-----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, V9W/idiK9xUzEUZLfKOIUu48PIVCfdqJ82zH05NVhyPBaHvFbLp1Su0sY4bToBF4 qQtU58d9xqFCsh/FxD14jA== 0001072613-02-000925.txt : 20020607 0001072613-02-000925.hdr.sgml : 20020607 20020604152005 ACCESSION NUMBER: 0001072613-02-000925 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20020530 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Change in fiscal year FILED AS OF DATE: 20020604 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: 02669993 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 form8-k_11297.txt CLASSIC BANCSHARES, INC. 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) May 30, 2002 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) 326-2801 -------------- N/A - -------------------------------------------------------------------------------- (Former name or former address, if changed since last report) ================================================================================ Item 5. Other Events On May 30, 2002, the Registrant issued the press release attached hereto as Exhibit 99 announcing its earnings for the fiscal year ended March 31, 2002. Item 7. Financial Statements and Exhibits (a) Exhibits 99 Press release dated May 30, 2002 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: May 30, 2002 By: /s/Lisah M. Frazier ---------------- ------------------------------- Lisah M. Frazier, Chief Operation Officer and Chief Financial Officer EX-99 3 ex-99_11297.txt PRESS RELEASE 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 FOR ITS 2002 FISCAL YEAR Ashland, Kentucky, -- May 30, 2002 -- Classic Bancshares, Inc. (NASDAQ - CLAS) reported net income of $2.2 million, or $1.93 per diluted share for the fiscal year ended March 31, 2002 compared to net income of $1.0 million, or $.96 per diluted share for the fiscal year ended March 31, 2001. Net income for the fourth quarter ended March 31, 2002 was $619,000, or $.55 per diluted share compared to $150,000 or $.14 per diluted share for the fourth quarter ended March 31, 2001. The Company recorded one-time charges of approximately $95,000, net of tax during the fourth quarter of fiscal year 2001 as a result of the merger of its two banking subsidiaries. The Company's assets increased approximately $27.6 million to $215.4 million at March 31, 2002. The growth for the twelve-month period was primarily in the Company's loan portfolio, which increased approximately $21.5 million. The Company's loan growth was principally in the consumer, commercial business and commercial real estate portfolios. The remainder of the asset growth was attributed to an increase in mortgage-backed and investment securities of approximately $6.7 million. Increased deposits and Federal Home Loan Bank borrowings funded asset growth during the fiscal year. In compliance with the Company's strategic plan, management continually seeks to utilize the lowest cost funding sources available. As a result, borrowings were utilized during the fiscal year when the cost of those borrowings was more attractive than the cost of deposits. Deposits increased approximately $13.4 million and borrowings increased approximately $10.8 million for the fiscal year ended March 31, 2002. Management continues to strategically focus on structuring a balance sheet that enhances the Company's net interest margin while managing its interest rate position. The Company's diligence to asset quality remains a primary focus as evidenced by improvements in asset quality. Total non-performing assets represented .3% of total assets at March 31, 2002 compared to .5% at March 31, 2001. The Company recorded a provision for loan losses of $363,000 for the twelve- month period and had net charge-offs of $142,000 for the twelve-month period resulting in an allowance for loan losses of $1.6 million at March 31, 2002. The allowance at March 31, 2002 was equal to 248% of total non-performing loans, 222% of non-performing assets and 1.0% of total loans receivable. Chief Operating and Chief Financial Officer, Lisah M. Frazier stated that, "The increase in net income for the fiscal year ending March 31, 2002 is in alignment with our strategic plan and the underlying reasons for this accomplishment were three fold. First, by increasing loan volume we were able to maintain interest income levels while reducing our funding costs in a declining interest rate environment. Secondly, the Company realized increased levels of non-interest income mainly from charges related to deposit accounts due to an increased deposit base. Finally, stringent cost control resulted in decreased levels of non- interest expenses. The containment of costs allowed the enhancements in net interest income and non- interest income to translate directly to the bottom line." President and Chief Executive Officer, David B. Barbour added that, "The acceptance of our community banking strategy by the communities we serve has been overwhelming and responsible for the Company attaining our internal growth targets and record earnings. The achievement of a double digit return on equity and greater than 1% return on assets represent significant milestones for the Company." Net interest income increased for both the twelve-month period and the fourth quarter. Net interest income increased $1.3 million for the fiscal year ended March 31, 2002 compared to the fiscal year ended March 31, 2001 and $569,000 for the fourth quarter of fiscal year 2002 compared to the same period in 2001. The increase in net interest income was primarily due to a decrease in the cost of funds as a result of a decline in interest rates. The Company's non-interest income improved for both the twelve-month period and the quarter. Non-interest income increased $370,000 for the fiscal year ended March 31, 2002 compared to the fiscal year ended March 31, 2001 and $81,000 for the fourth quarter of fiscal year 2002 compared to the same period in 2001. Non-interest income increased primarily due to an increase in fees and service charges on deposit accounts caused by deposit growth. Non-interest expense decreased for both the twelve-month period and the quarter. Non-interest expense decreased approximately $67,000 for the fiscal year ended March 31, 2002 as compared to the fiscal year ended March 31, 2001 and decreased approximately $43,000 for the fourth quarter of fiscal year 2002 compared to the same period in 2001. Classic Bancshares, Inc. is headquartered in Ashland, Kentucky and has one subsidiary, Classic Bank. Classic Bank operates at 344 Seventeenth Street, Ashland, Kentucky with six branch offices located in Boyd, Carter, Greenup and Johnson counties in Kentucky. In June of 2002, the Company will begin the construction of an additional banking office in Greenup County. This location will create the second banking office in the Greenup County market area and will give the Company a total of seven branch offices. 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, 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. 2 SELECTED FINANCIAL DATA The following table sets forth selected financial data of Classic Bancshares, Inc. as of March 31, 2002 and March 31, 2001 and for the three and twelve months ended March 31, 2002 and 2001.
