CNB COMMUNITY BANCORP, INC. REPORTS SECOND QUARTER 2024 RESULTS
HILLSDALE, Mich., July 12, 2024 /PRNewswire/ — CNB Community Bancorp, Inc. (OTCQX: CNBB), the parent company of County National Bank, today announced earnings for the three and six months ended June 30, 2024. Earnings during the second quarter of 2024 totaled $2.9 million, an increase of $395,000 or 15.5% compared to the $2.5 million earned during the three months ended June 30, 2023, predominately as a result of an increase in net interest income somewhat offset by an increase in noninterest expense associated with compensation and benefits, data communications, and fixed asset costs. Basic earnings per share for CNB Community Bancorp, Inc. (the “Company”) increased to $1.35 during the three months ended June 30, 2024, up $0.17 from $1.18 for the second quarter of 2023. For the six months ended June 30, 2024, the Company reported net income of $5.7 million, an increase of $239,000, or 4.4%, from the $5.4 million earned during the six months ended June 30, 2023, predominately resultant from an increase in net interest income and a decrease in the provision for credit loss partially offset by increases in employee, data communications, and fixed asset costs. Basic earnings per share increased to $2.61 during the six months ended June 30, 2024, up $0.09 from $2.52 for the first six months of 2023.