================================================================================
UNITED STATES
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
JANUARY 24, 2000
-----------------
Date of Report (Date of earliest event reported)
REPUBLIC SECURITY FINANCIAL CORPORATION
(Exact Name of Registrant as Specified in Its Charter)
FLORIDA
(State or Other Jurisdiction of Incorporation)
0-14671 59-2335075
(Commission File Number) (IRS Employer Identification No.)
450 SOUTH AUSTRALIAN AVENUE
WEST PALM BEACH, FLORIDA 33401
(Address of principal executive offices) (Zip Code)
(561) 650-2500
Registrant's Telephone Number, Including Area Code
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<PAGE>
ITEM 5. OTHER EVENTS
Republic Security Financial Corporation issued a press release
announcing net income of $7.4 million or $0.15 diluted earnings per common share
for the three months ended December 31, 1999 compared to a net loss of $22.6
million or ($0.46) diluted loss per common share for the three months ended
December 31, 1998. Net income was $29.5 million or $0.58 diluted earnings per
common share for the year ended December 31, 1999 which includes $2.4 million or
$0.05 diluted earnings per common share in merger and other expenses related
primarily to the acquisition of Northside Bank of Tampa ("Northside") which
closed on February 26, 1999 and was accounted for as a pooling of interests
transaction.
The press release issued by the Registrant described herein is attached
hereto as Exhibit 99.1 and is hereby incorporated herein by reference in its
entirety. The financial information contained in the press release has been
retroactively restated to include the accounts and results of operations of
First Palm Beach Bancorp, Unifirst Federal Savings Bank and Northside, which
mergers all accounted for as poolings of interests, were consummated on October
29, 1998, July 2, 1998 and February 26, 1999, respectively.
The information in this report contains forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995 that
are subject to risks and uncertainties that could cause the Company's actual
results to differ materially from those projected in forward-looking statements.
The use of forward-looking statements can be identified by statements that
express or involve discussions as to expectations, beliefs, plans, objectives,
assumptions or future events or performance (often, but not always, through the
use of words or phrases such as "will likely result," "are expected to," "will
continue," "is anticipated," "estimated," "projection," or "outlook"), are not
historical facts and may be forward-looking. Such statements involve estimates,
assumptions, and uncertainties which include, but are not limited to, overall
business conditions, particularly in the business markets in which Republic
Security Financial Corporation, its wholly-owned subsidiary, Republic Security
Bank and, for the period beginning July 30, 1999, the Bank's wholly-owned
subsidiary, RS Maritime Corporation d/b/a First New England Financial, operate;
general economic conditions, changes in interest rates, deposit flows, loan
demand, real estate values, and competition; changes in accounting principles,
policies, or guidelines; changes in legislation or regulation; and other
economic, competitive, governmental, regulatory, and technological factors that
affect the Company's operations, pricing, products, and services. Other factors,
such as the general state of the economy, could also cause actual results to
vary materially from the future results covered in such forward-looking
statements. Accordingly, any such statements are qualified in their entirety by
reference to, and are accompanied by, the above mentioned important factors that
could cause the Company's actual results to differ materially from those
contained in the forward-looking statements of the Company made by or on behalf
of the Company.
All such factors are difficult to predict, contain uncertainties which
may materially affect actual results and are beyond the control of the Company.
<PAGE>
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(a) Financial Statements of the Business Acquired
Not Applicable
(b) Pro Forma Financial Information
Not Applicable
(c) Exhibits
99.1 - Press Release dated January 24, 2000
<PAGE>
SIGNATURE
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.
