#United States #earnings report #CNB Community Bancorp #County National Bank #Hillsdale

CNB Community Bancorp, Inc. Reports Its First Quarter 2025 Results

On April 11, 2025, CNB Community Bancorp, Inc., the parent company of County National Bank, released its financial results for the first quarter of 2025. The report highlighted a stable earnings performance, maintaining consistent growth in earnings per share while navigating slight challenges in overall net income.

Earnings Overview

In the first quarter of 2025, CNB reported total earnings of $2.7 million, matching the figure from the same period last year. This stability is reflected in the basic earnings per share, which saw a modest increase to $1.30 from $1.26, indicating resilience in the company's financial management strategies.

The annualized return on average assets (ROA) did experience a decrease, dropping to 0.83%, from 0.88% in Q1 2024, showing a 5 basis point decline. Concurrently, the annualized return on average equity (ROE) also decreased to 10.63%, down from the prior year’s 11.43%. However, the book value per share grew to $49.90, reflecting an increase of 10.8% year-over-year.

Continued Growth in Core Financial Indicators

Joseph R. Williams, President and CEO of CNB Community Bancorp, commented on the results, emphasizing the company’s focus on balance sheet management, which has led to an increase in net interest income during the period. The first quarter net interest income rose to $11.3 million, up from $10.5 million in the same quarter last year, showcasing CNB's ability to produce new loans at favorable rates that exceed the rates on paid-off loans.

The financial highlights for the quarter revealed significant growth in total assets, which increased by $47.3 million to reach $1.30 billion, a rise of 3.8% compared to March 31, 2024. Net loans grew by $65.1 million, totaling $1.04 billion, while total deposits increased by $37.3 million to $1.12 billion.

Additionally, tangible book value per share witnessed a rise of 10.9%, increasing to $48.64 from the previous year’s figure of $43.86. CNB's total equity saw a $4.1 million boost, bringing it to $102.2 million, which promises a stable foundation for continued growth.

Future Outlook

Despite a minor decrease in net income of $82,000 (or 3.0%), the increase in basic EPS reflects the organization's strategic focus on long-term growth and operational efficiency. For Q1 2025, the gross income decreased slightly to $3.5 million, consistent with the results from the comparable quarter of the prior year.

Looking forward, Williams expressed confidence in CNB's standing. He noted that the strength of their balance sheet, coupled with the exemplary performance of their banking teams and favorable trends in net interest margin, positions CNB well for ongoing financial improvements in 2025.

About CNB Community Bancorp, Inc.

Founded in 2005 and headquartered in Hillsdale, Michigan, CNB Community Bancorp, Inc. is a holding company for County National Bank, which was founded in 1934. The bank provides a comprehensive range of financial services, including investment management and trust services, to the Southern Michigan community.

As CNB moves forward, it is committed to advancing its financial performance, responding swiftly to market dynamics, and meeting the needs of its customers in an ever-evolving economic environment. With a steadfast approach to operations and strategic growth, CNB Community Bancorp is poised for continued success in the financial landscape.