CNBT Bancshares Inc. Announces Third Quarter Earnings.HOUSTON--(BUSINESS WIRE)--Oct. 13, 1999-- CNBT Bancshares Inc. (Nasdaq:CNBT) ended the third quarter, September 30, 1999, with deposits of $344.7 million, total assets of $407.4 million, loans exceeding $129 million, and year to date net income of $3.7 million. Third quarter earnings for 1999 were $1,214,000. These earnings represent an increase of $44,000 or 3.7% over net income of $1,170,000 in the third quarter of 1998. Excluding gains on the sale of securities realized in 1998, 1999 earnings increased 24.9% over the third quarter of 1998. Net income totaled $3.7 million for the first nine months of 1999, an increase of 13% or $419,000 over 1998 nine month net income of $3.2 million. Excluding gains on the sale of securities, earnings for the first nine months increased 21.5% from 1998 to 1999. Earnings per share, basic and fully diluted, were $0.25 and $0.24, respectively, for the third quarter of 1999 as compared to $0.23, for the same period in 1998. Earnings per share, basic and fully diluted, for the nine months ended September 30, 1999 were $0.74 and $0.73, respectively, as compared to $0.64 and $0.63, respectively, for the nine months ended September 30, 1998. Citizens' total assets and total deposits at September 30, 1999 were $407.4 million and $344.7 million, representing respective increases of $44.9 million (12.4%) and $36.9 million (12%) for the nine months ended September 30, 1998. Ralph Williams, president and chief executive officer, commented, "During the third quarter we achieved a new milestone as our total assets exceed $400 million and net income and earnings were again at record levels. We continue to move forward on our stated expansion plans. Our Westheimer branch has been approved with an anticipated completion date of June 2000. We have recently received approval for our eighth office which will be in the Katy area at the corner of Kingsland Boulevard and the Grand Parkway and is expected to be in operation in 2001. Our customer base has remained strong and we are excited about the continued growth prospects for southwest and west Houston and Fort Bend County where our customer base is strongest." 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 metropolitan area and Fort Bend County.
CNBT Bancshares Inc
Consolidated Balance Sheet
September 30,
---------------
1999 1998
------ ------
ASSETS (Unaudited)
Cash and due from banks $13,379 $12,453
Due from banks - interest
bearing overnight deposits 156 189
Investment securities
available for sale 129,034 127,538
Investment securities held
to maturity 123,358 105,779
Loans, net of unearned income 129,564 108,750
Less: allowance for credit losses 1,292 1,104
--------- ---------
Loans, net 128,272 107,646
Other real estate owned -- --
Property and equipment, net 8,622 5,927
Prepaid expenses and other assets 3,142 3,009
Deferred Income Taxes Receivable 1,414 --
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TOTAL ASSETS $407,377 $362,541
========= =========
LIABILITIES
Deposits:
Noninterest-bearing $72,193 $66,904
Interest-bearing 272,498 240,914
--------- ---------
Total Deposits 344,691 307,818
Short-term borrowings 12,000 7,750
Long-term borrowings 18,000 10,000
Accrued expenses and other liabilities 2,305 3,023
--------- ---------
TOTAL LIABILITIES 376,996 328,591
STOCKHOLDERS EQUITY
Common stock 5,071 5,065
Treasury Stock (1,588) --
Surplus 21,908 21,899
Retained earnings 7,463 5,506
Net unrealized gain of available
for sale securities (2,473) 1,480
--------- ---------
TOTAL STOCKHOLDERS EQUITY 30,381 33,950
TOTAL LIABILITIES &
STOCKHOLDERS' EQUITY $407,377 $362,541
========= =========
CNBT Bancshares Inc
Consolidated Statements of Income
Nine Months Ended Three Months Ended
September 30, September 30,
----------------- ------------------
1999 1998 1999 1998
------ ------ ------ ------
(Unaudited) (Unaudited)
INTEREST INCOME
