HILLSDALE, Mich., Jan. 15, 2021 /PRNewswire/ -- CNB Community Bancorp, Inc. (OTC: CNBB), the parent company of County National Bank, today announced earnings for the three and twelve months ended December 31, 2020. Earnings during the fourth quarter of 2020 totaled $2.4 million, an increase of $309,000 from the $2.0 million earned during the three months ended December 31, 2019. Basic earnings per share increased to $1.11 during the three months ended December 31, 2020, up $0.13 from $0.98 during the fourth quarter of 2019. For the year ended December 31, 2020, CNB Community Bancorp, Inc. (the "Company") reported net income of $10.1 million, an increase of $936,000, or 10.2%, from the $9.2 million earned during the year ended December 31, 2019. Basic earnings per share increased to $4.77 during the year ended December 31, 2020, up $0.40 from $4.37 during 2019.
The annualized return on average assets (ROA) increased to 1.13% for the three months ended December 31, 2020, up from 1.12% for the three months ended December 31, 2019. The annualized return on average equity (ROE) decreased to 13.3% for the current quarter, down from 13.7% for the fourth quarter of 2019. ROA decreased to 1.25% from the 1.31% for the year ended December 31, 2019. ROE decreased to 14.9% for 2020, down from 15.3% during the year ended December 31, 2019. Book value per share increased to $33.76 at December 31, 2020, up $3.65 from $30.11 at December 31, 2019.
John R. Waldron, President and Chief Executive Officer of CNB Community Bancorp, Inc. and County National Bank, remarked, "We ended 2020 with a perspective much different than that with which we started. Our customers and employees have persevered through more than many thought possible. Our Company was able to continue to perform very well because of those employees and customers. I know that 2021 will have its challenges but we will face it with a better perspective and with an even stronger bank."
Financial Highlights
- Total assets increased $200.5 million, or 27.2%, to $937.9 million.
- Net loans increased $138.5 million, or 22.3%, to $761.2 million at December 31, 2020 compared to $622.6 million at December 31, 2019.
- Total deposits increased approximately $188.1 million, or 28.9%, to $840.2 million at December 31, 2020.
- Other borrowings increased $3.5 million to $21.3 million at December 31, 2020.
- Total equity increased $8.3 million to $72.0 million.
- Net income increased $936,000, 10.2%, to $10.1 million for 2020 and basic EPS increased $0.40, or 9.2%, to $4.77 from $4.37 for 2020.
- Net interest income for the fourth quarter of 2020 increased $1.7 million to $8.9 million while for the twelve months ended December 31, 2020 net interest income increase $3.6 million or 12.5%.
- Pre-tax, pre-provision income increased approximately $1.3 million to $4.2 million in the fourth quarter of 2020, compared to $2.9 million in the fourth quarter of 2019. For 2020, pre-tax, pre-provision income was $15.8 million, compared to $12.2 million for 2019, an increase of 28.9%.
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.
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SOURCE CNB Community Bancorp, Inc.
