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| 8-K - FORM 8-K - CCFNB BANCORP INC | v351270_8k.htm |
Press Release – For Immediate Release
July 30, 2013
CCFNB Bancorp, Inc. Reports Second Quarter 2013 Earnings
Bloomsburg, PA – CCFNB Bancorp, Inc. (OTC: CCFN), parent company of First Columbia Bank & Trust Co., has released its unaudited financial statements for the second quarter of 2013.
Net income, as reported under U.S. Generally Accepted Accounting Principles, for the six months ended June 30, 2013 was $3,171,000 compared to $3,697,000 for the same period in 2012. Earnings per share for the six months ended June 30, 2013 and 2012 were $1.45 and $1.68, respectively. Annualized return on average assets and return on average equity were 1.02% and 8.39% for the six months ended June 30, 2013 as compared to 1.20% and 10.19% for the same period of 2012.
The net interest margin, tax effected, on interest earning assets was 3.25% as of June 30, 2013 as compared to 3.55% as of June 30, 2012.
Total assets increased $17.6 million to $625.3 million at June 30, 2013 from $607.7 million at December 31, 2012. Since the end of 2012, investment securities increased $13.4 million while net loans increased 3.8% or $13.6 million. Total deposits increased $13.0 million while short term borrowings increased $2.1 million since the end of 2012.
When compared to December 31, 2012, stockholders’ equity, excluding accumulated other comprehensive income, has increased $1.5 million to $74.0 million as of June 30, 2013. The current level of stockholders’ equity equated to a book value per share of $34.29 at June 30, 2013 as compared with $34.10 as of December 31, 2012. For the six months ended June 30, 2013 cash dividends of $.67 per share were paid to stockholders as compared to $.64 for the same 2012 period. CCFNB Bancorp, Inc. remains well capitalized, with an equity-to assets ratio of 12.0 % as of June 30, 2013 and 12.3% at December 31, 2012.
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) | June 30 | December 31, | ||||||
| 2013 | 2012 | |||||||
| ASSETS | ||||||||
| Cash and due from banks | $ | 10,395 | $ | 10,391 | ||||
| Interest-bearing deposits in other banks | 7,018 | 10,146 | ||||||
| Federal funds sold | 165 | 2,054 | ||||||
| Total cash and cash equivalents | 17,578 | 22,591 | ||||||
| Investment securities, available for sale, at fair value | 183,799 | 170,444 | ||||||
| Restricted securities, at cost | 3,661 | 3,355 | ||||||
| Loans held for sale | 6,174 | 10,824 | ||||||
| Loans, net of unearned income | 377,483 | 363,941 | ||||||
| Less: Allowance for loan losses | 6,163 | 6,186 | ||||||
| Loans, net | 371,320 | 357,755 | ||||||
| Premises and equipment, net | 11,644 | 11,935 | ||||||
| Accrued interest receivable | 1,618 | 1,592 | ||||||
| Cash surrender value of bank-owned life insurance | 15,258 | 14,975 | ||||||
| Investment in limited partnerships | 1,307 | 1,413 | ||||||
| Intangible Assets: | ||||||||
| Core deposit | 1,019 | 1,203 | ||||||
| Goodwill | 7,937 | 7,937 | ||||||
| Prepaid FDIC assessment | 0 | 864 | ||||||
| Other assets | 3,964 | 2,833 | ||||||
| TOTAL ASSETS | $ | 625,279 | $ | 607,721 | ||||
| LIABILITIES | ||||||||
| Interest-bearing deposits | $ | 399,424 | $ | 382,133 | ||||
| Noninterest-bearing deposits | 76,615 | 80,895 | ||||||
| Total deposits | 476,039 | 463,028 | ||||||
| Short-term borrowings | 66,121 | 64,026 | ||||||
| Long-term borrowings | 3,110 | 4,112 | ||||||
| Accrued interest payable | 284 | 333 | ||||||
| Other liabilities | 4,993 | 1,686 | ||||||
| TOTAL LIABILITIES | 550,547 | 533,185 | ||||||
| STOCKHOLDERS' EQUITY | ||||||||
| Common stock, par value $1.25 per share; authorized | ||||||||
| 15,000,000 shares, issued 2,323,035 shares in 2013 | ||||||||
| and 2,315,646 shares in 2012 | 2,904 | 2,894 | ||||||
| Surplus | 29,195 | 28,931 | ||||||
| Retained earnings | 46,422 | 44,713 | ||||||
| Accumulated other comprehensive income | 764 | 2,046 | ||||||
| Treasury stock, at cost; 143,500 shares in 2013 and 129,900 shares | ||||||||
| in 2012 | (4,553 | ) | (4,048 | ) | ||||
| TOTAL STOCKHOLDERS' EQUITY | 74,732 | 74,536 | ||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 625,279 | $ | 607,721 | ||||
See accompanying notes to consolidated financial statements.
CCFNB Bancorp, Inc.