Interest and fees on loans $8,509 $8,045 $2,986 $2,769
Interest and dividends
on investments 11,151 9,447 3,824 3,457
------- ------- ------- -------
TOTAL INTEREST INCOME 19,660 17,492 6,810 6,226
INTEREST EXPENSE
Interest on deposits 8,445 7,681 2,859 2,772
Interest on borrowings 846 423 338 205
------- ------- ------- -------
TOTAL INTEREST EXPENSE 9,291 8,104 3,197 2,977
------- ------- ------- -------
NET INTEREST INCOME 10,369 9,388 3,613 3,249
Provision for credit losses 450 432 150 100
------- ------- ------- -------
NET INTEREST INCOME AFTER
PROVISION FOR CREDIT LOSSES 9,919 8,956 3,463 3,149
OTHER INCOME
Service fees 1,770 1,487 617 507
Net realized gains
on securities 26 248 -- 198
Other operating income 252 496 77 100
------- ------- ------- -------
TOTAL NON-INTEREST INCOME 2,048 2,231 694 805
OTHER EXPENSES
Salaries and Employee Benefits 4,051 3,535 1,396 1,235
General and administrative 1,010 1,062 352 376
Data processing 714 680 256 229
FDIC assessments 28 24 10 9
Occupancy expenses, net 462 432 156 157
Equipment maintenance 440 422 148 140
Postage and printing fees 308 342 88 117
Professional fees 420 377 150 114
------- ------- ------- -------
TOTAL OTHER EXPENSES 7,433 6,874 2,556 2,377
------- ------- ------- -------
INCOME BEFORE FEDERAL
INCOME TAXES 4,534 4,313 1,601 1,577
Income tax expense 880 1,078 387 407
------- ------- ------- -------
NET INCOME $3,654 $3,235 $1,214 $1,170
======= ======= ======= =======
PER COMMON SHARE DATA (a):
Earnings per share:
Basic $0.74 $0.64 $0.25 $0.23
Diluted $0.73 $0.63 $0.24 $0.23
Cash dividends declared $0.50 $0.27 $0.10 $0.09
Financial Highlights
Nine Months Ended Three Months Ended
Sept. 30, Sept. 30,
------------------------ ------------------------
1999 % Change 1998 1999 % Change 1998
------ -------- ------- ------ --------- -------
(Unaudited) (Unaudited)
SUMMARY OF OPERATING
RESULTS:
Net Interest
Income $10,369 10.45% $9,388 $3,613 11.20% $3,249
Provision for
credit losses 450 4.17% 432 150 50.00% 100
Noninterest income 2,048 -8.20% 2,231 694 -13.79% 805
Noninterest expense 7,433 8.13% 6,874 2,556 7.53% 2,377
Income tax expense 880 -18.37% 1,078 387 -4.91% 407
Net Income 3,654 12.95% 3,235 1,214 3.76% 1,170
PER COMMON SHARE DATA:
Net Income:
Basic $0.74 15.63% $0.64 $0.25 8.70% $0.23
Diluted $0.73 15.87% $0.63 $0.24 4.35% $0.23
Average number of shares
outstanding:
Basic 4,911 -2.91% 5,058 4,911 -3.06% 5,066
Diluted 4,974 -3.34% 5,146 4,975 -3.15% 5,137
Tangible book value,
at period end $6.18 -4.19% $6.45
Cash dividends
declared $0.50 85.19% $0.27 $0.10 11.11% $0.09
PERIOD END DATA:
Assets $407,377 12.37% $362,541
Loans, net of
earned income 129,564 19.14% 108,750
Investment
securities 252,392 8.18% 233,317
Deposits 344,691 11.98% 307,818
Stockholders'
equity 30,381 -10.51% 33,950
PERFORMANCE RATIOS:
Return on average
assets 1.24% -5.18% 1.31% 1.22% -7.97% 1.33%
Return on average
stockholders'
equity 15.31% 14.63% 13.35% 16.36% 14.89% 14.24%
Net interest margin 3.73% -8.09% 4.06% 3.81% -3.03% 3.92%
ASSET QUALITY:
Allowance for loan
losses to total
loans 1.00% -1.96% 1.02%
Nonperforming assets to
loans and other real
estate 0.39% -23.53% 0.51%
Nonperforming assets
to total assets 0.13% -13.33% 0.15%
Net charge-offs to
average loans 0.29% -6.45% 0.31% 0.18% 100.00% 0.09%
AVERAGE BALANCES:
Loans $118,668 10.78% $107,116 $124,650 14.73% 108,647
Securities 250,662 25.70% 199,408 254,936 14.86% 221,953
Federal funds and other
earning assets 871 -43.15% 1,532 204 -65.42% 590
Total earning
assets 370,201 20.17% 308,056 379,790 14.67% 331,190
Total Assets 391,454 19.12% 328,618 397,744 12.75% 352,776
Interest-bearing
deposits 266,066 19.34% 222,949 269,710 13.66% 237,301
Short-term
borrowings 5,764 84.80% 3,119 7,406 61.74% 4,579
Long-term
borrowings 15,618 118.98% 7,132 18,000 80.00% 10,000
Stockholders'
equity 31,827 -1.46% 32,300 29,682 -9.69% 32,866
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