FVNB Corp. First Quarter 2001 Dividend and Earnings Announcement

Apr 26, 2001, 01:00 ET from FVNB Corp.

    VICTORIA, Texas, April 26 /PRNewswire/ -- The Board of Directors of
 FVNB Corp. (Nasdaq:   FVNB) has declared a regular cash dividend of $.35 per
 share payable on May 18, 2001 to shareholders of record as of May 4, 2001.
     In addition, the Company announced that consolidated net income for the
 three months ended March 31, 2001 was approximately $2.22 million, or $.94 per
 share.  This compares to consolidated net income of approximately
 $2.06 million, or $.87 per share, for the same period in 2000.  The growth in
 net income of approximately $.16 million from 2000 to 2001 represents an
 increase of approximately 7.91%.  The Company's return on average assets of
 1.23% and return on average equity of 13.08% for the three months ended
 March 31, 2001 compare to 1.28% and 13.74%, respectively, for the same period
 in 2000.
     As of March 31, 2001 and December 31, 2000, the Company reported total
 consolidated assets of approximately $750 million and $709 million,
 respectively.  Consolidated deposits of the Company were approximately
 $616 million and $588 million as of March 31, 2001 and December 31, 2000,
 respectively.
 
      Noted Financial Data
 
      --  Net interest income of the Company on a taxable equivalent basis was
         approximately $6,911,000 for the first three months of 2001 compared
         to $6,397,000 for the same period in 2000.  This increase of
         approximately $514,000, or 8.04%, is due primarily to an overall
         increase in the volume of earning assets as well as a continued shift
         in the mix of earning assets from investment securities into higher
         yielding loans.  In addition, the Company experienced higher rates on
         interest-bearing liabilities during the first three months of 2001
         resulting in higher interest costs.  These increased interest costs
         were more than offset by the favorable impact of increased yields on
         earning assets.
 
      --  Non-interest income of the Company was approximately $2,763,000 for
         the first three months of 2001 compared to $2,433,000 for the same
         period in 2000.  This represents an increase of approximately
         $330,000, or 13.56%.  Significant components of the Company's
         non-interest income include trust service fees, services charges and
         fees on deposit accounts, and income from leasing activities.
         Non-interest income increased in 2001 due primarily to growth in
         commission fee income as well as an increase in the volume of
         insufficient funds charges recorded by the Company.  In addition, the
         Company recorded an increase in trust service fees related primarily
         to growth in the volume of accounts services by the Trust and
         Investment Management department of First Victoria National Bank.
         First Victoria National Bank is a wholly owned subsidiary bank of the
         Company.
 
      --  The Company reported non-interest expense of approximately
         $6,160,000 for the first three months of 2001 compared to
         $5,554,000 for the same period in 2000.  This represents an increase
         of approximately $606,000, or 10.91%.  Significant components of
         non-interest expense include salaries and employee benefits, net
         occupancy and furniture and equipment expense, professional fees,
         data processing expense and amortization of goodwill and intangibles.
         The Company experienced an increase in non-interest expense during
         2001 due primarily to expenses associated with the operation of
         Mid-Coast Savings Bank which was acquired by First Victoria National
         Bank in the second quarter of 2000 including administrative expenses
         as well as amortization of goodwill and intangibles.
 
     FVNB Corp. is a financial holding company whose principal operating
 subsidiaries are First Victoria National Bank, with locations in Victoria,
 Port Lavaca, Taft, Edna, and Ganado, Texas; Citizens Bank of Texas N.A., with
 locations in New Waverly, Huntsville, and The Woodlands, Texas; and Citizens
 Insurance Agency of Texas, Inc.  As of March 31, 2001, total consolidated
 assets of the Company were approximately $750 million and consolidated equity
 capital was approximately $70 million.
 
     ["Safe Harbor" Statement under the Private Securities Litigation Reform
 Act of 1995: The statements contained in this release which are not historical
 facts contain forward looking information with respect to plans, projections,
 or future performance of the Company, the occurrence of which involve certain
 risks and uncertainties detailed in the Company's filings with the Securities
 Exchange Commission.]
 
                       [Subsidiary Banks, Members FDIC.]
 
