FLORIDAFIRST
BANCORP
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FloridaFirst Bancorp, Inc. Announces Earnings
for the First Quarter of Fiscal 2004
Lakeland, FL, February 4, 2004 (Nasdaq National Market "FFBK"). FloridaFirst
Bancorp, Inc. (the "Company") today reported net income for the quarter ended
December 31, 2003 of $1,276,000, or $ .24 diluted earnings per share, compared
to net income of $1,496,000, or $ .28 diluted earnings per share, for the same
period last year. Net income for the first quarter of 2003 included a net
nonrecurring income impact of $122,000 (or $ .02 per share) from realized gains
on securities.
President and CEO, Gregory C. Wilkes, commented "we are continuing to see strong
growth in consumer loans and an encouraging increase in our business and
commercial lending activities. Consumer loans increased 37% on an annualized
basis in the quarter. Mortgage lending is continuing to slow although our
traditionally strong construction business provides a steady pipeline for
mortgage originations." Wilkes added, "Average balances in core checking
accounts also increased nicely particularly in noninterest bearing checking
which grew 12% in the quarter. We continue to focus on our fundamental business
objectives and expect our product line growth to improve with the overall
economy."
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
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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 - (863)688-6811
FLORIDAFIRST
BANCORP
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FLORIDAFIRST BANCORP, INC.
SELECTED FINANCIAL INFORMATION (UNAUDITED)
(In thousands except per share data)
Three months ended
December 31,
2003 2002
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Operating Data:
Interest income $ 10,887 $ 12,287
Interest expense 4,517 5,958
Net interest income 6,370 6,329
Provision for loan losses 120 180
Non-interest revenue: 1,156 1,527
Service fees, charges, etc 630 663
Gain on sale of loans 28 236
Gain on sale of securities 29 194
Earnings on bank owned life insurance 242 250
Other 227 184
Non-interest expense: 5,619 5,521
Compensation and benefits 2,867 2,733
Occupancy and equipment expense 791 852
Amortization of Core Deposit Intangible 375 405
Other 1,586 1,531
Net Income $ 1,276 $ 1,496
Basic earnings per share $ 0.25 $ 0.30
Diluted earnings per share $ 0.24 $ 0.28
Weighted average shares outstanding - Basic 5,087 5,049
Weighted average shares outstanding - Diluted 5,398 5,317
Balance Sheet Data: Dec-03 Dec-02
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Total assets $821,190 $848,003
Loans, net 506,074 494,512
Securities 241,028 259,396
Deposits 550,127 579,943
FHLB advances 138,915 129,500
Total equity 103,532 101,092
205 East Orange Street - P.O. Box 1527 - Lakeland, Florida 33802 - (863)688-6811
FLORIDAFIRST
BANCORP
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Three months ended
December 31,
Selected Performance Ratios: 2003 2002
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(annualized where appropriate)
Return on average assets 0.62% 0.71%
Return on average equity 4.98% 6.00%
Net margin on average interest-earning assets 3.41% 3.35%
Efficiency ratio 70% 68%
Allowance for loan losses to total loans 0.88% 0.90%
Non-performing assets to total assets 0.31% 0.30%
Equity to assets at period end 12.61% 11.92%
Book value per share $ 19.24 $ 18.79
Website - www.floridafirstbank.com
205 East Orange Street - P.O. Box 1527 - Lakeland, Florida 33802 - (863)688-6811