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Business briefcase: Oct. 19, 2012

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By The Staff

Food prices increased during third quarter

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Kentucky Farm Bureau’s latest Marketbasket Survey, conducted in September, indicates that average retail food prices in supermarkets across the state – including Shelbyville – have increased during the third quarter of the year, with the total cost of 40 basic grocery items reaching $115.91, a 2.6 percent from the second quarter.

This is the first time that the average cost of retail food has increased since first quarter 2011, and the new total is $1.15, or 1.0 percent, lower than the same reporting period in 2011.

Five years ago the average cost of the same 40 surveyed grocery items was $99.15.

Even though Kentucky’s most recent retail food price results reflect only moderate changes, they did not fare as well as some national trends. The American Farm Bureau Federation’s national Marketbasket Survey (which monitors the average price of 16 basic grocery items from states across the country) also saw an increase in food costs, but its average total increased approximately 2.0 percent – slightly under Kentucky’s 2.6 percent increase.

Additionally, the U.S. Department of Labor’s Bureau of Labor Statistics’ Consumer Price Index datathat was released earlier today (reflecting figures through September 2012), revealed that overall national food-at-home prices made no change in the last reported month.

Of the six food groups recorded in KFB’s most recent survey – beef, dairy, fruits and vegetables, grain, pork, and poultry – the poultry category showed the greatest total increase, with an overall average price jump of 9.9 percent ($0.82). The pork category made the largest average decrease in price at -2.1 percent (-$0.40).

Half-gallon vanilla ice cream had the greatest single-item increase with an average price jump of $0.48, and the highest single-item decrease was cut-up chicken fryers, dropping an average of $0.42 per pound.

Overall, 22 of the 40 items experienced increases in average price, 17 decreased, and one went unchanged (16 oz. canned tomatoes).

 

Republic announces record earnings

Republic Bancorp, Inc., which operates a branch bank in Shelbyville, reported record net income of $112.7 million for the first nine months of 2012, representing a $24.8 million, or 28 percent, increase over the first nine months of 2011.

A release from the company reported that diluted Earnings per Class A Common Share increased to $5.36 for the first nine months of 2012, while return on average assets and return on average equity during the same period were at 4.18% and 28.44%, respectively.

Republic also earned record third quarter net income of $20.7 million, a $12.8 million increase over the third quarter of 2011. Diluted Earnings per Class A Common Share increased to 98 cents for the third quarter of 2012.

“We are proud of our third quarter results, as we were able to continue our trend of strong organic loan growth, healthy net interest margin and solid asset quality ratios,” Republic Chairman and CEO Steve Trager said in the release. “In addition, we are most excited that we were able to capitalize on the experience we gained through our first-quarter purchase of Tennessee Commerce Bank by acquiring another failed institution from the Federal Deposit Insurance Corporation during September.

“With the purchase of First Commercial Bank in Bloomington, Minn., we were able to once again extend the reach of our franchise while adding to our industry-strong capital base through the recording of a pre-tax bargain purchase gain of $27.1 million.”

 

Guetig joins SDC

Judy Guetig has joined Shelby Development Council as its new staff assistant. She handles all basic office responsibilities in conjunction with Executive Director Eilene Collins. She and her husband, Mark, live on a farm in Shelby County.

 

Chamber finalists named

Shelby County Chamber of Commerce has named four finalists for 2012 Member of the Year. Those businesses are Citizens Union Bank, O'Brien Ford, Torrey Smith Realtyand

Whitney M. Young Job Corps.

The winner will be announced at the chamber’s annual meeting on Nov. 7.

 

Midwest Metals nears opening

Midwest Metals, a recycling company that had gone through a zoning rejection on its original planned location, is nearing its grand opening at 40 Windhurst Way, off Old Brunerstown Road. President Jeff Wence said recently that he is hoping to be operating by the end of November. The company plans a grand opening.

 

Young students working in companies

Whitney M Young Job Corps students will volunteer throughout the coming week for its “Make A Difference Day” projects. Students will be fanning out to businesses in Shelby and Jefferson Counties on Oct. 27.

 

Bulletin board

  • Commonwealth Credit Union’s Community Shred Day is 10 a.m.-2 p.m. today at 1425 Louisville Road in Frankfort. Everyone participating in the event is requested to limit items for shredding to two storage boxes per vehicle. For more information, visit http://www.ccuky.org/whatsnew/shred.htm.
  • Shelby Development Corporation’s annual meeting is at 5:30 p.m. Tuesday at Bell House restaurant in Shelbyville. New officers and board members will be elected for 2013, and winners will be announced for the Project Award and Volunteer Service Award.
  • The Shelby County Chamber of Commerce will have a Business After Hours Event at 4:30-6:30 p.m. Tuesday at Shelby Prevention, 1028 Main St. in Shelbyville.
  • SDC’s annual planning retreat will be at 9 a.m.-4 p.m. Nov. 6 in Maysville. Annual vision and action plans will be developed at the meeting.
  • Gov. Steve Beshear will be the keynote speaker for the chamber’s 2012 annual meeting and awards luncheon, which will be 11:30 a.m.-1 p.m. Nov. 7 at Claudia Sanders Dinner House in Shelbyville. Registration is required at shelley@shelbycountykychamber.com.

 

Bits & bytes

  • The U.S. Small Business Administration announced a new loan dollar record in Kentucky on the SBA 504 Loan Program, with more than $46.3 million for the 2012 fiscal year.  This amount was driven by the Temporary 504 Debt Refinancing Program, which ended a few weeks ago. 
  • Average retail gasoline prices in Louisville have risen 7.6 cents per gallon in the past week, averaging $3.70 per gallon as of Sunday. This compares with the national average that has fallen 2.8 cents per gallon in the last week to $3.77, according to LouisvilleGasPrices.com.

 

The Kentucky Press News Service contributed to this report. The Sentinel-News welcomes Briefcase items. Information and photos may be E-mailed to sharonw@SentinelNews.com. The deadline is noon Wednesday.