FFLC Fflc Bancorp - Common Stock (MM)

FFLC Bancorp, Inc., Announces Net Income for the 1st Quarter and Declares Quarterly Dividend LEESBURG, Fla., April 9 /PRNewswire-FirstCall/ -- FFLC Bancorp, Inc. , the holding company for First Federal Savings Bank of Lake County, reported net income of $2.3 million for the quarter ended March 31, 2004, compared to the $2.4 million earned for the quarter ended March 31, 2003 and $2.1 million for the quarter ended December 31, 2003. Total assets grew to $982.0 million at March 31, 2004 from $947.9 million at December 31, 2003. On a per share basis, basic income was $.42 per share for the quarter ended March 31, 2004, compared to $.44 per share for the quarter ended March 31, 2003, and $.40 per share for the quarter ended December 31, 2003. Net income per share on a diluted basis was $.41 for the quarter ended March 31, 2004, compared to $.43 for the 2003 quarter, and $.39 per share for the quarter ended December 31, 2003. Net interest income after provision for loan losses increased 9% to $7.2 million for the quarter ended March 31, 2004 compared to $6.6 million for the 2003 quarter. That increase resulted primarily from an $872,000 decrease in interest expense. The decrease in interest expense was due primarily to a46 basis point decline in the annual cost of liabilities from 3.16% for the 2003 quarter to 2.70% for the 2004 quarter. That decline was partially offset by a $12.9 million increase in average interest-bearing liabilities outstanding during the 2004 quarter when compared to the 2003 quarter. Noninterest expense increased $445,000 or 11% for the quarter ended March 31, 2004, compared to the 2003 period. Those increases were primarily the result of the growth of the Company and corresponding increases in salaries, employee benefits and data processing expenses. Stockholders' equity increased to $78.9 million at March 31, 2004, from $77.4 million at December 31, 2003. Book value per share increased to $14.62 at March 31, 2004, from $14.33 at December 31, 2003. DIVIDEND On April 8, 2004, the Board of Directors declared a cash dividend of $.13 per share on the common stock, payable May 3, 2004 to shareholders of record at the close of business on April 19, 2004. The $.13 per share cash dividend represents a 30% increase over the $.10 per share paid in May 2003. First Federal Savings Bank of Lake County conducts business in Lake, Sumter, Citrus and Marion Counties, Florida, through a network of fifteen branch offices. The stock of FFLC Bancorp, Inc. is quoted on the Nasdaq National Market System under the symbol "FFLC." First Federal's web site is located at http://www.1stfederal.com/. FFLC Bancorp, Inc.'s SEC filings, press releases and other supplemental information are available at the web site, in the "FFLC Bancorp" section. SELECTED FINANCIAL DATA ($ in thousands, except per share amounts) SELECTED BALANCE SHEET DATA At March 31 At December 31 2004 2003 Total assets $982,038 $947,914 Deposits $736,534 $705,589 Total gross loans receivable $824,206 $797,351 Allowance for loan losses $5,646 $5,490 Total stockholders' equity $78,934 $77,356 Shares outstanding 5,397,554 5,397,154 Market price per share $26.70 $28.75 Book value per share $14.62 $14.33 Nonperforming loans $4,553 $5,287 Nonperforming assets $5,601 $6,168 Equity as a percentage of total assets 8.04% 8.16% Interest-earning assets to interest- bearing liabilities 1.07 1.07 ASSET QUALITY RATIOSAt March 31 At December 31 2004 2003 Nonperforming assets to total assets 0.57% 0.65% Nonperforming loans to total loans 0.55% 0.66% Allowance for loan losses to nonperforming loans 124.01% 103.84% Allowance for loan losses to nonperforming assets 100.80% 89.01% Allowance for loan losses to total gross loans receivable 0.69% 0.69% SELECTED INCOME AND OTHER DATA For the three months ended March 31, 2004 2003 