{"id":415948,"date":"2021-01-15T14:57:29","date_gmt":"2021-01-15T19:57:29","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=415948"},"modified":"2021-01-15T14:57:29","modified_gmt":"2021-01-15T19:57:29","slug":"cnb-community-bancorp-inc-reports-fourth-quarter-2020-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/cnb-community-bancorp-inc-reports-fourth-quarter-2020-results\/","title":{"rendered":"CNB Community Bancorp, Inc. Reports Fourth Quarter 2020 Results"},"content":{"rendered":"
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PR Newswire<\/p>\n<\/p><\/div>\n

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\n HILLSDALE, Mich.<\/span>, Jan. 15, 2021<\/span> \/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<\/span>. Earnings during the fourth quarter of 2020 totaled $2.4 million<\/span>, an increase of $309,000<\/span> from the $2.0 million<\/span> earned during the three months ended December 31, 2019<\/span>. Basic earnings per share increased to $1.11<\/span> during the three months ended December 31, 2020<\/span>, up $0.13<\/span> from $0.98<\/span> during the fourth quarter of 2019. For the year ended December 31, 2020<\/span>, CNB Community Bancorp, Inc. (the “Company”) reported net income of $10.1 million<\/span>, an increase of $936,000<\/span>, or 10.2%, from the $9.2 million<\/span> earned during the year ended December 31, 2019<\/span>. Basic earnings per share increased to $4.77<\/span> during the year ended December 31, 2020<\/span>, up $0.40<\/span> from $4.37<\/span> during 2019. <\/p>\n

The annualized return on average assets (ROA) increased to 1.13% for the three months ended December 31, 2020<\/span>, up from 1.12% for the three months ended December 31, 2019<\/span>. 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<\/span>. ROE decreased to 14.9% for 2020, down from 15.3% during the year ended December 31, 2019<\/span>. Book value per share increased to $33.76<\/span> at December 31, 2020<\/span>, up $3.65<\/span> from $30.11<\/span> at December 31, 2019<\/span>. <\/p>\n

\n John R. Waldron<\/span>, 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.\u00a0 Our customers and employees have persevered through more than many thought possible.\u00a0 Our Company was able to continue to perform very well because of those employees and customers.\u00a0 I know that 2021 will have its challenges but we will face it with a better perspective and with an even stronger bank.”\u00a0 <\/p>\n

\n Financial Highlights<\/b>\n <\/p>\n