CNB Community Bancorp, Inc. Reports First Quarter 2020 Results
HILLSDALE, Mich., April 17, 2020 /PRNewswire/ -- CNB Community Bancorp, Inc. (OTC: CNBB), the parent company of County National Bank, today announced earnings for the three months ended March 31, 2020. Earnings during the first quarter of 2020 totaled $2.3 million, consistent with the $2.3 million earned during the three months ended March 31, 2019. Basic earnings per share for CNB Community Bancorp, Inc. (the "Company") increased to $1.11 during the three months ended March 31, 2020, up $0.03 from $1.08 during the first quarter of 2019.
The annualized return on average assets (ROA) decreased to 1.29% for the three months ended March 31, 2020, down from 1.36% for the three months ended March 31, 2019. The annualized return on average equity (ROE) decreased to 14.6% for the current quarter, down from 16.0% for the first quarter of 2019. Book value per share increased to $31.05 at March 31, 2020, up $3.24 from $27.81 at March 31, 2019.
John R. Waldron, President and Chief Executive Officer of CNB Community Bancorp, Inc. and County National Bank, remarked, "Our company and its employees performed well in the first quarter of 2020 despite the onset of a period so rare as to not have occurred in over 100 years. Personally, I have seen many instances in the last 45 days of the spirit that South Central Michigan is known for as employees, customers and members of the communities in which we serve have impacted their businesses, their personal interactions and, in some cases, their lives to ensure we get through this period in the quickest and least destructive way possible. The employees of County National Bank have truly met the definition of essential during this time."
Financial Highlights
- Total assets increased $99.3 million, or 14.4%, to $791.1 million from March 31, 2019 and $53.6 million, or 7.3% from December 31, 2019.
- Net loans increased $58.2 million, or 10.2%, to $631.0 million at March 31, 2020 compared to $572.8 million at March 31, 2019 and increased $8.4 million, or 1.3%, from December 31, 2019.
- Total deposits increased $92.4 million, or 15.2%, to $699.4 million at March 31, 2020 from $607.0 million at March 31, 2019 and increased $47.4 million, or 7.3% from December 31, 2019.
- Book value per share increased $3.24, or 11.6%, to $31.05 at March 31, 2020, up from $27.81 at March 31, 2019 and up $0.94 from $30.11 at December 31, 2019.
- Total equity increased $7.4 million to $65.7 million from March 31, 2019.
- Net income increased $85,000, 3.8%, to $2.34 million in the first quarter of 2020 and basic EPS increased $0.03, or 2.8%, to $1.11 from $1.08 in the first quarter of 2020.
- Net interest income for the first quarter of 2020 increased $243,000 to $7.2 million.
About CNB Community Bancorp Inc.
CNB Community Bancorp, Inc. (OTC: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 South Central 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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