Exhibit 99 to Lamar Capital Corporation Form 8-K
LAMAR CAPITAL CORPORATION
FOR IMMEDIATE RELEASE FOR MORE INFORMATION
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December 19, 2000 Kenneth M. Lott, President & Chief Operating Officer
(601) 794-1130, Email: [email protected]
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Donna T. Rutland, Chief Financial Officer
(601) 794-1126, Email: [email protected]
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LAMAR CAPITAL CORPORATION
PROVIDES GUIDANCE ON FOURTH QUARTER RESULTS
PURVIS, Miss. (December 19, 2000) - Lamar Capital Corporation (Nasdaq/NM:LCCO)
today announced that it anticipates reporting net income for the fourth quarter
ending December 31, 2000, in the range of $0.00 to $0.03 per diluted share. This
compares with net income of $0.24 per share for the fourth quarter a year ago.
The decrease in earnings for the fourth quarter is due primarily to an
anticipated increase in the Company's provision for possible loan losses in the
range of $880,000 to $1,080,000 as compared to the fourth quarter of 1999. For
the year ending December 31, 2000, the Company anticipates reporting earnings
between $0.66 and $0.68 per diluted share as compared to $.97 per share for the
year ended December 31, 1999.
"Consistent with our conservative approach, we decided to increase the
Company's loan loss provision at this time after consulting with the
regulators," said Kenneth M. Lott, President and Chief Operating Officer. "Based
on our analysis, the reserve for possible loan losses had fallen below the
desirable level due to the loan growth we have experienced and the cyclical
nature of certain of our customers' businesses that have been adversely affected
by the slowing economy and higher energy prices. Therefore, we have classified
certain loans that had previously not been classified. Despite the additional
provision, loan losses for 2000 are expected to be in the range of .60% to .65%
as compared to .32% for 1999.
"We continue to believe that our community-oriented strategy of providing a
high level of personal service is being well accepted in our markets, and we
remain focused on building our organization for the future," Lott concluded.
Information contained in this press release, other than historical
information, may be considered forward-looking in nature and is subject to
various risks, uncertainties and assumptions. Should one or more of these risks
or uncertainties materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from those anticipated, estimated or
expected. Among the key factors that may have a direct bearing on Lamar Capital
Corporation's operating results, performance or financial condition are
competition and the demand for Lamar Capital's products and services, our
ability to expand into new markets, and numerous other factors as set forth in
filings with the Securities and Exchange Commission.
Lamar Capital Corporation is a bank holding company headquartered in
Purvis, Mississippi, with assets of $407 million at September 30, 2000, and
locations in six southeastern Mississippi counties.
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Through its subsidiaries, the Company offers a broad line of banking and
financial products and services with the personalized focus of a community
banking organization. The subsidiaries are Lamar Bank, a state chartered
commercial bank with nine offices; Southern Financial Services, Inc., a consumer
finance company with six offices; and Lamar Data Solutions, Inc., a company
providing data processing, data recovery, and other professional services to
community banks. Lamar Bank also provides stock and other securities trading
services through an arrangement with Raymond James Financial Services, Inc.
