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| 8-K - CONSUMERS BANCORP INC /OH/ | v209375_8k.htm |
Exhibit
99.1
Consumers
Bancorp, Inc. Reports:
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·
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Net
Income of $574 thousand for the second fiscal quarter of 2011 and $1.2
million for the six month period ended December 31,
2010
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·
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Earnings
per share for the six months ended December 31, 2010 increased by 13.5%
over the same period last year
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·
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Total
assets increased $13.7 million, or an annualized 10.3%, during the six
months ended December 31, 2010
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Minerva,
Ohio— January 28, 2011 (OTCBB: CBKM) Consumers Bancorp, Inc. (Consumers) today
reported second fiscal quarter 2011 earnings per share of $0.28 compared to
$0.31 for the previous quarter ended September 30, 2010 and compared to $0.25
for the same period ended December 31, 2009. Net income for the second fiscal
quarter of 2011 was $574 thousand, a decrease of $59 thousand, or 9.3%, from the
previous quarter ended September 30, 2010 and an increase of $73 thousand, or
14.6%, from the same period last year.
For the
six months ended December 31, 2010, net income was $1.2 million compared to $1.1
million for the same period last year. Fiscal year-to-date net income
per share increased by 13.5% to $0.59 compared to $0.52 for the same period last
year. Return on average assets and return on average equity for the six months
ended December 31, 2010 were 0.88% and 9.85%, respectively, compared to 0.84%
and 9.42%, respectively, for the same period last year.
Net
interest income for the second fiscal quarter of 2011 increased by $181
thousand, with interest income increasing by $19 thousand and interest expense
decreasing by $162 thousand, from the same period last year. The net interest
margin was 4.20% for the quarter ended December 31, 2010 compared to 4.31% for
the previous quarter ended September 30, 2010 and 4.23% for the same year ago
period. The Corporation’s yield on average interest-earning assets declined to
4.97% for the three months ended December 31, 2010 from 5.32% for the same
period last year. The Corporation’s cost of funds decreased to 1.02% for the
three months ended December 31, 2010 from 1.45% for the same period last
year.
Other
income, excluding net securities gains and an additional impairment loss on a
Trust Preferred security, was $579 thousand for the second fiscal quarter of
2011 compared with $618 thousand for the quarter ended December 31, 2009. Other
expenses increased $123 thousand, or 5.5%, for the second fiscal quarter of 2011
from the same period last year.
Ralph J.
Lober, President and Chief Executive Officer, stated, “quarter and year-to-date
results reflect market share increases achieved over the last few years. We have
successfully absorbed the costs of additional regulatory directives and we
believe that recent investments in business development activities and in our
facilities will help the Bank offset income opportunities lost to these
regulatory policies. We continue to attract new personal, small business and
agricultural customers. Cautious growth has provided consistent
results.”
Assets at
December 31, 2010 totaled $277.1 million, an increase of $13.7 million from June
30, 2010. From June 30, 2010, total securities increased by $10.3
million, loans increased $2.4 million and deposits increased $13.2
million.
Non-performing
assets were $2.2 million at December 31, 2010, compared with $2.4 million at
June 30, 2010 and $2.8 million at December 31, 2009.
The
allowance for loan losses as a percent of total loans at December 31, 2010 was
1.28% and 1.30% at December 31, 2009. “As the economic recovery progresses at a
slow pace, we continue to closely monitor our loan and investment portfolio and
believe that, based on recent information, the allowance for loan losses is
sufficient to meet probable incurred losses,” commented Lober.
Consumers
provides a complete range of banking and other investment services to businesses
and clients through its CNB offices in Minerva, Salem, Waynesburg, Hanoverton,
Carrollton, Alliance, Lisbon, Louisville, East Canton, and Malvern, Ohio.
Information about Consumers National Bank can be accessed on the internet at
http://www.consumersbank.com.
The
information contained in this press release contains “forward-looking
statements” within the meaning of the Private Securities Litigation Reform Act
of 1995. These forward-looking statements may involve risks and uncertainties
that are difficult to predict, may be beyond Consumers’ control and could cause
actual results to differ materially from those described in such statements.
Although Consumers believes that the expectations reflected in such
forward-looking statements are reasonable, Consumers can give no assurance that
such expectations will prove to be correct. The forward-looking statements
included in this discussion speak only as of the date they are made, and, except
as required by law, Consumers undertakes no obligation to update these
forward-looking statements to reflect subsequent events or circumstances.
