VICTORIA, Texas, Feb. 2 /PRNewswire/ -- FVNB Corp. (Nasdaq: FVNB)
announced that consolidated net income of the Company for the year ended
December 31, 2000 was approximately $8.25 million, or $3.48 per share. This
compares to consolidated net income of approximately $7.50 million, or
$3.16 per share, for the same period in 1999. The growth in net income of
approximately $.75 million from 1999 to 2000 represents an increase of
approximately 10.00%. The Company's return on average assets of 1.22% and
return on average equity of 13.21% for the year ended December 31, 2000
compare to 1.18% and 12.72%, respectively, for the same period in 1999.
As of December 31, 2000 and 1999, the Company reported total consolidated
assets of approximately $709 million and $655 million, respectively.
Consolidated deposits of the Company were approximately $588 million and
$555 million as of December 31, 2000 and 1999, respectively.
"The year ended December 31, 2000 resulted in another record in earnings
performance as a result of increased non-interest income and quality loan
growth at both of our subsidiary banks. Net of non-recurring items totaling
$1.17 million in 1999 and $.46 million in 2000, our earnings are up
approximately 23%. We were also successful in expanding our customer base
through the acquisition of Mid-Coast Savings Bank which provides locations in
Edna and Ganado, Texas, and by launching our newest location, 'fvnb.com', our
state of the art e-banking facility," commented David M. Gaddis, President and
Chief Executive Officer of FVNB Corp.
Noted Financial Data
-- Net interest income of the Company on a taxable equivalent basis was
approximately $27,685,000 in 2000 compared to $25,024,000 in 1999. This
increase of approximately $2,661,000, or 10.63%, is due primarily to an
overall increase in the volume of earning assets as well as a continued shift
in the mix of earning assets from investment securities into higher yielding
loans. In addition, the Company experienced rising rates on interest-bearing
liabilities during 2000 resulting in higher interest costs. These increased
interest costs were more than offset by the favorable impact of increased
yields on earning assets.
-- Non-interest income of the Company was approximately $10,320,000 in
2000 compared to $8,569,000 in 1999. This represents an increase of
approximately $1,751,000, or 20.43%. Significant components of the Company's
non-interest income include trust service fees, services charges and fees on
deposit accounts, and income from leasing activities. Non-interest income
increased in 2000 due primarily to growth in commission fee income as well as
the impact of 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 in June 1999. First Victoria National Bank is a wholly
owned subsidiary bank of the Company.
-- The Company reported non-interest expense of approximately
$24,359,000 in 2000 compared to $21,869,000 in 1999. This represents an
increase of approximately $2,490,000, or 11.39%. Significant components of
non-interest expense include salaries and employee benefits, net occupancy and
furniture and equipment expense, professional fees, data processing expense
and amortization of goodwill and intangibles. The Company experienced an
increase in non-interest expense during 2000 due primarily to expenses
associated with leasing activities entered into by First Victoria National
Bank in June 1999 as well as the acquisition of Mid-Coast Savings Bank in
April 2000.
-- On April 14, 2000, First Victoria National Bank completed the
acquisition of Mid-Coast Savings Bank. Upon completion of the transaction,
the two banks merged, with the existing branches of Mid-Coast becoming
branches of First Victoria National Bank. Total intangible assets associated
with the acquisition were approximately $4,257,000.
-- On January 24, 2001, the Board of Directors of the Company declared a
regular cash dividend of $.35 per share payable on February 16, 2001 to
shareholders of record as of February 2, 2001.
FVNB Corp. is a financial holding company whose principal operating
subsidiaries are First Victoria National Bank with locations in Victoria, Port
Lavaca, Taft, Edna, and Ganado, Texas, and Citizens Bank of Texas N.A., with
locations in New Waverly, The Woodlands, and Huntsville, Texas. As of
December 31, 2000, total consolidated assets of the Company were approximately
$709 million and consolidated equity capital was approximately $67 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 and Exchange Commission.]
Subsidiary Banks, Member FDIC
FVNB Corp.
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)
Condensed Consolidated
Balance Sheets December 31, December 31, December 31,
2000 1999 1998
Assets (In Thousands)
Cash and due
from banks $32,086 $26,993 $27,504
Federal funds sold 15,850 38,170 6,800
Investment
securities 144,413 158,776 211,918
Loans and leases 470,285 387,407 292,862
Allowance for
loan and
lease losses (5,080) (4,573) (3,308)
Premises and
equipment 30,358 30,693 9,404
Goodwill 13,817 10,719 1,821
Other assets 7,678 6,999 6,163
Total Assets $709,407 $655,184 $553,164
Liabilities
Deposits:
Non interest-
bearing
deposits $111,041 $90,857 $77,302
Interest-bearing
deposits 477,402 463,963 377,438
Total deposits 588,443 554,820 454,740
Federal funds
purchased and
securities sold
under agreements
to repurchase 12,000 3,750 12,225
Other borrowed
funds 30,471 27,827 19,119
Other liabilities 11,021 8,478 7,558
Total Liabilities 641,935 594,875 493,642
Shareholders' Equity 67,472 60,309 59,522
Total Liabilities
& Shareholders'
Equity $709,407 $655,184 $553,164
Capital Ratios
Leverage Ratio 8.18% 8.40% 11.01%
Risk Based Ratios -
Tier I Capital 11.09% 12.23% 17.54%
Total Regulatory
Capital 12.12% 13.28% 18.55%
Condensed Consolidated Statements
of Income Three Months Ended Twelve Months Ended
December 31, December 31,
(In Thousands, Except
Per Share Amounts) 2000 1999 2000 1999
Interest income $13,366 $11,332 $50,901 $44,800
Interest expense 6,215 5,202 23,216 19,776
Net Interest Income 7,151 6,130 27,685 25,024
Provision (credit) for
loan and lease losses 400 140 700 86
Net Interest Income
After Provision
For Loan and Lease
Losses 6,751 5,990 26,985 24,938
Non-interest income 2,741 2,445 10,320 8,569
Non-interest expense 6,531 6,189 24,359 21,869
Income Before Income
Taxes 2,961 2,246 12,946 11,638
Income tax expense 1,059 829 4,694 4,136
Net Income $1,902 $1,417 $8,252 $7,502
Basic earnings per
share $.80 $.60 $3.48 $3.16
Diluted earnings
per share $.80 $.57 $3.47 $3.04
Return on average
assets 1.08% .86% 1.22% 1.18%
Return on average
equity 11.46% 9.34% 13.21% 12.72%
For Further David M. Gaddis
Information: President & CEO
FVNB Corp.
361-572-6500
SOURCE FVNB Corp.
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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:
David M. Gaddis, President & CEO of FVNB
Corp., 361-572-6500
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