CNB Financial Corp. Reports Third Quarter Results.Business Editors ALBANY Albany, town, Australia Albany (ăl`bənē), town (1996 pop. 14,590), Western Australia, SW Australia. It is a port on Princess Royal Harbour of King George Sound. The town has woolen mills and fish canneries. , N.Y.--(BUSINESS WIRE)--Nov. 7, 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) Financial Corp. (Nasdaq: CNBF) today announced that core cash net loss for the quarter ended September September: see month. 30, 2001 was $2.217 million, or $0.30 loss per share, down from core cash net income of $2.309 million, or $0.31 diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of for the same period in 2000. Core cash net inccome/loss, as reported by the Company, excludes goodwill amortization, securities write-downs, organizational costs related to a new financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. subsidiary, and a transition adjustment for the cumulative effect of a change in accounting principle. Loss per share, stated in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting , was $0.49 for the quarter ended September 30, 2001, down from diluted earnings per share of $0.27 for the same period in 2000. Diluted earnings per share were $0.04, or $266,000 for the nine months ended September 30, 2001, compared to $0.81, or $6.113 million for the same period in 2000. Third quarter results were affected by several significant charges to operations. The provision for loan and lease losses was $3.200 million for the quarter ended September 30, 2001 compared to $330,000 for the same period in 2000. The increase in the provision for loan and lease losses resulted from a combination of an increase in loan and lease net charge-offs, which totaled $2.636 million for the quarter ended September 30, 2001, and an increase in non-performing loans A non-performing loan is a loan that is in default or close to being in default. Many loans become non-performing after being in default for 3 months, but this can depend on the contract terms. , which totaled $6.282 million at September 30, 2001. These increases were mainly due to several commercial credits. The Company took a $1.825 million charge for residual Residual See:Residual value losses on automobile automobile, self-propelled vehicle used for travel on land. The term is commonly applied to a four-wheeled vehicle designed to carry two to six passengers and a limited amount of cargo, as contrasted with a truck, which is designed primarily for the transportation of leases for the quarter ended September 30, 2001. The provision for residual losses on auto leases in the third quarter reflects a reduction in the estimated recoveries from residual value Residual value Usually refers to the value of a lessor's property at the time the lease expires. residual value The price at which a fixed asset is expected to be sold at the end of its useful life. loss insurance and weakening weak·en tr. & intr.v. weak·ened, weak·en·ing, weak·ens To make or become weak or weaker. weak  en·er n. business
conditions in the used automobile market which management believes has
resulted in a decline in residual values that is other-than-temporary.
Lastly, the Company took a $1.753 million charge for
other-than-temporary impairment Impairment1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. on three corporate debt securities during the quarter ended September 30, 2001. On June June: see month. 19, 2001, CNB Financial Corp. (CNB) announced that it had entered into a definitive agreement providing for the merger of CNB Financial Corp with and into NBT (NetBIOS over TCP/IP) Support for the NetBIOS protocol in Windows when running in a TCP/IP network. NBT supports legacy applications that use the NetBIOS protocol as well as NetBIOS name resolution, which converts NetBIOS names into IP addresses. Bancorp Inc. (NBT) (NASDAQ: NBTB). The agreement and plan of merger was approved by NBT and CNB stockholders at separate meetings held on October October: see month. 16, 2001. The merger is expected to close on November November: see month. 8, 2001. The merger agreement also provides for the merger of CNB's subsidiary, Central National Bank, into NBT Bank NBT Bank is a bank owned by NBT Bancorp and is headquartered in Norwich, New York. The bank was founded in 1856, and now has 80 branches in 18 counties throughout Upstate New York. . Upon completion of the merger, Central National Bank will operate as a division of NBT Bank, retaining its name and headquarters in Canajoharie Canajoharie may refer to:
Headquarted in Canajoharie, New York Canajoharie, New York may refer to:
Cayuga County – Auburn Cortland County – Cortland Madison County – Oneida . Central Asset Management provides investment advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal . Visit our web site on the World Wide Web at http://www.canajocnb.com. Except for historical information contained herein, the matters discussed in this news release and other information contained in CNB Financial Corp's Securities and Exchange Commission filings may express "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. ". Those "forward-looking statements" may involve risks and uncertainties, including statements concerning future events or performance and assumptions and other statements that are other than statements of historical facts. CNB Financial Corp. wishes to caution readers not to place undue reliance on any "forward-looking statements", which speak only as of the date made. Readers are advised that various risk factors, including but not limited to: (1) credit risk, (2) interest rate risk, (3) competition, (4) technology risk, (5) changes in the regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. environment, (6) changes in general business and economic trends, and (7) delay of or failure to complete the merger with NBT Bancorp Inc., could cause the actual results or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or for future future periods to differ materially from those anticipated or projected. CNB Financial Corp. does not undertake, and specifically disclaims any obligation, to publicly release the results of any revisions ReVisions is a 2004 anthology of alternate history short-stories. It is edited by Julie E. Czerneda and Isaac Szpindel. Contents Title Author The Resonance of Light James Alan Gardner Out of China Julie E. that may be made to any "forward-looking statements" to reflect the the occurrence of unanticipated events or circumstances after the date of such statement.
