CNB COMMUNITY BANCORP, INC. REPORTS FOURTH QUARTER 2021 RESULTS

HILLSDALE, Mich., Jan. 14, 2022 /PRNewswire/ -- CNB Community Bancorp, Inc. (OTC: CNBB), the parent company of County National Bank, today announced earnings for the three and twelve months ended December 31, 2021. Earnings during the fourth quarter of 2021 totaled $2.2 million, a decrease of $136,000 from the $2.4 million earned during the three months ended December 31, 2020. Basic earnings per share decreased to $1.04 during the three months ended December 31, 2021, down $0.07 from $1.11 during the fourth quarter of 2020. For the year ended December 31, 2021, CNB Community Bancorp, Inc. (the "Company") reported net income of $11.4 million, an increase of $1.33 million, or 13.2%, from the $10.1 million earned during the year ended December 31, 2020. Basic earnings per share increased to $5.36 during the year ended December 31, 2021, up $0.59 from $4.77 during 2020.

The annualized return on average assets (ROA) decreased to 0.81% for the three months ended December 31, 2021, down from 1.13% for the three months ended December 31, 2020. The annualized return on average equity (ROE) decreased to 10.63% for the current quarter, down from 13.27% for the fourth quarter of 2020.  ROA decreased to 1.15% from the 1.25% for the year ended December 31, 2020. ROE decreased to 13.65% for 2021, down from 14.94% during the year ended December 31, 2020. Book value per share increased to $37.63 at December 31, 2021, up $3.87, or 11.5%, from $33.76 at December 31, 2020.

John R. Waldron, President and Chief Executive Officer of CNB Community Bancorp, Inc. and County National Bank, stated, "Although we are proud to have had a record year in 2021, we are also quite humbled by all that our employees and customers have overcome during the year.  There were significant hurdles related to the pandemic that impacted everyone's daily life so the fact that our borrowers continued to use our bank for their credit needs and our depositors trusted our brand for the safety of their funds is a testament to our standing within the counties we serve.  We head into 2022 knowing that there are still significant uncertainties but I am confident that our Company is prepared for it." 

Financial Highlights

• Total assets increased year-over-year $211.0 million, or 22.5%, to $1.15 billion.
• Net loans increased $30.3 million, or 4.0%, to $791.5 million at December 31, 2021 compared to $761.2 million at December 31, 2020.
• Total deposits increased approximately $204.8 million, or 24.4%, to $1.05 billion at December 31, 2021.
• As a result of the pandemic, modified 150 commercial loans totaling approximately $118 million, or 23.0% of the commercial loan portfolio, with approximately $115 million having reverted back to original terms as of December 31, 2021.
• Total equity increased $8.9 million to $80.8 million.
• Net income increased $1.33 million, 13.2%, to $11.4 million for 2021 and basic EPS increased $0.59, or 12.4%, to $5.36 from $4.77 for 2021.
• Net interest income for the fourth quarter of 2021 increased $575,000 to $9.5 million while for the twelve months ended December 31, 2021 net interest income increase $4.0 million or 12.6%.
• Pre-tax, pre-provision income decreased approximately $1.3 million to $2.9 million in the fourth quarter of 2021, compared to $4.2 million in the fourth quarter of 2020. For 2021, pre-tax, pre-provision income was $15.6 million, compared to $15.8 million for 2020, a decrease of 1.0%.

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.

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SOURCE CNB Community Bancorp, Inc.