Britton & Koontz says it earned $1.9 million in 2010, or 90 cents per share, up from the $1.6 million, or 76 cents per share, it earned in 2009. The Mississippi-based community bank posted the increase because of lower provisions for loan losses. In 2009 the bank set aside $3.4 million to cover bad loans; in 2010 that amount was $1.7 million. Because of lower interest rates, Britton & Koontz says its net interest income dropped in 2010, from $14.5 million in 2009 to $13.1 million. Non-interest income rose, from $2.8 million in 2009 to nearly $4.3 million. Britton & Koontz says that’s because of higher mortgage-related income and the sale of real estate.
Britton Koontz earnings up
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