VICTORIA, Texas, Jan. 25 /PRNewswire/ -- On January 20, 1998, the Board of
Directors of First Victoria National Bank (Nasdaq: FVNB) declared a regular
cash dividend of $.25 per share for shareholders of record as of January 29,
1998, payable on February 12, 1998.
For the year ending December 31, 1997, net income was approximately
$4.99 million compared to $3.96 million for 1996. This represents an increase
in earnings of approximately $1.03 million, or approximately 26%. The bank's
return on average assets and return on average equity was 1.10% and 9.14%,
respectively for 1997. This compares to a return on average assets and return
on average equity of .89% and 7.67% respectively for 1996. Earnings per share
were $2.10 and $1.67 for the years ended December 31, 1997 and 1996
respectively.
Net interest income for the year ending December 31, 1997, was
approximately $17.49 million compared to $15.75 million for 1996. This
represents an increase of approximately $1.74 million, or 11%, and was due
primarily to overall growth in earning assets during 1997 as well as a shift
of funds from investment securities into higher yielding loan products. At
December 31, 1997, total assets were approximately $500 million as compared to
$462 million at December 31, 1996. This represents an increase of
approximately $38 million, or 8.23%. Deposits totaled approximately $416
million and $383 million at December 31, 1997 and 1996 respectively. This
represents an increase of approximately $33 million, or 8.62%.
The growth experienced by the Bank during 1997 was due to both strong
business development efforts as well as the acquisition of a branch during
December 1997. The acquired branch (formerly a branch of Frost National Bank
located in Taft, Texas) added approximately $24.23 million in deposits and
$2.93 million in loans to the bank's existing portfolios.
The bank's equity capital at December 31, 1997 was approximately
$56.1 million, compared to $53.1 million for 1996. The bank's equity capital
ratio of 11.99% and risk-based capital ratio of 19.65% as of December 31, 1997
remain well in excess of regulatory requirements.
SOURCE First Victoria National Bank
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Related links:
http://www.fvnb.com
CONTACT:
Susan Darshad, Marketing Assistant for First
Victoria National Bank, 512-574-8438
CNOC: http://www.prnewswire.com or fax, 800-758-5804, ext.
124759
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