CNB Community Bancorp, Inc. Reports Third Quarter 2020 Results

HILLSDALE, Mich., Oct. 16, 2020 /PRNewswire/ -- CNB Community Bancorp, Inc. (OTC: CNBB), the parent company of County National Bank, today announced earnings for the three and nine months ended September 30, 2020. Earnings during the third quarter of 2020 totaled $2.6 million, an increase of $104,000 or 4.2% compared to the $2.5 million earned during the three months ended September 30, 2019. Basic earnings per share for CNB Community Bancorp, Inc. (the "Company") increased to $1.22 during the three months ended September 30, 2020, up $0.04 from $1.18 during the third quarter of 2019. For the nine months ended September 30, 2020, the Company reported net income of $7.7 million, an increase of $627,000, or 8.8%, from the $7.1 million earned during the nine months ended September 30, 2019. Basic earnings per share increased to $3.66 during the nine months ended September 30, 2020, up $0.26 from $3.40 during the first nine months of 2019.

The annualized return on average assets (ROA) decreased to 1.37% for the three months ended September 30, 2020, slightly down from 1.39% for the three months ended September 30, 2019. The annualized return on average equity (ROE) decreased to 14.8% for the current quarter, down from 16.2% for the third quarter of 2019. ROA decreased to 1.29% during the nine months ended September 30, 2020, down eight basis points from the 1.37% during the first nine months of 2019. ROE was 15.5% during the first nine months of 2020, down from 16.1% during the nine-month period ended September 30, 2019.  Book value per share increased to $33.14 at September 30, 2020, up $3.50 from $29.64 at September 30, 2019.

John R. Waldron, President and Chief Executive Officer of CNB Community Bancorp, Inc. and County National Bank, remarked, "The first nine months of this year has not been about elections, pandemics or recessionary concerns.  2020 has been about our employees and our communities overcoming and persevering.  Of course, CNB takes pride in the consistent earnings and record numbers so far in 2020 but I am equally impressed by the efforts of our employees and the communities in continuing to live their lives, showing strength just in going to work every day.  With that in mind, there are two financial markers that I would point out as they are indicative of how CNB has had to have a dual focus in 2020.  The Bank is on pace to significantly surpass last year's record level of donations but, also, CNB has been preparing for many possible futures by adding nearly $1.9 million to our allowance for loan loss in the first nine months of the year." 

Financial Highlights

• Total assets increased $216.2 million, or 29.9%, to $938.9 million from September 30, 2019 and $201.4 million, or 27.3% from December 31, 2019.
• Net loans increased $190.1 million, or 31.9%, to $786.5 million at September 30, 2020 compared to $596.3 million at September 30, 2019 and increased $163.8 million, or 26.3%, from December 31, 2019.
• Total deposits increased $204.2 million, or 32.0%, to $842.7 million at September 30, 2020 from $638.5 million at September 30, 2019 and increased $190.7 million, or 29.2% from December 31, 2019.
• Book value per share increased $3.50, or 11.8%, to $33.14 at September 30, 2020, up from $29.64 at September 30, 2019 and up $3.03 from $30.11 at December 31, 2019.
• Total equity increased $8.0 million to $70.1 million from September 30, 2019.
• Net income increased $104,000, 4.2%, to $2.6 million in the third quarter of 2020 and basic EPS increased $0.04, or 3.4%, to $1.22 from $1.18 in the third quarter of 2019.
• Net interest income for the third quarter of 2020 increased $897,000 to $8.0 million compared to the third quarter.
• Pre-tax, pre-provision income increased $974,000 to $4.2 million in the third quarter of 2020, compared to $3.3 million in the third quarter of 2019.

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.