March 31, March 31, 2002 2001 ---------- ---------- (In Thousands) SELECTED FINANCIAL CONDITION DATA: - ---------------------------------- Total Assets $ 215,420 $ 187,860 Cash and other interest bearing deposits with other financial institutions 5,400 5,606 Loans receivable, net 160,316 138,862 Investment securities, Available for sale 27,284 26,188 Mortgage-backed securities, Available for sale 9,064 3,445 Goodwill 5,555 5,555 Deposits 158,874 145,430 Securities sold under agreement to repurchase 5,396 3,180 FHLB advances 27,401 16,636 Stockholders' Equity, subject to certain restrictions 21,981 20,460
Three Months Ended Twelve Months Ended March 31, March 31, --------- --------- 2002 2001 2002 2001 ---------- ---------- ---------- ---------- (In Thousands) SELECTED OPERATIONS DATA: - ------------------------- Total interest income $ 3,399 $ 3,448 $ 13,709 $ 13,697 Total interest expense 1,263 1,881 6,100 7,349 ---------- ---------- ---------- ---------- Net interest income 2,136 1,567 7,609 6,348 Provision for loan losses 96 58 363 261 ---------- ---------- ---------- ---------- Net interest income after provision for losses on loans 2,040 1,509 7,246 6,087 ---------- ---------- ---------- ---------- Fees and service charges 288 225 1,189 915 Gain on sale of securities -- 31 7 31 Loss on disposal of assets -- (31) -- (31) Other noninterest income 69 51 259 170 ---------- ---------- ---------- ---------- Total noninterest income 357 276 1,455 1,085 Total noninterest expense 1,551 1,594 5,727 5,794 ---------- ---------- ---------- ---------- Income before income taxes 846 191 2,974 1,378 Income tax expense (benefit) 227 41 774 330 ---------- ---------- ---------- Net income $ 619 $ 150 $ 2,200 $ 1,048 ========== ========== ========== ========== Basic earnings per share $ 0.59 $ 0.14 $ 2.07 $ 0.97 Fully diluted earnings per share $ 0.55 $ 0.14 $ 1.93 $ 0.96
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At or for the At or for the Three Months Ended Twelve Months Ended March 31, March 31, --------- --------- 2002 2001 2002 2001 ---------- ---------- ---------- ---------- OTHER DATA: - ----------- Return on average assets (ratio of annualized net income to total average assets) 1.2% .3% 1.1% .6% Return on average equity (ratio of annualized net income to total average equity) 11.3 2.9 10.3 5.3 Net interest margin* (Federal Tax Equivalent) 4.6 4.0 4.4 4.1 Non-performing assets to total assets 0.3 0.5 0.3 0.5 Allowance for loan losses to non-performing loans 248.0 179.1 248.0 179.1 Allowance for loan losses to loans receivable, net 1.0 1.0 1.0 1.0 Non-interest expenses/ Total revenues** 60.0 74.4 60.6 69.9 Book value per share $ 19.62 $ 17.88 $ 19.62 $ 17.88 Tangible book value per share $ 14.66 $ 13.03 $ 14.66 $ 13.03 Total shares outstanding 1,120,586 1,144,336 1,120,586 1,144,336 Total weighted avg. shares outstanding for EPS 1,132,974 1,076,088 1,138,111 1,087,788 Number of full service offices 7 7 7 7 Number of ATM locations 18 16 18 16 * Net interest income (Federal Tax Equivalent) annualized divided by average earning assets. ** Total revenues = Net interest income (Federal Tax Equivalent) + non-interest income.
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