VICTORIA, Texas, April 26 /PRNewswire/ -- On April 26, 2000, the Board of
Directors of FVNB Corp. (Nasdaq: FVNB) declared a regular cash dividend of
$.35 per share payable on May 19, 2000 to shareholders of record as of
May 5, 2000.
FVNB Corp. also announced that consolidated net income of the Company for
the three months ended March 31, 2000 was approximately $2.06 million, or
$.87 per share. This compares to consolidated net income of approximately
$1.51 million, or $.64 per share, for the same period in 1999. The growth in
net income of approximately $.55 million from 1999 to 2000 represents an
increase of approximately 36.42%. The Company's return on average assets of
1.28% and return on average equity of 13.74% for the three months ended
March 31, 2000 compare to .96% and 10.74%, respectively, for the same period
in 1999.
As of March 31, 2000 and December 31, 1999, the Company reported total
consolidated assets of approximately $645 million and $655 million,
respectively. Consolidated deposits of the Company were approximately
$544 million at March 31, 2000 compared to $555 million as of December 31,
1999.
"Continued strong performance of First Victoria National Bank combined
with our acquisition of Citizens Bank of Texas, N. A. has resulted in
outstanding growth in income for the quarter," said David M. Gaddis, President
& Chief Executive Officer of FVNB Corp.
Gaddis noted strong loan growth over the past year, as well as growth in
non-interest income primarily as a result of trust and investment management
fees, service charges, and leasing activities. Non-interest expense which
included salaries and employee benefits and other costs associated with the
acquisition of Citizens Bank of Texas increased nominally over the first
quarter of 1999.
Gaddis also stated, "As of April 14, we finalized the acquisition of Mid-
Coast Savings Bank with locations in Edna and Ganado, Texas. We are fortunate
to have an experienced staff which shares our commitment to quality personal
service, and we look forward to the opportunity to grow both profits and
relationships."
Noted Financial Data
-- Net interest income of the Company was approximately $6,390,000 in the
first quarter of 2000 compared to $5,662,000 for the same period in
1999. This increase of approximately $728,000, or 12.86%, is due
primarily to an overall increase in the yields on earning assets as
well as a 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 the
first quarter of 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 $2,433,000 in the
first quarter of 2000 compared to $1,782,000 for the same period in
1999. This represents an increase of approximately $651,000, or
36.53%. Significant components of the Company's non-interest income
include trust service fee income, services charges and fees on deposit
accounts, and income from leasing activities. Non-interest income
increased in 2000 due primarily to 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 $5,554,000
for the first quarter of 2000 compared to $5,088,000 for the same
period in 1999. This represents an increase of approximately
$466,000, or 9.16%. 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
increases in this area during 2000 due primarily to expenses
associated with leasing activities entered into by First Victoria
National Bank in June 1999.
-- 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
$3,998,000.
FVNB Corp. is a multi-bank 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 March
31, 2000, total consolidated assets of the company were approximately
$645 million and consolidated equity capital was approximately $61 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
Contact: C. Dee Harkey, Secretary & Principal Accounting Officer of FVNB
Corp., 361-572-6530
FVNB Corp.
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)
Condensed Consolidated Balance Sheets
March 31, December 31, March 31,
2000 1999 1999
Assets (In Thousands)
Cash and due from banks $24,715 $26,993 $23,960
Federal funds sold 14,115 38,170 35,200
Investment securities 154,705 158,776 186,089
Loans and leases 405,773 387,407 357,056
Allowance for loan and lease
losses (4,493) (4,573) (3,931)
Premises and equipment 30,648 30,693 12,834
Goodwill 10,526 10,719 10,907
Other assets 8,573 6,999 8,681
Total Assets $644,562 $655,184 $630,796
Liabilities
Deposits:
Non interest-bearing deposits $95,529 $90,857 $82,780
Interest-bearing deposits 448,437 463,963 426,863
Total deposits 543,966 554,820 509,643
Federal funds purchased and
securities sold under agreements
to repurchase 4,450 3,750 37,945
Other borrowed funds 27,571 27,827 16,145
Other liabilities 7,983 8,478 8,025
Total Liabilities 583,970 594,875 571,758
Shareholders' Equity 60,592 60,309 59,038
Total Liabilities &
Shareholders' Equity $644,562 $655,184 $630,796
Capital Ratios
Leverage Ratio 8.46% 8.40% 7.88%
Risk Based Ratios -
Tier I Capital 12.12% 12.23% 12.33%
Total Regulatory Capital 13.12% 13.28% 13.32%
Condensed Consolidated Statements of Income
Three Months Ended
March 31,
(In Thousands, Except Per Share Amounts) 2000 1999
Interest income $11,671 $10,361
Interest expense 5,281 4,699
Net Interest Income 6,390 5,662
Provision for loan and lease losses 50 5
Net Interest Income After Provision
For Loan and Lease Losses 6,340 5,657
Non-interest income 2,433 1,782
Non-interest expense 5,554 5,088
Income Before Income Taxes 3,219 2,351
Income tax expense 1,158 842
Net Income $2,061 $1,509
Basic earnings per share $.87 $.64
Diluted earnings per share $.83 $.62
Return on average assets 1.28% .96%
Return on average equity 13.74% 10.74%
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:
C. Dee Harkey, Secretary & Principal
Accounting Officer of FVNB Corp., 361-572-6530
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