Important factors that could cause actual results to differ materially from
those suggested by these forward-looking statements and that could adversely
affect Consumers’ performance include, but are not limited to: regional and
national economic conditions, including employment and real estate markets,
becoming less favorable than expected resulting in, among other things, a
deterioration in credit quality of assets, changes in levels of market interest
rates which could reduce anticipated or actual margins, the nature, extent and
timing of governmental actions and reforms, credit risks of lending activities,
competitive pressures on product pricing and services and changes in
technology.
Contact:
Ralph J. Lober, President and Chief Executive Officer 1-330-868-7701 extension
1135.
Consumers
Bancorp, Inc.
Consolidated
Financial Highlights
(Dollars in thousands, except per share data)
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Three
Month Period Ended
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Six
Month Period Ended
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Consolidated
Statements of Income
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Dec.
31,
2010
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Dec.
31,
2009
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Dec.
31,
2010
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Dec.
31,
2009
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||||||||||||
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Total
interest income
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$ | 3,185 | $ | 3,166 | $ | 6,425 | $ | 6,336 | ||||||||
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Total
interest expense
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509 | 671 | 1,056 | 1,414 | ||||||||||||
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Net
interest income
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2,676 | 2,495 | 5,369 | 4,922 | ||||||||||||
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Provision
for loan losses
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142 | 141 | 244 | 343 | ||||||||||||
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Other
income
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582 | 540 | 1,188 | 1,290 | ||||||||||||
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Other
expenses
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2,378 | 2,255 | 4,742 | 4,492 | ||||||||||||
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Income
before income taxes
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738 | 639 | 1,571 | 1,377 | ||||||||||||
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Income
tax expense
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164 | 138 | 364 | 311 | ||||||||||||
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Net
income
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$ | 574 | $ | 501 | $ | 1,207 | $ | 1,066 | ||||||||
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Basic
earnings per share
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$ | 0.28 | $ | 0.25 | $ | 0.59 | $ | 0.52 | ||||||||
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Consolidated
Statements of Financial Condition
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Dec.
31,
2010
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Dec.
31,
2009
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Assets
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Cash
and cash equivalents
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$ | 11,882 | $ | 12,329 | ||||||||||||
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Certificates
of deposit in other financial institutions
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3,185 | 1,423 | ||||||||||||||
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Securities,
available-for-sale
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74,599 | 63,124 | ||||||||||||||
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Federal
bank and other restricted stocks, at cost
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1,186 | 1,186 | ||||||||||||||
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Total
loans
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176,678 | 166,783 | ||||||||||||||
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Less:
allowance for loan losses
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2,266 | 2,169 | ||||||||||||||
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Net
loans
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174,412 | 164,614 | ||||||||||||||
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Other
assets
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11,816 | 11,499 | ||||||||||||||
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Total
assets
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$ | 277,080 | $ | 254,175 | ||||||||||||
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Liabilities
and Shareholders’ Equity
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Deposits
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$ | 229,499 | $ | 208,921 | ||||||||||||
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Other
interest-bearing liabilities
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21,849 | 20,791 | ||||||||||||||
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Other
liabilities
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1,954 | 1,881 | ||||||||||||||
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Total
liabilities
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253,302 | 231,593 | ||||||||||||||
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Shareholders’
equity
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23,778 | 22,582 | ||||||||||||||
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Total
liabilities and shareholders’ equity
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$ | 277,080 | $ | 254,175 | ||||||||||||
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At
or For the Six Month Period Ended
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Performance
Ratios:
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Dec.
31,
2010
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Dec.
31,
2009
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Return
on Average Assets (Annualized)
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0.88 | % | 0.84 | % | ||||||||||||
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Return
on Average Equity (Annualized)
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9.85 | 9.42 | ||||||||||||||
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Average
Equity to Average Assets
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8.91 | 8.87 | ||||||||||||||
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Net
Interest Margin (Fully Tax Equivalent)
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4.27 | 4.20 | ||||||||||||||
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Market
Data:
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Book
Value to Common Share
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$ | 11.64 | $ | 11.05 | ||||||||||||
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Fiscal
YTD Dividends Paid per Common Share
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0.20 | 0.20 | ||||||||||||||
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Period
End Common Shares
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2,043,556 | 2,032,714 | ||||||||||||||
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Asset
Quality:
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Net
Charge-offs to Total Loans (Annualized)
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0.29 | % | 0.20 | % | ||||||||||||
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Non-performing
Assets to Total Assets
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0.79 | 1.11 | ||||||||||||||
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ALLL
to Total Loans
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1.28 | 1.30 | ||||||||||||||