-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KjhOnGe0srVb9x5Ei0R1d0w/KGJPBQd0uxUfu5mZgfSN5/cIXIH1aVsd0AQe5lyG ND8870jnC92G9WmBjV14/Q== 0000950124-97-005913.txt : 19971113 0000950124-97-005913.hdr.sgml : 19971113 ACCESSION NUMBER: 0000950124-97-005913 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970930 FILED AS OF DATE: 19971113 SROS: NONE 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: 10QSB SEC ACT: SEC FILE NUMBER: 033-00737 FILM NUMBER: 97715780 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 10QSB 1 10QSB 1 U.S. Securities and Exchange Commission Washington, D.C. 20549 -------------------------- Form 10-QSB [ x ] QUARTERLY REPORT UNDER SECTION 13 OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 1997 Commission File # 0-28388 CNB CORPORATION (Exact name of small business issuer as specified in its charter) MICHIGAN 38-2662386 (State or other jurisdiction (I.R.S. Employer of incorporation or organization) Identification No.) 303 NORTH MAIN STREET, CHEBOYGAN, MI 49721 (Address of principal executive offices, including Zip code) (616) 627-7111 Issuer's telephone number, including area code Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No ----- ---- As of October 31, 1997 there were outstanding 977,289 shares of the issuer's common stock, $2.50 par value. 2 CROSS REFERENCE TABLE
ITEM NO. DESCRIPTION PAGE NO. - ------------------------------------------------------------------------------------------ PART I - FINANCIAL INFORMATION Item 1. Financial Statements (a) Consolidated Balance Sheets 2 (b) Consolidated Statements of Income 3 (c) Consolidated Statements of Changes in Shareholders' Equity 4 (d) Consolidated Statements of Cash Flows 5 (e) Notes to Financial Statements 6 Item 2. Managements Discussion and Analysis Financial Condition 7 Liquidity and Funds Management 8 Results of Operations 9 PART II - OTHER INFORMATION Item 1. Legal Proceedings 11 Item 2. Changes in Securities 12 Item 3. Defaults Upon Senior Securities 12 Item 4. Submission of Matters to a Vote of Security Holders 12 Item 5. Other Information 12 Item 6. Exhibits and Reports on Form 8-K 12 Signatures
Page 1 3 PART I FINANCIAL INFORMATION ITEM 1 - FINANCIAL STATEMENTS (a) CONSOLIDATED BALANCE SHEETS
Sept 30, December 31, 1997 1996 In thousands of dollars (unaudited) ============================================================================================================= ASSETS Cash and demand balances in other banks $ 8,265 $ 6,054 Federal funds sold 9,450 4,050 - ------------------------------------------------------------------------------------------------------------- Total cash and cash equivalents 17,715 10,104 Securities available for sale 15,848 8,165 Securities held to maturity (fair value of $46,929 and $53,416 respectively) 46,755 53,085 - ------------------------------------------------------------------------------------------------------------- Total securities 62,603 61,250 Total loans 104,182 96,741 Less: allowance for loan losses (1,436) (1,361) - ------------------------------------------------------------------------------------------------------------- 102,746 95,380 Premises and equipment, net 2,542 2,679 Accrued interest receivable and other assets 4,012 3,672 - ------------------------------------------------------------------------------------------------------------- TOTAL ASSETS $189,618 $173,085 ============================================================================================================= LIABILITIES Deposits Noninterest bearing $ 26,141 $ 22,419 Interest bearing 143,318 131,449 - ------------------------------------------------------------------------------------------------------------- Total deposits 169,459 153,868 Accrued interest payable and other liabilities 1,994 2,164 - ------------------------------------------------------------------------------------------------------------- TOTAL LIABILITIES 171,453 156,032 SHAREHOLDERS' EQUITY Common stock, $2.50 par value; 2,000,000 shares authorized; shares outstanding: 9/30/97-977,289; 12/31/96-977,310 2,443 2,327 Capital surplus 6,583 4,979 Retained earnings 9,107 9,749 Unrealized gain (loss) on securities available for sale, net of tax of $16, ($1) respectively 32 (2) - ------------------------------------------------------------------------------------------------------------- TOTAL SHAREHOLDERS' EQUITY 18,165 17,053 - ------------------------------------------------------------------------------------------------------------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $189,618 $173,085 =============================================================================================================
(a) All per share statistics have been retroactively adjusted to reflect the 5% stock dividend of June 25, 1997. See Notes to consolidated financial statements. Page 2 4 (b) CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
