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 25, 1999 W. Page Ogden, President & CEO
for (Nasdaq/Symbol BKBK) Bazile R. Lanneau, Jr., Vice President & CFO
BRITTON & KOONTZ CAPITAL CORPORATION REPORTS THIRD QUARTER 1999 EARNINGS
Natchez, Mississippi-- Britton & Koontz Capital Corporation reported
net income for the third quarter of 1999 of $580 thousand compared with $599
thousand for the third quarter of 1998. Quarterly earnings per share
totalled $.33 per share compared to $.34 per share in 1998. Net income and
earnings per share for the nine months ended September 30, 1999, increased
slightly, ending at $1.74 million and $.99 per share. The Company's
performance for the three and nine months ended September 30, 1999, resulted
in a return on average assets of 1.20% and 1.24% and a return on average
equity of 11.58% and 11.71%, respectively.
Average assets and loans increased 8% and 12% , respectively, from
third quarter 1998 to third quarter 1999. In addition, average deposits
increased 7% during the same period due to the acquisition of three Union
Planters Bank branches. The growth in average assets and loans contributed
to a 14% increase in net interest income of $767 thousand.
Britton & Koontz Capital Corporation, headquartered in Natchez,
Mississippi, is the parent company of Britton & Koontz First National Bank
which operates four full service offices in Natchez and one in Vicksburg,
Mississippi. As of September 30, 1999, the Company reported assets and
equity of $196.2 and $20.2 million, respectively. 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,
1999, amounted to 1,767,064.
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
-------------------- -------------------
1999 1998 1999 1998
------- ------- ------- -------
Interest income $ 3,607 $ 3,265 $10,371 $9,750
Interest expense (1,474) (1,463) (4,227) (4,373)
------- ------- ------- -------
Net interest income 2,133 1,802 6,144 5,377
Provision for loan losses (95) (40) (185) (120)
------- ------- ------- -------
Net interest income after
provision for loan losses 2,038 1,762 5,959 5,257
Non-interest income 513 398 1,368 1,104
Non-interest expense (1,654) (1,260) (4,658) (3,735)
------- ------- ------- -------
Income before income taxes 897 900 2,669 2,626
Income taxes (317) (302) (927) (888)
------- ------- ------- -------
Net income $ 580 $ 598 $ 1,742 $ 1,738
======= ======= ======= =======
Return on Average Assets 1.20% 1.39% 1.24% 1.34%
Return on Average Equity 11.58% 12.57% 11.71% 12.32%
Diluted:
Net income per share $0.33 $0.34 $0.99 $0.98
======= ======= ======= =======
Weighted avg shares outstanding 1,767,926 1,769,484 1,767,318 1,769,189
========= ========= ========= =========
September 30 December 31,
1999 1998
------------ ------------
Total assets $196,216 $173,573
Cash and due from banks 5,795 4,811
Investment securities 42,626 43,835
Net loans 137,237 118,285
Deposits-interest bearing 131,521 121,505
Deposits-non interest bearing 23,288 21,681
Short term borrowed funds 17,851 7,766
Stockholders' equity 20,236 19,249
Book value (per share) $11.45 $10.89
Total shares outstanding 1,767,064 1,767,064
