Published: July 20, 2004
FSF Financial Corp. Announces Dividend and Operating Results for Third Quarter of Fiscal 2004
-- FSF Financial Corp. (FSF)
today announced net income of $1,001,000 for the third quarter ended June
30, 2004, versus $1,626,000 for the same period in 2003. Diluted earnings
per share for the quarter were $0.41, a decrease of $0.27 from $0.68 for
the third quarter last year. The Company also announced a dividend of
$0.35 to shareholders of record on July 30, 2004, payable on August 16,
2004.
"Net income for the third quarter of fiscal 2004 represents a decrease of
38% over the same period last year," noted FSF Financial Corp.'s
Co-Chairman and Chief Executive Officer, Donald A. Glas. "We have
improvement in net interest margin, which has been offset by an increase in
the provision for loan losses. Even though the provision for the three and
nine month periods has increased, net loans charged off still remain at
.44% of average loans. Professional fees have increased due to expenses
incurred that are related to the pending merger with MidCountry Financial.
Gains on sales of modified construction loans continue to have a positive
impact on noninterest income," added Mr. Glas.
FSF Financial Corp., a financial services company, has four affiliated
companies. First Federal Bank is a federally chartered stock savings bank
headquartered in Hutchinson, Minnesota. The Bank has thirteen offices
located in Hutchinson (2), Hastings, Apple Valley, Buffalo, Glencoe, Inver
Grove Heights (2), Litchfield, St Cloud, Waconia, Waite Park and Winthrop,
Minnesota. The Federal Deposit Insurance Corporation federally insures the
Bank's deposits. The Bank is a community-oriented, full service retail
bank offering a variety of deposit and loan products. Homeowners Mortgage
Corporation operates from offices in Vadnais Heights and Hastings,
Minnesota. Firstate Investments provides non-insured financial products in
three locations. Insurance Planners of Hutchinson, Inc., is a property and
casualty insurance agency with two locations.
This press release may contain forward-looking statements as defined by the
Private Securities Litigation Reform Act of 1995. Any such forward-looking
statements are subject to various risks and uncertainties and are therefore
qualified by the Corporation's cautionary statements contained in its
filings with the Securities and Exchange Commission.
FSF FINANCIAL CORP. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
At At
June 30, September 30,
2004 2003
---- ----
(in thousands, except share data)
ASSETS
Cash and cash equivalents:
Cash $ 3,986 $ 3,556
Interest-bearing deposits 21,751 77,045
---------- -----------
Total cash and cash equivalents 25,737 80,601
Securities available for sale, at fair value:
Equity securities - 12,009
Mortgage-backed and related securities 58,817 29,923
Debt securities 11,704 12,178
Restricted stock 3,912 4,797
Loans held-for-sale 17,036 17,122
Loans receivable, net 365,179 358,708
Foreclosed real estate 1,151 1,152
Accrued interest receivable 3,659 3,960
Premises and equipment 6,186 6,331
Goodwill 3,883 3,883
Identifiable intangibles 911 1,014
Investment in life insurance 8,649 8,388
Other assets 3,985 1,086
---------- -----------
Total assets $ 510,809 $ 541,152
========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Demand deposits $ 85,999 $ 69,684
Savings accounts 78,836 86,666
Certificates of deposit 216,060 234,665
---------- -----------
Total deposits 380,895 391,015
Federal Home Loan Bank borrowings 72,000 93,000
Advances from borrowers for taxes
and insurance 149 233
Other liabilities 6,135 5,717
---------- -----------
Total liabilities 459,179 489,965
Stockholders' equity:
Serial preferred stock, no par value
5,000,000 shares authorized, no
shares issued - -
Common stock, $.10 par value
10,000,000 shares authorized,
4,501,277 and 4,501,277 shares issued 450 450
Additional paid in capital 44,170 43,925
Retained earnings, substantially
restricted 39,479 38,643
Treasury stock at cost (2,114,879 and
2,156,540 shares) (30,907) (31,444)
Unearned ESOP shares at cost (-0- and
7,643 shares) - (76)
Unearned MSP stock grants at cost (475) (484)
Accumulated other comprehensive income (1,087) 173
---------- -----------
Total stockholders' equity 51,630 51,187
---------- -----------
Total liabilities and
stockholders' equity $ 510,809 $ 541,152
========== ===========
FSF FINANCIAL CORP. AND SUBSIDIARIES
UNAUDITED FINANCIAL HIGHLIGHTS
(Dollars in thousands, except per share data)
At At
June 30, September 30,
Other Financial Condition Data: 2004 2003
---- ----
Tangible Net Worth (1) $ 46,836 $ 46,290
Stockholder's equity to
total assets 10.11% 9.46%
Book value per share $ 22.02 $ 22.30
Tangible book value per
share (1) $ 19.98 $ 20.17
Non-performing assets:
Non-accrual loans $ 6,133 $ 6,039
Real estate owned $ 1,151 $ 1,152
---------- -----------
Total non-performing
assets $ 7,284 $ 7,191
========== ===========
(1) Tangible net worth is total stockholders' equity less goodwill and
other intangible assets.
