CNB Community Bancorp, Inc. Reports Record Second Quarter 2021 Results

Rhea-AI Summary

CNB Community Bancorp, Inc. (OTCQX: CNBB) reported a strong financial performance for Q2 2021, with earnings of $3.3 million, a 17.2% increase from Q2 2020. Basic EPS rose to $1.55, up from $1.33 in 2020. For the first half of 2021, net income totaled $6.3 million, reflecting a 22.4% increase year-over-year. Key metrics improved: ROA was 1.39%, and total assets increased 10.4% to $1.05 billion. Total deposits also saw significant growth, rising by 11.5% to $945.1 million.

Positive

• Earnings for Q2 2021 reached $3.3 million, a 17.2% increase from Q2 2020.
• Basic EPS increased to $1.55, up 16.3% from $1.33 in the same period last year.
• Net income for the six months ended June 30, 2021, was $6.3 million, up 22.4% from 2020.
• Total assets rose to $1.05 billion, a 10.4% increase year-over-year.
• Total deposits increased by $97.4 million, or 11.5%, to $945.1 million.

Negative

• Net loans decreased by $1.7 million, or 0.2%, compared to June 30, 2020.

HILLSDALE, Mich., July 16, 2021 /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, 2021. Earnings during the second quarter of 2021 totaled $3.3 million, an increase of $483,000 or 17.2% compared to the $2.8 million earned during the three months ended June 30, 2020. Basic earnings per share for CNB Community Bancorp, Inc. (the "Company") increased to $1.55 during the three months ended June 30, 2021, up $0.22 from $1.33 for the second quarter of 2020. For the six months ended June 30, 2021, the Company reported net income of $6.3 million, an increase of $1.2 million, or 22.4%, from the $5.2 million earned during the six months ended June 30, 2020. Basic earnings per share increased to $2.96 during the six months ended June 30, 2021, up $0.52 from $2.44 for the first six months of 2020.

The annualized return on average assets (ROA) increased to 1.39% for the three months ended June 30, 2021, up  three basis points from 1.36% for the three months ended June 30, 2020. The annualized return on average equity (ROE) increased to 17.6% for the current quarter, up from 17.0% for the second quarter of 2020. ROA increased to 1.37% during the six months ended June 30, 2021, up six basis points from the 1.31% during the first six months of 2020. ROE was 17.2% during the first half of 2021, up from 15.9% during the six-month period ended June 30, 2020.  Book value per share increased to $36.08 at June 30, 2021, up $3.89 from $32.19 at June 30, 2020.

John R. Waldron, President and Chief Executive Officer of CNB Community Bancorp, Inc. and County National Bank, remarked, "As our country recently celebrated its 245^th birthday, I think we all can relate to the fact that over that long a time there are periods of great success and great trials.  We are approaching the end of an unprecedented trial of endurance over these last fifteen months.  We look forward to moving on in a positive way."  

Financial Highlights

• Total assets increased $99.0 million, or 10.4%, to $1.05 billion from June 30, 2020 and $109.0 million, or 11.6% from December 31, 2020.
• Net loans decreased $1.7 million, or 0.2%, to $764.2 million at June 30, 2021 compared to $765.9 million at June 30, 2020 and increased $3.0 million, or 0.4%, from December 31, 2020.
• Total deposits increased $97.4 million, or 11.5%, to $945.1 million at June 30, 2021 from $847.7 million at June 30, 2020 and increased $104.9 million, or 12.5% from December 31, 2020.
• Book value per share increased $3.89, or 12.1%, to $36.08 at June 30, 2021, up from $32.19 at June 30, 2020 and up $2.32 from $33.76 at December 31, 2020.
• Total equity increased $8.8 million to $76.9 million from June 30, 2020.
• Net income increased $483,000, 17.2%, to $3.3 million in the second quarter of 2021 and basic EPS increased $0.22, or 16.3%, to $1.55 from $1.33 in the second quarter of 2020.
• Net interest income for the second quarter of 2021 increased $1.1 million to $8.9 million.
• Pre-tax, pre-provision income remained consistent at $4.2 million in the second quarter of 2021 and 2020.

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.

View original content:https://www.prnewswire.com/news-releases/cnb-community-bancorp-inc-reports-record-second-quarter-2021-results-301335770.html

SOURCE CNB Community Bancorp, Inc.

FAQ

What were CNBB's earnings for Q2 2021?

CNB Community Bancorp, Inc. reported earnings of $3.3 million for Q2 2021.

How did basic EPS change for CNBB in Q2 2021?

Basic EPS increased to $1.55 in Q2 2021, up from $1.33 in Q2 2020.

What was the net income for CNBB for the first half of 2021?

The net income for CNB Community Bancorp, Inc. for the first half of 2021 was $6.3 million.

How much did total assets increase for CNBB recently?

Total assets increased by 10.4% to $1.05 billion compared to June 30, 2020.

What was the change in total deposits for CNBB by June 30, 2021?

Total deposits increased by $97.4 million, or 11.5%, to $945.1 million by June 30, 2021.