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| 8-K - FORM 8-K - CCFNB BANCORP INC | v327307_8k.htm |
Press Release – For Immediate Release
November 2, 2012
CCFNB Bancorp, Inc. Reports Third Quarter 2012 Earnings
Bloomsburg, PA – CCFNB Bancorp, Inc. (OTC: CCFN), parent company of First Columbia Bank & Trust Co., has released its unaudited financial statements for the third quarter of 2012.
Net income, as reported under U.S. Generally Accepted Accounting Principles, for the nine months ended September 30, 2012 was $5,461,000 compared to $5,078,000 for the same period in 2011. Earnings per share for the nine months ended September 30, 2012 and 2011 were $2.48 and $2.28, respectively. Annualized return on average assets and return on average equity were 1.17% and 9.96% for the nine months ended September 30, 2012 as compared to 1.09% and 9.74% for the same period of 2011.
The net interest margin, tax effected, on interest earning assets was 3.52% as of September 30, 2012 as compared to 3.56% as of September 30, 2011.
Total assets increased $19.4 million to $644.1 million at September 30, 2012 from $624.7 million at December 31, 2011. Since the end of 2011, investment securities decreased $8.8 million while net loans increased 3.2% or $11.0 million. Total deposits increased $7.3 million while short term borrowings increased $14.5 million since the end of 2011.
When compared to December 31, 2011, Stockholders’ equity, excluding accumulated other comprehensive income, has increased $2.8 million to $72.0 million as of September 30, 2012. The current level of stockholders’ equity equated to a book value per share of $33.87 at September 30, 2012 as compared with $32.28 as of December 31, 2011. For the nine months ended September 30, 2012 cash dividends of $0.97 per share were paid to stockholders compared to $0.93 for the comparable period of 2011. CCFNB Bancorp, Inc. remains well capitalized, with an equity-to-assets ratio of 11.6 % as compared to 11.4% at December 31, 2011.
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) | ||||||||
| September 30, | December 31, | |||||||
| (In Thousands) | 2012 | 2011 | ||||||
| ASSETS | ||||||||
| Cash and due from banks | $ | 9,401 | $ | 9,632 | ||||
| Interest-bearing deposits in other banks | 45,098 | 26,699 | ||||||
| Federal funds sold | 1,797 | 1,845 | ||||||
| Total cash and cash equivalents | 56,296 | 38,176 | ||||||
| Investment securities, available for sale, at fair value | 187,226 | 196,345 | ||||||
| Restricted securities, at cost | 3,222 | 2,900 | ||||||
| Loans held for sale | 3,763 | 5,164 | ||||||
| Loans, net of unearned income | 357,017 | 345,674 | ||||||
| Less: Allowance for loan losses | 5,694 | 5,383 | ||||||
| Loans, net | 351,323 | 340,291 | ||||||
| Premises and equipment, net | 12,043 | 11,740 | ||||||
| Accrued interest receivable | 1,778 | 1,328 | ||||||
| Cash surrender value of bank-owned life insurance | 14,852 | 14,413 | ||||||
| Investment in limited partnerships | 1,288 | 1,455 | ||||||
| Intangible Assets: | ||||||||
| Core deposit | 1,312 | 1,639 | ||||||
| Goodwill | 7,937 | 7,937 | ||||||
| Prepaid FDIC assessment | 934 | 1,146 | ||||||
| Other assets | 2,119 | 2,143 | ||||||
| TOTAL ASSETS | $ | 644,093 | $ | 624,677 | ||||
| LIABILITIES | ||||||||
| Interest-bearing deposits | $ | 406,643 | $ | 397,045 | ||||
| Noninterest-bearing deposits | 83,017 | 85,334 | ||||||
| Total deposits | 489,660 | 482,379 | ||||||
| Short-term borrowings | 72,818 | 58,288 | ||||||
| Long-term borrowings | 4,114 | 6,118 | ||||||
| Accrued interest payable | 370 | 497 | ||||||
| Other liabilities | 2,709 | 5,980 | ||||||
| TOTAL LIABILITIES | 569,671 | 553,262 | ||||||
| STOCKHOLDERS' EQUITY | ||||||||
| Common stock, par value $1.25 per share; authorized 15,000,000 shares, issued 2,311,881 shares in 2012; and 2,300,987 shares in 2011 | 2,890 | 2,876 | ||||||
| Surplus | 28,797 | 28,421 | ||||||
| Retained earnings | 43,745 | 40,418 | ||||||
| Accumulated other comprehensive income | 2,469 | 2,260 | ||||||
| Treasury stock, at cost; 114,400 shares in 2012 and 88,900 shares in 2011 | (3,479 | ) | (2,560 | ) | ||||
| TOTAL STOCKHOLDERS' EQUITY | 74,422 | 71,415 | ||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 644,093 | $ | 624,677 | ||||
CCFNB Bancorp, Inc.
