<PAGE>
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) July 13, 1994
LIBERTY NATIONAL BANCORP, INC.
(Exact name of registrant as specified in charter)
Kentucky 0-9630 61-0955936
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation) No.)
416 West Jefferson Street, Louisville, Kentucky 40202-3294
(Address of principal executive offices) (Zip code)
Registrant's telephone number,
including area code (502) 566-2000
Former name or former address, if changed since
last report: Not Applicable
Item 5. Other Events
PRESS RELEASE July 13, 1994
IMMEDIATE
Media Inquiries: Financial/Investor Inquiries:
Theodore R. Frith Carl E. Weigel
Executive Vice President Treasurer
(502) 566-2083 (502) 566-2510
Liberty Reports 9.5% Increase in Net Income
LOUISVILLE, Ky.--Liberty National Bancorp, Inc. (NASDAQ:LNBC)
announced today net income of $28.7 million for the first six
months of 1994, a 9.5% increase over the $26.2 million reported for
the same period in 1993. Net income per share for the first half
of 1994 increased 7.7% to $1.12, compared to $1.04 for the same
period in 1993. Excluding the after-tax effect of securities gains
and expenses relating to the pending merger with BANC ONE
CORPORATION from both periods, net income would have been up 14.3%
for the first six months of 1994.
For the second quarter of 1994, net income was $14.6 million,
up 8.4% compared to $13.5 million for the same period in 1993. Net
income per share for the second quarter of 1994 increased 7.5% to
$0.57, from $0.53 in the second quarter of 1993.
Liberty's Board of Directors also declared a cash dividend of
$0.195 per share, payable September 30, 1994, to all shareholders
of record at the close of business on September 15, 1994.
In November 1993, Liberty announced its plans to join BANC ONE
CORPORATION, a regional bank holding company based in Columbus,
Ohio. The merger, which has received all the required regulatory
approvals, is subject to Liberty shareholder approval. A meeting of
shareholders to vote on the proposed merger is scheduled for August
3, 1994. Assuming shareholder approval, the merger is expected to
be completed by the first week of September 1994. The pending
merger agreement with BANC ONE CORPORATION provides that the
dividend (referenced above) will not be paid if the merger is
completed on or before the record date for BANC ONE's quarterly
dividend to be declared during the third quarter of 1994; if that
occurs, Liberty shareholders would be shareholders of record of
BANC ONE CORPORATION and would instead receive the BANC ONE
CORPORATION dividend.
"Our second quarter earnings reflect a continued positive
trend fueled in particular by increased loan demand, " said Malcolm
B. Chancey, Jr., Liberty Chairman and Chief Executive Officer.
As of June 30, 1994, Liberty's total assets were $5.3 billion
and stockholders' equity exceeded $417 million. Averages for
selected balance sheet totals for the six months ended June 30,
1994, and the percentage increases compared to the same period in
1993, were as follows: total assets, $5.0 billion, up 7.9%; total
deposits, $4.0 billion, up 6.5%; loans, $3.7 billion, up 11.7%; and
stockholders' equity, $406 million, up 10.9%.
Liberty is a regional bank holding company headquartered in
Louisville, Kentucky. Liberty conducts a wide range of commercial
and personal banking activities through its 104 banking offices
located throughout Kentucky and southern Indiana. In addition,
Liberty provides leasing, credit life insurance, brokerage services
and retail loan services through various non-banking subsidiaries.
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Liberty National Bancorp, Inc. (NASDAQ:LNBC)
Louisville, Kentucky
Net Income
Second Quarter 1994
<TABLE>
<CAPTION>
Three months ended June 30 1994 1993 Change
----------- ----------- --------
<S> <C> <C> <C>
Net income $14,632,000 $13,503,000 8.4%
Net income per share $0.57 $0.53 7.5%
Average shares outstanding 25,745,000 25,440,000
Six months ended June 30 1994 1993 Change
----------- ----------- --------
<S> <C> <C> <C>
Net income $28,709,000 $26,221,000 9.5%
Net income per share $1.12 $1.04 7.7%
Average shares outstanding 25,739,000 25,248,000
</TABLE>
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CONSOLIDATED FINANCIAL HIGHLIGHTS
Liberty National Bancorp, Inc., and Subsidiaries
<TABLE>
<CAPTION>
1994 1993 Change
In thousands except per share data --------- --------- ---------
<S> <C> <C> <C>
For six months ended June 30
Net income.................................... $ 28,709 $ 26,221 9.5 %
Net income per share.......................... 1.12 1.04 7.7
Cash dividends declared per share............. 0.39 0.3375 15.6
Book value per share - end of period.......... 16.23 14.98 8.3
Market value per share - end of period........ 31.00 24.75 25.3
Average shares outstanding.................... 25,739 25,248 1.9
Averages for six months ended June 30
Loans, net of unearned income................. $3,686,558 $3,300,214 11.7 %
Total earning assets.......................... 4,563,309 4,210,437 8.4
Total assets.................................. 5,011,273 4,644,271 7.9
Non-interest bearing deposits................. 721,568 658,975 9.5
Interest bearing deposits..................... 3,315,261 3,133,112 5.8
Total deposits................................ 4,036,829 3,792,087 6.5
Stockholders' equity.......................... 406,138 366,225 10.9
Key ratios for six months ended June 30
Return on average stockholders' equity........ 14.25 % 14.44 % (19)b.p.