REPUBLIC SECURITY FINANCIAL CORPORATION
(Registrant)
Date: JANUARY 24, 2000 /s/CARLA H. POLLARD
-------------------
Carla H. Pollard
Senior Vice President/Controller
<PAGE>
EXHIBIT INDEX
EXHIBIT DESCRIPTION
- ------- -----------
99.1 Press Release dated January 24, 2000
Exhibit 99.1
[REPUBLIC SECURITY FINANCIAL CORPORATION LOGO]
For Further Information call:
Richard J. Haskins, CFO
(561) 802-5840
Carla Pollard, Controller
(561) 650-2424
NEWS RELEASE
For: Republic Security Financial Corporation
West Palm Beach, Florida, 33401
REPUBLIC SECURITY FINANCIAL CORPORATION
INCREASES EARNINGS 37%
WEST PALM BEACH, FL. JANUARY 24, 2000- REPUBLIC SECURITY FINANCIAL
CORPORATION (NASDAQ:RSFC), parent to REPUBLIC SECURITY BANK ("REPUBLIC"), today
announced net income of $7.4 million or $0.15 diluted earnings per common share
for the three months ended December 31, 1999 compared to a net loss of $22.6
million or ($0.46) diluted loss per common share for the three months ended
December 31, 1998. Income, excluding merger related and one time expenses, was
$31.9 million or $0.63 diluted earnings per common share for the year ended
December 31, 1999 compared to $22.6 million or $0.46 diluted earnings per common
share for the year ended December 31, 1998. Net income was $29.5 million or
$0.58 diluted earnings per common share for the year ended December 31, 1999
which includes $2.4 million or $0.05 diluted earnings per common share in merger
and other expenses related primarily to the acquisition of Northside Bank of
Tampa which closed on February 26, 1999 and was accounted for as a pooling of
interests transaction. Earnings, excluding merger related expenses, for the year
ended December 31, 1999 increased 37%, compared to the year ended December 31,
1998 due primarily to an increase in net interest income, an increase in
non-interest income and realized cost savings from the integration of First Palm
Beach Bancorp ("FPBB") which was acquired October 29, 1998.
Net interest income increased $8.8 million for the year ended December
31, 1999 compared to the year ended December 31, 1998 while operating expenses
decreased $3.6 million. Net interest income increased $2.4 million for the three
months ended December 31, 1999 compared to the three months ended December 31,
1998. The increase in net interest income for the three and twelve months ended
December 31, 1999 compared to the three and twelve months ended December 31,
1998 is due primarily to a decrease in the cost of interest-bearing liabilities
of 24 basis points and 39 basis points, respectively, resulting from the Bank's
success in restructuring the liability mix acquired from FPBB, as well as an
increase in average interest earning assets. Net interest margin increased 26
basis points to 3.49% for the year ended December 31,1999 compared to 3.23% for
the year ended December 31, 1998.
Net interest margin decreased 11 basis points for the three months
ended December 31, 1999 compared to the three months ended September 30, 1999
primarily due to three successive increases in
<PAGE>
interest rates by the Federal Reserve. While the Bank has made significant
progress in restructuring the loan and deposit mix acquired from FPBB and
anticipates further mix changes during 2000, rising interest rates are expected
to result in compressed industry margins.
"The Company's accomplishments and increase in earnings per share in
1999 were extraordinary as the Bank successfully completed the largest
acquisition integration in the Company's history as well as three additional
acquisition conversions while at the same time implemented significant
improvements in technology related to core banking operations, said Rudy Schupp,
Chairman of Republic Security Financial Corporation. "Despite the challenge of
three successive interest rate hikes by the Federal Reserve, increased
competition, extraordinary integration efforts and "Y2K" readiness, the Company
significantly improved year-over-year earnings by improving net interest margin
and decreasing operating expenses", said Schupp. In addition, during the third
quarter, we announced and completed the asset purchase of First New England
Financial, one of the premier names in yacht lending with a nationwide network
of offices", said Schupp.
Republic Security Financial Corporation with total assets of $3.2
billion operates 102 full service banking offices in Palm Beach, Broward, Dade,
Martin, St. Lucie, Lee, Marion, Alachua, Hillsborough, Orange, Pasco and Collier
counties and is headquartered in West Palm Beach, Florida.
