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Community National Bank Announces Earnings For Third Quarter Of 2014


News provided by

Community National Bank

Oct 17, 2014, 02:17 ET

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MELVILLE, N.Y., Oct. 17, 2014 /PRNewswire/ -- Community National Bank (OTC: CBNY) today announced third quarter results for 2014.  Highlights for the quarter include:

  • Net income of $1.3 million or $0.19 diluted earnings per share for the third quarter of 2014 compared to net income of $0.3 million or $0.04 diluted earnings per share for the same period in 2013. 
  • Net income on a linked quarter basis grew 28% compared to the previous quarter
  • Net interest income increased 16% or $1.1 million to $7.8 million for the quarter ended September 30, 2014 compared to $6.7 million for the quarter ended September 30, 2013.
  • Return on average assets and equity of 0.56% and 6.86%, respectively, for the quarter ended September 30, 2014 compared to 0.13% and 1.42%, respectively, for the quarter ended September 30, 2013. 
  • Loans grew $134.2 million or 22% to $749.8 million at September 30, 2014 when compared to September 30, 2013.
  • Deposits increased $133.1 million or 19% to $826.1 million at September 30, 2014 compared to $693.0 million at September 30, 2013.
  • Demand deposits grew $42.6 million or 23% to $224.3 million at September 30, 2014 compared to $181.7 million at September 30, 2013.

Net Income

Net income for the quarter ended September 30, 2014 was $1.3 million or $0.19 diluted earnings per share compared to net income of $0.3 million or $0.04 diluted earnings per share for the same period in 2013.  Net income for the nine months ended September 30, 2014 was $3.4 million or $0.51 diluted earnings per share compared to net income of $1.9 million or $0.30 diluted earnings per share for the same period in 2013, an increase of 72%. 

The increase in net income for both the quarter and nine months ended September 30, 2014 was due to higher net interest income associated with loan growth and lower provision for loan losses as well as increased fees from service charges and a rise in servicing and other income.  These increases were partially offset by higher non-interest expenses in all categories except advertising.

On a linked quarter basis, net income increased $0.3 million or 28% for the third quarter of 2014. The increase in net income on a linked quarter basis was due to higher net interest income attributable to loan growth and an increase in gains from the sale of SBA loans.  Non-interest expense increased slightly when compared to the linked quarter. 

Net Interest Income

For the quarter ended September 30, 2014, net interest income increased $1.1 million or 16% to $7.8 million compared to $6.7 million for the quarter ended September 30, 2013.  The net interest margin decreased by 19 basis points to 3.54% for the quarter ended September 30, 2014 from 3.73% for the quarter ended September 30, 2013.

For the nine months ended September 30, 2014, net interest income increased $3.4 million or 17% to $22.8 million compared to $19.4 million for the nine months ended September 30, 2013. The net interest margin decreased by 12 basis points to 3.66% for the nine months ended September 30, 2014 from 3.78% for the nine months ended September 30, 2013.

The increase in net interest income for the quarter and nine months ended September 30, 2014 was primarily due to continued growth in our commercial and residential loan portfolios and higher non-interest bearing demand deposits.

The decrease in the net interest margin from comparable periods in the prior year was due to: 1) new loan originations carrying lower yields and 2) the cost of average interest bearing liabilities increasing 2 basis points to 0.76% for the quarter ended September 30, 2014 from 0.74% for the quarter ended September 30, 2013. The increase in the cost of funds was mostly attributable to growth in longer duration certificates of deposit during the third quarter and the year. The Bank increased the duration on a portion of its certificates of deposits to hedge against higher interest rates. If interest rates continue to remain low, we expect to face a continued narrowing of our net interest margin as competition from other financial institutions put pressure on loan yields. 

Non-Interest Income

Non-interest income increased $0.1 million or 12% to $1.1 million for the quarter ended September 30, 2014 compared to $1.0 million for the prior year period. The increase in non-interest income was mostly attributable to increased fees from service charges and loan servicing and additional BOLI income. 

