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CNB COMMUNITY BANCORP, INC. REPORTS RECORD RESULTS FOR THE THIRD QUARTER 2022

HILLSDALE, Mich., Oct. 14, 2022 /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, 2022. Earnings during the third quarter of 2022 totaled $3.9 million, an increase of $1.0 million or 35.8% compared to the $2.9 million earned during the three months ended September 30, 2021. Basic earnings per share for CNB Community Bancorp, Inc. (the "Company") increased to $1.84 during the three months ended September 30, 2022, up $0.48 from $1.36 during the third quarter of 2021. For the nine months ended September 30, 2022, the Company reported net income of $9.1 million, a decrease of $132,000, or 1.4%, from the $9.2 million earned during the nine months ended September 30, 2021. Basic earnings per share decreased to $4.23 during the nine months ended September 30, 2022, down $0.09 from $4.32 during the first nine months of 2021.

The annualized return on average assets (ROA) increased to 1.37% for the three months ended September 30, 2022, up 15 basis points or 12.3% from 1.22% for the three months ended September 30, 2021. The annualized return on average equity (ROE) increased to 18.41% for the current quarter, up from 14.86% for the third quarter of 2021. ROA decreased from 1.29% during the nine months ended September 30, 2021, compared to the 1.05% during the nine months ended September 30, 2022. ROE was 14.74% during the first nine months of 2022, down from 16.40% during the nine-month period ended September 30, 2021.  Book value per share increased to $39.73 at September 30, 2022, up $2.59 or 7.0% from $37.14 at September 30, 2021.

Joseph R. Williams, President and Chief Executive Officer of CNB Community Bancorp, Inc. and County National Bank, remarked, "We generated record earnings amid robust loan production during the third quarter, building further momentum with our business development efforts across all of our markets. Our asset quality remains excellent as we maintain our focus on disciplined and prudent underwriting. Furthermore, we are actively investing in key talent and technology that we believe will enable us to continue exceeding our customers' expectations."

Financial Highlights

  • Total assets increased $24.7 million, or 2.3%, to $1.12 billion from September 30, 2021 and decreased $33.1 million, or 2.9% from December 31, 2021.

  • Net loans exclusive of PPP loans increased $145.9 million, or 20.4%, to $862.7 million at September 30, 2022 compared to $716.8 million at September 30, 2021 and increased $95.7 million, or 12.5%, from December 31, 2021.

  • Total deposits increased $26.4 million, or 2.7%, to $1.02 billion at September 30, 2022 from $990.1 million at September 30, 2021 and decreased $28.5 million, or 2.7% from December 31, 2021.

  • Book value per share increased $2.59, or 7.0%, to $39.73 at September 30, 2022, up from $37.14 at September 30, 2021 and $2.10 from $37.63 at December 31, 2021.

  • Total equity increased $6.2 million to $85.4 million from September 30, 2021.

  • Net income increased $1.0 million, or 35.8%, to $3.9 million for the three-month period ended September 30, 2022 and basic EPS increased $0.48, or 35.3%, to $1.84 from $1.36 in the third quarter of 2021.

  • Net interest income in the third quarter of 2022 increased $1.8 million to $10.8 million compared to the third quarter of 2021.

  • Pre-tax, pre-provision income increased $1.4 million to $5.2 million in the third quarter of 2022, compared to $3.8 million in the third quarter of 2021.

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 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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View original content:https://www.prnewswire.com/news-releases/cnb-community-bancorp-inc-reports-record-results-for-the-third-quarter-2022-301649760.html

SOURCE CNB Community Bancorp, Inc.