NASDAQ SYMBOL: COMMON - RSFC
REPUBLIC WEB SITE ADDRESS - WWW.REPUBLICSECURITYBANK.COM
<PAGE>
REPUBLIC SECURITY FINANCIAL CORPORATION
Financial Highlights (dollars in thousands, except per share amounts)
<TABLE>
<CAPTION>
====================================================================================================================================
For the Year
Ended For the Three Months Ended
For the period ended 12/31/99 12/31/98 12/31/99 09/30/99 6/30/99 3/31/99 12/31/98
- ------------------------------------------------------------------------------------------------------------------------------------
(Restated) (Restated)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Net income (loss) $29,469 ($10,458) $7,428 $8,035 $8,454 $5,552 ($22,622)
Net income excluding merger related expenses(1) 31,862 22,582 7,428 8,035 8,454 7,945 8,018
Net interest income.......................... 98,086 89,328 24,257 24,459 25,426 23,944 21,879
Provision for loan losses.................... 1,550 22,909 450 300 300 500 18,053
Non-interest income.......................... 28,151 25,828 6,794 8,259 7,124 5,974 7,399
Non-interest expense (2)..................... 74,720 78,296 18,569 19,896 19,041 17,214 20,483
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Common Share Data
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Basic earnings (loss) per share ............. $0.58 ($0.22) $0.15 $0.16 $0.17 $0.11 ($0.46)
Diluted earnings (loss) per share............ $0.58 ($0.22) $0.15 $0.16 $0.17 $0.11 ($0.46)
Stated book value per share.................. $4.02 $4.38 $4.02 $4.19 $4.13 $4.24 $4.38
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At Period End
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Assets....................................... $3,192,212 $3,081,225 $3,192,212 $3,052,135 $3,083,624 $3,047,054 $3,081,225
Investments held to maturity................. 182,096 16,318 182,096 149,133 151,816 6,366 16,318
Investments available-for-sale............... 757,304 722,913 757,304 652,182 685,849 722,912 722,913
Loans........................................ 1,906,734 2,040,338 1,906,734 1,888,200 1,883,039 1,969,502 2,040,338
Allowance for loan losses.................... 22,301 26,664 22,301 24,160 25,625 25,896 26,664
Deposits..................................... 2,064,936 2,368,360 2,064,936 2,131,110 2,213,790 2,346,880 2,368,360
Borrowings................................... 888,048 447,030 888,048 646,853 594,417 438,515 447,030
Stockholders' equity......................... 200,662 207,978 200,662 212,916 209,467 212,262 207,978
Common shares outstanding.................... 49,696 49,677 49,696 50,662 50,569 50,532 49,677
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Average Balances
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Assets....................................... $3,018,395 $2,970,538 $3,084,688 $3,000,286 $2,993,761 $2,994,845 $2,968,422
Stockholders' equity......................... 209,836 221,714 207,220 209,525 210,439 212,160 205,963
Interest-earning assets...................... 2,808,241 2,755,432 2,851,708 2,789,662 2,795, 204 2,796,389 2,771,053
Interest-bearing liabilities................. 2,430,403 2,398,245 2,487,315 2,406,495 2,393,395 2,434,407 2,395,771
Average common shares and
common stock equivalents.................. 51,047 48,807 50,666 51,201 51,174 51,236 49,430
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Ratios % % % % % % %
- ------------------------------------------------------------------------------------------------------------------------------------
Return on average assets(1).................. 1.06 0.76 0.96 1.07 1.13 1.06 1.08
Return on total risk weighted assets(1)...... 1.68 1.30 1.56 1.84 2.01 1.89 1.85
Return on average stockholders' equity (1)... 15.18 10.19 14.34 15.34 16.07 14.98 15.57
Net interest spread.......................... 2.87 2.59 2.80 2.92 2.98 2.82 2.49
Net interest margin.......................... 3.49 3.23 3.40 3.51 3.64 3.42 3.16
Equity to assets (period end)................ 6.29 6.75 6.29 6.98 6.79 6.97 6.75
Tier 1 leverage ratio (Bank only estimate)... 6.53 6.81 6.53 6.70 6.62 6.74 6.81
Tier 1 risk based capital (Bank only estimate) 10.54 11.59 10.54 11.48 11.74 12.08 11.59
Total risk based capital (Bank only estimate) 11.73 13.10 11.73 12.75 13.01 13.63 13.10
- ------------------------------------------------------------------------------------------------------------------------------------
Asset Quality (period end)
- ------------------------------------------------------------------------------------------------------------------------------------
Non performing Loans ("NPLS")................ $16,369 $13,852 $16,369 $13,871 $11,746 $16,758 $13,852
Non performing Assets ("NPAS")............... $18,372 $17,298 $18,372 $17,306 $15,414 $20,482 $17,298
NPLs as a % of total loans................... 0.86% 0.68% 0.86% 0.73% 0.62% 0.85% 0.68%
