1. Q4 2024 earnings decreased to $2.4 million from $2.5 million in 2023. 2. Full-year 2024 net income rose by 9.1% to $11.6 million. 3. Basic earnings per share for Q4 2024 increased to $1.20, up $0.03 from last year. 4. Book value per share rose to $48.65, a 10.8% increase from 2023. 5. ROA and ROE showed slight decreases in Q4, despite annual improvements.
Overall earnings growth and rising EPS are positive indicators, but recent decreases in ROA and ROE could be concerning. Historical examples show that consistent earnings growth positively influences stock prices.
Strong financial performance highlights can drive investor interest and confidence, impacting CNBB's valuation positively.
Market reacts quickly to quarterly financial results; effects are usually felt immediately. However, long-term growth potential is indicated by the successful strategies mentioned.
HILLSDALE, Mich., Jan. 17, 2025 /PRNewswire/ -- CNB Community Bancorp, Inc. (OTCQX: CNBB), the parent company of County National Bank, today announced earnings for the three months and twelve months ended December 31, 2024. Earnings during the fourth quarter of 2024 totaled $2.4 million, a decrease of $72,000 from the $2.5 million earned during the three months ended December 31, 2023. Due to the previously reported buyback of shares completed in September of this year, the basic earnings per share increased to $1.20 during the three months ended December 31, 2024, up $0.03 from $1.17 during the fourth quarter of 2023. For the year ended December 31, 2024, CNB Community Bancorp, Inc. (the "Company") reported net income of $11.6 million, an increase of $971,000, or 9.1%, from the $10.6 million earned during the year ended December 31, 2023. Basic earnings per share increased to $5.42 during the year ended December 31, 2024, up $0.51 from $4.91 during 2023.
The annualized return on average assets (ROA) decreased to 0.78% for the three months ended December 31, 2024, down 5 basis points ("BPs") or 6.0% from 0.83% for the three months ended December 31, 2023. The annualized return on average equity (ROE) decreased to 9.87% for the current quarter, down from 10.63% for the fourth quarter of 2023. ROA increased to 0.93% from the 0.89% for the year ended December 31, 2023. ROE increased to 11.74% for 2024, up from 11.55% during the year ended December 31, 2023. Book value per share increased to $48.65 at December 31, 2024, up $4.74, or 10.8%, from $43.91 at December 31, 2023.
"The results from the strategic steps we took over this past year exceeded the return on equity & net interest margin that we expected for 2024," said Joseph R. Williams, President and CEO. "Furthermore, we continued to invest in talent and our banking teams generated a steady volume of attractive lending opportunities while maintaining our strong underwriting culture and overall credit quality."
"Our entire team has continued to focus on relationship banking, which includes bringing more of our existing Clients' deposit relationships into CNB while doing the same with new Clients," Williams added. "We have successfully utilized our model to move into new markets and we expect to continue to grow in those communities as well as within our existing footprint in the next year and beyond."
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.
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.
SOURCE CNB Community Bancorp, Inc.