DIRECTORS - CNB CORPORATION AND
CITIZENS NATIONAL BANK
RICK A. TROMBLE
Chairman, CNB Corporation
Chairman, Citizens National Bank
Owner, Tromble Bay Farms
*DANA F. ANDREWS
President, Sturgeon River Pottery, Inc.
STEVEN J. BAKER, D.V.M.
Retired, Indian River Veterinary Clinic
THOMAS J. ELLENBERGER
Past Audit Committee Chairman,
CNB Corporation
Vice President & Secretary,
Albert Ellenberger Lumber Company
SUSAN A. ENO
Retired President/Chief Executive Officer,
Citizens National Bank & CNB Corporation
VINCENT J. HILLESHEIM
Past Chairman, CNB Corporation
Past Chairman, Citizens National Bank
Retired President, Anchor In Marina
of Northern Michigan, Inc.
MATTHEW E. KEENE
President/Chief Executive Officer,
Citizens National Bank & CNB Corporation
*SCOTT D. LANDON
President, Landon Auto Parts
KATHLEEN A. LIEDER
Retired Partner, Bodman LLP
THOMAS J. REDMAN
President, Tube Fab
CHRISTOPHER B. SHEPLER
President, Shepler's Mackinac Island Ferry Service
R. JEFFERY SWADLING
Audit Committee Chairman, CNB Corporation Vice President, Ken's Village Market
DIRECTORS EMERITI
JOHN P. WARD
JAMES C. CONBOY, JR.
KATHLEEN M. DARROW
FRANCIS J. VANANTWERP, JR.
CNB CORPORATION OFFICERS
MATTHEW E. KEENE . . . . . . . . . . . . | President & Chief Executive Officer |
VICTORIA J. HAND . . . . . . . . . . . . . . . . | . . . . . . . . . . . . . . . . . . . . . Secretary |
AMY E. ESSEX . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . . . . . . . . . . . . . Treasurer |
CITIZENS NATIONAL BANK OFFICERS
LEADERSHIP:
MATTHEW E. KEENE. . . . . . . . . . . . . President & Chief Executive Officer VICTORIA J. HAND . . Executive Vice President, Chief Operating Officer, Cashier & Compliance Officer AMY E. ESSEX . . . . . . . . . Senior Vice President & Chief Financial Officer
JOSEPH P. GARBER. . . . . . . . Senior Vice President & Chief Credit Officer DAVID A. WOODS . . . . . . . . . . Senior Vice President & Chief Loan Officer TRISHA M. DOBIAS . . . . . . . . . . . . . . . Vice President, Human Resources VALERIE A. JONES. . . . . . . . . . . . . . . . . Vice President, Cash Management NANCY K. LINDSAY . . . . . . . . . . . . . . . . . . . . . . Vice President, Marketing AMANDA J. NICHOLSON. . . . . . . . . . . . . . . . . . Universal Banking Officer
BUSINESS BANKING:
JOSEPH M. DALY . . . . . . . . . . . . . . . . . . . . . . . . . . . . Senior Vice President
NICOLE M. DRAKE . . . . . . . . . . . . . . . . . . . . . . . . . . Senior Vice President
TIMOTHY J. TIMMER . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Vice President
CYNTHIA D. LAMBERSON . . . . . . . . . . . . . . . . . . Assistant Vice President
STEPHEN J. DALY . . . . . . . . . . . . . . . . . . . . . . . . Business Banking Officer
RESIDENTIAL BANKING:
STEPHEN J. CRUSOE . . . . . . . . . . . . . . . . . . . . . . . . Senior Vice President
DARREN M. SELDEN. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Vice President
SHARON L. COPPERNOLL . . . . . . . . . . . . . . . . . . . . . . Residential Officer
MICHELLE M. MILLER . . . . . . . . . . . . . . . . . . . . . . . . Residential Officer
DENNIS S. MYERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Residential Officer
REGINA H. PATTON . . . . . . . . . . . . . . . . . . . . . . . . . . . Residential Officer
WEALTH & RETIREMENT STRATEGIES:
MATTHEW H DEWILDT . . . . . . . . . . . . . . . . . . . . . . . . . . . Vice President
OPERATIONS:
REBECCA L. TOMASKI . . Assistant Vice President, Shareholder Relations QUINN C. BONNETT . . . . . . . . . . . . Facilities Manager & Security Officer CHANDLAR E. RUSH . . . . . . . . . . . . . . . . . . . . . . . . . . . Technology Officer SHERRY M. WICHLACZ . . . . . . . . . . . . . . . . . . . . . . . . Operations Officer
Citizens National Bank has offices in:
Cheboygan•Onaway•Mackinaw City
Pellston•Indian River•Alanson•Petoskey
