CRESTVIEW HILLS, Ky., Jan. 19, 2012 (GLOBE NEWSWIRE) -- The Bank of Kentucky Financial Corporation (the "Company") (Nasdaq:BKYF), the holding company of The Bank of Kentucky, Inc. (the "Bank"), today reported its earnings for the fourth quarter and twelve months ended December 31, 2011. For the fourth quarter and the twelve months of 2011, the Company reported an increase in diluted earnings per common share of 37% and 29% respectively as compared to the same periods in 2010.
The fourth quarter of 2011 also included the repurchase of the remaining $17 million of outstanding Fixed Rate Cumulative Perpetual Preferred Stock, Series A (the "Series A Preferred Stock"), issued in February 2009 to the U.S. Department of the Treasury under its TARP Capital Purchase Program and the closing of the United Kentucky Bank of Pendleton County, Inc, which included approximately $28 million in deposits and $14 million in loans.
A summary of the Company's results follows:
Fourth Quarter ended December 31, 2011 2010 Change Net income $4,909,000 $3,673,000 34% Net income available to common shareholders $4,714,000 $2,966,000 59% Earnings per common share, basic $0.63 $0.46 37% Earnings per common share, diluted $0.63 $0.46 37%
Twelve Months ended December 31, 2011 2010 Change Net income $16,489,000 $11,671,000 41% Net income available to common shareholders $15,517,000 $9,425,000 65% Net income per common share, basic $2.09 $1.61 30% Net income per common share, diluted $2.07 $1.61 29%
Robert Zapp, President & CEO stated, "The fourth quarter was very active for us, and I am pleased to report on our financial performance for the quarter and the past twelve months. We completed the acquisition of United Kentucky Bank, opening the Falmouth Branch in late October, which allowed us to enter Pendleton County. We completed the repurchase of the remaining outstanding shares of preferred stock related to TARP and we completed the renovation of space in Downtown Cincinnati, which will be home to our first branch location in Ohio and thirty-third overall. The latest financial results also reflect the strength of our core lines of business and our ability to remain efficient in these tough economic times. In addition, we were able to lower our provision for loan losses, as overall credit improved and losses decreased."
Driving the increase in earnings in the fourth quarter of 2011 was an $800,000 (27%) decrease in the provision for loan losses as compared to the fourth quarter of 2010. The increase in net income available to common shareholders was also attributable to a 72% reduction in preferred stock dividends and amortization expense. The decrease in the provision for loan losses reflected improving credit metrics as compared to December of 2010, while the reduction of preferred stock dividends and amortization expense reflects the repurchase of the final $17 million of the Company's Series A Preferred Stock outstanding, previously issued to the U.S. Department of the Treasury as part of the TARP Capital Purchase Program.
Net interest income increased $658,000, or 5% in the fourth quarter of 2011, as compared to the same period in 2010. Contributing to the increase in net interest income was the growth in average earning assets, which increased $105 million, or 7% on average from the fourth quarter of 2010. The net interest margin, on a tax equivalent basis, decreased 7 basis points from 3.70% in the fourth quarter of 2010 to 3.63% in the fourth quarter of 2011. Contributing to the decrease in the net interest margin was the mix of the growth in earning assets. Of the $105 million in growth, $98 million or 93% of the growth was attributed to the Bank's securities portfolio and fed funds sold, which generally have lower yields than loans.
The provision for loan losses decreased by $800,000 (27%) in the fourth quarter of 2011, as compared to the same period in 2010. Contributing to this decrease were lower levels of non-performing loans and charge-offs as compared to December 2010. The Company's non-performing loans as a percentage of total loans were 1.40% as of December 31, 2011, as compared to 1.90% as of December 31, 2010, while annualized net charge-offs to average loans decreased from 1.00% in the fourth quarter of 2010 to .65% in the fourth quarter of 2011. The Company recorded $1,853,000 in net charge-offs in the fourth quarter of 2011 as compared to $2,795,000 in the fourth quarter of 2010. On a sequential basis, the provision for loan losses of $2,200,000 in the fourth quarter of 2011 was $350,000 lower than the provision in the third quarter of 2011, while non-performing loans decreased from $16.0 million (1.43% of total loans) at September 30, 2011 to $15.9 million (1.40% of total loans) at December 31, 2011. Net charge-offs on a sequential basis decreased from $2,425,000 (.86% of loans) in the third quarter of 2011 to $1,853,000 (.65% of loans) in the fourth quarter of 2011. The allowance for loan losses (ALL) increased $920,000 or 5% from December 31, 2010. As a result of the added allowance, the ALL has increased from 1.57% of loans at the end of the fourth quarter of 2010 to 1.62% of loans at the end of the fourth quarter of 2011. The adequacy of the ALL is analyzed quarterly and adjusted as necessary to maintain appropriate reserves for probable incurred losses in the Bank's loan portfolio.
