CB Financial Corp. announces financial results.JACKSON Jackson. 1 City (1990 pop. 37,446), seat of Jackson co., S Mich., on the Grand River; inc. 1857. It is an industrial and commercial center in a farm region. , Mich.--(BUSINESS WIRE)--July 23, 1996--CB Financial Corporation, in the first half of 1996, continued to improve core earnings and increase efficiencies of support areas. The continued success was a direct result of the strategic initiatives implemented during the past twelve months. Net income before a restructuring charge restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. (core earnings) for the six months ended June June: see month. 30, 1996, was $3.4 million compared to $2.8 million at this time last year, or a 20.4 percent increase. Assets grew by $64.3 million, or 9.3 percent, to $752.5 million. Deposits and loans increased by 11.5 percent, to $663.2 million and 34.4 percent, to $530.1 million, respectively. Return on average assets and return on average equity increased during the same period by 12 and 132 basis points, respectively. Loan growth consisted of an increase in consumer loan outstandings of $43.0 million, or 39.8 percent, to $151.1 million. Corporate loans continued a strong growth pattern through the second quarter of 1996, with total corporate loans increasing $34.1 million, or 18.8 percent, from 1995 to 1996. Residential mortgage loans grew to $58.5 million, or 55.7 percent, to $163.5 million, as of June 30, 1996. Core earnings, for the three months ended June 30, 1996 and 1995, both equaled $1.5 million. Average loans outstanding during the three month period increased $113.8 million, or 29.1 percent, to $505.5 million, and average deposit increased $58.0 million, or 9.9 percent, to $644.1 million. Operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. for the three month period were higher in 1996 due to an increase in the loan loss provision and other non-interest expenses. Net interest income before the provision for loan losses was up $225,000 over the same three month period in 1995. The change was due to increased loan volumes offset by a lower interest margin and higher deposit volumes. Brian The name Brian (sometimes spelled Bryan) comes from an Irish backround. It is of Celtic origin and its meaning may be "hill" or "strong, noble, and high"[1]. D. Bell, chairman and chief executive officer for the corporation commented, "Loans grew as a result of increased penetration The successful unauthorized breach of a security perimeter. See penetration test. in all loan categories and improved economic conditions in the market areas served by the corporation. Deposits also grew as a result of aggressive advertising of core deposits and special term certificate of deposits, each attracting new customers. The deposit growth was used to fund the increased loan volumes." For the past twelve months, the corporation has engaged in an extensive study of its retail delivery system. Steven Ste´ven n. 1. Voice; speech; language. Ye have as merry a steven As any angel hath that is in heaven. - Chaucer. 2. An outcry; a loud call; a clamor. To set steven to make an appointment. W. Seely Seel´y a. 1. See Silly. , president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of the corporation stated, "CB Financial recognizes that its income is burdened by a retail delivery system that supports too many financial centers, with some that could be relocated re·lo·cate v. re·lo·cat·ed, re·lo·cat·ing, re·lo·cates v.tr. To move to or establish in a new place: relocated the business. v.intr. for greater efficiency. As a result of the market study and management decisions regarding a long term view of increasing the productivity of the traditional delivery system to a level commensurate com·men·su·rate adj. 1. Of the same size, extent, or duration as another. 2. Corresponding in size or degree; proportionate: a salary commensurate with my performance. 3. with peer group performance, the delivery system network will experience facility relocations, closures and enhancements over the next twelve months." Accordingly, the corporation decided to record a restructuring charge in the amount of $1.1 million. The restructuring charge consisted primarily of costs to close financial centers including personnel expenses related to the rebuilding of the retail delivery system. It is anticipated that the restructuring charge will be recovered by the corporation through lower operating costs operating costs npl → gastos mpl operacionales over a 2-3 year period. The company's quarterly dividend of $.30 per share, payable July July: see month. 