0000950123-11-090486.txt : 20111018 0000950123-11-090486.hdr.sgml : 20111018 20111018163147 ACCESSION NUMBER: 0000950123-11-090486 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20111017 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20111018 DATE AS OF CHANGE: 20111018 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CNB CORP /MI/ CENTRAL INDEX KEY: 0000779125 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 362662386 STATE OF INCORPORATION: MI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 033-00737 FILM NUMBER: 111146029 BUSINESS ADDRESS: STREET 1: PO BOX 10 CITY: CHEBOYGAN STATE: MI ZIP: 49721 BUSINESS PHONE: 6166277111 MAIL ADDRESS: STREET 1: P O BOX 10 CITY: CHEBOYGAN STATE: MI ZIP: 49721 8-K 1 k50784e8vk.htm FORM 8-K e8vk
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
October 17, 2011
Date of Report (Date of earliest event reported)
CNB CORPORATION
(Exact name of registrant as specified in its charter)
         
Michigan
(State or other jurisdiction of
incorporation or organization) 		  033-00737
(Commission
file number) 		  38-2662386
(I.R.S. Employer
Identification No.)
303 North Main Street, Cheboygan MI 49721
(Address of principal executive offices, including Zip Code)
(231) 627-7111
(Registrant’s telephone number, including area code)
NO CHANGE
(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:
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))
 
 

 

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ITEM 8.01. Other Events
ITEM 9.01. Financial Statements and Exhibits
SIGNATURES
EX-99

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ITEM 8.01. Other Events
On October 11, 2011 President and CEO Susan A. Eno announced the provision for loan losses of Citizens National Bank (“the Bank”), a subsidiary of CNB Corporation (“the Company”), was increased to $2,445,000 for the year-to-date period ending September 30, 2011. Additionally, other real estate owned by the Bank was written down by $900,000. Continued declines in real estate values, adverse economic conditions and high unemployment support the Bank’s aggressive approach to reduce problem assets in 2011. The Bank has sufficient capital to accomplish the increased provision and ORE write downs and still maintain its capital ratio at a well- capitalized level.
The write downs are in keeping with the core strategy to eliminate and reduce problem assets by year end 2011, which will help to support improved earnings in 2012; moving the Company closer to its goal of resuming the payment of dividends to shareholders on a sustainable basis.
ITEM 9.01. Financial Statements and Exhibits
(c) Exhibits
Exhibit 99 Preliminary Earnings release dated October 17, 2011

 

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SIGNATURES
     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.
         
  CNB Corporation
(Registrant)
 		  
  /s/ Susan A. Eno    
  Susan A. Eno   
  President and Chief Executive Officer   
 
Dated: October 17, 2011

 

EX-99 2 k50784exv99.htm EX-99 exv99
Exhibit 99
Consolidated Balance Sheets
(UNAUDITED)
in thousands of dollars
                 
    September 30,  
    2011     2010  
ASSETS
                
Cash and due from banks
   $ 10,101     $ 3,041  
Interest-bearing deposits with other financial institutions
     20,802       0  
Federal funds sold
     0       40,833  
 
            
Total cash and cash equivalents
     30,903       43,874  
 
                
Time deposits with other financial institutions
     11,511       8,756  
Securities available for sale
     69,324       46,588  
Securities held to maturity (market value
     5,959       7,391  
Other securities
     997       1,008  
 
            
Total investment securities
     76,280       54,987  
 
                
Loans
     124,950       136,502  
Less allowance for loan losses
     (3,433 )     (1,148 )
 
            
Loans, Net
     121,517       135,354  
 
                
Premises and equipment, net
     5,280       5,603  
Other assets
     14,357       12,218  
 
            
Total assets
   $ 259,848     $ 260,792  
 
            
 
                
LIABILITIES
                
Deposits
                
Noninterest-bearing demand
   $ 51,150     $ 42,900  
Interest-bearing deposits
     184,556       192,372  
 
            
Total deposits
     235,706       235,272  
 
                
Other liabilities
     4,465       4,283  
 
            
Total liabilities
     240,171       239,555  
 
                
SHAREHOLDERS’ EQUITY
                
Common Stock
     3,030       3,030  
Surplus
     19,498       19,498  
Retained Earnings and Accumulated other Comprehensive Income/(Loss)
     (2,851 )     (1,291 )
 
            
Total shareholders’ equity
     19,677       21,237  
 
            
 
                
Total liabilities and shareholders’ equity
   $ 259,848     $ 260,792  
 
            

 

 

Consolidated Statement of Income
(Unaudited)
in thousands of dollars
Nine months ended September 30,
                         
    2011     2010     2009  
INTEREST INCOME
                        
 
                        
Interest and fees on loans
   $ 5,864     $ 6,567     $ 7,669  
Interest on securities:
                        
Taxable
     784       708       1,038  
Tax exempt
     356       398       391  
Other interest income
     160       179       178  
 
                  
Total interest income
     7,164       7,852       9,276  
 
                        
INTEREST EXPENSE ON DEPOSITS
     1,148       1,640       2,789  
 
                  
 
                        
NET INTEREST INCOME
     6,016       6,212       6,487  
Provision for loan losses
     2,445       525       1,725  
 
                  
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
     3,571       5,687       4,762  
 
                  
 
                        
NONINTEREST INCOME
                        
 
                        
Service charges and fees
     775       798       837  
Net realized gains from sale of loans
     130       200       352  
Loan servicing fees, net of amortization
     65       39       (32 )
Gain on life insurance proceeds
     0       189       0  
Gain on the sale of investment securities
     0       5       620  
Other income
     389       289       267  
 
                  
Total noninterest income
     1,359       1,520       2,044  
 
                  
 
                        
NONINTEREST EXPENSES
                        
Salaries and benefits
     2,977       2,975       3,110  
Occupancy
     749       743       805  
FDIC insurance premiums
     316       404       499  
Expenses relating to ORE property
     1,664       656       368  
Other expenses
     1,562       1,474       1,509  
 
                  
Total noninterest expenses
     7,268       6,252       6,291  
 
                  
 
                        
INCOME BEFORE INCOME TAXES
     (2,338 )     955       515  
Income tax expense
     (949 )     96       (233 )
 
                  
NET INCOME
     ($1,389 )   $ 859     $ 748  
 
                  
 
                        
BASIC NET INCOME PER SHARE
     ($1.15 )   $ 0.71     $ 0.62  
 
                  
 
Return on Average Assets
     -0.55 %     0.46 %     0.38 %
Return on Average Equity
     -6.62 %     5.49 %     5.39 %