The Company's non-performing assets as a percentage of total assets were 1.25% as of December 31, 2011, as compared to 1.32% as of December 31, 2010. While non-performing loans decreased $5,192,000 from December 2010 to December 2011 other real estate owned increased $5,049,000 in the same time period. On a sequential basis, other real estate owned increased $3,950,000 from September 2011, primarily as a result of one commercial real estate relationship that added $3,475,000 in other real estate owned in the fourth quarter. These properties are recorded at their estimated net realizable value with the difference between this value and the loan balance being recorded as a charge-off.
Non-interest income decreased $12,000 in the fourth quarter of 2011, as compared to the same period in 2010, while non-interest expense decreased $367,000 or 3% from the same period last year. Contributing to the decrease in non-interest income was a $366,000 or 39% decrease in the gains on sale of real estate loans. These gains were driven by a sharp drop in interest rates in the fourth quarter of 2010, which prompted increased demand for home mortgage loan refinancing. Partially offsetting this decrease was an $111,000 or 14% increase in Bankcard revenue and a $59,000 or 24% increase in earnings from company owned life insurance. Non-interest expense included decreases in FDIC insurance expense; down $261,000 or 46%, and amortization of intangible assets; down $137,000 or 38% from the fourth quarter of 2010. The decrease in FDIC insurance was the result of recent changes in the methodology used by the FDIC to determine federal deposit insurance assessments.
Total assets were $1.745 billion at the end of 2011, which was $80 million or 5% higher than the same date a year ago. Total loans increased $24 million (2%) while investments in securities increased $86 million (30%) from December of 2010. The increased investments in securities and loans were funded by an increase in deposits of $77 million, or 5%, and a decrease in cash and cash equivalents of $37 million, or 21%. Total equity decreased $3 million, or 2%, from the end of 2010 as a result of the repurchase of the Series A Preferred Stock.
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The Bank of Kentucky Financial Corporation |
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Selected Consolidated Financial Data |
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(Dollars in thousands, except per share data) |
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Fourth Quarter Comparison |
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Year ended December 31, Comparison |
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| Income Statement Data |
12/31/11 |
12/31/10 |
% Chg |
12/31/11 |
12/31/10 |
% Chg |
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Interest income |
$ 16,096 |
$ 16,402 |
(2)% |
$ 64,798 |
$ 66,682 |
(3)% |
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Interest expense |
2,009 |
2,973 |
(32)% |
9,260 |
13,273 |
(30)% |
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Net interest income |
14,087 |
13,429 |
5% |
55,538 |
53,409 |
4% |
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Provision for loan losses |
2,200 |
3,000 |
(27)% |
10,750 |
15,500 |
(31)% |
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Net interest income after provision for loan losses |
11,887 |
10,429 |
14% |
44,788 |
37,909 |
18% |
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Non interest income |
5,530 |
5,542 |
--% |
20,724 |
20,714 |
--% |
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Non interest expense |
10,403 |
10,770 |
(3)% |
42,114 |
42,424 |
(1)% |
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Net income before income taxes |
7,014 |
5,201 |
35% |
23,398 |
16,199 |
44% |
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Provision for income taxes |
2,105 |
1,528 |
38% |
6,909 |
4,528 |
53% |
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Net income |
4,909 |
3,673 |
34% |
16,489 |
11,671 |
41% |
| Preferred stock dividends & amortization |
195 |
707 |
(72)% |
972 |
2,246 |
(57)% |
| Net income available to common shareholders |
$ 4,714 |
$ 2,966 |
59% |
$ 15,517 |
