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: February 23, 2000
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
February 23, 2000 /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 January 28, 2000
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
[email protected]
FOR IMMEDIATE RELEASE: FOR MORE INFORMATION:
January 28, 2000 W. Page Ogden, President & CEO
for (Nasdaq/Symbol BKBK) Bazile R. Lanneau, Jr., Vice President & CFO
BRITTON & KOONTZ CAPITAL CORPORATION REPORTS FOURTH QUARTER 1999 EARNINGS
Natchez, Mississippi-- Britton & Koontz Capital Corporation reported
net income for the quarter and year ended December 31, 1999. Net income and
earnings per share for the quarter ended December 31, 1999, were $478 thousand
and $.27 per share compared to $592 thousand and $.32 per share for the same
period in 1998. Net income and earnings per share for 1999 decreased $112
thousand and $.06 per share from $2.33 million and $1.32 per share to $2.22
million and $1.26 per share. The decrease is primarily attributable to the
Company's $1.0 million investment in Sumx Inc., a 35% owned subsidiary
established to market Internet-based banking software to the banking industry.
The Company recorded an after-tax loss from Sumx Inc. of $150 thousand which
was partially offset by $70 thousand in management fees and other expenses.
Other factors contributing to the decrease in earnings for 1999 were costs
associated with the Company's acquisition of three Union Planters, NA
branches in Natchez and Vicksburg, MS, costs related to Y2k compliance and
data processing and equipment expenses related to improvements in the bank's
computer systems. Returns on average assets and equity for the year ended
December 31, 1999, were 1.16% and 11.11% compared to 1.36% and 12.34% for
the same period in 1998.
Bank operations, however, continue to reflect increased core income.
Net interest margin increased to 4.64% despite decreased yields on earning
assets. Average assets and loans increased 12% and 15%, respectively from
the year ended December 31, 1998. Average deposits increased 7% during the
same period, with noninterest bearing deposits growing 16% primarily from
the acquisition of the three Union Planters, N.A. branches.
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 December 31, 1999, the Company reported assets and
equity of $208.9 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 December 31, 1999,
amounted to 1,767,064.
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<CAPTION>
Britton and Koontz Capital Corporation
Financial Highlights
(Unaudited-Amounts in thousands, except per share data
<S> <C> <C> <C> <C>
For the Three Month For the Twelve Months
Ended December 31, Ended December 31,
-------------------- ---------------------
1999 1998 1999 1998
---- ---- ---- ----
Interest income $3,735 $3,316 $14,106 $13,066
Interest expense (1,633) (1,436) (5,860) (5,809)
------- ------ ------- -------
Net interest income 2,102 1,880 8,246 7,257
Provision for loan losses (90) (42) (275) (162)
------- ------ ------- -------
Net interest income after
provision for loan losses 2,012 1,838 7,971 7,095
Non-interest income 352 394 1,720 1,498
Non-interest expense (1,698) (1,371) (6,356) (5,105)
------ ------ ------- -------
Income before income taxes 666 861 3,335 3,488
Income taxes (188) (269) (1,115) (1,156)
------ ------ ------- -------
Net income $ 478 $ 592 $ 2,220 $ 2,332
====== ====== ======= =======
Return on Average Assets 0.93% 1.37% 1.16% 1.36%
Return on Average Equity 9.38% 12.20% 11.11% 12.34%
Diluted:
Net income per share $0.27 $0.32 $1.26 $1.32
========= ========= ========= =========
Weighted average shares outstanding 1,767,064 1,767,124 1,767,064 1,768,700
========= ========= ========= =========
December 31 December 31,
1999 1998
------------ -------------
Total assets $208,854 $173,573
Cash and due from banks 5,587 4,811
Investment securities 52,766 43,835
Net loans 139,141 118,285
Deposits-interest bearing 140,745 121,505
Deposits-non interest bearing 25,549 21,681
Short term borrowed funds 19,332 7,766
Stockholders' equity 20,152 19,249
Book value (per share) $11.40 $10.89
Total shares outstanding 1,767,064 1,767,064
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