HILLSDALE, Mich., Oct. 16, 2020 /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, 2020. Earnings during the third quarter of 2020 totaled $2.6 million, an increase of $104,000 or 4.2% compared to the $2.5 million earned during the three months ended September 30, 2019. Basic earnings per share for CNB Community Bancorp, Inc. (the "Company") increased to $1.22 during the three months ended September 30, 2020, up $0.04 from $1.18 during the third quarter of 2019. For the nine months ended September 30, 2020, the Company reported net income of $7.7 million, an increase of $627,000, or 8.8%, from the $7.1 million earned during the nine months ended September 30, 2019. Basic earnings per share increased to $3.66 during the nine months ended September 30, 2020, up $0.26 from $3.40 during the first nine months of 2019.
The annualized return on average assets (ROA) decreased to 1.37% for the three months ended September 30, 2020, slightly down from 1.39% for the three months ended September 30, 2019. The annualized return on average equity (ROE) decreased to 14.8% for the current quarter, down from 16.2% for the third quarter of 2019. ROA decreased to 1.29% during the nine months ended September 30, 2020, down eight basis points from the 1.37% during the first nine months of 2019. ROE was 15.5% during the first nine months of 2020, down from 16.1% during the nine-month period ended September 30, 2019. Book value per share increased to $33.14 at September 30, 2020, up $3.50 from $29.64 at September 30, 2019.
More on Michimich.com
John R. Waldron, President and Chief Executive Officer of CNB Community Bancorp, Inc. and County National Bank, remarked, "The first nine months of this year has not been about elections, pandemics or recessionary concerns. 2020 has been about our employees and our communities overcoming and persevering. Of course, CNB takes pride in the consistent earnings and record numbers so far in 2020 but I am equally impressed by the efforts of our employees and the communities in continuing to live their lives, showing strength just in going to work every day. With that in mind, there are two financial markers that I would point out as they are indicative of how CNB has had to have a dual focus in 2020. The Bank is on pace to significantly surpass last year's record level of donations but, also, CNB has been preparing for many possible futures by adding nearly $1.9 million to our allowance for loan loss in the first nine months of the year."
Financial Highlights
More on Michimich.com
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 1.37% for the three months ended September 30, 2020, slightly down from 1.39% for the three months ended September 30, 2019. The annualized return on average equity (ROE) decreased to 14.8% for the current quarter, down from 16.2% for the third quarter of 2019. ROA decreased to 1.29% during the nine months ended September 30, 2020, down eight basis points from the 1.37% during the first nine months of 2019. ROE was 15.5% during the first nine months of 2020, down from 16.1% during the nine-month period ended September 30, 2019. Book value per share increased to $33.14 at September 30, 2020, up $3.50 from $29.64 at September 30, 2019.
More on Michimich.com
- Michigan: Video: In wake of road worker deaths, Gov. Whitmer reminds travelers to drive like this is your workplace
- Michigan: 'Railroad Dock' boating access site to close temporarily in Menominee County
- Michigan: Maintenance project on M-55/I-75 BL near West Branch starts next week
- Michigan Indian Legal Services Halloween Party
- Flagstar Bancorp, Inc. Announces Proposed Offering of Subordinated Notes
John R. Waldron, President and Chief Executive Officer of CNB Community Bancorp, Inc. and County National Bank, remarked, "The first nine months of this year has not been about elections, pandemics or recessionary concerns. 2020 has been about our employees and our communities overcoming and persevering. Of course, CNB takes pride in the consistent earnings and record numbers so far in 2020 but I am equally impressed by the efforts of our employees and the communities in continuing to live their lives, showing strength just in going to work every day. With that in mind, there are two financial markers that I would point out as they are indicative of how CNB has had to have a dual focus in 2020. The Bank is on pace to significantly surpass last year's record level of donations but, also, CNB has been preparing for many possible futures by adding nearly $1.9 million to our allowance for loan loss in the first nine months of the year."
Financial Highlights
- Total assets increased $216.2 million, or 29.9%, to $938.9 million from September 30, 2019 and $201.4 million, or 27.3% from December 31, 2019. Net loans increased $190.1 million, or 31.9%, to $786.5 million at September 30, 2020 compared to $596.3 million at September 30, 2019 and increased $163.8 million, or 26.3%, from December 31, 2019. Total deposits increased $204.2 million, or 32.0%, to $842.7 million at September 30, 2020 from $638.5 million at September 30, 2019 and increased $190.7 million, or 29.2% from December 31, 2019. Book value per share increased $3.50, or 11.8%, to $33.14 at September 30, 2020, up from $29.64 at September 30, 2019 and up $3.03 from $30.11 at December 31, 2019. Total equity increased $8.0 million to $70.1 million from September 30, 2019. Net income increased $104,000, 4.2%, to $2.6 million in the third quarter of 2020 and basic EPS increased $0.04, or 3.4%, to $1.22 from $1.18 in the third quarter of 2019. Net interest income for the third quarter of 2020 increased $897,000 to $8.0 million compared to the third quarter. Pre-tax, pre-provision income increased $974,000 to $4.2 million in the third quarter of 2020, compared to $3.3 million in the third quarter of 2019.
More on Michimich.com
- New Semiconductor Chip from NS Nanotech Emits Far-UVC Disinfectant Ultraviolet Light to Neutralize Coronavirus
- Launching New No Touch Tool Made from EPA Registered Alloy
- Michigan: MDHHS announces $50,000 grant for direct care worker infection control training
- Michigan: AG Lawsuit Stops Trump Administration's Cuts to SNAP Food Assistance for 700,000 Unemployed Americans
- Michigan Civil Rights Commission Recognizes Contributions of Michigan's LGBTQ Community, Reaffirms Commitment to Protection for LGBTQ Civil Rights under ELCRA
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
- Rose McGowan to Headline Movement for a People's Party Debate Response
- Waterford Dentist Contributes To Nationally Renowned Textbook
- Michigan: Public comment period closes for Enbridge Line 5 tunnel proposal
- Michigan: MDHHS issues Emergency Order updating requirements for residential care facilities to allow for indoor visitation
- Michigan: Voting resources available for housing insecure or homeless individuals
- Michigan: U.P. roadside parks set to close for season
- Michigan: UIA offers new phone appointment option for claimants requiring one-on-one support
- BeBop Sensors' Forte Data Glove Adds Haptic Interaction Support for Oculus 2 and Unreal Engine
- LYRIC names Toni Newman as New Interim Executive Director and Jodi Schwartz as President
- BitRouter Announces Dihedral Software Release for its ATSC3pro Receiver at NAB Show New York
- Continental Structural Plastics, Inapal Components Reduce Weight, Complexity for New Luxury SUV in Europe
- Meridian and Samsung Donate Smartphone Devices to Healthcare Providers in Michigan
- WeFunder Secured and Launches Crowdfunding for Emerging AI Startup
- Braeden Lichti - What's Next for the Healthcare Sector?
- Scottsdale Plastic Surgeon Dr. Patti Flint now offering sought-after lip lift procedure
- Entrepreneur, Investor Signs $100,000 Contract With Hotel To Host First Female Founders Pitch Summit Despite Pandemic
- USDA approves Michigan's industrial hemp state plan
- Michigan: Voters should hand-deliver absentee ballots to avoid postal delays
- Michigan: AG Nessel Joins Coalition Opposing Alabama's Attempt to Ban Curbside Voting
- New Partnership Aims to Create COVID-Safe Zones for Return to Work, Travel, Conferences and Live Events