CCFNB Bancorp : January 26, 2021 - CCFNB Bancorp, Inc. Reports Fourth 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 fourth quarter of 2020.

Net income, as reported under U.S. Generally Accepted Accounting Principles, for the quarter-ended December 31, 2020 was $2,862,000 compared to $2,011,000 for the same period in 2019. Net income, as reported under U.S. Generally Accepted Accounting Principles, for the twelve months-ended December 31, 2020 was $9,332,000 compared to $8,928,000 for the same period in 2019. Earnings per share for the quarter-ended December 31, 2020 and 2019 were $1.38 and $0.95, respectively. Earnings per share for the twelve months-ended December 31, 2020 and 2019 were $4.47 and $4.22, respectively. The return on average assets and return on average equity were 1.15% and 9.07% for the twelve months-ended December 31, 2020 as compared to 1.21% and 9.20% for the same period of 2019.

Consolidated net income for the twelve months ended December 31, 2020 was negatively impacted by additional 2020 provisions for loan losses amounting to $1,055,000, or $100,000 more than 2019 provisions. With the additional loan loss reserves, the Company maintains a strong ratio of allowance to total loans of 1.86%. In addition, for the twelve months ended December 31, 2020 the Company recorded a loss on equity securities of $340,000 due to market value fluctuations in our Bank stock portfolio.

The net interest margin, tax effected, on interest earning assets was 2.97% and 3.24% at December 31, 2020 and 2019, respectively.

Total assets amounted to $855.1 million at December 31, 2020 as compared to $742.7 at December 31, 2019. For the twelve months ended December 31, 2020, net loans, not held for sale, increased by $10.1 million while investment securities increased $10.0 million. Over the same time period, loans held for sale increased $4.0 million. Total deposits increased $102.9 million while short term borrowings increased $3.3 million since the end of 2019.

When compared to December 31, 2019, stockholders' equity, excluding accumulated other comprehensive income (loss), increased $4.6 million to $104.3 million as of December 31, 2020. The current level of stockholders' equity equated to a book value per share of $50.90 at December 31, 2020 as compared with $47.45 as of December 31, 2019. For the twelve months-ended December 31, 2020 cash dividends of $1.59 per share were paid to stockholders as compared to $1.55 for the same 2019 period. Also during the twelve months-ended December 31, 2020, the Company repurchased 32,100 shares. CCFNB Bancorp, Inc. remains well capitalized, with an equity to assets ratio of 12.4% as of December 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.

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