$ 9,425 |
65% |
| Per Common Share Data |
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Diluted earnings per common share |
0.63 |
0.46 |
37% |
2.07 |
1.61 |
29% |
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Cash dividends declared |
0.00 |
0.00 |
0% |
0.56 |
0.56 |
0% |
| Earnings Performance Data |
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Return on common equity |
12.21% |
9.33% |
288bps |
10.41% |
8.23% |
218bps |
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Return on assets |
1.13% |
.91% |
22bps |
1.00% |
.75% |
25bps |
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Net interest margin |
3.55% |
3.62% |
(7)bps |
3.65% |
3.72% |
(7)bps |
| The Bank of Kentucky Financial Corporation | ||
| Selected Consolidated Financial Data | ||
| (Dollars in thousands, except per share data) | ||
| Balance Sheet Data | ||
| December 31, 2011 | December 31, 2010 | |
| Assets: | ||
| Cash and cash equivalents | $ 135,964 | $ 172,664 |
| Investments | 371,737 | 285,326 |
| Loans held for sale | 8,920 | 15,279 |
| Total loans, gross | 1,129,954 | 1,106,009 |
| Allowance for loan losses | (18,288) | (17,368) |
| Premises and equipment, net | 22,827 | 23,170 |
| Goodwill and acquisition intangibles, net | 25,251 | 25,464 |
| Other assets and accrued interest receivable | 68,359 | 54,340 |
| Total assets | $ 1,744,724 | $ 1,664,884 |
| Liabilities & Shareholders' Equity | ||
| Total deposits | $ 1,498,821 | $ 1,422,312 |
| Short-term borrowings | 29,300 | 23,419 |
| Notes payable | 48,739 | 48,761 |
| Accrued interest payable and other liabilities | 11,294 | 11,022 |
| Total liabilities | 1,588,154 | 1,505,514 |
| Common stockholders' equity | 156,570 | 142,580 |
| Preferred stock | -- | 16,790 |
| Shareholders' equity | 156,570 | 159,370 |
| Total liabilities and shareholders' equity | $ 1,744,724 | $ 1,664,884 |
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The Bank of Kentucky Financial Corporation |
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Selected Consolidated Financial Data |
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(Dollars in thousands, except per share data) |
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Average Balance Sheet Rates (presented on a tax equivalent basis ) |
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Quarter ended December 31, 2011 |
Quarter ended December 31, 2010 |
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Average outstanding balance |
Interest earned/ paid |
Yield/ rate |
Average outstanding balance |
Interest earned/ paid |
Yield/ rate |
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Interest-earning assets: |
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| Loans receivable (1)(2) | $1,139,767 | $14,493 | 5.04% | $1,133,524 | $15,228 | 5.33% | |||
| Securities (2) | 360,265 | 1,848 | 2.02 | 252,793 | 1,352 | 2.12 | |||
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Other interest-earning assets |
76,258 |
81 |
0.42 |
85,384 |
113 |
0.53 |
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| Total interest-earning assets | 1,576,290 | 16,422 | 4.13 | 1,471,701 | 16,693 | 4.50 | |||
| Non-interest-earning assets | 141,526 | 124,134 |
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| Total assets | $1,717,816 | $1,595,835 |
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Interest-bearing liabilities: |
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Transaction accounts |
783,753 |
528 |
0.27 |
682,826 |
684 |
0.40 |
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Time deposits |
406,963 |
1,217 |
1.19 |
448,064 |
1,995 |
1.77 |
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Borrowings |
77,832 |
264 |
1.35 |
69,784 |
294 |
1.67 |
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Total interest-bearing liabilities |
1,268,548 |
2,009 |
0.63 |
1,200,674 |
2,973 |
0.98 |
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Non-interest-bearing liabilities |
286,340 |
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237,383 |
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Total liabilities |
1,554,888 |
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1,438,057 |
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Shareholders' equity |
