BANK OF KENTUCKY FINANCIAL CORP

CIK:0000934547|SEC Filings

Earnings per Share

3 Months Ended

Mar. 31, 2015

Note 3 - Earnings per Share:

Earnings per share are computed based upon the weighted average number of shares of common stock outstanding during the three months period. Diluted earnings per share show the potential dilutive effect of additional common shares issuable under the Company’s stock compensation plan and warrants. The following table presents the numbers of shares used to compute basic and diluted earnings per share for the indicated periods:

	Three Months Ended March 31,
	2015		2014

Weighted average shares outstanding		7,736,040		7,640,872
Dilutive effects of assumed exercises of stock options		34,645		46,234
Shares used to compute diluted earnings per share		7,770,685		7,687,106

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Cash Flows from Operating Activities
Net income	$ 4,112us-gaap_NetIncomeLoss	$ 4,618us-gaap_NetIncomeLoss
Adjustments to reconcile net income to net cash from operating activities	1,502	(618)
Net cash from operating activities	5,614	4,000
Cash Flows from Investing Activities
Proceeds from paydowns and maturities of held-to-maturity securities	2,726	2,836
Proceeds from paydowns and maturities of available-for-sale securities	11,687	20,991
Proceeds from retirement of FHLB stock	0	249
Purchases of held-to-maturity securities	0	(645)
Net change in loans	(19,808)	(14,031)
Proceeds from the sale of other real estate	557	567
Property and equipment expenditures	(194)	(848)
Net cash from investing activities	(5,032)	9,119
Cash Flows from Financing Activities
Net change in deposits	(17,349)us-gaap_IncreaseDecreaseInDeposits	(3,509)us-gaap_IncreaseDecreaseInDeposits
Net change in short-term borrowings	(16,555)	1,577
Proceeds from exercise of stock options	546	735
Cash dividends paid	(1,394)us-gaap_PaymentsOfDividends	(1,379)us-gaap_PaymentsOfDividends
Payments on note payable	(63)us-gaap_RepaymentsOfNotesPayable	(62)us-gaap_RepaymentsOfNotesPayable
Net cash from financing activities	(34,815)	(2,638)
Net change in cash and cash equivalents	(34,233)	10,481
Cash and cash equivalents at beginning of period	185,376	78,621
Cash and cash equivalents at end of period	$ 151,143	$ 89,102

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Assets
Cash and cash equivalents	$ 151,143	$ 185,376
Interest-bearing deposits with banks	252us-gaap_InterestBearingDepositsInBanks	252us-gaap_InterestBearingDepositsInBanks
Available-for-sale securities	290,939us-gaap_AvailableForSaleSecurities	301,138us-gaap_AvailableForSaleSecurities
Held-to-maturity securities	70,893us-gaap_HeldToMaturitySecurities	73,629us-gaap_HeldToMaturitySecurities
Loans held for sale	2,797us-gaap_LoansReceivableHeldForSaleNet	2,255us-gaap_LoansReceivableHeldForSaleNet
Total loans	1,276,642	1,258,905
Less: Allowance for loan losses	13,217	14,639
Net loans	1,263,425	1,244,266
Premises and equipment, net	22,015us-gaap_PropertyPlantAndEquipmentNet	22,300us-gaap_PropertyPlantAndEquipmentNet
FHLB stock, at cost	4,850us-gaap_FederalHomeLoanBankStock	4,850us-gaap_FederalHomeLoanBankStock
Goodwill	22,023us-gaap_Goodwill	22,023us-gaap_Goodwill
Acquisition intangibles, net	1,256	1,360
Cash surrender value of life insurance	41,200us-gaap_BankOwnedLifeInsurance	40,925us-gaap_BankOwnedLifeInsurance
Accrued interest receivable and other assets	31,544	33,282
Total assets	1,902,337us-gaap_Assets	1,931,656us-gaap_Assets
Liabilities
Deposits	1,598,530us-gaap_Deposits	1,615,879us-gaap_Deposits
Short-term borrowings	29,148us-gaap_ShortTermBorrowings	45,703us-gaap_ShortTermBorrowings
Notes payable	50,262us-gaap_NotesPayable	50,325us-gaap_NotesPayable
Accrued interest payable and other liabilities	19,090	19,028
Total liabilities	1,697,030us-gaap_Liabilities	1,730,935us-gaap_Liabilities
Shareholders' Equity
Common stock, no par value, 15,000,000 shares authorized, 7,739,548 (2015) and 7,717,928 (2014) shares issued	3,098us-gaap_CommonStockValue	3,098us-gaap_CommonStockValue
Additional paid-in capital	41,734us-gaap_AdditionalPaidInCapital	41,134us-gaap_AdditionalPaidInCapital
Retained earnings	157,217	154,498
Accumulated other comprehensive income	3,258	1,991
Total shareholders' equity	205,307us-gaap_StockholdersEquity	200,721us-gaap_StockholdersEquity
Total liabilities and shareholders' equity	$ 1,902,337	$ 1,931,656