First SecurityFed Financial, Inc. Announces 1st Quarter Results

Apr 19, 2001, 01:00 ET from First Security Fed Financial, Inc.

    CHICAGO, April 19 /PRNewswire/ -- First SecurityFed Financial, Inc.,
 (Nasdaq: FSFF) (the "Company") the holding company for 1st Security Federal
 Savings Bank, (the "Bank"), announced record earnings of $0.39 per share for
 quarter ending March 31,2001, an increase of 34.5% over $0.29 per share for
 the first quarter of 2000.
     Net income for the quarter ending March 31,2001 was $1.68 million as
 compared to net income of $1.43 million for the quarter ending March 31,2000.
 The increase in net income is attributed to an increase in interest income
 from loans receivable and an increase in noninterest income primarily due to a
 $286,000 profit from a sale of real estate.  The increase in income was
 partially offset by an increase in noninterest expense.  Securities decreased
 from $110.2 million on December 31,2000 to $99.3  million on March 31,2001
 primarily due to calls.  The proceeds from the calls were reinvested into
 federal funds and other interest bearing accounts at other financial
 institutions.  The Company's total assets at March 31,2001 totaled
 $405.5 million compared to $403.7 million at December 31,2000.
     Non-performing assets at March 31,2001 totaled  $1.4 million or 0.36% of
 assets as compared to $1.4 million or 0.38% at March 31,2000.  The Company did
 not write off loan losses during the quarter and our loan loss allowance as of
 March 31,2001 increased to $2.62 million from $2.56 million at December
 31,2000.  The Company's efficiency ratio, a measure of operating efficiency as
 of March 31,2001 remains one of the lowest in our industry at 0.38%.
     Julian E. Kulas, President & CEO stated, "We are especially pleased to
 report record earnings for our shareholders in the first quarter of 2001 in
 light of the slowing economy.  Recent rate cuts and anticipated further rate
 and tax reductions should stimulate the economy.  In the current falling
 interest rate environment our earnings should continue to thrive and our stock
 buyback program should continue to enhance stockholders' value."
     First SecurityFed Financial is headquartered in Chicago with 4 offices
 located in the Chicago Metropolitan area and one branch in Philadelphia,
 Pennsylvania.  Financial highlights of the Company are attached.  For
 additional information see our website www.1stsecfed.com .
 
     Statements contained in this news release that are not historical facts
 may constitute forward-looking statements (within the meaning of Section 21E
 of the Securities Exchange Act of 1934, as amended) which involve significant
 risks and uncertainties.  The Company intends such forward-looking statements
 to be covered by the safe harbor provisions for forward-looking statements
 contained in the Private Securities Litigation Reform Act of 1995, and is
 including this statement for purposes of invoking these safe harbor
 provisions.  The Company's ability to predict results or the actual effect of
 future plans or strategies is inherently uncertain. Factors which could have a
 material adverse effect on the operations and future prospects of the Company
 and the subsidiaries include, but are not limited to, changes in interest
 rates, general economic conditions, legislative/regulatory changes, monetary
 and fiscal policies of the U.S., Government, including of the U.S. treasury
 and the Federal Reserve Board, the quality or composition of the Company's
 loan or investment portfolios, demand for loan products, deposit flows,
 competition, demand for financial services in the Company's market area, the
 possible short-term dilutive effect of potential acquisitions and accounting
 principles, policies and guidelines.  These risks and uncertainties should be
 considered in evaluating forward looking statements and undue reliance should
 not be placed on such statements.
 
                       FIRST SECURITYFED FINANCIAL, INC.
                         SELECTED FINANCIAL INFORMATION
                                  (Unaudited)
 
                                                     March 31,    December 31,
                                                       2001           2000
                                                         (In thousands)
     Selected Financial Condition Data
     Total assets                                    $405,496       $403,663
     Cash and cash equivalents                         17,816          6,102
     Loans receivable, net                            276,694        275,454
     Securities                                        99,333        110,200
     Deposits                                         258,715        252,662
     Advances from Federal Home Loan Bank              62,600         64,600
     Shareholders' equity                              78,983         80,249
 
                                                   Three Months  Three Months
                                                       Ended          Ended
                                                     March 31,      March 31,
                                                       2001            2000
                                                           (In thousands)
     Selected Operations Data
     Total interest income                             $7,542         $6,802
     Total interest expense                             3,808          3,207
     Net interest income                                3,734          3,595
     Provision for loan losses                             61             62
     Net interest income after provision
      for loan losses                                   3,673          3,533
     Noninterest income                                   454            141
     Noninterest expense                                1,577          1,474
     Income before taxes                                2,550          2,200
     Income tax provision                                 875            773
     Net income                                        $1,675         $1,427
 
                                                      March 31,      March 31,
     Selected Financial Ratios (A)                       2001           2000
     Return on average assets                           1.66%          1.51%
     Return on average equity                            8.37           6.91
     Average equity to average assets                   19.80          21.85
     Interest rate spread during the period              3.25           3.10
     Net interest margin                                 4.06           4.17
     General and administrative expenses
     to average assets                                   1.56           1.56
     Efficiency ratio                                     .38            .39
 
     Earnings per share                                  $.39           $.29
 
                                                      As of            As of
                                                  March 31,2001  March 31,2000
 
     Book value per share                              $18.28         $16.58
 
     (A)  All applicable quarterly ratios reflect annualized figures.
 
