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Community National Bank Announces Earnings For Fourth Quarter Of 2012

GREAT NECK, N.Y., Jan. 23, 2013 /PRNewswire/ -- Community National Bank (SYMBOL: CBNY.OB) today announced fourth quarter and year-end results for 2012.  Highlights for the quarter and year include:

  • Net income of $692 thousand or $0.10 per share for the fourth quarter of 2012 compared to net income of $447 thousand or $0.07 per share for the same period in 2011. 
  • Net interest income increased 25% or $1.1 million to $5.6 million for the quarter ended December 31, 2012 compared to $4.5 million for the quarter ended December 31, 2011.
  • Return on average assets and equity of 0.42% and 3.88%, respectively, for the quarter ended December 31, 2012 compared to 0.35% and 2.62%, respectively, for the quarter ended December 31, 2011.
  • Commercial loans grew $101.1 million or 40% to $351.6 million at December 31, 2012 when compared to December 31, 2011.
  • On a linked quarter basis, commercial loans increased $52 million or 17% when compared to $299.6 million at September 30, 2012.
  • Deposits increased 32% or $138.1 million to $563.3 million at December 31, 2012 compared to $425.2 million at December 31, 2011.
  • Demand deposits increased $61.3 million or 65% from December 31, 2011 to $155.9 million at December 31, 2012.
  • Continued strong asset quality with non-performing assets to total assets of 0.22%, which is well below peer group average.
  • Significant capital strength with Tier 1 leverage, Tier 1 risk-based and total risk-based capital ratios of 10.35%, 13.85% and 15.10%, respectively, at December 31, 2012.

Stuart Lubow, Chairman, President and Chief Executive Officer of Community National Bank, commented, "The Bank continued to make tremendous strides in 2012. The prior year's investments in talented lending and retail personnel, our branch network and operational infrastructure have given us strong momentum to meet our strategic goals of becoming Long Island's premier community bank.  This momentum resulted in commercial loan growth of $52 million for the fourth quarter and over $100 million for the year.  The remarkable growth resulted from our continued focus on building relationships with small and medium sized businesses.  These relationships helped increase demand deposits to $155.9 million at December 31, 2012, an increase of $61.3 million or 65% increase compared to prior year end.  In addition, the growth in commercial loans increased net interest income by $4 million and improved the net interest margin during the year.  These banking relationships have increased core non-interest income.  Core non-interest income net of loan and securities gains, increased $0.4 million or 30% to $1.8 million during 2012."

(Photo: http://photos.prnewswire.com/prnh/20130123/NY46754 )

Earnings and Net Interest Income

Net income for the quarter ended December 31, 2012 was $692 thousand or $0.10 basic earnings per share compared to net income of $447 thousand or $0.07 basic earnings per share for the same period in 2011, an increase of $245 thousand or 55%.  Net income for the twelve months ended December 31, 2012 was $2.9 million or $0.43 basic earnings per share compared to net income of $2.3 million or $0.35 basic earnings per share for the same period in 2011, an increase of $0.6 million or 23%.

The increase in net income for the three and twelve months ended December 31, 2012 was attributable to higher net interest income from commercial loan growth and lower provision for loan losses, which were partially offset by higher non-interest expenses associated with two new branch locations and increased personnel for lending, operations and compliance.

On a linked quarter basis, net income for the fourth quarter of 2012 decreased $267 thousand or 28% when compared to the third quarter of 2012.  While net interest income increased $0.3 million during the quarter, it was offset by higher provision for loan losses and lower gains from the sale of SBA loans and securities.  A significant portion of the commercial loans were originated at the end of the quarter. This resulted in less interest income to offset the general valuation reserves established on the new commercial loans.

Net interest income for the quarter ended December 31, 2012 increased $1.1 million or 25% to $5.6 million compared to $4.5 million for the quarter ended December 31, 2011.  The net interest margin decreased by ten basis points to 3.60% for the fourth quarter of 2012 compared to 3.70% for the same period in 2011.  Net interest income for the twelve months ended December 31, 2012 increased $4.0 million or 24% to $20.9 million compared to $16.9 million for the twelve months ended December 31, 2011.  The net interest margin increased by two basis points to 3.60% for the twelve months ended December 31, 2012 from 3.58% for the prior year period.