You can also visit our website at
www.CNBisMyBank.com
our 90 year tradition continues
STATEMENT OF CONDITION
March 31, 2021
*Citizens National Bank Director
CONSOLIDATED BALANCE SHEET
(UNAUDITED) In thousands of dollars
March 31, | ||
ASSETS | 2021 | 2020 |
Cash and due from banks . . . . . . . . . . . . . . . . . . . . . . . . . | $ 6,867 | $ 12,002 |
Interest-bearing deposits with other financial | ||
institutions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 47,631 | 4,867 |
______ | ______ | |
Total cash and cash equivalents. . . . . . . . . . . . . . . . . . | 54,498 | 16,869 |
Time deposits with other financial institutions | 12,632 | 16,113 |
Securities available for sale . . . . . . . . . . . . . . . . . . . . . . . . . | 173,476 | 108,988 |
Securities held to maturity . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,524 | 1,233 |
Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 957 | 957 |
______ | ______ | |
Total investment securities. . . . . . . . . . . . . . . . . . . . . . . . | 177,957 | 111,178 |
Loans held for sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4,852 | 4,019 |
Loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 176,196 | 156,616 |
Less: allowance for loan losses. . . . . . . . . . . . . | (3,013) | (1,681) |
______ | ______ | |
Net loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 178,035 | 158,954 |
Premises and equipment, net. . . . . . . . . . . . . . . . . . . . . | 7,551 | 5,739 |
Other assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 10,918 | 9,671 |
______ | ______ | |
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $441,591 | $318,524 |
_______ | _______ | |
LIABILITIES | _______ | _______ |
Deposits: | ||
Noninterest-bearingdemand . . . . . . . . . . . . . . . . . . . | $ 151,972 | $ 81,198 |
Interest-bearing deposits | 254,342 | 203,419 |
CONSOLIDATED STATEMENT OF INCOME
(UNAUDITED)
In thousands of dollars, except per share data
For the three months ended March 31,
INTEREST INCOME | 2021 | 2020 | 2019 |
Interest and fees on loans . . . . . . . . . . . . . . | $ 2,251 | $ 2,071 | $ 1,991 |
Interest on securities: | |||
Taxable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 309 | 417 | 414 |
Tax exempt . . . . . . . . . . . . . . . . . . . . . . . . . . | 81 | 74 | 69 |
Other interest income . . . . . . . . . . . . . . . . . . . | 77 | 178 | 151 |
______ | ______ | ______ | |
Total interest income . . . . . . . . . . . . . . . . . . . . | 2,718 | 2,740 | 2,625 |
INTEREST EXPENSE ON DEPOSITS | 142 | 104 | 74 |
______ | ______ | ______ | |
NET INTEREST INCOME . . . . . . . . . . . . | 2,576 | 2,636 | 2,551 |
Provision for loan losses . . . . . . . . . . . . . . . . | 0 | 0 | 0 |
______ | ______ | ______ | |
NET INTEREST INCOME AFTER | |||
PROVISION FOR LOAN LOSSES . . . . | 2,576 | 2,636 | 2,551 |
______ | ______ | ______ | |
NONINTEREST INCOME | |||
Service charges and fees . . . . . . . . . . . . . . . . . . | 256 | 247 | 241 |
Net gain from sale of loans . . . . . . . . . . . . . . | 728 | 272 | 136 |
Gain on sale of assets . . . . . . . . . . . . . . . . . . . . | 37 | 6 | 0 |
Loan servicing fees, net of amortization . | (61) | 10 | 20 |
Other income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 165 | 153 | 170 |
______ | ______ | ______ | |
Total noninterest income . . . . . . . . . . . . . . . | 1,125 | 688 | 567 |
NONINTEREST EXPENSES
May 12, 2021
Dear Shareholder,
Re-opening is on everyone's mind, whether it is re-opening the state, re-opening the economy, or re-opening bank lobbies. Citizens National Bank's (the Bank) pandemic team has a strategy in place and as of the date of this statment, our lobbies are open. It has been over a year since lobby access was limited, and we are looking forward to assisting you face-to-face once more.