Net interest income before provision for loan losses $7,550 $7,035 Provision for loan losses $339 $406 Ratio of net charge-offs to average loans 0.10% 0.15% Net income $2,264 $2,354 Basic net income per share $0.42 $0.44 Diluted net income per share $0.41 $0.43 Total gross loans originated by department: * Residential $37,413 $45,013 Commercial $37,966 $25,898 Consumer $26,631 $20,973 * - Includes undisbursed amounts of construction loans and lines of credit. PERFORMANCE RATIOS (1) Forthe three months ended March 31, 2004 2003 Return on average assets 0.94% 1.01% Return on average equity 11.53% 13.01% Average equity to average assets 8.17% 7.77% Noninterest expense to average assets 1.90% 1.77% Net interest spread 3.19% 3.01% Net interest margin 3.36% 3.20% Operating efficiency ratio 53.55% 49.56% (1) Ratios are annualized FFLC Bancorp, Inc. Consolidated Balance Sheets ($ in thousands, except per share amounts) At March 31 At December 31 Assets 20042003 Cash and due from banks $42,676 $35,072 Interest-earning deposits 28,913 27,088 Cash and cash equivalents 71,589 62,160 Securities available for sale, at market 75,165 82,137 Loans, net of allowance for loan losses of $5,646 in 2004 and $5,490 in 2003 795,433 767,987 Accrued interest receivable 3,598 3,849 Foreclosed assets 1,048 881 Premises and equipment, net 21,933 21,448 Federal Home Loan Bank stock, at cost 6,650 6,900 Deferred income taxes 1,008 1,134 Other assets 5,614 1,418 Total $982,038 $947,914 Liabilities and Stockholders' Equity Liabilities: Non-interest bearing demand deposits $36,412 $31,481 NOW and money-market accounts 178,164 161,527 Savings accounts 27,215 26,636 Certificates 494,743 485,945 Total deposits 736,534 705,589 Advances from Federal Home Loan Bank 133,000 133,000 Other borrowed funds 17,978 17,786 Junior subordinated debentures 5,155 5,155 Accrued expenses and other liabilities 10,437 9,028 Total liabilities 903,104 870,558 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, 6,397,702 in 2004 and 6,397,202 in 2003, shares issued 64 64 Additional paid-in-capital 31,841 31,837 Retained income 66,634 65,071 Accumulated other comprehensive income, net of taxes 311 297 Treasury stock, at cost (1,000,148 shares in 2004 and 1,000,048 shares in 2003) (19,916) (19,913) Total stockholders' equity 78,934 77,356 Total $982,038 $947,914 FFLC Bancorp, Inc. Consolidated Statements of Income and Comprehensive Income ($ in thousands, except per share amounts) For the three months ended Mar. 31, 2004 2003 Interest Income: Loans $12,492 $12,722 Securities 603 588 Other interest-earning assets 125 267 Total interest income 13,220 13,577 Interest Expense: Deposits 3,736 4,415 Borrowed funds 1,934 2,127 Total interest expense 5,670 6,542 Net interest income 7,550 7,035 Provision for loan losses 339 406 Net interest income after provision for loan losses 7,211 6,629 Noninterest Income: Deposit account fees 259 231 Other service charges and fees 450 584 Net gain on sales of loans held for sale 150 271 Other 119 197 Total noninterest income 978 1,283 Noninterest Expense: Salaries and employee benefits 2,660 2,446 Occupancy expense 702 648 Data processing expense 391 273 Professional services 132 103 Advertising and promotion 164 137 Other 518 515 Total noninterest expense 4,567 4,122 Income before income taxes 3,622 3,790 Income taxes 1,358 1,436 Net Income $2,264 $2,354 Basic income per share $0.42 $0.44 Diluted income per share $0.41 $0.43 Dividends per share $0.13 $0.10 Comprehensive income * $2,278 $2,258 Weighted average number of shares outstanding for Basic 5,394,301 5,373,607 Weighted average number of shares outstandingfor Diluted 5,488,954 5,479,331 * 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, +1-352-787-3311, or fax, +1-352-787-7206 Web site: http://www.1stfederal.com/

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