CCFNB BANCORP INC - FORM 8-K - EX-99.1

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8-K - CCFNB BANCORP INC	v300917_8k.htm

Press Release – For Immediate Release

January 31, 2012

CCFNB Bancorp, Inc. Reports Fourth 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 fourth quarter of 2011.

Net income, as reported under U.S. Generally Accepted Accounting Principles, for the year ended December 31, 2011 was $6,776,000 compared to $6,304,000 for the same period in 2010. Earnings per share for the year ended December 31, 2011 and 2010 were $3.05 and $2.82, respectively. Annualized return on average assets and return on average equity were 1.09% and 9.68% for the year ended December 31, 2011 as compared to 1.03% and 9.35% for the same period of 2010.

The net interest margin, tax effected, on interest earning assets was 3.52% as of December 31, 2011 as compared to 3.68% as of December 31, 2010.

Total assets increased $10.4 million to $624.7 million at December 31, 2011 from $614.3 million at December 31, 2010. The overall net increase in total assets was affected by the completed sale of the Hazleton branch office on June 24, 2011 pursuant to a previously announced Purchase and Assumption Agreement dated March 25, 2011. Premises and equipment with a book value of $779 thousand and deposits amounting to $17.7 million were sold as part of the branch office sale. Since the end of 2010, net loans increased $6.6 million, an increase of 2.0%. No loans were sold as a result of the Hazleton branch office transaction. Without the affect of the Hazleton branch office sale, total deposits increased $8.6 million while short term borrowings decreased $471 thousand since the end of 2010. The junior subordinate debentures decreased $4.6 million as a result of the redemption completed on December 15, 2011.

When compared to December 31, 2010, Stockholders’ equity, excluding accumulated other comprehensive income, has increased $3.5 million to $71.4 million as of December 31, 2011. The current level of stockholders’ equity equated to a book value per share of $32.17 at December 31, 2011 as compared with $30.48 as of December 31, 2010. During the year ended December 31, 2011 cash dividends of $1.24 per share were paid to stockholders compared to $1.18 for the same period of 2010. The current dividend represents an increase of 5.1 % as compared to 2010 amounts. CCFNB Bancorp, Inc. remains well capitalized, with an equity-to assets ratio of 11.4 % 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
(In Thousands)	December 31,
	2011			2010

ASSETS
Cash and due from banks	$	9,632		$	7,263
Interest-bearing deposits in other banks		26,699			18,683
Federal funds sold		1,845			1,649
Total cash and cash equivalents		38,176			27,595
Investment securities, available for sale, at fair value		196,345			207,173
Restricted securities, at cost		2,900			3,012
Loans held for sale		5,164			2,005
Loans, net of unearned income		345,674			338,448
Less: Allowance for loan losses		5,383			4,801
Loans, net		340,291			333,647
Premises and equipment, net		11,740			11,992
Accrued interest receivable		1,328			1,632
Cash surrender value of bank-owned life insurance		14,413			11,942
Investment in limited partnerships		1,455			1,607
Intangible Assets:
Core deposit		1,639			2,192
Goodwill		7,937			7,937
Prepaid FDIC assessment		1,146			1,490
Other assets		2,143			2,075
TOTAL ASSETS	$	624,677		$	614,299

LIABILITIES
Interest-bearing deposits	$	397,045		$	410,915
Noninterest-bearing deposits		85,334			62,877
Total deposits		482,379			473,792
Short-term borrowings		58,288			58,759
Long-term borrowings		6,118			6,123
Junior subordinate debentures		—			4,640
Accrued interest payable		497			652
Other liabilities		5,980			2,479
TOTAL LIABILITIES		553,262			546,445

STOCKHOLDERS' EQUITY
Common stock, par value $1.25 per share; authorized
15,000,000 shares, issued 2,300,987 shares in 2011;
authorized 5,000,000 shares, issued 2,286,931 shares in 2010		2,876			2,859
Surplus		28,421			27,964
Retained earnings		40,418			36,397
Accumulated other comprehensive income		2,260			2,221
Treasury stock, at cost; 88,900 shares in 2010 and 61,000 shares
in 2010		(2,560	)		(1,587	)
TOTAL STOCKHOLDERS' EQUITY		71,415			67,854
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	624,677		$	614,299

CCFNB Bancorp, Inc.
Consolidated Statements of Income
(Unaudited)

	For the Three Months Ended						For the Twelve Months Ended
(In Thousands, Except Per Share Data)	December 31,						December 31,
	2011			2010			2011			2010
INTEREST AND DIVIDEND INCOME
Interest and fees on loans:
Taxable	$	4,327		$	4,581		$	17,554		$	18,662
Tax-exempt		288			269			1,141			963
Interest and dividends on investment securities:
Taxable		1,083			1,526			5,121			6,668
Tax-exempt		158			95			571			397
Dividend and other interest income		14			11			52			42
Federal funds sold		—			1			1			2
Deposits in other banks		19			15			68			42
TOTAL INTEREST AND DIVIDEND INCOME		5,889			6,498			24,508			26,776

