CNB Bancorp, Inc. Announces First Quarter Results and Quarterly Dividend.Business Editors GLOVERSVILLE, N.Y.--(BUSINESS WIRE)--April 30, 2003 CNB CNB Czech National Bank CNB Centro Nacional de Biotecnologia CNB City National Bank CNB Citizens National Bank CNB Croatian National Bank CNB Chloronitrobenzene CNB Corresponsales No Bancarios (Spanish, Colombia) Bancorp, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : CNBI CNBI Communications Network Billing, Inc. - News) announced operating results for the three month period ended March 31, 2003. For the first quarter of 2003, net income was $1,083,000 as compared with $1,281,000 last year. Expressed on a diluted per share basis, net income for the first quarter was $.49 versus $.55 last year, down 10.9%. A cash dividend of $.19 per share was declared recently by the Board of Directors of CNB Bancorp, Inc. The dividend will be paid May 19, 2003 to shareholders of record as of May 12, 2003. The quarterly dividend of $.19 per share represents an increase of 11.76% compared to the second quarter of 2002. William N. Smith, Chairman of the Board and President of CNB Bancorp, Inc. said the lower results for the first quarter of 2003 are primarily due to the decline in the net interest margin, fully tax effected, from 4.35% for the first quarter of 2002 to 3.88% for the first quarter of 2003. The decline in the first quarter of 2003 was primarily caused by a sizeable decrease in loan volume and repricing Repricing To change the price of an asset. In derivatives, it sometimes refers to the exchange of options of with different strike prices. repricing in the Company's investment portfolio as higher yielding securities were called or paid down and were replaced by lower yielding securities. For the quarter ended March 31, 2003, average earning assets Earning Assets Any income-earning asset owned by a company. Notes: These assets are generally interest-bearing accounts, bonds, and securities available for sale. See also: Asset, Asset Valuation, Earnings, Net Interest Margin were $371,050,000 as compared with $344,319,000 for the same period in 2002, an increase of 7.8%. Higher 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. also contributed to the decline in earnings for the first quarter of 2003. The Company's total assets reached a record $398,158,000 at March 31, 2003, or 7.2% above the $371,263,000 at March 31, 2002. Loans outstanding at March 31, 2003 were $180,660,000, down 7.4% from $195,127,000 at March 31, 2002. A decline in indirect auto and residential mortgage loans were the primary reasons for this decline. Deposits at March 31, 2003 were $306,455,000, an increase of 6.7% from $287,259,000 at March 31, 2002. The primary areas of growth were in NOW, regular savings, and money market accounts. Stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. at March 31, 2003 was $37,405,000 as compared to $34,926,000 at March 31, 2002. This resulted in an equity to total assets ratio of 9.4% as compared to 9.4% at March 31, 2002, a ratio that is over twice the regulatory minimum guideline of 4.0%. CNB Bancorp, Inc. is a financial holding company with its principal office in Gloversville, New York Gloversville is a city in Fulton County, New York, that was once the hub of America's glovemaking industry. In 2000, it had a population of 15,413. History The region, known as "Kingsborough" was acquired by Sir William Johnson, later to become one of the most important . The company operates two subsidiaries: City National Bank and Trust Company, which provides a full range of personal and commercial banking products as well as personal and business trust services; and Hathaway Agency, Inc., which provides general insurance services. This news release may be deemed to include forward-looking statements, such as statements that relate to financial goals, business outlook and credit quality. Actual results could differ materially from those indicated by these statements. CNB Bancorp's 2002 Annual Report to Shareholders and 2002 and 2003 periodic reports to the SEC, including the section of the Annual Report of Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 2002 captioned "Forward-Looking Information," contain additional information about factors that could affect actual results. |
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