FFLC Fflc Bancorp - Common Stock (MM)

FFLC Bancorp, Inc., Announces Increased Net Income for the 4th Quarter and Fiscal Year-End; Increased Dividend; And Date of Annual Meeting LEESBURG, Fla., Jan. 14 /PRNewswire-FirstCall/ -- FFLC Bancorp, Inc. (NASDAQ:FFLC), the holding company for First Federal Savings Bank of Lake County, reported a 24% increase in net income from $2.1 million earned for the quarter ended December 31, 2003 to $2.7 million for the quarter ended December 31, 2004. For the quarter ended December 31, 2004, basic income per share increased 23% to $.49 per share, compared to $.40 per share for the quarter ended December 31, 2003. Net income per share on a diluted basis increased 26% to $.49 per share for the quarter ended December 31, 2004 compared to $.39 for the quarter ended December 31, 2003. Total assets grew 12% from $947.9 million at December 31, 2003 to $1.07 billion at December 31, 2004. For the year ended December 31, 2004, net income increased 10% to $10.0 million, compared to $9.1 million for the year ended December 31, 2003. Basic income per share increased 9% to $1.86 per share for the year ended December 31, 2004 compared to $1.70 per share for 2003. Net income per share on a diluted basis also increased 10% to $1.83 for the year ended December 31, 2004, compared to $1.67 for 2003. Net interest income after provision for loan losses increased 14% to $30.4 million for the year ended December 31, 2004 compared to $26.7 million for year 2003, primarily as a result of a $2.6 million increase in interest income and a $1.2 million decrease in interest expense. The increase in interest income was primarily due to an 8% or $68.4 million increase in average interest earning assets outstanding during 2004 as compared to 2003. That increase was partially offset by a decline in the yield on interest earning assets from 6.02% for 2003 to 5.86% for 2004. The decrease in interest expense was due primarily to a 33 basis point decrease in the cost of interest-bearing liabilities from 2.99% for 2003 to 2.66% for 2004. For the quarter ended December 31, 2004, net interest income after provision for loan losses increased 18% to $8.1 million compared to $6.8 million for the quarter ended December 31, 2003. That increase resulted primarily from a $1.7 million increase in interest income which, in turn, was primarily due to a 14% or $121.0 million increase in average interest earning assets outstanding during the 2004 quarter compared to the 2003 quarter. That increase was partially offset by a decline in the yield on interest earning assets from 5.91% for the 2003 quarter to 5.89% for the 2004 quarter. For the year ended December 31, 2004, noninterest expense increased $1.5 million or 8% compared to the year ended December 31, 2003. 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 from $77.4 million at December 31, 2003 to $84.5 million at December 31, 2004. Book value per share increased from $14.33 at December 31, 2003 to $15.62 at December 31, 2004. DIVIDEND On January 13, 2005, the Board of Directors declared a cash dividend of $.14 per share on the common stock. This dividend is payable February 7, 2005 to shareholders of record at the close of business on January 24, 2005. The $.14 per share cash dividend represents an 8% increase over the $.13 per share paid for the previous six quarters. DATE OF ANNUAL MEETING The Company also announced that the Annual Meeting of Shareholders would be held on Thursday, May 12, 2005 at the Leesburg Community Building at 109 East Dixie Avenue, Leesburg, Florida, at 2:00 p.m. First Federal Savings Bank of Lake County conducts business in Lake, Sumter, Citrus and Marion Counties, Florida, through a network of sixteen branch offices. The stock of FFLC Bancorp, Inc. is quoted on the Nasdaq National Market System under the symbol "FFLC". First Federal's web site is located at http://www.1stfederal.com/ . FFLC Bancorp, Inc.'s SEC filings, press releases and other supplemental information are available at the web site, in the "FFLC Bancorp" section. SELECTED FINANCIAL DATA ($ in thousands, except per share amounts) SELECTED BALANCE SHEET DATA At December 31 At December 31 2004 2003 Total assets $1,065,287 $947,914 Deposits $795,160 $705,589 Total gross loans receivable $936,822 $797,351 Allowance for loan losses $6,492 $5,490 Total stockholders' equity $84,492 $77,356 Shares outstanding 5,408,287 5,397,154 Market price per share $35.10 $28.75 Book value per share $15.62 $14.33 Nonperforming loans $2,835 $5,287 Nonperforming assets $3,058 $6,168 Equity as a percentage of total assets 7.93% 8.16% Interest-earning assets to interest-bearing