-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, OIGnunMKbry5mSkTAnnx3K5Iv/trjs8BBrzs9hR7XtAjqiMZ9zNhFLueboDldRpl vpBgGSGNKQ/fPsT4rv/RPQ== 0000914317-05-001487.txt : 20050428 0000914317-05-001487.hdr.sgml : 20050428 20050428140800 ACCESSION NUMBER: 0000914317-05-001487 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050427 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050428 DATE AS OF CHANGE: 20050428 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FLATBUSH FEDERAL BANCORP INC CENTRAL INDEX KEY: 0001243496 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-50377 FILM NUMBER: 05779791 BUSINESS ADDRESS: STREET 1: 2146 NOSTRAND AVE CITY: BROOKLYN STATE: NY ZIP: 11210 BUSINESS PHONE: 7188596800 MAIL ADDRESS: STREET 1: 2146 NOSTRAND AVE CITY: BROOKLYN STATE: NY ZIP: 11210 8-K 1 form8k-68449_flatbush.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) April 27, 2005 ------------------------------- FLATBUSH FEDERAL BANCORP, INC. - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Federal 000-50377 11-3700733 - -------------------------------------------------------------------------------- (State or other jurisdiction (Commission File Number) (IRS Employer ID No.) of incorporation) 2146 Nostrand Avenue, Brooklyn, New York 11210 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (718) 859-6800 ----------------------------- Not Applicable - -------------------------------------------------------------------------------- (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [_] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [_] Soliciting material pursuant to rule 14a-12 under the Exchange Act (17CFR 240.14a-12) [_] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [_] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 2.02. Results of Operations and Financial Condition The following information is furnished pursuant to Item 2.02, Results of Operations and Financial Condition. On April 27, 2005, Flatbush Federal Bancorp, Inc. announced its earnings for quarter ended March 31, 2005 by release. The press release is included as an exhibit. Item 9.01. Financial Statements and Exhibits. (a) Financial statements of businesses acquired. Not Applicable (b) Pro forma financial information. Not Applicable (c) Exhibits Attached as Exhibit 99.1 is Flatbush Federal Bancorp, Inc.'s (the "Company") press release reporting earnings for quarter ended March 31, 2005. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized. FLATBUSH FEDERAL BANCORP, INC. By: /s/ Anthony J. Monteverdi Anthony J. Monteverdi Chairman, President and Chief Executive Officer DATE: April 27, 2005 -------------- EXHIBIT INDEX 99.1 Press release dated April 27, 2005 reporting earnings for quarter -------------- ended March 31, 2005. EX-99.1 2 ex99-1.txt FOR IMMEDIATE RELEASE April 27, 2005 Contact: Anthony J. Monteverdi President and Chief Executive Officer (718) 677-4414 Flatbush Federal Bancorp, Inc. Reports 2005 First Quarter Operating Results Brooklyn, NY - Flatbush Federal Bancorp, Inc. (OTC Bulletin Board: FLTB), the holding company of Flatbush Federal Savings and Loan Association ("the Association"), announced consolidated net income of $103,000, or $0.05 per share for the quarter ended March 31, 2005 as compared to $34,000, or $0.02 per share for the same quarter in 2004. The Company's assets increased $103,000, or 0.08%, to $134.3 million as of March 31, 2005 from $134.2 million at December 31, 2004. Cash and cash equivalents decreased $341,000, or 5.5%, to $5.9 million at March 31, 2005 from $6.2 million at December 31, 2004. Loan receivables increased $2.0 million, or 2.2%, to $94.9 million as of March 31, 2005 from $92.9 million as of December 31, 2004. Investment securities decreased $194,000, or 2.1%, to $9.0 million as of March 31, 2005 from $9.2 million as of December 31, 2004. Mortgage-backed securities decreased $1.4 million, or 6.2%, to $20.9 million as of March 31, 2005 from $22.3 million as of December 31, 2004. The decrease to cash and cash equivalents and the amortization and prepayments in mortgage-backed and investment securities were directly offset by the increase to loans receivable. Total deposits decreased $462,000, or 0.40%, to $116.4 million at March 31, 2005 from $116.9 million at December 31, 2004. Total stockholders' equity increased $115,000 to $15.9 million as of March 31, 2005 from $15.8 million as of December 31, 2004. The Company adopted a Stock-Based Incentive Plan ("the Plan") on November 19, 2004 following the approval of the stockholders. The Plan authorized 46,056 shares of restricted stock to be distributed to Directors and Officers as an incentive to share in the growth and performance of the Company. The Company implemented a stock buyback program to acquire such shares. The Company will continue the buyback program until the completion of the Plan requirements. As of March 31, 2005, 32,000 shares have been acquired. INCOME INFORMATION - Three-month periods ended March 31, 2005 and 2004 Net income increased $69,000, or 202.9%, to $103,000 for the quarter ended March 31, 2005 from $34,000 for the same quarter in 2004. The increase in earnings for the quarter was primarily due to an increase of $179,000 in interest income, offset by a decrease of $14,000 in non-interest income and increases of $7,000 in provision for loan losses, $36,000 in non-interest expense, $1,000 in interest expense and $52,000 in income taxes. 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 condition, 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. SELECTED FINANCIAL CONDITION DATA (in thousands) MARCH 31 DECEMBER 31 2005 2004 ------------ ------------ Total Assets $ 134,351 $ 134,248 Loans Receivable 94,973 92,925 Investment 8,993 9,187 Securities Mortgage-backed Securities 20,915 22,300 Cash and Cash Equivalents 5,874 6,215 Deposits 116,395 116,857 Stockholders' 15,925 15,810 Equity SELECTED OPERATING DATA AT OR FOR THE THREE MONTHS ENDED MARCH 31 (in thousands) 2005 2004 ------------ ------------ Total Interest $ 1,850 $ 1,671 Income Total Interest Expense 461 460 Net Interest 1,389 1,211 Income Provision for Loan Loss 7 0 Non-interest 55 69 Income Non-interest 1,253 1,217 Expense Income Taxes 81 29 Net Income $ 103 $ 34 PERFORMANCE RATIOS Return on Average Assets 0.30% 0.10% Return on Average Equity 2.59% 0.87% Interest Rate 4.03% 3.37% Spread ASSET QUALITY RATIOS Allowance for Loan Losses to Total Loans Receivable 0.19% 0.20% Non-performing Loans to Total 0.18% 0.06% Assets CAPITAL RATIO Equity toTotal 11.85% 11.14% Assets -----END PRIVACY-ENHANCED MESSAGE-----