Three months ended Nine months ended September 30, September 30, In thousands of dollars 1997 1996 1997 1996 ===================================================================================================================== INTEREST INCOME Interest and fees on loans $ 2,495 $ 2,274 $7,127 $6,657 Interest on securities Taxable 821 858 2,393 2,464 Tax exempt 95 103 279 302 Interest on federal funds sold 166 87 354 252 - --------------------------------------------------------------------------------------------------------------------- Total interest income 3,577 3,322 10,153 9,675 INTEREST ON DEPOSITS 1,581 1,459 4,485 4,271 NET INTEREST INCOME 1,996 1,863 5,668 5,404 Provision for loan losses 25 25 75 75 - --------------------------------------------------------------------------------------------------------------------- NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 1,971 1,838 5,593 5,329 OTHER INCOME Service charges on deposit accounts 172 158 497 472 Other service charges 24 14 54 63 Other income 185 101 378 239 - --------------------------------------------------------------------------------------------------------------------- Total other income 381 273 929 774 OTHER EXPENSE Salaries and employee benefits 716 751 2,110 2,037 Occupancy expense 56 66 180 172 Federal deposit insurance premiums 5 1 14 1 Furniture & equipment expense 93 82 248 243 Supplies and printing expense 36 32 124 102 Other expense 300 195 830 783 - --------------------------------------------------------------------------------------------------------------------- Total other expense 1,206 1,127 3,506 3,338 - --------------------------------------------------------------------------------------------------------------------- INCOME BEFORE INCOME TAXES 1,146 984 3,016 2,765 Income tax expense 358 298 926 834 - --------------------------------------------------------------------------------------------------------------------- NET INCOME $ 788 $ 686 $2,090 $1,931 ===================================================================================================================== Net income per share of common stock (a) $ 0.81 $ 0.70 $ 2.14 $ 1.98 Cash dividends declared per share of common stock (a) $ 0.35 $ 0.33 $ 1.03 $ 0.98 Return on average assets (annualized) 1.67% 1.54% 1.55% 1.50% Return on average equity (annualized) 17.45% 16.05% 15.76% 15.32%
(a) All per share statistics have been retroactively adjusted to reflect the 5% stock dividend of June 25, 1997. See Notes to consolidated financial statements. Page 3 5 (c) STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED)
- ------------------------------------------------------------------------------------------------------- Common Capital Retained In thousands of dollars Stock Surplus Earnings (a) Total - ------------------------------------------------------------------------------------------------------- Balance, January 1, 1996 $ 2,327 $ 4,979 $ 8,893 $ 52 $ 16,251 Net income, 1996 2,601 2,601 Cash dividends declared, $1.79 per share (1,745) (1,745) Net change in unrealized gain (loss) on securities available for sale (54) (54) - ------------------------------------------------------------------------------------------------------- Balance, December 31, 1996 2,327 4,979 9,749 (2) $ 17,053 Net Income YTD 1997 2,090 2,090 5% stock dividend, fractional shares 116 1,599 (1,722) (7) Stock option exercised 5 5 Cash dividends declared, $1.03 per share (b) (1,010) (1,010) Net change in unrealized gain (loss) on securities available for sale 34 34 - -------------------------------------------------------------------------------------------------------- Balance, September 30, 1997 $ 2,443 $ 6,583 $9,107 $32 $18,165 ========================================================================================================
(a) Unrealized gain (loss) on securities available for sale. (b) All per share statistics have been retroactively adjusted to reflect the 5% stock dividend of June 25, 1997. See Notes to consolidated financial statements. Page 4 6 (d) YEAR TO DATE CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Nine months ended September 30, ------------------------------------------------------------------------------------------- In thousands of dollars 1997 1996 =========================================================================================== Cash flows from operating activities ------------------------------------ Net Income $2,090 $1,931 ------------------------------------------------------------------------------------- Adjustments to reconcile net income to net cash from operating activities ------------------------------------------------------------------------- Depreciation 215 188 Accretion/amortization on securities, net 102 657 