Consolidated Statements of Income
(Unaudited)
| For the Three Months Ended | For the Six Months Ended | |||||||||||||||
| (In Thousands, Except Per Share Data) | June 30, | June 30, | ||||||||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||||||
| INTEREST AND DIVIDEND INCOME | ||||||||||||||||
| Interest and fees on loans: | ||||||||||||||||
| Taxable | $ | 4,036 | $ | 4,337 | $ | 8,116 | $ | 8,577 | ||||||||
| Tax-exempt | 267 | 274 | 530 | 556 | ||||||||||||
| Interest and dividends on investment securities: | ||||||||||||||||
| Taxable | 550 | 968 | 1,179 | 2,024 | ||||||||||||
| Tax-exempt | 191 | 172 | 382 | 339 | ||||||||||||
| Dividend and other interest income | 20 | 16 | 40 | 31 | ||||||||||||
| Federal funds sold | 1 | 1 | 1 | 1 | ||||||||||||
| Deposits in other banks | 8 | 7 | 22 | 25 | ||||||||||||
| TOTAL INTEREST AND DIVIDEND INCOME | 5,073 | 5,775 | 10,270 | 11,553 | ||||||||||||
| INTEREST EXPENSE | ||||||||||||||||
| Deposits | 548 | 805 | 1,150 | 1,693 | ||||||||||||
| Short-term borrowings | 47 | 40 | 93 | 119 | ||||||||||||
| Long-term borrowings | 26 | 36 | 55 | 76 | ||||||||||||
| TOTAL INTEREST EXPENSE | 621 | 881 | 1,298 | 1,888 | ||||||||||||
| NET INTEREST INCOME | 4,452 | 4,894 | 8,972 | 9,665 | ||||||||||||
| PROVISION FOR LOAN LOSSES | 30 | 30 | 60 | 60 | ||||||||||||
| NET INTEREST INCOME AFTER PROVISION | ||||||||||||||||
| FOR LOAN LOSSES | 4,422 | 4,864 | 8,912 | 9,605 | ||||||||||||
| NON-INTEREST INCOME | ||||||||||||||||
| Service charges and fees | 316 | 371 | 655 | 739 | ||||||||||||
| Gain on sale of loans | 227 | 367 | 670 | 740 | ||||||||||||
| Earnings on bank-owned life insurance | 117 | 133 | 239 | 259 | ||||||||||||
| Brokerage | 118 | 127 | 236 | 225 | ||||||||||||
| Trust | 136 | 151 | 286 | 300 | ||||||||||||
| Investment security losses | - | (17 | ) | - | (17 | ) | ||||||||||
| Interchange fees | 285 | 264 | 540 | 516 | ||||||||||||
| Other | 230 | 306 | 456 | 534 | ||||||||||||
| TOTAL NON-INTEREST INCOME | 1,429 | 1,702 | 3,082 | 3,296 | ||||||||||||
| NON-INTEREST EXPENSE | ||||||||||||||||
| Salaries | 1,616 | 1,638 | 3,266 | 3,244 | ||||||||||||
| Employee benefits | 541 | 528 | 1,089 | 1,073 | ||||||||||||
| Occupancy | 289 | 256 | 567 | 518 | ||||||||||||
| Furniture and equipment | 292 | 313 | 573 | 591 | ||||||||||||
| State shares tax | 168 | 165 | 334 | 325 | ||||||||||||
| Professional fees | 160 | 164 | 328 | 327 | ||||||||||||
| Director's fees | 65 | 64 | 133 | 127 | ||||||||||||
| FDIC assessments | 79 | 79 | 158 | 159 | ||||||||||||
| Telecommunications | 68 | 63 | 132 | 127 | ||||||||||||
| Amortization of core deposit intangible | 92 | 109 | 184 | 218 | ||||||||||||
| Automated teller machine and interchange | 99 | 181 | 228 | 366 | ||||||||||||
| Other | 466 | 492 | 840 | 888 | ||||||||||||
| TOTAL NON-INTEREST EXPENSE | 3,935 | 4,052 | 7,832 | 7,963 | ||||||||||||
| INCOME BEFORE INCOME TAX PROVISION | 1,916 | 2,514 | 4,162 | 4,938 | ||||||||||||
| INCOME TAX PROVISION | 442 | 635 | 991 | 1,241 | ||||||||||||
| NET INCOME | $ | 1,474 | $ | 1,879 | $ | 3,171 | $ | 3,697 | ||||||||
| EARNINGS PER SHARE | $ | 0.67 | $ | 0.86 | $ | 1.45 | $ | 1.68 | ||||||||
| CASH DIVIDENDS PER SHARE | $ | 0.34 | $ | 0.33 | $ | 0.67 | $ | 0.64 | ||||||||
| WEIGHTED AVERAGE SHARES OUTSTANDING | 2,180,368 | 2,201,890 | 2,182,588 | 2,204,424 | ||||||||||||
See accompanying notes to the unaudited consolidated financial statements.
| Quarter Ended | ||||||||||||||||||||
| (Dollars in Thousands, Except Per Share Data) | 6/30/2013 | 3/31/2013 | 12/31/2012 | 9/30/2012 | 6/30/2012 | |||||||||||||||
| Operating Highlights | ||||||||||||||||||||
| Net income | $ | 1,474 | $ | 1,697 | $ | 1,692 | $ | 1,764 | $ | 1,879 | ||||||||||
| Net interest income | 4,452 | 4,520 | 4,674 | 4,836 | 4,894 | |||||||||||||||
| Provision for loan losses | 30 | 30 | 470 | 305 | 30 | |||||||||||||||
| Non-interest income | 1,429 | 1,653 | 1,902 | 1,778 | 1,702 | |||||||||||||||
| Non-interest expense | 3,935 | 3,897 | 3,887 | 3,972 | 4,052 | |||||||||||||||
| Financial Condition Data: | ||||||||||||||||||||
| Total assets | $ | 625,279 | $ | 616,529 | $ | 607,721 | $ | 644,093 | $ | 613,819 | ||||||||||
| Loans, net | 371,320 | 354,126 | 357,755 | 351,323 | 348,820 | |||||||||||||||
| Intangibles | 8,956 | 9,048 | 9,140 | 9,249 | 9,358 | |||||||||||||||
| Total deposits | ||||||||||||||||||||
| Noninterest-bearing | $ | 76,615 | $ | 80,085 | $ | 80,895 | $ | 83,017 | $ | 77,963 | ||||||||||
| Savings | 84,078 | 82,572 | 78,833 | 74,492 | 75,296 | |||||||||||||||
| NOW | 78,657 | 77,021 | 75,666 | 74,442 | 78,079 | |||||||||||||||
| Money Market | 59,314 | 48,849 | 43,840 | 50,417 | 47,296 | |||||||||||||||
| Time Deposits | 177,375 | 181,463 | 183,794 | 207,292 | 200,534 | |||||||||||||||
| Total interest-bearing deposits | 399,424 | 389,905 | 382,133 | 406,643 | 401,205 | |||||||||||||||
| Core deposits* | 298,664 | 288,527 | 279,234 | 282,368 | 278,634 | |||||||||||||||
| Selected Ratios | ||||||||||||||||||||
| Net interest margin(YTD) | 3.25 | % | 3.39 | % | 3.49 | % | 3.52 | % | 3.55 | % | ||||||||||
| Annualized return on average assets | 1.02 | % | 1.11 | % | 1.15 | % | 1.17 | % | 1.20 | % | ||||||||||
| Annualized return on average equity | 8.39 | % | 9.04 | % | 9.71 | % | 9.96 | % | 10.19 | % | ||||||||||
| Capital Ratios | ||||||||||||||||||||
| Total risk-based capital ratio | 20.61 | % | 20.68 | % | 19.75 | % | 19.86 | % | 19.63 | % | ||||||||||
| Tier 1 capital ratio | 19.31 | % | 19.39 | % | 18.48 | % | 18.61 | % | 18.37 | % | ||||||||||
| Leverage ratio | 10.68 | % | 10.69 | % | 10.36 | % | 10.15 | % | 10.20 | % | ||||||||||
| Asset Quality Ratios | ||||||||||||||||||||
| Non-performing assets | $ | 3,866 | $ | 3,815 | $ | 4,074 | $ | 4,213 | $ | 4,583 | ||||||||||
| Allowance for loan losses | 6,163 | 6,164 | 6,186 | 5,694 | 5,429 | |||||||||||||||
| Allowance for loan losses to total loans | 1.61 | % | 1.70 | % | 1.65 | % | 1.58 | % | 1.52 | % | ||||||||||
| Allowance for loan losses to | ||||||||||||||||||||
| non-performing loans | 161.90 | % | 161.58 | % | 151.81 | % | 132.82 | % | 118.47 | % | ||||||||||
| Per Share Data | ||||||||||||||||||||
| Earnings per share | $ | 0.67 | $ | 0.78 | $ | 0.77 | $ | 0.80 | $ | 0.86 | ||||||||||
| Dividend declared per share | 0.34 | 0.33 | 0.33 | 0.33 | 0.33 | |||||||||||||||
| Book value | 34.29 | 34.49 | 34.10 | 33.87 | 33.31 | |||||||||||||||
| Common stock price: | ||||||||||||||||||||
| Bid | $ | 37.05 | $ | 36.85 | $ | 36.60 | $ | 35.70 | $ | 35.05 | ||||||||||
| Ask | 37.25 | 36.90 | 37.00 | 39.00 | 35.40 | |||||||||||||||
| Weighted average common shares | 2,180,368 | 2,184,833 | 2,196,285 | 2,197,306 | 2,201,890 | |||||||||||||||
| * | Core deposits are defined as total deposits less time deposits |