FFLC Bancorp, Inc., Announces Increased Income for the 1st Quarter And Declares Quarterly Dividend

Apr 13, 2001, 01:00 ET from FFLC Bancorp, Inc.

    LEESBURG, Fla., April 13 /PRNewswire/ -- FFLC Bancorp, Inc. (Nasdaq:   FFLC)
 the holding company for First Federal Savings Bank of Lake County, reported a
 9% increase in net income to $1.4 million for the quarter ended March 31,
 2001, compared to the $1.3 million earned for the 2000 quarter.
     On a per share basis, basic income per share increased 11% to $.41 for the
 quarter ended March 31, 2001, compared to $.37 per share for the 2000 quarter.
 On a diluted basis, net income per share also increased 11% to $.40 for the
 quarter ended March 31, 2001, compared to $.36 for the 2000 quarter.
     Net interest income after provision for loan losses increased 6% to $4.8
 million in the first quarter of 2001 compared to the 2000 quarter.  That
 increase included a $2.8 million increase in interest income, partially offset
 by a $2.5 million increase in interest expense.  The increase in interest
 income was attributable primarily to a $123.4 million increase in average
 loans and other interest earning assets outstanding during the first quarter
 of 2001 compared to the 2000 quarter.  The increase in interest expense was
 due primarily to a $125.6 million increase in average interest-bearing
 liabilities outstanding during the first quarter of 2001 compared to the 2000
 quarter.
     Noninterest expense increased $207,000 or 8% for the three-month period
 ended March 31, 2001, compared to the 2000 period.  Those increases were
 primarily the result of increases in salaries and employee benefits, occupancy
 expense, advertising and promotion and data processing expense, all of which
 were the result of the overall growth of the Bank.
     Stockholders' equity increased to $60.4 million at March 31, 2001, from
 $59.3 million at December 31, 2000.  Book value per share increased to $17.09
 at March 31, 2001, from $16.78 at December 31, 2000.  During the first quarter
 of 2001, the Company repurchased 8,096 shares under the stock repurchase
 program at a cost of $133,000.
 
     DIVIDEND
     On April 12, 2001, the Board of Directors approved a cash dividend of $.13
 per share on the common stock, payable May 7, 2001, to shareholders of record
 at the close of business on April 23, 2001.  The $.13 per share cash dividend
 approved compares to a dividend of $.12 per share for the first quarter of
 2000, an 8% increase.
     First Federal Savings Bank of Lake County conducts business in Lake,
 Sumter and Citrus Counties, Florida, through a network of twelve 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.
 
     SELECTED FINANCIAL DATA
     ($ in thousands, except per share amounts)
 
     SELECTED BALANCE SHEET DATA              At March 31,   At December 31,
                                                     2001               2000
 
     Total assets                                  $740,535           $711,493
     Deposits                                      $541,026           $518,885
     Total gross loans receivable                  $653,280           $630,438
     Allowance for loan losses                       $3,773             $3,552
     Total stockholders' equity                     $60,420            $59,283
     Shares outstanding                           3,534,590          3,532,561
     Market price per share                        $19.0000           $14.8125
     Book value per share                            $17.09             $16.78
     Nonperforming loans                             $3,529             $2,510
     Nonperforming assets                            $3,652             $2,786
     Equity as a percentage of total
      assets                                          8.16%              8.33%
     Interest-earning assets to interest-
      bearing liabilities                              1.07               1.09
 
 
     ASSET QUALITY RATIOS                       At March 31,    At December 31,
                                                     2001               2000
 
     Nonperforming assets to total assets             0.49%              0.39%
     Nonperforming loans to total loans               0.54%              0.40%
     Allowance for loan losses to
      nonperforming loans                           106.91%            141.51%
     Allowance for loan losses to
      nonperforming assets                          103.31%            127.49%
     Allowance for loan losses to total
      gross loans receivable                          0.58%              0.56%
 
 
 
     SELECTED INCOME DATA                            For the three months
                                                        ended March  31,
                                                      2001               2000
 
     Net interest income before provision
      for loan losses                                $5,058             $4,725
     Provision for loan losses                         $275               $200
     Net income                                      $1,432             $1,317
     Basic net income per share                       $0.41              $0.37
     Diluted net income per share                     $0.40              $0.36
 
 
     PERFORMANCE RATIOS (1)                          For the three months
                                                        ended March  31,
                                                      2001               2000
 
