CCFNB Bancorp : October 27, 2020 - CCFNB Bancorp, Inc. Reports Third 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 third quarter of 2020.

Net income, as reported under U.S. Generally Accepted Accounting Principles, for the quarter-ended September 30, 2020 was $2,196,000 compared to $2,305,000 for the same period in 2019. Net income, as reported under U.S. Generally Accepted Accounting Principles, for the nine months-ended September 30, 2020 was $6,470,000 compared to $6,917,000 for the same period in 2019. Earnings per share for the quarter-ended September 30, 2020 and 2019 were $1.05 and $1.09, respectively. Earnings per share for the nine months-ended September 30, 2020 and 2019 were $3.09 and $3.27, respectively. The return on average assets and return on average equity were 1.09% and 8.43% for the nine months-ended September 30, 2020 as compared to 1.26% and 9.59% for the same period of 2019.

Consolidated net income for the nine months ended September 30, 2020 was negatively impacted by additional 2020 provisions for loan losses amounting to $640,000, or $283,000 more than 2019 provisions. With the additional loan loss reserves, the Company maintains a strong ratio of allowance to total loans of 1.77%. In addition, for the nine months ended September 30, 2020 the Company recorded a loss on equity securities of $543,000 due to market value fluctuations in our Bank stock portfolio.

The net interest margin, tax effected, on interest earning assets was 3.03% and 3.27% at September 30, 2020 and 2019, respectively.

Total assets amounted to $848.8 million at September 30, 2020 as compared to $742.7 at December 31, 2019. For the nine months ended September 30, 2020, net loans, not held for sale, increased by $17.1 million while investment securities decreased $2.8 million. Over the same time period, loans held for sale decreased $25 thousand. Total deposits increased $93.6 million while short term borrowings increased $8.4 million since the end of 2019.

When compared to December 31, 2019, stockholders' equity, excluding accumulated other comprehensive income (loss), increased $2.8 million to $103.7 million as of September 30, 2020. The current level of stockholders' equity equated to a book value per share of $49.82 at September 30, 2020 as compared with $47.45 as of December 31, 2019. For the nine months-ended September 30, 2020 cash dividends of $1.19 per share were paid to stockholders as compared to $1.16 for the same 2019 period. Also during the nine months-ended September 30, 2020, the Company repurchased 26,100 shares. CCFNB Bancorp, Inc. remains well capitalized, with an equity to assets ratio of 12.2% as of September 30, 2020 and 13.5% at December 31, 2019.

P. Jeffrey Hill, Director of the Board of Directors of CCFNB Bancorp, Inc., has provided notice to the Board of Directors that he is retiring from the Board of Directors effective December 31, 2020. The Board of Directors valued Mr. Hill's more than 38 years of experience as an attorney, practicing primarily in the areas of commercial and residential real estate, business law, wills, and trusts and estates. The Board of Directors and senior management thank Mr. Hill for his many years of dedicated service to the Company.

On October 6, 2020, the Board of Directors approved a resolution to appoint Ms. Brenda R. Hess Williams as a Director of the Corporation to fill the vacancy created in Class 3 by the retirement of P. Jeffrey Hill, for a term to begin January 1, 2021 and to expire in 2021. Brenda was born and raised in Berwick, Pennsylvania and is a graduate of the Marywood College and the Dickinson School of Law. Brenda is a partner in the Dickson, Gordner, and Hess Law Office and also serves as an Assistant District Attorney for Columbia County. The Board of Directors values Ms. Williams more than 20 years of experience as an attorney and her numerous leadership roles in various local civic organizations.

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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