VICTORIA, Texas, Oct. 26 /PRNewswire/ -- FVNB Corp. (Nasdaq: FVNB)
announced today that on October 25, 2000, the Board of Directors of FVNB Corp.
declared a regular cash dividend of $.35 per share payable on
November 17, 2000 to shareholders of record as of November 3, 2000.
FVNB Corp. also announced that consolidated net income of the Company for
the nine months ended September 30, 2000 was approximately $6.35 million, or
$2.68 per share. This compares to consolidated net income of approximately
$6.09 million, or $2.56 per share, for the same period in 1999. The growth in
net income of approximately $.26 million from 1999 to 2000 represents an
increase of approximately 4.35%. The Company's return on average assets of
1.27% and return on average equity of 13.82% for the nine months ended
September 30, 2000 compare to 1.30% and 13.86%, respectively, for the same
period in 1999.
As of September 30, 2000 and December 31, 1999, the Company reported total
consolidated assets of approximately $687 million and $655 million,
respectively. Consolidated deposits of the Company were approximately
$571 million at September 30, 2000 compared to $555 million as of
December 31, 1999.
"We are continuing to experience excellent growth in earnings as a result
of increased non-interest income and steady, quality loan growth at both of
our subsidiary banks. Net income is up 4.35% for the first nine months of
2000. Net of non-recurring items totaling $1.17 million in 1999 and
$.20 million in 2000, our core earnings are up over 25%." commented David M.
Gaddis, President & Chief Executive Officer of FVNB Corp.
Noted Financial Data
-- Net interest income of the Company was approximately $20,534,000 in
the first nine months of 2000 compared to $18,894,000 for the same
period in 1999. This increase of approximately $1,640,000, or 8.68%,
is due primarily to an overall increase in the volume and 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 nine months 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 $7,579,000 in the
first nine months of 2000 compared to $6,124,000 for the same period
in 1999. This represents an increase of approximately $1,455,000, or
23.76%. 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 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 $17,828,000 for
the first nine months of 2000 compared to $15,680,000 for the same period in
1999. This represents an increase of approximately $2,148,000, or 13.70%.
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.
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
September 30, 2000, total consolidated assets of the Company were
approximately $687 million and consolidated equity capital was approximately
$64 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
September 30, December 31, September 30,
2000 1999 1999
Assets (In Thousands)
Cash and due from banks $27,762 $26,993 $24,099
Federal funds sold 25,120 38,170 27,040
Investment securities 143,216 158,776 162,012
Loans and leases 440,905 387,407 368,448
Allowance for loan and
lease losses (4,810) (4,573) (4,317)
Premises and equipment 30,448 30,693 31,236
Goodwill 14,280 10,719 10,371
Other assets 9,721 6,999 9,999
Total Assets $686,642 $655,184 $628,888
Liabilities
Deposits:
Non interest-bearing
deposits $108,409 $90,857 $92,306
Interest-bearing deposits 462,481 463,963 437,881
Total deposits 570,890 554,820 530,187
Federal funds purchased and
securities sold under
agreements to repurchase 10,675 3,750 3,700
Other borrowed funds 31,055 27,827 28,275
Other liabilities 9,634 8,478 7,144
Total Liabilities 622,254 594,875 569,306
Shareholders' Equity 64,388 60,309 59,582
Total Liabilities &
Shareholders' Equity $686,642 $655,184 $628,888
Capital Ratios
Leverage Ratio 8.04% 8.40% 8.51%
Risk Based Ratios -
Tier I Capital 11.44% 12.23% 12.62%
Total Regulatory Capital 12.47% 13.28% 13.65%
Condensed Consolidated Statements of Income
(In Thousands, Except Three Months Ended Nine Months Ended
Per Share Amounts) September 30, September 30,
2000 1999 2000 1999
Interest income $13,073 $11,138 $37,535 $33,468
Interest expense 6,007 5,095 17,001 14,574
Net Interest Income 7,066 6,043 20,534 18,894
Provision (credit) for
loan and lease losses 190 91 300 (54)
Net Interest Income
After Provision For
Loan and Lease
Losses 6,876 5,952 20,234 18,948
Non-interest income 2,497 2,630 7,579 6,124
Non-interest expense 5,950 5,198 17,828 15,680
Income Before
Income Taxes 3,423 3,384 9,985 9,392
Income tax expense 1,249 1,114 3,635 3,307
Net Income $2,174 $2,270 $6,350 $6,085
Basic earnings per share $.92 $.96 $2.68 $2.56
Diluted earnings per
share $.91 $.96 $2.67 $2.56
Return on average assets 1.26% 1.42% 1.27% 1.30%
Return on average
equity 13.63% 14.87% 13.82% 13.86%
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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