SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report: November 10, 1998
BRITTON & KOONTZ CAPITAL CORPORATION
(Exact name of issuer as specified in its charter)
64-0665423
Mississippi 0-22606 (IRS Employer
(State of Incorporation) Commission File Number Identification No.)
500 Main Street, Natchez, Mississippi 39120
(Address of principal executive offices)
Telephone: (601)445-5576
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BRITTON & KOONTZ CAPITAL CORPORATION AND SUBSIDIARY
INDEX
Item 5. Other Events.
The contents of Exhibit 20 to this Form 8-K are hereby
incorporated herein by this reference.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
20 Other Documents or Statements to Security Holders.
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SIGNATURE
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
November 10, 1998 /s/ W. Page Ogden
W. Page Ogden
President and Chief Executive Officer
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Exhibits Index
Exhibit
Number Item
20 Other Documents or Statements to Security Holders
Press Release Dated October 29, 1998
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Britton & Koontz Capital Corporation
500 Main Street
P O Box 1407
Natchez, MS 39121
601-445-5576
601-445-2488 Fax
http://www.bkbank.com
[email protected]
FOR IMMEDIATE RELEASE: FOR MORE INFORMATION:
October 30, 1998 W. Page Ogden, President & CEO
for (Nasdaq/Symbol BKBK) Bazile R. Lanneau, Jr., Vice President & CFO
BRITTON & KOONTZ CAPITAL CORPORATION REPORTS THIRD QUARTER 1998 EARNINGS
Natchez, Mississippi-- Britton & Koontz Capital Corporation's
board of directors today reported net income for the third
quarter of 1998 of $598 thousand compared to $542 thousand for
the third quarter of 1997. Quarterly earnings per share totaled
$.34 per share, a $.04 per share increase over the same period
last year. Net income and earnings per share for the nine months
ended September 30, 1998, decreased slightly from $1.79 million
and $1.01 per share to $1.74 million and $.98 per share. The
greater earnings in the 1997 period was primarily attributable
to a one-time gain of $107 thousand. The Company's performance
for the three months and nine months ended September 30, 1998,
resulted in a return on average assets of 1.39% and 1.35% and a
return on average equity of 12.57% and 12.32%, respectively.
Average assets and loans increased 10.5% and 12.6% ,
respectively, from third quarter 1997 to third quarter 1998. In
addition, average deposits increased 13.2% in the same period.
The growth in average assets and loans from 1997 to 1998
contributed to a 5.9% increase in net interest income of $300
thousand.
Britton & Koontz Capital Corporation, headquartered in
Natchez, Mississippi, is the parent company of Britton & Koontz
First National Bank which operates three full service offices in
Natchez. As of September 30, 1998, the Company reported assets
of $175.4 million and equity of $19.2 million. The Company's
stock is traded on NASDAQ under the symbol BKBK and the transfer
agent is American Stock Transfer & Trust Company. Total shares
outstanding at September 30, 1998 amounted to 1,767,064.
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[CAPTION]
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Britton and Koontz Capital Corporation
Financial Highlights
(Unaudited-Amounts in thousands, except per share data
For the Three Months For the Nine Months
Ended September 30, Ended September 30
------------------------ -------------------------
1998 1997 1998 1997
------- ------- ------- -------
<S> <C> <C> <C> <C>
Interest income $3,265 $3,076 $9,750 $8,964
Interest expense 1,463 1,338 4,373 3,887
------- ------- ------- -------
Net interest income 1,802 1,738 5,377 5,077
Provision for loan losses (40) (40) (120) (120)
------- ------- ------- -------
Net interest income after
provision for loan losses 1,762 1,698 5,257 4,957
Non-interest income 398 301 1,104 1,087
Non-interest expense (1,260) (1,153) (3,735) (3,323)
------- ------- ------- -------
Income before income taxes 900 846 2,626 2,721
Income taxes 302 304 888 930
------- ------- ------- -------
Net income $598 $542 $1,738 $1,791
Return on Average Assets 1.39% 1.39% 1.35% 1.54%
Return on Average Equity 12.57% 12.24% 12.32% 14.65%
Diluted:
Net income per share $0.34 $0.31 $0.98 $1.01
Weighted average shares outstanding 1,769,484 1,767,064 1,769,189 1,767,094
September 30, September 30, December 31,
1998 1997 1997
------------- ------------- ------------
<S> <C> <C> <C>
Total assets $175,359 $158,275 $162,130
Cash and due from banks 6,416 6,238 5,931
Investment securities 45,101 42,059 43,956
Net loans 115,950 102,844 106,156
Deposits-interest bearing 123,858 112,783 112,069
Deposits-non interest bearing 21,795 16,765 20,568
Short term borrowed funds 6,831 6,381 6,784
Stockholders' equity 19,240 17,887 17,982
Book value (per share) $10.89 $10.12 $10.18
Total shares outstanding 1,767,064 1,767,064 1,767,064
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