CNB Community Bancorp, Inc. Announces Earnings Results for the Third Quarter and Nine Months Ended September 30, 2018
October 12, 2018 at 05:59 pm EDT
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CNB Community Bancorp, Inc. announced earnings results for the third quarter and nine months ended September 30, 2018. For the quarter, the company reported net income increased $596,000, or 35.0%, to $2.3 million from $1.7 million earned during the third quarter of 2017. Net interest income increased $597,000 to $6.7 million. 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. The annualized return on average assets (ROA) increased to 1.40% up from 1.08% for the three months ended September 30, 2017. The annualized return on average equity (ROE) increased to 16.73% up from 14.05% during the third quarter of 2017. Book value per share increased to $26.27 at September 30, 2018, up $2.22 from $24.05 at September 30, 2017.
For the nine months, 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. Net interest income increased $1.4 million to $19.0 million. 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. ROA increased to 1.41% during the nine months ended September 30, 2018, up from 1.03% during 2017. ROE increased to 16.09% up from 12.99% during the nine month period ended September 30, 2017.
CNB Community Bancorp, Inc. is a bank holding company for County National Bank (the Bank). The Bank is a nationally chartered full-service bank that offers banking products along with investment management and trust services to communities located throughout South Central Michigan. The Bankâs personal and business banking services include checking accounts, savings accounts, online and mobile banking, loans, mortgages, telephonic banking, health savings account, treasury management, retirement planning, and others. The Bankâs wealth management services include investment management, trust and estate settlement, private banking, financial planning, and others. The Bank operates about 13 full-service offices, a loan production office, a mortgage lending office, and 19 automated teller machines (ATMs) in four counties: Calhoun, Hillsdale, Jackson, and Lenawee.