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 23, 2000 W. Page Ogden, President & CEO
for (NASDAQ/Symbol BKBK) Bazile R. Lanneau, Jr., Vice President & CFO
BRITTON & KOONTZ CAPITAL CORPORATION REPORTS THIRD QUARTER 2000 EARNINGS
Natchez, Mississippi-- Britton & Koontz Capital Corporation reported
net income for the three and nine months ended September 30, 2000, of $572
thousand and $1.8 million compared with $580 thousand and $1.7 million for the
same period in 1999. Quarterly earnings per share remained level at $.33 per
share while year to date earnings increased $.04 to $1.03 per share. Returns on
average assets and average equity for the period ended September 30, 2000,
decreased to 1.06% and 11.57%, respectively. During the quarter, the Company
absorbed an after-tax loss of $49 thousand from Sumx Inc., a 36.62% owned
subsidiary established to market Internet-based banking software to the banking
industry. The Company also expensed $40 thousand associated with the proposed
acquisition of Louisiana Bank and Trust, a $42 million bank in Baton Rouge,
Louisiana.
Net interest income increased $770 thousand or 12.5% during the nine
months ended September 30, 2000, compared to the same period in 1999. This
improvement resulted from a 22% increase in average earning assets brought on by
growth in both loans and investment securities of 19% and 38%, respectively.
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, 2000, the Company reported assets and equity of $239.7 and
$21.3 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, 2000, amounted to 1,752,564.
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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,
------------------------------------ ----------------------------------
2000 1999 2000 1999
------------------------------------ ----------------------------------
<S> <C> <C> <C> <C>
Interest income $4,700 $3,607 $13,221 $10,371
Interest expense (2,375) (1,474) (6,308) (4,227)
--------- ----------- ----------- -----------
Net interest income 2,325 2,133 6,913 6,144
Provision for loan losses (90) (95) (250) (185)
--------- ----------- ----------- -----------
Net interest income after
provision for loan losses 2,235 2,038 6,663 5,959
Non-interest income 454 513 1,418 1,368
Non-interest expense (1,818) (1,654) (5,362) (4,658)
--------- ----------- ----------- -----------
Income before income taxes 871 897 2,719 2,669
Income taxes (290) (317) (908) (927)
--------- ----------- ----------- -----------
Net income $581 $580 $1,811 $1,742
========= =========== =========== ===========
Return on Average Assets 0.97% 1.20% 1.06% 1.24%
Return on Average Equity 11.00% 11.58% 11.63% 11.71%
Diluted:
Net income per share $0.33 $0.33 $1.03 $0.99
========= =========== ============ ============
Weighted average shares outstanding 1,752,564 1,767,926 1,757,613 1,767,318
========= =========== ============ ============
September 30, December 31, Percent
2000 1999 Change
--------------- ---------------- ------------
<S> <C> <C> <C>
Total assets $239,677 $208,854 14.76%
Cash and due from banks 5,612 5,587 0.46%
Investment securities 61,383 52,766 16.33%
Net loans 161,307 139,141 15.93%
Deposits-interest bearing 155,636 140,745 10.58%
Deposits-non interest bearing 25,892 25,572 1.25%
Short term borrowed funds 33,118 19,332 71.31%
Stockholders' equity 21,250 20,152 5.45%
Book value (per share) $12.13 $11.40 6.32%
Total shares outstanding 1,752,564 1,767,064 -0.82%
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