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EXHIBIT 99
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FOR IMMEDIATE RELEASE
For Additional Information Contact:
David B. Barbour, President and Chief Executive Officer
Lisah M. Frazier, Chief Financial Officer and Chief Operating Officer
(606) 326-2800
Fax (606) 326-2801
www.classicbank.com
CLASSIC BANCSHARES, INC. REPORTS AN 85% INCREASE IN EARNINGS FOR ITS SECOND
QUARTER 2002 FISCAL YEAR
Ashland, Kentucky, -- October 31, 2001 -- Classic Bancshares, Inc.
(NASDAQ - CLAS) reported net income of $544,000, or $.50 per diluted share for
the second quarter ended September 30, 2001 compared to net income of $295,000,
or $.27 per diluted share for the same period in 2000. Net income for the six
months ended September 30, 2001 was $957,000, or $.87 per diluted share compared
to $578,000, or $.53 for the same period in 2000.
Classic Bancshares' assets increased $8.9 million from $187.9 million
at March 31, 2001 to $196.8 million at September 30, 2001 primarily due to an
increase in loans. Loans increased $8.2 million from $138.9 million at March 31,
2001 to $147.1 million at September 30, 2001. The growth in the Company's
portfolio was primarily in commercial real estate, consumer and commercial
business loans. The growth in loans was funded by an increase in deposits of
$2.7 million and an increase in borrowings of $4.1 million. Due to the decline
in interest rates during the period, management chose to utilize low cost,
short-term borrowings versus deposits to fund loan growth. 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 has maintained asset quality despite the recent concerns of
a downturn in the economy. Management continues to adhere to stringent
underwriting standards in order to maintain asset quality. Total non-performing
assets were .5% of total assets at September 30, 2001 compared to .5% at March
31, 2001. The Company recorded a provision for loan losses of $141,000 for the
six-month period and had net charge-offs of $71,000 for the six-month period
resulting in an allowance for loan losses of $1.5 million at September 30, 2001.
The allowance at September 30, 2001 was equal to 216% of total non-performing
loans, 160% of non-performing assets and 1.0% of total loans receivable.
President and Chief Executive Officer, David B. Barbour stated that,
"Our second consecutive quarter of record earnings, coupled with solid asset
quality, strong internal growth and improved operating efficiencies bodes well
for the future despite uncertain economic conditions." Chief Financial Officer
and Chief Operating Officer, Lisah M. Frazier further stated that, "Management
continues to focus on increasing levels of net interest income through growth of
the Company's interest-earning assets while utilizing the lowest cost of funds.
The Company's strategic focus remains the structuring of a balance sheet
resilient to interest rate changes. Consistent with the Company's strategic
plan, management continues to place emphasis on the growth of non-interest
income through the control of fee waivers and an effective fee schedule. Cost
control strategies have been successful notwithstanding the opening of an
additional banking office in March 2001 and remains a strategic goal in future
periods."
Net interest income increased $255,000 to $1.8 million for the second
quarter ended September 30, 2001 compared to $1.6 million for the second quarter
ended September 30, 2000. The net interest margin increased to 4.4% for the
quarter ended September 30, 2001 compared to 4.1% for the same period in 2000.
Net interest income increased $281,000 to $3.5 million for the six months ended
September 30, 2001
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compared to $3.2 million for the same period in 2000. The net interest margin
was 4.2% for the six months ended September 30, 2001 compared to 4.1% for the
same period in 2000. The increase in net interest income was due to an increase
in interest income as a result of an increase in the average volume of loans
offset by a decline in interest rates. Net interest income also increased due to
a decrease in interest expense as a result of a significant decline in interest
rates. A significant portion of the Company's interest-bearing liabilities have
repriced in the lower interest rate environment resulting in a reduction of
interest expense in the current period.
Non-interest income was $345,000 for the quarter ended September 30,
2001 compared to $256,000 for the quarter ended September 30, 2000. Non-interest
income was $679,000 for the six months ended September 30, 2001 compared to
$511,000 for the six months ended September 30, 2000. Non-interest income
increased primarily due to an increase in fees and service charges on deposit
accounts. The increase in fees and service charges on deposits is the result of
an increased deposit base, a focus on fee preservation through a stringent
waiver policy and an awareness of new fee opportunities without placing the
Company at a competitive disadvantage.