     Return on average assets                         0.79%              0.88%
     Return on average equity                         9.57%              9.38%
     Average equity to average assets                 8.27%              9.42%
     Noninterest expense to average assets            1.64%              1.85%
     Net interest spread                              2.54%              2.89%
     Net interest margin                              2.92%              3.32%
     Operating efficiency ratio                      53.59%             53.74%
 
     (1) Ratios are annualized
 
 
 
 
                               FFLC Bancorp, Inc.
                          Consolidated Balance Sheets
 
                      ($ in thousands, except per amounts)
 
                                                  At March 31, At December 31,
     Assets                                           2001              2000
 
     Cash and due from banks                        $17,554            $16,036
     Interest-bearing deposits                       17,235             14,445
              Cash and cash equivalents              34,789             30,481
 
     Securities available for sale, at
      market                                         42,706             42,717
     Loans receivable, net                          639,590            615,484
     Accrued interest receivable                      3,915              3,750
     Foreclosed real estate                             123                276
     Premises and equipment, net                     12,057             11,490
     Federal Home Loan Bank stock, at cost            6,150              6,150
     Other assets                                     1,205              1,145
 
           Total                                   $740,535           $711,493
 
     Liabilities and Stockholders' Equity
 
     Liabilities:
          Non-interest bearing demand
           deposits                                 $14,124            $13,335
          Interest bearing demand, NOW and
           money-market accounts                     90,627             86,509
          Savings accounts                           19,639             19,143
          Certificates                              416,636            399,898
 
           Total deposits                           541,026            518,885
 
          Advances from Federal Home Loan
           Bank                                     123,000            123,000
          Other borrowed funds                       11,777              6,376
          Accrued expenses and other
           liabilities                                4,312              3,949
 
           Total liabilities                        680,115            652,210
 
     Stockholders' Equity:
          Preferred stock, $.01 par value,
           1,000,000 shares authorized,
           none outstanding                               0                  0
          Common stock, $.01 par value,
           9,000,000 shares authorized,
           4,501,771
            in 2001 and 4,491,646 in 2000,
             shares issued                               45                 45
          Additional paid-in-capital                 31,071             31,010
          Retained income                            48,104             47,132
          Accumulated other comprehensive
           income, net of taxes                         318                 81
          Treasury stock, at cost (967,181
           shares in 2001 and 959,085
           shares in 2000)                          (19,118)           (18,985)
           Total stockholders' equity                60,420             59,283
 
           Total                                   $740,535           $711,493
 
                               FFLC Bancorp, Inc.
                     Consolidated Statements of Income and
                              Comprehensive Income
 
                   ($ in thousands, except per share amounts)
 
                                          For the three months ended March  31,
                                                      2001               2000
     Interest Income:
       Loans receivable                             $12,949            $10,255
       Securities available for sale                    714                572
       Other interest-earning assets                    316                293
         Total interest income                       13,979             11,120
 
     Interest Expense:
       Deposits                                       6,933              4,965
       Other borrowed funds                           1,988              1,430
         Total interest expense                       8,921              6,395
 
 
     Net interest income                              5,058              4,725
 
     Provision for loan losses                          275                200
 
     Net interest income after
         provision for loan losses                    4,783              4,525
 
     Noninterest Income:
       Deposit account fees                             217                171
       Other service charges and fees                   203                182
       Other                                             51                 50
         Total noninterest income                       471                403
 
     Noninterest Expense:
       Salaries and employee benefits                 1,719              1,652
       Occupancy expense                                481                423
       Deposit insurance premiums                        24                 21
       Data processing expense                          246                224
       Professional services                             59                 47
       Advertising and promotion                        106                 76
       Other                                            328                313
         Total noninterest expense                    2,963              2,756
 
     Income before income taxes                       2,291              2,172
 
     Income taxes                                       859                855
 
       Net Income                                    $1,432             $1,317
 
       Basic net income per share                     $0.41              $0.37
 
       Diluted net income per share                   $0.40              $0.36
 
       Dividends per share                            $0.13              $0.12
 
       Comprehensive income *                        $1,669             $1,294
 
       Weighted average number of shares
        outstanding for Basic                     3,534,998          3,539,918
 
       Weighted average number of shares
        outstanding for Diluted                   3,621,029          3,627,734
 