Provision for loan losses 75 75 Loans originated for sale (4,036) (3,040) Proceeds from sales of loans originated for sale 4,040 3,050 Gain on sales of loans (4) (10) (Increase) decrease in other assets (311) (756) Increase (decrease) in other liabilities 286 156 ------------------------------------------------------------------------------------- Total adjustments 367 320 ------------------------------------------------------------------------------------- Net cash from operating activities 2,457 2,251 ------------------------------------------------------------------------------------- Cash flows from investing activities ------------------------------------ Proceeds from maturities of securities available for sale 3,000 3,485 Purchase of securities available for sale (10,633) (3,049) Proceeds from maturities of securities held to maturity 18,427 28,801 Purchase of securities held to maturity (12,198) (36,378) Net increase in portfolio loans (7,495) (7,398) Premises and equipment expenditures (79) (152) ------------------------------------------------------------------------------------- Net cash from investing activities (8,978) (14,691) ------------------------------------------------------------------------------------- Cash flows from financing activities ------------------------------------ Net change in deposits 15,591 8,429 Dividends paid (1,459) (1,396) ------------------------------------------------------------------------------------- Net cash from financing activities 14,132 7,033 ------------------------------------------------------------------------------------- Net change in cash and cash equivalents 7,611 (5,407) ------------------------------------------------------------------------------------- Cash and cash equivalents at beginning of year 10,104 15,290 ------------------------------------------------------------------------------------- Cash and cash equivalents at end of period $17,715 $ 9,883 ===================================================================================== Cash Paid During the Period for ------------------------------- Interest $ 4,441 $ 4,262 Income taxes $ 1,016 $ 1,870 =====================================================================================
See Notes to consolidated financial statements. Page 5 7 (e) NOTES TO FINANCIAL STATEMENTS (UNAUDITED) NOTE 1 - BASIS OF PRESENTATION The consolidated financial statements include the accounts of CNB Corporation and its wholly-owned subsidiary, Citizens National Bank of Cheboygan, after elimination of significant inter-company transactions and accounts. The statements have been prepared by management without audit by independent certified public accountants. However, these statements reflect all adjustments (consisting of normal recurring accruals) and disclosures which are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented and should be read in conjuction with the notes to the financial statements included in the CNB Corporation's Form 10-KSB for the year ended December 31, 1996. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission. Because the results of operations are so closely related to and responsive to changes in economic conditions, the results for any interim period are not necessarily indicative of the results that can be expected for the entire year. NOTE 2 - EARNINGS PER SHARE Earnings per share of common stock is computed by dividing net income by weighted average number of common stock outstanding during the period. Page 6 8 ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This discussion provides information about the consolidated financial condition and results of operations of CNB Corporation and its subsidiary, Citizens National Bank of Cheboygan ("Bank") for the nine month period ending September 30, 1997. FINANCIAL CONDITION LOANS Loans at September 30, 1997 increased $ 7.4 million or 7.7% compared to December 31, 1996. Residential mortgages increased for the period by $ 4.7 million or 8.3% as the Bank continues to retain, rather than sell on the secondary market, residential mortgages of 15 years or less. This pattern is expected to continue throughout the year. As the yield on these loans is greater than the yield available on the types of securities that the Bank typically invests in this increase will help to maintain the Bank's net interest margin. The table below shows total loans outstanding by type, in thousands of dollars, at September 30, 1997 and December 31, 1996, and their percentage of the total loan portfolio. All loans are domestic. A quarterly review of loan concentrations at September 30, 1997 indicates that the pattern of loans in the portfolio has not changed. There is no individual industry with more than a 10% concentration. However, all tourism related businesses, when combined, total 12.19% of total loans.
