Gold Banc Reports Fourth-Quarter 2002 Record Earnings of $8.0 Million, or $0.21 Per Share.Business Editors LEAWOOD Leawood (lē`w  d), city (1990 pop. 19,693), Johnson co., NE Kans., a suburb of Kansas City; inc. 1948. , Kan Kan, river, China: see Gan. .--(BUSINESS WIRE)--Jan. 22, 2003Reports Record 2002 Earnings of $28.6 Million, or $0.82 Per Share; Board Increases Quarterly Cash Dividend to $0.03 Per Share Gold Banc Corporation, Inc. (Nasdaq:GLDB GLDB General License Database ) today announced earnings of $8.0 million, or $0.21 per share for the fourth quarter of 2002. This compares to $6.1 million, or $0.18 per share for the same period of 2001. Earnings for the year ended December December: see month. 31, 2002, were $28.6 million, or $0.82 per share compared to $24.4 million, or $0.69 per share for the same period in 2001. EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. growth of $0.13 per share represents an increase of 18.8% year over year and ROE A fictitious surname used for an unknown or anonymous person or for a hypothetical person in an illustration. A lawsuit is generally named for the persons who are parties to it. of 15.48% for 2002 compared to 14.38% in 2001. The Gold Banc board of directors increased the cash dividend today from $0.02 to $0.03 per common share. The dividend will be payable on February February: see month. 12, 2003, to shareholders of record as of February 5, 2003. Gold Banc currently has approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 39.5 million common shares outstanding. "Our Commercial Banking and Wealth Management strategy, combined with local decision making, is providing for significant increases in market share in our metropolitan markets which helps to drive increases in revenues resulting in record earnings for both the fourth quarter and the year," commented Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Michael Michael, archangel Michael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. W. Gullion. "We continue to position Gold for future growth in our metropolitan markets, with the opening of new locations in metropolitan Kansas City Kansas City, two adjacent cities of the same name, one (1990 pop. 149,767), seat of Wyandotte co., NE Kansas (inc. 1859), the other (1990 pop. 435,146), Clay, Jackson, and Platte counties, NW Mo. (inc. 1850). and new locations in both Sarasota Sarasota (sâr'əsō`tə), city (1990 pop. 50,961), seat of Sarasota co., SW Fla., on Sarasota Bay; settled c.1884, inc. 1914. , and Tampa, Florida “Tampa” redirects here. For other uses, see Tampa (disambiguation). Tampa is a United States city in Hillsborough County, on the west coast of Florida. It serves as the county seat for Hillsborough County.GR6. ." Total assets at December 31, 2002, were $3.8 billion, while total loans were $2.7 billion and total deposits were $2.7 billion. Total loans increased $555 million or 25.8% annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. compared to December 31, 2001, while total deposits increased $553 million or 25.5% for the same period. Total loans increased $212 million during the fourth quarter of 2002. Net interest income increased $15.5 million during the year ended December 31, 2002, compared to the same period in 2001. Non-interest income for the year ended December 31, 2002, was $63.7 million, compared to $45.0 million for the same period in 2001. During the fourth quarter of 2002, in anticipation The performance of an act or obligation before it is legally due. In patent law, the publication of the existence of an invention that has already been patented or has a patent pending, of several securities being called due to the lower interest rate environment, Gold Banc repositioned the investment securities portfolio. The proceeds from the securities were used to fund new loans at yields at or higher than the company was receiving on the securities. In addition, the company added to the loan loss reserves due to the increase in the loans outstanding. During the fourth quarter, net interest margin increased at all of the banks and Gold Banc expects to see continued improvement in 2003. Gold Banc has seen significant improvement in non-performing loans A non-performing loan is a loan that is in default or close to being in default. Many loans become non-performing after being in default for 3 months, but this can depend on the contract terms. , non-performing assets and charge-offs as of December 31, 2002. Non-performing loans at December 31, 2002, were $15.9 million compared to $23.0 million at December 31, 2001, a decrease of $7.1 million or 30.9%. Non-performing assets at December 31, 2002, were $18.2 million compared to $27.5 million at December 31, 2001, a decrease of $9.3 million or 33.8%. Non-performing loans as a percent of total loans were 0.58% at December 31, 2002, compared to 1.06% at December 31, 2001. The allowance for loan losses was 1.15% of total loans and 198.1% of non-performing loans at December 31, 2002, compared to 1.21% of total loans and 113.4% of non-performing loans at December 31, 2001. "We are very pleased with the progress made in reducing our non-performing loans and assets and have increased our allowance for loan losses to keep pace with our continued loan growth," said Mr. Gullion. Gold completed its follow on offering in October October: see month. 