CNB COMMUNITY BANCORP, INC. REPORTS FIRST QUARTER 2025 RESULTS

PR Newswire

HILLSDALE, Mich., April 11, 2025

HILLSDALE, Mich., April 11, 2025 /PRNewswire/ -- CNB Community Bancorp, Inc. (OTCQX: CNBB), the parent company of County National Bank (the "Bank"), today announced earnings for the three months ended March 31, 2025. Earnings during the first quarter of 2025 totaled $2.7 million, which is consistent with the $2.7 million earned during the three months ended March 31, 2024. Basic earnings per share for CNB Community Bancorp, Inc. (the "Company") increased to $1.30 during the three months ended March 31, 2025, up $0.04 from $1.26 during the first quarter of 2024.

The annualized return on average assets ("ROA") decreased to 0.83% for the three months ended March 31, 2025, down 5 basis points or 5.7% from to 0.88% for the three months ended March 31, 2024. The annualized return on average equity ("ROE") decreased to 10.63% for the current quarter, down from 11.43% for the first quarter of 2024. Book value per share increased to $49.90 at March 31, 2025, up $4.85, or 10.8%, from $45.05 at March 31, 2024.

Joseph R. Williams, President and Chief Executive Officer of CNB Community Bancorp, Inc. and County National Bank, stated, "The results for the first three months of 2025 have been very solid which are exemplified in our increased earnings per share. Our focus on maintaining CNB's consistent management of the balance sheet was evident in the resulting increase in our net interest income during the first quarter of 2025.

CNB continues to produce new loans that come into our portfolio at higher rates than those being paid off, a trend we expect will further support our margin this year. Given the strength of our balance sheet, the continued excellence from our banking teams, and the positive trends in our net interest margin, we believe that we are well positioned to drive further improvement in our financial performance in the year ahead."

Financial Highlights

   -- Total assets increased year-over-year $47.3 million, or 3.8%, to $1.30 
      billion compared to March 31, 2024 and increased $15.4 million, or 1.2% 
      from December 31, 2024. 
 
   -- Net loans increased $65.1 million, or 6.7%, to $1.04 billion at March 31, 
      2025 compared to $974.8 million at March 31, 2024 and increased $6.9 
      million, or 0.7%, from December 31, 2024. 
 
   -- Total deposits increased $37.3 million, or 3.4%, to $1.12 billion at 
      March 31, 2025 compared to March 31, 2024 and increased $26.9 million, or 
      2.4% from December 31, 2024. 
 
   -- Tangible book value per share increased $4.78, or 10.9%, to $48.64 at 
      March 31, 2025, up from $43.86 at March 31, 2024 and up $1.25, or 2.6%, 
      from $47.39 at December 31, 2024. 
 
   -- Total equity increased $4.1 million to $102.2 million from March 31, 
      2024. Total shares outstanding were 2,078,157 as of March 31, 2025 and as 
      of December 31, 2024. 
 
   -- Net income decreased $82,000, or 3.0%, to $2.7 million for the 
      three-month period ended March 31, 2025 but basic EPS increased $0.04, or 
      3.0%, from $1.26 to $1.30 in the first quarter of 2025 in comparison to 
      the first quarter of 2024. 
 
   -- Net interest income for the first quarter of 2025 increased $783,000 to 
      $11.3 million from $10.5 million for the three months ended March 31, 
      2024. 
 
   -- Pre-tax, pre-provision income decreased $23,000 to $3.5 million in the 
      first quarter of 2025, which is consistent with the pre-tax, 
      pre-provision income from the first quarter of 2024. 

About CNB Community Bancorp Inc.

CNB Community Bancorp, Inc. (OTCQX: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 Southern 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.

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SOURCE CNB Community Bancorp, Inc.

(END) Dow Jones Newswires

April 11, 2025 07:00 ET (11:00 GMT)