B&K earnings drop
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Britton & Koontz Capital Corp. reported third-quarter net income of $325,000, or 15 cents per share, reported compared to $943,000, or 45 cents per share, a year earlier.
Although net interest income increased by $176,000 for the quarter to $3.7 million, earnings fell because the bank increased its loan-loss provision by $800,000 to $920,000 and had to pay a higher Federal Deposit Insurance Corp. assessment. The loan-loss provision expense was roughly 24 cents per share. The FDIC assessment reduced earnings per share by 3 cents.
Non-performing assets, which includes non-accrual loans, loans delinquent 90 days or more, and other real estate, increased to $8.3 million, or 2.04 percent of total assets at Sept. 30, compared to $3.6 million, or 0.94 percent of total assets, a year earlier.
The bank reported earnings after the markets closed Monday.
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