HILLSDALE, Mich., Oct. 11, 2024 /PRNewswire/ -- CNB Community Bancorp, Inc. (OTCQX: CNBB), the parent company of County National Bank, today announced earnings for the three and nine months ended September 30, 2024. Earnings during the third quarter of 2024 totaled $3.5 million, an increase of $804,000 or 30.4% compared to the $2.6 million earned during the three months ended September 30, 2023. Basic earnings per share ("EPS") for CNB Community Bancorp, Inc. (the "Company") increased to $1.59 during the three months ended September 30, 2024, up $0.36 from $1.23 during the third quarter of 2023. For the nine months ended September 30, 2024, the Company reported net income of $9.1 million, an increase of $1.0 million, or 12.9%, from the $8.1 million earned during the nine months ended September 30, 2023. Basic earnings per share increased to $4.20 during the nine months ended September 30, 2024, up $0.46 from $3.74 during the first nine months of 2023.
The annualized return on average assets ("ROA") increased to 1.10% for the three months ended September 30, 2024, up 22 basis points or 25.0% from 0.88% for the three months ended September 30, 2023. The annualized return on average equity ("ROE") increased to 12.99% for the current quarter, up from 10.68% for the third quarter of 2023. ROA increased from 0.91% during the nine months ended September 30, 2023, compared to 0.98% during the nine months ended September 30, 2024. ROE was 11.82% during the first nine months of 2024, up from 11.16% during the nine-month period ended September 30, 2023. Book value per share increased to $48.16 at September 30, 2024, up $4.71 or 10.8% from $43.45 at September 30, 2023.
Joseph R. Williams, President and Chief Executive Officer of CNB Community Bancorp, Inc. and County National Bank, stated, "During the quarter, we were able to initiate and complete a repurchase of 145,000 of our outstanding shares at $38.50 per share. The Board believed that this use of capital was beneficial to our entire shareholder base through providing additional market liquidity for shares as well as for the Company by making a smart investment in CNB at a discount to book value. Consequently, this transaction was accretive to our book value as it increased to $48.16 per share. Not to be minimized, we primarily drove our growth in book value through a strong quarterly earnings number of $3.5 million."
"Our team has worked diligently in 2024 to continue to grow CNB while never losing site of maintaining appropriate funding costs and controlling our noninterest expense. We look forward to opening another loan production office in Lansing this fall. Relationship banking is our focus in all markets and is the linchpin for any new locations. We will grow with our markets as we continue our strategic plan going forward."
Financial Highlights
- Total assets increased $51.9 million, or 4.3%, to $1.26 billion from September 30, 2023 and $10.6 million, or 0.9% from December 31, 2023.
- Net loans increased $114.6 million, or 12.4%, to $1.04 billion at September 30, 2024 compared to $922.2 million at September 30, 2023 and $82.3 million, or 8.6%, from December 31, 2023.
- Total deposits decreased $51.9 million, or 4.7%, to $1.05 billion at September 30, 2024 from $1.10 billion at September 30, 2023 and decreased $28.1 million, or 2.6%, from $1.07 billion at December 31, 2023.
- Book value per share increased $4.71, or 10.8%, to $48.16 at September 30, 2024, up from $43.45 at September 30, 2023 and $4.25 from $43.91 at December 31, 2023.
- The Company completed a tender offer to repurchase 145,000 shares in the third quarter of 2024 paying its shareholders $38.50 per share. Total shares outstanding are 2,074,867 as of September 30, 2024.
- Net income increased $804,000, or 30.4%, to $3.5 million for the third quarter of 2024 and basic EPS increased $0.36, or 29.6%, to $1.59 from $1.23 in the third quarter of 2023.
- Net interest income in the third quarter of 2024 increased $1.5 million to $11.7 million compared to the third quarter of 2023.
- Pre-tax, pre-provision income increased $1.3 million to $4.6 million in the third quarter of 2024, compared to $3.3 million in the third quarter of 2023.
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 southern 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.
