CNB Florida Bancshares Reports 2001 First Quarter Results

Apr 27, 2001, 01:00 ET from CNB Florida Bancshares, Inc.

    JACKSONVILLE, Fla., April 27 /PRNewswire/ -- CNB Florida Bancshares, Inc.
 (Nasdaq:   CNBB) today reported net income of $610,000, or $0.10 per diluted
 share, for the first quarter of 2001 compared to $570,000, or $0.09 per
 diluted share, for the comparable 2000 quarter. Total assets reached $502.3
 million at March 31, 2001 compared to $373.5 million at March 31, 2000, an
 increase of 34%.
     Total outstanding loans and deposits rose 43% and 24% to $414.9 million
 and $400.0 million, respectively, at March 31, 2001 from $290.1 million and
 $322.5 million, respectively, at the end of the comparable 2000 quarter.
     The Company's loan to deposit ratio at March 31, 2001 was 104% compared to
 90% at the end of the 2000 quarter.  Loan growth was the primary contributor
 to the 15% increase in net interest income to $4.7 million for the 2001
 quarter compared to $4.1 million for 2000.  Interest income increased 38%
 while interest expense increased 70% for the 2000 first quarter over
 comparable 2000 amounts.  The increased interest expense reflects the
 Company's reliance on higher cost deposits and short-term borrowings to meet
 loan demand and mitigated the positive impact of loan growth on net interest
 income.  Non-interest income increased 32% to $1.0 million for the 2001 first
 quarter from $771,000 for the comparable 2000 quarter.  The increase was
 primarily attributed to growth in mortgage loan originations and the increased
 deposit base.
     The provision for loan losses was $400,000 for the 2001 quarter, a 33%
 increase over the comparable 2000 quarter, reflecting the impact of continued
 loan growth.  Non-performing assets were $1.5 million at March 31, 2001 and at
 December 31, 2000.
     Non-interest expense increased 19% to $4.4 million in the 2001 quarter
 compared to $3.7 million for the 2000 first quarter.  This increase is
 primarily attributable to the increased costs resulting from the opening of
 the Mandarin branch in Jacksonville during the 2001 first quarter, the
 relocation during 2000 into new facilities for CNB in Jacksonville and
 Gainesville, a full quarter operating from our new data processing platform
 converted in late 2000 and increased commissions resulting from mortgage
 originations.
     "During the 2001 first quarter we continued to focus our efforts on
 expanding the CNB customer base in both existing and expansion markets,"
 stated K. C. Trowell, Chairman and Chief Executive Officer.  "We opened our
 second Jacksonville branch office in the Mandarin area in February and will
 open our first St. Augustine branch office in May at the intersection of US 1
 and State Road 312.  We have also received regulatory approval to proceed with
 the purchase of the Lake City and Live Oak branch offices of Republic Bank,
 now scheduled for closing on May 11.  These initiatives give us strong growth
 momentum and allow us to reduce our funding costs as we continue into the
 remainder of 2001," added Trowell.  "Finally, operational support to our
 expanding CNB franchise has also been enhanced with the recent completion and
 move into our new Lake City Operations Center."
     CNB Florida Bancshares, Inc., a registered bank holding company, is the
 parent of CNB National Bank, the largest community bank headquartered in
 Northeast Florida.  CNB National Bank commenced operations in 1986 with one
 Lake City location and today has thirteen offices in seven counties (Alachua,
 Baker, Bradford, Columbia, Duval, Suwannee and Union).
     The statements contained in this press release, other than historical
 information, are forward-looking statements, which involve risks, assumptions
 and uncertainties.  The Company's actual results may differ significantly from
 the results discussed in the forward-looking statements.  Readers are
 cautioned not to place undue reliance on the forward-looking statements, which
 speak only as of the date hereof.  The company does not undertake any
 obligation to publicly release any revisions to these forward-looking
 statements to reflect events or circumstances after the date hereof or to
 reflect the occurrence of unanticipated events.
 
                          CNB Florida Bancshares, Inc.
                 Consolidated Statement of Financial Condition
                                  (Unaudited)
 
                                                      March 31,    December 31,
                                                        2001           2000
                                                           (in thousands)
 
     ASSETS
      Cash and due from banks                        $ 20,855       $ 20,769
      Interest bearing deposits                            30            129
      Federal funds sold                                  500            ---
      Securities available for sale                    33,717         33,236
      Securities held to maturity                       7,046          7,460
 
     Loans                                            414,925        380,821
     Less: Allowance for loan losses                  (3,978)        (3,670)
     Net loans                                        410,947        377,151
     Premises and equipment, net                       23,106         22,433
     Other assets                                       6,128          6,415
 
     Total assets                                    $502,329       $467,593
 
     LIABILITIES
     Non-interest bearing deposits                    $59,411        $52,082
     Savings, time and demand deposits                263,193        245,271
     Time deposits, $100,000 and over                  77,424         70,333
      Total deposits                                  400,028        367,686
 
