 30, 1993, $143,000 and $842,000, respectively, was provided for estimated losses on interest-earning assets compared to $168,000 and $1.2 million, respectively, for the same periods in 1992. In addition, writedowns on REO amounted to $373,000 and $688,000 for the three and nine months ended Sept. 30, 1993, respectively, compared to $436,000 and $642,000 for the three and nine months ended Sept. 30, 1992, respectively.
 Total assets at Sept. 30, 1993 were $272.8 million compared to $268.8 million at Dec. 31, 1992, while total deposits at Sept. 30, 1993 were $210.8 million compared to $213.1 million at Dec. 31, 1992. Stockholders' equity at Sept. 30, 1993 was $12.7 million or $4.50 per share ($4.23 on a fully diluted basis) compared to $11.5 million at Dec. 31, 1992, or $4.08 per share, reflecting the $1.2 million of net income recorded for the first nine months of 1993.
 At Sept. 30, 1993, the savings bank's regulatory capital exceeded 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 total adjusted asset ratios were 4.6 percent while its risk-based capital to total risk- weighted assets ratio was 10.3 percent. Office of Thrift Supervision 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 total risk-weighted assets.
 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
 (Unaudited)
 (Dollars in Thousands, Except Per Share Amounts)
 Sept. 30, Dec. 31,
 1993 1992
 Total assets $272,797 $268,792
 Loans receivable-net 162,359 168,229
 Mortgage-backed
 securities-net 27,771 23,020
 Investments-net 34,609 29,429
 Real estate owned-net 8,707 12,088
 Loans held for sale 7,425 6,824
 Deposits 210,778 213,062
 FHLB advances and other
 borrowings 45,800 42,10 ? Stockholders' equit y
 12,698 11,515
 Stockholders' equity
 per share 4.50 4.08
 Stockholders' equity
 per share -- fully diluted 4.23 4.08
 Three Months Ended
 Sept. 30, Sept. 30,
 1993 1992
 Interest income $ 4,576 $ 4,887
 Interest expense 2,774 3,267
 Net interest income 1,802 1,620
 Provision for losses on
 interest-earning assets 143 168
 Net interest income after
 provision for losses 1,659 1,452
 Other income 856 685
 Operating expenses 1,635 1,403
 Real estate owned
 expenses-net 413 466
 Income before income taxes
 and extraordinary items 467 268
 Provision for income taxes 14 51
 Income before
 extraordinary items 453 217
 Extraordinary income-
 utilization of net operating
 loss carryforward --- 34
 Extraordinary expense-
 prepayment penalties 33 ---
 Net income $ 420 $ 251
 Earnings Per Share-
 Primary and Fully Diluted:
 Income before
 extraordinary items $ .15 $ .11
 Extraordinary items (.01) .02
 Net income $ .14 $ .13
 Nine Months Ended
 Sept. 30, Sept. 30,
 1993 1992
 Interest income $ 13,882 $ 15,102
 Interest expense 8,492 10,364
 Net interest income 5,390 4,738
 Provision for losses on
 interest-earning assets 842 1,231
 Net interest income after
 provision for losses 4,548 3,507
 Other income 2,327 2,113
 Operating expenses 4,728 4,223
 Real Estate owned
 expenses-net 800 677
 Income before income taxes
 and extraordinary items 1,347 720
 Provision for income taxes 85 256
 Income before
 extraordinary items 1,262 464
 Extraordinary income-
 utilization of net
 operating loss carryforward --- 221
 Extraordinary expense-
 prepayment penalties 79 11
 Net income $ 1,183 $ 674
 Earnings Per Share-
 Primary and Fully Diluted:
 Income before
 extraordinary items $ .42 $ .25
 Extraordinary items (.02) .11
 Net income $ .40 $ .36
 For the Nine For the For the Nine
 Months Ended Year Ended Months Ended
 Sept. 30, 1993 Dec. 31, 1992 Sept. 30, 1992
 Return on average
 assets .60 pct. .37 pct. .35 pct.
 Return on average
 equity 13.14 11.36 10.68
 Equity as
 percentage of
 total assets at
 end of period 4.65 4.28 3.31
 Interest rate
 spread 3.04 2.86 2.90
 Net interest
 margin 2.94 2.66 2.66
 Yields and Rates At
 Sept. 30, 1993 Dec. 31, 1992 Sept. 30, 1992
 Yield on loans 8.14 pct. 8.73 pct. 8.94 pct.
 Yield on investments 4.64 5.99 6.18
 Yield on mortgage-
 backed securities 5.85 5.87 6.59
 Yield on other
 earnings assets 3.32 3.78 3.80
 Yield on total
 earning assets 7.02 7.78 8.00
 Cost of deposits 3.77 4.25 4.60
 Cost of FHLB advances
 and other borrowings 6.68 7.88 7.38
 Cost of deposits
 and borrowings 4.29 4.85 5.14
 Interest rate spread 2.73 2.93 2.86
 -0- 10/20/93
 /CONTACT: Barbara Larrabee Haag, senior vice president, Florida First Federal Savings Bank, 904-872-7047/
 (FFPC)


CO: Florida First Federal Savings Bank ST: Florida IN: FIN SU: ERN

JV-AW -- FL004 -- 4460 10/20/93 10:08 EDT
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Date:Oct 20, 1993
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