CNB COMMUNITY BANCORP, INC. REPORTS 2023 RESULTS
HILLSDALE, Mich., Jan. 12, 2024 /PRNewswire/ -- CNB Community Bancorp, Inc. (OTCQX: CNBB), the parent company of County National Bank, today announced earnings for the three months and twelve months ended December 31, 2023. Earnings during the fourth quarter of 2023 totaled $2.5 million, a decrease of $603,000 from the $3.1 million earned during the three months ended December 31, 2022. Basic earnings per share decreased to $1.17 during the three months ended December 31, 2023, down $0.28 from $1.45 during the fourth quarter of 2022. For the year ended December 31, 2023, CNB Community Bancorp, Inc. (the "Company") reported net income of $10.6 million, a decrease of $1.6 million, or 13.1%, from the $12.2 million earned during the year ended December 31, 2022. Basic earnings per share decreased to $4.91 during the year ended December 31, 2023, down $0.77 from $5.68 during 2022.
The annualized return on average assets (ROA) decreased to 0.83% for the three months ended December 31, 2023, down 27 basis points or 24.5% from 1.10% for the three months ended December 31, 2022. The annualized return on average equity (ROE) decreased to 10.63% for the current quarter, down from 14.31% for the fourth quarter of 2022. ROA decreased to 0.89% from the 1.06% for the year ended December 31, 2022. ROE decreased to 11.55% for 2023, down from 14.63% during the year ended December 31, 2022. Book value per share increased to $43.91 at December 31, 2023, up $3.14, or 7.7%, from $40.77 at December 31, 2022.
Joseph R. Williams, President and Chief Executive Officer of CNB Community Bancorp, Inc. and County National Bank, stated, "Although we did not match our record year in 2022, we continue to invest in growing our brand and developing our people, while taking the long-term view of growing our franchise value. A great example of this occurred in 2023 with our investment in the Kalamazoo market as CNB is bringing that same community-oriented banking approach to Kalamazoo County that has been the basis for our operations in Hillsdale, Lenawee, Jackson, and Calhoun counties since 1934. Furthermore, the Company results demonstrate that this model works as CNB surpassed $1.25 billion in assets in 2023 and improved our Net Interest Margin to 3.62%."
Financial Highlights
- Total assets increased year-over-year $80.7 million, or 6.9%, to $1.25 billion.
- Net loans increased $74.5 million, or 8.5%, to $954.6 million at December 31, 2023 compared to $880.1 million at December 31, 2022.
- Total deposits increased approximately $10.1 million, or 0.9%, to $1.07 billion at December 31, 2023.
- Book value per share increased $3.14, or 7.7%, to $43.91 at December 31, 2023, up from $40.77 at December 31, 2022.
- Total equity increased $7.5 million to $95.6 million.
- Net income decreased $603,000, 19.3%, to $2.5 million for the three-month period ended December 31, 2023 and basic EPS decreased $0.28, or 19.8%, to $1.17 from $1.45 in the fourth quarter of 2022.
- Net interest income for the fourth quarter of 2023 decreased $221,000 to $10.3 million while for the twelve months ended December 31, 2023 net interest income increased $826,000 or 2.1%.
- Pre-tax, pre-provision income decreased approximately $944,000 to $3.2 million in the fourth quarter of 2023, compared to $4.1 million in the fourth quarter of 2022. For 2023, pre-tax, pre-provision income was $13.8 million, compared to $16.4 million for 2022, a decrease of 15.6%.
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 Statement
This 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.
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