Consolidated Statements of Income
(Unaudited)
| For the Three Months Ended | For the Nine Months Ended | |||||||||||||||
| (In Thousands, Except Per Share Data) | September 30, | September 30, | ||||||||||||||
| 2012 | 2011 | 2012 | 2011 | |||||||||||||
| INTEREST AND DIVIDEND INCOME | ||||||||||||||||
| Interest and fees on loans: | ||||||||||||||||
| Taxable | $ | 4,348 | $ | 4,363 | $ | 12,925 | $ | 13,227 | ||||||||
| Tax-exempt | 279 | 288 | 835 | 853 | ||||||||||||
| Interest and dividends on investment securities: | ||||||||||||||||
| Taxable | 825 | 1,220 | 2,849 | 4,038 | ||||||||||||
| Tax-exempt | 178 | 148 | 517 | 413 | ||||||||||||
| Dividend and other interest income | 17 | 13 | 48 | 38 | ||||||||||||
| Federal funds sold | - | - | 1 | 1 | ||||||||||||
| Deposits in other banks | 19 | 22 | 44 | 49 | ||||||||||||
| TOTAL INTEREST AND DIVIDEND INCOME | 5,666 | 6,054 | 17,219 | 18,619 | ||||||||||||
| INTEREST EXPENSE | ||||||||||||||||
| Deposits | 754 | 1,118 | 2,447 | 3,550 | ||||||||||||
| Short-term borrowings | 45 | 75 | 164 | 233 | ||||||||||||
| Long-term borrowings | 31 | 40 | 107 | 119 | ||||||||||||
| Junior subordinate debentures | - | 28 | - | 76 | ||||||||||||
| TOTAL INTEREST EXPENSE | 830 | 1,261 | 2,718 | 3,978 | ||||||||||||
| NET INTEREST INCOME | 4,836 | 4,793 | 14,501 | 14,641 | ||||||||||||
| PROVISION FOR LOAN LOSSES | 305 | 30 | 365 | 440 | ||||||||||||
| NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 4,531 | 4,763 | 14,136 | 14,201 | ||||||||||||
| NON-INTEREST INCOME | ||||||||||||||||
| Service charges and fees | 371 | 419 | 1,110 | 1,272 | ||||||||||||
| Gain on sale of loans | 468 | 188 | 1,208 | 555 | ||||||||||||
| Earnings on bank-owned life insurance | 122 | 103 | 381 | 318 | ||||||||||||
| Brokerage | 106 | 80 | 331 | 208 | ||||||||||||
| Trust | 167 | 148 | 467 | 555 | ||||||||||||
| Investment security (losses) gains | - | - | (17 | ) | 3 | |||||||||||
| Gain on sale of premises and equipment | - | - | - | 489 | ||||||||||||
| Interchange fees | 267 | 232 | 783 | 691 | ||||||||||||
| Other | 277 | 250 | 811 | 746 | ||||||||||||
| TOTAL NON-INTEREST INCOME | 1,778 | 1,420 | 5,074 | 4,837 | ||||||||||||
| NON-INTEREST EXPENSE | ||||||||||||||||
| Salaries | 1,638 | 1,606 | 4,882 | 4,879 | ||||||||||||
| Employee benefits | 406 | 503 | 1,479 | 1,616 | ||||||||||||
| Occupancy | 265 | 248 | 783 | 807 | ||||||||||||
| Furniture and equipment | 274 | 327 | 865 | 955 | ||||||||||||
| State shares tax | 160 | 151 | 485 | 445 | ||||||||||||
| Professional fees | 161 | 160 | 488 | 464 | ||||||||||||
| Director's fees | 65 | 88 | 192 | 221 | ||||||||||||
| FDIC assessments | 80 | 51 | 239 | 305 | ||||||||||||
| Telecommunications | 58 | 60 | 185 | 222 | ||||||||||||
| Amortization of core deposit intangible | 108 | 125 | 326 | 428 | ||||||||||||
| Automated teller machine and interchange | 132 | 173 | 498 | 488 | ||||||||||||
| Other | 625 | 490 | 1,513 | 1,379 | ||||||||||||
| TOTAL NON-INTEREST EXPENSE | 3,972 | 3,982 | 11,935 | 12,209 | ||||||||||||
| INCOME BEFORE INCOME TAX PROVISION | 2,337 | 2,201 | 7,275 | 6,829 | ||||||||||||
| INCOME TAX PROVISION | 573 | 573 | 1,814 | 1,751 | ||||||||||||
| NET INCOME | $ | 1,764 | $ | 1,628 | $ | 5,461 | $ | 5,078 | ||||||||
| EARNINGS PER SHARE | $ | 0.80 | $ | 0.73 | $ | 2.48 | $ | 2.28 | ||||||||
| CASH DIVIDENDS PER SHARE | $ | 0.33 | $ | 0.31 | $ | 0.97 | $ | 0.93 | ||||||||
