HILLSDALE, Mich., April 16, 2021 /PRNewswire/ -- CNB Community Bancorp, Inc. (OTC: CNBB), the parent company of County National Bank, today announced earnings for the three months ended March 31, 2021. Earnings during the first quarter of 2021 totaled $3.0 million, an increase of $700,000 over the $2.3 million earned during the three months ended March 31, 2020. Basic earnings per share for CNB Community Bancorp, Inc. (the "Company") increased to $1.41 during the three months ended March 31, 2021, up $0.30 from $1.11 during the first quarter of 2020.

The annualized return on average assets (ROA) increased to 1.40% for the three months ended March 31, 2021, up from 1.29% for the three months ended March 31, 2020. The annualized return on average equity (ROE) increased to 16.8% for the current quarter, up from 14.6% for the first quarter of 2020. Book value per share increased to $34.74 at March 31, 2021, up $3.69 from $31.05 at March 31, 2020.

John R. Waldron, President and Chief Executive Officer of CNB Community Bancorp, Inc. and County National Bank, remarked, "Through the first quarter of 2021, our employees continued their tremendous efforts in serving our customers while our customers persevered, with the outcome being a significant quarter in our Bank's history.  Growth and profit aside, the communities served by CNB have proven that the first step in overcoming this historical adversity is continuing to meet each day's challenges as they come." 

Financial Highlights

  • Total assets increased $249.9 million, or 31.6%, to $1,041.0 million from March 31, 2020 and $103.1 million, or 11.0% from December 31, 2020.
  • Net loans increased $159.2 million, or 25.2%, to $790.2 million at March 31, 2021 compared to $631.0 million at March 31, 2020 and increased $29.0 million, or 3.8%, from December 31, 2020.
  • Total deposits increased $241.9 million, or 34.6%, to $941.3 million at March 31, 2021 from $699.4 million at March 31, 2020 and increased $101.1 million, or 12.0% from December 31, 2020.
  • Book value per share increased $3.69, or 11.9%, to $34.74 at March 31, 2021, up from $31.05 at March 31, 2020 and up $0.98 from $33.76 at December 31, 2020.
  • Total equity increased $8.4 million to $74.1 million from March 31, 2020.
  • Net income increased $700,000, 28.7%, to $3.0 million in the first quarter of 2021 and basic EPS increased $0.30, or 27.0%, to $1.41 from $1.11 in the first quarter of 2021.
  • Net interest income for the first quarter of 2021 increased $1.3 million to $8.5 million.
  • Pre-tax, pre-provision income increased $1.6 million to $4.7 million in the first quarter of 2021, compared to $3.1 million in the first quarter of 2020.

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.

Cision View original content:http://www.prnewswire.com/news-releases/cnb-community-bancorp-inc-reports-first-quarter-2021-results-301270736.html

SOURCE CNB Community Bancorp, Inc.