Trending...
- Deaths Spur Closures, but Troubled Teen Camps Must Be Banned, CCHR Warns
- Bach and Beyond: Cellists Return to the Beach for 2nd Annual Bethany Beach Cellofest
- NR7 Miner launches zero-cost USDT cloud mining service: daily stable income + referral rewards for double profit
HILLSDALE, Mich., July 10, 2020 /PRNewswire/ -- CNB Community Bancorp, Inc. (OTC: CNBB), the parent company of County National Bank, today announced earnings for the three and six months ended June 30, 2020. Earnings during the second quarter of 2020 totaled $2.8 million, an increase of $438,000 or 16.7% compared to the $2.4 million earned during the three months ended June 30, 2019. Basic earnings per share for CNB Community Bancorp, Inc. (the "Company") increased to $1.33 during the three months ended June 30, 2020, up $0.19 from $1.14 during the second quarter of 2019. For the six months ended June 30, 2020, the Company reported net income of $5.2 million, an increase of $523,000, or 11.3%, from the $4.6 million earned during the six months ended June 30, 2019. Basic earnings per share increased to $2.44 during the six months ended June 30, 2020, up $0.23 from $2.21 during the first six months of 2019.
The annualized return on average assets (ROA) decreased to 1.36% for the three months ended June 30, 2020, slightly down from 1.37% for the three months ended June 30, 2019. The annualized return on average equity (ROE) increased to 16.9% for the current quarter, up from 16.2% for the second quarter of 2019. ROA decreased to 1.30% during the six months ended June 30, 2020, down six basis points from the 1.36% during the first six months of 2019. ROE was 15.9% during the first half of 2020, down from 16.1% during the six-month period ended June 30, 2019. Book value per share increased to $32.19 at June 30, 2020, up $3.47 from $28.72 at June 30, 2019.
More on Michimich.com
John R. Waldron, President and Chief Executive Officer of CNB Community Bancorp, Inc. and County National Bank, stated, "The last three months have tested all of us, yet I consistently see individuals, businesses, towns and communities prove their resilience. At County National Bank, our staff continues to maintain a safe work environment and displays a strong work ethic. The combined efforts of our customers and employees will continue to move us all forward. Although we have challenges ahead, I am pleased that we have all stayed the course and that CNB is reporting record earnings for the second quarter of 2020."
Financial Highlights
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.
SOURCE CNB Community Bancorp, Inc.
The annualized return on average assets (ROA) decreased to 1.36% for the three months ended June 30, 2020, slightly down from 1.37% for the three months ended June 30, 2019. The annualized return on average equity (ROE) increased to 16.9% for the current quarter, up from 16.2% for the second quarter of 2019. ROA decreased to 1.30% during the six months ended June 30, 2020, down six basis points from the 1.36% during the first six months of 2019. ROE was 15.9% during the first half of 2020, down from 16.1% during the six-month period ended June 30, 2019. Book value per share increased to $32.19 at June 30, 2020, up $3.47 from $28.72 at June 30, 2019.
More on Michimich.com
- C & C Heating & Air Conditioning provides pre-vacation home checklist
- Spanglish Entertainment Announces Inaugural Spanglish Party Cruise: A Celebration of Music and Culture
- Revolutionary Blockchain Platform Okh Finance Announces Okh Finance(OKKH) Token Launch to Transform Global Asset Leasing Market
- Cover Girl Finalist Teisha Mechetti Questions Legitimacy of Inked Originals Competition, Demands Transparency
- Easton & Easton, LLP Files Suit Against The Dwelling Place Anaheim & Vineyard USA Over Abuse Allegations
John R. Waldron, President and Chief Executive Officer of CNB Community Bancorp, Inc. and County National Bank, stated, "The last three months have tested all of us, yet I consistently see individuals, businesses, towns and communities prove their resilience. At County National Bank, our staff continues to maintain a safe work environment and displays a strong work ethic. The combined efforts of our customers and employees will continue to move us all forward. Although we have challenges ahead, I am pleased that we have all stayed the course and that CNB is reporting record earnings for the second quarter of 2020."
