CNB COMMUNITY BANCORP, INC. HILLSDALE, Mich., April 15, 2022 /PRNewswire/ -- CNB Community Bancorp, Inc. (OTC: CNBB), the parent company of County National Bank, today announced earnings for the three months ended March 31, 2022. Earnings during the first quarter of 2022 totaled $2.2 million, a decrease of $800,000 over the $3.0 million earned during the three months ended March 31, 2021 predominately as a result of a reduction in noninterest income. Basic earnings per share for CNB Community Bancorp, Inc. (the "Company") decreased to $1.03 during the three months ended March 31, 2022, down $0.38 from $1.41 during the first quarter of 2021.
As the asset size increased 14.2% year-over-year, the annualized return on average assets (ROA) decreased to 0.77% for the three months ended March 31, 2022, down from 1.40% for the three months ended March 31, 2021. The annualized return on average equity (ROE) decreased to 11.1% for the current quarter, down from 16.8% for the first quarter of 2021. Book value per share increased to $37.84 at March 31, 2022, up $3.10 from $34.74 at March 31, 2021.
John R. Waldron, President and Chief Executive Officer of CNB Community Bancorp, Inc. and County National Bank, remarked, "I have spent a lot of time over the last six months looking at industry-wide projections and have noted that the entire financial services industry is expecting a reduced profit scenario for 2022. We have seen that reduction thus far in 2022 in comparison to 2021 here at County National Bank. However, I am very excited for what 2022 has brought, and will continue to bring, to our bank, its employees and our customers. The Bank and its employees have been working diligently to bring in a large number of new customers in the last two years, and that growth is supporting a very strong Balance Sheet with increasingly strong Net Interest Income numbers. Combine these factors with our strong, hard-working customer base, and you can see why I am confident in CNB's position for 2022 and beyond."
Financial Highlights
- Total assets increased $147.8 million, or 14.2%, to $1.19 billion from March 31, 2021 and $39.9 million, or 3.5% from December 31, 2021.
- Net loans, exclusive of Paycheck Protection Program loans, increased $136.3 million, or 20.6%, to $797.2 million at March 31, 2022 compared to $660.9 million at March 31, 2021 and increased $30.2 million, or 3.9%, from December 31, 2021.
- Total deposits increased $143.8 million, or 15.3%, to $1.09 billion at March 31, 2022 from $941.3 million at March 31, 2021 and increased $40.1 million, or 3.8% from December 31, 2021.
- Book value per share increased $3.10, or 8.9%, to $37.84 at March 31, 2022, up from $34.74 at March 31, 2021 and up $0.21 from $37.63 at December 31, 2021.
- Total equity increased $7.2 million to $81.3 million from March 31, 2021. Shares outstanding were 2,180,181 as of March 31, 2022 and December 31, 2021.
- Net income decreased $800,000, 26.6%, to $2.2 million in the first quarter of 2022 and basic EPS decreased $0.38, or 26.9%, to $1.03 from $1.41 in the first quarter of 2022.
- Net interest income for the first quarter of 2022 increased $367,000 to $8.9 million.
- Pre-tax, pre-provision income decreased $1.5 million to $3.2 million in the first quarter of 2022, compared to $4.7 million in the first quarter of 2021.
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.
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.
