HILLSDALE, Mich., Jan. 22, 2020 /PRNewswire/ -- CNB Community Bancorp, Inc. (OTC: CNBB), the parent company of County National Bank, today announced earnings for the three and twelve months ended December 31, 2019. Earnings during the fourth quarter of 2019 totaled $2.0 million, consistent with the $2.0 million earned during the three months ended December 31, 2018. Basic earnings per share increased to $0.98 during the three months ended December 31, 2019, up $0.03 from $0.95 during the fourth quarter of 2018. For the year ended December 31, 2019, CNB Community Bancorp, Inc. (the "Company") reported net income of $9.2 million, an increase of $695,000, or 8.2%, from the $8.5 million earned during the year ended December 31, 2018. Basic earnings per share increased to $4.37 during the year ended December 31, 2019, up $0.31 from $4.06 during 2018.
The annualized return on average assets (ROA) decreased to 1.12% for the three months ended December 31, 2019, down from 1.20% for the three months ended December 31, 2018. The annualized return on average equity (ROE) decreased to 13.7% for the current quarter, down from 14.2% for the fourth quarter of 2018. ROA remained flat at 1.31% for the year ended December 31, 2019. ROE decreased to 15.3% for 2019, down from 15.8% during the year ended December 31, 2018. Book value per share increased to $30.11 at December 31, 2019, up $3.14 from $26.97 at December 31, 2018.
John R. Waldron, President and Chief Executive Officer of CNB Community Bancorp, Inc. and County National Bank, remarked, "Our employees worked very hard throughout 2019 and delivered another record year. Loan volume was brisk during the fourth quarter and we have strong momentum as we start 2020."
Financial Highlights
- Total assets increased $75.4 million, or 11.4%, to $737.4 million.
- Net loans increased $55.6 million, or 9.8%, to $622.6 million at December 31, 2019 compared to $567.0 million at December 31, 2018.
- Total deposits increased $73.2 million, or 12.6%, to $652.0 million at December 31, 2019.
- Other borrowings decreased $6.1 million to $17.8 million at December 31, 2019.
- Total equity increased $7.2 million to $63.7 million.
- Net income increased $695,000, 8.2%, to $9.2 million for 2019 and basic EPS increased $0.31, or 7.6%, to $4.37 from $4.06 for 2019.
- Net interest income for the fourth quarter of 2019 increased $198,000 to $7.2 million while for the twelve months ended December 31, 2019 net interest income increase $2.2 million or 8.6%.
- Pre-tax, pre-provision income increased $394,000 to $2.9 million in the fourth quarter of 2019, compared to $2.5 million in the fourth quarter of 2018. For 2019, pre-tax, pre-provision income was $12.2 million, compared to $10.7 million for 2018, an increase of 15.0%.
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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SOURCE CNB Community Bancorp, Inc.