CNBT Bancshares Inc. Announces First Quarter Earnings.Business Editors HOUSTON--(BUSINESS WIRE)--April 18, 2000 CNBT Bancshares Inc. (Nasdaq:CNBT) CNBT achieved new milestones with deposits passing $348 million, total assets passing $417 million, loans exceeding $146 million and net income of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $1.3 million. First quarter earnings for 2000 were $1,271,000. These earnings represent an increase of $53,000 or 4.4% over net income of $1,218,000 in the first quarter of 1999. Earnings per share, basic and fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. , were $0.26 for the first quarter ending 2000 and $0.25 for the first quarter ending 1999. CNBT's total assets and total deposits at March 31, 2000 were $417 million and $348.8 million, representing respective increases of $22.5 million (5.7%) and $8.3 million (2.4%) for the first quarter ended March 31, 2000. Interest income for the quarter increased $893,000 (14.1%) to $7.2 million. This increase was offset by increases of $512,000 in interest expense and $45,000 in the provision for loan losses. Net interest income after provision for loan losses increased $336,000 (10.6%) to $3.5 million. Non-interest expenses increased $253,000 (10.5%) primarily due to increases in salary and employee benefits and occupancy Gaining or having physical possession of real property subject to, or in the absence of, legal right or title. In a fire insurance policy, for example, the term occupancy expenses attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to the opening of additional branch offices. Loans, net increased $32.2 million (28.1%) to $146.9 million at March 31, 2000, compared to $114.7 million at March 31, 1999. The increased loan activity is attributable to overall strong loan demand since the third quarter of 1999. The increased loans have been funded by short and long term borrowings. Average short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. borrowings increased $11.4 million (147.7%) and average long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. borrowings increased $6.0 million (55.7%) from March 1999 to March 2000. At this time, CNBT has opted to borrow Borrow To obtain or receive money on loan with the promise or understanding that it will be repaid. funds from the Federal Home Loan Bank to fund increased loan activity rather than seeking additional deposit accounts paying higher rates. The ratios of non-performing asset to loans and other real estate and to total assets were higher at March 31, 2000 compared to March 31, 1999 due to certain foreclosed real estate carried on the books at December December: see month. 31, 1999, as previously reported. Although this real estate has been sold for an amount substantially equal to the loan amount, because the sale was financed by CNBT with a down payment of less than 10%, the full amount of the non-performing assets remains on the books until 10% of the original principal amount has been paid. CNBT Bancshares Inc. is the holding company of Citizens National Bank of Texas which operates six community-banking facilities that provide retail and commercial banking services primarily to individual customers and small businesses in the Houston Houston, city (1990 pop. 1,630,553), seat of Harris co., SE Tex., a deepwater port on the Houston Ship Channel; inc. 1837. Economy The fourth largest city in the nation and the largest in the entire South and Southwest, Houston is a port of entry; metropolitan area and Fort Bend Fort Bend was a blockhouse built in a large bend of the Brazos River in what is now Fort Bend County, Texas to provide protection against Indian raids. It was erected in November 1822 by several members of Stephen F. Austin's Old Three Hundred, including William W. County.