     Securities sold under repurchase agreements
      and federal funds purchased                      12,091         21,142
     Short-term borrowings                             40,000         30,000
     Other liabilities                                  4,902          4,129
      Total liabilities                               457,021        422,957
 
     SHAREHOLDERS' EQUITY
     Common stock, $.01 par value
      10,000,000 shares authorized; 6,099,376
      shares issued and outstanding                        61             61
     Additional paid-in capital                        30,591         30,581
     Retained earnings                                 14,332         14,027
     Net unrealized gain (loss) on securities
      available for sale                                  324           (33)
 
     Total shareholders' equity                        45,308         44,636
 
     Total liabilities and shareholders' equity      $502,329       $467,593
 
 
                            CNB Florida Bancshares, Inc.
                          Consolidated Statement of Income
                                    (Unaudited)
 
                                                  Three months ended March 31,
                                                         2001           2000
                                                           (in thousands)
     INTEREST INCOME
      Interest and fees on loans                       $8,907         $6,179
      Interest on investment securities                   630            684
      Interest on federal funds sold and
       interest bearing deposits                           18             82
      Total interest income                             9,555          6,945
 
     INTEREST EXPENSE
      Interest on deposits                              4,130          2,774
      Interest on repurchase agreements and federal
       funds purchased                                    186             77
      Interest on short-term borrowings                   537             --
       Total interest expense                           4,853          2,851
 
     NET INTEREST INCOME                                4,702          4,094
 
     Provision for loan losses                            400            300
     NET INTEREST INCOME AFTER LOAN
      LOSS PROVISION                                    4,302          3,794
 
     NON-INTEREST INCOME                                1,019            771
 
     NON-INTEREST EXPENSE
      Salaries and employee benefits                    2,413          2,054
      Occupancy and equipment expense                     657            500
      Other operating expense                           1,318          1,143
       Total non-interest expense                       4,388          3,697
 
     Income before income tax                             933            868
 
     Provision for income tax                             323            298
 
     NET INCOME                                          $610           $570
 
     EARNINGS PER SHARE:
      Basic                                             $0.10          $0.09
      Diluted                                           $0.10          $0.09
 
     WEIGHTED AVERAGE SHARES
      OUTSTANDING:
      Basic                                         6,099,376      6,107,357
      Diluted                                       6,200,423      6,168,143
 
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SOURCE CNB Florida Bancshares, Inc.
    JACKSONVILLE, Fla., April 27 /PRNewswire/ -- CNB Florida Bancshares, Inc.
 (Nasdaq:   CNBB) today reported net income of $610,000, or $0.10 per diluted
 share, for the first quarter of 2001 compared to $570,000, or $0.09 per
 diluted share, for the comparable 2000 quarter. Total assets reached $502.3
 million at March 31, 2001 compared to $373.5 million at March 31, 2000, an
 increase of 34%.
     Total outstanding loans and deposits rose 43% and 24% to $414.9 million
 and $400.0 million, respectively, at March 31, 2001 from $290.1 million and
 $322.5 million, respectively, at the end of the comparable 2000 quarter.
     The Company's loan to deposit ratio at March 31, 2001 was 104% compared to
 90% at the end of the 2000 quarter.  Loan growth was the primary contributor
 to the 15% increase in net interest income to $4.7 million for the 2001
 quarter compared to $4.1 million for 2000.  Interest income increased 38%
 while interest expense increased 70% for the 2000 first quarter over
 comparable 2000 amounts.  The increased interest expense reflects the
 Company's reliance on higher cost deposits and short-term borrowings to meet
 loan demand and mitigated the positive impact of loan growth on net interest
 income.  Non-interest income increased 32% to $1.0 million for the 2001 first
 quarter from $771,000 for the comparable 2000 quarter.  The increase was
 primarily attributed to growth in mortgage loan originations and the increased
 deposit base.
     The provision for loan losses was $400,000 for the 2001 quarter, a 33%
 increase over the comparable 2000 quarter, reflecting the impact of continued
 loan growth.  Non-performing assets were $1.5 million at March 31, 2001 and at
 December 31, 2000.
     Non-interest expense increased 19% to $4.4 million in the 2001 quarter
 compared to $3.7 million for the 2000 first quarter.  This increase is
 primarily attributable to the increased costs resulting from the opening of
 the Mandarin branch in Jacksonville during the 2001 first quarter, the
 relocation during 2000 into new facilities for CNB in Jacksonville and
 Gainesville, a full quarter operating from our new data processing platform
 converted in late 2000 and increased commissions resulting from mortgage
 originations.
     "During the 2001 first quarter we continued to focus our efforts on
 expanding the CNB customer base in both existing and expansion markets,"
 stated K. C. Trowell, Chairman and Chief Executive Officer.  "We opened our
 second Jacksonville branch office in the Mandarin area in February and will
 open our first St. Augustine branch office in May at the intersection of US 1
 and State Road 312.  We have also received regulatory approval to proceed with
 the purchase of the Lake City and Live Oak branch offices of Republic Bank,
 now scheduled for closing on May 11.  These initiatives give us strong growth
 momentum and allow us to reduce our funding costs as we continue into the
 remainder of 2001," added Trowell.  "Finally, operational support to our
 expanding CNB franchise has also been enhanced with the recent completion and
 move into our new Lake City Operations Center."
     CNB Florida Bancshares, Inc., a registered bank holding company, is the
 parent of CNB National Bank, the largest community bank headquartered in
 Northeast Florida.  CNB National Bank commenced operations in 1986 with one
 Lake City location and today has thirteen offices in seven counties (Alachua,
 Baker, Bradford, Columbia, Duval, Suwannee and Union).
     The statements contained in this press release, other than historical
 information, are forward-looking statements, which involve risks, assumptions
 and uncertainties.  The Company's actual results may differ significantly from
 the results discussed in the forward-looking statements.  Readers are
 cautioned not to place undue reliance on the forward-looking statements, which
 speak only as of the date hereof.  The company does not undertake any
 obligation to publicly release any revisions to these forward-looking
 statements to reflect events or circumstances after the date hereof or to
 reflect the occurrence of unanticipated events.
 