 

SOURCE First Security Fed Financial, Inc.
    CHICAGO, April 19 /PRNewswire/ -- First SecurityFed Financial, Inc.,
 (Nasdaq: FSFF) (the "Company") the holding company for 1st Security Federal
 Savings Bank, (the "Bank"), announced record earnings of $0.39 per share for
 quarter ending March 31,2001, an increase of 34.5% over $0.29 per share for
 the first quarter of 2000.
     Net income for the quarter ending March 31,2001 was $1.68 million as
 compared to net income of $1.43 million for the quarter ending March 31,2000.
 The increase in net income is attributed to an increase in interest income
 from loans receivable and an increase in noninterest income primarily due to a
 $286,000 profit from a sale of real estate.  The increase in income was
 partially offset by an increase in noninterest expense.  Securities decreased
 from $110.2 million on December 31,2000 to $99.3  million on March 31,2001
 primarily due to calls.  The proceeds from the calls were reinvested into
 federal funds and other interest bearing accounts at other financial
 institutions.  The Company's total assets at March 31,2001 totaled
 $405.5 million compared to $403.7 million at December 31,2000.
     Non-performing assets at March 31,2001 totaled  $1.4 million or 0.36% of
 assets as compared to $1.4 million or 0.38% at March 31,2000.  The Company did
 not write off loan losses during the quarter and our loan loss allowance as of
 March 31,2001 increased to $2.62 million from $2.56 million at December
 31,2000.  The Company's efficiency ratio, a measure of operating efficiency as
 of March 31,2001 remains one of the lowest in our industry at 0.38%.
     Julian E. Kulas, President & CEO stated, "We are especially pleased to
 report record earnings for our shareholders in the first quarter of 2001 in
 light of the slowing economy.  Recent rate cuts and anticipated further rate
 and tax reductions should stimulate the economy.  In the current falling
 interest rate environment our earnings should continue to thrive and our stock
 buyback program should continue to enhance stockholders' value."
     First SecurityFed Financial is headquartered in Chicago with 4 offices
 located in the Chicago Metropolitan area and one branch in Philadelphia,
 Pennsylvania.  Financial highlights of the Company are attached.  For
 additional information see our website www.1stsecfed.com .
 
     Statements contained in this news release that are not historical facts
 may constitute forward-looking statements (within the meaning of Section 21E
 of the Securities Exchange Act of 1934, as amended) which involve significant
 risks and uncertainties.  The Company intends such forward-looking statements
 to be covered by the safe harbor provisions for forward-looking statements
 contained in the Private Securities Litigation Reform Act of 1995, and is
 including this statement for purposes of invoking these safe harbor
 provisions.  The Company's ability to predict results or the actual effect of
 future plans or strategies is inherently uncertain. Factors which could have a
 material adverse effect on the operations and future prospects of the Company
 and the subsidiaries include, but are not limited to, changes in interest
 rates, general economic conditions, legislative/regulatory changes, monetary
 and fiscal policies of the U.S., Government, including of the U.S. treasury
 and the Federal Reserve Board, the quality or composition of the Company's
 loan or investment portfolios, demand for loan products, deposit flows,
 competition, demand for financial services in the Company's market area, the
 possible short-term dilutive effect of potential acquisitions and accounting
 principles, policies and guidelines.  These risks and uncertainties should be
 considered in evaluating forward looking statements and undue reliance should
 not be placed on such statements.
 
                       FIRST SECURITYFED FINANCIAL, INC.
                         SELECTED FINANCIAL INFORMATION
                                  (Unaudited)
 
                                                     March 31,    December 31,
                                                       2001           2000
                                                         (In thousands)
     Selected Financial Condition Data
     Total assets                                    $405,496       $403,663
     Cash and cash equivalents                         17,816          6,102
     Loans receivable, net                            276,694        275,454
     Securities                                        99,333        110,200
     Deposits                                         258,715        252,662
     Advances from Federal Home Loan Bank              62,600         64,600
     Shareholders' equity                              78,983         80,249
 
                                                   Three Months  Three Months
                                                       Ended          Ended
                                                     March 31,      March 31,
                                                       2001            2000
                                                           (In thousands)
     Selected Operations Data
     Total interest income                             $7,542         $6,802
     Total interest expense                             3,808          3,207
     Net interest income                                3,734          3,595
     Provision for loan losses                             61             62
     Net interest income after provision
      for loan losses                                   3,673          3,533
     Noninterest income                                   454            141
     Noninterest expense                                1,577          1,474
     Income before taxes                                2,550          2,200
     Income tax provision                                 875            773
     Net income                                        $1,675         $1,427
 
                                                      March 31,      March 31,
     Selected Financial Ratios (A)                       2001           2000
     Return on average assets                           1.66%          1.51%
     Return on average equity                            8.37           6.91
     Average equity to average assets                   19.80          21.85
     Interest rate spread during the period              3.25           3.10
     Net interest margin                                 4.06           4.17
     General and administrative expenses
     to average assets                                   1.56           1.56
     Efficiency ratio                                     .38            .39
 
     Earnings per share                                  $.39           $.29
 
                                                      As of            As of
                                                  March 31,2001  March 31,2000
 
     Book value per share                              $18.28         $16.58
 
     (A)  All applicable quarterly ratios reflect annualized figures.
 
 SOURCE  First Security Fed Financial, Inc.