CORRECTING and REPLACING CNB Bancorp, Inc. Announces Record Second Quarter and Year-to-Date Results and Quarterly Dividend.Business Editors CORRECTION...by 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. GLOVERSVILLE, N.Y.--(BUSINESS WIRE)--July 29, 2003 In BW5466 (NY-CNB-BANCORP) CNB Bancorp, Inc. Announces Record Second Quarter and Year-to-Date Results and Quarterly Dividend, headline should read xxx CNB Bancorp, Inc. Announces Second Quarter and Year-to-Date Results and Quarterly Dividend (sted xxx CNB Bancorp, Inc. Announces Record Second Quarter and Year-to-Date Results and Quarterly Dividend). The corrected release reads: CNB BANCORP, INC. ANNOUNCES SECOND QUARTER AND YEAR-TO-DATE RESULTS AND QUARTERLY DIVIDEND CNB Bancorp, Inc. announced operating results for the three and six month periods ended June 30, 2003. For the second quarter of 2003, net income was $982,000 as compared with $1,131,000 for the same period of last year. Expressed on a 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. per share basis, net income for the second quarter was $.44 versus $.49 last year, down 10.2%. For the first six months of 2003, net income was $2,065,000 as compared with $2,412,000 for the same period of last year. Expressed on a diluted per share basis, net income for the first six months was $.93 versus $1.05 last year, down 11.4%. A cash dividend of $.19 per share was declared recently by the Board of Directors of CNB Bancorp, Inc. The dividend will be paid August 18, 2003 to shareholders of record as of August 11, 2003. The quarterly dividend of $.19 per share represents an increase of 5.6% compared to the third quarter of 2002. William N. Smith, Chairman of the Board and President of CNB Bancorp, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CNBI CNBI Communications Network Billing, Inc. ) said the lower results for the second quarter of 2003 are primarily due to the decline in the net interest margin, fully tax effected, from 4.20% for the second quarter of 2002 to 3.72% for the second quarter of 2003. The first six-months of 2003 also declined from 4.26% in 2002 to 3.79% in 2003. The decline in the second quarter and first six months of 2003 was primarily caused by a sizable 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 June 30, 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 $370,488,000 as compared with $349,879,000 for the same period in 2002, an increase of 5.9%. For the first six months of 2003, average earning assets were $370,767,000 as compared with $347,115,000 for the same period of 2002, an increase of 6.8%. 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 second quarter and first six months of 2003. The Company's total assets reached $396,862,000 at June 30, 2003, or 5.3% above the $376,758,000 at June 30, 2002. Loans outstanding at June 30, 2003 were $175,013,000, down 8.9% from $192,168,000 at June 30, 2002. A decline in indirect auto and residential mortgage loans were the primary reasons for this decline. Deposits at June 30, 2003 were $306,738,000, an increase of 6.0% from $289,392,000 at June 30, 2002. The primary areas of growth were in NOW accounts and all segments of savings and time deposits. 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 June 30, 2003 was $38,168,000 as compared to $36,625,000 at June 30, 2002. This resulted in an equity to total assets ratio of 9.6% as compared to 9.7% at June 30, 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 & 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 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. |
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