INTEREST EXPENSE
Deposits		1,008			1,352			4,558			5,809
Short-term borrowings		83			117			316			427
Long-term borrowings		40			39			159			349
Junior subordinate debentures		17			24			93			98
TOTAL INTEREST EXPENSE		1,148			1,532			5,126			6,683

NET INTEREST INCOME		4,741			4,966			19,382			20,093

PROVISION FOR LOAN LOSSES		380			685			820			1,555
NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES		4,361			4,281			18,562			18,538

NON-INTEREST INCOME
Service charges and fees		388			450			1,660			1,778
Gain on sale of loans		316			355			871			1,113
Earnings on bank-owned life insurance		96			119			414			444
Brokerage		76			79			284			325
Trust		216			156			771			663
Investment security losses		(106	)		(42	)		(103	)		(42	)
Gain on sale of premises and equipment		—			—			489			47
Interchange fees		258			226			949			850
Other		259			306			1,005			945
TOTAL NON-INTEREST INCOME		1,503			1,649			6,340			6,123

NON-INTEREST EXPENSE
Salaries		1,629			1,656			6,508			6,447
Employee benefits		90			387			1,706			1,811
Occupancy		238			278			1,045			1,114
Furniture and equipment		316			328			1,271			1,330
State shares tax		151			143			596			561
Professional fees		154			128			618			595
Director's fees		42			71			263			274
FDIC assessments		79			150			384			610
Telecommunications		62			110			284			385
Amortization of core deposit intangible		126			134			554			576
Automated teller machine and interchange		172			148			660			560
Other		542			390			1,921			1,768
TOTAL NON-INTEREST EXPENSE		3,601			3,923			15,810			16,031

INCOME BEFORE INCOME TAX PROVISION		2,263			2,007			9,092			8,630
INCOME TAX PROVISION		565			590			2,316			2,326
NET INCOME	$	1,698		$	1,417		$	6,776		$	6,304

EARNINGS PER SHARE	$	0.77		$	0.63		$	3.05		$	2.82
CASH DIVIDENDS PER SHARE	$	0.31		$	0.30		$	1.24		$	1.18
WEIGHTED AVERAGE SHARES OUTSTANDING		2,217,760			2,223,709			2,224,455			2,232,239

	Quarter Ended

(Dollars in Thousands, Except Per Share Data)	12/31/2011			9/30/2011			6/30/2011			3/31/2011			12/31/2010

Operating Highlights

Net income	$	1,698		$	1,628		$	1,840		$	1,610		$	1,417
Net interest income		4,741			4,793			4,887			4,961			4,966
Provision for loan losses		380			30			330			80			685
Non-interest income		1,503			1,420			1,989			1,428			1,649
Non-interest expense		3,601			3,982			4,083			4,144			3,923

Financial Condition Data:

Total assets	$	624,677		$	625,789		$	599,546		$	620,106		$	614,299
Loans, net		340,291			339,437			340,748			338,523			335,652
Intangibles		9,576			9,701			9,826			10,002			10,129
Total deposits
Noninterest-bearing	$	85,334		$	78,549		$	65,028		$	65,574		$	62,877
Savings		72,865			67,062			67,976			67,983			65,549
NOW		74,811			75,374			72,212			69,902			70,953
Money Market		44,104			44,537			44,458			48,816			42,130
Time Deposits		205,265			212,864			214,731			230,192			232,283
Total interest-bearing deposits		397,045			399,837			399,377			416,893			410,915
Core deposits*		277,114			265,522			249,674			252,275			241,509

Selected Ratios

Net interest margin(YTD)		3.52	%		3.56	%		3.58	%		3.68	%		3.68	%
Annualized return on average assets		1.09	%		1.09	%		1.11	%		1.04	%		0.93	%
Annualized return on average equity		9.68	%		9.74	%		10.02	%		9.44	%		8.41	%

Capital Ratios

Total risk-based capital ratio		18.17	%		19.59	%		19.25	%		18.68	%		18.49	%
Tier 1 capital ratio		16.92	%		18.33	%		18.01	%		17.43	%		17.24	%
Leverage ratio		9.61	%		10.28	%		10.17	%		10.13	%		10.00	%

Asset Quality Ratios

Non-performing assets	$	5,240		$	3,933		$	3,510		$	3,435		$	4,148
Allowance for loan losses		5,383			5,158			5,211			4,859			4,801
Allowance for loan losses to total loans		1.56	%		1.50	%		1.51	%		1.42	%		1.41	%
Allowance for loan losses to
non-performing loans		102.80	%		131.13	%		148.45	%		141.43	%		115.75	%

Per Share Data

Earnings per share	$	0.77		$	0.73		$	0.83		$	0.72		$	0.63
Dividend declared per share		0.31			0.31			0.31			0.31			0.30
Book value		32.17			31.90			31.59			30.74			30.48
Common stock price:
Bid	$	32.00		$	32.60		$	34.00		$	30.75		$	28.00
Ask		37.50			38.00			36.55			34.00			31.00
Weighted average common shares		2,217,760			2,226,139			2,227,801			2,226,195			2,223,709

* Core deposits are defined as total deposits less time deposits

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