CNB Financial Corp.
Summary of Unaudited Quarterly Financial Data
2001 2000
30-Sep 30-Jun 31-Mar 31-Dec 30-Sep
L.................. T.........T.........T.........T.........T.......R.
(Amounts in thousands)
Condensed consolidated balance sheets
Cash and due from
banks $ 18,600 $ 14,319 $ 15,725 $ 16,528 $ 19,024
Federal funds sold - - 3,700 - -
Trading securities 2,419 9,550 6,994 - -
Securities available
for sale 373,778 388,066 372,090 365,409 367,697
Loans and leases 553,251 546,895 531,384 533,112 521,759
Allowance for loan
and lease losses (8,999) (8,435) (8,277) (8,145) (8,842)
Net loans and
leases 544,252 538,460 523,107 524,967 512,917
Goodwill 17,140 17,471 17,804 18,135 18,466
Other real estate
owned and
repossessed assets 750 941 1,102 1,134 970
Other assets 26,123 23,794 23,842 25,167 25,587
Total assets $983,062 $992,601 $964,364 $951,340 $944,661
Non-interest-bearing
deposits $ 81,978 $ 79,138 $ 65,458 $ 69,134 $ 70,994
Interest-bearing
deposits 771,755 760,471 764,106 730,804 714,250
Total deposits 853,733 839,609 829,564 799,938 785,244
Short-term
borrowings 29,729 50,871 32,280 52,605 67,681
Long-term
borrowings 5,284 5,385 5,560 5,658 5,723
Other liabilities 13,510 12,942 13,712 11,993 10,753
Total liabilities 902,256 908,807 881,116 870,194 869,401
Capital securities 18,000 18,000 18,000 18,000 18,000
Stockholders'
equity 62,806 65,794 65,248 63,146 57,260
Total liabilities,
capital securities,
and stockholders'
equity $983,062 $992,601 $964,364 $951,340 $944,661
Condensed
consolidated income
statements
Interest income $ 16,763 $ 16,998 $ 17,275 $ 17,740 $ 17,627
Interest expense 8,271 9,023 9,339 10,006 9,565
Net interest income 8,492 7,975 7,936 7,734 8,062
Provision for loan
and lease losses 3,200 360 260 395 330
Net interest income
after provision for
loan and lease losses 5,292 7,615 7,676 7,339 7,732
Non-interest income:
Service charges on
deposit accounts 768 759 633 697 645
Net gain (loss) on
securities
transactions (1) (2,337) 224 640 (808) 88
Other income (2) 808 472 472 516 470
Total non-interest
income (761) 1,455 1,745 405 1,203
Non-interest expenses:
Salaries and employee
benefits (3) 3,422 2,398 2,666 2,016 2,394
Occupancy and
equipment 748 798 811 646 647
Data processing 687 678 714 680 693
Goodwill 332 331 332 332 332
Capital securities 306 361 427 427 465
Other expenses (4) 4,134 1,815 1,512 2,433 1,680
Total non-interest
expenses 9,629 6,381 6,462 6,534 6,211
(Loss) income before
income tax (benefit)
expense and cumulative
effect of a change in
accounting principle (5,098) 2,689 2,959 1,210 2,724
Income tax (benefit)
expense (1,483) 824 848 360 707
Net (loss) income
before cumulative
effect of a change in
accounting principle (3,615) 1,865 2,111 850 2,017
Cumulative effect
of a change in
accounting principle,
net of tax (5) - - (95) - - -
Net (loss) income $ (3,615) $ 1,865 $ 2,016 $ 850 $ 2,017
(1) Includes write-downs taken for other-than-temporary impairment on
corporate debt securities totaling $1.753 million, $1.181 million, and
$155,000 for the quarters ended September 30, 2001, December 31, 2000,
and September 30, 2000, respectively.
(2) Includes $327,000 of revenue from insurance and financial services
commissions from the Company's financial services subsidiary which
began conducting business activities in the quarter ended September
30, 2001.