The increase in net interest income for both the quarter and twelve months ended December 31, 2012 was primarily due to (1) growth in our commercial loan portfolio; (2) higher non-interest bearing demand deposits; and (3) a continued decline in overall cost of funds on deposits.  The decrease in net interest margin for the quarter ended December 31, 2012 when compared to the prior year's quarter primarily resulted from lower yields on loans and mortgage backed securities from increased prepayments, loan refinancing, and competition.

Non-Interest Income

Non-interest income increased approximately $0.2 million or 26% to $0.9 million for the quarter ended December 31, 2012 compared to $0.7 million for the prior year quarter.  The increase in non-interest income for the quarter was due primarily to higher service charges, servicing income, prepayment fees and BOLI income, which were partially offset by lower gains on the sale of SBA loans.

Non-interest income for the twelve months ended December 31, 2012 decreased $0.7 million or 17% to $3.6 million compared to $4.3 million for the same period in 2011.  The decrease for the twelve months ended December 31, 2012 was primarily the result of a $1.3 million decline in gains on the sale of SBA loans.  The SBA loan volume decreased due to a change in the SBA guarantee percentage from 90% to 75%.  This was offset by higher non-interest income for service charges, servicing and other income as well as BOLI income for the twelve months ended December 31, 2012.

Non-Interest Expense

Non-interest expense increased $0.8 million or 22% to $4.6 million for the quarter ended December 31, 2012 from $3.8 million for the same period in 2011.  The increase was primarily attributable to higher compensation associated with the opening of our Manhattan branch location and the addition of senior personnel for operations and human resources, the hiring of a municipal banker and higher occupancy costs associated with the opening of the Manhattan branch.

Balance Sheet and Asset Quality

Total assets grew to $665.8 million at December 31, 2012, a 25% increase over total assets of $531.8 million at December 31, 2011.  Total loans increased $115.9 million or 29% to $511.6 million at December 31, 2012 when compared to December 31, 2011.  The commercial loan portfolio increased $101.1 million or 40% when compared to December 31, 2011.  The residential loan portfolio increased $14.7 million or 10% when compared to December 31, 2011.  The growth in the loan portfolio was funded by deposits from our new branch locations and municipal relationships as well as the continued development of core banking relationships, which were evident by the $61.3 million or 65% increase in demand deposits since December 31, 2011.

Our asset quality remains strong and a core focus during these challenging economic times.  Non-performing loans, including loans past due 90 days or more, increased by $0.2 million or 14% to $1.5 million or 0.28% of total loans at December 31, 2012 from $1.3 million or 0.32% of total loans at December 31, 2011.  Despite the slight increase in non-performing loans in dollars, the percentage of non-performing loans to total loans declined and remains at a low level compared to our peers.

The Bank had $0.8 million in provision for loan losses for the fourth quarter of 2012, an increase of $15 thousand or 1.9% when compared to the prior year quarter.  The allowance for loan losses was $6.6 million or 1.29% of total loans at December 31, 2012, an increase of approximately $1.8 million or 39% from $4.8 million or 1.20% of total loans at December 31, 2011.  The increase in the allowance for loan losses was due to general valuation reserves associated with the significant commercial loan growth throughout the period.  The Bank sold its one foreclosed commercial property at a price that approximated the carrying value of $0.5 million during the fourth quarter.

"While our commercial loan pipeline remains robust, we remain cognizant of the many challenges that our industry faces. The duration of this historical low interest rate environment and unprecedented quantitative easing by the Federal Reserve Bank has reduced yields on interest earning assets.  Over the past several years, the industry compensated for these lower asset yields by decreasing rates on customer accounts.  If the Federal Reserve Bank continues its current policy, the ability for banks to maintain margins will become increasingly more difficult.  In addition, the continued uncertainty with regard to debt and deficit reductions and the local impact from Hurricane Sandy are concerns management evaluates on a daily basis.  We have very strict underwriting standards; our loan portfolio is mostly adjustable in nature; and our investment portfolio is comprised of short-term U.S agency mortgage backed securities.  We constantly monitor the balance sheet mix for an eventual rise in interest rates." commented Mr. Lubow.

Deposits

Total deposits increased $138.1 million or 32% to $563.3 million at December 31, 2012 compared to $425.2 million at December 31, 2011.  Demand deposits grew $61.3 million or 65% to $155.9 million at December 31, 2012 when compared to December 31, 2011.

Further information about the financial condition and performance of Community National Bank is available from its Call Reports filed by the Bank with the FDIC and available on the FDIC website at: http://www2.fdic.gov/idasp/main_bankfind.asp. The Bank expects to file its December 31, 2012 Call Report on or around January 30, 2013.

