CNB COMMUNITY BANCORP, INC. REPORTS FIRST QUARTER 2024 RESULTS

HILLSDALE, Mich., April 12, 2024 /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, 2024. Earnings during the first quarter of 2024 totaled $2.7 million, a decrease of $156,000 from the $2.9 million earned during the three months ended March 31, 2023.  Basic earnings per share for CNB Community Bancorp, Inc. (the "Company") decreased to $1.26 during the three months ended March 31, 2024, down $0.08 from $1.34 during the first quarter of 2023.

The annualized return on average assets ("ROA") decreased to 0.88% for the three months ended March 31, 2024, down 12 basis points or 12.0% from 1.00% for the three months ended March 31, 2023. The annualized return on average equity ("ROE") decreased to 11.43% for the current quarter, down from 13.20%  for the first quarter of 2023. Book value per share increased to $45.05 at March 31, 2024, up $3.06, or 7.3%, from $41.99 at March 31, 2023.

Joseph R. Williams, President and Chief Executive Officer of CNB Community Bancorp, Inc. and County National Bank, stated, "I have noted that since the turmoil of Spring of 2023 that included the failure of multiple banks, our industry has done a remarkable job in recovering from the stigma of those times.  Because CNB has a different client base and strategy that focuses on our communities and keeping our deposits working in those communities, we have continued to maintain a strong pipeline for both credit and deposits.  However, this interest rate environment has been challenging, and earnings were less than the first quarter of 2023. 

Furthermore, the market has continued to paint many smaller, essential community institutions with the same brush, which has weighed heavily on the market value of community banks in general.  At CNB, we value our shareholders as much as we value our clients and employees, so we have continued to dividend to our shareholders at levels at or above previous dividend levels.  I am confident in CNB's ability to continue to build value in our communities and with our shareholders throughout 2024 and beyond."

Financial Highlights

• Total assets increased year-over-year $54.1 million, or 4.5%, to $1.25 billion compared to March 31, 2023 and increased $2.4 million, or 0.2% from December 31, 2023.
• Net loans increased $84.4 million, or 9.5%, to $974.8 million at March 31, 2024 compared to $890.4 million at March 31, 2023 and increased $20.2 million, or 2.1%, from December 31, 2023.
• Total deposits decreased $3.6 million, or 0.3%, to $1.09 billion at March 31, 2024 compared to March 31, 2023 and increased $13.3 million, or 1.2% from December 31, 2023.
• Book value per share increased $3.06, or 7.3%, to $45.05 at March 31, 2024, up from $41.99 at March 31, 2023 and up $1.14, or 2.6%, from $43.91 at December 31, 2023.
• Total equity increased $7.3 million to $98.1 million from March 31, 2023.
• Net income decreased $156,000, or 5.4%, to $2.7 million for the three-month period ended March 31, 2024 and basic EPS decreased $0.08, or 6.0%, to $1.26 from $1.34 in the first quarter of 2024.
• Net interest income for the first quarter of 2024 increased $421,000 to $10.5 million from $10.1 million for the three months ended March 31, 2023.
• Pre-tax, pre-provision income decreased $485,000 to $3.5 million in the first quarter of 2024, compared to $4.0 million in the first quarter of 2023.

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.