2002 and raised $47 million in new capital, which will be contributed to the banks allowing for future growth and maintaining a well capitalized Capitalized Recorded in asset accounts and then depreciated or amortized, as is appropriate for expenditures for items with useful lives longer than one year. position. During the fourth quarter of 2002, Gold completed the acquisition of trust assets from George George, river, c.345 mi (560 km) long, rising in a lake on the Quebec-Labrador boundary, E Canada. It flows N through Indian Lake (125 sq mi/324 sq km) to Ungava Bay (an arm of Hudson Strait). K. Baum & Associates. Trust assets now stand at approximately $900 million at December 31, 2002. On January January: see month. 7, 2003, Gold Bank-Oklahoma, an affiliate Affiliate Relationship between two companies when one company owns substantial interest, but less than a majority of the voting stock of another company, or when two companies are both subsidiaries of a third company. See: Subsidiaries, parent company. of Gold Banc, announced the signing of an agreement to sell its Guymon, Oklahoma The City of Guymon is located in the U.S. State of Oklahoma and serves as the seat of Texas CountyGR6. The population was 10,472 at the 2000 census. , branch location. "The capital raised from the sale of this branch will be reinvested in focused growth areas within the company," said Gullion. The completion of the sale is expected to occur by the end of the first quarter. The Company adopted the provision of SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System 142 "Goodwill and other Intangible Assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. ," effective January 1, 2002, and, accordingly, discontinued dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: the amortization of goodwill. On an adjusted basis excluding the effects of goodwill, net earnings would have been $6.7 million or $0.19 per share and $26.4 million or $0.74 per share for the quarter and year ended December 31, 2001. Gold Banc is a $3.8 billion financial holding company headquartered in Leawood, Kansas Leawood is a city in Johnson County, Kansas, United States and is part of the Kansas City Metropolitan Area. The population was 27,656 at the 2000 census. Geography Leawood is located at (38.920802, -94. , a part of the Kansas City metropolitan area. Gold Banc provides commercial banking, wealth management and personal banking services in Kansas Kansas, state, United States Kansas (kăn`zəs), midwestern state occupying the center of the coterminous United States. It is bordered by Missouri (E), Oklahoma (S), Colorado (W), and Nebraska (N). , Missouri Missouri, state, United States Missouri (mĭz r`ē, –ə), one of the midwestern states of the United States. , Oklahoma Oklahoma (ōkləhō`mə), state in SW United States. It is bordered by Missouri and Arkansas (E); Texas, partially across the Red R. (S, W); New Mexico, across the narrow edge of the Oklahoma Panhandle (W); and Colorado and Kansas (N). and Florida Florida, state, United StatesFlorida (flôr`ĭdə, flŏr`–), state in the extreme SE United States. A long, low peninsula between the Atlantic Ocean (E) and the Gulf of Mexico (W), Florida is bordered by Georgia and through 60 banking locations. Gold Banc is traded on the Nasdaq under the symbol GLDB. This release contains information and "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " which relate to matters that are not historical facts and which are usually preceded by the words "may," "will," "should," "could," "would," "plan," "potential," "estimate," "project," "believe," "intend," "anticipate," "except," "target" and similar expressions. These forward-looking statements are subject to significant risks, assumptions and uncertainties, including, but not limited to, those described in the periodic reports we file under the Securities Exchange Act of 1934 under the captions "Forward-Looking Statements" and "Factors That May Affect Future Results of Operations, Financial Condition or Business." Because of these and other uncertainties, our actual results may be materially different from that indicated by these forward-looking statements. You should not place undue reliance on any forward-looking statements. We will not update these forward-looking statements, even though our situation may change in the future, unless we are obligated ob·li·gate tr.v. ob·li·gat·ed, ob·li·gat·ing, ob·li·gates 1. To bind, compel, or constrain by a social, legal, or moral tie. See Synonyms at force. 2. To cause to be grateful or indebted; oblige. to do so under the federal securities laws.
