FFLC Bancorp Inc. in Leesburg, Fla., reported fourth-quarter earnings of $2.7 million, 24% higher than a year earlier.
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Full-year earnings rose 10%, to $10 million, the $1 billion-asset company said Friday.
The parent of First Federal Savings Bank of Lake County said the quarterly increase was mostly caused by a 14% jump in interest-earning assets, which led to a 18% increase in net interest income. FFLC reported net interest income of $8 million for the quarter and $30.4 million for the full year.
Its credit quality also improved. The ratio of nonperforming loans to total loans was 0.3%, down from 0.66% in the fourth quarter of 2003. The ratio of chargeoffs to total loans dropped by half, to 0.08%.