NPAs as a % of total assets.................. 0.58% 0.56% 0.58% 0.57% 0.50% 0.67% 0.56%
Allowance for loan losses as a % of total loans 1.17% 1.31% 1.17% 1.28% 1.36% 1.31% 1.31%
Allowance for loan losses as % of NPL's 136.24% 192.49% 136.24% 174.18% 218.17% 154.53% 192.49%
Net charge-offs to average loans............. 0.29% 0.53% 0.12% 0.07% 0.03% 0.06% 0.25%
====================================================================================================================================
<FN>
(1) Excludes merger related and one time expenses of $2.4 million, net of
taxes, for the three months ended March 31, 1999 and the twelve months
ended December 31, 1999. Excludes merger related and one time expenses
of $33.0 million and $30.6 million, net of taxes, for the twelve and
three months ended December 31, 1998, respectively.
(2) Excludes pre-tax merger related and one time expenses of approximately
$3.5 million for the three months ended March 31, 1999 . Excludes
pretax merger related and one time expenses of approximately $26.7
million and $23.6 million for the twelve and three months ended
December 31, 1998, respectively.
</FN>
</TABLE>
The financial information contained herein has been retroactively restated to
include the accounts and results of operations of FPBB, Unifirst FSB and
Northside which mergers, accounted for as poolings of interests, were
consummated on October 29, 1998, July 2, 1998 and February 26, 1999.
7
<PAGE>
REPUBLIC SECURITY FINANCIAL CORPORATION
Financial Highlights (dollars in thousands, except per share amounts)
<TABLE>
<CAPTION>
===================================================================================================================================
For the Three Months Ended
For the period ended 09/30/98 06/30/98 03/31/98
- -----------------------------------------------------------------------------------------------------------------------------------
(Restated) (Restated) (Restated)
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Net income $1,564 $4,952 $5,648
Net income excluding merger related expenses(1) 3,964 4,952 5,648
Net interest income......................................... 21,594 22,470 23,385
Provision for loan losses................................... 1,458 425 2,973
Non-interest income......................................... 4,886 6,172 7,371
Non-interest expense (2)................................... 18,820 20,309 18,684
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Common Share Data
- -----------------------------------------------------------------------------------------------------------------------------------
Basic earnings per share ................................... $0.03 $0.10 $0.12
Diluted earnings per share................................. $0.03 $0.10 $0.12
Stated book value per share................................. $4.58 $4.68 $4.59
- -----------------------------------------------------------------------------------------------------------------------------------
At Period End
- -----------------------------------------------------------------------------------------------------------------------------------
Assets...................................................... $2,995,092 $2,994,683 $3,016,240
Investments held to maturity................................ 22,685 18,019 219,829
Investments available-for-sale.............................. 761,784 686,791 458,489
Loans....................................................... 1,938,253 1,904,306 1,865,206
Allowance for loan losses................................... 12,460 12,592 13,892
Deposits.................................................... 2,265,233 2,266,393 2,221,116
Borrowings.................................................. 416,078 432,283 507,800
Stockholders' equity........................................ 236,810 229,175 222,450
Common shares outstanding................................... 49,572 49,268 47,456
- -----------------------------------------------------------------------------------------------------------------------------------
Average Balances
- -----------------------------------------------------------------------------------------------------------------------------------
Assets...................................................... $2,948,899 $2,926,531 $2,945,415
Stockholders' equity........................................ 229,779 224,415 220,875
Interest-earning assets..................................... 2,753,345 2,732,917 2,748,442
Interest-bearing liabilities................................ 2,396,958 2,371,888 2,424,360
Average common shares and
common stock equivalents................................. 50,200 50,153 48,842
- -----------------------------------------------------------------------------------------------------------------------------------
Ratios % % %
