January 29, 2019 - CCFNB Bancorp, Inc. Reports Fourth Quarter 2018 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 fourth quarter of 2018. 

Net income, as reported under U.S. Generally Accepted Accounting Principles, for the quarter-ended December 31, 2018 was $1,735,000 compared to $1,546,000 for the same period in 2017.  Net income, as reported under U.S. Generally Accepted Accounting Principles, for the year-ended December 31, 2018 was $8,025,000 compared to $7,305,000 for the same period in 2017. Earnings per share for the year-ended December 31, 2018 and 2017 were $3.77 and $3.43, respectively.  The return on average assets and return on average equity were 1.12% and 8.85% for the year-ended December 31, 2018 as compared to 1.05% and 8.23% for the same period of 2017.

The net interest margin, tax effected, on interest earning assets was 3.24% at December 31, 2018 as compared to 3.26% as of December 30, 2017.

Total assets amounted to $726.2 million at December 31, 2018 as compared to $709.5 at December 31, 2017.  For the year, net loans, not held for sale, increased by $26.7 million while investment securities decreased $416 thousand.  Over the same time period, loans held for sale increased $27 thousand.   Total deposits decreased $390 thousand while short term borrowings increased $13.6 million since the end of 2017. 

When compared to December 31, 2017, stockholders’ equity, excluding accumulated other comprehensive loss, increased $4.5 million to $93.2 million as of December 31, 2018. The current level of stockholders’ equity equated to a book value per share of $43.90 at December 31, 2018 as compared with $42.05 as of December 31, 2017.  For the year-ended December 31, 2018 cash dividends of $1.51 per share were paid to stockholders as compared to $1.47 for the same 2017 period.  Also during the year-ended December 31, 2018, the Company repurchased 11,500 shares.  CCFNB Bancorp, Inc. remains well capitalized, with an equity-to assets ratio of 12.8% as of December 31, 2018 and 12.6% at December 31, 2017.

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.

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