U. S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
(Mark One)
[X] Quarterly Report Under Section 13 Or 15(d) Of The Securities Exchange
Act Of 1934 For The Quarterly Period Ended June 30, 1996
[ ] Transition Report Pursuant To Section 13 Or 15(d) Of The Securities
Exchange Act Of 1934
Commission File Number 02-22606
BRITTON & KOONTZ CAPITAL CORPORATION
Mississippi 64-0665423
(State of Incorporation) (IRS Employer
Identification No.)
500 Main Street, Natchez, Mississippi 39120
Telephone: 601-445-5576
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 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
441,072 Shares of Common Stock, Par Value $10.00, were issued and outstanding
as of July 1, 1996.
Transitional Small Business Disclosure Format: Yes , No X
<PAGE>
BRITTON & KOONTZ CAPITAL CORPORATION
AND SUBSIDIARY
INDEX
PART I FINANCIAL INFORMATION
Item 1. Financial Statements (unaudited)
Consolidated Balance Sheets for June 30, 1996
and December 31, 1995
Consolidated Statements of Income for the Three Months
and the Six Months Ended June 30, 1996 and June 30, 1995
Consolidated Statements of Stockholders' Equity
for the Six Months Ended June 30, 1996 and
June 30, 1995
Consolidated Statements of Cash Flows for the
Six Months Ended June 30, 1996 and June 30, 1995
Notes to the Consolidated Financial Statements
Item 2. Management's Discussion and Analysis or
Plan of Operation
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
Item 2. Changes in Securities
Item 3. Defaults Upon Senior Securities
Item 4. Submission of Matters to a Vote of Security Holders
Item 5. Other Information
Item 6. Exhibits and Reports on Form 8-K
SIGNATURES
<PAGE>
BRITTON & KOONTZ CAPITAL CORPORATION
AND SUBSIDIARIES
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
Consolidated Balance Sheets for June 30, 1996 and December 31, 1995
Consolidated Statements of Income for the Three Months and the Six
Months Ended June 30, 1996 and June 30, 1995
Consolidated Statements of Stockholders' Equity for the Six Months Ended
June 30, 1996 and June 30, 1995
Consolidated Statements of Cash Flows for the Six Months Ended June 30,
1996 and June 30, 1995
Notes to the Consolidated Financial Statements. These Notes constitute
an integral part of the Consolidated Financial Statements.
<PAGE>
BRITTON & KOONTZ CAPITAL CORPORATION AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
JUNE 30, 1996 AND DECEMBER 31, 1995
<TABLE>
<CAPTION>
June 30, December 31,
1996 1995
ASSETS: ------------ ------------
<S> <C> <C>
Cash and due from banks:
Non-interest bearing $ 4,134,756 $ 3,340,954
Interest bearing 87,205 1,361,539
------------ ------------
Total cash and due from banks 4,221,961 4,702,493
Federal funds sold 0 1,450,000
Investment securities:
Held-to-maturity(estimated market value of
$47,983,636 in 1996 and $47,181,462 in 1995) 48,363,203 46,794,280
Equity securities 1,211,550 1,198,950
Loans, less unearned income of $293,889 in 1996 and
$284,865 in 1995; and allowance for loan losses of
$690,691 in 1996 and $723,641 in 1995 94,015,947 91,998,966
Bank premises and equipment, net of accumulated
depreciation 3,632,166 3,569,586
Other real estate owned,less allowance for losses
of $0 in 1996 and $11,658 in 1995 28,194 258,536
Accrued interest receivable 1,211,880 1,137,337
Cash surrender value life insurance 620,173 599,646
Other assets 119,287 77,445
------------ ------------
Total Assets $153,424,341 $151,787,239
============ ============
LIABILITIES:
Deposits
Non-interest bearing 14,817,631 13,983,026
Interest bearing 113,489,161 114,584,214
------------ ------------
Total Deposits $128,306,792 $128,567,240
Securities sold under repurchase agreements 2,697,656 2,722,882
Federal funds purchased 790,000 0
Accrued Interest Payable 770,606 817,119
Negative Goodwill, net of accumulated amortization
of $1,377,670 in 1996 and $1,196,030 in 1995 1,682,752 1,864,392
Advances from borrowers for taxes & insurance 218,352 381,644
Accrued taxes and other liabilities 2,887,294 2,062,725
------------ ------------
Total Liabilities $137,353,452 $136,416,002
------------ ------------
STOCKHOLDERS EQUITY:
Common stock, $10 par value per share; 3,000,000
shares authorized; 441,072 shares issued and
outstanding in 1996 and 1995 4,410,720 4,410,720
Additional paid-in-capital 3,395,617 3,395,617
Retained earnings 8,264,552 7,564,900
------------ ------------
Total Stockholders' Equity $ 16,070,889 $ 15,371,237
------------ ------------
Total Liabilities and Stockholders' Equity $153,424,341 $151,787,239
============ ============
The accompanying notes are an integral part of these financial statements.
</TABLE>
<PAGE>
BRITTON & KOONTZ CAPITAL CORPORATION AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
June 30, June 30,
1996 1995 1996 1995
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Interest Income:
Interest and fees on loans $2,017,276 $1,857,155 $4,020,307 $3,585,331
Interest on investment securities
Taxable interest income 830,833 912,590 1,633,720 1,863,391
Exempt from federal taxes 19,497 17,571 38,128 34,992
Interest on federal funds sold 30,101 783 57,009 3,076
---------- ---------- ---------- ----------
Total Interest Income $2,897,707 $2,788,099 $5,749,164 $5,486,790
---------- ---------- ---------- ----------
Interest Expense:
Interest on deposits $1,240,463 $1,207,561 $2,528,118 $2,320,309
Interest on federal funds purchased 234 5,799 234 17,019
Interest on securities sold under
repurchase agreements 40,984 59,625 76,025 171,017
---------- ---------- ---------- ----------
Total Interest expense $1,281,681 $1,272,985 $2,604,377 $2,508,345
---------- ---------- ---------- ----------
Net Interest Income $1,616,026 $1,515,114 $3,144,787 $2,978,445
Provision for loan losses 0 25,000 50,000 $50,000
---------- ---------- ---------- ----------
Net interest income after
Provision for loan Losses $1,616,026 $1,490,114 $3,094,787 $2,928,445
---------- ---------- ---------- ----------
Other Income:
Service charge on deposit accounts 155,839 148,720 312,705 299,499
Income from fiduciary activities 14,674 15,028 27,938 28,336
Insurance premiums and commissions 12,708 9,245 23,849 17,556
Gain/(loss) on sale of ORE 1,975 (5,610) (7,086) (5,610)
Gain/(loss) on sale of mortgage loans (36) 0 (1,014) 0
Gain on sale of premises & equipment 0 0 100 0
Amortization of negative goodwill 88,780 106,200 181,640 217,230
Valuation adjustment loans held for sale 0 36,409 0 56,248
Other 59,937 23,186 136,573 83,515
---------- ---------- ---------- ----------
Total other income $ 333,877 $ 333,178 $674,705 $ 696,774
---------- ---------- ---------- ----------
Other Expense
Salaries 514,259 483,648 1,027,350 984,839
Employee benefits 62,708 74,522 139,190 155,805
Net occupancy expense 91,068 87,292 171,181 167,646
Equipment expense 118,016 74,813 251,553 163,730
FDIC assessment 30,947 69,513 59,066 139,025
Stationery & supplies 30,571 24,016 63,558 51,303
Other real estate expense 2,458 2,284 (4,611) 2,073
Other 308,536 209,548 517,139 410,707
---------- ---------- ---------- ----------
Total other expenses $1,158,563 $1,025,636 $2,224,426 $2,075,128
---------- ---------- ---------- ----------
Income Before Income Taxes 791,340 797,656 1,545,066 1,550,091
Income tax expense 244,083 281,087 492,556 507,933
---------- ---------- ---------- ----------
Net Income $ 547,257 $ 516,569 $1,052,510 $1,042,158
========== ========== ========== ==========
Net Income Per Share $1.23 $1.17 $2.37 $2.36
Weighted Average Shares Outstanding 443,267 440,052 443,172 441,564
The accompanying notes are an integral part of these financial statements
</TABLE>
<PAGE>
BRITTON & KOONTZ CAPITAL CORPORATION AND SUBSIDIARY
STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
FOR THE SIX MONTHS ENDED JUNE 30 1996 AND 1995
<TABLE>
<CAPTION>
PAR RETAINED
# SHARES VALUE SURPLUS EARNINGS TOTAL
---------- ---------- ---------- ---------- -----------
<S> <C> <C> <C> <C> <C>
Balance December 31, 1994 439,072 $4,390,720 $3,367,617 $6,272,097 $14,030,434
Net income for six months
ended June 30, 1995 1,042,158 1,042,158
Cash dividend declared
$.75 per share (330,054) (330,054)
Capital stock issued 1,000 10,000 14,000 24,000
---------- ---------- ---------- ---------- -----------
Balance March 31, 1995 440,072 $4,400,720 $3,381,617 $6,984,201 $14,766,538
========== ========== ========== ========== ===========
Balance December 31, 1995 441,072 $4,410,720 $3,395,617 $7,564,900 $15,371,237
Net income for six months
