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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities and Exchange Act of 1934
Date of Report (Date of earliest event reported): May 5, 2003
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FLORIDAFIRST BANCORP, INC.
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(Exact name of registrant as specified in its charter)
Florida 000-32139 59-3662010
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(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification Number)
205 East Orange Street, Lakeland, Florida 33801
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (863) 688-6811
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Not applicable
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(Former Name or Former Address, if Changed Since Last Report)
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Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
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(a) Not applicable.
(b) Not applicable.
(c) Exhibits. The following exhibits are being furnished with the
report.
99.1 Press Release, dated May 5, 2003
Item 9. Regulation FD Disclosure
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Information under this Item 9 is being furnished pursuant to Item 12 -
Results of Operations and Financial Condition in accordance with Release No.
34-47583. On May 5, 2003, the Registrant issued a press release to report
earnings for the quarter ended March 31, 2003. A copy of the press release is
furnished with this Form 8-K as an exhibit and is incorporated by reference
herein.
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
FLORIDAFIRST BANCORP, INC.
Date: May 8, 2003 By: /s/Gregory C. Wilkes
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Gregory C. Wilkes, President and
Chief Executive Officer
Date: May 8, 2003 By: /s/Kerry P. Charlet
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Kerry P. Charlet, Senior Vice President
and Chief Financial Officer
(Chief Accounting Officer)
FloridaFirst Bancorp, Inc. Announces Earnings
for the Second Quarter of Fiscal 2003
Lakeland, FL, May 5, 2003 (Nasdaq National Market "FFBK"). FloridaFirst Bancorp,
Inc. (the "Company") today reported net income, which includes a write-off of
certain merger costs, for the quarter ended March 31, 2003 of $1,075,000, or
$.20 diluted earnings per share, compared to net income of $1,208,000, or $.22
diluted earnings per share, for the same period last year. Net income, which
includes a write-off of certain merger costs, was $2,571,000 for the six months
ended March 31, 2003, or $.48 diluted earnings per share, compared to
$2,542,000, or $.47 diluted earnings per share, for the same period last year.
For the three month and six month periods ended March 31, 2003, the Company
wrote off merger related costs due to the withdrawal of the application by BB&T
in which it sought to acquire control of the Company. The write-off of the
merger related costs reduced net income for both periods by $312,000, or $.06
per share.
President and CEO, Gregory C. Wilkes, said "Our second quarter activities showed
surprising strength in light of the uncertainties of the economic and
geopolitical environments. Our retail and commercial lending activities have
grown 7% and 8%, respectively, on an annualized basis. Total loan originations
to date are up 26% over 2002 total loan production. In spite of record total
lending activity, the low interest rate environment has stimulated a significant
level of residential mortgage refinancing activity and corresponding prepayments
of outstanding loan balances."
Wilkes commented further, "During the second quarter, we reached our one year
anniversary of the successful acquisition of seven former Huntington Bank
branches. Customer retention has exceeded our expectations and these offices are
also increasing their retail lending activities as well as production of
noninterest income."
"In the second quarter, we also learned BB&T elected to withdraw its application
for approval to acquire control of our company after learning that OTS officials
were applying a rigorous regulatory standard toward the sale of thrifts within
three years of going public." Wilkes added, "As we previously indicated, we hope
to be in a position to commence discussions in December of this year when we
reach the third anniversary of our mutual to stock conversion."
The Company's wholly owned subsidiary, FloridaFirst Bank, currently operates 19
offices in Polk, Manatee, Highlands and Sumter Counties in the central area of
the state of Florida. Visit our Website at www.floridafirstbank.com or for
further information, contact Kerry P. Charlet, Chief Financial Officer, at (863)
688-6811, extension 1004.
Statements contained in this news release which are not historical facts are
forward-looking statements as that term is defined in the Private Securities
Litigation Reform Act of 1995. Such forward-looking statements are subject to
risks and uncertainties which could cause actual results to differ materially
from those currently anticipated due to a number of factors, which include, but
are not limited to, factors discussed in documents filed by FloridaFirst
Bancorp, Inc. with the Securities and Exchange Commission from time to time.
205 East Orange Street - P. O. Box 1527 - Lakeland, Florida 33802-1527 - (863) 688-6811
FLORIDAFIRST BANCORP, INC.
SELECTED FINANCIAL INFORMATION
(Dollars in thousands except per share data)
Three months ended Six months ended
March 31, March 31,
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2003 2002 2003 2002
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Operating Data:
Interest income $11,637 $11,825 $23,925 $23,091
Interest expense 5,361 6,130 11,319 12,301
Net interest income 6,276 5,695 12,606 10,790
Provision for loan losses 180 170 360 320
Non-interest revenue: 1,441 1,051 2,969 1,885
Service fees, charges, etc 685 474 1,314 888
Gain on sale of loans 196 99 432 191
Gain on sale of securities and other assets 164 199 358 204
Other 396 279 865 602
Non-interest expense: 6,031 4,881 11,554 8,753
Compensation and benefits 2,796 2,731 5,531 4,977
Occupancy and equipment expense 858 716 1,710 1,315
Amortization of Core Deposit Intangible 405 225 810 225
Other 1,972 1,209 3,503 2,236
Net Income $ 1,075 $ 1,208 $ 2,571 $ 2,542
Basic earnings per share $ 0.21 $ 0.24 $ 0.51 $ 0.50
Diluted earnings per share $ 0.20 $ 0.22 $ 0.48 $ 0.47
Weighted average shares outstanding - Basic 5,055 5,124 5,050 5,121
Weighted average shares outstanding - Diluted 5,306 5,409 5,310 5,389
Balance Sheet Data: Mar-03 Sep-02 Mar-02
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Total assets $ 823,795 $ 859,446 $ 809,184
Loans, net 482,375 499,364 482,883
Securities 254,385 272,624 250,012
Deposits 581,368 587,431 584,398
FHLB advances 114,500 129,500 111,500
Total equity 100,558 98,978 93,640
Three months ended Six months ended
March 31, March 31,
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Selected Performance Ratios: 2003 2002 2003 2002
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(annualized where appropriate)
Return on average assets 0.52% 0.67% 0.62% 0.74%
Return on average equity 4.24% 5.10% 5.11% 5.37%
Net interest margin in average earning assets 3.39% 3.41% 3.37% 3.41%
Efficiency ratio 74% 71% 71% 68%
Mar-03 Mar-02
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Allowance for loan losses to total loans 0.91% 0.95%
Non-performing assets to total assets 0.20% 0.26%
Equity to assets at period end 12.21% 11.52%
Book value per share $ 18.69 $ 18.06
Website - www.floridafirstbank.com