Classic Bancshares, Inc. Reports Fiscal 2005 Second Quarter
Earnings ASHLAND, Ky., Nov. 1 /PRNewswire-FirstCall/ -- Classic
Bancshares, Inc. (NASDAQ:CLAS) reported net income of $2.1 million,
or $1.34 per diluted share for the six months ended September 30,
2004 compared to net income of $1.7 million, or $1.16 per diluted
share for the six months ended September 30, 2003. Net income for
the second quarter ended September 30, 2004 was $1.0 million or
$.67 per diluted share compared to $905,000 or $.59 per diluted
share for the second quarter ended September 30, 2003. The
Company's assets decreased approximately $1.9 million from $341.8
million at March 31, 2004 to $339.9 million at September 30, 2004
primarily due to a decrease in investment securities of $3.0
million offset by a slight increase in cash and loans. The decrease
in investment securities was a result of maturities, calls and
principal repayments during the period. Deposits decreased $18.0
million due primarily to the loss of one public fund account, which
amounted to $15.2 million at June 30, 2004. Retention of the
deposit was based upon pricing and management felt that the cost to
retain the deposit was too high. Management chose to replace the
deposit with FHLB borrowings at a lower cost. FHLB borrowings
increased approximately $12.5 million since March 31, 2004. Total
non-performing assets represented .9% of total assets at September
30, 2004 compared to .7% at March 31, 2004. The Company recorded a
provision for loan losses of $261,000 for the six-month period and
had net charge-offs of $225,000 resulting in an allowance for loan
losses of $2.2 million at September 30, 2004. The allowance at
September 30, 2004 was equal to 91% of total non-performing loans
and .9% of total loans receivable. Net interest income increased
for both the six-month period and the second quarter. Net interest
income increased $1.0 million for the six months ended September
30, 2004 compared to the same period in 2003 and $262,000 for the
second quarter ended September 30, 2004 compared to the same period
in 2003. The increases in net interest income for the three and six
months was due to an increase in average interest-earning assets
and an increase in the Company's interest rate spread. The
Company's non-interest income grew for both the six-month period
and the quarter. Non-interest income increased $140,000 for the six
months ended September 30, 2004 compared to the same period in 2003
and $31,000 for the second quarter ended September 30, 2004
compared to the same period in 2003. The increase in non-interest
income was primarily due to an increase in fees and service charges
on deposit accounts as a result of a larger deposit base offset by
a decrease in commissions earned on the origination of secondary
market loans. The Company's secondary market activity consists only
of commissions earned from a third party originator and represents
a small portion of the Company's non-interest income. Non-interest
expense increased for the six-month period and remained flat for
the quarter ended September 30, 2004 when compared to the quarter
ended September 30, 2003. Non-interest expense increased
approximately $302,000 for the six months ended September 30, 2004
as compared to the six months ended September 30, 2003. The
increase in non-interest expense for the six months was due to an
increase in salaries and employee benefits and an increase in
occupancy and equipment expense primarily due to the increase in
the number of employees and banking offices as a result of the
acquisition of First Federal completed in June 2003. Non-interest
expense also increased for the six-month period due to an increase
in professional fees resulting primarily from the Company's efforts
to upgrade its corporate governance policies and procedures as well
as compliance with new regulatory requirements. Classic Bancshares,
Inc. is headquartered in Ashland, Kentucky and has one subsidiary,
Classic Bank. Classic Bank operates at 344 Seventeenth Street,
Ashland, Kentucky with nine branch offices located in Boyd, Carter,
Greenup and Johnson counties in Kentucky and Lawrence County, Ohio.
When used in this press release, the words or phrases "should
result," "will likely result," "are expected to," "will continue,"
"is anticipated," "estimate," "project" or similar expressions are
intended to identify "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995.
