FFLC Fflc Bancorp - Common Stock (MM)

FFLC Bancorp, Inc., Announces Record Net Income for the 2nd Quarter, Assets Surpass $1 Billion and Declares Quarterly Dividend LEESBURG, Fla., July 9 /PRNewswire-FirstCall/ -- FFLC Bancorp, Inc. (NASDAQ:FFLC), the holding company for First Federal Savings Bank of Lake County, reported net income of $2.4 million for the quarter ended June 30, 2004, compared to $2.4 million earned for the quarter ended June 30, 2003 and $2.3 million for the quarter ended March 31, 2004. Total assets grew to $1.0 billion at June 30, 2004 from $947.9 million at December 31, 2003. On a per share basis, basic income was $.45 per share for the quarter ended June 30, 2004, compared to $.44 per share for the quarter ended June 30, 2003, and $.42 per share for the quarter ended March 31, 2004. Net income per share on a diluted basis was $.44 for the quarter ended June 30, 2004, compared to $.43 for the 2003 quarter, and $.41 per share for the quarter ended March 31, 2004. The quarter ended June 30, 2004, was the most profitable in the Company's history. Net income for the six months ended June 30, 2004 was $4.7 million, compared to $4.7 million for the first six months of 2003. On a per share basis, basic income was $.87 per share for the six months ended June 30, 2004 compared to $.88 per share in 2003. On a diluted basis, net income per share was $.85 for the six months ended June 30, 2004, compared to $.86 for the 2003 period. Net interest income after provision for loan losses increased 11% to $7.3 million for the quarter ended June 30, 2004 compared to $6.6 million for the 2003 quarter. That increase resulted primarily from a $647,000 decrease in interest expense. The decrease in interest expense was due primarily to a 43 basis point decline in the annual cost of interest-bearing liabilities from 3.06% for the 2003 quarter to 2.63% for the 2004 quarter. That decline was partially offset by a $38.4 million increase in average interest-bearing liabilities outstanding during the 2004 quarter when compared to the 2003 quarter. Noninterest expense increased $411,000 or 10% for the quarter ended June 30, 2004, compared to the 2003 period and increased $107,000 or 2.3% compared to the quarter ended March 31, 2004. Those increases were primarily the result of the growth of the Company and corresponding increases in salaries and employee benefits and data processing expenses. Stockholders' equity increased to $80.5 million at June 30, 2004, from $78.9 million at March 31, 2004. Book value per share increased to $14.92 at June 30, 2004, from $14.62 at March 31, 2004. President Steve Kurtz noted that the Company reached three important milestones during 2004. "We are celebrating the 70th anniversary of the founding of the Bank, the 10th anniversary of becoming a NASDAQ-listed stock company, and we reached total assets in excess of $1.0 billion. While each of those is a remarkable milestone in itself, the combination is a tribute to the quality and commitment of the First Federal team. Our directors, officers and staff are dedicated to serving our communities, and we have been blessed with many loyal and supportive customers." NEW BRANCH OFFICE The Bank opened the new Villages-466 branch in The Villages area of Sumter County during the second quarter of 2004, bringing the number of full-service banking facilities to sixteen, serving Lake, Sumter, Citrus and Marion Counties, Florida. DIVIDEND On July 7, 2004, the Board of Directors declared a cash dividend of $.13 per share on the common stock, payable August 2, 2004 to shareholders of record at the close of business on July 19, 2004. First Federal Savings Bank of Lake County conducts business in Lake, Sumter, Citrus and Marion Counties, Florida, through a network of sixteen branch offices. The stock of FFLC Bancorp, Inc. is quoted on the Nasdaq National Market System under the symbol "FFLC". First Federal's web site is located at http://www.1stfederal.com/. FFLC Bancorp, Inc.'s SEC filings, press releases and other supplemental information are available at the web site, in the "FFLC Bancorp" section. SELECTED FINANCIAL DATA ($ in thousands, except per share amounts) SELECTED BALANCE SHEET DATA At June 30 At December 31 2004 2003 Total assets $1,010,995 $947,914 Deposits $740,247 $705,589 Total gross loans receivable $877,240 $797,351 Allowance for loan losses $5,891 $5,490 Total stockholders' equity $80,489 $77,356 Shares outstanding 5,396,179 5,397,154 Market price per share $25.14 $28.75 Book value per share $14.92 $14.33 Nonperforming loans $5,651 $5,287 Nonperforming assets $6,802 $6,168 Equity as a percentage of total assets 7.96% 8.16% Interest-earning assets to interest-bearing liabilities 1.07 1.07 ASSET QUALITY RATIOS At June 30 At December 31 2004 2003 Nonperforming assets to total assets 0.67% 0.65% Nonperforming loans to