FSF FINANCIAL CORP. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
AND COMPREHENSIVE INCOME
Three Months Nine Months
Ended June 30, Ended June 30,
2004 2003 2004 2003
---- ---- ---- ----
(in thousands, except per share data)
Interest income:
Loans receivable $ 6,712 $ 7,399 $ 20,137 $ 23,304
Mortgage-backed and
related securities 585 385 1,306 1,347
Investment securities 169 394 874 1,019
-------- -------- -------- --------
Total interest income 7,466 8,178 22,317 25,670
Interest expense:
Deposits 1,611 2,293 5,166 7,485
Borrowed funds 972 1,256 3,201 3,818
-------- -------- -------- --------
Total interest expense 2,583 3,549 8,367 11,303
-------- -------- -------- --------
Net interest income 4,883 4,629 13,950 14,367
Provision for loan losses 755 305 1,483 786
-------- -------- -------- --------
Net interest income after
provision for loan losses 4,128 4,324 12,467 13,581
-------- -------- -------- --------
Noninterest income:
Gain on sale of
construction loans 543 987 1,661 2,227
Gain on sale of other loans - net 229 282 508 1,474
Gain on sale of available
for sale securities - - 284 -
Other service charges and fees 437 461 1,122 1,275
Service charges on
deposit accounts 664 663 1,849 1,873
Commission income 341 303 966 895
Other 88 102 294 265
-------- -------- -------- --------
Total noninterest income 2,302 2,798 6,684 8,009
-------- -------- -------- --------
Noninterest expense:
Compensation and benefits 2,772 2,793 8,329 8,500
Occupancy and equipment 502 449 1,473 1,256
Data processing 262 254 760 744
Professional fees 332 186 623 466
Other 994 920 2,756 2,660
-------- -------- -------- --------
Total noninterest expense 4,862 4,602 13,941 13,626
-------- -------- -------- --------
Income before provision
for income taxes 1,568 2,520 5,210 7,964
Income tax expense 567 894 2,016 3,022
-------- -------- -------- --------
Net income $ 1,001 $ 1,626 $ 3,194 $ 4,942
======== ======== ======== ========
Basic earnings per share $ 0.43 $ 0.72 $ 1.37 $ 2.21
Diluted earnings per share $ 0.41 $ 0.68 $ 1.30 $ 2.09
Cash dividend declared
per common share $ 0.35 $ 0.30 $ 1.05 $ 0.90
Comprehensive income $ (349) $ 1,644 $ 1,934 $ 5,560
======== ======== ======== ========
FSF FINANCIAL CORP. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED AVERAGE BALANCE SHEET, INTEREST AND DIVIDENDS
EARNED OR PAID AND RELATED INTEREST YIELDS AND RATES
(Dollars in thousands)
Three Months Ended June 30,
2004 2003
Interest Interest
Average Yields & Average Yields &
Balance Interest Rates(1) Balance Interest Rates(1)
-----------------------------------------------------
(dollars in thousands)
Assets:
Construction
loans $ 173,735 $ 3,431 7.90 % $ 161,332 $ 3,290 8.16 %
Other loans
receivable (2) 207,304 3,281 6.33 237,040 4,109 6.93
Mortgage-backed
securities 56,583 585 4.14 39,795 385 3.87
Investment
securities (3) 46,686 169 1.45 76,927 394 2.05
--------- ------- --------- -------
Total interest-
earning assets 484,308 7,466 6.17 515,094 8,178 6.35
------- ----- ------- -----
Other assets 29,925 29,232
--------- ---------
Total assets $ 514,233 $ 544,326
========= =========
Liabilities:
Interest-bearing
deposits $ 383,618 $ 1,611 1.68 % $ 394,890 $ 2,293 2.32 %
Borrowings 72,000 972 5.40 93,000 1,256 5.40
--------- ------- --------- -------
Total interest-
bearing
liabilities 455,618 2,583 2.27 487,890 3,549 2.91
------- ----- ------- -----
Other liabilities 6,422 6,742
--------- ---------
Total
liabilities 462,040 494,632
Stockholders'
equity 52,193 49,694
--------- ---------
Total liabilities
and stockholders'
equity $ 514,233 $ 544,326
========= =========
Net interest income $ 4,883 $ 4,629
======= =======
Net spread (4) 3.90 % 3.44 %
Net margin (5) 4.03 % 3.59 %
Ratio of average
interest-earning
assets to average
interest-bearing
liabilities 1.06X 1.06X
1. Annualized.
2. Average balances include non-accrual loans and loans held for sale.
3. Includes interest-bearing deposits in other financial institutions.
4. Net spread represents the difference between the average yield on
interest-earning assets and the average cost of interest-bearing
liabilities.
5. Net margin represents net interest income as a percentage of
interest-earning assets.
FSF FINANCIAL CORP. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED AVERAGE BALANCE SHEET, INTEREST AND DIVIDENDS
EARNED OR PAID AND RELATED INTEREST YIELDS AND RATES
(Dollars in thousands)
Nine Months Ended June 30,
2004 2003
Interest Interest
Average Yields & Average Yields &
Balance Interest Rates(1) Balance Interest Rates(1)
-----------------------------------------------------
(dollars in thousands)
Assets:
Construction
loans $ 169,611 $10,027 7.88 % $ 159,446 $ 9,830 8.22 %
Other loans
receivable (2) 203,970 10,110 6.61 249,971 13,474 7.19
Mortgage-backed
securities 41,907 1,306 4.16 43,653 1,347 4.11
Investment
securities (3) 75,909 874 1.54 61,912 1,019 2.19
--------- ------- --------- -------
Total interest-
earning assets 491,397 22,317 6.06 514,982 25,670 6.65
------- ----- ------- -----
Other assets 30,111 29,426
--------- ---------
Total assets $ 521,508 $ 544,408
========= =========
Liabilities:
Interest-bearing
deposits $ 384,748 $ 5,166 1.79 % $ 395,368 $ 7,485 2.52 %
Borrowings 78,843 3,201 5.41 93,934 3,818 5.42
--------- ------- --------- -------
Total interest-
bearing
liabilities 463,591 8,367 2.41 489,302 11,303 3.08
------- ----- ------- -----
Other liabilities 5,936 6,988
--------- ---------
Total
liabilities 469,527 496,290
Stockholders'
equity 51,981 48,118
--------- ---------
Total liabilities
and stockholders'
equity $ 521,508 $ 544,408
========= =========
Net interest income $13,950 $14,367
======= =======
Net spread (4) 3.65 % 3.57 %
Net margin (5) 3.79 % 3.72 %
Ratio of average
interest-earning
assets to average
interest-bearing
liabilities 1.06X 1.05X
1. Annualized.
2. Average balances include non-accrual loans and loans held for sale.
3. Includes interest-bearing deposits in other financial institutions.
4. Net spread represents the difference between the average yield on
interest-earning assets and the average cost of interest-bearing
liabilities.
5. Net margin represents net interest income as a percentage of
interest-earning assets.
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