September 30, 1997 December 31, 1996 ---------------------- ------------------------ Portfolio loans: Balance % of total Balance % of total --------- ---------- ------- ------------ Residential real estate $ 61,384 58.92% $56,699 58.61% Commercial real estate 17,358 16.66% 18,110 18.72% Construction 3,870 3.72% 3,221 3.33% Consumer loans 10,213 9.80% 9,239 9.55% Commercial loans 11,498 11.04% 9,632 9.96% Net deferred fees and costs (141) -0.14% (160) -0.17% ---------------------------------------------- $104,182 100.00% $96,741 100.00% ==============================================
Allowance for Loan Losses An analysis of the allowance for loan losses, in thousand of dollars, for the nine months ended September 30, 1997 and 1996 follows:
1997 1996 ---------- -------- Balance at beginning of period $1,361 $1,306 Loans charged off (16) (53) Recoveries credited to allowance 16 11 Provision charged to operations 75 75 ------ ------ Balance at end of period $1,436 $1,339 ====== ======
CREDIT QUALITY The Company continues to maintain a high level of asset quality as a result of actively monitoring Page 7 9 delinquencies, nonperforming assets and potential problem loans. The Bank performs an ongoing review of all large credits in an attempt to detect any deterioration in quality. Nonperforming loans are comprised of (1) loans accounted for on a nonaccrual basis; (2) loans contractually past due 90 days or more as to interest or principal payments (but not included in the nonaccrual loans in (1) above); and (3) other loans whose terms have been renegotiated to provide a reduction or deferral of interest or principal because of a deterioration in the financial position of the borrower (exclusive of loans in (1) or (2) above). The aggregate amount of nonperforming loans, in thousands of dollars, is shown in the table below.
9/30/97 12/31/96 --------- ---------- Nonaccrual loans $ 29 $ 70 Loans past due 90 days or more 374 61 Troubled debt restructurings 0 0 ----- ---- Total nonperforming loans $ 403 $131 ===== ==== Percent of total loans 0.39% 0.14% ===== ====
LIQUIDITY ANd FUNDS MANAGEMENT LIQUIDITY Total deposits increased $ 15.6 million or 10.1% compared to December 31, 1996 while loans increased $ 7.4 million or 7.7% for the same period. Typically the September balances represents the annual peak in deposits from summer businesses. The Bank maintains a steady schedule of investment securities maturing each month to meet anticipated decline in deposits through next spring when deposits are again expected to increase. The security portfolio continues to have short maturities, adding to available liquidity. The loan to deposit ratio was 61.48% as of September 30, 1997 compared to 62.87% at December 31, 1996. Management continues to emphasize loan growth and would like to see this ratio at a minimum of 65%. This change in the mix from investments to loans will help to increase net interest income over time. FUNDS MANAGEMENT The following chart shows the Bank's interest rate sensitivity as of September 30, 1997 in thousands of dollars.
up to 4 to 12 1 to 5 over 3 months months years 5 years ------------------------------------------ Federal funds sold $ 9,450 Taxable investment securities 8,408 15,510 28,314 Non-taxable investment securities 565 2,452 $ 4,518 2,120 Loans 32,963 31,325 30,708 9,186 ------------------------------------------- Total rate sensitive assets 51,386 49,287 63,540 11,306 Interest bearing demand deposits 1,380 3,725 8,690 Savings 5,988 5,390 12,575 Money market savings 17,481 6,779 15,821 Other time deposits 20,206 24,212 21,072 ------------------------------- Total rate sensitive liabilities $45,055 $40,106 $ 58,158 ================================
Page 8 10 Gap $ 6,331 $ 9,181 $ 5,382 $11,306 ------------------------------------------ Cumulative gap $ 6,331 $15,512 $20,894 ============================= Cumulative ratio 114.05% 118.21% ==================
The asset and liability portfolios are managed to ensure adequate liquidity and to control interest rate risk exposure. Management seeks to minimize the risk of a reduction in net interest income that could result from fluctuations in market interest rates. This process is carried out through regular meetings of executive and senior management representing various areas of the Company including finance, lending, investment and deposit gathering areas. CAPITAL RESOURCES The capital ratios of the Company exceed the regulatory guidelines for well capitalized institutions. The following table shows the Company's capital ratios and ratio calculations at September 30, 1997 and December 31, 1996. Dollars are shown in millions.