ended June 30, 1996 1,052,510 1,052,510
Cash dividend declared
$.80 per share (352,858) (352,858)
---------- ---------- ---------- ---------- -----------
Balance June 30, 1996 441,072 $4,410,720 $3,395,617 $8,264,552 $16,070,889
========== ========== ========== ========== ===========
The accompanying notes are an integral part of these financial statements
</TABLE>
<PAGE>
BRITTON & KOONTZ CAPITAL CORPORATION AND SUBSIDIARY
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 1996 AND 1995
<TABLE>
<CAPTION>
1996 1995
----------- -----------
<S> <C> <C>
Operating activities
Net Income $ 1,052,510 $ 1,042,158
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Deferred taxes (28,899) (58,461)
Provision for loan losses 50,000 50,000
Provision for depreciation 150,711 128,637
(Gain) loss on sale of other real estate 7,086 5,610
(Gain) loss on sale of loans 1,014 0
Amortization of investment security premiums, net 44,073 48,393
Amortization of valuation adjustment on acquired loans 62,330 101,460
Amortization of valuation adjustment on acquired deposits (44,209) (52,670)
Amortization of negative goodwill (181,640) (217,230)
Net decrease in loans held for sale 0 485,641
(Increase) decrease in accrued interest receivable (74,543) 32,529
(Increase) decrease in cash surrender value (20,527) (25,527)
(Increase) decrease in other assets (41,822) (123,583)
Increase (decrease) in interest payable (46,513) 68,341
Increase (decrease) in advances from borrowers for
taxes and insurance (163,292) (118,739)
Increase (decrease) in other liabilities 853,468 304,311
------------ ------------
Net cash provided (used) by operating activities $ 1,619,747 $ 1,670,870
------------ ------------
Investing activities
Purchase of Federal Home Loan Bank Stock (27,900) (30,300)
Proceeds from sale of federal home loan bank stock 15,300 13,600
Purchases of investment securities (2,175,000) 0
Proceeds from maturities and paydowns
of investment securities 562,004 6,939,132
(Increase) decrease in federal funds sold 1,450,000 (1,400,000)
Net increase in loans (2,130,325) (6,425,004)
Purchases of premises and equipment (213,291) (204,623)
Proceeds from sales of other real estate, net 223,256 41,390
------------ ------------
Net cash provided (used) by investing activities $(2,295,956) $(1,065,805)
------------ ------------
Financing activities
Net increase (decrease) in customer deposits (216,239) 8,038,646
Net increase (decrease) in short term borrowings 764,774 (7,053,784)
Common stock issued 0 24,000
Cash dividends paid (352,858) (330,054)
------------ ------------
Net cash provided (used) by financing activities $ 195,677 $ 678,808
------------ ------------
Increase (decrease) in cash and cash equivalents (480,532) 1,283,873
Cash and cash equivalents at beginning of period 4,702,493 4,223,402
Cash and cash equivalents at end of period $ 4,221,961 $ 5,507,275
============ ============
(Continued)
The accompanying notes are an integral part of these financial statements
</TABLE>
<PAGE>
BRITTON & KOONTZ CAPITAL CORPORATION AND SUBSIDIARY
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 1996 AND 1995
(Continued)
<TABLE>
<CAPTION>
1996 1995
----------- ----------
<S> <C> <C>
Supplemental disclosures:
Cash paid for:
Interest on deposits and other borrowing $2,650,890 $2,440,004
Income taxes $ 525,884 $ 582,836
Non-cash investing activities:
Transfers from loans to other real estate
owned acquired through foreclosure $ 0 $ 70,194
The accompanying notes are an integral part of these financial statements
</TABLE>
<PAGE>
BRITTON & KOONTZ CAPITAL CORPORATION AND SUBSIDIARY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 1996 AND DECEMBER 31, 1995
Presentation. The accompanying consolidated balance sheet as of December 31,
1995, has been derived from the audited financial statements of the Company
for the year then ended.
