CNB Community Bancorp, Inc. Reports Second Quarter 2019 Results

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CNB Community Bancorp, Inc. Reports Second Quarter 2019 Results

PR Newswire

HILLSDALE, Mich., July 12, 2019 /PRNewswire/ -- CNB Community Bancorp, Inc. (OTC:CNBB), the parent company of County National Bank, today announced its earnings for the three and six months ended June 30, 2019. Earnings during the second quarter of 2019 for CNB Community Bancorp, Inc. (the "Company") totaled $2.4 million, which were consistent with the $2.4 million earned during the three months ended June 30, 2018. Basic earnings per share ("EPS") equaled $1.14 during the three months ended June 30, 2019, thus remaining the same with the EPS from the second quarter of 2018. For the six months ended June 30, 2019, the Company reported record net income of $4.6 million, an increase of $462,000 from the $4.2 million earned during the six months ended June 30, 2018. Basic earnings per share increased to $2.21 for the six months ended June 30, 2019 up $0.20 from the $2.01 earned during the first six months of 2018.

The annualized return on average assets (ROA) was 1.37% for the three months ended June 30, 2019, down 11 basis points from 1.48% for the three months ended June 30, 2018. The annualized return on average equity (ROE) was 16.19% during the current quarter, down 2.15% from 18.34% during the second quarter of 2018. ROA was 1.36% during the six months ended June 30, 2019, up five basis points from 1.31% during 2018. ROE was 16.10% during the first half of 2019 down 21 basis points from 16.31% during the six month period ended June 30, 2018.   Book value per share increased to $28.72 at June 30, 2019, up $3.07 from $25.65 at June 30, 2018.

Craig S. Connor, Chairman and Chief Executive Officer of CNB Community Bancorp, Inc. and County National Bank, remarked, "We are very pleased with our results from the first six months. We're fortunate to have such great customers and dedicated employees contributing to our overall success." Furthermore, County National Bank President John R. Waldron stated, "Our record earnings for the first half of 2019 are truly representative of the success of our bank under the leadership of Craig Connor. With these employees in place, we will work together to continue this success as Craig begins to enjoy his well-earned retirement."

Financial Highlights
June 30, 2019 compared to June 30, 2018
Balance Sheet

  • Total assets increased $36.9 million, or 5.7%, to $686.8 million.
  • Net loans increased $34.6 million, or 6.3%, to $581.3 million at June 30, 2019 compared to $546.7 million at June 30, 2018.
  • Total deposits increased $34.9 million, or 6.1%, to $604.9 million at June 30, 2019.
  • Other borrowings decreased $6.1 million to $18.3 million at June 30, 2019.
  • Total equity increased $7.0 million to $60.2 million.
  • Book value per share increased $3.07, or 12.0%, to $28.72 at June 30, 2019, up from $25.65 at June 30, 2018.

Asset Quality

  • Net charge-offs increased $91,000 to $151,000 for the first six months of 2019 compared to net charge-offs of $60,000 in the first six months of 2018.
  • Net charges-offs as a percent of average loans increased to 0.03% in 2019 from 0.01% in 2018.
  • The ratio of nonperforming loans to total loans decreased to 0.38% at June 30, 2019 from 0.43% at June 30, 2018 and the ratio of nonperforming assets to total assets decreased to 0.33% from 0.44% for the same periods.

Income Statement
Quarter ended June 30, 2019 compared to June 30, 2018

  • Net income decreased $4,000, or 0.2%, to $2.4 million and basic EPS stayed consistent at $1.14.
  • Net interest income increased $774,000 to $7.1 million.
  • The provision for loan losses increased by $44,000 to $100,000.
  • Return on average equity decreased to 16.2% from 18.3%.
  • Return on average assets decreased to 1.37% from 1.48%.
  • The Company's efficiency ratio increased to 66.3% from 63.3%.

Six months ended June 30, 2019 compared to June 30, 2018

  • Net income increased $462,000, or 11.1%, to $4.6 million and basic EPS increased $0.20, or 10.0%, to $2.21 from $2.01.
  • Net interest income increased $1.7 million to $14.0 million.
  • The provision for loan losses increased by $107,000 to $201,000.
  • Return on average equity decreased to 16.1% from 16.3%.
  • Return on average assets increased to 1.36% from 1.31%.
  • The Company's efficiency ratio improved to 65.4% from 66.5%.

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.

 

Cision View original content:http://www.prnewswire.com/news-releases/cnb-community-bancorp-inc-reports-second-quarter-2019-results-300883937.html

SOURCE CNB Community Bancorp, Inc.

Copyright CNW Group 2019

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