- -----------------------------------------------------------------------------------------------------------------------------------
Return on average assets(1)................................. 0.54 0.68 0.77
Return on total risk weighted assets(1)..................... 0.93 1.17 1.36
Return on average stockholders' equity (1).................. 6.90 8.83 10.23
Net interest spread......................................... 2.48 2.62 2.81
Net interest margin......................................... 3.14 3.29 3.40
Equity to assets (period end)............................... 7.91 7.65 7.38
Tier 1 leverage ratio (Bank only estimate).................. 7.83 7.81 7.54
Tier 1 risk based capital (Bank only estimate).............. 13.52 13.45 13.43
Total risk based capital (Bank only estimate)............... 14.27 14.19 14.26
- -----------------------------------------------------------------------------------------------------------------------------------
Asset Quality (period end)
- -----------------------------------------------------------------------------------------------------------------------------------
Non performing Loans ("NPLs")............................... $10,709 $12,506 $15,262
Non performing Assets ("NPAs").............................. $18,115 $19,753 $20,968
NPLs as a % of total loans.................................. 0.55% 0.66% 0.82%
NPAs as a % of total assets................................. 0.60% 0.66% 0.70%
Allowance for loan losses as a % of total loans............. 0.64% 0.66% 0.74%
Allowance for loan losses as % of NPL's 116.35% 107.21% 82.90%
Net charge-offs to average loans............................ 0.09% 0.09% 0.10%
===================================================================================================================================
<FN>
(1) Excludes merger related and one time expenses of $2.4 million, net of
taxes, for the three months ended September 30, 1998.
(2) Excludes pre-tax merger related and one time expenses of approximately
$3.3 million for the three months ended September 30, 1998.
</FN>
</TABLE>
8
<PAGE>
REPUBLIC SECURITY FINANCIAL CORPORATION
Financial Highlights (dollars in thousands, except per share data)
<TABLE>
<CAPTION>
===================================================================================================================================
For the Year Ended For the Three Months Ended
12/31/99 12/31/98 12/31/99 9/30/99 6/30/99 3/31/99 12/31/98
- -----------------------------------------------------------------------------------------------------------------------------------
(Restated) (Restated)
<S> <C> <C> <C> <C> <C> <C> <C>
Interest Income:
Interest and fees on loans............... $155,267 $157,562 $37,587 $38,167 $39,622 $39,891 $38,812
Interest and dividends on investments.... 55,258 51,937 15,985 13,704 13,171 12,398 12,593
- -----------------------------------------------------------------------------------------------------------------------------------
210,525 209,499 53,572 51,871 52,793 52,289 51,405
- -----------------------------------------------------------------------------------------------------------------------------------
Interest Expense:
Interest on deposits..................... 81,698 94,282 18,825 19,560 20,726 22,587 23,446
Interest on borrowings................... 30,741 25,889 10,490 7,852 6,641 5,758 6,080
- -----------------------------------------------------------------------------------------------------------------------------------
112,439 120,171 29,315 27,412 27,367 28,345 29,526
- -----------------------------------------------------------------------------------------------------------------------------------
Net interest income...................... 98,086 89,328 24,257 24,459 25,426 23,944 21,879
Provision for loan losses................ 1,550 22,909 450 300 300 500 18,053
- -----------------------------------------------------------------------------------------------------------------------------------
Net interest income after provision
for loan losses....................... 96,536 66,419 23,807 24,159 25,126 23,444 3,826
- -----------------------------------------------------------------------------------------------------------------------------------
Non-interest Income:
Service charges on deposit accounts...... 12,741 11,229 3,483 3,293 2,848 3,117 3,058
Gain on sale of loans and servicing...... 5,098 3,732 737 2,046 1,363 952 316
Gain on sale of investments.............. 1,051 3,139 85 789 81 96 1,326
Other income............................. 9,261 7,728 2,489 2,131 2,832 1,809 2,699
- -----------------------------------------------------------------------------------------------------------------------------------
28,151 25,828 6,794 8,259 7,124 5,974 7,399
- -----------------------------------------------------------------------------------------------------------------------------------
Operating Expenses:
