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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Muncy Columbia Financial Corporation (QX) | USOTC:CCFN | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 32.76 | 33.00 | 35.00 | 16 | 21:27:58 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
Current Report
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
(Address of principal executive offices)
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Exchange Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
None |
Indicated by check
mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule
12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2)
If an emerging growth company, indicate by check mark if registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐
ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
Lance O. Diehl, Chief Executive Officer, announced the consolidated financial results for CCFNB Bancorp, Inc. and Subsidiaries for the third quarter 2023. On October 24, 2023, CCFNB Bancorp, Inc. issued a press release titled “CCFNB Bancorp, Inc. Reports Third Quarter 2023 Earnings” attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
(a) Not applicable
(b) Not applicable
(c) Not applicable
(d) Exhibits.
Exhibit Number | Description |
99.1 | Press Release issued by CCFNB Bancorp, Inc. on October 24, 2023 titled “CCFNB Bancorp, Inc. Reports Third Quarter 2023 Earnings” |
104 | Cover Page Interactive Data File (embedded in the cover page formatted in Inline XBRL) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
Date: October 24, 2023 | CCFNB Bancorp, Inc. | ||
By: | /s/ Jeffrey T. Arnold | ||
Name: | Jeffrey T. Arnold, CPA, CIA | ||
Title: | Executive Vice President & Chief Financial Officer |
Exhibit 99.1
Press Release – For Immediate Release
October 24, 2023
CCFNB Bancorp, Inc. Reports Third Quarter 2023 Earnings
Bloomsburg, PA – CCFNB Bancorp, Inc. (“Corporation”) (OTC Pink: CCFN), parent company of First Columbia Bank & Trust Co. (“Bank”), has released its unaudited financial statements for the third quarter of 2023.
Net income, as reported under U.S. Generally Accepted Accounting Principles, for the quarter-ended September 30, 2023, was $1,171,000 compared to $2,521,000 for the same period in 2022. Net income, as reported under U.S. Generally Accepted Accounting Principles, for the nine months-ended September 30, 2023 was $4,573,000 compared to $6,919,000 for the same period in 2022. Net income for the nine months-ended September 30, 2023 was impacted by merger related expenses amounting to approximately $1,206,000. Earnings per share, basic and diluted, for the quarters-ended September 30, 2023 and 2022 were $0.56 and $1.21, respectively. Earnings per share, basic and diluted, for the nine months-ended September 30, 2023 and 2022 were $2.20 and $3.33, respectively. The return on average assets and return on average equity were 0.63% and 6.78% for the quarter-ended September 30, 2023 as compared to 0.97% and 9.82% for the same period of 2022.
The net interest margin, tax effected, on interest earning assets and liabilities was 2.29% and 2.56% at September 30, 2023 and 2022, respectively.
Total consolidated assets amounted to $957.6 million at September 30, 2023 as compared to $944.0 at December 31, 2022. For the nine months-ended September 30, 2023, net loans, not held for sale, increased by $29.7 million while investment securities decreased $19.0 million and cash and cash equivalents increased $4.4 million to $17.4 million. Over the same time period, loans held for sale decreased $4.0 million. Total deposits decreased $41.8 million while short term borrowings increased $27.3 million and long term borrowings increased $25.0 million since the end of 2022.
The Corporation invests in various forms of agency debt including mortgage-backed securities and callable agency debt. The fair value of these securities is influenced by market interest rates, prepayment speeds on mortgage securities, bid to offer spreads in the market place and credit premiums for various types of agency debt. These factors change continuously and therefore the fair market value of these securities may be higher or lower than the Corporation’s carrying value at any measurement date. The temporary impact on Investments will also affect Stockholders’ Equity as these fluctuations are recorded through Accumulated Other Comprehensive Income (Loss). For the nine months ended September 30, 2023, the temporary impact of these unrealized losses on the Stockholders’ Equity amounted to a reduction of $27.4 million. The Corporation does not consider its debt securities to be credit impaired since it has both the intent and ability to hold the securities until a recovery of fair value, which may be maturity.