Such statements are subject to certain risks and uncertainties,
including changes in economic condition in the Company's market
area including unemployment levels and plant closings, real estate
values in the Company's market area, changes in policies by
regulatory agencies, fluctuations in interest rates, demand for
loans in the Company's market area and competition, that could
cause actual results to differ materially from historical earnings
and those presently anticipated or projected. The Company wishes to
caution readers not to place undue reliance on such forward-looking
statements, which speak only as of the date made. The Company
wishes to advise readers that the factors listed could affect the
Company's financial performance and could cause the Company's
actual results for future periods to differ materially from any
opinions or statements expressed with respect to future periods in
any current statements. The Company does not undertake -- and
specifically declines any obligation -- to publicly release the
result of any revisions which may be made to any forward-looking
statements to reflect events or circumstances after the date of
such statements or to reflect the occurrence of anticipated or
unanticipated events. SELECTED FINANCIAL DATA The following table
sets forth selected financial data of Classic Bancshares, Inc. as
of September 30, 2004 and March 31, 2004 and for the three and six
months ended September 30, 2004 and 2003. September 30, March 31,
2004 2004 (In Thousands) Selected Financial Condition Data: Cash
and other interest bearing deposits $10,512 $9,213 Securities
available for sale 47,604 50,916 Loans receivable, net 257,943
257,455 Goodwill and other intangible assets 8,438 8,798 Other
assets 15,369 15,383 Total assets $339,866 $341,765 Deposits
$242,270 $260,241 Securities sold under agreement to repurchase
11,673 9,168 FHLB advances 46,727 34,218 Other liabilities 2,520
2,911 Total liabilities 303,190 306,538 Stockholders' Equity 36,676
35,227 Total liabilities and stockholders' equity $339,866 $341,765
Three Months Ended Six Months Ended September 30, September 30,
2004 2003 2004 2003 (In Thousands) Selected Operations Data: Total
interest income $4,551 $4,455 $9,078 $8,113 Total interest expense
1,288 1,454 2,585 2,660 Net interest income 3,263 3,001 6,493 5,453
Provision for loan losses 126 46 261 92 Net interest income after
provision for losses on loans 3,137 2,955 6,232 5,361 Fees and
service charges 541 451 1,058 850 Gain on sale of securities - 1 17
1 Other noninterest income 69 127 140 224 Total noninterest income
610 579 1,215 1,075 Total noninterest expense 2,261 2,263 4,443
4,141 Income before income taxes 1,486 1,271 3,004 2,295 Income tax
expense 449 366 915 645 Net income $1,037 $905 $2,089 $1,650 Basic
earnings per share $0.74 $0.64 $1.48 $1.28 Fully diluted earnings
per share $0.67 $0.59 $1.34 $1.16 At or for the At or for the Three
Months Ended Six Months Ended September 30, September 30, 2004 2003
2004 2003 Other Data: Return on average assets (ratio of annualized
net income to total average assets) 1.2% 1.1% 1.2% 1.1% Return on
average equity (ratio of annualized net income to total average
equity) 11.5 11.2 11.8 11.2 Net interest margin(1) (Federal Tax
Equivalent) 4.4 4.1 4.4 4.3 Non-performing assets to total assets
0.9 1.0 0.9 1.0 Allowance for loan losses to non-performing loans
91.1 100.3 91.1 100.3 Allowance for loan losses to loans
receivable, net 0.9 1.0 0.9 1.0 Non-interest expenses/ Total
revenues(2) 56.8 61.4 56.3 61.2 Book value per share $26.08 $23.13
$26.08 $23.13 Tangible book value per share $20.08 $16.67 $20.08
$16.67 Total shares outstanding 1,408,478 1,409,891 1,408,478
1,409,891 Total weighted avg. shares outstanding for diluted EPS
1,556,291 1,538,752 1,556,379 1,424,144 Number of full service
offices 10 10 10 10 Number of ATM locations 23 23 23 23 (1) - Net
interest income (Federal Tax Equivalent) annualized divided by
average earning assets. (2) - Total revenues = Net interest income
(Federal Tax Equivalent) + non- interest income. DATASOURCE:
Classic Bancshares, Inc. CONTACT: David B. Barbour, President and
Chief Executive Officer, or Lisah M. Frazier, Chief Operating
Officer and Chief Financial Officer, of Classic Bancshares, Inc.,
+1-606-326-2800, or fax, +1-606-326-2801 Web site:
http://www.classicbank.com/
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