The accompanying consolidated financial statements as of June 30, 1996, and
for the three and six month periods ending June 30 of 1996 and 1995, are
unaudited and reflect all normal recurring adjustments which, in the opinion
of management, are necessary for the fair presentation of financial position
and operating results of the periods presented.
Nonperforming Assets. Nonperforming assets at June 30, 1996 and December 31,
1995, were as follows:
<TABLE>
<CAPTION>
06/30/96 12/31/95
---------- ----------
<S> <C> <C>
Nonaccrual loans $ 287,480 $ 299,501
Ninety days or more past due 526,714 204,738
---------- ----------
Total nonperforming loans $ 774,194 $ 504,239
Other real estate owned (net) 28,194 258,536
---------- ----------
Total nonperforming assets $ 802,388 $ 762,775
========== ==========
Nonperforming loans as a
percent of loans, net of
unearned interest and loans
held for sale .82% .54%
</TABLE>
Allowance for Loan Losses. The following table reflects the transactions in
the allowance for loan losses for the six month periods ended June 30, 1996
and 1995:
<TABLE>
<CAPTION>
1996 1995
--------- ---------
<S> <C> <C>
Balance at beginning of year $ 723,641 $ 750,523
Provision charged to operations 50,000 50,000
Charge offs (91,016) (58,848)
Recoveries 8,066 25,786
---------- ----------
Net recoveries (charge offs) $ (82,950) $ (33,062)
Balance at end of period $ 690,691 $ 767,461
========== ==========
Allowance for loan losses as a
percent of loans, net of unearned
interest and loans held for sale .73% .86%
</TABLE>
<PAGE>
Item 2: Management's Discussion and Analysis of Financial
Condition and Results of Operations
This discussion is intended to supplement the consolidated financial
statements, expand on material changes in financial condition since year end
and to compare the operating results for the six months ended June 30, 1996,
to the same period in 1995.
Financial Condition
Total assets increased to $153.4 million at June 30, 1996, as compared
to $151.8 million at year end 1995 due primarily to an increase in loans.
Loans, net of unearned interest and allowance for losses, increased 2.2%
to $94.0 million at June 30, 1996, as compared to $92.0 million at December
31, 1995.
Nonperforming loans at June 30, 1996, were $774 thousand compared to
$504 thousand at December 31, 1995. The breakdown of nonperforming loans were
nonaccrual loans of $287 thousand at June 30, 1996, as compared to the
December 31, 1995, balance of $300 thousand and loans past due ninety days or
more of $527 thousand and $205 thousand at June 30, 1996 and December 31, 1995
respectively. Nonperforming loans as a percent of loans, net of unearned
income, was .82% at June 30, 1996, as compared to .54% at December 31, 1995.
The increase in ninety days or more past due of $322 is primarily related to
delinquencies in residential mortgages along with other collateralized
credits.
The allowance for possible loan losses was $691 thousand at June 30,
1996, compared to $767 thousand at June 30, 1995. The ratio of the allowance
for possible loan losses to loans, net of unearned income and loans held for
sale, decreased to .73% at June 30, 1996, as compared to .86% at June 30,
1995. Management regularly reviews the level of the allowance for possible
loan losses and is of the opinion that it is adequate at June 30, 1996. The
Company experienced net chargeoffs for the first six months of 1996 of $83
thousand as compared to $33 thousand for the same period in 1995.
Other real estate decreased to $28 thousand compared to $259 thousand at
December 31, 1995, due to the sale of property that was acquired as part of the
Natchez First Federal acquisition. This property had a carrying value of $240
thousand.
Management determines the classification of its securities at
acquisition. Securities that are deemed to be held to maturity are accounted
for by the amortized cost method. These securities increased $1.7 million to
$48.4 million at June 30, 1996, as compared to $46.8 million at December 31,
1995. Equity securities at June 30, 1996, comprised of Federal Reserve Bank
Stock of $239 thousand and Federal Home Loan Bank Stock of $972 thousand
remained stable. There were no securities held for sale at either period.
The Company's cash and cash equivalents decreased to $4.2 million at
June 30, 1996, compared to $4.7 million at December 31, 1995. Cash provided by
operating and financing activities increased by $1.6 million and $.2 million
respectively while investing activities used $2.3 million.
