CNB Community Bancorp, Inc. Reports Record Second Quarter 2020 Results

HILLSDALE, Mich., July 10, 2020 /PRNewswire/ -- CNB Community Bancorp, Inc. 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.

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.
  
  
• 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. 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.