As of
“This positive first quarter follows three consecutive years of profitable operations,” said Holmes. “We are especially pleased that our pre-tax net income was 30% higher in the first quarter of 2017 than in the first quarter of 2016. We are well-positioned for continued success and will continue to meet the banking needs of individuals and businesses who call this area home.”
Cornerstone opened its doors in 2000 to serve the community banking needs of
The information as of and for the quarter ended
|
|||||
Balance Sheets (unaudited) |
2017 |
2016 |
|||
(Dollars in thousands) |
|||||
Assets |
|||||
Cash and due from banks |
$ 3,834 |
$ 3,852 |
|||
Interest bearing deposits with banks |
7,962 |
9,723 |
|||
Total cash and cash equivalents |
11,796 |
13,575 |
|||
Investment securities available for sale, at fair value |
18,796 |
17,624 |
|||
Loans receivable |
73,726 |
68,688 |
|||
Allowance for loan losses |
984 |
1,148 |
|||
Net loans receivable |
72,742 |
67,540 |
|||
Bank premises & equipment, net |
2,195 |
2,293 |
|||
Other real estate owned |
1,396 |
1,474 |
|||
Other assets |
6,788 |
5,037 |
|||
Total assets |
$ 113,713 |
$ 107,543 |
|||
Liabilities and Shareholders’ Equity |
|||||
Deposits: |
|||||
Demand deposits |
$ 18,441 |
$ 13,912 |
|||
Savings, Money market & NOW |
41,316 |
38,765 |
|||
Time deposits |
32,675 |
38,096 |
|||
Total deposits |
92,432 |
90,773 |
|||
Other borrowed money |
13,413 |
11,236 |
|||
Accrued interest payable and other liabilities |
170 |
235 |
|||
Total liabilities |
106,015 |
102,244 |
|||
Total shareholders’ equity |
7,698 |
5,299 |
|||
Total liabilities and shareholders’ equity |
$ 113,713 |
$ 107,543 |
|||
Book value per share |
$ 0.16 |
$ 0.11 |
|
||||
Statement of Operations (unaudited) |
Three Months Ended, |
|||
2017 |
2016 |
|||
(Dollars in thousands, except per share data) |
||||
Interest Income |
937 |
914 |
||
Interest Expense |
122 |
154 |
||
Net Interest Income |
815 |
760 |
||
Provision for loan losses |
– |
– |
||
Net Int Income After Provision |
815 |
760 |
||
Service charge income |
32 |
39 |
||
Other noninterest income |
75 |
96 |
||
Total noninterest Income |
107 |
135 |
||
Personnel costs |
395 |
399 |
||
Occupancy and equipment |
51 |
58 |
||
Other |
272 |
281 |
||
Total noninterest expense |
718 |
738 |
||
Income Before Income taxes |
204 |
157 |
||
Income taxes |
61 |
– |
||
Net Income |
143 |
157 |
||
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/cb-financial-corporation-reports-first-quarter-2017-earnings-300440963.html
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