Return on average assets...................... 1.16 1.14 2
Allowance for loan losses to average loans ... 1.35 1.46 (11)
June 30
Loans, net of unearned income................. $3,875,231 $3,394,117 14.2 %
Total assets.................................. 5,266,086 4,686,010 12.4
Total deposits................................ 4,097,435 3,837,803 6.8
Stockholders' equity.......................... 417,944 381,213 9.6
b.p. = basis points
</TABLE>
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CONSOLIDATED BALANCE SHEET
Liberty National Bancorp, Inc., and Subsidiaries
<TABLE>
<CAPTION>
June 30 June 30
1994 1993
In thousands except share data ---------- ----------
<S> <C> <C>
Assets
Cash and due from banks................................. $ 377,665 $ 325,993
Interest bearing deposits with banks.................... - 100
Federal funds sold and securities
purchased under agreements to resell.................. 45,525 22,225
Trading account securities.............................. 366 186
Mortgage loans held for sale............................ 2,069 5,664
Investment securities available for sale................ 218,999 -
Investment securities held to maturity.................. 607,145 798,474
Loans (net of unearned income of $38,316 in
1994; $30,346 in 1993)................................ 3,875,231 3,394,117
Less:
Allowance for loan losses............................. 49,725 48,290
---------- ----------
Net loans........................................... 3,825,506 3,345,827
Premises and equipment.................................. 74,302 66,021
Other assets............................................ 114,509 121,520
---------- ----------
Total............................................... $5,266,086 $4,686,010
========== ==========
Liabilities
Deposits
Non-interest bearing - domestic....................... $ 734,746 $ 723,694
Interest bearing - domestic........................... 3,091,351 2,969,447
Interest bearing - foreign............................ 271,338 144,662
---------- ----------
Total deposits...................................... 4,097,435 3,837,803
Federal funds purchased and securities
sold under agreements to repurchase................... 455,313 254,249
Commercial paper........................................ 6,928 5,077
Other short-term borrowings............................. 142,045 65,002
Other liabilities....................................... 43,281 38,672
Long-term debt.......................................... 103,140 103,994
---------- ----------
Total liabilities................................... 4,848,142 4,304,797
---------- ----------
Stockholders' Equity
Preferred stock
Authorized and unissued 10,000,000 shares............. - -
Common stock
Authorized 60,000,000 shares
Issued and outstanding 25,747,066 shares in
1994 and 25,440,397 shares in 1993.................... 47,054 46,799
Surplus................................................. 79,779 77,894
Retained earnings....................................... 291,647 256,520
Net unrealized loss on investment securities
available for sale.................................... (536) -
---------- ----------
Total stockholders' equity.......................... 417,944 381,213
---------- ----------
Total............................................... $5,266,086 $4,686,010
========== ==========
</TABLE>
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CONSOLIDATED STATEMENT OF INCOME
Liberty National Bancorp, Inc., and Subsidiaries
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
June 30 June 30
1994 1993 1994 1993
In thousands except per share data ------- ------- -------- --------
<S> <C> <C> <C> <C>
Interest income
Loans (including fees).................... $73,862 $67,432 $142,731 $133,186
Federal funds sold and securities
purchased under agreements to resell.... 260 826 829 1,846
Deposits with banks....................... 8 1 18 2
U.S. Treasury and Federal agencies........ 7,200 8,073 14,108 16,197
Obligations of states and political
subdivisions............................ 3,632 3,534 7,210 7,034
Other securities.......................... 105 86 199 159
Mortgage loans held for sale.............. 57 100 143 159
Trading account securities................ 1 12 2 56
------- ------- -------- --------
Total interest income................... 85,125 80,064 165,240 158,639
------- ------- -------- --------
Interest expense
Deposits.................................. 30,519 28,867 59,106 57,210
Federal funds purchased and securities
sold under agreements to repurchase..... 3,538 2,295 6,023 5,259
Other short-term borrowings............... 765 247 1,190 543
Long-term debt............................ 1,776 1,094 3,560 1,729
------- ------- -------- --------
Total interest expense.................. 36,598 32,503 69,879 64,741
------- ------- -------- --------
Net interest income......................... 48,527 47,561 95,361 93,898
Provision for loan losses................. 3,250 6,321 6,135 11,948
Net interest income after provision for ------- ------- -------- --------
loan losses............................... 45,277 41,240 89,226 81,950
------- ------- -------- --------
Non-interest income
Trust income.............................. 3,560 3,647 7,141 6,908
Service charges on deposit accounts....... 5,390 4,499 10,079 8,627
Bankcard income........................... 1,604 1,528 2,943 2,836
Insurance premium income.................. 1,780 787 2,661 1,407
Commissions and trading account profits... 575 483 1,084 1,171
Investment securities gains............... 39 1,080 49 1,080
Other..................................... 3,749 4,480 8,379 7,531
------- ------- -------- --------
Total non-interest income............... 16,697 16,504 32,336 29,560
------- ------- -------- --------
Non-interest expense
Salaries and employee benefits............ 18,300 17,506 36,553 34,813
Net occupancy expense..................... 2,827 2,711 5,824 5,250
Equipment expense......................... 3,739 3,492 7,431 6,794
Other..................................... 16,359 15,310 31,384 28,461
------- ------- -------- --------
Total non-interest expense.............. 41,225 39,019 81,192 75,318
------- ------- -------- --------
Income before income taxes.................. 20,749 18,725 40,370 36,192
Income tax expense........................ 6,117 5,222 11,661 9,971
------- ------- -------- --------
Net income.................................. $14,632 $13,503 $28,709 $26,221
======= ======= ======== ========
Net income per share........................ $0.57 $0.53 $1.12 $1.04
Average shares outstanding.................. 25,745 25,440 25,739 25,248
</TABLE>
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 thereunto duly authorized.
LIBERTY NATIONAL BANCORP, INC.
Date: July 13, 1994 By /s/ Kathryn Ross Arterberry
Kathryn Ross Arterberry, General
Counsel and Assistant Secretary
