VICTORIA, Texas, Jan. 27 /PRNewswire/ -- FVNB Corp. (Nasdaq: FVNB) today
announced that consolidated net income of the Company for 1999 was
approximately $7.50 million, or $3.16 per share. This compares to
consolidated net income of approximately $6.07 million, or $2.56 per share,
for 1998. The growth in net income of approximately $1.43 million from 1998
to 1999 represents an increase of 23.56%. The Company's return on average
assets of 1.18% and return on average equity of 12.72% for 1999 compare to
1.16% and 9.83%, respectively, for 1998.
As of December 31, 1999 and 1998, the Company reported total consolidated
assets of approximately $655 million and $553 million, respectively.
Consolidated deposits of the Company were approximately $555 million at
December 31, 1999 compared to $455 million as of December 31, 1998.
"1999 was another year of record earnings and record growth for our
company," said David M. Gaddis, President & Chief Executive Officer of FVNB
Corp. "Continued strong performance of First Victoria National Bank combined
with our acquisition of Citizens Bank of Texas, N. A. and its subsidiary,
Citizens Insurance Agency, Inc., has positioned us to take advantage of new
opportunities, in new markets, with new services."
Commenting on financial performance for the year, Gaddis noted strong loan
growth of $96 million, or 32%, as well as growth in non-interest income of
55%, primarily as a result of trust and investment management fees, service
charges, and leasing activities. Non-interest expense increased 35%, which
included increased salaries and employee benefits and other costs associated
with the Citizens acquisition.
Noted Financial Data
* Net interest income of the Company was approximately $25,024,000 in 1999
compared to $19,811,000 in 1998. This increase of approximately
$5,213,000, or 26.31%, is due to overall growth in the volume of both
earnings assets and interest-bearing liabilities related primarily to
the Company's acquisition of Citizens Bank of Texas, N. A. and
Citizens Mortgage Company. In January 1999, FVNB Corp. completed the
acquisition of CBOT Financial Corporation, the parent company of
Citizens Bank of Texas, N. A. and Citizens Mortgage Company. The
Company acquired net loans of approximately $55,755,000 and deposits of
approximately $82,432,000. Total intangible assets associated with the
acquisition were approximately $9,221,000.
* Non-interest income of the Company was approximately $8,569,000 in 1999
compared to $5,539,000 in 1998. This represents an increase of
approximately $3,030,000, or 54.70%. Significant components of the
Company's non-interest income include trust service fee income, service
charges and fees on deposit accounts, and income from leasing
activities. Non-interest income increased in 1999 due primarily to the
impact of the Citizens acquisition, as well as rental income recognized
as the result of the operating lease of an aircraft entered into by a
wholly owned operating subsidiary of First Victoria National Bank.
* The Company reported non-interest expense of approximately $21,869,000
for 1999 compared to $16,146,000 in 1998. This represents an increase
of approximately $5,723,000, or 35.45%. Significant components of
non-interest expense include salaries and employee benefits, net
occupancy expense, data processing expense and amortization of goodwill
and intangibles. The Company experienced increases in these areas
during 1999 due primarily to the Citizens acquisition and leasing
activities. Amortization of goodwill and intangibles related
specifically to the acquisition was approximately $588,000 in 1999.
* On January 26, 2000, the Board of Directors of FVNB Corp. declared a
regular cash dividend of $.35 per share payable on February 18, 2000 to
shareholders of record as of February 4, 2000.
FVNB Corp. is a multi-bank holding company whose principal operating
subsidiaries are First Victoria National Bank with locations in Victoria,
Port Lavaca, and Taft, Texas, and Citizens Bank of Texas N.A., with locations
in New Waverly, The Woodlands, and Huntsville, Texas. As of December 31,
1999, total consolidated assets of the Company were approximately $655 million
and consolidated equity capital was approximately $60 million.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act
of 1995: The statements contained in this release which are not historical
facts contain forward looking information with respect to plans, projections
or future performance of the Company, the occurrence of which involve certain
risks and uncertainties detailed in the Company's filings with the Securities
Exchange Commission. Subsidiary Banks, Member FDIC
FVNB Corp.
Consolidated Financial Summary (Unaudited)
Condensed Consolidated December 31, December 31, December 31,
Balance Sheets 1999 1998 1997
Assets (In Thousands)
Cash and due from banks $26,993 $27,504 $29,548
Federal funds sold 38,170 6,800 20,200
Investment securities 158,776 211,918 170,360
Loans and leases 387,407 292,862 266,002
Allowance for loan and
lease losses (4,573) (3,308) (2,861)
Premises and equipment 30,693 9,404 9,753
Goodwill 10,719 1,821 1,948
Other assets 6,999 6,163 5,323
Total Assets $655,184 $553,164 $500,273
Liabilities
Deposits:
Non interest-bearing deposits $90,857 $77,302 $68,045
Interest-bearing deposits 463,963 377,438 347,984
Total deposits 554,820 454,740 416,029
Federal funds purchased
and securities
sold under agreements to
repurchase 3,750 12,225 10,300
Other borrowed funds 27,827 19,119 12,628
Other liabilities 8,478 7,558 5,245
Total Liabilities 594,875 493,642 444,202
Shareholders' Equity 60,309 59,522 56,071
Total Liabilities &
Shareholders' Equity $655,184 $553,164 $500,273
Capital Ratios
Leverage Ratio 8.40% 11.01% 11.99%
Risk Based Ratios --
Tier I Capital 12.23% 17.54% 18.67%
Total Regulatory Capital 13.28% 18.55% 19.65%
Condensed Consolidated Three Months Ended Twelve Months Ended
Statements of Income December 31, December 31,
1999 1998 1999 1998
(In Thousands, Except Per Share Amounts)
Interest income $11,332 $9,523 $44,800 $37,535
Interest expense 5,202 4,578 19,776 17,724
Net Interest Income 6,130 4,945 25,024 19,811
Provision for loan and lease
losses 140 0 86 0
Net Interest Income After
Provision for Loan and Lease
Losses 5,990 4,945 24,938 19,811
Non-interest income 2,445 1,470 8,569 5,539
Non-interest expense 6,189 4,099 21,869 16,146
Income Before Income Taxes 2,246 2,316 11,638 9,204
Income tax expense 829 806 4,136 3,132
Net Income $1,417 $1,510 $7,502 $6,072
Basic earnings per share $.60 $.64 $3.16 $2.56
Diluted earnings per share $.57 $.64 $3.04 $2.56
Return on average assets .86% 1.09% 1.18% 1.16%
Return on average equity 9.34% 9.64% 12.72% 9.83%
For Further Information: C. Dee Harkey, Secretary & Principal Accounting
Officer of FVNB Corp., 361-572-6530
SOURCE FVNB Corp.
 back to top
Related links:
http://www.fvnb.com
Company News On-Call:
http://www.prnewswire.com/comp/124759.html or fax,
800-758-5804, ext. 124759
CONTACT:
C. Dee Harkey, Secretary & Principal
Accounting Officer of FVNB Corp., 361-572-6530
|
