SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported: January 20, 2000
GOLD BANC CORPORATION, INC.
(Exact name of registrant as specified in its charter)
KANSAS 0-28936 48-1008593
(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification
incorporation) No.)
11301 Nall Avenue, Leawood, Kansas 66211
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:(913) 451-8050
None
(Former name or former address, if changed since last report)
<PAGE>
ITEM 5. OTHER EVENTS.
On January 20, 2000 Gold Banc issued a press release (a copy
of which is attached hereto as Exhibit 99.1 and is incorporated
herein by reference) in which it announced its 1999 earnings.
ITEM 7. FINANCIAL STATEMENTS AND OTHER EXHIBITS.
Exhibit No. Description
99.1 Press Release, issued January 20, 2000.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.
Dated: January 26, 2000.
GOLD BANC CORPORATION, INC.
By: /s/ J. Craig Peterson
J. Craig Peterson, Chief
Financial Officer
<PAGE>
Exhibit 99.1
GOLD BANC CORPORATION, INC.
11301 NALL AVENUE
LEAWOOD, KANSAS 66211
www:goldbanc.com
NASDAQ: GLDB
AT GOLD BANC:
J. Craig Peterson Brian J. Ruisinger
Exec. V.P. & CFO Investor Relations
(913) 451-8050 (913) 451-8050
[email protected] [email protected]
AT THE FINANCIAL RELATIONS BOARD (www.frbinc.com)
Paul Scheeler Joyce Hanson
Analysts/Investors Media Inquiries
(312) 640-6742 (312) 640-6756
[email protected] [email protected]
FOR IMMEDIATE RELEASE
THURSDAY, JANUARY 20, 2000
GOLD BANC REPORTS RECORD 1999 YEAR-END RESULTS
___________________
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, KANSAS-JANUARY 20, 2000-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%.
<TABLE>
<CAPTION>
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
<S> <C> <C> <C> <C>
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%
</TABLE>
-MORE-
<PAGE>
GOLD BANC
ADD 1
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 WWW.FRBINC.COM
VISIT GOLD BANC AT WWW.GOLDBANC.COM
FINANCIAL TABLES FOLLOW...
<PAGE>
GOLD BANC CORPORATION, INC.
SELECTED CONSOLIDATED OPERATING DATA GOLD BANC
(Dollars in thousands except per-share amounts) ADD 2
<TABLE>
<CAPTION>
(unaudited) (unaudited)
Year to date Quarter Year to date Quarter
earnings earnings earnings earnings
as of as of as of as of
December 31, December 31, December 31, December 31,
1999 1999 1998 1998
<S> <C> <C> <C> <C>
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
</TABLE>
<PAGE>
GOLD BANC
ADD 3
GOLD BANC CORPORATION, INC.
CONSOLIDATED CONDENSED STATEMENT OF CONDITION
(Dollars in thousands except per-share amounts)
December 31, 1999 and 1998
<TABLE>
<CAPTION>
(unaudited)
December 31, 1999 December 31, 1998
<S> <C> <C>
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 loan losses 934,017 723,364
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
</TABLE>
<PAGE>
GOLD BANC
ADD 4
GOLD BANC CORPORATION, INC.
KEY RATIOS AND OTHER DATA
December 31, 1999
(Dollars in thousands except per-share data)
<TABLE>
<CAPTION>
Without Non-
Recurring Expense Percent
December 31, December 31, December 31, Increase
1999 1999 1998 (Decrease)
<S> <C> <C> <C> <C>
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 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
</TABLE>
______________________________
<TABLE>
<CAPTION>
At At
BALANCE SHEET HIGHLIGHTS December 31, 1999 December 31, 1998
<S> <C> <C> <C>
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
</TABLE>
<PAGE>
