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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:
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July 21, 2000 W. Page Ogden, President & CEO
for (Nasdaq/Symbol BKBK) Bazile R. Lanneau, Jr., Vice President & CFO
BRITTON & KOONTZ CAPITAL CORP REPORTS SECOND QUARTER 2000 EARNINGS
Natchez, Mississippi--Britton & Koontz Capital Corporation reported an
increase in net income for the second quarter of 2000 of $629 thousand or 5.9%
compared with $594 thousand for the second quarter of 1999. Quarterly earnings
per share totaled $.36 per share compared with $.34 per share in 1999. Net
income and earnings per share for the six months ended June 30, 2000, were
$1.232 million and $.70 per share compared with $1.163 million and $.66 per
share for the same period in 1999. The Company's performance for the six months
ended June 30, 2000, resulted in a return on average assets of 1.10% and a
return on average equity of 12.13%.
Net interest income increased $579 thousand or 14% for the six months
ended June 30, 2000, compared to the same period in 1999. The improvement in net
interest income resulted from a 22% increase in average earning assets. Fee
income from mortgage origination's and sales of mortgage loans increased 97%
from $87 thousand to $171 thousand over the first six months of 1999, reflecting
the expansion of the bank's lending presence to Vicksburg, Mississippi and Baton
Rouge, Louisiana. Net interest margin remained stable at 4.42%. Noninterest
income grew 13% to $964 thousand this year from $855 thousand in 1999. Increased
service charges on deposit accounts attributed more than 50% of the growth in
noninterest income. Noninterest expense increased 18% to $3.5 million compared
to $3.0 million last year primarily due to increased salary and employee
benefits. Occupancy and equipment expenses were also higher during this period
due to expansion into other markets.
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, one full service office in
Vicksburg and a loan production office in Baton Rouge. As of June 30, 2000, the
Company reported assets of $238 million and equity of $20.7 million. 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,
2000, were 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 Six Months
Ended June 30, Ended June 30,
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2000 1999 2000 1999
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Interest income $4,448 $3,431 $8,522 $6,764
Interest expense ($2,080) (1,371) (3,932) (2,753)
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Net interest income 2,368 2,060 4,590 4,011
Provision for loan losses (90) (45) (160) (90)
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Net interest income after
provision for loan losses 2,278 2,015 4,430 3,921
Non-interest income 452 425 964 855
Non-interest expense (1,799) (1,546) (3,544) (3,004)
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Income before income taxes 931 894 1,850 1,772
Income taxes (302) (300) (618) (609)
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Net income $629 $594 $1,232 $1,163
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Return on Average Assets 1.10% 1.29% 1.11% 1.27%
Return on Average Equity 12.13% 11.96% 11.96% 11.77%
Diluted:
Net income per share $0.36 $0.34 $0.70 $0.66
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Weighted average shares
outstanding 1,756,438 1,767,004 1,760,166 1,767,064
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June 30, December 31, Percent
2000 1999 Change
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Total assets $238,027 $208,854 13.97%
Cash and due from banks 6,718 5,587 20.25%
Investment securities 62,080 52,766 17.65%
Net loans 156,977 139,141 12.82%
Deposits-interest bearing 162,325 140,745 15.33%
Deposits-non interest bearing 27,150 25,572 6.17%
Short term borrowed funds 24,040 19,332 24.35%
Stockholders' equity 20,669 20,152 2.57%
Book value (per share) $11.79 $11.40 3.42%
Total shares outstanding 1,752,564 1,767,064 -0.82%
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