-----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, TDYOnMlcNg7lQZgK3n7d5Y/s2UIWhQtU7B/o1etAs09YcU5y4iirO3Fq4DUJiPf7 BIp9kX6wTSU+kod+6lFKgQ== 0000912057-01-529671.txt : 20010822 0000912057-01-529671.hdr.sgml : 20010822 ACCESSION NUMBER: 0000912057-01-529671 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20010802 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20010821 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CLASSIC BANCSHARES INC CENTRAL INDEX KEY: 0001001627 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 611289391 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-27170 FILM NUMBER: 1719829 BUSINESS ADDRESS: STREET 1: 344 17TH ST STREET 2: P O BOX 1527 CITY: ASHLAND STATE: KY ZIP: 41101-1527 BUSINESS PHONE: 6063254789 MAIL ADDRESS: STREET 1: P O BOX 1527 CITY: ASHLAND STATE: KY ZIP: 41105-1527 8-K 1 a2057584z8-k.txt FORM 8-K SECURITIES AND EXCHANGE COMMISSION Washington, DC 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 2, 2001 CLASSIC BANCSHARES, INC. ------------------------------------------------------------------------------ (Exact name of Registrant as specified in its Charter) Delaware 0-27170 61-1289391 - ------------------------------------------------------------------------------ (State or other jurisdiction (Commission File No.) (IRS Employer of incorporation) Identification No.) 344 17th Street, Ashland, Kentucky 41101 ------------------------------------------------------------------------------ (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (606) 325-4789 N/A ------------------------------------------------------------------------------ (Former name or former address, if changed since last report) Item 5. Other Events On August 2, 2001, the Registrant issued the press release attached hereto as Exhibit 99 announcing its earnings for the quarter ended June 30, 2001. Item 7. Financial Statements and Exhibits (a) Exhibits 99 Press release dated August 2, 2001 2 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 thereunto duly authorized. CLASSIC BANCSHARES, INC. Date: August 2, 2001 By: /s/Lisah M. Frazier -------------- ------------------------------- Lisah M. Frazier, Chief Operation Officer and Chief Financial Officer 3 EX-99 3 a2057584zex-99.txt EXHIBIT 99 EXHIBIT 99 FOR IMMEDIATE RELEASE For Additional Information Contact: David B. Barbour, President and Chief Executive Officer Lisah M. Frazier, Chief Operating Officer and Chief Financial Officer (606) 326-2800 Fax (606) 326-2801 www.classicbank.com CLASSIC BANCSHARES, INC. REPORTS RECORD EARNINGS AND DECLARES A CASH DIVIDEND Ashland, Kentucky, -- August 2, 2001 -- Classic Bancshares, Inc. (NASDAQ - CLAS) reported net income of $414,000 for the first quarter ended June 30, 2001 compared to net income of $283,000 for the same period in 2000. Fully diluted earnings per share were $.37 for the three months ended June 30, 2001 compared to fully diluted earnings per share of $.26 for the same period in 2000. Classic Bancshares' assets increased $4.0 million from $187.9 million at March 31, 2001 to $191.9 million at June 30, 2001. Loans increased $5.4 million from $138.9 million at March 31, 2001 to $144.3 million at June 30, 2001. Consistent with the Company's strategic plan, the growth in loans was primarily in the areas of commercial mortgage, commercial business, and consumer loans. Deposits increased approximately $1.7 million from $145.4 million at March 31, 2001 to $147.1 million at June 30, 2001. The Company continues to be strategically focused on maintaining asset quality and adhering to stringent underwriting standards. As a result, asset quality remains strong as evidenced by a ratio of non- performing assets to total assets of .5% at June 30, 2001. The Company recorded a provision for loan losses of $70,000 for the three-month period, had net charge-offs of $22,000 for the three-month period resulting in an allowance for loan losses of $1.5 million at June 30, 2001. The allowance at June 30, 2001 was equal to 207% of total non-performing loans, 158% of non-performing assets and 1.0% of total loans receivable. David B. Barbour, President and Chief Executive Officer commented, "through the continued execution of our strategic plan and the consolidation of our banking charters, the Company was able to open and operate our seventh banking office for the entire quarter without an increase in operating costs. We anticipate continued success in controlling costs as consolidation expenses relative to the merging of charters and reduction in work force were present in this period that will not be inherent in future quarters." Lisah M. Frazier, Chief Operating and Chief Financial Officer added, "the Company's earnings were favorably impacted by the new FASB statement eliminating the amortization of goodwill which has effected