                          CNB Florida Bancshares, Inc.
                 Consolidated Statement of Financial Condition
                                  (Unaudited)
 
                                                      March 31,    December 31,
                                                        2001           2000
                                                           (in thousands)
 
     ASSETS
      Cash and due from banks                        $ 20,855       $ 20,769
      Interest bearing deposits                            30            129
      Federal funds sold                                  500            ---
      Securities available for sale                    33,717         33,236
      Securities held to maturity                       7,046          7,460
 
     Loans                                            414,925        380,821
     Less: Allowance for loan losses                  (3,978)        (3,670)
     Net loans                                        410,947        377,151
     Premises and equipment, net                       23,106         22,433
     Other assets                                       6,128          6,415
 
     Total assets                                    $502,329       $467,593
 
     LIABILITIES
     Non-interest bearing deposits                    $59,411        $52,082
     Savings, time and demand deposits                263,193        245,271
     Time deposits, $100,000 and over                  77,424         70,333
      Total deposits                                  400,028        367,686
 
     Securities sold under repurchase agreements
      and federal funds purchased                      12,091         21,142
     Short-term borrowings                             40,000         30,000
     Other liabilities                                  4,902          4,129
      Total liabilities                               457,021        422,957
 
     SHAREHOLDERS' EQUITY
     Common stock, $.01 par value
      10,000,000 shares authorized; 6,099,376
      shares issued and outstanding                        61             61
     Additional paid-in capital                        30,591         30,581
     Retained earnings                                 14,332         14,027
     Net unrealized gain (loss) on securities
      available for sale                                  324           (33)
 
     Total shareholders' equity                        45,308         44,636
 
     Total liabilities and shareholders' equity      $502,329       $467,593
 
 
                            CNB Florida Bancshares, Inc.
                          Consolidated Statement of Income
                                    (Unaudited)
 
                                                  Three months ended March 31,
                                                         2001           2000
                                                           (in thousands)
     INTEREST INCOME
      Interest and fees on loans                       $8,907         $6,179
      Interest on investment securities                   630            684
      Interest on federal funds sold and
       interest bearing deposits                           18             82
      Total interest income                             9,555          6,945
 
     INTEREST EXPENSE
      Interest on deposits                              4,130          2,774
      Interest on repurchase agreements and federal
       funds purchased                                    186             77
      Interest on short-term borrowings                   537             --
       Total interest expense                           4,853          2,851
 
     NET INTEREST INCOME                                4,702          4,094
 
     Provision for loan losses                            400            300
     NET INTEREST INCOME AFTER LOAN
      LOSS PROVISION                                    4,302          3,794
 
     NON-INTEREST INCOME                                1,019            771
 
     NON-INTEREST EXPENSE
      Salaries and employee benefits                    2,413          2,054
      Occupancy and equipment expense                     657            500
      Other operating expense                           1,318          1,143
       Total non-interest expense                       4,388          3,697
 
     Income before income tax                             933            868
 
     Provision for income tax                             323            298
 
     NET INCOME                                          $610           $570
 
     EARNINGS PER SHARE:
      Basic                                             $0.10          $0.09
      Diluted                                           $0.10          $0.09
 
     WEIGHTED AVERAGE SHARES
      OUTSTANDING:
      Basic                                         6,099,376      6,107,357
      Diluted                                       6,200,423      6,168,143
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X25824445
 
 SOURCE  CNB Florida Bancshares, Inc.