CNB Community Bancorp, Inc. Reports First Quarter 2021 Results

Rhea-AI Summary

CNB Community Bancorp, Inc. (OTC: CNBB) reported a strong performance for Q1 2021, posting earnings of $3.0 million, a $700,000 increase from Q1 2020. Basic earnings per share rose to $1.41, up by $0.30 year-over-year. The company achieved an annualized return on average assets (ROA) of 1.40% and a return on average equity (ROE) of 16.8%. Total assets increased by 31.6% to $1,041.0 million, while net loans grew by 25.2% and total deposits rose by 34.6%. Book value per share also improved by 11.9% to $34.74.

Positive

• Earnings increased to $3.0 million, a 28.7% rise from Q1 2020.
• Basic earnings per share reached $1.41, up 27.0% year-over-year.
• Total assets rose by 31.6% to $1,041.0 million compared to March 2020.
• Net loans grew by 25.2% to $790.2 million.
• Total deposits increased by 34.6% to $941.3 million.
• Book value per share increased 11.9% to $34.74.

Negative

• None.

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.

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.

FAQ

What were CNB Community Bancorp's earnings for Q1 2021?

CNB Community Bancorp reported earnings of $3.0 million for Q1 2021.

How much did basic earnings per share increase in Q1 2021 for CNBB?

Basic earnings per share for CNBB increased by $0.30 to $1.41 in Q1 2021.

What was the total asset growth for CNB Community Bancorp in Q1 2021?

Total assets grew by 31.6% to $1,041.0 million compared to March 2020.

How did net loans perform for CNBB in the first quarter of 2021?

Net loans increased by 25.2% to $790.2 million at March 31, 2021.

What is the book value per share for CNB Community Bancorp as of March 31, 2021?

The book value per share increased to $34.74 as of March 31, 2021.