-----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, Tk4YiQGRzZFWSt1+i0PAegWlTTyO6wHBjtJ/+dRPsEzF5wX4NITaioRn4uxNf3un 8Upte73eAxsn91FGmUHIRQ== 0000914317-05-002586.txt : 20050810 0000914317-05-002586.hdr.sgml : 20050810 20050810152152 ACCESSION NUMBER: 0000914317-05-002586 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050810 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050810 DATE AS OF CHANGE: 20050810 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: 051013384 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-70416_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) August 10, 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 August 10, 2005, Flatbush Federal Bancorp, Inc. announced its earnings for quarter and six months ended June 30, 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 and six months ended June 30, 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: August 10, 2005 ---------------- EXHIBIT INDEX 99.1 Press release dated August 10, 2005 reporting earnings for quarter and six --------------- months ended June 30, 2005. EX-99.1 2 ex99-1.txt Exhibit 99.1 FOR IMMEDIATE RELEASE August 10, 2005 Contact: Anthony J. Monteverdi President and Chief Executive Officer (718) 677-4414 Flatbush Federal Bancorp, Inc. Reports 2005 Second 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 $86,000, or $0.04 per share for the quarter ended June 30, 2005 as compared to $36,000, or $0.02 per share for the same quarter in 2004. The Company's assets increased $2.1 million, or 1.6%, to $136.4 million as of June 30, 2005 from $134.2 million at December 31, 2004. Cash and cash equivalents increased $3.6 million, or 57.5%, to $9.8 million at June 30, 2005 from $6.2 million at December 31, 2004. Loans receivable increased $828,000, or 0.9%, to $93.8 million as of June 30, 2005 from $92.9 million as of December 31, 2004. Mortgage-backed securities decreased $1.6 million, or 7.0%, to $20.7 million as of June 30, 2005 from $22.3 million as of December 31, 2004. Investment securities decreased $906,000, or 9.9%, to $8.3 million as of June 30, 2005 from $9.2 million as of December 31, 2004. Total deposits decreased $1.9 million, or 1.7%, to $114.9 million at June 30, 2005 from $116.9 million at December 31, 2004. Total stockholders' equity increased $53,000 to $15.9 million as of June 30, 2005 from $15.8 million as of December 31, 2004. In May 2005, the Association borrowed $3.6 million from the Federal Home Loan Bank of NY and invested the borrowings in loans receivable consisting of residential, commercial and mixed-use properties. However, due to prepayments and amortizations in loans receivable, the Association recorded a net increase of $828,000. Similarly, prepayments and amortizations in mortgage-backed securities resulted in a net decrease of $1.6 million. Calls and repayments in investment securities resulted in the net decrease of $906,000. The inflow of cash from prepayments and amortizations from loans receivable, mortgage-backed securities and calls and repayments in investment securities caused cash and cash equivalents to increase by $3.6 million. 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 number of authorized shares was adjusted to 50,662 to reflect the 10% stock dividend paid on April 25, 2005. As of June 30, 2005, all such shares have been acquired. On June 30, 2005, 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 will be made from time to time and may be effected through open market purchases, block trades and in privately negotiated transactions. Repurchased stock will be held as treasury stock and will be available for general corporate purposes. As of June 30, 2005, no such shares were acquired. INCOME INFORMATION - Three month periods ended June 30, 2005 and 2004 Net income increased $50,000, or 138.9%, to $86,000 for the quarter ended June 30, 2005 from $36,000 for the quarter ended June 30, 2004. The increase in earnings for the quarter was primarily due to an increase of $184,000 in interest income offset in part by a decrease of $5,000 in non-interest income and increases of $40,000 in interest expense on deposits, $25,000 in interest expense on FHLB borrowings, $4,000 in provision for loan loss, $31,000 in non-interest expense and $29,000 in income taxes. INCOME INFORMATION - Six-month periods ended June 30, 2005 and 2004 Net income increased $119,000, or 170.0%, to $189,000 for the six months ended June 30, 2005 from $70,000 for the six months ended June 30, 2004. The increase in earnings was primarily due to an increase of $363,000 in interest income offset in part by a decrease of $15,000 in non-interest income and increases of $41,000 in interest expense on deposits, $25,000 in interest expense on FHLB borrowings, $11,000 in provision for loan loss, $72,000 in non-interest expense and $80,000 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) JUNE 30 DECEMBER 31 2005 2004 ----------- ----------- Total Assets $ 136,352 $ 134,248 Loans Receivable 93,752 92,924 Investment Securities 8,281 9,187 Mortgage-backed Securities 20,749 22,300 Cash and Cash Equivalents 9,790 6,215 Deposits 114,921 116,857 Other Borrowings 3,600 0 Stockholders 15,863 15,810 Equity
SELECTED OPERATING DATA AT OR FOR THE THREE AT OR FOR THE SIX MONTHS ENDED JUNE 30 MONTHS ENDED JUNE 30 (in thousands) 2005 2004 2005 2004 ----------- ----------- ----------- ----------- Total Interest $ 1,896 $ 1,712 $ 3,746 $ 3,383 Income Total Interest Expense on Deposits 496 456 957 916 Total Interest Expense on Other Borrowings 25 0 25 0 Net Interest Income 1,375 1,256 2,764 2,467 Provision for Loan Loss 4 0 11 0 Non-interest 50 55 105 120 Income Non-interest 1,271 1,240 2,524 2,452 Expense Income Taxes 64 35 145 65 Net Income $ 86 $ 36 $ 189 $ 70 PERFORMANCE RATIOS Return on Average Assets 0.25% 0.10% 0.28% 0.10% Return on Average Equity 2.16% 0.92% 2.38% 0.89% Interest Rate Spread 3.65% 3.50% 3.98% 3.43% ASSET QUALITY RATIOS Allowance for Loan Losses to Total Loans Receivable 0.19% 0.20% 0.19% 0.20% Non-performing Loans to Total Assets 0.17% 0.07% 0.17% 0.07% CAPITAL RATIO Equity to Total Assets 11.63% 11.16%
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