October 29, 2019 - CCFNB Bancorp, Inc. Reports Third Quarter 2019 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 third quarter of 2019.
Net income, as reported under U.S. Generally Accepted Accounting Principles, for the quarter-ended September 30, 2019 was $2,305,000 compared to $2,206,000 for the same period in 2018. Net income, as reported under U.S. Generally Accepted Accounting Principles, for the nine months-ended September 30, 2019 was $6,917,000 compared to $6,290,000 for the same period in 2018. Earnings per share for the nine months-ended September 30, 2019 and 2018 were $3.27 and $2.95, respectively. The return on average assets and return on average equity were 1.26% and 9.59% for the nine months-ended September 30, 2019 as compared to 1.17% and 9.30% for the same period of 2018.
The net interest margin, tax effected, on interest earning assets was 3.27% at September 30, 2019 as compared to 3.23% as of September 30, 2018.
Total assets amounted to $758.0 million at September 30, 2019 as compared to $726.2 at December 31, 2018. For the nine months ended September 30, 2019, net loans, not held for sale, decreased by $3.4 million while investment securities increased $2.2 million. Over the same time period, loans held for sale decreased $2.5 million. Total deposits increased $19.6 million while short term borrowings increased $5.9 million since the end of 2018.
When compared to December 31, 2018, stockholders’ equity, excluding accumulated other comprehensive income (loss), increased $3.7 million to $98.5 million as of September 30, 2019. The current level of stockholders’ equity equated to a book value per share of $46.91 at September 30, 2019 as compared with $43.90 as of December 31, 2018. For the nine months-ended September 30, 2019 cash dividends of $1.16 per share were paid to stockholders as compared to $1.13 for the same 2018 period. Also during the nine months-ended September 30, 2019, the Company repurchased 15,800 shares. CCFNB Bancorp, Inc. remains well capitalized, with an equity-to assets ratio of 13.0% as of September 30, 2019 and 12.8% at December 31, 2018.
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.