      For Further    David M. Gaddis
      Information:   President & CEO
                     FVNB Corp.
                     361-572-6500
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X15257223
 
 

SOURCE FVNB Corp.
    VICTORIA, Texas, April 26 /PRNewswire/ -- The Board of Directors of
 FVNB Corp. (Nasdaq:   FVNB) has declared a regular cash dividend of $.35 per
 share payable on May 18, 2001 to shareholders of record as of May 4, 2001.
     In addition, the Company announced that consolidated net income for the
 three months ended March 31, 2001 was approximately $2.22 million, or $.94 per
 share.  This compares to consolidated net income of approximately
 $2.06 million, or $.87 per share, for the same period in 2000.  The growth in
 net income of approximately $.16 million from 2000 to 2001 represents an
 increase of approximately 7.91%.  The Company's return on average assets of
 1.23% and return on average equity of 13.08% for the three months ended
 March 31, 2001 compare to 1.28% and 13.74%, respectively, for the same period
 in 2000.
     As of March 31, 2001 and December 31, 2000, the Company reported total
 consolidated assets of approximately $750 million and $709 million,
 respectively.  Consolidated deposits of the Company were approximately
 $616 million and $588 million as of March 31, 2001 and December 31, 2000,
 respectively.
 
      Noted Financial Data
 
      --  Net interest income of the Company on a taxable equivalent basis was
         approximately $6,911,000 for the first three months of 2001 compared
         to $6,397,000 for the same period in 2000.  This increase of
         approximately $514,000, or 8.04%, is due primarily to an overall
         increase in the volume of earning assets as well as a continued shift
         in the mix of earning assets from investment securities into higher
         yielding loans.  In addition, the Company experienced higher rates on
         interest-bearing liabilities during the first three months of 2001
         resulting in higher interest costs.  These increased interest costs
         were more than offset by the favorable impact of increased yields on
         earning assets.
 
      --  Non-interest income of the Company was approximately $2,763,000 for
         the first three months of 2001 compared to $2,433,000 for the same
         period in 2000.  This represents an increase of approximately
         $330,000, or 13.56%.  Significant components of the Company's
         non-interest income include trust service fees, services charges and
         fees on deposit accounts, and income from leasing activities.
         Non-interest income increased in 2001 due primarily to growth in
         commission fee income as well as an increase in the volume of
         insufficient funds charges recorded by the Company.  In addition, the
         Company recorded an increase in trust service fees related primarily
         to growth in the volume of accounts services by the Trust and
         Investment Management department of First Victoria National Bank.
         First Victoria National Bank is a wholly owned subsidiary bank of the
         Company.
 
      --  The Company reported non-interest expense of approximately
         $6,160,000 for the first three months of 2001 compared to
         $5,554,000 for the same period in 2000.  This represents an increase
         of approximately $606,000, or 10.91%.  Significant components of
         non-interest expense include salaries and employee benefits, net
         occupancy and furniture and equipment expense, professional fees,
         data processing expense and amortization of goodwill and intangibles.
         The Company experienced an increase in non-interest expense during
         2001 due primarily to expenses associated with the operation of
         Mid-Coast Savings Bank which was acquired by First Victoria National
         Bank in the second quarter of 2000 including administrative expenses
         as well as amortization of goodwill and intangibles.
 
     FVNB Corp. is a financial holding company whose principal operating
 subsidiaries are First Victoria National Bank, with locations in Victoria,
 Port Lavaca, Taft, Edna, and Ganado, Texas; Citizens Bank of Texas N.A., with
 locations in New Waverly, Huntsville, and The Woodlands, Texas; and Citizens
 Insurance Agency of Texas, Inc.  As of March 31, 2001, total consolidated
 assets of the Company were approximately $750 million and consolidated equity
 capital was approximately $70 million.
 
     ["Safe Harbor" Statement under the Private Securities Litigation Reform
 Act of 1995: The statements contained in this release which are not historical
 facts contain forward looking information with respect to plans, projections,
 or future performance of the Company, the occurrence of which involve certain
 risks and uncertainties detailed in the Company's filings with the Securities
 Exchange Commission.]
 
                       [Subsidiary Banks, Members FDIC.]
 
      For Further    David M. Gaddis
      Information:   President & CEO
                     FVNB Corp.
                     361-572-6500
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X15257223
 
 SOURCE  FVNB Corp.

RELATED LINKS

http://www.fvnb.com