For Further Information, Call
James B. Mitchell, Vice President & CFO
(620) 331-1660
FOR IMMEDIATE RELEASE
FIRST INDEPENDENCE ANNOUNCES FIRST QUARTER EARNINGS
INDEPENDENCE, KS (January 16, 2004) -- First Independence Corporation (OTC
Bulletin Board: FFSL.OB) (the “Company”), reported net earnings of $261,000
for the first quarter of fiscal 2004, compared to $413,000 for the first
quarter of fiscal 2003. Diluted earnings per share of common stock for the
first quarter of fiscal 2004 were $.28, compared to diluted earnings per share
of $.44 for the first quarter of fiscal 2003.
Return on average assets for the first quarter of
fiscal 2004 was .65% (annualized), compared to 1.05% (annualized), for the
same period last year. Return on average equity for the first quarter of
fiscal 2004 was 6.86% (annualized), compared to 11.15% (annualized), in the
first quarter of fiscal 2003.
We had $159.7 million in assets and $15.3 million in stockholders’ equity
as of December 31, 2003. At December 31, 2003, total shares outstanding were
919,916.
The Company is the parent corporation for First Federal Savings and Loan
Association of Independence, Kansas ("First Federal"). At December 31, 2003,
First Federal exceeded all of its regulatory capital requirements. First
Federal has four full-service branch offices primarily serving Montgomery,
Wilson, Crawford and Chautauqua Counties in Kansas along with a loan
production office in Lawrence, Kansas.
This release contains 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 that could cause actual
results to differ materially from those anticipated. These risks and
uncertainties include, among others, changes in economic
conditions in our market area, changes in policies by regulatory agencies,
fluctuations in interest rates, demand for loans in our market area and
competition that could cause actual results to differ materially from
historical earnings and those presently anticipated or projected. For
additional discussion of factors that may affect the Company’s performance,
refer to those described from time to time in our press releases and other
communications.
A consolidated financial summary follows.
|
FIRST INDEPENDENCE CORPORATION
FINANCIAL HIGHLIGHTS
(Dollars in thousands, except per share
data)
|
|
|
December 31,
2003 |
|
September 30,
2003 |
|
|
Financial Condition
Highlights: |
|
|
|
|
|
Total assets |
$ 159,664 |
|
$ 159,385 |
|
|
Loans receivable |
109,532 |
|
105,636 |
|
|
Loan held for
sale |
361 |
|
--- |
|
|
Mortgage-backed
and investment securities
held to
maturity |
41,873 |
|
39,964 |
|
|
Real estate
acquired through foreclosure |
521 |
|
490 |
|
|
Deposits |
103,981 |
|
105,724 |
|
|
Borrowed funds |
39,731 |
|
37,457 |
|
|
Stockholders'
equity |
15,297 |
|
15,153 |
|
|
|
|
|
|
|
|
Stockholders'
equity per outstanding
common share |
$16.63 |
|
$16.47 |
|
|
|
|
|
|
|
|
Selected Asset
Quality Ratios: |
|
|
|
|
|
Non-performing loans to total loans |
1.08% |
|
.87% |
|
|
Non-performing assets to total assets |
1.07% |
|
.89% |
|
|
Allowance for
loan losses
to
non-performing loans |
64.16% |
|
80.99% |
|
|
Allowance for
loan losses
to
non-performing assets |
44.68% |
|
52.86% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
December 31, |
|
|
|
2003 |
|
2002 |
|
|
Operating
Highlights: |
|
|
|
Net interest
income |
$ 1,187 |
|
$ 1,319 |
|
|
Provision for
loan losses |
21 |
|
--- |
|
|
Net earnings |
$ 261 |
|
$ 413 |
|
|
|
|
|
|
|
|
Operating Ratios
(annualized): |
|
|
|
|
|
Return on
average assets |
.65% |
|
1.05% |
|
|
Return on
average equity |
6.86% |
|
11.15% |
|
|
Interest rate
spread information: |
|
|
|
|
|
Average yield
on interest-earning assets |
5.66% |
|
6.60% |
|
|
Average cost
of interest-bearing liabilities |
2.83% |
|
3.44% |
|
|
Average rate
spread during period |
2.83% |
|
3.16% |
|
|
Net interest
margin |
3.06% |
|
3.44% |
|
|
Ratio of average
interest-earning assets to
average
interest-bearing liabilities |
108.53% |
|
108.97% |
|
|
|
|
|
|
|
|
Stock price for
period: |
|
|
|
|
|
High bid |
$15.61 |
|
$15.56 |
|
|
Low bid |
$15.41 |
|
$14.50 |
|
|
Closing bid at
12/31 |
$15.41 |
|
$15.04 |
|
|
|
|
|
|
|
|
Net earnings per
share (diluted) |
$.28 |
|
$.44 |
|
|
|
|
|
|
|
|
Weighted average
shares of common stock
and common stock
equivalents |
918,179 |
|
936,415 |
|
| |
|
|
|
|
|
|
|
|
FIRST INDEPENDENCE CORPORATION
CONSOLIDATED CONDENSED BALANCE SHEETS
|
|
December 31,
2003 |
|
September 30,
2003 |
|
|
ASSETS |
|
|
|
|
|
Cash and due
from banks |
$ 689,718 |
|
$ 761,110 |
|
|
Federal funds
sold |
400,000 |
|
6,000,000 |
|
|
Other
interest-bearing deposits |
1,067,829 |
|
1,342,200 |
|
|
Cash and
cash equivalents |
2,157,547 |
|
8,103,310 |
|
|
Investment
securities held to maturity (fair value:
December
31, 2003 - $29,574,100;
September
30, 2003 - $25,892,060) |
29,325,779 |
|
25,582,761 |
|
|
Mortgage-backed securities held to maturity (fair value:
December
31, 2003 - $12,729,442;
September
30, 2003 - $14,511,135) |
12,547,184 |
|
14,381,272 |
|
|
Loans
receivable |
109,532,241 |
|
105,635,863 |
|
|
Loans held
for sale |
360,850 |
|
--- |
|
|
Premises and
equipment |
2,210,489 |
|
2,154,519 |
|
|
Federal Home
Loan Bank Stock, at cost |
2,014,400 |
|
1,996,800 |
|
|
Accrued
interest receivable |
869,896 |
|
774,993 |
|
|
Real estate
acquired through foreclosure |
520,700 |
|
489,870 |
|
|
Income taxes
receivable |
--- |
|
115,430 |
|
|
Deferred
taxes |
34,377 |
|
41,065 |
|
|
Other |
90,676 |
|
109,440 |
|
|
Total
assets |
$
159,664,139 |
|
$
159,385,323 |
|
|
|
|
|
|
|
|
LIABILITIES
AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
Liabilities |
|
|
|
|
|
Deposits |
$ 103,980,764 |
|
$ 105,723,969 |
|
|
Advances
from borrowers for taxes and insurance |
389,912 |
|
701,254 |
|
|
Advances
from Federal Home Loan Bank |
39,731,479 |
|
37,457,012 |
|
|
Income
taxes payable |
30,912 |
|
--- |
|
|
Accrued
expenses and other |
234,420 |
|
349,798 |
|
|
Total
liabilities |
144,367,487 |
|
144,232,033 |
|
|
Stockholders'
equity |
|
|
|
|
|
Preferred
stock, $.01 par value, 500,000
shares
authorized, none issued |
--- |
|
