CNB COMMUNITY BANCORP, INC. REPORTS FIRST QUARTER 2024 RESULTS
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
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 toMarch 31, 2023 and increased$2.4 million , or 0.2% fromDecember 31, 2023 . - Net loans increased
$84.4 million , or 9.5%, to$974.8 million atMarch 31, 2024 compared to$890.4 million atMarch 31, 2023 and increased$20.2 million , or 2.1%, fromDecember 31, 2023 . - Total deposits decreased
$3.6 million , or 0.3%, to$1.09 billion atMarch 31, 2024 compared toMarch 31, 2023 and increased$13.3 million , or 1.2% fromDecember 31, 2023 . - Book value per share increased
$3.06 , or 7.3%, to$45.05 atMarch 31, 2024 , up from$41.99 atMarch 31, 2023 and up$1.14 , or 2.6%, from$43.91 atDecember 31, 2023 . - Total equity increased
$7.3 million to$98.1 million fromMarch 31, 2023 . - Net income decreased
$156,000 , or 5.4%, to$2.7 million for the three-month period endedMarch 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 endedMarch 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
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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