Minimum Required To Be Well Capitalized Under Prompt Corrective Actual Action Regulations ------ --------------------- September 30, 1997 Amt Ratio Amt Ratio --- ----- --- ----- Total capital to risk weighted assets $19.3 19.5% $10.0 10.0% Tier I capital to risk weighted assets 18.1 18.2% 6.0 6.0% Tier I capital to average assets 18.1 10.1% 9.0 5.0% December 31, 1996 Total capital to risk weighted assets $18.2 19.6% $9.2 10.0% 10.0% Tier I capital to risk weighted assets 17.1 18.3% 5.6 6.0% Tier I capital to average assets 17.1 9.9% 8.6 5.0%
RESULTS OF OPERATIONS NET INTEREST INCOME Net interest income continued to improve for the quarter ending September 30, 1997 compared to the same period last year. Interest and fees on loans increased 9.7% or $ 221,000 for the quarter reported while interest on fed funds sold increased $ 79,000 in 1997 compared to the same period last year. Non-interest income increased $ 108,000 or 39.6% in the quarter-to-quarter comparison with substantial increases in the service charge income and sales of non-deposit funds, while non-interest expense increased $ 79,000 or 7.0%. The table below shows the year to date daily average Consolidated Balance Sheet, revenue on earning assets (on a pre-tax basis), or expense of interest bearing liabilities, and the annualized effective rate or yield for the period ending September 30,1997 and 1996. YIELD ANALYSIS OF CONSOLIDATED AVERAGE ASSETS AND LIABILITIES Page 9 11 in thousands of dollars
Nine months ended 9/30/97 Nine months ended 9/30/96 --------------------------- -------------------------- Average Yield/ Average Yield/ Balance Interest Rate Balance Interest Rate ---------------------------------------------------------- ASSETS Interest earning assets Federal funds sold 8,209 354 5.75% 5,737 252 5.86% Taxable securities 52,043 2,405 6.16% 54,923 2,464 5.98% Tax exempt securities 7,805 279 4.77% 8,313 302 4.84% Loans 100,757 7,116 9.42% 92,182 6,355 9.19% ------------------ ------------------------- Total int. earning assets 168,814 10,154 8.02% 161,155 9,373 7.75% --------------------------------------------------------- Cash and due from banks 5,849 5,479 Premises and equipment, net 2,616 1,941 Other assets 2,434 2,544 -------- -------- Total assets $179,713 $171,119 ======== ======== LIABILITIES AND SHAREHOLDERS' EQUITY Interest bearing liabilities Interest bearing demand deposits $ 13,797 $ 246 2.38% $ 13,974 $ 251 2.39% Savings deposits 23,562 506 2.86% 25,631 553 2.88% CDs $100,000 and over 14,147 560 5.28% 10,242 421 5.48% Other time deposits 86,743 3,173 4.88% 82,245 3,046 4.94% --------------------------------------------------- Total int bearing deposits 138,249 4,485 4.33% 132,092 4,271 4.31% --------------------------------------------------- Noninterest bearing deposits 22,076 20,582 Other liabilities 1,705 1,643 Shareholders' equity 17,683 16,802 -------- -------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $179,713 $171,119 ======== ======== Net interest income $5,669 $ 29,063 $5,102 ====== ======== ====== Net spread 3.69% 3.44% ==== ==== Net yield on interest earning assets 4.48% 4.22% ==== ==== Ratio of interest earning assets to interest bearing liabilities 1.22 1.22 ======== ======== The table below shows the effect of volume and rate changes on net interest income for the nine months ended September 30, on a pre-tax basis, in thousands of dollars. 1997 Compared to 1996 1996 Compared to 1995 Volume Rate Net Volume Rate Net ------------------------------------------------------------ Federal funds sold 108 (6) 102 (109) -16 (125) Taxable securities (131) 72 (59) 214 187 401 Tax exempt securities (18) (5) (23) 147 -17 130 Loans 598 163 761 448 -121 327 -------------------------------------------------------- Total interest income $ 557 $224 $781 $700 $ 33 $ 733 --------------------------------------------------------
