CNB Community Bancorp, Inc. Reports Third Quarter 2018 Results
HILLSDALE, Mich., Oct. 12, 2018 /PRNewswire/ -- CNB Community Bancorp, Inc. (OTC:CNBB), the parent company of County National Bank, today announced its earnings for the three and nine months ended September 30, 2018. Earnings during the third quarter of 2018 for CNB Community Bancorp, Inc. (the "Company") totaled $2.3 million, an increase of $596,000, or 35.0%, from $1.7 million earned during the three months ended September 30, 2017. Basic earnings per share increased to $1.10 during the three months ended September 30, 2018, up $0.27 from $0.83 earned during the third quarter of 2017. For the nine months ended September 30, 2018, the Company reported net income of $6.5 million, an increase of $1.9 million from the $4.6 million earned during the nine months ended September 30, 2017. Basic earnings per share increased to $3.11 for the nine months ended September 30, 2018 up $0.87 from the $2.24 earned during the first nine months of 2017.
The annualized return on average assets (ROA) increased to 1.40% for the three months ended September 30, 2018, up from 1.08% for the three months ended September 30, 2017. The annualized return on average equity (ROE) increased to 16.73% during the current quarter, up from 14.05% during the third quarter of 2017. ROA increased to 1.41% during the nine months ended September 30, 2018, up from 1.03% during 2017. ROE increased to 16.09% during the nine months ended September 30, 2018 up from 12.99% during the nine month period ended September 30, 2017. Book value per share increased to $26.27 at September 30, 2018, up $2.22 from $24.05 at September 30, 2017.
Craig S. Connor, Chairman and Chief Executive Officer of CNB Community Bancorp, Inc. and County National Bank, remarked, "We are very pleased with our growth and strong financial performance through the first nine months of 2018. This positions our bank to continue making a positive difference for our stakeholders, who are comprised of our customers, shareholders, staff and the communities we serve." Furthermore, County National Bank President John Waldron stated, "These tremendous communities have worked hard for their prosperity and CNB is proud to be able to aid in that progress. I am consistently humbled by the results of the tremendous number of relationships being built by our staff and the record earnings of the bank."
Financial Highlights September 30, 2018compared to September 30, 2017 Balance Sheet
Total assets increased $37.3 million, or 6.0%, to $655.7 million.
Net loans increased $40.4 million, or 7.8%, to $558.7 million at September 30, 2018 compared to $518.3 million at September 30, 2017.
Total deposits increased $32.8 million, or 6.1%, to $574.5 million at September 30, 2018.
Other borrowings decreased $1.1 million to $24.1 million at September 30, 2018.
Total equity increased $5.6 million to $55.1 million.
Book value per share increased $2.22, or 9.2%, to $26.27 at September 30, 2018, up from $24.05 at September 30, 2017.
Asset Quality
Net charge-offs increased $179,000 to $81,000 compared to net recoveries of $98,000 for the nine months ended September 30, 2017.
Net charges-offs as a percent of average loans increased to 0.01% compared (0.02%) for the nine months ended September 30, 2017.
The ratio of nonperforming loans to total loans decreased to 0.49% at September 30, 2018 from 0.56% at September 30, 2017 and the ratio of nonperforming assets to total assets decreased to 0.46% from 0.53%, respectively, for the same periods.
Income Statement
Quarter ended September 30, 2018 compared to September 30, 2017
Net income increased $596,000, or 35.0%, to $2.3 million and basic EPS increased $0.27, or 32.5%, to $1.10 from $0.83 in the third quarter of 2017.
Net interest income increased $597,000 to $6.7 million.
The provision for loan losses increased by $7,000 to $56,000.
Return on average equity increased to 16.7% from 14.0%.
Return on average assets increased to 1.40% from 1.08%.
The Company's efficiency ratio improved to 66.5% from 67.8%.
Nine months ended September 30, 2018 compared to September 30, 2017
Net income increased $1.9 million, or 40.8%, to $6.5 million and basic EPS increased $0.87, or 38.8%, to $3.11 from $2.24.
Net interest income increased $1.4 million to $19.0 million.
The provision for loan losses decreased by $110,000 to $150,000.
Return on average equity increased to 16.1% from 13.0%.
Return on average assets increased to 1.41% from 1.03%.
The Company's efficiency ratio improved to 65.7% from 70.5%.
Media Contact: Craig S. Connor, Chairman & CEO John R. Waldron, President
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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