Deposits remained relatively stable at $128.3 million at June 30, 1996,
compared to $128.6 million at December 31, 1995.
Stockholders' equity increased to $16.1 million at June 30, 1996,
compared to $15.4 million at the end of 1995. The ratio of Stockholders'
equity to assets increased to 10.47% at June 30, 1996, compared to 10.13% at
the end of 1995, due to growth in retained earnings.
The Company maintained a Tier 1 capital to risk weighted assets ratio at
June 30, 1996, of 18.58%, a total capital to risk weighted assets ratio of
19.38% and a leverage ratio of 10.47%. These levels exceed the minimum
requirements of the regulatory agencies of 4.00%, 8.00% and 3.00%
respectively.
<PAGE>
Results of Operations
First six months of 1996 Compared to the First six months of 1995
Net income increased to $1,052 million from $1,042 million and earnings
per share remained stable at $2.37 per share for the first six months of 1996
compared to $2.36 per share for the same period in 1995. Management of the bank
believes that the ability of the bank to expand its market and compete
successfully in the future will depend upon its ability to provide customers
with an electronic method to conduct all or some of their banking business. In
keeping with this strategy, the bank has invested $61 thousand in the
acquisition of electronic banking capabilities during the first six months of
of 1996. Accounting guidelines provide that the majority of this expense be
charged against current income and not capitalized. Other items related to
net income remained relatively stable.
The returns on average assets and average equity for the first half of
1996 were 1.37% and 13.21%, respectively, while the returns were 1.37% and
14.33%, respectively, for the comparable period in 1995.
Net interest income for the period ended June 30, 1996 increased $166
thousand over the same period in 1995. This is attributed primarily to the
increase in the company's volume of average earning assets by $2.2 million
along with a decrease in average interest-bearing liabilities of $451
thousand. The increase in average earning assets is attributable to an
increase in federal funds sold. The volume variance is further increased by a
shift from lower yielding investment securities, created through maturities,
to higher yielding loans.
The reserve for loan losses was increased by $50 thousand in the first
half of 1996 and 1995. This reflects management's expectations for a reduction
in loan recoveries compared to prior years.
Other income decreased to $675 thousand for the six month period ended
June 30, 1996, from $697 thousand for the same period in 1995. This decrease
is primarily attributable to a scheduled $36 thousand decrease in
amortization of negative goodwill.
Other operating expense increased 7.2% to $2.22 million through June 30,
1996 from $2.08 million during the same period of 1995. During the first half
of 1996, the bank spent $61 thousand acquiring electronic banking
capabilities. However, this expense was largely offset by income from its
internet access service. The bank also expensed an additional non-recurring
$40 thousand for legal fees related to the adoption of a Long-Term Incentive
Plan and a Shareholder Rights Agreement along with other corporate matters.
The combination of all the above factors produced a pretax income of
$1,545 thousand for the six months ended June 30, 1996, as compared to $1,550
thousand for the same period in 1995. Income taxes for the six months ended
June 30, 1996, were $493 thousand as compared to $508 thousand for the same
period in 1995.
<PAGE>
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
None
Item 2. Changes in Securities
Not Applicable
Item 3. Defaults Upon Senior Securities
Not Applicable
Item 4. Submission of Matters to a Vote of Security Holders
(a) May 16, 1996, 1996 Annual Meeting of Shareholders
(b) The following directors were re-elected by Shareholders at the
Annual Meeting for three year terms expiring in 1998 (Class III): Wilton
R. Dale, Charles W. Herold, Jr., C. Hayden Kaiser, Bazile R. Lanneau,
Jr., and Albert W Metcalfe.
Directors whose terms of office as a director continued after the
meeting and the expiration date of their current term are: James J.
Cole (1997), A.J. Ferguson (1997), W. Page Ogden (1997), Bethany L.
Overton (1997), Robert R. Punches (1997), W.W. Allen (1998), Craig A.
Bradford, DMD (1998), William J. Feltus (1998), Donald E. Killilea, M.D.
