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Friday, April 21, 2017

C&N DECLARES DIVIDEND AND ANNOUNCES FIRST QUARTER 2017 UNAUDITED FINANCIAL RESULTS

Dividend Declared
C&N’s Board of Directors has declared a regular quarterly cash dividend of $0.26 per share. The dividend is payable on May 12, 2017 to shareholders of record as of May 1, 2017. Declaration of the dividend was made at the April 20, 2017 meeting of C&N’s Board of Directors.

First Quarter 2017 Unaudited Financial Results
Earnings per basic and diluted common share were $0.28 in the first quarter 2017, as compared to $0.35 per share in the fourth quarter 2016 and $0.29 per share in the first quarter 2016. The annualized return on average assets for the first quarter 2017 was 1.11%, and the annualized return on average equity was 7.38%. Earnings for the first quarter 2017 included an estimated $0.01 per common share after-tax benefit from realized gains on available-for-sale securities, as compared to an estimated $0.02 per share after-tax benefit from securities gains in the first quarter 2016. Highlights related to C&N’s earnings results for the comparative periods are presented below.
First Quarter 2017 as Compared to Fourth Quarter 2016
Net income totaled $3,434,000 in the first quarter 2017, down from $4,231,000 in the fourth quarter 2016.

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