CNB Corp. Reports Audited Consolidated Earnings Results for the Full Year Ended December 31, 2011
March 29, 2012
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CNB Corp. reported audited consolidated earnings results for the full year ended December 31, 2011. For the period, the company reported total interest income was $9,462,000 compared to $10,337,000 a year ago. Net interest income was $8,011,000 compared to $8,245,000 a year ago. Net interest income after provision for loan losses was $4,996,000 compared to $6,478,000 a year ago. Loss before income taxes was $4,396,000 compared to income before income taxes of $56,000 a year ago. Net loss was $2,693,000 or $2.22 per basic and diluted per share compared to net income of $319,000 or $0.26 per basic and diluted per share a year ago. Net cash provided by operating activities was $1,783,000 compared to $3,780,000 a year ago. Premises and equipment expenditures was $101,000 compared to $93,000 a year ago. In 2011, net interest income decreased by $234,000 due to multiple factors including the change in the rates on interest-earning assets and the change in asset mix due to decreases in total loans and the increase in the lower yielding securities portfolio. Return on average assets was negative at 1.06% compared to return on average assets of 0.13% a year ago. Return on average shareholders' equity was negative at 13.04% compared to return on average shareholders' equity of 1.52% a year ago. As on December 31, 2011, book value per share was $14.87. As on December 31, 2010, book value per share was $17.03.
CNB Corporation is a one-bank holding company, which operates through its subsidiary, Citizens National Bank (the Bank). The Bank provides a full range of banking services to individuals, agricultural businesses, commercial businesses and light industries located in its service area. The Bank maintains a diversified loan portfolio, including loans to individuals for home mortgages, automobiles, personal expenditures and loans to business enterprises for operations and expansion. The Bank offers a variety of deposit accounts, including checking, savings, money market, individual retirement accounts, and certificates of deposit. The principal markets for the Bankâs financial services are the Michigan communities, in which the Bank is located and the area immediately surrounding these communities. The Bank serves these markets through eight branches located in Cheboygan, Presque Isle and Emmet counties.