Non-interest income increased $0.2 million or 6.2% to $3.2 million for the nine months ended September 30, 2014 compared to $3.0 million for the nine months ended September 30, 2013. The increase was due to higher service charge fee income and servicing and other income, which were partially offset by lower gains from the sale of SBA loans and lower BOLI income.

Non-Interest Expense

Non-interest expense increased $0.7 million or 13% to $6.1 million for the quarter ended September 30, 2014 compared to $5.4 million for the same period in 2013. The increase was attributable to higher compensation and occupancy costs associated with (1) additional personnel in credit administration, operations and compliance; (2) additional branch personnel for our Hewlett branch, which opened in September 2013 and (3) higher depreciation expense related to our new corporate headquarters and branch location.  Other expenses increased approximately $0.1 million or 11% to $1.4 million for the three months ended September 30, 2014 from $1.3 million for the three months ended September 30, 2013.  The increase was mostly attributable to higher data and item processing costs, compliance costs and FDIC assessments. 

Balance Sheet

Total assets grew to $945.0 million at September 30, 2014, an increase of $147.7 million or 19% when compared to total assets of $797.3 million at September 30, 2013. Total loans increased $134.2 million or 22% to $749.8 million at September 30, 2014 when compared to September 30, 2013. The commercial loan portfolio increased $95.8 million or 22% when compared to September 30, 2013 and the residential loan portfolio increased $38.4 million or 21% when compared to September 30, 2013. Loans were funded primarily by the growth in deposits.

Total deposits increased $133.1 million or 19% to $826.1 million at September 30, 2014 from $693.0 million at September 30, 2013. Demand deposits grew $42.6 million or 23% to $224.3 million at September 30, 2014 when compared to September 30, 2013.  The increase was due primarily to additional commercial business relationships. Demand deposits represented 27% of total deposits at September 30, 2014.  NOW, savings and money market deposits increased $43.0 million or 14% to $359.2 million at September 30, 2014 from $316.2 million at September 30, 2013. A significant portion of the money market deposit growth was from new and existing municipal banking relationships.

Asset Quality & Capital

Non-performing loans, which consist of loans past due 90 days or more, were $1.9 million or 0.26% of total loans at September 30, 2014 compared to $1.5 million or 0.25% of total loans at September 30, 2013. The Bank recorded $0.6 million in provision for loan losses during the third quarter of 2014 compared to $2.0 million for the third quarter of 2013.

The allowance for loan losses was $10.6 million or 1.42% of total loans at September 30, 2014, an increase of $1.7 million from $8.9 million or 1.45% of total loans at September 30, 2013.  The Bank had net charge-offs of $0.8 million during the third quarter of 2014 and did not have any charge-offs during the first two quarters of 2014.  A significant portion of the loans charged-off during the third quarter were SBA loans. 

The Bank did not own any foreclosed properties at September 30, 2014 and 2013, respectively.

The Bank continues to have significant capital strength with Tier 1 leverage, Tier 1 risk-based and total risk-based capital ratios of 8.42%, 11.15% and 12.40%, respectively, at September 30, 2014.

Further information about the financial condition and performance of Community National Bank is available from its Call Reports filed with the FDIC and available on the FDIC website at: http://www.fdic.gov/. The Bank expects to file its September 30, 2014 Call Report on or around October 30, 2014.

ABOUT COMMUNITY NATIONAL BANK
Community National Bank is a Long Island based independent commercial bank and operates eleven locations in Nassau, Suffolk, Queens and Manhattan Counties. We offer a full range of modern financial services, backed by state-of-the-art technology. In addition to commercial loans, commercial mortgages, small business loans and lines of credit and residential mortgages, CNB also provides a complete selection of traditional personal and commercial deposit products such as no fee individual and business checking accounts, IRA accounts and statement savings.