GOLD BANC CORPORATION, INC. AND SUBSIDIARIES
Consolidated Balance Sheet
(In thousands, except per share data)
(unaudited)
December 31, 2002 December 31, 2001
----------------- -----------------
Assets
Cash and due from banks $ 96,215 $ 73,675
Federal funds sold and
interest-bearing deposits 193 98
------- -------
Total cash and cash equivalents 96,408 73,773
------- -------
Investment securities:
Held-to-maturity 190,188 14,364
Available-for-sale 542,412 567,746
Trading 3,485 6,734
------- -------
Total investment securities 736,085 588,844
------- -------
Mortgage loans held for sale, net 25,134 11,335
Loans 2,705,892 2,151,070
Allowance for loan losses (31,439) (26,097)
Premises and equipment, net 75,717 57,738
Goodwill, net 35,077 34,666
Intangible Assets, net 7,004 4,054
Cash surrender value of bank owned
life insurance 56,501 53,038
Accrued interest and other assets 109,758 68,051
------- -------
Total assets $3,816,137 $3,016,472
========= =========
Liabilities and Stockholders' Equity
Liabilities:
Deposits $2,716,569 $2,163,866
Securities sold under
agreements to repurchase 153,595 103,672
Federal funds purchased and other
short-term borrowings 15,658 30,908
Subordinated Debt and guaranteed
preferred beneficial interests in
Company's debentures 112,549 111,749
Long-term borrowings 559,436 416,413
Accrued interest and other
liabilities 26,954 24,219
------- -------
Total liabilities 3,584,761 2,850,827
--------- ---------
Stockholders' equity:
Preferred stock, no par value;
50,000,000 shares authorized,
no shares issued - -
Common stock, $1.00 par value;
50,000,000 shares authorized;
44,188,384 issued at December 31,
2002, and 38,352,074 issued at
December 31, 2001 44,188 38,352
Additional paid-in capital 117,712 75,955
Retained earnings 111,539 85,721
Accumulated other comprehensive
income (loss), net 3,489 (8)
Unearned compensation (12,432) (3,440)
------- -------
264,496 196,580
Less treasury stock --
4,721,510 shares at December 31,
2002, and 4,417,010 shares at
December 31, 2001 (33,120) (30,935)
------- -------
231,376 165,645
------- -------
Total liabilities and stockholders'
equity $3,816,137 $3,016,472
========= =========
GOLD BANC CORPORATION, INC. AND SUBSIDIARIES
Consolidated Statements of Earnings
For the Three Months ended
(In thousands, except per share data)
(unaudited)
December 31, 2002 December 31, 2001
----------------- -----------------
Interest Income:
Loans, including fees $ 43,322 $ 40,766
Investment securities 9,331 8,530
Other 561 2,676
------- -------
53,214 51,972
------- -------
Interest Expense:
Deposits 16,911 17,605
Borrowings and other 7,800 9,922
------- -------
24,711 27,527
------- -------
Net interest income 28,503 24,445
Provision for loan losses 4,300 5,750
------- -------
Net interest income after provision
for loan losses 24,203 18,695
------- -------
Other income:
Service fees 4,603 4,088
Investment trading fees and
commissions 1,660 348
Net gains on sale of mortgage loans 648 274
Net securities gains 4,704 1,173
Information technology services 3,190 4,826
Other 2,204 1,931
------- -------
17,009 12,640
------- -------
Other expense:
Salaries and employee benefits 13,670 12,266
Net occupancy expense 1,826 1,515
Depreciation expense 1,718 1,416
Goodwill amortization expense - 552
Information technology services 2,368 3,267
Other 9,386 7,921
------- -------
28,968 26,937
------- -------
Earnings before income tax 12,244 4,398
Income tax expense 4,238 (1,748)
------- -------
Net earnings $ 8,006 $ 6,146
======= =======
Net earnings per share -- basic and