total loans 0.64% 0.66% Allowance for loan losses to nonperforming loans 104.25% 103.84% Allowance for loan losses to nonperforming assets 86.61% 89.01% Allowance for loan losses to total gross loans receivable 0.67% 0.69% SELECTED INCOME AND OTHER DATA For the six months ended June 30, 2004 2003 Net interest income before provision for loan losses $15,269 $14,047 Provision for loan losses $733 $794 Ratio of net charge-offs to average loans 0.08% 0.15% Net income $4,678 $4,720 Basic net income per share $0.87 $0.88 Diluted net income per share $0.85 $0.86 Total gross loans originated by department: * Residential $88,425 $96,591 Commercial $81,107 $52,936 Consumer $60,638 $47,247 $230,170 $196,774 * - Includes undisbursed amounts of construction loans and lines of credit. PERFORMANCE RATIOS (1) For the six months ended June 30, 2004 2003 Return on average assets 0.96% 1.01% Return on average equity 11.80% 12.87% Average equity to average assets 8.11% 7.86% Noninterest expense to average assets 1.89% 1.80% Net interest spread 3.18% 3.00% Net interest margin 3.35% 3.19% Operating efficiency ratio 52.84% 50.02% (1) Ratios are annualized FFLC Bancorp, Inc. Consolidated Balance Sheets ($ in thousands, except per share amounts) At June 30 At December 31 Assets 2004 2003 Cash and due from banks $36,129 $35,072 Interest-earning deposits 17,160 27,088 Cash and cash equivalents 53,289 62,160 Securities available for sale, at market 73,126 82,137 Loans, net of allowance for loan losses of $5,891 in 2004 and $5,490 in 2003 842,423 767,987 Accrued interest receivable 3,759 3,849 Foreclosed assets 1,151 881 Premises and equipment, net 22,879 21,448 Federal Home Loan Bank stock, at cost 7,650 6,900 Deferred income taxes 1,340 1,134 Other assets 5,378 1,418 Total $1,010,995 $947,914 Liabilities and Stockholders' Equity Liabilities: Non-interest bearing demand deposits $39,953 $31,481 NOW and money-market accounts 180,025 161,527 Savings accounts 28,344 26,636 Certificates 491,925 485,945 Total deposits 740,247 705,589 Advances from Federal Home Loan Bank 153,000 133,000 Other borrowed funds 17,242 17,786 Junior subordinated debentures 5,155 5,155 Accrued expenses and other liabilities 14,862 9,028 Total liabilities 930,506 870,558 Stockholders' Equity: Preferred stock, $.01 par value, 1,000,000 shares authorized, none outstanding 0 0 Common stock, $.01 par value, 15,000,000 shares authorized, 6,398,202 in 2004 and 6,397,202 in 2003, shares issued 64 64 Additional paid-in-capital 32,160 31,837 Retained income 68,346 65,071 Accumulated other comprehensive income, net of taxes (118) 297 Treasury stock, at cost (1,002,023 shares in 2004 and 1,000,048 shares in 2003) (19,963) (19,913) Total stockholders' equity 80,489 77,356 Total $1,010,995 $947,914 FFLC Bancorp, Inc. Consolidated Statements of Income and Comprehensive Income ($ in thousands, except per share amounts) For the three months For the six months ended June 30, ended June 30, 2004 2003 2004 2003 Interest Income: Loans $12,704 $12,590 $25,196 $25,312 Securities 566 537 1,169 1,125 Other interest-earning assets 119 202 244 469 Total interest income 13,389 13,329 26,609 26,906 Interest Expense: Deposits 3,697 4,230 7,433 8,645 Borrowed funds 1,973 2,087 3,907 4,214 Total interest expense 5,670 6,317 11,340 12,859 Net interest income 7,719 7,012 15,269 14,047 Provision for loan losses 394 388 733 794 Net interest income after provision for loan losses 7,325 6,624 14,536 13,253 Noninterest Income: Deposit account fees 356 255 615 486 Other service charges and fees 565 702 1,015 1,286 Net gain on sales of loans held for sale 130 359 280 630 Other 191 116 310 313 Total noninterest income 1,242 1,432 2,220 2,715 Noninterest Expense: Salaries and employee benefits 2,648 2,500 5,308 4,946 Occupancy expense 718 702 1,420 1,350 Data processing expense 389 280 780 553 Professional services 138 120 270 223 Advertising and promotion 189 116 353 253 Other 592 545 1,110 1,060 Total noninterest expense 4,674 4,263 9,241 8,385 Income before income taxes 3,893 3,793 7,515 7,583 Income taxes 1,479 1,427 2,837 2,863 Net Income $2,414 $2,366 $4,678 $4,720 Basic income per share $0.45 $0.44 $0.87 $0.88 Diluted income per share $0.44 $0.43 $0.85 $0.86 Dividends per share $0.13 $0.10 $0.26 $0.20 Comprehensive income * $1,985 $2,310 $4,263 $4,568 Weighted average number of shares outstanding for Basic 5,396,185 5,385,407 5,395,344 5,380,428 Weighted average number of shares outstanding for Diluted 5,482,649 5,483,407 5,484,720 5,480,746 * Includes net income and change in unrealized gain (loss) on securities available for sale and derivative instruments. DATASOURCE: FFLC Bancorp, Inc. CONTACT: Stephen T. Kurtz, President & CEO, FFLC Bancorp, Inc., +1-352-787-3311, or fax, +1-352-787-7206 Web site: http://www.1stfederal.com/

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