HILLSDALE, Mich., April 12, 2019 /PRNewswire/ -- CNB Community Bancorp, Inc. (OTC:CNBB), the parent company of County National Bank, today announced earnings for the three months ended March 31, 2019. Earnings during the first quarter of 2019 for CNB Community Bancorp, Inc. (the "Company") totaled $2.3 million, an increase of $466,000, or 26.0%, from $1.8 million earned during the three months ended March 31, 2018. Basic earnings per share increased to $1.08 during the three months ended March 31, 2019, up $0.22 from $0.86 earned during the first quarter of 2018.
The annualized return on average assets (ROA) increased to 1.36% for the three months ended March 31, 2019, up from 1.16% for the three months ended March 31, 2018. The annualized return on average equity (ROE) increased to 16.01% during the current quarter, up from 14.25% during the first quarter of 2018. Book value per share increased to $27.81 at March 31, 2019, up $3.06 from $24.75 at March 31, 2018.
Craig S. Connor, Chairman and Chief Executive Officer of CNB Community Bancorp, Inc. and County National Bank, remarked, "Our first quarter of 2019 showed very strong earnings growth over the same period last year. It is encouraging to see the earnings momentum we enjoyed during 2018 carryover into 2019." Additionally, County National Bank President John Waldron stated, "My expectations for our bank have not changed since my arrival in 2002. County National Bank's focus is to meet the credit and deposit needs of South Central Michigan while exceeding their customer service expectations. By all standards of measurement, this occurs daily and we look forward to continuing to do so."
March 31, 2019 compared to March 31, 2018
- Total assets increased $59.5 million, or 9.4%, to $691.7 million.
- Net loans increased $37.2 million, or 6.9%, to $573.0 million at March 31, 2019 compared to $535.8 million at March 31, 2018.
- Total deposits increased $53.0 million, or 9.6%, to $607.0 million at March 31, 2019.
- Other borrowings decreased $1.1 million to $23.6 million at March 31, 2019.
- Total equity increased $7.0 million to $58.3 million.
- Book value per share increased $3.06, or 12.4%, to $27.81 at March 31, 2019, up from $24.75 at March 31, 2018.
- Net charge-offs increased $82,000 to $149,000 compared to net charge-offs of $67,000 in the first quarter of 2018.
- Net charges-offs as a percent of average loans increased to 0.03% at March 31, 2019, up from 0.01% through the first quarter of 2018.
- The ratio of nonperforming loans to total loans decreased to 0.39% from 0.42% and the ratio of nonperforming assets to total assets decreased to 0.33% from 0.46%.
Quarter ended March 31, 2019 compared to March 31, 2018
- Net income increased $466,000, or 26.0%, to $2.3 million and basic EPS increased $0.22, or 25.6%, to $1.08 from $0.86 in the first quarter of 2018.
- Net interest income increased $903,000 to $6.9 million.
- The provision for loan losses increased by $63,000 to $101,000.
- Return on average equity increased to 16.0% from 14.3%.
- Return on average assets increased to 1.36% from 1.16%.
- The Company's efficiency ratio improved to 66.7% from 69.9%.
About CNB Community Bancorp, Inc.
CNB Community Bancorp, Inc. (OTC:CNBB) is a one-bank holding company. Its subsidiary bank, Hillsdale County National Bank ("CNB"), is a nationally chartered full service community bank that includes Trust and Investment service divisions, which has been serving South Central Michigan since 1934. CNB has grown to over $691 million in assets and is headquartered in Hillsdale, Michigan. CNB provides a wide array of financial products and services in its 12 full-service offices and 18 ATMs.
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.