FLORIDAFIRST BANCORP, INC. ANNOUNCES INCREASED EARNINGS
FOR FISCAL 2003
Lakeland, FL, November 3, 2003 (Nasdaq National Market "FFBK"). FloridaFirst
Bancorp, Inc. (the "Company") today reported an increase of 10% in net income
for the quarter ended September 30, 2003 as compared to the comparable quarter
in 2002. Net income was $1,633,000, or $ .31 diluted earnings per share,
compared to net income of $1,490,000, or $ .28 diluted earnings per share, for
the same period last year. Net income was $6,021,000 for the fiscal year ended
September 30, 2003, or $1.13 diluted earnings per share, compared to $5,604,000,
or $1.05 diluted earnings per share, for fiscal 2002.
Diluted earnings per share for the quarter ended September 30, 2003 included a
net income impact of $411,000, or 8 cents per share, from gains on the sale of
securities. Diluted earnings per share for the quarter ended September 30, 2002
included a net income impact of $141,000, or 3 cents per share, from $106,000 in
gains on the sale of securities, recognition of $240,000 from the value of stock
received in the demutualization of an insurance company in which the company was
a policyholder, less a $205,000 write-down of a commercial tract of land that
the Company currently holds for sale.
Diluted earnings per share for the fiscal year ended September 30, 2003 included
a net income impact of $870,000, or 16 cents per share, from $1,186,000 in gains
on the sale of securities, offset by $317,000 related to the write-off of merger
related costs. Diluted earnings per share for the fiscal year ended September
30, 2002 included a net income impact of $444,000, or 8 cents per share, from
$432,000 in gains on the sale of securities, recognition of $240,000 from the
value of stock received in the demutualization of an insurance company in which
the company was a policyholder, less a $205,000 write-down of a commercial tract
of land that the Company currently holds for sale.
President and CEO, Gregory C. Wilkes, commented, "We are delighted to announce
record earnings for our fiscal year that ended September 30, 2003. Our
management and staff faced a variety of very different challenges this past year
- - a struggling economy, a historically low interest rate environment, addressing
strategic business alternatives for the company, and more. We met all these
challenges head on with commitment and determination and achieved our goals. We
finished the year by generating over $270 million in new loans, a 50% increase
over 2002's record production. Our consumer and commercial average loans
outstanding increased 17% from 2002 to 2003. Average balances in checking and
money market accounts grew 16% over the past twelve months. And, in our first
full year of our annuity sales program we exceeded our projected net income by
50%."
"Credit quality remained strong as we finished the year with lower
non-performing loans and net charge-offs from the previous year." Wilkes added,
"In addition, despite the significant refinances and lower loan yields we
experienced during the year, our net interest margin only narrowed by 11 basis
points to 3.36%."
205 East Orange Street - P. O. Box 1527 - Lakeland, Florida 33802-1527 -
(863) 688-6811
The Company's wholly owned subsidiary, FloridaFirst Bank, currently operates 19
offices in Highlands, Manatee, Polk and Sumter Counties in the central area of
the state of Florida. Visit our Website at www.floridafirstbank.com or for
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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 Year ended
September 30, September 30,
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2003 2002 2003 2002
---- ---- ---- ----
OPERATING DATA:
Interest income $10,642 $12,871 $45,730 $48,910
Interest expense 4,623 6,257 20,843 24,948
Net interest income 6,019 6,614 24,887 23,962
Provision for loan losses 120 180 660 680
Non-interest revenue: 1,999 1,723 7,060 5,196
Service fees, charges, etc. 659 774 2,672 2,359
Gain on sale of loans 224 50 712 274
Gain on sale of securities 650 549 1,882 1,254
Other 466 350 1,794 1,309
Non-interest expense: 5,500 6,051 22,527 20,517
Compensation and benefits 2,759 2,907 10,960 10,781
Occupancy and equipment expense 839 854 3,400 3,003
Amortization of Core Deposit Intangible 375 405 1,560 1,080
Other 1,527 1,885 6,607 5,653
NET INCOME $ 1,633 $ 1,490 $ 6,021 $ 5,604
Basic earnings per share $ 0.32 $ 0.29 $ 1.19 $ 1.10
Diluted earnings per share $ 0.31 $ 0.28 $ 1.13 $ 1.05
Weighted average shares outstanding - Basic 5,081 5,039 5,062 5,095
Weighted average shares outstanding - Diluted 5,343 5,227 5,322 5,339
BALANCE SHEET DATA: Sep-03 Sep-02
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Total assets $ 819,231 $ 859,446
Loans, net 496,661 499,364
Securities 252,898 272,624
Deposits 552,909 587,431
FHLB advances 136,175 129,500
Total equity 101,972 98,978
Three months ended Year ended
September 30, September 30,
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SELECTED PERFORMANCE RATIOS: 2003 2002 2003 2002
---- ---- ---- ----
(annualized where appropriate)
Return on average assets 0.81% 0.72% 0.73% 0.74%
Return on average equity 6.34% 6.24% 5.94% 5.92%
Net interest margin in average earning assets 3.30% 3.50% 3.36% 3.47%
Efficiency ratio 70% 69% 70% 67%
Allowance for loan losses to total loans 0.89% 0.90%
Non-performing assets to total assets 0.18% 0.17%
Equity to assets at period end 12.45% 11.52%
Book value per share $ 18.93 $ 18.40
Website - www.floridafirstbank.com