Employee compensation and benefits....... 36,323 41,243 8,810 9,548 8,955 9,010 9,929
Occupancy and equipment.................. 18,324 15,905 4,126 4,912 4,864 4,422 4,207
Professional fees........................ 1,402 3,103 158 325 503 416 1,185
Advertising and promotions............... 1,355 2,417 302 397 358 298 648
Communications........................... 2,483 2,786 649 558 561 715 804
Insurance................................ 1,761 2,116 423 418 458 462 511
Data processing.......................... 3,602 1,776 1,114 971 969 548 555
Other.................................... 10,558 14,396 2,987 2,767 2,373 2,431 6,888
Merger expenses.......................... 2,381 21,655 2,381 19,404
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL........................... 78,189 105,397 18,569 19,896 19,041 20,683 44,131
- -----------------------------------------------------------------------------------------------------------------------------------
Income (loss) before income taxes........ 46,498 (13,150) 12,032 12,522 13,209 8,735 (32,906)
Provision (benefit) for income taxes..... 17,029 (2,692) 4,604 4,487 4,755 3,183 (10,284)
- -----------------------------------------------------------------------------------------------------------------------------------
Net income (loss)........................ $29,469 ($10,458) $7,428 $8,035 $8,454 $5,552 ($22,622)
- -----------------------------------------------------------------------------------------------------------------------------------
PER SHARE DATA:
Basic earnings (loss) per common share... $0.58 ($0.22) $0.15 $0.16 $0.17 $0.11 ($0.46)
Diluted earnings (loss) per common share. $0.58 ($0.22) $0.15 $0.16 $0.17 $0.11 ($0.46)
Dividends per common share............... $0.24 $0.22 $0.06 $0.06 $0.06 $0.06 $0.06
Average common shares and common stock
equivalents outstanding.................. 51,047 48,807 50,666 51,201 51,174 51,236 49,430
===================================================================================================================================
</TABLE>
9
<PAGE>
REPUBLIC SECURITY FINANCIAL CORPORATION
Financial Highlights (dollars in thousands, except per share data)
<TABLE>
<CAPTION>
===================================================================================================================================
For the Three Months Ended
9/30/98 6/30/98 3/31/98
- -----------------------------------------------------------------------------------------------------------------------------------
(Restated) (Restated) (Restated)
<S> <C> <C> <C>
Interest Income:
Interest and fees on loans.............................. $38,602 $39,041 $41,107
Interest and dividends on investments................... 13,390 13,294 12,660
- -----------------------------------------------------------------------------------------------------------------------------------
51,992 52,335 53,767
- -----------------------------------------------------------------------------------------------------------------------------------
Interest Expense:
Interest on deposits.................................... 24,322 23,567 22,947
Interest on borrowings.................................. 6,076 6,298 7,435
- -----------------------------------------------------------------------------------------------------------------------------------
30,398 29,865 30,382
- -----------------------------------------------------------------------------------------------------------------------------------
Net interest income..................................... 21,594 22,470 23,385
Provision for loan losses............................... 1,458 425 2,973
- -----------------------------------------------------------------------------------------------------------------------------------
Net interest income after provision for loan losses..... 20,136 22,045 20,412
- -----------------------------------------------------------------------------------------------------------------------------------
Non-interest Income:
Service charges on deposit accounts..................... 2,876 2,652 2,643
Gain on sale of loans and servicing..................... 310 470 2,636
Gain on sale of investments............................. 0 1,454 359
Other income............................................ 1,700 1,596 1,733
- -----------------------------------------------------------------------------------------------------------------------------------
4,886 6,172 7,371
- -----------------------------------------------------------------------------------------------------------------------------------
Operating Expenses:
Employee compensation and benefits...................... 10,847 10,410 10,057
Occupancy and equipment................................. 4,120 3,926 3,652
Professional fees....................................... 624 786 508
Advertising and promotions.............................. 438 852 479
Communications.......................................... 661 710 611
Insurance............................................... 525 536 544
Other................................................... 2,807 3,089 2,833
Merger expenses......................................... 2,098 50 103
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL.......................................... 22,120 20,359 18,787
- -----------------------------------------------------------------------------------------------------------------------------------
Income before income taxes.............................. 2,902 7,858 8,996
Provision for income taxes.............................. 1,338 2,906 3,348
- -----------------------------------------------------------------------------------------------------------------------------------
Net income (loss)....................................... $1,564 $4,952 $5,648
- -----------------------------------------------------------------------------------------------------------------------------------
PER SHARE DATA:
Basic earnings per common share......................... $0.03 $0.10 $0.12
Diluted earnings per common share....................... $0.03 $0.10 $0.12
Dividends per common share.............................. $0.06 $0.05 $0.05
Average common shares and common stock equivalents
outstanding............................................. 50,200 50,153 48,842
===================================================================================================================================
</TABLE>
10
<PAGE>
REPUBLIC SECURITY FINANCIAL CORPORATION
Financial Highlights (dollars in thousands, except share amounts)
<TABLE>
<CAPTION>
===================================================================================================================================
12/31/99 12/31/98
- -----------------------------------------------------------------------------------------------------------------------------------
(Restated)
<S> <C> <C>
ASSETS
Cash and amounts due from depository institutions $73,054 $52,336
Interest bearing deposits in other financial institutions 41,201 114,471
Federal funds sold 3,595 14,334
- -----------------------------------------------------------------------------------------------------------------------------------
Total cash and cash equivalents 117,850 181,141
Investments available-for-sale 757,304 722,913
Investments held to maturity (Market value of $174,204 and $16,605 at December 31, 1999
and December 31, 1998, respectively) 182,096 16,318
Loans - net 1,822,433 1,997,674
Loans held for sale (Market value of $62,000 and $16,272 at December 31, 1999
and December 31, 1998, respectively) 62,000 16,000
Property and equipment - net 65,349 53,341
Other real estate owned - net 2,004 2,646
Federal Home Loan Bank Stock 34,821 23,754
Goodwill - net 17,715 11,961
Bank owned life insurance 58,039 8,059
Deferred taxes, net 17,908 4,271
Accrued interest receivable 16,986 15,848
Other assets 37,707 27,299
- -----------------------------------------------------------------------------------------------------------------------------------
Total Assets $3,192,212 $3,081,225
===================================================================================================================================
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits $2,064,936 $2,368,360
Federal Home Loan Bank advances and other borrowings 618,996 410,368
Securities sold under agreement to repurchase 248,521 9,144
Senior debentures, net of unamortized issuance costs 20,531 27,518
Advances from borrowers for taxes and insurance 5,908 7,677
Bank drafts payable 11,208 27,706
Other liabilities 21,450 22,474
- -----------------------------------------------------------------------------------------------------------------------------------
Total Liabilities 2,991,550 2,873,247
- -------------------------------------------------------------------------------------------------------------------- --------------
Common Stock $.01 par value; 500,000,000 shares authorized;
50,748,419 issued shares; outstanding 49,696,419 (net of treasury stock) at December 31, 1999
and 49,677,130 issued and outstanding at December 31, 1998. 508 497
Treasury Stock (1,052,000 shares repurchased at December 31, 1999) (11)
Additional paid-in capital 124,931 128,044
Retained earnings 94,934 77,732
Unrealized (loss) gain on investments available-for-sale, net of taxes (19,700) 1,705
- -----------------------------------------------------------------------------------------------------------------------------------
Total Shareholders' Equity 200,662 207,978
- -----------------------------------------------------------------------------------------------------------------------------------
$3,192,212 $3,081,225
===================================================================================================================================
</TABLE>
11
