Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - CNB CORP /MI/ | k50784e8vk.htm |
Exhibit 99
Consolidated Balance Sheets
(UNAUDITED)
in thousands of dollars
| September 30, | ||||||||
| 2011 | 2010 | |||||||
ASSETS |
||||||||
Cash and due from banks |
$ | 10,101 | $ | 3,041 | ||||
Interest-bearing deposits with other financial institutions |
20,802 | 0 | ||||||
Federal funds sold |
0 | 40,833 | ||||||
Total cash and cash equivalents |
30,903 | 43,874 | ||||||
Time deposits with other financial institutions |
11,511 | 8,756 | ||||||
Securities available for sale |
69,324 | 46,588 | ||||||
Securities held to maturity (market value |
5,959 | 7,391 | ||||||
Other securities |
997 | 1,008 | ||||||
Total investment securities |
76,280 | 54,987 | ||||||
Loans |
124,950 | 136,502 | ||||||
Less allowance for loan losses |
(3,433 | ) | (1,148 | ) | ||||
Loans, Net |
121,517 | 135,354 | ||||||
Premises and equipment, net |
5,280 | 5,603 | ||||||
Other assets |
14,357 | 12,218 | ||||||
Total assets |
$ | 259,848 | $ | 260,792 | ||||
LIABILITIES |
||||||||
Deposits |
||||||||
Noninterest-bearing demand |
$ | 51,150 | $ | 42,900 | ||||
Interest-bearing deposits |
184,556 | 192,372 | ||||||
Total deposits |
235,706 | 235,272 | ||||||
Other liabilities |
4,465 | 4,283 | ||||||
Total liabilities |
240,171 | 239,555 | ||||||
SHAREHOLDERS’ EQUITY |
||||||||
Common Stock |
3,030 | 3,030 | ||||||
Surplus |
19,498 | 19,498 | ||||||
Retained Earnings and Accumulated other
Comprehensive Income/(Loss) |
(2,851 | ) | (1,291 | ) | ||||
Total shareholders’ equity |
19,677 | 21,237 | ||||||
Total liabilities and shareholders’ equity |
$ | 259,848 | $ | 260,792 | ||||
Consolidated Statement of Income
(Unaudited)
in thousands of dollars
Nine months ended September 30,
| 2011 | 2010 | 2009 | ||||||||||
INTEREST INCOME |
||||||||||||
Interest and fees on loans |
$ | 5,864 | $ | 6,567 | $ | 7,669 | ||||||
Interest on securities: |
||||||||||||
Taxable |
784 | 708 | 1,038 | |||||||||
Tax exempt |
356 | 398 | 391 | |||||||||
Other interest income |
160 | 179 | 178 | |||||||||
Total interest income |
7,164 | 7,852 | 9,276 | |||||||||
INTEREST EXPENSE ON DEPOSITS |
1,148 | 1,640 | 2,789 | |||||||||
NET INTEREST INCOME |
6,016 | 6,212 | 6,487 | |||||||||
Provision for loan losses |
2,445 | 525 | 1,725 | |||||||||
NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES |
3,571 | 5,687 | 4,762 | |||||||||
NONINTEREST INCOME |
||||||||||||
Service charges and fees |
775 | 798 | 837 | |||||||||
Net realized gains from sale of loans |
130 | 200 | 352 | |||||||||
Loan servicing fees, net of amortization |
65 | 39 | (32 | ) | ||||||||
Gain on life insurance proceeds |
0 | 189 | 0 | |||||||||
Gain on the sale of investment securities |
0 | 5 | 620 | |||||||||
Other income |
389 | 289 | 267 | |||||||||
Total noninterest income |
1,359 | 1,520 | 2,044 | |||||||||
NONINTEREST EXPENSES |
||||||||||||
Salaries and benefits |
2,977 | 2,975 | 3,110 | |||||||||
Occupancy |
749 | 743 | 805 | |||||||||
FDIC insurance premiums |
316 | 404 | 499 | |||||||||
Expenses relating to ORE property |
1,664 | 656 | 368 | |||||||||
Other expenses |
1,562 | 1,474 | 1,509 | |||||||||
Total noninterest expenses |
7,268 | 6,252 | 6,291 | |||||||||
INCOME BEFORE INCOME TAXES |
(2,338 | ) | 955 | 515 | ||||||||
Income tax expense |
(949 | ) | 96 | (233 | ) | |||||||
NET INCOME |
($1,389 | ) | $ | 859 | $ | 748 | ||||||
BASIC NET INCOME PER SHARE |
($1.15 | ) | $ | 0.71 | $ | 0.62 | ||||||
Return on Average Assets |
-0.55 | % | 0.46 | % | 0.38 | % | ||||||
Return on Average Equity |
-6.62 | % | 5.49 | % | 5.39 | % | ||||||