162,928 |
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157,778 |
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Total liabilities and shareholders' equity |
$1,717,816 |
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$1,595,835 |
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Net interest income |
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$14,413 |
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$13,720 |
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Interest rate spread |
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3.50% |
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3.52% |
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Net interest margin (net interest income as a percent of average interest-earning assets) |
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3.63% |
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3.70% |
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(1) Includes non-accrual loans. |
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(2) Income presented on a tax equivalent basis using a 35.00% and 34.62% tax rate in 2011 and 2010, respectively. The tax equivalent adjustment was $326,000 and $291,000 in 2011 and 2010, respectively. |
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| The Bank of Kentucky Financial Corporation | |||||||||
| Selected Consolidated Financial Data | |||||||||
| (Dollars in thousands, except per share data) | |||||||||
| Average Balance Sheet Rates (presented on a tax equivalent basis ) | |||||||||
| Year ended December 31,2011 | Year ended December 31, 2010 | ||||||||
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Average outstanding balance |
Interest earned/paid |
Yield/ rate |
Average outstanding balance |
Interest earned/ paid |
Yield/ rate |
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| Interest-earning assets: | |||||||||
| Loans receivable (1)(2) | $1,123,625 | $58,379 | 5.20% | $1,137,373 | $61,535 | 5.41% | |||
| Securities (2) | 326,681 | 7,302 | 2.24 | 236,838 | 5,812 | 2.45 | |||
| Other interest-earning assets | 71,085 | 372 | 0.52 | 62,722 | 395 | 0.63 | |||
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Total interest-earning assets |
1,521,391 | 66,053 | 4.34 | 1,436,933 | 67,742 | 4.71 | |||
| Non-interest-earning assets | 134,667 | 124,408 | |||||||
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Total assets |
$1,656,058 | $1,561,341 | |||||||
| Interest-bearing liabilities: | |||||||||
| Transaction accounts | 736,323 | 2,403 | 0.33 | 679,597 | 3,012 | 0.44 | |||
| Time deposits | 420,026 | 5,835 | 1.39 | 450,712 | 9,054 | 2.01 | |||
| Borrowings | 74,147 | 1,022 | 1.38 | 67,628 | 1,207 | 1.78 | |||
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Total interest-bearing liabilities |
1,230,496 |
9,260 |
0.75 |
1,197,937 |
13,273 |
1.11 |
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| Non-interest-bearing liabilities | 262,245 | 215,427 | |||||||
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Total liabilities |
1,492,741 | 1,413,364 | |||||||
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Shareholders' equity |
163,317 | 147,977 | |||||||
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Total liabilities and shareholders' equity |
$1,656,058 |
$1,561,341 |
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| Net interest income | $56,793 | $54,469 | |||||||
| Interest rate spread | 3.59% | 3.60% | |||||||
| Net interest margin (net interest income as a percent of average interest-earning assets) |
3.73% |
3.79% |
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| (1) Includes non-accrual loans. | |||||||||
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(2) Income presented on a tax equivalent basis using a 35.00% and 34.62% tax rate in 2011 and 2010, respectively. The tax equivalent adjustment was $1,255,000 and $1,060,000 in 2011 and 2010, respectively. |
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The Bank of Kentucky Financial Corporation |
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Selected Consolidated Financial Data |
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(Dollars in thousands, except per share data) |