Page 10 12 Interest bearing demand deposits $ (3) $ (2) $ (5) $ 12 0 12 Savings deposits (45) (2) (47) (28) 2 (26) CDs $100,000 and over 158 (19) 139 112 7 119 Other interest bearing deposits 166 (39) 127 327 92 419 --------------------------------------------------------- Total interest expense $ 276 $ (62) $214 $423 $101 $524 --------------------------------------------------------- Net change in net interest income (a) $ 281 $ 286 $567 $277 $(68) $209 =========================================================
(a) The net change in interest due to both rate and volume has been allocated to volume and rate changes in proportion to the relationship of the absolute dollar amounts of the change in each. OTHER INCOME Noninterest income continues to improve with year to date figures up $ 155,000 or 20.0% over last year. The bank made some changes to service charge fees that went into effect late June 1997 which accounts for most of the increase to other income. OTHER EXPENSES Other expenses for the year ended September 30, 1997 increased $ 168,000 or 5.0% compared to the same period last year. All categories of other expenses increased this year from last year with the biggest increase in supplies and printing expense which increased 21.6% or $ 22,000. FEDERAL INCOME TAX There was no significant change in the income tax position of the Company during the first half of 1997 with the increase corresponding to an increase in pre-tax income. NET INCOME Year to date consolidated net income for the period was $ 2,090 compared to $ 1,931 for 1996. For the quarter ended September 30, 1997 net income increased $102,000 or 14.9% for the same period last year. The increase in earnings was a result of loan growth and an overall improvement in net interest income. Return on average assets for nine months ended September 30, 1997 was 1.55% compared to 1.50% from last year. The quarter end return on average assets was 1.67% compared to 1.54% for the same period last year. The return on average equity was 15.32% compared to 15.76% for the nine month period ended September 30, 1997 and the quarter ended return on average equity was 17.45% compared to 16.05% for the same period last year. PART II Other Information ITEM 1 - LEGAL PROCEEDINGS None Page 11 13 ITEM 2 - CHANGES IN SECURITIES None ITEM 3 - DEFAULTS UPON SENIOR SECURITIES None ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS At the May 20, 1997 annual shareholders meeting, shareholders voted to increase the number of shares authorized from 1,000,000 to 2,000,000. ITEM 5 - OTHER INFORMATION None ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K (a) Listing of Exhibits (numbered as in Item 601 of Regulation S-B): None (b) The Company has filed no reports on Form 8-K during the quarter ended September 30, 1997. 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, thereunto duly authorized. CNB Corporation DATE November 12, 1997 /s/ Robert E. Churchill /s/ John P. Ward ---------------------------- --------------------------- Robert E. Churchill John P. Ward President and Chief Executive Officer Secretary/Treasurer (Chief Accounting Officer) Page 12 14 INDEX TO EXHIBITS EXHIBIT NO. DESCRIPTION - ----------- ----------- 27 FINANCIAL DATA SCHEDULE EX-27 2 EXHIBIT 27
9 1,000 9-MOS DEC-31-1997 JAN-01-1997 SEP-30-1997 8265 0 9450 0 15848 46755 46929 104182 1436 189618 169459 0 1994 0 0 0 2443 15722 189618 7127 2672 354 10153 4485 4485 5668 75 0 3506 3016 3016 0 0 2090 2.14 2.14 8.02 29 374 0 0 1361 16 16 1436 1436 0 0
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