HILLSDALE, Mich. - CNB Community Bancorp (NASDAQ:CTBI), Inc. (OTCQX: CNBB), the parent company of County National Bank, disclosed a decrease in earnings for the fourth quarter of 2023. The company reported a net income of $2.5 million for the quarter, which marks a 19.3% decline from the $3.1 million earned in the same period of the previous year. Basic earnings per share also fell to $1.17, down from $1.45 in the fourth quarter of 2022.
For the full year ended December 31, 2023, the company's net income decreased by 13.1% to $10.6 million, compared to $12.2 million in the prior year. The basic earnings per share for the year was $4.91, a decrease from the $5.68 reported for 2022.
The annualized return on average assets and return on average equity both experienced declines in the fourth quarter. The return on average assets dropped to 0.83%, a decrease of 24.5% from the previous year's 1.10%. Similarly, the return on average equity fell to 10.63%, down from 14.31% in the fourth quarter of 2022.
Despite the drop in earnings, CNB Community Bancorp saw growth in its total assets, which increased by 6.9% to $1.25 billion. Net loans also rose by 8.5% to $954.6 million, and total deposits saw a modest increase of 0.9% to $1.07 billion. The book value per share improved by 7.7% to $43.91 at the end of 2023.
Joseph R. Williams, President and CEO, remarked on the company's continued investment in growth, particularly highlighting the expansion into the Kalamazoo market. He also noted CNB's surpassing of $1.25 billion in assets and an improvement in the net interest margin to 3.62%.
This article is based on a press release statement from CNB Community Bancorp, Inc.
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