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Five-Quarter Comparison |
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| Income Statement Data |
12/31/11 |
9/30/11 |
6/30/11 |
3/31/11 |
12/31/10 |
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Net interest income |
$ 14,087 |
$ 14,076 |
$ 14,027 |
$ 13,348 |
$ 13,429 |
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Provision for loan losses |
2,200 |
2,550 |
3,000 |
3,000 |
3,000 |
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Net interest income after provision for loan losses |
11,887 |
11,526 |
11,027 |
10,348 |
10,429 |
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Service charges and fees |
2,390 |
2,470 |
2,424 |
2,157 |
2,411 |
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Gain on sale of real estate loans |
580 |
703 |
228 |
278 |
946 |
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Gain on sale of securities |
-- |
-- |
-- |
231 |
-- |
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Trust fee income |
625 |
630 |
723 |
663 |
601 |
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Bankcard transaction revenue |
885 |
849 |
859 |
789 |
774 |
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Gains/(losses) on Other Real Estate Owned |
(85) |
(98) |
(94) |
16 |
(125) |
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Other non-interest income |
1,135 |
743 |
834 |
789 |
935 |
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Total non-interest income |
5,530 |
5,297 |
4,974 |
4,923 |
5,542 |
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Salaries and employee benefits expense |
5,044 |
5,351 |
5,045 |
4,754 |
4,959 |
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Occupancy and equipment expense |
1,192 |
1,216 |
1,241 |
1,248 |
1,185 |
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Data processing expense |
522 |
500 |
467 |
494 |
484 |
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State bank taxes |
415 |
550 |
550 |
536 |
477 |
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Amortization of intangible assets |
220 |
202 |
215 |
221 |
357 |
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FDIC Insurance |
305 |
269 |
384 |
583 |
566 |
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Other non-interest expenses |
2,705 |
2,639 |
2,733 |
2,513 |
2,742 |
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Total non-interest expense |
10,403 |
10,727 |
10,635 |
10,349 |
10,770 |
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Net income before income tax expense |
7,014 |
6,096 |
5,366 |
4,922 |
5,201 |
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Income tax expense |
2,105 |
1,822 |
1,572 |
1,410 |
1,528 |
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Net income |
4,909 |
4,274 |
3,794 |
3,512 |
3,673 |
| Preferred stock dividends & amortization |
195 |
261 |
259 |
257 |
707 |
| Net income available to common shareholders |
$ 4,714 |
$ 4,013 |
$ 3,535 |
$ 3,255 |
$ 2,966 |
| Per Common Share Data |
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Diluted earnings per common share |
0.63 |
0.54 |
0.47 |
0.44 |
0.46 |
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Cash dividends declared |
0.00 |
0.28 |
0.00 |
0.28 |
0.00 |
| Weighted average common shares outstanding |
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Basic |
7,432,995 |
7,432,995 |
7,432,487 |
7,432,295 |
6,434,354 |
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Diluted |
7,465,606 |
7,488,743 |
7,501,731 |
7,459,220 |
6,434,354 |
| Earnings Performance Data |
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Return on common equity |
12.21% |
10.51% |
9.59% |
9.21% |
9.33% |
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Return on assets |
1.13% |
1.05% |
.93% |
.86% |
.91% |
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Net interest margin |
3.55% |
3.76% |
3.76% |
3.56% |
3.62% |
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Net interest margin (tax equivalent) |
3.63% |
3.83% |
3.84% |
3.63% |
3.70% |
| The Bank of Kentucky Financial Corporation | |||||
| Selected Consolidated Financial Data | |||||
| (Dollars in thousands, except per share data) | |||||
| Five-Quarter Comparison | |||||