In the first quarter of 2021, the Bank's team members continued to perform at a high level for our customers and our community, despite ongoing pandemic restrictions. Staff performance and engagement levels resulted in the following first quarter financials for CNB Corporation (the Corporation) and its subsidiary, the Bank:
- The Bank's steady growth in the Petoskey market, coupled with Paycheck Protection Program (PPP) loans, resulted in net loan growth of $19.1 million year-over-year.
- Net premises and equipment assets increased year-over-year to $7.6 million with the purchase of the Petoskey News Review and Print Shop buildings in downtown Petoskey. A feasibility study of the property has commenced with plans to convert the site to the Bank's permanent Petoskey branch within the next year.
- As a result of the Bank's continued growth in the greater Petoskey market and funds from the Coronavirus Aid, Relief, and Economic Security (CARES) Act, deposits grew exponentially by $121.7 million year-over-year. The influx in deposits generated investment security growth of $66.8 million for this same time period.
- In spite of the Bank's growth in both loans and investments, net interest income declined $60,000 as a result of the required 1% interest rate on PPP loans and reduced rates on new invest- ments.
- Offsetting the lower interest income, the residential lending team continued their strong performance in the first quarter, with net gain from sale of loans increasing $456,000 year-over- year.
- In total, net income increased year-over-year by $96,000, which resulted in earnings-per-share increasing from $0.45 to $0.53.
The Bank's participation in the second round of PPP loans is a continuance of its support for our customers through the even slower winter months brought on by the pandemic. More than ever, the Bank is committed to helping local businesses and communities
. . . . . . . . . . . . . . . . . . . . . . . . | ______ | ______ | ||
Total deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 406,314 | 284,617 | ||
Accrued and other liabilities. . . . . . . . . . . . . . . . . . . . . . | 5,569 | 5,155 | ||
______ | ______ | |||
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 411,883 | 289,772 | ||
SHAREHOLDERS' EQUITY | ||||
Common Stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,027 | 3,027 | ||
Additional Paid-InCapital . . . . . . . . . . . . . . . . . . . . . . . . . | 19,472 | 19,473 | ||
Retained Earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 6,376 | 4,556 | ||
Accumulated other | ||||
Comprehensive Income/(Loss), net . . . . . . . . . | 833 | 1,696 | ||
Total shareholders' equity . . . . . . . . . . . . . . . . . . . . . . . . | 29,708 | 28,572 | ||
Total liabilities and shareholders' equity . . . . . . . | $441,591 | $318,524 | ||
_______ | _______ | |||
_______ | _______ |
Salaries and benefits . . . . . . . . . . . . . . . . . . . . . . . . .
Occupancy and equipment . . . . . . . . . . . . .
FDIC insurance premiums . . . . . . . . . . . . . .
Other expenses . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total noninterest expenses . . . . . . . . . . . . .
INCOME BEFORE INCOME TAXES . . . . . . . .
Income tax expense . . . . . . . . . . . . . . . . . . . . .
NET INCOME (LOSS) . . . . . . . . . . . . . . . . .
BASIC NET INCOME PER SHARE . . . . . . . . .
1,741 | 1,553 | 1,266 | |||
314 | 310 | 289 | |||
54 | 33 | 30 | |||
813 | 767 | 800 | |||
______ | ______ | ______ | |||
2,922 | 2,663 | 2,385 | |||
______ | ______ | ______ | |||
779 | 661 | 733 | |||
135 | 113 | 132 | |||
______ | ______ | ______ | |||
$ | 644 | $ | 548 | $ | 601 |
______ | ______ | ______ | |||
______ | ______ | ______ | |||
$ | 0.53 | $ | 0.45 | $ | 0.50 |
______ | ______ | ______ | |||
______ | ______ | ______ |
during this uncertain time; all the while, we are optimistic for a more traditional Northern Michigan summer.
Rebecca Tomaski has announced her retirement at year-end, with her replacement, Jessica Smith, transitioning into her new role throughout the year. Going forward, Jessica will become your main contact for relevant shareholder matters.
For those who can attend, I look forward to seeing you at the Annual Meeting of Shareholders on Thursday, May 20, 2021 at the Knights of Columbus Hall in Cheboygan. Current restrictions prevent us from hosting a dinner this year, but we hope for a return to tradition at our 2022 meeting.
Sincerely,
Matthew E. Keene
President & CEO
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CNB Corporation published this content on 03 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 August 2022 19:38:11 UTC.