Non-interest expense decreased approximately $28,000 for the quarter
ended September 30, 2001 as compared to the same quarter in 2000. Non-interest
expenses decreased approximately $93,000 for the six months ended September 30,
2001 as compared to the same period in 2001. Non-interest expenses decreased due
to the consolidation of the Company's subsidiaries in March 2001 and the
implementation of Statement of Financial Accounting Standards No. 142, Goodwill
and Other Intangible Assets resulting in the discontuance of the amortization of
the Company's goodwill effective April 1, 2001. These decreases were offset by
additional expenses related to the opening of an additional banking office in
the Paintsville market area in March 2001.
Stockholders' equity was $21.2 million at September 30, 2001 compared
to $20.5 million at March 31, 2001.
Classic Bancshares, Inc. also announced that the Company would pay a
quarterly cash dividend of $.08 per share. The dividend will be payable on
November 12, 2001 to shareholders of record on October 29, 2001.
Classic Bancshares, Inc. also reported that it has purchased 14,800
shares pursuant to the Company's stock repurchase program announced on May 3,
2001. The reacquired shares are being held as treasury shares and will be used
for general corporate purposes. The Company currently holds 197,600 shares as
treasury shares.
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.
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
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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.
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SELECTED FINANCIAL DATA
The following table sets forth selected financial data of Classic
Bancshares, Inc. as of September 30, 2001 and March 31, 2001 and for the three
and six months ended September 30, 2001 and 2000.
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Sept. 30, March 31,
2001 2001
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(In Thousands)
SELECTED FINANCIAL CONDITION DATA:
Total Assets $196,781 $187,860
Cash and other interest bearing deposits
with other financial institutions 6,118 5,606
Loans receivable, net 147,075 138,862
Investment securities:
Available for sale 25,718 26,188
Mortgage-backed securities:
Available for sale 2,861 3,445
Goodwill 5,555 5,555
Deposits 148,173 145,430
Federal funds purchased and securities sold under
Agreement to repurchase 4,497 3,180
FHLB advances 20,715 16,636
Stockholders' Equity, subject to certain restrictions 21,236 20,460
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<Caption>
Three Months Ended Six Months Ended
September 30, September 30,
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2001 2000 2001 2000
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(In Thousands)
SELECTED OPERATIONS DATA:
Total interest income $ 3,477 $ 3,432 $ 6,887 $ 6,742
Total interest expense 1,642 1,852 3,416 3,552
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Net interest income 1,835 1,580 3,471 3,190
Provision for loan losses 71 55 141 124
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Net interest income after provision
for losses on loans 1,764 1,525 3,330 3,066
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Fees and service charges 293 220 589 437
(Loss) gain on sale of securities 1 - 1 -
Other noninterest income 51 36 89 74
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Total noninterest income 345 256 679 511
Total noninterest expense 1,373 1,401 2,732 2,825
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Income before income taxes 736 380 1,277 752
Income tax expense (benefit) 192 85 320 174
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Net income $ 544 $ 295 $ 957 $ 578
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Basic earnings per share $0.51 $0.27 $0.90 $0.53
Fully diluted earnings per share $0.50 $0.27 $0.87 $0.53
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At or for the At or for the
Three Months Ended Six Months Ended
September 30, September 30,
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2001 2000 2001 2000
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OTHER DATA:
Return on average assets (ratio of annualized
net income to total average assets) 1.1% .7% 1.0% .6%
Return on average equity (ratio of annualized
net income to total average equity) 10.3 6.1 9.2 6.0
Net interest margin* (FTE) 4.4 4.1 4.2 4.1
Non-performing assets to total assets 0.5 0.7 0.5 0.7
Allowance for loan losses to non-performing loans 216.0 154.5 216.0 154.5
Allowance for loan losses to loans receivable, net 1.0 1.0 1.0 1.0
Adjusted non-interest expenses/ Total revenues** 60.5 72.7 63.1 72.7
Book value per share $18.89 $16.78 $18.89 $16.78
Tangible book value per share $13.95 $11.90 $13.95 $11.90
Total shares outstanding 1,124,172 1,165,256 1,124,172 1,165,256
Number of full service offices 7 6 7 6
Number of ATM locations 17 14 17 14
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* Net interest income (FTE) annualized divided by average earning assets. **
Total revenues = Net interest income (FTE) + non-interest income.