ABOUT COMMUNITY NATIONAL BANK
Community National Bank is a Long Island based independent commercial bank and operates ten locations in Nassau, Suffolk, Queens and Manhattan County. 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 Twelve Months Ended


December 31,

December 31,

December 31,

December 31,


2012

2011

2012

2011

Interest Income:





Commercial Loans

$4,416,729

$3,444,917

$16,339,791

$12,591,969

Residential and Consumer Loans

1,626,252

1,674,388

6,526,396

6,730,776

Securities

541,214

563,730

2,340,440

2,511,308

Money Market Investments

23,148

9,258

51,626

33,780

   Total Interest Income

6,607,343

5,692,293

25,258,253

21,867,833






Interest Expense:





NOW, Savings & Money Market

229,149

176,588

903,032

599,564

Certificates of Deposit

649,781

865,295

2,922,078

3,716,771

Borrowed Funds

125,485

154,795

569,832

698,441

   Total Interest Expense

1,004,415

1,196,678

4,394,942

5,014,776

      Net Interest Income

5,602,928

4,495,615

20,863,311

16,853,057

Provision For Loan Losses

800,000

785,000

2,193,000

2,628,000

Net Interest Income After Provision for Loan Losses

4,802,928

3,710,615

18,670,311

14,225,057






Non-Interest Income:





Service Charges

189,246

116,268

630,406

468,091

Loan Fees & Servicing Income

185,789

84,421

494,819

336,237

Gain on Sale of Investments

6,788

-

280,581

130,829

Gain on Sale of Loans

289,091

329,743

1,508,280

2,832,716

BOLI Income

196,659

160,155

721,767

612,085

   Total Non-Interest Income

867,573

690,587

3,635,853

4,379,958






Non-Interest Expense:





Compensation and Benefits

2,380,164

1,933,852

9,152,494

7,407,481

Occupancy and Equipment

1,141,651

1,029,566

4,520,830

3,899,986

Advertising

59,419

62,139

218,213

186,905

Other Expenses

1,039,938

772,346

4,018,434

3,566,102

   Total Non-Interest Expense

4,621,172

3,797,903

17,909,971

15,060,474

Income Before Income Taxes

1,049,329

603,299

4,396,193

3,544,541

Provision For Income Taxes

356,929

156,000

1,544,933

1,228,600

      Net Income

$692,400

$447,299

$2,851,260

$2,315,941






Earnings Per Share:





   Basic

$0.10

$0.07

$0.43

$0.35

   Diluted

$0.10

$0.07

$0.43

$0.35

   Weighted Average Shares Outstanding – Basic

6,673,181

6,673,181

6,673,181

6,673,181

   Weighted Average Shares Outstanding – Diluted

6,701,691

6,686,691

6,689,481

6,698,905


 

 

 

COMMUNITY NATIONAL BANK

STATEMENTS OF INCOME

Unaudited





For the Three Months Ended


December 31,

September 30,

June 30,

December 31,


2012

2012

2012

2011

Interest Income:





Commercial Loans

$4,416,729

$4,198,087

$3,984,291

$3,444,917

Residential and Consumer Loans

1,626,252

1,631,210

1,640,173

1,674,388

Securities

541,214

587,751

626,625

563,730

Money Market Investments

23.148

11,183

10,216

9,258

   Total Interest Income

6,607,343

6,428,231

6,261,305

5,692,293






Interest Expense:





NOW, Savings & Money Market

229,149

234,914

235,288

176,588

Certificates of Deposit

649,781

707,539

754,517

865,295

Borrowed Funds

125,485

138,624

149,253

154,795

   Total Interest Expense

1,004,415

1,081,077

1,139,058

1,196,678

      Net Interest Income

5,602,928

5,347,154

5,122,247

4,495,615

Provision For Loan Losses

800,000

475,000

475,000

785,000

Net Interest Income After Provision for Loan Losses

4,802,928

4,872,154

4,647,247

3,710,615






Non-Interest Income:





Service Charges

189,246

140,704

158,438

116,268

Loan Fees & Servicing Income

185,789

136,067

79,510

84,421

Gain on Sale of Investments

6,788

141,217

-

-

Gain on Sale of Loans

289,091

656,256

442,252

329,743

BOLI Income

196,659

177,812

186,034

160,155

   Total Non-Interest Income

867,573

1,252,056

866,234

690,587






Non-Interest Expense:





Compensation and Benefits

2,380,164

2,355,625

2,258,229

1,933,852

Occupancy and Equipment

1,141,651

1,168,866

1,139,060

1,029,566

Advertising

59,419

59,409

52,360

62,139

Other Expenses

1,039,938

1,039,594

1,018,972

772,346

   Total Non-Interest Expense

4,621,172

4,623,494

4,468,621

3,797,903

Income Before Income Taxes

1,049,329

1,500,716

1,044,860

603,299

Provision For Income Taxes

356,929

541,050

372,754

156,000

      Net Income

$692,400

$959,666

$672,106

$447,299






Earnings Per Share:





   Basic

$0.10

$0.14

$0.10

$0.07

   Diluted

$0.10

$0.14

$0.10

$0.07

   Weighted Average Shares Outstanding – Basic

6,673,181

6,673,181

6,673,181

6,673,181

   Weighted Average Shares Outstanding – Diluted

6,701,691

6,697,675

6,700,265

6,686,691








 

 

 

COMMUNITY NATIONAL BANK

STATEMENTS OF CONDITION

Unaudited








December 31,

September 30,

June 30,

December 31,


2012

2012

2012

2011

Assets:





Cash and Due From Banks

$13,453,651

$7,666,354

$7,980,739

$6,758,552

Money Market Investments

7,391,467

31,922,204

11,756,613

6,703,973






Securities - Available-for-Sale

100,126,177

109,974,255

116,969,332

90,516,272

Restricted Stock

3,904,850

3,922,650

4,080,250

4,279,500

   Total Securities

104,031,027

113,896,905

121,049,582

94,795,772






Loans Held-For-Sale

-

500,000

400,000

-






Commercial Loans

351,587,251

299,607,536

290,558,824

250,444,848

Residential & Consumer Loans

160,030,011

158,791,493

154,910,682

145,310,058

Gross Loans Held-For-Investment

511,617,262

458,399,029

445,469,506

395,754,906

Less:  Allowance For Loans Losses

(6,606,498)

(5,904,167)

(5,396,607)

(4,759,124)

   Net Loans Held-For-Investment

505,010,764

452,494,862

440,072,899

390,995,782






Premises and Equipment, net

8,709,570

8,869,722

9,087,941

8,722,455

Bank Owned Life Insurance ("BOLI")

19,493,857

19,297,199

19,119,387

15,872,091

Other Assets

7,693,014

9,280,117

9,281,539

7,959,080

   Total Assets

$665,783,350

$643,927,363

$618,748,700

$531,807,705






Liabilities and Stockholders' Equity:





Deposits:





Demand

$155,877,268

$136,410,679

$120,182,668

$94,531,309

NOW, Savings & Money Market

233,241,844

224,776,773

202,311,136

134,268,269

Certificates of Deposit

174,223,625

181,175,999

189,446,881

196,452,756

   Total Deposits

563,342,737

542,363,451

511,940,685

425,252,334






FHLB Advances

24,970,887

25,475,945

33,978,085

34,973,678

Accrued Expenses and Other Liabilities

5,666,170

4,983,042

2,917,289

3,198,516

   Total Liabilities

593,979,794

572,822,438

548,836,059

463,424,528






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

34,101,246

34,037,538

33,968,660

33,872,063

Retained Earnings

3,455,291

2,762,891

1,803,225

604,031

Unrealized Gain on Securities

881,114

938,591

774,851

541,178

      Total Stockholders' Equity

71,803,556

71,104,925

69,912,641

68,383,177

      Total Liabilities and Stockholders' Equity

$665,783,350

$643,927,363

$618,748,700

$531,807,705








 

 

 

COMMUNITY NATIONAL BANK

SELECTED FINANCIAL DATA & BALANCE SHEET COMPONENTS

Unaudited








For The Three Months Ended

For The Twelve Months Ended


December 31,

December 31,

December 31,

December 31,


2012

2011

2012

2011

Per Share:





Net Income-Basic

$0.10

$0.07

$0.43

$0.35

Average Shares Outstanding – Basic

6,673,181

6,673,181

6,673,181

6,673,181

Net Income – Diluted

$0.10

$0.07

$0.43

$0.35

Average Shares Outstanding – Diluted

6,701,691

6,686,691

6,689,481

6,698,905

Book Value

$10.76

$10.25

$10.76

$10.25






Performance:





Return on Average Assets

0.42%

0.35%

0.46%

0.46%

Return on Average Equity

3.88%

2.62%

4.09%

3.49%

Efficiency Ratio

71.42%

73.23%

73.10%

70.93%






Yield on Average Earning Assets

4.24%

4.69%

4.36%

4.65%

Cost on Average Interest Bearing Liabilities

0.91%

1.36%

1.05%

1.44%

Cost of Deposits

0.63%

1.00%

0.75%

1.09%

Net Interest Spread

3.33%

3.33%

3.31%

3.21%

Net Interest Margin

3.60%

3.70%

3.60%

3.58%







December 31,

   September 30,

June 30,

December 31,


2012

2012

2012

2011

Risk Based Capital:


Leverage Ratio

10.35%

10.70%

11.00%

12.75%

Tier 1

13.85%

15.28%

15.53%

17.50%

Total Risk Based

15.10%

16.53%

16.78%

18.75%






Asset Quality:





Allowance for Loan Losses to Total Loans

1.29%

1.29%

1.21%

1.20%

Allowance for Loan Losses to Non-Performing Loans

456%

406%

732%

374%

Non-Performing Loans to Total Loans

0.28%

0.32%

0.17%

0.32%

Non-Performing Assets to Total Assets

0.22%

0.31%

0.21%

0.36%

Annualized Quarterly Net Charge offs to Avg. Loans

0.08%

-0.03%

0.26%

0.37%


                                                                                                                                                                                       

SOURCE Community National Bank

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IoT generates lots of temporal data. But how do you unlock its value? You need to discover patterns that are repeatable in vast quantities of data, understand their meaning, and implement scalable monitoring across multiple data streams in order to monetize the discoveries and insights. Motif discovery and deep learning platforms are emerging to visualize sensor data, to search for patterns and to build application that can monitor real time streams efficiently. In his session at @ThingsExpo, ...
"delaPlex is a software development company. We do team-based outsourcing development," explained Mark Rivers, COO and Co-founder of delaPlex Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Amazon has gradually rolled out parts of its IoT offerings in the last year, but these are just the tip of the iceberg. In addition to optimizing their back-end AWS offerings, Amazon is laying the ground work to be a major force in IoT – especially in the connected home and office. Amazon is extending its reach by building on its dominant Cloud IoT platform, its Dash Button strategy, recently announced Replenishment Services, the Echo/Alexa voice recognition control platform, the 6-7 strategic...
SYS-CON Events announced today that LeaseWeb USA, a cloud Infrastructure-as-a-Service (IaaS) provider, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LeaseWeb is one of the world's largest hosting brands. The company helps customers define, develop and deploy IT infrastructure tailored to their exact business needs, by combining various kinds cloud solutions.
The cloud market growth today is largely in public clouds. While there is a lot of spend in IT departments in virtualization, these aren’t yet translating into a true “cloud” experience within the enterprise. What is stopping the growth of the “private cloud” market? In his general session at 18th Cloud Expo, Nara Rajagopalan, CEO of Accelerite, explored the challenges in deploying, managing, and getting adoption for a private cloud within an enterprise. What are the key differences between wh...
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.
SYS-CON Events announced today that Venafi, the Immune System for the Internet™ and the leading provider of Next Generation Trust Protection, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Venafi is the Immune System for the Internet™ that protects the foundation of all cybersecurity – cryptographic keys and digital certificates – so they can’t be misused by bad guys in attacks...
There will be new vendors providing applications, middleware, and connected devices to support the thriving IoT ecosystem. This essentially means that electronic device manufacturers will also be in the software business. Many will be new to building embedded software or robust software. This creates an increased importance on software quality, particularly within the Industrial Internet of Things where business-critical applications are becoming dependent on products controlled by software. Qua...
In addition to all the benefits, IoT is also bringing new kind of customer experience challenges - cars that unlock themselves, thermostats turning houses into saunas and baby video monitors broadcasting over the internet. This list can only increase because while IoT services should be intuitive and simple to use, the delivery ecosystem is a myriad of potential problems as IoT explodes complexity. So finding a performance issue is like finding the proverbial needle in the haystack.
Machine Learning helps make complex systems more efficient. By applying advanced Machine Learning techniques such as Cognitive Fingerprinting, wind project operators can utilize these tools to learn from collected data, detect regular patterns, and optimize their own operations. In his session at 18th Cloud Expo, Stuart Gillen, Director of Business Development at SparkCognition, discussed how research has demonstrated the value of Machine Learning in delivering next generation analytics to imp...