(3) Includes $319,000 of salaries and benefits from the Company's
financial services subsidiary which began conducting business
activities in the quarter ended September 30, 2001. In addition,
salaries and benefits increased by approximately $585,000 from the
June 30, 2001 quarter to the September 30, 2001 quarter due to an
increase in incentive compensation.
(4) Included in other expenses for the quarters ended September 30,
2001 and December 31, 2000 is a charge taken for the
other-than-temporary impairment on residual values related to the
Company's automobile lease portfolio in the amount of $1.825 million
and $595,000, respectively. In addition, included in other expenses
for the quarter ended September 30, 2001 is $231,000 of organizational
expense related to the start-up of the Company's financial services
subsidiary.
(5) Cumulative effect of a change in accounting principle is due to
the adoption of Statement of Financial Accounting Standards No. 133
"Accounting for Derivative Instruments and Hedging Activities", which
resulted in a $159,000 pre-tax transition adjustment.
CNB Financial Corp.
Summary of Unaudited Quarterly Financial Data
2001 2000
30-Sep 30-Jun 31-Mar 31-Dec 30-Sep
(Dollars in thousands, excluding per share amounts)
Financial Highlights
Per common share:
Basic (loss)
earnings - Before
cumulative effect(1 $ (0.49) $ 0.25 $ 0.28 $ 0.11 $ 0.27
Basic (loss) earnings
- After cumulative
effect (1) $ (0.49) $ 0.25 $ 0.27 $ 0.11 $ 0.27
Diluted (loss) earnings
- Before cumulative
effect (1) $ (0.49) $ 0.25 $ 0.28 $ 0.11 $ 0.27
Diluted (loss) earnings
- After cumulative
effect (1) $ (0.49) $ 0.25 $ 0.27 $ 0.11 $ 0.27
Core cash diluted
(loss) earnings(2) $ (0.30) $ 0.28 $ 0.31 $ 0.23 $ 0.31
Common shares
outstanding:
Average - diluted 7,421 7,508 7,495 7,485 7,486
Period end 7,422 7,421 7,474 7,474 7,474
Return on (loss) (annualized):
Average assets (1.46%) 0.76% 0.86% 0.36% 0.86%
Average stockholders'
equity (21.82%) 11.49% 12.66% 5.82% 14.66%
Average assets -
core cash (2) (0.90%) 0.84% 0.98% 0.74% 0.98%
Average stockholders'
equity -core cash(2)(13.39%) 12.72% 14.51% 12.05% 16.78%
Yield on
average earning
assets (3) 7.24% 7.38% 7.79% 7.84% 7.88%
Cost of interest-
bearing liabilities 4.07% 4.42% 4.77% 5.00% 4.83%
Net interest spread(3) 3.17% 2.96% 3.02% 2.84% 3.05%
Net interest margin(3) 3.70% 3.49% 3.60% 3.43% 3.63%
Loan quality:
Nonaccrual loans $5,963 $4,432 $4,283 $4,415 $4,838
Accruing loans past due
90 days or more 319 615 278 249 468
Total non-performing
loans $6,282 $5,047 $4,561 $4,664 $5,178
Net charge-offs $2,636 $ 202 $ 128 $1,092 $ 224
Non-performing loans
to total loans
and leases 1.14% 0.92% 0.86% 0.87% 1.02%
Allowance for loan
and lease losses to
non-performing loans 143.25% 167.13% 181.47% 174.64% 166.64%
Allowance for loan
and lease losses to
total loans and
leases 1.63% 1.54% 1.56% 1.53% 1.69%
Reconciliation of net
(loss) income to core cash
(loss)/earnings:
Net (loss) income $(3,615) $1,865 $2,016 $ 850 $2,017
Goodwill amortization,
net of tax 200 200 200 199 199
Corporate debt
securities write-downs,
net of tax 1,058 - - 710 93
Organizational costs
for financial services
subsidiary,
net of tax 140 - - - -
Cumulative effect of
a change in accounting
principle, net of tax - - 95 - -
Core cash (loss)
earnings $(2,217) $2,065 $2,311 $1,759 $2,309
(1) Cumulative effect of a change in accounting principle is due to
the adoption of Statement of Financial Accounting Standards No. 133
"Accounting for Derivative Instruments and Hedging Activities", which
resulted in a $159,000 pre-tax transition adjustment ($95,000
after-tax).
(2) Core cash earnings (loss), as reported by the Company, excludes
goodwill amortization, the write-downs taken for the
other-than-temporary impairment on corporate debt securities,
organizational costs related to a new financial services subsidiary,
and the transition adjustment for the cumulative effect of a change in
accounting principle.
(3) Ratios are calculated using fully tax equivalent interest income.
