August 8, 2017 - CCFNB Bancorp, Inc. Reports Second Quarter 2017 Earnings

Bloomsburg, PA – CCFNB Bancorp, Inc. (OTC Pink: CCFN), parent company of First Columbia Bank & Trust Co., has released  its unaudited financial statements for the second quarter of 2017. 
Net income, as reported under U.S. Generally Accepted Accounting Principles, for the six months-ended June 30, 2017 was $3,814,000 compared to $3,489,000 for the same period in 2016.  Earnings per share for the six months-ended June 30, 2017 and 2016 were $1.79 and $1.62, respectively.  The return on average assets and return on average equity were 1.11% and 8.72% for the six months-ended June 30, 2017 as compared to 1.06% and 8.28% for the same period of 2016.
The net interest margin, tax effected, on interest earning assets was 3.29% at June 30, 2017 as compared to 3.32% as of June 30, 2016.
Total assets amounted to $699.4 million at June 30, 2017 as compared to $673.6 at December 31, 2016.  Since the end of 2016, net loans, not held for sale, increased by $16.6 million while investment securities decreased $610 thousand.  Over the same time period, loans held for sale increased $69 thousand.   Total deposits increased $13.0 million while short term borrowings increased $9.8 million since the end of 2016. 
When compared to December 31, 2016, stockholders’ equity, excluding accumulated other comprehensive income, increased $2.3 million to $88.4 million as of June 30, 2017. The current level of stockholders’ equity equated to a book value per share of $41.70 at June 30, 2017 as compared with $40.42 as of December 31, 2016.  For the six months-ended June 30, 2017 cash dividends of $0.73 per share were paid to stockholders as compared to $0.715 for the same 2016 period.  CCFNB Bancorp, Inc. remains well capitalized, with an equity-to assets ratio of 12.7% as of June 30, 2017 and 12.8% at December 31, 2016.
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.