When compared to December 31, 2022, stockholders’ equity, excluding accumulated other comprehensive loss, increased $2.5 million to $115.8 million as of September 30, 2023. Total stockholders’ equity equated to a book value per share of $42.50 at September 30, 2023 as compared with $41.34 as of December 31, 2022. For the nine months-ended September 30, 2023 cash dividends of $1.28 per share were paid to stockholders as compared to $1.25 for the same 2022 period. CCFNB Bancorp, Inc. remains well capitalized, with an equity to assets ratio of 9.20% as of September 30, 2023 and 9.10% at December 31, 2022.
About CCFNB Bancorp, Inc.
CCFNB Bancorp, Inc. is a registered financial holding company, headquartered in Bloomsburg, Pennsylvania. CCFNB Bancorp, Inc. has one subsidiary bank, First Columbia Bank & Trust Co. First Columbia Bank & Trust Co. is a full-service community bank, serving a market area in Columbia, Montour, Luzerne, Lycoming, and Northumberland counties. The Bank engages in a full line of personal, business and municipal financial services and alternative investment products, including corporate and personal fiduciary services. The Bank has 12 offices located throughout the communities of Bloomsburg, Berwick, Danville, Benton, Millville, Elysburg and Catawissa. The Bank has 177 employees. As of September 30, 2023, CCFNB Bancorp, Inc. had $957.6 million in total assets.
On October 3, 2023, shareholders of the Corporation and Muncy Bank Financial, Inc. (“Muncy”), each approved the merger of Muncy with and into the Corporation, with the Corporation as the surviving corporation, pursuant to the Agreement and Plan of Merger dated as of April 17, 2023, as amended June 21, 2023. In connection with the merger, Muncy’s wholly-owned banking subsidiary, The Muncy Bank and Trust Company, will merge with and into the Corporation’s wholly-owned bank subsidiary, First Columbia Bank & Trust Co. In connection with the mergers, the Corporation will change its name to Muncy Columbia Financial Corporation and First Columbia Bank & Trust Co. will change its name to Journey Bank. The mergers are expected to close on November 11, 2023, subject to certain customary closing conditions.
Cautionary Note Regarding Forward Looking Statements
This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of current or historical fact and involve substantial risks and uncertainties. Words such as “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “projects,” “may,” “will,” “should,” and other similar expressions can be used to identify forward-looking statements. Such statements are subject to factors that could cause actual results to differ materially from anticipated results. Among the risks and uncertainties that could cause actual results to differ from those described in the forward-looking statements include, but are not limited to the following: costs or difficulties associated with newly developed or acquired operations; risks related to the proposed merger with Muncy Bank Financial, Inc.; changes in general economic trends, including inflation and changes in interest rates; increased competition; changes in consumer demand for financial services; our ability to control costs and expenses; adverse developments in borrower industries and, in particular, declines in real estate values; changes in and compliance with federal and state laws that regulate our business and capital levels; our ability to raise capital as needed; and the effects of the COVID-19 pandemic and actions taken by governments, businesses and individuals in response. We do not undertake, and specifically disclaim, any obligation to publicly revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements, except as required by law. Accordingly, you should not place undue reliance on forward-looking statements.
CCFNB Bancorp, Inc.
