Flatbush Federal Bancorp, Inc. Reports 2005 First Quarter Operating Results
27 Abril 2005 - 1:47PM
PR Newswire (US)
Flatbush Federal Bancorp, Inc. Reports 2005 First Quarter Operating
Results NEW YORK, April 27 /PRNewswire-FirstCall/ -- Flatbush
Federal Bancorp, Inc. (OTC:FLTB) (BULLETIN BOARD: FLTB) , the
holding company of Flatbush Federal Savings and Loan Association
("the Association"), announced consolidated net income of $103,000,
or $0.05 per share for the quarter ended March 31, 2005 as compared
to $34,000, or $0.02 per share for the same quarter in 2004. The
Company's assets increased $103,000, or 0.08%, to $134.3 million as
of March 31, 2005 from $134.2 million at December 31, 2004. Cash
and cash equivalents decreased $341,000, or 5.5%, to $5.9 million
at March 31, 2005 from $6.2 million at December 31, 2004. Loan
receivables increased $2.0 million, or 2.2%, to $94.9 million as of
March 31, 2005 from $92.9 million as of December 31, 2004.
Investment securities decreased $194,000, or 2.1%, to $9.0 million
as of March 31, 2005 from $9.2 million as of December 31, 2004.
Mortgage-backed securities decreased $1.4 million, or 6.2%, to
$20.9 million as of March 31, 2005 from $22.3 million as of
December 31, 2004. The decrease to cash and cash equivalents and
the amortization and prepayments in mortgage- backed and investment
securities were directly offset by the increase to loans
receivable. Total deposits decreased $462,000, or 0.40%, to $116.4
million at March 31, 2005 from $116.9 million at December 31, 2004.
Total stockholders' equity increased $115,000 to $15.9 million as
of March 31, 2005 from $15.8 million as of December 31, 2004. The
Company adopted a Stock-Based Incentive Plan ("the Plan") on
November 19, 2004 following the approval of the stockholders. The
Plan authorized 46,056 shares of restricted stock to be distributed
to Directors and Officers as an incentive to share in the growth
and performance of the Company. The Company implemented a stock
buyback program to acquire such shares. The Company will continue
the buyback program until the completion of the Plan requirements.
As of March 31, 2005, 32,000 shares have been acquired. INCOME
INFORMATION - Three-month periods ended March 31, 2005 and 2004 Net
income increased $69,000, or 202.9%, to $103,000 for the quarter
ended March 31, 2005 from $34,000 for the same quarter in 2004. The
increase in earnings for the quarter was primarily due to an
increase of $179,000 in interest income, offset by a decrease of
$14,000 in non-interest income and increases of $7,000 in provision
for loan losses, $36,000 in non-interest expense, $1,000 in
interest expense and $52,000 in income taxes. Other financial
information is included in the table that follows. All information
is unaudited. This press release may contain certain
"forward-looking statements" which may be identified by the use of
such words as "believe," "expect," "intend," "anticipate,"
"should," "planned," "estimated," and "potential". Examples of
forward-looking statements include, but are not limited to,
estimates with respect to our financial condition, results of
operations and business that are subject to various factors which
could cause actual results to differ materially from these
estimates and most other statements that are not historical in
nature. These factors include, but are not limited to, general and
local economic condition, changes in interest rates, deposit flows,
demand for mortgage and other loans, real estate values, and
competition; changes in accounting principles, policies or
guidelines; changes in legislation or regulation; and other
economic, competitive, governmental, regulatory, and technological
factors affecting our operations, pricing, products and services.
SELECTED FINANCIAL CONDITION DATA (in thousands) MARCH 31 DECEMBER
31 2005 2004 Total Assets $134,351 $134,248 Loans Receivable 94,973
92,925 Investment Securities 8,993 9,187 Mortgage-backed Securities
20,915 22,300 Cash and Cash Equivalents 5,874 6,215 Deposits
116,395 116,857 Stockholders' Equity 15,925 15,810 SELECTED
OPERATING DATA AT OR FOR THE THREE MONTHS ENDED MARCH 31 (in
thousands) 2005 2004 Total Interest Income $1,850 $1,671 Total
Interest Expense 461 460 Net Interest Income 1,389 1,211 Provision
for Loan Loss 7 0 Non-interest Income 55 69 Non-interest Expense
1,253 1,217 Income Taxes 81 29 Net Income $103 $34 PERFORMANCE
RATIOS Return on Average Assets 0.30% 0.10% Return on Average
Equity 2.59% 0.87% Interest Rate Spread 4.03% 3.37% ASSET QUALITY
RATIOS Allowance for Loan Losses to Total Loans Receivable 0.19%
0.20% Non-performing Loans to Total Assets 0.18% 0.06% CAPITAL
RATIO Equity to Total Assets 11.85% 11.14% DATASOURCE: Flatbush
Federal Bancorp, Inc. CONTACT: Anthony J. Monteverdi, President and
Chief Executive Officer of Flatbush Federal Bancorp, Inc.,
+1-718-677-4414 Web site: http://www.flatbush.com/
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