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8-K - FORM 8-K - CCFNB BANCORP INCw82442e8vk.htm
Exhibit 99.1
Press Release — For Immediate Release
April 19, 2011
CCFNB Bancorp, Inc. Reports First Quarter 2011 Earnings
Bloomsburg, PA — CCFNB Bancorp, Inc. (OTC: CCFN), parent company of First Columbia Bank & Trust Co., has released its unaudited financial statements for the first quarter of 2011.
Net income, as reported under U.S. Generally Accepted Accounting Principles, for the three months ended March 31, 2011 was $1,610,000 compared to $1,540,000 for the same period in 2010. Earnings per share for the three months ended March 31, 2011 and 2010 were $.72 and $.69, respectively. Annualized return on average assets and return on average equity were 1.04% and 9.44% for the three months ended March 31, 2011 as compared to 1.02% and 9.30% for the same period of 2010. The return on average assets and return on average equity were 1.03% and 9.35% for the year ended December 31, 2010.
The net interest margin, tax effected, on interest earning assets was 3.68% as of March 31, 2011 as compared to 3.80% as of March 31, 2010.
Total assets increased $5.8 million to $620.1 million at March 31, 2011 from $614.3 million at December 31, 2010. Since the end of 2010, net loans increased $2.9 million, an increase of 0.8%. Total deposits increased $8.7 million while short term borrowings decreased $3.7 million since the end of 2010.
When compared to December 31, 2010, Stockholders’ equity, excluding accumulated other comprehensive income, has increased $1.0 million to $66.7 million as of March 31, 2011. The current level of stockholders’ equity equated to a book value per share of $30.74 at March 31, 2011 as compared with $30.48 as of December 31, 2010. During the three months ended March 31, 2011 cash dividends of $0.31 per share were paid to stockholders compared to $0.29 for the comparable period of 2010. The current dividend represents an increase of 6.9% as compared to 2010 amounts. CCFNB Bancorp, Inc. remains well capitalized, with an equity-to assets ratio of 11.1% as compared to 11.0% as of December 31, 2010.
Note: This press release may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Actual results and trends could differ materially from those set forth in such statements due to various factors. These factors include operating, legal and regulatory risks; changing economic and competitive conditions and other risks and uncertainties.

 


 

CCFNB Bancorp, Inc.
Consolidated Balance Sheets
                 
    (Unaudited)          
    March 31,     December 31,  
(In Thousands)   2011     2010  
ASSETS
               
Cash and due from banks
  $ 6,696     $ 7,263  
Interest-bearing deposits in other banks
    24,783       18,683  
Federal funds sold
    1,472       1,649  
 
           
Total cash and cash equivalents
    32,951       27,595  
 
Investment securities, available for sale, at fair value
    204,238       207,173  
Restricted securities, at cost
    2,863       3,012  
Loans, net of unearned income
    343,381       340,453  
Less: Allowance for loan losses
    4,858       4,801  
 
           
Loans, net
    338,523       335,652  
Premises and equipment, net
    12,043       11,992  
Accrued interest receivable
    1,691       1,632  
Cash surrender value of bank-owned life insurance
    12,075       11,942  
Investment in limited partnerships
    1,568       1,607  
Intangible Assets:
               
Core deposit
    2,065       2,192  
Goodwill
    7,937       7,937  
Prepaid FDIC assessment
    1,352       1,490  
Other assets
    2,800       2,075  
 
           
TOTAL ASSETS
  $ 620,106     $ 614,299  
 
           
 
LIABILITIES
               
Interest-bearing deposits
  $ 416,893     $ 410,915  
Noninterest-bearing deposits
    65,574       62,877  
 
           
Total deposits
    482,467       473,792  
 
Short-term borrowings
    55,060       58,759  
Long-term borrowings
    6,122       6,123  
Junior subordinate debentures
    4,640       4,640  
Accrued interest payable
    592       652  
Other liabilities
    2,682       2,479  
 
           
TOTAL LIABILITIES
    551,563       546,445  
 
           
 
STOCKHOLDERS’ EQUITY
               
Common stock, par value $1.25 per share; authorized 5,000,000 shares; issued 2,290,791 shares in 2011 and 2,286,931 shares in 2010
    2,864       2,859  
Surplus
    28,076       27,964  
Retained earnings
    37,317       36,397  
Accumulated other comprehensive income
    1,873       2,221  
Treasury stock, at cost; 61,000 shares in 2011 and 2010
    (1,587 )     (1,587 )
 
           
TOTAL STOCKHOLDERS’ EQUITY
    68,543       67,854  
 
           
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
  $ 620,106     $ 614,299  
 
           

 


 

CCFNB Bancorp, Inc.
Consolidated Statements of Income
(Unaudited)
                 
(In Thousands, Except Per Share Data)   For the Three Months Ended March 31,  
    2011     2010  
INTEREST AND DIVIDEND INCOME
               
Interest and fees on loans:
               
Taxable
  $ 4,448     $ 4,677  
Tax-exempt
    280       212  
Interest and dividends on investment securities:
               
Taxable
    1,457       1,861  
Tax-exempt
    126       105  
Dividend and other interest income
    11       10  
Federal funds sold
    1       1  
Deposits in other banks
    9       2  
 
