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CNB COMMUNITY BANCORP, INC. REPORTS SECOND QUARTER 2022 RESULTS

HILLSDALE, Mich., July 15, 2022 /PRNewswire/ -- CNB Community Bancorp, Inc. (OTCQX: CNBB), the parent company of County National Bank, today announced earnings for the three and six months ended June 30, 2022. Earnings during the second quarter of 2022 totaled $2.9 million, a decrease of $369,000 or 11.2% compared to the $3.3 million earned during the three months ended June 30, 2021. Basic earnings per share for CNB Community Bancorp, Inc. (the "Company") decreased to $1.36 during the three months ended June 30, 2022, down $0.19 from $1.55 for the second quarter of 2021. For the six months ended June 30, 2022, the Company reported net income of $5.1 million, a decrease of $1.2 million, or 19.0%, from the $6.3 million earned during the six months ended June 30, 2021. Basic earnings per share decreased to $2.39 during the six months ended June 30, 2022, down $0.57 from $2.96 for the first six months of 2021.

The annualized return on average assets (ROA) decreased to 1.02% for the three months ended June 30, 2022, down 37 basis points from 1.4% for the three months ended June 30, 2021. The annualized return on average equity (ROE) decreased to 14.4% for the current quarter, down from 17.6% for the second quarter of 2021. ROA decreased to 0.9% during the six months ended June 30, 2022, down 48 basis points from the 1.37% during the first six months of 2021. ROE was 12.7% during the first half of 2022, down from 17.2% during the six-month period ended June 30, 2021.  Book value per share increased to $38.52 at June 30, 2022, up $2.44 from $36.08 at June 30, 2021.

Craig S. Connor, President and Chief Executive Officer of CNB Community Bancorp, Inc. and County National Bank, remarked, "It is very rewarding to see the strong financial results for our community bank.  The efforts of our employees helped us to post increased earnings and robust growth compared to the first quarter of 2022.  Even though the current economic environment does contain challenges, our loan growth and increasing net interest margin bodes well for CNB.  Opening a new full-service branch in Jackson on Spring Arbor Rd. is another example of the commitment CNB has to community banking in our market footprint.  We continue our focus of working with our customers, both new and existing, in aiding their growth and prosperity during the rest of 2022 and beyond."

Financial Highlights

  • Total assets increased $64.9 million, or 6.2%, to $1.11 billion from June 30, 2021 and decreased $37.1  million, or 3.2% from December 31, 2021.

  • Net loans increased $80.6 million, or 10.5%, to $844.8 million at June 30, 2022 compared to $764.2 million at June 30, 2021 and increased $53.3 million, or 6.7%, from December 31, 2021.

  • Total deposits increased $70.2 million, or 7.4%, to $1.01 billion at June 30, 2022 from $945.1 million at June 30, 2021 and decreased $29.7 million, or 2.8% from December 31, 2021.

  • Book value per share increased $2.44, or 6.8%, to $38.52 at June 30, 2022, up from $36.08 at June 30, 2021 and up $0.89 from $37.63 at December 31, 2021.

  • Total equity increased $5.9 million to $82.8 million from June 30, 2021.

  • Net income decreased $369,000, 11.2%, to $2.9 million in the second quarter of 2022 and basic EPS decreased $0.19, or 12.3%, to $1.36 from $1.55 in the second quarter of 2021.

  • Net interest income for the second quarter of 2022 increased $768,000 to $9.6 million.

  • Pre-tax, pre-provision income decreased to $3.9 million in the second quarter of 2022 from $4.2 in the second quarter of 2021 or 7.1%.

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-second-quarter-2022-results-301587607.html

SOURCE CNB Community Bancorp, Inc.