the reported earnings of the Company in prior periods." Net interest income increased approximately $26,000 for the first quarter ended June 30, 2001. The net interest margin decreased to 4.0% for the quarter ended June 30, 2001 compared to 4.2% for the same period in 2000 due to a decrease in interest rates during the quarter. Non-interest income was $334,000 for the quarter ended June 30, 2001 compared to $255,000 for the quarter ended June 30, 2000. Non-interest income increased for the quarter primarily due to an increase in fees and service charges on deposit accounts. The increase in fees and service charges on deposits is the 1 result of a larger deposit base and the continued adherence to a stringent waiver policy. On July 20, 2001, the Financial Accounting Standards Board issued Statement No. 142, Goodwill and Other Intangible Assets ("SFAS No. 142"). The new statement changes the accounting for goodwill in that goodwill should not be amortized but should be tested for impairment annually. The new statement is effective for fiscal years beginning after December 15, 2001. However, early adoption is permitted for fiscal years beginning after March 15, 2001. Therefore, the Company was able to discontinue the amortization of its goodwill beginning April 1, 2001. As a result, no goodwill amortization was recorded for the quarter ended June 30, 2001 and will not be recorded in future periods unless the goodwill is deemed to be impaired after annual evaluation. Management estimates that the adoption of SFAS No. 142 resulted in an increase of $63,000 in net income and $.06 in fully diluted earnings per share. Non-interest expenses decreased approximately $65,000. The decrease was due primarily to the discontinuance of the amortization of goodwill for the quarter ended June 30, 2001. The Company recorded amortization of goodwill of $63,000 for the quarter ended June 30, 2000. Stockholders' equity was $20.7 million at June 30, 2001 compared to $20.5 million at March 31, 2001. Classic Bancshares, Inc. also announced that the Company will pay a quarterly cash dividend of $.08 per share. The dividend will be payable on August 20, 2001 to shareholders of record on August 6, 2001. Classic Bancshares, Inc. is headquartered in Ashland, Kentucky and has one subsidiary, Classic Bank that operates at 344 Seventeenth Street, Ashland, Kentucky with six branch offices located in Boyd, Carter, Greenup and Johnson counties. 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, 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. 2 SELECTED FINANCIAL DATA The following table sets forth selected financial data of Classic Bancshares, Inc. as of June 30, 2001 and March 31, 2001and for the three months ended June 30, 2001 and 2000.
June 30, March 31, 2001 2001 ---- ---- (In Thousands) Total Assets $ 191,929 $ 187,860 Cash and other interest bearing deposits with other financial institutions 4,750 5,606 Loans receivable, net 144,268 138,862 Investment securities: Available for sale 26,148 26,188 Mortgage-backed securities: Available for sale 3,015 3,445 Goodwill 5,555 5,555 Deposits 147,097 145,430 Federal funds purchased and securities sold under Agreement to repurchase 4,127 3,180 FHLB advances 18,025 16,636 Stockholders' Equity, subject to certain restrictions 20,719 20,460
Three Months Ended June 30, 2001 2000 ---- ---- Total interest income $ 3,410 $ 3,310 Total interest expense 1,774 1,700 Net interest income 1,636 1,610 Provision for loan losses 70 69 Net interest income after provision for losses on loans 1,566 1,541 Fees and service charges 296 217 Other noninterest income 38 38 Total noninterest income 334 255 Total noninterest expense 1,358 1,423 Income before income taxes 542 373 Income tax expense 128 90 Net income $ 414 $ 283 Basic earnings per share $0.39 $0.26 Fully diluted earnings per share $0.37 $0.26
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At or for the Three Months Ended June 30, 2001 2000 ---- ---- Return on average assets (ratio of annualized net income to total average assets) .9% .6% Return on average equity (ratio of annualized net income to total average equity) 8.1 6.0 Net interest margin** (FTE) 4.0 4.2 Non-performing assets to total assets 0.5 0.6 Allowance for loan losses to non-performing loans 206.8 182.4 Allowance for loan losses to loans receivable, net 1.0 1.0 Equity to total assets at end of period 10.8 10.6 Non-interest expenses/Total revenues*** 66.0 76.3 Book value per share $18.19 $16.11 Tangible book value per share $13.31 $11.23 Total shares outstanding 1,139,336 1,176,356 Number of full service offices 7 6 Number of ATM locations 16 14
** Net interest income (FTE) annualized divided by average earning assets. *** Total revenues=Net interest income (FTE) + non-interest income. 4 -----END PRIVACY-ENHANCED MESSAGE-----