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8-K - FORM 8-K - CCFNB BANCORP INC | w82442e8vk.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
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)
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 | ||||||
Directors 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 |