(1998), and Bazile R. Lanneau, Sr. (1998)
(c) The following directors were elected by Shareholders at the Annual
Meeting by the votes indicated:
For Against Abstain Total
Wilton R. Dale 328,941 0 0 328,941
Charles W. Herold, Jr. 328,941 0 0 328,941
C. Hayden Kaiser 328,941 0 0 328,941
Bazile R. Lanneau, Jr. 328,941 0 0 328,941
Albert W Metcalfe 328,941 0 0 328,941
(d) Other proposals of business brought before the Security Holders. Of
the 328,941 shares present, votes were tabulated on each item as
follows:
To authorize the removal of directors, with or without cause, on the
vote of eighty percent (80%) of the voting stock and the filling of
vacancies on the Board of Directors only at the annual shareholders
meeting.
324,611 - for; 600 - against; and 3,730 - abstain.
To authorize the Board of Directors to consider all relevant factors in
evaluating a proposed Major Business Transaction.
324,539 - for; 693 - against; and 3,709 - abstain.
To elect for the Company to be governed by the Mississippi Control Share
Act.
322,876 - for; 600 - against; and 5,465 - abstain.
To approve the Shareholder Rights Agreement.
323,731 - for; 935 - against; and 4,275 - abstain.
To approve the Long-Term Incentive Plan.
321,473 - for; 2,775 - against; and 4,693 - abstain.
To approve May & Company as the Company's independent auditors for 1996.
328,087 - for; 761 - against; and 93 - abstain.
(e) None.
<PAGE>
Item 5. Other Information
None.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
11 Statement Regarding Computation of Per Share Earnings
(b) Reports on Form 8-K
None.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereto duly authorized.
BRITTON & KOONTZ CAPITAL CORPORATION
August 14, 1996 /s/ W. Page Ogden
W. Page Ogden
President and Chief Executive
Officer
August 14, 1996 /s/ Bazile R. Lanneau, Jr.
Bazile R. Lanneau, Jr.
Vice President and
Chief Financial Officer
<PAGE>
EXHIBIT INDEX
Exhibit
Number Item
11 Statement Regarding Computation of Per Share Earnings
EXHIBIT 11
Statement Re Computation of Per Share Earnings
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
June 30 June 30
1996 1995 1996 1995
--------- --------- ----------- -----------
<S> <C> <C> <C> <C>
Primary:
Average shares outstanding: 441,072 439,545 441,072 439,310
Net effect of the assumed
exercise of stock options -
based on the treasury stock
method using average stock price 2,092 2,176 2,047 2,254
--------- --------- ----------- -----------
Total 443,164 441,721 443,119 441,564
========= ========= =========== ===========
Net income $ 547,257 $ 516,569 $ 1,052,510 $ 1,042,158
========= ========= =========== ===========
Net income per share $ 1.23 $ 1.17 $ 2.38 $ 2.36
========= ========= =========== ===========
Fully Diluted:
Average shares outstanding: 441,072 439,545 441,072 439,310
Net effect of the assumed exercise of
stock options - based on the treasury
stock method using average market
price or period end market price,
whichever is higher 2,195 2,176 2,100 2,254
---------- --------- ----------- -----------
Total 443,267 441,721 443,172 441,564
========== ========= =========== ===========
Net income $ 547,257 $ 516,569 $ 1,052,510 $ 1,042,158
========== ========= =========== ===========
Net income per share $ 1.23 $ 1.17 $ 2.37 $ 2.36
========== ========= =========== ===========
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 9
<CIK> 0000707604
<NAME> BRITTON & KOONTZ CAPITAL CORPORATION
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<CASH> 4221961
<INT-BEARING-DEPOSITS> 113489161
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 0
<INVESTMENTS-CARRYING> 48363203
<INVESTMENTS-MARKET> 47983636
<LOANS> 94015947
<ALLOWANCE> 690691
<TOTAL-ASSETS> 153424341
<DEPOSITS> 128306792
<SHORT-TERM> 2697656
<LIABILITIES-OTHER> 6349004
<LONG-TERM> 0
0
0
<COMMON> 4410720
<OTHER-SE> 11660169
<TOTAL-LIABILITIES-AND-EQUITY> 153424341
<INTEREST-LOAN> 4020307
<INTEREST-INVEST> 1728857
<INTEREST-OTHER> 0
<INTEREST-TOTAL> 5749164
<INTEREST-DEPOSIT> 2528118
<INTEREST-EXPENSE> 2604377
<INTEREST-INCOME-NET> 3144787
<LOAN-LOSSES> 50000
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 2224426
<INCOME-PRETAX> 1545066
<INCOME-PRE-EXTRAORDINARY> 1052510
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1052510
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