CNB Bancorp, Inc. Announces First Quarter Results.Business Editors GLOVERSVILLE, N.Y.--(BUSINESS WIRE)--April 9, 2002 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. ) today reported that the Company had record earnings for the first quarter of 2002 of $1,281,000 or $.55 per diluted share, up 31.0 percent from the $.42 per diluted share for the first quarter of 2001 when earnings were $1,005,000. The first quarter of 2002 was impacted favorably by the elimination of the non-tax deductible That which may be taken away or subtracted. In taxation, an item that may be subtracted from gross income or adjusted gross income in determining taxable income (e.g., interest expenses, charitable contributions, certain taxes). goodwill amortization of $86,000 or $.03 per diluted share. Total assets at the quarter ending March 31, 2002 grew to $371.3 million, an increase of $21.4 million or 6.1 percent from the first quarter of 2001. Loans were $195.1 million, an increase of $6.0 million, or 3.2 percent. Deposits were $287.3 million, an increase of $13.2 million, or 4.8 percent. Stockholders equity at the end of the first quarter of 2002 was $34.9 million as compared to $34.6 million at the end of the first quarter of 2001. This resulted in a first quarter of 2002 equity to total assets ratio of 9.4 percent, a ratio that is over twice the regulatory minimum guideline of 4.0 percent. William N. Smith, Chairman of the Board and President of CNB Bancorp, Inc. (OTCBB:CNBI) said the positive first quarter results show that the Company is on track for another sucessful year. This news release may be deemed to include forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , 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 2001 Annual Report to Shareholders and 2001 and 2002 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, 2001 captioned "Forward-Looking Information," contain additional information about factors that could affect actual results. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion