HILLSDALE, Mich., July 12, 2024 /PRNewswire/ — CNB Community Bancorp, Inc. (OTCQX: CNBB), the parent company of County National Bank, today announced earnings for the three and six months ended June 30, 2024. Earnings during the second quarter of 2024 totaled $2.9 million, an increase of $395,000 or 15.5% compared to the $2.5 million earned during the three months ended June 30, 2023, predominately as a result of an increase in net interest income somewhat offset by an increase in noninterest expense associated with compensation and benefits, data communications, and fixed asset costs. Basic earnings per share for CNB Community Bancorp, Inc. (the “Company”) increased to $1.35 during the three months ended June 30, 2024, up $0.17 from $1.18 for the second quarter of 2023. For the six months ended June 30, 2024, the Company reported net income of $5.7 million, an increase of $239,000, or 4.4%, from the $5.4 million earned during the six months ended June 30, 2023, predominately resultant from an increase in net interest income and a decrease in the provision for credit loss partially offset by increases in employee, data communications, and fixed asset costs. Basic earnings per share increased to $2.61 during the six months ended June 30, 2024, up $0.09 from $2.52 for the first six months of 2023.
The annualized return on average assets (“ROA”) increased to 0.96% for the three months ended June 30, 2024, up nine basis points from 0.87% for the three months ended June 30, 2023. The annualized return on average equity (“ROE”) increased to 11.98% for the current quarter, up from 11.18% for the second quarter of 2023. ROA remained comparable at 0.92% for the six months ended June 30, 2024, down a single basis point from the 0.93% during the first six months of 2023. ROE was 11.73% during the first half of 2024, down from 12.17% during the six-month period ended June 30, 2023. Book value per share increased to $46.14 at June 30, 2024, up $3.44 from $42.70 at June 30, 2023.
Joseph R. Williams, President and Chief Executive Officer of CNB Community Bancorp, Inc. and County National Bank, commented, “CNB produced improved earnings over the first quarter of 2024 as well as compared to the second quarter of 2023 in this second quarter of 2024 while continuing to expand our lending and deposits relationships throughout all of our communities. This growth has added to our profitability by somewhat offsetting the current rate environment of “higher for longer” and its impact on the cost of funding our balance sheet. Of equal importance is the foundation we have created at CNB for this ever-changing banking environment. We have maintained a strong credit culture and will continue to build our balance sheet by working with our communities and identifying their needs while pricing the risk accordingly, keeping in mind those clients as well as our shareholders.”
Financial Highlights
Total assets increased $70.9 million, or 6.0%, to $1.24 billion from June 30, 2023, and decreased slightly by $2.7 million, or 0.2% from December 31, 2023.
Net loans increased $102.5 million, or 11.3%, to $1.01 billion at June 30, 2024, compared to $906.7 million at June 30, 2023, and increased $54.6 million, or 5.7%, from December 31, 2023.
Total deposits decreased $21.2 million, or 2.0%, to $1.05 billion at June 30, 2024, from $1.07 billion at June 30, 2023, and decreased $27.7 million, or 2.6% from December 31, 2023.
Book value per share increased $3.44, or 8.1%, to $46.14 at June 30, 2024, up from $42.70 at June 30, 2023 and up $2.23 from $43.91 at December 31, 2023.
Total equity increased $8.1 million to $100.4 million from June 30, 2023.
Net income increased $395,000, 15.5%, to $2.9 million in the second quarter of 2024 and basic EPS increased $0.17, or 14.4%, to $1.35 from $1.18 in the second quarter of 2023.
Net interest income for the second quarter of 2024 increased $947,000 to $10.9 million from the
second quarter of 2023.
Pre-tax, pre-provision income increased to $3.8 million in the second quarter of 2024 from $3.4 in the second quarter of 2023 or 13.6%.
About CNB Community Bancorp Inc.CNB Community Bancorp, Inc. (OTCQX:CNBB) is a one-bank holding company formed in 2005. Its subsidiary bank, County National Bank, is a nationally chartered full-service bank, which has served its local communities since its founding in 1934. CNB Community Bancorp, Inc. is headquartered in Hillsdale, Michigan and through its subsidiary bank offers banking products along with investment management and trust services to communities located throughout southern Michigan.
Safe Harbor StatementThis news release and other releases and reports issued by the Company may contain “forward-looking statements.” The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company is including this statement for purposes of taking advantage of the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995.
SOURCE CNB Community Bancorp, Inc.