| Balance Sheet Data | 12/31/11 | 9/30/11 | 6/30/11 | 3/31/11 | 12/31/10 |
| Assets: | |||||
| Cash and cash equivalents | $ 135,964 | $ 67,657 | $ 61,098 | $ 97,712 | $ 172,664 |
| Investments | 371,737 | 339,780 | 320,202 | 328,271 | 285,326 |
| Loans held for sale | 8,920 | 6,612 | 1,107 | 1,223 | 15,279 |
| Total loans | 1,129,954 | 1,118,630 | 1,128,511 | 1,118,136 | 1,106,009 |
| Allowance for loan losses | (18,288) | (17,941) | (17,816) | (17,688) | (17,368) |
| Premises and equipment, net | 22,827 | 22,653 | 22,576 | 22,856 | 23,170 |
| Goodwill and acquisition intangibles, net | 25,251 | 24,826 | 25,028 | 25,242 | 25,464 |
| Other assets & accrued interest receivable | 68,359 | 62,182 | 61,013 | 61,684 | 54,340 |
| Total assets | $ 1,744,724 | $ 1,624,399 | $ 1,601,719 | $ 1,637,436 | $ 1,664,884 |
| Liabilities & Shareholders' Equity | |||||
| Total deposits | $ 1,498,821 | $ 1,369,215 | $ 1,355,284 | $ 1,390,706 | $ 1,422,312 |
| Short-term borrowings | 29,300 | 26,248 | 20,610 | 24,667 | 23,419 |
| Notes payable | 48,739 | 48,745 | 48,750 | 48,756 | 48,761 |
| Accrued interest payable & other liabilities | 11,294 | 10,905 | 10,682 | 12,289 | 11,022 |
| Total liabilities | 1,588,154 | 1,455,113 | 1,435,326 | 1,476,418 | 1,505,514 |
| Common stockholders' equity | 156,570 | 152,356 | 149,511 | 144,183 | 142,580 |
| Preferred stock | -- | 16,930 | 16,882 | 16,835 | 16,790 |
| Shareholders' equity | 156,570 | 169,286 | 166,393 | 161,018 | 159,370 |
| Total liabilities and shareholders' equity | $ 1,744,724 | $ 1,624,399 | $ 1,601,719 | $ 1,637,436 | $ 1,664,884 |
| Common shares outstanding | 7,432,995 | 7,432,995 | 7,432,995 | 7,432,295 | 7,432,295 |
| Average Balance Sheet Data | |||||
| Average investments | $360,265 | $324,144 | $319,377 | $302,331 | $252,793 |
| Average other earning assets | 76,258 | 39,721 | 57,607 | 111,484 | 85,384 |
| Average loans | 1,139,767 | 1,126,118 | 1,119,767 | 1,108,477 | 1,133,524 |
| Average earning assets | 1,576,290 | 1,489,983 | 1,496,751 | 1,522,292 | 1,471,701 |
| Average assets | 1,717,816 | 1,623,719 | 1,633,990 | 1,649,947 | 1,595,835 |
| Average deposits | 1,464,550 | 1,372,244 | 1,385,624 | 1,406,861 | 1,366,256 |
| Average interest bearing deposits | 1,190,716 | 1,122,239 | 1,144,986 | 1,168,383 | 1,130,890 |
| Average interest bearing transaction deposits | 783,753 | 711,046 | 721,948 | 729,022 | 682,826 |
| Average interest bearing time deposits | 406,963 | 411,193 | 423,038 | 439,361 | 448,064 |
| Average borrowings | 77,832 | 72,421 | 72,580 | 73,555 | 69,784 |
| Average interest bearing liabilities | 1,268,548 | 1,194,660 | 1,217,566 | 1,241,938 | 1,200,674 |
| Average common stockholders equity | 153,175 | 150,934 | 146,848 | 143,382 | 126,068 |
| Average preferred stock | 9,753 | 16,906 | 16,858 | 16,813 | 31,710 |
| The Bank of Kentucky Financial Corporation | |||||
| Selected Consolidated Financial Data | |||||
| (Dollars in thousands, except per share data) | |||||
| Five-Quarter Comparison | |||||
| Asset Quality Data | 12/31/11 | 9/30/11 | 6/30/11 | 3/31/11 | 12/31/10 |
| Allowance for loan losses to total loans | 1.62% | 1.60% | 1.58% | 1.58% | 1.57% |
| Allowance for loan losses to non-performing loans |
1.15% |
1.12% |
1.07% |
87% |
82% |
| Nonaccrual loans | $15,651 | $15,964 | $16,322 | $19,735 | $20,648 |
| Loans – 90 days past due & still accruing | 219 | 45 | 100 | 637 | 414 |
| Total non-performing loans | 15,870 | 16,009 | 16,422 | 20,372 | 21,062 |
| OREO and repossessed assets | 5,844 | 1,894 | 1,902 | 1,083 | 795 |
| Total non-performing assets | 21,714 | 17,903 | 18,324 | 21,455 | 21,857 |
| Restructured loans-accruing | 13,306 | 13,108 | 7,022 | 3,294 | 6,135 |
| Non-performing loans to total loans | 1.40% | 1.43% | 1.46% | 1.82% | 1.90% |
| Non-performing assets to total assets | 1.25% | 1.11% | 1.15% | 1.32% | 1.32% |
| Annualized charge-offs to average loans | .65% | .86% | 1.03% | 0.98% | 1.00% |
| Net charge-offs | $1,853 | $2,425 | $2,871 | $2,680 | $2,795 |
About BKFC
BKFC, a bank holding company with assets of approximately $1.744 billion, offers banking and related financial services to both individuals and business customers. BKFC operates thirty-three branch locations and fifty-six ATMs.