 
     * Includes net income and change in unrealized gain on securities
     available for sale
 
 

SOURCE FFLC Bancorp, Inc.
    LEESBURG, Fla., April 13 /PRNewswire/ -- FFLC Bancorp, Inc. (Nasdaq:   FFLC)
 the holding company for First Federal Savings Bank of Lake County, reported a
 9% increase in net income to $1.4 million for the quarter ended March 31,
 2001, compared to the $1.3 million earned for the 2000 quarter.
     On a per share basis, basic income per share increased 11% to $.41 for the
 quarter ended March 31, 2001, compared to $.37 per share for the 2000 quarter.
 On a diluted basis, net income per share also increased 11% to $.40 for the
 quarter ended March 31, 2001, compared to $.36 for the 2000 quarter.
     Net interest income after provision for loan losses increased 6% to $4.8
 million in the first quarter of 2001 compared to the 2000 quarter.  That
 increase included a $2.8 million increase in interest income, partially offset
 by a $2.5 million increase in interest expense.  The increase in interest
 income was attributable primarily to a $123.4 million increase in average
 loans and other interest earning assets outstanding during the first quarter
 of 2001 compared to the 2000 quarter.  The increase in interest expense was
 due primarily to a $125.6 million increase in average interest-bearing
 liabilities outstanding during the first quarter of 2001 compared to the 2000
 quarter.
     Noninterest expense increased $207,000 or 8% for the three-month period
 ended March 31, 2001, compared to the 2000 period.  Those increases were
 primarily the result of increases in salaries and employee benefits, occupancy
 expense, advertising and promotion and data processing expense, all of which
 were the result of the overall growth of the Bank.
     Stockholders' equity increased to $60.4 million at March 31, 2001, from
 $59.3 million at December 31, 2000.  Book value per share increased to $17.09
 at March 31, 2001, from $16.78 at December 31, 2000.  During the first quarter
 of 2001, the Company repurchased 8,096 shares under the stock repurchase
 program at a cost of $133,000.
 
     DIVIDEND
     On April 12, 2001, the Board of Directors approved a cash dividend of $.13
 per share on the common stock, payable May 7, 2001, to shareholders of record
 at the close of business on April 23, 2001.  The $.13 per share cash dividend
 approved compares to a dividend of $.12 per share for the first quarter of
 2000, an 8% increase.
     First Federal Savings Bank of Lake County conducts business in Lake,
 Sumter and Citrus Counties, Florida, through a network of twelve 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.
 
     SELECTED FINANCIAL DATA
     ($ in thousands, except per share amounts)
 
     SELECTED BALANCE SHEET DATA              At March 31,   At December 31,
                                                     2001               2000
 
     Total assets                                  $740,535           $711,493
     Deposits                                      $541,026           $518,885
     Total gross loans receivable                  $653,280           $630,438
     Allowance for loan losses                       $3,773             $3,552
     Total stockholders' equity                     $60,420            $59,283
     Shares outstanding                           3,534,590          3,532,561
     Market price per share                        $19.0000           $14.8125
     Book value per share                            $17.09             $16.78
     Nonperforming loans                             $3,529             $2,510
     Nonperforming assets                            $3,652             $2,786
     Equity as a percentage of total
      assets                                          8.16%              8.33%
     Interest-earning assets to interest-
      bearing liabilities                              1.07               1.09
 
 
     ASSET QUALITY RATIOS                       At March 31,    At December 31,
                                                     2001               2000
 
     Nonperforming assets to total assets             0.49%              0.39%
     Nonperforming loans to total loans               0.54%              0.40%
     Allowance for loan losses to
      nonperforming loans                           106.91%            141.51%
     Allowance for loan losses to
      nonperforming assets                          103.31%            127.49%
     Allowance for loan losses to total
      gross loans receivable                          0.58%              0.56%
 
 
 
     SELECTED INCOME DATA                            For the three months
                                                        ended March  31,
                                                      2001               2000
 
     Net interest income before provision
      for loan losses                                $5,058             $4,725
     Provision for loan losses                         $275               $200
     Net income                                      $1,432             $1,317
     Basic net income per share                       $0.41              $0.37
     Diluted net income per share                     $0.40              $0.36
 
 
     PERFORMANCE RATIOS (1)                          For the three months
                                                        ended March  31,
                                                      2001               2000
 
