CB Financial continues to experience increased earnings.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)--Jan. 22, 1997--CB Financial Corporation concluded 1996 with continued increased earnings for the fourth quarter and the year. "The corporation experienced a year of earnings growth as many of the strategic initiatives implemented during the year began to produce the expected positive results," stated 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. Core earnings (net income before 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. ) increased $126,000, or 7.2 percent, for the three months ended December December: see month. 31, 1996, over the same period last year. "Core earnings for the year represented an increase of $941,000, or 15.0 percent, over 1995," commented 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. . "Operating efficiencies continued to increase over the prior period due to extensive review of operating practices, productivity improvements and increased earnings relative to more stringent expense controls." Average deposits increased $60.2 million, or 10.0 percent, for the year ended December 31, 1996, as compared to the same period last year. Overall growth in deposits can be attributed to ongoing marketing directed at increasing core deposits through special term certificates of deposit and aggressive relationship building. Retail loans totaled $171.4 million at year end, a 42.0 percent increase, as compared to $120.7 million for year end 1995. The retail lending approval process is now supported by an automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. credit scoring Credit scoring A statistical technique that combines several financial characteristics to form a single score to represent a customer's creditworthiness. system. This system allows the organization to provide competitive loan response time, while achieving high credit quality standards. Residential mortgages continued to grow as a result of the low interest rate environment which increased demand. Residential mortgages grew $78.7 million, or 62.4 percent, to $204.7 million at December 31, 1996, compared to the same period in 1995. During 1996, CB Financial sold $13.0 million in mortgages to the secondary mortgage market, while retaining the servicing rights, as compared to $11.0 million in 1995. Sales of mortgages to the secondary market are projected to increase in 1997. Corporate lending performed at record levels, posting increases for the year ended December 31, 1996 over 1995, of $40.8 million to $233.0 million, or 21.2 percent. For the quarter ended December 31, 1996, corporate loans increased $6.4 million, compared to the same period in 1995. The increases can be attributed to the healthy economy and well focused efforts of corporate relationship managers. The loan loss reserve at December 31, 1996, was $4.5 million, or .7 percent of total loans outstanding, compared to $3.9 million, or .9 percent of total loans outstanding at this time last year. The provision for loan loss was $2.2 million in 1996 compared to $700,000 in 1995. The increase in net loan charge-offs can be attributed mainly to retail vehicle loans and is indicative indicative: see mood. of the industry as a whole. Two new services, CB TeleBanc and the CB InfoCenter, introduced during the third quarter of 1996, have proved to be successful enhancements to our customer service capabilities. CB TeleBanc, a 24-hour automated phone system, has handled 54,766 transactions since its inception INCEPTION. The commencement; the beginning. In making a will, for example, the writing is its inception. 3 Co. 31 b; Plowd. 343. Vide Consummation; Progression. in June June: see month. of 1996. The CB InfoCenter, an area staffed with well trained, consumer oriented o·ri·ent n. 1. Orient The countries of Asia, especially of eastern Asia. 2. a. The luster characteristic of a pearl of high quality. b. A pearl having exceptional luster. 3. representatives, assisted 11,877 customers over the phone since mid-September n. 1. the middle part of September. Noun 1. mid-September - the middle part of September period, period of time, time period - an amount of time; "a time period of 30 years"; "hastened the period of time of his recovery"; "Picasso's blue . "Both services significantly offset more expensive in-lobby transactions, which will further contribute to increased efficiencies," stated Seely. The company's quarterly dividend of $.30 per share, payable on January January: see month. 20, 1997, represents the 242nd consecutive dividend paid by CB Financial Corporation and its predecessor predecessor - parent , City Bank and Trust Company. CB Financial Corporation, with assets of $826.2 million, as of December 31, 1996, is the parent holding company for 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 39 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. . CB Financial Corporation maintains a site on Business Wire's "Corporate News on the Net" service, providing detailed information on the corporation and its subsidiaries. The site name is CB Financial Corporation at http://www.businesswire.com on the World Wide Web. -0-
CONSOLIDATED FINANCIAL HIGHLIGHTS
Three Months Ended
December 31
(Dollars in Thousands Except
Per Share Data - Unaudited
1996 1995
EARNINGS
Net Income before Restructuring Charge $1,885 $1,759
Net Income 1,885 773
Per Share:
Net Income before Restructuring Charge .67 .63
Net Income .67 .28
Cash Dividend Declared .30 .30
PERFORMANCE INDICATORS
Profitability:
Return on Average Assets(a) .93% .99%
Return on Average Equity(a) 9.58 9.02
Net Interest Margin 4.72 5.03
Efficiency Ratio(a) 63.49 64.78
Capital:
Average Equity to Average Assets 9.69 10.94
Average Primary Capital to
Average Assets 10.19 11.45
Book Value Per Share $27.93 $27.65
Market Price Per Share (Ending Bid) 36.00 33.50
AVERAGE BALANCES
Assets $807,553 $707,571
Deposits 698,364 612,595
Loans 595,124 431,355
Earning Assets 745,765 644,247
Shareholders' Equity 78,236 77,388
Weighted Average Shares 2,804,451 2,804,711
AT PERIOD END
Assets
Deposits
Loans
Earning Assets
Shareholders' Equity
ASSET QUALITY
Allowance for Loan Losses
Non-Performing Assets
Net Loan Charge-Offs
(a) Financial ratios calculated before restructuring charge.
CONSOLIDATED FINANCIAL HIGHLIGHTS
Year Ended
December 31
(Dollars in Thousands Except
Per Share Data - Unaudited
1996 1995 1994 1993
EARNINGS
Net Income before
Restructuring Charge $7,191 $6,250 $6,594 $7,338
Net Income 6,463 4,616 6,594 7,338
Per Share:
Net Income before
Restructuring Charge 2.56 2.23 2.35 2.62
Net Income 2.31 1.65 2.35 2.62
Cash Dividend Declared 1.20 1.20 1.20 1.18
PERFORMANCE INDICATORS
Profitability:
Return on Average Assets(a) .95% .90% .98% 1.08%
Return on Average Equity(a) 9.29 8.16 8.78 10.59
Net Interest Margin 4.76 4.94 4.99 5.12
Efficiency Ratio(a) 65.52 68.84 70.46 66.89
Capital:
Average Equity to Average
Assets 10.18 10.99 11.16 10.23
Average Primary Capital to
Average Assets 10.66 11.49 11.62 10.72
Book Value Per Share $27.93 $27.65 $26.42 $25.46
Market Price Per Share
(Ending Bid) 36.00 33.50 29.50 33.00
AVERAGE BALANCES
Assets $760,530 $697,286 $672,656 $677,348
Deposits 660,573 600,389 578,712 584,873
Loans 527,837 404,379 344,952 333,682
Earning Assets 696,271 631,292 607,860 609,337
Shareholders' Equity 77,419 76,627 75,067 69,322
Weighted Average Shares 2,803,364 2,803,437 2,803,158 2,803,300
AT PERIOD END
Assets $826,235 $719,883 $720,264 $670,891
Deposits 735,849 622,460 620,649 583,546
Loans 609,021 438,883 393,119 335,498
Earning Assets 752,653 652,418 645,552 608,303
Shareholders' Equity 78,238 77,458 74,009 71,323
ASSET QUALITY
Allowance for Loan Losses $4,529 $3,934 $3,865 $3,617
Non-Performing Assets 2,621 1,697 1,400 2,099
Net Loan Charge-Offs 1,613 603 575 289
(a) Financial ratios calculated before restructuring charge.
CONTACT: CB Financial Corporation, Jackson C. Sue Barron Barron may refer to
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