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ATLANTA-CNB Holdings Inc. is having a good year. The suburban Alpharetta, GA parent of the two-branch Chattahoochee National Bank, a commercial real estate lender, ended fiscal third quarter Sept. 30 with net income of $40,434 or four cents per share versus $22,504 or two cents per share in the comparable 2000 period.

For the nine-month period, CNB reported net income of $58,954 or six cents per share compared to a loss of $11,079 or one cent per share last year. The company attributes the turnaround to growth in net interest income. That column increased 17% to $2 million from $1.77 million in the same period last year.

Third-quarter net interest income was $685,714, up 13% from $605,119 in third quarter 2000. Other income increased 27% to $141,328 from $110,962. Total assets of $100 million compares to $55.5 million last year, up 80%.

Gross loans increased 44% to $56.2 million from $39.1 million. But more importantly for the bank, non-performing or bad loans totaled $129,173, down from $363,945 on June 30 of this year. The allowance for loan losses was $590,638 or 1.05% of gross loans.

Deposits nearly doubled to $84 million from $43.2 million. Shareholders’ equity was $9 million or $8.48 per share.


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