     Return on average assets                         0.79%              0.88%
     Return on average equity                         9.57%              9.38%
     Average equity to average assets                 8.27%              9.42%
     Noninterest expense to average assets            1.64%              1.85%
     Net interest spread                              2.54%              2.89%
     Net interest margin                              2.92%              3.32%
     Operating efficiency ratio                      53.59%             53.74%
 
     (1) Ratios are annualized
 
 
 
 
                               FFLC Bancorp, Inc.
                          Consolidated Balance Sheets
 
                      ($ in thousands, except per amounts)
 
                                                  At March 31, At December 31,
     Assets                                           2001              2000
 
     Cash and due from banks                        $17,554            $16,036
     Interest-bearing deposits                       17,235             14,445
              Cash and cash equivalents              34,789             30,481
 
     Securities available for sale, at
      market                                         42,706             42,717
     Loans receivable, net                          639,590            615,484
     Accrued interest receivable                      3,915              3,750
     Foreclosed real estate                             123                276
     Premises and equipment, net                     12,057             11,490
     Federal Home Loan Bank stock, at cost            6,150              6,150
     Other assets                                     1,205              1,145
 
           Total                                   $740,535           $711,493
 
     Liabilities and Stockholders' Equity
 
     Liabilities:
          Non-interest bearing demand
           deposits                                 $14,124            $13,335
          Interest bearing demand, NOW and
           money-market accounts                     90,627             86,509
          Savings accounts                           19,639             19,143
          Certificates                              416,636            399,898
 
           Total deposits                           541,026            518,885
 
          Advances from Federal Home Loan
           Bank                                     123,000            123,000
          Other borrowed funds                       11,777              6,376
          Accrued expenses and other
           liabilities                                4,312              3,949
 
           Total liabilities                        680,115            652,210
 
     Stockholders' Equity:
          Preferred stock, $.01 par value,
           1,000,000 shares authorized,
           none outstanding                               0                  0
          Common stock, $.01 par value,
           9,000,000 shares authorized,
           4,501,771
            in 2001 and 4,491,646 in 2000,
             shares issued                               45                 45
          Additional paid-in-capital                 31,071             31,010
          Retained income                            48,104             47,132
          Accumulated other comprehensive
           income, net of taxes                         318                 81
          Treasury stock, at cost (967,181
           shares in 2001 and 959,085
           shares in 2000)                          (19,118)           (18,985)
           Total stockholders' equity                60,420             59,283
 
           Total                                   $740,535           $711,493
 
                               FFLC Bancorp, Inc.
                     Consolidated Statements of Income and
                              Comprehensive Income
 
                   ($ in thousands, except per share amounts)
 
                                          For the three months ended March  31,
                                                      2001               2000
     Interest Income:
       Loans receivable                             $12,949            $10,255
       Securities available for sale                    714                572
       Other interest-earning assets                    316                293
         Total interest income                       13,979             11,120
 
     Interest Expense:
       Deposits                                       6,933              4,965
       Other borrowed funds                           1,988              1,430
         Total interest expense                       8,921              6,395
 
 
     Net interest income                              5,058              4,725
 
     Provision for loan losses                          275                200
 
     Net interest income after
         provision for loan losses                    4,783              4,525
 
     Noninterest Income:
       Deposit account fees                             217                171
       Other service charges and fees                   203                182
       Other                                             51                 50
         Total noninterest income                       471                403
 
     Noninterest Expense:
       Salaries and employee benefits                 1,719              1,652
       Occupancy expense                                481                423
       Deposit insurance premiums                        24                 21
       Data processing expense                          246                224
       Professional services                             59                 47
       Advertising and promotion                        106                 76
       Other                                            328                313
         Total noninterest expense                    2,963              2,756
 
     Income before income taxes                       2,291              2,172
 
     Income taxes                                       859                855
 
       Net Income                                    $1,432             $1,317
 
       Basic net income per share                     $0.41              $0.37
 
       Diluted net income per share                   $0.40              $0.36
 
       Dividends per share                            $0.13              $0.12
 
       Comprehensive income *                        $1,669             $1,294
 
       Weighted average number of shares
        outstanding for Basic                     3,534,998          3,539,918
 
       Weighted average number of shares
        outstanding for Diluted                   3,621,029          3,627,734
 
 
     * Includes net income and change in unrealized gain on securities
     available for sale
 
 SOURCE  FFLC Bancorp, Inc.