Net earnings per share increased by 36% over the prior year, exclusive of
non-recurring expenses related to the consolidation of its Kansas banks
LEAWOOD, Kan., Jan. 20 /PRNewswire/ -- Gold Banc, (Nasdaq: GLDB), one of
the country's fastest growing community bank and financial services companies,
today announced record net earnings for 1999 of $0.75 per diluted share
exclusive of non-recurring expenses related to consolidation of its Kansas
banks.
Michael W. Gullion, Chairman and Chief Executive Officer, commented: "We
are pleased to report record results for 1999. Excluding the one-time
expenses we incurred to consolidate our Kansas operating units into one
statewide organization, our diluted per share earnings were $0.75, which was
an increase of 36% over $0.55 diluted per share earnings reported last year.
Our consolidation/repositioning expenses totaled $3.1 million after-tax, or
$0.18 per diluted share. The consolidation will enhance operational and
administrative efficiencies in the future and allow our community bank
presidents to continue to devote maximum attention to ensuring that our
customers receive the personalized attention they expect from Gold Banc. The
combined Kansas Bank (Gold Bank) has total assets of $983 million and ranks as
the third largest bank headquartered in Kansas."
Net earnings, after consolidation/repositioning expenses, for 1999 were
$9.8 million, or $0.57 per diluted share. Net earnings increased 7% over 1998
net earnings of $9.1 million. Total assets at December 31, 1999 were
$1.4 billion compared to $1.1 billion at December 31, 1998, an increase of
27%.
At or for the Twelve Months Ended December 31,
(dollar amounts in thousands except per share amounts)
1999 Without
Non-Recurring Percentage
1999 Expense 1998 Change
Total Loans, Net $934,017 $934,017 $723,364 29.1%
Total Deposits $1,086,537 $1,086,537 $926,687 17.3%
Total Assets $1,407,379 $1,407,379 $1,111,356 26.6%
Net Earnings $9,803 $12,856 $9,122 40.9%
Net Earnings Per
Diluted Share $0.57 $0.75 $0.55 36.4%
Wtd. Avg. Common and
Common Share
Equivalents
Outstanding 17,237,000 17,237,000 16,707,000 3.2%
Net interest income was $41.1 million in 1999, a 15% increase compared to
the $35.6 million reported in 1998. Non-interest income of $18.1 million in
1999 doubled over 1998. The Company's ratio of non-interest income to net
interest income was 44% for the year compared to 25% for 1998.
Gullion stated: "Our gains in net interest income and non-interest income
over last year were due to solid internal growth and our successful efforts to
expand fee-based income with our 1999 acquisitions of both CompuNet
Engineering, Inc. and Regional Investment Company."
Total assets on December 31, 1999 were $1.4 billion, a 27% increase over
last year.
Noted Gullion, "Loans to small businesses drove our loan growth of 29%
over last year. Regional and our recent acquisition of Linn County Bank added
$64 million in net loans. Strong loan growth was attained while maintaining
the high quality of our loan portfolio. Non-performing loans to total loans
were 0.42% at year-end, compared to 0.50% last year."
Gullion concluded, "Our return on equity, exclusive of one-time expenses,
was 14.6% for the year, which was on target. Our return on assets for 1999
was 1.07%, improving from 0.93% in 1998. We closed three acquisitions during
1999 and we currently have four transactions pending which would add nearly
$1.5 billion in assets to our Company. We expect these transactions to close
in the first quarter of 2000."
Safe Harbor Statement
This news release contains comments or information that constitute
forward-looking statements (within the meaning of the Private Securities
Litigation Reform Act of 1995), which involve significant risks and
uncertainties. Actual results may differ materially from the results
discussed in the forward-looking statements. Factors that might cause such a
difference include, but are not limited to: (1) expected cost savings from
acquisitions cannot be fully realized or realized within the expected time
frame; (2) revenues following the merger are lower than expected; (3)
competitive pressures among depository institutions increase significantly;
(4) costs or difficulties related to the integration of the business of the
organizations are greater than expected; (5) changes in the interest rate
environment reduce interest margins; (6) general economic conditions, either
nationally or in states in which the combined company will be doing business,
are less favorable than expected; and (7) legislation or regulatory changes
adversely affect the businesses in which the combined company would be
engaged.
For more information on Gold Banc toll-free via fax, simply dial
1-800-PRO-INFO, follow the voice menu prompts and enter the company code
"GLDB" on any touch tone phone, or visit the Gold Banc page on FRB's website
at http://www.frbinc.com
Visit Gold Banc at http://www.goldbanc.com
Gold Banc Corporation, Inc.
