Michigan (State or other jurisdiction of incorporation or organization) |
033-00737 (Commission file number) |
38-2662386 (I.R.S. Employer Identification No.) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
ITEM 8.01. Other Events | ||||||||
ITEM 9.01. Financial Statements and Exhibits | ||||||||
Exhibit Index | ||||||||
EX-99 |
ITEM 8.01. | Other Events |
ITEM 9.01. | Financial Statements and Exhibits |
CNB Corporation (Registrant) |
||||
/s/ Susan A. Eno | ||||
Susan A. Eno | ||||
Dated: August 1, 2011 | President and Chief Executive Officer |
June 30, | ||||||||
2011 | 2010 | |||||||
ASSETS |
||||||||
Cash and due from banks |
$ | 3,842 | $ | 2,566 | ||||
Interest-bearing deposits with other financial institutions |
11,082 | 15,954 | ||||||
Federal funds sold |
0 | 0 | ||||||
Total cash and cash equivalents |
14,924 | 18,520 | ||||||
Time deposits with other financial institutions |
9,806 | 8,795 | ||||||
Securities available for sale |
71,065 | 48,768 | ||||||
Securities held to maturity (market value of $7,699 in
2010 and $8,177 in 2010) |
7,116 | 7,825 | ||||||
Other securities |
997 | 1,008 | ||||||
Total investment securities |
79,178 | 57,601 | ||||||
Loans |
126,954 | 142,927 | ||||||
Less allowance for loan losses |
(2,090 | ) | (1,215 | ) | ||||
Loans, Net |
124,864 | 141,712 | ||||||
Premises and equipment, net |
5,334 | 5,717 | ||||||
Other assets |
14,149 | 12,652 | ||||||
Total assets |
$ | 248,255 | $ | 244,997 | ||||
LIABILITIES |
||||||||
Deposits |
||||||||
Noninterest-bearing demand |
$ | 46,631 | $ | 39,879 | ||||
Interest-bearing deposits |
175,970 | 179,477 | ||||||
Total deposits |
222,601 | 219,356 | ||||||
Other liabilities |
4,353 | 4,563 | ||||||
Total liabilities |
226,954 | 223,919 | ||||||
SHAREHOLDERS EQUITY |
||||||||
Common Stock |
3,030 | 3,030 | ||||||
Surplus |
19,499 | 19,499 | ||||||
Retained Earnings and Accumulated other
Comprehensive Income/(Loss) |
(1,228 | ) | (1,451 | ) | ||||
Total shareholders equity |
21,301 | 21,078 | ||||||
Total liabilities and shareholders equity |
$ | 248,255 | $ | 244,997 | ||||
in thousands of dollars | ||||||||||||
Six months ended June 30, | ||||||||||||
2011 | 2010 | 2009 | ||||||||||
INTEREST INCOME |
||||||||||||
Interest and fees on loans |
$ | 3,884 | $ | 4,466 | $ | 5,234 | ||||||
Interest on securities: |
||||||||||||
Taxable |
549 | 476 | 751 | |||||||||
Tax exempt |
246 | 278 | 254 | |||||||||
Other interest income |
106 | 115 | 119 | |||||||||
Total interest income |
4,785 | 5,335 | 6,358 | |||||||||
INTEREST EXPENSE ON DEPOSITS |
792 | 1,129 | 1,921 | |||||||||
NET INTEREST INCOME |
3,993 | 4,206 | 4,437 | |||||||||
Provision for loan losses |
700 | 375 | 500 | |||||||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES |
3,293 | 3,831 | 3,937 | |||||||||
NONINTEREST INCOME |
||||||||||||
Service charges and fees |
498 | 515 | 542 | |||||||||
Net realized gains from sale of loans |
67 | 80 | 272 | |||||||||
Loan servicing fees, net of amortization |
46 | 45 | (75 | ) | ||||||||
Gains on life insurance proceeds |
0 | 189 | 0 | |||||||||
Gain on sale of investment securities |
0 | 5 | 620 | |||||||||
Other income |
274 | 170 | 191 | |||||||||
Total noninterest income |
885 | 1,004 | 1,550 | |||||||||
NONINTEREST EXPENSES |
||||||||||||
Salaries and benefits |
1,966 | 1,959 | 2,076 | |||||||||
Occupancy |
502 | 496 | 546 | |||||||||
FDIC insurance premiums |
219 | 262 | 374 | |||||||||
Expenses relating to ORE property |
204 | 265 | 288 | |||||||||
Other expenses |
1,038 | 952 | 1,012 | |||||||||
Total noninterest expenses |
3,929 | 3,934 | 4,296 | |||||||||
INCOME BEFORE INCOME TAXES |
249 | 901 | 1,191 | |||||||||
Income tax expense |
(33 | ) | 129 | 64 | ||||||||
NET INCOME |
$ | 282 | $ | 772 | $ | 1,127 | ||||||
BASIC NET INCOME PER SHARE |
$ | 0.23 | $ | 0.64 | $ | 0.93 | ||||||
Return on Average Assets |
0.22 | % | 0.62 | % | 0.87 | % | ||||||
Return on Average Equity |
2.69 | % | 7.47 | % | 11.72 | % |