           
TOTAL INTEREST AND DIVIDEND INCOME
    6,332       6,868  
 
           
 
INTEREST EXPENSE
               
Deposits
    1,224       1,537  
Short-term borrowings
    84       106  
Long-term borrowings
    39       125  
Junior subordinate debentures
    24       23  
 
           
TOTAL INTEREST EXPENSE
    1,371       1,791  
 
           
 
NET INTEREST INCOME
    4,961       5,077  
 
PROVISION FOR LOAN LOSSES
    80       310  
 
           
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
    4,881       4,767  
 
           
 
NON-INTEREST INCOME
               
Service charges and fees
    414       426  
Gain on sale of loans
    161       130  
Earnings on bank-owned life insurance
    108       116  
Brokerage
    60       89  
Trust
    216       171  
Interchange fees
    219       195  
Other
    250       171  
 
           
TOTAL NON-INTEREST INCOME
    1,428       1,298  
 
           
 
NON-INTEREST EXPENSE
               
Salaries
    1,657       1,576  
Employee benefits
    585       471  
Occupancy
    298       293  
Furniture and equipment
    301       311  
State shares tax
    143       133  
Professional fees
    153       145  
Director’s fees
    68       67  
FDIC assessments
    149       147  
Telecommunications
    83       96  
Amortization of core deposit intangible
    127       151  
Automated teller machine and interchange
    151       130  
Other
    429       455  
 
           
TOTAL NON-INTEREST EXPENSE
    4,144       3,975  
 
           
 
INCOME BEFORE INCOME TAX PROVISION
    2,165       2,090  
INCOME TAX PROVISION
    555       550  
 
           
NET INCOME
  $ 1,610     $ 1,540  
 
           
 
EARNINGS PER SHARE
  $ 0.72     $ 0.69  
 
           
CASH DIVIDENDS PER SHARE
  $ 0.31     $ 0.29  
 
           
WEIGHTED AVERAGE SHARES OUTSTANDING
    2,226,195       2,243,439  
 
           

 


 

                                         
    Quarter Ended  
(Dollars in Thousands, Except Per Share Data)   3/31/2011     12/31/2010     9/30/2010     6/30/2010     3/31/2010  
Operating Highlights
                                       
Net income
  $ 1,610     $ 1,417     $ 1,686     $ 1,661     $ 1,540  
Net interest income
    4,961       4,966       4,987       5,063       5,077  
Provision for loan losses
    80       685       400       160       310  
Non-interest income
    1,428       1,649       1,783       1,393       1,298  
Non-interest expense
    4,144       3,923       4,127       4,006       3,975  
 
Financial Condition Data:
                                       
Total assets
  $ 620,106     $ 614,299     $ 615,788     $ 611,553     $ 606,084  
Loans, net
    338,523       335,652       335,733       340,629       332,958  
Intangibles
    10,002       10,129       10,263       10,403       10,554  
Total deposits
                                       
Noninterest-bearing
  $ 65,574     $ 62,877     $ 62,133     $ 58,200     $ 55,863  
Savings
    67,983       65,549       64,601       65,169       60,982  
NOW
    69,902       70,953       68,265       67,858       71,137  
Money Market
    48,816       42,130       41,654       43,242       43,925  
Time Deposits
    230,192       232,283       234,270       237,500       236,349  
Total interest-bearing deposits
    416,893       410,915       408,790       413,769       412,393  
Core deposits*
    252,275       241,509       236,653       234,469       231,907  
 
Selected Ratios
                                       
Net interest margin (YTD)
    3.68 %     3.68 %     3.72 %     3.77 %     3.80 %
Annualized return on average assets
    1.04 %     0.93 %     1.11 %     1.10 %     1.02 %
Annualized return on average equity
    9.44 %     8.41 %     10.06 %     9.97 %     9.30 %
 
Capital Ratios
                                       
Total risk-based capital ratio
    18.68 %     18.49 %     18.16 %     17.79 %     17.33 %
Tier 1 capital ratio
    17.43 %     17.24 %     16.91 %     16.59 %     16.20 %
Leverage ratio
    10.13 %     10.00 %     9.90 %     9.76 %     9.63 %
 
Asset Quality Ratios
                                       
Non-performing assets
  $ 3,435     $ 4,148     $ 4,104     $ 4,032     $ 4,374  
Allowance for loan losses
    4,859       4,801       4,574       4,175       3,987  
Allowance for loan losses to total loans
    1.42 %     1.41 %     1.34 %     1.21 %     1.18 %
Allowance for loan losses to non-performing loans
    141.43 %     115.75 %     111.45 %     103.51 %     98.56 %
 
Per Share Data
                                       
Earnings per share
  $ 0.72     $ 0.63     $ 0.76     $ 0.74     $ 0.69  
Dividend declared per share
    0.31       0.30       0.30       0.29       0.29  
Book value
    30.74       30.48       30.42       30.07       29.51  
Common stock price:
                                       
Bid
  $ 30.75     $ 28.00     $ 26.30     $ 26.25     $ 26.55  
Ask
    34.00       31.00       29.50       27.25       28.00  
Weighted average common shares
    2,226,195       2,223,709       2,228,836       2,233,227       2,243,439  

*   Core deposits are defined as total deposits less time deposits