B&K reports much-improved quarterly net income

NATCHEZ — The board of directors of Britton & Koontz Capital Corporation report net income and earnings per share for the quarter ended March 31, 2011, of $575,000 and $.27 per diluted share, respectively, compared to $63,000 and $.03 per diluted share, respectively, for the quarter ended March 31, 2010.

During the first quarter of 2011, B&K’s provision for loan losses declined $350,000, from $1.1 million to $750,000, while gains on sales of investment securities increased $219,000 during the same period.

Additionally, earnings in the first quarter of 2010 were impacted by a $306,000 charge incurred after management concluded that the recovery of loan and related late fees previously believed to be recoverable was ultimately uncertain at best.

Finally, net interest income during the first quarter of 2011 decreased $308,000, compared to the same period in 2010.

Source: Britton & Koontz

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