Consolidated Balance Sheets
(In Thousands, except share data) | (Unaudited) September 30, 2023 | December 31, 2022 | ||||||
ASSETS | ||||||||
Cash and due from banks | $ | 8,209 | $ | 9,750 | ||||
Interest-bearing deposits in other banks | 9,232 | 3,333 | ||||||
Federal funds sold | — | 1 | ||||||
Total cash and cash equivalents | 17,441 | 13,084 | ||||||
Investment debt securities, available-for-sale, at fair value | 321,572 | 341,051 | ||||||
Investment equity securities, at fair value | 812 | 1,077 | ||||||
Restricted securities | 3,968 | 3,223 | ||||||
Loans held for sale | 607 | 4,568 | ||||||
Loans, net of unearned income | 556,255 | 527,729 | ||||||
Less: Allowance for credit losses | 6,094 | 7,279 | ||||||
Loans, net | 550,161 | 520,450 | ||||||
Premises and equipment: | ||||||||
Operating lease right-of-use | 277 | 298 | ||||||
Other premises and equipment, net | 12,467 | 12,514 | ||||||
Accrued interest receivable | 2,664 | 2,222 | ||||||
Cash surrender value of bank-owned life insurance | 22,239 | 21,859 | ||||||
Investment in limited partnerships | 5,951 | 3,745 | ||||||
Goodwill | 7,937 | 7,937 | ||||||
Other assets | 11,484 | 11,986 | ||||||
TOTAL ASSETS | $ | 957,580 | $ | 944,014 | ||||
LIABILITIES | ||||||||
Interest-bearing deposits | $ | 474,687 | $ | 500,480 | ||||
Noninterest-bearing deposits | 165,888 | 181,845 | ||||||
Total deposits | 640,575 | 682,325 | ||||||
Short-term borrowings | 199,083 | 171,741 | ||||||
Long-term borrowings | 25,021 | 24 | ||||||
Accrued interest payable | 518 | 187 | ||||||
Operating lease liability | 277 | 298 | ||||||
Other liabilities | 3,680 | 3,497 | ||||||
TOTAL LIABILITIES | 869,154 | 858,072 | ||||||
STOCKHOLDERS’ EQUITY | ||||||||
Common stock, par value $1.25 per share; authorized 15,000,000 shares, issued and outstanding 2,345,423 and 2,080,723 shares in 2023, respectively; and 2,343,835 and 2,079,135 shares in 2022, respectively | 2,932 | 2,930 | ||||||
Surplus | 30,092 | 30,030 | ||||||
Retained earnings | 92,594 | 90,156 | ||||||
Accumulated other comprehensive loss | (27,402 | ) | (27,384 | ) | ||||
Treasury stock, at cost; 264,700 shares in 2023 and 2022 | (9,790 | ) | (9,790 | ) | ||||
TOTAL STOCKHOLDERS’ EQUITY | 88,426 | 85,942 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 957,580 | $ | 944,014 |
CCFNB Bancorp, Inc.
Consolidated Statements of Income
(Unaudited)
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||
(In Thousands, Except Share and Per Share Data) | September 30, | September 30, | ||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
INTEREST AND DIVIDEND INCOME | ||||||||||||||||
Interest and fees on loans: | ||||||||||||||||
Taxable | $ | 6,629 | $ | 5,418 | $ | 18,861 | $ | 15,033 | ||||||||
Tax-exempt | 243 | 157 | 674 | 460 | ||||||||||||
Interest and dividends on investment securities: | ||||||||||||||||
Taxable | 1,211 | 1,244 | 3,641 | 3,087 | ||||||||||||
Tax-exempt | 135 | 26 | 398 | 93 | ||||||||||||
Dividend and other interest income | 86 | 51 | 222 | 144 | ||||||||||||
Federal funds sold | — | 9 | 1 | 15 | ||||||||||||
Deposits in other banks | 84 | 174 | 169 | 262 | ||||||||||||
TOTAL INTEREST AND DIVIDEND INCOME | 8,388 | 7,079 | 23,966 | 19,094 | ||||||||||||
INTEREST EXPENSE | ||||||||||||||||
Deposits | 892 | 453 | 2,299 | 1,289 | ||||||||||||
Short-term borrowings | 2,337 | 673 | 6,248 | 930 | ||||||||||||
