CNB COMMUNITY BANCORP, INC. REPORTS RECORD 2022 RESULTS

HILLSDALE, Mich., Jan. 13, 2023 /PRNewswire/ -- CNB Community Bancorp, Inc. CNBB, the parent company of County National Bank, today announced earnings for the three months and twelve months ended December 31, 2022. Earnings during the fourth quarter of 2022 totaled $3.1 million, an increase of $901,000 from the $2.2 million earned during the three months ended December 31, 2021. Basic earnings per share increased to $1.45 during the three months ended December 31, 2022, up $0.41 from $1.04 during the fourth quarter of 2021. For the year ended December 31, 2022, CNB Community Bancorp, Inc. (the "Company") reported record net income of $12.2 million, an increase of $769,000, or 6.7%, from the $11.4 million earned during the year ended December 31, 2021. Basic earnings per share increased to $5.68 during the year ended December 31, 2022, up $0.32 from $5.36 during 2021.

The annualized return on average assets (ROA) increased to 1.10% for the three months ended December 31, 2022, up from 0.81% for the three months ended December 31, 2021. The annualized return on average equity (ROE) increased to 14.31% for the current quarter, up from 10.63% for the fourth quarter of 2021.  ROA decreased to 1.06% from the 1.15% for the year ended December 31, 2021. ROE increased to 14.63% for 2022, up from 13.65% during the year ended December 31, 2021. Book value per share increased to $40.77 at December 31, 2022, up $3.14, or 8.3%, from $37.63 at December 31, 2021.

Joseph R. Williams, President and Chief Executive Officer of CNB Community Bancorp, Inc. and County National Bank, stated, "2022 resulted in record earnings for CNB mostly due to rising interest rates.  Our model of 'banking that stays in the community' has not wavered and the results have supported that focus.  We begin 2023 with the full understanding that there are still significant uncertainties but I am confident that our people and our communities will work together for our mutual success." 

Financial Highlights

• Total assets increased year-over-year $16.4 million, or 1.4%, to $1.17 billion.
• Net loans increased $88.6 million, or 11.2%, to $880.1 million at December 31, 2022 compared to $791.5 million at December 31, 2021.
• Total deposits increased approximately $18.3 million, or 1.8%, to $1.06 billion at December 31, 2022.
• Book value per share increased $3.14, or 8.3%, to $40.77 at December 31, 2022, up from $37.63 at December 31, 2021.
• Total equity increased $7.3 million to $88.1 million.
• Net income increased $901,000, 40.6%, to $3.1 million for the three-month period ended December 31, 2022 and basic EPS increased $0.41, or 39.7%, to $1.45 from $1.04 in the fourth quarter of 2021.
• Net interest income for the fourth quarter of 2022 increased $1.1 million to $10.5 million while for the twelve months ended December 31, 2022 net interest income increased $4.0 million or 11.2%.
• Pre-tax, pre-provision income increased approximately $1.2 million to $4.1 million in the fourth quarter of 2022, compared to $2.9 million in the fourth quarter of 2021. For 2022, pre-tax, pre-provision income was $16.4 million, compared to $15.6 million for 2021, an increase of 4.8%.

 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.