Selected Consolidated Operating Data
(Dollars in thousands except per-share amounts)
(unaudited) (unaudited)
Year to date Quarter Year to date Quarter
earnings earnings earnings earnings
as of as of as of as of
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
1999 1999 1998 1998
Selected Operating Data:
Interest income $89,880 $24,665 $75,196 $20,623
Interest expense 48,793 13,774 39,588 11,028
Net interest income 41,087 10,891 35,608 9,595
Provision for
loan losses 1,602 301 2,781 980
Net interest income after
provision for
loan losses 39,485 10,590 32,827 8,615
Non-interest income:
Service charges 4,124 1,093 3,275 1,000
Gain on sale of
mortgage loans 3,253 1,694 1,106 337
Gain on sale of
securities 170 -- 94 2
Gain on sale of assets (47) (70) (85) (75)
Investment trading
fees & commissions 3,293 737 3,265 1,088
Other 7,274 2,125 1,123 436
Non-interest income 18,067 5,579 8,778 2,788
Non-interest expenses:
Salaries and employee
benefits 19,969 6,186 13,307 4,035
Occupancy expense 3,910 1,126 2,482 904
Depreciation expense 1,997 458 1,656 491
Goodwill amortization
expense 1,126 405 513 213
Consolidation/
repositioning
expense 4,577 4,577 -- --
Other 11,167 3,748 10,121 4,245
Non-interest
expenses 42,746 16,500 28,079 9,888
Net earnings before
income taxes 14,806 (331) 13,526 1,515
Income tax expense 5,003 58 4,404 517
Net earnings $9,803 $(389) $9,122 $998
Per Share Data:
Net earnings per
share (Diluted) $0.57 $(0.02) $0.55 $0.06
Book Value per share $4.92 $4.92 $4.88 $4.88
Period end shares
outstanding 17,698 17,698 17,182 17,182
Weighted Avg. Shares
Outstanding 17,237 17,223 16,707 17,023
Gold Banc Corporation, Inc.
Consolidated Condensed Statement of Condition
(Dollars in thousands except per-share amounts)
December 31, 1999 and 1998
(unaudited)
December 31, 1999 December 31, 1998
Assets
Cash and due from banks $59,602 $36,305
Federal funds sold &
interest-bearing
deposits 27,597 62,798
Loans (net of allowance for 934,017 723,364
loan losses of $12,233
as of December 31,1999
and $10,752 as of
December 31,1998)
Investment securities 276,580 229,520
Premises and equipment 34,268 26,183
Goodwill 36,890 13,328
Accrued interest &
other assets 38,425 19,858
Total Assets $1,407,379 $1,111,356
Liabilities
Deposits $1,086,537 $926,687
Federal funds purchased
& short-term
borrowings 76,189 14,212
Long-term debt 75,410 49,958
Guaranteed preferred
beneficial interests in
Company's debentures 66,300 28,750
Accrued interest & other
liabilities 15,929 7,938
Total Liabilities 1,320,365 1,027,545
Stockholders' Equity
Common stock 17,698 17,182
Additional paid-in capital 32,970 29,200
Retained earnings 45,665 37,235
Accumulated comprehensive
income, net (6,144) 391
90,189 84,008
less: unearned compensation (3,175) (197)
Total Stockholders' Equity 87,014 83,811
Total Liabilities and
Stockholders' Equity $1,407,379 $1,111,356
Gold Banc Corporation, Inc.
Key Ratios and Other Data
December 31, 1999
(Dollars in thousands except per-share data)
Without Non- Percent
Recurring Expense Increase
December 31, December 31, December 31, (Decrease)
1999 1999 1998
Key Ratios and Other Data
Net interest margin 3.83% 3.83% 4.11% (6.81)
Net interest spread 3.41% 3.41% 3.67% (7.08)
Return on average
assets 0.82% 1.07% 0.93% 15.05
Return on average
equity 11.15% 14.63% 11.59% 26.23
Leverage ratio 7.02% 7.02% 8.80% (20.23)
Tier one capital ratio 6.67% 6.67% 8.51% (21.62)
Tier two capital ratio 10.05% 10.05% 9.98% 0.70
Non-performing loans
to total loans 0.42% 0.42% 0.50% (16.00)
Non-performing assets
to total assets 0.42% 0.42% 0.47% (10.64)
Allowance for loan losses
to total loans 1.29% 1.29% 1.46% (11.64)
Allowance for loan losses
to non-performing
loans 311.11% 311.11% 290.59% 7.06
Net loan charge-offs
(recoveries) to
avg. loans 0.24% 0.24% 0.21% 14.29
Efficiency Ratio 74.43% 69.12% 67.50% 2.40
Income Statement Highlights
Net Earnings $9,803 $12,856 $9,122 40.93
Net Interest Income 41,087 41,087 35,608 15.39
Loan Loss Provision 1,602 1,602 2,781 (42.39)
Noninterest Income 18,067 18,067 8,778 105.82
Noninterest Expense 42,746 38,169 28,079 35.93
Income Tax
Expense (Benefit) 5,003 6,527 4,404 48.21
Earnings Per Share
(Diluted) $0.57 $0.75 $0.55 36.36
At At
December 31, December 31,
Balance Sheet Highlights 1999 1998
Total Assets $1,407,379 $1,111,356 26.64
Total Loans, net $934,017 $723,364 29.12
Nonperforming Loans $3,932 $3,700 6.27
Total Deposits $1,086,537 $926,687 17.25
Stockholders' Equity $87,014 $83,811 3.82
Book Value Per Share $4.92 $4.88 0.82
SOURCE Gold Banc Corporation, Inc.
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Related links:
http://www.goldbanc.com
CONTACT:
J. Craig Peterson, Exec. V.P. & CFO,
craigp@goldbanc.com, or Brian J. Ruisinger, Investor Relations,
brianr@goldbanc.com, both of Gold Banc Corporation, 913-451-8050,
or Analysts-Investors, Paul Scheeler, 312-640-6742,
pscheele@frb.bsmg.com, or Media, Joyce Hanson, 312-640-6756,
jhanson@frb.bsmg.com, both of The Financial Relations Board for
Gold Banc
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