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: July 31, 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
July 31, 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 July 29, 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:
July 29, 1998 W. Page Ogden, President & CEO
for (Nasdaq/Symbol BKBK) Bazile R. Lanneau, Jr., Vice President & CFO
BRITTON & KOONTZ CAPITAL CORPORATION REPORTS
SECOND QUARTER 1998 EARNINGS
Natchez, Mississippi--Britton & Koontz Capital Corporation
reported net income for the second quarter of 1998 of $589
thousand compared with $667 thousand for the second quarter of
1997. Quarterly earnings per share totaled $.33 per share
compared with $.38 per share in 1997. Net income and earnings
per share for the six months ended June 30, 1998, were $1.14
million and $.64 per share compared with $1.25 million and $.71
per share for the same period in 1997. The decrease in earnings
is primarily attributable to a one-time gain of $107 thousand in
the second quarter of 1997 and $40 thousand nonrecurring expense
in the first quarter of 1998. The Company's performance for the
six months ended June 30, 1998, resulted in a return on average
assets of 1.34% and a return on average equity of 12.30%.
Average assets and loans increased 11.7% and 14.1%,
respectively, from second quarter 1997 to second quarter 1998.
In addition, average deposits increased 12.6% in the same
period. The growth in average assets and loans contributed to a
6.2% increase in net interest income of $107 thousand.
Excluding nonrecurring items, non-interest income remained
stable and non-interest expense increased from $1.11 million to
$1.22 million reflecting the cost of upgrades to information
systems and marketing expenses related to electronic banking.
For increased flexibility and functionality and in preparation
for the Year 2000, the Company is installing a new client-server
based core accounting system by Phoenix International, Inc.
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. 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 June 30, 1998, were
1,767,064.
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<CAPTION>
Britton and Koontz Capital Corporation
Financial Highlights
(Unaudited-Amounts in thousands, except per share date)
For the Three Months For the Six Months
Ended June 30, Ended June 30,
-------------------- ------------------
1998 1997 1998 1997
-------- -------- ------- -------
<S> <C> <C> <C> <C>
Interest income $3,284 $3,011 $6,485 $5,878
Interest expense 1,464 1,297 2,911 2,550
-------- -------- ------- -------
Net interest income 1,820 1,713 3,574 3,328
Provision for loan losses (40) (40) (80) (80)
-------- -------- ------- -------
Net interest income after
provision for loan losses 1,780 1,673 3,494 3,248
Non-interest income 340 440 701 797
Non-interest expense 1,224 1,108 2,470 2,170
-------- -------- ------- -------
Income before income taxes 896 1,005 1,725 1,875
Income taxes 307 338 585 626
-------- -------- ------- -------
Net income $589 $667 $1,140 $1,249
======== ======== ======= =======
Return on Average Assets 1.37% 1.74% 1.34% 1.62%
Return on Average Equity 12.56% 15.38% 12.30% 14.58%
Diluted:
Net income per share $0.33 $0.38 $0.64 $0.71
========= ========= ========= =========
Weighted average shares outstanding 1,770,027 1,767,185 1,769,280 1,767,108
========= ========= ========= =========
June 30, June 30, Dec 31,
1998 1997 1997
--------- --------- ---------
<S> <C> <C> <C>
Total assets $167,681 $154,808 $162,130
Cash and due from banks 4,706 3,603 5,931
Investment securities 42,839 44,027 43,956
Net loans 113,706 99,565 106,156
Deposits-interest bearing 122,470 112,777 112,069
Deposits-non interest bearing 20,121 16,293 20,568
Short term borrowed funds 3,038 2,481 6,784
Stockholders' equity 18,601 17,340 17,982
Book value (per share) $10.53 $9.81 $10.18
Total shares outstanding 1,767,064 1,767,064 1,767,064
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