Classic Bancshares, Inc. Reports Record Fiscal 2004 Earnings
ASHLAND, Ky., June 4 /PRNewswire-FirstCall/ -- Classic Bancshares,
Inc. (NASDAQ:CLAS) reported net income of $3.6 million, or $2.43
per diluted share for the twelve months ended March 31, 2004
compared to net income of $2.9 million, or $2.32 per diluted share
for the twelve months ended March 31, 2003. Net income for the
fourth quarter ended March 31, 2004 was $971,000 or $.63 per
diluted share compared to $749,000 or $.59 per diluted share for
the fourth quarter ended March 31, 2003. The Company's assets
increased approximately $91.5 million from $249.9 million at March
31, 2003 to $341.4 million at March 31, 2004. The growth in the
period was primarily due to the acquisition of First Federal
Financial Bancorp, Inc. completed on June 20, 2003. On the date of
closing, First Federal had total assets of $72.1 million, net loans
of $49.5 million and deposits of $56.7 million and the Company
recorded goodwill and other intangibles of approximately $3.4
million in connection with the acquisition. Aside from the
acquisition, the Company experienced asset growth of approximately
$16.4 million. The growth for the twelve-month period was primarily
in the loan portfolio, which increased approximately $70.3 million
($20.2 million exclusive of the loans acquired from First Federal).
Investment securities increased by $14.0 million ($5.7 million
exclusive of the acquisition). Deposits also increased by $70.1
million ($13.1 exclusive of the acquisition). Increased deposits
were used to fund loan growth during the twelve-month period. Total
non-performing assets represented .7% of total assets at March 31,
2004 compared to .5% at March 31, 2003. The increase reflects
primarily non- performing loans, most of which consisted of
residential loans acquired from First Federal. The Company recorded
a provision for loan losses of $223,000 for the twelve-month period
and net charge-offs of $874,000 for the twelve- month period and
acquired an allowance from First Federal of approximately $885,000
resulting in an allowance for loan losses of $2.2 million at March
31, 2004. The allowance at March 31, 2004 was equal to 149.7% of
total non- performing loans and .9% of total loans receivable.
President and Chief Executive Officer David B. Barbour commented,
"We are pleased to report our third consecutive year of record
earnings coupled with important accomplishments during the year
that will enhance near- and long- term prospects for the future.
Our conservative business model continues to provide a framework
for dealing with uncertain and rapidly changing economic times. The
successful integration of our First Federal acquisition, coupled
with organic growth, resulted in a $91.5 million increase in assets
to $341.4 million." "Earnings per share of $2.43 for the year
ending March 31, 2004, compared to $2.32 for the prior year end
represents a 4.7% increase and emphasizes management's commitment
to shareholder value through balance sheet management and strong
asset quality. Despite the thrift like balance sheet acquired in
the First Federal acquisition, management remains committed to
pricing disciplines that resulted in only a moderate compression of
our net interest margin that remains at levels that meets or
exceeds our peers." Net interest income increased for both the
twelve-month period and the fourth quarter. Net interest income
increased $2.7 million for the twelve months ended March 31, 2004
compared to the same period in 2003 and $927,000 for the fourth
quarter ended March 31, 2004 compared to the same period in 2003.
The increases in net interest income were primarily due to a larger
earning asset base as a result of the First Federal acquisition,
purchases of securities, and internal growth in loans experienced
during the twelve-month period. The Company's non-interest income
grew for both the twelve-month period and the quarter. Non-interest
income increased $461,000 for the twelve months ended March 31,
2004 compared to the same period in 2003 and $97,000 for the fourth
quarter ended March 31, 2004 compared to the same period in 2003.
Non- interest income increased primarily due to an increase in fees
and service charges on deposit accounts as a result of a larger
deposit base. Non-interest income also increased for the twelve
months due to an increase in commissions earned on the origination
of secondary market loans. Although these fees increased for the
twelve months, fees earned from the origination of secondary market
loans has begun to slow, decreasing the amount of commissions
earned during the past two quarters and possibly in future periods.
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 both the twelve-month period and the quarter.
Non-interest expense increased approximately $2.4 million for the
twelve months ended March 31, 2004 as compared to the twelve months
ended March 31, 2003 and $739,000 for the fourth quarter ended
March 31, 2004 compared to the same period in 2003. The increase in
non-interest expenses was due to an increase in salaries and
employee benefits, an increase in occupancy and equipment expense,
and an increase in supplies expense. All of these expenses
increased primarily due to the acquisition of First Federal.
Non-interest expenses also increased due to the increased costs
related to incentive-based compensation programs and benefit plans,
an increase in ESOP expense due to the increase in the average
market price of the Company's stock, and an increase in legal and
accounting fees. 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 March 31,
2004 and March 31, 2003 and for the three and twelve months ended
March 31, 2004 and 2003. March 31, March 31, 2004 2003 (In
Thousands) Selected Financial Condition Data: Total Assets $341,430
$249,881 Cash and other interest bearing deposits with other
financial institutions 9,211 8,148 Loans receivable, net 257,455
187,175 Securities available for sale 53,811 39,792 Goodwill and
other intangible assets 8,797 5,555 Deposits 260,241 190,155
Securities sold under agreement to repurchase 9,168 4,382 FHLB
advances 34,218 28,126 Stockholders' Equity 35,227 25,422 Three
Months Ended Twelve Months Ended March 31, March 31, 2004 2003 2004
2003 (In Thousands) Selected Operations Data: Total interest income
$4,637 $3,544 $17,301 $14,205 Total interest expense 1,352 1,186
5,397 4,970 Net interest income 3,285 2,358 11,904 9,235 Provision
for loan losses 66 122 223 428 Net interest income after provision
for losses on loans 3,219 2,236 11,681 8,807 Fees and service
charges 436 310 1,705 1,338 Gain on sale of securities 41 61 43 72
Other noninterest income 75 84 388 265 Total noninterest income 552
455 2,136 1,675 Total noninterest expense 2,395 1,656 8,732 6,457
Income before income taxes 1,376 1,035 5,085 4,025 Income tax
expense 405 286 1,460 1,104 Net income $971 $749 $3,625 $2,921
Basic earnings per share* $0.69 $0.65 $2.67 $2.53 Diluted earnings
per share* $0.63 $0.59 $2.43 $2.32 At or for the At or for the
Three Months Ended Twelve Months Ended March 31, March 31, 2004
2003 2004 2003 Other Data: Return on average assets (ratio of
annualized net income to total average assets) 1.1% 1.2% 1.2% 1.3%
Return on average equity (ratio of annualized net income to total
average equity) 11.2 11.9 11.4 12.2 Net interest margin** (Federal
Tax Equivalent) 4.4 4.5 4.3 4.5 Non-performing assets to total
assets 0.7 0.5 0.7 0.5 Allowance for loan losses to non-performing
loans 149.7 155.7 149.7 155.7 Allowance for loan losses to loans
receivable, net 0.9 1.0 0.9 1.0 Non-interest expenses/ Total
revenues*** 61.4 58.0 60.5 57.1 Book value per share* $25.08 $20.91
$25.08 $20.91 Tangible book value per share* $18.81 $16.34 $18.81
$16.34 Total shares outstanding 1,404,839 1,216,035 1,404,839
1,216,035 Total weighted avg. shares outstanding for Diluted EPS
1,551,821 1,274,190 1,491,886 1,258,518 Number of full service
offices 10 8 10 8 Number of ATM locations 23 20 23 20 * Per share
information was adjusted for all periods presented to reflect the
stock dividend paid on November 17, 2003. ** Net interest income
(Federal Tax Equivalent) annualized divided by average earning
assets. *** 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, +1-606-326-2800, or fax, +1-606-326-2801, both
of Classic Bancshares, Inc. Web site: http://www.classicbank.com/
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