| WEIGHTED AVERAGE SHARES OUTSTANDING | 2,197,306 | 2,226,139 | 2,202,034 | 2,226,711 | ||||||||||||
| Quarter Ended | ||||||||||||||||||||
| (Dollars in Thousands, Except Per Share Data) | 9/30/2012 | 6/30/2012 | 3/31/2012 | 12/31/2011 | 9/30/2011 | |||||||||||||||
| Operating Highlights | ||||||||||||||||||||
| Net income | $ | 1,764 | $ | 1,879 | $ | 1,818 | $ | 1,698 | $ | 1,628 | ||||||||||
| Net interest income | 4,836 | 4,894 | 4,771 | 4,741 | 4,793 | |||||||||||||||
| Provision for loan losses | 305 | 30 | 30 | 380 | 30 | |||||||||||||||
| Non-interest income | 1,778 | 1,702 | 1,594 | 1,503 | 1,420 | |||||||||||||||
| Non-interest expense | 3,972 | 4,052 | 3,911 | 3,601 | 3,982 | |||||||||||||||
| Financial Condition Data: | ||||||||||||||||||||
| Total assets | $ | 644,093 | $ | 613,819 | $ | 631,223 | $ | 624,677 | $ | 625,789 | ||||||||||
| Loans, net | 351,323 | 348,820 | 338,497 | 340,291 | 339,437 | |||||||||||||||
| Intangibles | 9,249 | 9,358 | 9,467 | 9,576 | 9,701 | |||||||||||||||
| Total deposits | ||||||||||||||||||||
| Noninterest-bearing | $ | 83,017 | $ | 77,963 | $ | 81,828 | $ | 85,334 | $ | 78,549 | ||||||||||
| Savings | 74,492 | 75,296 | 76,120 | 72,865 | 67,062 | |||||||||||||||
| NOW | 74,442 | 78,079 | 79,987 | 74,811 | 75,374 | |||||||||||||||
| Money Market | 50,417 | 47,296 | 46,090 | 44,104 | 44,537 | |||||||||||||||
| Time Deposits | 207,292 | 200,534 | 199,151 | 205,265 | 212,864 | |||||||||||||||
| Total interest-bearing deposits | 406,643 | 401,205 | 401,348 | 397,045 | 399,837 | |||||||||||||||
| Core deposits* | 282,368 | 278,634 | 284,025 | 277,114 | 265,522 | |||||||||||||||
| Selected Ratios | ||||||||||||||||||||
| Net interest margin(YTD) | 3.52 | % | 3.55 | % | 3.47 | % | 3.52 | % | 3.56 | % | ||||||||||
| Annualized return on average assets | 1.17 | % | 1.20 | % | 1.17 | % | 1.09 | % | 1.09 | % | ||||||||||
| Annualized return on average equity | 9.96 | % | 10.19 | % | 10.10 | % | 9.68 | % | 9.74 | % | ||||||||||
| Capital Ratios | ||||||||||||||||||||
| Total risk-based capital ratio | 19.86 | % | 19.63 | % | 18.81 | % | 18.17 | % | 19.59 | % | ||||||||||
| Tier 1 capital ratio | 18.61 | % | 18.37 | % | 17.53 | % | 16.92 | % | 18.33 | % | ||||||||||
| Leverage ratio | 10.15 | % | 10.20 | % | 9.89 | % | 9.61 | % | 10.28 | % | ||||||||||
| Asset Quality Ratios | ||||||||||||||||||||
| Non-performing assets | $ | 4,213 | $ | 4,583 | $ | 5,298 | $ | 5,240 | $ | 3,933 | ||||||||||
| Allowance for loan losses | 5,694 | 5,429 | 5,419 | 5,383 | 5,158 | |||||||||||||||
| Allowance for loan losses to total loans | 1.58 | % | 1.52 | % | 1.56 | % | 1.54 | % | 1.50 | % | ||||||||||
| Allowance for loan losses to non-performing loans | 132.82 | % | 118.47 | % | 104.20 | % | 102.80 | % | 131.13 | % | ||||||||||
| Per Share Data | ||||||||||||||||||||
| Earnings per share | $ | 0.80 | $ | 0.86 | $ | 0.82 | $ | 0.77 | $ | 0.73 | ||||||||||
| Dividend declared per share | 0.33 | 0.33 | 0.31 | 0.31 | 0.31 | |||||||||||||||
| Book value | 33.87 | 33.31 | 32.75 | 32.28 | 31.90 | |||||||||||||||
| Common stock price: | ||||||||||||||||||||
| Bid | $ | 35.70 | $ | 35.05 | $ | 35.40 | $ | 32.00 | $ | 32.60 | ||||||||||
| Ask | 39.00 | 35.40 | 35.65 | 37.50 | 38.00 | |||||||||||||||
| Weighted average common shares | 2,197,306 | 2,201,890 | 2,206,959 | 2,217,760 | 2,226,139 | |||||||||||||||
* Core deposits are defined as total deposits less time deposits