liabilities 1.08 1.07 ASSET QUALITY RATIOS At December 31 At December 31 2004 2003 Nonperforming assets to total assets 0.29% 0.65% Nonperforming loans to total loans 0.30% 0.66% Allowance for loan losses to nonperforming loans 228.99% 103.84% Allowance for loan losses to nonperforming assets 212.30% 89.01% Allowance for loan losses to total gross loans receivable 0.69% 0.69% SELECTED INCOME AND OTHER DATA For the twelve months ended December 31, 2004 2003 Net interest income before provision for loan losses $32,038 $28,233 Provision for loan losses $1,675 $1,514 Ratio of net charge-offs to average loans 0.08% 0.16% Net income $10,019 $9,148 Basic net income per share $1.86 $1.70 Diluted net income per share $1.83 $1.67 Total gross loans originated by department: * Residential $184,885 $191,048 Commercial $139,653 $118,633 Consumer $131,290 $96,829 $455,828 $406,510 * - Includes undisbursed amounts of construction loans and lines of credit. PERFORMANCE RATIOS For the twelve months ended December 31, 2004 2003 Return on average assets 0.99% 0.98% Return on average equity 12.34% 12.23% Average equity to average assets 8.03% 8.02% Noninterest expense to average assets 1.86% 1.86% Net interest spread 3.20% 3.03% Net interest margin 3.39% 3.22% Operating efficiency ratio 51.23% 51.66% FFLC Bancorp, Inc. Consolidated Balance Sheets ($ in thousands, except per share amounts) At December 31, At December 31, Assets 2004 2003 Cash and due from banks $26,348 $35,072 Interest-earning deposits 38,258 27,088 Cash and cash equivalents 64,606 62,160 Securities available for sale, at market 74,513 82,137 Loans, net of allowance for loan losses of $6,492 in 2004 and $5,490 in 2003 883,980 767,987 Accrued interest receivable 3,893 3,849 Premises and equipment, net 22,522 21,448 Foreclosed assets 223 881 Federal Home Loan Bank stock, at cost 8,782 6,900 Deferred income taxes 1,496 1,134 Other assets 5,272 1,418 Total $1,065,287 $947,914 Liabilities and Stockholders' Equity Liabilities: Non-interest bearing demand deposits $41,796 $31,481 NOW and money-market accounts 187,487 161,527 Savings accounts 29,891 26,636 Certificates 535,986 485,945 Total deposits 795,160 705,589 Advances from Federal Home Loan Bank 153,000 133,000 Other borrowed funds 17,031 17,786 Junior subordinated debentures 5,155 5,155 Accrued expenses and other liabilities 10,449 9,028 Total liabilities 980,795 870,558 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, 6,411,660 in 2004 and 6,397,202 in 2003, shares issued 64 64 Additional paid-in-capital 32,353 31,837 Retained income 72,281 65,071 Accumulated other comprehensive income (loss) (207) 297 Treasury stock, at cost (1,003,373 shares in 2004 and 1,000,048 shares in 2003) (19,999) (19,913) Total stockholders' equity 84,492 77,356 Total $1,065,287 $947,914 FFLC Bancorp, Inc. Consolidated Statements of Income and Comprehensive Income ($ in thousands, except per share amounts) For the For the three months twelve months ended Dec. 31, ended Dec. 31, 2004 2003 2004 2003 Interest Income: Loans $13,884 $12,268 $52,381 $49,844 Securities 577 611 2,302 2,218 Other 308 149 722 778 Total interest income 14,769 13,028 55,405 52,840 Interest Expense: Deposits 4,051 3,814 15,226 16,375 Borrowed funds 2,102 2,008 8,141 8,232 Total interest expense 6,153 5,822 23,367 24,607 Net interest income 8,616 7,206 32,038 28,233 Provision for loan losses 553 390 1,675 1,514 Net interest income after provision for loan losses 8,063 6,816 30,363 26,719 Noninterest Income: Deposit account fees 381 274 1,391 1,036 Other service charges and fees 497 419 1,991 2,375 Net gain on sales of loans held for sale 104 167 495 1,178 Other 198 324 800 775 Total noninterest income 1,180 1,184 4,677 5,364 Noninterest Expense: Salaries and employee benefits 2,947 2,626 10,978 10,196 Occupancy expense 731 733 2,898 2,787 Data processing expense 367 384 1,554 1,270 Professional services 167 134 576 480 Advertising and promotion 123 143 592 507 Other 526 515 2,211 2,115 Total noninterest expense 4,861 4,535 18,809 17,355 Income before income taxes 4,382 3,465 16,231 14,728 Income taxes 1,725 1,330 6,212 5,580 Net Income $2,657 $2,135 $10,019 $9,148 Basic income per share $0.49 $0.40 $1.86 $1.70 Weighted average number of shares outstanding for Basic 5,406,192 5,391,491 5,400,214 5,385,199 Diluted income per share $0.49 $0.39 $1.83 $1.67 Weighted average number of shares outstanding for Diluted 5,489,324 5,467,814 5,470,430 5,456,896 Dividends per share $0.13 $0.13 $0.52 $0.46 Comprehensive income * $2,531 $2,150 $9,515 $8,810 * 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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