VICTORIA, Texas, Oct. 19 /PRNewswire/ -- On October 19, 1999, the Board of
Directors of FVNB Corp. (Nasdaq: FVNB) declared a cash dividend of $.35 per
share payable on November 10, 1999, to shareholders of record as of
October 28, 1999.
Consolidated net income and earnings per share for the first nine months
of 1999 were approximately $6,085,000 and $2.56, respectively. During the
first nine months of 1998, net income and earnings per share were
approximately $4,562,000 and $1.92, respectively.
FVNB Corp.'s consolidated equity capital at September 30, 1999 was
approximately $59.6 million compared to $59.5 million at December 31, 1998.
The Company's equity capital ratio of 8.51% and risk-based capital ratio of
13.65% as of September 30, 1999 remain well in excess of regulatory
requirements. Total consolidated assets were approximately $629 million as of
September 30, 1999 compared to $553 million as of December 31, 1998.
Consolidated deposits totaled approximately $530 million as of
September 30, 1999 compared to $455 million as of December 31, 1998.
In September 1998, FVNB Corp. was organized as a bank holding company for
First Victoria National Bank (the "Bank"). As a result of the reorganization,
shareholders of the Bank became shareholders of FVNB Corp. Subsequently, in
January 1999, FVNB Corp. completed the acquisition of CBOT Financial
Corporation, the parent company of Citizens Bank of Texas, N.A. and CBOT
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.
["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 FVNB Corp. and its subsidiaries, the
occurrence of which involve certain risks and uncertainties detailed in the
FVNB Corp. filings with the Securities Exchange Commission.]
Consolidated Financial Summary (unaudited)
Condensed Consolidated
Balance Sheets September 30, December 31, September 30,
1999 1998 1998
Assets (In Thousands)
Cash and due from banks $ 24,099 $ 27,504 $ 20,879
Federal funds sold 27,040 6,800 38,450
Investment securities 162,012 211,918 181,736
Loans and leases 368,448 292,862 277,645
Allowance for loan and
lease losses (4,317) (3,308) (3,275)
Premises and equipment 31,236 9,404 9,571
Goodwill 10,371 1,919 0
Other assets 9,999 6,065 8,930
Total Assets $ 628,888 $ 553,164 $ 533,936
Liabilities
Deposits:
Non interest-bearing
deposits $ 92,306 $ 77,302 $ 65,668
Interest-bearing
deposits 437,881 377,438 378,333
Total deposits 530,187 454,740 444,001
Federal funds purchased
and securities sold
under agreements to
repurchase 3,700 12,225 5,125
Other borrowed funds 28,275 19,119 19,257
Other liabilities 7,144 7,558 6,453
Total Liabilities 569,306 493,642 474,836
Shareholders' Equity 59,582 59,522 59,100
Total Liabilities &
Shareholders'
Equity $ 628,888 $ 553,164 $ 533,936
Capital Ratios
Leverage Ratio 8.51% 11.01% 11.01%
Risk Based Ratios -
Tier I Capital 12.62% 17.54% 18.42%
Total Regulatory Capital 13.65% 18.55% 19.48%
Condensed Consolidated
Statements of Income Three Months Ended Nine Months Ended
September 30, September 30,
1999 1998 1999 1998
(In Thousands, Except Per Share Amounts)
Interest income $11,138 $9,509 $33,468 $28,012
Interest expense 5,095 4,491 14,574 13,146
Net Interest Income 6,043 5,018 18,894 14,866
Provision (credit) for
loan and lease losses 91 0 (54) 0
Net Interest Income
After Provision (Credit)
For Loan and Lease
Losses 5,952 5,018 18,948 14,866
Non-interest income 2,630 1,447 6,124 4,069
Non-interest expense 5,198 3,989 15,680 12,047
Income Before Income Taxes 3,384 2,476 9,392 6,888
Income tax expense 1,114 840 3,307 2,326
Net Income $ 2,270 $ 1,636 $ 6,085 $ 4,562
Basic earnings per share $ .96 $ .69 $ 2.56 $ 1.92
Diluted earnings per share $ .91 $ .69 $ 2.48 $ 1.92
Return on average assets 1.42% 1.24% 1.30% 1.18%
Return on average equity 14.87% 11.15% 13.86% 10.64%
Contact: C. Dee Harkey, Executive Vice President & COO of First Victoria
National Bank, 361-572-6530
Web site: 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, Executive Vice President & COO
of First Victoria National Bank, 361-572-6530
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