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Banking industry

FSF Financial Corp. Reports Operating Results for the Quarter and Fiscal Year Ended September 30, 1999

Strategic Insights

— 2 min read

FSF Financial Corp. announced its operating results for the quarter and fiscal year ended September 30, 1999, revealing a net income of $445,000 for the fourth quarter of fiscal 1999 and $707,000 for the same period in 1998. The company's basic earnings per share for the quarter ended September 30, 1999, were $0.17, compared to $0.27 per share for the same period in 1998. The company's diluted earnings per share decreased to $0.16 and $0.25 at September 30, 1998, and 1997, respectively. For the fiscal year ended September 30, 1999, net income was $2,505,000, compared to $3,030,000 for the fiscal year in 1998. The company's basic earnings per share were $0.94 for the 1999 fiscal year, a decrease from $1.14 for the fiscal year ended September 30, 1998.

Key Takeaways:

  • FSF Financial Corp. reported a net income of $445,000 for the fourth quarter of fiscal 1999 and $707,000 for the same period in 1998.
  • The company's basic earnings per share for the quarter ended September 30, 1999, were $0.17, compared to $0.27 per share for the same period in 1998.
  • The company's diluted earnings per share decreased to $0.16 and $0.25 at September 30, 1998, and 1997, respectively.
  • For the fiscal year ended September 30, 1999, net income was $2,505,000, compared to $3,030,000 for the fiscal year in 1998.
  • Basic earnings per share decreased to $0.94 for the 1999 fiscal year, a decrease from $1.14 for the fiscal year ended September 30, 1998.
  • Net interest margin for the fourth quarter increased to 2.97% for fiscal 1999 from 2.83% for the same period in 1998, while net interest margin for fiscal 1999 decreased to 2.74% from 2.89% for fiscal 1998.
  • During the fourth quarter of fiscal 1999, net interest income increased to $2.9 million compared to net interest income of $2.8 million for the same period in 1998.
  • Residential mortgages currently represent 38.8% of total loans, compared to 52.2% at September 30, 1998.
  • Agricultural, commercial real estate, and commercial business loans increased from 26% of total loans at the end of 1998 to 32% this year.
  • The company repurchased 175,000 shares of common stock during the year at approximately an average 10% discount to tangible book value.

Statistics:

  • Net income for the fourth quarter of fiscal 1999: $445,000
  • Basic earnings per share for the quarter ended September 30, 1999: $0.17
  • Diluted earnings per share at September 30, 1998, and 1997: $0.16 and $0.25, respectively
  • Net income for the fiscal year ended September 30, 1999: $2,505,000
  • Basic earnings per share for the fiscal year ended September 30, 1999: $0.94
  • Net interest income for the fourth quarter of fiscal 1999: $2.9 million
  • Net interest income for the same period in 1998: $2.8 million
  • Net interest margin for the fourth quarter of fiscal 1999: 2.97%
  • Net interest margin for the same period in 1998: 2.83%
  • Total non-performing assets at September 30, 1999: 0.13% of total assets
  • Non-accrual loans at September 30, 1999: contained no commercial or agricultural loans

Sources:

  • FSF Financial Corp. press release, dated October 25, 1999.
  • FSF Financial Corp. unaudited consolidated statements of financial condition, unaudited financial highlights, unaudited consolidated statements of income, and unaudited consolidated average balance sheet, interest, and dividends earned or paid, and related interest yields and rates.

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