Britton & Koontz Capital Corp. in Natchez, Miss., said in a regulatory filing Wednesday that it was amending its previous financial statements for the three- and six-month periods that ended June 30.
The $382.7 million-asset company said in the filing that its after-tax net income after tax for the second quarter would drop to $229,000, or 11 cents a share. Previously, Britton & Koontz has reported earnings of $393,000, or 18 cents a share. The biggest contributor to the decline was a spike in the loan-loss provision, which will increase 87% from the prior report, to $562,000.
Britton & Koontz said that its allowance for loan losses at June 30 would total $3.6 million, compared to its previously reported $3.3 million. Shareholders' equity is expected to fall to $39.8 million from $$39.9 million.
For the six months that ended June 30, net income will decrease from the previously reported $969,000 to $805,000. The provision at midyear would total $1.3 million, compared to $1.1 million previously.
