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 24, 1999
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
March 24, 1999 /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 February 9, 1999
Britton & Koontz Capital Corporation
500 Main Street 601-445-5576
P O Box 1407 601-445-2488 FAX
Natchez, MS 39121 http://www.bkbank.com
FOR IMMEDIATE RELEASE: FOR MORE INFORMATION:
February 9, 1999 W. Page Ogden, President & CEO
for (Nasdaq/Symbol BKBK) Bazile R. Lanneau, Jr., Vice President & CFO
BRITTON & KOONTZ CAPITAL CORPORATION REPORTS 1998 EARNINGS AND
ANNOUNCES ANNUAL SHAREHOLDERS MEETING
Natchez, Mississippi-- Britton & Koontz Capital Corporation
announced results today for the quarter and year ended December
31, 1998. Net income and earnings per share for 1998 decreased
from $2.39 million and $1.36 per share to $2.33 million and
$1.32 per share. The greater earnings in 1997 was primarily
attributable to a one-time gain of $107 thousand. The Company
also recorded expenses in 1998 of approximately $100 thousand
related to its $1.0 million investment in Sumx Inc. a 35% owned
subsidiary established to market internet-based banking software
to the banking industry.
The Company's performance for the three months and twelve
months ended December 31, 1998, resulted in a return on average
assets of 1.37% and 1.36% and a return on average equity of
12.20% and 12.34%, respectively. Net income for the fourth
quarter totaled $593 thousand and $.34 per share compared to
$606 thousand and $.34 for the same period in 1997.
Income from operations continues to reflect strong core income.
The net interest margin remained constant in spite of
declining interest rates during the tear. Average assets and
loans increased 9.6% and 12.7%, respectively from the year ended
December 31, 1997. In addition, average deposits increased 12%
during the same period, with non-interest bearing deposits
growing 15%.
The Board of Directors also announced today that the annual
meeting of the shareholders of the Company will be held
beginning at 3:30 p.m., local time, on Thursday, April 8, 1999,
on the second floor of the Main Office of Britton & Koontz First
National Bank, 500 Main Street, Natchez, Mississippi 39120.
The Board of Directors has fixed the close of business on
Tuesday, February 23, 1999, as the record date for the annual
meeting.
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, 1998, the Company reported assets
of $173.5 million and equity of $19.2 million. Total shares
outstanding amounted to 1,767,064.
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Britton and Koontz Capital Corporation
Financial Highlights
(Unaudited-Amounts in thousands, except per share data
For the Three Month For the Twelve Month
Ended December 31, Ended December 31,
------------------------ ------------------------
1998 1997 1998 1997
--------- --------- --------- ---------
Interest income $3,316 $3,128 $13,066 $12,122
Interest expense (1,435) (1,346) (5,809) (5,234)
------- ------- ------- -------
Net interest income 1,881 1,782 7,257 6,888
Provision for loan losses (42) (40) (162) (160)
------- ------- ------- --------
Net interest income after
provision for loan losses 1,839 1,742 7,095 6,728
Non-interest income 394 352 1,498 1,448
Non-interest expense (1,371) (1,208) (5,105) (4,568)
------- ------- ------- -------
Income before income taxes 862 886 3,488 3,608
Income taxes (269) (280) (1,156) (1,210)
------- ------- ------- -------
Net income $593 $606 $2,332 $2,398
======= ======= ======= =======
Return on Average Assets 1.37% 1.53% 1.36% 1.53%
Return on Average Equity 12.20% 13.34% 12.34% 13.67%
Diluted:
Net income per share $0.34 $0.34 $1.32 $1.36
Weighted average shares outstanding 1,767,124 1,767,064 1,768,700 1,767,142
December 31, December 31,
1998 1997
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Total assets $173,514 $162,130
Cash and due from banks 4,811 5,931
Investment securities 43,835 43,956
Net loans 118,299 106,156
Deposits-interest bearing 121,505 112,069
Deposits-non interest bearing 21,681 20,568
Short term borrowed funds 7,766 6,784
Stockholders' equity 19,249 17,982
Book value (per share) $10.89 $10.18
Total shares outstanding 1,767,064 1,767,064
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