CNB Bancorp, Inc. Announces Third Quarter Earnings.Business & Banking Editors GLOVERSVILLE, N.Y.--(BUSINESS WIRE)--Oct. 12, 2001 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 earnings for the third quarter of 2001 of $1,034,000 or $.45 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, up 15.4 percent from the $.39 per diluted share for the third quarter of 2000, when earnings were $944,000. Net income of $3,040,000 or $1.30 per diluted share was recognized for the nine-month period ended September 30, 2001, compared to net income of $2,857,000 or $1.18 per diluted share for the first nine-months of 2000. Total assets at the quarter ending September 30, 2001 grew to $360.9 million, an increase of $16.6 million or 4.8 percent from the third quarter of 2000. Loans were $198.3 million, an increase of $13.7 million, or 7.4 percent. Stockholders equity at the end of the third quarter of 2001 was $35.2 million as compared to $32.9 million at the end of the third quarter of 2000. This resulted in a third quarter of 2001 equity to total assets ratio of 9.8 percent, a ratio that is over twice the regulatory minimum guideline guideline Medtalk A series of recommendations by a body of experts in a particular discipline. See Cancer screening guidelines, Cardiac profile guidelines, Gatekeeper guidelines, Harvard guidelines, Transfusion guidelines. of 4.0 percent. William N. Smith, Chairman of the Board and President of CNB Bancorp, Inc. (OTCBB: CNBI) commented that this is the first time the company's earnings have exceeded $3 million dollars for a nine-month period. He mentioned that the first nine-month results also include the Hathaway Agency, Inc., a full service insurance agency acquired in July of 2000. Smith said the positive nine months results show that the Company is on track for another successful 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 2000 Annual Report to Shareholders and 2000 and 2001 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, 2000 captioned "Forward-Looking Information," contain additional information about factors that could affect actual results. |
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