CNBT Bancshares Inc. Announces Second Quarter Earnings.BELLAIRE Bellaire is the name of several places in the United States of America:
CNBT Bancshares Inc. (Nasdaq:CNBT) ended the second quarter, June June: see month. 30, 1999, with deposits of $340 million, total assets of $391 million, loans exceeding $120 million, and year to date net income of $2.4 million. Second quarter earnings for 1999 were $1,222,000. These earnings represent an increase of $167,000 or 15.8% over net income of $1,055,000 in the second quarter of 1998. Net income totaled $2.4 million for the first six months of 1999, an increase of 18.2% or $375,000 over 1998 six month net income of $2.1 million. 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 $0.25 and $0.24, respectively, for the second quarter of 1999 as compared to $0.21 and $0.20, respectively, for the same period in 1998. Earnings per share, basic and fully diluted, for the six months ended June 30, 1999 were $0.50 and $0.49, respectively, as compared to $0.41 and $0.40, respectively, for the six months ended June 30, 1998. Citizens' total assets and total deposits at June 30, 1999 were $391.2 million and $340.1 million, representing respective increases of $44.6 million (12.9%) and $41.5 million (13.9%) for the six months ended June 30, 1998. 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
Consolidated Balance Sheet
June 30,
------------------------------
1999 1998
------------------------------
ASSETS (Unaudited)
Cash and due from banks $ 11,108 $ 12,355
Due from banks-interest bearing
overnight deposits 684 56
Investment securities available for
sale 130,206 109,131
Investment securities held to
maturity 118,980 107,247
Loans, net of unearned income 120,408 109,276
Less: allowance for credit losses 1,263 1,137
--------- ---------
Loans, net 119,145 108,139
Other real estate owned -- --
Property and equipment, net 6,543 5,862
Prepaid expenses and other assets 3,861 3,823
Deferred Income Taxes Receivable 681 --
--------- ---------
TOTAL ASSETS $ 391,208 $ 346,613
========= =========
LIABILITIES
Deposits:
Noninterest-bearing $ 73,927 $ 66,214
Interest-bearing 266,221 232,421
--------- ---------
Total Deposits 340,148 298,635
Short-term borrowings -- 3,000
Long-term borrowings 18,000 10,000
Accrued expenses and other
liabilities 1,963 2,329
--------- ---------
TOTAL LIABILITIES 360,111 313,964
STOCKHOLDERS EQUITY
Common stock 5,069 10,285
Treasury Stock (1,588) --
Surplus 21,905 16,679
Retained earnings 6,740 4,791
Net unrealized gain of available
for sale securities (1,029) 894
--------- ---------
TOTAL STOCKHOLDERS EQUITY 31,097 32,649
TOTAL LIABILITIES & STOCKHOLDERS'
EQUITY $ 391,208 $ 346,613
========= =========
CNBT Bancshares Inc
Consolidated Statements of Income
Six Months Ended Three Months Ended
June 30, June 30,
1999 1998 1999 1998
-------- -------- -------- --------
(Unaudited) (Unaudited)
INTEREST INCOME
Interest and fees
on loans $5,523 $5,276 $2,799 $2,670
Interest and dividends
on investments 7,327 5,990 3,733 3,165
-------- -------- -------- --------
TOTAL INTEREST INCOME 12,850 11,266 6,532 5,835
INTEREST EXPENSE
Interest on deposits 5,586 4,910 2,813 2,533
Interest on borrowings 508 217 270 190
-------- -------- -------- --------
TOTAL INTEREST EXPENSE 6,094 5,127 3,083 2,723
-------- -------- -------- --------
NET INTEREST INCOME 6,756 6,139 3,449 3,112
Provision for credit losses 300 332 150 167
-------- -------- -------- --------
NET INTEREST INCOME AFTER
PROVISION FOR CREDIT LOSSES 6,456 5,807 3,299 2,945
OTHER INCOME
Service fees 1,153 980 588 491
Net realized gains on
securities 26 50 7 (1)
Other operating income 175 396 94 316
-------- -------- -------- --------
TOTAL NON-INTEREST INCOME 1,354 1,426 689 806
OTHER EXPENSES
Salaries and Employee Benefits 2,655 2,300 1,334 1,200
General and administrative 658 686 317 356
Data processing 458 451 238 225
FDIC assessments 18 15 9 7
Occupancy expenses, net 306 275 158 141
Equipment maintenance 292 282 140 154
Postage and printing fees 220 225 128 125
Professional fees 270 263 142 142
-------- -------- -------- --------
TOTAL OTHER EXPENSES 4,877 4,497 2,466 2,350
-------- -------- -------- --------
INCOME BEFORE FEDERAL
INCOME TAXES 2,933 2,736 1,522 1,401
Income tax expense 493 671 300 346
-------- -------- -------- --------
NET INCOME $2,440 $2,065 $1,222 $1,055
======== ======== ======== ========
PER COMMON SHARE DATA (a):
Earnings per share:
Basic $0.50 $0.41 $0.25 $0.21
Diluted $0.49 $0.40 $0.24 $0.20
Cash dividends declared $0.40 $0.18 $0.10 $0.09
Financial Highlights
Six Months Ended Three Months Ended
June 30, June 30,
---------------------- ----------------------
1999 % Change 1998 1999 % Change 1998
------ ---------- ------ ------ ---------- ------
(Unaudited) (Unaudited)
SUMMARY OF
OPERATING RESULTS:
Net Interest
Income $6,756 10.05% $6,139 $3,449 10.83% $3,112
Provision for
credit
losses 300 -9.64% 332 150 -10.18% 167
Noninterest
income 1,354 -5.05% 1,426 689 -14.52% 806
Noninterest
expense 4,877 8.45% 4,497 2,466 4.94% 2,350
Income tax
expense 493 -26.53% 671 300 -13.29% 346
Net Income 2,440 18.16% 2,065 1,222 15.83% 1,055
PER COMMON
SHARE DATA:
Net Income:
Basic $0.50 21.95% $0.41 $0.25 19.05% $0.21
Diluted $0.49 22.50% $0.40 $0.24 20.00% $0.20
Average number
of shares
outstanding:
Basic 4,911 -2.83% 5,054 4,911 -2.98% 5,062
Diluted 4,974 -3.44% 5,151 4,981 -3.38% 5,155
Tangible book
value, at
period end $6.33 -1.86% $6.45
Cash
dividends
declared $0.40 122.22% $0.18 $0.10 11.11% $0.09
PERIOD END DATA:
Assets $391,208 12.87% $346,613
Loans, net of
earned
income 120,408 10.19% 109,276
Investment
securities 249,186 15.16% 216,378
Deposits 340,148 13.90% 298,635
Stockholders'
equity 31,097 -4.75% 32,649
PERFORMANCE
RATIOS:
Return on
average
assets 1.26% -3.73% 1.31% 1.24% -2.72% 1.28%
Return on
average
stockholders'
equity 14.82% 14.87% 12.90% 15.00% 14.16% 13.14%
Net interest
margin 3.70% -10.74% 4.14% 3.72% -6.87% 4.00%
ASSET QUALITY:
Allowance for
loan losses
to total
loans 1.05% 0.96% 1.04%
Nonperforming
assets to
loans and
other real
estate 0.41% -14.58% 0.48%
Nonperforming
assets to
total assets 0.13% -13.33% 0.15%
Net
charge-offs
to average
loans 0.19% 0.00% 0.19% 0.37% 825.00% 0.04%
AVERAGE BALANCES:
Loans $115,628 8.74% $106,338 $117,177 8.76% 107,735
Securities 248,490 32.21% 187,950 251,579 23.71% 203,355
Federal funds
and other
earning
assets 1,210 -39.83% 2,011 2,032 334.19% 468
Total earning
assets 365,328 23.30% 296,299 370,788 19.01% 311,558
Total Assets 388,275 22.74% 316,339 393,452 19.07% 330,442
Interest-
bearing
deposits 264,214 22.52% 215,653 267,004 20.81% 221,007
Short-term
borrowings 4,985 99.24% 2,502 2,223 -44.05% 3,973
Long-term
borrowings 14,352 158.64% 5,549 18,000 80.00% 10,000
Stockholders'
equity 32,928 2.86% 32,012 32,585 1.46% 32,116
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