VICTORIA, Texas, April 26 /PRNewswire/ -- The Board of Directors of
FVNB Corp. (Nasdaq: FVNB) has declared a regular cash dividend of $.35 per
share payable on May 18, 2001 to shareholders of record as of May 4, 2001.
In addition, the Company announced that consolidated net income for the
three months ended March 31, 2001 was approximately $2.22 million, or $.94 per
share. This compares to consolidated net income of approximately
$2.06 million, or $.87 per share, for the same period in 2000. The growth in
net income of approximately $.16 million from 2000 to 2001 represents an
increase of approximately 7.91%. The Company's return on average assets of
1.23% and return on average equity of 13.08% for the three months ended
March 31, 2001 compare to 1.28% and 13.74%, respectively, for the same period
in 2000.
As of March 31, 2001 and December 31, 2000, the Company reported total
consolidated assets of approximately $750 million and $709 million,
respectively. Consolidated deposits of the Company were approximately
$616 million and $588 million as of March 31, 2001 and December 31, 2000,
respectively.
Noted Financial Data
-- Net interest income of the Company on a taxable equivalent basis was
approximately $6,911,000 for the first three months of 2001 compared
to $6,397,000 for the same period in 2000. This increase of
approximately $514,000, or 8.04%, 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 higher rates on
interest-bearing liabilities during the first three months of 2001
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 $2,763,000 for
the first three months of 2001 compared to $2,433,000 for the same
period in 2000. This represents an increase of approximately
$330,000, or 13.56%. 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 2001 due primarily to growth in
commission fee income as well as an increase in the volume of
insufficient funds charges recorded by the Company. In addition, the
Company recorded an increase in trust service fees related primarily
to growth in the volume of accounts services by the Trust and
Investment Management department of First Victoria National Bank.
First Victoria National Bank is a wholly owned subsidiary bank of the
Company.
-- The Company reported non-interest expense of approximately
$6,160,000 for the first three months of 2001 compared to
$5,554,000 for the same period in 2000. This represents an increase
of approximately $606,000, or 10.91%. 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
2001 due primarily to expenses associated with the operation of
Mid-Coast Savings Bank which was acquired by First Victoria National
Bank in the second quarter of 2000 including administrative expenses
as well as amortization of goodwill and intangibles.
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; Citizens Bank of Texas N.A., with
locations in New Waverly, Huntsville, and The Woodlands, Texas; and Citizens
Insurance Agency of Texas, Inc. As of March 31, 2001, total consolidated
assets of the Company were approximately $750 million and consolidated equity
capital was approximately $70 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, Members FDIC.]
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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