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Press Release

January 31, 2017 - CCFNB Bancorp, Inc. Reports Fourth Quarter 2016 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 2016. 

Net income, as reported under U.S. Generally Accepted Accounting Principles, for the twelve months-ended December 31, 2016 was $7,164,000 compared to $6,908,000 for the same period in 2015.  Earnings per share for the twelve months-ended December 31, 2016 and 2015 were $3.35 and $3.20, respectively.  The return on average assets and return on average equity were 1.07% and 8.42% for the twelve months-ended December 31, 2016 as compared to 1.07% and 8.41% for the same period of 2015.

The net interest margin, tax effected, on interest earning assets was 3.28% at December 31, 2016 as compared to 3.34% as of December 31, 2015.

Total assets amounted to $673.6 million at December 31, 2016 as compared to $647.3 at December 31, 2015.  Since the end of 2015, net loans, not held for sale, increased $15.7 million while investment securities increased $2.2 million.  Over the same time period, loans held for sale increased $1.0 million.   Total deposits increased $25.4 million while short term borrowings decreased $2.5 million since the end of 2015. 

When compared to December 31, 2015, stockholders’ equity, excluding accumulated other comprehensive income, increased $3.5 million to $86.1 million as of December 31, 2016. The current level of stockholders’ equity equated to a book value per share of $40.42 at December 31, 2016 as compared with $38.66 as of December 31, 2015.  For the twelve months-ended December 31, 2016 cash dividends of $1.435 per share were paid to stockholders as compared to $1.41 for the same 2015 period.  CCFNB Bancorp, Inc. remains well capitalized, with an equity-to assets ratio of 12.8% as of December 31, 2016 and 12.8% at December 31, 2015.

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.