Long-term borrowings | 268 | — | 414 | 1 | ||||||||||||
TOTAL INTEREST EXPENSE | 3,497 | 1,126 | 8,961 | 2,220 | ||||||||||||
NET INTEREST INCOME | 4,891 | 5,953 | 15,005 | 16,874 | ||||||||||||
CREDIT LOSS EXPENSE | ||||||||||||||||
(Credit) Provision for credit losses - loans | (172 | ) | (1,200 | ) | (594 | ) | (1,360 | ) | ||||||||
(Credit) Provision for credit losses - off-balance sheet commitments | 4 | — | 1 | — | ||||||||||||
TOTAL CREDIT LOSS EXPENSE | (168 | ) | (1,200 | ) | (593 | ) | (1,360 | ) | ||||||||
NET INTEREST INCOME AFTER (CREDIT) PROVISION FOR CREDIT LOSS EXPENSE | 5,059 | 7,153 | 15,598 | 18,234 | ||||||||||||
NON-INTEREST INCOME | ||||||||||||||||
Service charges and fees | 477 | 572 | 1,516 | 1,576 | ||||||||||||
Gain on sale of loans | 68 | 75 | 193 | 431 | ||||||||||||
Earnings on bank-owned life insurance | 113 | 109 | 335 | 320 | ||||||||||||
Brokerage | 146 | 125 | 425 | 448 | ||||||||||||
Trust | 195 | 219 | 613 | 605 | ||||||||||||
Loss on equity securities | (118 | ) | (17 | ) | (265 | ) | (60 | ) | ||||||||
Investment security losses, net | — | (1,236 | ) | — | (1,236 | ) | ||||||||||
Interchange fees | 428 | 428 | 1,294 | 1,285 | ||||||||||||
Other | 213 | 223 | 743 | 694 | ||||||||||||
TOTAL NON-INTEREST INCOME | 1,522 | 498 | 4,854 | 4,063 | ||||||||||||
NON-INTEREST EXPENSE | ||||||||||||||||
Salaries | 1,788 | 1,851 | 5,420 | 5,622 | ||||||||||||
Employee benefits | 487 | 753 | 1,887 | 2,257 | ||||||||||||
Occupancy | 326 | 336 | 969 | 1,007 | ||||||||||||
Furniture and equipment | 536 | 418 | 1,546 | 1,271 | ||||||||||||
State shares tax | (58 | ) | 177 | 234 | 521 | |||||||||||
Professional fees | 363 | 274 | 985 | 914 | ||||||||||||
Director’s fees | 72 | 71 | 227 | 238 | ||||||||||||
FDIC assessments | 110 | 64 | 327 | 195 | ||||||||||||
Telecommunications | 83 | 79 | 243 | 274 | ||||||||||||
Automated teller machine and interchange | 111 | 101 | 221 | 206 | ||||||||||||
Merger related expenses | 757 | — | 1,206 | — | ||||||||||||
Other | 698 | 544 | 1,682 | 1,525 | ||||||||||||
TOTAL NON-INTEREST EXPENSE | 5,273 | 4,668 | 14,947 | 14,030 | ||||||||||||
INCOME BEFORE INCOME TAX PROVISION | 1,308 | 2,983 | 5,505 | 8,267 | ||||||||||||
INCOME TAX PROVISION | 137 | 462 | 932 | 1,348 | ||||||||||||
NET INCOME | $ | 1,171 | $ | 2,521 | $ | 4,573 | $ | 6,919 | ||||||||
EARNINGS PER SHARE, BASIC AND DILUTED | $ | 0.56 | $ | 1.21 | $ | 2.20 | $ | 3.33 | ||||||||
CASH DIVIDENDS PER SHARE | $ | 0.43 | $ | 0.42 | $ | 1.28 | $ | 1.25 | ||||||||
WEIGHTED AVERAGE SHARES OUTSTANDING | 2,080,109 | 2,078,204 | 2,079,635 | 2,078,054 |
Quarter Ended (unaudited) | ||||||||||||||||||||
(Dollars in Thousands, Except Per Share Data) | 9/30/2023 | 6/30/2023 | 3/31/2023 | 12/31/2022 | 9/30/2022 | |||||||||||||||
Operating Highlights | ||||||||||||||||||||
Net income | $ | 1,171 | $ | 1,462 | $ | 1,940 | $ | 2,595 | $ | 2,521 | ||||||||||
Net interest income | 4,891 | 4,913 | 5,201 | 5,453 | 5,953 | |||||||||||||||
(Credit) Provision for credit losses | (168 | ) | (16 | ) | (409 | ) | (450 | ) | (1,200 | ) | ||||||||||
Non-interest income | 1,522 | 1,706 | 1,626 | 2,008 | 498 | |||||||||||||||
Non-interest expense | 5,273 | 4,857 | 4,817 | 5,038 | 4,668 | |||||||||||||||
Financial Condition Data: | ||||||||||||||||||||
Total assets | $ | 957,580 | $ | 960,080 | $ | 955,030 | $ | 944,014 | $ | 952,822 | ||||||||||
