May 12, 2020 - CCFNB Bancorp, Inc. Reports First Quarter 2020 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 first quarter of 2020.

Net income, as reported under U.S. Generally Accepted Accounting Principles, for the quarter-ended March 31, 2020 was $2,023,000 compared to $2,092,000 for the same period in 2019.  Quarterly earnings were impacted by a decrease in the market value of equity securities which resulted in a loss of approximately $432 thousand as of March 31, 2020. Earnings per share for the quarter-ended March 31, 2020 and 2019 were $0.96 and $0.99, respectively.  The return on average assets and return on average equity were 1.09% and 8.03% for the quarter-ended March 31, 2020 as compared to 1.15% and 8.91% for the same period of 2019.

The net interest margin, tax effected, on interest earning assets was 3.25% and 3.32% at March 31, 2020 and 2019, respectively.

Total assets amounted to $738.3 million at March 31, 2020 as compared to $742.7 at December 31, 2019.  For the quarter ended March 31, 2020, net loans, not held for sale, decreased by $2.0 million while investment securities decreased $10.0 million.  Over the same time period, loans held for sale increased $398 thousand.   Total deposits increased $6.6 million while short term borrowings decreased $12.9 million since the end of 2019.

When compared to December 31, 2019, stockholders’ equity, excluding accumulated other comprehensive income (loss), increased $341 thousand to $100.0 million as of March 31, 2020. The current level of stockholders’ equity equated to a book value per share of $48.58 at March 31, 2020 as compared with $47.45 as of December 31, 2019.  For the quarter-ended March 31, 2020 cash dividends of $0.39 per share were paid to stockholders as compared to $0.38 for the same 2019 period.  Also during the quarter-ended March 31, 2020, the Company repurchased 18,000 shares.  CCFNB Bancorp, Inc. remains well capitalized, with an equity-to assets ratio of 13.8% as of March 31, 2020 and 13.5% at December 31, 2019.

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.