CRESTVIEW HILLS, Ky., Jan. 17, 2013 (GLOBE NEWSWIRE) -- The Bank of Kentucky Financial Corporation (the "Company") (Nasdaq:BKYF), the holding company of The Bank of Kentucky, Inc. (the "Bank"), today reported its earnings for the fourth quarter and year ended December 31, 2012. For the fourth quarter and the twelve months of 2012, the Company reported an increase in diluted earnings per common share of 5% and 16% respectively as compared to the same periods in 2011.
A summary of the Company's results follows:
|Fourth Quarter ended December 31,||2012||2011||Change|
|Net income available to common shareholders||$5,010,000||$4,714,000||6%|
|Earnings per common share, basic||$0.67||$0.63||6%|
|Earnings per common share, diluted||$0.66||$0.63||5%|
|Twelve Months ended December 31,||2012||2011||Change|
|Net income available to common shareholders||$18,145,000||$15,517,000||17%|
|Net income per common share, basic||$2.43||$2.09||16%|
|Net income per common share, diluted||$2.41||$2.07||16%|
Robert Zapp, President & CEO stated, "We continued to build on a strong year, highlighted by a fourth quarter in which earnings topped $5 million. Total loans increased by $65 million for the year, which was the highest organic loan growth experienced since the financial crisis began in 2008. Mortgage loan volume remained robust in the fourth quarter, capping off the best year since 2003. Adding new customer relationships, both on the business and consumer side, fueled core account growth, which added more than $70 million in net deposits for the year. Investment revenue from our Wealth Advisory Group continues to experience double-digit growth, and we are pleased with the success of our newest branch in Cincinnati, which celebrates its one year anniversary this month. Overall, I am pleased to report our financial performance for the fourth quarter and the full year. We continue to review opportunities to expand through acquisition, while striving to grow organically, investing in our core lines of business."