CCFNB BANCORP INC - FORM 8-K - EX-99.1 - EXHIBIT 99.1 - October 25, 2011

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Press Release – For Immediate Release
October 25, 2011
CCFNB Bancorp, Inc. Reports Third 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 third quarter of 2011.

Net income, as reported under U.S. Generally Accepted Accounting Principles, for the nine months ended September 30, 2011 was $5,078,000 compared to $4,887,000 for the same period in 2010.  Earnings per share for the nine months ended September 30, 2011 and 2010 were $2.28 and $2.19, respectively.  Annualized return on average assets and return on average equity were 1.09% and 9.74% for the nine months ended September 30, 2011 as compared to 1.11% and 10.06% 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 3.56% as of September 30, 2011 as compared to 3.72% as of September 30, 2010.

Total assets increased $11.5 million to $625.8 million at September 30, 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 $3.8 million, an increase of 1.1%.  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 $22.3 million while short term borrowings increased $4.4 million since the end of 2010.

When compared to December 31, 2010, Stockholders’ equity, excluding accumulated other comprehensive income, has increased $2.8 million to $68.5 million as of September 30, 2011. The current level of stockholders’ equity equated to a book value per share of $31.90 at September 30, 2011 as compared with $30.48 as of December 31, 2010.  During the nine months ended September 30, 2011 cash dividends of $0.93 per share were paid to stockholders compared to $0.88 for the same period of 2010. The current dividend represents an increase of 5.7 % as compared to 2010 amounts.  CCFNB Bancorp, Inc. remains well capitalized, with an equity-to assets ratio of 11.3 % 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)
        
   
September 30,
    
December 31,
  
(In Thousands)
  
2011
    
2010
  
ASSETS
            
Cash and due from banks
   $ 12,082     $ 7,263  
Interest-bearing deposits in other banks
     32,120       18,683  
Federal funds sold
     369       1,649  
   Total cash and cash equivalents
     44,571       27,595  
                 
Investment securities, available for sale, at fair value
     199,280       207,173  
Restricted securities, at cost
     2,769       3,012  
Loans, net of unearned income
     344,595       340,453  
Less: Allowance for loan losses
     5,158       4,801  
   Loans, net
     339,437       335,652  
Premises and equipment, net
     11,179       11,992  
Accrued interest receivable
     1,493       1,632  
Cash surrender value of bank-owned life insurance
     12,317       11,942  
Investment in limited partnerships
     1,493       1,607  
Intangible Assets:
                
      Core deposit
     1,764       2,192  
      Goodwill
     7,937       7,937  
Prepaid FDIC assessment
     1,216       1,490  
Other assets
     2,333       2,075  
TOTAL ASSETS
   $ 625,789     $ 614,299  
LIABILITIES
                
Interest-bearing deposits
   $ 399,837     $ 410,915  
Noninterest-bearing deposits
     78,549       62,877  
   Total deposits
     478,386       473,792  
                 
Short-term borrowings
     63,198       58,759  
Long-term borrowings
     6,119       6,123  
Junior subordinate debentures
     4,640       4,640  
Accrued interest payable
     550       652  
Other liabilities
     2,003       2,479  
TOTAL LIABILITIES
     554,896       546,445  
                 
STOCKHOLDERS' EQUITY
                
Common stock, par value $1.25 per share; authorized
                
   15,000,000 shares, issued 2,297,765 shares in 2011;
                
   authorized 5,000,000 shares, issued 2,286,931 shares in 2010
     2,872       2,859  
Surplus
     28,312       27,964  
Retained earnings
     39,406       36,397  
Accumulated other comprehensive income
     2,395       2,221  
Treasury stock, at cost; 75,400 shares in 2011 and 61,000
                
  shares in 2010
     (2,092 )     (1,587 )
TOTAL STOCKHOLDERS' EQUITY
     70,893       67,854  
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
   $ 625,789     $ 614,299  
 
 
 
 
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,
  
   
2011
    
2010
    
2011
    
2010
  
INTEREST AND DIVIDEND INCOME
                        
Interest and fees on loans:
                        
   Taxable
   $ 4,363     $ 4,648     $ 13,227     $ 14,081  
   Tax-exempt
     288       251       853       694  
Interest and dividends on investment securities:
                                
   Taxable
     1,220       1,604       4,038       5,142  
   Tax-exempt
     148       97       413       302  
   Dividend and other interest income
     13       10       38       31  
Federal funds sold
     -       -       1       1  
Deposits in other banks
     22       14       49       27  
TOTAL INTEREST AND DIVIDEND INCOME
     6,054       6,624       18,619       20,278  
                                 
INTEREST EXPENSE
                                
Deposits
     1,118       1,421       3,550       4,457  
Short-term borrowings
     75       105       233       310  
Long-term borrowings
     40       84       119       310  
Junior subordinate debentures
     28       27       76       74  
TOTAL INTEREST EXPENSE
     1,261       1,637       3,978       5,151  
                                 
NET INTEREST INCOME
     4,793       4,987       14,641       15,127  
                                 
PROVISION FOR LOAN LOSSES
     30       400       440       870  
NET INTEREST INCOME AFTER PROVISION
                                
  FOR LOAN LOSSES
     4,763       4,587       14,201       14,257  
                                 
NON-INTEREST INCOME
                                
Service charges and fees
     419       455       1,272       1,328  
Gain on sale of loans
     188       454       555       758  
Earnings on bank-owned life insurance
     103       102       318       325  
Brokerage
     80       84       208       246  
Trust
     148       168       555       507  
Investment security gains
     -       -       3       -  
Gain on sale of premises and equipment
     -       -       489       -  
Interchange fees
     232       216       691       624  
Other
     250       304       746       686  
TOTAL NON-INTEREST INCOME
     1,420       1,783       4,837       4,474  
                                 
NON-INTEREST EXPENSE
                                
Salaries
     1,606       1,627       4,879       4,791  
Employee benefits
     503       526       1,616       1,424  
Occupancy
     248       267       807       836  
Furniture and equipment
     327       356       955       1,002  
State shares tax
     151       142       445       418  
Professional fees
     160       173       464       467  
Director's fees
     88       71       221       203  
FDIC assessments
     51       163       305       460  
Telecommunications
     60       98       222       275  
Amortization of core deposit intangible
     125       140       428       442  
Automated teller machine and interchange
     173       144       488       412  
Other
     490       420       1,379       1,378  
TOTAL NON-INTEREST EXPENSE
     3,982       4,127       12,209       12,108  
                                 
INCOM E BEFORE INCOM E TAX PROVISION
     2,201       2,243       6,829       6,623  
INCOM E TAX PROVISION
     573       557       1,751       1,736  
NET INCOME
   $ 1,628     $ 1,686     $ 5,078     $ 4,887  
                                 
EARNINGS PER SHARE
   $ 0.73     $ 0.76     $ 2.28     $ 2.19  
CASH DIVIDENDS PER SHARE
   $ 0.31     $ 0.30     $ 0.93     $ 0.88  
WEIGHTED AVERAGE SHARES OUTSTANDING
     2,226,139       2,228,836       2,226,711       2,235,114  
 
 
 
 
 
    Quarter Ended  
                               
(Dollars in Thousands, Except Per Share Data)
  
9/30/2011
    
6/30/2011
    
3/31/2011
    
12/31/2010
    
9/30/2010
  
                               
Operating Highlights
                              
                               
   Net income
   $ 1,628     $ 1,840     $ 1,610     $ 1,417     $ 1,686  
   Net interest income
     4,793       4,887       4,961       4,966       4,987  
   Provision for loan losses
     30       330       80       685       400  
   Non-interest income
     1,420       1,989       1,428       1,649       1,783  
   Non-interest expense
     3,982       4,083       4,144       3,923       4,127  
                                         
Financial Condition Data:
                                        
                                         
   Total assets
   $ 625,789     $ 599,546     $ 620,106     $ 614,299     $ 615,788  
   Loans, net
     339,437       340,748       338,523       335,652       335,733  
   Intangibles
     9,701       9,826       10,002       10,129       10,263  
   Total deposits
                                        
        Noninterest-bearing
   $ 78,549     $ 65,028     $ 65,574     $ 62,877     $ 62,133  
        Savings
     67,062       67,976       67,983       65,549       64,601  
        NOW
     75,374       72,212       69,902       70,953       68,265  
        Money Market
     44,537       44,458       48,816       42,130       41,654  
        Time Deposits
     212,864       214,731       230,192       232,283       234,270  
Total interest-bearing deposits
     399,837       399,377       416,893       410,915       408,790  
   Core deposits*
     265,522       249,674       252,275       241,509       236,653  
                                         
Selected Ratios
                                        
                                         
   Net interest margin(YTD)
     3.56 %     3.58 %     3.68 %     3.68 %     3.72 %
   Annualized return on average assets
     1.09 %     1.11 %     1.04 %     0.93 %     1.11 %
   Annualized return on average equity
     9.74 %     10.02 %     9.44 %     8.41 %     10.06 %
                                         
Capital Ratios
                                        
                                         
   Total risk-based capital ratio
     19.59 %     19.25 %     18.68 %     18.49 %     18.16 %
   Tier 1 capital ratio
     18.33 %     18.01 %     17.43 %     17.24 %     16.91 %
   Leverage ratio
     10.28 %     10.17 %     10.13 %     10.00 %     9.90 %
                                         
Asset Quality Ratios
                                        
                                         
   Non-performing assets
   $ 3,933     $ 3,510     $ 3,435     $ 4,148     $ 4,104  
   Allowance for loan losses
     5,158       5,211       4,859       4,801       4,574  
   Allowance for loan losses to total loans
     1.50 %     1.51 %     1.42 %     1.41 %     1.34 %
   Allowance for loan losses to
                                        
        non-performing loans
     131.13 %     148.45 %     141.43 %     115.75 %     111.45 %
                                         
Per Share Data
                                        
                                         
   Earnings per share
   $ 0.73     $ 0.83     $ 0.72     $ 0.63     $ 0.76  
   Dividend declared per share
     0.31       0.31       0.31       0.30       0.30  
   Book value
     31.90       31.59       30.74       30.48       30.42  
   Common stock price:
                                        
        Bid
   $ 32.60     $ 34.00     $ 30.75     $ 28.00     $ 26.30  
        Ask
     38.00       36.55       34.00       31.00       29.50  
   Weighted average common shares
     2,226,139       2,227,801       2,226,195       2,223,709       2,228,836  
 
* Core deposits are defined as total deposits less time deposits
 
 
 
 

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