CNB Community Bancorp, Inc. Reports Third Quarter 2021 Results

Published: Oct. 15, 2021 at 3:23 PM EDT

HILLSDALE, Mich., Oct. 15, 2021 /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, 2021. Earnings during the third quarter of 2021 totaled $2.9 million, an increase of $315,000 or 12.1% compared to the $2.6 million earned during the three months ended September 30, 2020. Basic earnings per share for CNB Community Bancorp, Inc. (the "Company") increased to $1.36 during the three months ended September 30, 2021, up $0.14 from $1.22 during the third quarter of 2020. For the nine months ended September 30, 2021, the Company reported net income of $9.2 million, an increase of $1.5 million, or 19.5%, from the $7.7 million earned during the nine months ended September 30, 2020. Basic earnings per share increased to $4.32 during the nine months ended September 30, 2021, up $0.66 from $3.66 during the first nine months of 2020.

The annualized return on average assets (ROA) decreased to 1.22% for the three months ended September 30, 2021, down 15 basis points or 10.9% from 1.37% for the three months ended September 30, 2020. The annualized return on average equity (ROE) increased to 14.86% for the current quarter, up from 14.81% for the third quarter of 2020. ROA remained flat at 1.29% during the nine months ended September 30, 2021, compared to the first nine months of 2020. ROE was 16.40% during the first nine months of 2021, up from 15.54% during the nine-month period ended September 30, 2020.  Book value per share increased to $37.14 at September 30, 2021, up $4.00 from $33.14 at September 30, 2020.

John R. Waldron, President and Chief Executive Officer of CNB Community Bancorp, Inc. and County National Bank, remarked, "CNB continues to grow its customer base while increasing its existing customers' balances, as 2021 has seen deposits rise by $150 million.  Also, while still working with our customers on progressing through the PPP loan process, CNB's loan growth has been robust with over $44 million in non-PPP growth in 2021.  Our increases in loans and deposits has contributed to record earnings for the first nine months of the year of over $9.2 million.  I continue to marvel at the successes our employees and our bank have had despite these unprecedented times."

Financial Highlights

  • Total assets increased $152.2 million, or 16.2%, to $1.1 billion from September 30, 2020 and $153.1 million, or 16.3% from December 31, 2020.
  • Net loans exclusive of PPP loans increased $63.2 million, or 9.7%, to $716.8 million at September 30, 2021 compared to $653.6 million at September 30, 2020 and increased $53.0 million, or 8.0%, from December 31, 2020.
  • Total deposits increased $147.4 million, or 17.5%, to $990.1 million at September 30, 2021 from $842.7 million at September 30, 2020 and increased $149.9 million, or 17.8% from December 31, 2020.
  • Book value per share increased $4.00, or 12.1%, to $37.14 at September 30, 2021, up from $33.14 at September 30, 2020 and up $3.38 from $33.76 at December 31, 2020.
  • CNB funded over $210 million in PPP loans to over 1,800 existing and new customers.
  • Net income increased $315,000, 12.1%, to $2.9 for the three month period ended September 30, 2021 and basic EPS increased $0.14, or 11.6%, to $1.36 from $1.22 in the third quarter of 2020.
  • Net interest income in the third quarter of 2021 increased $998,000 to $9.0 million compared to the third quarter of 2020.
  • Pre-tax, pre-provision income decreased $471,000 to $3.8 million in the third quarter of 2021, compared to $4.2 million in the third 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.

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