Financial Highlights
- Total assets increased $261.1 million, or 38.0%, to $947.9 million from June 30, 2019 and $210.5 million, or 28.5% from December 31, 2019.
- Net loans increased $186.4 million, or 32.2%, to $765.9 million at June 30, 2020 compared to $579.5 million at June 30, 2019 and increased $143.3 million, or 23.0%, from December 31, 2019.
- Total deposits increased $242.8 million, or 40.1%, to $847.7 million at June 30, 2020 from $604.9 million at June 30, 2019 and increased $195.7 million, or 30.0% from December 31, 2019.
- Book value per share increased $3.47, or 12.1%, to $32.19 at June 30, 2020, up from $28.72 at June 30, 2019 and up $2.08 from $30.11 at December 31, 2019.
More on Michimich.com- AI Visibility: The Key to Beating Google's AI Overviews and Regaining Traffic
- Stuck Doing Math or Figuring Out Life's Numbers? Calculator.now Makes It Stupidly Simple
- Colbert Packaging Announces WBENC Recognition
- DivX Empowers Media Enthusiasts with Free Expert Guides for Advanced MP4 Management
- Assent Expands Executive Team to Accelerate Global Growth & Innovation
- Total equity increased $7.9 million to $68.1 million from June 30, 2019.
- Net income increased $438,000, 18.4%, to $2.8 million in the second quarter of 2020 and basic EPS increased $0.19, or 16.7%, to $1.33 from $1.14 in the second quarter of 2019.
- Net interest income for the second quarter of 2020 increased $697,000 to $7.8 million.
- Pre-tax, pre-provision income increased $1.1 million to $4.2 million in the second quarter of 2020, compared to $3.1 million in the second quarter of 2019.
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.
SOURCE CNB Community Bancorp, Inc.
Filed Under: Business
0 Comments
Latest on Michimich.com
- LIB and Nidec Rejoin Forces for Giant TH-0098 Temperature Humidity Test Chamber
- Heritage at South Brunswick Offers Immediate Townhome Appointments and Special Mortgage Incentive Fast-Moving Sales
- NASA Collaborative Agreement for Supply of Thin-Film Solar Tech for Orbital Application to Advance Development of Thin-Film PV Power Beaming: $ASTI
- Critically Acclaimed Crime Drama Trap City, Starring Jeezy and Brandon T. Jackson Hits #1 on STARZ
- Exciting New Era of Sports, Entertainment & Gaming Innovation Spotlighted by Rebrand of Expanding AI Driven, Online Fan Engagement Company: SEGG Media
- Service Ninjas Debuts First-of-Its-Kind "Membership" Platform for Home Service Pros
- BIYA Forecasts 2025 Surge with ¥300M ($41.8 M USD) in Revenue and ¥25M Profit from Cloud Based HR Solutions: Baiya Intl. Group (N A S D A Q: BIYA)
- Paul E. Saperstein Co. Announces Geographic Expansion of Auction Services
- CMR Mechanical Shares 5 Signs Your AC May Be in Desperate Need for Repair
- Michigan SEO Group Shares 5 Proven Ways to Boost Social Media Engagement for Small Businesses
- Mussio Painting Shares The Benefits of Working with Professional Painters in Ann Arbor
- Family Caregivers in Michigan Can Now Get Paid Through Medicaid with Family Aide Home Care
- Florida Broker Bent Danholm Featured in the Daily Mail's U.S. Real Estate Coverage
- Robin Launches Legal Intelligence Platform to solve intelligence gap in Fortune 500 legal teams
- Melissa B. Releases Digitally Independent: Empowering Music Artists with AI and Brand Strategy
- Consumer Accountability Alliance Issues Formal Notice Alleging Proximate Liability for Medical Harm
- Utah Metal Fabricator Titan Forge Builds Momentum with Custom Steel Projects and Spiral Staircases
- Jason Koch: Pioneering the Future of Real Estate Development in New Jersey
- Bach and Beyond: Cellists Return to the Beach for 2nd Annual Bethany Beach Cellofest
- NR7 Miner launches zero-cost USDT cloud mining service: daily stable income + referral rewards for double profit