diluted $ 0.21 $ 0.18
======= =======
GOLD BANC CORPORATION, INC. AND SUBSIDIARIES
Consolidated Statements of Earnings
For the Twelve Months ended December 31, 2002
(In thousands, except per share data)
(unaudited)
December 31, 2002 December 31, 2001
----------------- -----------------
Interest Income:
Loans, including fees $165,718 $167,296
Investment securities 34,613 33,451
Other 2,275 6,054
------- -------
202,606 206,801
------- -------
Interest Expense:
Deposits 64,981 85,583
Borrowings and other 33,044 32,140
------- -------
98,025 117,723
------- -------
Net interest income 104,581 89,078
Provision for loan losses 17,420 15,314
------- -------
Net interest income after
provision for loan losses 87,161 73,764
------- -------
Other income:
Service fees 17,457 15,526
Investment trading fees and
commissions 5,625 6,017
Net gains on sale of mortgage loans 2,201 1,848
Net securities gains 9,542 1,717
Information technology services 18,054 13,308
Other 10,785 6,632
------- -------
63,664 45,048
------- -------
Other expense:
Salaries and employee benefits 52,367 46,578
Net occupancy expense 6,420 5,811
Depreciation expense 6,392 5,853
Goodwill amortization expense - 2,020
Information technology services 12,492 8,635
Other 32,314 20,742
------- -------
109,985 89,639
------- -------
Earnings before income tax 40,840 29,173
Income tax expense 12,211 4,820
------- -------
Net earnings $ 28,629 $ 24,353
======= =======
Net earnings per share -- basic and
diluted $ 0.82 $ 0.69
======= =======
GOLD BANC CORPORATION, INC. AND SUBSIDIARIES
Key Ratios
December 31, 2002 and December 31, 2001
(In thousands, except per share data and percentages)
Dec. 31, 2002 Dec. 31, 2001
------------- -------------
Balance Sheet Ratios:
Total shares outstanding 39,467 33,935
Book value per share $ 5.86 $ 4.88
Tangible book value per share $ 4.80 $ 3.74
Leverage ratio 7.10 % 6.27 %
Tier 1 risk-based capital ratio 8.79 % 7.85 %
Total risk-based capital ratio 11.09 % 11.41 %
Non-performing loans (NPL) $15,867 $23,007
NPL / Loans 0.58 % 1.06 %
Allowance / NPL 198.14 % 113.42 %
Allowance / Loans 1.15 % 1.21 %
Non-performing assets (NPA) $18,220 $27,479
NPA / Assets 0.48 % 0.91 %
GOLD BANC CORPORATION, INC. AND SUBSIDIARIES
Key Ratios - Three Months ended
(In thousands, except per share data and percentages)
Dec. 31, 2002 Dec. 31, 2001
------------- -------------
Income Statement Ratios:
Average shares outstanding 38,311 34,432
Net income per share $ 0.21 $ 0.18
Return on average assets 0.85 % 0.83 %
Return on average equity 14.27 % 14.55 %
Net interest margin (tax equivalent) 3.41 % 3.78 %
Net interest margin 3.30 % 3.64 %
Non-interest income / Net interest
income 59.67 % 51.71 %
Efficiency ratio 60.98 % 68.92 %
Net loans charged off 2,491 4,913
Net charge offs to loans (annualized) 0.36 % 0.91 %
Average loans - QTD $2,579,108 $2,088,125
Average assets - QTD $3,719,223 $2,944,642
Key Ratios - Twelve months ended
Dec. 31, 2002 Dec. 31, 2001
------------- -------------
Income Statement Ratios:
Average shares outstanding 34,996 35,520
Net income per share $ 0.82 $ 0.69
Return on average assets 0.85 % 0.86 %
Return on average equity 15.48 % 14.38 %
Net interest margin (tax equivalent) 3.49 % 3.57 %
Net interest margin 3.37 % 3.50 %
Non-interest income / Net interest
income 60.88 % 50.57 %
Efficiency ratio 61.79 % 63.63 %
Net loans charged off 12,077 15,402
Net charge offs to loans (annualized) 0.45 % 0.71 %
Average loans - YTD $2,420,412 $1,991,260
Average assets - YTD $3,385,968 $2,810,913
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