Cautionary Statement about Forward-Looking Statements

This release contains certain "forward looking statements" about CNB which, to the extent applicable, are intended to be covered by the safe harbor for forward looking statements provided under the Federal securities laws and, regardless of such coverage, you are cautioned about. Examples of forward-looking statements include but are not limited to, CNB's financial condition, capital ratios, results of operations and outlook. Forward-looking statements are not historical facts. Such statements may be identified by the use of such words as "may," "believe," "expect," "anticipate," "plan," "continue," or similar terminology. These statements relate to future events or our future financial performance and involve risks and uncertainties that may cause our actual results, levels of activity, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we caution you not to place undue reliance on these forward-looking statements. Factors which may cause our forward looking statements to be materially inaccurate include, but are not limited to, a unexpected deterioration in our loan portfolio, unexpected increases in our expenses, greater than anticipated growth, unanticipated regulatory action, unexpected changes in interest rates, a loss of key personnel, an unanticipated loss of existing customers, competition from other institutions causing us unanticipated changes in our deposit or loan rates, increases in FDIC insurance costs and unanticipated adverse changes in our customers' economic conditions or economic conditions in our local area generally. Forward-looking statements speak only as of the date of this press release We do not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

COMMUNITY NATIONAL BANK

STATEMENTS OF INCOME

Unaudited





For The Three Months Ended

For The Nine Months Ended


September 30,

September 30,

September 30,

September 30,


2014

2013

2014

2013

Interest Income:





Commercial Loans

$6,492,204

$5,350,569

$18,612,316

$15,478,583

Residential and Consumer Loans

1,896,659

1,695,999

5,451,040

5,014,585

Securities

597,278

583,095

1,869,803

1,675,205

Money Market Investments

11,645

12,880

19,289

33,418

   Total Interest Income

8,997,786

7,642,543

25,952,448

22,201,791






Interest Expense:





NOW, Savings & Money Market

324,750

221,026

903,770

601,830

Certificates of Deposit

771,647

592,162

1,970,456

1,761,837

Borrowed Funds

93,868

118,059

282,802

406,196

   Total Interest Expense

1,190,265

931,247

3,157,028

2,769,863

      Net Interest Income

7,807,521

6,711,296

22,795,420

19,431,928

Provision For Loan Losses

565,000

2,015,000

2,080,000

3,630,000

Net Interest Income After Provision for Loan Losses

7,242,521

4,696,296

20,715,420

15,801,928






Non-Interest Income:





Service Charges

368,935

301,609

1,048,950

816,119

Servicing & Other Income

176,788

143,632

455,981

373,127

Gain on Sale of Investments

-

-

20,432

29,439

Gain on Sale of Loans

405,169

394,166

1,199,218

1,315,925

BOLI Income

160,015

148,241

450,262

454,497

   Total Non-Interest Income

1,110,907

987,648

3,174,843

2,989,107






Non-Interest Expense:





Compensation and Benefits

3,142,732

2,665,323

9,356,448

7,852,462

Occupancy and Equipment

1,500,284

1,350,272

4,476,822

3,993,063

Advertising

1,855

65,403

97,867

173,711

Other Expenses

1,438,479

1,297,440

4,214,909

3,634,577

   Total Non-Interest Expense

6,083,350

5,378,438

18,146,046

15,653,813

Income Before Income Taxes

2,270,078

305,506

5,744,217

3,137,222

Provision For Income Taxes

967,990

51,915

2,316,990

1,146,916

      Net Income

$1,302,088

$253,591

$3,427,227

$1,990,306






Earnings Per Share:





   Basic

$0.20

$0.04

$0.51

$0.30

   Diluted

$0.19

$0.04

$0.51

$0.30

   Weighted Average Shares Outstanding – Basic

6,673,181

6,673,181

6,673,181

6,673,181

   Weighted Average Shares Outstanding – Diluted

6,836,003

6,792,969

6,778,947

6,736,313

COMMUNITY NATIONAL BANK

STATEMENTS OF INCOME

Unaudited




For the Three Months Ended


September 30,

June 30,

March 31,

December, 31


2014

2014

2014

2013

Interest Income:





Commercial Loans

$6,492,204

$5,930,011

$6,190,101

$5,672,443

Residential and Consumer Loans

1,896,659

1,810,821

1,743,561

1,738,300

Securities

597,278

640,178

632,347

609,843

Money Market Investments

11,645

3,577

4,067

20,428

   Total Interest Income

8,997,786

8,384,587

8,570,076

$8,041,014






Interest Expense:





NOW, Savings & Money Market

324,750

283,207

295,813

328,531

Certificates of Deposit

771,647

633,285

565,524

608,736

Borrowed Funds

93,868

102,541

86,393

75,860

   Total Interest Expense

1,190,265

1,019,033

947,730

1,013,127

      Net Interest Income

7,807,521

7,365,554

7,622,346

7,027,887

Provision For Loan Losses

565,000

540,000

975,000

373,000

Net Interest Income After Provision for Loan Losses

7,242,521

6,825,554

6,647,346

6,654,887






Non-Interest Income:





Service Charges

368,935

355,939

324,075

331,778

Servicing & Other Income

176,788

177,818

101,375

167,308

Gain on Sale of Investments

-

-

20,432

-

Gain on Sale of Loans

405,169

121,024

673,026

26,237

BOLI Income

160,015

148,321

141,925

151,206

   Total Non-Interest Income

1,110,907

803,102

1,260,833

676,529






Non-Interest Expense:





Compensation and Benefits

3,142,732

3,071,264

3,142,452

2,836,429

Occupancy and Equipment

1,500,284

1,455,135

1,521,403

1,388,281

Advertising

1,855

44,969

51,043

49,321

Other Expenses

1,438,479

1,395,784

1,380,646

1,499,655

   Total Non-Interest Expense

6,083,350

5,967,152

6,095,544

5,773,686

Income Before Income Taxes

2,270,078

1,661,504

1,812,635

1,557,730

Provision For Income Taxes

967,990

641,000

708,000

596,387

      Net Income

$1,302,088

$1,020,504

$1,104,635

$961,343






Earnings Per Share:





   Basic

$0.20

$0.15

$0.17

$0.14

   Diluted

$0.19

$0.15

$0.16

$0.14

   Weighted Average Shares Outstanding – Basic

6,673,181

6,673,181

6,673,181

6,673,181

   Weighted Average Shares Outstanding – Diluted

6,836,003

6,845,990

6,813,748

6,796,064








COMMUNITY NATIONAL BANK

STATEMENTS OF CONDITION

Unaudited





September 30,

June 30,

December, 31

September 30,


2014

2014

2013

2013

Assets:





Cash and Due From Banks

$14,206,744

$12,876,224

$8,783,780

$8,323,492

Money Market Investments

41,449,611

28,984,287

2,102,723

26,344,244






Securities – Available-for-Sale

93,370,412

96,991,395

100,894,759

106,001,818

Securities – Held-to-Maturity

8,605,371

8,989,549

6,053,339

-

Restricted Stock

4,605,100

4,924,950

5,408,850

4,121,350

   Total Securities

106,580,883

110,905,894

112,356,948

110,123,168











Commercial Loans

529,813,930

509,189,897

464,037,616

434,020,481

Residential & Consumer Loans

220,032,946

214,296,552

197,350,345

181,653,928

Gross Loans Held-For-Investment

749,846,876

723,486,449

661,387,961

615,674,409

Less:  Allowance For Loans Losses

(10,629,364)

(10,897,125)

(9,383,788)

(8,942,236)

   Net Loans Held-For-Investment

739,217,512

712,589,324

652,004,173

606,732,173






Premises and Equipment, net

10,298,002

10,529,647

11,116,968

10,927,997

Bank Owned Life Insurance ("BOLI")

22,549,822

22,389,807

20,099,560

19,948,355

Other Assets

10,713,315

10,588,820

12,118,062

14,930,676

   Total Assets

$945,015,889

$908,864,003

$818,582,214

$797,330,105






Liabilities and Stockholders' Equity:





Deposits:





Demand

$224,352,849

$220,648,870

$177,107,547

$181,740,742

NOW, Savings & Money Market

359,236,060

331,320,846

316,807,903

316,213,221

Certificates of Deposit

242,588,408

238,321,973

193,134,562

195,077,799

   Total Deposits

826,177,317

790,291,689

687,050,012

693,031,762






FHLB Advances

36,448,268

37,178,305

54,921,135

26,438,035

Accrued Expenses and Other Liabilities

5,857,278

6,148,817

4,985,420

6,550,574

   Total Liabilities

868,482,863

833,618,811

746,956,567

726,020,371






Stockholders' Equity:





Common Stock, par value $5.00; authorized





10,000,000 shares;  issued 6,673,181 shares

33,365,905

33,365,905

33,365,905

33,365,905

Additional Paid in Capital

34,566,573

34,496,707

34,362,152

34,295,244

Retained Earnings

9,834,168

8,532,080

6,406,941

5,445,598

Unrealized Loss on Securities

(1,233,620)

(1,149,500)

(2,509,351)

(1,797,013)

      Total Stockholders' Equity

76,533,026

75,245,192

71,625,647

71,309,734

      Total Liabilities and Stockholders' Equity

$945,015,889

$908,864,003

$818,582,214

$797,330,105








COMMUNITY NATIONAL BANK

SELECTED FINANCIAL DATA & BALANCE SHEET COMPONENTS

Unaudited







For The Three Months Ended

For The Nine Months Ended


September 30,

September 30,

September 30,

September 30,


2014

2013

2014

2013

Per Share:





Net Income-Basic

$0.20

$0.04

$0.51

$0.30

Average Shares Outstanding – Basic

6,673,181

6,673,181

6,673,181

6,673,181

Net Income – Diluted

$0.19

$0.04

$0.51

$0.30

Average Shares Outstanding – Diluted

6,836,003

6,792,969

6,778,947

6,736,313

Tangible Book Value

$11.47

$10.69

$11.47

$10.69






Performance:





Return on Average Assets

0.56%

0.13%

0.53%

0.37%

Return on Average Equity

6.86%

1.42%

6.15%

3.68%

Efficiency Ratio

68.21%

69.86%

69.87%

69.82%






Yield on Average Earning Assets

4.08%

4.25%

4.16%

4.32%

Cost on Average Interest Bearing Liabilities

0.76%

0.74%

0.72%

0.77%

Cost of Deposits

0.55%

0.51%

0.51%

0.53%

Net Interest Spread

3.32%

3.51%

3.44%

3.55%

Net Interest Margin

3.54%

3.73%

3.66%

3.78%







Quarter Ended


September 30,

June 30,

December 31,

September 30,


2014

2014

2013

2013

Capital Ratios:





Tangible Common Equity

8.10%

8.28%

8.75%

8.94%

Leverage

8.42%

8.94%

9.12%

9.62%

Tier 1

11.15%

11.42%

11.91%

12.39%

Total Risk Based

12.40%

12.68%

13.16%

13.64%






Asset Quality:





Allowance for Loan Losses to Total Loans

1.42%

1.51%

1.42%

1.45%

Allowance for Loan Losses to Non-Performing Loans

541%

402%

800%

577%

Non-Performing Loans to Total Loans

0.26%

0.37%

0.18%

0.25%

Non-Performing Assets to Total Assets

0.21%

0.30%

0.14%

0.19%

Annualized Quarterly Net Charge offs to Avg. Loans

0.45%

0.00%

-0.04%

0.88%






Yield on Average Earning Assets

4.08%

4.10%

4.16%

4.25%

Cost on Average Interest Bearing Liabilities

0.76%

0.71%

0.74%

0.74%

Cost of Deposits

0.55%

0.51%

0.53%

0.51%

Net Interest Spread

3.32%

3.39%

3.42%

3.51%

Net Interest Margin

3.54%

3.60%

3.63%

3.73%

SOURCE Community National Bank

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