BROOKLYN, N.Y., May 12, 2011 /PRNewswire/ -- Flatbush Federal Bancorp, Inc. (the "Company"), (OTC Bulletin Board: FLTB), the holding company of Flatbush Federal Savings and Loan Association (the "Association"), announced consolidated net income of $36,000 or $0.01 per share, for the quarter ended March 31, 2011 as compared to consolidated net income of $140,000, or $0.05 per share, for the same quarter in 2010.
The Company's assets at March 31, 2011 were $144.8 million compared to $147.0 million at December 31, 2010, a decrease of $2.2 million or 1.5%. Loans receivable decreased $2.2 million or 2.1%, to $104.3 million at March 31, 2011 from $106.5 million at December 31, 2010. Mortgage-backed securities decreased $509,000 or 2.3%, to $21.3 million at March 31, 2011 from $21.8 million at December 31, 2010. Cash and cash equivalents increased $206,000, or 2.5%, to $8.4 million at March 31, 2011 from $8.2 million at December 31, 2010.
Total deposits decreased $713,000, or 0.6%, to $116.4 million at March 31, 2011 from $117.1 million at December 31, 2010. Borrowings from the Federal Home Loan Bank of New York (FHLB) decreased $1.9 million, or 15.8%, to $10.1 million at March 31, 2011 from $12.0 million at December 31, 2010.
Total stockholders' equity increased $103,000, or 0.7%, to $15.9 million at March 31, 2011 from $15.8 million at December 31, 2010. The increase to stockholders' equity reflects net income of $36,000, amortization of $8,000 of unearned ESOP shares, amortization of $10,000 of restricted stock awards for the Company's Stock-Based Incentive Program, and amortization of $10,000 of stock option awards and a decrease of $39,000 of accumulated other comprehensive loss.
On August 30, 2007, the Company approved a stock repurchase program and authorized the repurchase of up to 50,000 shares of the Company's outstanding shares of common stock. Stock repurchases have been made from time to time and may be effected through open market purchases, block trades and in privately negotiated transactions. Repurchased stock is held as treasury stock and will be available for general corporate purposes. During the quarter ended March 31, 2011, the Company did not repurchase shares. As of March 31, 2011, a total of 12,750 shares have been repurchased at a weighted average price of $4.44.
INCOME INFORMATION - Three month periods ended March 31, 2011 and 2010
Net income decreased by $104,000 to net income of $36,000 for the quarter ended March 31, 2011 compared to net income of $140,000 for the same quarter in 2010. The decrease in net income for the quarter was primarily the result of a decrease of $324,000 in interest income and an increase of $40,000 in non-interest expense, partially offset by decreases of $88,000 in interest expense on deposits, $58,000 in interest expense on borrowings from the FHLB, $14,000 in provision for loan loss and $100,000 in income tax expense.
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 conditions, 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.
DECEMBER MARCH 31, 31, 2011 2010 ---- ---- (in thousands) Total Assets $144,767 $147,019 Loans Receivable 104,281 106,478 Mortgage-backed Securities 21,271 21,780 Deposits 116,361 117,074 Borrowings 10,129 12,043 Stockholders' Equity 15,856 15,754 AT OR FOR THE THREE MONTHS ENDED MARCH 31, 2011 2010 ---- ---- Total Interest Income $1,763 $2,087 Total Interest Expense 411 557 Net Interest Income 1,352 1,530 Provision for Loan Loss 140 154 Non-interest Income 63 63 Non-interest Expense 1,251 1,211 Income Tax (Benefit) expense (12) 88 Net income $36 $140 PERFORMANCE RATIOS Return on Average Assets 0.10% 0.36% Return on Average Equity 0.91% 3.64% Interest Rate Spread 3.90% 4.08% ASSET QUALITY RATIOS Allowance for Loan Losses to Total Loans Receivable 1.68% 0.87% Non-performing Loans to Total Assets 5.97% 3.08% CAPITAL RATIO Association's Core Tier 1 Capital to Adjusted Total Assets 11.69% 10.47%
SOURCE Flatbush Federal Bancorp, Inc.