UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported):
April 20, 2005
BRITTON & KOONTZ CAPITAL CORPORATION
(Exact Name of Registrant as Specified in its Charter)
Mississippi 0-22606 64-0665423
(State or Other Jurisdiction (Commission File Number) (IRS Employer
of Incorporation) Identification No.)
500 Main Street, Natchez, Mississippi 39120
(Address of Principal Executive Offices) (Zip Code)
(601) 445-5576
Registrant's Telephone Number, Including Area Code:
Check the appropriate box below if the 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
[ ] Written communication pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communication pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communication pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 2.02 Results of Operations and Financial Condition.
On April 20, 2005, Britton & Koontz Capital Corporation (the "Company")
issued a press release reporting the earnings of the Company for the three
months ended March 31, 2005. A copy of this press release and accompanying
financial highlights are attached as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
(c) Exhibits.
99.1 Press Relase and accompanying financial highlights issued
by Britton & Koontz Capital Corporation dated April 20,
2005.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereto duly authorized.
BRITTON & KOONTZ CAPITAL CORPORATION
April 20, 2005 /s/ W. Page Ogden
----------------------------------
W. Page Ogden
Chairman and Chief Executive Officer
Exhibits Index
Exhibit
Number Item
99.1 Press Release and accompanying financial highlights issued by
Britton & Koontz Capital Corporation dated April 20, 2005.
EXHIBIT 99.1
Britton & Koontz Capital Corporation EXHIBIT 99.1
500 Main Street 601-445-5576
P O Box 1407 601-445-2481 Fax
Natchez, MS 39121 http://www4.bkbank.com
corporate@bkbank.com
FOR IMMEDIATE RELEASE: FOR MORE INFORMATION:
- --------------------- ---------------------
April 20, 2005 W. Page Ogden, President & CEO
(NASDAQ - BKBK) William M. Salters, CFO
BRITTON & KOONTZ CAPITAL REPORTS FIRST QUARTER 2005 EARNINGS
Natchez, Mississippi - The Board of Directors of Britton & Koontz
Capital Corporation (Nasdaq: BKBK, "B&K Capital" or "the Company") today
reported net income and earnings per share for the quarter ended March 31, 2005,
of $891 thousand and $.42 per diluted share compared to $624 thousand and $.29
per diluted share for the period ended March 31, 2004.
Net interest income increased 2% for the first quarter ended 2005,
compared to the first quarter of 2004, while net interest margin dropped
slightly to 3.64% from 3.73%. The compression in margin is due primarily to the
increase in interest rates. The increase in short-term interest rates moved
earning asset yields up 12 basis points to 5.65% in the first quarter of 2005,
compared to 5.53% for the same period in 2004. However, during the same period,
funding costs increased 30 basis points to 2.38% from 2.08%. Average loans
increased 7% during the first quarter of 2005 compared to the same period in
2004. The growth in loans contributed to the increase in net interest income and
helped offset the effects of the rising rate environment.
Non-interest income increased 6% to $606 thousand for the first quarter
of 2005 compared to $571 thousand for the first quarter of 2004. The increase is
primarily attributable to higher income associated with deposit-related
accounts, increased revenues from investment-related activities and gains from
the sales of mortgage loans. Non-interest expense decreased 3.5% to $2.8 million
at March 31, 2005, compared to $2.9 million at March 31, 2004. During this
period, full-time equivalents dropped to 125 from 148, resulting in a 9.4%
decrease in costs associated with employee salaries and benefits. The decrease
in personnel costs were partially offset by higher occupancy, equipment and
audit expenses of approximately $44 thousand.
Britton & Koontz Capital Corporation, headquartered in Natchez,
Mississippi, is the parent company of Britton & Koontz Bank, N.A. which operates
three full service offices in Natchez, two in Vicksburg, Mississippi, and one in
Baton Rouge, Louisiana. The Company also owns Britton & Koontz Title Insurance
Agency, Inc. which was established to issue title insurance presently on
properties in the State of Mississippi. As of March 31, 2005, the Company
reported assets of $387.5 million and equity of $31.0 million. The Company's
stock is traded on NASDAQ under the symbol BKBK and the transfer agent is
American Stock Transfer & Trust Company. Total shares outstanding at March 31,
2005, were 2,116,316.
Forward Looking Statements
This news release contains statements regarding the projected
performance of Britton & Koontz Capital and its subsidiaries. These statements
constitute forward-looking information within the meaning of the Private
Securities Litigation Reform Act. Actual results may differ materially from the
projections provided in this release since such projections involve significant
known and unknown risks and uncertainties. Factors that might cause such
differences include, but are not limited to: competitive pressures among
financial institutions increasing significantly; economic conditions, either
nationally or locally, in areas in which the Company conducts operations being
less favorable than expected; and legislation or regulatory changes which
adversely affect the ability of the combined Company to conduct business
combinations or new operations. The Company disclaims any obligation to update
such factors or to publicly announce the results of any revisions to any of the
forward-looking statements included herein to reflect future events or
developments.
###
Britton and Koontz Capital Corporation
Financial Highlights
(Unaudited-Amounts in thousands, except per share data)
For the Three Months
Ended March 31,
--------------------------------------
2005 2004
--------------------------------------
Interest income $ 5,154 $ 4,835
Interest expense (1,835) (1,577)
--------------- ----------------
Net interest income 3,319 3,258
Provision for loan losses (90) (120)
--------------- ----------------
Net interest income after
provision for loan losses 3,229 3,138
Non-interest income 605 571
Non-interest expense (2,842) (2,946)
--------------- ----------------
Income before income taxes 992 763
Income taxes (101) (139)
--------------- ----------------
Net income $ 891 $ 624
=============== ================
Diluted:
Net income per share $ 0.42 $ 0.29
=============== ================
Weighted average shares outstanding 2,120,750 2,119,730
=============== ================
March 31, December 31, March 31,
2005 2004 2004
--------------- ---------------- -------------
Total assets $ 387,459 $ 377,196 $377,060
Cash and due from banks 7,272 6,577 11,869
Investment securities 137,578 137,148 134,389
Gross loans 230,272 220,999 216,312
Deposits-interest bearing 191,544 186,419 202,360
Deposits-non interest bearing 41,160 36,868 38,113
Total deposits 232,704 223,288 240,473
Short-term borrowed funds 42,577 56,538 35,672
Long-term borrowed funds 73,650 54,923 60,950
Trust preferred securities 5,000 5,000 5,000
Stockholders' equity 31,037 31,152 31,078
Book value (per share) $ 14.67 $ 14.72 $ 14.71
Total shares outstanding 2,116,316 2,116,316 2,113,087