CNB COMMUNITY BANCORP, INC. REPORTS THIRD QUARTER 2023 RESULTS

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10/13/2023 - 03:12 PM EDT

HILLSDALE, Mich., Oct. 13, 2023 /PRNewswire/ -- CNB Community Bancorp, Inc. (OTCQX: CNBB), the parent company of County National Bank, today announced earnings for the three and nine months ended September 30, 2023. Earnings during the third quarter of 2023 totaled $2.6 million, a decrease of $1.3 million or 33.3% compared to the $3.9 million earned during the three months ended September 30, 2022. Basic earnings per share for CNB Community Bancorp, Inc. (the "Company") decreased to $1.23 during the three months ended September 30, 2023, down $0.61 from $1.84 during the third quarter of 2022. For the nine months ended September 30, 2023, the Company reported net income of $8.1 million, a decrease of $1.0 million, or 11.0%, from the $9.1 million earned during the nine months ended September 30, 2022. Basic earnings per share decreased to $3.74 during the nine months ended September 30, 2023, down $0.49 from $4.23 during the first nine months of 2022.

The annualized return on average assets (ROA) decreased to 0.88% for the three months ended September 30, 2023, down 49 basis points or 35.8% from 1.37% for the three months ended September 30, 2022. The annualized return on average equity (ROE) decreased to 10.68% for the current quarter, down from 18.41% for the third quarter of 2022. ROA decreased from 1.05% during the nine months ended September 30, 2022, compared to 0.91% during the nine months ended September 30, 2023. ROE was 11.16% during the first nine months of 2023, down from 14.74% during the nine-month period ended September 30, 2022. Book value per share increased to $43.45 at September 30, 2023, up $3.72 or 9.4% from $39.73 at September 30, 2022.

Joseph R. Williams, President and Chief Executive Officer of CNB Community Bancorp, Inc. and County National Bank, remarked, "During the quarter our team expanded to Kalamazoo County with the addition of three great bankers with significant ties to that region. Furthermore, CNB was able to meaningfully increase deposits in the third quarter with growth within our existing client base and new client acquisitions. CNB has robust liquidity and strong capital levels, and maintains a solid credit risk profile; however, I acknowledge that the economic environment is elevated in its uncertainty, inclusive of higher interest rates and market disruptions such as domestic labor strife, government brinkmanship and rising international conflict. These issues have potential to impact both our funding costs and lending activity; however, we are well-aligned to navigate current market conditions as we position CNB for sustained long-term profitability."

Financial Highlights

Total assets increased $88.9 million, or 8.0%, to $1.20 billion from September 30, 2022 and $39.4 million, or 3.4% from December 31, 2022.
Net loans increased $59.3 million, or 6.9%, to $922.2 million at September 30, 2023 compared to $862.9 million at September 30, 2022 and $42.1 million, or 4.8%, from December 31, 2022.
Total deposits increased $80.6 million, or 7.9%, to $1.10 billion at September 30, 2023 from $1.02 billion at September 30, 2022 and $33.8 million, or 3.2% from December 31, 2022.
Book value per share increased $3.72, or 9.4%, to $43.45 at September 30, 2023, up from $39.73 at September 30, 2022 and $2.68 from $40.77 at December 31, 2022.
Total equity increased $8.6 million to $93.9 million from September 30, 2022.
Net income decreased $1.3 million, or 33.3%, to $2.6 million for the three-month period ended September 30, 2023 and basic EPS decreased $0.61, or 33.2%, to $1.23 from $1.84 in the third quarter of 2022.
Net interest income in the third quarter of 2023 decreased $521,000 to $10.2 million compared to the third quarter of 2022.
Pre-tax, pre-provision income decreased $1.9 million to $3.3 million in the third quarter of 2023, compared to $5.2 million in the third 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 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-third-quarter-2023-results-301956546.html