CNB COMMUNITY BANCORP, INC. REPORTS FIRST QUARTER 2023 RESULTS

HILLSDALE, Mich., April 14, 2023 /PRNewswire/ -- CNB Community Bancorp, Inc. (OTCQX: CNBB), the parent company of County National Bank, today announced earnings for the three months ended March 31, 2023. Earnings during the first quarter of 2023 totaled $2.9 million, an increase of $687,000 over the $2.2 million earned during the three months ended March 31, 2022 predominately as a result of an increase in net interest margin.  Basic earnings per share for CNB Community Bancorp, Inc. (the "Company") increased to $1.34 during the three months ended March 31, 2023, up $0.31 from $1.03 during the first quarter of 2022.

The annualized return on average assets ("ROA") increased to 1.00% for the three months ended March 31, 2023, up from 0.77% for the three months ended March 31, 2022. The annualized return on average equity ("ROE") increased to 13.2% for the current quarter, up from 11.1% for the first quarter of 2022. Book value per share increased to $41.99 at March 31, 2023, up $4.15 from $37.84 at March 31, 2022 while tangible book value per share increased to $40.79 at March 31, 2023, up $4.16 from $36.63 at March 31, 2022.

Joseph R. Williams, President and Chief Executive Officer of CNB Community Bancorp, Inc. and County National Bank, remarked, "As the economy digests the moves by the Federal Open Market Committee in significantly increasing the rate environment, CNB has maintained its commitment to developing our clients through consistent lending practices and deposit options.  The rest of 2023 will have its challenges for the country as well as for our Company.  However, we believe that our fundamental focus on developing our communities, maintaining a strong deposit base and being consistent in our leverage of capital will support CNB through any potential economic turmoil."

Financial Highlights

• Total assets remained consistent at $1.19 billion compared to March 31, 2022 and increased $29.0 million, or 2.5% from December 31, 2022.
• Net loans (exclusive of PPP loans) increased $93.1 million, or 11.7%, to $890.3 million at March 31, 2023 compared to $797.2 million at March 31, 2022 and increased $10.3 million, or 1.2%, from December 31, 2022.
• Total deposits increased $26.9 million, or 2.5%, to $1.09 billion at March 31, 2023 from $1.09 billion at December 31, 2022 and increased $5.2 million, or 0.5% from March 31, 2022.
• Book value per share increased $4.15, or 11.0%, to $41.99 at March 31, 2023, up from $37.84 at March 31, 2022 and up $1.22 from $40.77 at December 31, 2022. Tangible book value per share increased $4.16, or 11.4%, to $40.79 at March 31, 2023, up from $36.63 at March 31, 2022 and up $1.21 from $39.58 at December 31, 2022.
• Total equity increased $9.5 million to $90.8 million from March 31, 2022. Accumulated other comprehensive income fluctuated along with the rate environment as the negative balance increased from $1.2 million to $2.6 million then decreased to $2.2 million from March 31, 2022, December 31, 2022 and March 31, 2023, respectively. Shares outstanding were 2,188,837 as of March 31, 2023, down from 2,189,581 at December 31, 2022 and up from 2,180,191 at March 31, 2022.
• Net income increased $687,000, 31.0%, to $2.9 million in the first quarter of 2023 and basic EPS increased $0.31, or 30.2%, to $1.34 from $1.03 in the first quarter of 2023.
• Net interest income for the first quarter of 2023 increased $1.2 million to $10.1 million.
• Pre-tax, pre-provision income increased $798,000 to $4.0 million in the first quarter of 2023, compared to $3.2 million in the first quarter of 2022.

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 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.

View original content:https://www.prnewswire.com/news-releases/cnb-community-bancorp-inc-reports-first-quarter-2023-results-301797766.html

SOURCE CNB Community Bancorp, Inc.