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: March 06, 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
<PAGE>
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.
<PAGE>
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
March 06, 1998 /s/ W. Page Ogden
_____________________________
W. Page Ogden
President and Chief Executive
Officer
<PAGE>
Exhibits Index
Exhibit
Number Item
20 Other Documents or Statements to Security Holders
Press Release Dated January 21, 1998
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:
January 21, 1998 W. Page Ogden, President & CEO
for (Nasdaq/Symbol BKBK) Bazile R. Lanneau, Jr., Vice President & CFO
BRITTON & KOONTZ CAPITAL CORPORATION REPORTS 1997 EARNINGS AND
ANNOUNCES ANNUAL SHAREHOLDERS MEETING
Natchez, Mississippi-- Britton & Koontz Capital Corporation's board of
directors today announced results for the year ended December 31, 1997 and the
fourth quarter of 1997. Net income and earnings per share for 1997 totaled
$2.398 million or $1.36 per share compared to $2.032 million and $1.15 per
share for 1996 with average shares outstanding of 1,767,108. The increase in
earnings from 1996 was primarily the result of increased loan demand which
resulted in a 7% increase in net interest income in the amount of $424
thousand. Other factors contributing to the increase were improvements in
core noninterest income. 1996 expense included a one time FDIC insurance
assessment in the amount of $257 thousand.
Net income for the fourth quarter totaled $606 thousand or $.34 per
share compared to $657 thousand or $.37 for the same period in 1996. Income
from operations for the quarter continues to be good with strong core income
and improved net interest margin, however, the decrease in earnings is
primarily the result of a $40 thousand increase in the provision for loan
losses along with an adjustment in the income tax accrual.
The Board of Directors also announced today that the annual meeting of
the shareholders of the Company will be held beginning 3:30 p.m., local time,
on Tuesday, March 24, 1998, at the Main Office of Britton & Koontz First
National Bank, 500 Main Street in Natchez, Mississippi.
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 December 31, 1997,
the Company reported assets of $162.1 million and equity of $18.0 million.
Total shares outstanding amounted to 1,767,064.
<PAGE>
<TABLE>
<CAPTION>
Britton and Koontz Capital Corporation
Financial Highlights
(Unaudited-Amounts in thousands, except per share data)
For the Three Months For the Twelve Months
Ended December 31, Ended December 31,
____________________ _____________________
1997 1996 1997 1996
_______ _______ _______ _______
<S> <C> <C> <C> <C>
Interest income $3,117 $2,870 $12,122 $11,511
Interest expense $1,346 $1,266 $5,234 $5,157
______ ______ _______ _______
Net interest income $1,771 $1,604 $6,888 $6,354
Provision for loan losses $40 $0 $160 $50
______ ______ _______ _______
Net interest income after
provision for loan losses $1,731 $1,604 $6,728 $6,304
Non-interest income $363 $356 $1,440 $1,364
Non-interest expense $1,208 $1,090 $4,560 $4,775
______ ______ _______ _______
Income before income taxes $886 $870 $3,608 $2,893
Income taxes $280 $212 $1,210 $861
______ ______ _______ _______
Net income $606 $658 $2,398 $2,032
====== ====== ======= =======
Primary:
Net income per share $0.34 $0.37 $1.36 $1.15
====== ====== ======= =======
Weighted average shares outstanding 1,767,064 1,764,288 1,767,108 1,770,528
========= ========= ========= =========
December 31, December 31,
1997 1996
____________ ____________
<S> <C> <C>
Total assets $162,130 $151,303
Cash and due from banks $5,931 $5,106
Investment securities $43,956 $44,610
Net loans $106,156 $95,322
Deposits-interest bearing $112,069 $110,375
Deposits-non interest bearing $20,568 $16,065
Short term borrowed funds $6,784 $3,664
Stockholders' equity $17,982 $16,521
Book value (per share) $10.18 $9.36
</TABLE>
