January 25, 2022-CCFNB Bancorp, Inc. Reports Fourth Quarter 2021 Earnings

Bloomsburg, PA - CCFNB Bancorp, Inc. (OTC Pink: CCFN), parent company of First Columbia Bank & Trust Co., has released its unaudited financial statements for the fourth quarter of 2021.

Net income, as reported under U.S. Generally Accepted Accounting Principles, for the quarter-ended December 31, 2021 was $2,513,000 compared to $2,862,000 for the same period in 2020. Net income, as reported under U.S. Generally Accepted Accounting Principles, for the twelve months-ended December 31, 2021 was $9,405,000 compared to $9,332,000 for the same period in 2020. Earnings per share for the quarter-ended December 31, 2021 and 2020 were $1.21 and $1.38, respectively. Earnings per share for the twelve months-ended December 31, 2021 and 2020 were $4.53 and $4.47, respectively. The return on average assets and return on average equity were 1.02% and 8.91% for the twelve months-ended December 31, 2021 as compared to 1.15% and 9.07% for the same period of 2020.

The net interest margin, tax effected, on interest earning assets and liabilities was 2.58% and 2.97% at December 31, 2021 and 2020, respectively.

Total assets amounted to $952.7 million at December 31, 2021 as compared to $855.1 at December 31, 2020. For the twelve months ended December 31, 2021, net loans, not held for sale, decreased by $15.3 million while investment securities increased $127.3 million and cash and cash equivalents decreased $11.8 million to $97.5 million. Over the same time period, loans held for sale decreased $3.4 million. Total deposits increased $68.2 million while short term borrowings increased $31.1 million since the end of 2020.

When compared to December 31, 2020, stockholders' equity, excluding accumulated other comprehensive (loss) income, increased $3.0 million to $107.2 million as of December 31, 2021. The current level of stockholders' equity equated to a book value per share of $50.21 at December 31, 2021 as compared with $50.90 as of December 31, 2020. For the twelve months-ended December 31, 2021 cash dividends of $3.13 per share were paid to stockholders as compared to $1.59 for the same 2020 period. CCFNB Bancorp, Inc. remains well capitalized, with an equity to assets ratio of 11.0% as of December 31, 2021 and 12.4% at December 31, 2020.

Note: This press release may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Actual results and trends could differ materially from those set forth in such statements due to various factors. These factors include operating, legal and regulatory risks; changing economic and competitive conditions and other risks and uncertainties.