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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K/A
[x] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1998
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD ______ TO _______
COMMISSION FILE NUMBER 000-24553
CNBT BANCSHARES, INC.
(Exact name of registrant as specified in its charter)
UNITED STATES 76-0575815
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification no.)
5320 BELLAIRE BOULEVARD
BELLAIRE, TEXAS 77401
(Address of principal executive offices, including zip code)
(713) 661-4444
(Registrant's telephone number, including area code)
SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT: NONE
SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT:
COMMON STOCK, PAR VALUE $1.00 PER SHARE
(Title of class)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes X No
--- ---
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulations S-K is not contained herein, and will not be contained, to the
best of Registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. X
----
The aggregate market value of the voting stock held by non-affiliates of the
registrant at March 11, 1999 was approximately $38,949,000. The aggregate
market value was computed by using the closing price of the stock as of that
date on the Nasdaq National Market. (For purposes of calculating this amount
only, all directors and executive officers of the registrant have been treated
as affiliates.)
Number of shares of Common Stock, $1.00 par value, outstanding at March 11,
1999: 4,911,117.
DOCUMENTS INCORPORATED BY REFERENCE:
Part III -- Portions of the registrant's definitive proxy statement to be issued
in connection with registrant's annual stockholders' meeting to be held on
May 18, 1999.
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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.
CONSOLIDATED QUARTERLY FINANCIAL INFORMATION
The following tables present certain unaudited financial information
concerning the Company's results of operations for each of the two years ended
December 31, 1998. The information should be read in conjunction with the
Consolidated Financial Statements of the Company and notes thereto included
elsewhere in this Annual Report.
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<CAPTION>
QUARTER ENDED 1998
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DECEMBER 31 SEPTEMBER 30 JUNE 30 MARCH 31
------------------ ------------ ------- --------
(DOLLARS IN THOUSANDS)
<S> <C> <C> <C> <C>
Interest income........................... $6,285 $6,226 $5,835 $5,431
Interest expense.......................... 2,964 2,977 2,723 2,404
------ ------ ------ ------
Net interest income....................... 3,321 3,249 3,112 3,027
Provision for loan losses................. 180 100 167 165
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Net interest income after provision for
loan losses............................. 3,141 3,149 2,945 2,862
Non-interest income....................... 631 805 806 620
Non-interest expense...................... 2,478 2,377 2,350 2,147
------ ------ ------ ------
Income before income taxes................ 1,294 1,577 1,401 1,335
Applicable income taxes................... 44 407 346 325
------ ------ ------ ------
Net income................................ $1,250 $1,170 $1,055 $1,010
====== ====== ====== ======
Earnings per share:
Basic.................................... $ 0.25 $ 0.23 $ 0.21 $ 0.20
Fully diluted............................ 0.25 0.23 0.20 0.20
QUARTER ENDED 1997
-------------------------------------------------
DECEMBER 31 SEPTEMBER 30 JUNE 30 MARCH 31
------------ ------------ ------- --------
(DOLLARS IN THOUSANDS)
Interest income........................... $5,385 $5,059 $4,837 $4,660
Interest expense.......................... 2,318 2,395 2,250 2,112
------ ------ ------ ------
Net interest income....................... 3,067 2,664 2,587 2,548
Provision for loan losses................. 370 180 167 160
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Net interest income after provision for
loan losses............................. 2,697 2,484 2,420 2,388
Non-interest income....................... 701 703 563 540
Non-interest expense...................... 2,092 1,916 1,868 1,768
------ ------ ------ ------
Income before income taxes................ 1,306 1,271 1,115 1,160
Applicable income taxes................... 192 358 308 296
------ ------ ------ ------
Net income................................ $1,114 $ 913 $ 807 $ 864
====== ====== ====== ======
Earnings per share:
Basic.................................... $ 0.22 $ 0.23 $ 0.21 $ 0.22
Fully diluted............................ 0.22 0.23 0.20 0.22
</TABLE>
The other information required by this title is contained in the financial
statements and schedules set forth in Item 14(a) under the captions
"Consolidated Financial Statements" and "Financial Statement Schedules" as a
part of this report.
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this amended report to be
signed on its behalf by the undersigned, thereunto duly authorized on May 15,
1999.
CITIZENS NATIONAL BANK OF TEXAS
By: /s/ B. Ralph Williams
---------------------------------
B. Ralph Williams, President
and Chief Executive Officer