CNB COMMUNITY BANCORP, INC. REPORTS 2024 RESULTS

Rhea-AI Summary

CNB Community Bancorp (OTCQX: CNBB) reported its financial results for Q4 and full-year 2024. Q4 earnings were $2.4 million, slightly down from $2.5 million in Q4 2023. However, following a share buyback in September, basic earnings per share increased to $1.20, up from $1.17.

Full-year 2024 net income reached $11.6 million, a 9.1% increase from 2023's $10.6 million. Basic EPS for 2024 rose to $5.42 from $4.91. The company's total assets grew by $34.3 million to $1.28 billion, while net loans increased by $78.5 million to $1.03 billion. Total deposits rose by $23.7 million to $1.10 billion.

The company completed a tender offer to repurchase 145,000 shares at $38.50 per share in Q3 2024. Book value per share increased 10.8% to $48.65. Net interest income for Q4 2024 grew by $1.1 million to $11.4 million, while full-year net interest income increased by $3.9 million or 9.6%.

Positive

• Net income increased 9.1% to $11.6 million for full-year 2024
• Basic EPS improved to $5.42 in 2024, up from $4.91
• Net loans grew 8.2% to $1.03 billion
• Book value per share increased 10.8% to $48.65
• Net interest income rose 9.6% for the full year
• Pre-tax, pre-provision income increased 11.1% to $15.4 million in 2024

Negative

• Q4 2024 earnings decreased by $72,000 to $2.4 million
• Q4 2024 ROA declined to 0.78% from 0.83% year-over-year
• Q4 2024 ROE decreased to 9.87% from 10.63% year-over-year

News Market Reaction

-3.80%

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-3.80% News Effect

On the day this news was published, CNBB declined 3.80%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

HILLSDALE, Mich., Jan. 17, 2025 /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, 2024. Earnings during the fourth quarter of 2024 totaled $2.4 million, a decrease of $72,000 from the $2.5 million earned during the three months ended December 31, 2023. Due to the previously reported buyback of shares completed in September of this year, the basic earnings per share increased to $1.20 during the three months ended December 31, 2024, up $0.03 from $1.17 during the fourth quarter of 2023. For the year ended December 31, 2024, CNB Community Bancorp, Inc. (the "Company") reported net income of $11.6 million, an increase of $971,000, or 9.1%, from the $10.6 million earned during the year ended December 31, 2023. Basic earnings per share increased to $5.42 during the year ended December 31, 2024, up $0.51 from $4.91 during 2023.

The annualized return on average assets (ROA) decreased to 0.78% for the three months ended December 31, 2024, down 5 basis points ("BPs") or 6.0% from 0.83% for the three months ended December 31, 2023. The annualized return on average equity (ROE) decreased to 9.87% for the current quarter, down from 10.63% for the fourth quarter of 2023.  ROA increased to 0.93% from the 0.89% for the year ended December 31, 2023. ROE increased to 11.74% for 2024, up from 11.55% during the year ended December 31, 2023.  Book value per share increased to $48.65 at December 31, 2024, up $4.74, or 10.8%, from $43.91 at December 31, 2023.

"The results from the strategic steps we took over this past year exceeded the return on equity & net interest margin that we expected for 2024," said Joseph R. Williams, President and CEO.  "Furthermore, we continued to invest in talent and our banking teams generated a steady volume of attractive lending opportunities while maintaining our strong underwriting culture and overall credit quality." 

"Our entire team has continued to focus on relationship banking, which includes bringing more of our existing Clients' deposit relationships into CNB while doing the same with new Clients," Williams added.  "We have successfully utilized our model to move into new markets and we expect to continue to grow in those communities as well as within our existing footprint in the next year and beyond." 

Financial Highlights

• Total assets increased year-over-year $34.3 million, or 2.8%, to $1.28 billion.
• Net loans increased $78.5 million, or 8.2%, to $1.03 billion at December 31, 2024 compared to $954.6 million at December 31, 2023.
• Total deposits increased approximately $23.7 million, or 2.2%, to $1.10 billion at December 31, 2024.
• Book value per share increased $4.74, or 10.8%, to $48.65 at December 31, 2024, up from $43.91 at December 31, 2023.
• The Company completed a tender offer to repurchase 145,000 shares in the third quarter of 2024 paying its shareholders $38.50 per share. Total shares outstanding are 2,078,157 as of December 31, 2024.
• Net income decreased $72,000, 2.9%, to $2.4 million for the three-month period ended December 31, 2024 but basic EPS increased $0.03, or 2.6%, to $1.20 from $1.17 in the fourth quarter of 2023.
• Net interest income for the fourth quarter of 2024 increased $1.1 million to $11.4 million while for the twelve months ended December 31, 2024 net interest income increased $3.9 million or 9.6%.
• Pre-tax, pre-provision income increased approximately $219,000 to $3.4 million in the fourth quarter of 2024, compared to $3.2 million in the fourth quarter of 2023. For 2024, pre-tax, pre-provision income was $15.4 million, compared to $13.8 million for 2023, and increase of 11.1%.

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.

 

View original content:https://www.prnewswire.com/news-releases/cnb-community-bancorp-inc-reports-2024-results-302353960.html

SOURCE CNB Community Bancorp, Inc.

FAQ

What was CNB Community Bancorp's (CNBB) net income for full-year 2024?

CNB Community Bancorp reported net income of $11.6 million for full-year 2024, an increase of $971,000 or 9.1% from 2023.

How many shares did CNBB repurchase in their 2024 tender offer?

CNBB repurchased 145,000 shares at $38.50 per share through a tender offer completed in the third quarter of 2024.

What was CNBB's book value per share as of December 31, 2024?

CNBB's book value per share was $48.65 as of December 31, 2024, representing a $4.74 or 10.8% increase from December 31, 2023.

How did CNBB's Q4 2024 earnings compare to Q4 2023?

CNBB's Q4 2024 earnings were $2.4 million, a decrease of $72,000 from the $2.5 million earned in Q4 2023.

What was CNBB's total loan growth in 2024?

CNBB's net loans increased by $78.5 million or 8.2% to $1.03 billion at December 31, 2024 compared to December 31, 2023.