Loans, net and loans held for sale | 556,862 | 544,593 | 535,843 | 525,018 | 506,760 | |||||||||||||||
Intangibles | 7,937 | 7,937 | 7,937 | 7,937 | 7,937 | |||||||||||||||
Total deposits | ||||||||||||||||||||
Noninterest-bearing | $ | 165,888 | $ | 175,521 | $ | 178,438 | $ | 181,845 | $ | 182,469 | ||||||||||
Savings | 155,750 | 157,833 | 166,231 | 171,462 | 174,173 | |||||||||||||||
NOW | 146,944 | 152,358 | 151,191 | 152,656 | 156,961 | |||||||||||||||
Money Market | 41,521 | 44,341 | 51,846 | 51,850 | 51,894 | |||||||||||||||
Time Deposits | 130,472 | 128,430 | 127,670 | 124,512 | 129,900 | |||||||||||||||
Total interest-bearing deposits | 474,687 | 482,962 | 496,938 | 500,480 | 512,928 | |||||||||||||||
Core deposits* | 510,103 | 530,053 | 547,706 | 557,813 | 565,497 | |||||||||||||||
Selected Ratios | ||||||||||||||||||||
Net interest margin(YTD) | 2.29 | % | 2.32 | % | 2.41 | % | 2.55 | % | 2.56 | % | ||||||||||
Annualized return on average assets | 0.63 | % | 0.71 | % | 0.82 | % | 1.00 | % | 0.97 | % | ||||||||||
Annualized return on average equity | 6.78 | % | 7.63 | % | 8.94 | % | 10.45 | % | 9.82 | % | ||||||||||
Capital Ratios | ||||||||||||||||||||
Common equity tier I capital ratio | 19.76 | % | 19.30 | % | 19.83 | % | 19.79 | % | 20.77 | % | ||||||||||
Tier 1 capital ratio | 19.76 | % | 19.30 | % | 19.83 | % | 19.79 | % | 20.77 | % | ||||||||||
Total risk-based capital ratio | 20.87 | % | 20.45 | % | 20.99 | % | 21.04 | % | 22.03 | % | ||||||||||
Leverage ratio | 11.05 | % | 10.83 | % | 11.11 | % | 11.02 | % | 10.74 | % | ||||||||||
Asset Quality Ratios | ||||||||||||||||||||
Non-performing assets | $ | 2,659 | $ | 2,562 | $ | 2,808 | $ | 2,654 | $ | 2,678 | ||||||||||
Allowance for credit losses - loans | 6,094 | 6,278 | 6,288 | 7,279 | 7,743 | |||||||||||||||
Allowance for credit losses to total loans | 1.09 | % | 1.14 | % | 1.16 | % | 1.37 | % | 1.51 | % | ||||||||||
Allowance for credit losses to non-performing loans | 244.81 | % | 245.04 | % | 223.91 | % | 274.33 | % | 293.22 | % | ||||||||||
Per Share Data | ||||||||||||||||||||
Earnings per share | $ | 0.56 | $ | 0.71 | $ | 0.93 | $ | 1.25 | $ | 1.21 | ||||||||||
Dividend declared per share | 0.43 | 0.43 | 0.42 | 0.42 | 0.42 | |||||||||||||||
Book value | 42.50 | 43.44 | 44.52 | 41.34 | 39.88 | |||||||||||||||
Common stock price: | ||||||||||||||||||||
Bid | $ | 34.59 | $ | 37.57 | $ | 40.05 | $ | 45.00 | $ | 45.50 | ||||||||||
Ask | 35.00 | 43.00 | 42.50 | 51.00 | 49.50 | |||||||||||||||
Weighted average common shares | 2,080,109 | 2,079,649 | 2,079,135 | 2,078,705 | 2,078,204 |
* Core deposits are defined as total deposits less time deposits
Cover |
Oct. 24, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Oct. 24, 2023 |
Entity File Number | 000-19028 |
Entity Registrant Name | CCFNB Bancorp, Inc. |
Entity Central Index Key | 0000731122 |
Entity Tax Identification Number | 23-2254643 |
Entity Incorporation, State or Country Code | PA |
Entity Address, Address Line One | 232 East Street |
Entity Address, City or Town | Bloomsburg |
Entity Address, State or Province | PA |
Entity Address, Postal Zip Code | 17815 |
City Area Code | 570 |
Local Phone Number | 784-4400 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | None |
Trading Symbol | None |
Entity Emerging Growth Company | false |
1 Year Muncy Columbia Financial (QX) Chart |
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