CNB COMMUNITY BANCORP, INC. REPORTS SECOND QUARTER 2024 RESULTS
CNB Community Bancorp, Inc. (OTCQX: CNBB), the parent company of County National Bank, reported its second quarter 2024 results, showing significant growth in several key areas. Earnings for Q2 2024 reached $2.9 million, a 15.5% increase from Q2 2023, driven primarily by a rise in net interest income. Basic earnings per share rose to $1.35 from $1.18 in the same period last year. For the first six months of 2024, CNBB reported a net income of $5.7 million, up 4.4% from the first half of 2023.
The annualized return on average assets (ROA) for Q2 2024 was 0.96%, up from 0.87% in Q2 2023, while the return on average equity (ROE) increased to 11.98% from 11.18% during the same period. Despite a slight decrease in total deposits and minimal changes in total assets since December 2023, net loans surged by 11.3% year-over-year to $1.01 billion.
CNBB's book value per share climbed to $46.14 at the end of June 2024, an 8.1% increase from June 2023. CEO Joseph R. Williams highlighted the company's focus on expanding lending and deposit relationships, maintaining a strong credit culture, and strategically managing risks amid a challenging economic environment.
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The annualized return on average assets ("ROA") increased to
Joseph R. Williams, President and Chief Executive Officer of CNB Community Bancorp, Inc. and County National Bank, commented, "CNB produced improved earnings over the first quarter of 2024 as well as compared to the second quarter of 2023 in this second quarter of 2024 while continuing to expand our lending and deposits relationships throughout all of our communities. This growth has added to our profitability by somewhat offsetting the current rate environment of "higher for longer" and its impact on the cost of funding our balance sheet. Of equal importance is the foundation we have created at CNB for this ever-changing banking environment. We have maintained a strong credit culture and will continue to build our balance sheet by working with our communities and identifying their needs while pricing the risk accordingly, keeping in mind those clients as well as our shareholders."
Financial Highlights
- Total assets increased
, or$70.9 million 6.0% , to from June 30, 2023, and decreased slightly by$1.24 billion , or$2.7 million 0.2% from December 31, 2023. - Net loans increased
, or$102.5 million 11.3% , to at June 30, 2024, compared to$1.01 billion at June 30, 2023, and increased$906.7 million , or$54.6 million 5.7% , from December 31, 2023. - Total deposits decreased
, or$21.2 million 2.0% , to at June 30, 2024, from$1.05 billion at June 30, 2023, and decreased$1.07 billion , or$27.7 million 2.6% from December 31, 2023. - Book value per share increased
, or$3.44 8.1% , to at June 30, 2024, up from$46.14 at June 30, 2023 and up$42.70 from$2.23 at December 31, 2023.$43.91 - Total equity increased
to$8.1 million from June 30, 2023.$100.4 million - Net income increased
,$395,000 15.5% , to in the second quarter of 2024 and basic EPS increased$2.9 million , or$0.17 14.4% , to from$1.35 in the second quarter of 2023.$1.18 - Net interest income for the second quarter of 2024 increased
to$947,000 from the$10.9 million - second quarter of 2023.
- Pre-tax, pre-provision income increased to
in the second quarter of 2024 from$3.8 million in the second quarter of 2023 or$3.4 13.6% .
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
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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SOURCE CNB Community Bancorp, Inc.
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