20, 1996, represents the 240th consecutive dividend paid by CB Financial Corporation and its predecessor predecessor - parent , City Bank and Trust Company. CB Financial Corporation, with assets of $752.5 million, as of June 30, 1996, is the parent holding company of City Bank and Trust Company in Jackson, City Bank in Lansing/St. Johns and CB North in Charlevoix The Charlevoix region, located in Quebec, includes parts of the north shore of the Saint Lawrence River and the Laurentian mountains region of the Canadian Shield. This dramatic landscape includes rolling terrain, fjords, headlands and bays. . CB Financial Corporation and its subsidiaries have 44 Financial Centers providing commercial, trust and personal banking services in northwest For names and places containing the slightly longer word 'northwestern' (or variants), see . Northwest or north west is the ordinal direction halfway between north and west on a compass. It is the opposite of southeast. and central Michigan
Central Michigan, often called Mid-Michigan, is a region in the Lower Peninsula of the U.S. state of Michigan. . -0- Consolidated Financial Highlights
Three Months Ended Six Months Ended
June 30 June 30
(Dollars in Thousands Except
Per Share Data-Unaudited) 1996 1995 1996 1995
EARNINGS
Net Income before
Restructuring Charge $1,495 $ n/a $3,411 $ n/a
Net Income 768 1,484 2,684 2,832
Per Share:
Net Income before
Restructuring Charge .53 n/a 1.22 n/a
Net Income .28 .53 .96 1.01
Cash Dividend Declared .30 .30 .60 .60
PERFORMANCE RATIOS
Profitability:
Return on Average Assets(a) .81% .87% .94% .82%
Return on Average Equity(a) 7.84 7.78 8.84 7.52
Net Interest Margin 4.86 5.03 4.84 5.04
Efficiency Ratio(a) 71.83 74.83 71.62 75.89
Capital:
Average Equity to Average
Assets 10.36 11.14 10.62 10.95
Average Primary Capital
to Average Assets 10.82 11.65 11.09 11.45
Book Value Per Share $26.79 $27.33 $26.79 $27.33
Market Price Per Share
(Ending Bid) 31.25 31.25 31.25 31.25
AVERAGE BALANCES Assets $740,541 $685,806 $730,614 $693,182 Deposits 644,072 586,150 633,386 592,450 Loans 505,525 391,687 481,162 392,535 Earning Assets 675,848 619,182 666,444 625,392 Shareholders' Equity 76,738 76,402 77,600 75,906 Weighted Average Shares 2,802,890 2,803,806 2,803,283 2,802,886 AT PERIOD END Assets $752,548 $688,216 Deposits 663,180 594,748 Loans 530,062 394,431 Earning Assets 686,344 616,482 Shareholders' Equity 75,033 76,540 ASSET QUALITY Allowance for Loan Losses $3,976 $4,005 Non-Performing Assets 1,556 1,170 Net Loan Charge-Offs 803 204 (a) Financial ratios calculated before restructuring charge. Consolidated Financial Highlights (continued)
Year End
(Dollars in Thousands Except
Per Share Data-Unaudited)
1995 1994 1993
EARNINGS
Net Income before
Restructuring Charge $6,250 $ n/a $ n/a
Net Income 4,616 6,594 7,338
Per Share:
Net Income before
Restructuring Charge 2.23 n/a n/a
Net Income 1.65 2.35 2.62
Cash Dividend Declared 1.20 1.20 1.18
PERFORMANCE RATIOS
Profitability:
Return on Average Assets(a) .90% .98% 1.08%
Return on Average Equity(a) 8.16 8.78 10.59
Net Interest Margin 4.94 4.99 5.12
Efficiency Ratio(a) 73.77 74.30 70.71
Capital:
Average Equity to
Average Assets 10.99 11.16 10.23
Average Primary Capital to
Average Assets 11.49 11.62 10.72
Book Value Per Share $27.65 $26.42 $25.46
Market Price Per Share
(Ending Bid) 33.50 29.50 33.00
AVERAGE BALANCES Assets $697,286 $672,656 $677,348 Deposits 600,389 578,712 584,873 Loans 404,379 344,952 333,682 Earning Assets 631,292 607,860 609,337 Shareholders' Equity 76,627 75,067 69,322 Weighted Average Shares 2,803,437 2,803,158 2,803,300 AT PERIOD END Assets $719,883 $720,264 $670,891 Deposits 622,460 620,649 583,546 Loans 438,883 393,119 335,498 Earning Assets 652,418 645,552 608,303 Shareholders' Equity 77,458 4,009 71,323 ASSET QUALITY Allowance for Loan Losses $3,934 $3,865 $3,617 Non-Performing Assets 1,697 1,400 2,099 Net Loan Charge-Offs 603 575 289 (a)Financial ratios calculated before restructuring charge. CONTACT: CB Financial Corporation, Jackson C. Sue Barron Barron may refer to
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