CNBT Bancshares Inc. and Subsidiaries
Consolidated Balance Sheets
March 31,
-----------------------
2000 1999
------ ------
ASSETS (Unaudited)
Cash and due from banks $13,460 $13,221
Due from banks-interest
bearing overnight deposits 58 5,841
Investment securities
available for sale 125,238 139,768
Investment securities held
to maturity 115,975 113,093
Loans, net of unearned income 146,938 114,693
Less: allowance for
loan losses 1,423 1,200
--------- ---------
Loans, net 145,515 113,493
Other real estate owned 870 159
Property and equipment, net 9,930 6,061
Prepaid expenses and
other assets 4,201 2,906
Deferred Income Taxes 1,766 0
--------- ---------
TOTAL ASSETS $417,013 $394,542
========= =========
LIABILITIES
Deposits:
Noninterest-bearing $76,941 $70,331
Interest-bearing 271,870 270,190
--------- ---------
Total Deposits 348,811 340,521
Short-term borrowings 26,500 0
Long-term borrowings 8,000 18,000
Accrued expenses and other
liabilities 2,332 3,531
--------- ---------
TOTAL LIABILITIES 385,643 362,052
STOCKHOLDERS' EQUITY
Common stock 5,086 5,069
Surplus 21,934 21,905
Retained earnings 9,051 6,009
Net unrealized gain (loss)
on available for sale
securities (3,103) 1,095
--------- ---------
32,968 34,078
Less: treasury stock (1,598) (1,588)
--------- ---------
TOTAL STOCKHOLDERS' EQUITY 31,370 32,490
--------- ---------
TOTAL LIABILITIES &
STOCKHOLDERS' EQUITY $417,013 $394,542
========= =========
CNBT Bancshares Inc. and Subsidiaries
Consolidated Statements of Income
Three Months Ended
March 31,
------------------
2000 1999
------ ------
(Unaudited)
INTEREST INCOME
Interest and fees on loans $3,405 $2,724
Interest and dividends
on investments 3,806 3,594
------ ------
TOTAL INTEREST INCOME 7,211 6,318
INTEREST EXPENSE
Interest on deposits 3,024 2,773
Interest on borrowings 499 238
------ ------
TOTAL INTEREST EXPENSE 3,523 3,011
------ ------
NET INTEREST INCOME 3,688 3,307
Provision for loan losses 195 150
------ ------
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES 3,493 3,157
------ ------
OTHER INCOME
Service fees 608 565
Net realized gains
on securities 0 19
Other operating income 98 81
------ ------
TOTAL NON-INTEREST INCOME 706 665
OTHER EXPENSES
Salaries and Employee Benefits 1,502 1,321
General and administrative 354 341
Data processing 225 220
FDIC assessments 35 9
Occupancy expenses, net 201 148
Equipment maintenance 159 152
Postage and printing fees 86 92
Professional fees 102 128
------ ------
TOTAL OTHER EXPENSES 2,664 2,411
------ ------
INCOME BEFORE FEDERAL
INCOME TAXES 1,535 1,411
Income tax expense 264 193
------ ------
NET INCOME $1,271 $1,218
====== ======
PER COMMON SHARE DATA:
Earnings per share:
Basic $0.26 $0.25
Diluted $0.26 $0.25
Cash dividends declared $0.10 $0.30
CNBT Bancshares Inc. and Subsidiaries
Financial Highlights
Three Months Ended
March 31,
---------------------------------
2000 % Change 1999
------ ---------- ------
(Unaudited)
SUMMARY OF OPERATING RESULTS:
Net Interest Income $3,688 11.52% $3,307
Provision for credit losses 195 30.00% 150
Noninterest income 706 6.17% 665
Noninterest expense 2,664 10.49% 2,411
Income tax expense 264 36.79% 193
Net Income 1,271 4.35% 1,218
PER COMMON SHARE DATA:
Net Income:
Basic $0.26 4.00% $0.25
Diluted $0.26 4.00% $0.25
Average number of
shares outstanding:
Basic 4,925 0.31% 4,910
Diluted 4,964 -0.04% 4,966
Tangible book value,
at period end $6.37 -3.78% $6.62
Cash dividends declared $0.10 -66.67% $0.30
PERIOD END DATA:
Assets $417,013 5.70% $394,542
Loans, net of earned
income 146,938 28.11% 114,693
Investment securities 241,213 -4.61% 252,861
Deposits 348,811 2.43% 340,521
Stockholders' equity 31,370 -3.45% 32,490
PERFORMANCE RATIOS:
Return on average assets 1.24% -2.36% 1.27%
Return on average
stockholders' equity 16.94% 15.71% 14.64%
Net interest margin 3.78% 2.72% 3.68%
ASSET QUALITY:
Allowance for loan
losses to total loans 0.97% -7.62% 1.05%
Nonperforming assets
to loans and other
real estate 0.89% 71.15% 0.52%
Nonperforming assets
to total assets 0.32% 113.33% 0.15%
Net charge-offs to
average loans 0.07% -41.67% 0.12%
AVERAGE BALANCES:
Loans $142,222 24.69% $114,062
Securities 248,238 1.17% 245,365
Federal funds and
other earning assets 111 -70.63% 378
Total earning assets 390,571 8.55% 359,805
Total Assets 411,544 7.44% 383,051
Interest-bearing deposits 270,129 3.34% 261,393
Short-term borrowings 19,152 147.73% 7,731
Long-term borrowings 16,681 55.74% 10,711
Stockholders' equity 30,016 -9.81% 33,281
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