CNB Financial Corp.
Summary of Unaudited Financial Data for the nine months ended
September 30, 2001 and 2000
2001 2000
30-Sep 30-Sep
Condensed consolidated income statement (Amounts in thousands,
excluding per share amounts)
Interest income $51,036 $52,195
Interest expense 26,633 26,975
Net interest income 24,403 25,220
Provision for loan
and lease losses 3,820 1,070
Net interest income
after provision for
loan and lease
losses 20,583 24,150
Non-interest income:
Service charges
on deposit accounts 2,160 1,869
Net gain
(loss) on securities
transactions (1) (1,473) (238)
Other income (2) 1,752 1,539
Total non-interest
income 2,439 3,170
Non-interest
expenses:
Salaries and employee
benefits (3) 8,486 7,376
Occupancy and
equipment 2,357 2,044
Data processing 2,079 1,954
Goodwill 995 995
Capital securities 1,094 1,300
Other expenses (4) 7,461 5,365
Total non-interest
expenses 22,472 19,034
Income
before income tax
expense and cumulative
effect of a change in
accounting principle 550 8,286
Income tax expense 189 2,173
Net income before
cumulative effect of a
change in accounting
principle 361 6,113
Cumulative effect
of a change in
accounting principle,
net of tax (5) (95) -
Net income $266 $6,113
(1) Includes write-downs taken for the other-than-temporary impairment
on corporate debt securities totaling $1.753 million, $155,000 and
$720,000 for the quarters ended September 30, 2001, September 30,
2000, and June 30, 2000, respectively.
(2) Includes $327,000 of revenue from insurance and financial services
commissions from the Company's financial services subsidiary which
began conducting business activities in the quarter ended September
30, 2001.
(3) Includes $319,000 of salaries and benefits from the Company's
financial services subsidiary which began conducting business
activities in the quarter ended September 30, 2001. In addition,
salaries and benefits increased by approximately $585,000 from the
June 30, 2001 quarter to the September 30, 2001 quarter due to an
increase in incentive compensation.
(4) Included in other expenses for the quarters ended September 30,
2001 and December 31, 2000 is a charge taken for the
other-than-temporary impairment on residual values related to the
Company's automobile lease portfolio in the amount of $1.825 million
and $595,000, respectively. In addition, included in other expenses
for the quarter ended September 30, 2001 is $231,000 of organizational
expense related to the start-up of the Company's financial services
subsidiary.
(5) Cumulative effect of a change in accounting principle is due to
the adoption of Statement of Financial Accounting Standards No. 133
"Accounting for Derivative Instruments and Hedging Activities", which
resulted in a $159,000 pre-tax transition adjustment.
Financial Highlights
2001 2000
30 Sep 30 Sep
Per common share:
Basic
earnings -
Before cumulative
effect (1) $0.05 $0.82
Basic earnings -
After cumulative
effect (1) $0.04 $0.82
Diluted earnings -
Before cumulative
effect (1) $0.05 $0.81
Diluted earnings -
After cumulative
effect (1) $0.04 $0.81
Core cash diluted
earnings (2) $0.29 $0.96
Common shares outstanding:
Average - diluted 7,507 7,517
Period end 7,422 7,474
Return on (annualized):
Average assets 0.04% 0.87%
Average stockholders'
equity 0.55% 14.92%
Average assets -
core cash (2) 0.30% 1.03%
Average stockholders'
equity-core cash(2) 4.43% 17.66%
Yield on average
earning assets (3) 7.46% 7.88%
Cost of interest-
bearing liabilities 4.42% 4.56%
Net interest
spread (3) 3.04% 3.32%
Net interest
margin (3) 3.60% 3.85%
Reconciliation of net income to core cash earnings:
Net income $266 $6,113
Goodwill amortization,
net of tax 601 597
Corporate debt
securities write-downs,
net of tax 1,058 525
Organizational
costs for
financial services
subsidiary, net of
tax 140 -
Cumulative effect of
a change in accounting
principle, net of tax 95 -
Core cash
earnings $2,160 $7,235
(1) Cumulative effect of a change in accounting principle is due to
the adoption of Statement of Financial Accounting Standards No. 133
"Accounting for Derivative Instruments and Hedging Activities", which
resulted in a $159,000 pre-tax transition adjustment ($95,000
after-tax).
(2) Core cash earnings, as reported by the Company, excludes goodwill
amortization, the write-downs taken for the other-than-temporary
impairment on corporate debt securities, organizational costs related
to a new financial services subsidiary, and the transition adjustment
for the cumulative effect change in accounting principle.
(3) Ratios are calculated using fully tax equivalent interest income.
|
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion